Document:

EX-10.4

 Exhibit 10.4 
 INTERCREDITOR AGREEMENT 
 THIS INTERCREDITOR AGREEMENT (this
“Intercreditor Agreement”) is dated as of December 7, 2011, and is among the parties listed on the signature page of this Agreement as Creditors (each a “Creditor” and together the “Creditors”). 

RECITALS: 
 A.
MM PEACHTREE HOLDINGS, LP, a Delaware limited partnership (the “Borrower”) is a party to loan agreements dated as of the date hereof with each of the individual Creditors (as the same may be amended, modified or supplemented from time to
time, each a “Loan Agreement” and together, the “Loan Agreements”). 
 B. Pursuant to the Loan Agreements,
each of the Creditors have agreed to make loans (each a “Loan” and together the “Loans”) to the Borrower, all on the terms and conditions set forth in the Loan Agreement with Borrower to which each Creditor is a party.

 C. The Creditors desire to set forth their agreement as to their respective rights under the Loan Agreements and any other
loan documents related thereto (“Loan Document”). 
 NOW, THEREFORE, in consideration of the foregoing, the Creditors
hereby agree as follows: 
 1. Defined Terms. Capitalized terms used herein but not otherwise defined herein shall have
the meanings given in the Loan Agreements. 
 2. Rights to Repayment. 

(a) The Creditors hereby acknowledge and agree that notwithstanding the terms or provisions of any Loan Agreement or any Loan Document,
the rights of the Creditors to repayment from Borrower under the Loan Agreements shall be pari passu and shall be considered as having the same priority. 
 (b) Payments received by any Creditor shall be applied pro rata based on the respective principal balances of the Loans at the time of receipt. If any Creditor receives a payment from the Borrower in
excess of its appropriate pro rata share, it will hold such excess in trust for the other Creditors and promptly pay it over to the other Creditors. 
 3. Notices of Default and Action; Standstill Period. Each Creditor agrees to give each other Creditor a copy of any notice of default or notice of action against the Borrower to be sent by it to
the Borrower prior to the sending of such notice to the Borrower, and to notify each other Creditor in writing by electronic mail, by hand delivery or by overnight courier prior to its exercising any remedy against the Borrower, and each Creditor
agrees to defer the sending of any such notice to Borrower and to refrain from taking its initial enforcement action against Borrower for a period of fifteen (15) business days from the date of receipt of such notice by the other Creditors.
During that fifteen-day period, if a Creditor or Creditors that have collectively 

 
agreed to loan to the Borrower amounts exceeding 44% of the total amounts that all Creditors have agreed to loan to Borrower under the Loan Agreements does not or do not object in writing, the
Creditor may take such enforcement action thereafter against Borrower. 
 4. Full Force and Effect. 

(a) The agreements set forth herein shall remain in full force and effect regardless of whether any Creditor in the future seeks to
rescind, amend, terminate or reform, by litigation or otherwise, its respective agreements with the Borrower. The agreements made herein are solely for the purpose of establishing the relative priorities of the Creditors as among themselves and
shall not inure to the benefit of any other person or entity (“Person”), except to the extent set forth in Section 7(c) below. 
 (b) The agreements set forth herein shall remain in full force and effect until the indefeasible payment in full in cash of all Obligations; provided that this Agreement shall be reinstated and remain in
full force and effect if any payment to a Creditor is rescinded or otherwise must be restored or returned upon the bankruptcy of Borrower, or upon or as a result of any Proceeding, or otherwise, all as though such payment had not been made. For the
purposes hereof, “Obligations” means (a) the Borrower’s obligations in respect of the due and punctual payment of principal of and interest on the Loans when and as due whether by maturity, acceleration or otherwise and
(b) all fees, expenses, indemnities, reimbursements and other obligations, monetary or otherwise, of the Borrower under this Agreement or any Loan Document. For the purposes hereof, “Proceeding” means any voluntary or involuntary
insolvency, bankruptcy, receivership, custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for
the liquidation, dissolution or other winding up of a Person. 
 5. Effect of Bankruptcy Filing. This Intercreditor
Agreement shall be applicable both before and after the commencement, whether voluntary or involuntary, of any case of the Borrower under any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or
liquidation or other similar law and all references herein to the Borrower shall be deemed to apply to the Borrower as a debtor-in-possession and to any trustee in bankruptcy for the estate of the Borrower. 

