Document:

Lease Agreement

 Exhibit 10.3 
 PRIMROSE RETIREMENT COMMUNITY OF ZANESVILLE 
 ZANESVILLE, OH

 LEASE AGREEMENT 
 DATED AS OF DECEMBER 19, 2012 
 BY AND BETWEEN 

CHT ZANESVILLE OH SENIOR LIVING, LLC, 
 A DELAWARE LIMITED LIABILITY COMPANY, 
 AS LANDLORD, 

AND 

TSMM MANAGEMENT, LLC, 
 A SOUTH DAKOTA LIMITED LIABILITY COMPANY, 
 AS TENANT 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	1	  
		
	 ARTICLE 2 LEASED PROPERTY AND TERM
	  	 	14	  
	 2.1
	 	 Leased Property
	  	 	14	  
	 2.2
	 	 Assignment of Permits
	  	 	15	  
	 2.3
	 	 Assignment of Operating Contracts
	  	 	15	  
	 2.4
	 	 Condition of Leased Property
	  	 	15	  
	 2.5
	 	 Initial Term
	  	 	16	  
	 2.6
	 	 Extended Terms
	  	 	16	  
	 2.7
	 	 Yield Up
	  	 	16	  
	 2.8
	 	 Grant of Easements, Etc. by Landlord
	  	 	16	  
		
	 ARTICLE 3 RENT
	  	 	17	  
	 3.1
	 	 Rent
	  	 	17	  
	 3.2
	 	 Minimum Rent
	  	 	17	  
	 3.3
	 	 Percentage Rent
	  	 	18	  
	 3.4
	 	 Additional Charges
	  	 	19	  
	 3.5
	 	 Landlord Advances
	  	 	20	  
	 3.6
	 	 Late Payment of Rent
	  	 	20	  
	 3.7
	 	 Net Lease
	  	 	21	  
	 3.8
	 	 No Abatement of Rent
	  	 	22	  
	 3.9
	 	 Security Agreement
	  	 	22	  
		
	 ARTICLE 4 USE OF THE LEASED PROPERTY
	  	 	22	  
	 4.1
	 	 Permitted Use
	  	 	22	  
	 4.2
	 	 Environmental Matters
	  	 	23	  
	 4.3
	 	 Continuous Operations
	  	 	25	  
	 4.4
	 	 Compliance With Restrictions, Etc.
	  	 	25	  
	 4.5
	 	 Standard of Operation
	  	 	25	  
	 4.6
	 	 Standards, Not Control
	  	 	26	  
	 4.7
	 	 Survival
	  	 	26	  
		
	 ARTICLE 5 MAINTENANCE AND REPAIRS
	  	 	27	  
	 5.1
	 	 Tenant’s Obligations
	  	 	27	  
	 5.2
	 	 Reserve
	  	 	27	  
	 5.3
	 	 Landlord Funding
	  	 	30	  
		
	 ARTICLE 6 IMPROVEMENTS, ETC.
	  	 	31	  
	 6.1
	 	 Prohibition
	  	 	31	  
	 6.2
	 	 Permitted Renovations
	  	 	31	  
	 6.3
	 	 Conditions to Reserve Expenditures and Permitted Renovations
	  	 	32	  
	 6.4
	 	 Salvage
	  	 	33	  
	 6.5
	 	 Project Budget Overruns
	  	 	33	  

  
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	 ARTICLE 7 LANDLORD’S INTEREST NOT SUBJECT TO LIENS
	  	 	34	  
	 7.1
	 	 Liens, Generally
	  	 	34	  
	 7.2
	 	 Construction or Mechanics Liens
	  	 	34	  
	 7.3
	 	 Contest of Liens
	  	 	35	  
	 7.4
	 	 Notices of Commencement of Construction
	  	 	35	  
		
	 ARTICLE 8 TAXES AND ASSESSMENTS
	  	 	36	  
	 8.1
	 	 Obligation to Pay Taxes and Assessments
	  	 	36	  
	 8.2
	 	 Tenant’s Right to Contest Taxes
	  	 	37	  
	 8.3
	 	 Tax and Insurance Escrow Account
	  	 	37	  
		
	 ARTICLE 9 INSURANCE
	  	 	38	  
	 9.1
	 	 General Insurance Requirements
	  	 	38	  
	 9.2
	 	 Waiver of Subrogation
	  	 	40	  
	 9.3
	 	 General Provisions
	  	 	40	  
	 9.4
	 	 Indemnification of Landlord
	  	 	41	  
		
	 ARTICLE 10 CASUALTY
	  	 	41	  
	 10.1
	 	 Restoration and Repair
	  	 	41	  
	 10.2
	 	 Escrow and Disbursement of Insurance Proceeds
	  	 	42	  
	 10.3
	 	 No Abatement of Rent
	  	 	43	  
	 10.4
	 	 Business Interruption Insurance
	  	 	43	  
	 10.5
	 	 Restoration of Tenant’s Property
	  	 	43	  
	 10.6
	 	 Waiver
	  	 	43	  
	 10.7
	 	 Rights of Mortgagee
	  	 	43	  
		
