Document:

NuStar GP, LLC 2000 Third Amended and Restated Long-Term Incentive Plan.

 Exhibit 10.01 
 NUSTAR GP, LLC THIRD AMENDED AND RESTATED 
 2000 LONG-TERM INCENTIVE PLAN

 Amended and Restated as of May 1, 2011 

 

	SECTION 1.	Purpose of the Plan. 

 The NuStar
GP, LLC 2000 Long-Term Incentive Plan (the “Plan”) is intended to promote the interests of NuStar Energy L.P., a Delaware limited partnership (the “Partnership”), by providing to employees and directors of NuStar
GP, LLC, a Delaware limited liability company (the “Company”), and its Affiliates who perform services for the Partnership and its subsidiaries Unit-based incentive awards for superior performance. The Plan is also intended to
enhance the Company’s and its Affiliates’ ability to attract and retain employees whose services are key to the growth and profitability of the Partnership, and to encourage them to devote their best efforts to the business of the
Partnership, thereby advancing the Partnership’s interests. 
  

	SECTION 2.	Definitions. 

 As used in the
Plan, the following terms shall have the meanings set forth below: 
  

	 	2.1	“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise. Notwithstanding the immediately preceding two sentences, to the extent that Section 409A of the Code applies to Options or other equity-based Awards granted under the
Plan, the term “Affiliate” means all persons with whom the Company could be considered a single employer under Section 414(b) or Section (c) of the Code, substituting (for the purpose of determining whether Options or other
equity-based Awards that may be subject to Section 409A of the Code are derived in respect of Units of the service recipient in order to comply with any applicable requirements of Section 1.409A-1(b)(5)(iii) of the proposed regulations
issued under Section 409A of the Code or any successor regulation or other regulatory guidance relating thereto) “20 percent” in place of “80 percent” in determining a controlled group under Section 414(b) of the Code
and in determining trades or businesses that are under common control for purposes of Section 414(c) of the Code. 

  

	 	2.2	“Award” means a grant of one or more Options, Performance Units, Performance Cash or Restricted Units pursuant to the Plan, and any tandem DERs granted
with respect to such Award. 

  

	 	2.3	“Board” means the Board of Directors of the Company. 

  

	 	2.4	“Cause” shall mean the (i) conviction of the Participant by a state or federal court of a felony involving moral turpitude, (ii) conviction
of the Participant by a state or federal court of embezzlement or misappropriation of funds of the Company, (iii) the Company’s (or applicable Affiliate’s) reasonable determination that the Participant has committed an act of fraud,
embezzlement, theft, or misappropriation of funds in connection with such Participant’s duties in the course of his or her employment with the Company (or applicable Affiliate), (iv) the Company’s (or its applicable Affiliate’s)
reasonable determination that the Participant has engaged in gross mismanagement, negligence or misconduct which causes or could potentially cause material loss, damage or injury to the Company, any of its Affiliates or their respective employees,
or (v) the Company’s (or applicable Affiliate’s) reasonable determination that (a) the Participant has violated any policy of the Company (or applicable Affiliate), including but not limited to, policies regarding sexual
harassment, insider trading, confidentiality, substance abuse and/or conflicts of interest, which violation could result in the termination of the Participant’s employment or service as a non-employee Director of the Company (or applicable
Affiliate), or (b) the Participant has failed to satisfactorily perform the material duties of Participant’s position with the Company or any of its Affiliates. 

	 	2.5	“Change of Control” means, and shall be deemed to have occurred upon the occurrence of one or more of the following events: (i) any sale, lease,
exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company or the Partnership to any Person or its Affiliates, unless immediately following such sale, lease, exchange
or other transfer such assets are owned, directly or indirectly, by NuStar GP Holdings, LLC and its Affiliates or the Company; (ii) the consolidation or merger of the Partnership or the Company with or into another Person pursuant to a
transaction in which the outstanding voting interests of the Company are changed into or exchanged for cash, securities or other property, other than any such transaction where, in the case of the Company, (a) all outstanding voting interests
of the Company are changed into or exchanged for voting stock or interests of the surviving corporation or entity or its parent and (b) the holders of the voting interests of the Company immediately prior to such transaction own, directly or
indirectly, not less than a majority of the voting stock or interests of the surviving corporation or entity or its parent immediately after such transaction and, in the case of the Partnership, NuStar GP Holdings, LLC retains operational control,
whether by way of holding a general partner interest, managing member interest or a majority of the outstanding voting interests of the surviving corporation or entity or its parent; NuStar GP Holdings, LLC or (iii) a “person” or
“group” (within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act) being or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all voting interests of
NuStar GP Holdings, LLC or the Company then outstanding, other than, in the case of the Company, in a merger or consolidation which would not constitute a Change of Control under clause (ii) above; or (iv) in the case of NuStar GP
Holdings, LLC, the consummation of a reorganization, merger, consolidation or other form of business transaction or series of business transactions, in each case, with respect to which more than 50% of the voting power of the outstanding equity
interests in NuStar GP Holdings, LLC cease to be owned by the persons who owned such interests immediately prior to such reorganization, merger, consolidation or other form of business transaction or series of business transactions.

 Solely with respect to any Award that is subject to Section 409A of the Code and to the extent that the
definition of change of control under Section 409A applies to limited liability companies, this definition is intended to comply with the definition of change of control under Section 409A of the Code and, to the extent that the above
definition does not so comply, such definition shall be void and of no effect and, to the extent required to ensure that this definition complies with the requirements of Section 409A of the Code, the definition of such term set forth in
regulations or other regulatory guidance issued under Section 409A of the Code by the appropriate governmental authority is hereby incorporated by reference into and shall form part of this Plan as fully as if set forth herein verbatim and the
Plan shall be operated in accordance with the above definition of Change of Control as modified to the extent necessary to ensure that the above definition complies with the definition prescribed in such regulations or other regulatory guidance
insofar as the definition relates to any Award that is subject to Section 409A of the Code. 
  

	 	2.6	“Code” means the Internal Revenue Code of 1986, as amended. 

 

	 	2.7	“Committee” means the Compensation Committee of the Board or such other committee of the Board appointed to administer the Plan.

  

	 	2.8	“Covered Participants” means a Participant who is a “covered employee” as defined in Section 162(m)(3) of the Code, and the regulations
promulgated thereunder, and any individual the Committee determines should be treated like such a covered employee. 

  

	 	2.9	“Date of Grant” means the effective date on which an Award is made to a Participant as set forth in the applicable Award Agreement.

  
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	 	2.10	“DER” means a contingent right, granted in tandem with a specific Award, to receive an amount in cash equal to the cash distributions made by the
Partnership with respect to a Unit during the period such Award is outstanding. 

  

	 	2.11	“Director” means a “non-employee director” of the Company, as defined in Rule 16b-3. 

 

	 	2.12	“Employee” means any employee of the Company or an Affiliate, as determined by the Committee. 

 

	 	2.13	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

	 	2.14	“Fair Market Value” means the closing sales price of a Unit on the New York Stock Exchange on the applicable date (or if there is no trading in the
Units on such date, on the next preceding date on which there was trading). If Units are not publicly traded at the time a determination of fair market value is required to be made hereunder, the determination of fair market value shall be made in
good faith by the Committee. 

  

	 	2.15	“Good Reason” means: 

  

	 	(i)	a reduction in the Participant’s annual base salary; 

  

	 	(ii)	failure to pay the Participant any compensation due under an employment agreement, if any; 

 

	 	(iii)	failure to continue to provide benefits substantially similar to those then enjoyed by the Participant unless the Partnership, the Company or their Affiliates provide
aggregate benefits equivalent to those then in effect; or 

  

	 	(iv)	failure to continue a compensation plan or to continue the Participant’s participation in a plan on a basis not materially less favorable to the Participant,
subject to the power of the Partnership, the Company or their Affiliates to amend such plans in their reasonable discretion; or 

  

	 	(v)	the Partnership, the Company or their Affiliates purported termination of the Participant’s employment for Cause or disability not pursuant to a procedure
indicating the specific provision of the definition of Cause contained in this Plan as the basis for such termination of employment; 

 The Participant may not terminate for Good Reason unless he has given written notice delivered to the Partnership, the Company or their Affiliates, as appropriate, of the action or inaction giving rise to
Good Reason, and if such action or inaction is not corrected within thirty (30) days thereafter, such notice to state with specificity the nature of the breach, failure or refusal. 

 

	 	2.16	“Option” means an option to purchase Units as described in Section 6.1. 

 

	 	2.17	“Participant” means any Employee or Director granted an Award under the Plan. 

 

	 	2.18	“Performance Award” means an Award made pursuant to this Plan to a Participant which Award is subject to the attainment of one or more Performance
Goals. Performance Awards may be in the form of either Performance Units, Performance Cash or DERs. 

  

	 	2.19	“Performance Cash” means an Award, designated as Performance Cash and denominated in cash, granted to a Participant pursuant to Section 6.4
hereof, the value of which is conditioned, in whole or in part, by the attainment of Performance Goals in a manner deemed appropriate by the Committee and described in the Award agreement. 

  
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	 	2.20	“Performance Criteria” or “Performance Goals” or “Performance Measures” mean the objectives established by the
Committee for a Performance Period, for the purpose of determining when an Award subject to such objectives is earned. 

  

	 	2.21	“Performance Period” means the time period designated by the Committee during which performance goals must be met. 

 

	 	2.22	“Performance Unit” means an Award, designated as a Performance Unit in the form of Units or other securities of the Company, granted to a Participant
pursuant to Section 6.4 hereof, the value of which is determined, in whole or in part, by the value of Units and/or conditioned on the attainment of Performance Goals in a manner deemed appropriate by the Committee and described in the Award
agreement. 

  

	 	2.23	“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association,
government agency or political subdivision thereof or other entity. 

  

	 	2.24	“Restricted Period” means the period established by the Committee with respect to the vesting of an Award during which the Award either remains subject
to forfeiture or is not exercisable by the Participant. 

  

	 	2.25	“Restricted Unit” means a phantom unit granted under the Plan which is equivalent in value and in dividend and interest rights to a Unit, and which
upon or following vesting entitles the Participant to receive a Unit. 

  

	 	2.26	“Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor rule or regulation thereof as in effect from time to
time. 

  

	 	2.27	“SEC” means the Securities and Exchange Commission. 

  

	 	2.28	“Unit” means a common unit of the Partnership. 

  

	SECTION 3.	Administration. 

 Annual grant
levels for Participants will be recommended by the Chief Executive Officer of the Company, subject to the review and approval of the Committee. The Plan shall be administered by the Committee. A majority of the Committee shall constitute a quorum,
and the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of the Committee in writing, shall be the acts of the Committee. Subject to the terms of
the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type or
types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award (including but not limited to performance requirements for such Award);
(v) determine whether, to what extent, and under what circumstances Awards may be settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan;
(vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall
be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including the Company, the Partnership, any Affiliate, any Participant, and any beneficiary of any Award.

  
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	SECTION 4.	Units Available for Awards. 

  

	 	4.1	Units Available. Subject to adjustment as provided in Section 4.3, the number of Units with respect to which Awards may be granted under the Plan is
3,250,000. If any Award expires, is canceled, exercised, paid or otherwise terminates without the delivery of Units, then the Units covered by such Award, to the extent of such expiration, cancellation, exercise, payment or termination, shall again
be Units with respect to which Awards may be granted. In the event that Units issued under the Plan are reacquired by the Partnership or the Company pursuant to any forfeiture provision, such Units shall again be available for the purposes of the
Plan. In the event a Participant pays for any Award through the delivery of previously acquired Units, the number of Units available shall be increased by the number of Units delivered by the Participant. 

 

	 	4.2	Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an Award shall consist, in whole or in part, of Units acquired in the open market,
from any Affiliate, the Partnership or any other Person, or any combination of the foregoing, as determined by the Committee in its discretion; provided that none of the Units delivered pursuant to an Award shall be Units newly issued by the
Partnership solely to satisfy such delivery obligation. 

  

	 	4.3	Adjustments. If the Committee determines that any distribution (whether in the form of cash, Units, other securities, or other property), recapitalization,
split, reverse split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Units or other securities of the Partnership, issuance of warrants or other rights to purchase Units or other securities of the
Partnership, or other similar transaction or event affects the Units such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Units (or other securities or property) with respect to which Awards may be granted, (ii) the
number and type of Units (or other securities or property) subject to outstanding Awards, and (iii) if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, that the number of Units subject to
any Award shall always be a whole number. 

  

	SECTION 5.	Eligibility. 

 Any Employee or
Director shall be eligible to be designated a Participant. 
  

	SECTION 6.	Awards. 

  

	 	6.1	Options. The Committee shall have the authority to determine the Employees and Directors to whom Options shall be granted, the number of Units to be covered by
each Option, the purchase price therefor and the conditions and limitations applicable to the exercise of the Option, including the following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are
not inconsistent with the provisions of the Plan. 

  

	 	(i)	Exercise Price. The purchase price per Unit purchasable under an Option shall be determined by the Committee at the time the Option is granted but shall not be
less than its Fair Market Value as of the date of grant. 

  

	 	(ii)	Time and Method of Exercise. The Committee shall determine the Restricted Period (i.e., the time or times at which an Option may be exercised in whole or in
part) and the method or methods by which payment of the exercise price with respect thereto may be made or deemed to have been made which may include, without limitation, cash, check acceptable to the Company, a “cashless-broker” exercise
(through procedures approved by the Company), other securities or other property, a note from the Participant (in a form acceptable to the Company), or any combination thereof, having a value on the exercise date equal to the relevant exercise
price. 

  
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	 	(iii)	Term. Subject to earlier termination as provided in the grant agreement or the Plan, each Option shall expire on the 10th anniversary of its date of grant.

  

	 	(iv)	Forfeiture. Except as otherwise provided in this Plan, in the terms of an Award agreement, or in a written employment agreement (if any) between the Participant
and the Company or one of its Affiliates, upon termination of a Participant’s employment with the Company or its Affiliates or membership on the Board of the Company or its Affiliates, whichever is applicable, involuntarily for Cause or on a
voluntary basis (other than for retirement, death or disability of the Participant (see Section 6.3(ix) below)) during the applicable Restricted Period, (i) that portion of any Option that has not vested on or prior to such date of
termination shall automatically lapse and be forfeited by the Participant at the close of business on the date of the Participant’s termination and (ii) all vested but unexercised Options previously granted shall automatically lapse and be
forfeited by the Participant at the close of business on the 30th day following the date of such Participant’s termination, unless an Option expires earlier according to its original terms. If a Participant’s employment or service as a
Director is involuntarily terminated by the Company other than for Cause: (i) that portion of any Option that has not vested on or prior to such date of termination shall automatically lapse and be forfeited by the Participant at the close of
business on the date of the Participant’s termination and (ii) all vested but unexercised Options previously granted shall automatically lapse and be forfeited by the Participant at the close of business on last day of the twelfth month
following the date of such Participant’s termination, unless an Option expires earlier according to its original terms. The Committee or the Chief Executive Officer may waive in whole or in part such forfeiture with respect to a
Participant’s Options. 

  

	 	(v)	In connection with the sale by Valero Energy Corporation (“VEC”) of its ownership interest in NuStar GP Holdings, LLC to public unitholders in a series of
public offerings, VEC ceased to be an Affiliate of the Company effective December 22, 2006. Employees of VEC were deemed to have experienced a termination of employment as a result of the loss of the Affiliate relationship. However,
notwithstanding the provisions in Section 6.1(iv) above, immediately prior to the closing of the public offering of the Units on December 22, 2006, all Options that (a) were granted under the Plan and are held by VEC Employees, and
(b) are in full force and effect on December 22, 2006, shall remain outstanding, shall be fully vested and shall not be subject to lapse and forfeiture as provided in Section 6.1(iv) above. Such Options shall remain outstanding and in
full force and shall expire on the close of business on December 22, 2007. 

  

	 	6.2	Restricted Units. The Committee shall have the authority to determine the Employees and Directors to whom Restricted Units shall be granted, the number of
Restricted Units to be granted to each such Participant, the duration of the Restrict Period (if any), the conditions under which the Restricted Units may become vested (which may be immediate upon grant) or forfeited, and such other terms and
conditions as the Committee may establish respecting such Awards, including whether DERs are granted with respect to such Restricted Units. 

  

	 	(i)	DERs. To the extent provided by the Committee, in its discretion, a grant of Restricted Units may include a tandem DER grant, which may provide that such DERs
shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest in the discretion of the Committee) subject to the same restrictions as the tandem Award, or be subject to such other provisions or
restrictions as determined by the Committee in its discretion. 

  

	 	(ii)	 Forfeiture. Except as otherwise provided in this Plan, in the terms of an Award agreement, or in a written employment agreement (if any) between
the Participant and the Company or one of its Affiliates, upon termination of a Participant’s employment with the Company or its Affiliates for any reason (other than for retirement, death or disability of the Participant (see
Section 6.3(ix) below)) during the applicable Restricted Period, all 

  
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Restricted Units shall be forfeited by the Participant at the close of business on the date of the Participant’s termination of employment. The Committee or the Chief Executive Officer may
waive in whole or in part such forfeiture with respect to a Participant’s Restricted Units. 

  

	 	(iii)	Lapse of Restrictions. Upon the vesting of each Restricted Unit, the Participant shall be entitled to receive from the Company one Unit subject to the provisions
of Section 8.2. 

  

	 	(iv)	As described in Section 6.1(v) above, Employees of VEC were deemed to have experienced a termination of employment as a result of the loss of the Affiliate
relationship with VEC in connection with the sale by VEC of its ownership interest in NuStar GP Holdings, LLC. However, notwithstanding the provisions in Section 6.2(ii) above, any Restricted Unit granted under the terms of the Plan to, and
held by, any VEC Employee which remains unvested as of December 22, 2006 shall immediately vest and become non-forfeitable as of December 22, 2006. 

 

	 	6.3	General. 

  

	 	(i)	Awards May be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in
substitution for any other Award granted under the Plan or any award granted under any other plan of the Company or any Affiliate, including the Annual Incentive Plan or the Intermediate Incentive Compensation Plan. Awards granted in addition to or
in tandem with other Awards or awards granted under any other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 

 

	 	(ii)	Limits on Transfer of Awards. No Award and no right under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by a Participant otherwise than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any
Affiliate. 

  

	 	(iii)	Terms of Awards. The term of each Award shall be for such period as may be determined by the Committee. 

 

	 	(iv)	Unit Certificates. All certificates for Units or other securities of the Partnership delivered under the Plan pursuant to any Award or the exercise thereof shall
be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then
listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

 

	 	(v)	Consideration for Grants. Awards may be granted for no cash consideration or for such consideration as the Committee determines including, without limitation,
such minimal cash consideration as may be required by applicable law. 

  

	 	(vi)	 Delivery of Units or other Securities and Payment by Participant of Consideration. Notwithstanding anything in the Plan or any grant agreement
to the contrary, delivery of Units pursuant to the exercise or vesting of an Award may be deferred for any period during which, in the good faith determination of the Committee, the Company is not reasonably able to obtain Units to deliver pursuant
to such Award without violating the rules or regulations of any applicable law or securities exchange. No Units or other securities shall be delivered pursuant to any Award until payment in full of any amount

  
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required to be paid pursuant to the Plan or the applicable Award agreement (including, without limitation, any exercise price or any tax withholding) is receivable by the Company. Such payment
may be made by such method or methods and in such form or forms as the Committee shall determine, including, without limitation, cash, other Awards, withholding of Units, or any combination thereof; provided that the combined value, as determined by
the Committee, of all cash and cash equivalent and the value of any such Units or other property so tendered to the Company, as of the date of such tender, is at least equal to the full amount required to be paid to the Company pursuant to the Plan
or the applicable Award agreement. 

  

	 	(vii)	Change of Control. Upon a Change of Control, all Awards shall automatically vest and become payable or exercisable, as the case may be, in full. In this regard,
all Restricted Periods shall terminate and all performance criteria, if any, shall be deemed to have been achieved at the maximum level. 

  

	 	(viii)	Sale of Significant Assets. In the event the Company or the Partnership sells or otherwise disposes of a significant portion of the assets under its control,
(such significance to be determined by action of the Board of the Company in its sole discretion) and as a consequence of such disposition (a) a Participant’s employment is terminated by the Partnership, the Company or their affiliates
without Cause or by the Participant for Good Reason or (b) as a result of such sale or disposition, the Participant’s employer shall no longer be the Partnership, the Company or one of their Affiliates, then all of such Participant’s
Awards shall automatically vest and become payable or exercisable, as the case may be, in full. In this regard, all Restricted Periods shall terminate and all performance criteria, if any, shall be deemed to have been achieved at the maximum level.

  

	 	(ix)	Retirement, Death, Disability. Except as otherwise determined by the Committee and included in the Participant’s Award agreement, if a Participant’s
employment is terminated because of retirement, death or disability (with the determination of disability to be made within the sole discretion of the Committee), any Award held by the Participant shall remain outstanding and vest or become
exercisable according to the Award’s original terms, provided, however, that any Restricted Units held by such Participant which remain unvested as of the date of retirement, death or disability shall immediately vest and become non-forfeitable
as of such date. 

  

	 	6.4	Performance Based Awards. 

  

	 	(i)	Grant of Performance Awards. The Committee may issue Performance Awards in the form of Performance Units, Performance Cash, or DERs to Participants subject to
the Performance Goals and Performance Period as it shall determine. The terms and conditions of each Performance Award will be set forth in the related Award agreement. The Committee shall have complete discretion in determining the number and/or
value of Performance Awards granted to each Participant. Any Performance Units granted under the Plan shall have a minimum Restricted Period of one year from the Date of Grant, provided that the Committee may provide for earlier vesting following a
Change in Control or upon an Employee’s termination of employment by reason of death, disability or retirement. Participants receiving Performance Awards are not required to pay the Company therefor (except for applicable tax withholding) other
than the rendering of services. 

  

	 	(ii)	 Value of Performance Awards. The Committee shall set Performance Goals in its discretion for each Participant who is granted a Performance
Award. Such Performance Goals may be particular to a Participant, may relate to the performance of the Affiliate which employs him or her, may be based on the division which employs him or her, may be based on the performance of the Partnership
generally, or a combination of the 

  
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foregoing. The Performance Goals may be based on achievement of balance sheet or income statement objectives, or any other objectives established by the Committee. The Performance Goals may be
absolute in their terms or measured against or in relationship to other companies comparably, similarly or otherwise situated. The extent to which such Performance Goals are met will determine the number and/or value of the Performance Award to the
Participant. 

  

	 	(iii)	Form of Payment. Payment of the amount to which a Participant shall be entitled upon the settlement of a Performance Award shall be made in a lump sum or
installments in cash, Units, or a combination thereof as determined by the Committee. 

  

	SECTION 7.	Amendment and Termination. 

Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award agreement or in the Plan.

  

	 	7.1	Amendments to the Plan. Except as required by applicable law or the rules of the principal securities exchange on which the Units are traded and subject to
Section 7(ii) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner, including increasing the number of Units available for Awards under the Plan, without the consent of any partner,
Participant, other holder or beneficiary of an Award, or other Person. 

  

	 	7.2	Amendments to Awards. The Committee may waive any conditions or rights under, amend any terms of, or alter any Award therefore granted, provided no change, other
than pursuant to Section 7(iii), in any Award shall materially reduce the benefit to Participant without the consent of such Participant. 

  

	 	7.3	Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Committee is hereby authorized to make adjustments in the terms and
conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.3 of the Plan) affecting the Partnership or the financial statements of the
Partnership, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan. 

  

	SECTION 8.	General Provisions. 

  

	 	8.1	No Rights to Awards. No Person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants. The terms
and conditions of Awards need not be the same with respect to each Participant. 

  

	 	8.2	Withholding. The Company or any Affiliate is authorized to withhold from any Award, from any payment due or transfer made under any Award or from any
compensation or other amount owing to a Participant the amount (in cash, Units, other securities, Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of the grant of an Award, the
lapse of restrictions thereon, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.

  

	 	8.3	No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company or any
Affiliate or to remain on the Board, as applicable. Further, the Company or an Affiliate may at any time dismiss a Participant from employment, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or
in any Award agreement. 

  
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	 	8.4	Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the
laws of the State of Delaware and applicable federal law. 

  

	 	8.5	Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any
Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended
without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full
force and effect. 

  

	 	8.6	Other Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole discretion, it determines that the
issuance or transfer of such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which the Units are then traded, or entitle the Partnership or an Affiliate to recover
the entire then Fair Market Value thereof under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to
the relevant Participant, holder or beneficiary. 

  

	 	8.7	No Trust or Fund Created. Neither the Plan nor the Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of
any general unsecured creditor of the Company or any Affiliate. 

  

	 	8.8	No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, other
securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated. 

 

	 	8.9	Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in
any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

  

	 	8.10	Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and the singular shall include the
plural. 

  

	 	8.11	Code Section 409A. Notwithstanding anything in this Plan to the contrary, Awards granted under the Plan shall contain terms that (i) are designed to
avoid application of Section 409A of the Code to the Award or (ii) are designed to avoid adverse tax consequences under Section 409A of the Code should that section apply to the Award. If any Plan provision or Award under the Plan
would result in the imposition of an applicable tax under Code Section 409A and related regulations and Treasury pronouncements (“Section 409A”), that Plan provision or Award may be reformed to avoid imposition of the
applicable tax and no action taken to comply with Section 409A shall be deemed to adversely affect the Participant’s rights to an Award. 

  

	SECTION 9.	Term of the Plan. 