6. Additional Creditors. Additional lenders may be added to this Agreement upon the written consent of all parties hereto, the
execution by such additional lenders of an additional signature page to this Agreement evidencing such lender’s agreement to be bound by the terms hereof, and the similar execution by such lenders of a loan agreement with Borrower and such
other instruments and agreements as may be required by the Creditors then party hereto. The joinder of any such lender to this Agreement shall not in any way affect the rights or obligations of the Creditors then party hereto. Any such additional
lender shall be deemed a “Creditor” for purposes of this Agreement. 
 7. Conflicts. 

(a) The provisions of this Agreement are not intended to expand, modify or limit any of the rights and obligations of the Borrower on the
one hand and the Creditors on the 

  
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other as are otherwise set forth in this Agreement and/or the other Loan Documents. In the event of any conflict between any terms and conditions of this Agreement and the terms and conditions of
the other Loan Documents (including other provisions of this Agreement) that govern the relationship, rights and obligations of the Borrower on the one hand and the Creditors on the other, the terms and conditions of such other Loan Documents (and
other provisions of this Agreement) shall control, except as set forth in subsection (c) below. 
 (b) In the event of a
conflict between any terms and conditions of this Agreement and the terms and conditions of the other Loan Documents (including other provisions of this Agreement) as such terms and conditions relate to the relationship, rights and obligations of
the Creditors to, or with respect to, one another, the conflicting terms and conditions of this Agreement shall control. 
 (c)
Notwithstanding anything to the contrary contained herein, the Creditors acknowledge and agree that (i) the Borrower and its general partner, Carter/Validus Operating Partnership, LP, a Delaware limited partnership (“Borrower GP”) are
entitled to rely on the provisions of Sections 2 and 3 hereof, (ii) if and to the extent any Creditor makes any, claim or demand or pursues any remedy under the Loan Document that is inconsistent with the terms of such Sections 2 and 3,
Borrower and Borrower GP may assert such provisions as a defense to such claim, demand or pursuit of remedy, (iii) if and to the extent that any Creditor breaches the provisions of Section 2 and/or 3 above, such Creditor will indemnify and
hold Borrower and Borrower GP harmless from and against any loss, claim or expense incurred by Borrower and/or Borrower GP as a result thereof; and (iv) Borrower and Borrower GP are intended as express third party beneficiaries of the
provisions of this Section 7(c) and may enforce the terms hereof as fully as if Borrower and Borrower GP were parties hereto. 
 8. Miscellaneous. 
 (a) Notices. Any notices required to be
delivered hereunder shall be in writing and sent by registered mail, overnight courier or facsimile (with delivery confirmation), and shall be deemed to have been duly given within ten (10) Business Days in the country of the recipient if sent
by registered mail, within three (3) Business Days in the country of the recipient if sent by overnight courier, and within one (1) Business Day in the country of the recipient if sent by facsimile to the recipient at its address as listed
on Schedule A attached hereto or at such other address as may be designated by written notice to the other parties hereto. For purposes hereof, “Business Day” shall mean any day other than (i) days on which commercial banks in the
country of the recipient (located in either New York, New York or Tel Aviv, as applicable) are authorized or obligated to close, or (ii) any day recognized as a holiday by persons of the Jewish faith. 

(b) Successors and Assigns. All covenants, promises and agreements by or on behalf of any Creditor that are contained in this
Intercreditor Agreement shall be binding upon and inure to the benefit of its respective permitted successors and assigns. 

(c) Applicable Law. This Intercreditor Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware. 