	 ARTICLE 11 CONDEMNATION
	  	 	44	  
	 11.1
	 	 Total Condemnation, Etc.
	  	 	44	  
	 11.2
	 	 Partial Condemnation
	  	 	44	  
	 11.3
	 	 Disbursement of Award
	  	 	44	  
	 11.4
	 	 No Abatement of Rent
	  	 	45	  
		
	 ARTICLE 12 DEFAULTS AND REMEDIES
	  	 	45	  
	 12.1
	 	 Tenant Events of Default
	  	 	45	  
	 12.2
	 	 Landlord Remedies Upon An Event of Default by Tenant
	  	 	47	  
	 12.3
	 	 Landlord Event of Default; Tenant Remedies
	  	 	50	  
	 12.4
	 	 Application of Funds
	  	 	51	  
	 12.5
	 	 Landlord’s Right to Cure Tenant’s Default
	  	 	51	  
	 12.6
	 	 Landlord’s Security Interest and Lien
	  	 	51	  
	 12.7
	 	 Collateral Assignment
	  	 	52	  
		
	 ARTICLE 13 HOLDING OVER
	  	 	52	  
		
	 ARTICLE 14 LIABILITY OF LANDLORD; INDEMNIFICATION
	  	 	53	  
	 14.1
	 	 Liability of Landlord
	  	 	53	  
	 14.2
	 	 Indemnification of Landlord
	  	 	53	  
	 14.3
	 	 Notice of Claim or Suit
	  	 	54	  
	 14.4
	 	 Limitation on Liability of Landlord
	  	 	54	  
		
	 ARTICLE 15 REIT AND UBTI REQUIREMENTS
	  	 	54	  
	 15.1
	 	 Limitations on Rents Attributable to Personal Property
	  	 	55	  
	 15.2
	 	 Basis for Sublease Rent Restricted
	  	 	55	  
	 15.3
	 	 Landlord Affiliate Subleases Restricted
	  	 	55	  

  
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	 15.4
	 	 Landlord Interests in Tenant Restricted
	  	 	56	  
	 15.5
	 	 Landlord Services
	  	 	56	  
	 15.6
	 	 Certain Subtenants Prohibited
	  	 	56	  
	 15.7
	 	 Future Amendment
	  	 	56	  
		
	 ARTICLE 16 SUBLETTING AND ASSIGNMENT
	  	 	56	  
	 16.1
	 	 Transfers Prohibited Without Consent
	  	 	56	  
	 16.2
	 	 Indirect Transfer Prohibited Without Consent
	  	 	56	  
	 16.3
	 	 Intentionally Omitted
	  	 	57	  
	 16.4
	 	 Landlord Transfers
	  	 	57	  
		
	 ARTICLE 17 ESTOPPEL CERTIFICATES, FINANCIAL STATEMENTS AND OPERATING STATEMENTS
	  	 	57	  
	 17.1
	 	 Estoppel Certificates
	  	 	57	  
	 17.2
	 	 Monthly Financial Statements
	  	 	57	  
	 17.3
	 	 Annual Financial Statements
	  	 	58	  
	 17.4
	 	 Records
	  	 	59	  
	 17.5
	 	 General Operations Budget
	  	 	59	  
	 17.6
	 	 Quarterly Meetings
	  	 	59	  
	 17.7
	 	 Tenant Financial Statements
	  	 	59	  
	 17.8
	 	 Monthly Statements of Operations
	  	 	60	  
	 17.9
	 	 Audit Rights
	  	 	60	  
		
	 ARTICLE 18 LANDLORD’S RIGHT TO INSPECT
	  	 	60	  
		
	 ARTICLE 19 FACILITY MORTGAGES
	  	 	60	  
	 19.1
	 	 Subordination
	  	 	60	  
	 19.2
	 	 Attornment
	  	 	62	  
	 19.3
	 	 Rights of Mortgagees and Assignees
	  	 	62	  
		
	 ARTICLE 20 ADDITIONAL COVENANTS OF TENANT
	  	 	62	  
	 20.1
	 	 Conduct of Business
	  	 	62	  
	 20.2
	 	 Additional Covenants of Tenant
	  	 	62	  
	 20.3
	 	 Notice to Landlord of Severe Incident and/or Significant Property Damage
	  	 	64	  
	 20.4
	 	 Leasehold Financing Prohibited
	  	 	64	  
		
	 ARTICLE 21 MISCELLANEOUS
	  	 	65	  
	 21.1
	 	 Limitation on Payment of Rent
	  	 	65	  
	 21.2
	 	 No Waiver
	  	 	65	  
	 21.3
	 	 Remedies Cumulative
	  	 	65	  
	 21.4
	 	 Severability
	  	 	65	  
	 21.5
	 	 Acceptance of Surrender
	  	 	65	  
	 21.6
	 	 No Merger of Title
	  	 	66	  
	 21.7
	 	 Tenant’s Representations
	  	 	66	  
	 21.8
	 	 Quiet Enjoyment
	  	 	67	  
	 21.9
	 	 Recordation of Memorandum of Lease
	  	 	67	  
	 21.10
	 	 Notices
	  	 	67	  
	 21.11
	 	 Construction; Nonrecourse
	  	 	69	  
	 21.12
	 	 Counterparts; Headings
	  	 	69	  
	 21.13
	 	 Applicable Law
	  	 	69	  

