Document:

EXHIBIT 10.14

 

FORM OF
Trust AGREEMENT

 

This Trust Agreement (the “Agreement”)
is entered into as of ____________, 2016 by and among INGEVITY CORPORATION, a Delaware corporation (“Ingevity”
or “Grantor”), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee hereunder
(the “Trustee”), and WESTROCK COMPANY, a Delaware corporation (“WestRock”) under the following circumstances.

 

A.           In
1997, the City of Wickliffe, Kentucky (the “Issuer”) issued $80,000,000 in original principal amount of its Solid Waste
Disposal Facility Revenue Bonds, Series 1997A (Westvaco Corporation Project) (the “Bonds”) pursuant to the Trust Indenture
dated as of January 1, 1997 (as amended or supplemented, the “Indenture”) between the Issuer and PNC Bank, National
Association, as trustee (the “Original Trustee”). The Bonds mature on January 15, 2027 (the "Maturity Date")
in the principal amount of $80,000,000 (the “Maturity Amount”).

 

B.           In
connection with the Bonds, the Issuer and Westvaco Corporation (as the original Lessee) entered a Lease Agreement dated as of January
1, 1997 (as amended or supplemented, the “Lease”), pursuant to which the Issuer agreed to acquire and construct the Project
(as defined in the Lease) for the exclusive use of the Lessee and the Lessee agreed to pay the Issuer specified rental payments
and perform other obligations as specified in the Lease.

 

C.           On
January 1, 1997 pursuant to the Indenture, the Issuer assigned all of its right, title and interest in and to the Lease to the
Original Trustee, with the exception of the Issuer’s right to payments under Sections 8.6 and 10.4 of the Lease.

 

D.           The
Original Trustee was succeeded as trustee under the Indenture by J.P. Morgan Trust Company, National Association and subsequently
J.P. Morgan Trust Company, National Association was succeeded as trustee under the Indenture by The Bank of New York Mellon Trust
Company, N.A., a national banking association (the “Indenture Trustee”).

 

E.           As
reflected by the Amendment to Lease dated July 1, 2015, the Lease was assigned to WestRock Virginia, LLC (“WVL”), and
WVL agreed to be bound by and comply with the terms of the Lease as a “Lessee” thereunder.

 

F.           Pursuant
to a Guarantee Agreement dated July 1, 2015, WestRock has guaranteed the Bonds.

 

G.           The
Project which is the subject of the Lease is comprised of personal property located on the Real Property (as defined in the Lease)
that was leased by the Issuer to the Lessees pursuant to the Real Property Lease (as defined in the Lease) entered into in connection
with the Issuer’s $5,740,000 Solid Waste Disposal Facility Revenue Bonds, Series 1996 (Westvaco Corporation Project) (the
“Series 1996 Bonds”).

 

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H.          The
Series 1996 Bonds were redeemed and fully paid on November 30, 2015, and in connection therewith, the Real Property Lease was terminated
by the Lessees and the Issuer sold the Real Property to WVL effective January 31, 2016.

 

I.           The
Real Property is owned by Ingevity Virginia Corporation (“Ingevity Virginia”) a corporation organized and existing under
the laws of the Commonwealth of Virginia and a wholly-owned subsidiary of Ingevity, following the transfer of the Real Property
from WVL to Ingevity Virginia.

 

J.           On
or about May 1, 2016, WestRock MWV, LLC (“WMWV”) and WVL will spin off their specialty chemicals business (the “Business”)
to Ingevity, a newly-formed public company and the parent company of Ingevity Virginia.

 

K.          In
connection with the spinoff of the Business, WMWV desires to assign its interest in the Lease to Ingevity and WVL desires to assign
its interest in the Lease to Ingevity Virginia.

 

L.           In
connection with the foregoing, each of Ingevity and Ingevity Virginia will guarantee the Bonds pursuant to guarantee agreements
with the Trustee (together, the “New Guarantees”).

 

M.        The
Issuer, the Lessees, Ingevity and Ingevity Virginia have entered into a Second Amendment to Lease and Assignment and Assumption
to provide for the assignment of the Lease to Ingevity and Ingevity Virginia and to amend the Lease to reflect the assumption of
obligations under the Lease by Ingevity and Ingevity Virginia and the delivery by Ingevity and Ingevity Virginia of the New Guarantees;
provided, however, that each of the Lessees remains obligated under the Lease pursuant to the terms thereof as a “Lessee”
thereunder.

 

N.          Pursuant
to the Lease, WMWV, WVL, Ingevity and Ingevity Virginia are Lessees under the Lease, as amended to date, and WMWV, WVL, MW Custom
Papers, LLC, WestRock, Ingevity and Ingevity Virginia are guarantors of the Bonds pursuant to separate guarantee agreements

 

O.         The
Grantor, acting through its duly authorized officers, has selected the Trustee to be the trustee under this agreement, and the
Trustee is willing to act as trustee.

 

NOW, THEREFORE, the Grantor, the Trustee
and WestRock agree as follows:

 

Section
1. Definitions.

 

As used in this Agreement:

 

		(A)	The term “Grantor” means Ingevity and any successor
or assigns of the Grantor.

 

		(B)	The term “Trustee” means the Trustee and any
successor trustee.

 

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		(C)	The term “Investment” means any investment held
in the Trust pursuant to this Agreement.

 

		(D)	The term “Permitted Investment” means any of
the investments specified as such under “Investments to be held in the Trust” in Exhibit B hereto.

 

		(E)	The term “Cash Flow Test” means a calculation
by Grantor performed subsequent to the Initial Trust Deposit of the projected cash flows to be generated by the Investments then
held in the Trust demonstrating that on the Maturity Date the value of the Investments will be not less than 102% of the Maturity
Amount, or not less than 100% of the Maturity Amount if all investments held in the Trust are U.S. Treasury Obligations. For purposes
of this calculation any earnings on or proceeds of Investments shall be assumed to be invested or reinvested at the then current
yield on U.S. Treasury obligations maturing on or about a date two years from the date of Investment.

 

Section
2. Establishment of Fund.

 

The Grantor and Trustee hereby establish
a trust fund titled “Ingevity Corporation Trust Fund” (the “Fund” or the “Trust”) to be held, invested
and applied as provided herein. The Grantor and the Trustee intend that no third party have access to the Fund except as herein
provided. The Fund shall be held by the Trustee, in trust, as hereinafter provided. The Trustee shall not be responsible nor shall
it undertake any responsibility for the amount or adequacy of, nor any duty to collect from the Grantor, any payments necessary
to discharge any liability owing to the Indenture Trustee, the holders of the Bonds or otherwise with respect to the Bonds, the
Lease or the Indenture.

 

Section
3. Initial Deposit to Trust.

 

On ______________, 2016, Grantor shall
deposit $_________________ to the Fund and the Trustee shall on that date apply such funds to the purchase, in the name of the
Trust, of the Investments (the “Initial Investments”) specified on Exhibit A hereto.

 

Section
4. Changes to Investment of Trust Assets.

 

Except as provided in this Section 4, neither
Trustee nor Grantor shall take any actions to liquidate, sell, change, substitute any investments in the Trust except (1) as permitted
by this Section 4 or (2) in order to make the payment on the Principal Payment Date specified in Section 5 hereof.

 

Unless otherwise directed in writing by
Grantor in accordance with this Agreement, the Trustee upon receipt of investment earnings on the Investments or other proceeds
of any Investment shall invest such amounts at the written direction of Grantor in an investment included in item (e) of the definition
of Permitted Investments.

 

Grantor shall be entitled to direct the
liquidation, sale, purchase or substitution of any Investment in the Trust subject to the following conditions:

 

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(A)         Any
Investment to be held in the Trust shall constitute a “Permitted Investment”; and

 

(B)         Delivery
of the following items to the Trustee and WestRock at least three business days prior to any liquidation, sale, purchase or substitution
of any Investment in the Trust:

 

(1)         A
written direction from Grantor signed by an authorized officer of Grantor directing the proposed action and specifying the Permitted
Investments to be liquidated, sold, purchased or substituted;

 

(2)         A
written certificate (including calculations) signed by an authorized officer of Ingevity (an “Officer's Certificate”)
delivered to the Trustee and WestRock stating that the Investments, after giving effect to the proposed liquidation, sale, purchase
or substitution of any Investment, will meet the Cash Flow Test; and

 

(3)         Evidence
satisfactory to WestRock and the other entities named as secured parties under the Security Agreement (as defined herein) that
the Investments in the Trust are and will continue to be subject to the lien of the Security Agreement and that such lien constitutes
a first priority perfected lien on the Investments.

 

Section
5. Application of Trust Assets.

 

On the Maturity Date or on such earlier
date on which the principal of the Bonds is due in connection with any acceleration of the Bonds pursuant to Article 10 of the
Indenture (the “Principal Payment Date”), the Trustee shall liquidate the Investments in the Fund and transfer $80,000,000,
or the available amounts if less than $80,000,000, to the Indenture Trustee to pay the principal then due on the Bonds. Any remaining
funds still held in trust after this transfer shall be transferred to the Indenture Trustee to be applied to pay interest on the
Bonds due on such date. Any residual funds remaining in trust on such date shall be transferred by the Trustee to the Grantor at
the written direction of Grantor.

 

If at any time the Investments held in
the Trust meet the Cash Flow Test the Trustee shall, if so directed in writing by the Grantor, transfer to the Indenture Trustee
funds in such amount as results in the remaining Investments in the Trust meeting the Cash Flow Test (as provided in an Officer's
Certificate which demonstrates to the Trustee and WestRock that the Investments remaining in the Trust after giving effect to the
proposed transfer will meet the Cash Flow Test) to be applied by the Indenture Trustee to pay interest on the Bonds.

 

Section
6. No Commingling of Investments.

 

The Trustee is expressly prohibited from
transferring at any time any or all of the assets of the Fund to any common, commingled, or collective trust fund created by the
Trustee or any other party except as expressly permitted by Section 4 above.

 

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Section
7. Express Powers of Trustee; Acceptance of Trust.

 

Without in any way limiting the powers
and discretions conferred upon the Trustee by other provisions of this Agreement or by law, the Trustee is expressly authorized
and empowered:

 

(A)         To
sell, exchange, convey, transfer, or otherwise dispose of any property held by it, by public or private sale but only as expressly
permitted by this Agreement.

 

(B)         To
make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and all other instruments that
may be necessary or appropriate to carry out the powers herein granted.

 

(C)         To
register any securities held in the Fund in its own name or in the name of a nominee and to hold any security in bearer form or
in book entry.

 

(D)         To
deposit any cash in the Fund in interest-bearing accounts maintained or savings certificates issued by the Trustee, in its separate
corporate capacity, or in any other banking institution affiliated with the Trustee, to the extent insured by an agency of the
federal or state government.

 

(E)         To
compromise or otherwise adjust all claims in favor of or against the Fund but only with the prior written consent of Grantor and
WestRock.

 

(F)         To
distribute or apply income of the Fund but only in the manner provided in and in compliance with this Agreement.

 

(G)         To
pay amounts for taxes as provided in the first sentence of Section 9.

 

(H)         The
Trustee accepts and agrees to execute the trusts hereby created, but only upon the additional terms set forth in this section,
to all of which the parties hereto agree. The Trustee shall be responsible only for those duties specifically provided for herein
and no implied duties or liabilities shall be read into this Agreement against the Trustee.

 

(I)         The
recitals, statements and representations in this Agreement have not been made by the Trustee and the Trustee shall be under no
responsibility for the correctness thereof.

 

(J)         The
Trustee shall have no responsibility for compliance with securities laws in connection with the Agreement or the Investments.

 

(K)         The
Trustee has no responsibility with regard to the suitability and legality of the directed investments hereunder. Ratings of permitted
investments shall be determined at the time of purchase of such permitted investments and without regard to ratings subcategories.
The Trustee may make any and all such investments through its own investment department or that of its affiliates or subsidiaries,
and may charge its ordinary and customary fees for such trades, including investment maintenance fees. In the absence of written
investment instructions from the Grantor, the Trustee shall not be responsible or liable for keeping the moneys held by it hereunder
fully invested in

 

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permitted investments.
The Trustee shall not be responsible or liable for losses on investments made in compliance with the provisions of this Agreement.

 

(L)         Although
the Grantor recognizes that it may obtain a broker confirmation or written statement containing comparable information at no additional
cost, the Grantor hereby agrees that confirmations of permitted investments are not required to be issued by the Trustee for each
month in which a monthly statement is rendered; and no statement need be rendered for any fund or account if no activity occurred
in such fund or account during such month.

 

(M)         The
Trustee may execute any powers hereunder and perform any duties required of it through attorneys, agents, officers, or employees,
and shall be entitled to advice of counsel concerning all questions hereunder and shall be free from all liability for any action
taken, omitted or suffered in reliance on such advice from counsel; and the Trustee shall not be answerable for the negligence
or misconduct of any attorney or agent (other than an officer or an employee) selected by it with reasonable care. The Trustee
shall not be answerable for the exercise of any discretion or power under this Agreement or for anything whatever in connection
with the trust hereunder, except only its own gross negligence or willful misconduct or that of any officer, director or employee
of the Trustee.

 

(N)         The
Trustee may act on any notice, request, consent, waiver, certificate, statement, affidavit or other paper or document which it
in good faith believes to be genuine and to have been passed or signed by the proper persons or to have been prepared and furnished
pursuant to any of the provisions of this Agreement and the Trustee shall be under no duty to make any investigation as to any
statement contained in any such instrument, but may accept the same as conclusive evidence of the accuracy of such statement.

 

(O)         The
permissive rights of the Trustee to do things enumerated in this Agreement shall not be construed as a duty. Any request or direction
mentioned herein shall, at the request of the Trustee, be evidenced by a certificate of an authorized officer, and any resolution
shall be sufficiently evidenced by a certified resolution. Whenever in the administration of this Indenture, the Trustee deems
it desirable that a matter be proved or established before it takes, suffers or omits any action, the Trustee may rely upon a certificate
of an authorized officer. The Trustee shall not be liable with respect to any action taken or omitted to be taken at the direction
of the Grantor which is properly permitted to be given by it under this Agreement. The Trustee shall not be required to give a
bond or surety to act under this Agreement. No provision of this Agreement shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of its duties. The Trustee may consult with counsel selected
by it with reasonable care and the advice of such counsel shall be full and complete authorization and protection with respect
to any action taken, suffered, or omitted by it under this the Agreement, or any other document relating to this Agreement, in
good faith and in reliance thereon except when such counsel is an officer or employee of Trustee or an affiliate. The Trustee shall
not be accountable for the application of the proceeds of the Investments hereunder. The Trustee shall have no duty or obligation
to

 

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record or file
any mortgage, financing statement, continuation statement or similar document relating to this Agreement. The Trustee shall not
be responsible for (i) the validity, priority, recording, rerecording, filing, or refiling of this Agreement or any supplement;
(ii) any instrument or document of further assurance or collateral assignment; (iii) any financing statements, amendments or modifications
thereto, or continuation statements; (iv) the validity of the execution of this Agreement or any supplement; and (v) the sufficiency
of the security granted for the Investments.

 

(P)         The
Trustee may construe any ambiguous or inconsistent provisions of this Agreement and any construction by the Trustee shall be binding
upon the parties hereto.

 

(Q)         Any
corporation or association into which any Trustee hereunder may be merged or with which it may be consolidated or to which the
corporate trust business of such Trustee may be transferred as a whole or substantially as a whole, or any corporation or association
resulting from any merger, consolidation or transfer to which any Trustee hereunder shall be a party, shall be the successor trustee
under this Indenture, without the execution or filing of any paper or any further act on the part of the parties hereto, anything
herein to the contrary notwithstanding.

 

Section
8. Grant of Security Interest.

 

The parties to this Agreement acknowledge
that Grantor and Trustee are entering into a Security Agreement dated ________________, 2016 (the “Security Agreement”)
granting a security interest in the assets of the Trust to WestRock and the other secured parties named in the Security Agreement.

 

Section
9. Taxes and Expenses.

 

All taxes of any kind that may be assessed
or levied against or in respect of the Fund and all brokerage commissions incurred by the Fund shall be paid from the Trust when
due as directed by the Grantor in writing (so long as the Investments remaining in the Trust after the proposed transfer meet the
Cash Flow Test as demonstrated by written evidence satisfactory to the Trustee and to WestRock that the Investments remaining in
the Trust after giving effect to the proposed transfer will meet the Cash Flow Test) and otherwise will be paid directly by Grantor.
All other expenses incurred by the Trustee in connection with the administration of this Trust, including fees for legal services
rendered to the Trustee and the compensation of the Trustee shall be paid directly by the Grantor.

 

Section
10. Advice of Counsel.

 

The Trustee may from time to time consult
with counsel, who may be counsel to the Grantor, with respect to any questions arising as to the construction of this Agreement
or any action to be taken hereunder. The Trustee shall be fully protected, to the extent permitted by law, in acting upon the advice
of counsel.

 

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Section
11. Trustee Compensation.

 

The Trustee shall be entitled to reasonable
compensation, paid from the Trust as directed by the Grantor for its services hereunder as agreed upon in writing from time to
time with the Grantor (so long as the Investments remaining in the Trust after the proposed transfer meet the Cash Flow Test as
demonstrated by evidence satisfactory to the Trustee and WestRock that the Investments remaining in the Trust after giving effect
to the proposed transfer will meet the Cash Flow Test).

 

Section
12. Successor Trustee.

 

The Trustee may resign or the Grantor may
replace the Trustee with 30 days written notice, but such resignation or replacement shall not be effective until the Grantor has
appointed a successor trustee and this successor accepts the appointment and assumes the Trustee’s obligations under the
Security Agreement. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder.
Upon the successor trustee's acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee
the funds and properties then constituting the Fund and shall provide the Grantor and successor trustee with a final accounting
of the Fund within 60 days. If for any reason the Grantor cannot or does not act in the event of the resignation of the Trustee,
the Trustee may apply to a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The
successor trustee shall specify the date on which it assumes administration of the trust in writing sent to the Grantor and the
present Trustee by certified mail ten days before such change becomes effective. Any expenses incurred by the Trustee as a result
of any of the acts contemplated by this Section shall be paid as provided in Section 9.

 

Section
13. Instructions to the Trustee.

 

All orders, requests, and instructions
by the Grantor to the Trustee shall be in writing, signed by such persons as the Grantor may designate in writing signed by any
officer of Grantor or individual designated in writing by an officer of Grantor. The Trustee shall be fully protected in acting
without inquiry in accordance with the Grantor's orders, requests, and instructions. The Trustee shall have no duty to act in the
absence of such orders, requests, and instructions from the Grantor except as provided for herein.

 

Section
14. Amendment of Agreement.

 

This Agreement may be amended by an instrument
in writing executed by the Grantor, the Trustee and WestRock.

 

Section
15. Irrevocability and Termination.

 

Subject to the right of the parties to
amend this Agreement as provided in Section 14, this Trust shall be irrevocable and shall continue until (A) the transfer of all
then remaining Trust assets pursuant to the first paragraph of Section 5 above and (B) payment to the Trustee of all amounts due
under Section 9, 11 and 16 hereof. Upon satisfaction of these conditions, the Trust and this Agreement shall be terminated by written
direction of the Grantor with the written consent of

 

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WestRock. Upon termination of the Trust,
any remaining Trust property shall be delivered to the Grantor.

 

Section
16. Immunity and Indemnification.

 

The Grantor shall indemnify and hold the
Trustee and its directors, officers, agents and employees (collectively, the “Indemnitees”) harmless from and against
any and all claims, liabilities, losses, damages, fines, penalties, and expenses, including out-of-pocket, incidental expenses,
legal fees and expenses, and the allocated costs and expenses of in-house counsel and legal staff (“Losses”) that may
be imposed on, incurred by, or asserted against, the Indemnitees or any of them for following any instructions or other directions
upon which the Trustee is authorized to rely pursuant to the terms of this Agreement. In addition to and not in limitation of the
immediately preceding sentence, the Grantor also agrees to indemnify and hold the Indemnitees and each of them harmless from and
against any and all Losses that may be imposed on, incurred by, or asserted against the Indemnitees or any of them in connection
with or arising out of the Trustee's performance under this Agreement, provided the Trustee has not acted with gross negligence
or engaged in willful misconduct, or failed to account for and apply moneys and investments as provided herein. The provisions
of this Section 16 shall survive the termination of this Agreement and the resignation or removal of the Trustee for any reason
(except for actions arising from its gross negligence or willful misconduct).

 

The Trustee shall not incur personal liability
of any nature in connection with any act or omission, made in good faith, in the administration of this Trust, or in carrying out
any directions by the Grantor issued in accordance with this Agreement. The Trustee shall be indemnified and saved harmless by
the Grantor, from and against any personal liability to which the Trustee may be subjected by reason of any act or conduct in its
official capacity, including all expenses reasonably incurred in its defense in the event the Grantor fails to provide such defense.

 

The Trustee shall not be liable to the
parties hereto or deemed in breach or default hereunder and to the extent its performance hereunder is prevented by reason of force
majeure. The term “force majeure” means an occurrence that is beyond the control of the Trustee and could not have been
avoided by exercising due care. Force majeure shall include acts of God, terrorism, war, riots, strikes, floods, earthquakes, epidemics
or other similar occurrences.

 

Section
17. Role of WestRock.

 

WestRock shall have no liability or obligation
under this Agreement and is a party hereto for the sole purpose of exercising its rights to provide consents as provided for in
Section 14 above, to agree to any proposed amendment pursuant to Section 14 above and to enforce any obligations of other parties
to this Agreement.

 

Section
18. Notices.

 

Until changed by notice in writing, communication
between the parties shall be delivered to:

 

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	 	(a)	To the Grantor:	Ingevity Corporation
	 	 	 	5255 Virginia Ave
	 	 	 	North Charleston, SC 29406
	 	 	 	Attention: Vice President, Treasury & Risk Management
	 	 	 	 
	 	(b)	To WestRock at:	WestRock Company
	 	 	 	504 Thrasher Street

	 	 	 	Norcross, Georgia 30071 
	 	 	 	 Attention:  Chief
Financial Officer
	 	 	 	 
	 	 	With a copy to:

	West Rock Company
	 	 	 	504 Thrasher Street

	 	 	 	Norcross, Georgia 30071
	 	 	 	Attention:  General Counsel
	 	 	 	 
	 	(c)	To the Trustee at:	The Bank of New York Mellon Trust Company, N.A.
	 	 	 	500 Ross Street, 12th Floor
	 	 	 	Pittsburgh, Pennsylvania  15262
	 	 	 	Attention:  Global Corporate Trust

 

Section
19. Electronic Communications

 

The Trustee shall have the right to accept
and act upon directions given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Grantor
or WestRock, as applicable, shall provide to the Trustee an incumbency certificate listing officers with the authority to provide
such directions and containing specimen signatures of such authorized officers which incumbency certificate shall be amended whenever
a person is to be added or deleted from the listing. If the Grantor or WestRock elects to give the Trustee directions using Electronic
Means and the Trustee in its discretion elects to act upon such directions, the Trustee's understanding of such directions shall
be deemed controlling. The Grantor and WestRock understand and agree that the Trustee cannot determine the identity of the actual
sender of such directions and that the Trustee shall conclusively presume that directions that purport to have been sent by an
authorized officer listed on the incumbency certificate provided to the Trustee have been sent by such an authorized officer. The
Grantor and WestRock shall be responsible for ensuring that only authorized officers transmit such directions to the Trustee and
that all authorized officers treat applicable user and authorized codes, passwords and/or authentication keys with extreme care.
The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon
the compliance with such directions notwithstanding such directions conflict or are inconsistent with a subsequent written direction.
The Grantor and WestRock each agree: (i) to assume all risk arising out of the use of Electronic Means to submit directions to
the Trustee, including without limitation the risk of the Trustee acting on unauthorized directions and the risk of interception
and misuse by third parties; (ii) that it is fully informed of the projections and risks associated with the various Means of transmitting
directions to the Trustee and that there may be more secure means of transmitting directions than the method(s) selected by the
Grantor or WestRock, as applicable; (iii) that the security procedures (if any) to be followed in connection with its transmission
of directions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances and
(iv) to modify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.

