Document:

EX-10.4

 Exhibit 10.4 
 When Recorded Return To: 
 McKenna Long & Aldridge LLP

 303 Peachtree Street, N.E., Suite 5300 
 Atlanta, Georgia 30308 
 Attention: William F. Timmons, Esq. 

DEED OF TRUST, SECURITY AGREEMENT, 
 ASSIGNMENT OF LEASES AND RENTS, AND FINANCING STATEMENT 
 HC-8451 PEARL
STREET, LLC, 
 a Delaware limited liability company, 
 as Grantor 
 to 

THE PUBLIC TRUSTEE OF ADAMS COUNTY, COLORADO, 
 as Trustee 
 for the benefit of 

KEYBANK NATIONAL ASSOCIATION, 
 a national banking association, 
 as Agent, 

 

											
		 		 	 Dated:
	 	 As of
September 28th, 2012
	 		  	
						
		 		 	 Property Address:
	 	 8451 Pearl Street,
	 		  	
		 		 		 	 Thornton, Colorado
	 		  	
						
		 		 	 Location:
	 	 Adams County, Colorado
	 		  	

 THIS DEED OF TRUST, SECURITY
AGREEMENT AND ASSIGNMENT OF LEASES AND RENTS, AND FINANCING STATEMENT (this “Instrument”) is given as of this 28th day of September, 2012, by HC-8451 PEARL STREET, LLC, a Delaware limited liability company
(“Grantor”), having a mailing address of 4211 W. Boy Scout Boulevard, Tampa, Florida 33607, to THE PUBLIC TRUSTEE OF ADAMS COUNTY, COLORADO, as trustee (“Trustee”), for the use and benefit of KEYBANK NATIONAL
ASSOCIATION, a national banking association (“KeyBank”), having a mailing address of 4900 Tiedeman Road, Brooklyn, Ohio 44144, Attn: Real Estate Capital Services, with a copy to KeyBank National Association, 1200 Abernathy Road,
N.E., Suite 1550, Atlanta, Georgia 30328, Attn: Daniel Stegemoeller, as Agent (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”) for itself and each other lender (collectively, the “Lenders”)
which is or may hereafter become a party to that certain Credit Agreement, dated as of March 30, 2012, by and among Carter/Validus Operating Partnership, LP, a Delaware limited partnership (“Borrower”), KeyBank, as Agent
and the Lenders, as amended by that certain First Amendment to Credit Agreement, dated as of May 8, 2012, by and among Borrower, Carter Validus Mission Critical REIT, Inc., a Maryland Corporation (“REIT”), HC-2501 W William
Cannon Dr, LLC, a Delaware limited liability company (“HC-2501”), and KeyBank, individually and as Agent for the Lenders, as further amended by that certain Second Amendment to Credit Agreement, dated as of June 29, 2012, by
and among Borrower, REIT, HC-2501, DC-19675 W. Ten Mile, LLC, a Delaware limited liability company (“DC-19675”), Synovus Bank and KeyBank, individually and as Agent for the Lenders, and as further amended by that certain Third
Amendment to Credit Agreement, dated as of July 30, 2012 by and among Borrower, REIT, HC-2501, DC-19675, KeyBank, individually and as Agent for the Lenders, Synovus Bank and Texas Capital Bank, N.A. (as the same may be varied, amended,
restated, renewed, consolidated, extended or otherwise supplemented from time to time, the “Credit Agreement”). Capitalized terms used herein that are not otherwise defined herein shall have the meanings set forth in the Credit
Agreement. Grantor is a Guarantor and will benefit from the Credit Agreement, as more fully set forth in the Guaranty (as hereinafter defined) executed by Grantor, and is granting this Instrument in consideration for such benefit. KeyBank, as Agent,
is the beneficiary of this Instrument and in that capacity is referred to herein as “Beneficiary.” 
 W I T N E S S
E T H: 
 FOR AND IN CONSIDERATION of the sum of Ten and No/100 Dollars ($10.00) and
other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to secure the indebtedness and other obligations of Grantor and Borrower hereinafter set forth, Grantor does hereby GRANT, BARGAIN, SELL,
CONVEY, ASSIGN, TRANSFER and SET OVER UNTO Trustee, with GENERAL WARRANTY in trust WITH POWER OF SALE, for the benefit of Beneficiary, which is acting for the ratable benefit of the Lenders and the holders of the Hedge Obligations, and their
successors and assigns, all of Grantor’s right, title and interest in and to the following described land and interests in land, estates, easements, rights, improvements, property, fixtures, equipment, furniture, furnishings, appliances,
general intangibles, and appurtenances, whether now or hereafter existing or acquired (collectively, the “Property”): 
 (a) A fee simple interest in all those tracts or parcels of land described in Exhibit “A” attached hereto and by this reference made a part hereof, along with all easements appurtenant
thereto, located in Adams County, Colorado (the “Land”). 

  
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 (b) All present and future buildings, structures, parking
areas, annexations and improvements of every nature whatsoever now or hereafter situated on the Land (hereinafter referred to as the “Improvements”) and all materials intended for construction, reconstruction, alteration and repairs
of the Improvements now or hereafter erected, all of which materials shall be deemed to be included within the Improvements immediately upon the delivery thereof to the Land, and all gas and electric fixtures, radiators, heaters, engines and
machinery, boilers, ranges, elevators and motors, plumbing and heating fixtures, incinerating, sprinkling, and waste removal systems, carpeting and other floor coverings, fire extinguishers and any other safety equipment required by governmental
regulation or law, washers, dryers, water heaters, mirrors, mantels, air conditioning apparatus, refrigerating plants, refrigerators, cooking apparatus and appurtenances, storm windows and doors, window and door screens, awnings and storm sashes,
which are or shall be owned by Grantor and attached to said Improvements and all other furnishings, furniture, glassware, tableware, uniforms, linen, drapes and curtains and related hardware and mounting devices, wall to wall carpeting, radios,
lamps, telephone systems, televisions and television systems, computer systems, guest ledgers, vehicles, fixtures, machinery, equipment, apparatus, appliances, books and records, chattels, inventory, accounts, farm products, consumer goods, general
intangibles and personal property of every kind and nature whatsoever now or hereafter owned by Grantor and located in, on or about, or used or intended to be used with or in connection with the use, operation or enjoyment of the Property, including
all extensions, additions, improvements, betterments, after-acquired property, renewals, replacements and substitutions, or proceeds from a permitted sale of any of the foregoing, together with the benefit of any deposits or payments now or
hereafter made by Grantor or on behalf of Grantor, all of which are hereby declared and shall be deemed to be fixtures and accessions to the Land and a part of the Property as between the parties hereto and all persons claiming by, through or under
them, and which shall be deemed to be a portion of the security for the indebtedness herein described and to be secured by this Instrument. 
 (c) All easements, access rights, rights-of-way, strips and gores of land, vaults, streets, ways, alleys, passages, sewer rights, waters, water courses, water rights and powers, irrigation systems
(including, without limitation, underground wiring, pipes, pumps and sprinkler heads), minerals, flowers, plants, shrubs, crops, trees, timber, fences, signs, bridges, fountains, monuments and other emblements now or hereafter located on the Land or
under or above the same or any part or parcel thereof, and all estates, rights, titles, interests, privileges, liberties, servitudes, licenses, tenements, hereditaments and appurtenances, reversion and reversions, remainder and remainders,
whatsoever, in any way belonging, relating or appertaining to the Land or any part thereof, or which hereafter shall in any way belong, relate or be appurtenant thereto, whether now owned or hereafter acquired by Grantor. 

(d) All leases and all subleases, tenancies, occupancies and licenses, whether oral or written
(collectively, the “Leases”), and all income, rents, issues, profits, room rentals, transient or guest payments, fees, charges or other payments for the use or occupancy of rooms or other facilities, and revenues of the Property
from time to time accruing (including, without limitation, all payments under Leases, all guarantees of the foregoing or letters of credit relating to the 

  
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foregoing, lease termination payments, proceeds of insurance, condemnation payments, tenant security, damage or other deposits whether held by Grantor or in a trust account, all escrow agreements
relating to any of the Leases including that certain Property Improvement Escrow Agreement dated as of event date herewith by and between Grantor, 8451 Pearl Street Operating Company, LLC, a Delaware limited liability company, 8451 Pearl Street,
LLC, a Delaware limited liability company and Gray Robinson, P.A., as escrow agent (as modified or amended from time to time, the “Escrow Agreement”), escrow funds, including, without limitation, any funds escrowed for tenant improvements,
fees, charges, rents, license fees, accounts, royalties, security, damage or other deposits (including tenants’ security deposits) from time to time accruing, all payments under working interests, production payments, royalties, overriding
royalties, operating interests, participating interest and other such entitlements, and all the estate, right, title, interest, property, possession, claim and demand whatsoever at law, as well as in equity, of Grantor of, in and to the same
(collectively, the “Revenues”); reserving only the right to Grantor to collect the same (other than lease termination payments, insurance proceeds and condemnation payments) so long as no Event of Default has occurred and is
continuing. 
 (e) All insurance policies, building service, building maintenance, construction,
development, management, indemnity, and other similar agreements and contracts and subcontracts, written or oral, express or implied, now or hereafter entered into, arising or in any manner related to the purchase, construction, design, improvement,
use, operation, ownership, occupation, enjoyment, sale, conversion or other disposition (voluntary or involuntary) of the Property, or the buildings and improvements now or hereafter located thereon, or any other interest in the Property, or any
combination thereof, franchise agreements, property management agreements, cable television agreements, contracts for the purchase of supplies, telephone service agreements, yellow pages or other advertising agreements, sales contracts, construction
contracts, architects agreements, general contract agreements, design agreements, engineering agreements, technical service agreements, sewer and water and other utility agreements, service contracts, agreements relating to the collection of
receivables or use of customer lists, all bookings and reservations for space or facilities within the Property, all purchase options, option agreements, rights of first refusal, contract deposits, earnest money deposits, prepaid items and payments
due and to become due thereunder, and further including all payment and performance bonds, labor, deposits, assurances, construction guaranties, guaranties, warranties, indemnities and other undertakings, architectural plans and specifications,
drawings, surveys, soil reports, engineering reports, inspection reports, environmental audits and other technical descriptions and reports relating to the Property, renderings and models, permits, consents, approvals, licenses, variances,
agreements, contracts, building permits, purchase orders and equipment leases, personal property leases, and all causes of action relating thereto. 

(f) All deposit accounts, instruments, accounts receivable, documents, causes of action, claims, names by
which the Property or the improvements thereon may be operated or known, all rights to carry on business under such names, all telephone numbers or listings, all rights, interest and privileges of which Grantor may have in any capacity under any
covenants, restrictions or declarations now or hereafter relating to the Property or the Improvements, and all notes or chattel paper now or hereafter arising from or by virtue of any transactions relating to the Property or the Improvements located
thereon and all customer lists, other lists, and business information relating in any way to the Property or the Improvements or the use thereof, whether now owned or hereafter acquired. 

  
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 (g) All assets related to the ownership or operation of the
Property or the Improvements now or hereafter erected thereon, including, without limitation, accounts (including, without limitation, health-care-insurance receivables), chattel paper (whether tangible or electronic), deposit accounts, documents,
general intangibles (including, without limitation, payment intangibles, and all current and after acquired copyrights, copyright rights, advertising materials, web sites, and web pages, software and software licenses, trademarks and service marks,
trademark rights, trademark applications, service mark rights, service mark applications, trade dress rights, company names, logos, and all domain names, owned or used in connection with the Grantor’s business, and in each case all goodwill
associated therewith), goods (including, without limitation, inventory, property, possessions, equipment, fixtures and accessions), instruments (including, without limitation, promissory notes), investment property, letter-of-credit rights, letters
of credit, money, supporting obligations, as-extracted collateral, timber to be cut and all proceeds and products of anything described or referred to above in this Subsection (g), in each case as such terms are defined under the Uniform
Commercial Code as in effect in the applicable jurisdiction. 
 (h) All cash funds, deposit
accounts and other rights and evidence of rights to cash, now or hereafter created or held by Beneficiary pursuant to this Instrument, the Credit Agreement or any other of the Loan Documents. 

(i) All water, ditch, well and reservoir rights which are appurtenant to or which have been used in
connection with the Land. All oil, gas, minerals, mineral rights and any right to receive rents, royalties or profits under any oil and gas lease, now or hereafter related to the Land. 

(j) All awards and payments, including interest thereon, resulting from the exercise of any right of
eminent domain or any other public or private taking of, injury to, or decrease in the value of, any of the Land or the Improvements. 
 (k) All appurtenances to any of the foregoing, and all proceeds, products, substitutions and accessions of the foregoing of every type. 

TO HAVE AND TO HOLD the Property and all parts, rights, members and appurtenances thereof, to the Trustee,
for the use, benefit and behoof of Beneficiary for the ratable benefit of the Lenders and the holders of the Hedge Obligations and their respective successors and assigns, IN FEE SIMPLE forever; and Grantor covenants that Grantor is lawfully seized
and possessed of the Property as aforesaid, and has good right to convey its indefeasible fee simple interest in the Land, that the same is unencumbered except for those matters expressly set forth in Exhibit “B” attached hereto and
by this reference made a part hereof (the “Permitted Encumbrances”), and that Grantor does warrant and will forever defend the title thereto against the claims of all persons whomsoever, except as to those matters set forth in said
Exhibit “B” attached hereto, or otherwise specifically approved by Beneficiary in writing after the date hereof. 

