Document:

Exhibit
10.4

UNSECURED SUBORDINATED PROMISSORY NOTE

	
  US $37,000,000.00

  	
  New York, NY

  
	
   

  	
  (Place of Execution)

  
	
   

  	
   

  
	
   

  	
  April 6, 2007

  

 

FOR VALUE RECEIVED, PARC Operations, LLC, a Florida limited
liability company (“PARC Operations”), PARC 7F-Operations Corporation, a
Florida corporation, PARC Elitch Gardens, LLC, a Florida limited liability
company, PARC White Water Bay, LLC, a Florida limited liability company, PARC
Frontier City, LLC, a Florida limited liability company, PARC Splashtown, LLC,
a Florida limited liability company, PARC Waterworld, LLC, a Florida limited
liability company, PARC Darien Lake, LLC, a Florida limited liability company,
and PARC Enchanted Parks, LLC, a Florida limited liability company (each an “Obligor” and collectively the “Obligors”),
jointly and severally, promise to pay to the order of Six Flags, Inc., whose address is 1540
Broadway, 15th Floor;
New York, New York 10036 (“Holder”), the principal sum of THIRTY-SEVEN MILLION AND NO/100 DOLLARS
($37,000,000.00), together with interest (as then in effect, the “Interest Rate”) on the outstanding principal balance from
the date hereof, until paid, at the rate of seven and one-half percent per
annum through April 5, 2009 (“Period One”)
and at the rate of eight and one-half percent per annum from April 6, 2009
through April 6, 2017 (the “Maturity Date,”
and such period between Period One and the Maturity Date, “Period Two”),
in lawful money of the United States of America.  Accrued and unpaid interest only shall be due
and payable monthly on the outstanding principal balance at the applicable
Interest Rate beginning on May 1, 2007, and continuing on the first (1st) day of each month thereafter until the Maturity Date.  In addition, the principal shall be due and
payable in consecutive annual payments of ONE MILLION SEVEN HUNDRED
THOUSAND AND NO/100TH DOLLARS (US $1,700,000.00), on the first calendar day of January
beginning on January 1, 2008,  and
continuing on each anniversary thereof through and including January 1, 2016,
and the entire indebtedness evidenced hereby shall be due and payable in full,
together with a balloon principal payment of TWENTY ONE
MILLION SEVEN HUNDRED THOUSAND AND NO/100TH DOLLARS (US $21,700,000.00) on the Maturity Date; provided, however,
that if the amount of the Limited Rent Guaranty (Six Flags) to be provided by
Holder in favor of the Landlords (as defined therein) under the Leases as of
the date of this Note is less than $9,999,999 (the excess of $9,999,999 over
the amount of such guaranty, the “Deferred Amount”),
then payments of principal and interest under this Note shall be deferred until
such time as the total amount of deferred payments of principal and interest
(such deferred payments, the “Accrued Deferred Payments”)
equals the Deferred Amount, and the Deferred Amount shall be added to the
balloon payment due hereunder; provided, further, however,
that the Deferred Amount shall be reduced (but not below zero) by an amount
equal to (i) $1,000,000 on January 1 of each year plus (ii) the amount of any
Amount Funded (as such term is defined in the Limited Rent Guaranty (Six
Flags)); concurrently therewith, the amount, if any, by which the Accrued
Deferred Payments exceeds the Deferred Amount, as adjusted, shall be paid in
full to the Holder.  If an Equity Event
(as such term is defined in the Limited Rent Guaranty (Six Flags)) occurs after
the date of this Note, then the Deferred Amount shall be further reduced (but
not below zero) by the amount of the net proceeds received by Obligors upon consummation
of

such subsequent Equity Event
effective as of the date of such Equity Event; concurrently therewith, the
amount, if any, by which the Accrued Deferred Payments exceeds the Deferred
Amount, as adjusted, shall be paid in full to the Holder.  If any installment under this Note is due on
a day that is not a Business Day (as defined herein), such installment shall be
deemed to be due and payable on the next Business Day and such extension of
time shall be taken into account in calculating the amount of interest payable
under this Note.  All computation of
interest shall be made by Holder on the basis of a year of 360 days.

At any time from the date of this Note, the
Obligors may prepay the entire or any portion of the unpaid principal balance
of this Note in full or in part on the last Business Day before a scheduled
monthly payment date without any additional payment of a prepayment fee or
penalty.  Upon prepayment of this Note,
the Obligors shall simultaneously pay any and all interest accrued on this Note
through and including the date of such prepayment.

From time to time, without affecting the
obligations of the Obligors or their respective successors or assigns to pay
the outstanding principal balance of this Note and observe the covenants of the
undersigned contained herein (after any applicable notice or cure period, if
any), and without affecting the guaranty of any person, corporation,
partnership or other entity for payment of the outstanding principal balance of
this Note, without giving notice to or obtaining the consent of the Obligors,
the successors or assigns of the Obligors or guarantors, and without liability
on the part of Holder, Holder may, at the option of Holder, extend the time for
payment of said outstanding principal balance or any part thereof, reduce the
payments thereon, release anyone liable on any of said outstanding principal
balance, accept a renewal of this Note, modify the terms and time of payment of
said outstanding principal balance, join in any extension or subordination
agreement, release any security given herefor, take or release other or
additional security, and agree in writing with the Obligors to modify the rate
of interest or period of amortization of this Note or change the amount of the
monthly installments payable hereunder or otherwise modify, amend or waive any
term or provision of this Note.

Presentment, notice of dishonor, right to set
off and counterclaim, and protest are hereby waived by each of the Obligors.

Unless applicable law requires otherwise, so
long as no Event of Default (as defined below) occurs and is continuing, all
payments received by Holder under this Note shall be applied by Holder to the
interest, fees and costs and the principal (if applicable) of the Note.  If an Event of Default occurs and is
continuing, Holder may apply any payments received by Holder in any amount and
in any order as Holder shall determine in Holder’s sole discretion.

Any forbearance by Holder in exercising any
right or remedy under this Note shall not be a waiver of or preclude the
exercise of any right or remedy.

Capitalized terms used herein but not defined
herein have the respective meanings given them in the Leases (as defined in
Schedule A hereto).

I.    DEFAULTS.

A.  Events of Default.  The
occurrence of any one or more of the following events shall constitute an event
of default hereunder (an “Event of Default”):

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(1)          Any installment under this Note is not
received by Holder within five (5) calendar days after the due date and such
default is not cured by the undersigned within five (5) calendar days of the
receipt of written notice from Holder;

(2)          Any Obligor fails to observe or perform any
other term of this Note;

(3)          Any Obligor makes any materially incorrect or
misleading representation or warranty to Holder in connection with this Note or
in any certificate, report, financial statement or other information delivered
to the Holder;

(4)          Any provision of this Note for any reason
ceases to be valid and binding on or enforceable against the undersigned or the
undersigned so states in writing;

(5)          Any Obligor (i) defaults in any payment of
principal of or interest on any indebtedness or contingent obligation (other
than its obligation under this Note) or (ii) defaults in the observance or
performance of any agreement or condition relating to any indebtedness or
contingent obligation (other than this Note) or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event shall
occur, the effect of which is to permit such indebtedness or contingent
obligation to be declared due and payable or such indebtedness or contingent
obligation shall otherwise become due or required to be prepaid prior to its
stated maturity (determined without regard to whether any notice is required);
provided, that it shall not constitute an Event of Default pursuant to clause
(i) or (ii) above unless the aggregate principal amount of all such
indebtedness or contingent obligations as described in clauses (i) and (ii),
inclusive, exceeds $2,000,000 at any one time;

(6)          One or more judgments, orders or decrees is
entered against any Obligor involving a liability not paid or fully covered by
insurance in excess of $2,000,000 for all such judgments and decrees and all
such judgments or decrees shall not have been vacated, discharged or stayed or
bonded pending appeal within sixty (60) days from the entry thereof;

(7)          Any of the following occurs: (i) the merger
or consolidation of any Obligor with or into any other person other than an
affiliate of the undersigned, (ii) the dissolution or liquidation of any
Obligor (iii) the sale of all or substantially all of the assets of any
Obligor, without the prior written consent of Holder, which will not be
unreasonably withheld; or (iv) the transfer of a controlling interest in the
securities of any Obligor, without the prior written consent of Holder, which
will not be unreasonably withheld; or

(8)          Any of the events that may be deemed an event
of default, taking into account all applicable cure periods, if any, in
accordance with Section 12.1 of any of the Leases (as defined in Schedule A
hereto), as currently in effect as of the date of this Note and any amendment
of which in the Leases shall not be deemed to be an amendment for purposes of
this Note, occurs, and as a result thereof, the Landlord under such Leases
shall have declared a default.