 

“Electronic Means” shall mean
the following communication methods, e-mail, facsimile transmission, secure transmission containing applicable authorization codes,
passwords and/or

 

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authentication keys or another method or
system specified by the Trustee as available for use in connection with its services hereunder.

 

Section
20. Choice of Law.

 

This Agreement shall be administered, construed,
and enforced according to the laws of the State of New York.

 

Section
21. Interpretation.

 

As used in this Agreement, words in the
singular include the plural and words in the plural include the singular. The descriptive headings for each section of this Agreement
shall not affect the interpretation or the legal efficacy of this Agreement.

 

In witness whereof the parties have caused
this Agreement to be executed by their respective officers duly authorized and their corporate seals (if applicable) to be hereunto
affixed and attested as of the date first above written.

 

	INGEVITY CORPORATION	 	
        Attest:

	 	 	 	 	 
	 	 	 	 	 
	By	 	 	By	 
	 	Name: 	 	 	 
	 	Title:	 	 	 
	 	 	 
	 	 	 
	
        THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A. 
	 	Attest:

 
	 	 	 
	 	 	 	 	 
	By	 	 	By	 
	 	Name: 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	WESTROCK COMPANY	 	Attest: 

	 	 	 	 	 
	 	 	 	 	 
	By	 	 	By	 
	 	Name: 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    11EXHIBIT 10.1

 

LEASE

 

between

 

GMR MELBOURNE, LLC, a Delaware limited liability
company

as Landlord

 

AND

 

Marina Towers, LLC, a Florida limited liability
company

as Tenant

 

Dated as of March __, 2016

 

     

     

    

 

LEASE

 

THIS LEASE (“Lease”)
is dated as of March __, 2016, and is by and between GMR MELBOURNE, LLC, a Delaware limited liability company (“Landlord”),
and Marina Towers, LLC , a Florida limited liability company (“Tenant”), on the other hand.

 

SECTION
1

 

1.1          Premises;
Term. Upon and subject to the terms and conditions hereinafter set forth, Landlord leases to Tenant, and Tenant leases from
Landlord, all of Landlord’s rights and interests in and to the following (collectively, the “Premises”):

 

(a)        the
real property or properties described in Exhibit A hereto (the “Land”);

 

(b)        all
buildings, structures, Fixtures (as hereinafter defined) and other improvements of every kind now or hereafter located on the Land,
including alleyways and connecting tunnels, sidewalks, utility pipes, conduits and lines (on-site and off-site to the extent Landlord
has obtained any interest in the same), parking areas and roadways appurtenant to such buildings and structures and Capital Additions
thereto (collectively, the “Leased Improvements”);

 

(c)        all
easements, rights and appurtenances relating to the Land and the Leased Improvements (collectively, the “Related Rights”);

 

(d)        all
equipment, machinery, fixtures, and other items of real and/or personal property, including all components thereof, now and hereafter
located in, on or used in connection with and permanently affixed to or incorporated into the Leased Improvements, including all
furnaces, boilers, heaters, electrical equipment, heating, plumbing, lighting, ventilating, refrigerating, incineration, air and
water pollution control, waste disposal, air cooling and air conditioning systems, apparatus, sprinkler systems, fire and theft
protection equipment; and built in oxygen and vacuum systems (if any), all of which, to the greatest extent permitted by law, are
hereby deemed to constitute real estate, together with all replacements, modifications, alterations and additions thereto (collectively,
the “Fixtures”); and

 

(e)        the
machinery, equipment, furniture and other personal property described on Exhibit B attached hereto, together with any other
items of personal property conveyed to Landlord pursuant to the Purchase Contract, together with all replacements, modifications,
alterations and substitutes therefor (whether or not constituting an upgrade) (collectively, “Landlord’s Personal
Property”).

 

SUBJECT, HOWEVER, to the
easements, encumbrances, covenants, conditions and restrictions and other matters that affect the Premises as of the date hereof
or the Commencement Date or that are created thereafter as permitted hereunder, to have
and to hold for (1) the Fixed Term (as defined below), and (2) the Extended Terms provided for in Section 19.1, unless this
Lease is earlier terminated as hereinafter provided.

 

     

     

    

 

SECTION
2

 

2.1          Definitions.
For all purposes of this Lease, except as otherwise expressly provided or unless the context otherwise requires, (a) the terms
defined in this Section have the meanings assigned to them in this Section and include the plural as well as the singular; (b)
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP as at the time applicable;
(c) all references in this Lease to designated “Sections,” “Sections” and other subdivisions are to the
designated Sections and other subdivisions of this Lease; (d) the word “including” shall have the same meaning as the
phrase “including, without limitation,” and other similar phrases; and (e) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Lease as a whole and not to any particular Section,
Section or other subdivision:

 

Acquisition Price:
The sum of $15,450,000.00.

 

Additional Charges:
As defined in Section 3.2.

 

Affiliate: Any Person
which, directly or indirectly (including through one or more intermediaries), controls or is controlled by or is under common control
with any other Person, including any Subsidiary of a Person. For purposes of this definition, the definition of Controlling Person
below, and Section 24.1.1 below, the term “control” (including the correlative meanings of the terms “controlled
by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly
or indirectly (including through one or more intermediaries), of the power to direct or cause the direction of the management and
policies of such Person, through the ownership or control of voting securities, partnership interests or other equity interests
or otherwise. Without limiting the generality of the foregoing, when used with respect to any corporation, limited liability company
or other legal entity, the term “Affiliate” shall also include (i) any Person which owns, directly or indirectly (including
through one or more intermediaries), Fifty Percent (50%) or more of any class of voting security or equity interests of such entity,
(ii) any Subsidiary of such entity and (iii) any Subsidiary of a Person described in clause (i).

 

Award: All compensation,
sums or anything of value awarded, paid or received on a total or partial Condemnation.

 

Bankruptcy Code:
The United Stated Bankruptcy Code (11 U.S.C. § 101 et seq.), and any successor statute or legislation thereto.

 

Business Day: Each
Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which national banks in the City of New York, New York are
authorized, or obligated, by law or executive order, to close.

 

Capital Additions:
One or more new buildings, or one or more additional structures annexed to any portion of any of the Leased Improvements, or the
material expansion of existing improvements that are constructed on any parcel or portion of the Land during the Term including
the construction of a new wing or new story, or the repair, replacement, restoration, remodeling or rebuilding of the existing
Leased Improvements or any portion thereof.

 

     -2-

     

    

 

Code: The Internal
Revenue Code of 1986, as amended.

 

Collateral: As defined
in Section 16.7.1.

 

Commencement Date:
The date hereof.

 

Commercial Occupancy
Arrangement: Any commercial (as opposed to patient) Occupancy Arrangement.

 

Condemnation: The
exercise of any governmental power, whether by legal proceedings or otherwise, by a Condemnor or a voluntary sale or transfer by
Landlord to any Condemnor, either under threat of condemnation or while legal proceedings for condemnation are pending.

 

Condemnor: Any public
or quasi-public authority, or private corporation or individual, having the power of Condemnation.

 

Consolidated Financials:
For any fiscal year or other accounting period for any Person and its consolidated Subsidiaries, statements of earnings and retained
earnings and of changes in financial position for such period and for the period from the beginning of the respective fiscal year
to the end of such period and the related balance sheet as of the end of such period, together with the notes thereto, all in reasonable
detail and setting forth in comparative form the corresponding figures for the corresponding period in the preceding fiscal year,
and prepared in accordance with GAAP.

 

Controlling Person:
Any (i) Person(s) that, directly or indirectly (including through one or more intermediaries), controls Tenant and would be deemed
an Affiliate of Tenant, including any partners, shareholders, principals, members, trustees and/or beneficiaries of any such Person(s)
to the extent the same control Tenant and would be deemed an Affiliate of Tenant, and (ii) Person(s) that controls, directly or
indirectly (including through one or more intermediaries), any other Controlling Person(s) and which would be deemed an Affiliate
of any such Controlling Person(s).

 

Current Assets:
At the time of calculation, Tenant’s or Guarantor’s, as applicable (on a combined basis) cash, inventory, accounts
receivable and marketable securities.

 

Current Liabilities:
At the time of calculation, any indebtedness due and payable within one Fiscal Year from the date of Tenant’s or Guarantor’s,
as applicable, most recent balance sheet (on a combined basis), all determined in accordance with GAAP.

 

Date of Taking:
The date the Condemnor has the right to possession of the property being condemned.

 

EBITDARM.  For
any period, NOI, adjusted to add thereto, without duplication, (i) interest expense; (ii) income tax expense; (iii) depreciation
and amortization expense; (iv) rental expense; and (v) management fee expenses, in each case determined in accordance
with GAAP, to the extent applicable;

 

Environmental Costs:
As defined in Section 37.4.

 

     -3-

     

    

 

Environmental Laws:
Any and all federal, state, municipal and local laws, statutes, ordinances, rules, regulations, guidances, policies, orders, decrees
and/or judgments, whether statutory or common law, as amended from time to time, now or hereafter in effect, or promulgated, pertaining
to the environment, public health and safety and industrial hygiene, including the use, generation, manufacture, production, storage,
release, discharge, disposal, handling, treatment, removal, decontamination, clean-up, transportation or regulation of any Hazardous
Substance, including the Clean Air Act, the Clean Water Act, the Toxic Substances Control Act, the Comprehensive Environmental
Response Compensation and Liability Act, the Resource Conservation and Recovery Act, the Federal Insecticide, Fungicide, and Rodenticide
Act, the Safe Drinking Water Act and the Occupational Safety and Health Act.

 

Event of Default:
As defined in Section 16.1.

 

Extended Term(s):
As defined in Section 19.1.

 

Fair Market Rent:
The fair market rent for the Premises, determined in accordance with the procedures set forth in Section 19.

 

Fiscal Year: Each
of Tenant’s and Guarantor’s Fiscal Years, which now end December 31 in each calendar year, with the new Fiscal Year
beginning on the following January 1. If Tenant or Guarantor changes its Fiscal Year at any time during the Term, Tenant shall
promptly give Landlord notice specifying such change. If any such change is made, all reporting and accounting procedures set forth
in this Lease shall continue to be made in accordance with GAAP. Any appropriate adjustments to such procedures as a result of
such change shall be made upon the mutual consent of Landlord, Tenant and Guarantor, as applicable. No such change or adjustment
shall alter the Term, and Tenant shall bear any accounting costs reasonably incurred by Landlord as a result of any such change
or adjustment.

 

Fixed Term: The
period of time commencing on the Commencement Date and ending at 11:59 p.m. where the Premises are located on the expiration of
the tenth (10th) Lease Year.

 

Fixtures: As defined
in Section 1.1(d).

 

GAAP: Generally
accepted accounting principles consistently applied.

 

Guarantor: First
Choice Healthcare Solutions, Inc., a Delaware corporation.

 

Guaranty: The Guaranty
of even date herewith executed by Guarantor.

 

Handling: As defined
in Section 37.4.

 

Hazardous Substances:
Collectively, any medical waste, petroleum, petroleum product or byproduct or any substance, material or waste regulated or listed
pursuant to any Environmental Law.

 

     -4-

     

    

 

Impositions: Collectively,
all taxes, including capital stock, franchise and other state taxes, ad valorem, sales, use, single business, gross receipts, transaction
privilege, rent or similar taxes; assessments including assessments for public improvements or benefits, whether or not commenced
or completed prior to the date hereof and whether or not to be completed within the Term; ground rents; water, sewer and other
utility levies and charges; excise tax levies; fees including license, permit, inspection, authorization and similar fees; and
all other governmental charges, in each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen,
of every character in respect of the Premises and/or the Rent and all interest and penalties thereon attributable to any failure
in payment by Tenant which at any time prior to, during or in respect of the Term hereof may be assessed or imposed on or in respect
of or be a lien upon (i) Landlord or Landlord’s interest in the Premises, (ii) the Premises or any parts thereof or any rent
therefrom or any estate, right, title or interest therein, or (iii) any occupancy, operation, use or possession of, or sales from
or activity conducted on or in connection with the Premises or the leasing or use of the Premises or any parts thereof; provided,
however, that the items listed in the attached Exhibit F shall be expressly excluded from the definition of “Impositions”.

 

Insurance Requirement:
The terms of any insurance policy required by this Lease and all requirements of the issuer of any such policy and of any insurance
board, association, organization or company necessary for the maintenance of any such policy; provided such requirements are reasonable
and customary in the industry.

 

Intangible Property:
All accounts, proceeds of accounts, rents, profits, income or revenues derived from the use of rooms or other space within the
Premises or the providing of services in or from the Premises; documents, chattel paper, instruments, contract rights, deposit
accounts, general intangibles, commercial tort claims and causes of action, now owned or hereafter acquired by Tenant (including
any right to any refund of any Impositions) arising from or in connection with Tenant’s operation or use of the Premises;
all licenses and permits now owned or hereinafter acquired by Tenant which are necessary or desirable for Tenant’s use of
the Premises for the Primary Intended Use, including, if applicable, any certificate of need or similar certificate; the right
to use any trade name or other name associated with the Premises; and any and all third-party provider agreements (including Medicare
and Medicaid, if applicable),

 

Investment Amount:
The Acquisition Price

 

Land: As defined
in Section 1.1(a).

 

Lease: As defined
in the preamble.

 

Lease Year: Each
period of twelve (12) full calendar months from and after the Commencement Date, unless the Commencement Date is a day other than
the first (1st) day of a calendar month, in which case the first Lease Year shall be the period commencing on the Commencement
Date and ending on the last day of the twelfth (12th) month following the month in which the Commencement Date occurs and each
subsequent Lease Year shall be each period of twelve (12) full calendar months after the last day of the prior Lease Year; provided,
however, that the last Lease Year during the Term may be a period of less than twelve (12) full calendar months and shall end on
the last day of the Term.

 

Leased Improvements:
As defined in Section 1.1(b).

 

     -5-

     

    

 

Legal Requirements:
(i) All federal, state, county, municipal and other governmental statutes, laws (including common law and Environmental Laws),
rules, policies, guidance, codes, orders, regulations, ordinances, permits, licenses, covenants, conditions, restrictions, judgments,
decrees and injunctions, including those affecting the Premises, Tenant’s Personal Property or the construction, use or alteration
thereof, whether now or hereafter enacted and in force, including any which may (1) require repairs, modifications or alterations
in or to the Premises and all Tenant’s Personal Property, (2) in any way adversely affect the use and enjoyment thereof,
or (3) regulate the transport, handling, use, storage or disposal or require the cleanup or other treatment of any Hazardous Substance,
and (ii) all covenants, agreements, restrictions, and encumbrances either now or hereafter of record or known to Tenant (other
than encumbrances created by Landlord without the consent of Tenant except as otherwise expressly permitted hereunder) affecting
the Premises.

 

Landlord: As defined
in the preamble.

 

Landlord’s Personal
Property: As defined in Section 1.1(e)

 

Letter of Credit Requirements:
As defined in Section 21.3.

 

Minimum Net Worth:
An amount equal to the then applicable Minimum Required Rent Reserve. The Minimum Net Worth may consist of any combination of demonstrable
fungible and fixed assets, including without limitation impounds and reserves required by Landlord and the Rent Reserve Fund, all
as determined in accordance with GAAP. The GAAP accounting for purposes of determining the Guarantor’s Minimum Net Worth
may include any combination of assets including the Rent Reserve Fund, the Replacement Reserve Fund, accounts receivable, cash,
equipment owned, inventories, etc.

 

Minimum Rent: The
amount of minimum rent as determined pursuant to Section 3.1.

 

Minimum Rent Coverage
Ratio. 1.7:1.

 

Minimum Required Rent
Reserve: Initially, Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00). The Minimum Required Rent Reserve will be
satisfied by Guarantor demonstrating cash equivalents or assets that can be liquidated within ninety (90) days on all its standard
10K and 10-Q Filings. The Replacement Reserve Fund shall count toward the Minimum Required Rent Reserve. Once the Rent Coverage
Ratio exceeds the Rent Coverage Threshold, the Minimum Required Rent Reserve will reduce to Three Hundred Seventy-five Thousand
and N0/100 Dollars ($375,000.00). If the Rent Coverage Ratio exceeds the Rent Coverage Threshold for three consecutive quarters,
the Rent Reserve Fund will not be required as long as the Rent Coverage Ratio continues to meet the Rent Coverage Threshold. If
the Rent Coverage Ratio goes below the Rent Coverage Threshold after the Rent Reserve Fund has been reduced, then the Minimum Required
Rent Reserve shall be reinstated at Seven Hundred Fifty Thousand and No/10 Dollars ($750,000.00), subject to reduction and release
as provided above if the Rent Coverage Threshold is once again achieved.

 

Mortgage: As defined
in Section 13.1.

 

     -6-

     

    

 

Mortgagee: As defined
in Section 13.1.

 

Mortgage Documents:
With respect to each Mortgage and Mortgagee, the applicable Mortgage, loan or credit agreement, lease, note, collateral assignment
instruments, guarantees, indemnity agreements and other documents or instruments evidencing, securing or otherwise relating to
the loan made, credit extended, lease or other financing vehicle pursuant thereto.

 

NOI: The total revenues
of the Guarantor for a given period (inclusive of sublease rents collected by Tenant and passed through on Guarantor’s financial
statement) and all operating expenses of the Premises for such period. For purposes of this definition, the term “operating
expenses” shall not include depreciation, amortization, impairments or interest expense.

 

Occupancy Arrangement:
Any sublease, license or other arrangement with a Person for the right to use, occupy or possess any portion of the Premises.

 

Occupant: Any Person
having rights of use, occupancy or possession under an Occupancy Arrangement.

 

Officer’s Certificate:
A certificate of Tenant signed by an officer duly authorized to so sign on Tenant’s behalf.

 

Overdue Rate: The
lesser of (a) the Prime Rate, as published in The Wall Street Journal from time to time, plus four percent (4%) per annum,
or (b) the maximum rate of interest allowed to be charged by applicable law.

 

Payment Date: Any
due date for the payment of the installments of Minimum Rent or any other sums payable under this Lease.

 

Person: Any individual,
corporation, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated organization,
government or any agency or political subdivision thereof or any other form of entity.

 

Personal Property:
All machinery, furniture and equipment, including phone systems and computers, trade fixtures, inventory (including raw materials,
work in process and finished goods), supplies and other personal property used or useful in the use of the Premises for their Primary
Intended Use, other than Fixtures.

 

Premises: As defined
in Section 1.1.

 

Primary Intended Use:
An office building (primarily medical) and such other uses necessary or incidental to such use.

 

Purchase Contract:
That certain Asset Purchase Agreement by and between Marina Towers, LLC and Landlord.

 

     -7-

     

    

 

Qualified Capital Expenditures:
Expenditures capitalized (as opposed to expensed) in accordance with GAAP on the books of Tenant for any of the following: replacement
of furniture, fixtures and equipment, including refrigerators, ranges, major appliances, bathroom fixtures, doors (exterior and
interior), central air conditioning and heating systems (including cooling towers, water chilling units, furnaces, boilers and
fuel storage tanks) and replacement of siding; roof replacements, including replacements of gutters, downspouts, eaves and soffits;
major repairs and replacements of plumbing and sanitary systems; overhaul of elevator systems; repaving, resurfacing and sealcoating
of sidewalks, parking lots and driveways; repainting of entire building exterior and normal maintenance and repairs needed to maintain
the quality and condition of the Premises in the market in which it operates, but excluding any other “alterations”
as defined in Section 10.1.

 

Quarter: During
each applicable Fiscal Year, the first three (3) calendar month period commencing on the first (1st) day of such Fiscal Year and
each subsequent three (3) calendar month period within such Fiscal Year

 

Related Rights:
As defined in Section 1.1(c).

 

Rent: Collectively,
Minimum Rent, Additional Charges and all other amounts payable under this Lease.

 

Rent Coverage Ratio.
The ratio of Guarantor’s EBITDARM to the annual Minimum Rent payable under this Lease. It is understood and agreed that all
cash flows from Guarantor are eligible for application to this formula, including rents collected from all Occupants.

 

Rent Coverage Threshold.
2:1 (200% of annual Minimum Rent).

 

Rent Reserve Fund:
As defined in Section 21.1

 

Replacement Reserve
Fund: As defined in Section 35.1.1.

 

SEC: Securities
and Exchange Commission.

 

State: The State
or Commonwealth in which the Premises are located.

 

Subsidiaries: Corporations,
partnerships, limited liability companies, business trusts or other legal entities with respect to which a Person owns, directly
or indirectly (including through one or more intermediaries), more than fifty percent (50%) of the voting stock or partnership,
membership or other equity interest, respectively.

 

Tenant: As defined
in the preamble.

 

Tenant’s Personal
Property: The Personal Property other than Landlord’s Personal Property.

 

Term: The Fixed
Term and any Extended Terms, unless earlier terminated pursuant to the provisions hereof.

 

Unsuitable for Its Primary
Intended Use: A state or condition of the Premises such that by reason of Condemnation, in the good faith judgment of Landlord
and Tenant, the Premises cannot be operated on a commercially practicable basis for the Primary Intended Use.

 

     -8-

     

    

 

SECTION
3

 

3.1          Rent.

 

3.1.1     Method
and Timing of Payment. Tenant shall pay to Landlord in lawful money of the United States of America which shall be legal tender
for the payment of public and private debts, without offset or deduction, the amounts set forth hereinafter as Minimum Rent during
the Term. Payments of Minimum Rent shall be made by wire transfer of funds initiated by Tenant to Landlord’s account or to
such other Person as Landlord from time to time may designate in writing. For the entire Fixed Term and each Extended Term, Tenant
shall pay to Landlord Minimum Rent monthly, in advance, on or before the tenth (10th) day of each calendar month. The first monthly
payment of Minimum Rent shall be payable on the Commencement Date (prorated as to any partial calendar month at the beginning of
the Term).

 

3.1.2     Minimum
Rent for First Lease Year. For the period from the Commencement Date and through and including the expiration of the first
(1st) Lease Year, monthly “Minimum Rent” shall initially be in an amount equal to: (i) One Million One Hundred
Four Thousand Six Hundred Seventy-five and No/100 Dollars ($ 1,104,675.00), which is based on seven and 15/100 percent (7.15%)
of the Acquisition Price; divided by (ii) twelve (12).

 

3.1.3     Minimum
Rent Increases during Fixed Term. At the commencement of the third (3rd) Lease Year of the Fixed Term and at the
commencement of each successive Lease Year thereafter during the Fixed Term, the monthly Minimum Rent shall increase to an amount
equal to one hundred two percent (102%) of the Minimum Rent payable during the last full month of the previous Lease Year.

 

3.1.4     Minimum
Rent during Extended Terms. At the commencement of each Extended Term, monthly Minimum Rent shall be adjusted to the Fair Market
Rent, and thereafter at the commencement of each Lease Year during the Extended Term, the Minimum Rent shall increase by an amount
equal to one hundred two percent (102%) of the monthly Minimum Rent payable during the last full month of the preceding Lease Year.

 

3.2          Additional
Charges. In addition to the Minimum Rent, (i) Tenant shall also pay and discharge as and when due and payable all other amounts,
liabilities, obligations and Impositions which Tenant assumes or agrees to pay under this Lease; and (ii) in the event of any failure
on the part of Tenant to pay any of those items referred to in clause (i) above, Tenant shall also promptly pay and discharge every
fine, penalty, interest and cost which may be added for non-payment or late payment of such items (the items referred to in clauses
(i) and (ii) above being referred to herein collectively as the “Additional Charges”), and Landlord shall have the
same remedies in the case of non-payment of the Additional Charges as in the case of non-payment of the Minimum Rent. The term
“Additional Charges” shall not include the items listed in Exhibit F.