  
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 (d) Amendments and Waivers. This Intercreditor Agreement may be amended and the terms
hereof may be waived only with the written consent of each Creditor party hereto. 
 (e) Severability. In the event any
one or more of the provisions contained in this Intercreditor Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in
any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the
invalid, illegal or unenforceable provisions. 
 (f) Counterparts. This Intercreditor Agreement may be executed by the
parties hereto in several counterparts and each such counterpart shall be deemed to be an original, admissible into evidence, but all such counterparts shall together constitute but one and the same Agreement. 

(g) No Third Party Beneficiaries. This Intercreditor Agreement is entered into solely for the benefit of the Creditors and their
successors and assigns and, except as otherwise set forth in Section 7(c) above, no other Person shall have any right, benefit or priority interest under or because of the existence of this Intercreditor Agreement, including any trustee
appointed under Title 11 of the United States Code (11 U.S.C. § 101 et seq.), as amended from time to time and any successor statute and all rules and regulations promulgated thereunder. 

[Signature page follows.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Intercreditor Agreement to be duly
executed by their respective authorized officers as of the day and year first above written. 
 CREDITORS: 

 

											
	MM PENSIONS REAL ESTATE US LP, an
Israeli limited partnership	 		 	MIGDAL INSURANCE COMPANY LTD.,
an Israeli company
					
	By:	 	 MENORA MIVTACHIM
	 		 	By:	 	 /s/    Omer Kreizel

	MESHALEMET LTD., and Israeli company.	 		 	Name:	 	Omer Kreizel
	as General Partner	 		 	Title:	 	Chief Investments Officer
					
	By:	 	 /s/    Jony Tal
	 		 	By:	 	 /s/    Shlomo Gutman

	Name:	 	Jony Tal	 		 		 	Name:	 	Shlomo Gutman
	Title:	 	Authorized Signatory	 		 		 	Title:	 	Head of Real Estate
					
	By:	 	 /s/    Shai Kompel
	 		 		 	
	Name:	 	Shai Kompel	 		 		 		 	
	Title:	 	Authorized Signatory	 		 		 		 	
			
	MENORA MIVTACHIM INSURANCE
LTD., an Israeli company (for participating
policies)	 		 	MIGDAL MAKEFET U.S. REAL ESTATE
LP, an Israeli limited partnership
					
	By:	 	 /s/    Jony Tal
	 		 	By:	 	 /s/    Omer Kreizel

	Name:	 	Jony Tal	 		 		 	Name:	 	Omer Kreizel
	Title:	 	Chief Investments Officer	 		 		 	Title:	 	Chief Investments Officer
					
	By:	 	 /s/    Shai Kompel
	 		 	By:	 	 /s/    Shlomo Gutman

	Name:	 	Shai Kompel	 		 		 	Name:	 	Shlomo Gutman
	Title:	 	Chief Financial Officer	 		 		 	Title:	 	Head of Real Estate
			
	MENORA MIVTACHIM INSURANCE
LTD., an Israeli company (for nostro)	 		 	CARTER/VALIDUS OPERATING
PARTNERSHIP, LP, a Delaware limited
		 		 		 		 	partnership
				
	By:	 	 /s/    Jony Tal
	 		 	By: CARTER VALIDUS MISSION CRITICAL
	Name:	 	Jony Tal	 		 		 	REIT, INC., a Maryland corporation,
	Title:	 	Chief Investments Officer	 		 		 	as General Partner
						
	By:	 	/s/    Shai Kompel	 		 		 	By:	 	 /s/    John E. Carter

	Name:	 	Shai Kompel	 		 		 	Name:	 	John E. Carter
	Title:	 	Chief Financial Officer	 		 		 	Title:	 	Chief Executive Officer
				