  
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	 21.14
	 	 Right to Make Agreement
	  	 	69	  
	 21.15
	 	 Brokerage
	  	 	70	  
	 21.16
	 	 No Partnership or Joint Venture
	  	 	70	  
	 21.17
	 	 Entire Agreement
	  	 	70	  
	 21.18
	 	 Costs and Attorneys’ Fees
	  	 	70	  
	 21.19
	 	 Approval of Landlord
	  	 	70	  
	 21.20
	 	 Successors and Assigns
	  	 	70	  
	 21.21
	 	 Waiver of Jury Trial
	  	 	71	  
	 21.22
	 	 Treatment of Lease
	  	 	71	  
	 21.23
	 	 Transfer of Permits and Operating Contracts
	  	 	71	  
	 21.24
	 	 Confidential Information
	  	 	72	  
	 21.25
	 	 Tenant’s Personal Property
	  	 	72	  
	 21.26
	 	 No Third Party Beneficiaries
	  	 	73	  
	 21.27
	 	 Guaranty Net Worth Requirement
	  	 	73	  
	 21.28
	 	 Non-Compete
	  	 	74	  
	 21.29
	 	 Community Fees
	  	 	74	  

 TABLE OF EXHIBITS 
  

			
	EXHIBIT A    -	  	The Land
	EXHIBIT B    -	  	Minimum Rent
	EXHIBIT C    -	  	Estoppel Certificate
	EXHIBIT D    -	  	Memorandum of Lease
	EXHIBIT E    -	  	Operating Contracts
	EXHIBIT F    -	  	Permitted Encumbrances
	EXHIBIT G    -	  	Initial Landlord P&E
	EXHIBIT H    -	  	Tenant’s Personal Property
	EXHIBIT I    -	  	Agreements With Affiliates
	SCHEDULE 1 -	  	Affiliated Leases
	SCHEDULE 12.6 -	  	Tenant Personal Property Exclusions
	SCHEDULE 16.2 -	  	Tenant Organizational Chart

  
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 LEASE AGREEMENT 

This LEASE AGREEMENT (this “Lease”) is entered into as of December 19, 2012 (the
“Effective Date”) by and between CHT ZANESVILLE OH SENIOR LIVING, LLC, a Delaware limited liability company as landlord (“Landlord”), and TSMM MANAGEMENT, LLC, a South Dakota limited
liability company, as tenant (“Tenant”). 
 W I T N E S S E T H : 

WHEREAS, CHT PARTNERS, LP (“CNL”), entered into that certain Asset Purchase Agreement with Lima
Retirement, L.L.C., Zanesville Retirement, L.L.C., Decatur Retirement, L.L.C., Council Bluffs Retirement, L.L.C. and Primrose Cottages, L.L.C., collectively, as sellers, dated as of December 19, 2011 (as may be amended, the “Purchase
Agreement”), with respect to the purchase of certain real and personal property described therein; and 

WHEREAS, CNL assigned to Landlord, an Affiliate of CNL, all of its rights, title and interest in and to the Purchase Agreement
with respect to the Leased Property (these and other capitalized terms used and not otherwise defined herein having the meanings ascribed to such terms in Article 1), and Landlord has assumed all of CNL’s obligations thereunder; and

 WHEREAS, pursuant to the Purchase Agreement, Landlord has acquired the Leased Property as of the Effective Date; and

 WHEREAS, Landlord desires to lease to Tenant all of Landlord’s interests in the Leased Property, and Tenant
desires to lease from Landlord all of Landlord’s interests in the Leased Property, all subject to and conditioned upon the terms and conditions herein set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged,
Landlord and Tenant hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 For all purposes of this Lease, except as otherwise expressly provided or unless the context otherwise requires, (i) the terms defined in this Article and used in this Lease shall have the meanings
assigned to them in this Article and include the plural as well as the singular, (ii) all accounting terms not otherwise defined herein shall have the meanings assigned to them in accordance with GAAP, (iii) all references in this Lease to
designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Lease, and (iv) the words “herein,” “hereof,” “hereunder” and
other words of similar import refer to this Lease as a whole and not to any particular Article, Section or other subdivision. 

“Accessibility Laws” shall mean all applicable laws, statutes, regulations, rules, ordinances, codes, licenses,
permits and orders, from time to time in existence, of all courts of competent jurisdiction and Government Agencies, and all applicable judicial and administrative 

  
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and regulatory decrees, judgments and orders, including common law rulings and determinations, relating to accessibility for the disabled or handicapped, including, but not limited to, any
applicable provisions of The Architectural Barriers Act of 1968, The Rehabilitation Act of 1973, The Fair Housing Act of 1988, The Americans With Disabilities Act, the accessibility code(s), if any, of the State in which the Leased Property is
located, and all regulations and guidelines promulgated under any all of the foregoing, as the same may be amended from time to time. 
 “Accounting Period” shall mean each calendar month beginning on the first day of the month and ending on the last day of such month. Notwithstanding the foregoing, if the Effective
Date is other than the first day of a calendar month, then the first (1st) Accounting Period under this Lease shall begin on the Effective Date and end on the last day of the first full calendar month thereafter. 