 The Plan was
amended and restated effective January 26, 2006 and April 1, 2007. The current amendment and restatement was approved by the holders of Units and became effective on May 1, 2011. The Plan shall continue until the date terminated by
the Board or Units are no longer available for grants of Awards under the Plan, whichever occurs first, provided, however, that notwithstanding the foregoing, no Award shall be made under the Plan after the tenth anniversary of the Effective Date.
However, unless otherwise expressly provided in the Plan or 

  
 -10-

 
in an applicable Award agreement, any Award granted prior to such termination, and the authority of the Board or the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such
Award or to waive any conditions or rights under such Award, shall extend beyond such termination date. 
  

	SECTION 10.	Special Provisions Applicable to Covered Participants. 

 Awards subject to Performance Criteria paid to Covered Participants under this Plan shall be governed by the conditions of this Section 10 in addition to the requirements of Section 6.4, above.
Should conditions set forth under this Section 10 conflict with the requirements of Section 6.4, the conditions of this Section 10 shall prevail. 
  

	 	10.1	Establishment of Performance Measures, Goals or Criteria. All Performance Measures, Goals, or Criteria relating to Covered Participants for a relevant
Performance Period shall be established by the Committee in writing prior to the beginning of the Performance Period, or by such other later date for the Performance Period as may be permitted under Section 162(m) of the Code. The Performance
Goals may be identical for all Participants or, at the discretion of the Committee, may be different to reflect more appropriate measures of individual performance. 

 

	 	10.2	Performance Goals. The Committee shall establish the Performance Goals relating to Covered Participants for a Performance Period in writing. Performance Goals
may include alternative and multiple Performance Goals and may be based on one or more business and/or financial criteria. In establishing the Performance Goals for the Performance Period, the Committee in its discretion may include one or any
combination of the following criteria in either absolute or relative terms, for the Partnership or any Affiliate: 

  

	 	(i)	Increased revenue; 

  

	 	(ii)	Net income measures (including but not limited to income after capital costs and income before or after taxes); 

 

	 	(iii)	Unit price measures (including but not limited to growth measures and total unitholder return); 

 

	 	(iv)	Market share; 

  

	 	(v)	Earnings per unit (actual or targeted growth); 

  

	 	(vi)	Earnings before interest, taxes, depreciation, and amortization (“EBITDA”); 

 

	 	(vii)	Economic value added (“EVA®”); 

  

	 	(viii)	Cash flow measures (including but not limited to net cash flow and net cash flow before financing activities); 

 

	 	(ix)	Return measures (including but not limited to return on equity, return on average assets, return on capital, risk-adjusted return on capital, return on investors’
capital and return on average equity); 

  

	 	(x)	Operating measures (including operating income, funds from operations, cash from operations, after-tax operating income, sales volumes, production volumes, and
production efficiency); 

  

	 	(xi)	Expense measures (including but not limited to overhead cost and general and administrative expense); 

 

	 	(xii)	Margins; 

  
 -11-

	 	(xiii)	Unitholder value; 

  

	 	(xiv)	Total unitholder return; 

  

	 	(xv)	Proceeds from dispositions; 

  

	 	(xvi)	Pipeline and terminal utilization; 

  

	 	(xvii)	Total market value; and 

  

	 	(xviii)	Corporate values measures (including ethics compliance, environmental, and safety). 

 

	 	10.3	Compliance with Section 162(m). The Performance Goals must be objective and must satisfy third party “objectivity” standards under
Section 162(m) of the Code, and the regulations promulgated thereunder. In interpreting Plan provisions relating to Awards subject to Performance Goals paid to Covered Participants, it is the intent of the Plan to conform with the standards of
Section 162(m) of the Code and Treasury Regulation §1.162-27(e)(2)(i), and the Committee in establishing such goals and interpreting the Plan shall be guided by such provisions. 

 

	 	10.4	Adjustments. The Committee is authorized to make adjustments in the method of calculating attainment of Performance Goals in recognition of:
(i) extraordinary or non-recurring items, (ii) changes in tax laws, (iii) changes in generally accepted accounting principles or changes in accounting principles, (iv) charges related to restructured or discontinued operations,
(v) restatement of prior period financial results, and (vi) any other unusual, non-recurring gain or loss that is separately identified and quantified in the Company’s financial statements. Notwithstanding the foregoing, the Committee
may, at its sole discretion, reduce the performance results upon which Awards are based under the Plan, to offset any unintended result(s) arising from events not anticipated when the Performance Goals were established, or for any other purpose,
provided that such adjustment is permitted by Section 162(m) of the Code. 

  

	 	10.5	Discretionary Adjustments. The Performance Goals shall not allow for any discretion by the Committee as to an increase in any Award, but discretion to lower an
Award is permissible. 

  

	 	10.6	Certification. The Award and payment of any Award under this Plan to a Covered Participant with respect to a relevant Performance Period shall be contingent upon
the attainment of the Performance Goals that are applicable to such Covered Participant. The Committee shall certify in writing prior to payment of any such Award that such applicable Performance Goals relating to the Award are satisfied. Approved
minutes of the Committee may be used for this purpose. 

  

	 	10.7	Other Considerations. All Awards to Covered Participants under this Plan shall be further subject to such other conditions, restrictions, and requirements as the
Committee may determine to be necessary to carry out the purpose of this Section 10. 

  
 -12-Purchase and Sale Agreement and Joint Escrow Instructions

 Exhibit 10.3 
 PURCHASE AND SALE AGREEMENT 
 AND JOINT ESCROW INSTRUCTIONS

 by 

and 
 between

 PACIFIC PROMENADE, LLC, an Arizona limited liability company 

“Seller” 
 and 
 EXCEL TRUST, L.P., a Delaware limited partnership 

“Purchaser” 
 Dated as of 
 March 21, 2011 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	1.	 	 IDENTIFICATION OF PARTIES.
	  	 	1	  
			
	2.	 	 DESCRIPTION OF THE PROPERTY.
	  	 	1	  
			
	3.	 	 THE PURCHASE PRICE.
	  	 	3	  
			
	4.	 	 TITLE AND SURVEY.
	  	 	5	  
			
	5.	 	 INSPECTION; DUE DILIGENCE PERIOD.
	  	 	7	  
			
	6.	 	 REPRESENTATIONS AND WARRANTIES OF SELLER.
	  	 	9	  
			
	7.	 	 REPRESENTATIONS AND WARRANTIES OF PURCHASER.
	  	 	13	  
			
	8.	 	 INTENTIONALLY OMITTED.
	  	 	15	  
			
	9.	 	 DELIVERY OF DOCUMENTS.
	  	 	15	  
			
	10.	 	 CONFIDENTIALITY.
	  	 	16	  
			
	11.	 	 CONDITIONS PRECEDENT TO CLOSING.
	  	 	17	  
			
	12.	 	 COVENANTS OF SELLER AND PURCHASER.
	  	 	19	  
			
	13.	 	 SELLER’S CLOSING DELIVERIES.
	  	 	21	  
			
	14.	 	 PURCHASER’S CLOSING DELIVERIES.
	  	 	22	  
			
	15.	 	 PRORATIONS, ADJUSTMENTS; RELEASE OF BONDS AND OTHER SECURITY DEVICES.
	  	 	23	  
			
	16.	 	 CLOSING.
	  	 	23	  
			
	17.	 	 CLOSING COSTS.
	  	 	24	  
			
	18.	 	 RISK OF LOSS; TAKING.
	  	 	25	  
			
	19.	 	 DEFAULT.
	  	 	26	  
			
	20.	 	 BROKER’S COMMISSION.
	  	 	27	  
			
	21.	 	 ESCROW.
	  	 	28	  
			
	22.	 	 MISCELLANEOUS.
	  	 	29	  
			
	23.	 	 SEC INFORMATION.
	  	 	35	  

			
	EXHIBIT A	  	LEGAL DESCRIPTION OF THE LAND
	EXHIBIT B	  	SCHEDULE OF LEASES
	EXHIBIT C	  	EXCLUDED PROPERTY
	EXHIBIT D	  	SCHEDULE OF TRADE NAMES
	EXHIBIT E	  	SCHEDULE OF CONTRACTS
	EXHIBIT F	  	SCHEDULE OF OPERATING AGREEMENTS
	EXHIBIT G	  	FORM OF SPECIAL WARRANTY DEED
	EXHIBIT H	  	FORM OF BILL OF SALE
	EXHIBIT I	  	FORM OF GENERAL ASSIGNMENT
	EXHIBIT J	  	FORM OF ASSIGNMENT OF LEASES
	EXHIBIT K	  	FORM OF ASSIGNMENT OF OPERATING AGREEMENTS
	EXHIBIT L	  	CERTIFICATION OF NON-FOREIGN STATUS
	EXHIBIT M	  	SCHEDULE OF LITIGATION AND DISCLOSURES AND EXISTING SECURITY ITEMS
	EXHIBIT N	  	FORM OF SELLER ESTOPPEL CERTIFICATE
	EXHIBIT N-1	  	FORM OF TENANT ESTOPPEL CERTIFICATE
	EXHIBIT O	  	PRORATION METHOD
	EXHIBIT P	  	SCHEDULE OF ENVIRONMENTAL REPORTS
	EXHIBIT Q	  	FORM OF TENANT NOTICE

 PURCHASE AND SALE AGREEMENT 

AND JOINT ESCROW INSTRUCTIONS 
 1. IDENTIFICATION OF PARTIES. 
 THIS PURCHASE AND SALE AGREEMENT
AND JOINT ESCROW INSTRUCTIONS (this “Agreement”) is entered into as of March 21, 2011 (the “Execution Date”), by and between PACIFIC PROMENADE, LLC, an Arizona limited liability company
(“Seller”) and EXCEL TRUST, L.P., a Delaware limited partnership (“Purchaser”). 
 2.
DESCRIPTION OF THE PROPERTY. 
 Seller hereby agrees to sell, assign and convey to Purchaser, and Purchaser hereby
agrees to purchase from Seller, all of Seller’s right, title and interest in and to the following Property on and subject to the terms, covenants and agreements set forth in this Agreement: 

(a) Land. That certain parcel of real property located in the City of Scottsdale, County of Maricopa, State of
Arizona, and more particularly described on Exhibit A attached hereto (the “Land”); 
 (b)
Improvements. All improvements located on the Land (the “Improvements”); 
 (c)
Leases. All leases with tenants (collectively “Tenants”) covering the Land and the Improvements (such leases, together with any and all amendments, modifications or supplements thereto and guaranties thereof, are
hereinafter referred to collectively as the “Leases” and are identified on the Schedule of Leases attached hereto as Exhibit B), together with any new leases, if any, covering the Land and the Improvements that are
entered into pursuant to Section 12(b) below; 
 (d) Real Property. All rights, privileges,
easements, rights-of-way and appurtenances used or connected with the beneficial use or enjoyment of the Land including, without limitation, all minerals, oil, gas and other hydrocarbon substances on and under the Land, as well as all development
rights, air rights, water, water rights and water stock relating to the Land, except to the extent, and only to the extent, related to the Excluded Land (as defined in Section 2(k)) (the Land, the Improvements, the Leases and such
rights, privileges, easements, rights-of-way, and appurtenances are sometimes collectively hereinafter referred to collectively as the “Real Property”); 
 (e) Personal Property. All personal property and fixtures (if any) owned by Seller, located on the Real Property and used in the operation or maintenance of the Real Property
(collectively, the “Personal Property”), expressly excluding, however, the personal property scheduled on Exhibit C attached hereto and expressly excluding any personal property to the extent, and only to the extent, related
to the Excluded Land (the “Excluded Property”); 

  
 1 

 (f) Trade Names. Those trade names and trademarks identified on the
Schedule of Trade Names attached hereto as Exhibit D (the “Trade Names”); 
 (g)
Contracts. Subject to the provisions of Section 5(c), all outstanding brokerage commission agreements, labor, service, equipment, supply, maintenance, concession, utility and operating contracts, and any amendments thereto,
to which Seller is a party and which relate to the Real Property, to the extent assignable and to the extent the parties have agreed are to be assigned and assumed in accordance with Section 5(e) below, but expressly excluding any of the
foregoing to the extent, and only to the extent, related to the Excluded Land (such contracts and agreements are hereinafter collectively referred to as the “Contracts” and are identified on the Schedule of Contracts attached hereto
as Exhibit E) together with any such contracts, if any, that are entered into pursuant to Section 12(c); 

(h) Operating Agreements. All reciprocal easement agreements, supplemental or separate agreements, development
agreements and the like, and any amendments thereto, to which Seller is a party and which relate to the Real Property, if any, but expressly excluding any of the foregoing to the extent, and only to the extent, related to the Excluded Land (such
agreements are hereinafter collectively referred to as the “Operating Agreements” and are identified on the Schedule of Operating Agreements attached hereto as Exhibit F); 

(i) Permits. All permits, licenses, authorizations, consents, entitlements, approvals and certificates relating to
the Real Property, to the extent assignable, but expressly excluding any of the foregoing to the extent, and only to the extent, related to the Excluded Land (collectively, the “Permits”); and 

(j) Warranties. All warranties, guarantees and indemnities (including, without limitation, those for workmanship,
materials and performance) which may exist from, by or against any contractor, subcontractor, manufacturer, laborer or supplier of labor, materials or other services relating to the Real Property or the Personal Property, but expressly excluding any
of the foregoing to the extent, and only to the extent, related to the Excluded Land (collectively, the “Warranties”). (The Real Property, the Personal Property, the Trade Names, the Contracts, the Operating Agreements, the Permits
and the Warranties are collectively referred to in this Agreement as the “Property”) 
 (k)
Exclusions. The Property does not include (i) cash and cash equivalents of Seller and its Affiliates (subject to the provisions of Section 15 and Exhibit O), (ii) any accounts receivable or claims of Seller
or its Affiliates existing on or attributable to any period prior to the Closing Date (subject to the provisions of Section 15 and Exhibit O), (iii) any right to use the name, trade names, marks or insignia of Seller or its
Affiliates (except as identified on Exhibit D), including the trade name “Promenade Corporate Center,” (iv) that certain parcel of real property located in the City of Scottsdale, County of Maricopa, State of Arizona
adjacent to the Land and more particularly described on Exhibit A-1 attached hereto, together with any improvements located thereon, any leases thereof and any rights, privileges, easements, rights of way and appurtenances thereto (together,
the “Excluded Land”), or (v) except as provided in Section 18, any rights under insurance policies maintained by Seller with respect to the Property. 

  
 2 

 
As used in this Agreement, an “Affiliate” means with respect to Seller or Purchaser, any person or entity directly or indirectly controlling, controlled by or under common
control with such other person or entity. For purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies whether through the
ownership of voting securities, by contract or otherwise. 
 3. THE PURCHASE PRICE. 

The aggregate purchase price for the Property is One Hundred Ten Million and No/100 Dollars ($110,000,000.00) (the “Purchase
Price”). The Purchase Price shall be paid to Seller by Purchaser as follows: 
 (a) Deposit.
Within two (2) Business Days (as defined below) after the Execution Date, Purchaser shall deliver to First American Insurance Company (“Escrow Company”) a deposit in the amount of Seven Hundred Fifty Thousand and No/100 Dollars
($750,000.00) (the “Initial Deposit”), which Initial Deposit shall be in the form of a wire transfer of immediately available funds (“Opening of Escrow”). Within one (1) Business Day following the expiration of
the Due Diligence Period (unless Purchaser previously has terminated this Agreement in accordance with the provisions of Section 5), Purchaser shall deliver to Escrow Company an additional deposit (the “Additional
Deposit”) in the amount of Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00), which Additional Deposit shall be in the form of a wire transfer of immediately available funds (the Initial Deposit and, once made, the Additional
Deposit, are sometimes collectively referred to herein as the “Deposit”). If Purchaser fails to timely deposit with the Escrow Company any portion of the Deposit, when and as due, then Seller may, in accordance with the provisions
of Section 19(b), and without regard to the introductory phrase thereof, as its sole remedy, terminate this Agreement by written notice to Purchaser and the Escrow Company and thereafter this Agreement shall be deemed terminated, all
without liability of the parties to each other thereafter (except that the Deposit shall only be refundable for the limited reasons set forth in Section 3(b) and except pursuant to provisions hereof which expressly survive such
termination). The Deposit shall be invested in a federally issued or insured interest bearing instrument or account as Purchaser shall designate and shall be retained by Escrow Company, subject to the provisions of Sections 3(b) and 3(c). As
used herein, the “Deposit” means the Deposit, plus any interest actually earned on such amount from and after the date of deposit thereof with the Escrow Company. 

(b) Application of Deposit Against Purchase Price; Release of Deposit to Purchaser. If the purchase and sale of the
Property is consummated as contemplated herein, the Deposit shall be credited by Escrow Company and Seller against the Purchase Price. If the purchase and sale of the Property is not consummated because of (i) a termination of this Agreement by
Purchaser as permitted by Section 19(a) hereof as a result of a default under this Agreement on the part of Seller or (ii) a timely termination of this Agreement by Purchaser as permitted by, and in strict accordance with,
Sections 3(d), 4, 5, 6 or 18, as applicable, or (iii) a termination of this Agreement by Purchaser as permitted by Section 11(a) hereof as a result of a failure of a Purchaser’s Condition Precedent (each, a
“Permissible Purchaser Termination Event”), the Deposit shall be immediately refunded by Escrow Holder or Seller, as the case may be, to Purchaser. 

  
 3 

 (c) Release of Deposit to Seller. If the Closing does not occur on or
before the Outside Closing Date (as defined in Section 16) for any reason other than a Permissible Purchaser Termination Event, the Escrow Company shall immediately release the Deposit to Seller on the Outside Closing Date without any
further instruction or confirmation by Seller or Purchaser. The terms of Section 19(b) shall govern with respect to Seller’s right to retain the Deposit. 
 (d) Assumption of First Lien. Purchaser shall pay (through assumption of the First Lien as described in this Section 3(d)) approximately Fifty Two Million Eight
Hundred Eighteen Thousand Two Hundred Sixteen and 56/100 Dollars ($52,818,216.56), representing the unpaid principal balance, which is, as of the Closing, not yet due and payable under that certain Promissory Note (the “Note”) dated
October 17, 2005, in the original principal amount of Sixty Million and No/100 Dollars ($60,000,000.00), executed by Seller in favor of Wells Fargo Bank, N.A. (the “Lender”). The Note is secured by a Deed of Trust, Absolute
Assignment of Rents and Security Agreement executed by Seller (the “Deed of Trust”) dated October 17, 2005, and recorded on October 31, 2005, in the Official Records of Maricopa County, Arizona as Document
No. 2005-1639973. The Note and the Deed of Trust are collectively referred to in this Agreement as the “First Lien”. Purchaser shall use its best efforts to obtain Lender’s Approval (as hereinafter defined). For purposes
of this Agreement, the term “Lender’s Approval” shall mean: (i) Lender’s approval for Purchaser to assume the First Lien: (1) without any modification to the existing terms and conditions of the First Lien; or
(2) on terms and conditions otherwise acceptable to Purchaser in the exercise by Purchaser of its reasonable business judgment; and (ii) Lender’s approval for the release of Seller and Seller’s Affiliates from any liability
accruing on the First Lien subsequent to the Closing. In this regard, on or before April 15, 2011, Purchaser shall file a formal application with Lender seeking Lender’s Approval. From and after the Closing, Purchaser shall assume
liability and responsibility for the payment and discharge of the First Lien. Purchaser shall pay all assumption fees or other charges (including Lender’s attorneys fees and costs) requested by Lender in connection with Lender’s
Approval and Purchaser’s assumption of the First Lien. Seller shall reasonably cooperate with Purchaser in connection with obtaining Lender’s Approval and shall sign such applications and deliver such documents as may be reasonably
requested by Lender or Purchaser in order to obtain the Lender’s Approval. Notwithstanding the foregoing, in the event Purchaser is unable to secure Lender’s Approval on or before June 15, 2011, then Purchaser shall have the right to
terminate this Agreement by written notice to Seller. If Purchaser terminates this Agreement pursuant to this Section 3(d), the Deposit shall be refunded to Purchaser, Purchaser and Seller shall bear any title or escrow cancellation fees
in equal amounts, and neither party shall have any further rights or obligations hereunder (except with respect to rights and obligations herein which expressly survive termination of this Agreement). 

(e) Balance of Purchase Price. The balance of the Purchase Price (less the amount of Deposit and less the amount of
the unpaid principal balance of the First Lien) shall be paid to Seller in immediately available funds at the Closing, which balance shall be deposited by wire transfer into escrow with the Escrow Company no later than one (1) Business Day
prior to the Closing. As used herein, “Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day on which banking institutions in the State of Arizona are authorized or obligated by law or executive
order to be closed. 

  
 4 

 (f) Intentionally Omitted. 

4. TITLE AND SURVEY. 
 (a) PTR and Survey. Within three (3) Business Days after the Opening of Escrow, Seller shall deliver or cause to be delivered, at Seller’s expense, to Purchaser, for
Purchaser’s review and approval, a preliminary title report prepared for the Real Property and issued by First American Title Insurance Company (the “Title Company”), together with copies of all documents relating to the title
exceptions referred to therein (collectively, the “PTR”) and, to the extent available, any existing survey or recorded plat covering the Land in Seller’s possession (“Existing Survey”). 

(b) Disapproved Exceptions; Permitted Exceptions. On or before the fifth (5th) day preceding the expiration of the Due Diligence Period (as
defined below), Purchaser shall notify Seller in writing of any matters or exceptions disclosed in the Existing Survey and/or the PTR which Purchaser disapproves (to the extent such exceptions do not constitute Permitted Exceptions hereunder). Any
exception specified in any such written notice delivered by Purchaser shall be a “Disapproved Exception.” Any matters affecting or exceptions to title to the Property and not disapproved in writing within the period specified above
shall be deemed to be approved by Purchaser and each shall constitute a “Permitted Exception” hereunder. Further, notwithstanding anything to the contrary contained herein, all of the following shall also constitute Permitted
Exceptions (regardless of whether Purchaser disapproves of them): (i) real estate taxes and assessments, existing bond or special district assessments, personal property taxes, water and/or meter charges, sewer taxes, charges or rents; in each
case not yet due and payable; (ii) liens, encumbrances or other matters made, created or suffered by or on behalf of Purchaser, including, without limitation, liens arising as a result of any act or omission of Purchaser or Purchaser’s
agents, contractors or representatives; (iii) zoning and other land use restrictions and ordinances; (iv) printed exceptions and exclusions set forth in the Title Company’s standard form policy of title insurance; (v) all Leases
set forth on Exhibit B or entered into pursuant to the terms of this Agreement; (vi) consents previously granted by any former owner of the Property for the erection of any structure or structures on, under or above any street or streets
on which the Property may abut; (vii) easements or rights of use of record and identified on the PTR in favor of any utility company for construction, use, maintenance or repair of utility lines, wires, terminal boxes, mains, pipes, cables
conduits, poles and other equipment and facilities on, under and across the Property; (viii) liens for any unpaid real estate tax, water charge, sewer rent and assessment to be adjusted at the Closing in accordance with this Agreement;
(ix) any liens or encumbrances as to which the Title Company will insure, or commit to insure, Purchaser against loss or forfeiture of title to, or collection from the Property without additional cost to Purchaser, whether by payment, bonding,
indemnity of Seller or otherwise; (x) any and all Uniform Commercial Code filings which are more than five (5) years old and which have not been continued; (xi) the revocable nature of the right, if any, to maintain street and
sidewalk vaults and other vault spaces, coal chutes, excavations, canopies, marquees and signs; (xii) any matter that is the responsibility of any Tenant under any lease of the Property; (xiii) any other leases, liens, encumbrances or
other exceptions which are approved by Purchaser pursuant to Section 12 below; (xiv) any non-monetary encumbrance that would not unreasonably interfere with Purchaser’s development, operation or use of the Property; and
(xv) the First Lien. 

  
 5 

 
Purchaser shall also have the right to review and object to any new exceptions to title disclosed in any amendment to the PTR not otherwise known to Purchaser by delivering written notice to
Seller of such disapproved exceptions (such items shall be deemed “Disapproved Exceptions”) within five (5) days of Purchaser’s receipt of any such amendment to the PTR. 

(c) Unresolved Exceptions. Within two (2) days after the date Seller receives Purchaser’s written notice
of any Disapproved Exception within the time period specified above (or the first Business Day after said two (2) day period, if the second (2nd) day is not a Business Day), Seller shall notify Purchaser in writing of any Disapproved
Exceptions which Seller is unable or unwilling to cause to be removed or insured against prior to or at the Closing (the “Unresolved Exceptions”). With respect to any Unresolved Exception, Purchaser shall elect, by giving written
notice to Seller and the Escrow Company on or before the later of the last day of the Due Diligence Period or two (2) Business Days after the date Purchaser receives Seller’s written notice of any Unresolved Exceptions (i) to
terminate this Agreement, or (ii) to waive Purchaser’s disapproval of such Unresolved Exceptions, in such latter event each such Unresolved Exception shall then be deemed a Permitted Exception. Purchaser’s failure to terminate this
Agreement on or before the later of the last day of the Due Diligence Period or two (2) Business Days after the date Purchaser receives Seller’s written notice of any Unresolved Exceptions shall constitute Purchaser’s agreement to
treat such Unresolved Exception(s) as Permitted Exception(s). If Purchaser terminates this Agreement in accordance with this Section 4, this Agreement will be deemed terminated, and the Deposit shall immediately be refunded to Purchaser.
Title and escrow cancellation costs shall be paid by Seller and Purchaser as provided in Section 17(c). 