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Holder shall deliver a written notice of any
Event of Default to the Obligor (the “Notice of Default”)
as soon as practicable after Holder has knowledge of such Event of Default.

Each Obligor shall deliver to Holder a copy
of any notice of default that the undersigned receives with respect to the
Leases upon its receipt thereof.

B.  Additional Interest; Late Charge.  Upon
an Event of Default, the balance of this Note shall bear additional interest
equal to four percent (4%) per annum in excess of the Interest Rate (except as
hereafter provided in Section V.C hereof) (the “Default Rate”),
computed from the date any Obligor receives the Notice of Default to the date
the Event of Default is no longer continuing, as evidenced by written notice
from Holder to the Obligors; provided, however, that if the
Default Rate is in excess of the amount permitted to be charged to the Obligors
under applicable federal or state law, Holder shall be entitled to collect
additional interest at the highest rate permitted by such law.  In addition to the foregoing, upon an Event
of Default pursuant to Section I.A.(1) hereof, the Obligors shall pay to Holder
a late charge equal to three percent (3%) of each payment past due for five (5)
or more calendar days, such late charge to be immediately due and payable
without demand by Holder.

C.  Acceleration. 
If the
Obligors fail to cure any Event of Default described in Section I.A.(1) hereof
within five (5) calendar days of any Obligor’s receipt of the Notice of Default
or any other Event of Default within thirty (30) calendar days of its receipt
of Notice of Default, then, pursuant to written notice to the Obligors, Holder
may, at any time that such Event of Default is continuing, accelerate this Note
and declare all outstanding and unpaid principal, interest, additional interest
and late charges then due and payable, regardless of any prior
forbearance.  If Holder elects to
accelerate the Note, the Obligors shall also pay to Holder all of Holder’s
reasonable expenses and costs in connection with Holder’s collection hereunder,
including, without limitation, reasonable attorneys’ fees, court costs and
expenses, including attorneys’ fees and expenses on any appeal and without
relief from valuation and appraisement laws.

II.    REPRESENTATIONS

By its execution hereof, each Obligor
represents that:

A.            Authority.  The
Obligor has the legal capacity, power and ability to execute and deliver this
Note and to perform all of its obligations hereunder.  This Note is the legal, valid and binding
obligation of the Obligor, enforceable against the Obligor in accordance with
the terms hereof.

B.            No Conflict; Consents.  The
execution, delivery and performance by the Obligor of this Note do not and will
not (i) violate any law, rule or regulation, conflict with any agreement,
instrument or other document or order, judgment, injunction or determination by
which the Obligor or any of its assets are bound or (ii) require the consent or
approval of any governmental authority or other person or entity.

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III.    ADDITIONAL COVENANTS.

In addition to the covenants
and agreements made in this Note, the Obligors further covenant and agree (and
shall cause its successors or assigns to covenant and agree) with and in favor
of Holder as follows:

A.            Monthly Financial
Statements.  Throughout the term of this Note each Obligor
shall deliver to Holder a copy of the information delivered to the Landlord
under Section 17.2 of the Lease.

B.            Audited Financial
Statements.  Each Obligor shall deliver to Holder within
forty-five (45) days after the end of each Fiscal Year, a profit and loss
statement, balance sheet and statement of cash flow showing results from
operations during such Fiscal Year.  The
aforesaid financial statements shall be accompanied by a Certificate of the
Chief Executive Officer or the Chief Financial Officer of the Obligor (or of
the Obligor’s general partner or managing member, if applicable) (an “Officer’s Certificate”) which, for purposes
hereof shall mean a Certificate of the Chief Executive Officer or the Chief
Financial Officer of the Obligor (which Certificate shall also be certified by
another officer, or partner or member of the undersigned) in which such Officer
shall certify to the best of such Officer’s knowledge (a) that such statements
have been properly prepared in accordance with GAAP and are true, correct and
complete in all material respects and fairly present the consolidated financial
condition of the Obligor at and as of the dates thereof and the results of its
operations for the period covered thereby, and (b) that no Event of Default has
occurred and is continuing hereunder or under the Leases.  If the Holder shall determine in its
reasonable discretion that the Holder could be required to include the assets,
liabilities and results of the activities of any Obligor and its Affiliates in
the consolidated financial statements of the Holder pursuant to applicable
accounting requirements and guidance (the foregoing, a “Consolidation Determination”), then the
Obligor shall also deliver to Holder at any time and from time-to-time, upon
not less than twenty (20) days notice from Holder, any financial statements or
other financial reporting information required to be filed by Holder with the
SEC or any other governmental authority or required pursuant to any order
issued by any Governmental Agencies or arbitrator in any litigation to which
Holder is a party for purposes of compliance therewith (“Additional Information”).  If the Obligor is required to incur any
additional out of pocket costs, fees and expenses in preparing such Additional
Information other than in the ordinary course of the Obligor’s obligations
hereunder, Holder shall reimburse the Obligor for all costs, fees and expenses
incurred in such preparation. 
Notwithstanding the foregoing, in the event that the Obligor’s financial
records are not otherwise being reviewed or audited by an independent certified
public accountant then the Holder will accept financial statements certified
true and correct by the Chief Financial Officer of the Obligor to the best of
such Officer’s knowledge (or of the Obligor’s general partner or managing
member, if applicable).  If Holder makes
a Consolidation Determination, in connection with Holder’s responsibility to
maintain effective internal controls over financial reporting and the
requirements for complying with the Sarbanes-Oxley Act of 2002 (“SOX”), each Obligor hereby agrees to
provide reasonable access to the Obligor’s books and records and properties,
upon reasonable prior oral or written notice to the Obligor and reasonable
assistance necessary to Holder that will allow Holder to conduct activities
necessary to satisfy such responsibilities, including but not limited to the
activities stipulated by the Public Company Accounting Oversight Board in its
release 2004-1, or other 

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similarly
promulgated guidance by other regulatory agencies.  Each Obligor shall be reimbursed its
reasonable expenses incurred for all such services and assistance requested by
Holder.  Holder agrees to provide the
Obligor with appropriate notice regarding the conduct of the activities
anticipated in this provision.  If Holder
makes a Consolidation Determination, the Obligor agrees to provide, at Holder’s
request and expense, evidence of the Obligor’s documented policies, if any,
regarding “whistle-blower” procedures and regarding the reporting of fraud or
misstatements involving financial reporting of the Obligor.

C.            Records.  Each
Obligor shall keep and maintain at all times in accordance with GAAP (separate
and apart from its other books, records and accounts) complete and accurate up
to date books and records adequate to reflect clearly and correctly the results
of operations of the Obligor.  Such books
and records shall be kept and maintained at the Leased Property or the Obligor’s
principal office.  Holder or its
representatives shall have, at all reasonable times during normal business
hours, reasonable access, on reasonable advance notice, to examine and copy
each Obligor’s books and records and properties.  Such books and records shall be available for
at least four (4) years for Holder’s inspection, copying, review and audit at
Holder’s expense during reasonable business hours and upon reasonable notice.

D.            Compliance with SOX.  If the Holder makes a Consolidation
Determination, each Obligor shall comply with any and all policies that Holder
has implemented in accordance with SOX, copies of all such policies to be
provided to each Obligor.  In addition to
the requirements contained in Section III.C. hereof, each Obligor shall provide
Holder and Holder’s accountants with all access to the Obligor’s books,
records, properties and personnel as Holder or its accountants may deem
reasonably necessary in order for (i) Holder to comply with SOX, (ii) Holder’s
officers to provide the required certifications under SOX and (iii) Holder to
perform the necessary audits and necessary reviews of procedures required by
SOX and the rules and regulations of the SEC.