“Accounting Year” shall mean each period of 365 consecutive calendar days (366 consecutive calendar days during
any leap year) elapsing from and after the Effective Date forward. 
 “ACM” shall have the meaning given
such term in Section 4.2. 
 “Additional Charges” shall have the meaning given such term in
Section 3.4. 
 “Adjusted Lease Basis” shall mean the sum of Landlord’s Original
Investment and Landlord’s Additional Investment from time to time. 
 “Adjustment Date” shall have
the meaning given such term in Section 5.2.2. 
 “Affiliate” shall mean, with respect to any
Person, (i) any Person directly or indirectly Controlling, Controlled by or under common Control with any such Person, (ii) in the case of any such Person which is a partnership, any partner in such partnership, (iii) in the case of
any such Person which is a limited liability company, any member of such company, (iv) in the case of any such Person which is a corporation, any officer, director or stockholder of such corporation, (v) any other Person which is a Parent,
a Subsidiary, or a Subsidiary of a Parent with respect to such Person or to one or more of the Persons referred to in the preceding clauses (i) through (iv), (vi) any other Person who is an officer, director, trustee or employee of, or
partner in, such Person or any Person referred to in the preceding clauses (i) through (v) and (vii) any other Person who is a member of, or trustee of any trust for the benefit of, the Immediate Family of such Person or of any Person
referred to in the preceding clauses (i) through (vi); provided, however, a Person shall not be deemed to be an Affiliate solely by virtue of the ownership of shares of stock registered under the Securities Act of 1934, as
amended, unless such Person, as holder of such stock, is required to file a Schedule 13-D, pursuant to Section 13(d) of such Act and Rule 13-d-1 promulgated thereunder. 
 “Affiliated Leases(s)” shall mean, individually or collectively as the context requires, the leases set forth on Schedule 1 attached hereto. 

  
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 “Applicable Laws” shall mean all applicable laws, statutes,
regulations, rules, ordinances, codes, licenses, permits and orders, from time to time in existence, of all courts of competent jurisdiction and Government Agencies, all Legal Requirements and all applicable judicial and administrative and
regulatory decrees, judgments and orders, including common law rulings and determinations of any kind, including without limitation, those relating to (i) damage to, or the protection of, real or personal property, (ii) human health and
safety (except those requirements which, by definition, are solely the responsibility of employers), (iii) the Environment, including, without limitation, all valid and lawful requirements of courts and other Government Agencies pertaining to
reporting, licensing, permitting, investigation, remediation and removal of underground improvements (including, without limitation, treatment or storage tanks, or water, gas or oil wells), or emissions, discharges, releases or threatened releases
of Hazardous Substances, chemical substances, pesticides, petroleum or petroleum products, pollutants, contaminants or hazardous or toxic substances, materials or wastes whether solid, liquid or gaseous in nature, into the Environment, or relating
to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Substances, underground improvements (including, without limitation, treatment or storage tanks, or water, gas or oil wells), or
pollutants, contaminants or hazardous or toxic substances, materials or wastes, whether solid, liquid or gaseous in nature, (iv) Accessibility Laws, (v) securities, including, without limitation, the marketing thereof, (vi) senior
living facility licensure or (vii) participation in Medicare or Medicaid programs. 
 “Approved Reserve
Budget” shall have the meaning given such term in Section 5.2.3. 
 “Business”
means the operation of the Facility and other activities related thereto. 
 “Business Day” shall mean
any day other than Saturday, Sunday, or any other day on which federal banking institutions are authorized by law or executive action to close. 
 “Certificate of Deposit” shall have the meaning given such term in Section 21.29(a). 
 “Certificate of Deposit Issuer” shall have the meaning given such term in Section 21.29(a). 
 “Claim” shall have the meaning given such term in Section 14.3. 
 “Code” shall mean the Internal Revenue Code of 1986 and, to the extent applicable, the Treasury Regulations promulgated thereunder, each as amended from time to time. 

“Community Fee Agreement” shall have the meaning given such term in Section 21.29(a). 

“Condemnation” shall mean (a) the exercise of any governmental power with respect to the Leased Property or
any interest therein, whether by legal proceedings or otherwise, by a Condemnor under its power of condemnation, (b) a voluntary sale or transfer of the Leased Property, or any portion thereof, by Landlord to any Condemnor, either under threat
of condemnation or while legal proceedings for condemnation are pending, or (c) a taking or voluntary conveyance of all or part of the Leased Property, or any interest therein, or right 

  
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accruing thereto or use thereof, as the result or in settlement of any condemnation or other eminent domain proceeding affecting the Leased Property, whether or not the same shall have actually
been commenced. 
 “Condemnor” shall mean any public or quasi public authority, or Person having the
power of Condemnation. 
 “Confidential Information” shall have the meaning given such term in
Section 21.24. 
 “Control” (including the correlative meanings of the terms
“Controlling”, “Controlled by”, and “under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
policies of such Person whether through the ownership of voting securities, by contract or otherwise. 