(d) Updated Survey. Purchaser shall have the right to obtain an update, supplement or amendment to the Existing
Survey (collectively, the “Updated Survey”), at Purchaser’s expense, provided that Purchaser’s failure to obtain the Updated Survey on or before the last day of the Due Diligence Period shall not result in the extension of
the Due Diligence Period and shall not be a condition of Closing. Upon receipt of the Updated Survey, Purchaser shall provide two (2) original Updated Surveys to Seller and one (1) to Title Company, each certified by the surveyor who
prepares such Updated Survey. Purchaser shall have until the expiration of the Due Diligence Period to examine the same and to notify Seller in writing of its objections to any new matters disclosed by the Updated Survey that constitute new title
exceptions. If and only if Purchaser shall give written notice of such objections to Seller within three (3) Business Days after Purchaser’s receipt of the Updated Survey (but in no event later than the expiration of the Due Diligence
Period), such items shall be deemed “Disapproved Exceptions,” and the rights and obligations of Purchaser and Seller with regard to such Disapproved Exceptions shall be as set forth in Section 4(c) hereof. 

(e) Extended Title Coverage and Endorsements. Purchaser, at Purchaser’s option and at its sole cost and
expense, may obtain additional title endorsements and other extended title coverage. 

  
 6 

 5. INSPECTION; DUE DILIGENCE PERIOD. 

This Section 5 applies to Purchaser’s due diligence activities relating to all matters except title and survey matters,
which are addressed by Section 4. 
 (a) Inspection. As used in this Agreement, the term “Due
Diligence Period” shall mean the period commencing on the Execution Date until 5:00 p.m., Phoenix, Arizona time on April 30, 2011. During the Due Diligence Period, and with twenty four (24) hours advance telephonic notice to
Seller, Purchaser, its agents, representatives and consultants may enter onto the Real Property during reasonable business hours (subject to the rights of Tenants) to interview Tenants (provided, however, no Tenant interviews may take place prior to
April 15, 2011) and to perform non-intrusive inspections and tests of the Property (including, without limitation, environmental testing) and the structural and mechanical systems within any Improvements; provided, however, that
in no event shall (i) such inspections or tests unreasonably disrupt or disturb the on-going operation of the Property or the rights of the Tenants, or (ii) Purchaser or its agents, representatives and consultants drill or bore on or
through the surface of the Real Property or the Improvements or otherwise conduct invasive or destructive testing without Seller’s prior written consent, which consent may be given or withheld in Seller’s sole and absolute discretion.
Seller may elect, in Seller’s discretion, to accompany, or cause one of Seller’s representatives to accompany, Purchaser and/or its representatives during such inspection and testing of the Property. After making such tests and
inspections, Purchaser shall promptly restore the Property to its condition prior to making such tests and inspections, which obligation shall survive the Closing or any termination of this Agreement. Prior to Purchaser entering the Property to
conduct the inspections and tests described above, Purchaser shall obtain and maintain, and shall cause each of its contractors and agents to maintain, at no cost or expense to Seller, general liability insurance, from an insurer reasonably
acceptable to Seller, in the amount of One Million Dollars ($1,000,000) combined single limit for personal injury and property damage per occurrence, such policies to name Seller as an additional insured party, which insurance shall provide coverage
against any claim for personal liability or property damage caused by Purchaser or its agents, representatives or consultants in connection with such inspections and tests. Purchaser shall deliver to Seller evidence thereof prior to entry onto the
Property. In the event of any termination of this Agreement, Purchaser shall promptly deliver to Seller, as a courtesy and without any representation or warranty whatsoever (including any representation that Seller shall be entitled to rely
thereon), copies of all reports, studies and results of tests and investigations obtained or conducted by Purchaser with respect to the Property (which obligation shall survive any termination of this Agreement). 

(b) Indemnity. Purchaser shall keep the Property free from all liens, and shall indemnify, defend, and hold harmless Seller
and Seller’s members, and each of their respective officers, directors, shareholders, beneficiaries, members, partners and employees, and their respective successors and assigns (collectively, the “Seller Parties”), from and
against all claims, actions, losses, liabilities, damages, costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs) incurred, suffered by, or claimed against the Seller Parties, or any of them, by reason of any
damage to the Property or injury to persons caused by Purchaser and/or its agents, representatives or consultants in exercising its rights under this Section 5, except to the extent caused by the gross negligence or intentional
misconduct of any 

  
 7 

 
of the Seller Parties or to the extent resulting from Purchaser discovering and disclosing to Seller a pre-existing condition. The foregoing provisions shall survive the Closing or any
termination of this Agreement. 
 (c) Due Diligence Materials. Prior to the Execution Date, Seller has or made
available to Purchaser at Seller’s office in Phoenix, Arizona and at Seller’s property management office at the Real Property copies of the following documents relating to the Property (to the extent in Seller’s possession):

 (i) copies of the documents relating to the First Lien including, but not limited to, the Note, the Deed of Trust,
financing statements and security agreements; 
 (ii) copies of all the Contracts; 

(iii) engineering and architectural studies, earthquake and structural reports, soil and environmental assessment reports and
related documents, geotechnical and physical inspection reports including hazardous materials and asbestos reports, if any; 

(iv) a copy of the tax bill issued for the most recent two years for real estate taxes; 

(v) copies of all Leases (including, without limitation, any lease guaranties) along with a rent roll and schedule of security
deposits; 
 (vi) monthly income and expense statements, balance sheets and any other financial information (excluding,
however, any of Seller’s financial information analyzing the value of the Property) reflecting the operations of the Property for the calendar years 2008, 2009, 2010 and year-to-date through February 28, 2011; 

(vii) the Permits, plans, building inspection approvals, governmental agreements and governmental documents; 

(viii) all warranties and guarantees; 
 (ix) Operating Expense reimbursement calculations for the calendar years 2008, 2009, 2010 and year-to-date through February 28, 2011; 

(x) aged receivables reports; 
 (xi)Tenant certificates of insurance; 
 (xii) Copies of any
non-privileged reports, studies or other materials pertaining to the Property in addition to the items listed in (i) through (xi) above; and 
 (xiii) Copies of any non-privileged communications with respect to the items listed in (i) through (xii) above. 

  
 8 

 The foregoing deliveries were made by Seller to accommodate and facilitate Purchaser’s
investigations relating to the Property prior to the Execution Date, but, except as expressly set forth in Sections 6, 9(b), 20(b) and 22(a) and any Seller Certificate or Closing Document, Seller makes no representations or warranties of any
kind regarding the accuracy or thoroughness of the information contained in the materials delivered to Purchaser. 
 (d)
Due Diligence Termination. At any time prior to the expiration of the Due Diligence Period, Purchaser may terminate this Agreement if Purchaser determines, in its sole discretion, that any of the Due Diligence Materials (as defined in
Section 6(i) below) either individually or in the aggregate reveal matter(s) that are not approved by Purchaser, by delivering to Seller (with a copy to the Escrow Company) written notice of Purchaser’s disapproval of any such
matter(s) and, if elected by Purchaser, that Purchaser has elected to terminate this Agreement. If Purchaser notifies Seller that Purchaser disapproves of any such matter(s) but nevertheless does not elect to terminate the Agreement as provided
above, the transaction contemplated by this Agreement shall close as provided herein, and Seller shall have no obligation to eliminate, ameliorate, or cure any such matter(s) disapproved by Purchaser. If Purchaser terminates this Agreement,
Purchaser and Seller shall bear any title or escrow cancellation fees in equal amounts. Purchaser’s failure to deliver written notice of its election to terminate this Agreement prior to the end of the Due Diligence Period in accordance with
the provisions of this Section 5(d) shall be conclusively deemed to be Purchaser’s approval of all matters relating to the Property; provided, however, if Purchaser has delivered a written notice identifying any
Disapproved Exception in accordance with terms of Section 4 above, the terms of Section 4, and not this Section 5(d), will govern with respect to the treatment of any Disapproved Exceptions. 

(e) Contracts. Purchaser shall notify Seller prior to the end of the Due Diligence Period if it desires to receive an
assignment of, and to assume Seller’s rights and obligations under, any Contracts at the Closing, which notice shall specify the Contracts to be assigned and assumed. Except for the Contracts set forth in such notice, Seller shall terminate all
other Contracts by the Closing Date. Notwithstanding the foregoing, the Contracts identified as “non-terminable” on Exhibit E, if any, are not terminable prior to the Closing and, therefore, if the transaction contemplated by
this Agreement closes, such Contracts shall be assigned to and assumed by Purchaser. 
 6. REPRESENTATIONS AND WARRANTIES
OF SELLER. 
 Seller represents and warrants to Purchaser that the following matters are true and correct as of the
Execution Date, and will be true and correct as if made anew on the date of the Closing: 
 (a) Authority.
Seller is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Arizona, qualified to do business in the State of Arizona. 

(b) Due Execution. Seller has the requisite power and authority to execute, deliver and perform this Agreement. This
Agreement, assuming due authorization, execution 

  
 9 

 
and delivery by Purchaser, constitutes the legal, valid, and binding obligations of Seller enforceable against Seller in accordance with its terms (except to the extent that such enforcement may
be limited by applicable bankruptcy, insolvency, moratorium and other principles relating to or limiting the right of contracting parties generally) and does not violate the material provisions of any agreement to which Seller is a party or to which
it is subject. 
 (c) Litigation. To Seller’s Actual Knowledge and except as set forth in the Due
Diligence Materials or on Exhibit M attached hereto, Seller has received no written notice of any actions, suits or proceedings, pending or threatened, before any judicial, administrative or other governmental authority with respect to the
Property (or any portion thereof). 
 (d) Governmental Notices. To Seller’s Actual Knowledge and
except as set forth in the Due Diligence Materials or on Exhibit M attached hereto, and except with respect to Environmental Laws (as defined in Section 6(j) hereof) which are covered by Sections 6(j) and 8(a)
hereof, Seller has not received any written notice from any city, county, state or other government authority stating that the Property or any matter thereon is in material violation of the laws, rules or ordinances applicable to the Property, which
violation has not been corrected prior to the Execution Date. 
 (e) Condemnation/Rezoning. To
Seller’s Actual Knowledge and except as set forth in the Due Diligence Materials or on Exhibit M attached hereto, Seller has not received any official governmental notice of (i) any actual condemnation of the Property or any part
thereof, (ii) any plan, study or effort to rezone the Property or to widen, modify, regrade or realign any street or highway that borders the Property, or (iii) any pending eminent domain proceeding with respect to the Property.

 (f) Leases. Attached hereto as Exhibit B is a complete list of all Leases and all amendments
thereto relating to the Property, as of the Execution Date, which Exhibit shall be updated by Seller prior to Closing, if necessary to make this representation correct, including the addition thereto of new Leases executed after the Execution Date
through Closing in accordance with the provisions of Section 12(b). 
 (g) Contracts. To
Seller’s Actual Knowledge, attached hereto as Exhibit E is a complete list of all Contracts entered into by Seller or its Affiliates, and all amendments to the foregoing, relating to the Property as of the Execution Date, which Exhibit
shall be updated by Seller prior to Closing, if necessary to make this representation correct including the addition thereto of new Contracts executed after the Execution Date through Closing in accordance with the provisions of
Section 12(c). 
 (h) Management Agreements. As of the Closing, there will be no management
agreements affecting the Property. 
 (i) Information. To Seller’s Actual Knowledge and except for
Seller’s Confidential Materials (as defined in Section 9(c)), Seller has provided Purchaser with access to certificates, licenses, permits, Leases, Operating Agreements, Contracts, books, records, documents and information relating
to the Property and the ownership and operation thereof 

  
 10 

 
which are in the possession of Seller. Notwithstanding anything to the contrary contained herein, Seller makes no representation or warranty as to the accuracy of facts, analyses or other
information recited or contained in any documents or materials included in the Due Diligence Materials or otherwise disclosed to Purchaser prior to the Closing, except that Seller represents and warrants that such Due Diligence Materials are true
and correct copies of the same materials in Seller’s files. As used in this Agreement, “Due Diligence Materials” mean the (i) materials and information previously delivered to Purchaser, (ii) information and other
materials contained in the files made available to Purchaser at Seller’s office in Phoenix, Arizona, at the office of Seller’s property manager, or at the Real Property, including, without limitation, the PTR, the Existing Survey and the
Updated Survey (if obtained), and (iii) supplementary information and materials disclosed in writing or otherwise delivered to or obtained by Purchaser on or before the expiration of the Due Diligence Period. 

(j) Environmental Conditions. Except as disclosed in that certain report set forth on Exhibit P attached
hereto (the, “Environmental Reports”), accurate and complete copies of which have been delivered to Purchaser on or before the Execution Date, or otherwise disclosed to Purchaser, to Seller’s Actual Knowledge, the Property is
free from any Hazardous Substances, except for amounts of Hazardous Substances that may be present in the ordinary course of the ownership or operation of a retail shopping center by Seller, Tenants or other occupants of the Property or in the
ordinary course of the maintenance of the Property (or any portion thereof) provided the same are not in violation of Environmental Laws. As used in this Agreement, “Hazardous Substances” means any and all substances, chemicals,
wastes, sewage or other materials that are now or hereafter regulated, controlled or prohibited by any Environmental Laws, including, without limitation, any (A) substance defined as a “hazardous substance,” “extremely
hazardous substance,” “hazardous material,” “hazardous chemical,” “hazardous waste,” “toxic substance” or “air pollutant” under any one or more of the
following Environmental Laws: the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. § 1801 et seq.; the Resource
Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Clean Air Act, 42 U.S.C. § 7401 et seq.; the Toxic Substances Control Act,
15 U.S.C. § 2601 et seq.; the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq.; or regulations promulgated thereunder, all as amended to date and as amended hereafter; (B) hazardous substance, hazardous waste, toxic
substance, toxic waste or hazardous material, waste, chemical or compound described in any other Environmental Laws; and (C) asbestos, polychlorinated biphenyls, flammable or explosive or radioactive materials, gasoline, oil, motor oil, waste
oil, petroleum (including, without limitation, crude oil or any component thereof), petroleum-based products, paints, solvents, lead, cyanide, DDT, printing inks, acids, pesticides, ammonium compounds, and other regulated chemical products. As used
herein, “Environmental Laws” means any and all (A) federal, state and local laws, regulations, ordinances, codes and policies, and any and all judicial or administrative interpretations thereof by governmental authorities, as
now in effect or hereinafter amended or enacted, relating to pollution or protection of the environment, natural resources or health and safety, including, without limitation, those regulating, relating to, or imposing liability for emissions,
discharges, releases or threatened releases of Hazardous Materials into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, release, transport or handling of

  
 11 

 
Hazardous Materials; and (B) any and all consent decrees, orders, and directives of appropriate governmental authorities pursuant thereto relating to the Property. 

(k) No Employees. Seller has no employees at the Property. 

(l) OFAC. Seller and, to Seller’s Actual Knowledge, each person or entity owning an interest in Seller is
(i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and/or on any other similar list maintained by
OFAC pursuant to any authorizing statute, executive order or regulation, (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition
of United States law, regulation, or Executive Order of the President of the United States, and (iii) not an Embargoed Person (as hereinafter defined). To Seller’s Actual Knowledge, none of the funds or other assets of Seller constitute
property of, or are beneficially owned, directly or indirectly, by any Embargoed Person. To Seller’s Actual Knowledge, no Embargoed Person has any ownership interest of any nature whatsoever in Seller (whether directly or indirectly). The term
“Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., the Trading with
the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder. 
 (m)
Leasing Costs/Tenant Inducement Costs. No Leasing Costs are presently unpaid with respect to the Leases and, to Seller’s Actual Knowledge, no Leasing Costs will become payable or accrue in connection with the exercise by a Tenant
under any Lease of any renewal or expansion option that may be contained in any Lease, in each case, except as may be set forth on the Rent Roll or in the Leases. No Tenant Inducement Costs with respect to the Leases will arise or accrue after the
Closing and, to Seller’s Actual Knowledge, no Tenant Inducement Costs will arise or accrue in connection with the exercise by a Tenant under any Lease of any renewal or expansion option that may be contained in any Lease, in each case, except
as may be set forth on the Rent Roll or in the Leases. 
 For purposes of this Agreement and each of the documents executed in
connection herewith, “Seller’s Actual Knowledge” shall specifically mean and be limited to the actual knowledge, as of the Execution Date, or, if specifically stated, as of the Closing Date, of Andrew M. Cohn in his capacity as
the representative of the Seller directly responsible for the operation of the Property, without any duty of inquiry or independent investigation on the part of Seller or such individual. Also as used in this Agreement, the phrase “Seller
has received no written notice” with respect to an event or a situation shall specifically mean that such person has no Actual Knowledge of receiving the subject written notice. Purchaser expressly understands and agrees that such person
shall not be personally liable to Purchaser for any representation or warranty set forth herein. 
 The representations and
warranties of Seller set forth in this Section 6 shall survive the Closing for a period of nine (9) months and shall terminate and be of no further force or effect nine (9) months following the Closing Date (except to the
extent Purchaser has commenced a 

  
 12 

 
proceeding with respect to such representations or warranties prior to such expiration, as provided below, in which case the representations and warranties that are subject of such proceeding
shall survive until final resolution or settlement of such proceeding). Notwithstanding anything to the contrary contained herein, Seller shall have no liability with respect to any of the foregoing representations and warranties (including a
Warranty Failure, as defined below) if, prior to the Closing, Purchaser becomes aware of information (from whatever source, including as a result of Purchaser’s due diligence tests, investigations and inspections of the Property, disclosure by
Seller or Seller’s agents and employees (including a Warranty Notice, as defined below) or any estoppel certificates) that contradicts any of the foregoing representations and warranties, or renders any of the foregoing representations and
warranties untrue or incorrect, and Purchaser nevertheless consummates the transaction contemplated by this Agreement. In this regard, if Seller obtains Actual Knowledge or receives written notice that any representation or warranty set forth in
this Section 6 is untrue in any material respect (a “Warranty Failure”), Seller shall give written notice of such Warranty Failure (a “Warranty Notice”) to Purchaser within three (3) Business Days
following Seller obtaining such Actual Knowledge or receiving written notice (which Warranty Notice shall include copies of the instrument, correspondence or document, if any, upon which such Actual Knowledge is based). With respect to any Warranty
Notice, Purchaser shall elect, by giving written notice to Seller and the Escrow Company on or before two (2) Business Days following receipt by Purchaser of such Warranty Notice, but not later than the Closing Date (i) to terminate this
Agreement, or (ii) to waive the Warranty Failure in the Warranty Notice. Purchaser’s failure to terminate this Agreement within such two (2) Business Day period, but not later than the Closing Date, shall constitute Purchaser’s
election pursuant to clause (ii) above. If Purchaser terminates this Agreement in accordance with the provisions of this paragraph, this Agreement shall be deemed terminated, and the Deposit shall be refunded to Purchaser. Title and escrow
cancellation cost shall be paid by Seller and Purchaser as provided in Section 17(c). 
 7. REPRESENTATIONS
AND WARRANTIES OF PURCHASER. 
 Purchaser represents and warrants to Seller that the following matters are true and
correct as of the Execution Date and will also be true and correct as of the Closing Date: 
 (a)
Authority. Purchaser is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware and is, or will be as of the Closing Date, qualified to do business in the State of Arizona.

 (b) Due Execution. Purchaser has all requisite power and authority to execute, deliver and perform this
Agreement. This Agreement, assuming due authorization, execution and delivery by Seller, constitutes the legal, valid, and binding obligations of Purchaser enforceable against Purchaser in accordance with its terms (except to the extent that such
enforcement may be limited by applicable bankruptcy, insolvency, moratorium and other principles relating to or limiting the right of contracting parties generally), and does not violate the material provisions of any agreement to which Purchaser is
a party or to which it is subject. 
 (c) Due Diligence Approvals. Subject to and in accordance with the terms of
Section 5, Purchaser confirms that it shall, during the Due Diligence Period, have had ample 

  
 13 

 
opportunity to conduct its due diligence investigations of the Property and review carefully all of the Due Diligence Materials and complete all investigations, examinations and inspections of
the Property that Purchaser deems necessary, advisable or prudent to protect its interests in acquiring the Property. Without limiting the foregoing, but subject to Purchaser’s right to review title and survey under the terms of
Section 4 and certain other aspects of the Property under the terms of Section 5, Purchaser further represents and warrants that Purchaser shall, during the Due Diligence Period, satisfy itself and approve the
(i) development potential of the Property and the use, habitability, merchantability, fitness, value or adequacy of the Property for any particular purpose, (ii) zoning, entitlements, land use or development restrictions and conditions of
the Property, (iii) compliance of the Property and its operation with all applicable codes, laws, regulations, statutes, ordinances, covenants, conditions and restrictions or any governmental or quasi-governmental entity, (iv) condition of
title to the Property (subject to Purchaser’s rights pursuant to Section 4), (v) the Leases, Contracts, Operating Agreements, Permits, Warranties, and other agreements and instruments affecting the Property, (vi) contracts
for work in progress, and (vii) the economic performance and feasibility of the Property. Purchaser further represents and warrants that as of the expiration of the Due Diligence Period, unless Purchaser disapproves any of the Due Diligence
Matters in accordance with Section 5, Purchaser will have satisfied itself and approved all Due Diligence Matters, including, without limitation, (x) the presence of any Hazardous Substances present at, under, on, in or about the
Property and environmental audits and assessments, (y) the physical condition of the Property (including, without limitation, the structural elements, foundations, roofs, access, parking facilities, and HVAC, plumbing, sewage and utility
systems) and (z) condition of soils, geology and groundwater at the Property. 
 (d) NO REPRESENTATIONS; PURCHASE
AS-IS; WAIVER AND RELEASE. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN SECTION 6, SECTION 9(b), SECTION 20(b) AND SECTION 22(a) OF THIS AGREEMENT, ANY SELLER CERTIFICATE AND THE CLOSING DOCUMENTS THAT SURVIVE THE
CLOSING DATE, NEITHER SELLER, NOR ANYONE ACTING FOR OR ON BEHALF OF SELLER, HAS MADE ANY REPRESENTATION, WARRANTY, PROMISE OR STATEMENT, EXPRESS OR IMPLIED, TO PURCHASER, OR TO ANYONE ACTING FOR OR ON BEHALF OF PURCHASER, CONCERNING THE PROPERTY,
INCLUDING, WITHOUT LIMITATION, THE USE, DEVELOPMENT, SEISMIC CONDITION, ENVIRONMENTAL OR LEGAL COMPLIANCE THEREOF OR THE FINANCIAL CONDITION OF ANY TENANTS OF THE PROPERTY. PURCHASER FURTHER REPRESENTS AND WARRANTS THAT, IN ENTERING INTO THIS
AGREEMENT, PURCHASER HAS NOT RELIED ON ANY REPRESENTATION, WARRANTY, PROMISE OR STATEMENT, EXPRESS OR IMPLIED, OF SELLER, OR ANYONE ACTING FOR OR ON BEHALF OF SELLER, OTHER THAN AS EXPRESSLY SET FORTH IN SECTION 6, SECTION 9(b), SECTION 20(b) AND
SECTION 22(a) OF THIS AGREEMENT, ANY SELLER CERTIFICATE AND THE CLOSING DOCUMENTS THAT EXPRESSLY SURVIVE THE CLOSING DATE UNDER THIS AGREEMENT, AND THAT ALL MATTERS CONCERNING THE PROPERTY HAVE BEEN OR SHALL BE INDEPENDENTLY VERIFIED BY
PURCHASER PRIOR TO THE CLOSING, AND THAT PURCHASER SHALL PURCHASE THE PROPERTY BASED ON PURCHASER’S OWN DUE DILIGENCE INVESTIGATIONS, INSPECTIONS AND EXAMINATIONS OF THE PROPERTY (OR 

  
 14 

 
PURCHASER’S ELECTION NOT TO DO SO); AND THAT PURCHASER IS PURCHASING THE PROPERTY IN AN “AS-IS”, “WHERE IS” AND “WITH ALL FAULTS” PHYSICAL
CONDITION AND IN AN “AS-IS”, “WHERE IS” AND “WITH ALL FAULTS” STATE OF REPAIR. EXCEPT AS EXPRESSLY PROVIDED FOR IN SECTION 6, SECTION 9(b), SECTION 20(b) AND SECTION 22(a) OF THIS AGREEMENT,
ANY SELLER CERTIFICATE AND THE CLOSING DOCUMENTS THAT EXPRESSLY SURVIVE THE CLOSING DATE UNDER THIS AGREEMENT, PURCHASER DOES HEREBY WAIVE, AND SELLER DOES HEREBY DISCLAIM, ALL WARRANTIES OF ANY TYPE OR KIND WHATSOEVER WITH RESPECT TO THE PROPERTY,
WHETHER EXPRESS OR IMPLIED, INCLUDING, BY WAY OF DESCRIPTION BUT NOT LIMITATION, THOSE OF FITNESS FOR A PARTICULAR PURPOSE AND USE, TENANTABILITY OR HABITABILITY. FURTHER, PURCHASER DOES HEREBY RELEASE AND FOREVER DISCHARGE, AND WAIVE ITS RIGHTS TO
RECOVER FROM, SELLER AND SELLER’S AFFILIATES, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, SHAREHOLDERS, PARTNERS, MEMBERS, AGENTS, REPRESENTATIVES, (COLLECTIVELY, “SELLER PARTIES”) FOR, FROM AND AGAINST ANY AND ALL
CLAIMS, ACTIONS, CAUSES OF ACTIONS, DEMANDS, RIGHTS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES, AND COMPENSATION WHATSOEVER, DIRECT OR INDIRECT, KNOWN OR UNKNOWN, FORESEEN OR UNFORESEEN, THAT PURCHASER AND ANY PERSON OR ENTITY CLAIMING BY,
THROUGH OR UNDER PURCHASER, MAY NOW HAVE OR HEREAFTER ACQUIRE AGAINST SELLER AND/OR ANY OF SELLER PARTIES, ARISING FROM OR RELATED TO THIS AGREEMENT OR THE PROPERTY (INCLUDING ANY CLAIM FOR DIMINUTION IN VALUE OF THE PROPERTY ARISING FROM THE
CONDITION OF THE PROPERTY), EXCEPT TO THE EXTENT THE SAME RESULTS FROM, CONSTITUTES, OR ARISES FROM A MATERIAL MISREPRESENTATION, BREACH OR DEFAULT OF OR UNDER ANY OF THE MATTERS EXPRESSLY REPRESENTED OR WARRANTED BY SELLER IN SECTION 6, SECTION
9(b), SECTION 20(b) AND SECTION 22(a) OF THIS AGREEMENT, ANY SELLER CERTIFICATE AND THE CLOSING DOCUMENTS THAT EXPRESSLY SURVIVE THE CLOSING DATE UNDER THIS AGREEMENT (PRIOR TO THE EXPIRATION OF SUCH WARRANTY OR REPRESENTATION). PURCHASER
EXPRESSLY WAIVES ITS RIGHTS GRANTED UNDER ANY PROVISION OF LAW THAT PROVIDES A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT PURCHASER DOES NOT KNOW OR SUSPECT TO EXIST IN ITS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY IT MUST
HAVE MATERIALLY AFFECTED ITS AGREEMENT TO RELEASE SELLER. 
 PURCHASER’S
INITIAL     MB     
 8. INTENTIONALLY OMITTED.