 

     -9-

     

    

 

3.3          Late
Payment of Rent. Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent will cause Landlord to incur costs
not contemplated hereunder, the amount of which will be difficult to ascertain. Accordingly, (a) if any installment of Minimum
Rent shall not be paid by the tenth (10th) day of the month in which it is due, Tenant will pay Landlord on demand a
late charge equal to the lesser of (i) one percent (1%) of the amount of such installment per month until paid; or (ii) the maximum
amount permitted by law; (b) if any installment of Minimum Rent shall not be paid by the last day of the month in which it is due,
Tenant will pay Landlord on demand a late charge equal to the lesser of (i) two percent (2%) of the amount of such installment
per month until paid, or (ii) the maximum amount permitted by law; and (c) if any other installment of Rent shall not be paid within
five (5) days after its due date, Tenant will pay Landlord on demand a late charge equal to the lesser of (i) five percent (5%)
of the amount of such installment per month until paid, or (ii) the maximum amount permitted by law. The parties agree that this
late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of late payment by Tenant.
The parties further agree that such late charge is rent and not interest and such assessment does not constitute a lender or borrower/creditor
relationship between Landlord and Tenant. In addition, the amount unpaid, including any late charges, shall bear interest at the
Overdue Rate compounded monthly from the due date of such installment to the date of payment thereof, and Tenant shall pay such
interest to Landlord on demand. The payment of such late charge or such interest shall not constitute waiver of, nor excuse or
cure, any default under this Lease, nor prevent Landlord from exercising any other rights and remedies available to Landlord.

 

3.4          Net
Lease. This Lease is and is intended to be what is commonly referred to as a “net, net, net” or “triple net”
lease. The Rent shall be paid absolutely net to Landlord, so that this Lease shall yield to Landlord the full amount or benefit
(as applicable) of the installments of Minimum Rent and Additional Charges throughout the Term. Notwithstanding the foregoing,
Tenant shall not be obligated to reimburse Landlord for any of the following:

 

3.4.1     Any
depreciation for any capital improvement.

 

3.4.2     Amounts
separately billable to other third parties.

 

3.4.3     Costs
for which Landlord is reimbursed through any insurance or other recovery.

 

3.4.4     Interest,
principal payments, amortization and other debt costs on any note, deed to secure debt, mortgage or deed of trust or other debt
service.

 

3.4.5     Any
costs or expenses (including fines, penalties, interest and legal fees) incurred due to the violation or failure to timely comply
by Landlord of any applicable legal requirement, building code, governmental rule, regulation or law related to the extent compliance
with the same is Landlord’s express obligation under this Lease.

 

3.4.6     Management
fees in excess of those normally charged for the management of similar properties in relevant proximity to the Premises.

 

3.4.7     Any
costs of Landlord’s general overhead, including general administrative expenses, which costs would not be chargeable as operating
expenses of the Premises Center in accordance with generally accepted accounting principles, consistently applied, except for the
cost of personnel whose work relates directly to the Premises.

 

     -10-

     

    

 

3.4.8     Advertising
and marketing costs.

 

3.4.9     Amounts
paid to parties affiliated with Landlord or the management company for the Premises in excess of the fair market value of the services
or materials provided.

 

3.4.10   Expenses
directly resulting from the negligence or misconduct of the Landlord or Landlord’s agents, employees or contractors.

 

3.4.11   Costs
associated with the operation of the business of the entity which constitutes Landlord, as the same are distinguished from the
costs of operation of the Premises, including, but not limited to, accounting and legal matters.

 

3.4.12   Except
as expressly included above, any other expense which is not a fair and reasonable direct operating expense of the Premises or which,
under generally accepted accounting principles, consistently applied, would not be considered to be an operating expense of the
Premises.

 

SECTION
4

 

4.1          Impositions.

 

4.1.1     Subject
to Section 12.1 relating to permitted contests, Tenant shall pay, or cause to be paid, all Impositions before any fine, penalty,
interest or cost may be added for nonpayment. Subject to Section 4.4 below, Tenant shall make such payments directly to the taxing
authorities where feasible, and promptly furnish to Landlord copies of official receipts or other satisfactory proof evidencing
such payments.

 

4.1.2     Landlord
shall prepare and file all tax returns and reports as may be required by Legal Requirements with respect to Landlord’s net
income, gross receipts, franchise taxes and taxes on its capital stock, and Tenant shall prepare and file all other tax returns
and reports as may be required by Legal Requirements with respect to or relating to the Premises and Tenant’s Personal Property.

 

4.1.3     Landlord
and Tenant shall, upon request of the other, provide such data as is maintained by the party to whom the request is made with respect
to the Premises as may be necessary to prepare any required returns and reports to taxing authorities. If any property covered
by this Lease is classified as personal property for tax purposes, Tenant shall file all personal property tax returns in such
jurisdictions where it must legally so file. Landlord, to the extent it possesses the same, and Tenant, to the extent it possesses
the same, shall provide the other party, upon request, with cost and depreciation records necessary for filing returns for any
property so classified as personal property. Where Landlord is legally required to file personal property tax returns and to the
extent practicable, Tenant shall be provided with copies of assessment notices indicating a value in excess of the reported value
in sufficient time for Tenant to file a protest.

 

     -11-

     

    

 

4.1.4     Subject
to the conditions set forth in Section 12.1, Tenant may, upon notice to Landlord, at Tenant’s option and at Tenant’s
sole cost and expense, protest, appeal, or institute such other proceedings as Tenant may deem appropriate to effect a reduction
of real estate or personal property assessments and Landlord, at Tenant’s expense as aforesaid, shall reasonably cooperate
with Tenant in such protest, appeal, or other action but at no cost or expense to Landlord. Billings for reimbursement by Tenant
to Landlord of personal property or real property taxes shall be accompanied by copies of a bill therefor and payments thereof
which identify the personal property or real property with respect to which such payments are made. Any refund due from any taxing
authority in respect of any Imposition paid by Tenant shall be paid over to Tenant if no Event of Default shall have occurred and
be continuing hereunder. Any other refund shall be paid over to, or retained by, Landlord and applied to the payment of Tenant’s
obligations under this Lease in such order of priority as Landlord shall determine.

 

4.1.5     Landlord
shall give prompt notice to Tenant of all Impositions payable by Tenant hereunder of which Landlord has actual knowledge, but Landlord’s
failure to give any such notice shall in no way diminish Tenant’s obligations hereunder to pay such Impositions.

 

4.1.6     Impositions
imposed or assessed in respect of the tax-fiscal period during which the Term commences or terminates shall be adjusted and prorated
between Landlord and Tenant, whether or not such Imposition is imposed or assessed before or after such commencement or termination,
and Tenant’s obligation to pay its prorated share thereof shall survive termination of this Lease.

 

4.2          Utility
Charges. Tenant shall pay or cause to be paid all charges for electricity, power, gas, oil, water and other utilities used
in the Premises. Tenant shall also pay or reimburse Landlord for all costs and expenses of any kind whatsoever which at any time
with respect to the Term hereof may be imposed against Landlord, Tenant and/or the Premises by reason of any of the easements,
covenants, conditions and/or restrictions affecting or benefiting the Premises and/or any part(s) thereof, or with respect to easements,
licenses or other rights over, across or with respect to any adjacent or other property which benefits the Premises, including
any and all costs and expenses associated with any utility, drainage and parking easements.

 

4.3          Insurance
Premiums. Tenant shall pay or cause to be paid all premiums for the insurance coverage required to be maintained by Tenant
hereunder.

 

     -12-

     

    

 

4.4          Impound
Account. Notwithstanding any provision of this Lease to the contrary, during the Term, Tenant shall deposit, at the time each
payment of Minimum Rent is due by Tenant under this Lease, an amount equal to one-twelfth of Tenant’s estimated annual Impositions
relating to real estate and personal property taxes, of every kind and nature, required pursuant to Section 4.1, into an impound
account as directed by Landlord. The estimated amounts described in this Section shall be established by Landlord in its reasonable
discretion and may be adjusted from time to time by Landlord in its reasonable discretion. The cost of administering such impound
account shall be paid by Tenant. At the time any payment of Impositions is due, and upon request by Tenant, accompanied by copies
of all tax bills, invoices or other evidence reasonably satisfactory to Landlord of the amounts so due, Landlord shall apply funds
on deposit with Landlord in such impound account to the appropriate amount due to the appropriate taxing authority, provided, however,
that (i) Landlord shall have no obligation to deliver funds in excess of the total amount of funds held in such account, and
(ii) upon the occurrence of an Event of Default, Landlord shall not be obligated to make such payments, but may instead apply such
funds to payment of Tenant’s other obligations under this Lease in such order as Landlord may determine. On the Commencement
Date, Tenant shall deposit with Landlord such amounts, when considered with the monthly payments to be made by Tenant pursuant
to this Section, as may reasonably be required to pay the full amount of such Impositions at the time(s) the same become next due,
all as reasonably determined by Landlord. No amount deposited with Landlord or into an impound account established pursuant to
this Section shall be or be deemed to be escrow or trust funds, and at Landlord’s option and in Landlord’s discretion,
any amounts deposited with Landlord may either be held in a separate account or be commingled by Landlord with the general funds
of Landlord. Tenant shall not be entitled to interest on funds deposited with Landlord or contained in any impound account established
pursuant to this Section. Any amounts deposited with Landlord or contained in any impound account established pursuant to this
Section shall be solely for the protection of Landlord and the Premises and entail no responsibility on Landlord’s part beyond
the application of such amounts as provided above. In the event of a transfer of Landlord’s interest in the Premises or an
assignment of Landlord’s interest in this Lease, Landlord shall have the right to transfer to the transferee the amounts
deposited by Tenant with Landlord or in any impound account established by Landlord pursuant to this Section and thereupon shall,
without any further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the
provisions hereof shall apply to every transfer or assignment of such amounts to such a transferee/assignee. The amounts deposited
by Tenant with Landlord or in any impound account established by Landlord pursuant to this Section may also be assigned as security
in connection with a Mortgage. Nothing contained in this Section shall be deemed to affect any right or remedy of Landlord hereunder.

 

SECTION
5

 

5.1          No
Termination, Abatement, etc. Except as otherwise specifically provided in this Lease, Tenant shall remain bound by this Lease
in accordance with its terms and shall not seek or be entitled to any abatement, deduction, deferment or reduction of Rent, or
set-off against the Rent. Except as expressly set forth in this Lease, the respective obligations of Landlord and Tenant shall
not be affected by reason of damage to or destruction of the Premises, Condemnation of the Premises, any claim that Tenant has
or might have against Landlord, or any bankruptcy, insolvency, reorganization or other proceedings affecting Landlord or any assignee
or transferee of Landlord, or for any other cause, whether similar or dissimilar to any of the foregoing, other than a discharge
of Tenant from any such obligations as a matter of law. Tenant hereby specifically waives all rights arising from any occurrence
whatsoever that may now or hereafter be conferred upon it by law (a) to modify, surrender or terminate this Lease or quit or surrender
the Premises and/or any part(s) thereof; or (b) which may entitle Tenant to any abatement, reduction, suspension or deferment of
the Rent or other sums payable by Tenant hereunder, except as otherwise specifically provided in this Lease. The obligations of
Landlord and Tenant hereunder shall be separate and independent covenants and agreements and the Rent and all other sums payable
by Tenant hereunder shall continue to be payable in all events unless the obligations to pay the same shall be terminated pursuant
to the express provisions of this Lease or by any termination of this Lease other than by reason of an Event of Default.

 

     -13-

     

    

 

SECTION
6

 

6.1          Ownership
of the Premises. Tenant acknowledges that the Premises are the property of Landlord and that Tenant has only the right to the
exclusive possession and use of the Premises upon the terms and conditions of this Lease. Subject to the agreement of Landlord
to make available all insurance proceeds, upon the expiration or earlier termination of this Lease, Tenant shall, at its expense,
repair and restore the Premises to the condition required by Section 9.1.4.

 

6.2          Personal
Property. During the Term, Tenant shall, as necessary and at its expense, install, affix or assemble or place on any parcels
of the Land or in any of the Leased Improvements, any items of Tenant’s Personal Property and replacements thereof which
shall be the property of and owned by Tenant. Except as provided in Sections 6.3 and 16.7, Landlord shall have no rights to Tenant’s
Personal Property during the Term. Tenant shall provide and maintain during the entire Term all Personal Property necessary in
order to operate the Premises in compliance with all licensure and certification requirements, all Legal Requirements and all Insurance
Requirements and otherwise in accordance with customary practice in the industry for the Primary Intended Use. In addition, Tenant
shall be required to replace, modify, alter, substitute or repair any of Landlord’s Personal Property that has become inoperable
with personal property of equal or better quality. Any such replacements, modifications, alterations or substitutions (whether
or not upgrades thereof) shall become Landlord’s Personal Property.

 

6.3          Transfer
of Personal Property and Capital Additions to Landlord. Upon the expiration or earlier termination of this Lease (unless such
termination is the result of Tenant’s purchase of the Premises), all Capital Additions not owned by Landlord and all of Tenant’s
Personal Property shall become the property of Landlord, free of any encumbrance, and Tenant shall execute all documents and take
any actions reasonably necessary to evidence such ownership and discharge any encumbrance. Notwithstanding anything to the contrary
in this Lease, upon the expiration or earlier termination of this Lease, Landlord shall not be obligated to reimburse Tenant for
any replacements, rebuildings, alterations, additions, substitutions, and/or improvements that are surrendered as part of or with
the Premises.

 

SECTION
7

 

7.1          Condition
of the Premises. Tenant acknowledges that it has been managing or operating the Premises and has knowledge of the condition
of the Premises. Tenant is leasing the Premises “AS IS” in its present condition. Tenant waives any claim or action
against Landlord in respect of the condition of the Premises including any defects or adverse conditions not discovered or otherwise
known by Tenant as of the date hereof. LANDLORD MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE PREMISES
OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, OR AS
TO THE NATURE OR QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, OR THE EXISTENCE OF ANY HAZARDOUS SUBSTANCE, IT BEING AGREED THAT
ALL SUCH RISKS, LATENT OR PATENT, ARE TO BE BORNE SOLELY BY TENANT INCLUDING ALL RESPONSIBILITY AND LIABILITY FOR ANY ENVIRONMENTAL
REMEDIATION AND COMPLIANCE WITH ALL ENVIRONMENTAL LAWS.

 

     -14-

     

    

 

7.2          Use
of the Premises.

 

7.2.1     Intentionally
Omitted.

 

7.2.2     Tenant
shall use or cause to be used the Premises and the improvements thereon for the Primary Intended Use. Tenant shall not use the
Premises or any part(s) thereof for any other use without the prior written consent of Landlord.

 

7.2.3     Tenant
shall operate continuously the entire Premises in accordance with the Primary Intended Use. Tenant shall devote the entirety of
the Premises to the Primary Intended Use, except for areas reasonably required for office, storage space or ancillary service uses
incidental to the Primary Intended Use. Tenant shall not modify the services offered or take any other action (e.g., removing patients
or directing patients, or prospective patients, to another facility) if such modification of services or the taking of such action
would materially reduce gross revenues from the Premises or the fair market value of the Premises.

 

7.2.4     Tenant
shall conduct its business at the Premises in conformity with the highest standards of patient care practice provided in similar
facilities in the State.

 

7.2.5     Tenant
shall not commit or suffer to be committed any waste on the Premises or cause or permit any nuisance to exist thereon or with respect
thereto.

 

7.2.6     Tenant
shall neither suffer nor permit the Premises or any part(s) thereof, or Tenant’s Personal Property, to be used in such a
manner as (a) might reasonably tend to impair Landlord’s title thereto or to any portion thereof or (b) may make possible
a claim of adverse use or possession, or an implied dedication of the Premises or any part(s) thereof.

 

7.2.7     Tenant
shall not commit or suffer to be committed any waste on the Premises or cause or permit any nuisance to exist thereon or with respect
thereto.

 

7.2.8     There
shall be no change in the holder of any license for the Premises without Landlord’s prior written consent, which consent
may be given or withheld in Landlord’s sole and absolute discretion.

 

7.3          Landlord
to Grant Easements. Etc. Landlord shall, from time to time so long as no Event of Default has occurred and is continuing, at
the request of Tenant and at Tenant’s cost and expense, but subject to the approval of Landlord, (a) grant easements and
other rights in the nature of easements; and (b) release existing easements or other rights in the nature of easements which are
for the benefit of the Premises. Except as set forth in Section 36.1 with respect to granting Mortgages, or unless otherwise requested
by Tenant, Landlord shall not grant any easements or impose any covenants, conditions or restrictions on the Premises without Tenant’s
consent, which consent shall not be unreasonably withheld.

 

7.4          Preservation
of Value. Tenant acknowledges that a fair return to Landlord on its investment in the Premises is dependent, in part, on the
concentration on the Premises during the Term of the core community business of Tenant and its Affiliates in the geographical area
of the Premises. Tenant further acknowledges that diversion of patients, from the Premises to other facilities or institutions
and/or reemployment by Tenant of management or supervisory personnel working at the Premises following the expiration or earlier
termination of this Lease at other facilities or institutions owned, operated or managed, whether directly or indirectly, by Tenant
or its Affiliates could have a material adverse impact on the value and utility of the Premises. Accordingly, Landlord and Tenant
agree as follows:

  

7.4.1     Intentionally
Omitted.

 

     -15-

     

    

 

7.5          Subordination
of Fees and Distributions. Rent will be paid and received, and current under this Lease, before any payments are made to any
Affiliates of Tenant or any profit distributions are made to Guarantor or any of Tenant’s shareholders.

 

SECTION
8

 

8.1          Compliance
with Legal and Insurance Requirements, Instruments, etc. Subject to Section 12.1 regarding permitted contests, Tenant, at its
expense, shall at all times (a) comply with all Legal Requirements and Insurance Requirements regarding the use, operation, maintenance,
repair and restoration of the Premises and Tenant’s Personal Property, whether or not compliance therewith may require structural
changes in any of the Leased Improvements; and (b) procure, maintain and comply with all licenses, certificates of need, provider
agreements and other authorizations required for the use of the Premises and Tenant’s Personal Property for the applicable
Primary Intended Use and for the proper erection, installation, operation and maintenance of the Premises and Tenant’s Personal
Property. If, after thirty (30) days of receiving notice from Landlord, Tenant fails to comply with the provisions of this Section,
Landlord may, but shall not be obligated to, enter upon the Premises and make all Capital Additions and take such actions and incur
such costs and expenses to effect such compliance as it deems advisable to protect its interest in the Premises, and Tenant shall
reimburse Landlord for all costs and expenses incurred by Landlord in connection with such actions. Tenant covenants and agrees
that none of the Premises, Tenant’s Personal Property or any Capital Additions shall be used for any unlawful purpose.

 

SECTION
9

 

9.1          Maintenance
and Repair.

 

9.1.1     Tenant,
at its expense, shall maintain the Premises and the Tenant’s Personal Property in good order and repair, and, with reasonable
promptness, make all necessary and appropriate repairs thereto of every kind and nature, whether interior or exterior, structural
or non-structural, ordinary or extraordinary, foreseen or unforeseen or arising by reason of a condition existing prior to the
Commencement Date. All repairs shall be at least equivalent in quality to the original work. Tenant will not take or omit to take
any action the taking or omission of which might impair the value or the usefulness of the Premises for the Primary Intended Use.

 

9.1.2     Landlord
shall not under any circumstances be required to (a) build or rebuild any improvements on the Premises; (b) make any repairs, replacements,
alterations, restorations or renewals of any nature to the Premises, whether ordinary or extraordinary, structural or non-structural,
foreseen or unforeseen, or to make any expenditure whatsoever with respect thereto; or (c) maintain the Premises in any way. Tenant
hereby waives, to the extent permitted by law, the right to make repairs at the expense of Landlord pursuant to any law in effect
at the time of the execution of this Lease or hereafter enacted.

 

     -16-

     

    

 

9.1.3     Nothing
contained in this Lease and no action or inaction by Landlord shall be construed as (a) constituting the consent or request of
Landlord, expressed or implied, to any contractor, subcontractor, laborer, materialman or vendor to or for the performance of any
labor or services or the furnishing of any materials or other property for the construction, alteration, addition, repair or demolition
of or to the Premises or any part(s) thereof; or (b) giving Tenant any right, power or permission to contract for or permit the
performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making
of any claim against Landlord in respect thereof or to make any agreement that may create, or in any way be the basis for, any
right, title, interest, lien, claim or other encumbrance upon the estate of Landlord in the Premises or any part(s) thereof.

 

9.1.4     Unless
Landlord shall convey any of the Premises to Tenant pursuant to the provisions of this Lease, Tenant shall, upon the expiration
or earlier termination of the Term, vacate and surrender the Premises and the Tenant’s Personal Property to Landlord in the
condition in which the Premises was originally received from Landlord or (if applicable) were originally introduced to the Premises,
except as repaired, rebuilt, restored, altered or added to as permitted or required by the provisions of this Lease and except
for ordinary wear and tear. Under no circumstances shall Tenant be required to replace equipment or any assets of the Premises
which are in operating condition, regardless of age.

 

9.2          Encroachments;
Restrictions. Tenant shall take all steps necessary to cause the Leased Improvements to not encroach upon any property, street,
right-of-way, easement or set-back line, or to not violate any restrictive covenant or other agreement affecting the Premises.

 

SECTION
10

 

10.1        Construction
of Capital Additions and Other Alterations to the Premises. Without the prior written consent of Landlord, Tenant shall not
(a) make any Capital Additions on or structural alterations to the Premises; (b) enlarge or reduce the size of the Premises or
otherwise materially alter or affect (other than repair and replacement thereof) any main building systems, including any main
plumbing, electrical or heating, ventilating and air conditioning systems; or (c) make any Capital Additions or other alterations
which would tie in or connect with any improvements on property adjacent to the Land. Tenant may, without Landlord’s prior
written consent, make any alterations, additions, or improvements (collectively, “alterations”) to the Premises if
such alterations are not of the type described in either clause (a), (b) or (c) above, so long as in each case: (i) the same do
not (A) decrease the value of the Premises, (B) affect the exterior appearance of the Premises, or (C) adversely affect the structural
components of the Leased Improvements or the main electrical, mechanical, plumbing or ventilating and air conditioning systems;
(ii) the same are consistent or better in terms of style, quality and workmanship to the original Leased Improvements and Fixtures;
(iii) the same are constructed and performed in accordance with the provisions of this Section; and (iv) the cost thereof does
not exceed, in the aggregate, $100,000 for any twelve (12) month period. Any alterations (other than alterations described in clauses
(a), (b) or (c) above, and other than alterations which meet the foregoing requirements of clauses (i), (ii), and (iii) and (iv)
above) shall be subject to Landlord’s prior written consent, which consent shall not be unreasonably withheld. To the extent
Landlord’s prior written consent shall be required in connection with any alterations or Capital Additions, Landlord may
impose such conditions thereon in connection with its approval thereof as Landlord in its sole but reasonable judgment deems appropriate.
Notwithstanding the foregoing, Landlord agrees that painting, landscaping, and replacement of floor, wall and window coverings
shall be deemed alterations which do not require Landlord’s consent, regardless of the cost thereof, so long as the same
meet the requirements of clauses (ii) and (iii) above. With respect to any Capital Additions or alterations permitted hereunder,
(A) all work done in connection with such construction shall be done promptly and in a good and workmanlike manner using first-class
materials and in conformity with all Legal Requirements; (B) promptly following the completion of such construction, Tenant shall
deliver to Landlord “as built” drawings of such addition, certified as accurate by the licensed architect or engineer
selected by Tenant to supervise such work; and (C) if by reason of the construction thereof, a new or revised Certificate of Occupancy
for any component of the Premises is required, Tenant shall obtain and furnish a copy of the same to Landlord promptly upon completion
thereof.