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

“Compete” shall have the meaning given such term in Section 21.28. 

“Covered Person” shall have the meaning given such term in Section 21.28. 

“Default” shall mean any event or condition existing which with the giving of notice and/or lapse of time would
ripen into an Event of Default. 
 “Effective Date” shall have the meaning given such term in the
introductory paragraph of this Lease. 
 “Emergency” shall have the meaning given such term in
Section 5.2.3. 
 “Entity” shall mean any corporation, general or limited partnership,
limited liability company, limited liability partnership, stock company or association, joint venture, association, company, trust, bank, trust company, land trust, business trust, cooperative, any government or agency or political subdivision
thereof or any other association or entity. 
 “Environment” shall mean soil, surface waters, ground
waters, land, streams, sediments, surface or subsurface strata and ambient air. 
 “EP” means an
independent, qualified, licensed and insured environmental professional. 
 “Event of Default” shall
have the meaning given such term in Section 12.1. 
 “Extended Term” shall have the meaning
given such term in Section 2.6. 
 “Extension Option(s)” shall have the meaning given such
term in Section 2.6. 
 “Facility Mortgage” shall have the meaning given such term in
Section 19.1. 

  
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 “Facility” means the senior living facility known as “Primrose
Retirement Community of Zanesville” located on the Land. 
 “First Anniversary” shall have the
meaning given such term in Section 5.2.2. 
 “Fiscal Quarter” shall mean the first, second,
third and fourth three-month period (each consisting of three (3) Accounting Periods) during each Fiscal Year. 

“Fiscal Year” shall mean each fiscal year of Tenant, each such fiscal year to consist of twelve
(12) consecutive Accounting Periods, beginning on January 1 and ending on December 31. Notwithstanding the foregoing, the first (1st) Fiscal Year under this Lease shall begin on the Effective Date and end on December 31,
2013. If Tenant shall, for a bona fide business reason, change its Fiscal Year during the Term, appropriate adjustments, if any, shall be made with respect to the timing of certain accounting and reporting requirements of this Lease; provided,
however, that in no event shall any such change or adjustment increase or reduce any monetary obligation under this Lease. 

“Force Majeure Event” means any circumstance which is not within the reasonable control of either party hereto,
caused by any of the following: strikes; lockouts; acts of God; civil commotion; fire or any other casualty; governmental action; or other similar cause or circumstance which is not within the reasonable control of either party hereto. Neither lack
of financing nor general economic and/or market conditions or factors is a Force Majeure Event. 

“GAAP” shall mean generally accepted accounting principles consistently applied. 

“Government Agencies” shall mean any legislative body, court, agency, authority, board (including, without
limitation, health and long term care, environmental protection, planning and zoning), bureau, commission, department, office or instrumentality of any nature whatsoever of any governmental or quasi-governmental unit of the United States or the
State or any county or any political subdivision of any of the foregoing, whether now or hereafter in existence, having jurisdiction over Tenant or the Leased Property or any portion thereof, or the Business operated thereon. 

“Gross Revenues” shall mean, for a given period or interval, all gross revenues and receipts of every kind
derived by or for the benefit of Tenant or its Affiliates from operating or causing the operation of the Leased Property and all parts thereof, including, but not limited to: gross revenues from both cash and credit transactions (after reasonable
deductions for bad debts and discounts for prompt or cash payments and refunds) from rental or subleasing of every kind; entrance fees, fees for health care and personal care services, license, lease and concession fees and rentals, off premises
catering, if any, and parking (not including gross receipts of licensees, lessees and concessionaires); gross revenues from vending machines; health club membership fees; food and beverage sales; wholesale and retail sales of merchandise (other than
proceeds from the sale of furnishings, fixtures and equipment no longer necessary to the operation of the Facility, which shall be deposited in the Reserve) and service charges, to the extent not distributed to employees at the Facility as
gratuities, interest income except as specifically provided below, community fees, and deposits forfeited, all as determined in accordance with GAAP on an accrual basis; provided, however, that Gross Revenues shall not include the

  
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following: gratuities to Facility employees; federal, state or municipal excise, sales, occupancy, use or similar taxes collected directly from residents or included as part of the sales price of
any goods or services; insurance proceeds (except for business interruption insurance proceeds); any proceeds from any sale of the Leased Property or from the refinancing of any debt encumbering the Leased Property; proceeds from the disposition of
furnishings, fixture and equipment no longer necessary for the operation of the Facility; and interest which accrues on amounts deposited in the Reserve. 
 “Guarantor” or “Guarantors” shall mean, individually or collectively (as appropriate), James L. Thares, Brian J. Morgan, William J. Schaefbauer II and Mark
W. McNeary. 
 “Guaranty” shall mean that certain Guaranty Agreement, dated as of the Effective Date,
executed by Guarantors in favor of Landlord with respect to Tenant’s obligations under this Lease, as the same may be amended. 
 “Guaranty Net Worth Requirement” shall have the meaning given such term in Section 21.27. 
 “Hazardous Substances” shall mean any substance: 
 (a) the presence of which requires or may hereafter require notification, investigation or remediation under any federal, state or local statute, regulation, rule, ordinance, order, action or policy; or