 9. DELIVERY OF DOCUMENTS. 

  
 15 

 (a) Document Deliveries. Purchaser, its agents and representatives have
(or shall have prior to the end of the Due Diligence Period) inspected at Seller’s offices in Phoenix, Arizona or at the office of Seller at the Real Property copies of the Due Diligence Materials described in Section 5(c) above.

 (b) No Representation. Purchaser acknowledges and agrees that the foregoing deliveries and disclosures,
and the delivery of any other material or documents to Purchaser, were made by Seller to accommodate and facilitate Purchaser’s investigations relating to the Property, and neither Seller nor any of its agents or representatives make any
representations or warranties of any kind regarding the accuracy or thoroughness of the information contained in the materials delivered to Purchaser or made available for Purchaser’s inspections, except that Seller represents and warrants that
(i) such materials and documents are true and correct copies of the same in Seller’s files and (ii) as set forth in Section 6(i). 
 (c) Seller’s Confidential Materials. Notwithstanding anything to the contrary contained herein, Purchaser shall not have a right to review or inspect any memoranda,
correspondence, analyses, documents or reports that Seller reasonably deems is confidential, proprietary, or covered by the attorney-client privilege (collectively, “Seller’s Confidential Materials”). 

10. CONFIDENTIALITY. 
 (a) Purchaser Confidentiality Covenant. Purchaser agrees that it shall keep confidential (i) the cap rate or the net operating income from the Property used in determining the
Purchase Price, and (ii) the information contained in the materials provided for inspection by Seller pursuant to this Agreement or obtained by Purchaser during the course of its due diligence tests and inspections (including the Due Diligence
Materials), and shall not disclose such information to any third parties; provided, however, that Purchaser shall have the right to provide such information to its lenders, consultants, attorneys, and prospective investors in connection with
Purchaser’s acquisition of the Property under the following conditions: 
 (i) Intentionally Omitted;

 (ii) Purchaser shall instruct the aforesaid parties to maintain the confidentiality of such information; and

 (iii) Purchaser shall instruct such parties to return to Seller all copies and originals of any documents relating to
the Property upon Seller’s written request. 
 Purchaser shall also have the right to disclose reasonably such confidential information as
shall be required to comply with any order of court or governmental agency or legal requirement including, without limitation, any state and federal security laws, or as shall be necessary to Purchaser’s prosecution of its rights and remedies
under this Agreement; provided, however, in no event shall Purchaser issue any press release with respect to the Property and/or the execution of this Agreement until the expiration of the Due Diligence Period and the delivery by Purchaser to Escrow
Company of the Additional Deposit. If the transaction contemplated by this Agreement is not consummated for any reason, Purchaser promptly shall destroy or return to 

  
 16 

 
Seller, and instruct its representatives, lenders, consultants, attorneys, and prospective investors to destroy or return to Seller, all Due Diligence Materials. This Section 10(a)
shall cease to apply to Purchaser upon the Closing of the purchase and sale contemplated by this Agreement. 
 (b)
Seller Confidentiality Covenant. Seller agrees that it shall keep confidential the information contained in the materials provided by Purchaser pursuant to this Agreement; provided, however, that Seller shall have the right to provide
such information to its lenders, consultants, advisors, accountants and attorneys. 
 11. CONDITIONS PRECEDENT TO
CLOSING. 
 Neither Purchaser nor Seller shall be obligated to perform under the terms of this Agreement if Purchaser or
Seller has validly terminated this Agreement in accordance with the terms and conditions hereof. 
 (a)
Purchaser’s Conditions Precedent. The following shall be conditions precedent to Purchaser’s obligation to consummate the purchase and sale transaction contemplated herein with respect to the Property (collectively, the
“Purchaser’s Conditions Precedent”): 
 (i) The Title Company shall stand ready to issue at the
Closing an ALTA standard coverage owner’s policy of title insurance with liability in the full amount of the Purchase Price, subject only to the Permitted Exceptions, together with such endorsements as were requested by Purchaser and Title
Company irrevocably committed, prior to the expiration of the Due Diligence Period, to issue to Purchaser at Closing (the “Title Policy”), insuring Purchaser’s interest in the Property, dated as of the day of the Closing.

 (ii) There shall exist no material breach of (A) any of Seller’s representations and warranties set forth
in Section 6, or (B) any other material obligation of Seller hereunder as of the Closing, in either case not cured in accordance with the provisions of Section 19(a). 

(iii) Seller shall have delivered to the Escrow Company the items described in Section 13. 

(iv) Purchaser shall have received, prior to the Closing, estoppel certificates (collectively, “Tenant Estoppel
Certificates”), in the form customarily issued by the Tenant and/or the form set forth in their respective Leases executed by each Tenant whose premises contains more than fifteen thousand (15,000) square feet of leaseable area
(collectively the “Major Tenants”) and from remaining Tenants leasing in the aggregate not less than seventy five percent (75%) of the remaining leasable floor area of the Property (the “Estoppel Threshold”) in
the form set forth in the respective Tenant’s Lease (but if no form is set forth in a particular Lease or if the particular Lease does not otherwise dictate the contents of a Tenant Estoppel Certificate, then in the form attached hereto as
Exhibit N-1). Tenants (other than the Major Tenants) that do not execute a Tenant Estoppel Certificate, Seller shall execute a certificate in the form of Exhibit N attached hereto (the “Seller Certificate”). Purchaser
may disapprove any Tenant Estoppel Certificate or Seller Certificate hereunder only if such Tenant 

  
 17 

 
Estoppel Certificate or Seller Certificate reflects a default by Seller or Tenant under the Lease in question, reflects information that is inconsistent with the Rent Roll in any material respect
or reflects information that is not substantially consistent with the Due Diligence Materials; and any disapproval of a Tenant Estoppel Certificate or Seller Certificate shall be in writing, shall set forth with specificity the basis of such
disapproval and must be received by Seller not later than three (3) Business Days after delivery of such Tenant Estoppel Certificate or Seller Certificate to Purchaser, it being expressly agreed that any Tenant Estoppel Certificate or Seller
Certificate not disapproved in accordance with the provisions of this sentence shall be deemed approved and shall be applicable to the satisfaction of the Estoppel Threshold. With respect to any Tenant (other than any of the Major Tenants) that does
not execute a Tenant Estoppel Certificate, Seller shall exercise commercially reasonable efforts to obtain Tenant Estoppel Certificates from any Tenant for whom Seller executed a Seller Certificate within ninety (90) days after the Closing and
if, after the Closing, Seller delivers to Purchaser a Tenant Estoppel Certificate (consistent in all material respects with the Seller Certificate for such Tenant) from a Tenant for whom Seller executed a Seller Certificate at the Closing, then
Seller thereafter shall be released from the Seller Certificate. Any action, suit or proceeding with respect to the truth, accuracy or completeness of any Seller Certificate shall be commenced, if at all, on or before the date which is twelve
(12) months after the date of the Closing and, if not commenced on or before such date, the Seller Certificate thereafter shall be void and of no force or effect. If Purchaser disapproves any Tenant Estoppel Certificate or Seller Certificate
required to be delivered pursuant to the terms of this Section, then Seller shall be entitled to remedy the condition which caused Purchaser to disapprove such Tenant Estoppel Certificate or Seller Certificate and deliver to Purchaser prior to the
Closing an updated Tenant Estoppel Certificate or Seller Certificate in accordance with the terms of this Section. Seller shall review each Tenant Estoppel Certificate executed by a Tenant prior to transmitting such Tenant Estoppel Certificate to
Purchaser and Seller shall endeavor to remedy with the Tenant executing the Tenant Certificate any matter which would, in Seller’s reasonable business judgment, entitle Purchaser to disapprove such Tenant Estoppel Certificate in accordance with
the provisions of this Section. 
 (v) Underlying Declaration Estoppel. Purchaser shall have received,
prior to the Closing, from each of the parties to the Underlying Declaration an estoppel in the form as provided for in the Underlying Declaration (as defined in Exhibit F) (the “Underlying Declaration Estoppel”), and such
Underlying Declaration Estoppel does not recite that Seller or any of the other parties to the Underlying Declaration is in default under the Underlying Declaration and does not reflect information that is substantially inconsistent with the Due
Diligence Materials. 
 (vi) Litigation. No suit, action, claim or other proceeding shall have been
instituted or threatened in writing against Seller which results, or reasonably might be expected to result, in the transactions contemplated by this Agreement being enjoined or declared unlawful, and/or in any lien attaching to or against the
Property and/or in any liabilities or obligations being imposed upon Purchaser or the Property, other than the Permitted Title Exceptions. 
 (vii) No Bankruptcy. There are no attachments, executions, assignments for the benefit of creditors, receiverships, conservatorships or voluntary or

  
 18 

 
involuntary proceedings in bankruptcy or pursuant to any other laws for relief of debtors filed by Seller or pending against Seller. 

(viii) Lender’s Approval. Purchaser shall have obtained Lender’s Approval, and Seller and Lender shall
each have executed and delivered to the Escrow Company all documents and instruments necessary to effectuate Lender’s Approval. 
 The
conditions set forth in this Section 11(a) are solely for the benefit of Purchaser and may be waived only by Purchaser. Purchaser shall, at all times prior to the termination of this Agreement, have the right to waive any of these
conditions. 
 (b) Seller’s Conditions Precedent. The following shall be conditions precedent to
Seller’s obligation to consummate the purchase and sale transaction contemplated herein with respect to the Property (the “Seller’s Conditions Precedent”): 

(i) Purchaser shall have delivered to the Escrow Company, prior to the Closing, for disbursement as directed hereunder, all cash
or other consideration or other immediately available funds due from Purchaser in accordance with this Agreement. 

(ii) There shall exist no material breach of (a) any of Purchaser’s representations, warranties or covenants set forth
in Section 7, or (b) any other material obligation of Purchaser hereunder as of the Closing, in either case, not cured in accordance with the provisions of Section 19(b). 

(iii) Purchaser shall have delivered to the Escrow Company the items described in Section 14. 

(iv) Purchaser shall have replaced all of the Existing Security Items in accordance with Section 15(b). 

(v) Purchaser shall have obtained Lender’s Approval, and Purchaser and Lender shall each have executed and delivered to the
Escrow Company all documents and instruments necessary to effectuate Lender’s Approval. 
 The conditions set forth in this
Section 11(b) are solely for the benefit of Seller and may be waived only by Seller. Seller shall, at all times prior to the termination of this Agreement, have the right to waive any of these conditions. 

12. COVENANTS OF SELLER AND PURCHASER. 
 So long as this Agreement remains in full force and effect, Seller covenants as follows: 
 (a) No Transfers. Except as set forth in clause (b) of this Section 12, after the Execution Date and prior to the Closing, no part of the Property, or any
interest therein, will be sold, encumbered or otherwise transferred without Purchaser’s consent. 

  
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 (b) Leasing. During the Due Diligence Period, Seller shall have the
right to enter into any new leases, or amend, modify, terminate or extend any existing Leases with respect to the Property, in either case, in the ordinary course of business of Seller, without the consent of Purchaser, except that Seller agrees to
notify Purchaser in writing of any such activity no later than three (3) Business Days prior to the end of the Due Diligence Period, which may be extended to provide Purchaser with at least three (3) Business Days requisite notice. After
the expiration of the Due Diligence Period and prior to the Closing, Seller shall not enter into any new leases, or amend, modify, terminate or extend any existing Leases with respect to the Property, in any case without the prior written consent of
Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed, and which consent shall be deemed given if not disapproved in writing within five (5) Business Days of receipt of notice of proposed transaction). A request
for consent to a new lease or a request to modify, amend, terminate or extend a Lease shall include the applicable documentation and information about the economic terms of the lease and the costs and expenses that will be the monetary obligation of
Purchaser under the lease (including any Leasing Costs and Tenant Inducement Costs, as such terms are defined below). If Purchaser consents to any such new lease, or to the amendment, modification, termination or extension of any existing Lease, and
the Closing occurs, Purchaser shall be solely responsible for: (i) all Tenant Inducement Costs; and (ii) the payment of all Leasing Costs thereunder, all as set forth in said new lease or amendment, modification, termination or extension
agreement of any existing Lease (collectively, the “Approved Leasing Costs/Tenant Inducement Costs”). Following the Closing, Seller shall have no liability or responsibility for any Approved Leasing Costs/Tenant Inducement Costs.

 With respect to the existing Leases: (A) Seller shall be solely responsible for: (1) all Tenant Inducement Costs;
and (2) all unpaid Leasing Costs, (B) if the Closing occurs, Seller shall have no liability or responsibility for: any Leasing Costs or Tenant Inducement Costs for which Purchaser receives a credit against the Purchase Price at Closing as
set forth in Exhibit O, and (C) following the Closing, Purchaser shall be solely responsible for any Leasing Costs or Tenant Inducement Costs for which Purchaser receives a credit against the Purchase Price at Closing as set forth in
Exhibit O. 
 The provisions of this Section 12(b) shall survive the Closing or earlier termination of this
Agreement. For purposes of this Agreement: (y) the term “Leasing Costs” shall mean all leasing commissions, tenant improvement costs or allowances, move in allowances and any other payment to the Tenant, whether with respect to
an existing Lease, with respect to an amendment, modification, termination or extension of an existing Lease or with respect to a new Lease; and (z) the term “Tenant Inducement Costs” shall mean any free rent, rent holidays,
rent concessions, rental abatements and rent credits provided under a Lease for the benefit of the Tenant thereunder which is in the nature of a tenant inducement, whether with respect to an existing Lease, with respect to an amendment,
modification, termination or extension of an existing Lease or with respect to a new Lease. 
 (c) Contracts and
Operating Agreements. During the Due Diligence Period, Seller shall have the right, in either case, in the ordinary course of business of Seller, to enter into any new contracts, agreements or operating agreements which would bind the
Property or Purchaser or amend, modify, terminate or extend the Contracts without the consent of 

  
 20 

 
Purchaser, except that Seller agrees to notify Purchaser in writing of any such activity no later than three (3) Business Days prior to the end of the Due Diligence Period, which may be
extended to provide Purchaser with the three (3) Business Days requisite notice. After the expiration of the Due Diligence Period and prior to the Closing, Seller shall not enter into any new contracts, agreements or operating agreements which
would bind the Property or Purchaser or amend, modify, terminate or extend the Contracts in any case without the prior written consent of Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed, and which consent shall be
deemed given if not disapproved in writing within five (5) Business Days of receipt of notice of proposed transaction). 

(d) Insurance. Until the Closing, Seller shall maintain a commercial general liability insurance policy for the
Property consistent with Seller’s past practices and shall keep the Property insured against fire, vandalism and other loss, damage and destruction under Seller’s policies of insurance for the Property; provided, however, that
Seller’s insurance policies shall not be assigned to Purchaser at the Closing, and Purchaser shall be obligated to obtain its own insurance coverage from and after the Closing. 

(e) Operations. Until the Closing, Seller shall operate and maintain the Property consistent with Seller’s
obligations as Landlord under the Leases, Contracts and Operating Agreements and consistent with Seller’s past practices in the ordinary course of its business. 
 (f) Ongoing Deliveries. Until the Closing, Seller shall deliver to Purchaser copies of any notice described in Sections 6(c), 6(d) and 6(e) that Seller receives
subsequent to the Execution Date, within three (3) Business Days after receipt. 
 13. SELLER’S CLOSING
DELIVERIES. 
 At least one (1) Business Day prior to the Closing, Seller shall deliver or cause to be delivered to
the Escrow Company or Purchaser the following: 
 (a) Special Warranty Deed. A Special Warranty Deed in the
form of Exhibit G attached hereto (the “Special Warranty Deed”) for the Property, executed by Seller, in recordable form, conveying the Property (free and clear of all claims, liens and encumbrances except the Permitted
Exceptions) to Purchaser. 
 (b) Bill of Sale. Four (4) original counterparts of a Bill of Sale in the
form of Exhibit H attached hereto (the “Bill of Sale”), executed by Seller, conveying to the Purchaser all of its right, title and interest in and to the Personal Property, if any. 

(c) General Assignment. Four (4) original counterparts of a General Assignment in the form of Exhibit I
attached hereto (the “General Assignment”), executed by Seller, assigning to Purchaser the Contracts and the Permits relating to the Property, to the extent that such items are assignable. 

  
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 (d) Assignment of Leases. Four (4) original counterparts of an
Assignment of Leases in the form of Exhibit J attached hereto (the “Assignment of Leases”), executed by Seller, in recordable form, assigning to Purchaser all of Seller’s interest under the Leases. 

(e) Assignment of Operating Agreements. An Assignment of Operating Agreements in the form of Exhibit K
attached hereto (the “Assignment of Operating Agreements“), executed by Seller, in recordable form, assigning to Purchaser all of Seller’s interest under the Operating Agreements. 

(f) FIRPTA. Four (4) original counterparts of an affidavit in the form of Exhibit L attached hereto (the
“Certificate of Non-Foreign Status”), executed by Seller, certifying that Seller is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code of 1986. 

(g) Affidavit of Real Property Value. A properly executed Arizona Affidavit of Real Property Value in the form
promulgated by the Arizona Department of Revenue. 
 (h) Certificate. A certificate on behalf of Seller,
dated as of the Closing Date, (i) authorizing the sale of the Property and the other transactions contemplated hereby, and (ii) confirming the authority of the person(s) signing on behalf of Seller. 

(i) Transfer Declarations. Executed copies of state, county and local transfer declarations, as applicable.

 (j) Title Affidavit. An owner’s title affidavit and such other similar documents as may be
reasonably required by the Title Company or as may be agreed upon by Seller and Purchaser to consummate the transactions contemplated hereby. 
 (k) Tenant Notices. Executed notice letters addressed to each Tenant of the Property in the form attached to this Agreement as Exhibit Q. 

(l) Other Instruments. Any other documents, instruments or agreements reasonably necessary to effectuate the
transactions contemplated by this Agreement; provided that Seller shall not be obligated to cause the delivery of any such instrument or document that would increase or expand Seller’s obligations or liability under this Agreement. 

On the Closing Date, Seller shall deliver to Purchaser outside of the escrow originals of the Leases, Contracts, Permits, Warranties, and the Operating
Agreements to the extent in Seller’s possession, together with any keys or access cards to the Property. 
 14.
PURCHASER’S CLOSING DELIVERIES. 
 At least one (1) Business Day prior to the Closing, Purchaser shall
deliver to the Escrow Company or Seller the following: 
 (a) Purchase Price. The balance of the Purchase
Price, together with such other sums as Escrow Company shall require to pay Purchaser’s share of the closing costs, 

  
 22 

 
prorations, reimbursements and adjustments as set forth in Sections 15 and 17 herein, all in immediately available funds. 

(b) Counterparts. Four (4) executed counterparts of each of the General Assignment and the Assignment of
Leases, whereby Purchaser shall assume the obligations relating to the matters set forth in such documents. 
 (c)
Certificate. An officer’s certificate on behalf of Purchaser, dated as of the Closing Date, certifying to (i) the applicable organizational documents of Purchaser, and any supplemental authorizing document, authorizing its
purchase of the Property and the other transactions contemplated hereby, and (ii) the authority and incumbency of the officer(s) or person(s) signing on behalf of Purchaser. 

(d) Other Instruments. Any other documents, instruments or agreements reasonably necessary to effectuate the
transactions contemplated by this Agreement; provided that Purchaser shall not be obligated to cause the delivery of any such instrument or document that would increase or expand Purchaser’s obligations or liability under this Agreement.

 (e) State Law Disclosures. Such disclosures, reports and/or filings as are required by applicable state
and local law in connection with the conveyance of the Property to Purchaser including the State of Arizona Affidavit of Real Property Value. 
 15. PRORATIONS, ADJUSTMENTS; RELEASE OF BONDS AND OTHER SECURITY DEVICES. 
 (a) Proration Method. The parties agree that they shall use the Proration Method set forth on Exhibit O attached hereto to determine all prorations and adjustments to be
made in connection with the Closing and the transaction contemplated by this Agreement. 
 (b) Existing Security
Items. On or before the Closing Date, Purchaser shall replace all of the bonds, deposits, letters of credit, set aside letters or other similar items that are outstanding with respect to the Property or the development thereof that have been
provided by Seller or any of its Affiliates to any governmental agency, public utility or similar entity and that are listed on Exhibit M attached hereto (collectively, “Existing Security Items”), with new letters of
credit, bonds, deposits and the like and obtain the release of Seller, its sureties, and their respective Affiliates from any obligations under the Existing Security Items. To the extent that any funds are released as a result of the termination of
the Existing Security Items, such funds shall be delivered to Seller or the Affiliate which originally provided the same. 

(c) Survival. The provisions of this Section 15 and Exhibit O shall survive the Closing.

 16. CLOSING. 
 As used herein, the “Closing” is the consummation of the purchase and sale contemplated herein which shall occur in a single Closing on the date that is fifteen (15) days after
Lender provides to Purchaser and Seller written notice of Lender’s Approval, but no later 

  
 23 

 
than June 30, 2011 (the “Outside Closing Date”). If the Closing has not occurred by the Outside Closing Date due to the failure of the Purchaser’s Condition Precedent
contained in Section 11(a)(iv) or Section 11(a)(v) hereof, Seller shall have the right, but not the obligation, to postpone by written notice to Purchaser the Closing by one or more postponements, to a date not later than
thirty (30) days after the Outside Closing Date in order to provide additional time for Seller to obtain additional Tenant Estoppel Certificates so as to satisfy the Estoppel Threshold and/or to obtain the Underlying Declaration Estoppel, as
the case may be. Without limiting the provisions of this Section 16 to the contrary, Purchaser shall have and is hereby granted the right to extend the Outside Closing Date from June 30, 2011 to July 28, 2011 in order to obtain
any necessary authorizations and/or approvals in order for Purchaser to acquire the Property (Purchaser and Seller acknowledge, however, that Purchaser obtaining any or all of such authorizations and/or approvals is not a condition precedent to
Purchaser’s obligations under this Agreement). In order to exercise the option to extend the Outside Closing Date described in the immediately preceding sentence, Purchaser shall provide to Seller and Escrow Company, at least five
(5) Business Days prior to the then scheduled Outside Closing Date, written notice of its election to so extend the Outside Closing Date. As used herein, the term “Closing Date” means the date that the Purchase Price is
received by Seller and the Special Warranty Deed is recorded. 
 17. CLOSING COSTS. 

(a) Seller’s Closing Costs. Seller shall pay (i) that portion of the premium for the Title Policy equal to
the amount of an LTAA standard coverage owner’s policy plus the cost of any Title Curative Endorsements (defined below), (ii) all recording fees (other than with respect to Purchaser’s assumption of the First Lien, if applicable),
documentary transfer taxes, deed stamps and state, county and any city transfer taxes (if any), and (iii) one-half (1/2) of the escrow fee. For purposes of this Agreement and each of the documents executed in connection herewith,
“Title Curative Endorsements” shall specifically mean and be limited to any title endorsements Seller elects to obtain pursuant to Section 4 to resolve Disapproved Exceptions. 

(b) Purchaser’s Closing Costs. Purchaser shall pay (i) all costs and expenses incurred in connection with
assumption of the First Lien, (ii) any additional title insurance premium payable in connection with any lender’s policy of title insurance or any additional or extended title coverage (including, without limitation, that portion of the
premium for the Title Policy equal to the amount in excess of an LTAA standard coverage owner’s policy), (iii) the costs of the Updated Survey, if any, (iv) the cost of any title endorsements which are not Title Curative Endorsements,
(v) all recording fees with respect to assumption of the First Lien, and (vi) one-half (1/2) of the escrow fee. Each party shall bear the expense of its own counsel and consultants. 