 

     -17-

     

    

 

SECTION
11

 

11.1        Liens.
Subject to the provisions of Section 12.1 relating to permitted contests, Tenant will not directly or indirectly create or allow
to remain and will promptly discharge at its expense any lien, encumbrance, attachment, title retention agreement or claim upon
the Premises, excluding, however, the matters that exist as of the Commencement Date.

 

SECTION
12

 

12.1        Permitted
Contests. Tenant, upon prior written notice to Landlord, on its own or in Landlord’s name, at Tenant’s expense,
may contest, by appropriate legal proceedings conducted in good faith and with due diligence, the amount, validity or application,
in whole or in part, of any licensure or certification decision, Imposition, Legal Requirement, Insurance Requirement, lien, attachment,
levy, encumbrance, charge or claim; subject, however, to the further requirement that (a) the commencement and continuation of
such proceedings shall suspend the collection thereof from Landlord and from the Premises; (b) neither the Premises nor the Rent
therefrom nor any part or interest in either thereof would be in any danger of being sold, forfeited, attached or lost pending
the outcome of such proceedings; (c) neither Landlord nor Tenant would be in any danger of civil or criminal liability for failure
to comply therewith pending the outcome of such proceedings; and (d) Tenant shall give such reasonable security as may be required
by Landlord to insure ultimate payment of the same and to prevent any sale or forfeiture of the Premises or the Rent by reason
of such nonpayment or noncompliance. If any such contest is finally resolved against Landlord or Tenant, Tenant shall promptly
pay the amount required to be paid, together with all interest and penalties accrued thereon, or comply with the applicable Legal
Requirement or Insurance Requirement. Tenant shall indemnify, defend, protect and save Landlord harmless from and against any liability,
cost or expense of any kind that may be imposed upon Landlord in connection with any such contest and any loss resulting therefrom.

 

     -18-

     

    

 

SECTION
13

 

13.1        General
Insurance Requirements. During the Term, Tenant shall at all times keep the Premises, and all property located in or on the
Premises, including all Capital Additions, the Fixtures and the Personal Property, insured with the kinds and amounts of insurance
described below. Each element of the insurance described in this Section shall be maintained with respect to the Premises and the
Personal Property and operations thereon. This insurance shall be written by companies authorized to do insurance business in the
State in which the Premises is located. All liability type policies must name Landlord as an “additional insured.”
All property, loss of rental and business interruption type policies shall name Landlord as “loss payee.” Losses shall
be payable to Landlord and/or Tenant as provided in Section 14. In addition, the policies, as appropriate, shall name as an
“additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement
(“Mortgagee”) securing any indebtedness or any other encumbrance placed on any Premises in accordance with the
provisions of Section 36.3.1 (“Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement;
provided that Landlord delivers the name and address of any such Mortgagee to Tenant. Any loss adjustment shall require the written
consent of Landlord, Tenant and each Mortgagee. Evidence of insurance shall be deposited with Landlord and, if requested, with
any Mortgagee(s). The policies shall insure against the following risks:

 

13.1.1   Loss
or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as special form perils, earthquake
(including earth movement), sinkhole and windstorm in an amount not less than the insurable value on a replacement cost basis (as
defined below in Section 13.2) and including a building ordinance coverage endorsement;

 

13.1.2   Loss
or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Premises, in
such limits with respect to any one accident as may be reasonably requested by Landlord from time to time;

 

13.1.3   Flood
(when the Premises is located in whole or in part within a designated 100-year flood plain area) and such other hazards and in
such amounts as may be customary for comparable properties in the area;

 

13.1.4   Loss
of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount
not less than twelve (12) months of income and normal operating expenses including payroll and Rent payable hereunder with an endorsement
extending the period of indemnity by at least ninety (90) days (Building Ordinance Increased Period of Restoration Endorsement)
necessitated by the occurrence of any of the hazards described in Sections 13.1.1, 13.1.2 or 13.1.3; and

 

13.1.5   (a) Bodily
injury and property damage under a policy of commercial general liability insurance (including broad form property damage and broad
form contractual liability) and (b) medical professional liability, with amounts not less than Five Million and No/100 Dollars
($5,000,000.00) per occurrence and Ten Million and No/100 Dollars ($10,000,000.00) in the annual aggregate.

 

     -19-

     

    

 

13.2        Replacement
Cost. The term “replacement cost” shall mean the actual replacement cost of the insured property from time to time
with new materials and workmanship of like kind and quality. If either party believes that the replacement cost has increased or
decreased at any time during the Term, it shall have the right to have such replacement cost redetermined by an impartial national
insurance company reasonably acceptable to both parties (the “impartial appraiser”). The party desiring to have the
replacement cost so redetermined shall forthwith, on receipt of such determination by the impartial appraiser, give written notice
thereof to the other party hereto. The determination of the impartial appraiser shall be final and binding on the parties hereto,
and Tenant shall forthwith increase or decrease the amount of the insurance carried pursuant to this Section to the amount so determined
by the impartial appraiser. Tenant shall pay the fee, if any, of the impartial appraiser. If Tenant has made improvements to the
Premises, Landlord may, at Tenant’s expense, have the replacement cost redetermined at any time after such improvements are
made, regardless of when the replacement cost was last determined.

 

13.3        Additional
Insurance. In addition to the insurance described above, Tenant shall maintain such additional insurance as may be reasonably
required from time to time by Landlord and shall further at all times maintain adequate workers’ compensation coverage and
any other coverage required by Legal Requirements for all Persons employed by Tenant on the Premises in accordance with Legal Requirements.

 

13.4        Waiver
of Subrogation. All insurance policies carried by either party covering the Premises and Tenant’s Personal Property including
contents, fire and casualty insurance, shall expressly waive any right of subrogation on the part of the insurer against the other
party. Each party waives any claims it has against the other party to the extent such claim is covered by insurance.

 

13.5        Policy
Requirements. All of the policies of insurance referred to in this Section shall be written in form satisfactory to Landlord
and by insurance companies with a policyholder rating of “A” and a financial rating of “X” in the most
recent version of Best’s Key Rating Guide. Additionally, all of the insurance referred to in this Section shall be on an
occurrence (rather than a claims-made) basis. Tenant shall pay all of the premiums therefor, and deliver such policies or certificates
thereof to Landlord prior to their effective date (and with respect to any renewal policy, shall deliver to Landlord’s reasonable
satisfaction, evidence of renewal at least thirty (30) days prior to the expiration of the existing policy), and in the event of
the failure of Tenant either to effect such insurance in the names herein called for or to pay the premiums therefor, or to deliver
such policies or certificates thereof to Landlord, at the times required, Landlord shall be entitled, but shall have no obligation,
to effect such insurance and pay the premiums therefor, in which event the cost thereof, together with interest thereon at the
Overdue Rate, shall be repayable to Landlord upon demand therefor. Tenant shall endeavor to have each insurer agree, by endorsement
on the policy or policies issued by it, or by independent instrument furnished to Landlord, that it will endeavor to give to Landlord
thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire
or canceled; however, Tenant shall not be in default hereunder if the insurance company refuses to agree to such notice. Each policy
shall have a deductible or deductibles, if any, which are no greater than those normally maintained for similar facilities in the
State of similar size, financial condition.

 

     -20-

     

    

 

13.6        Increase
in Limits. If either party shall at any time believe the limits of the insurance required hereunder to be either excessive
or insufficient, the parties shall endeavor to agree in writing on the proper and reasonable limits for such insurance to be carried
and such insurance shall thereafter be carried with the limits thus agreed on until further change pursuant to the provisions of
this Section. If the parties shall be unable to agree thereon, the proper and reasonable limits for such insurance to be carried
shall be determined by an impartial third party reasonably selected by Landlord and Tenant. Nothing herein shall permit the amount
of insurance to be reduced below the amount or amounts required by any of the Mortgagees.

 

13.7        Blanket
Policies and Policies Covering Multiple Locations. Notwithstanding anything to the contrary contained in this Section, Tenant’s
obligations to carry the insurance provided for herein may be brought within the coverage of a blanket policy or policies of insurance
carried and maintained by Tenant; provided, however, that the coverage afforded Landlord will not be reduced or diminished
or otherwise be different from that which would exist under a separate policy meeting all other requirements of this Lease by reason
of the use of such blanket policy of insurance, and provided further that the requirements of this Section are otherwise satisfied.
For any liability policies covering any other facilities in addition to the Premises, Landlord may require excess limits as Landlord
reasonably determines.

 

13.8        No
Separate Insurance. Tenant shall not, on Tenant’s own initiative or pursuant to the request or requirement of any third
party, (a) take out separate insurance concurrent in form or contributing in the event of loss with that required in this Section
to be furnished by, or which may reasonably be required to be furnished by, Tenant or (b) increase the amounts of any then existing
insurance by securing an additional policy or additional policies, unless all parties having an insurable interest in the subject
matter of the insurance, including in all cases Landlord and all Mortgagees, are included therein as additional insured and the
loss is payable under such insurance in the same manner as losses are payable under this Lease. Tenant shall immediately notify
Landlord of the taking out of any such separate insurance or of the increasing of any of the amounts of the then existing insurance
by securing an additional policy or additional policies.

 

SECTION
14

 

14.1        Insurance
Proceeds. All proceeds payable by reason of any loss or damage to the Premises under any policy of insurance required to be
carried hereunder shall be paid either (a) to a joint account of Landlord and Tenant (the “Insurance Account”);
or (b) as otherwise required by the Mortgagee. Subject to the consent of the Mortgagee, if any, and provided (x) no Event of Default,
or event that with the giving of notice or passage of time would become an Event of Default, has occurred and is continuing, and
(y) Tenant funds any applicable deductible into the Insurance Account or as otherwise required by the Mortgagee, then (i) insurance
proceeds shall be made available by Landlord for the reasonable costs of reconstruction or repair, as the case may be, of any damage
to or destruction of the Premises (“Casualty Repair”); and (b) Landlord shall allow Tenant to manage the Casualty
Repair, and in the event Tenant manages the Casualty Repair in such a fashion that, after Tenant funds any applicable deductible,
excess proceeds of such insurance remain after the completion of (and payment for) the restoration or reconstruction of the Premises
(the “Cost Savings”), the Cost Savings (not to exceed five percent (5%) of the cost of the Casualty Repair), shall
be paid to Tenant as a construction management fee. All salvage resulting from any risk covered by insurance shall, at Landlord’s
option, belong to Landlord. Disbursement of the Cost Savings to Tenant shall be conditioned upon Tenant showing that the Premises
have been restored to a condition which is equal to or better than the condition existing prior to the casualty or other event
giving rise to the applicable insurance claim and the Mortgagee approving such disbursement.

 

     -21-

     

    

 

14.2        Casualty.

 

14.2.1   If
the Premises is damaged or destroyed by fire or other casualty, Tenant shall, subject to the requirement that Landlord make available
the proceeds derived from any insurance policies, restore such Premises to substantially the same condition as existed immediately
before such damage or destruction.

 

14.2.2   If
the cost of the repair or restoration exceeds the amount of proceeds received by Landlord from the insurance required to be carried
hereunder, Tenant shall contribute any excess amounts needed to restore the Premises. Such difference shall be paid by Tenant to
Landlord together with any other insurance proceeds, for application to the cost of repair and restoration.

 

14.2.3    If
Tenant purchases the Premises pursuant to Section 40, and if such purchase occurs after a fire or other casualty has damaged or
destroyed the Premises, but prior to the completion by Tenant of its repair and restoration obligations under Section 14.2, Landlord
shall remit to Tenant, at the Close of Escrow, all insurance proceeds that are then being held by Landlord with respect to such
casualty.

 

14.3        No
Abatement of Rent. This Lease shall remain in full force and effect and Tenant’s obligation to pay the Rent and all other
charges required by this Lease shall remain unabated during the period required for adjusting insurance, satisfying Legal Requirements,
repair and restoration. All proceeds payable by reason of any loss of rental or business interruption under any policy of insurance
required to be carried by Tenant hereunder shall be paid to Landlord and, provided that no Event of Default has occurred and is
continuing, Landlord shall (a) apply, on a monthly basis, all such proceeds paid by reason of loss of rental towards Tenant’s
obligation to pay Rent; and (b) after Rent has been paid, make available to Tenant for Tenant’s operating costs (e.g.,
payment of salaries, taxes, etc.), on a monthly basis, all such proceeds paid by reason of business interruption. Any excess proceeds
of such insurance remaining after such rent and operating costs have been paid shall be delivered to Tenant

 

14.4        Waiver.
Tenant waives any statutory rights of termination that may arise by reason of any damage or destruction of the Premises.

 

SECTION
15

 

15.1        Condemnation.

 

15.1.1   Total
Taking. If the Premises are totally and permanently taken by Condemnation, this Lease shall terminate as of the day before
the Date of Taking.

 

     -22-

     

    

 

15.1.2   Partial
Taking. If a portion of the Premises is taken by Condemnation, this Lease shall remain in effect if the Premises is not thereby
rendered Unsuitable for Its Primary Intended Use (except that this Lease shall terminate with respect to the portion of the Premises
so taken), but if the Premises are thereby rendered Unsuitable for its Primary Intended Use, this Lease shall terminate as of the
day before the Date of Taking. In the event of any such partial taking in which the Lease is not so terminated and such partial
taking affects the building (as opposed to components of the Premises such as parking, landscaping, sidewalks, etc.), Minimum Rent
shall be adjusted in a manner that is fair, just and equitable to both Landlord and Tenant, based upon, among other relevant factors,
the loss of beds or units, if any, in the Premises.

 

15.1.3   Restoration.
If there is a partial taking of the Premises and this Lease remains in full force and effect pursuant to Section 15.1.2, Landlord
shall make available to Tenant the portion of the Award necessary and specifically identified or allocated for restoration of the
Premises and Tenant shall accomplish all necessary restoration whether or not the amount provided or allocated by the Condemnor
for restoration is sufficient.

 

15.1.4   Award
Distribution. Subject to Section 15.1.3 above, the entire Award shall belong to and be paid to Landlord, except that Tenant
shall be entitled to receive from the Award, if and to the extent such Award specifically includes such item, lost profits value
and moving expenses.

 

15.1.5   Temporary
Taking. The taking of the Premises and/or any part(s) thereof, shall constitute a taking by Condemnation only when the use
and occupancy by the taking authority has continued for longer than one hundred eighty (180) consecutive days. During any shorter
period, which shall be considered a temporary taking, all the provisions of this Lease shall remain in full force and effect and
the Award allocable to the Term shall be paid to Tenant.

 

15.1.6   Sale
under Threat of Condemnation. A sale by Landlord to any Condemnor, either under threat of Condemnation or while Condemnation
proceedings are pending, shall be deemed a Condemnation for purposes of this Lease. Subject to Tenant’s consent, which shall
not be unreasonably withheld, Landlord may, without any obligation to Tenant, agree to sell and/or convey to any Condemnor all
or any portion of the Premises free from this Lease and the rights of Tenant hereunder without first requiring that any action
or proceeding be instituted or pursued to judgment.

 

SECTION
16

 

16.1        Events
of Default. Any one or more of the following shall constitute an “Event of Default”:

 

16.1.1   a
default shall occur under any other lease or other agreement or instrument, now or hereafter with or in favor of Landlord or any
Affiliate of Landlord and made by or with Tenant or any Affiliate of Tenant where such default is not cured within applicable notice
and cure periods in such lease, agreement or instrument;

 

16.1.2   Tenant
shall fail to pay any installment of Rent by the last day of the applicable calendar month;

 

     -23-

     

    

 

16.1.3   except
as otherwise specifically provided for in this Section, if Tenant shall fail to observe or perform any other term, covenant or
condition of this Lease and such failure is not cured by Tenant within thirty (30) days after notice thereof from Landlord, unless
such failure cannot with due diligence be cured within a period of thirty (30) days, in which case such failure shall not be deemed
to be an Event of Default if Tenant commences to cure such failure within such 30-day period and thereafter proceeds promptly and
with reasonable diligence to cure the failure and diligently completes the curing thereof; provided, however, that (i) such notice
shall be in lieu of and not in addition to any notice required under applicable law; and (ii) in no event shall the cure period
set forth above continue for more than sixty (60) days after the initial notice of such default is delivered by Landlord to Tenant;

 

16.1.4   Tenant
or any Guarantor shall admit in writing its inability to pay its debts generally as they become due, file a petition in bankruptcy
or a petition to take advantage of any insolvency act, make an assignment for the benefit of its creditors, consent to the appointment
of a receiver of itself or of the whole or any substantial part of its property, or file a petition or answer seeking reorganization
or arrangement under the Federal bankruptcy laws or any other applicable law or statute of the United States of America or any
state thereof;

 

16.1.5   Tenant
or any Guarantor shall be adjudicated as bankrupt or a court of competent jurisdiction shall enter an order or decree appointing
a receiver of Tenant or of the whole or substantially all of its property and such judgment, order or decree shall not be vacated
or set aside or stayed within sixty (60) days from the date of the entry thereof;

 

16.1.6   Tenant
or any Guarantor shall be liquidated or dissolved, or shall begin proceedings toward such liquidation or dissolution, or shall,
in any manner, permit the sale or divestiture of substantially all its assets (except to the extent such a sale is expressly permitted
hereunder);

 

16.1.7   any
breach or default of the provisions of Section 24.1 occurs;

 

16.1.8   any
of the representations or warranties made by Tenant herein or by any Guarantor in the Guaranty proves to be untrue when made in
any material respect;

 

16.1.9   any
license or third-party provider reimbursement agreements material to operation of the Premises for its Primary Intended Use are
at any time terminated or revoked or suspended;

 

16.1.10 Intentionally
Omitted.

 

16.1.11 Tenant
fails to give notice to Landlord not later than ten (10) days after any notice, claim or demand from any governmental authority,
or any officer acting on behalf thereof, of any material violation of any Legal Requirement with respect to the operation of the
Premises. For purposes of this Subsection, a “material violation” shall mean a violation of any such Legal Requirement
that is reasonably likely to (i) have a material adverse effect on Tenant’s operations in the Premises; or (ii) impose any
liability on Landlord;

 

     -24-

     

    

 

16.1.12 Tenant
fails to cure or abate any material violation (except for violations being contested by Tenant pursuant to Section 12.1 hereof)
occurring during the Term that is claimed by any governmental authority, or any officer acting on behalf thereof, of any law, order,
ordinance, rule or regulation pertaining to the operation of the Premises, and within the time permitted by such authority for
such cure or abatement. For purposes of this Subsection, a “material violation” shall mean a violation of any such
law, order, ordinance, rule or regulation that is reasonably likely to (i) have a material adverse effect on Tenant’s operations
in the Premises; or (ii) impose any liability on Landlord;

 

16.1.13 Tenant
fails to notify Landlord within three (3) business days after receipt of any notice from any governmental agency terminating or
suspending or reflecting a material risk of imminent termination or suspension, of any material license or certification relating
to the Premises;

 

16.1.14 any
proceedings are instituted against Tenant by any governmental authority that are reasonably likely to result in (i) the revocation
of any license granted to Tenant that is material to the operation of the Premises; (ii) the decertification of the Premises from
participation in the Medicare or Medicaid reimbursement program if participation in such programs is applicable and is material
to the operation of the Premises; or (iii) the issuance of a stop placement order against Tenant;

 

16.1.15 any default and acceleration of any indebtedness of borrowed money in excess of $250,000 of Tenant, Guarantor or
any Affiliate of Tenant or Guarantor has occurred;

 

16.1.16 any
default shall occur under any Guaranty;

 

16.1.17 Tenant
or its Affiliates, as applicable, shall fail to comply with the provisions of Section 47.1 below;

 

16.1.18 If
the Rent Reserve Fund or Rent Reserve LOC is not in place and fully funded and Guarantor fails maintain the Minimum Rent Coverage
Ratio for two (2) successive reporting quarters, and thereafter does not meet the Minimum Rent Coverage Ratio within two (2)
reporting quarters after receipt of notice thereof from Landlord;

 

16.1.19 Guarantor
fails to maintain the Minimum Net Worth; provided, however, that such event shall only constitute an Event of Default hereunder
if Landlord delivers notice of such failure to Guarantor and if such failure continues beyond any cure period expressly afforded
by Landlord to Guarantor in such notice (it being agreed, however, that the decision as to whether a cure period shall be granted
and the duration of such cure period, if any, shall be determined by Landlord in its reasonable discretion). It is understood that
said Minimum Net Worth requirement shall be deemed to be waived as long as Tenant is in compliance with the requirements relating
to Minimum Required Rent Reserve, Rent Coverage Fund and Replacement Reserve Fund;

 

     -25-

     

    

 

16.2        Certain
Remedies. If an Event of Default shall have occurred, Landlord may terminate this Lease, by giving Tenant notice of such termination
and the Term shall terminate and all rights of Tenant under this Lease shall cease. Landlord shall have all rights at law and in
equity available to Landlord as a result of any Event of Default. Tenant shall pay as Additional Charges all costs and expenses
incurred by or on behalf of Landlord, including reasonable attorneys’ fees and expenses, as a result of any Event of Default
hereunder. If an Event of Default shall have occurred and be continuing, whether or not this Lease has been terminated pursuant
to this Section, Tenant shall, to the extent permitted by law, if required by Landlord so to do, immediately surrender to Landlord
possession of the Premises and quit the same and Landlord may enter upon and repossess the Premises by reasonable force, summary
proceedings, ejectment or otherwise, and may remove Tenant and all other Persons and any of Tenant’s Personal Property from
the Premises.

 

16.3        Damages.
The (a) termination of this Lease; (b) repossession of the Premises; (c) failure of Landlord, notwithstanding reasonable good
faith efforts, to relet the Premises; (d) reletting of all or any portion of the Premises; or (e) failure or inability of
Landlord to collect or receive any rentals due upon any such reletting, shall not relieve Tenant of its liabilities and obligations
hereunder, all of which shall survive any such termination, repossession or reletting. If any such termination occurs, Tenant shall
forthwith pay to Landlord all Rent due and payable with respect to the Premises to and including the date of such termination.
Thereafter, following any such termination, Tenant shall forthwith pay to Landlord, at Landlord’s option, as and for liquidated
and agreed current damages for an Event of Default by Tenant, the sum of:

 

16.3.1   the
worth at the time of award of the unpaid Rent (including all monthly Minimum Rent) which had been earned at the time of termination,

 

16.3.2   the
worth at the time of award of the amount by which the unpaid Rent (including all monthly Minimum Rent) which would have been earned
after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably
avoided,

 

16.3.3   the
worth at the time of award of the amount by which the unpaid Rent (including all monthly Minimum Rent) for the balance of the then
current Term (not including any Extended Terms that have not yet been exercised, but including any Extended Term which has been
exercised but has not yet commenced) after the time of award exceeds the amount of such rental loss that Tenant proves could be
reasonably avoided, plus

 

16.3.4   any
other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its
obligations under this Lease or which in the ordinary course of things would be likely to result therefrom.

 

As used in Subsections 16.3.1 and 16.3.2
above, the “worth at the time of award” shall be computed by allowing interest at the Overdue Rate. As used in Subsection
16.3.3 above, the “worth at the time of award” shall be computed by discounting such amount at the discount rate of
the Federal Reserve Bank of New York at the time of award plus One Percent (1%). Alternatively, if Landlord does not elect to terminate
this Lease, then Tenant shall pay to Landlord, at Landlord’s option, as and for agreed damages for such Event of Default
without termination of Tenant’s right to possession of the Premises and any Capital Additions, each installment of said Rent
(including the monthly Minimum Rent) and other sums payable by Tenant to Landlord under this Lease as the same becomes due and
payable with respect to the Premises, together with interest at the Overdue Rate from the date when due until paid, and Landlord
may enforce, by action or otherwise, any other term or covenant of this Lease.