 (b) which is or becomes defined as a “hazardous waste”, “hazardous material” or
“hazardous substance” or “pollutant” or “contaminant” under any present or future federal, state or local statute, regulation, rule or ordinance or amendments thereto including, without limitation, the Comprehensive
Environmental Response, Compensation and Liability Act (42 U.S.C. et seq.) and the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.) and the regulations promulgated thereunder; or 

(c) which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise
hazardous and is or becomes regulated by any governmental authority, agency, department, commission, board, agency or instrumentality of the United States, any state of the United States, or any political subdivision thereof; or 

(d) the presence of which on the Leased Property causes or materially threatens to cause an unlawful nuisance upon the
Leased Property or to adjacent properties or poses or materially threatens to pose a hazard to the Leased Property or to the health or safety of persons on or about the Leased Property, including without limitation molds/microbial organisms which
affect health, indoor air quality and/or structural integrity; or 
 (e) without limitation, which contains
gasoline, diesel fuel or other petroleum hydrocarbons or volatile organic compounds; or 

  
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 (f) without limitation, which contains polychlorinated biphenyls (PCBs) or
asbestos or urea formaldehyde foam insulation; or 
 (g) without limitation, which contains or emits radioactive
particles, waves or material; or 
 (h) without limitation, which constitutes materials which are now or may
hereafter be subject to regulation pursuant to the Material Waste Tracking Act of 1988, or any Applicable Laws promulgated by any Government Agencies. 
 “HUD Materials” shall have the meaning given such term in Section 4.2. 
 “Immediate Family” shall mean, with respect to any individual, such individual’s spouse, parents, brothers, sisters, children (natural or adopted), stepchildren,
grandchildren, grandparents, parents in law, brothers-in-law, sisters-in-law, nephews and nieces. 
 “Improvement
Project” shall have the meaning given such term in Section 5.3.1. 
 “Incident”
shall have the meaning given such term in Section 20.3. 
 “Indebtedness” shall mean all
obligations, contingent or otherwise, which in accordance with GAAP should be reflected on the obligor’s balance sheet as liabilities. 
 “Index” shall mean the Consumer Price Index: All Urban Consumers, (1982-84=100), All Items, U.S. City Average (CPI-U), as published by the United States Department of
Labor, Bureau of Labor Statistics. If the Index is discontinued or otherwise revised during the Term, such other government index or computation with which it is replaced shall be used. If the Index is discontinued with no successor Index, another
similar index with an appropriate conversion factor shall be substituted. If the Index is changed so that a base year other than 1982-84 is used, the Index shall be converted in accordance with the conversion factor published by the Bureau of Labor
Statistics. 
 “Index Escalation Amount” shall have the meaning given such term in
Section 5.2.2. 
 “Information Technology and Software” shall mean all information
technology systems and equipment and software necessary to or used in connection with the operation of the Business. 

“Initial Landlord P&E” shall mean and refer to all P&E of any kind or description which are owned by
Landlord and located on the Land as of the Effective Date, including, without limitation, those items enumerated on Exhibit G attached hereto and made a part hereof, but specifically excluding items of Tenant’s Personal Property.

 “Initial Term” shall have the meaning given such term in Section 2.5. 

“Insurance Requirements” shall mean all terms of any insurance policy, certificate or endorsement required by
this Lease and all requirements of the issuer of any such policy and all orders, rules and regulations and any other requirements of the National Board of Fire Underwriters (or any other body exercising similar functions) binding upon Landlord,
Tenant or any of the Leased Property. 

  
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 “Interest Rate” shall mean an annual rate of interest equal to, as
of the date of determination, the per annum rate for ten (10) year U.S. Treasury Obligations as published in the Wall Street Journal, plus two hundred (200) basis points. 

“Inventory” shall mean all inventory, as such term is customarily used and defined in its most broad and
inclusive sense, including, but not limited to, all inventory of merchandise, food, beverages, medical supplies and other consumables held by Tenant for sale to or for consumption by residents or employees at the Facility or in connection with the
Business, and operating supplies, cleaning supplies, building and maintenance supplies and spare parts. 

“Land” shall have the meaning given such term in Section 2.1(a). 

“Landlord” shall have the meaning given such term in the preambles to this Lease and shall include its successors
and assigns. 
 “Landlord’s Acquisition Costs” shall mean the sum of all costs incurred by Landlord
with third parties, at arm’s length, in connection with the acquisition of the Leased Property pursuant to the Purchase Agreement and lease of same to Tenant, including, without limitation, all due diligence costs (including, without
limitation, costs of any environmental reports or studies, property condition reports and surveys), attorneys’ fees, accountants’/auditors’ fees, consultants’ fees, closing costs, transfer, sales or similar taxes, transfer and
related costs, recording fees, title premiums and any other title related charges or fees, and prorations paid to Seller and/or Tenant in connection with Landlord’s acquisition of the Leased Property and which were reasonably incurred with
respect to the acquisition of same and the lease of same to Tenant; provided, however, that said sum shall not exceed the cap set forth in the Purchase Agreement with respect to same unless first approved in writing by Tenant.