	RAMAT OFEK LTD., an Israeli company	 		 		 	
					
	By:	 	 /s/    Chaim Lipschitz
	 		 		 	
	Name:	 	Chaim Lipschitz	 		 		 		 	
	Title:	 	Authorized Signatory	 		 		 		 	
					
	By:	 	 /s/    Shlomo Margolin
	 		 		 	
	Name:	 	Shlomo Margolin	 		 		 		 	
	Title:	 	Authorized SignatoryEX-10.5

 Exhibit 10.5 
 PROMISSORY NOTE 
  

			
	Date of Note: As of December 6, 2011	  	Maturity Date: December 31, 2021

 THIS PROMISSORY NOTE (this “Note”), is made as of December 6, 2011 by the undersigned as
borrower (“Borrower), in favor of Carter/Validus Operating Partnership, LP, a Delaware limited partnership, and its successors or assigns, as lender (“Lender”). 
 R E C I T A L S: 
 A. This Note evidences a loan (the “Loan”)
made by Lender to Borrower in the original principal amount of up to $517,716 (the “Loan Amount”) and made in accordance with the Loan Agreement of even date herewith (as the same may hereafter be amended modified or supplemented, the
“Loan Agreement”) from Borrower, as borrower, in favor of and for the benefit of Lender, as lender; 
 B. Borrower and
Lender intend these recitals to be a material part of this Note. 
 NOW, THEREFORE, FOR VALUE RECEIVED, Borrower does
hereby covenant and promise to pay to the order of Lender, without any counterclaim, setoff or deduction whatsoever, on the Maturity Date (as hereinafter defined), in immediately available funds, at Carter Validus Mission Critical REIT, Inc., 4211
West Boy Scout Blvd., Suite 500, Tampa, Florida 33607, or at such other place as Lender may designate to Borrower in writing from time to time, in legal tender of the United States of America, the Loan Amount and all other amounts due or becoming
due hereunder, to the extent not previously paid in accordance herewith, together with all interest accrued thereon through the date the Loan is repaid in full, at the cumulative rate of twelve percent (12%) per annum, compounded annually (the
“Interest Rate”) to be computed on the basis of the actual number of days elapsed in a 365 day year. 
 DEFINITIONS 

Defined terms in this Note shall include in the singular number the plural and in the plural number the singular. All capitalized terms
not otherwise defined herein shall have the meaning ascribed to them in the Loan Agreement. 
  

	1.	PAYMENTS AND LOAN TERMS 

1.1 Payments. The indebtedness evidenced by this Note is payable only from Surplus Cash (as defined in the Loan Agreement).

 Commencing on the Payment Date occurring on March 31, 2012, and on each Payment Date thereafter until this Note is paid
in full on the Maturity Date or otherwise, and subject to the provisions of Section 2.2 below, to the extent there is available Surplus Cash, Borrower shall pay quarterly payments of interest only at the Interest Rate (defined above), based on
the outstanding principal amount of the Loan; provided, however, the Borrower shall only be required to pay such sum on a current basis to the extent of the net 

 
cash flow of Borrower (determined as the cash flow that would otherwise be available for distribution to the partners of the Borrower under Section 14 of the Partnership Agreement) for the
applicable Interest Accrual Period. To the extent that interest which accrues hereunder is in excess of such net cash flow available for such purpose, the Interest Shortfall shall be carried over to subsequent Interest Accrual Periods and shall be
paid on the earliest possible Payment Date to the extent of available net cash flow of Borrower available for such purpose. For avoidance of doubt, (i) subject to Section 2.2 below, Borrower shall have no obligation to make any payment of
interest in excess of its net cash flow (determined as the cash flow that would otherwise be available for distribution to the partners of the Borrower under Section 14 of the Partnership Agreement) and (ii) the amount of any Interest
Shortfall shall not be added to the Principal Amount except as necessary to provide for interest to be calculated on an annual compounding basis. For purposes of calculating interest to be paid on each December 31 Payment Date, Borrower shall
make a good faith estimate of net cash flow for the Interest Accrual Period ending on such date. 
 The entire outstanding Debt,
to the extent not previously paid, shall be due and payable on December 31, 2021 (the “Maturity Date”) by Borrower. All payments due hereunder shall be made without any counterclaim, setoff or deduction whatsoever. 