  
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 IN TRUST NEVERTHELESS to secure the following described
obligations (collectively, the “Secured Obligations”): 
 (a) The debt evidenced
by (i) those certain Revolving Credit Notes made by Borrower in the aggregate principal amount of Fifty-Five Million and No/100 Dollars ($55,000,000.00) to the order of Lenders, which evidence a revolving credit loan in the initial
principal amount of up to $55,000,000.00 and that may be increased to up to Two Hundred Fifty Million and No/100 Dollars ($250,000,000.00) pursuant to Section 2.11 of the Credit Agreement, and (ii) that certain Swing Loan Note made by
Borrower in the principal amount of Ten Million and No/100 Dollars ($10,000,000.00) to the order of KeyBank, each of which has been issued pursuant to the Credit Agreement and each of which is due and payable in full on or before March 30,
2015, unless extended as provided in the Credit Agreement; and (iii) each other note as may be issued under the Credit Agreement, each as originally executed, or if varied, extended, supplemented, consolidated, amended, replaced, renewed,
modified or restated from time to time as so varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated (collectively, the “Note”); 

(b) The payment, performance and discharge of each and every obligation, covenant and agreement of Grantor
contained herein or of Grantor contained in that certain Unconditional Guaranty of Payment and Performance by Grantor and others in favor of Agent and the Lenders, dated as of March 30, 2012, as amended by that certain First Amendment to
Unconditional Guaranty of Payment and Performance, dated as of June 29, 2012, and that certain Second Amendment to Unconditional Guaranty of Payment and Performance dated as of July 19, 2012 (as amended, restated, modified, renewed,
supplemented or extended from time to time, the “Guaranty”), of Borrower contained in the Credit Agreement, and of Grantor and Borrower in the other Loan Documents, including, without limitation, the obligation of Borrower to reimburse
Issuing Lender for any draws under the Letters of Credit; 
 (c) Any and all additional advances
made by Beneficiary or any Lender to protect or preserve the Property or the lien and security title hereof in and to the Property, or for taxes, assessments or insurance premiums as hereinafter provided (whether or not Grantor is the owner of the
Property at the time of such advances); 
 (d) The payment, performance and discharge of each and
all of the Hedge Obligations; 
 (e) Any and all other indebtedness now or hereafter owing by
Borrower to Beneficiary or any Lender pursuant to the terms of the Credit Agreement, whether now existing or hereafter arising or incurred, however evidenced or incurred, whether express or implied, direct or indirect, absolute or contingent, due or
to become due, including, without limitation, all principal, interest, fees, expenses, yield maintenance amounts and indemnification amounts, and all renewals, modifications, consolidations, replacements and extensions thereof; 

(f) All costs and expenses incurred by the Trustee, Beneficiary, the Lenders and the holders of the Hedge
Obligations in connection with the enforcement and collection of the Secured Obligations, including, without limitation, all attorneys’ fees and disbursements, and all other such costs and expenses described in and incurred pursuant to the
Note, the Credit Agreement, the Guaranty, this Instrument, and the other Loan Documents and the agreements evidencing or relating to the Hedge Obligations (the “Hedge Documents”) (collectively, the “Enforcement
Costs”); 

  
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 (g) All additional amounts that may be disbursed as provided
herein, in the Note or other Loan Documents to the fullest extent permitted by law, including, without limitation, as provided in C.R.S. 38-39-106, regardless of whether such amounts exceed the maximum amount of the Note. 

Subject to Section 2.22 hereof, should the Secured Obligations secured by this Instrument be paid and
performed according to the terms and effect thereof when the same shall become due and payable, and should Grantor perform all covenants contained herein in a timely manner and the obligation of the Lenders to make Loans and issue Letters of Credit
under the Credit Agreement has terminated, then this Instrument shall be released. 
 Grantor
hereby further covenants and agrees as follows: 
 ARTICLE 1 

1.01 Payment of Secured Obligations. Grantor will pay and perform or cause to be paid and performed the Secured
Obligations according to the tenor thereof and all other sums now or hereafter secured hereby as the same shall become due. 
 1.02 Funds for Impositions. After the occurrence and during the continuance of an Event of Default, Grantor shall pay to Beneficiary, subject to Beneficiary’s option under Section 1.03
hereof, on the days that monthly installments of interest are payable under the Note, until the Note is paid in full, a sum (hereinafter referred to as the “Funds”) reasonably estimated by Beneficiary to provide an amount necessary
for payment of the following items in full fifteen (15) days prior to when such items become due (hereinafter collectively referred to as the “Impositions”): (a) the yearly real estate taxes, ad valorem taxes, personal
property taxes, assessments and betterments, and (b) the yearly premium installments for the insurance covering the Property and required by the Credit Agreement. The Impositions shall be reasonably estimated initially and from time to time by
Beneficiary on the basis of assessments and bills and estimates thereof. The Funds shall be held by Beneficiary in a separate account free of any liens or claims on the part of other creditors of Grantor and as part of the security for the
Secured Obligations. Grantor shall not be entitled to any interest on the Funds held by Beneficiary. Grantor shall pay all Impositions prior to delinquency as required by Section 1.03 hereof. In the event Beneficiary elects to reserve Funds as
permitted under this Section 1.02, within ten (10) days after Grantor furnishes Beneficiary with reasonably satisfactory evidence that Grantor has paid one or more of the items comprising the Impositions, Beneficiary shall reimburse
Grantor (or the one paying the Impositions) therefor to the extent of the Funds then held by Beneficiary. Alternatively, Beneficiary shall apply the Funds to pay the Impositions with respect to which the Funds were paid to the extent of the Funds
then held by Beneficiary and provided Grantor has delivered to Beneficiary the assessments or bills therefor. Grantor shall be permitted to pay any Imposition early in order to take advantage of any available discounts. Beneficiary shall make no
charge for so holding and applying the Funds or for verifying and compiling said assessments and bills. The Funds are pledged as additional security for the Secured Obligations, and may be applied, at Beneficiary’s option and without notice to
Grantor, to the payment of the Secured Obligations upon the occurrence of any Event of Default. If at any time the amount of the Funds held by Beneficiary shall be less than the amount reasonably deemed necessary by Beneficiary to

  
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pay Impositions as such become due, Grantor shall pay to Beneficiary any amount necessary to make up the deficiency within fifteen (15) business days after notice from Beneficiary to Grantor
requesting payment thereof. Upon payment and performance in full of the Secured Obligations and termination of the obligation of the Lenders to make Loans and of Issuing Lender to issue Letters of Credit, Beneficiary shall promptly refund to Grantor
any Funds then held by Beneficiary. 
 1.03 Impositions, Liens and Charges. Grantor shall pay all
Impositions and other charges, if any, attributable to the Property prior to delinquency, and at Beneficiary’s option during the continuance of an Event of Default, Grantor shall pay in the manner hereafter provided under this
Section 1.03. Grantor shall, during continuance of an Event of Default, furnish to Beneficiary all bills and notices of amounts due under Section 1.03 as soon as received, and in the event Grantor shall make payment directly, Grantor
shall, as and when available, furnish to Beneficiary receipts evidencing such payments prior to the dates on which such payments are delinquent, subject to Grantor’s right to contest taxes, assessments and other governmental charges as provided
in the Credit Agreement. Grantor shall promptly discharge (by bonding, payment or otherwise) any lien filed against the Property or Grantor (including federal tax liens) and will keep and maintain the Property free from the claims of all persons
supplying labor or materials to the Property, subject to Grantor’s right to contest the same as provided in the Credit Agreement. Grantor shall not claim or be entitled to any credit against the taxable value of the Property by reason of this
Instrument, or any deduction in or credit on the Secured Obligations by reason of Impositions paid. 
 1.04
Taxes, Liens and Other Charges. 
 (a) In the event of the passage of any state, federal,
municipal or other governmental law, order, rule or regulation, subsequent to the date hereof, in any manner changing or modifying the laws now in force governing the taxation of debts secured by deeds of trust or the manner of collecting taxes so
as to adversely affect Beneficiary or the Lenders, Grantor will promptly pay any such tax. If Grantor fails to make such payment promptly, or if, in the opinion of Beneficiary, any such state, federal, municipal, or other governmental law, order,
rule or regulation prohibits Grantor from making such payment or would penalize Beneficiary or the Lenders if Grantor makes such payment or if, in the opinion of Beneficiary, the making of such payment could reasonably result in the imposition of
interest beyond the maximum amount permitted by applicable law, then the entire balance of the principal sums secured by this Instrument and all interest accrued thereon shall, at the option of Beneficiary, become immediately due and payable.

 (b) Grantor will pay all taxes, liens, assessments and charges of every character including
all utility charges, whether public or private, already levied or assessed or that may hereafter be levied or assessed upon or against the Property as required under the Credit Agreement. 

1.05 Insurance. 

Grantor shall procure, deliver to and maintain for the benefit of Beneficiary and Lenders the insurance
policies described in the Credit Agreement. Grantor shall pay all premiums on 

  
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such insurance policies. All proceeds of any property or casualty insurance or awards of damages on account of any taking or condemnation for public use of or injury to the Property are hereby
assigned and shall be paid to Beneficiary, for the benefit of the Lenders, subject to Borrower’s and Grantor’s right to adjust certain claims and use such proceeds as provided in the Credit Agreement. Any such proceeds shall be
released and advanced to Borrower or Grantor in accordance with and subject to the requirements of the Credit Agreement and be applied to the cost of repairing or restoring the Property or the remaining portion of the Property, with any balance
remaining to be applied in accordance with the terms and provisions of the Credit Agreement. In the event of a foreclosure sale of all or any part of the Property pursuant to the enforcement of this Instrument, the purchaser of such Property shall
succeed to all rights of Grantor, including any rights to the proceeds of insurance and to unearned premiums, in and to all of the policies of insurance. In the event of a foreclosure sale, Beneficiary is hereby authorized, without the further
consent of Grantor, to take such steps as Beneficiary may deem advisable to cause the interest of such purchaser to be protected by any of such policies. In case of Grantor’s failure to keep the Property properly insured as required herein,
Beneficiary, after notice to Grantor, at its option may (but shall not be required to) acquire such insurance as required herein at Borrower’s and Grantor’s sole expense. 

1.06 Condemnation. If all or any portion of the Property shall be damaged or taken through condemnation (which
term when used in this Instrument shall include any damage or taking by any governmental authority or any transfer by private sale in lieu thereof), either temporarily or permanently, Grantor shall notify Beneficiary promptly of the time and place
of all meetings, hearings, trials and other proceedings relating to such action. Beneficiary may participate in all negotiations and appear and participate in all judicial or arbitration proceedings concerning any award or payment which may be due
as a result of such taking, and may, in the names of both Grantor and Beneficiary, make any claim for any such award or payment. All compensation, awards and other payments or relief thereof, shall be paid and applied in accordance with terms and
provisions of the Credit Agreement. Grantor’s duty to pay the Note in accordance with its terms and to perform the other Secured Obligations will not be suspended by the pendency or discharged by the conclusion of any proceeding for collection
of any such award or payment, and any reduction in the Secured Obligations resulting from Beneficiary’s application of any such award or payment will take effect only when Beneficiary receives such award or payment. If this Instrument has been
foreclosed prior to Beneficiary’s receipt of such award or payment, Beneficiary shall also be entitled to all of its costs and expenses, including attorneys’ fees, incurred in connection therewith. 

1.07 Care, Use and Management of Property. 

(a) Grantor will keep, or cause to be kept, the roads and walkways, landscaping and all other Improvements
of any kind now or hereafter erected on the Land or any part thereof in good condition and repair, will not commit or suffer any waste, impairment or deterioration (ordinary wear and tear excepted) and will not do or suffer to be done anything which
will increase the risk of fire or other hazard to the Property or any part thereof. 
 (b)
Grantor will not remove or demolish nor alter the structural character of any building located on the Land or any fixtures or personal property relating thereto except when incidental to the replacement of fixtures and personal property with items
of like kind and value or customary tenant improvements pursuant to Leases approved or deemed approved pursuant to the Credit Agreement. 

  
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 (c) If the Property or any part thereof is materially
damaged by fire or any other cause, Grantor will give immediate written notice thereof to Beneficiary. 
 (d) Grantor will promptly comply with all present and future laws, ordinances, rules and regulations of any governmental authority, all restrictive covenants and other agreements affecting the Property or
relating to the operation thereof affecting the Property or any part thereof and all licenses or permits affecting the Property or any part thereof, subject to Grantor’s right to contest the same as provided in the Credit Agreement. 

(e) Grantor shall keep the Property, including the Improvements and the Personal Property (as hereinafter
defined), in good order, repair and tenantable condition and shall replace fixtures, equipment, machinery and appliances on the Property when necessary to keep such items in good order, repair, and tenantable condition (ordinary wear and tear
excepted). 
 (f) Grantor shall keep all franchises, trademarks, trade names, service marks and
licenses and permits necessary for the Grantor’s use and occupancy of the Property in good standing and in full force and effect. 
 (g) Unless required by applicable law or unless Beneficiary has otherwise agreed in writing, Grantor shall not allow changes in the nature of the occupancy or use for which the Property was intended at
the time this Instrument was executed. Grantor shall not abandon the Property. Grantor shall not initiate, fail to contest or acquiesce in a change in the zoning classification of the Property or subject the Property to restrictive or negative
covenants without Beneficiary’s written consent. Grantor shall comply with, observe and perform all zoning and other laws affecting the Property, all agreements and restrictive covenants affecting the Property, and all licenses and permits
affecting the Property, subject to Grantor’s right to contest compliance with laws to the extent permitted in the Credit Agreement. If under applicable zoning provisions the use of all or any part of the Property is or becomes a nonconforming
use, Grantor will not cause or permit such use to be discontinued or abandoned without the express written consent of Beneficiary. 
 (h) To the extent permitted under the terms of the applicable Leases, Beneficiary may, at Grantor’s expense, make or cause to be made reasonable entries upon and inspections of the Property as
permitted in the Credit Agreement during normal business hours and upon reasonable advance notice, or at any other time when necessary or appropriate in an emergency circumstance or during the continuance of an Event of Default, in the sole
reasonable discretion of Beneficiary, to protect or preserve the Property. 
 (i) If all or any
part of the Property shall be damaged by fire or other casualty or loss, then, subject to the provisions of the Credit Agreement, Grantor will promptly restore the Property to the equivalent of its original condition; and if a part of the Property
shall be damaged through condemnation, Grantor will promptly restore, repair or alter the remaining portions of the Property in a manner satisfactory to Beneficiary. Notwithstanding the foregoing, Grantor

  
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shall not be obligated to so restore unless, in each instance, Beneficiary agrees to make available to Grantor (subject to the terms of the Credit Agreement) any net insurance or condemnation
proceeds actually received by Beneficiary hereunder in connection with such casualty loss or condemnation, to the extent such proceeds are required to defray the expense of such restoration; provided, however, that, subject to the provisions of the
Credit Agreement, the insufficiency of any such insurance or condemnation proceeds to defray the entire expense of restoration shall in no way relieve Grantor of its obligation to restore. 

(j) Grantor shall pay all normal and customary operating expenses for the Property as the same become due.