 “Landlord’s Additional Investment” shall mean the sum of all costs of any repairs, maintenance,
renovations or replacements pursuant to Article 5, Article 6 or Article 10 hereof and other expenditures made by Landlord in connection with the Leased Property which are not paid out of the Reserve. 

“Landlord’s Original Investment” shall mean that amount which equals the sum of (i) the purchase price
of the Leased Property as set forth in the Purchase Agreement, plus (ii) Landlord’s Acquisition Costs. 

“LBP” shall have the meaning given such term in Section 4.2. 

“Lease” shall mean this Lease Agreement, including all Exhibits and Schedules hereto, as it and they may be
amended or restated from time to time as herein provided. 
 “Lease Year” shall mean any Fiscal Year
during the Term and any partial Fiscal Year at the beginning or end of the Term. 
 “Leased
Improvements” shall have the meaning given such term in Section 2.1(b). 

  
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 “Leased Intangible Property” shall mean all transferable or
assignable (a) governmental permits, including licenses and authorizations, required for the construction, ownership and operation of the Leased Improvements, including without limitation, certificates of authority, certificates of occupancy,
building permits, signage permits, site use approvals, zoning certificates, environmental and land use permits and any and all necessary approvals from state or local authorities and other approvals granted by any public body or by any private party
pursuant to a recorded instrument relating to the Leased Improvements or the Land; (b) telephone exchange numbers identified with the Leased Property, if any, and customer files, guest lists, credit records, labels, promotional literature (but
only to the extent not included in Tenant’s Personal Property), security codes, all records and sales and other customer data, and any unexpired guaranties or warranties, relating to the Leased Property and/or the operation of the Business; and
(c) certificates, licenses, warranties and guarantees and contracts, other than such permits, operating permits, certificates, licenses and approvals which are to be held by, or transferred to, Tenant in accordance with the terms of the
Purchase Agreement or otherwise in order to permit Tenant to operate such Leased Improvements properly and in accordance with the terms of this Lease. The term “Leased Intangible Property” shall specifically exclude items of
Tenant’s Personal Property. 
 “Leased Property” shall have the meaning given such term in
Section 2.1. 
 “Legal Requirements” shall mean all federal, state, county, municipal and
other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions affecting the Leased Property or the maintenance, construction, alteration or operation thereof, whether now or hereafter enacted or in
existence, including, without limitation, (a) all permits, licenses, authorizations, certificates and regulations necessary or required for the operation of the Leased Property for its Permitted Use, (b) all covenants, agreements,
declarations, restrictions and encumbrances contained in any instruments at any time in force affecting the Leased Property or to which Tenant has consented or which are required to be granted pursuant to Applicable Laws, including those which may
(i) require material repairs, modifications or alterations in or to the Leased Property or (ii) in any way materially and adversely affect the use and enjoyment thereof, but excluding any requirements arising as a result of Landlord’s
status as a real estate investment trust, and (c) Applicable Laws. 
 “Lien” shall mean any
mortgage, security interest, pledge, collateral assignment, or other encumbrance, lien or charge of any kind, including but not limited to construction, mechanics’ and materialmen’s liens, or any transfer of property or assets for the
payment of Indebtedness or performance of any other obligation in priority to payment of the obligor’s general creditors. 

“Major Alterations” shall have the meaning given such term in Section 6.2.2. 

“Materiality Threshold Period” shall have the meaning given such term in Section 17.7. 

“Minimum Rent” shall mean annual rent as set forth in Section 3.2, subject to prorations and
adjustments as set forth in Section 3.2. 
 “Minor Alterations” shall have the meaning given
such term in Section 6.2.1. 

  
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 “Mortgagee” shall mean the holder of any Facility Mortgage.

 “Notice” shall mean a notice given in accordance with Section 21.10. 

“Notice of Commencement” shall have the meaning given such term in Section 7.4. 

“O&M Plan” shall have the meaning given such term in Section 4.2. 

“Official Records” shall mean the Recorder’s Office of Muskingom County, Ohio. 

“Officer’s Certificate” shall have the meaning given such term in Section 17.2. 

“Operating Contracts” shall mean the various service agreements, equipment leases, purchase contracts and special
event contracts, software licenses and information technology contracts, and other contracts utilized in the operation of the Business, all as more particularly set forth on Exhibit E attached hereto and made a part hereof. 