E.                   No Distributions.  If the Obligors Net Worth (as defined below)
after the transactions contemplated herein, is less than the Guaranteed Funding
Limit (as defined in the Limited Rent Guaranty (Six Flags), no Obligor shall,
directly or indirectly: (i) declare or pay any dividend or make any other
payment or distribution on account of such Obligor’s equity interests to the
direct or indirect holders of such equity interests in their capacity as such
or (ii) purchase, redeem or otherwise acquire or retire for value any equity
interests in the Obligor or any direct or indirect parent of the Obligor, if,
in any such case, the aggregate stockholder’s equity of the Obligors determined
in accordance with GAAP after giving effect to any such transactions would be
less than the total aggregate stockholder’s equity of the Obligors determined
in accordance with GAAP as of the date of this Note.  “Obligors Net Worth” shall mean the net worth
of the Obligors, provided, the net worth of each Obligor shall be calculated in
accordance with GAAP and Obligors Net Worth shall include an Obligor (other
than PARC Operations) for only as long as such Obligor is owned by PARC
Operations or one of its Affiliates.

F.                   Limitation on Incurrence of
Indebtedness.  Except for liabilities incurred
in the ordinary course of business and any working capital credit facility
established by any of the Obligors in an aggregate amount not to exceed Twenty
Million Dollars ($20,000,000) (the “Working
Capital Facility”), each Obligor shall not create, incur, assume or
guarantee, or permit to exist or become or remain liable directly or indirectly
upon, any Indebtedness except

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Indebtedness of the Obligor to Landlord under the
applicable Lease and Indebtedness permitted under the terms of any Lease.  As used in this Section III.H. (and
notwithstanding any other definition of Indebtedness in the Lease),
Indebtedness shall mean all obligations, contingent or otherwise, to pay or
repay monies irrespective of whether, in accordance with GAAP, such obligations
should be reflected on the obligor’s balance sheet as debt.

G.                  Confidentiality.  Holder agrees that
any information provided to Holder pursuant to this Section III shall not be
used for any competitive purpose and shall be treated by Holder as confidential,
except to the extent that disclosure of any such information is required
by law, regulation, regulatory authority or other applicable judicial or
governmental requirement or order or stock exchange or other similar stock
listing requirements.

IV.    SUBORDINATION.

Holder, by its acceptance of this Note,
agrees that the payment of all obligations owing to it pursuant hereto are and
will be subordinated to the prior payment in full of any and all indebtedness
and other obligations incurred by the Obligors under (i) the Leases and related
loan documentation, (ii) the Working Capital Facility, provided that, such
subordination of Holder in favor of the Working Capital Facility lender shall
permit the payment of scheduled principal and interest payments under this Note
so long as no default or event of default has occurred and is continuing under
the Working Capital Facility, including without limitation any payment or
covenant default or event of default of any kind or nature whatsoever, without
regard to (A) the nature of the default or event of default or (B) whether the
Working Capital Facility lender has taken any steps to enforce any rights or
seek any remedies arising by virtue of such default or event of default, and
(iii) any other promissory note issued by Obligors in favor of Holder pursuant
to the Limited Rent Guaranty (Six Flags) (the “Additional
Notes”).  Upon any payment or
distribution of assets of any Obligor of any kind or character, including in
connection with any winding up, dissolution or liquidation of any Obligor, the
Leases, the Working Capital Facility and the Additional Notes shall first be
paid in full to the satisfaction of (i) the Landlords under the Leases, (ii)
the lender(s) under the Working Capital Facility and (iii) Holder with respect
to the Additional Notes, prior to any payment or distribution on this
Note.  Notwithstanding the foregoing to
the contrary, nothing contained in this Note shall impair or otherwise affect
the obligation of the Obligors to make regular monthly payments of interest and
annual payments of principal as provided in the first paragraph of this Note; provided,
however, that Holder shall not be entitled to receive, and the Obligors
shall not be obligated to make, any payments (including regular monthly payments
of interest and annual payments of principal under this Note) for so long as
any Obligor is in default with respect to payment under any Lease, the Working
Capital Facility or the Additional Notes. 
Holder hereby agrees to promptly execute and deliver any subordination
agreements, instruments and acknowledgments as may be required by the Landlord
of any Lease, the lender(s) under the Working Capital Facility or the Holder
with respect to the Additional Notes in order to further evidence the agreement
of Holder to subordinate its right to payment under this Note as described in
this Section IV.

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V.    GENERAL.

A.            Notice;
Business Day

Any notice to Holder or any Obligor provided
for in this Note shall be given in the manner provided in the applicable Lease.  The term “Business Day” means any day other
than a Saturday, a Sunday, or any other day which in Florida or New York is a
legal holiday or a day on which banking institutions are authorized or required
by law or government action to close.

B.            Assignment

This Note is freely assignable in whole or in
part, from time to time, by Holder and Holder may grant participation
interest(s) herein.  Without limiting the
foregoing, the Obligors understand and agree that Holder may sell, pledge,
grant a security interest in, collaterally assign, transfer, deliver or
otherwise dispose of this Note, from time to time.  This Note shall be binding upon each Obligor,
its heirs, devises, administrators, executives, personal representatives,
successors, receivers, trustees, permitted assignees, including all successors
in interest of each Obligor, and shall inure to the benefit of Holder hereof,
and the successors and assignees of Holder.

Each Obligor may, with the prior written
consent of Holder, require the assumption of this Note upon an assignment of
all of the Leases pursuant to the terms of the Leases by the assignee of the
Leases (the “Assuming Party”).  Upon any such assumption by the Assuming
Party of all obligations under this Note and the execution of all documents
required by Holder to evidence the Assigning Party’s obligations as set forth
herein, the Obligors or any subsequent Assuming Party shall be released from
liability under this Note.   The Obligors or the Assuming Party shall be
responsible for any and all costs, fees (including reasonable attorney’s fees),
documentary taxes, intangible taxes, transfer taxes, etc. incurred in
connection with any such assignment and assumption.

C.            Governing Law; Usury;
Miscellaneous

This Note shall be governed by and construed
in accordance with the laws of the State of New York.  The Obligors and Holder agree that any
dispute arising out of this Note shall be subject to the jurisdiction of both
the state and federal courts in New York. 
For that purpose, each Obligor hereby submits to the jurisdiction of the
state and federal courts of New York. 
Each Obligor further agrees to accept service of process out of any of
the aforesaid courts in any such dispute by registered or certified mail,
postage prepaid, addressed to the undersigned or by “express mail” or national
receipted overnight delivery service addressed to the Obligor.  Nothing herein contained, however, shall
prevent Holder from bringing any action or exercising any rights against (i)
any or all Obligors, (ii) any security or (iii) the assets of any or all
Obligors, within any other state or jurisdiction.

The parties hereto intend to conform strictly
to the applicable usury laws.  In no
event, whether by reason of demand for payment, prepayment, acceleration of the
maturity hereof or otherwise, shall the interest contracted for, charged or
received by Holder hereunder or otherwise exceed the maximum amount permissible
under applicable law.  If, from any
circumstance whatsoever, interest would otherwise be payable to Holder in
excess of the maximum lawful amount, the interest payable to Holder shall be
reduced automatically to the maximum amount permitted by applicable law.  If Holder shall ever receive anything of
value deemed interest under applicable law which would apart from this
provision be in excess of the maximum lawful

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amount, an amount equal to
any amount which would have been excessive interest shall be applied to the
reduction of the principal amount owing hereunder in the inverse order of its
maturity and not to the payment of interest, or if such amount which would have
been excessive interest exceeds the unpaid balance of principal, such excess
shall be refunded to the undersigned. 
All interest paid or agreed to be paid to Holder shall, to the extent
permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term (including any renewal or extension) of such
indebtedness so that the amount of interest on account of such indebtedness
does not exceed the maximum permitted by applicable law.  The provisions of this paragraph shall
control all existing and future agreements between the undersigned and Holder.

Whenever possible this Note and each
provision hereof shall be interpreted in such manner as to be effective, valid
and enforceable under applicable law. 
Any provisions of this Note which are prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.  In addition, any
determination that the application of any provision hereof to any person or
under any circumstance is illegal and unenforceable shall not affect the
legality, validity and enforceability of such provision as it may be applied to
any other person or in any other circumstance.