 

     -26-

     

    

 

16.4        Receiver.
Upon the occurrence of an Event of Default, and upon commencement of proceedings to enforce the rights of Landlord hereunder, Landlord
shall be entitled, as a matter of right, to the appointment of a receiver or receivers acceptable to Landlord of the Premises and/or
of the revenues, earnings, income, products and profits thereof, pending the outcome of such proceedings, with such powers as the
court making such appointment shall confer.

 

16.5        Waiver.
If Landlord initiates judicial proceedings or if this Lease is terminated by Landlord pursuant to this Section, Tenant waives,
to the extent permitted by applicable law, (a) any right of redemption, re-entry or repossession; and (b) the benefit of any
laws now or hereafter in force exempting property from liability for rent or for debt.

 

16.6        Application
of Funds. Any payments received by Landlord under any of the provisions of this Lease during the existence or continuance of
any Event of Default that are made to Landlord rather than Tenant due to the existence of an Event of Default (including all rentals
received as a result of any reletting) shall be applied to Tenant’s obligations in the order which Landlord may determine
or as may be prescribed by the laws of the State in which the Premises are located.

 

16.7        Landlord’s
Security Interest. The parties intend that if an Event of Default occurs under this Lease, Landlord will control Tenant’s
Personal Property and the Intangible Property so that Landlord or its designee or nominee can operate or re-let the Premises intact
for their Primary Intended Use. Accordingly, to implement such intention, and for the purpose of securing the payment and performance
obligations of Tenant hereunder, Landlord and Tenant agree as follows:

 

16.7.1   Tenant,
as debtor, hereby grants to Landlord, as secured party, a security interest in, and an express contractual lien upon, all of Tenant’s
right, title and interest in and to Tenant’s Personal Property and in and to the Intangible Property and any and all products,
rents, proceeds and profits thereof in which Tenant now owns or hereafter acquires an interest or right, including any leased Tenant’s
Personal Property, and further including the property and interests in property described on Exhibit C hereto (except to
the extent such items constitute Landlord’s Personal Property), and all of Tenant’s right, title and interest in and
to the impound account established pursuant to Section 4.4 above and the Replacement Reserve Fund (collectively, the “Collateral”).
This Lease constitutes a security agreement covering all such Tenant’s Personal Property and the Intangible Property. The
security interest granted to Landlord with respect to Tenant’s Personal Property in this Subsection is intended by Landlord
and Tenant to be subordinate to any security interest granted in connection with the financing or leasing of all or any portion
of the Tenant’s Personal Property so long as the lessor or financier of such Tenant’s Personal Property agrees to give
Landlord written notice of any default by Tenant under the terms of such lease or financing arrangement, to give Landlord a reasonable
time following such notice to cure any such default and consents to Landlord’s written assumption of such lease or financing
arrangement upon Landlord’s curing of any such defaults.

 

     -27-

     

    

 

16.7.2   Tenant
hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or
desirable to perfect or continue the perfection of Landlord’s security interest in the Collateral. In addition, if required
by Landlord at any time during the Term, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord,
additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require
to perfect or continue the perfection of Landlord’s security interest in the Collateral. In the event Tenant fails to execute
any financing statement or other documents for the perfection or continuation of Landlord’s security interest, Tenant hereby
appoints Landlord as its true and lawful attorney-in-fact to execute any such documents on its behalf, which power of attorney
shall be irrevocable and is deemed to be coupled with an interest.

 

16.7.3   Tenant
will give Landlord at least thirty (30) days’ prior written notice of any change in Tenant’s name, identity, jurisdiction
of organization or corporate structure. With respect to any such change, Tenant will promptly execute and deliver such instruments,
documents and notices and take such actions, as Landlord deems necessary or desirable to create, perfect and protect the security
interests of Landlord in the Collateral.

 

16.7.4   Upon
the occurrence of an Event of Default, Landlord shall be entitled to exercise any and all rights or remedies available to a secured
party under the Uniform Commercial Code, or available to a lessor under the laws of the State, with respect to Tenant’s Personal
Property and the Intangible Property, including the right to sell the same at public or private sale.

 

SECTION
17

 

17.1        Landlord’s
Right to Cure Tenant’s Default. If Tenant shall fail to make any payment or to perform any act required to be made or
performed hereunder within fifteen (15) days after written demand by Landlord (except in case of emergencies), Landlord, without
waiving or releasing any obligation or default, may, but shall be under no obligation to, make such payment or perform such act
for the account and at the expense of Tenant, and may, to the extent permitted by law, enter upon the Premises for such purpose
and take all such action thereon as, in Landlord’s opinion, may be necessary or appropriate therefor. No such entry shall
be deemed an eviction of Tenant. All sums so paid by Landlord and all costs and expenses, including reasonable attorneys’
fees and expenses, so incurred, together with interest thereon at the Overdue Rate from the date on which such sums or expenses
are paid or incurred by Landlord, shall be paid by Tenant to Landlord on demand.

 

SECTION
18

 

18.1        Intentionally
Omitted.

 

     -28-

     

    

 

SECTION
19

 

19.1        Renewal
Terms.

 

19.1.1   Provided
that no Event of Default has occurred and is continuing, either at the date of exercise or upon the commencement of an Extended
Term (as hereunder defined), then Tenant shall have the right to renew this Lease with respect to the Premises of all (but not
less than all) of the Premises for two (2) consecutive five (5) year renewal terms (each an “Extended Term”).
Tenant shall exercise its renewal options in this Section if at all, by (a) giving written notice to Landlord of such renewal (“Tenant’s
Exercise Notice”) not less than nine (9) months and not more than twelve (12) months prior to the expiration of the then
applicable current Term; and (b) delivering to Landlord concurrent with such notice a reaffirmation of the Guaranty executed by
Guarantor stating, in substance, that Guarantor’s obligations under the Guaranty shall extend to this Lease, as extended
by the applicable Extended Term. The failure to give any such notice in a timely manner shall result in a forfeiture of such renewal
options. During each Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect.

 

19.1.2   Landlord
shall notify Tenant of the proposed Fair Market Rent for the Premises within thirty (30) days of receipt of Tenant’s Exercise
Notice. “Fair Market Rent” shall be the anticipated rate in effect for the Premises as of the commencement of
the renewal term, based upon the rents generally in effect for new leases of space in the area in which the Premises are located
of equivalent quality, size, utility and location, with the length of the extended term and the credit standing of Tenant to be
taken into account. In no event shall the Fair Market Rent be less than the Minimum Rent set forth herein. Landlord shall lease
to Tenant the Premises in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance,
construction allowance, free rent or the like) or other tenant inducements. If Tenant does not accept the rate set forth in Landlord’s
notice, Tenant shall have the right, upon notice sent to Landlord within fifteen (15) days of receipt of Landlord’s
notice containing the proposed Fair Market Rent, either to (a) revoke its exercise of the renewal option, in which event this Lease
shall expire at the expiration of the then current term; or (b) require that Fair Market Rent be determined by an appraisal. If
Tenant does not so notify Landlord, Tenant shall be deemed to have accepted the Fair Market Rent set forth in Landlord’s
notice. In the event Tenant elects (b), above, the following shall apply:

 

(a)        Landlord
shall send written notice to Tenant (“Landlord’s Notice”) designating the name of Landlord’s independent,
third party Appraiser (“Landlord’s Appraiser”).

 

(b)        Within
five (5) days of receipt of Landlord’s notice, Tenant shall notify Landlord of either (i) Tenant’s acceptance of Landlord’s
Appraiser; or (ii) the name of Tenant’s independent third party Appraiser (“Tenant’s Appraiser”).
If Tenant fails to so notify Landlord, Tenant shall be deemed to have accepted Landlord’s Appraiser.

 

(c)        If
Tenant accepts Landlord’s Appraiser, the Fair Market Rent shall be determined by Landlord’s Appraiser within thirty
(30) days of Landlord’s Notice.

 

(d)        If
Tenant does not accept Landlord’s Appraiser, within thirty (30) days of Landlord’s Notice Landlord’s Appraiser
and Tenant’s Appraiser shall each state what they believe the Fair Market Rent to be. If the two (2) rates vary by five percent
(5%) or less, then the Fair Market Rent shall be the average of the two (2) rates. If the two (2) rates vary by more than five
percent (5%), such two Appraisers shall select an independent third party Appraiser no later than sixty (60) days after Landlord’s
Notice, and within five (5) days after such appointment, the third Appraiser shall select one (1) of the two (2) rates set by Landlord’s
Appraiser and Tenant’s Appraiser as the Fair Market Rent.

 

     -29-

     

    

 

(e)        If
Tenant does not approve the Fair Market Rent determined by the above process, Tenant may revoke its exercise of the renewal option
within ninety (90) days following the date of Tenant’s Exercise Notice (a “Post-Appraisal Revocation”),
in which event this Lease shall expire at the expiration of the then current term.

 

(f)         If
Tenant elects a Post-Appraisal Revocation, Tenant shall bear the cost of all of the Appraisers. Otherwise, each party shall bear
the cost of its Appraiser; provided, however (i) if Tenant accepts Landlord’s Appraiser, the parties shall share equally
the cost of Landlord’s Appraiser; or (ii) if a third Appraiser is appointed, the parties shall share equally the cost of
such third Appraiser.

 

(g)        “Appraiser”
shall mean a real estate broker who has a minimum of five (5) years’ experience in the Melbourne, Florida leasing market
for properties to the Premises, who is licensed by the State of Florida, and who is not affiliated with either party or involved
in an active transaction with either party.

 

SECTION
20

 

20.1        Holding
Over. If Tenant shall for any reason remain in possession of the Premises after the expiration or earlier termination of the
Term, such possession shall be as a month-to-month tenant during which time Tenant shall pay as Rent each month One Hundred Fifty
Percent (150%) of the sum of (a) monthly Minimum Rent applicable to the prior Lease Year, together with (b) all Additional
Charges and all other sums payable by Tenant pursuant to this Lease. During such period of month-to-month tenancy, Tenant shall
be obligated to perform and observe all of the terms, covenants and conditions of this Lease, but shall have no rights hereunder
other than the right, to the extent given by law to month-to-month tenancies, to continue its occupancy and use of the Premises.
Nothing contained herein shall constitute the consent, express or implied, of Landlord to the holding over of Tenant after the
expiration or earlier termination of this Lease.

 

SECTION
21

 

21.1        Rent
Reserve Fund. Guarantor must maintain and demonstrate, on demand from Landlord, a cash (including cash equivalents or assets
that can be liquidated within ninety (90) days) account on its balance sheet, or alternatively, at Guarantor’s option, a
letter of credit (the “Rent Reserve Letter of Credit”) at least equal to the Minimum Required Rent Reserve (the
“Rent Reserve Fund”). Guarantor may use the cash account or Landlord may draw upon the Rent Reserve Letter of
Credit, as applicable, to pay Rent (a “Rent Reserve Fund Draw”). If a Rent Reserve Fund Draw occurs, then Guarantor
will replenish the Rent Reserve Fund monthly in the amount of Fifty Thousand Dollars ($50,000) per month until the Rent Reserve
Fund reaches the Minimum Required Rent Reserve. The Rent Reserve Fund will count as part of any cash reserve requirement and in
the Minimum Net Worth computation.

 

     -30-

     

    

 

21.2        Letter
of Credit Requirements. The following requirements shall apply to any letters of credit posted by Tenant in connection with
this Lease (the “Letter of Credit Requirements”):

 

21.2.1   Each
letter of credit must be unconditional, irrevocable and in substantially the form attached hereto as Exhibit D (or another
form satisfactory to Landlord).

 

21.2.2   Intentionally
Omitted.

 

21.2.3   Tenant
understands that Landlord is relying upon the financial condition of the issuer of the letter of credit, as a primary inducement
to Landlord to lease the Premises to Tenant. In the event Moody’s rating on the issuer’s long term senior debt becomes
less than Baa2 while the letter of credit is outstanding, Landlord may notify Tenant of such fact, and Tenant shall have five (5)
days from the date of such notice within which to either (i) secure the letter of credit with additional collateral acceptable
to Landlord in its sole discretion; (ii) provide a substitute letter of credit in the same form as the letter of credit but issued
by a banking institution reasonably satisfactory to Landlord having its senior long term debt rated at least Baa2 by Moody’s
or equivalent rating service; or (iii) have the letter of credit confirmed by a banking institution reasonably satisfactory to
Landlord having its senior long term debt rated at least Baa2 by Moody’s or equivalent rating service. Failure to do one
of the foregoing within such time shall constitute an Event of Default and shall entitle Landlord to present the letter of credit
for payment at any time after such default, without providing Tenant any further notice or opportunity to cure, and the entire
sum drawn thereunder shall be held by Landlord as provided in Subsection 21.2.13, below.

 

21.2.4   Each
letter of credit mush expressly permit partial drawings on multiple occasions.

 

21.2.5   Each
letter of credit shall provide that it is assignable by Landlord without charge to Landlord and without limitation on the permitted
number of assignments.

 

21.2.6   Unless
otherwise provided herein, the initial letter of credit shall expire no sooner than twelve (12) months from the date thereof. The
letter of credit must be satisfactorily renewed or replaced with replacement letters of credit meeting all of the Letter of Credit
Requirements except that the expiration date shall be no less than twelve (12) months from the date of issuance. Such renewal or
replacement letters of credit must be in Landlord’s possession no later than sixty (60) days prior to the expiration of the
then current letter of credit. Tenant shall be responsible for obtaining such renewal or replacement letters of credit at its sole
expense. Failure to renew a letter of credit in accordance with the foregoing will entitle Landlord to present the letter of credit
for payment, without providing Tenant any notice or opportunity to cure, and the entire sum drawn thereunder shall be held by Landlord
as provided in subsection 21.2.13, below.

 

21.2.7   Each
letter of credit shall provide that it will be honored upon a signed statement by Landlord that Landlord is entitled to draw upon
such letter of credit under this Lease and shall require no signature or statement from any party other than Landlord.

 

     -31-

     

    

 

21.2.8   Each
letter of credit shall provide that, following the honor of any drafts in an amount less than the aggregate amount thereof, the
financial institution shall return the original letter of credit to Landlord and Landlord’s rights as to the remaining amount
of such letter of credit will not be extinguished.

 

21.2.9   In
the event of a transfer of Landlord’s interest in the Premises, Landlord may transfer any letter of credit held by Landlord
to the transferee and thereupon shall, without any further agreement between the parties, be released by Tenant from all liability
therefor, and it is agreed that the provisions hereof shall apply to every transfer or assignment of any such letter of credit
to a new Landlord.

 

21.2.10 Landlord’s
rights in and to any letter of credit may be assigned and pledged by Landlord to a Mortgagee as security in connection with a Mortgage.

 

21.2.11 Tenant
will not assign or encumber the letter of credit or any part thereof and agrees that neither Landlord nor its successors or assigns
will be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

 

21.2.12 Upon
the occurrence of an Event of a Default, in addition to any or all of its other remedies contained in this Lease, Landlord shall
have the right (but not the obligation) to present the letter of credit for payment and to draw thereon, in whole or in part. In
the event of any such draw, Landlord may require that Tenant forthwith provide Landlord with an additional letter of credit in
an amount sufficient to restore the aggregate amounts of the letter(s) of credit held by Landlord to the amount prior to such draw.

 

21.2.13 Landlord
may use or apply the whole or any part of the amounts drawn on the letter(s) of credit (the “Proceeds”) for
the payment of Tenant’s obligations under this Lease. Any Proceeds not otherwise applied to amounts then due Landlord shall
serve as security for the prompt, full, and faithful performance by Tenant of the terms and provisions of this Lease. Tenant’s
obligation to furnish the letter of credit and any use, application or retention by Landlord of all or any part of the Proceeds
shall not be deemed in any way to constitute liquidated damages for any default by Tenant, or to limit the remedies to which Landlord
is otherwise entitled under the terms of this Lease. In the event the Proceeds are reduced below the original amount of the letter
of credit by such use or application, Tenant shall deposit with Landlord, within ten (10) days after notice, an amount sufficient
to restore the amount of the Proceeds to the original amount. Landlord shall not be required to keep the Proceeds separate from
Landlord’s general funds or pay interest on the Proceeds. Provided Tenant has performed all of its obligations under this
Lease, any remaining portion of the Proceeds shall be returned to Tenant within thirty (30) days subsequent to the expiration of
the Term. No trust or fiduciary relationship is created herein between Landlord and Tenant with respect to the Proceeds. If Landlord
transfers the Premises during the Term of this Lease, Landlord may pay the Proceeds to Landlord’s successor-in-interest,
in which event the transferring Landlord shall be released from all liability for the return of the Proceeds.

 

     -32-

     

    

 

21.2.14 Landlord
shall return the letter of credit to Tenant within thirty (30) days following the expiration of the Term; provided however, no
such release shall occur at any time when Tenant has failed to perform any of its obligations under the under the Lease, regardless
of whether any applicable notice or cure periods have expired.

 

21.3        Subordination
of Debt and Distributions. Tenant will not seek to subordinate the Rent payable under this Lease to any creditor obligation
or debt. Rent will be paid and received, and current under this Lease, before (a) any other creditor obligation or debt is
paid; and (b) any profits are distributed to Tenant’s owners or assigns.

 

SECTION
22

 

22.1        Risk
of Loss. The risk of loss or of decrease in the enjoyment and beneficial use of the Premises as a consequence of the damage
or destruction thereof by fire, the elements, casualties, thefts, riots, wars or otherwise, or in consequence of foreclosures,
attachments, levies or executions (other than by Landlord and Persons claiming from, through or under Landlord) is assumed by Tenant,
and no such event shall entitle Tenant to any abatement of Rent unless Tenant’s occupancy is interrupted due to the gross
negligence or willful misconduct of landlord.

 

SECTION
23

 

23.1        General
Indemnification. In addition to the other indemnities contained herein, and notwithstanding the existence of any insurance
carried by or for the benefit of Landlord or Tenant, and without regard to the policy limits of any such insurance, Tenant shall
protect, indemnify, save harmless and defend Landlord and its Affiliates from and against all liabilities, obligations, claims,
damages penalties, causes of action, costs and expenses, including reasonable attorneys’, consultants’ and experts’
fees and expenses, imposed upon or incurred by or asserted against Landlord by reason of: (a) any accident, injury to or death
of Persons or loss of or damage to property occurring on or about the Premises or adjoining sidewalks thereto; (b) any use,
misuse, non-use, condition, maintenance or repair by Tenant of the Premises; or (c) any failure on the part of Tenant to perform
or comply with any of the terms of this Lease. Any amounts that become payable by Tenant under this Section shall be paid within
ten (10) days after demand by Landlord, and if not timely paid shall bear interest at the Overdue Rate from the date of such determination
to the date of payment. Tenant, at its sole cost and expense, shall contest, resist and defend any such claim, action or proceeding
asserted or instituted against Landlord or its Affiliates or may compromise or otherwise dispose of the same as Tenant sees fit;
provided, however, that any legal counsel selected by Tenant to defend Landlord shall be reasonably satisfactory to Landlord. All
indemnification covenants are intended to apply to losses, damages, injuries, claims, etc. incurred directly by the indemnified
parties and their property, as well as by the indemnifying party or third party, and their property. For purposes of this Section,
any acts or omissions of Tenant, or by employees, agents, assignees, contractors, subcontractors or others acting for or on behalf
of Tenant (whether or not they are negligent, intentional, willful or unlawful), shall be strictly attributable to Tenant. It is
understood and agreed that payment shall not be a condition precedent to enforcement of the foregoing indemnification obligations.

 

     -33-

     

    

 

SECTION
24

 

24.1        Transfers.

 

24.1.1   Assignment.

 

(a)         Tenant
shall not, without Landlord’s prior written consent, either directly or indirectly or through one or more step transactions
or tiered transactions, voluntarily or by operation of law, (i) assign, convey, sell, pledge, mortgage, hypothecate or otherwise
encumber, transfer or dispose of all or any part of this Lease or Tenant’s leasehold estate hereunder; (ii) engage the
services of any Person for the management or operation of all or any part of the Premises or any Capital Additions; (iii) if
Tenant is not publicly traded, convey, sell, assign, transfer or dispose of any stock or partnership, membership or other interests
(whether equity or otherwise) in Tenant (which shall include any conveyance, sale, assignment, transfer or disposition of any stock
or partnership, membership or other interests (whether equity or otherwise) in any Controlling Person(s)), if such conveyance,
sale, assignment, transfer or disposition results, directly or indirectly, in a change in control of Tenant (or in any Controlling
Person(s)); (iv) dissolve, merge, reorganize, recapitalize, exchange shares or consolidate Tenant (which shall include any dissolution,
merger, reorganization, recapitalization, exchange of shares or consolidation of any Controlling Person) with any other Person,
if such dissolution, merger, reorganization, recapitalization, exchange of shares or consolidation, directly or indirectly, results
in a change in control of Tenant or in any Controlling Person(s); (iv) sell, convey, assign, or otherwise transfer all or
substantially all of the assets of Tenant (which shall include any sale, conveyance, assignment, or other transfer of all or substantially
all of the assets of any Controlling Person(s)); or (v) enter into or permit or allow to be entered into any agreement or
arrangement to do any of the foregoing or to grant any option or other right to any Person to do any of the foregoing (each of
the aforesaid acts referred to in clauses (a) through (g) being referred to herein as a “Transfer”). If Tenant
so allows, causes, permits or suffers any such Transfer without Landlord’s consent in each such instance, such event shall
constitute an Event of Default by Tenant under this Lease.

 

(b)        Notwithstanding
the foregoing, (i) if the creditworthiness of the proposed assignee is greater than the creditworthiness of Tenant as of the date
of this Lease or the date of the proposed assignment, whichever is higher, Landlord’s consent to an assignment shall not
be required as long as the proposed assignee meets all other requirements of this Lease, including without limitation insurability
and legal diligence; and (ii) if the creditworthiness of the proposed assignee is equal to the creditworthiness of Tenant
as of the date of this Lease or the date of the proposed assignment, whichever is higher, Landlord’s consent to an assignment
shall not be unreasonably withheld or conditioned as long as the proposed assignee meets all other requirements of this Lease,
including without limitation insurability and legal diligence. It is understood that Landlord may nonetheless withhold consent
despite satisfaction of the conditions in the foregoing subsections based on other reasonable grounds.

 

24.1.2   Subletting.
Subletting will not require approval of Landlord but will be limited to existing corporate operators, optionally including ancillary
medical operators and services (pharmacy, ambulance service, physician joint venture, mobile imaging, etc.). Landlord will not
unreasonably withhold its consent for subleases of vacant space to other third party subtenants. Tenant will not pledge or encumber
any sublease rents to any third party. Upon any default under the Lease which has not been cured within ninety (90) days after
notice, all sublease rents will be paid directly to Landlord. Tenant shall not, without Landlord’s prior written consent
in each instance, allow, cause, permit or suffer all or any portion of the Premises to be leased, subleased or licensed to, or
used or occupied by, any other Person. If Tenant allows, causes, permits or suffers any sublease or occupancy without Landlord’s
prior written consent if required hereunder, same shall constitute an Event of Default by Tenant under this Lease.

 

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24.1.3   Costs.
Tenant shall reimburse Landlord for Landlord’s actual, reasonable, out of pocket costs and expenses, not to exceed $1,500,
incurred in conjunction with the processing and documentation of any request to Transfer, whether or not such Transfer is actually
consummated.

 

24.1.4   No
Release of Tenant’s Obligations. No assignment, conveyance, subletting or other action pursuant to this Section shall
relieve Tenant of its obligation to pay the Rent and to perform all of the other obligations to be performed by Tenant hereunder.