 1.08 Leases and other Agreements Affecting Property. 

(a) As additional security for the Secured Obligations, Grantor presently and unconditionally assigns and
transfers to Beneficiary all of Grantor’s right, title and interest in and to the Leases and the Revenues, including those now due, past due or to become due by virtue of any of the Leases for the occupancy or use of all or any part of the
Property. Grantor hereby authorizes Beneficiary or Beneficiary’s agents to collect the Revenues and hereby directs such tenants, lessees and licensees of the Property to pay the Revenues to Beneficiary or Beneficiary’s agents; provided,
however, Grantor shall have a license (revocable upon the occurrence and during the continuance of an Event of Default) to collect and receive the Revenues. Grantor agrees that each and every tenant, lessee and licensee of the Property may pay, and
hereby irrevocably authorizes and directs each and every tenant, lessee and licensee of the Property to pay, the Revenues to Beneficiary or Beneficiary’s agents on Beneficiary’s written demand therefor (which demand may be made by
Beneficiary at any time after the occurrence and during the continuance of an Event of Default) without any obligation on the part of said tenant, lessee or licensee to inquire as to the existence of an Event of Default and notwithstanding any
notice or claim of Grantor to the contrary, and Grantor agrees that Grantor shall have no right or claim against said tenant, lessee or licensee for or by reason of any Revenues paid to Beneficiary following receipt of such written demand.

 (b) Grantor hereby covenants that Grantor has not executed any prior assignment of the Leases
or the Revenues, that Grantor has not performed, and will not perform, any acts and has not executed, and will not execute, any instruments which would prevent Beneficiary from exercising the rights of the beneficiary of this Instrument, and that at
the time of execution of this Instrument, there has been no anticipation or prepayment of any of the Revenues for more than one (1) month prior to the due dates of such Revenues. Grantor further covenants that Grantor will not hereafter
collect or accept payment of any Revenues more than one (1) month prior to the due dates of such Revenues. 
 (c) Grantor agrees that neither the foregoing assignment of Leases and Revenues nor the exercise of any of Beneficiary’s rights and remedies under this Section or Article 2 hereof
shall be deemed to make Beneficiary a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Leases, the Property or the use, occupancy, enjoyment or operation of all or any portion thereof, unless and until
Beneficiary, in person or by agent, assumes actual possession thereof. Grantor further agrees that the appointment of any receiver for the Property by any court at the request of Beneficiary or by

  
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agreement with Grantor, or the entering into possession of any part of the Property by such receiver, shall not be deemed to make Beneficiary a mortgagee-in-possession or otherwise responsible or
liable in any manner with respect to the Leases, the Property or the use, occupancy, enjoyment or operation of all or any portion thereof. 
 (d) If Beneficiary exercises its rights and remedies pursuant to this Section or Article 2 hereof, all Revenues thereafter collected shall be applied in such order as Beneficiary may elect in its
discretion to the reasonable costs of taking control of and managing the Property and collecting the Revenues, including, but not limited to, reasonable attorneys’ fees actually incurred, fees, receiver fees, premiums on receiver’s
bonds, costs of repairs to the Property, premiums on insurance policies, Impositions and other charges on the Property, and the costs of discharging any obligation or liability of Grantor as landlord, lessor or licensor of the Property, or to the
Secured Obligations. Beneficiary or any receiver shall have access to the books and records used in the operation and maintenance of the Property and shall be liable to account only for those Revenues actually received. Beneficiary shall not be
liable to Grantor, anyone claiming under or through Grantor or anyone having an interest in the Property by reason of anything done or left undone by Beneficiary pursuant to this Section or Article 2 hereof, except in the event of Beneficiary’s
gross negligence or willful misconduct. If the Revenues are not sufficient to meet the costs of taking control of and managing the Property and collecting the Revenues, any monies reasonably expended by Beneficiary for such purposes shall become a
portion of the Secured Obligations. Unless Beneficiary and Grantor agree in writing to other terms of payment, such amounts shall be payable upon notice from Beneficiary to Grantor requesting payment thereof and shall bear interest from the date of
disbursement at the Default Rate stated in the Credit Agreement unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate which may be collected from Grantor
under applicable law. The entering upon and taking possession of and maintaining of control of the Property by Beneficiary or any receiver and the application of Revenues as provided herein shall not cure or waive any Event of Default or invalidate
any other right or remedy of Beneficiary hereunder. 
 (e) It is the intention of Beneficiary and
Grantor that the assignment effectuated by this Instrument with respect to the Revenues shall be a direct and currently effective assignment and shall not constitute merely an obligation to grant a lien, security interest or pledge for the purpose
of securing the Secured Obligations. 
 (f) In the event that a court of competent jurisdiction
determines that, notwithstanding such expressed intent of the parties, Beneficiary’s interest in the Revenues constitutes a lien on or security interest in or pledge of the Revenues, it is agreed and understood that the forwarding of a notice
to Borrower after the occurrence of an Event of Default advising Borrower of the revocation of Borrower’s license to collect such Revenues, shall be sufficient action by Beneficiary to (i) perfect such lien on or security interest in or
pledge of the Revenues, (ii) take possession thereof and (iii) entitle Beneficiary to immediate and direct payment of the Revenues, for application as provided in this Instrument, all without the necessity of any further action by
Beneficiary, including, without limitation, any action to obtain possession of the Land, Improvements or any other portion of the Property. 

  
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 1.09 Leases of the Property. 

(a) Except as permitted in the Credit Agreement, Grantor shall not enter into any Lease of all or any
portion of the Property or amend, supplement or otherwise modify, or terminate or cancel, or accept the surrender of, or consent to the assignment or subletting of, or grant any concessions to or waive the performance of any obligations of any
tenant, lessee or licensee under, any now existing or future Lease of the Property, without the prior written consent of Beneficiary. Grantor, at Beneficiary’s request, shall furnish Beneficiary with executed copies of all Leases hereafter made
of all or any part of the Property. Upon Beneficiary’s request, Grantor shall make a separate and distinct assignment to Beneficiary, as additional security, of all Leases hereafter made of all or any part of the Property. 

(b) There shall be no merger of the leasehold estates created by the Leases with the fee estate of the
Land without the prior written consent of Beneficiary. Beneficiary may at any time and from time to time by specific written instrument intended for the purpose, unilaterally subordinate the lien of this Instrument to any Lease, without joinder or
consent of, or notice to, Grantor, any tenant or any other Person, and notice is hereby given to each tenant under a Lease of such right to subordinate. No such subordination shall constitute a subordination to any lien or other encumbrance,
whenever arising, or improve the right of any junior lienholder. Nothing herein shall be construed as subordinating this Instrument to any Lease. 

(c) Grantor hereby appoints Beneficiary its attorney-in-fact, coupled with an interest, empowering
Beneficiary to subordinate this Instrument to any Leases. 
 (d) Notwithstanding anything to the
contrary contained herein or any of the other Loan Documents, Grantor shall request and obtain the prior written consent of Beneficiary before declaring a default or event of default pursuant to Section 52 (Cross-Collateralization and
Cross-Default) of that certain Lease Agreement by and between Grantor and 8451 Pearl Street Operating Company, LLC, a Delaware limited liability company, dated as of even date herewith, as modified or amended from time to time. 

(e) Grantor shall not amend, supplement or otherwise modify, or terminate or cancel the Escrow Agreement
without the prior written consent of Beneficiary. 
 1.10 Security Agreement. 

(a) Insofar as the machinery, apparatus, equipment, fittings, fixtures, building supplies and materials,
general intangibles and articles of personal property either referred to or described in this Instrument, or in any way connected with the use and enjoyment of the Property is concerned, Grantor grants unto Beneficiary a security interest therein
and this Instrument is hereby made and declared to be a security agreement, encumbering each and every item of personal property (the “Personal Property”) included herein, in compliance with the provisions of the Uniform Commercial
Code as enacted in the applicable jurisdiction as set forth in Section 3.04 below (the “UCC”). Beneficiary may exercise any or all of the remedies of a secured party under the Uniform Commercial Code with respect to any
personal property. Any notification required by the UCC shall be deemed reasonably and properly given if sent in accordance with the notice provisions of this Instrument at least ten (10) days before any sale or other disposition of the
Personal Property. Disposition of the Personal Property shall be deemed 

  
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commercially reasonable if made pursuant to a public sale advertised at least twice in a newspaper of general circulation in the community where the Property is located. It shall be deemed
commercially reasonable for Beneficiary to dispose of the Personal Property without giving any warranties as to the Personal Property and specifically disclaiming all disposition warranties. A financing statement or statements affecting all of said
personal property aforementioned, shall be appropriately filed. The remedies for any violation of the covenants, terms and conditions of the security agreement herein contained shall be (i) as prescribed herein with respect to the Property, or
(ii) as prescribed by general law, or (iii) as prescribed by the specific statutory consequences now or hereafter enacted and specified in said UCC, all at Beneficiary’s sole election. Grantor and Beneficiary agree that the filing of
such financing statement(s) in the records normally having to do with personal property shall never be construed as in any way derogating from or impairing this declaration and hereby stated intention of Grantor and Beneficiary that everything used
in connection with the production of income from the Property and/or adapted for use therein and/or which is described or reflected in this Instrument, is to the full extent provided by law, and at all times and for all purposes and in all
proceedings both legal or equitable shall be, regarded as part of the real estate irrespective of whether (i) any such item is physically attached to the Improvements, (ii) serial numbers are used for the better identification of certain
items capable of being thus identified in a recital contained herein, or (iii) any such item is referred to or reflected in any such financing statement(s) so filed at any time. Similarly, the mention in any such financing statement(s) of the
rights in and to (1) the proceeds of any fire and/or hazard insurance policy, or (2) any award in eminent domain proceedings for a taking or for loss of value, or (3) Grantor’s interest as lessor in any present or future lease or
rights to income growing out of the use and/or occupancy of the Property, whether pursuant to lease or otherwise, shall never be construed as in any way altering any of the rights of Beneficiary as determined by this Instrument, subject to the
provisions of the Credit Agreement, or impugning the priority of Beneficiary’s lien granted hereby or by any other recorded document, but such mention in such financing statement(s) is declared to be for the protection of Beneficiary
in the event any court shall at any time hold with respect to the foregoing (1), (2) or (3), that notice of Beneficiary’s priority of interest to be effective against a particular class of persons, must be filed in the UCC records.

 (b) Grantor warrants that (i) Grantor’s (that is, “Debtor’s”) correct
legal name (including, without limitation, punctuation and spacing) indicated on the public record of Grantor’s jurisdiction of organization, identity or corporate structure, residence or chief executive office and jurisdiction of organization
are as set forth in Subsection 1.10(c) hereof; (ii) Grantor (that is, “Debtor”) has been using or operating under said name, identity or corporate structure without change for the time period set forth in Subsection 1.10(c)
hereof, and (iii) the location of the Personal Property secured by this Instrument is upon the Land (except that the books and records related to the Property may be stored and maintained at another site). Grantor covenants and agrees that
Grantor shall not change any of the matters addressed by clauses (i) or (iii) of this Subsection 1.10(b) unless it has given Beneficiary thirty (30) days prior written notice of any such change and has executed or authorized at
the request of Beneficiary such additional financing statements or other instruments in such jurisdictions as Beneficiary may deem necessary or advisable in its sole discretion to prevent any filed financing statement from becoming misleading or
losing its perfected status. 

  
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 (c) The information contained in this
Subsection 1.10(c) is provided in order that this Instrument shall comply with the requirements of the Uniform Commercial Code, as enacted in the State of Colorado, for instruments to be filed as financing statements. The names of the
“Debtor” and the “Secured Party”, the identity or corporate structure, jurisdiction of organization, organizational number, federal tax identification number, and residence or chief executive office
of “Debtor”, and the time period for which “Debtor” has been using or operating under said name and identity or corporate structure without change, are as set forth in Schedule 1 of Exhibit “C” attached
hereto and by this reference made a part hereof; the mailing address of the “Secured Party” from which information concerning the security interest may be obtained, and the mailing address of “Debtor”, are as set forth in
Schedule 2 of Exhibit “C” attached hereto; and a statement indicating the types, or describing the items, of Personal Property secured by this Instrument is set forth hereinabove. 

(d) Exhibit “C” correctly sets forth all names and tradenames that Grantor has used
within the last five years, and also correctly sets forth the locations of all of the chief executive offices of Grantor over the last five years. 

(e) The Grantor hereby covenants and agrees that: 

(1) Grantor shall not merge or consolidate into, or transfer any of the Property to, any other person or
entity except as permitted under the Credit Agreement. 
 (2) Grantor shall, at any time and
from time to time, take such steps as Beneficiary may reasonably request for Beneficiary (A) to obtain an acknowledgment, in form and substance reasonably satisfactory to Beneficiary, of any bailee having possession of any of the Property,
stating that the bailee holds possession of such Property on behalf of Beneficiary, (B) to obtain “control” of any investment property, deposit accounts, letter-of-credit rights, or electronic chattel paper (as such terms
are defined by the UCC with corresponding provisions thereof defining what constitutes “control” for such items of collateral), with any agreements establishing control to be in form and substance reasonably satisfactory to Beneficiary,
and (C) otherwise to insure the continued perfection and priority of the Beneficiary’s security interest in any of the Property and of the preservation of its rights therein. If Grantor shall at any time, acquire a “commercial
tort claim” (as such term is defined in the UCC) with respect to the Property or any portion thereof, Grantor shall promptly notify Beneficiary thereof in writing, providing a reasonable description and summary thereof, and shall execute a
supplement to this Instrument in form and substance acceptable to Beneficiary granting a security interest in such commercial tort claim to Beneficiary. 

(3) Grantor hereby authorizes Beneficiary, its counsel or its representative, at any time and from time
to time, to file financing statements, amendments and continuations that describe or relate to the Property or any portion thereof in such jurisdictions as Beneficiary may deem necessary or desirable in order to perfect the security interests
granted by Grantor under this Instrument or any other Loan Document, and such financing statements may contain, among other items as Beneficiary may deem advisable to include therein, the federal tax identification number of Grantor.