D.            WAIVER OF JURY TRIAL; NO
CONSEQUENTIAL OR PUNITIVE DAMAGES.  TO THE
EXTENT PERMITTED BY APPLICABLE LAW, EACH OBLIGOR AND HOLDER BY ITS ACCEPTANCE
HEREOF, FOR ITSELF AND FOR EACH HOLDER HEREOF, HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY AGREE, THAT:

(a)           NEITHER THE OBLIGOR NOR
HOLDER, NOR ANY ASSIGNEE, SUCCESSOR, HEIR OR LEGAL REPRESENTATIVE OF ANY OF THE
SAME SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY
OTHER LITIGATION PROCEDURE ARISING FROM OR BASED UPON THIS NOTE, ANY INSTRUMENT
OR ANY LOAN DOCUMENT EVIDENCING, SECURING OR RELATING TO THE OBLIGATIONS OR TO
THE DEALINGS OR RELATIONSHIP BETWEEN OR AMONG THE PARTIES THERETO;

(b)           NEITHER THE OBLIGOR NOR
HOLDER SHALL SEEK TO CONSOLIDATE ANY SUCH ACTION, IN WHICH A JURY TRIAL HAS
BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL HAS NOT BEEN OR CANNOT
BE WAIVED;

(c)           THE PROVISIONS OF THIS
PARAGRAPH HAVE BEEN FULLY NEGOTIATED BY THE OBLIGOR AND HOLDER, AND THESE
PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS;

(d)           NEITHER THE OBLIGOR NOR
HOLDER HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE
PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES;

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(e)           IN NO EVENT SHALL HOLDER BE
RESPONSIBLE OR LIABLE FOR CONSEQUENTIAL OR PUNITIVE DAMAGES TO THE EXTENT
PERMITTED BY LAW; AND

(f)            THIS PROVISION IS A MATERIAL
INDUCEMENT FOR HOLDER TO ENTER INTO THIS TRANSACTION AND IS SEPARATELY GIVEN,
KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

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IN WITNESS WHEREOF, the undersigned has caused this
Note to be duly executed as of the date first written above.

	
  

  	
  PARC 7F-OPERATIONS CORPORATION,

  a Florida corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  
	
   

  	
  Name:

  	
  Randal H. Drew

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARC OPERATIONS, LLC, a
  Florida limited

  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  
	
   

  	
  Name:

  	
  Randal H. Drew

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARC ELITCH GARDENS, LLC, a
  Florida

  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  
	
   

  	
  Name:

  	
  Randal H. Drew

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARC WHITE WATER BAY, LLC, a
  Florida

  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Randal H. Drew

  
	
   

  	
  Name: 

  	
  Randal H. Drew

  
	
   

  	
  Title: 

  	
  President

  
													

 

 

	
  

  	
  PARC FRONTIER CITY, LLC, a
  Florida

  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
  Name:

  	
  Randal H. Drew

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARC SPLASHTOWN, LLC, a
  Florida

  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
  Name:

  	
  Randal H. Drew

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARC WATERWORLD, LLC, a
  Florida

  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
  Name:

  	
  Randal H. Drew

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARC DARIEN LAKE, LLC, a
  Florida limited

  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
  Name:

  	
  Randal H. Drew

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
												

 

 

	
  

  	
  PARC ENCHANTED PARKS, LLC, a
  Florida

  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  
	
   

  	
  Name:

  	
  Randal H. Drew

  
	
   

  	
  Title:

  	
  President

  
					

 

SCHEDULE A

1.                                       Lease Agreement, dated as of April 6, 2007,
between CNL Income Darien Lake, LLC, as landlord, and PARC Darien Lake, LLC, as
tenant.

2.                                       Lease Agreement, dated as of April 6, 2007,
between CNL Income Elitch Gardens, LLC, as landlord, and PARC Elitch Gardens,
LLC, as tenant.

3.                                       Sublease Agreement, dated as of April 6, 2007,
between CNL Income Enchanted Village, LLC, as landlord, and PARC Enchanted
Parks, LLC, as tenant.

4.                                       Lease Agreement, dated as of April 6, 2007,
between CNL Income Frontier City, LLC, as landlord, and PARC Frontier City,
LLC, as tenant.

5.                                       Lease Agreement, dated as of  April 6, 2007, between CNL Income Splashtown,
LLC, as landlord, and PARC Splashtown, LLC, as tenant.

6.                                       Sublease Agreement, dated as of April 6,
2007, between CNL Income Waterworld, LLC, as landlord, and PARC Waterworld,
LLC, as tenant.

7.                                       Lease Agreement, dated as of  April 6, 2007, between CNL Income White Water
Bay, LLC, as landlord, and PARC White Water Bay, LLC, as tenant.

Each Tenant referenced in 1
through 7 above, herein, “Tenant” and each Lease referenced in 1 through 7
above, herein, “Lease.”Exhibit
10.5

LIMITED RENT GUARANTY

(Six
Flags)

THIS LIMITED RENT GUARANTY (Six Flags) (this “Guaranty”) is
made as of the 6th day of April,
2007 (the “Effective Date”), by and among (i) SIX FLAGS,
INC., a Delaware corporation (“Guarantor”), (ii) CNL INCOME DARIEN LAKE, LLC, CNL INCOME ELITCH GARDENS, LLC, CNL INCOME
ENCHANTED VILLAGE, LLC, CNL INCOME FRONTIER CITY, LLC, CNL INCOME SPLASHTOWN,
LLC, CNL INCOME WATERWORLD, LLC and CNL INCOME
WHITE WATER BAY, LLC, each a Delaware limited liability company (the
“Real Property Landlord(s)”); and
(iii) CNL INCOME DARIEN LAKE TRS CORP., CNL INCOME
ELITCH GARDENS TRS CORP., CNL INCOME ENCHANTED VILLAGE TRS CORP., CNL INCOME
FRONTIER CITY TRS CORP., CNL INCOME SPLASHTOWN TRS CORP., CNL INCOME WATERWORLD
TRS CORP. and CNL INCOME WHITE WATER
BAY TRS CORP., each a Delaware corporation (the “Personal Property Landlord(s)” and,
collectively with the Real Property Landlords, the “Landlord(s)”).

RECITALS:

A.            Six Flags Theme Parks Inc., Funtime, Inc.,
Elitch Garden Holdings G.P., Frontier City Properties, Inc., SF Splashtown GP
Inc., SF Splashtown Inc. and Spring Beverage Holding Corp. (collectively, the “Securities Sellers”), as “Sellers,”
and PARC 7-F Operations Corporation, a Florida corporation (“PARC”), as “Buyer,” entered into
that certain Securities Purchase Agreement dated January 10, 2007 (the “Securities Purchase Agreement”),
pursuant to which, among other things, Securities Sellers sold and transferred
to PARC, and PARC purchased and acquired from Securities Sellers, all of the
equity interests and partnership interests, as applicable, in: (i) Darien Lake
Theme Park and Camping Resort, Inc., (ii) Elitch Gardens, L.P., (iii) Enchanted
Parks, Inc., (iv) Frontier City Limited Partnership, (v) Premier Waterworld
Concord, Inc., and (vi) Tierco Water Park, Inc. (collectively, the “Owners”).

B.            PARC, as “Seller” and CNL Income Properties,
Inc., a Maryland corporation (“CIP”), as “Purchaser”
entered into that certain Asset Purchase Agreement dated January 10, 2007, as
the same may be amended, and as assigned by CIP to the Landlords pursuant to
those certain Partial Assignments of Asset Purchase Agreement dated April
6, 2007 (together, the “Asset Purchase Agreement”),
pursuant to which and contemporaneously with the closing of the transactions
under the Securities Purchase Agreement, PARC has caused the Owners to sell,
transfer and convey to Landlords all of the Assets (as defined in the Asset
Purchase Agreement).  Accordingly, as of
the Effective Date, each Real Property Landlord is the fee and/or
leasehold owner of the real property, improvements and certain personal
property related to the theme park facility set forth opposite its name on Exhibit A attached hereto (the
“Property(ies)”) and each Personal
Property Landlord is the owner of certain other personal property (which other
personal property together with the Properties shall hereinafter be
collectively referred to as the “Proper(ties)”)
related to the theme park facility set forth opposite its name on Exhibit A attached hereto.