 

24.1.5   REIT
Protection. Anything contained in this Lease to the contrary notwithstanding, (a) no Transfer shall be consummated on
any basis such that the rental or other amounts to be paid by the Occupant, assignee, manager or other transferee thereunder would
be based, in whole or in part, on the income or profits derived by the business activities of the Occupant, assignee, manager or
other transferee; (b) Tenant shall not furnish or render any services to an Occupant, assignee, manager or other transferee
with respect to whom Transfer Consideration is required to be paid or manage or operate the Premises and/or any Capital Additions
so Transferred with respect to which Transfer Consideration is being paid; (c) Tenant shall not consummate a Transfer with
any Person in which Landlord or its Affiliate owns an interest, directly or indirectly by applying constructive ownership rules
set forth in Section 856(d)(5) of the Code; and (d) Tenant shall not consummate a Transfer with any Person or in any
manner which could cause any portion of the amounts received by Landlord pursuant to this Lease or any Occupancy Arrangement to
fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar
or successor provision thereto or that could cause any other income of Landlord or its Affiliate to fail to qualify as income described
in Section 856(c)(2) of the Code.

 

24.1.6   Transfers
in Bankruptcy. In the event of a Transfer or assignment of this Lease pursuant to the provisions of the Bankruptcy Code, all
consideration payable or otherwise to be delivered in connection with such Transfer or assignment shall be paid or delivered to
Landlord, shall be and remain the exclusive property of Landlord and shall not constitute property of Tenant or of the estate of
Tenant within the meaning of the Bankruptcy Code. Any consideration constituting Landlord’s property pursuant to the immediately
preceding sentence and not paid or delivered to Landlord shall be held in trust for the benefit of Landlord and be promptly paid
or delivered to Landlord. For purposes of this Subsection, the term “consideration” shall mean and include money, services,
property and any other thing of value such as payment of costs, cancellation or forgiveness of indebtedness, discounts, rebates,
barter and the like. If any such consideration is in a form other than cash (such as in kind, equity interests, indebtedness earn-outs,
or other deferred payments, consulting or management fees, etc.), Landlord shall be entitled to receive in cash the then present
fair market value of such consideration.

 

     -35-

     

    

 

SECTION
25

 

25.1        Officer’s
Certificates and Financial Statements.

 

25.1.1   Officer’s
Certificate. At any time and from time to time upon Tenant’s receipt of not less than ten (10) days’ prior written
request by Landlord, Tenant shall furnish to Landlord an Officer’s Certificate certifying (a) that this Lease is unmodified
and in full force and effect, or that this Lease is in full force and effect as modified and setting forth the modifications; (b) the
dates to which the Rent has been paid; (c) whether or not, to the best knowledge of Tenant, Landlord is in default in the
performance of any covenant, agreement or condition contained in this Lease and, if so, specifying each such default of which Tenant
may have knowledge; and (d) responses to such other questions or statements of fact as Landlord, any ground or underlying
lessor, any purchaser or any current or prospective Mortgagee shall reasonably request. Tenant’s failure to deliver such
statement within such time shall constitute an acknowledgment by Tenant that (i) this Lease is unmodified and in full force
and effect except as may be represented to the contrary by Landlord; (ii) Landlord is not in default in the performance of any
covenant, agreement or condition contained in this Lease; and (iii) the other matters set forth in such request, if any, are true
and correct. Any such certificate furnished pursuant to this Section may be relied upon by Landlord and any current or prospective
Mortgagee, ground or underlying lessor or purchaser of the Premises or any portion thereof.

 

25.1.2   Statements.
Tenant shall furnish the following statements to Landlord:

 

(a)         Tenant
shall, as soon as available and in any event within one hundred twenty (120) days after the end of each Fiscal Year, provide to
Landlord annual audited financial statements of the Guarantor and Tenant for such Fiscal Year, including therein the balance sheets
of Guarantor and Tenant as of the end of such Fiscal Year and statements of earnings and statements of cash flow of Guarantor and
Tenant for such Fiscal Year, in each case certified in a manner acceptable to Landlord by independent certified public accountants
of recognized national standing selected by Guarantor and reasonably acceptable to Landlord (the form of such certification to
be reasonably satisfactory to Landlord), prepared in accordance with GAAP, except as otherwise noted therein, on a basis consistent
with prior periods and fairly presenting the financial condition of Guarantor and Tenant at the end of such Fiscal Year and the
immediately preceding Fiscal Year and in comparative columnar form.

 

(b)        Tenant
shall, as soon as available and in any event within forty-five (45) days after the end of each Quarter, provide to Landlord quarterly
financial statements of the Tenant for such Quarter, including therein the balance sheets of Guarantor and Tenant as of the end
of such Quarter, and statements of earnings and statements of cash flow of Guarantor and Tenant for such Quarter, in each case
certified in a manner acceptable to Landlord by such entity’s chief accounting officer as being prepared in accordance with
GAAP, except as otherwise noted therein, and that such quarterly financial statements fairly present to financial condition of
each Guarantor and Tenant as of the end of such Quarter and year-to-date.

 

     -36-

     

    

 

(c)         within
thirty (30) days after the end of each month of each Fiscal Year (including the twelfth month of each Fiscal Year), a “balance
sheet” and statements of revenues and expenses for the Premises, all prepared by Tenant’s management in accordance
with GAAP, but without footnotes, except as otherwise noted therein, on a basis consistent with prior periods, and fairly presenting
the financial condition of the Premises’ operation; without limiting the foregoing, such statements shall include a table
of Occupants by payor source and shall include such other information as may reasonably be requested by Landlord.

 

(d)        with
the statements submitted pursuant to Subsections (a) and (b) of this Section, a certificate signed on behalf of Tenant by the principal
financial or accounting officer of Tenant to the effect that no Event of Default specified herein nor any event which, upon notice
or with the passage of time or both, would constitute such an Event of Default has occurred and is continuing, or, in each case,
if any such Event of Default or event has occurred and is continuing, specifying the nature and extent thereof;

 

(e)        semi-annually,
detailed rent rolls (name, term, rent, escalations, options) of subleases, certified by the principal financial or accounting officer
of Tenant;

 

(f)         Intentionally
Omitted.

 

(g)        promptly,
from time to time, such other information regarding the operations, business affairs and financial condition of Tenant as Landlord
may reasonably request, including, without limitation, prompt notice of any Event of Default or any event which, with the passage
of time or the giving of notice, or both, would constitute an Event of Default and prompt notice of any action, suit or proceeding
at law or in equity or by or before any governmental instrumentality or other agency which, if adversely determined, would materially
adversely affect Tenant’s or the Premises’ business, operations, properties, assets or condition, financial or otherwise.

 

25.1.3   Licensing
Information. Tenant shall promptly furnish to Landlord complete copies of all surveys, examinations, inspections, compliance
certificates and similar reports of any kind issued to Tenant or its property manager by any governmental agencies or authorities
having jurisdiction over the licensing of the operation of the Premises that are material to the Premises or their ownership or
operation.

 

SECTION
26

 

26.1        Landlord’s
Right to Inspect and Show the Premises. Tenant shall permit Landlord and its authorized representatives, upon reasonable prior
notice, to (a) inspect the Premises and (b) exhibit the same to prospective purchasers and lenders, and during the last
twelve (12) months of the Term to prospective lessees or managers, in each instance during usual business hours and subject to
any reasonable security, health, safety or confidentiality requirements of Tenant or any Legal Requirement or Insurance Requirement.
Tenant shall cooperate with Landlord in exhibiting the Premises to prospective purchasers, lenders, lessees and managers. Additionally,
Landlord shall have the right to make site visits to the Premises for purposes of inspecting the Premises from time to time, as
Landlord may determine in its reasonable discretion.

 

     -37-

     

    

 

SECTION
27

 

27.1        No
Waiver. No failure by Landlord to insist upon the strict performance of any term hereof or to exercise any right, power or
remedy hereunder and no acceptance of full or partial payment of Rent during the continuance of any default or Event of Default
shall constitute a waiver of any such breach or of any such term. No waiver of any breach shall affect or alter this Lease, which
shall continue in full force and effect with respect to any other then existing or subsequent breach.

 

SECTION
28

 

28.1        Remedies
Cumulative. Each legal, equitable or contractual right, power and remedy of Landlord now or hereafter provided either in this
Lease or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power and remedy
and the exercise or beginning of the exercise by Landlord of any one or more of such rights, powers and remedies shall not preclude
the simultaneous or subsequent exercise by Landlord of any or all of such other rights, powers and remedies.

 

SECTION
29

 

29.1        Acceptance
of Surrender. No surrender to Landlord of this Lease or of the Premises shall be valid or effective unless agreed to and accepted
in writing by Landlord and no act by Landlord or any representative or agent of Landlord, other than such a written acceptance
by Landlord, shall constitute an acceptance of any such surrender.

 

SECTION
30

 

30.1        No
Merger. There shall be no merger of this Lease or of the leasehold estate created hereby by reason of the fact that the same
Person may acquire, own or hold, directly or indirectly, (a) this Lease or the leasehold estate created hereby or any interest
in this Lease or such leasehold estate; and (b) the fee estate in the Premises.

 

SECTION
31

 

31.1        Conveyance
by Landlord. Landlord may, without the consent or approval of Tenant, sell, transfer, assign, convey or otherwise dispose of
the Premises, subject, however, to this Lease. If Landlord or any successor owner of the Premises shall sell, transfer, assign,
convey or otherwise dispose of the Premises other than as security for a debt, Landlord or such successor owner, as the case may
be, shall thereupon be released from all future liabilities and obligations of Landlord with respect to the Premises under this
Lease arising or accruing from and after the date of such sale, transfer, assignment or other disposition and all such future liabilities
and obligations with respect to the Premises shall thereupon be binding upon such purchaser, grantee, assignee or transferee.

 

SECTION
32

 

32.1        Quiet
Enjoyment. So long as Tenant shall pay the Rent as the same becomes due and shall fully comply with all of the terms of this
Lease and fully perform its obligations hereunder, Tenant shall peaceably and quietly have, hold and enjoy the Premises for the
Term, free of any claim or other action by Landlord or anyone claiming by, through or under Landlord, but subject to all liens
and encumbrances of record as of the Commencement Date or created thereafter as permitted hereunder or thereafter consented to
by Tenant.

 

     -38-

     

    

 

SECTION
33

 

33.1Notices.
Any notice, consent, approval, demand or other communication required or permitted to be given hereunder (a “notice”)
must be in writing and may be served personally or by U.S. Mail. If served by U.S. Mail, it shall be addressed as follows:

  

	 	If to Landlord:	 	GMR Melbourne, LLC
 c/o Global Medical REIT, Inc.
 4800 Montgomery Lane, Suite 450
 Bethesda, Maryland 20814
 Fax: 202 380 0891
 Attn: Alfonzo Leon
 Fax: 202 380 0891
	 	 	 	 
	 	with a copy to:	 	Bradley Arant Boult Cummings LLP
 1600 Division Street, Suite 700
 Nashville, TN 37203
 Attn: Ann Peldo Cargile
 Fax: 615-252-2373
	 	 	 	 
	 	If to Tenant:	 	Marina Towers, LLC
 709 S. Harbor City Boulevard, Suite 250
 Melbourne, Florida 32901
 Attn: Christian Romandetti
 Fax No.: 321-723-3996
 E-mail: chris@romandetti.com
	 	 	 	 
	 	with a copy to:	 	Dean Mead
 800 North Magnolia Avenue
 Suite 1500
 Orlando, FL 32803
 Attn: Stanley A. Gravenmier
 Fax: (407) 423-1831

 

Any notice which is personally served shall
be effective upon the date of service; any notice given by U.S. Mail shall be deemed effectively given, if deposited in the United
States Mail, registered or certified with return receipt requested, postage prepaid and addressed as provided above, on the date
of receipt, refusal or non-delivery indicated on the return receipt. In lieu of notice by U.S. Mail, either party may send notices
by facsimile or by a nationally recognized overnight courier service which provides written proof of delivery (such as UPS or Federal
Express). Any notice sent by facsimile shall be effective upon confirmation of receipt in legible form, provided that an original
of such facsimile is also sent to the intended addressee by another method approved in this Section, and any notice sent by a nationally
recognized overnight courier shall be effective on the date of delivery to the party at its address specified above as set forth
in the courier’s delivery receipt. Either party may, by notice to the other from time to time in the manner herein provided,
specify a different address for notice purposes.

 

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SECTION
34

 

34.1        Intentionally
Omitted

 

SECTION
35

 

35.1        Ongoing
Required Maintenance and Capital Expenditures. Beginning on the Commencement Date and continuing throughout the Term, Guarantor
shall fund and maintain on its balance sheet a repair and replacement fund (a “Replacement Reserve Fund”) in
the amount of $100,000.00. Without in any way limiting Tenant’s obligations under Section 9.1 or elsewhere in the Lease,
commencing on the Commencement Date, and continuing through the Term (including any Extended Terms), Guarantor may release funds
from the Replacement Reserve Fund to Tenant for Qualified Capital Expenditures to improve and maintain the Premises. Any deductions
from the Replacement Reserve Fund will be replaced within the following 12 month period by Guarantor.

 

SECTION
36

 

36.1        Landlord
May Grant Liens. Without the consent of Tenant, Landlord may, from time to time, directly or indirectly, create or otherwise
cause to exist any Mortgage upon the Premises. This Lease is and at all times shall be subject and subordinate to any Mortgage
that may now or hereafter affect the Premises and to all renewals, modifications, consolidations, replacements and extensions thereof
or any part(s) or portion(s) thereof. This clause shall be self-operative and no further instrument of subordination shall be required;
provided, however, that in confirmation of such subordination, Tenant shall execute promptly any certificate or document
that Landlord or any Mortgagee may request for such purposes. If, in connection with obtaining financing or refinancing for the
Premises, a Mortgagee or prospective Mortgagee shall request reasonable modifications to this Lease as a condition to such financing
or refinancing, Tenant shall not withhold or delay its consent thereto.

 

36.2        Attornment.
If Landlord’s interest in the Premises is sold, conveyed or terminated upon the exercise of any remedy provided for in any
Mortgage, or otherwise by operation of law: (a) at the new owner’s option, Tenant shall attorn to and recognize the
new owner as Tenant’s Landlord under this Lease or enter into a new lease substantially in the form of this Lease with the
new owner, and Tenant shall take such actions to confirm the foregoing within ten (10) days after request; and (b) the new
owner shall not be (i) liable for any act or omission of Landlord under this Lease occurring prior to such sale, conveyance
or termination, (ii) subject to any offset, abatement or reduction of rent because of any default of Landlord under this Lease
occurring prior to such sale, conveyance or termination, (iii) bound by any previous modification or amendment to this Lease or
any previous prepayment of more than one month’s rent, unless such modification, amendment or prepayment shall have been
approved in writing by the Mortgagee or, in the case of such prepayment, such prepayment of rent has actually been delivered to
such successor lessor, or (iv) liable for any security deposit or other collateral deposited or delivered to Landlord pursuant
to this Lease unless such security deposit or other collateral has actually been delivered to such successor lessor.

 

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36.3        Compliance
with Mortgage Documents.

 

36.3.1   With
respect to any Mortgages and any refinancing of any Mortgage, prior to the execution and delivery of any Mortgage Documents relating
thereto, Landlord shall provide copies of the same to Tenant for Tenant’s review. Tenant acknowledges that any Mortgage Documents
executed by Landlord will impose certain obligations on the “Borrower” thereunder to comply with or cause the operator
and/or lessee of the Premises to comply with all representations, covenants and warranties contained therein relating to the Premises
and the operator and/or lessee thereof, including, covenants relating to (a) the maintenance and repair of the Premises; (b) maintenance
and submission of financial records and accounts of the operation of the Premises and related financial and other information regarding
the operator and/or lessee of the Premises; (c) the procurement of insurance policies with respect to the Premises; and (d) without
limiting the foregoing, compliance with all Legal Requirements relating to the Premises and the operation thereof for their Primary
Intended Use. For so long as any Mortgages encumber the Premises, or any portion thereof, Tenant covenants and agrees, at its sole
cost and expense and for the express benefit of Landlord, to operate the Premises in strict compliance with the terms and conditions
of the Mortgage Documents (other than payment of any indebtedness evidenced or secured thereby) and to timely perform all of the
obligations of Landlord relating thereto), or to the extent that any of such duties and obligations may not properly be performed
by Tenant, Tenant shall cooperate with and assist Landlord in the performance thereof (other than payment of any indebtedness evidenced
or secured thereby); provided, however, that the duties and obligations imposed upon Tenant by the Mortgage Documents relating
thereto and this Section entered into after the Commencement Date may not be materially more burdensome to Tenant than Tenant’s
obligations to Landlord under this Lease

 

SECTION
37

 

37.1        Hazardous
Substances. Tenant shall not allow any Hazardous Substance to be located, stored, disposed of, released or discharged in, on,
under or about the Premises or incorporated in the Premises; provided, however, that Hazardous Substances may be brought, kept,
used or disposed of in, on or about the Premises in quantities and for purposes similar to those brought, kept, used or disposed
of in, on or about similar facilities used for purposes similar to the Primary Intended Use and which are brought, kept, used and
disposed of in strict compliance with Legal Requirements.

 

37.2        Notices.
Tenant shall provide to Landlord promptly, and in any event immediately upon Tenant’s receipt thereof, a copy of any notice
or notification with respect to (a) any violation of a Legal Requirement relating to Hazardous Substances located in, on, or under
the Premises; (b) any enforcement, cleanup, removal, or other governmental or regulatory action instituted, completed or threatened
with respect to the Premises; (c) any claim made or threatened by any Person against Tenant or the Premises relating to damage,
contribution, cost recovery, compensation, loss, or injury resulting from or claimed to result from any Hazardous Substance; and
(d) any reports made to any federal, state or local environmental agency arising out of or in connection with any Hazardous Substance
in, on, under or removed from the Premises, including any complaints, notices, warnings or asserted violations in connection therewith.

 

     -41-

     

    

 

37.3        Remediation.
If Tenant becomes aware of a violation of any Legal Requirement relating to any Hazardous Substance in, on, under or about the
Premises or any adjacent property thereto, or if Tenant, Landlord or the Premises becomes subject to any order of any federal,
state or local agency to repair, close, detoxify, decontaminate or otherwise remediate the Premises, Tenant shall immediately notify
Landlord of such event and, at its sole cost and expense, cure such violation or effect such repair, closure, detoxification, decontamination
or other remediation. If Tenant fails to implement and diligently pursue any such cure, repair, closure, detoxification, decontamination
or other remediation, Landlord shall have the right, but not the obligation, to carry out such action and to recover from Tenant
all of Landlord’s costs and expenses incurred in connection therewith.

 

37.4        Indemnity.
Tenant shall indemnify, defend, protect, save, hold harmless, and reimburse Landlord for, from and against any and all costs, losses
(including, losses of use or economic benefit or diminution in value), liabilities, damages, assessments, lawsuits, deficiencies,
demands, claims and expenses (collectively, “Environmental Costs”) (whether or not arising out of third-party
claims and regardless of whether liability without fault is imposed, or sought to be imposed, on Landlord) incurred in connection
with, arising out of, resulting from or incident to, directly or indirectly, before or during the Term (a) the production, use,
generation, storage, treatment, transporting, disposal, discharge, release or other handling or disposition of any Hazardous Substances
from, in, on or about the Premises (collectively, “Handling”); (b) the presence of any Hazardous Substances
in, on, under or about the Premises and (c) the violation of any Legal Requirements (including Environmental Laws). “Environmental
Costs” include interest, costs of response, removal, remedial action, containment, cleanup, investigation, design, engineering
and construction, damages (including actual, consequential and punitive damages) for personal injuries and for injury to, destruction
of or loss of property or natural resources, relocation or replacement costs, penalties, fines, charges or expenses, attorney’s
fees, expert fees, consultation fees, and court costs, and all amounts paid in investigating, defending or settling any of the
foregoing. Without limiting the scope or generality of the foregoing, Tenant expressly agrees to reimburse Landlord for any and
all costs and expenses incurred by Landlord:

 

37.4.1   In
investigating any and all matters relating to the Handling of any Hazardous Substances, in, on, from, under or about the Premises;

 

37.4.2   In
bringing the Premises into compliance with all Legal Requirements; and

 

37.4.3   Removing,
treating, storing, transporting, cleaning-up and/or disposing of any Hazardous Substances used, stored, generated, released or
disposed of in, on, from, under or about the Premises or offsite.

 

If any claim is made hereunder, Tenant agrees
to pay such claim promptly, and in any event to pay such claim within thirty (30) calendar days after receipt by Tenant of notice
thereof. If any such claim is not so paid and Landlord is ultimately found or agrees to be responsible therefore, Tenant agrees
also to pay interest on the amount paid from the date of the first notice of such claim, at the Overdue Rate.

 

     -42-

     

    

 

37.5        Environmental
Inspection. If Landlord reasonably believes the Premises to be in violation of applicable Environmental Laws, then (a) Landlord
shall have the right, from time to time, and upon not less than five (5) days’ written notice to Tenant, except in the case
of an emergency in which event no notice shall be required, to conduct an inspection of the Premises and all Capital Additions
to determine the existence or presence of Hazardous Substances on or about the Premises or any such Capital. Additions; (b) Landlord
shall have the right to enter and inspect the Premises and all Capital Additions, conduct any testing, sampling and analyses it
deems necessary and shall have the right to inspect materials brought into the Premises or any such Capital Additions; (c) Landlord
may retain such experts as it deems necessary or desirable to conduct the inspection, perform the tests referred to herein, and
to prepare a written report in connection therewith; and (d) all costs and expenses incurred by Landlord under this Section shall
be paid on demand as Additional Charges by Tenant to Landlord. Failure to conduct an environmental inspection or to detect unfavorable
conditions if such inspection is conducted shall in no fashion be intended as a release of any liability for environmental conditions
subsequently determined to be associated with or to have occurred during Tenant’s tenancy. Tenant shall remain liable for
any environmental condition related to or having occurred during its tenancy regardless of when such conditions are discovered
and regardless of whether or not Landlord conducts an environmental inspection at the termination of this Lease. The obligations
set forth in this Section shall survive the expiration or earlier termination of the Lease.

 

SECTION
38

 

38.1        Memorandum
of Lease. Landlord and Tenant shall, promptly upon the request of either, enter into one or more short form memoranda of this
Lease, each in form suitable for recording under the laws of the applicable State. Tenant shall pay all costs and expenses of recording
any such memoranda and shall fully cooperate with Landlord in removing from record any such memoranda upon the expiration or earlier
termination of the Term.

 

SECTION
39

 

39.1        Sale
of Assets. Notwithstanding any other provision of this Lease, Landlord shall not be required to (a) sell or transfer the
Premises, or any portion thereof, which is a real estate asset as defined in Section 856(c)(5)(B) of the Code, or functionally
equivalent successor provision, of the Code, to Tenant if Landlord’s counsel advises Landlord that such sale or transfer
may not be a sale of property described in Section 857(b)(6)(C), or functionally equivalent successor provision, of the Code;
or (b) sell or transfer the Premises, or any portion thereof, to Tenant if Landlord’s counsel advises Landlord that such
sale or transfer could result in an unacceptable amount of gross income for purposes of the Ninety-Five percent (95%) gross income
test contained in Section 856(c)(2), or functionally equivalent successor provision, of the Code. If Tenant has the right
or obligation to purchase the property pursuant to the terms herein, and if Landlord determines not to sell such property pursuant
to the above sentence, then Tenant shall purchase such property, upon and subject to all applicable terms and conditions set forth
in this Lease, including the provisions of Section 40.1, at such time as the transaction, upon the advice of Landlord’s counsel,
would be a sale of property (to the extent the Premises is a real estate asset) described in Section 857(b)(6)(C), or functionally
equivalent successor provision, of the Code, and would not result in an unacceptable amount of gross income to Landlord for purposes
of the Ninety-Five Percent (95%) gross income test contained in Section 856(c)(2), or functionally equivalent successor provision
of the Code and until such time Tenant shall lease the Premises and all Capital Additions from Landlord for the then current Minimum
Rent under this Lease.