To the extent Payments (as hereinafter defined) are or become due and payable under this Note or under any of the other Loan Documents on
a day (the “Due Date”) which is not a Business Day, such Payments are and shall be due and payable on the first Business Day immediately following the Due Date for such Payments. In the event that any Payment is received after 2:00 p.m.
Eastern Time on any day, it shall be deemed received and paid on the subsequent Business Day. 
 1.2 Application of
Payments 
 1.2.1 Each and every payment (a “Payment”) made by Borrower to Lender in accordance with
the terms of this Note and/or the terms of any one or more of the other Loan Documents and all other proceeds received by Lender with respect to the Debt, shall be applied as follows: (i) first, to all Late Charges, Default Rate Interest or
other premiums and other sums payable hereunder or under the other Loan Documents (other than those sums included in clauses (ii) and (iii) of this Section 1.2.1 in such order and priority as determined by Lender in its sole
discretion (ii) second, to all interest (other than Default Rate Interest) which shall be due and payable with respect to the Loan Amount pursuant to the terms hereof as of the date the Payment is received (including any Interest Shortfalls),
and (iii) third, to the Loan Amount until the Loan Amount has been paid in full. 
 1.2.2 To the extent that
Borrower makes a Payment or Lender receives any Payment or proceeds for Borrower’s benefit, which are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession,
receiver, custodian or any other party under any bankruptcy law, common law or equitable cause, then, to such extent, the obligations of Borrower hereunder intended to be satisfied shall be revived and continue as if such Payment or proceeds had not
been received by Lender. 

  
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 1.3 Prepayments. 

The Debt may be prepaid, in whole or in part at any time without any prepayment fee and/or compensation and/or penalty. Upon prepayment,
Borrower shall only be required to pay interest accrued thereon – with respect to the relevant prepaid portion – until the date of such prepayment. No principal amounts repaid may be re-borrowed. 

 

	2.	DEFAULTS 

 2.1
Events of Default. 
 This Note evidences the Loan which is made pursuant to the Loan Agreement which specifies
various Events of Default, upon the happening of which all or portions of the sums owing under this Note may be declared immediately due and payable as more specifically provided therein. Each Event of Default under the Loan Agreement or any one or
more of the other Loan Documents shall be an Event of Default hereunder. 
 2.2 Remedies. 

If an Event of Default shall occur hereunder or under any other Loan Document, the Principal Amount and, to the extent permitted by
applicable law, all accrued but unpaid interest on the Principal Amount shall, commencing on the date of the occurrence of such Event of Default, at the option of Lender, immediately and without notice to Borrower, accrue interest at the Default
Rate until such Event of Default is cured or if not cured or such cure is not accepted by Lender, until the repayment of the Debt. The foregoing provision shall not be construed as a waiver by Lender of its right to pursue any other remedies
available to it under the Loan Agreement, or any other Loan Document, nor shall it be construed to limit in any way the application of the Default Rate. For avoidance of doubt, the Loan is unsecured, and Lender has no recourse against the Property
or any direct or indirect ownership interest of Borrower and, notwithstanding the exercise of Lender’s remedies hereunder, all Surplus Cash shall be made available to Lender only to the extent available to be distributed under Section 14
of the Partnership Agreement. 
  

	3.	EXCULPATION 

 3.1
Exculpation. 
 Notwithstanding anything to the contrary contained in this Note or the other Loan Documents,
(i) the obligations of Borrower hereunder shall be payable solely from net cash flow of Borrower (determined as the cash flow that would otherwise be available for distribution to the partners of the Borrower under Section 14 of the
Partnership Agreement); (ii) except as so limited, the obligations of Borrower hereunder shall be fully recourse to the Borrower; and (iii) Lender shall not enforce the liability and obligation of Borrower herein against any of
Borrower’s general and/or limited partners including, without limitation, for purposes of recovering any Loan repayments previously made to such partners. 
  