C.            Pursuant to the Asset Purchase Agreement and as
a condition precedent to the closing thereunder, the Landlords and PARC Darien
Lake, LLC, PARC Elitch Gardens, LLC, PARC Enchanted Parks, LLC, PARC Frontier
City, LLC, PARC Splashtown, LLC, PARC Waterworld, LLC and PARC White Water Bay,
LLC, each a Florida limited liability company (individually, a “Tenant” and collectively, the “Tenants”) have entered into
those certain lease/sublease agreements set forth on Exhibit B
attached hereto, governing the leasing of the Properties from Landlords to
Tenants (the “Lease(s)”).

D.            Each Landlord is an Affiliate of each other
Landlord, each Tenant is an Affiliate of each other Tenant.

E.             As a further condition precedent to the closing
under the Securities Purchase Agreement and the Asset Purchase Agreement,
Guarantor has agreed, subject to certain terms, conditions and limitations more
particularly set forth herein, to guarantee payment of Guaranteed Rent under
the Leases (the “Limited Rent Guaranty (Six
Flags)”).

F.             The transactions contemplated by the Securities
Purchase Agreement and the Asset Purchase Agreement are of direct, material and
substantial benefit to Guarantor.

NOW, THEREFORE, in consideration of the foregoing and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Guarantor and Landlords hereby covenant and agree as
follows:

SECTION 1

DEFINED TERMS

Terms not otherwise defined herein shall have meaning
given them in the Leases. The following terms, as used in this Guaranty, shall
have the meanings set forth below:

“Accounting Period”
shall have the meaning given such term in the Leases.

“Affiliate”
shall have the meaning given such term in the Leases.

“Aggregate Amount Funded”
shall mean, as of any given point in time, the Amount Funded for all prior
Fiscal Years plus the Amount Funded for the current Fiscal Year.

“Amount Funded”
shall mean all Guaranteed Rent paid during a Fiscal Year by Guarantor pursuant
to the terms of this Guaranty.  The
Amount Funded shall be calculated cumulatively for all Accounting Periods
elapsed during a Fiscal Year.

“Applicable Laws”
shall have the meaning given such term in the Leases.

“Asset Purchase Agreement”
shall have the meaning given such term in the Recitals.

 2
 

“Business Day”
shall have the meaning given such term in the Leases.

“CIP” shall have
the meaning given such term in the Recitals.

“Default” shall
have the meaning given such term in Section 2.A. hereof.

“Equity Event”
shall mean the occurrence of a receipt of cash proceeds by the Parc Guarantors
from the issuance of equity on a combined basis, including, without limitation,
a Triggering Equity Event, which Equity Event is confirmed by providing
evidence to Guarantor that is reasonably satisfactory to Guarantor.

“Event of Default” shall have the meaning given such term in the
Leases.

“Fiscal Year”
shall have the meaning given such term in the Leases.

“Guarantee Payment Date”
shall have the meaning given such term in Section 2.A hereof.

“Guaranteed Rent”
shall have the meaning given such term in Section 2.A hereof.

“Guarantor” shall have the meaning given
such term in the Preamble.

“Guaranty Funding Limit” shall mean the
lesser of (i) one dollar less than the aggregate net cash proceeds received by
the Parc Guarantors as a result of an Equity Event, which amount shall be
measured on the effective date of the closing of the transactions contemplated
by the Securities Purchase Agreement and thereafter on the date a subsequent
Equity Event occurs (but in no event more than two (2) times during the twelve
month period following the Effective Date and each twelve month period
thereafter) and (ii) Nine Million Nine Hundred Ninety-Nine Thousand Nine
Hundred Ninety-Nine and No/100 Dollars ($9,999,999); provided, however,
that the Guaranty Funding Limit shall be reduced by (x) $1,000,000 on January 1
of each year during the Guaranty Term plus (y) any Amount Funded hereunder,
with such reduction to occur automatically on the date of funding.  For the avoidance of doubt, if an Equity
Event occurs after the date hereof, then the amount of such Equity Event shall
be taken into account in the determination of the Guaranty Funding Limit, but,
in no event, shall (i) the Guaranty Funding Limit be increased by an amount
that exceeds the amount by which the Deferred Amount (as defined in the
Promissory Note) is decreased, solely as the result of an Equity Event,
pursuant to the terms of the Promissory Note or (ii) the subsequent Equity
Event affect any annual reduction of the Guaranty Funding Limit that occurred
prior to the date of any such subsequent Equity Event.

“Guaranty Term” shall have the meaning
given such term in Section 3 hereof.

“Landlord” shall have the meaning given
such term in the Preamble.

“Lease(s)” shall have the meaning given
such term in the Recitals.

 3
 

“Legal Requirements” shall have the
meaning given such term in the Leases.

“Limited Rent Guaranty (PARC)” shall mean that certain Limited Rent Guarnaty (PARC) of even date
herewith among PARC Guarantors and Landlords.

“Limited Rent Guaranty (Six Flags)”
shall have the meaning given such term in the Recitals.

“Overdue Rate” shall mean, on any date,
a per  annum rate of interest equal to the lesser of (i) twelve
percent (12%) or (ii) the maximum rate then permitted under applicable law.

“Owners” shall have the meaning given
such term in the Recitals.

“PARC” shall have the meaning given such
term in the Recitals.

“PARC Aggregate Amount Funded” shall mean the aggregate amount funded by the PARC Guarantors pursuant
to the Limited Rent Guaranty (PARC).

“PARC Guarantor Default Notice” shall
have the meaning given such term in Section 2.A. hereof.

“Parc Guarantors”
shall mean PARC Management, LLC, a Florida limited liability company, PARC
Operations LLC, a Florida limited liability company, PARC Investors, LLC, a
Florida limited liability company, and any Affiliate thereof.

“PARC Guarantor Unfunded Rent Due” shall
have the meaning given such term in Section 2.A. hereof.

“PARC Guaranty Funding Limit” shall mean the guaranty funding limit applicable to the PARC
Guarantors pursuant to the Limited Rent Guaranty (PARC).

“Persons” shall have the meaning given
such term in the Leases.

“Personal Property Landlord(s)” shall
have the meaning given such term in the Preamble.

“Preamble” shall mean the first
paragraph of this Agreement.

“Promissory Note”
shall have the meaning given such term in the Securities Purchase Agreement.

“Propert(ies)” shall have the meaning
given such term in the Recitals.

“Personal Property Landlord(s)” shall
have the meaning given such term in the Preamble.

 4
 

“Recitals” shall
mean paragraphs A through F under the heading “Recitals” in this Agreement.

“Rent” shall have the meaning given such
term in the Leases.

“Rent Default Notice” shall have the
meaning given such term in Section 2.A. hereof.

“Rent Due” shall have the meaning given
such term in Section 2.A. hereof.

“Securities Sellers” shall have the
meaning given such term in the Recitals.

“Tenant(s)” shall have the meaning given
such term in the Recitals.

“Triggering Equity Event” shall have the
meaning given such term in Section 3 hereof.

“Transfer” shall have the meaning given
such term in the Leases.

“Unlawful Provisions” shall have the
meaning given such term in Section 12 hereof.