 

     -43-

     

    

 

SECTION
40

 

40.1        Right
of First Refusal to Provide Financing. In the event Tenant desires to develop or recapitalize any portion of the Land, including
but not limited to construction of medical office building(s), outpatient treatment facilities, expansions or additions to the
existing facility, or parking garage(s) (an “Additional Facility”). Landlord (and/or its Affiliates) shall have
a right of first refusal to provide such financing by an amendment of this Lease to provide such additional capital, or a separate,
market-competitive financial instrument. In the event Tenant desires to construct the Additional Facility, Tenant shall seek bids
(in the form of commitment letters or letters of intent) (each, a “Financing Bid”) from third party lenders
for such financing (which financing must be for a minimum term of five (5) years) and shall deliver to Landlord a copy of any Financing
Bid that Tenant desires to accept. Within thirty (30) days after Landlord’s receipt of such Financing Bid, Landlord may elect
to provide the same financing to Tenant in the same amount, and upon the same terms, as are set forth in such Financing Bid. Such
election shall be made if at all, by Landlord (or its Affiliates) providing written notice of such election to Tenant within said
thirty (30) day period after Landlord’s receipt of such Financing Bid. If Landlord makes such election in a timely manner,
Landlord shall be entitled to provide such financing to Tenant. If Landlord fails to make such election in a timely manner, Landlord
shall be deemed to have waived its right to provide such financing, and Tenant may obtain such financing from other sources. If
Landlord does not elect to be the financing source for such Additional Facility, Tenant will ground lease the portion of the Land
for such Additional Facility from Landlord at prevailing market rates that meet with Landlord’s approval. All such Additional
Facilities shall be subject to the reasonable approval of Landlord so as not to impair the operation of the premises for the Primary
Intended Use.

 

SECTION
41

 

41.1        Authority.
If Tenant is a corporation, limited liability company, trust, or partnership, Tenant and each individual executing this Lease on
behalf of Tenant represent and warrant that each is duly authorized to execute and deliver this Lease on behalf of Tenant and shall
concurrently with the execution and delivery of this Lease to Landlord deliver to Landlord evidence of such authority satisfactory
to Landlord.

 

SECTION
42

 

42.1        Attorneys’
Fees. If Landlord or Tenant brings an action or other proceeding (including an arbitration pursuant to SECTION 44) against
the other to enforce any of the terms, covenants or conditions hereof or any instrument executed pursuant to this Lease, or by
reason of any breach or default hereunder or thereunder, the party prevailing in any such action or proceeding and any appeal thereupon
shall be paid all of its costs and reasonable attorneys’ fees incurred therein.

 

     -44-

     

    

 

SECTION
43

 

43.1        Brokers.
Tenant warrants that it has not had any contact or dealings with any Person or real estate broker (except for the Tenant’s
broker described in the Purchase Contract, which broker shall not be entitled to a separate commission upon the rents payable this
Lease) which would give rise to the payment of any fee or brokerage commission in connection with this Lease and Tenant shall indemnify,
protect, hold harmless and defend Landlord from and against any liability with respect to any fee or brokerage commission arising
out of any act or omission of Tenant. Landlord warrants that it has not had any contact or dealings with any Person or real estate
broker which would give rise to the payment of any fee or brokerage commission in connection with this Lease, and Landlord shall
indemnify, protect, hold harmless and defend Tenant from and against any liability with respect to any fee or brokerage commission
arising out of any act or omission of Landlord.

 

SECTION
44

 

44.1        Submission
to Arbitration.

 

44.1.1   Except
as provided below, any controversy, dispute or claim of whatsoever nature arising out of, in connection with, or in relation to
the interpretation, performance or breach of this Lease, including any claim based on contract, tort or statute, shall be determined
by final and binding, confidential arbitration in accordance with the then current CPR Institute for Dispute Resolution Rules for
Non-Administered Arbitration of Business Disputes (“CPR”), by a sole arbitrator mutually selected by Landlord
and Tenant from among the CPR Panel of Distinguished Neutrals; provided, however, that if the CPR (or any successor organization
thereto) no longer exists, then such arbitration shall be administered by the American Arbitration Association (“AAA”)
in accordance with its then-existing Commercial Arbitration Rules, and the sole arbitrator shall be selected in accordance with
such AAA rules. Any arbitration hereunder shall be governed by the United States Arbitration Act, 9 U.S.C. 1-16 (or any successor
legislation thereto), and judgment upon the award rendered by the arbitrator may be entered by any state or federal court having
jurisdiction thereof. If Landlord and Tenant are not able to agree on an arbitrator, then an arbitrator shall be appointed by the
CPR or AAA upon application by either party. The cost of the arbitrator and the expenses relating to the arbitration (exclusive
of legal fees) shall be borne equally by Landlord and Tenant unless otherwise specified in the award of the arbitrator. Such fees
and costs paid or payable to the arbitrator shall be included in “costs and reasonable attorneys’ fees” for purposes
of Section 42.1 and the arbitrator shall specifically have the power to award to the prevailing party pursuant to such Section 42.1
such party’s costs and expenses incurred in such arbitration, including fees and costs paid to the arbitrator.

 

44.1.2   The
provisions of this Section shall not apply to:

 

(a)       
Any unlawful detainer or other similar summary or expedited proceeding for ejectment or recovery of possession of
the Premises instituted by Landlord in accordance with applicable Legal Requirements as the result of an Event of Default or
alleged Event of Default by Tenant pursuant to this Lease, and any compulsory counterclaim of Tenant with respect thereto. In
addition, if permitted by applicable Legal Requirements, Landlord shall be entitled in connection with any such proceeding to
seek any damages to which it is entitled at law, including those set forth in Section 16.

 

     -45-

     

    

 

(b)        Any
specific controversy, dispute, question or issue as to which this Lease specifically provides another method of determining such
controversy, dispute, question or issue and provides that a determination pursuant to such method is final and binding, unless
both Landlord and Tenant agree in writing to waive such procedure and proceed instead pursuant to this Section.

 

(c)        Any
request or application for an order or decree granting any provisional or ancillary remedy (such as a temporary restraining order
or injunction) with respect to any right or obligation of either party to this Lease, and any preliminary determination of the
underlying controversy, dispute, question or issue as is required to determine whether or not to grant such relief. A final and
binding determination of such underlying controversy, dispute, question or issue shall be made by an arbitration conducted pursuant
to this Section after an appropriate transfer or reference to the arbitrator selected pursuant to this Section upon motion or application
of either party hereto. Any ancillary or provisional relief which is granted pursuant to this clause (c) shall continue in
effect pending an arbitration determination and entry of judgment thereon pursuant to this Section.

 

SECTION
45

 

45.1        Miscellaneous.

 

45.1.1   Survival.
Anything contained in this Lease to the contrary notwithstanding, all claims against, and liabilities and indemnities of, Tenant
or Landlord arising prior to the expiration or earlier termination of the Term shall survive such expiration or termination. In
addition, all claims against, and all liabilities and indemnities hereunder of, Tenant shall continue in full force and effect
and in favor of the Landlord named herein and its successors and assigns, notwithstanding any conveyance of the Premises to Tenant.

 

45.1.2   Severability.
If any term or provision of this Lease or any application thereof shall be held invalid or unenforceable, the remainder of this
Lease and any other application of such term or provision shall not be affected thereby.

 

45.1.3   Non-Recourse.
Tenant specifically agrees to look solely to the Premises (and any proceeds thereof) for recovery of any judgment from Landlord.
It is specifically agreed that no constituent partner in Landlord or officer, director or employee of Landlord shall ever be personally
liable for any such judgment or for the payment of any monetary obligation to Tenant. The provision contained in the foregoing
sentence is not intended to, and shall not limit any right that Tenant might otherwise have to obtain injunctive relief against
Landlord or any action not involving the personal liability of Landlord. Furthermore, except as otherwise expressly provided herein,
in no event shall Landlord ever be liable to Tenant for any indirect or consequential damages suffered by Tenant from whatever
cause.

 

     -46-

     

    

 

45.1.4   Licenses
and Operation Transfer Agreements. Upon the expiration or earlier termination of the Term (unless the Premises has been purchased
by Tenant), Tenant shall use its best efforts to transfer to Landlord or Landlord’s nominee the Premises in a fully operational
condition and shall cooperate with Landlord or Landlord’s designee or nominee in connection with the processing by Landlord
or Landlord’s designee or nominee of any applications for all licenses, operating permits and other governmental authorization,
all contracts, including contracts with governmental or quasi-governmental entities, business records, data, patient records, and
patient trust accounts, which may be necessary or useful for the operation of the Premises; provided that the costs and expenses
of any such transfer or the processing of any such application shall be paid by Landlord or Landlord’s designee or nominee.
Tenant shall not commit any act or be remiss in the undertaking of any act that would jeopardize the licensure or certification
of the Premises, and Tenant shall comply with all reasonable requests for an orderly transfer of the same upon the expiration or
early termination of the Term. Without limiting the generality of the foregoing, if requested by Landlord or a proposed replacement
operator for the Premises, Tenant hereby agrees to enter into a reasonable operations transfer agreement with such replacement
operator as is customary in the transfer to a new operator of the operations of a facility similar to the Premises. Tenant shall
not unreasonably withhold, condition or delay its consent to entering into any interim subleases or management agreements as may
be necessary to effectuate an early transfer of the operations of the Premises prior to the time that such replacement operator
holds all licenses and permits from all applicable governmental authorities with jurisdiction necessary to operate the Premises
for their Primary Intended Use. In addition, upon request, Tenant shall promptly deliver copies of all books and records relating
to the Premises and operations thereon to Landlord or Landlord’s designee or nominee. Tenant shall indemnify, defend, protect
and hold harmless Landlord from and against any loss, damage, cost or expense incurred by Landlord or Landlord’s designee
or nominee in connection with the correction of any and all deficiencies of a physical nature identified by any governmental authority
responsible for licensing the Premises in the course of any change of ownership inspection and audit.

 

45.1.5   Successors
and Assigns. This Lease shall be binding upon Landlord and its successors and assigns and, subject to the provisions of Section
24.1, upon Tenant and its successors and assigns.

 

45.1.6   Termination
Date. If this Lease is terminated by Landlord or Tenant under any provision hereof, and upon the expiration of the Term (collectively,
the “termination date”), the following shall pertain:

 

(a)        Tenant
shall vacate and surrender the Premises and all Tenant’s Personal Property to Landlord in the condition required by this
Lease. Prior to such vacation and surrender, Tenant shall remove any items which Tenant is permitted or required to remove hereunder.
Tenant shall, at Tenant’s cost, repair any damage to such Premises and/or any Tenant’s Personal Property caused by
such vacation and/or removal of any items which Tenant is required or permitted hereunder to remove. Any items that Tenant is permitted
to remove but which Tenant fails to remove prior to the surrender to Landlord of such Premises shall be deemed abandoned by Tenant,
and Landlord may retain or dispose of the same as Landlord sees fit without claim by Tenant thereto or to any proceeds thereof.
If Landlord elects to remove and dispose of any such items abandoned by Tenant, the cost of such removal and disposal shall be
an Additional Charge payable by Tenant to Landlord upon demand.

 

     -47-

     

    

 

(b)        Without
limiting any other provision of this Lease, upon any such termination or expiration of this Lease, the following shall pertain:

 

(i)           Tenant
agrees to defend, protect, indemnify, defend and hold harmless Landlord from and against any and all claims, costs, losses, expenses,
damages, actions, and causes of action for which Tenant is responsible under this Lease (including Tenant’s indemnification
obligations under this Lease that accrue or have accrued on or before the termination date.

 

(ii)          Tenant
shall remain liable for the cost of all utilities used in or at the Premises through the termination date and accrued and unpaid,
whether or not then billed, as of the termination date until full payment thereof by Tenant. Tenant shall obtain directly from
the companies providing such services closing statements for all services rendered through the termination date and shall promptly
pay the same. If any utility statement with respect to such Premises includes charges for a period partially prior to and partially
subsequent to the termination date, such charges shall be prorated as between Landlord and Tenant, with Tenant responsible for
the portion thereof (based upon a fraction the numerator of which is the number of days of service on such statement through the
termination date and the denominator of which is the total number of days of service on such statement) through the termination
date and Landlord shall be responsible for the balance. The party receiving any such statement which requires proration hereunder
shall promptly pay such statement and the other party shall, within ten (10) days after receipt of a copy of such statement, remit
to the party paying the statement any amount for which such other party is responsible hereunder.

 

(iii)         Tenant
shall remain responsible for any and all Impositions imposed against the Premises, the Personal Property with a lien date prior
to the termination date (irrespective of the date of billing therefor) and for its pro rata share of any Impositions imposed in
respect of the tax-fiscal period during which the Term terminates as provided in Section 4.1.6, and Tenant shall indemnify and
hold Landlord harmless with respect to any claims for such Impositions or resulting from nonpayment thereof.

 

(iv)         Tenant
shall (A) execute all documents and take any actions reasonably necessary to cause the transfer to Landlord of all of Tenant’s
Personal Property not owned by Landlord, as provided in Section 6.3, in each case free of any encumbrance, as provided in Section
6.3, and (C) comply with its covenants set forth in Section 45.1.4.

 

(v)          Tenant
shall observe any covenant or agreement of Tenant in this Lease that is intended to or expressly provides that it shall survive
the expiration or sooner termination of this Lease.

 

45.1.7   Governing
Law. THIS LEASE WAS NEGOTIATED IN THE STATE IN WHICH THE PREMISES ARE LOCATED, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL
RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY. ACCORDINGLY, IN ALL RESPECTS THIS LEASE (AND ANY
AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE IN WHICH THE PREMISES ARE LOCATED (WITHOUT REGARD OF PRINCIPLES OR CONFLICTS OF LAW) AND ANY APPLICABLE LAWS
OF THE UNITED STATES OF AMERICA.

 

     -48-

     

    

 

45.1.8   Waiver
of Trial by Jury. EACH OF LANDLORD AND TENANT ACKNOWLEDGES THAT IT HAS HAD THE ADVICE OF COUNSEL OF ITS CHOICE WITH RESPECT
TO ITS RIGHTS TO TRIAL BY JURY UNDER THE CONSTITUTION OF THE UNITED STATES, THE IN WHICH THE PREMISES ARE LOCATED. EACH OF LANDLORD
AND TENANT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER
THIS LEASE (OR ANY AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) OR (B) IN ANY MANNER CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF LANDLORD AND TENANT WITH RESPECT TO THIS LEASE (OR ANY AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) OR ANY
OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO,
IN EACH CASE WHETHER NOW EXISTING OR HEREINAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; EACH OF LANDLORD
AND TENANT HEREBY AGREES AND CONSENTS THAT, SUBJECT TO SECTION 44, ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED
BY A COURT TRIAL WITHOUT A JURY, AND THAT EITHER PARTY MAY FILE A COPY OF THIS SECTION WITH ANY COURT AS CONCLUSIVE EVIDENCE OF
THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

45.1.9   Tenant
Counterclaim and Equitable Remedies. Tenant hereby waives the right to interpose counterclaim (other than compulsory counterclaims)
in any summary proceeding instituted by Landlord against Tenant in any court or in any action instituted by Landlord in any court
for unpaid Rent under this Lease. In the event that Tenant claims or asserts that Landlord has violated or failed to perform a
covenant of Landlord not to unreasonably withhold or delay Landlord’s consent or approval hereunder, or in any case where
Landlord’s reasonableness in exercising its judgment is in issue, Tenant’s sole remedy shall be an action for specific
performance, declaratory judgment or injunction, and in no event shall Tenant be entitled to any monetary damages for a breach
of such covenant, and in no event shall Tenant claim or assert any claims for monetary damages in any action or by way of set-off
defense or counterclaim, and Tenant hereby specifically waives the right to any monetary damages or other remedies in connection
with any such claim or assertion.

 

45.1.10 Entire
Agreement. This Lease, the Exhibits hereto and thereto and such other documents as are contemplated hereunder or thereunder,
constitutes the entire agreement of the parties with respect to the subject matter hereof, and may not be changed or modified except
by an agreement in writing signed by the parties. Landlord and Tenant hereby agree that all prior or contemporaneous oral understandings,
agreements or negotiations relative to the leasing of the Premises are merged into and revoked by this Lease.

 

     -49-

     

    

 

45.1.11 Headings.
All titles and headings to sections, subsections, paragraphs or other divisions of this Lease are only for the convenience of the
parties and shall not be construed to have any effect or meaning with respect to the other contents of such sections, subsections,
paragraphs or other divisions, such other content being controlling as to the agreement among the parties hereto.

 

45.1.12 Counterparts.
This Lease may be executed in any number of counterparts, each of which shall be a valid and binding original, but all of which
together shall constitute one and the same instrument.

 

45.1.13 Joint
and Several. If more than one Person is the Tenant under this Lease, the liability of such Persons under this Lease shall be
joint and several.

 

45.1.14 Interpretation.
Both Landlord and Tenant have been represented by counsel and this Lease and every provision hereof has been freely and fairly
negotiated. Consequently, all provisions of this Lease shall be interpreted according to their fair meaning and shall not be strictly
construed against any party.

 

45.1.15 Time
of Essence. Time is of the essence of this Lease and each provision hereof in which time of performance is established.

 

45.1.16 Further
Assurances. The parties agree to promptly sign all documents reasonably requested to give effect to the provisions of this
Lease.

 

SECTION
46

 

46.1        Provisions
Relating to Treatment of Lease. Landlord and Tenant hereby acknowledge and agree that this Lease shall be treated as an operating
lease for all purposes and not as a synthetic lease, financing lease or loan, and that Landlord shall be entitled to all the benefits
of ownership of the Premises, including depreciation for all federal, state and local tax purposes.

 

SECTION
47

 

47.1        Covenants
with Respect to Operations and Fundamental Changes of Tenant. Tenant hereby represents, warrants and covenants as of the date
hereof and until the expiration or earlier termination of this Lease, that Tenant:

 

47.1.1   will
not (and will not permit any limited or general partner, member or shareholder to) amend, modify or otherwise change its partnership
certificate, partnership agreement, articles of incorporation, bylaws, certificate of formation, limited liability company agreement,
operating agreement, articles of organization, or other formation agreement or document, as applicable, in any material term or
manner, or in a manner which adversely affects Tenant’s existence as a single purpose entity without the prior written consent
of Landlord;

 

47.1.2   Intentionally
Omitted.

 

     -50-

     

    

 

47.1.3   has
not and will not guarantee, pledge its assets for the benefit of, or otherwise become liable, on or in connection with, any obligation
of any other Person without the prior written consent of Landlord;

 

47.1.4   will
not own any asset other than (a) its leasehold interest in the applicable Premises; and (b) incidental personal property necessary
for the operation of the applicable Premises without the prior written consent of Landlord;

 

47.1.5   is
not engaged and will not engage, either directly or indirectly, in any business other than the lease, management and operation
of the applicable Premises without the prior written consent of Landlord;

 

47.1.6   has
maintained and will maintain an arm’s length relationship with its Affiliates and its shareholders and any other parties
furnishing services to it;

 

47.1.7   Intentionally
Omitted.

 

47.1.8   has
not made and will not make any loans or advances to any third party (including any Affiliate);

 

47.1.9   has
done or caused to be done and will do all things necessary to preserve its existence, and will observe all formalities applicable
to it and will do all things necessary to maintain its identity as an entity separate and distinct from its Affiliates;

 

47.1.10 will
conduct and operate its business in its own name and as presently conducted and operated;

 

47.1.11 will
maintain financial statements, books and records and bank accounts separate from those of its Affiliates, including, without limitation,
its general partners, shareholders or members, as applicable;

 

47.1.12 will
be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any other entity (including,
without limitation, any Affiliate or any partner, member or shareholder of Tenant);

 

47.1.13 will
file its own tax returns (except to the extent it is treated as a division of another taxpayer for tax purposes) and pay any taxes
so required to be paid under applicable law; provided, however, that so long as Tenant’s tax liability and its income and
expenses are readily determinable based on a review of Tenant’s books and records, it may file consolidated tax returns (provided
that Tenant shall maintain sufficient books and records to determine its separate tax obligations for any particular reporting
periods);

 

47.1.14 will
maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light
of its contemplated business operations;

 

47.1.15 will
not commingle the funds and other assets of Tenant with those of any general partner, shareholder, member, Affiliate, principal
or any other Person;

 

     -51-

     

    

 

47.1.16 has
and will maintain its assets in such a manner that it is not costly or difficult to segregate, ascertain or identify its individual
assets from those of any Affiliate or any other Person;

 

47.1.17 does
not and will not hold itself out to be responsible for the debts or obligations of any other Person;

 

47.1.18 will
not hold title to Tenant’s assets other than in Tenant’s name;

 

47.1.19 will
deposit all of its funds in checking accounts, savings accounts, time deposits or certificates of deposit in its own name or invest
such funds in its own name;

 

47.1.20 will
participate in the fair and reasonable allocation of any and all overhead expenses and other common expenses for facilities, goods
or services provided to multiple entities;

 

47.1.21 without
limiting any other provision of this Lease, has obtained and will maintain all consents, licenses, permits, approvals or authorizations
from governmental authorities or third parties that are necessary for the operation of such Premises.

 

[Signature pages follow]

 

     -52-

     

    

 

	 	 	“TENANT”
	 	 	 
	WITNESSED:	 	Marina Towers, LLC,
 a Florida limited liability company
	 	 	 	 
	 	 	By:	 
	Witness	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Witness	 	 	 

 

     -53-

     

    

 

IN WITNESS WHEREOF, the
parties have caused this lease to be executed and attested by their respective officers thereunto duly authorized.

 

 

	 	 	“LANDLORD”
	 	 	 
	WITNESSED:	 	GMR MELBOURNE, LLC, a Delaware limited liability
 company
	 	 	 	 	 	 
	 	 	By:	Global Medical REIT L.P., a Delaware limited
 partnership, its Sole Member
	Witness	 	 	 	 	 
	 	 	 	By: 	Global Medical REIT GP LLC, a Delaware limited liability company, its General Partner 
	 	 	 	 	 	 
	Witness	 	 	By:	Global Medical REIT, Inc., a Maryland corporation, its Sole Member
	 	 	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	Name:	David A. Young
	 	 	 	 	Title:	Chief Executive Officer

     -54-

     

    

 

 

EXHIBIT A

LEGAL DESCRIPTION

 

 

 

 

     -1-

     

    

 

EXHIBIT B

List of Landlord’s Personal Property

 

All machinery, equipment,
furniture, furnishings, moveable walls or partitions, computers or trade fixtures or other tangible personal property that is owned
by Landlord and is used or useful in Tenant’s business on the Premises, excluding items, if any, included within the definition
of Fixtures, but specifically including those items described in Exhibit C- 1 hereto.

 

     -1-

     

    

 

EXHIBIT B-1

Itemization of Landlord’s Personal Property

 

[To be mutually agreed
upon by Landlord and Tenant prior to the Commencement Date. When agreed upon, the same shall be initialed by each of Landlord and
Tenant and attached hereto as Exhibit C-1, and will thereafter form a part of this Lease. Failure of either Landlord or
Tenant to prepare and/or initial such Exhibit C-1 shall not affect the definition of or what personal property constitutes
Landlord’s Personal Property in accordance with Exhibit C.]

 

     -1-

     

    

 

EXHIBIT
C

Supplemental
Collateral Description

 

The following terms shall have the following
meanings:

 

“CHAMPUS” means the Civilian
Health and Medical Program of the Uniformed Service, a program of medical benefits covering retirees and dependents of members
or former members of a uniformed service, provided, financed and supervised by the United States Department of Defense and established
by 10 U.S.C. § 1071 et seq.