  
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 (4) Grantor shall not license, lease, sell or otherwise
transfer any of the general intangibles to any third party during the term of this Instrument and the Credit Agreement without the prior written consent of the Beneficiary (which consent may be withheld in the Beneficiary’s sole discretion);
and the Grantor will continue to use all trademarks, service marks and trade names in a consistent manner and shall take all steps necessary to properly maintain any formal registrations on the general intangibles, and to defend and enforce them,
for the term of this Instrument and the Credit Agreement. 
 1.11 Further Assurances; After-Acquired
Property. At any time and from time to time, upon request by Beneficiary, Grantor will make, execute and deliver or cause to be made, executed and delivered, to Beneficiary and, where appropriate, cause to be recorded and/or filed and from time
to time thereafter to be rerecorded and/or refiled at such time and in such offices and places as shall be deemed desirable by Beneficiary, any and all such other and further deeds of trust, security agreements, financing statements, notice filings,
continuation statements, instruments of further assurance, certificates and other documents as may, in the opinion of Beneficiary, be necessary or desirable in order to effectuate, complete, or perfect, or to continue and preserve (a) the
obligation of Grantor under the Guaranty, this Instrument, the other Loan Documents and the Hedge Documents and (b) this Instrument as a first and prior lien upon and security interest in and to all of the Property, whether now owned or
hereafter acquired by Grantor. Upon any failure by Grantor so to do, Beneficiary may make, execute, record, file, re-record and/or refile any and all such deeds of trust, security agreements, financing statements, continuation statements,
instruments, certificates, and documents for and in the name of Grantor and Grantor hereby irrevocably appoints Beneficiary the agent and attorney-in-fact of Grantor so to do. The lien hereof will automatically attach, without further act,
to all after acquired property attached to and/or used in the operation of the Property or any part thereof. 

1.12 Expenses. Grantor will pay or reimburse Beneficiary, upon demand therefor, for all reasonable attorney’s
fees, costs and expenses incurred by Beneficiary in any suit, action, legal proceeding or dispute of any kind in which Lenders, Beneficiary or the holders of the Hedge Obligations is made a party or appears as party plaintiff or defendant, affecting
or arising in connection with the Secured Obligations secured hereby, this Instrument or the interest created herein, or the Property, including, but not limited to, the exercise of the power of sale contained in this Instrument, any condemnation
action involving the Property or any action to protect the security hereof; and any such amounts paid by Lenders, Beneficiary, the holders of the Hedge Obligations shall be added to the Secured Obligations secured by the lien of this Instrument.

 1.13 Subrogation. Beneficiary shall be subrogated to the claims and liens of all parties whose claims
or liens are discharged or paid with the proceeds of the Secured Obligations secured hereby. 
 1.14 Limit of
Validity. If from any circumstances whatsoever fulfillment of any provision of this Instrument, the Guaranty, the Credit Agreement, the Note, any other Loan Document or any Hedge Document, at the time performance of such provision shall be due,
shall be subject to the defense of usury or otherwise transcend or violate applicable law concerning interest or other charges, then ipso facto the obligation to be fulfilled shall be reduced to the limit, so that in no event shall any exaction be
possible under this Instrument, the Guaranty, the Note, the Credit Agreement, any other Loan Document or any Hedge Document be subject to the 

  
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defense of usury or otherwise transcend or violate applicable law concerning interest or other charges that is in excess of the current limit, but such obligation shall be fulfilled to the
maximum limit permitted. The provisions of this Section 1.14 shall control every other provision of this Instrument, the Guaranty, the Note, the Credit Agreement or any other Loan Document or any Hedge Document. 

1.15 Conveyance of Property. Grantor hereby acknowledges to Beneficiary that (a) the identity and expertise
of Grantor was and continues to be a material circumstance upon which Beneficiary has relied in connection with, and which constitute valuable consideration to Beneficiary for, the extending to Borrower of the loans and other extensions of credit
evidenced by the Note and Credit Agreement, and (b) any change in such identity or expertise could materially impair or jeopardize the security for the payment of the Secured Obligations granted to Beneficiary by this Instrument. Grantor
therefore covenants and agrees with Beneficiary, as part of the consideration for the extending to Grantor of the loans evidenced by the Note, that Grantor shall not convey, transfer, assign, further encumber or pledge any or all of its interest in
the Property except as permitted under the Credit Agreement. 
 ARTICLE 2 

2.01 Events of Default. The terms “Default” and “Event of Default” as used herein shall have
the following meanings: 
 “Default” shall mean any event which, with the giving of notice or
the lapse of time, or both, would become an Event of Default. 
 “Event of Default” shall mean
(a) any default in the payment or performance of the obligations of Grantor hereunder or of Borrower or any other Guarantor under any of the other Loan Documents when the same shall become due and payable which is not cured within any grace or
notice and cure period provided in the Credit Agreement or such other Loan Documents, if any, subject to any limitations in the Credit Agreement on the right of Grantor, Borrower or any other Guarantor to receive notices of default, or (b) any
representation or warranty of Grantor hereunder proving to be false or incorrect in any material respect upon the date when made or deemed to have been repeated, or (c) any default in the performance of the obligations of Grantor or
Borrower or any other Person under any of the Security Documents beyond the expiration of any applicable notice and cure period, (d) the occurrence of any “Event of Default” under the Credit Agreement or any other Loan Document,
(e) any amendment to or termination of a financing statement naming Grantor as debtor and Beneficiary as secured party, or any correction statement with respect thereto, is filed in any jurisdiction by, or caused by, or at the instance
of Grantor or by, or caused by, or at the instance of any principal, member, general partner or officer of Grantor (collectively, “Grantor Party”) without the prior written consent of Beneficiary; or (f) in the event that any
amendment to or termination of a financing statement naming Grantor as debtor and Beneficiary as secured party, or any correction statement with respect thereto, is filed in any jurisdiction by any party other than a Grantor

  
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Party or Beneficiary or Beneficiary’s counsel without the prior written consent of Beneficiary and Grantor fails to use its best efforts to cause the effect of such filing to be completely
nullified to the reasonable satisfaction of Beneficiary within ten (10) days after notice to Grantor thereof. 
 2.02 Acceleration of Maturity. If an Event of Default shall have occurred and be continuing, then the entire Secured Obligations secured hereby shall, at the option of Beneficiary and as permitted
by the terms of the Credit Agreement, immediately become due and payable without notice or demand except as required by law, time being of the essence of this Instrument. 

2.03 Right to Enter and Take Possession. 

(a) If an Event of Default shall have occurred and be continuing, Grantor, upon demand of Beneficiary,
shall forthwith surrender to Beneficiary the actual possession of the Property, and if and to the extent permitted by law, Beneficiary itself, or by such officers or agents as it may appoint, may enter and take possession of all the Property
(or such portion or portions as Beneficiary may select) without the appointment of a receiver, or an application therefor, and may exclude Grantor and its agents and employees wholly therefrom, and may have joint access with Grantor to the
books, papers and accounts of Grantor. 
 (b) If Grantor shall for any reason fail to surrender
or deliver the Property or any part thereof after such demand by Beneficiary, Beneficiary may obtain a judgment or decree conferring upon Beneficiary the right to immediate possession or requiring Grantor to deliver immediate possession of the
Property to Beneficiary. Grantor will pay to Beneficiary, upon demand, all expenses of obtaining such judgment or decree, including reasonable compensation to Beneficiary, its attorneys and agents; and all such expenses and compensation shall, until
paid, be secured by the lien of this Instrument. 
 (c) Upon every such entering upon or taking
of possession, Beneficiary may hold, store, use, operate, manage and control the Property and conduct the business thereof and, from time to time, (i) make all necessary and proper maintenance, repairs, renewals, replacements, additions,
betterments and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty and other property; (ii) insure or keep the Property insured; (iii) lease, manage and operate the Property and exercise all
the rights and powers of Grantor to the same extent as Grantor could in its own name or otherwise with respect to the same; and (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted
Beneficiary, all as Beneficiary from time to time may determine to be in its best interest. Beneficiary may collect and receive all the rents, issues, profits and revenues from the Property, including those past due as well as those accruing
thereafter, and, after deducting (1) all expenses of taking, holding, managing and operating the Property (including compensation for the services of all persons employed for such purposes); (2) the cost of all such maintenance,
repairs, renewals, replacements, additions, betterments, improvements, purchases and acquisitions; (3) the cost of such insurance; (4) such taxes, assessments and other similar charges as Beneficiary may at its option pay; (5) other
proper charges upon the Property or any part thereof; and (6) the reasonable compensation, expenses and disbursements of the attorneys and agents of Beneficiary, Beneficiary shall apply the remainder of the monies and proceeds so received
by Beneficiary in accordance with 

  
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Section 12.5 of the Credit Agreement. Beneficiary shall have no obligation to discharge any duties of a landlord to any tenant or to incur any liability as a result of any exercise by
Beneficiary of any rights under this Instrument or otherwise. Beneficiary shall not be liable for any failure to collect rents, issues, profits and revenues from the Property, nor shall Beneficiary be liable to account for any such rents, issues,
profits or revenues unless actually received by Beneficiary. 
 (d) Whenever all that is due upon
the Secured Obligations and under any of the terms, covenants, conditions and agreements of this Instrument shall have been paid, the Lenders have no obligation to make further Loans and the Issuing Lender has no further obligation to issue Letters
of Credit, and all Events of Default cured, Beneficiary shall surrender possession of the Property to Grantor, its successors or assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall
occur and be continuing. 
 2.04 Performance by Beneficiary. If there shall be a Default or Event
of Default in the payment, performance or observance of any term, covenant or condition of this Instrument, Beneficiary may, so long as such Default or Event of Default continues, at its option, pay, perform or observe the same, and all
payments made or costs or expenses incurred by Beneficiary in connection therewith, shall be secured hereby and shall be, upon demand, immediately repaid by Grantor to Beneficiary with interest thereon at the Default Rate. Beneficiary shall be the
sole judge of the necessity for any such actions and of the amounts to be paid. Beneficiary is hereby empowered to enter and to authorize others to enter upon the Land or any part thereof for the purpose of performing or observing any such
defaulted term, covenant or condition without thereby becoming liable to Grantor or any person in possession holding under Grantor. 
 2.05 Receiver. If an Event of Default shall have occurred and be continuing, Beneficiary, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right
without regard to the occupancy or value of any security for the Secured Obligations secured hereby or the solvency of any party bound for its payment, to the appointment of a receiver to take possession of and to operate the Property (or such
portion or portions as Beneficiary may select) and to collect and apply the rents, issues, profits and revenues thereof. The receiver shall have all of the rights and powers permitted under the laws of the State of Colorado. Grantor will pay to
Beneficiary upon demand all reasonable expenses, including receiver’s fees, attorney’s fees, costs and agent’s compensation, incurred pursuant to the provisions of this Section 2.05, and all such expenses shall be secured by this
Instrument. 
 2.06 Enforcement. 

(a) If an Event of Default shall have occurred and be continuing, to the extent permitted by law,
Beneficiary, at its option, may effect the foreclosure of this Instrument by directing the Trustee to sell the Property (or such portion or portions thereof as Beneficiary may select) at public auction at such time and place and upon such terms and
conditions as may be required or permitted by applicable law, after having first advertised the time, place and terms of sale for such period as required by law in a newspaper having general circulation in the city or county in which the Land being
sold lies. At any foreclosure sale, such portion of the Property as is offered for sale may, at Beneficiary’s option, be offered for sale for one total price, and the 

  
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proceeds of such sale accounted for in one account without distinction between the items of security or without assigning to them any proportion of such proceeds, the Grantor hereby waiving the
application of any doctrine of marshalling. 
 (b) If an Event of Default shall have occurred and
be continuing, Beneficiary may, in addition to and not in abrogation of the rights covered under subparagraph (a) of this Section 2.06, either with or without entry or taking possession as herein provided or otherwise, proceed by a suit or
suits in law or in equity or by any other appropriate proceeding or remedy (i) to enforce payment of the Secured Obligations or the performance of any term, covenant, condition or agreement of this Instrument or any other right, and
(ii) to pursue any other remedy available to it, all as Beneficiary shall determine most effectual for such purposes. 
 2.07 Purchase by Beneficiary. Upon any foreclosure sale, Beneficiary, on behalf of the Lenders and the holders of the Hedge Obligations, may bid for and purchase the Property and shall be
entitled to apply all or any part of the Secured Obligations secured hereby as a credit to the purchase price. 
 2.08 Application of Proceeds of Sale. The proceeds received by Beneficiary as a result of the foreclosure sale of the Property or the exercise of any other rights or remedies hereunder shall be
applied in the manner provided for in Section 12.5 of the Credit Agreement, or as otherwise required by law. 
 2.09 Grantor as Tenant Holding Over. In the event of any such foreclosure sale by Beneficiary, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the
purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. 
 2.10 Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws. Grantor agrees, to the full extent permitted by law, that in case of a Default or Event of Default, neither
Grantor nor anyone claiming through or under it shall or will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension, homestead, exemption or redemption laws now or hereafter in force and Grantor, for itself and all
who may at any time claim through or under it, hereby waives to the full extent that it may lawfully so do, the benefit of all such laws, and any and all right to have the assets comprised in the security intended to be created hereby marshaled upon
any foreclosure of the lien hereof. 
 2.11 Waiver of Homestead. Grantor hereby waives and
renounces all homestead and exemption rights provided for by the Constitution and the laws of the United States and of any state, in and to the Property as against the collection of the Secured Obligations, or any part hereof. 

2.12 Leases; Licensees. Beneficiary, at its option, is authorized to foreclose this Instrument subject to
the rights of any tenants and licensees of the Property, and the failure to make any such tenants or licensees parties to any such foreclosure proceedings and to foreclose their rights will not be, nor be asserted by Grantor to be a defense to any
proceedings instituted by Beneficiary to collect the sums secured hereby. 

  
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 2.13 Discontinuance of Proceedings and Restoration of the
Parties. In case Beneficiary shall have proceeded to enforce any right, power or remedy under this Instrument by foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have
been determined adversely to Beneficiary, then and in every such case Grantor and Beneficiary shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Beneficiary shall continue as if no such
proceeding had been taken. 
 2.14 Remedies Cumulative. No right, power or remedy conferred
upon or reserved to Beneficiary by this Instrument is intended to be exclusive of any other right, power or remedy, but each and every such right, power and remedy shall be cumulative and concurrent and may be exercised against Grantor as
Beneficiary may select and shall be in addition to any other right, power and remedy given hereunder or now or hereafter existing at law or in equity or by statute. No act of Beneficiary shall be construed as an election to proceed under any
particular provision of any Loan Document to the exclusion of any other provision in the same or any other Loan Document, or as an election of remedies to the exclusion of any other remedy which may then or thereafter be available to Beneficiary.