(c) Cancellation Fees. If the sale of the Property contemplated hereunder does not occur because of a default on the
part of Purchaser, all escrow and title cancellation fees with respect to the Property shall be paid by Purchaser. If the sale of the Property does not occur because of a default on the part of Seller, all escrow and title cancellation fees shall be
paid by Seller. If the sale of the Property does not occur for reasons other than a default by Seller or Purchaser, then Seller and Purchaser each shall pay fifty percent (50%) of any escrow and title cancellation fees. 

  
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 18. RISK OF LOSS; TAKING. 

(a) Material Damage. If prior to the Closing, the Property is materially damaged (as defined in
Section 18(d)), Purchaser shall have the right, exercisable by giving written notice to Seller within five (5) Business Days after receiving written notice of such damage or destruction (but in any event prior to the Closing),
either (i) to terminate this Agreement, in which case neither party shall have any further rights or obligations hereunder (except with respect to rights and obligations herein which expressly survive termination of this Agreement), and any
money (including, without limitation, the Deposit) or documents in the Escrow shall be returned to the party depositing the same and Purchaser and Seller shall each be responsible for fifty percent (50%) of any title or escrow cancellation
fees, or (ii) to accept the Property in its then condition, without a reduction in the Purchase Price (except for a credit for the insurance deductible), and to proceed with the Closing and to receive an assignment of all of Seller’s
rights to any insurance proceeds payable by reason of such damage or destruction and a credit at Closing (with the exception of any damage caused by earthquake) for any deductible under Seller’s insurance policies. Purchaser’s failure
within such five (5) Business Day period to deliver a written notice electing to proceed under either clause (i) or (ii) above shall be deemed to be Purchaser’s election to proceed under clause (i) above. If Purchaser elects
to proceed under clause (ii) above, Seller shall not compromise, settle or adjust any claims to such proceeds without Purchaser’s prior written consent (not to be unreasonably withheld, conditioned or delayed). Notwithstanding anything to
the contrary herein, if the event causing material damage occurs within five (5) Business Days prior to the Outside Closing Date, the Outside Closing Date shall be extended for the number of days necessary for Purchaser to have five
(5) Business Days after the receipt of notice of such damage to elect to proceed under either clause (i) or (ii) above. 
 (b) Material Condemnation. If prior to the Closing, all or any material portion (as defined in Section 18(d)), of the Property is subject to a “taking”
(as defined below), Purchaser shall have the right, exercisable by giving written notice to Seller within five (5) Business Days after receiving written notice of such taking (but in any event prior to the Closing), either (i) to terminate
this Agreement, in which case neither party shall have any further rights or obligations hereunder (except with respect to rights and obligations herein which expressly survive termination of this Agreement), and any money (including, without
limitation, the Deposit) or documents in the Escrow shall be returned to the party depositing the same, and Purchaser and Seller shall each be responsible for fifty percent (50%) of any title or escrow cancellation fee, or (ii) to accept
the Property in its then condition, without a reduction in the Purchase Price, and to proceed with the Closing and to receive an assignment of all of Seller’s rights to any condemnation award payable by reason of such taking. Purchase’s
failure within such 5-Business Day period to deliver a written notice electing to proceed under either clause (i) or (ii) above shall be deemed to be Purchaser’s election to proceed under clause (i) above. If
Purchaser elects to proceed under clause (ii) above, Seller shall not compromise, settle or adjust any claims to such award without Purchaser’s prior written consent (not to be unreasonably withheld, conditioned or delayed). As used
in this Section 18, “taking” means any transfer of the Property or any portion thereof or interest therein to a governmental entity or other party with appropriate authority, by exercise of the power of eminent domain.
Notwithstanding anything to the contrary herein, if notice of the material taking is received within five (5) Business Days prior to the Outside Closing Date, the Outside Closing Date shall be extended for the number of

  
 25 

 
days necessary for Purchaser to have five (5) Business Days after the receipt of notice of such taking to elect to proceed under either clause (i) or (ii) above.

 (c) Non-Material Damage or Condemnation. If, prior to the Closing, any non-material portion of the
Property is damaged or subject to a taking, Purchaser shall accept the Property in its then condition and proceed with the Closing, in which case Purchaser shall be entitled to an assignment of all of Seller’s rights to any insurance proceeds,
or any award in connection with such taking, as the case may be. If the damage to the Property is covered by Seller’s insurance (with the exception of any earthquake insurance), Seller shall also credit Purchaser at Closing for the amount of
any deductible applicable to the loss. In the event of any such non-material damage or taking occurs, Seller shall not compromise, settle or adjust any claims to such insurance proceeds or such award, as the case may be, without Purchaser’s
prior written consent (not to be unreasonably withheld, conditioned or delayed). 
 (d) Material Defined.
For the purpose of this Section 18, damage to the Property shall be deemed to be “material”, or involve a material portion, if (i) the cost of restoration or repair of such damage (other than earthquake damage) or
the amount of the condemnation award with respect to such taking exceeds Five Hundred Thousand and No/Dollars ($500,000.00) or, in the case of earthquake, the damage exceeds Fifty Thousand and No/Dollars ($50,000.00), or (ii) such damage would
permit any Major Tenant to terminate its Lease. 
 (e) Notification. Seller agrees to give Purchaser
written notice of any taking, damage or destruction of any portion of the Property within two (2) Business Days after Seller obtains knowledge thereof. 
 19. DEFAULT. 
 (a) Seller Default. If Seller
fails to close the purchase of the Property due to a Seller default, Purchaser may, as its sole and exclusive remedy hereunder, elect one of the following remedies, at Purchaser’s sole election: (i) terminate this Agreement by written
notice to Seller and Escrow Company, and upon receipt of such notice of termination, Escrow Company shall promptly refund the Deposit to Purchaser and Seller shall reimburse Purchaser for its reasonable out-of-pocket costs up to a maximum amount of
Fifty Thousand and No/100 Dollars ($50,000.00), provided, however, Seller shall have a period of thirty (30) days after written default notice from Purchaser (or after one hundred twenty (120) days if Seller diligently commences to cure
such default, but such default is not reasonably curable within thirty (30) days) to cure such default (in which event, the Outside Closing Date shall be extended as necessary to accommodate such thirty (30) or one hundred twenty
(120) day period, as applicable); or (ii) commence an action or proceeding for specific performance, which action for specific performance must be brought, if at all, within ninety (90) days after the Outside Closing Date. 

(b) Purchaser Default. IF AFTER THE EXPIRATION OF THE DUE DILIGENCE PERIOD, PURCHASER FAILS TO CLOSE THE PURCHASE OF THE
PROPERTY FOR ANY REASON OTHER THAN SELLER’S DEFAULT, A FAILURE 

  
 26 

 
OF A PURCHASER’S CONDITION PRECEDENT OR AS EXPRESSLY PROVIDED IN SECTION 18 HEREOF, SELLER’S SOLE AND EXCLUSIVE REMEDY SHALL BE TO TERMINATE THIS AGREEMENT AND RECEIVE FROM
ESCROW COMPANY THE DEPOSIT AS LIQUIDATED DAMAGES. THE PARTIES HERETO EXPRESSLY AGREE AND ACKNOWLEDGE THAT SELLER’S ACTUAL DAMAGES IN THE EVENT OF A DEFAULT BY PURCHASER WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO ASCERTAIN AND THAT UNDER
THE CIRCUMSTANCES EXISTING AS OF THE EXECUTION DATE THE AMOUNT OF THE DEPOSIT REPRESENTS THE PARTIES’ REASONABLE ESTIMATE OF SUCH DAMAGES. THIS SECTION 19(b) WILL NOT LIMIT SELLER’S RIGHT TO RECEIVE REIMBURSEMENT OF REASONABLE
ATTORNEYS’ FEES OR COSTS, NOR WAIVE OR AFFECT PURCHASER’S INDEMNITY OBLIGATIONS AND SELLER’S RIGHTS TO THOSE INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT. THE PAYMENT OF THE DEPOSIT TO SELLER AS LIQUIDATED DAMAGES IS NOT INTENDED TO BE
A FORFEITURE OR PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER. 
 SELLER’S INITIALS:
WL             PURCHASER’S INITIALS: MB 
 20.
BROKER’S COMMISSION. 
 (a) Purchaser Representation. Purchaser represents and warrants to
Seller that no brokerage commission, finder’s fee or other compensation is due or payable with respect to the transactions contemplated herein arising from Purchaser’s actions or omissions other than a brokerage commission due to Lucescu
Realty, which shall be paid by Seller (as described in Section 20(b)) pursuant to a separate agreement. Purchaser hereby agrees to indemnify, defend, and hold the Seller Parties harmless from and against any losses, damages, costs and
expenses (including, but not limited to, reasonable attorneys’ fees and costs) incurred by Seller by reason of any breach or inaccuracy of Purchaser’s representations, warranties and covenants contained in this Section 20(a).

 (b) Seller Representation. Seller represents and warrants to Purchaser that no brokerage commission,
finder’s fee or other compensation is due or payable with respect to the transactions contemplated herein arising from Seller’s actions or omissions, other than a brokerage commission due to Lucescu Realty, which shall be paid by Seller
pursuant to a separate agreement. Seller hereby agrees to indemnify, defend, and hold the Purchaser harmless from and against any losses, damages, costs and expenses (including, but not limited to, attorneys’ fees and costs) incurred by
Purchaser by reason of any breach or inaccuracy of the representations and warranties contained in this Section 20(b) or Seller’s failure to pay Lucescu Realty. 

(c) Survival. The provisions of this Section 20 shall survive the Closing or termination of this
Agreement. 

  
 27 

 21. ESCROW. 

(a) Instructions. Within two (2) Business Days after the Execution Date, Purchaser and Seller each shall
deposit a copy of this Agreement executed by such party (or either of them shall deposit a copy executed by both Purchaser and Seller) with the Escrow Company. This Agreement, together with such further instructions, if any, as the parties shall
provide to the Escrow Company by written agreement, shall constitute the escrow instructions. If any requirements relating to the duties or obligations of the Escrow Company hereunder are not acceptable to the Escrow Company, or if the Escrow
Company requires additional instructions, the parties hereto agree to make such deletions, substitutions and additions hereto as Purchaser and Seller shall mutually approve, which additional instructions shall not substantially alter the terms of
this Agreement unless otherwise expressly provided therein. 
 (b) Deposits into Escrow. Seller
shall make its deposits into escrow in accordance with Section 13. Purchaser shall make its deposits into escrow in accordance with Section 14. The Escrow Company is hereby authorized to close the escrow only if and when:
(i) the Escrow Company has received all items to be delivered by Seller and Purchaser into escrow with the Escrow Company pursuant to Sections 13 and 14; and (ii) the Title Company can and will issue the Title Policy
concurrently with the Closing. 
 (c) Close of Escrow. Concurrently with the Closing, the Escrow
Company shall: 
 (i) Deliver to Purchaser: (1) the Special Warranty Deed, the Assignment of Leases,
and the Assignment of Operating Agreements by causing such documents to be recorded in such exact order in the Official Records of the Office of the County Recorder of where the Property is located; and immediately upon recording, delivering to
Purchaser a conformed copy of each of such documents; (2) the Bill of Sale; (3) the General Assignment; (4) the Certificate of Non-Foreign Status; (5) the Title Policy; (6) any funds deposited by Purchaser, and any interest
earned thereon, in excess of the amount required to be paid by Purchaser hereunder; (7) the documentation executed by Lender in connection with the assumption by Purchaser of the First Lien (if applicable) at Closing; and (8) any other
items delivered to the Escrow Company for the account of Purchaser pursuant to Section 13. 
 (ii)
Deliver to Seller: (1) the Purchase Price, after satisfying the closing costs, prorations and adjustments to be paid by Seller pursuant to Sections 15 and 17 hereof; (2) the Bill of Sale; (3) the General
Assignment; (4) conformed, recorded copies of the Special Warranty Deed, the Assignment of Leases and the Assignment of Operating Agreements; (5) a copy of the Title Policy; (6) the documentation executed by Lender in connection with
the release of Seller and its Affiliates from liability on the First Lien accruing subsequent to the Closing (if applicable); and (7) any other items delivered to the Escrow Company for the account of Seller pursuant to Section 14.

 (d) Real Estate Reporting Person. The Escrow Company is hereby designated the “real estate
reporting person” for purposes of Section 6045 of Title 26 of the United States Code and Treasury Regulation 1.6045-4 and any instructions or settlement 

  
 28 

 
statement prepared by the Escrow Company shall so provide. Upon the consummation of the transaction contemplated by this Agreement, the Escrow Company shall file the Form 1099 information return
and send the statement to Seller as required under the aforementioned statute and regulation. 
 22. MISCELLANEOUS.

 (a) Authority. Each of Purchaser and Seller hereby represents that the individuals and entity(ies)
executing this Agreement hereby represents and warrants that he, she or it on behalf of Purchaser and Seller, respectively, has the capacity set forth on the signature pages hereof with full power and authority to bind the party on whose behalf he,
she or it is executing this Agreement to the terms hereof. 
 (b) Entire Agreement. This Agreement is the
entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether oral or written, between the parties with respect to the matters contained in this Agreement
including that certain letter of intent dated February 24, 2011 presented by Seller to Purchaser, as amended by that certain letter agreement dated March 1, 2011. 
 (c) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one
and the same instrument. The signature page of any counterpart may be detached therefrom without impairing the legal effect of the signature(s) thereon provided such signature page is attached to any other counterpart identical thereto except having
additional signature pages executed by other parties to this Agreement attached thereto. Facsimile and/or electronic signatures shall have the same force and effect as original signatures. 

(d) Time of Essence. Time is of the essence in the performance of and compliance with each of the provisions and
conditions of this Agreement. All times provided in this Agreement for the performance of any act shall be strictly construed. 

(e) Notices. All notices provided for herein may be telecopied (with machine verification of receipt), sent by
Federal Express or other overnight courier service, personally delivered or mailed registered or certified mail, return receipt requested. If a notice is sent by telecopy, it shall be deemed given when transmission is complete if (i) a
confirmation of successful transmission is contemporaneously printed by the transmitting telecopy machine and (ii) a copy of the notice is sent to the recipient through the United States Postal Service (or by overnight courier service) within
two (2) Business Days following the date of telecopy transmission. If a notice is personally delivered, sent by overnight courier service or sent by registered or certified mail, it shall be deemed given upon receipt or refusal of delivery. The
address to be used in connection with notices are the following, or such other address as a party shall from time to time direct by notice given in accordance with this Section 22(e): 

  
 29 

 Seller: 
 Pacific Promenade, LLC 
 1702 East Highland 

Suite 310 

Phoenix, Arizona 85016 
 Attention: Andrew M. Cohn 
 Fax No. 602-248-0874 

With a copy to: 
 Mariscal,
Weeks, McIntyre & Friedlander, P.A. 
 2901 North Central Avenue 

Suite 200 

Phoenix, Arizona 85012 
 Attention: David L. Lansky, Esq. 
 Fax No. 602-285-5100 

Purchaser: 
 Excel Trust, L.P.

 801 North 500 West 
 Suite 201 
 West Bountiful, Utah 84010 

Attention: Mark T. Burton 
 Fax No. 801-294-7479 
 With a copy to: 

Excel Trust, L.P. 
 17140 Bernardo Center Drive 
 Suite 300 

San Diego, California 92128 
 Attention: Mr. Gary Sabin and 

                  S. Eric Ottesen, Esq.

 Fax No. 858-487-9890 
 With a copy to: 
 Van A. Tengberg, Esq. 

Foley & Lardner, LLP 
 402 West Broadway 
 Suite 2100 

San Diego, California 92101 
 Fax No. 619-234-3510 

  
 30 

 Escrow Company: 
 First American Title Insurance Company 
 2425 East Camelback Road 

Suite 300 

Phoenix, Arizona 85016 
 Attention: Carol Peterson 
 Fax No. 866-342-6140 

Escrow No. NCS 478852 
 (f) Further Assurances. The parties agree to execute such instructions to the Escrow Company and such other instruments and to do such further acts as may be reasonably necessary to
carry out the provisions of this Agreement. The provisions of this subparagraph shall survive the Closing. 
 (g)
No Representations. The making, execution and delivery of this Agreement by the parties hereto has been induced by no representations, statements, warranties or agreements other than those expressly set forth herein. 

(h) Severability. Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be
valid under applicable law, but, if any provision of this Agreement shall be invalid or prohibited thereunder, such invalidity or prohibition shall be construed as if such invalid or prohibited provision had not been inserted herein and shall not
affect the remainder of such provision or the remaining provisions of this Agreement. 
 (i) Construction.
The language in all parts of this Agreement shall be in all cases construed simply according to its fair meaning and not strictly for or against any of the parties hereto. Section headings of this Agreement are solely for convenience of reference
and shall not govern the interpretation of any of the provisions of this Agreement. References to “Sections” are to Sections of this Agreement, unless otherwise specifically provided. All references made (i) in the neuter,
masculine or feminine gender shall be deemed to have been made in all such genders, and (ii) in the singular or plural shall be deemed to have been made in all such genders, and (iii) in the singular or plural shall be deemed to have been
made, respectively, in the plural or singular as well. 
 (j) Attorneys’ Fees. If any action is
brought by either party against the other party for the enforcement of this Agreement or any document or instrument delivered pursuant hereto, the prevailing party shall be entitled to recover from the other party reasonable attorneys’ fees,
costs and expenses incurred in connection with the prosecution or defense of such action or any appeal thereof. For purposes of this Agreement, the term “attorneys’ fees” or “attorneys’ fees and costs”
shall mean the fees and expenses of counsel to the parties hereto, which may include expert witness fees, printing, duplicating and other expenses, delivery charges, and fees billed for law clerks, paralegals and other persons not admitted to the
bar but performing services under the supervision of an attorney. 
 (k) Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of each of the parties hereto and to their respective transferees, successors, and 

  
 31 

 
assigns; provided, however, subject to Section 22(t), neither this Agreement nor any of the rights or obligations of Seller or Purchaser hereunder shall be transferred or assigned by
Seller or Purchaser without the prior written consent of the non-assigning party (which may be granted or withheld in such party’s sole discretion). Notwithstanding the foregoing, Purchaser shall have the right to assign this Agreement without
Seller’s consent (but only after written notice to Seller) to a newly formed limited liability company or limited partnership owned by Purchaser at any time at least five (5) days prior to the scheduled Outside Closing Date; provided,
however no such assignment shall release Purchaser from any of its obligations under this Agreement or delay the Closing. 

(l) Exhibits. Exhibits A through Q, inclusive attached hereto are incorporated herein by this
reference. 
 (m) Relationship. Notwithstanding anything to the contrary contained herein, this Agreement
shall not be deemed or construed to make the parties hereto partners or joint ventures, or to render either party liable for any of the debts or obligations of the other, it being the intention of the parties to merely create the relationship of
Seller and Purchaser with respect to the Property to be conveyed as contemplated hereby. 
 (n) No
Recordation. Neither this Agreement nor any memorandum or short form hereof shall be recorded or filed in the public land or other public records of any jurisdiction by either party and any attempt to do so shall constitute a breach of this
Agreement. 
 (o) No Third Party Beneficiaries. Seller and Purchaser agree that it is their specific intent
that no broker or any other third party shall be a party to or a third party beneficiary of this Agreement or the escrow; and further that the consent of a broker or other third party shall not be necessary to any agreement, amendment, or document
with respect to the transaction contemplated by this Agreement. 
 (p) No Waiver. No waiver hereunder by
any party of any breach hereunder shall be deemed a waiver of any other or subsequent breach. 
 (q)
Amendment. Any waiver, amendment, modification, consent or acquiescence with respect to any provision of this Agreement shall be set forth in writing and duly executed by the party to be bound thereby. 

(r) Expenses. Except as expressly provided herein, each party hereto shall pay its own expenses incurred in
connection with this Agreement and the transactions contemplated hereby. 
 (s) Limitation of Liability.
Notwithstanding anything to the contrary contained in this Agreement or in any exhibits attached hereto or in any documents executed in connection herewith or delivered at Closing (collectively, including this Agreement, said exhibits and any such
documents, the “Purchase Documents”), it is expressly understood and agreed by and between the parties hereto that after the Closing: (i) the recourse of Purchaser or its successors or assigns against Seller or any of the
Seller Parties with respect to the alleged breach by or on the part of Seller or any of the Seller Parties of any representation, warranty, covenant, 

  
 32 

 
undertaking, indemnity or agreement contained in any of the Purchase Documents, including any Seller Certificate (collectively, “Seller’s Undertakings”) shall be limited to
an amount not to exceed Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00) (but at such time as Purchaser is required and actually does increase its Deposit to One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00) as
required in Section 3(a) above, then Seller’s and the Seller Parties’ liability shall be increased to One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00)) in the aggregate, of all recourse of Purchaser under
the Purchase Documents; (ii) neither Purchaser nor any of its successors or assigns shall have any recourse against Seller or any of the Seller Parties with respect to the Seller’s Undertakings unless the aggregate amount of all actual
damages suffered by Purchaser or its successors and assigns (net of any insurance proceeds received by such party or parties) exceeds Fifty Thousand and No/100 Dollars ($50,000.00) and then in such event, Seller shall only be responsible for the
amount up to Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00) or One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00), as the case may be, and (iii) no personal liability or personal responsibility of any sort with
respect to any of Seller’s Undertakings or any alleged breach thereof is assumed by, or shall at any time be asserted or enforceable against, Seller or any of the Seller Parties except with respect to Seller and then subject to the limitations
in clauses (i) and (ii) above. This Section 22(s) shall in no way limit Purchaser’s right to pursue specific performance pursuant to Section 19(a) and shall not limit Seller’s liability to
Purchaser in connection with the post-Closing reconciliation described in Paragraphs (b) and (d) of Exhibit O. 
 (t) 1031 Exchange. Seller and/or Purchaser may desire to effect a tax-deferred like kind exchange (including without limitation in the case of Purchaser a so-called reverse 1031 tax
deferred exchange) with respect to its sale or purchase, respectively, of the Property (in either case “Exchange”) pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”) and any
similar provisions of state or local law. If either party elects to effect an Exchange (the “Exchangor”), then, subject to the terms and provisions of this Section, the other party (the “Non-Exchangor”) shall
reasonably cooperate with the Exchangor in effecting the Exchange; provided, however, in no event shall the Non-Exchangor be required to incur any material delays, expenses or risk of ownership, title or conveyance in connection with such
cooperation. The Exchange will be structured by the Exchangor at its sole cost and expense such that the Non-Exchangor will have no obligation to acquire or enter into the chain of title to any property other than the Property. The
Non-Exchangor’s sole obligation in connection with the Exchange shall be to review and execute certain customary documentation reasonably acceptable to the Non-Exchangor necessary to effectuate the Exchange in accordance with the foregoing and
the applicable rules governing such exchanges. The Non-Exchangor shall not by this Agreement or acquiescence to the Exchange have its rights under this Agreement modified or diminished in any material manner or be responsible for compliance with or
be deemed to have warranted to the Exchangor that the Exchange in fact complies with Section 1031 of the Code. The Non-Exchangor shall have the right to review and approve any documents to be executed by the Non-Exchangor in connection with the
Exchange; provided, such approval shall not be unreasonably withheld, conditioned or delayed. The Non-Exchangor shall have no obligation to execute any documents or to undertake any action by which the Non-Exchangor would or might incur any material
liability or obligation not otherwise provided for in the other provisions of this Agreement. Neither the conveyance of title to the Property by the Exchangor’s 

  
 33 

 
designated intermediary or Qualified Exchange Accommodation Titleholder (if applicable) nor the Exchange shall amend or modify the representations, warranties and covenants of the Exchangor to
the Non-Exchangor under this Agreement or the survival thereof pursuant to this Agreement in any material respect nor shall any such conveyance or Exchange result in a release of the Exchangor with respect to such representations, warranties and/or
covenants. At the Exchangor’s election, the Special Warranty Deed and all closing documents with respect to the Property shall run directly between the Non-Exchangor and either the Exchangor or the Exchangor’s designated intermediary or
Qualified Exchange Accommodation Titleholder. The Closing shall not be extended as a result of the Exchange. The Exchangor shall indemnify and hold the Non-Exchangor harmless from and against any and all claims, liabilities, losses, damages, costs
and expenses (including, without limitation, reasonable attorneys’ fees but excluding costs incurred to review the exchange documents) arising from the Exchange (other than what would have been applicable under this Agreement without the
Exchange) which indemnification agreement shall expressly survive the Closing. The Exchangor further acknowledges that the Exchange is at the request and initiation of the Exchangor, and the Non-Exchangor in no manner, expressly or implicitly,
participated in or offered tax advice or planning to or for the benefit of the Exchangor. The Exchangor is relying solely upon the advice and counsel of professionals of the Exchangor’s choice in structuring, executing and consummating the
Exchange. 
 (u) Survival of Covenants, Agreements, Representations and Warranties. Except as set forth in
Section 6, all covenants, agreements, representations and warranties set forth in this Agreement shall survive the Closing and shall not merge into the Special Warranty Deed or other instrument executed or delivered in connection with
the transaction contemplated hereby. 
 (v) Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF ARIZONA WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
 (w) VENUE. PURCHASER AND SELLER HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY SUBMIT TO THE JURISDICTION OF THE SUPERIOR COURT OF MARICOPA COUNTY, ARIZONA (OR IF THE REQUISITES
OF JURISDICTION OBTAIN, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ARIZONA SITTING IN MARICOPA COUNTY, ARIZONA) IN CONNECTION WITH ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG PURCHASER AND SELLER ARISING
OUT OF OR IN ANY WAY RELATED TO THE PROPERTY, THIS DOCUMENT OR ANY OTHER AGREEMENTS, DOCUMENTS OR INSTRUMENTS EXECUTED AND DELIVERED IN CONNECTION WITH OR OTHERWISE RELATING TO THE PROPERTY. IN THIS REGARD, THE EXCLUSIVE VENUE OF ANY SUCH DISPUTE
SHALL BE IN MARICOPA COUNTY, ARIZONA. PURCHASER AND SELLER HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY DEFENSE OF FORUM 

  
 34 

 
NON CONVENIENS OR ANY OTHER OBJECTION TO VENUE IN MARICOPA COUNTY, ARIZONA. 
 (x) JURY WAIVER. PURCHASER AND SELLER HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON
CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG PURCHASER AND SELLER ARISING OUT OF OR IN ANY WAY RELATED TO THE PROPERTY, THIS DOCUMENT OR ANY OTHER AGREEMENTS, DOCUMENTS OR INSTRUMENTS EXECUTED OR DELIVERED IN CONNECTION WITH, OR OTHERWISE RELATING
TO, THE PROPERTY (TOGETHER WITH THIS AGREEMENT, THE “RELATED DOCUMENTS”). THIS PROVISION IS A MATERIAL INDUCEMENT TO SELLER EXECUTING THIS AGREEMENT AND ANY OTHER RELATED DOCUMENTS. 