SECTION
2

GUARANTY

Subject to the following provisions of this Section 2, Guarantor hereby
absolutely, unconditionally and irrevocably guarantees to Landlord the full,
complete and timely payment to Landlord of all Rent, up to a maximum amount
equal to the Guaranty Funding Limit (collectively, “Guaranteed
Rent”).  Subject to the
terms, provisions and limitations of this Guaranty, this Guaranty is an
absolute, irrevocable and unconditional guaranty of payment.  For purposes hereof, and notwithstanding
anything to the contrary contained in the Leases, it is expressly understood
and agreed that the Guaranteed Rent guaranteed hereunder shall not include any
additional amounts, including, without limitation, any sums for damages arising
from an Event of Default or termination of the Leases, specifically including
damages computed on the basis of the acceleration of any Rent due under the
Leases, it being understood and agreed that Guarantor’s agreement to pay
Guaranteed Rent hereunder shall not exceed the amount of Rent payable during
the Guaranty Term in accordance with the Leases. The parties hereto agree to
the following:

A.            In the event that Tenant shall fail to pay when
due (taking into account any applicable cure period) any Rent (the “Rent Due”) under the Lease (a “Default”), Landlords shall deliver
written notice of such Default by Tenant to Guarantor and to PARC Guarantors
(the “Rent Default Notice”).  In the event that PARC Guarantors fail to pay
to Landlords any portion or all of the Rent Due within ten (10) calendar days
after the Rent Default Notice, the Landlords shall provide Guarantor with
written notice of any Rent Due (the “PARC Guarantor Unfunded
Rent Due”) that PARC Guarantors have failed or refused to pay
(the “PARC Guarantor Default Notice”).  Guarantor shall pay to Landlords, the PARC
Guarantor Unfunded Rent Due,

 5
 

within
ten (10) calendar days following Guarantor’s receipt of the PARC Guarantor
Default Notice (the “Guarantee Payment Date”).

B.            Subject to the terms, provisions and
limitations of this Guaranty, this Guaranty is a continuing Guaranty and shall
remain in full force and effect until the termination or expiration of the
Guaranty Term.

C             Guarantor also agrees, as principal obligor and
not as a guarantor only, to pay to Landlord, in immediately available funds,
all interest on amounts recoverable under this Guaranty, from the date of
Guarantee Payment Date until payment, at the Overdue Rate.

F.             Any payment of Rent made to Landlord in
accordance with this Guaranty shall be deemed to cure any Event of Default
under the Lease with respect solely as to an Event of Default with respect to
payment of Rent and only to the extent of Rent actually paid hereunder.

SECTION 3

GUARANTY TERM

The term of this Guaranty (the “Guaranty Term”)
shall be the period commencing on the Effective Date and ending on the earliest
to occur of:

1.                                       the first date on which the Aggregate Amount
Funded equals the Guaranty Funding Limit;

2.                                       the date the Guaranty Funding Limit equals
zero;

3.                                       the date on which the last of the Leases
terminates pursuant to the terms thereof, other than a termination due to an
Event of Default by Tenant (except that Rent accrued up to the date of such
termination and unpaid shall be and remain guaranteed amounts hereunder until
paid); and

4.                                       the date of a transfer of the Leases to a
Permitted Third-Party Assignee pursuant to Section 16.1 of the Leases.

Notwithstanding
the foregoing, a termination of this Guaranty in accordance with (1) or (2)
above shall become null and void and this Guaranty shall recommence on any date
that an Equity Event occurs after such termination (such Equity Event, a “Triggering Equity Event”); provided, that the sum of
(i) the initial Guaranty Funding Limit; (ii) the Triggering Equity Event and
(iii) all other Equity Events and Triggering Equity Events hereunder does not
exceed $9,999,999; provided, further, that the Guaranty shall at
all times be subject to the Guaranty Funding Limit.

 6
 

SECTION
4

LEASES

Guarantor has received copies of the Leases and hereby
acknowledges the terms, covenants and conditions of the Leases.  The Leases shall not be amended, modified or
supplemented in any material respect without Guarantor’s prior written consent,
which consent shall not be unreasonably withheld, conditioned or delayed.   Landlord agrees to provide notice of any
Event of Default under the Leases to Guarantor as soon as practicable after
Landlord has knowledge of such Event of Default.

SECTION 5

WAIVERS BY GUARANTOR

Subject to Section 2 hereof, Guarantor hereby waives
(a) notice of any default hereunder and any default, breach or nonperformance
or any Default or Event of Default with respect to any of the Guaranteed Rent
under the Leases, (b) demand for performance or observance of, and any
enforcement of any provision of, or any pursuit or exhaustion of rights or
remedies against Tenants, under or pursuant to the Leases, or any agreement
directly or indirectly relating thereto and any requirements of diligence or
promptness on the part of Landlords in connection therewith, and (c) to the
extent Guarantors lawfully may do so, any and all demand and notices of every
kind and description with respect to the foregoing or which may be required to
be given by any statute or rule of law and, subject to Section 16 hereof, any
defense of any kind which it may now or hereafter have with respect to this
Guaranty, the Leases or the Guaranteed Rent guaranteed hereunder.  Guarantor agrees that the liability of
Guarantor hereunder shall in no way be affected, diminished, or released by (i)
any forbearance or indulgence which may be granted to a Tenant (or to any
successor thereto or to any Person which shall have assumed the obligations
thereof) under the Lease, except if such forbearance or indulgence amends,
alters, modifies or otherwise affects the amount of Rent or the Tenant’s
obligation to pay the Rent and, in such event only to the extent of such effect
on the amount of Rent or Tenant’s obligation to pay the Rent, (ii) any waiver
or amendment of any term, covenant or condition in the Leases, except if such
waiver or amendment amends, alters, modifies or otherwise affects the amount of
Rent or the Tenant’s obligation to pay the Rent and, in such event only to the
extent of such effect on the amount of Rent or Tenant’s obligation to pay the
Rent or (iii) the acceptance of additional security.

SECTION 6

ENFORCEMENT

A.            Subject to the terms and provisions of this
Section, Guarantors agree that this Guaranty may be enforced by any one or more
Landlords.  Guarantor agrees that nothing
herein contained shall prevent Landlords from suing on the Leases, or from
exercising any other right

 7
 

available to Landlords under the Leases.  The exercise of any of the aforementioned
rights shall not constitute a legal or equitable discharge of Guarantor, it
being the purpose and intent of Guarantor that its obligations under this
Guaranty shall be absolute and unconditional until the termination of this
Guaranty pursuant to the terms of this Guaranty.  Guarantor’s covenants and agreements set
forth in this Section shall survive the expiration or termination of this
Guaranty.

B.            If any litigation or other court action,
arbitration or similar adjudicatory proceeding is commenced by Landlords to
enforce this Guaranty, all fees, costs and expenses, including, without
limitation, reasonable attorneys fees and court costs, incurred by Landlords in
such litigation, action, arbitration or proceeding shall be reimbursed by
Guarantor, as principal obligor and not as a guarantor only, if Landlords are
the prevailing party.  If Landlords
prevail in part in such litigation, action, arbitration or proceeding, and
loses in part, the court, arbitrator or other adjudicator presiding over such
litigation, action, arbitration or proceeding shall award reimbursement of the
fees, costs and expenses incurred by Landlords on an equitable basis.  Guarantor’s covenants and agreements set
forth in this Section shall survive the expiration or termination of this
Guaranty and shall be due and payable notwithstanding, and may in fact exceed,
any and all limits set forth in this Guaranty..

C.            It is expressly understood and agreed by
Guarantor and Landlords that Landlords may appoint any one or more Landlord to
exercise the rights of Landlords hereunder.

SECTION 7

CLAIMS BY GUARANTOR AGAINST
TENANTS

Nothing hereunder contained shall operate as a
release or discharge, in whole or in part, of any claim of Guarantor against
Tenants by subrogation or otherwise, by reason of any act done or any payment
made by Guarantor pursuant to the provisions of this Guaranty; but all such
claims shall be subordinate to the claims of Landlords.

SECTION 8

FAILURE TO FUND BY GUARANTOR

If Guarantor is required to provide funds to
Landlords pursuant to this Guaranty and fails to do so at such time Guarantor
is required to do so hereunder, interest at the Overdue Rate shall accrue and
be due and owing by Guarantor to Landlord for any Guaranteed Rent not paid when
due (which interest shall accrue from the date on which such amounts were
required to be funded hereunder until the date on which such amounts are actually
funded); it being understood and agreed that to the extent any amounts required
to be paid by Guarantor hereunder already include interest at the Overdue Rate
pursuant to Section 3.6 of the Leases, Guarantor shall not be required to pay
such interest twice.  Guarantor’s
covenants and agreements set forth in this Section shall survive the expiration
or termination of this Guaranty.