 2.15 Waiver. 

(a) No delay or omission of Beneficiary, any Lender or any holder of the Hedge Obligations to exercise any
right, power or remedy accruing upon any Default or Event of Default shall exhaust or impair any such right, power or remedy or shall be construed to be a waiver of any such Default or Event of Default, or acquiescence therein; and every right,
power and remedy given by this Instrument to Beneficiary may be exercised from time to time and as often as may be deemed expedient by Beneficiary. No consent or waiver, expressed or implied, by Beneficiary to or of any Default or Event
of Default by Grantor in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other Default or Event of Default in the performance of the same or any other obligations
of Grantor hereunder. Failure on the part of Beneficiary, the Lenders or any holder of the Hedge Obligations to complain of any act or failure to act or to declare a Default or Event of Default, irrespective of how long such failure
continues, shall not constitute a waiver by Beneficiary, any Lender or any holder of the Hedge Obligations of Beneficiary’s rights hereunder or impair any rights, powers or remedies consequent on any Default or Event of Default by
Grantor. Beneficiary’s acceptance of any payment with knowledge of the existence of a Default or Event of Default by Grantor shall not constitute a waiver by Beneficiary, any Lender or any holder of the Hedge Obligations of
Beneficiary’s rights hereunder or impair any rights, powers or remedies consequent on any Default or Event of Default by Grantor. 
 (b) If Lenders or Beneficiary on behalf of the Lenders, or any holder of the Hedge Obligations (i) grant forbearance or an extension of time for the payment of any sums secured hereby;
(ii) take other or additional security for the payment of any sums secured hereby; (iii) waive or do not exercise any right granted herein or in the Note, the Credit Agreement, any other Loan Document or any Hedge Document;
(iv) release any part of the Property from the lien of this Instrument or otherwise change any of the terms, covenants, conditions or agreements of the Note, this Instrument, any other Loan Document or any Hedge Document; (v) consent
to the filing of any map, plat or replat affecting the Property; (vi) consent to the granting of any 

  
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easement or other right affecting the Property; or (vii) make or consent to any agreement subordinating the lien hereof, any such act or omission shall not release, discharge, modify, change
or affect the original liability under the Note, the Credit Agreement, the Guaranty, this Instrument or any other obligation of Grantor, or any subsequent purchaser of the Property or any part thereof, or any maker, co-signer, endorser, surety or
guarantor; nor shall any such act or omission preclude Beneficiary from exercising any right, power or privilege herein granted or intended to be granted in the event of any Default then made or of any subsequent Default; nor, except as otherwise
expressly provided in an instrument or instruments executed by Beneficiary, shall the lien of this Instrument be altered thereby. In the event of the sale or transfer by operation of law or otherwise of all or any part of the Property, Beneficiary,
without notice, is hereby authorized and empowered to deal with any such vendee or transferee with reference to the Property or the Secured Obligations secured hereby, or with reference to any of the terms, covenants, conditions or agreements
hereof, as fully and to the same extent as it might deal with the original parties hereto and without in any way releasing or discharging any liabilities, obligations or undertakings. 

2.16 Suits to Protect the Property. Beneficiary shall have power (a) to institute and maintain such suits and
proceedings as it may deem expedient to prevent any impairment of the Property by any acts which may be unlawful or in violation of this Instrument, (b) to preserve or protect its interest in the Property and in the rents, issues, profits and
revenues arising therefrom, and (c) to restrain the enforcement of or compliance with any legislation or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid, if the enforcement of or compliance with
such enactment, rule or order would impair the security hereunder or be prejudicial to the interest of Lenders or the holders of the Hedge Obligations. 
 2.17 Beneficiary May File Proofs of Claim. In the case of any receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition or other proceedings affecting Grantor, its
creditors or its property, Beneficiary, to the extent permitted by law, shall be entitled to file such proofs of claim and other documents as may be necessary or advisable in order to have the claims of Beneficiary, Lenders and the holders of the
Hedge Obligations allowed in such proceedings for the entire amount due and payable by Grantor under this Instrument at the date of the institution of such proceedings and for any additional amount which may become due and payable by Grantor
hereunder after such date. 
 2.18 WAIVER OF GRANTOR’S RIGHTS. BY EXECUTION OF THIS INSTRUMENT,
GRANTOR EXPRESSLY: (A) ACKNOWLEDGES THE RIGHT OF BENEFICIARY, THE LENDERS AND/OR THE HOLDERS OF THE HEDGE OBLIGATIONS TO ACCELERATE THE SECURED OBLIGATIONS AND, TO THE EXTENT PERMITTED BY LAW, THE POWER OF BENEFICIARY TO CAUSE TRUSTEE TO SELL
THE PROPERTY BY NONJUDICIAL FORECLOSURE UPON DEFAULT BY GRANTOR AND WITHOUT ANY NOTICE OTHER THAN SUCH NOTICE AS IS SPECIFICALLY REQUIRED TO BE GIVEN UNDER THE PROVISIONS OF THIS INSTRUMENT OR BY LAW; (B) TO THE FULL EXTENT PERMITTED BY LAW,
WAIVES ANY AND ALL RIGHTS WHICH GRANTOR MAY HAVE UNDER THE CONSTITUTION OF THE UNITED STATES (INCLUDING, WITHOUT LIMITATION, THE FIFTH AND FOURTEENTH AMENDMENTS THEREOF), THE VARIOUS PROVISIONS OF THE CONSTITUTIONS FOR THE SEVERAL STATES, OR BY
REASON OF ANY OTHER APPLICABLE LAW, TO 

  
 22 

 
NOTICE AND TO JUDICIAL HEARING PRIOR TO THE EXERCISE BY BENEFICIARY OF ANY RIGHT OR REMEDY HEREIN PROVIDED TO BENEFICIARY, EXCEPT SUCH NOTICE AS IS SPECIFICALLY REQUIRED TO BE PROVIDED IN THIS
INSTRUMENT OR BY APPLICABLE LAW; (C) ACKNOWLEDGES THAT GRANTOR HAS READ THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS AND ANY AND ALL QUESTIONS REGARDING THE LEGAL EFFECT OF THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS AND THEIR PROVISIONS HAVE
BEEN EXPLAINED FULLY TO GRANTOR AND GRANTOR HAS CONSULTED WITH COUNSEL OF GRANTOR’S CHOICE PRIOR TO EXECUTING THIS INSTRUMENT; AND (D) ACKNOWLEDGES THAT ALL WAIVERS OF THE AFORESAID RIGHTS OF GRANTOR HAVE BEEN MADE KNOWINGLY, INTENTIONALLY
AND WILLINGLY BY GRANTOR AS PART OF A BARGAINED FOR LOAN TRANSACTION. 
 2.19 Claims Against
Beneficiary, Lenders and Holders of Hedge Obligations. No action at law or in equity shall be commenced, or allegation made, or defense raised, by Grantor against Beneficiary, the Lenders or any holder of the Hedge Obligations for any claim
under or related to this Instrument, the Note, the Credit Agreement, the Guaranty or any other instrument, document, transfer, conveyance, assignment or loan agreement given by Grantor with respect to the Secured Obligations secured hereby, or
related to the conduct of the parties thereunder, unless written notice of such claim, expressly setting forth the particulars of the claim alleged by Grantor, shall have been given to Beneficiary within sixty (60) days from and after the
initial awareness of Grantor of the event, omission or circumstances forming the basis of Grantor for such claim. Any failure by Grantor to timely provide such written notice to Beneficiary shall constitute a waiver by Grantor of such claim.

 2.20 [Intentionally Omitted]. 

2.21 Indemnification; Subrogation; Waiver of Offset. 

(a) Grantor shall indemnify, defend and hold Beneficiary, the Lenders and the holders of the Hedge
Obligations harmless for, from and against any and all liability, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses (including Beneficiary’s reasonable attorneys’ fees, together with reasonable appellate
counsel fees, if any) of whatever kind or nature which may be asserted against, imposed on or incurred by Beneficiary, or the Lenders or the holders of the Hedge Obligations in connection with the Secured Obligations, this Instrument, the
Property, or any part thereof, or the exercise by Beneficiary of any rights or remedies granted to it under this Instrument; provided, however, that nothing herein shall be construed to obligate Grantor to indemnify, defend and hold harmless
Beneficiary, the Lenders or the holders of the Hedge Obligations for, from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses asserted against, imposed on or incurred by
Beneficiary or a Lender by reason of such Person’s willful misconduct or gross negligence if a judgment is entered against Beneficiary, a Lender or a holder of a Hedge Obligation by a court of competent jurisdiction after the expiration of
all applicable appeal periods. 
 (b) If Beneficiary, a Lender or a holder of a Hedge Obligation
is made a party defendant to any litigation or any claim is threatened or brought against Beneficiary, a Lender or 

  
 23 

 
a holder of a Hedge Obligation concerning the Secured Obligations, this Instrument, the Property, or any part thereof, or any interest therein, or the construction, maintenance, operation or
occupancy or use thereof, then Grantor shall indemnify, defend and hold such Person harmless for, from and against all liability by reason of said litigation or claims, including reasonable attorneys’ fees (together with reasonable appellate
counsel fees, if any) and expenses incurred by such Person in any such litigation or claim, whether or not any such litigation or claim is prosecuted to judgment; provided, however, that nothing in this Section 2.21(b) shall be construed to
obligate Grantor to indemnify, defend and hold harmless Beneficiary, a Lender or a holder of a Hedge Obligation for, from and against any and all liabilities or claims imposed on or incurred by such Person by reason of such Person’s willful
misconduct or gross negligence if a judgment is entered against such Person by a court of competent jurisdiction after expiration of all applicable appeal periods. If Beneficiary commences an action against Grantor to enforce any of the terms hereof
or to prosecute any breach by Grantor of any of the terms hereof or to recover any sum secured hereby, Grantor shall pay to Beneficiary its reasonable attorneys’ fees (together with reasonable appellate counsel, fees, if any) and expenses. The
right to such attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses shall be deemed to have accrued on the commencement of such action, and shall be enforceable whether or not such action is prosecuted to
judgment. If Grantor breaches any term of this Instrument, Beneficiary may engage the services of an attorney or attorneys to protect its rights hereunder, and in the event of such engagement following any breach by Grantor, Grantor shall pay
Beneficiary reasonable attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses incurred by Beneficiary, whether or not an action is actually commenced against Grantor by reason of such breach. All references to
“attorneys” in this Subsection and elsewhere in this Instrument shall include without limitation any attorney or law firm engaged by Beneficiary and Beneficiary’s in-house counsel, and all references to “fees and expenses”
in this Subsection and elsewhere in this Instrument shall include without limitation any fees of such attorney or law firm and any allocation charges and allocation costs of Beneficiary’s in-house counsel. 

(c) A waiver of subrogation shall be obtained by Grantor from its insurance carrier and, consequently,
Grantor waives any and all right to claim or recover against Beneficiary, the Lenders, the holders of the Hedge Obligations and each of their respective officers, employees, agents and representatives, for loss of or damage to Grantor, the
Property, Grantor’s property or the property of others under Grantor’s control from any cause insured against or required to be insured against by the provisions of this Instrument. 

(d) ALL SUMS PAYABLE BY GRANTOR HEREUNDER SHALL BE PAID WITHOUT NOTICE (EXCEPT AS MAY OTHERWISE BE
PROVIDED HEREIN), DEMAND, COUNTERCLAIM, SETOFF, DEDUCTION OR DEFENSE AND WITHOUT ABATEMENT, SUSPENSION, DEFERMENT, DIMINUTION OR REDUCTION, AND THE SECURED OBLIGATIONS AND LIABILITIES OF GRANTOR HEREUNDER SHALL IN NO WAY BE RELEASED, DISCHARGED OR
OTHERWISE AFFECTED BY REASON OF: (I) ANY DAMAGE TO OR DESTRUCTION OF OR ANY CONDEMNATION OR SIMILAR TAKING OF THE PROPERTY OR ANY PART THEREOF; (II) ANY RESTRICTION OR PREVENTION OF OR INTERFERENCE WITH ANY USE OF THE PROPERTY OR ANY PART
THEREOF; (III) ANY TITLE DEFECT OR ENCUMBRANCE OR ANY EVICTION FROM THE LAND OR THE IMPROVEMENTS ON THE LAND OR ANY PART THEREOF 

  
 24 

 
BY TITLE PARAMOUNT OR OTHERWISE; (IV) ANY BANKRUPTCY, INSOLVENCY, REORGANIZATION, COMPOSITION, ADJUSTMENT, DISSOLUTION, LIQUIDATION, OR OTHER LIKE PROCEEDING RELATING TO BENEFICIARY, THE
LENDERS OR ANY HOLDER OF THE HEDGE OBLIGATIONS, OR ANY ACTION TAKEN WITH RESPECT TO THIS INSTRUMENT BY ANY RECEIVER OF BENEFICIARY, OR BY ANY COURT, IN SUCH PROCEEDING; (V) ANY CLAIM WHICH GRANTOR HAS, OR MIGHT HAVE, AGAINST BENEFICIARY, THE
LENDERS OR ANY HOLDER OF THE HEDGE OBLIGATIONS; (VI) ANY DEFAULT OR FAILURE ON THE PART OF BENEFICIARY, THE LENDERS OR ANY HOLDER OF THE HEDGE OBLIGATIONS TO PERFORM OR COMPLY WITH ANY OF THE TERMS HEREOF OR OF ANY OTHER AGREEMENT WITH GRANTOR;
OR (VII) ANY OTHER OCCURRENCE WHATSOEVER, WHETHER SIMILAR OR DISSIMILAR TO THE FOREGOING, WHETHER OR NOT GRANTOR SHALL HAVE NOTICE OR KNOWLEDGE OF ANY OF THE FOREGOING. GRANTOR WAIVES ALL RIGHTS NOW OR HEREAFTER CONFERRED BY STATUTE OR
OTHERWISE TO ANY ABATEMENT, SUSPENSION, DEFERMENT, DIMINUTION, OR REDUCTION OF ANY SUM SECURED HEREBY AND PAYABLE BY GRANTOR. 
 2.22 Revolving Credit/Future Advance. This Instrument secures Secured Obligations which may provide for a variable rate of interest as well as revolving credit advances and other future
advances, whether such advances are obligatory or otherwise. Advances under the Note are subject to the terms and provisions of the Credit Agreement and the other Security Documents. Grantor acknowledges that the Secured Obligations may increase or
decrease from time to time and that if the outstanding balance of the Secured Obligations is ever repaid to zero the security title and security interest created by this Instrument shall not be deemed released or extinguished by operation of law or
implied intent of the parties. This Instrument shall remain in full force and effect as to any further advances under the Credit Agreement made after any such zero balance until the Secured Obligations are paid in full, all agreements to make
further advances or issue letters of credit have been terminated and this Instrument has been canceled of record. Grantor waives the operation of any applicable statutes, case law or regulation having a contrary effect. 