23. SEC INFORMATION. 
 For the period of time commencing on the Effective Date and continuing through the second (2nd) anniversary of the Closing Date, upon Purchaser’s written request, Seller shall make Seller’s
books and records available to Purchaser for inspection, copying and audit by Purchaser’s designated Accountants, at Purchaser’s expense, to enable or assist Purchaser and/or its affiliates, or their successors and assigns, to make any
necessary or appropriate filings, if, as and when such filing may be required by the SEC and/or any other Governmental Agencies or otherwise by applicable law, as more fully set forth below. 

(a) Seller Entity Requirements. For a minimum of thirteen (13) months following the Closing, neither of the
Sellers shall dissolve or liquidate and each of the Sellers shall remain an active entity in good standing in the State of Arizona. 
 (b) Seller’s Books and Records. For the period of time commencing on the Effective Date and continuing through the second (2nd) anniversary of the Closing Date, Seller
shall, from time to time, upon reasonable advance written notice from Purchaser, provide Purchaser and its representatives, agents and employees with access to all financial and other information pertaining to the period of Seller’s ownership
and operation of the Property, which information is relevant and reasonably necessary, in the opinion of the Accountants of Purchaser, to enable Purchaser and its Accountants to prepare financial statements in compliance with any or all of
(i) Rule 3-14 of Regulation S-X of the SEC; (ii) any other rule issued by the SEC and applicable to Purchaser and/or its affiliates; and (iii) any registration statement, report or disclosure statement filed with the SEC by or on
behalf of Purchaser and/or its affiliates. Seller acknowledges and agrees that set forth below is a representative description of the information and documentation that Excel and the Accountants may require in order to comply with (i), (ii) and
(iii) above. Seller further acknowledges and agrees that, although the following description of information that may be requested by Purchaser from time to time, Seller shall reasonably cooperate with Purchaser and provide any other information
that may be required to be delivered by Purchaser to the Accountants, the SEC and/or any other Governmental Agencies: 

  
 35 

 (i) General. 

(1) List of related parties to Seller who/that have a relationship to the Property and the nature of that relationship. 

(2) Summary of ongoing litigation relating to the Property, including a description of the issues and range of exposure, if any, as of
the date of sale of the Property. 
 (3) Narrative(s) to describe control environment of the Seller for recording of revenues,
expenses and real estate assets. 
 (4) Accountants to have fraud discussion with Seller’s CFO or Controller. CFO or
Controller to describe and outline control processes in place to mitigate against fraud (through fraudulent financial reporting, misappropriation of assets or otherwise). 
 (5) Make appropriate accounting personnel of Seller available to Accountants in connection with the financial and accounting information to be provided by Seller pursuant to this Section 23.

 (ii) Financial Reporting Information. 

(1) Monthly income statements and year-to-date totals for the Property for the calendar years ending December 31,
2008, December 31, 2009, December 31, 2010 and through the Closing Date. Seller will also provide Purchaser any additional requested information to allow Purchaser to convert income statements to GAAP from a cash basis.

 (2) Balance sheets for the Property for the annual periods ending December 31, 2008, December 31,
2009, December 31, 2010 and through the Closing Date. 
 (3) Trial balances and General Ledger that roll up into the
financial statements described in subsections ii (1) and ii (2) above. 
 (4) Detailed list of items capitalized
during the annual periods ending December 31, 2008, December 31, 2009, December 31, 2010 and through the Closing Date, which should tie to the General Ledgers. 

(5) Back up information that Accountants may request in connection with any cash receipts and/or payments made in connection with the
Property to test the General Ledger. 
 (iii) Real Estate Assets. 

(1) Real estate assets roll-forward by General Ledger account for all land and improvements, building and improvements, tenant/leasehold
improvements, and any other capitalized costs to the real estate property for the Property for the annual periods 

  
 36 

 
ending December 31, 2008, December 31, 2009, December 31, 2010 and through the Closing Date. 
 (2) Detail of all the additions that reconciles to the additions per the roll-forward. 
 (3) Current capitalization and disposal policy for real estate assets as employed by Seller. 
 (iv) Accounts Payable and Accrued Expenses. 
 (1) Detail of
Accounts Payable aging reconciled to the General Ledger for the Property for the annual periods ending December 31, 2008, December 31, 2009, December 31, 2010 and through the Closing Date. 

(2) Check register for the Property for the annual periods ending December 31, 2008, December 31,
2009, December 31, 2010 and through the Closing Date, which should tie to the General Ledger. 
 (3) Detailed
schedule of accrued expenses for the Property for the annual periods ending December 31, 2008, December 31, 2009, December 31, 2010 and through the Closing Date, which should tie to the General Ledger. 

(v) Revenues. 
 (1) Rent roll schedule for the Property for the annual periods ending December 31, 2008, December 31, 2009, December 31, 2010 and through the Closing Date, which should tie to the
General Ledger. 
 (2) FAS 13 (straight-lining of rents) schedule for the Property for the annual periods ending
December 31, 2008, December 31, 2009, December 31, 2010 and through the Closing Date. 
 (3) Schedule
of reimbursement income (expense reimbursement by tenant and support for calculation), which should tie to the General Ledger. 

(4) To the extent not previously provided to Purchaser, copies of leases with all tenants, including copies of all certificates of
commencement date. 
 (vi) Expenses. 
 (1) Expense account detail for accounts selected by the requesting Accountants and support for certain expense charges also selected by such Accountants for the Property for the annual periods ending
December 31, 2008, December 31, 2009 and through the Closing Date. 

  
 37 

 (2) Calculation of management fees, together with a copy of the underlying management
agreement, for the Property for the annual periods ending December 31, 2008, December 31, 2009, December 31, 2010 and through the Closing Date. 
 (3) Copies of all real and personal property tax bills (including supplementals) to support property tax expense recorded to the General Ledger for the Property for the annual periods ending
December 31, 2008, December 31, 2009, December 31, 2010 and through the Closing Date. 
 (4) Copies of
all insurance bills to support insurance expense recorded to the General Ledger for the Property for the annual periods ending December 31, 2008, December 31, 2009, December 31, 2010 and through the Closing Date. 

(5) A list of any cash receipts from and/or payments made to Seller’s affiliates. 

(c) Survival. The covenants and agreements set forth in this Section 23 shall survive the Closing for a
period of two (2) years. 

  
 38 

 IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to
execute this Agreement as of the Execution Date. 
  

					
	SELLER:
	
	 PACIFIC PROMENADE, LLC, an Arizona limited liability
 company

		
	By:	 	Pacific Promenade Manager, Inc.,
		 	an Arizona corporation
	Its:	 	Manager
			
		 	By:	 	   /s/ William S. Levine

		 	Name: William S. Levine
		 	Its: Chairman
	
	PURCHASER:
	
	EXCEL TRUST, L.P., a Delaware limited partnership
		
	By:	 	Excel Trust, Inc., a Maryland corporation
	Its:	 	General Partner
			
		 	By:	 	   /s/ Mark T. Burton

		 	Name: Mark T. Burton
		 	Its: Chief Investment Officer

  
 39 

 ESCROW COMPANY 

ESCROW COMPANY, by its execution below, hereby accepts (as of the date first above written) the foregoing Agreement and agrees to
act as Escrow Company under this Agreement in strict accordance with its terms. 
  

			
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	 By:
	 	 /s/ Heather Kucala

			
	 Name:
	 	 Heather Kucala

  
 40 

 EXHIBIT A 
 LEGAL DESCRIPTION OF THE LAND 
 Lots 1 through 6, Lot 8, Lots 10 through 20, Lots 23 and
24, and Tracts A through E, inclusive, Final Plat of THE PROMENADE, according to Book 788 of Maps, Page 23, records of Maricopa County, Arizona. 

  
 A-1-1

 EXHIBIT A-1 
 LEGAL DESCRIPTION OF EXCLUDED LAND 
 Lots 7 and 9 and Tract F, Final Plat of THE PROMENADE,
according to Book 788 of Maps, Page 23, records of Maricopa County, Arizona 

  
 A-1-1

 EXHIBIT B 
 SCHEDULE OF LEASES 
 Scottsdale Promenade Shopping Center 

 

			
	Tenant Name	 	Documents
	
Alltel Wireless
	 	Lease Agreement dated 7/26/06
	 	 	First Amendment dated 6/18/08
	 	 	Sublease dated 6/18/08
	 	 	Consent to Transfer dated 6/18/08
	 	 	Marketing Agreement dated 1/11/08
	
Allure Nails and Tan
	 	Lease dated 6/30/03
	 	 	Assignment and Assumption of Lease Agreement and Landlord’s Consent to Assignment
dated 6/26/06
	 	 	License Agreement dated 1/20/10
	 Baja
Fresh
	 	Lease dated 4/25/00
	 	 	First Amendment dated 8/12/10
	 Bank of
America
	 	Ground Lease dated 3/21/02
	 	 	First Amendment to Ground Lease dated 3/13/08
	 	 	Second Amendment to Ground Lease dated 6/21/09
	
Benihana
	 	Ground Lease dated 12/18/01
	 	 	First Amendment dated 6/2/03
	 	 	Second Amendment date 8/18/03
	
Best Barbeques and Islands 
	 	Lease dated 12/10/09
	 Cantina
Loredo Scottsdale
	 	Ground Lease dated 5/14/01
	 	 	First Amendment dated 3/9/02
	 	 	Landlord Waiver dated 7/9/02
	 	 	Second Amendment dated 9/30/03
	 	 	Third Amendment dated 12/10/03
	 	 	Fourth Amendment dated 2/6/04
	 	 	Amendment and Consent to Sublease dated 4/23/04
	 	 	Sublease Agreement dated 4/26/04
	 	 	Assignment of Membership Interest dated 8/28/06
	 The
Capital Grill
	 	Ground Lease dated 10/19/04
	 	 	First Amendment dated 12/1/04
	 	 	License Agreement dated 10/20/05
	 	 	License Agreement dated 11/8/05
	 	 	License Agreement dated 4/15/06
	 	 	License Agreement dated 2/28/10
	
Carole’s Couture
	 	Lease dated 10/28/04
	 	 	First Amendment dated 6/30/09
	
Carolyne’s Salon
	 	Lease dated 1/8/01
	 	 	First Amendment dated
4/7/06

  
 B-1

			
	Tenant Name	 	Documents
	 	 	Second Amendment dated 9/30/10
	
Carter’s
	 	Lease dated 8/20/04
	 	 	First Amendment dated 4/19/09
	
Cobbler’s Den Shoe and Luggage Repair 
	 	Lease dated 10/13/09
	 Coffee
Bean and Tea Leaf
	 	Lease dated 6/7/00
	 	 	First Amendment dated 5/24/10
	 Cost
Plus
	 	Lease dated 12/3/98
	 	 	Acknowledgement of Commencement dated 12/13/99
	 	 	Memorandum of Lease dated 12/3/98
	 	 	First Amendment dated 5/26/99
	 	 	Second Amendment dated 5/9/03
	 	 	Third Amendment dated 7/29/05
	 	 	Fourth Amendment dated 5/1/09
	 Crown
Fine Jewelry
	 	Lease dated 8/7/09
	
Daphne’s Greek Café
	 	Lease dated 10/27/04
	 	 	First Amendment dated 2/1/09
	 	 	Lease Amendment and Consent to Assignment dated 7/29/10
	 Designer
Studio
	 	Lease dated 8/10/09
	 	 	License Agreement undated
	 The
Diamond Source
	 	Lease dated 6/23/09
	 Doll
House and Toy Store
	 	Lease dated 6/1/04
	 	 	Second Amendment dated 3/1/09
	 E&J
Shoes
	 	Lease dated 4/7/00
	 	 	First Amendment dated 12/28/09
	 Elements
Therapeutic Massage
	 	Lease dated 8/2/07
	 	 	First Amendment dated 6/30/10
	 	 	Second Amendment dated 1/26/11
	
Exclusively Men’s Spa and Salon
	 	Lease dated 8/5/05
	 	 	First Amendment dated 2/18/11
	 First
Watch
	 	Lease dated 9/20/06
	 	 	First Amendment dated 12/31/08
	 	 	Second Amendment dated 7/21/09
	
Flo’s Asian Kitchen
	 	Lease dated 1/12/99
	 	 	First Amendment dated 7/25/00
	 	 	Second Amendment dated 9/13/00
	 	 	Third Amendment dated 11/20/00
	 	 	Fourth Amendment dated 6/30/09
	 Fox
Sports Grill
	 	Lease dated 3/29/02
	 	 	First Amendment dated 10/15/08
	 	 	Second Amendment dated
5/1/10

  
 B-2

			
	Tenant Name	 	Documents
	 	 	Second Amendment dated 1/1/11
	
Genghis Grill
	 	Lease dated 7/29/10
	 	 	First Amendment dated 7/21/10
	
GNC
	 	Lease dated 10/16/00
	 	 	First Amendment dated 5/10/10
	
Golden Spoon
	 	Lease dated 5/27/09
	 Hot Dog
Stop
	 	Lease dated 9/23/09
	
In-N-Out Burger
	 	Ground Lease dated 1/21/00
	 Jos. A.
Bank
	 	Lease dated 4/11/05
	 	 	First Amendment dated 4/1/09
	
Justice
	 	Lease dated 10/6/05
	 	 	License Agreement dated 8/31/05
	 	 	First Amendment dated 1/10/06
	 	 	Second Amendment dated 2/16/11
	
Made on Planet Earth
	 	Lease dated 10/12/07
	 	 	Guaranty of Lease dated 11/2/07
	 	 	First Amendment dated 2/1/09
	
Maggiano’s
	 	Ground Lease dated 4/25/02
	 	 	Memorandum of Lease dated 4/25/02
	 	 	First Amendment dated 8/2/02
	 	 	Second Amendment dated 5/22/03
	 	 	Third Amendment dated 9/2/03
	 	 	Fourth Amendment dated 2/4/04
	 	 	License Agreement dated 3/31/04
	
Men’s Wearhouse
	 	Lease dated 7/12/00
	 	 	First Amendment dated 9/6/05
	 	 	Second Amendment dated 5/24/10
	
Michael’s
	 	Lease dated 1/29/99
	 	 	First Amendment dated 12/17/99
	 	 	Second Amendment dated 5/30/03
	 	 	Third Amendment dated 7/21/09
	 	 	Fourth Amendment dated 10/1/10
	 Miracle
Mile Deli
	 	Lease dated 1/27/09
	
Monte Carlo Cleaners 
	 	Lease dated 1/9/02
	 	 	Assignment and Assumption and Landlord Consent dated 5/27/03
	 	 	First Amendment dated 12/7/06
	 	 	Second Amendment dated 8/31/09
	 Mozaik
Skin & Body
	 	Lease dated 11/11/09
	 	 	Assignment and Assumption and Landlord Consent dated 9/1/10
	 New
Balance
	 	Lease dated 3/3/00

  
 B-3

			
	Tenant Name	 	Documents
	 	 	First Amendment dated 6/30/05
	 	 	Second Amendment dated 8/31/10
	
Nordstrom Rack
	 	Lease dated 11/4/99
	 	 	First Amendment dated 5/4/06
	 	 	Second Amendment dated 2/27/09
	
Nuvira Hair Growth Therapy
	 	Lease dated 12/22/10
	
OfficeMax
	 	Lease dated 1/28/99
	 	 	Memorandum of Lease dated 2/12/99
	 Old
Navy
	 	Lease dated 12/28/99
	 	 	Memorandum of Lease dated 12/9/99
	 	 	Settlement Agreement and Release dated 7/28/08
	 	 	Acknowledgement dated 8/13/08
	 	 	First Amendment dated 4/16/10
	
The Pampered Horse and Rider
	 	Lease dated 11/5/09
	 	 	First Amendment dated 10/30/10
	 	 	Second Amendment dated 12/30/10
	 Pasta
Primo
	 	Lease dated 10/19/10
	 	 	Assignment and Assumption and Landlord Consent dated 11/30/10
	
PetsMart
	 	Commencement Date Certificate dated 8/22/00
	 	 	First Amendment dated 8/22/00
	 	 	Memorandum of Lease dated 1/29/01
	 	 	Second Amendment dated 6/24/03
	 	 	Letter Agreement dated 1/28/11
	
Picazzo’s Organic Italian Kitchen 
	 	Lease dated 8/8/03
	 	 	First Amendment dated 3/16/10
	 Pier One
Imports
	 	Lease dated 6/21/99
	 	 	Schedule 2 Agreement of Assumption and Assignment of Lease dated
3/21/03
	 	 	Agreement in Connection with Assumption and Assignment of Lease to Pier 1 Imports dated
3/31/03
	 	 	Order Approving & Authorizing Sale of Leases to Highest or Best Bidder dated
3/31/03
	 	 	First Amendment dated 4/1/09
	
Rinaldi’s Deli
	 	Lease dated 1/28/03
	 	 	First Amendment dated 8/27/09
	 	 	Second Amendment dated 2/11
	
Roxanne’s Lingerie
	 	Lease dated 8/27/04
	 	 	First Amendment dated 9/30/09
	 Rumbi
Island Grill
	 	Lease dated 4/5/05
	 	 	First Amendment dated 11/18/08
	 Skin
Care by Klara
	 	Lease dated 3/9/04
	 	 	First Amendment dated 2/1/08
	 	 	Second Amendment dated
1/27/10

  
 B-4

			
	Tenant Name	 	Documents
	 	 	Third Amendment dated 12/14/10
	
Sleep America
	 	Lease dated 1/19/04
	 	 	Landlord Consent dated 2/28/06
	 	 	License Agreement dated 2/12/08
	
Slots, Billiards and More 
	 	Lease dated 3/29/10
	 	 	Memorandum of Commencement Date dated 6/15/10
	 Smoothie
King
	 	Lease dated 12/8/10
	
SomeBurros
	 	Lease dated 5/6/10
	 	 	Guaranty of Lease dated 5/6/10
	 	 	Memorandum of Lease dated 5/6/10
	 Stein
Mart
	 	Lease dated 4/6/09
	 	 	Memorandum of Lease dated 4/2/09
	
Subway
	 	Lease dated 12/27/10
	
Tilly’s
	 	Lease dated 5/14/04
	 	 	First Amendment dated 2/24/09
	 3 Day
Blinds
	 	Lease dated 3/4/02
	 	 	First Amendment dated 1/15/07
	 	 	First Amendment dated 11/26/08
	 	 	Third Amendment dated 3/30/10
	 Trader
Joes
	 	Lease dated 7/8/99
	
Ulta
	 	Lease dated 1/12/99
	 	 	First Amendment dated 3/5/99
	 	 	Second Amendment dated 1/5/01
	 	 	Third Amendment dated          of
        , 2004
	 	 	Third Amendment dated 8/9/05
	 	 	Memorandum of Lease dated 6/8/09
	 	 	Fifth Amendment dated 6/8/09
	 UPS
Store
	 	Lease dated 10/11/01
	 	 	MBE Addendum to Lease dated 5/1/02
	 	 	First Assignment & Assumption of Lease and Landlord’s Consent dated
5/1/02
	 	 	Continuing Guarantee of Lease dated 5/1/02
	 	 	Second Assignment & Assumption of Lease and Landlord’s Consent dated
6/9/05
	 	 	Continuing Guarantee of Lease dated 6/9/05
	 	 	First Amendment dated 8/8/05
	 	 	License Agreement dated 11/8/05
	 Urban
Exchange
	 	Lease dated 5/12/10
	 Verizon
Wireless
	 	Lease dated 8/5/08
	 	 	Tenant Certificate dated 8/5/08
	 	 	First Amendment dated 2/23/10
	
Wells Fargo Home Loans 
	 	Lease dated 6/16/06

  
 B-5

			
	Tenant Name 	 	Documents
	 	 	First Amendment dated 7/31/09
	
Yume Sushi
	 	Lease dated 10/1/10
	 	 	Guaranty of Lease dated 10/1/10

  
 B-6

 EXHIBIT C 
 EXCLUDED PROPERTY 
 All trademarks, insignia, and other intellectual property of Seller and
its Affiliates, including Promenade Corporate Center, except for (i) The Promenade and The Promenade at Frank Lloyd Wright Boulevard, and (ii) all trademarks, logos and other intellectual property associated with The Promenade and The
Promenade at Frank Lloyd Wright Boulevard 

  
 C-1

 EXHIBIT D 
 SCHEDULE OF TRADE NAMES 
 The Promenade and The Promenade at Frank Lloyd Wright Boulevard
and all trademarks, logos and other intellectual property associated with The Promenade and The Promenade at Frank Lloyd Wright Boulevard 

  
 D-1

 EXHIBIT E 
 SCHEDULE OF CONTRACTS 
  

							
	 	 	 	 
	
Type of Service

 
	 	 Company

 
	 	 Service Contract

 
	 	
Termination

 

	    Fire Monitoring	 	SES	 	Month to Month	 	Yes, 30 day
 notice
  

	 	 	 	 
	     Fire
Phones
  
	 	 Cox Communications
  
	 	60 month service contract    
 dated 7/1/04, then month
 to month

 
	 	termination by customer in    
 writing

	 	 	 	 
	    Pest Control	 	EcoLab	 	 	 	 
	 	 	 	 	One year, starting
 4/15/11.
  
	 	Yes, 30 day
 notice

	 	 	 	 
	
    Security
  
	 	 Shetler Security Services

 
	 	One year, starting
 3/1/2011
  
	 	Yes, 30 day
 notice
  

  
 E-1

 EXHIBIT F 
 SCHEDULE OF OPERATING AGREEMENTS 

1.        Amended and Restated Declaration of Covenants and Easements dated as of March 15, 1999 executed by
Pederson/BVT Promenade Associates and SL-RH Arizona, LLC, recorded March 15, 1999 in the official records of Maricopa County, Arizona as Instrument No. 99-0245801, as amended by a First Amendment to Amended and Restated Declaration of
Covenants and Easements dated September 29, 1999 and recorded September 29, 1999 in the official records of Maricopa County, Arizona as Instrument No. 99-0905378, as amended by a Second Amendment to Amended and Restated Declaration of
Covenants and Easements dated as of October 31, 2005 and recorded on October 31, 2005 in the official records of Maricopa County, Arizona as Instrument No. 2005-1639970 (the “Underlying Declaration”). 

2.        Supplemental Declaration of Easements, Covenants, Conditions and Restrictions executed by Pacific
Promenade, LLC on October 5, 2010 and recorded on October 12, 2010 in the official records of Maricopa County, Arizona as Instrument No. 2010-0887504. 
 3.        Supplemental Declaration of Covenants, Conditions and Restrictions dated October 31, 2005 executed by Pederson/BVT Promenade Associates and Pacific
Promenade, LLC recorded October 31, 2005 in the official records of Maricopa County, Arizona as Instrument No. 2005-1639972, as amended by a First Amendment to Supplemental Declaration of Covenants, Conditions and Restrictions dated as of
March 1, 2011 and recorded on March 10, 2011 in the official records of Maricopa County, Arizona as Instrument No. 2011-0211049. 

  
 F-1

 EXHIBIT G 
 FORM OF SPECIAL WARRANTY DEED 
 RECORDING REQUESTED BY 

AND WHEN RECORDED MAIL 
 DEED AND TAX
STATEMENTS TO: 
  

	
	
	 
	
	 
	
	 
	
	 

  

 
 SPECIAL WARRANTY DEED

 FOR THE CONSIDERATION OF TEN DOLLARS, and other valuable consideration, receipt of which is hereby
acknowledged, PACIFIC PROMENADE, LLC, an Arizona limited liability company (“Grantor”), hereby grants and conveys to
                                        ,
that certain real property located in the County of Maricopa, State of Arizona and more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the “Property”), together with all rights,
privileges, easements and appurtenances held by Grantor appertaining to the Property, SUBJECT TO all matters of record and applicable laws. The Grantor hereby binds itself to warrant and defend the title as against all acts of the Grantor
herein and no other. 
 IN WITNESS WHEREOF, Grantor has caused its duly authorized representative to execute this
instrument as of the date hereinafter written. 
 DATED:
                         , 2011 

 

					
	GRANTOR:
	
	PACIFIC PROMENADE, LLC, an Arizona limited liability company
	
	 By: Pacific Promenade Manager, Inc.,
 an Arizona corporation

	Its:  Manager
		
		 	By:                           
                                         
          
		 	Name:                           
                                         
    
		 	Its:                           
                                         
          

  
 G-1

 ACKNOWLEDGMENT 

 

					
	 STATE OF ARIZONA
	  	)	  	
		  	)	  	
	 COUNTY OF MARICOPA
	  	)	  	

 On
                             2011, before me,
                                         a
Notary Public in and for said state, personally appeared
                                    , personally known to me
or proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument, the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
  

			
	 WITNESS my hand and official seal.