 8
 

SECTION
9

NOTICES

Notices, statements and other communications to
be given under the terms of this Guaranty shall be in writing and delivered by
hand against receipt or sent by certified or registered mail or Express Mail
service, postage prepaid, return receipt requested or by nationally utilized
overnight delivery service, addressed to the parties as follows:

	
   

  	
  To Landlords:

  	
  c/o CNL Income Partners, LP

  
	
   

  	
   

  	
  CNL Center at City Commons, 12th Floor

  
	
   

  	
   

  	
  450 South Orange Avenue

  
	
   

  	
   

  	
  Orlando, Florida 32801

  
	
   

  	
   

  	
  Attn:     Tammie
  A. Quinlan, Chief Financial Officer

  
	
   

  	
   

  	
               Amy
  Sinelli, Vice President and Corporate Counsel

  
	
   

  	
   

  	
  Fax:     (407)
  540-2544

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Lowndes Drosdick Doster Kantor & Reed, P.A.

  
	
   

  	
   

  	
  215 North Eola Drive

  
	
   

  	
   

  	
  Orlando, Florida 32801

  
	
   

  	
   

  	
  Attn:     William
  T. Dymond, Jr., Esquire

  
	
   

  	
   

  	
  Fax:      (407)
  843-4444

  
	
   

  	
   

  	
   

  
	
   

  	
  To Guarantor:

  	
  Six Flags, Inc.

  
	
   

  	
   

  	
  1540 Broadway, 15th Floor

  
	
   

  	
   

  	
  New York, New York 10036

  
	
   

  	
   

  	
  Attn:     James
  M. Coughlin, Esquire

  
	
   

  	
   

  	
  Fax:      (212)
  354-3089

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cadwalader, Wickersham & Taft LLP

  
	
   

  	
   

  	
  One World Financial Center

  
	
   

  	
   

  	
  New York, New York 10281

  
	
   

  	
   

  	
  Attn:     Dennis
  J. Block, Esquire

  
	
   

  	
   

  	
  Fax:      (212)
  504-5557

  

 

or at such other address as is from time to time
designated by the party receiving the notice. 
Any such notice that is mailed in accordance herewith shall be deemed
received when delivery is received or refused, as the case may be.

 9
 

SECTION
10

APPLICABLE LAW;
JURISDICTION

This Guaranty shall be governed by and
construed in accordance with the laws of the State of New York, without giving
effect to any conflicts of law provisions thereof.  The parties hereto submit to the
personal jurisdiction of the courts of the State of New York and the Federal
courts of the United States sitting in New York City, New York, and any
appellate court to which an appeal from any such state or Federal court may be
taken, and hereby irrevocably and unconditionally agree that all claims with
respect to any such claim may be heard and determined in such state court or,
to the extent permitted by law, in such Federal court.  The parties agree that a final judgment in
any such claim shall be conclusive and may be enforced in any other
jurisdiction by suit on the judgment
or in any other manner provided by law. 
Each of the parties hereto irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection which it
may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Guaranty or any related matter in
any New York state or Federal court located in New York City, New York and the
defense that such court is an inconvenient forum for the maintenance of such
claim.

SECTION 11

CUMULATIVE RIGHTS

All the rights of the parties herein are
cumulative and not alternative and may be enforced successively or concurrently.  Failure of any party to exercise any of its
rights shall not be deemed a waiver thereof, and no waiver of any of a party’s
rights shall be deemed to apply to any other rights.

SECTION 12

SEVERABILITY

In case any provision (or any part of any
provision) contained in this Guaranty shall for any reason be held to be
invalid, illegal or unenforceable in any respect (an “Unlawful
Provision”), such Unlawful Provision shall not affect any other
provision (or remaining part of the affected provision) of this Guaranty, but
this Guaranty shall be construed as if such Unlawful Provision had never been a
part of this Guaranty unless such Unlawful Provision materially affects the
benefits and burdens anticipated by the parties in entering into this Guaranty.

 10
 

SECTION 13

GRAMMAR

When used herein, the singular shall include
the plural; the plural the singular; and the use of any gender shall be
applicable to all genders.

SECTION 14

TIME OF THE ESSENCE

Time is of the essence in the performance of
the obligations and undertakings of the parties hereto.

SECTION 15

CAPTIONS

The captions appearing in this Guaranty are
inserted only as a matter of convenience and do not define, limit, construe or
describe the scope or intent of the sections of this Guaranty or in any way
affect this Guaranty.

SECTION 16

MISCELLANEOUS

A.            Limitation of Liability. 
Nothing in this Guaranty shall create any liability or obligation for
Guarantor to pay the Guaranteed Rent or any of the other amounts due hereunder
to the extent Tenants would not have liability or otherwise be responsible to
Landlords for Rent under the Leases. 
Guarantor shall have the right to assert as a defense to any of its
liabilities and obligations hereunder any defense that is available to Tenants
under the Leases.  Notwithstanding the
foregoing to the contrary, the obligations of Guarantor contained in this
Guaranty shall nevertheless remain in full force and effect and shall be
binding upon Guarantor if Tenant is under no legal obligation to pay any Rent
under the Lease as a result of insolvency, bankruptcy, or other similar
proceedings affecting Tenant or any assets of Tenant.

B.            Reimbursement, Subrogration, Etc.  In the
event that Guarantor pays any amount of Guaranteed Rent hereunder, such
amount paid by Guarantor, including any interest thereon, plus the amount of
any fees, expenses or costs paid by Guarantor in accordance with Section 6
hereof, shall become a debt obligation of Tenant and the Parc Guarantors to
Guarantor and, notwithstanding any prohibition to the contrary contained in the Leases, Tenant shall
deliver a promissory note to Guarantor, substantially in the form of the
Promissory Note, in the amount of the Guaranteed Rent paid, and any interest
paid thereon, in accordance with this Guaranty. 
The

 11
 

obligations
under such note shall rank senior to the Promissory Note but shall be expressly
subordinate to the Lease and the Limited Rent Guaranty (PARC).  Until
all obligations of Tenants under the Leases shall have been paid and performed
in full, Guarantor shall have no right of subrogation, and Guarantor waives any
defense it may have based upon any election of remedies by Landlords which
destroy Guarantor’s subrogation rights or Guarantor’s rights to proceed against
Tenants for reimbursement, (including, without limitation, any loss of rights
Guarantor may suffer by reason of any rights, powers or remedies of Tenants in
connection with any anti-deficiency laws or any other laws limiting, qualifying
or discharging the indebtedness to Landlord). 
If, notwithstanding such waiver, any funds shall be paid or transferred
to Guarantor on account of such subrogation, contribution, or other similar
rights at any time when all of the obligations of Tenants have not been paid in
full, Guarantor shall hold such funds in trust for Landlords and shall
forthwith pay over to Landlords such funds to be applied by Landlords to the
obligations of Tenants.  Nothing
contained in this paragraph shall limit Holder’s right to be paid under the
Promissory Note or any other note issued in accordance herewith so long as
Tenants are current in all Rent due and payable to Landlords so long as there
is no continuing Event of Default under the Leases.

C.            Continuing Enforcement.  If,
after receipt of any payment under this Guaranty, Landlords are compelled or
agree, for settlement purposes, to surrender such payment to any Person
relating to Guarantor’s insolvency, bankruptcy or inability to pay its debts as
they become due or as a direct result of Guarantor’s actions (including,
without limitation, a determination that such payment is void or voidable as a
preference or fraudulent conveyance, an impermissible setoff, or a diversion of
trust funds), Guarantor’s obligation to fund under this Guaranty shall continue
(subject to such other limitations as are set forth herein) as if the payment
(which was so surrendered) had not been made. 
The provisions of this Section shall survive the termination of this
Guaranty.

D.            Remedies Cumulative.  No
remedy herein conferred upon a party hereto is intended to be exclusive of any
other remedy, and each and every remedy shall be cumulative and shall be in
addition to every other remedy given hereunder or now or hereafter existing at
law or in equity (including, without limitation, the right to seek the remedy
of specific performance) or by statute or otherwise.

E.             Entire Agreement.  This
Guaranty constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and shall supersede and take the place of
any other instruments purporting to be an  agreement of
the parties hereto relating to the subject matter hereof.

F.             Counterparts.  The parties agree that this
Guaranty may be signed and delivered in counterparts.

[Signatures Begin on Next Page]

 12

IN WITNESS WHEREOF, the parties hereto have executed and delivered
this Guaranty with the intention of creating an instrument under seal.