ARTICLE 3 
 3.01 Successors and Assigns. This Instrument shall inure to the benefit of and be binding upon Grantor, Beneficiary and their respective heirs, executors, legal representatives, successors and
assigns. Whenever a reference is made in this Instrument to Grantor or Beneficiary such reference shall be deemed to include a reference to the heirs, executors, legal representatives, successors and assigns of Grantor or Beneficiary. 

3.02 Terminology. All personal pronouns used in this Instrument whether used in the masculine, feminine or neuter
gender, shall include all other genders; the singular shall include the plural, and vice versa. Titles and Articles are for convenience only and neither limit nor amplify the provisions of this Instrument itself, and all references herein to
Articles, Sections or subsections thereof, shall refer to the corresponding Articles, Sections or subsections thereof, of this Instrument unless specific reference is made to such Articles, Sections or subsections thereof of another document or
instrument. 

  
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 3.03 Severability. If any provision of this Instrument or the
application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Instrument and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be
enforced to the greatest extent permitted by law. 
 3.04 Applicable Law. This Instrument will be
governed by the substantive laws of the State of Colorado, without giving effect to its principles of choice of law or conflicts of law (except with respect to choice of law or conflicts of law provisions of its Uniform Commercial Code), and the
laws of the United States applicable to transactions in the State of Colorado. Should any obligation or remedy under this Instrument be invalid or unenforceable pursuant to the laws provided herein to govern, the laws of any other state referred to
herein or of another state whose laws can validate and apply thereto shall govern. 
 3.05
Notices. Except as otherwise provided herein, any notice or other communication required hereunder shall be in writing, and shall be deemed to have been validly served, given or delivered if given and delivered as provided in the Guaranty if
given to Grantor or as provided in the Credit Agreement if given to Beneficiary. 
 3.06 Conflict with Credit
Agreement Provisions. Grantor hereby acknowledges and agrees that, in the event of any conflict between the terms hereof and the terms of the Credit Agreement, the terms of the Credit Agreement shall control, except that the foregoing shall in
no way limit Beneficiary’s remedies set forth herein upon a Default or Event of Default. 
 3.07
Assignment. This Instrument is assignable by Beneficiary, and any assignment hereof by Beneficiary shall operate to vest in the assignee all rights and powers herein conferred upon and granted to Beneficiary. 

3.08 Time of the Essence. Time is of the essence with respect to each and every covenant, agreement and obligation
of Grantor under this Instrument, and any and all other instruments now or hereafter evidencing, securing or otherwise relating to the Secured Obligations. 
 3.09 Grantor. Unless the context clearly indicates otherwise, as used in this Instrument, “Grantor” means the grantors named in recitals hereof or any of them. The obligations of Grantor
hereunder shall be joint and several. If any Grantor, or any signatory who signs on behalf of any Grantor, is a corporation, partnership or other legal entity, Grantor and any such signatory, and the person or persons signing for it, represent and
warrant to Beneficiary that this instrument is executed, acknowledged and delivered by Grantor’s duly authorized representatives. 
 3.10 Place of Payment; Forum; Waiver of Jury Trial. All Secured Obligations which may be owing hereunder at any time by Borrower or Grantor shall be payable at the place designated in the Credit
Agreement (or if no such designation is made, at the address of Beneficiary indicated at the end of this Instrument). Grantor hereby irrevocably submits generally and unconditionally for itself and in respect of its property to the non-exclusive
jurisdiction of any state court, or any United States federal court, sitting in the county in which the Secured Obligations are payable, and to the non-exclusive jurisdiction of any state court or any United States federal court sitting in the state
in which any of the Property is located, over any 

  
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suit, action or proceeding arising out of or relating to this Instrument or the Secured Obligations. Grantor hereby irrevocably waives, to the fullest extent permitted by law, any objection that
Grantor may now or hereafter have to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Grantor hereby agrees and consents that, in addition to any methods of service of process provided for under
applicable law, all service of process in any such suit, action or proceeding may, to the extent permitted by applicable law, be made by certified or registered mail, return receipt requested, directed to Grantor at its address stated in the first
paragraph of this Instrument, or at a subsequent address of Grantor of which Beneficiary received actual notice from Grantor in accordance with the Credit Agreement, and service so made shall be completed five (5) days after the same shall have
been so mailed. Nothing herein shall affect the right of Beneficiary to serve process in any manner permitted by law or limit the right of Beneficiary to bring proceedings against Grantor in any other court or jurisdiction. TO THE FULLEST
EXTENT PERMITTED BY LAW, GRANTOR KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY ACTION, SUIT OR OTHER PROCEEDING ARISING OUT OF OR RELATING TO THIS INSTRUMENT OR ANY OTHER LOAN DOCUMENT. GRANTOR
ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS WAIVER. 
 ARTICLE 4– STATE
SPECIFIC PROVISIONS 
 4.01 Principles of Construction. In the event of any inconsistencies between
the terms and conditions of this Article 4 and the other terms and conditions of this Instrument, the terms and conditions of this Article 4 shall control and be binding. 

4.02 Future Advances. This Instrument is given to secure not only the existing Secured Obligations, but also such
future advances, whether such advances are obligatory or are to be made at the option of Beneficiary or the holder hereof, or otherwise as are made within twenty (20) years from the date hereof, to the same extent as if such future advances
were made on the date of the execution of this Instrument. The total amount of Secured Obligations that may be so secured by this Instrument may be increased or decreased from time to time (as set forth in the Credit Agreement), but the total unpaid
balance so secured at any one time shall not exceed the face amount of the Secured Obligations secured by this Instrument on the date hereof, plus interest thereon, and any disbursements made for the payment of Impositions and any other liens,
assessments and charges of every character (the “Other Charges”), insurance premiums, or other costs to be incurred hereunder, with interest on such disbursements at the rate set forth in the Credit Agreement, plus any increases in the
principal balance as the result of negative amortization or deferred interest, if any. It is agreed that any additional sum or sums advanced by Beneficiary pursuant to the terms hereof or pursuant to the Credit Agreement shall be equally secured
with and have the same priority as the original Secured Obligations and shall be subject to all of the terms, provisions and conditions of this Instrument, whether or not such additional loans or advances are evidenced by other promissory notes or
other guaranties of Grantor and whether or not identified by a recital that it or they are secured by this Instrument. 

  
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 4.03 State-Specific Provisions. 

(a) The assignments of Leases and Revenues set forth in this Instrument are not intended to constitute
payment to Beneficiary or Lenders unless Grantor’s license to collect Revenues is terminated, and then only to the extent that the Revenues are actually received by Beneficiary or any Lender (as opposed to constituting a portion of the
voluntary payments of any amounts due under the Guaranty or the other Loan Documents) and are not used for the operation or maintenance of the Property or for the payment of costs and expenses in connection therewith, taxes, assessments, water
charges, sewer rents, and other charges levied, assessed or imposed against the Property, insurance premiums, costs and expenses with respect to any litigation affecting the Property, the leases, the concessions, and the rent, any wages and salaries
of employees, commissions of agents and attorneys fees. It is further the intent of Grantor, Beneficiary and Lenders that the Revenues hereby absolutely assigned are no longer, during the term of this Instrument, property of Grantor or property of
any estate of Grantor as defined in 11 U.S.C. § 541 and shall not constitute collateral, cash or otherwise, of Grantor. The term Revenues as used herein shall mean the gross rents without deduction or offsets of any kind. 

(b) BY EXECUTION OF THIS INSTRUMENT AND TO THE FULL EXTENT PERMITTED BY LAW, GRANTOR EXPRESSLY WAIVES ANY
AND ALL RIGHTS WHICH GRANTOR MAY HAVE UNDER THE CONSTITUTION OF THE UNITED STATES (INCLUDING, WITHOUT LIMITATION, THE FIFTH AND FOURTEENTH AMENDMENTS THEREOF), THE VARIOUS PROVISIONS OF THE CONSTITUTIONS FOR THE SEVERAL STATES, OR BY REASON OF ANY
OTHER APPLICABLE LAW, TO NOTICE AND TO JUDICIAL HEARING PRIOR TO THE EXERCISE BY AGENT OF (1) INTENT TO ACCELERATE THE LOAN, OR (2) ACCELERATION OF THE LOAN. 

4.04 Fixture Filing. This Instrument constitutes a fixture filing, and as such, covers all items of
the Property that are or become fixtures on the Land or the Improvements. 
 4.05
Appointment of Receiver. Beneficiary shall be entitled, as a matter of absolute right and without regard to the value of any security for the Secured Obligations or the solvency of any person liable therefor, to the appointment of a
receiver for the Property upon ex parte application to any court of competent jurisdiction. Grantor waives any right to any hearing prior to the appointment of a receiver. Such receiver and his agents shall be empowered: (i) to take possession
of the Property and any businesses conducted by Grantor or any other person thereon and any business assets used in connection therewith; (ii) to exclude Grantor and Grantor’s agents, servants and employees from the Property; (iii) to
collect the rents, issues, profits and income therefrom; (iv) to complete any construction which may be in progress; (v) to do such maintenance and make such repairs and alterations as the receiver deems necessary; (vi) to use all
stores of materials, supplies and maintenance equipment on the Property and replace such items at the expense of the receivership estate; (vii) to pay all taxes and assessments against the Property, all premiums for insurance thereon, all
utility and other operating expenses, and all sums due under any prior or subsequent encumbrance; and (viii) generally to do anything which Grantor could legally do if Grantor were in possession of the Property. All expenses incurred by the
receiver or his agents shall constitute a part of the Secured Obligations. Any revenues collected by the receiver shall be applied first to the expenses of the receivership, including attorneys’ fees incurred by the receiver and by Beneficiary,
together with interest thereon at the default rate under the Note from the date incurred until repaid, and the balance shall be applied 

  
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toward the Secured Obligations or in such other manner as the court may direct. Unless sooner terminated with the express consent of Beneficiary, any such receivership will continue until the
Secured Obligations have been discharged in full, or until title of the Property has passed after foreclosure sale. 
 4.06 Foreclosure. Notwithstanding anything to the contrary contained in this Instrument, the following provisions shall apply with respect to foreclosure proceedings: 

(a) Judicial Foreclosure. If an Event of Default shall occur and be continuing, Beneficiary may
elect to commence a civil action pursuant to the Colorado Rules of Civil Procedure to foreclose this Instrument and cause the sale of the Property by applicable law. The officer appointed by a judgment of foreclosure to sell the Property may sell
the Property at the time and place of sale fixed by it in a notice of sale, at public auction to the highest bidder and as otherwise provided by law. Such officer shall promptly comply with all notice and other requirements of the laws then in force
with respect to such sales and may postpone any foreclosure or other sale of the Property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement or subsequently noticed
sale. Without further notice, the officer appointed to sell the Property may make such sale at the time fixed by the last postponement, or may, in its discretion, give a new notice of sale. 

(b) Trustee’s Sale. If an Event of Default shall occur and be continuing, Beneficiary is
authorized and empowered, without further notice, to file with Trustee, a Notice of Election and Demand for Sale, in writing, as provided by law. After such filing, Trustee may lawfully foreclose and shall foreclose the lien of this Instrument, and
sell and dispose of the Property and all the right, title, and interest of Grantor therein, at a public auction at any place then authorized by law as may be specified in the notice of such sale, for the highest and best price (the
“Trustee’s Sale”), public notice having previously been given to the extent and in a manner required by law. Trustee shall issue, execute, and deliver a Certificate of Purchase, a Trustee’s Deed (which may be in the
ordinary form of conveyance), or a Certificate of Redemption in the manner provided by law to the party entitled thereto. Beneficiary may purchase the Property at the Trustee’s Sale. Any purchaser at the Trustee’s Sale shall not be
responsible for the application of the purchase money. In the event of any express conflict between the provisions of this Instrument and the provisions of Colorado Revised Statutes, the provisions of Colorado Revised Statutes shall apply.

 (c) Expenses of Foreclosure. To the extent permitted by applicable law, all fees, costs
and expenses of any kind incurred by Beneficiary or Trustee in connection with foreclosure of this Instrument, including, without limitation, the costs of any appraisals of the Property obtained by Beneficiary or Trustee, all costs of any
receivership for the Property advanced by Beneficiary or Trustee, and all attorneys’ and consultants’ fees incurred by Beneficiary or Trustee, appraisers’ fees, outlays for documentary and expert evidence, stenographers’ charges,
publication costs and costs (which may be estimates as to items to be expended after entry of the decree) of procuring all such abstracts of title, title searches and examination, title insurance policies and similar data and assurances with respect
to title, as Beneficiary or Trustee may deem necessary either to prosecute such suit or to evidence to bidders at the sales that may be had pursuant to such proceedings the true conditions of the title to or the value of the Property,

  
 29 

 
together with and including a reasonable compensation to any government officials involved in the exercise of remedies hereunder, shall constitute a part of the Secured Obligations and may be
included as part of the amount owing from Grantor to Beneficiary at any foreclosure sale. 
 (d)
Proceeds of Foreclosure Sale. Notwithstanding the provisions of this Instrument to the contrary, the proceeds of any foreclosure sale of the Property shall be distributed and applied as provided for in the Credit Agreement, except as
otherwise expressly required by law. 
 (e) Insurance Upon Foreclosure. In case of an
insured loss after judicial foreclosure or Trustee’s sale proceedings have been instituted, the proceeds of any insurance policy or policies, if not applied to rebuilding or restoring the Improvements, shall be used to pay the amount due upon
the Secured Obligations. In the event of judicial foreclosure, Beneficiary is hereby authorized, without the consent of Grantor, to assign any and all insurance policies to the purchaser at the sale, or to take such other steps as Beneficiary or
Trustee may deem advisable to cause the interest of such purchaser to be protected by any of the said insurance policies. 
 (f) No Conflict. Nothing in this Section dealing with foreclosure procedures or specifying particular actions to be taken by Beneficiary or by Trustee or any other official shall be deemed to
contradict or add to the requirements and procedures now or hereafter specified by Colorado law, and any such inconsistency shall be resolved in favor of Colorado law applicable at the time of foreclosure. 