	4.	MISCELLANEOUS 

 4.1
Further Assurances. 

  
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– 

 Borrower shall execute and acknowledge (or cause to be executed and acknowledged) and
deliver to Lender all documents, and take all actions, required by Lender from time to time to confirm the rights created or now or hereafter intended to be created under this Note and the other Loan Documents, to protect and further the validity,
priority and enforceability of this Note and the other Loan Documents, to subject to the Loan Documents any property of Borrower intended by the terms of any one or more of the Loan Documents to be encumbered by the Loan Documents, or otherwise
carry out the purposes of the Loan Documents and the transactions contemplated thereunder; provided, however, that no such further actions, assurances and confirmations shall increase Borrower’s obligations under this Note or any other Loan
Documents. 
 4.2 Modification, Waiver in Writing. 

No modification, amendment, extension, discharge, termination or waiver (a “Modification”) of any provision of this Note, the
Loan Agreement or any one or more of the other Loan Documents, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then
such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on, Borrower shall entitle Borrower to any other or future notice
or demand in the same, similar or other circumstances. Lender does not hereby agree to, nor does Lender hereby commit itself to, enter into any Modification. However, in the event Lender does ever agree to a Modification, such Modification shall
only be upon the terms and conditions set forth in the Loan Agreement. 
 4.3 Costs of Collection.

 Borrower agrees to pay all costs and expenses of collection incurred by Lender, in addition to principal, interest and
late or delinquency charges (including, without limitation, reasonable attorneys’ fees and disbursements) and including all costs and expenses incurred in connection with the pursuit by Lender of any of its rights or remedies referred to in
Section 3 hereof or its rights or remedies referred to in any of the Loan Documents, provided same shall be payable solely from Surplus Cash. 
 4.4 Maximum Amount. 
 4.4.1 It is the intention of
Borrower and Lender to conform strictly to the usury and similar laws relating to interest and the collection of other charges from time to time in force, and all agreements between Borrower and Lender, whether now existing or hereafter arising and
whether oral or written, are hereby expressly limited so that in no contingency or event whatsoever, whether by acceleration of maturity hereof or otherwise, shall the amount paid or agreed to be paid in the aggregate to Lender as interest or other
charges hereunder or under the other Loan Documents, or in any other document evidencing or pertaining to the Debt, exceed the maximum amount permissible under applicable usury or such other laws (the “Maximum Amount”). If under any
circumstances whatsoever fulfillment of any provision hereof, or any of the other Loan Documents, at the time performance of such provision shall be due, shall involve transcending the Maximum Amount, then ipso facto, the obligation to be fulfilled
shall be reduced to the Maximum Amount. For the purposes of calculating the actual amount of interest or other charges paid and/or payable hereunder, in respect of laws pertaining to usury or such other laws, all charges and other sums paid or
agreed to be paid hereunder to 

  
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the holder hereof for the use, forbearance or detention of the Debt, outstanding from time to time shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread
from the date of disbursement of the proceeds of this Note until payment in full of all of the Debt, so that the actual rate of interest on account of the Debt is uniform throughout the term hereof. The terms and provisions of this
Section 4.4.1 shall control and supersede every other provision of all agreements between Borrower or any endorser and Lender. 
 4.4.2 If under any circumstances Lender shall ever receive an amount which would exceed the Maximum Amount, such amount shall be deemed a payment in reduction of the Loan Amount owing hereunder and
any other obligation of Borrower in favor of Lender, and shall be so applied in accordance with Section 1.2 hereof, or if such excessive interest exceeds the unpaid balance of the Loan Amount and any other obligation of Borrower in favor of
Lender, the excess shall be deemed to have been a payment made by mistake and shall be refunded to Borrower. 
 4.5
Waivers. 
 Borrower hereby expressly and unconditionally waives presentment, demand, protest, notice of
protest or notice of any kind, including, without limitation, any notice of intention to accelerate and notice of acceleration, except as expressly provided herein, and in connection with any suit, action or proceeding brought by Lender on this
Note, any and every right it may have to (a) a trial by jury, (b) interpose any counterclaim therein (other than a counterclaim which can only be asserted in the suit, action or proceeding brought by Lender on this Note and cannot be
maintained in a separate action) and (c) have the same consolidated with any other or separate suit, action or proceeding. 