		
		 	 

 [SEAL] 

  
 G-2

 EXHIBIT A 
 (Description of the Property) 
 Lots 1 through 6, Lot 8, Lots 10 through 20, Lots 23 and 24, and
Tracts A through E, inclusive, Final Plat of THE PROMENADE, according to Book 788 of Maps, Page 23, records of Maricopa County, Arizona. 

  
 G-3

 EXHIBIT H 
 FORM OF BILL OF SALE 
 FOR GOOD AND VALUABLE CONSIDERATION, receipt
of which is hereby acknowledged, the undersigned, PACIFIC PROMENADE, LLC, an Arizona limited liability company (“Seller”), does hereby transfer and assign to
                                        
(“Purchaser”), all of its right, title and interest in and to the personal property and fixtures located at the property in the City of Scottsdale, County of Maricopa, State of Arizona described in Exhibit A attached hereto
and incorporated herein by this reference, excluding, however, the Excluded Property as defined in that certain Purchase and Sale Agreement and Joint Escrow Instructions dated as of March 21, 2011, as amended, by and between Seller and
Purchaser or Purchaser’s predecessor in interest, which Excluded Property is identified in Exhibit B attached thereto. 
 EXCEPT AS EXPRESSLY CONTAINED IN THE PURCHASE AND SALE AGREEMENT, SUCH PERSONAL PROPERTY IS BEING TRANSFERRED ON AN “AS IS”, “WHERE IS”, “WITH ALL
FAULTS” BASIS, WITHOUT ANY REPRESENTATIONS OR WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, OF ANY KIND WHATSOEVER BY SELLER. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, PURCHASER ACKNOWLEDGES THAT SELLER EXPRESSLY DISCLAIMS AND NEGATES,
AS TO ALL PERSONAL PROPERTY TRANSFERRED HEREBY: (A) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY; (B) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE; AND (C) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO
MODELS OR MATERIALS. 
 Dated:
                    , 2011. 

  
 H-1

					
	SELLER:
	
	 PACIFIC PROMENADE, LLC,
 an Arizona limited liability company

	
	 By: Pacific Promenade Manager, Inc.,
 an Arizona corporation

	Its:  Manager
		
		 	By:                           
                                         
    
		 	Name:                           
                                       

		 	Its:                           
                                         
     

  
 H-2

 EXHIBIT A TO EXHIBIT H 

LEGAL DESCRIPTION OF REAL PROPERTY 
 Lots 1 through 6, Lot 8, Lots 10 through 20, Lots 23 and 24, and Tracts A through E, inclusive, Final Plat of THE PROMENADE, according to Book 788 of Maps, Page 23, records of Maricopa County, Arizona.

  
 H-3

 EXHIBIT B TO EXHIBIT H 

EXCLUDED PROPERTY 
 All
trademarks, insignia, and other intellectual property of Seller and its Affiliates, including Promenade Corporate Center, except for (i) The Promenade and The Promenade at Frank Lloyd Wright Boulevard, and (ii) all trademarks, logos and
other intellectual property associated with The Promenade and The Promenade at Frank Lloyd Wright Boulevard 

  
 H-7

 EXHIBIT I 
 FORM OF GENERAL ASSIGNMENT 
 THIS GENERAL ASSIGNMENT (this
“Assignment”) is made as of                             , 2011 (“Effective
Date”), by PACIFIC PROMENADE, LLC, an Arizona limited liability company (“Assignor”) for the benefit of
                                        
(“Assignee”). This Assignment is made and entered into in accordance with the provisions of that certain Purchase and Sale Agreement and Joint Escrow Instructions, dated as of March 21, 2011, as amended, between Assignor and
Assignee or Purchaser’s predecessor in interest (the “Agreement”). Initially capitalized terms used in this Assignment without definition have the meaning given such terms in the Agreement. 

FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, Assignor transfers and assigns
unto Assignee all of Assignor’s right, title and interest in, to and under the following items relating to that certain real property located in City of Scottsdale, County of Maricopa, State of Arizona, and more particularly described in
Exhibit A attached hereto and incorporated herein by this reference (the “Real Property”): 
 (a) the Contracts described on Exhibit B attached hereto; 

(b) the Warranties; 
 (c) the Permits; 
 (d) plans, drawings, and specifications for the
improvements located on the Real Property; 
 (e) any licenses, approvals, certificates, permits and claims
(other than any claims against previous tenants of the Real Property, which claims are hereby reserved by Assignor); and 
 (f) the Trade Names. 
 Except for Excluded Property. 

1. Assignee accepts the foregoing assignment and assumes any obligations of Assignor in connection with the Contracts accruing from and
after the Effective Date. 
 2. The provisions of this Assignment shall be binding upon, and shall inure to the benefit of, the
parties hereto and their respective successors and assigns. 
 3. This Assignment may be executed in any number of counterparts,
each of which shall be deemed an original, but all of which when taken together shall constitute one and the same instrument. The signature page of any counterpart may be detached therefrom without

  
 I-1

 
impairing the legal effect of the signature(s) thereon, provided such signature page is attached to any other counterpart identical thereto except having additional signature pages executed by
other parties to this Assignment attached thereto. 
 IN WITNESS WHEREOF, Assignor and Assignee have caused their duly
authorized representatives to execute this Assignment as of the date first above written. 
 ASSIGNOR: 

 

					
	PACIFIC PROMENADE, LLC, an Arizona limited liability company
	
	 By: Pacific Promenade Manager, Inc.,
 an Arizona corporation

	Its:  Manager
		
		 	By:                           
                                         
          
		 	Name:                           
                                         
    
		 	Its:                           
                                         
          

 ASSIGNEE: 

 

					
	  	 	  
	  	 	  
		
		 	
By:                       
                                         
                       

		 	
Name:                       
                                         
                 

		 	
Its:                       
                                         
                        

  
 I-2

 EXHIBIT A TO EXHIBIT I 

LEGAL DESCRIPTION OF THE REAL PROPERTY 
 Lots 1 through 6, Lot 8, Lots 10 through 20, Lots 23 and 24, and Tracts A through E, inclusive, Final Plat of THE PROMENADE, according to Book 788 of Maps, Page 23, records of Maricopa County, Arizona.

  
 I-3

 EXHIBIT B TO EXHIBIT I 

SCHEDULE OF CONTRACTS 
  

							
	 	 	 	 
	
Type of Service

 
	 	 Company

 
	 	 Service Contract

 
	 	
Termination

 

	    Fire Monitoring	 	SES	 	Month to Month	 	Yes, 30 day
 notice
  

	 	 	 	 
	     Fire
Phones
  
	 	 Cox Communications
  
	 	60 month service contract    
 dated 7/1/04, then month
 to month

 
	 	termination by customer in    
 writing

	 	 	 	 
	    Pest Control	 	EcoLab	 	 	 	 
	 	 	 	 	One year, starting
 4/15/11.
  
	 	Yes, 30 day
 notice

	 	 	 	 
	
    Security
  
	 	 Shetler Security Services

 
	 	One year, starting
 3/1/2011
  
	 	Yes, 30 day
 notice
  

  
 I-7

 EXHIBIT J 
 FORM OF ASSIGNMENT OF LEASES 
 ASSIGNMENT OF LESSOR’S INTEREST IN
LEASES 
 THIS ASSIGNMENT OF LESSOR’S INTEREST IN LEASES (this “Assignment”) is made on
                        , 2011 (the “Effective Date”), PACIFIC PROMENADE, LLC, an Arizona limited
liability company (“Assignor”), in favor of
                                         
                                       
(“Assignee”). 
 For a valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor hereby assigns to Assignee all of Assignor’s right, title and interest in, to and under the leases (and all amendments, supplements and modifications thereto and guaranties thereof) relating to that certain real property located in the
City of Scottsdale, County of Maricopa, State of Arizona and more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the “Real Property”), which leases, amendments, supplements
and modifications thereto and guaranties thereof are identified in Exhibit B attached hereto and incorporated herein by this reference (as amended and modified, together with any such guaranties, the “Leases”), together
with (i) any and all rights, title, estates and interests of Assignor in and to such security deposits and prepaid rents, if any, as have been paid to Assignor pursuant to such Leases and not previously applied pursuant to the Leases, and
(ii) any and all rights, title, estates and interests of Assignor in and to any subleases, if any, relating to the Real Property. Capitalized terms used herein without definition shall have the meaning given to such terms in that certain
Purchase and Sale Agreement and Joint Escrow Instructions dated as of March 21, 2011, as amended, by and between Seller and Purchaser or Purchaser’s predecessor in interest (the “Purchase Agreement”). 

1. Assignee accepts the foregoing assignment and assumes and shall pay, perform and discharge, as and when due, all of the agreements and
obligations of Assignor under the Leases accruing from and after the Effective Date and agrees to be bound by all of the terms and conditions of the Leases and Assignee further agrees that, as between Assignor and Assignee, Assignee shall be
responsible for: (a) any Approved Leasing Costs/Tenant Inducement Costs; and (b) any Leasing Costs and/or Tenant Inducement Costs for which Assignee received a credit at Closing pursuant to the Purchase Agreement. 

2. The provisions of this Assignment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective
successors and assigns. 
 3. This Assignment may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which when taken together shall constitute one and the same instrument. The signature and acknowledgment pages of any counterpart may be detached therefrom without impairing the legal effect of the signature(s) and
acknowledgment(s) thereon, provided such signature and acknowledgment pages are attached to any other 

  
 J-1

 
counterpart identical thereto except having additional signature and acknowledgment pages executed and acknowledged by other parties to this Assignment attached thereto. 

IN WITNESS WHEREOF, Assignor and Assignee have caused their duly authorized representatives to execute this Assignment as of the
date first above written. 
 ASSIGNOR: 

 

					
	PACIFIC PROMENADE, LLC, an Arizona limited liability company
	
	 By: Pacific Promenade Manager, Inc.,
 an Arizona corporation

	Its:  Manager
		
		 	By:                           
                                         
          
		 	Name:                           
                                         
    
		 	Its:                           
                                         
          

 ASSIGNEE: 

 

					
	  	 	  
	  	 	  
		
		 	
By:                       
                                         
                     

		 	
Name:                       
                                         
               

		 	
Its:                       
                                         
                      

  
 J-2

 EXHIBIT A TO EXHIBIT J 

LEGAL DESCRIPTION OF THE REAL PROPERTY 
 Lots 1 through 6, Lot 8, Lots 10 through 20, Lots 23 and 24, and Tracts A through E, inclusive, Final Plat of THE PROMENADE, according to Book 788 of Maps, Page 23, records of Maricopa County, Arizona.

  
 J-6

 EXHIBIT B TO EXHIBIT J 

SCHEDULE OF LEASES 
 Scottsdale Promenade Shopping Center 
  

			
	Tenant Name	 	Documents
	
Alltel Wireless
	 	Lease Agreement dated 7/26/06
	 	 	First Amendment dated 6/18/08
	 	 	Sublease dated 6/18/08
	 	 	Consent to Transfer dated 6/18/08
	 	 	Marketing Agreement dated 1/11/08
	 Allure
Nails and Tan
	 	Lease dated 6/30/03
	 	 	Assignment and Assumption of Lease Agreement and Landlord’s Consent to Assignment
dated 6/26/06
	 	 	License Agreement dated 1/20/10
	 Baja
Fresh
	 	Lease dated 4/25/00
	 	 	First Amendment dated 8/12/10
	 Bank of
America
	 	Ground Lease dated 3/21/02
	 	 	First Amendment to Ground Lease dated 3/13/08
	 	 	Second Amendment to Ground Lease dated 6/21/09
	
Benihana
	 	Ground Lease dated 12/18/01
	 	 	First Amendment dated 6/2/03
	 	 	Second Amendment date 8/18/03
	
Best Barbeques and Islands 
	 	Lease dated 12/10/09
	
Cantina Loredo Scottsdale
	 	Ground Lease dated 5/14/01
	 	 	First Amendment dated 3/9/02
	 	 	Landlord Waiver dated 7/9/02
	 	 	Second Amendment dated 9/30/03
	 	 	Third Amendment dated 12/10/03
	 	 	Fourth Amendment dated 2/6/04
	 	 	Amendment and Consent to Sublease dated 4/23/04
	 	 	Sublease Agreement dated 4/26/04
	 	 	Assignment of Membership Interest dated 8/28/06
	 The
Capital Grill
	 	Ground Lease dated 10/19/04
	 	 	First Amendment dated 12/1/04
	 	 	License Agreement dated 10/20/05
	 	 	License Agreement dated 11/8/05
	 	 	License Agreement dated 4/15/06
	 	 	License Agreement dated 2/28/10
	
Carole’s Couture
	 	Lease dated 10/28/04
	 	 	First Amendment dated 6/30/09
	
Carolyne’s Salon
	 	Lease dated 1/8/01
	 	 	First Amendment dated 4/7/06
	 	 	Second Amendment dated
9/30/10

  
 J-7

			
	Tenant Name	 	Documents
	
Carter’s
	 	Lease dated 8/20/04
	 	 	First Amendment dated 4/19/09
	
Cobbler’s Den Shoe and Luggage Repair 
	 	Lease dated 10/13/09
	 Coffee
Bean and Tea Leaf
	 	Lease dated 6/7/00
	 	 	First Amendment dated 5/24/10
	 Cost
Plus
	 	Lease dated 12/3/98
	 	 	Acknowledgement of Commencement dated 12/13/99
	 	 	Memorandum of Lease dated 12/3/98
	 	 	First Amendment dated 5/26/99
	 	 	Second Amendment dated 5/9/03
	 	 	Third Amendment dated 7/29/05
	 	 	Fourth Amendment dated 5/1/09
	 Crown
Fine Jewelry
	 	Lease dated 8/7/09
	
Daphne’s Greek Café
	 	Lease dated 10/27/04
	 	 	First Amendment dated 2/1/09
	 	 	Lease Amendment and Consent to Assignment dated 7/29/10
	 Designer
Studio
	 	Lease dated 8/10/09
	 	 	License Agreement undated
	 The
Diamond Source
	 	Lease dated 6/23/09
	 Doll
House and Toy Store
	 	Lease dated 6/1/04
	 	 	Second Amendment dated 3/1/09
	 E&J
Shoes
	 	Lease dated 4/7/00
	 	 	First Amendment dated 12/28/09
	 Elements
Therapeutic Massage
	 	Lease dated 8/2/07
	 	 	First Amendment dated 6/30/10
	 	 	Second Amendment dated 1/26/11
	
Exclusively Men’s Spa and Salon
	 	Lease dated 8/5/05
	 	 	First Amendment dated 2/18/11
	 First
Watch
	 	Lease dated 9/20/06
	 	 	First Amendment dated 12/31/08
	 	 	Second Amendment dated 7/21/09
	
Flo’s Asian Kitchen
	 	Lease dated 1/12/99
	 	 	First Amendment dated 7/25/00
	 	 	Second Amendment dated 9/13/00
	 	 	Third Amendment dated 11/20/00
	 	 	Fourth Amendment dated 6/30/09
	 Fox
Sports Grill
	 	Lease dated 3/29/02
	 	 	First Amendment dated 10/15/08
	 	 	Second Amendment dated 5/1/10
	 	 	Second Amendment dated 1/1/11
	 Genghis
Grill
	 	Lease dated 7/29/10

  
 J-8

			
	Tenant Name	 	Documents
	 	 	First Amendment dated 7/21/10
	
GNC
	 	Lease dated 10/16/00
	 	 	First Amendment dated 5/10/10
	
Golden Spoon
	 	Lease dated 5/27/09
	 Hot Dog
Stop
	 	Lease dated 9/23/09
	
In-N-Out Burger
	 	Ground Lease dated 1/21/00
	 Jos. A.
Bank
	 	Lease dated 4/11/05
	 	 	First Amendment dated 4/1/09
	
Justice
	 	Lease dated 10/6/05
	 	 	License Agreement dated 8/31/05
	 	 	First Amendment dated 1/10/06
	 	 	Second Amendment dated 2/16/11
	
Made on Planet Earth
	 	Lease dated 10/12/07
	 	 	Guaranty of Lease dated 11/2/07
	 	 	First Amendment dated 2/1/09
	
Maggiano’s
	 	Ground Lease dated 4/25/02
	 	 	Memorandum of Lease dated 4/25/02
	 	 	First Amendment dated 8/2/02
	 	 	Second Amendment dated 5/22/03
	 	 	Third Amendment dated 9/2/03
	 	 	Fourth Amendment dated 2/4/04
	 	 	License Agreement dated 3/31/04
	
Men’s Wearhouse
	 	Lease dated 7/12/00
	 	 	First Amendment dated 9/6/05
	 	 	Second Amendment dated 5/24/10
	
Michael’s
	 	Lease dated 1/29/99
	 	 	First Amendment dated 12/17/99
	 	 	Second Amendment dated 5/30/03
	 	 	Third Amendment dated 7/21/09
	 	 	Fourth Amendment dated 10/1/10
	 Miracle
Mile Deli
	 	Lease dated 1/27/09
	
Monte Carlo Cleaners 
	 	Lease dated 1/9/02
	 	 	Assignment and Assumption and Landlord Consent dated 5/27/03
	 	 	First Amendment dated 12/7/06
	 	 	Second Amendment dated 8/31/09
	 Mozaik
Skin & Body
	 	Lease dated 11/11/09
	 	 	Assignment and Assumption and Landlord Consent dated 9/1/10
	 New
Balance
	 	Lease dated 3/3/00
	 	 	First Amendment dated 6/30/05
	 	 	Second Amendment dated 8/31/10
	
Nordstrom Rack
	 	Lease dated 11/4/99

  
 J-9

			
	Tenant Name	 	Documents
	 	 	First Amendment dated 5/4/06
	 	 	Second Amendment dated 2/27/09
	 Nuvira
Hair Growth Therapy
	 	Lease dated 12/22/10
	
OfficeMax
	 	Lease dated 1/28/99
	 	 	Memorandum of Lease dated 2/12/99
	 Old
Navy
	 	Lease dated 12/28/99
	 	 	Memorandum of Lease dated 12/9/99
	 	 	Settlement Agreement and Release dated 7/28/08
	 	 	Acknowledgement dated 8/13/08
	 	 	First Amendment dated 4/16/10
	
The Pampered Horse and Rider 
	 	Lease dated 11/5/09
	 	 	First Amendment dated 10/30/10
	 	 	Second Amendment dated 12/30/10
	 Pasta
Primo
	 	Lease dated 10/19/10
	 	 	Assignment and Assumption and Landlord Consent dated 11/30/10
	
PetsMart
	 	Commencement Date Certificate dated 8/22/00
	 	 	First Amendment dated 8/22/00
	 	 	Memorandum of Lease dated 1/29/01
	 	 	Second Amendment dated 6/24/03
	 	 	Letter Agreement dated 1/28/11
	
Picazzo’s Organic Italian Kitchen 
	 	Lease dated 8/8/03
	 	 	First Amendment dated 3/16/10
	 Pier One
Imports
	 	Lease dated 6/21/99
	 	 	Schedule 2 Agreement of Assumption and Assignment of Lease dated
3/21/03
	 	 	Agreement in Connection with Assumption and Assignment of Lease to Pier 1 Imports dated
3/31/03
	 	 	Order Approving & Authorizing Sale of Leases to Highest or Best Bidder dated
3/31/03
	 	 	First Amendment dated 4/1/09
	
Rinaldi’s Deli
	 	Lease dated 1/28/03
	 	 	First Amendment dated 8/27/09
	 	 	Second Amendment dated 2/11
	
Roxanne’s Lingerie
	 	Lease dated 8/27/04
	 	 	First Amendment dated 9/30/09
	 Rumbi
Island Grill
	 	Lease dated 4/5/05
	 	 	First Amendment dated 11/18/08
	 Skin
Care by Klara
	 	Lease dated 3/9/04
	 	 	First Amendment dated 2/1/08
	 	 	Second Amendment dated 1/27/10
	 	 	Third Amendment dated 12/14/10
	 Sleep
America
	 	Lease dated 1/19/04
	 	 	Landlord Consent dated 2/28/06
	 	 	License Agreement dated
2/12/08

  
 J-10

			
	Tenant Name	 	Documents
	
Slots, Billiards and More 
	 	Lease dated 3/29/10
	 	 	Memorandum of Commencement Date dated 6/15/10
	 Smoothie
King
	 	Lease dated 12/8/10
	
SomeBurros
	 	Lease dated 5/6/10
	 	 	Guaranty of Lease dated 5/6/10
	 	 	Memorandum of Lease dated 5/6/10
	 Stein
Mart
	 	Lease dated 4/6/09
	 	 	Memorandum of Lease dated 4/2/09
	
Subway
	 	Lease dated 12/27/10
	
Tilly’s
	 	Lease dated 5/14/04
	 	 	First Amendment dated 2/24/09
	 3 Day
Blinds
	 	Lease dated 3/4/02
	 	 	First Amendment dated 1/15/07
	 	 	First Amendment dated 11/26/08
	 	 	Third Amendment dated 3/30/10
	 Trader
Joes
	 	Lease dated 7/8/99
	
Ulta
	 	Lease dated 1/12/99
	 	 	First Amendment dated 3/5/99
	 	 	Second Amendment dated 1/5/01
	 	 	Third Amendment dated          of
        , 2004
	 	 	Third Amendment dated 8/9/05
	 	 	Memorandum of Lease dated 6/8/09
	 	 	Fifth Amendment dated 6/8/09
	 UPS
Store
	 	Lease dated 10/11/01
	 	 	MBE Addendum to Lease dated 5/1/02
	 	 	First Assignment & Assumption of Lease and Landlord’s Consent dated
5/1/02
	 	 	Continuing Guarantee of Lease dated 5/1/02
	 	 	Second Assignment & Assumption of Lease and Landlord’s Consent dated
6/9/05
	 	 	Continuing Guarantee of Lease dated 6/9/05
	 	 	First Amendment dated 8/8/05
	 	 	License Agreement dated 11/8/05
	 Urban
Exchange
	 	Lease dated 5/12/10
	 Verizon
Wireless
	 	Lease dated 8/5/08
	 	 	Tenant Certificate dated 8/5/08
	 	 	First Amendment dated 2/23/10
	
Wells Fargo Home Loans 
	 	Lease dated 6/16/06
	 	 	First Amendment dated 7/31/09
	 Yume
Sushi
	 	Lease dated 10/1/10
	 	 	Guaranty of Lease dated 10/1/10

  
 J-11

 EXHIBIT K 
 FORM OF ASSIGNMENT OF OPERATING AGREEMENTS 
 ASSIGNMENT OF OPERATING
AGREEMENTS 
 THIS ASSIGNMENT OF OPERATING AGREEMENTS (this “Assignment”) is made on
                         , 2011 (the “Effective Date”), by PACIFIC PROMENADE, LLC, an Arizona
limited liability company ( “Assignor”), in favor of
                                        
(“Assignee”). 
 For a valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor hereby assigns to Assignee all of Assignor’s right, title and interest in, to and under the Operating Agreements (and all amendments, supplements and modifications thereto) relating to that certain real property located in the City of
Scottsdale, County of Maricopa, State of Arizona and more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the “Real Property”), which Operating Agreements and all, amendments,
supplements and modifications thereto are identified in Exhibit B attached hereto and incorporated herein by this reference (as amended and modified, together with any such guaranties, the “Operating Agreements”). 

1. Assignee accepts the foregoing assignment and assumes and shall pay, perform and discharge, as and when due, all of the agreements and
obligations of Assignor under the Operating Agreements accruing from and after the Effective Date and agrees to be bound by all of the terms and conditions of the Operating Agreements. 

2. The provisions of this Assignment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective
successors and assigns. 
 3. This Assignment may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which when taken together shall constitute one and the same instrument. The signature and acknowledgment pages of any counterpart may be detached therefrom without impairing the legal effect of the signature(s) and
acknowledgment(s) thereon, provided such signature and acknowledgment pages are attached to any other counterpart identical thereto except having additional signature and acknowledgment pages executed and acknowledged by other parties to this
Assignment attached thereto. 

  
 K-1

 IN WITNESS WHEREOF, Assignor and Assignee have caused their duly authorized
representatives to execute this Assignment as of the date first above written. 
 ASSIGNOR: 

 

					
	 PACIFIC PROMENADE, LLC, an Arizona limited
 liability company

		
	By:	 	 Pacific Promenade Manager, Inc.,
 an Arizona corporation

	 Its:
	 	Manager
			
		 	By: 	 	  

					
		 	Name:	 	  

					
		 	Its:	 	  

 ASSIGNEE: 
  

			
	  

		
	By:	 	  

			
	Name:	 	  

			
	Its:	 	  

  
 K-2

			
	STATE OF ARIZONA	 	)
		 	)
	COUNTY OF MARICOPA	 	)

 On
                     2010, before me,
                                         a
Notary Public in and for said state, personally appeared
                                        ,
personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on the instrument, the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my hand and official seal. 
  