4.07 Additional Waivers. To the full extent that the covenants and waivers contained in this Section 4.07 are
permitted by law, but not otherwise, Grantor hereby waives any and all rights under, and covenants and agrees that it will not at any time insist upon or plead or in any manner whatsoever claim or take advantage of, any stay, exemption, moratorium
or extension law hereafter in effect or any law now or hereafter in effect providing for the valuation or appraisement of the Property or any part thereof prior to any sale or sales thereof, and Grantor will not invoke or utilize any such law or
laws or otherwise hinder, delay or impede the execution of any right, power or remedy herein or otherwise granted or delegated to Trustee or Beneficiary, but will suffer and permit the execution of every such right, power and remedy as though
no such law or laws have been made or enacted. 
 4.08 Release of Instrument. Upon payment of all amounts
secured by this Instrument, Beneficiary shall cause Trustee to release this Instrument. Grantor shall pay all costs of recordation and shall pay the statutory Trustee’s fees. If Beneficiary does not produce the original Note as aforesaid, then
Beneficiary shall obtain, at Beneficiary’s expense, and file any lost instrument bond required by Trustee to effect the release of this Instrument. 
 4.09 Borrower’s Right to Cure Default. Whenever foreclosure is commenced for nonpayment of any sums due hereunder, the owners of the Property or parties liable hereon shall be entitled to cure
said defaults in accordance with C.R.S. 38-38-104. Upon such payment, this Instrument and the obligations secured hereby shall remain in full force and effect as though no acceleration had occurred, and the foreclosure proceedings shall be
discontinued. 

  
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 4.10 Additional Remedy Provisions. 

(a) No Waiver of Remedies. Beneficiary may resort to any remedies and the security given by the
Guaranty, this Instrument or the other Loan Documents in whole or in part, and in such portions and in such order as determined by Beneficiary’s sole discretion. No such action shall in any way be considered a waiver of any rights, benefits or
remedies evidenced or provided by the Guaranty, this Instrument or any of the other Loan Documents. The failure of Beneficiary to exercise any right, remedy or option provided in the Guaranty, this Instrument or any of the other Loan Documents shall
not be deemed a waiver of such right, remedy or option or of any covenant or obligation secured by the Guaranty, this Instrument or the other Loan Documents. No acceptance by Beneficiary of any payment after the occurrence of any Event of Default
and no payment by Beneficiary of any obligation for which Grantor is liable hereunder shall be deemed to waive or cure any Event of Default with respect to Grantor’s liability to pay such obligation. No sale of all or any portion of the
Property, no forbearance on the part of Beneficiary, and no extension of time for the payment of the whole or any portion of the Secured Obligations or any other indulgence given by Beneficiary to Grantor, shall operate to release or in any
manner affect the interest of Beneficiary, any Lender or any holder of the Hedge Obligations in the remaining Property or the liability of Grantor to pay the Secured Obligations or the liability of Grantor under the Guaranty. No waiver by
Beneficiary shall be effective unless it is in writing and then only to the extent specifically stated. All costs and expenses of Beneficiary and Lenders in exercising their rights and remedies under this Instrument (including reasonable
attorneys’ fees and disbursements to the extent permitted by law), shall be paid by Grantor immediately upon notice from Beneficiary, and such costs and expenses shall constitute a portion of the Secured Obligations and shall be secured by this
Instrument. The interests and rights of Beneficiary, any Lender or any holder of the Hedge Obligations under the Guaranty, this Instrument or in any of the other Loan Documents shall not be impaired by any indulgence, including (i) any renewal,
extension or modification which Beneficiary or any Lender may grant with respect to any of the Secured Obligations, (ii) any surrender, compromise, release, renewal, extension, exchange or substitution which Beneficiary, any Lender, or any
holder of the Hedge Obligations may grant with respect to the Property or any portion thereof; or (iii) any release or indulgence granted to any maker, endorser, guarantor or surety of any of the Secured Obligations. 

(b) Maturity Date. The Secured Obligations have a final maturity date of March 30, 2015,
unless extended as provided in the Credit Agreement. 
 (c) Notice of Indemnification.
GRANTOR ACKNOWLEDGES THAT THIS INSTRUMENT PROVIDES FOR INDEMNIFICATION OF BENEFICIARY, LENDERS AND HOLDERS OF THE HEDGE OBLIGATIONS BY GRANTOR. EXCEPT FOR THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT, BAD FAITH, FRAUD, OR ILLEGAL ACTS OF BENEFICIARY,
LENDERS, HOLDERS OF THE HEDGE OBLIGATIONS OR THEIR RESPECTIVE AGENTS, EMPLOYEES OR CONTRACTORS WHICH SHALL BE EXCLUDED FROM THE INDEMNIFICATION OF GRANTOR, IT IS SPECIFICALLY INTENDED BY GRANTOR, BENEFICIARY, LENDERS AND THE HOLDERS OF THE HEDGE
OBLIGATIONS THAT ALL INDEMNITY OBLIGATIONS AND LIABILITIES ASSUMED BY GRANTOR HEREUNDER BE WITHOUT LIMIT AND WITHOUT REGARD TO THE CAUSE OR CAUSES THEREOF (INCLUDING PREEXISTING CONDITIONS), STRICT LIABILITY, OR THE NEGLIGENCE OF ANY PARTY OR
PARTIES (INCLUDING BENEFICIARY, LENDERS AND HOLDERS OF THE HEDGE OBLIGATIONS) WHETHER 

  
 31 

 
SUCH NEGLIGENCE BE SOLE, JOINT OR CONCURRENT, OR PASSIVE. THE PARTIES SPECIFICALLY INTEND THAT BENEFICIARY, LENDERS AND THE HOLDERS OF THE HEDGE OBLIGATIONS ARE TO BE INDEMNIFIED AGAINST THEIR
OWN NEGLIGENCE (BUT NOT THEIR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT). 
 (d) Waiver.
In the event an interest in any of the Property is foreclosed upon pursuant to a public trustee foreclosure sale, Grantor agrees as follows: to the extent permitted by law, Grantor agrees that Beneficiary and the Lenders shall be entitled to seek a
deficiency judgment from Grantor and any other party obligated on the Note equal to the difference between the amount owing on the Note and the amount for which the Property was sold pursuant to public trustee foreclosure sale. 

4.11 Waiver of Consequential, Punitive and Speculative Damages. Grantor and Beneficiary agree that, in
connection with any action, suit or proceeding relating to or arising out of this Instrument or any of the other Loan Documents, each mutually waives to the fullest extent permitted by applicable law, any claim for consequential, punitive or
speculative damages. 
 4.12 Notice of Insurance Termination/Cancellation. Notwithstanding
anything to the contrary set forth in the Credit Agreement, Borrower and Grantor shall only be required to provide fifteen (15) days prior written notice of the early cancellation or termination of any insurance policy covering the Property.

 ARTICLE 5– COMPLIANCE WITH CREDIT AGREEMENT 

5.01 Representations and Warranties. In addition to the representations and warranties made by Grantor herein,
Grantor hereby makes to Beneficiary and the Lenders the representations and warranties set forth in the Credit Agreement applicable to it, as if it were a party thereto, including, without limitation, those contained in the following sections:
Sections 6.1(c) and (d), 6.2, 6.6, 6.7, 6.8, 6.9, 6.10, 6.12, 6.14, 6.15, 6.16, 6.17, 6.20, 6.23, 6.25, 6.26, 6.27, 6.28, 6.29, 6.30 and 6.32. 
 5.02 Covenants and Agreements. Grantor covenants and agrees that so long as any Loan, Note or Letter of Credit is outstanding that Grantor shall comply with all of the covenants and agreements set
forth in the Credit Agreement applicable to it, as if it were a party thereto, including, without limitation, those contained in the following sections: Sections 7.2, 7.3, 7.4(e), 7.5(a), (b), (c), and (d), 7.6, 7.7 (to the extent required by
Section 1.05 hereof), 7.8, 7.9, 7.10, 7.11, 7.12, 7.13, 7.14, 7.16, 7.19, 8.1, 8.2, 8.3, 8.4, 8.5, 8.6, 8.8, 8.10, 8.12, 8.13, 8.14, 8.15, 18.9, 21, and 25. For purposes of Sections 7.5(a), (b), (c) and (d) of the Credit Agreement,
notice given to Beneficiary by Borrower shall satisfy any requirement that Grantor deliver notice under the relevant section. 

[SIGNATURES ON NEXT PAGE] 

  
 32 

 THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE
FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR
VARIED BY EVIDENCE OR PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 

IN WITNESS WHEREOF, Grantor has executed this Instrument as of the day and year first above written.

  

							
	 GRANTOR:

	
	 HC-8451 PEARL STREET, LLC
 a Delaware limited liability company

		
	 By:
	 	 Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member

			
		 	By:	 	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ JOHN E. CARTER

		 		 	Name:	 	John E. Carter
		 		 	Title:	 	Chief Executive Officer

  
 33 

 ACKNOWLEDGMENT 

 

					
	 THE STATE OF FLORIDA
	  	 §
	  	
		  	 §
	  	
	 COUNTY OF HILLSBOROUGH
	  	 §
	  	

 This instrument was acknowledged before me on August 28th, 2012, by John E. Carter, as Chief Executive Officer of Carter
Validus Mission Critical REIT, Inc., a Maryland corporation, which is the general partner of Carter/Validus Operating Partnership, LP, a Delaware limited partnership, which is the sole member of HC-8451 Pearl Street, LLC, a Delaware limited
liability company, on behalf of said limited liability company. 
  

					
	 (SEAL)
	 		 	 /s/ DEMETREA ELLIOTT

		 		 	 Notary Public

			
	 My Commission Expires:
	 		 	 Print Name of Notary:

	 02/11/2015
	 		 	 Demetrea Elliott

  
 34 

 EXHIBIT “A” 

LEGAL DESCRIPTION 

Parcel A: 
 Lots 1, 2 and
3, Block 1, Mediplex Thornton Rehabilitation Center Subdivision recorded in Plat Book F16 at Page 761, County of Adams, State of Colorado. 
 Together with an access easement across Outlot “C”, Mediplex Thornton Rehabilitation Center Subdivision, as set forth in Declaration recorded August 1, 1990 in Book 3697 at Page 634, County
of Adams, State of Colorado. 
 Parcel B: 
 Lot 1, Block 1, Mediplex Group, Inc., Medical Office Building Subdivision recorded in Plat Book F17 at Page 122, County of Adams, State of Colorado. 

  
 EXHIBIT
“A” - PAGE 1 

 EXHIBIT “B” 

Permitted Encumbrances 
 Permitted Encumbrances are such matters as are shown on Schedule B to the Pro Forma Loan Title Insurance Policy File No. 561141CO-L issued by First American Title Insurance Company to Beneficiary in
connection with this Instrument. 

  
 EXHIBIT
“B” - PAGE 1 

 EXHIBIT “C” 

Schedule 1 

(Description of “Debtor” and “Secured Party”) 

 

	A.	 Debtor: 

  

	 	1.	 HC-8451 Pearl Street, LLC, a limited liability company organized under the laws of the State of Delaware. Debtor has been using or operating under
said name and identity or corporate structure without change since August 20, 2012. 

Names and Tradenames used within last five years: 

None. 
 Location of all chief executive offices over last five years: 

4211 W. Boy Scout Boulevard, Suite 500, Tampa, Florida 33607. 

Organizational Number: 5201220 
  

	B.	 Secured Party: 

 KEYBANK NATIONAL ASSOCIATION, a national banking association, as Agent. 

  
 EXHIBIT
“C” - PAGE 1 

 Schedule 2 
 (Notice Mailing Addresses of “Debtor” and “Secured Party”) 
  

	A.	 The mailing address of Debtor is: 

 HC-8451 Pearl Street, LLC 
 4211 W. Boy Scout Boulevard 

Suite 500 
 Tampa, Florida 33607 
 Attn: Todd Sakow, Chief Financial Officer

  

	B.	 The mailing address of Secured Party is: 

 KeyBank National Association, as Agent 
 1200 Abernathy Road, N.E.

 Suite 1550 
 Atlanta, Georgia 30328 
 Attn: Daniel Stegemoeller 

  
 Schedule 2 -
Page1Employment Agreement, dated as of July 13, 2012

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”), dated as of July 13, 2012, is entered into by and between Black Elk Energy Offshore Operations, LLC, a Texas limited liability company (the “Company”), and John G. Hoffman, an individual residing at 7906 Salta
Verde Pt. , Katy, TX 77494 (“Employee”). 
 WHEREAS, the Employee has been providing services to the Company and
in that capacity BEE and the Company has been, and will deliver confidential data of BEE and the Company to the Employee; 

WHEREAS, the Company wants to employ the Employee directly, and Employee wants to terminate his employment agreement with BEE and be
employed by the Company directly instead; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements herein contained, and intending to be legally bound hereby, the Company and Employee hereby agree as follows: 
 1.
Employment. The Company agrees to employ Employee, and Employee agrees to be employed by the Company, upon the terms and subject to the conditions herein provided. 
 2. Term. The employment of Employee will be for a period (referred to herein as the “Employment Term”) commencing on the date of this Agreement and ending the earliest of (i) three
(3) years from the date of this Agreement, or (ii) the date of termination of Employee’s employment pursuant to Section 5 hereof. (“Termination Date”). 

3. Position and Duties. 
 (a) Position. During the Employment Term, Employee will serve as the President and Chief Executive Officer of the Company and in such other capacities as the Board of Managers of the Company (the
“Board”) may designate from time to time, expressly provided that the Board may not materially diminish or reduce the Employee’s duties and privileges hereunder. In such capacities, Employee will have such duties, functions,
responsibilities and authority customarily associated with the positions Employee holds, and subject of the description of the Employee’s duties and metrics for those duties as set forth on Exhibit A hereto, and further subject to any
applicable restrictions imposed by the Bylaws of the Company and to the directives of the Board. 
 (b) Duties. During
the Employment Term, Employee will devote substantially all of his time, skill and attention to the business and affairs of the Company, and in furtherance of the business and affairs of the Company, except for usual, ordinary and customary periods
of vacation and absence due to illness or other disability; provided, however, that Employee may devote reasonable periods of time in connection with the following activities, if such activities do not substantially interfere with the performance of
Employee’s duties and services hereunder, do not violate any other provisions of this Agreement and do not consume more than 10% of Employee’s working hours: 

  
 1 

 (i) serving as a director, officer or member of a committee of any

 organization, if serving in such capacity does not involve any conflict with the business of the Company and
such organization is not in competition in any manner whatsoever with the business of the Company; 
 (ii)
fulfilling speaking engagements; and 
 (iii) engaging in charitable and community activities. 

4. Compensation and Related Matters. 
 (a) Base Salary. Employee will be paid a base salary at the rate of $300,000 per annum, to be paid on a semi-monthly basis, less statutory payroll deductions, payable in accordance with the payroll
practices adopted by the Company. After the first anniversary of the date of this Agreement, the base salary may be reviewed periodically and increases in such base salary may be granted at the sole discretion of the Board. 