4.6 Governing Law. 
 This Note and the obligations arising hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts made and performed in such State and any
applicable law of the United States of America. 
 4.7 Headings. 

The Section headings in this Note are included herein for convenience of reference only and shall not constitute a part of this Note for
any other purpose. 
 4.8 Assignment. 

Neither this Note nor the Loan Agreement or any interest herein or therein, or the obligations hereunder or thereunder, may be
transferred, sold or assigned without the prior consent of Borrower and the Mortgage Lender; provided that as a condition precedent to any such transfer, the assignee shall be required to execute a joinder to the existing Intercreditor
Agreement among Borrower’s existing lenders. Any attempted sale, assignment or transfer in violation of this provision shall be null and void ab initio. 
 4.9 Severability. 
 Wherever possible, each provision of this
Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be 

  
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prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Note. 
 4.10 Loan Participations. Subject to the provisions of Section 4.8 and
this Section 4.10, nothing contained in this Note shall be construed as preventing Lender, at any time after the date hereof, from selling, pledging, assigning or transferring this Note and in connection with any such sale, pledge, assignment
or transfer from assigning the Loan Agreement to the purchaser of this Note; provided that as a condition precedent to any such transfer, the assignee shall be required to execute a joinder to the existing Intercreditor Agreement among
Borrower’s existing lenders. Notwithstanding the foregoing, this Note is issued as a fully registered instrument within the meaning of Treas. Reg. Sec. 1.871-14(c)(1)(i)(A) and will be registered to the Lender on the books of Borrower. The
Borrower as registrar of this Note shall treat the Lender as the absolute owner hereof (unless the Borrower has been given notice of the transfer of this Note, in accordance with the provisions of the following sentence) for all purposes, including
the right to receive payments of principal of, and interest on, the Note. The right to receive the principal of, and interest on, the Note may be transferred only upon the delivery to the Borrower of written notice of such transfer, duly executed by
the registered owner of the Note (or its attorney-in-fact or legal representative) containing information sufficient to enable the Borrower to identify each owner of an interest in this Note and the surrender of the existing instrument and the
reissuance by Borrower to the new holder of such instrument or a replacement instrument. Each successor holder shall acknowledge that in order to obtain the benefit of the “portfolio interest exemption,” such holder shall provide the
necessary withholding certificates (i.e., form W-8). Each permitted transfer of ownership of an interest in this Note shall be reflected by an entry on the books of the Borrower after receipt of such notice of transfer. Upon any such sale, pledge,
assignment or transfer of the Note and upon assignment of this Agreement to the purchaser of the Note, Lender shall be released and discharged from any liability or responsibility with respect to the Loan Documents and references to
“Lender” in this Note shall, with respect to any matters thereafter occurring, be deemed to be references to the purchaser of this Note. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, this Note has been duly executed by the Borrower the day and year
first written above. 
  

							
	BORROWER:
	
	 MM PEACHTREE HOLDINGS, LP,
 a Delaware limited partnership

		
	By:	 	 CARTER/VALIDUS OPERATING PARTNERSHIP, LP,

 a Delaware limited partnership, as General Partner

			
		 	By:	 	 CARTER VALIDUS MISSION CRITICAL REIT, INC., a Maryland corporation,
 as General Partner

				
		 		 	By:	 	 /s/    Todd M. Sakow

		 		 	Name:	 	 Todd M. Sakow

		 		 	Title:	 	 Chief Financial Officer

		 		 	Date:	 	 12/6/11

  
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