 

“CHAMPUS Receivable” means
any account that arises from the provision of health care services (and any services or sales ancillary thereto) and that is payable
pursuant to CHAMPUS.

 

“CHAMPUS Regulations” means
collectively (a) all federal statutes (whether set forth in 10 U.S.C. § 1071 et seq. or elsewhere) affecting CHAMPUS and (b)
all applicable provisions of all rules, regulations (including, but not limited to, 32 C.F.R. 199), manuals, orders and administrative,
reimbursement and other guidelines of any governmental or regulatory authority promulgated pursuant to or in connection with any
of such federal statutes, in each case as such statutes, rules, regulations, manuals, orders and guidelines may be supplemented,
amended or otherwise modified from time to time.

 

“Medicaid” means the medical
assistance program established by Title XIX of the Social Security Act, as amended.

 

“Medicaid Receivable” means
any account that arises from the provision of health care services (and any services or sales ancillary thereto) and that is payable
pursuant to an agreement entered into between a health care facility and a federal or state agency or other Person administering
Medicaid, pursuant to which the health care facility agrees to provide services or merchandise for patients under Medicaid in accordance
with the terms of such agreement and the Medicaid Regulations.

 

“Medicaid Regulations” means
collectively (a) all federal statutes (whether set forth in Title XIX of the Social Security Act, as amended, or elsewhere) affecting
Medicaid, (b) all applicable provisions of all rules, regulations, manuals, orders and administrative, reimbursement and other
guidelines of any governmental or regulatory authority promulgated pursuant to or in connection with any of such federal statutes,
(c) all state statutes and plans for medical assistance enacted in connection with any such federal statutes, rules, regulations,
manuals, orders and guidelines, and (d) and all applicable provisions of all rules, regulations, manuals, orders and administrative,
reimbursement and other guidelines of any governmental or regulatory authority promulgated pursuant to or in connection with any
of such state statutes, in each case as such statutes, rules, regulations, manuals, orders and guidelines may be supplemented,
amended or otherwise modified from time to time.

 

“Medicare” means the health
insurance program for the aged and disabled established by Title XVIII of the Social Security Act, as amended.

 

     -1-

     

    

 

“Medicare Receivable” means
any account that arises from the provision of health care services (and any services or sales ancillary thereto) and that is payable
pursuant to an agreement entered into between a health care facility and a federal or state agency or other Person administering
Medicare, pursuant to which the health care facility agrees to provide services or merchandise for patients under Medicare in accordance
with the terms of such agreement and the Medicare Regulations.

 

“Medicare Regulations” means
collectively (a) all federal statutes (whether set forth in Title XVIII of the Social Security Act, as amended, or elsewhere) affecting
Medicare and (b) all applicable provisions of all rules, regulations, manuals, orders and administrative, reimbursement and other
guidelines of any governmental or regulatory authority promulgated pursuant to or in connection with any of such federal statutes,
in each case as such statutes, rules, regulations, manuals, orders and guidelines may be supplemented, amended or otherwise modified
from time to time.

 

Without limiting the provisions of Section
16.7 of the Lease, the “Collateral” includes, and Tenant hereby grants to Landlord a security interest in and
to, all of Tenant’s right, title and interest in the following described property and property rights (and types of property)
that are located on, attached to or under or used or useful in connection with all or any part of the Land and/or any of the Facilities
located or to be located thereon, both presently existing and hereafter acquired or arising, wherever located, and all replacements
and additions thereto:

 

(1)          All inventory in
all of its forms, including, but not limited to, all central supplies, linen, housekeeping and other supplies (collectively, the
“Inventory”).

 

(2)          All accounts, accounts
receivable (regardless of source payment), notes, drafts, acceptances, instruments, chattel paper, choses in action, documents,
deposit accounts, general intangibles, intangible personal property, things in action, contract rights and other rights to receive
the payment of money and other consideration of any kind, however evidenced or designated, whether now or hereafter existing and
whether or not arising out of or in connection with the sale or lease of goods or the rendering of services, and all rights now
or hereafter existing in and to all security agreements, leases and other contracts securing or otherwise relating to any of the
foregoing (collectively, the “Receivables”); without limiting the foregoing, the term “Receivables”
shall include CHAMPUS Receivables, Medicaid Receivables and Medicare Receivables.

 

(3)          All beds, linens,
towels, televisions, carpeting, draperies and blinds, telephones, computers, lamps, medical and rehabilitation equipment, wheel
chairs, laboratory equipment, diagnostic equipment, furniture, furnishings, food service equipment, restaurant and kitchen equipment,
medical equipment, heating and air conditioning equipment, fixtures, other equipment, machinery and tangible personal property
of every description and kind, and all replacements or substitutions thereto owned by Tenant, and all parts thereof and all accessions
thereto; provided, however, that with respect to any items that are leased and not owned by Tenant, the Equipment shall include
the leasehold interest only of Tenant together with any options to purchase any of said items and any additional or greater rights
with respect to such items that Tenant may hereafter acquire (collectively the “Equipment”).

 

     

     

    

 

(4)          To the full extent
transferable, all Certificates of Need, licenses, permits, registrations, certificates, consents, accreditations, approvals and
franchises owned by Tenant and necessary to operate the Facilities, subject only to necessary governmental approval.

 

(5)          All plans and surveys,
including, without limitation, all “as built” plans, plans relating to utilities, easements and roads, plats, specifications,
engineers’ drawings, architectural renderings and similar items owned by Tenant.

 

(6)          Investment Property
as defined in the Uniform Commercial Code as adopted in the State of Virginia (the “Code”).

 

(7)          All ledger sheets,
records (including but not limited to [patient and resident records]), files, data, printouts, data bases, programs and
books of account relating to any of the foregoing items, whether in the form of writings, photographs, microfilm, microfiche or
electronic media, together with all computer software necessary to access, use, create, maintain or process the foregoing on electronic
media (collectively the “Documentation”).

 

(8)          All proceeds of
any and all of the foregoing items, including proceeds that constitute property of the types described as Collateral, and, to the
extent not otherwise included, all (a) payments under insurance (whether or not Landlord is the loss payee thereof), or any indemnity,
warranty or guaranty payable by reason of loss to or otherwise with respect to any of the foregoing items and (b) cash;

 

     

     

    

 

EXHIBIT D

Letter of
Credit form

 

IRREVOCABLE STANDBY LETTER OF CREDIT

 

LETTER OF CREDIT NO.:  _________________________

 

DATE: ____________, 20 ______

 

ISSUING BANK: _________________________________

 

ADDRESS:______________________________

 

                    
                ______________________________

 

FACSIMILE NO.:__________________________

 

EXPIRATION DATE: ___________________,
20_______, AT OUR COUNTERS

 

AMOUNT:__________________________ US DOLLARS
($__________)

 

BENEFICIARY:___________________________

 

ADDRESS:______________________________

 

                    
                ______________________________

 

FACSIMILE NO.:__________________________

 

WE HEREBY ESTABLISH IN YOUR FAVOR OUR
IRREVOCABLE LETTER OF CREDIT NO. ____________________ IN THE AMOUNT OF ________________ US DOLLARS ($_______________)
FOR THE ACCOUNT OF [TENANT]. DRAW(S) UP TO THE MAXIMUM AGGREGATE AMOUNT AVAILABLE UNDER THIS LETTER OF CREDIT, ARE PAYABLE BY
US WITHIN TWO BUSINESS DAYS AFTER OUR RECEIPT ON OR PRIOR TO OUR CLOSE OF BUSINESS ON THE EXPIRATION DATE, OF ONE OR MORE
DRAW STATEMENTS PURPORTEDLY SIGNED BY YOUR AUTHORIZED OFFICER OR REPRESENTATIVE OR, IF THIS LETTER OF CREDIT IS TRANSFERRED,
BY AN AUTHORIZED OFFICER OR REPRESENTATIVE OF ANY TRANSFEREE BENEFICIARY. EACH DRAW STATEMENT SHOULD BE ADDRESSED TO US,
REFERENCE THIS LETTER OF CREDIT BY NUMBER, SPECIFY THE AMOUNT OF THE DRAW REQUEST, SET FORTH WIRE TRANSFER INSTRUCTIONS AND
CONTAIN, IN SUBSTANCE, THE FOLLOWING STATEMENT (WITH THE AMOUNT OF THE DRAW REQUEST AND WIRE TRANSFER INSTRUCTIONS
COMPLETED): “BENEFICIARY HEREBY DRAWS ON LETTER OF CREDIT NO. ______________________ IN THE AMOUNT OF $___________________.
FUNDS IN RESPECT OF THIS DRAW REQUEST SHOULD BE WIRE TRANSFERRED TO ___________ BANK, ROUTING NO. __________, ACCOUNT NO.
____________________ FOR CREDIT TO THE ACCOUNT OF ____________________________.” NO FURTHER INFORMATION SHALL BE REQUIRED ON
SUCH DEMAND.

 

     -1-

     

    

 

THIS LETTER OF CREDIT SHALL INITIALLY EXPIRE
ON __________________, 20______. SUCH EXPIRATION DATE SHALL BE AUTOMATICALLY EXTENDED WITHOUT NOTICE OR AMENDMENT
FOR PERIODS OF ONE (1) YEAR, BUT IN NO EVENT LATER THAN ________________, 20_____, UNLESS AT LEAST SIXTY (60) DAYS BEFORE ANY EXPIRATION DATE,
WE NOTIFY YOU BY REGISTERED MAIL OR OVERNIGHT COURIER SERVICE AT YOUR ADDRESS ABOVE (OR ANY OTHER ADDRESS OF WHICH YOU PROVIDE
US NOTICE AT OUR ADDRESS SET FORTH ABOVE), THAT THIS LETTER OF CREDIT IS NOT EXTENDED BEYOND THE CURRENT EXPIRATION DATE. UPON
RECEIPT BY YOU OF SUCH NOTIFICATION, YOU MAY DRAW ON THIS LETTER OF CREDIT AS SET FORTH ABOVE, PROVIDED THAT THE AMOUNT OF YOUR
DRAW SHALL NOT EXCEED THE TOTAL AMOUNT AVAILABLE FOR PAYMENT HEREUNDER.

 

DRAW REQUESTS NEED NOT BE PRESENTED AS ORIGINALS
AND MAY BE SUBMITTED IN PERSON, BY COURIER, BY MAIL OR BY FACSIMILE TO OUR ADDRESS OR FACSIMILE NUMBER STATED ABOVE.

 

THIS LETTER OF CREDIT IS TRANSFERABLE ONE OR
MORE TIMES IN WHOLE BUT NOT IN PART UPON OUR RECEIPT OF A TRANSFER REQUEST IN THE FORM ATTACHED AS EXHIBIT A, SIGNED BY THE THEN
CURRENT BENEFICIARY. THE CHARGE FOR EACH TRANSFER IS LIMITED TO $100.

 

THIS LETTER OF CREDIT IS GOVERNED BY THE INTERNATIONAL
STANDBY PRACTICES 1998 (ICC PUBLICATION NO. 590), EXCEPT TO THE EXTENT THE SAME WOULD BE INCONSISTENT WITH THE EXPRESS PROVISIONS
HEREOF. WE HEREBY WAIVE AND DISCLAIM RIGHTS OF SUBROGATION IN RESPECT OF ANY DRAW MADE BY YOU, WHETHER ARISING UNDER THE UNIFORM
COMMERCIAL CODE OR OTHERWISE.

 

	 	 
	 	AUTHORIZED OFFICER

 

     

     

    

 

EXHIBIT A

 

Transfer Form

 

     

     

    

 

EXHIBIT E

approved
subleases

 

     -1-

     

    

 

EXHIBIT F

LEASE-OPERATING EXPENSE EXCLUSIONS

 

a.            Any
depreciation for any capital improvement.

b.           
Amounts separately billable to other third parties.

c.            Costs
for which Landlord is reimbursed through any insurance or other recovery.

d.            Interest,
principal payments, amortization and other debt costs on any note, deed to secure debt, mortgage or deed of trust or other debt
service.

e.            Any
costs or expenses (including fines, penalties, interest and legal fees) incurred due to the violation or failure to timely comply
by Landlord of any applicable legal requirement, building code, governmental rule, regulation or law.

f.             Management
fees in excess of those normally charged for the management of similar office buildings in relevant proximity to the Premises.

g.            Any
costs of Landlord’s general overhead, including general administrative expenses, which costs would not be chargeable as
Operating Expenses of the Premises in accordance with generally accepted accounting principles, consistently applied, except for
the cost of personnel whose work relates directly to the Premises.

h.            Advertising
and marketing costs.

i.             Amounts
paid to parties affiliated with Landlord or the management company for the Premises in excess of the fair market value of the
services or materials provided.

j.             Expenses
directly resulting from the negligence or misconduct of the Landlord or Landlord’s agents, employees or contractors.

k.           Costs
associated with the operation of the business of the entity which constitutes Landlord, as the same are distinguished from the
costs of operation of the Premises, including, but not limited to, accounting and legal matters.

l.Except as expressly included above, any
other expense which is not a fair and reasonable direct operating expense of the Premises or which, under generally accepted accounting
principles, consistently applied, would not be considered to be an operating expense of the Premises.

 

     -2-

     

    

 

LEASE GUARANTY

 

THIS GUARANTY OF LEASE
is made this __st day of March, 2016, by FIRST CHOICE HEALTHCARE SOLUTIONS, INC., a Delaware corporation (the
“Guarantor”), in favor of [AFFILIATE OF GLOBAL MEDICAL REIT, INC.], a Delaware limited liability company (the
“Landlord”).

 

W I T N E S E T H:

 

WHEREAS, the Guarantor
desires to induce Landlord to enter into a lease with Marina Towers, LLC, a Florida limited liability company (the “Tenant”),
with respect to certain premises, consisting of 78,000 square feet located at 709 S. Harbor City Boulevard, Melbourne, Florida
(the “Lease”), such Lease being of even date herewith; and

 

WHEREAS, the entering into
of the Lease by Landlord and Tenant will be of direct pecuniary advantage to Guarantor;

 

NOW, THEREFORE, in consideration
of One Dollar ($1.00) paid by Landlord to Guarantor and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Guarantor hereby covenants and agrees with the Landlord, as follows:

 

1.              The Guarantor, as primary
obligor, hereby (a) unconditionally guarantees the prompt, punctual and full payment of the rent and all other sums due under
the Lease in accordance with the terms and tenor thereof as completely and effectually as if such guarantee had been made by Guarantor
on the face of the Lease; (b) unconditionally guarantees the prompt, punctual and full performance by Tenant of any and all
of the agreements, covenants, terms and conditions agreed to be performed by Tenant under the Lease; and (c) covenants and
agrees that in the event of default in payments or any default in the performance of any of the terms, covenants or conditions
thereof, the Guarantor will promptly make or cause such payment to be made or will perform or cause to be performed all such terms,
covenants and conditions, irrespective of any invalidity therein, the unenforceability thereof or the insufficiency, invalidity
or unenforceability of any security therefor.

 

2.              The Guarantor does
hereby further agree that Guarantor’s liability hereunder as Guarantor shall not be prejudiced, impaired or affected by any
of the following, whether with or without its knowledge or consent: (a) any renewal or extension of the time of payment of
the rent or other sums due under the Lease or of the time for performance by any party obligated under the Lease; (b) by any
forbearance or delay in enforcing the payment of the rent or other sums due under the Lease or enforcing the obligations of any
party to the Lease; (c) by any modification, addition or alteration of the terms, tenor or provisions of the Lease or (d) by
the release of any other collateral Landlord may hold for the obligations of Tenant.

 

3.              On or before the 15th
day of each calendar quarter during the term hereof, Guarantor shall submit to Landlord a current financial statement in form and
content satisfactory to Landlord indicating Guarantor’s current net worth. Guarantor shall submit substantiating documentation
to Landlord upon request. In addition, within thirty (30) days following the expiration of Guarantor’s fiscal year, and no
less frequently than once every twelve (12) calendar months, Guarantor shall submit to Landlord an annual audited financial statement
prepared in accordance with generally accepted accounting principles consistently applied and certified as true and correct by
Guarantor’s chief financial officer. Guarantor acknowledges that Landlord may require Tenant to post additional collateral
for its obligations under the Lease in the event of a decline in the financial condition of Guarantor and that it shall be a default
under the Lease entitling Landlord to call upon this Guaranty if Tenant shall fail to post such additional collateral or if Guarantor
files a petition in bankruptcy, is adjudged a bankrupt, has a receiver appointed for its assets, makes an assignment for the benefit
of creditors, or otherwise takes advantage of any debtor relief proceedings available under federal, state or local law.

 

     

     

    

 

4.              This Guaranty is and
shall be construed to be an irrevocable, absolute, unlimited and continuing guaranty of payment and performance, and the liability
of Guarantor hereunder and Landlord’s right to pursue Guarantor shall not be affected, delayed, limited, impaired or discharged,
in whole or in part, by reason of an extension or discharge that may be granted to the Tenant by any court in proceedings under
the Bankruptcy Code, or any amendments thereof, or under any other state or other federal statutes. The Guarantor expressly waives
the benefits of any extension or discharge granted to Tenant. This Guaranty shall survive notwithstanding the expiration or termination
of the Lease with respect to any sums previously received from Tenant or from Guarantor that Landlord may be required to repay
in such proceeding.

 

5.              The Landlord shall
have the right to proceed against Guarantor immediately upon any default by the Tenant in payment or performance of any obligation
under the Lease, and Landlord shall not be required to take any action or proceedings of any kind against the Tenant or any other
party liable for the Tenant’s debts or obligations or to look to any other collateral Landlord may have for the obligations
of Tenant under the Lease. Should Landlord desire to proceed against Guarantor and Tenant in the same action, Guarantor agrees
that Guarantor may be joined in any such action against Tenant and that recovery may be had against Guarantor to the extent of
Guarantor’s liability in such action.

 

6.              If Landlord calls upon
Guarantor to honor, pay or perform all or part of any obligation of the Tenant, and Guarantor fails to honor such demand, the debt
or obligation owed the Landlord pursuant to this Guaranty shall bear interest at the Interest Rate set forth in the Lease. In case
Guarantor fails or refuses to honor this Guaranty, the Landlord is hereby authorized to utilize such legal means as Landlord deems
proper to enforce this Guaranty, through the efforts of its employees, agents, or attorneys, and Guarantor shall pay all costs
of enforcement and collection, including but not limited to court costs, reasonable attorneys’ fees, depositions and expert
witnesses.

 

7.              If a corporation, partnership,
limited liability company or other entity is executing this Guaranty, the Guarantor warrants that execution and delivery hereof
and the assumption of liability hereunder have been in all respects authorized and approved by proper action on the part of the
Guarantor, that the Guarantor has full authority and power to execute this Guaranty, that the Guarantor is duly formed and in good
standing in the state of its formation and that the Guarantor is authorized to do business in the state in which the premises subject
to the Lease are located.

 

     

     

    

 

8.              The Guaranty shall
be binding upon and inure to the benefit of the heirs, personal and legal representatives, successors and assigns of Guarantor
and the Landlord. The Landlord shall have the right to assign and transfer this Guaranty to any assignee of the Lease, and this
Guaranty shall be deemed to run with the Lease. The Landlord’s successors and assigns shall have the rights, elections, remedies,
and privileges, discretions and powers granted hereunder to the Landlord and shall have the right to rely upon this Guaranty and
to enter into and continue other and additional transactions with the Tenant in reliance hereon, in the same manner and with the
same force and effect as if they were specifically named as the Landlord herein.

 

9.              This Guaranty shall
constitute a Florida contract, and be governed by the laws of the State of Florida. The undersigned hereby voluntarily submits
to the jurisdiction of any court in the State of Florida having jurisdiction over the subject matter of this instrument, and hereby
constitutes the Secretary of State of the State of Florida as its agent for service of process in connection with any
suit or proceeding arising hereunder.

 

10.            Failure of the Landlord
to insist in any one or more instances upon strict performance of any one or more of the provisions of this Guaranty or to take
advantage of any of its rights hereunder shall not be construed as a waiver of any such provisions or the relinquishment of any
such rights, but the same shall continue and remain in full force and effect.

 

11.            The Landlord shall
have the right, without affecting Guarantor’s obligations hereunder, and without demand or notice, to collect first from
the Tenant, and to exercise its rights of setoff against any asset of the Tenant, and to otherwise pursue and collect from the
Tenant any other indebtedness of the Tenant to the Landlord not covered by this Guaranty, and any sums received from the Tenant,
whether by voluntary payment, offset, or collection efforts, may be applied by the Landlord as it sees fit, including the application
of all such amounts to other debts not guaranteed by Guarantor. Subrogation rights or any other rights of any kind of Guarantor
against the Tenant, if any, shall not become available until all indebtednesses and obligations of the Tenant to the Landlord are
paid in full. This Guaranty shall survive the expiration or termination of the Lease to the extent the obligations of the Tenant
thereunder likewise survive.

 

12.            Landlord may proceed
against any collateral securing the obligations of Tenant and against parties liable therefor in such order as it may elect, and
Guarantor shall not be entitled to require Landlord to marshall assets. The benefit of any rule of law or equity to the contrary
is hereby expressly waived.

 

13.            Landlord may, in its
sole discretion and with or without consideration, release any collateral securing the obligations of Tenant or release any party
liable therefor. The defenses of impairment of collateral and impairment of recourse and any requirement of diligence on Landlord’s
part in perfecting or enforcing any lien granted in the Lease or in collecting the obligations under the Lease are hereby waived.

 

     

     

    

 

14.            Within ten (10) days
after request therefor by Landlord, or in the event of any sale, assignment or hypothecation of the property of which the premises
leased by Tenant are a part, Guarantor agrees to deliver in recordable form, an estoppel certificate to any proposed ground lessor,
mortgagee or purchaser, or to Landlord, signed by Guarantor certifying that this Guaranty is unmodified and in full force and effect
(or, if there have been modifications, that the same is in full force and effect as modified, and stating the modifications), that
there are no defenses or offsets thereto (or stating those claimed by Guarantor), and such other matters as may be requested. If
Guarantor fails to deliver such certificate as required herein, Guarantor shall be deemed to have conclusively agreed to and be
bound by all matters set forth in the certificate as submitted by the requesting party.

 

15.            Guarantor hereby waives
any requirement of presentment, protest, notice of dishonor, notice of default, demand, and all other actions or notices that may
be required on Landlord’s part in connection with the obligations guaranteed hereby.

 

16.            GUARANTOR HEREBY WAIVES
ANY RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY ACTION, PROCEEDING OR COUNTERCLAIM WITH RESPECT TO THIS GUARANTY.

 

17.            In the event any portion
of this Guaranty shall be declared by any court of competent jurisdiction to be invalid, illegal or unenforceable, such portion
shall be deemed severed from this Guaranty, and the remaining parts hereof shall remain in full force and effect, as fully as though
such invalid, illegal or unenforceable portion had never been part of this Guaranty.

 

18.            Guarantor acknowledges
that the Lease contains certain requirements that Guarantor must satisfy, including but not limited to maintaining the Rent Reserve
Fund, the Replacement Reserve Fund, and a Minimum Net Worth and financial reporting. Guarantor hereby agrees to perform all obligations
of Guarantor under the Lease and acknowledges that Guarantor’s failure to do so shall constitute an Event of Default under
both the Lease and this Guaranty.

 

19.            The prevailing party
in any action filed for the enforcement or interpretation of this Guaranty shall have the right to recover its attorneys’
fees and costs from the non-prevailing party.

 

     

     

    

 

IN WITNESS WHEREOF, Guarantor
has executed this Guaranty as of the day and year first set forth above.

 

		WITNESS:	 	GUARANTOR: 
	 	 	 	 	 
	 	 	 	FIRST CHOICE HEALTHCARE SOLUTIONS, INC., a Delaware corporation
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:

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