(b) Benefits. Employee will, during the Employment Term be eligible to participate in any life insurance, medical, disability and
any other employee benefit plans, or any incentive pay, deferred compensation, profit-sharing or retirement plans of the Company that may be in effect, from time to time, to the extent such plans are generally available to other executive officers
of the Company. Any earned but unpaid bonuses or other discretionary compensation payment for any period shall be paid within the earlier of 30 days following the termination of employment or two and a half months following the end of the taxable
year in which the right to such payment is no longer subject to a substantial risk of forfeiture. 
 (c) Vacations.
Employee, during each twelve-month period of the Employment Term, will be entitled to four (4) weeks vacation, holidays and other paid or unpaid leaves of absence consistent with the Company’s normal policies. 

(d) Expenses. Employee will be reimbursed for reasonable expenses for travel and entertainment as described in the Company’s
policies and only as approved by the Company in advance of expenditure, incurred in the performance of his duties and services hereunder and in furtherance of the business of the Company. Expenses will only be reimbursed upon presentation by
Employee of an itemized account, accompanied by appropriate receipts sufficient to enable the Company to meet Internal Revenue Service documentation standards for deductibility of such expense. Any expenses incurred by the Employee shall be
reimbursed within two and a half months of the end of the taxable year in which the Employee incurs the expense, provided that the expense is incurred by the Employee while employed with the Company. 

  
 2 

 (e) Education, Licenses and Training. Subject to Subsection (d) above:

 (i) the Company will reimburse in full all reasonable costs associated with any job-related education or any
continuing professional education required for Employee to maintain any licenses or certifications; and 
 (ii)
the Company will pay all reasonable fees for licenses, certifications or memberships in professional organizations. 
 5.
Termination of Employment. 
 (a) Employee’s employment hereunder: 

(i) will automatically terminate upon the death, Disability, voluntary resignation, or retirement of Employee; and for purposes hereof,
“Disability,” means a physical or mental disability or other incapacity which renders the Employee unable, with reasonable accommodation, to perform his/her duties for 180 consecutive days or for an aggregate of more than six
(6) months in any twelve (12) month period; 
  

	 	(ii)	may be terminated at any time: 

 (A) By the Employee after a material breach by the Company of any material provision of this Agreement which, if correctable by the Company, remains uncorrected for thirty (30) days following written
notice of such breach to the Company from the Employee; or 
 (B) By the Employee upon a Change of Control (as
defined below); 
 (C) By the Company, upon ten (10) days notice without cause. 

 

	 	(iii)	may be terminated by the Company upon ten (10) days’ written notice, for “cause”, which will mean by reason of any of the following:

 (A) Employee’s conviction of, or plea of nolo contendere to, any 

felony or to any crime or offense causing substantial harm to the Company (whether or not for personal gain) or involving
acts of theft, fraud or embezzlement; 
 (B) willful and intentional misuse or diversion of any of the
Company’s funds; 
 (C) embezzlement; 

(D) fraudulent or willful and material misrepresentations or concealments on any written reports submitted to the Company;
or 

  
 3 

 (E) after a material breach by the Employee of any material provision of
this Agreement which, if correctable by the Employee, remains uncorrected for thirty (30) days following written notice of such breach to the Employee from the Company. 

(F) Termination of the Employee under 5(a)(iii) constitutes a separation from service for purposes of the Treasury
Regulations promulgated under the Internal Revenue Code. 
 (b) Upon termination of Employee’s employment by the Employee
pursuant to Section 5(a)(ii) above, the Employee will be entitled to receive, and Company will pay, a lump sum severance compensation in an amount equal to one year’s annual base salary of the Employee, plus benefits for one year that
Employee may be entitled to receive pursuant to Subsection 4(b) above. Upon termination pursuant to Section 5(a)(i), or by Company pursuant to Section 5(a)(iii), above, the Company will pay all amounts of salary and benefits due
through the date of termination. 
 (c) Change of Control, for the purposes of this Agreement means (i) upon (A) the
sale, lease or other disposition of all or substantially all of the assets of the Company or (B) an acquisition of the Company by another corporation or entity by consolidation, merger or other reorganization in which the holders of the
Company’s outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the corporation or other entity surviving such
transaction, provided that a “Change of Control” shall not apply to a merger effected exclusively for the purpose of changing the domicile of the Company. 
  

	 	6.	Business Opportunities and Intellectual Property; Non-Compete; Non- Solicitation. Employee acknowledges that in the course of his employment hereunder and under
his predecessor agreement with BEE and performance of services on behalf of the Company he will have access to confidential and proprietary business opportunities, economic and trade secrets and relationships of the Company. Therefore, in
consideration of this Agreement, Employee hereby agrees as provided below in this Section 6. 

 (a)
Employee hereby assigns and agrees to assign to the Company and its successors, assigns or designees, all of Employee’s right, title and interest in and to all Business Opportunities and Intellectual Property (as defined below), and further
acknowledges and agrees that all Business Opportunities and Intellectual Property constitute the exclusive property of the Company. 

  
 4 

 For purposes hereof “Business Opportunities” will mean all business ideas,
prospects, proposals, products or other opportunities pertaining to solicitation, service and retention of clients of the Company that are developed by Employee during the Employment Term, or originated by any third party and brought to the
attention of Employee during the Employment Term, together with information relating thereto. For purposes hereof “Intellectual Property” will mean all ideas, inventions, discoveries, processes, designs, methods, substances, articles,
computer programs and improvements (including, without limitation, enhancements to, or further interpretation or processing of, information that was in the possession of Employee prior to the date of this Agreement), whether or not patentable or
copyrightable, which do not fall within the definition of Business Opportunities, which the Employee discovers, conceives, invents, creates or develops, alone or with others, during the Employment Term, if such discovery, conception, invention,
creation or development (A) occurs in the course of the Employee’s employment with the Company, or (B) occurs with the use of any of the Company’ time, materials or facilities, or (C) in the opinion of the Board, relates or
pertains in any material way to the Company’ purposes, activities or affairs. 
 (b) Non-Compete Obligations During
Employment Term. Employee agrees that during the Employment Term, Employee will not, other than through the Company, engage or participate in any manner, whether directly or indirectly through any family member or as an employee, employer,
consultant, agent, principal, partner, more than one percent shareholder, officer, director, licensor, lender, lessor or in any other individual or representative capacity, in any business or activity which is engaged in the business of acquiring or
developing oil and gas properties. 
 (c) Non-Compete Obligations – Post Termination. Employee agrees that in the
event the Employee’s employment is terminated by the Company pursuant to Section 5 (a)(i) or 5(a)(iii), during the period commencing on the date of termination up to and including the earlier of (i) the repayment in full of the
obligations under the Credit Agreement or (ii) July 13, 2015, Employee shall not, directly or indirectly engage in, participate in or assist, as principal or agent, officer, director, employee, franchisee, consultant, partner, shareholder,
member or otherwise, alone or in association with any other person, corporation or other entity, any business whose activities, services or products are in competition with the Company in a County, Parish or offshore block, or in the immediately
adjacent Counties, Parishes or offshore blocks thereto, in which the Company or any one of its divisions, subsidiaries or affiliated entities owns, leases, operates or has an interest in property, or is currently evaluating a prospect at the time of
Employee’s termination of employment or has evaluated a prospect within one (1) year prior to the date of employee’s termination of employment, regardless of whether such prospect is currently producing, a geological concept or
otherwise; provided, however, that the foregoing restriction shall not apply in the case of a company the stock of which is traded either on a national or a regional stock exchange or over-the-counter, where Employee owns less than 5% of the stock
of such company. 
 (d) Non-Solicitation Obligations. The Employee will not, during the period commencing on the date
hereof until the later of July 13, 2015 or one year from the Termination Date with Company (the “Non-Solicitation Period”) for any reason solicit, entice, persuade or induce, directly or indirectly, on Employee’s own account or
as an agent, stockholder, owner, employee, employer or otherwise: 

  
 5 

 (1) any business from (A) any current clients or customers of the Company, or
(B) any potential clients or customers of Company that Employee may have contacted or been assigned to during the Term hereof; or 
 (2) any employees, consultants, agents, representatives or any other person who is under contract with or rendering services of the Company to (A) terminate his or her employment by, or contractual
relationship with, the Company, (B) refrain from extending or renewing the same (upon the same or new terms), (C) refrain from rendering services to or for the Company, (D) become employed by or to enter into contractual relations
with any persons other than the Company, or (E) enter into a relationship with a competitor of the Company. 
 (d)
Non-Disparagement Obligations. Employee agrees not to engage in any conduct or make any statements which are critical of the Company, or any of the employees, officers, directors or other persons regarding, relating to or in connection with
Employee’s employment, or if applicable, the termination of Employee’s employment or Employee’s separation from the Company 
 (e) Confidentiality Obligations. In connection with Employee’s employment with the Company, Company is furnishing certain information and trade secrets to Employee that are non-public,
confidential or proprietary in nature (the “Information”). The term Information means information or data in any form or medium, tangible or intangible, relating to the business of the Company that is actually disclosed by the
Company to the Employee, whether before or after the date of this Agreement, including, without limitation, information concerning (i) names, addresses, electronic mail addresses and telephone, telex and facsimile numbers of employees,
consultants, clients, customers and any other person or entity related to the business of the Company; (ii) information of a technical nature such as trade secrets, patents, product specifications, data, know-how, formulas, compositions,
processes, designs, sketches, photographs, graphs, drawings, samples, inventions and ideas, innovations, improvements, past, current and planned research and development, computer software and programs (including object code and source code), and
database technologies, systems, structures and architectures; (iii) information of a business nature, such as marketing plans, business plans, strategies, forecasts, unpublished financial information, budgets, projections, information and data
concerning costs, profits, market share, sales, current or planned service methods and processes, customer lists, current and anticipated customer requirements, price lists, market studies, business plans, or information regarding suppliers or
lenders; (iv) notes, photographs or memoranda related to the preceding subparts (i), (ii) and (iii); (v) information generated or derived by the Employee that contains, reflects or is derived from any of the Information described
above; and (vi) any other information obtained from the Company that is not known to the public. 

  
 6 

 The term “Information” does not include information which (1) has been or may
in the future be publicly available through no fault of the Employee and not in violation of the rights of the Company; (2) prior to disclosure by the Company is known to or is within the legitimate possession of the Employee; (3) is
received in good faith by the Employee from any third party without notice of any restriction against its further disclosure; (4) is independently developed by persons who have not had access to or knowledge of the Information; (5) is not
considered confidential by the Company; or (6) must be produced under applicable law or an order of court of competent jurisdiction. 
 (i) Written Information considered by the Company as confidential or proprietary and provided to him need not be clearly marked in a conspicuous place to be considered as confidential or proprietary.
Company will use its best efforts to mark Written Information as confidential or proprietary. Oral information delivered by the Company shall also be confidential or proprietary pursuant to the terms of this Agreement. 

(ii) In consideration of Company disclosing the Information to him, Employee agrees to keep the Information strictly
confidential and shall not disclose the Information without the prior written consent of Company to any person, including any corporations, divisions, subsidiaries, associates, employees, directors, officers, guarantors, counsel, agents and
consultants (collectively, “Representatives”) of the Employee who are not directly involved in the business of the Company and shall not be used by him or his Representatives other than in connection with business of the Company.
The Information shall remain at all times the property of Company, and no license is granted hereby. 
 (iii)
Employee agrees that within three (3) business days of Company’s request, all copies of the Information in any form whatsoever, including any electronic formats, (including, but not limited to any reports, memoranda or other materials
prepared by Employee or at his direction) will be returned by him to Company, and he shall provide a certificate to Company that all Information has been returned. 

(iv) In the event that Employee or anyone to whom he supplies the Information receives a request to disclose all or any
part of the Information, including any request under the terms of a subpoena or governmental body, Employee agrees to (A) immediately notify Company of the existence, terms and circumstances surrounding such a request; (B) consult with
Company on the advisability of taking legally available steps to resist or narrow such request; and (C) if disclosure of such Information is required, furnish only that portion of the Information which, in the written opinion of counsel of
Company, Employee is legally compelled to disclose, and to exercise commercially reasonable efforts to obtain an order or other reliable assurance that confidential treatment will be accorded to such portion of the disclosed Information that Company
so designates. 

  
 7 

 (v) Neither the Company nor any of its Representatives has made or makes any
representation or warranty as to the Information’s accuracy or completeness. Employee agrees that neither Company nor its Representatives shall have any liability to him or any of his Representatives resulting from the provision or use of the
Information. 
 7. Divisibility of Agreement. In the event that any term, condition or provision of this Agreement is for
any reason rendered void, all remaining terms, conditions and provisions will remain and continue as valid and enforceable obligations of the parties. 
 8. Notices. Any notices or other communications required or permitted to be sent hereunder will be in writing and will be duly given if personally delivered or sent postage pre-paid by certified or
registered mail, return receipt requested, to each party as follows: 
  

					
		 	(a) to the Company:	  	Black Elk Energy Offshore Operations, LLC
		 		  	11451 Katy Freeway, Suite 500
		 		  	Houston, Texas 77079
		 		  	Attn: James F. Hagemeier

	

  

					
		 	(b) to the Employee:	  	John G. Hoffman
		 		  	7906 Salta Verde Pt.
		 		  	Katy, TX 77494

 Either party may change his or its address for the sending of notice to such party by written notice to the other party
sent in accordance with the provisions hereof. 
 9. Complete Agreement. This Agreement contains the entire understanding
of the parties with respect to the employment of Employee and supersedes all prior arrangements or understanding with respect thereto and all oral or written employment agreements or arrangements between the Company and Employee. This Agreement may
not be altered or amended except in a writing duly executed by both parties. 
 10. Assignment. This Agreement is
personal and non-assignable by Employee. It will inure to the benefit of any corporation or other entity with which the Company will merge or consolidate or to which the Company will sell all or substantially all of its assets and may be assigned by
the Company to any affiliate of the Company or to any corporation or entity with which such affiliate will merge or consolidate or which will acquire all or substantially all of the assets of such affiliate. 

11. Counterparts. This Agreement may be executed in counterparts, each of which will be an original and all of which together will
constitute one and the same agreement. 

  
 8 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the date
first above written. 
  

							
		 		 	BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC
				
	COMPANY:	 		 	By:	 	

		 		 	Name	 	James Hagemeier
		 		 	Title:	 	CFO
		 		 		 	
	EMPLOYEE:	 		 	 	 	

		 		 	Name:	 	John G. Hoffman
		 		 		 	
		 		 		 	

 [SIGNATURE PAGE TO EMPLOYMENT AGREEMENT] 

  
 S - 1

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