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  SIX FLAGS, INC.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James M. Coughlin

  	
   

  
	
   

  	
  Name:

  	
  James M. Coughlin

  	
   

  
	
   

  	
  Title:

  	
  General Counsel

  	
   

  
	
   

  
	
   

  
	
   

  	
  LANDLORDS:

  
	
   

  	
   

  
	
   

  	
  CNL INCOME DARIEN LAKE, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  
	
   

  	
  CNL INCOME ELITCH GARDENS, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  
	
   

  	
  CNL INCOME ENCHANTED VILLAGE, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  
	
   

  	
  CNL INCOME FRONTIER CITY, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
  Title:   Senior Vice President

  
										

 

Signature Page to Limited Rent Guaranty

 

	
   

  	
  CNL INCOME SPLASHTOWN, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CNL INCOME WATERWORLD, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CNL INCOME WHITE WATER BAY, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CNL INCOME DARIEN LAKE TRS CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CNL INCOME ELITCH GARDENS TRS CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CNL INCOME ENCHANTED VILLAGE TRS CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
  Title:   Senior Vice President

  

 

Signature Page to Limited Rent
Guaranty

 

	
   

  	
  CNL INCOME FRONTIER CITY TRS CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
   

  	
   Name:  Amy
  Sinelli

  
	
   

  	
   

  	
   Title:   Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CNL INCOME SPLASHTOWN TRS CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CNL INCOME WATERWORLD TRS CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CNL INCOME WHITE WATER BAY TRS CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Amy Sinelli

  	
   

  
	
   

  	
   

  	
  Name:  Amy Sinelli

  
	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TENANTS:

  
	
   

  	
   

  
	
   

  	
  PARC DARIEN LAKE, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PARC OPERATIONS, LLC,

  
	
   

  	
   

  	
  a Florida limited liability company,

  
	
   

  	
   

  	
  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
  Name:  Randal H. Drew

  
	
   

  	
  Title:   President

  
							

 

Signature
Page to Limited Rent Guaranty

 

	
   

  	
  PARC ELITCH GARDENS, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PARC OPERATIONS, LLC,

  
	
   

  	
   

  	
  a Florida limited liability company,

  
	
   

  	
   

  	
  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
   

  	
  Name: Randal H. Drew

  
	
   

  	
   

  	
  Title:   President

  
	
   

  	
   

  	
   

  
	
   

  	
  PARC ENCHANTED PARKS, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PARC OPERATIONS, LLC,

  
	
   

  	
   

  	
  a Florida limited liability company,

  
	
   

  	
   

  	
  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
   

  	
  Name: Randal H. Drew

  
	
   

  	
   

  	
  Title:   President

  
	
   

  	
   

  	
   

  
	
   

  	
  PARC FRONTIER CITY, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PARC OPERATIONS, LLC,

  
	
   

  	
   

  	
  a Florida limited liability company,

  
	
   

  	
   

  	
  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
   

  	
  Name: Randal H. Drew

  
	
   

  	
   

  	
  Title:   President

  
	
   

  	
   

  	
   

  
	
   

  	
  PARC SPLASHTOWN, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PARC OPERATIONS, LLC,

  
	
   

  	
   

  	
  a Florida limited liability company,

  
	
   

  	
   

  	
  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
   

  	
  Name: Randal H. Drew

  
	
   

  	
  Title:   President

  
					

 

Signature
Page to Limited Rent Guaranty

 

	
   

  	
  PARC WATERWORLD, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PARC OPERATIONS, LLC,

  
	
   

  	
   

  	
  a Florida limited liability company,

  
	
   

  	
   

  	
  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
   

  	
  Name: Randal H. Drew

  
	
   

  	
   

  	
  Title:   President

  
	
   

  	
   

  	
   

  
	
   

  	
  PARC WHITE WATER BAY, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PARC OPERATIONS, LLC,

  
	
   

  	
   

  	
  a Florida limited liability company,

  
	
   

  	
   

  	
  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randal H. Drew

  	
   

  
	
   

  	
   

  	
  Name: Randal H. Drew

  
	
   

  	
   

  	
  Title:   President

  

 

Signature Page to Limited Rent Guaranty

EXHIBIT A

List of
Properties

	
  Landlord

  	
   

  	
  Property

  
	
   

  	
   

  	
   

  
	
  CNL Income Darien Lake, LLC

  	
   

  	
  Six Flags Darien Lake, Darien Center, NY

  
	
  CNL Income Darien Lake TRS
  Corp.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CNL Income Elitch Gardens,
  LLC

  	
   

  	
  Elitch Gardens, Denver, CO

  
	
  CNL Income Elitch Gardens
  TRS Corp.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CNL Income Enchanted
  Village, LLC

  	
   

  	
  Enchanted Village & Wild Waves, Federal Way, WA

  
	
  CNL Income Enchanted Village
  TRS Corp.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CNL Income Frontier City,
  LLC

  	
   

  	
  Frontier City, Oklahoma City, OK

  
	
  CNL Income Frontier City TRS
  Corp.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CNL Income Splashtown, LLC

  	
   

  	
  Splashtown, Spring, Texas

  
	
  CNL Income Splashtown TRS
  Corp.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CNL Income Waterworld, LLC

  	
   

  	
  Waterworld, Concord, CA

  
	
  CNL Income Waterworld TRS
  Corp.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CNL Income White Water Bay,
  LLC

  	
   

  	
  White Water Bay, Oklahoma City, OK

  
	
  CNL Income White Water Bay
  TRS Corp.

  	
   

  	
   

  

 

EXHIBIT B

Leases

1.                                       Lease
Agreement, dated as of April 6, 2007, between CNL Income Darien Lake, LLC, as
landlord, and PARC Darien Lake, LLC, as tenant.

2.                                       Lease
Agreement, dated as of April 6, 2007, between CNL Income Elitch Gardens, LLC,
as landlord, and PARC Elitch Gardens, LLC, as tenant.

3.                                       Sublease
Agreement, dated as of April 6, 2007, between CNL Income Enchanted Village, LLC,
as landlord, and PARC Enchanted Parks, LLC, as tenant.

4.                                       Lease
Agreement, dated as of April 6, 2007, between CNL Income Frontier City, LLC, as
landlord, and PARC Frontier City, LLC, as tenant.

5.                                       Lease
Agreement, dated as of April 6, 2007, between CNL Income Splashtown, LLC, as
landlord, and PARC Splashtown, LLC, as tenant.

6.                                       Sublease
Agreement, dated as of April 6, 2007, between CNL Income Waterworld, LLC, as
landlord, and PARC Waterworld, LLC, as tenant.

7.                                       Lease
Agreement, dated as of April 6, 2007, between CNL Income White Water Bay, LLC,
as landlord, and PARC White Water Bay, LLC, as tenant.

8.                                       Personal
Property Lease Agreement, dated as of April 6, 2007, between CNL Income Darien
Lake TRS Corp., as landlord, and PARC Darien Lake, LLC, as tenant.

9.                                       Personal
Property Lease Agreement, dated as of April 6, 2007, between CNL Income Elitch
Gardens TRS Corp., as landlord, and PARC Elitch Gardens, LLC, as tenant.

10.                                 Personal
Property Sublease Agreement, dated as of April 6, 2007, between CNL Income
Enchanted Village TRS Corp., as landlord, and PARC Enchanted Parks, LLC, as
tenant.

11.                                 Personal
Property Lease Agreement, dated as of April 6, 2007, between CNL Income
Frontier City TRS Corp., as landlord, and PARC Frontier City, LLC, as tenant.

12.                                 Personal
Property Lease Agreement, dated as of April 6, 2007, between CNL Income
Splashtown TRS Corp., as landlord, and PARC Splashtown, LLC, as tenant.

13.                                 Personal
Property Sublease Agreement, dated as of April 6, 2007, between CNL Income
Waterworld TRS Corp., as landlord, and PARC Waterworld, LLC, as tenant.

14.                                 Personal
Property Lease Agreement, dated as of April 6, 2007, between CNL Income White
Water Bay TRS Corp., as landlord, and PARC White Water Bay, LLC, as tenant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}]]