			
	  
	  	

 [SEAL] 

  
 K-3

					
	STATE OF CALIFORNIA	 	}	 	
		 	}	 	ss
	COUNTY OF VENTURA	 	}	 	

 On
                    , before me,
                                        
(here insert name and title of the officer), personally appeared
                                         
                                         
                                         
                                         
, proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument. 
 I
certify under PENALTY OF PERJURY under the laws of the State of Arizona that the foregoing paragraph is true and correct. 
 WITNESS my hand and
official seal. 
 Signature
                                         
                    
 (This area for official notarial seal) 

  
 K-4

 EXHIBIT A TO EXHIBIT K 

LEGAL DESCRIPTION 
 Lots 1
through 6, Lot 8, Lots 10 through 20, Lots 23 and 24, and Tracts A through E, inclusive, Final Plat of THE PROMENADE, according to Book 788 of Maps, Page 23, records of Maricopa County, Arizona. 

  
 K-5

 EXHIBIT B TO EXHIBIT K 

OPERATING AGREEMENTS 

1.         Amended and Restated Declaration of Covenants and Easements dated as of March 15, 1999 executed
by Pederson/BVT Promenade Associates and SL-RH Arizona, LLC, recorded March 15, 1999 in the official records of Maricopa County, Arizona as Instrument No. 99-0245801, as amended by a First Amendment to Amended and Restated Declaration of
Covenants and Easements dated September 29, 1999 and recorded September 29, 1999 in the official records of Maricopa County, Arizona as Instrument No. 99-0905378, as amended by a Second Amendment to Amended and Restated Declaration of
Covenants and Easements dated as of October 31, 2005 and recorded on October 31, 2005 in the official records of Maricopa County, Arizona as Instrument No. 2005-1639970. 
 2.         Supplemental Declaration of Easements, Covenants, Conditions and Restrictions executed by Pacific Promenade, LLC on October 5, 2010 and recorded on
October 12, 2010 in the official records of Maricopa County, Arizona as Instrument No. 2010-0887504. 

3.         Supplemental Declaration of Covenants, Conditions and Restrictions dated October 31, 2005
executed by Pederson/BVT Promenade Associates and Pacific Promenade, LLC recorded October 31, 2005 in the official records of Maricopa County, Arizona as Instrument No. 2005-1639972, as amended by a First Amendment to Supplemental
Declaration of Covenants, Conditions and Restrictions dated as of March 1, 2011 and recorded on March 10, 2011 in the official records of Maricopa County, Arizona as Instrument No. 2011-0211049. 

  
 K-6

 EXHIBIT L 
 CERTIFICATION OF NON-FOREIGN STATUS 
 PACIFIC PROMENADE, LLC, an Arizona
limited liability company ( “Seller”), is the transferor of that certain real property located in the County of Maricopa, State of Arizona and more particularly described in Exhibit A attached hereto (the
“Property”). 
 Section 1445 of the Internal Revenue Code of 1986 (the “Code”)
provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. To inform the transferee that withholding of tax will not be required in connection with the disposition of the Property pursuant to
that certain Purchase and Sale Agreement and Joint Escrow Instructions dated as of March 21, 2011, as amended, by and between Seller and
                                        
 the undersigned hereby certifies the following on behalf of Seller: 
 1. Seller is not a foreign corporation,
foreign partnership, foreign trust or foreign estate, as those terms are defined in the Code and the regulations promulgated thereunder; 
 2. Seller’s U.S. employer identification number is                     ; and

 3. Seller’s address is 1702 East Highland, Suite 310, Phoenix, Arizona 85016. It is understood that this
certificate may be disclosed to the Internal Revenue Service and that any false statement contained herein could be punished by fine, imprisonment, or both. 
 4. Seller is not a disregarded entity as defined in Treasury Regulation §1.1445-2(b)(2)(iii). 

  
 L-1

 Under penalty of perjury the undersigned declares that it has examined the foregoing
certification and, to the best of its knowledge and belief, it is true, correct and complete, and the person(s) executing the foregoing on behalf of Seller have the authority to sign this document on behalf of Seller. 

Date:
                         , 2011 

 

					
	 PACIFIC PROMENADE, LLC, an Arizona limited
 liability company

		
	By:	 	 Pacific Promenade Manager, Inc.,
 an Arizona corporation

	Its:	 	Manager
			
		 	By:	 	  

					
		 	Name:	 	  

					
		 	Its:	 	  

  
 L-  

 EXHIBIT A TO EXHIBIT L 

LEGAL DESCRIPTION OF REAL PROPERTY 
 Lots 1 through 6, Lot 8, Lots 10 through 20, Lots 23 and 24, and Tracts A through E, inclusive, Final Plat of THE PROMENADE, according to Book 788 of Maps, Page 23, records of Maricopa County, Arizona.

  
 L-3

 EXHIBIT M 
 SCHEDULE OF LITIGATION AND DISCLOSURES 
 AND EXISTING SECURITY ITEMS

 NONE 

  
 M-1

 EXHIBIT N 
 FORM OF 
 SELLER ESTOPPEL CERTIFICATE 

 

			
	
		
	TO: 	 	 
		 	 
		 	 
		 	 
		 	 
		 	(“Purchaser”)

  

	 	Re:	The Promenade at Frank Lloyd Wright Boulevard 

   Suite      

  Scottsdale, Arizona 
   (the “Leased Premises”) 
 Gentlemen: 

This Seller Estoppel Certificate is delivered to
                                 (“Purchaser”) pursuant to
Section 11(a)(iv) of that certain Purchase and Sale Agreement and Joint Escrow Instructions (“Purchase Agreement”), dated as of March 21, 2011, as amended, between the undersigned (“Seller” or
“Landlord”) and Purchaser or Purchaser’s predecessor in interest. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Purchase Agreement. Seller’s liability pursuant to this
Seller’s Estoppel Certificate shall be subject to the limitations on such liability contained in Sections 6 and 22(s) of the Purchase Agreement. 
 1.                                 
        is the tenant (“Tenant”) under a lease with Landlord (or Landlord’s predecessor in interest), dated
                    , demising the Leased Premises, as amended, modified, supplemented or extended by the following (if none, write
“None” or leave blank, in which case the response will be deemed to be
“None”):                                     
                                       
(collectively, “Lease”). 
 2. To Seller’s Actual Knowledge, the Tenant has not sublet the Leased
Premises or assigned, transferred or encumbered any interest in the Lease except as follows (if none, write “None” or leave blank, in which case the response will be deemed to be “None”):
                                        
                                    . 

3. The obligation of the Tenant to pay fixed minimum rent under the Lease commenced prior to the date hereof and, exclusive of
unexercised renewal options (as identified below) contained in the Lease, the Lease expires on                     . Tenant has
             remaining option(s) to renew the term of the Lease for              year(s) each. 

  
 N-1

 4. The Lease is in full force and effect and represents the entire agreement between Tenant
and Landlord, and to Seller’s Actual Knowledge, Tenant is in possession of the Leased Premises. 
 5. The fixed minimum
monthly rent currently payable under the Lease is $            . 
 6. All rent concessions and abatements have expired, and to Seller’s Actual Knowledge, Tenant is not entitled to any rent credit, partial rent, rebates, rent abatements, rent concessions, move-in
allowances or improvement allowances of any kind, except as follows (if none, write “None” or leave blank, in which case the response will be deemed to be “None”):
                                    . 

7. The fixed minimum rent, real estate taxes, building maintenance costs and all other charges due under the Lease have been paid up to
and including the following date:                     . Any percentage rental (“Percentage Rent”) has been paid up to and
including the following date:                     , and is currently payable based upon
        % of Gross Sales (as defined in the Lease) in excess of $            . Tenant is currently paying a monthly amount of
$             as its pro rata share of the operating expenses, real estate taxes and insurance costs of the Property. 

8. The security deposit held by Landlord under the Lease is
$            . 
 9. No rents have been prepaid, other than
as provided in the Lease, and rentals that have heretofore become due have been paid. 
 10. To Seller’s Actual Knowledge:
(a) as of the date hereof, there are no offsets or credits against rentals due and payable under the Lease and (b) there are no existing credits, defenses, offsets or counterclaims which the undersigned has against Landlord or the
enforcement of the Lease by Landlord. 
 11. To Seller’s Actual Knowledge, all conditions of the Lease and all work
required to be performed by Landlord have been satisfied or completed. 
 12. To Seller’s Actual Knowledge, there are no
defaults, claims thereof, or any condition which with the giving of notice and/or passage of time could become a default by either Landlord or Tenant with respect to their respective obligations under the Lease or in the performance of any term,
covenant or condition contained in the Lease. 
 13. The undersigned and the person(s) executing this Certificate on behalf of
the undersigned have the power and authority to render this Certificate. 

  
 N-2

 This Certificate is for the benefit of and may be relied upon by (i) Purchaser and its successors and
assigns, and (ii) any lender(s) of Purchaser (or Purchaser’s successors and assigns) from time to time. 
 Date:
                    , 2011 
  

					
	PACIFIC PROMENADE, LLC, an Arizona limited liability company
	
	 By: Pacific Promenade Manager, Inc.,
 an Arizona corporation

	Its:  Manager
		
		 	By:                           
                                         
          
		 	Name:                           
                                         
    
		 	Its:                           
                                         
          

  
 N-3

 EXHIBIT N-1 
 FORM OF 
 TENANT ESTOPPEL CERTIFICATE 

 

			
	
		
	TO: 	 	 
		 	 
		 	 
		 	 
		 	 
		 	(“Purchaser”)

  

	 	Re:	The Promenade at Frank Lloyd Wright Boulevard 

   Suite      

  Scottsdale, Arizona 
   (the “Leased Premises”) 
 Gentlemen: 

1.
                                        
 is the tenant (“Tenant”) under a lease with
                                        
(hereafter “Landlord”), or Landlord’s predecessor in interest, dated                     , demising the Leased Premises,
as amended, modified, supplemented or extended by the following (if none, write “None” or leave blank, in which case the response will be deemed to be “None”):
                                         
                                         
   (collectively, “Lease”). 
 2. Tenant has not sublet the Leased Premises or assigned,
transferred or encumbered any interest in the Lease except as follows (if none, write “None” or leave blank, in which case the response will be deemed to be “None”):
                                        
                                         
                                         
                                      . 

3. The obligation of the Tenant to pay fixed minimum rent under the Lease commenced prior to the date hereof and, exclusive of
unexercised renewal options (as identified below) contained in the Lease, the Lease expires on                     . Tenant has
             remaining option(s) to renew the term of the Lease for              year(s) each. 

4. The Lease is in full force and effect and represents the entire agreement between Tenant and Landlord, and Tenant is in possession of
the Leased Premises. 

  
 N-1

 5. The fixed minimum monthly rent currently payable under the Lease is
$            . 
 6. All rent concessions and abatements have
expired, and Tenant is not entitled to any rent credit, partial rent, rebates, rent abatements, rent concessions, move-in allowances or improvement allowances of any kind, except as follows (if none, write “None” or leave blank, in
which case the response will be deemed to be “None”):
                                         
                                    

7. The fixed minimum rent, real estate taxes, building maintenance costs and all other charges due under the Lease have been paid up to
and including the following date:                     . Any percentage rental (“Percentage Rent”) has been paid up to and
including the following date:                     , and is currently payable based upon
        % of Gross Sales (as defined in the Lease) in excess of $            . Tenant is currently paying a monthly amount of
$             as its pro rata share of the operating expenses, real estate taxes and insurance costs of the Property. Tenant’s pro rata share is
                     percent (        %). 

8. The security deposit held by Landlord under the Lease is
$            . 
 9. No rents have been prepaid, other than
as provided in the Lease, and rentals that have heretofore become due have been paid. 
 10. As of the date hereof, there are no
offsets or credits against rentals due and payable under the Lease, and there are no existing credits, defenses, offsets or counterclaims which the undersigned has against Landlord or the enforcement of the Lease by Landlord. 

11. All conditions of the Lease and all work required to be performed by Landlord have been satisfied or completed. 

12. There are no defaults, claims thereof, or any condition which with the giving of notice and/or passage of time could become a default
by either Landlord or Tenant with respect to their respective obligations under the Lease or in the performance of any term, covenant or condition contained in the Lease. 
 13. Tenant does not have any rights or options to purchase the property of which the Leased Premises is a part, the Premises or any portion thereof, nor does Tenant have any options, rights of first
refusal, rights of first offer, expansion rights or similar rights with respect to the Leased Premises or the Property of which the Leased Premises is a part, except as may be expressly set forth in the Lease. 

14. If the Lease is guaranteed, the Guaranty is unmodified and in full force and effect. 

15. The undersigned and the person(s) executing this Certificate on behalf of the undersigned have the power and authority to render this
Certificate. 

  
 N-1-2

 This Certificate is for the benefit of and may be relied upon by (i) Landlord, (i) Purchaser and
its successors and assigns, and (ii) any lender(s) of Purchaser (or Purchaser’s successors and assigns) from time to time. 
 Date:
                    , 2011 
  

			
	  
	  
	
	
By:                       
                                         
                                

	
Name:                       
                                         
                          

	
Title:                       
                                         
                            

  
 N-1-3

 EXHIBIT O 
 PRORATION METHOD 
 Prorations, Costs and Expenses. 

(a) Prorations and Adjustments. The following adjustments and prorations shall be made as of 12:01 a.m. on the Closing Date
(“Proration Date”), as though Purchaser held title to the Property throughout the entire day in which the Closing occurs. Such adjustments and prorations shall be made on the basis of: (i) a 365-day year with respect to Taxes
as provided in Section (a)(iii) hereof; and/or (ii) the number of days in the calendar month in which the Closing Date occurs with respect to Revenues and Operating Expenses as provided in Sections (a)(i) and (ii), respectively, hereof, subject
to the following provisions: 
 (i) Revenues. All rentals, receipts and other revenues (including, but not limited to,
reimbursements for Property Expenses (as defined below), common area maintenance, real and personal property taxes, insurance and other operating expense reimbursements, if applicable, but excluding percentage rent, if applicable) (collectively, the
“Revenues”), received by Seller as of the Closing, but which are properly allocable to the period after the Proration Date, shall be credited to Purchaser at the Closing. To the extent there are any Revenues owing to Seller as of
the Closing which relate to periods of time prior to the Proration Date, but which have not actually been collected by Seller as of the Closing (“Delinquent Revenues”), Purchaser shall not be obligated to pay to Seller (or give
Seller a credit for), the amount of such Delinquent Revenues on the Closing. All Revenues which are received by Seller or Purchaser subsequent to the Closing Date shall be applied: first, to amounts due to Purchaser; and second, to Delinquent
Revenues due to Seller. Seller and Purchaser hereby agree to promptly remit to the other the amount of any Revenues received and owing to each other pursuant to the provisions of this Section (a)(i). Notwithstanding any provision in this Exhibit O
to the contrary, Seller retains its rights to recover Delinquent Revenues, including, without limitation, the right to collect (without eviction) the same from the Tenants and/or third parties responsible for payment of such Delinquent Revenues and
Purchaser shall reasonably cooperate with Seller’s efforts to do so. 
 (ii) Operating Expenses. All costs, fees
and expenses (other than Taxes) relating to the operation, management and repair of the Property, excluding Leasing Costs (collectively, the “Operating Expenses”), shall be prorated between Seller and Purchaser at the Closing as of
the Proration Date. 
 (iii) Real and Personal Property Taxes. (A) All general and special real and personal
property taxes and assessments (collectively, the “Taxes”), based on the regular tax bill for the current fiscal year (or, if such tax bill has not been issued as of the date of the Closing, the regular tax bill for the fiscal year
preceding the current fiscal year) shall be prorated between Seller and Purchaser at the Closing as of the Proration Date. Without limiting the foregoing, any and all accrued and unpaid supplemental or special real property taxes or assessments that
relate to any time period prior to the Proration Date shall be the responsibility of Seller and, if not paid prior to or at Closing, shall be credited to the Purchaser at Closing, and any and all supplemental or special real property taxes or
assessments that relate to any time period 

  
 O-1

 
on or after the Proration Date shall be the responsibility of Purchaser and if paid by Seller prior to or at Closing, shall be credited to Seller at Closing. Without limiting the foregoing, in
the event any supplemental or special real property taxes or assessments are levied prior to Closing, but are due and payable in one or more installments subsequent to the Closing, such supplemental or special real property taxes or assessments
shall be allocated on a pro rata basis over the applicable payment period in question and prorated between Seller and Purchaser as of the Proration Date. Notwithstanding any of the terms and conditions to the contrary contained in this Section
(a)(iii), in the event any such Taxes are paid for directly by the Tenants to the applicable taxing authorities, such Taxes shall be not prorated between Seller or Purchaser 
 (iv) Percentage Rent. Any percentage rent payable under each Lease for the year in which the Closing occurs shall be prorated between Seller and Purchaser as of the Proration Date. Seller and
Purchaser acknowledge that sufficient information to enable Seller and Purchaser to prorate percentage rent will not be available as of the Closing. Accordingly, the proration contemplated in this Section (a)(iv) shall be conducted subsequent to the
Closing pursuant to Section (d) hereof. 
 (v) Assumed Contracts. All Operating Expenses accruing under, arising
out of or relating to any of the Contracts assumed by Purchaser shall be prorated between Seller and Purchaser at the Closing as of the Proration Date. 
 (b) Property Expense Pass-Throughs. If the Leases require the Tenants to reimburse Seller for Operating Expenses and/or Taxes (collectively, the “Property Expenses”), in the event
such Property Expenses are reconciled under the terms of the Leases at the end of the calendar year in which the Closing takes place, to reflect the actual Property Expenses incurred for the calendar year, such calendar year shall be deemed to
constitute the “Reconciliation Period” for purposes of this Agreement and the following provisions shall apply: 
 (i) On or before the Closing, Seller shall be responsible for computing and comparing on a Tenant-by-Tenant basis and delivering to Purchaser a written statement setting forth: (A) the amount of
Property Expenses incurred and actually paid by Seller with respect to the Reconciliation Period; and (B) the amount of Property Expenses actually received by Seller from the Tenants and/or third parties under the Leases with respect to the
Reconciliation Period. 
 (ii) Within sixty (60) Calendar Days following the expiration of the first Reconciliation
Period, Purchaser shall compute the actual Property Expenses incurred and paid by Seller and Purchaser and the actual Property Expenses reimbursed (or not reimbursed) by the Tenants and/or third parties to Seller and/or Purchaser with respect to the
Reconciliation Period (“Property Expense Reconciliation”). Following the completion of the Property Expense Reconciliation, Purchaser shall submit the same to Seller for Seller’s review and approval, which approval shall not be
unreasonably withheld or delayed. In the event Seller fails to approve or disapprove of the Property Expense Reconciliation within ten (10) Business Days following the receipt of the same, which failure continues for five (5) Business Days
following delivery to Seller of a second written notice, such Property Expense Reconciliation shall be 

  
 O-2

 
deemed approved by Seller. Following the approval (or deemed approval) by Seller of the Property Expense Reconciliation, Purchaser shall forward the Property Expense Reconciliation to the
applicable Tenants. Purchaser hereby covenants to use reasonable efforts to enforce the provisions of the Leases which require the Tenants and/or third parties to reimburse the landlord for Property Expenses with respect to the Reconciliation
Period. To the extent Purchaser or Seller receives any such Property Expense reimbursement payments with respect to the Reconciliation Period, the same shall constitute Revenues and shall be paid to Seller or Purchaser in the manner contemplated in
Section (a)(i) hereof. 
 (iii) Following the completion of the Property Expense Reconciliation, if the Property Expenses
incurred and paid by Seller for that portion of the Reconciliation Period in question preceding the Closing exceed the reimbursed Property Expenses actually received by Seller from the Tenants and/or third parties under the Leases with respect to
the Reconciliation Period (“Property Expense Reimbursement Shortfall”), Purchaser shall pay to Seller an amount equal to such Property Expense Reimbursement Shortfall to the extent that Purchaser shall have collected and received
such identifiable amounts from the Tenants and/or third parties under the Leases. If the reimbursed Property Expenses received by Seller from the Tenants under the Leases with respect to the Reconciliation Period preceding the Closing exceed the
Property Expenses incurred and paid by Seller with respect to the Reconciliation Period (“Property Expense Reimbursement Surplus”), then Seller shall pay an amount equal to such Property Expense Reimbursement Surplus to Purchaser
within ten (10) Business Days after Seller’s receipt of the Property Expense Reconciliation. Upon Seller’s payment to Purchaser of any such Property Expense Reimbursement Surplus, Purchaser shall be obligated to reimburse or credit
the Tenants for such Property Expense Reimbursement Surplus as required under their respective Leases. 
 (iv) Seller and
Purchaser hereby agree to reasonably cooperate with each other in connection with any disputes or claims by Tenants concerning the calculation of Property Expenses during the Reconciliation Period. 

(c) Security Deposits; Leasing Commissions and Tenant Inducement Costs. All Security Deposits held by Seller under the Leases
shall be credited to Purchaser at the Closing. With respect to the existing Leases, Purchaser shall be entitled to receive a credit against the Purchase Price at the Closing for: (i) all Tenant Inducement Costs which arise or accrue after the
Closing; and (ii) all unpaid Leasing Costs. Furthermore, any Approved Leasing Costs/Tenant Inducement Costs previously paid by Seller shall be payable by Purchaser to Seller at Closing. 

(d) Final Accounting. Seller and Purchaser acknowledge and agree that, on the Closing Date, Seller and Purchaser may not have
sufficient information to conduct and complete a final proration of all items subject to proration pursuant to this Exhibit O. Accordingly, Seller and Purchaser agree that, as soon as is reasonably practicable after the Closing Date, Seller and
Purchaser shall make a final accounting of all items relating to the Property to be prorated between Seller and Purchaser pursuant to this Exhibit O. In conjunction with the performance of such final accounting, following a request from Seller,
Purchaser shall provide Seller with copies of all monthly and other statements sent to the Tenants itemizing 

  
 O-3

 
amounts owing under the Leases by the Tenants (together with copies of invoices, statements and other supporting documentation evidencing such expenditures and tenant ledgers and related
documentation evidencing how Revenues were applied, all as reasonably requested by Seller). In the event it is determined, pursuant to such final accounting, that any amounts are due and owing by Seller to Purchaser, then Seller shall cause such
amounts to be paid to Purchaser within ten (10) Calendar Days after such final accounting is completed. In the event it is determined, pursuant to such final accounting, that any amounts are due and owing by Purchaser to Seller, then Purchaser
shall cause such amounts to be paid to Seller within ten (10) Calendar Days after such final accounting is completed. All unpaid amounts shall accrue interest at the rate of ten percent (10%) per annum from the day such amounts are due
until the day such amounts are paid in full. 

  
 O-4

 EXHIBIT P 
 SCHEDULE OF ENVIRONMENTAL REPORTS 
 1.        
Phase I Environmental Site Assessment Report-The Promenade-southeast corner of Frank Lloyd Wright Boulevard and Scottsdale Road-Scottsdale, Arizona 85254 prepared by LandAmerica Assessment Corporation, dated June 17, 2004, Project
No. 05-27477.01. 
 2.         Phase I Environmental Site Assessment Report-The Promenade-southeast
corner of Frank Lloyd Wright and Scottsdale Road-Scottsdale, Arizona 85254 prepared by National Assessment Corporation, dated January 15, 2003, Project No. 02-12505.2. 
 3.         Phase I Environmental Site Assessment Report-The Promenade-southeast corner of Frank Lloyd Wright Boulevard and Scottsdale Road-Scottsdale, Arizona 85254
prepared by LandAmerica Assessment Corporation, dated June 17, 2005, Project No. 05-27477.01. 

  
 P-1

 EXHIBIT Q 
 FORM OF TENANT NOTICE 

                    
    , 2011 
 CERTIFIED MAIL/RETURN RECEIPT REQUEST 

 

	
	  

	  

	  

 

	 	Re:	The Promenade at Frank Lloyd Wright Boulevard 

 Suite No.(s)              
 Scottsdale, Arizona 
 Notice of Ownership Change 

Dear Sir or Madam: 
 Notice is
hereby given to the tenant under that certain Lease dated                     , as amended, between
                                        
                                        
(“Tenant”) and
                                         
                                       
(“Landlord/Seller”) pertaining to property located at The Promenade at Frank Lloyd Wright Boulevard, Scottsdale, Arizona (the “Property”) that Landlord/Seller, the current owner of the Property, has
sold the Property and assigned the Lease to
                                        
(“Purchaser”), effective as of the date set forth above (the “Effective Date”). Purchaser has assumed all of the obligations of Seller/Landlord under the Lease. 

All rent and other payments for periods after the Effective Date shall be made payable to Purchaser at: 

 

	
	  

	  

	  

	  

	  

 Purchaser’s telephone number is                     . 

Sincerely, 

  
 Q-1

 SELLER/LANDLORD 
  

					
	 PACIFIC PROMENADE, LLC,

an Arizona limited liability company

		
	 By:
	 	 Pacific Promenade Manager, Inc.,

an Arizona corporation

	 Its:
	 	 Manager

			
		 	 By:
	 	  

					
		 	 Name:
	 	  

					
		 	 Its:
	 	  

“PURCHASER” 
  

			
	  
	 	 , a(n)

	  

			
		
	 By:
	 	  

			
	 Name:
	 	  

			
	 Its:
	 	  

  
 Q-2

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