“Operating Expenses” means all those ordinary and necessary expenses incurred in the operation of the Business in
accordance with this Lease, including all costs and expenses associated with the employees (including salaries, wages, bonuses and other compensation of all employees and their benefits, including life, medical and disability insurance and
retirement benefits), the costs associated with permits and licenses, the cost of maintenance and utilities, administrative expenses, the costs of advertising, marketing and business promotion, any and all taxes, assessments, charges, levies, fees
(including, without limitation, license, permit, inspection, authorization and similar fees) and other impositions and charges of every kind and nature whatsoever, extraordinary as well as ordinary, foreseen or unforeseen, and each and every
installment thereof which shall or may during or with respect to the Term accrue and be charged, laid, levied, assessed, or imposed upon, or arise in connection with, the use, occupancy, operation or possession of the Leased Property or the Business
conducted thereon, all premiums and other charges to obtain the insurance policies required pursuant to the terms hereof, all capital expenditures to the extent deductible in accordance with GAAP. The term “Operating
Expenses” shall expressly exclude (i) any debt service for any Facility Mortgage or other financing obtained by Landlord in connection with the Leased Property, and (ii) any federal, state and local income taxes, other taxes
on income or net worth, franchise taxes, margin taxes, capital, estate, succession, inheritance, value added or transfer taxes of Landlord or similar taxes or charges or substitutes therefor. 

“Overdue Rate” shall mean, on any date, a per annum rate of interest equal to the lesser of (a) twelve
percent (12%), or (b) the maximum rate then permitted under Applicable Laws. 
 “P&E” shall
mean all items of personal property, as defined under the Model Uniform Commercial Code, including, but not limited to: (a) all equipment, machinery, fixtures, and other items of property, now or hereafter located on or permanently affixed to
or incorporated into the Leased Improvements, including, without limitation, 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 and apparatus, sprinkler systems and fire and theft protection equipment and irrigation equipment, together with 

  
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all replacements, modifications, alterations and additions thereto, all of which to the extent not otherwise constituting real property under Applicable Law; (b) all furniture, furnishings,
movable walls or partitions, computers or trade fixtures or other personal property of any kind or description used or useful in the Business on or in the Leased Improvements, and located on or in the Leased Improvements, and all modifications,
replacements, alterations and additions to such personal property; (c) “Property and Equipment,” “P&E,” and “FF&E” (as such terms are customarily used and defined in the most broad and inclusive sense);
(d) all range balls and range ball retrieval systems, including, without limitation, any vehicle or apparatus used in connection therewith; (e) all linen, china, glassware, tableware, uniforms and similar items, whether used in connection
with public space or tenant rooms; (f) all replacements of or additions to items set forth in clause (a) through (e) above; and (g) the Initial Landlord P&E. The term “P&E” shall specifically
exclude items of Tenant’s Personal Property. 
 “P&E Replacements” shall mean all items of
P&E purchased with funds from the Reserve established under Article 5 of this Lease or with insurance proceeds payable with respect to P&E or P&E Replacements (specifically excluding all insurance proceeds payable with respect to
items of Tenant’s Personal Property) and all other items of P&E added and used at the Leased Property during the Term of this Lease (specifically excluding items of Tenant’s Personal Property), together with all leasehold improvements
made by Tenant during the Term of this Lease to the extent not constituting real property affixed to the Land, whether purchased from the Reserve or with other funds of Tenant, all subject to disposal and further replacement at the end of their
useful lives. 
 “Parent” shall mean, with respect to any Person, any Person which directly, or
indirectly through one or more Subsidiaries or Affiliates, (i) owns more than fifty percent (50%) of the voting or beneficial interest in, or (ii) otherwise has the right or power (whether by contract, through ownership of securities
or otherwise) to Control, such Person. 
 “Percentage Rent Threshold” shall mean,
for the 7th Lease Year, $15,000,000, and increase annually
by an amount equal to the increase, if any, in the Index during the preceding 12-month period, as determined calculating a fraction, the numerator of which shall be (a) the Index most recently published immediately prior to the particular Lease
Year in question, minus (b) the Index most recently published immediately prior to the immediately preceding Lease Year, and the denominator of which shall be the Index most recently published immediately prior to the immediately preceding
Lease Year. Mathematically, the Index increase calculation may be expressed as (current Index – last year Index) ÷ last year Index. 
 “Permits” means all licenses, permits and certificates used or useful in connection with the ownership, operation, use or occupancy of the Facility, the Leased Property or the
Business, including, without limitation, liquor licenses, business licenses, state and local health and environmental department licenses, any other licenses required in connection with the operation of the Leased Property for the Permitted Use,
food service licenses, licenses to conduct business and all such other permits, licenses and rights, obtained from any governmental, quasi governmental or private person or entity whatsoever. 

“Permitted Encumbrances” shall mean (a) all rights, restrictions, and easements of record set forth on
Exhibit F attached hereto and made a part hereof, (b) to the extent not 

  
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referenced on Exhibit F, any mortgage and other documents of record relating to a Facility Mortgage, and (c) any other such encumbrances as may have been consented to in
writing by Landlord from time to time in accordance with the terms of Section 2.8 hereof. 
 “Permitted
Renovations” shall have the meaning given that term in Section 6.2. 
 “Permitted
Use” shall have the meaning given such term in Section 4.1.1. 
 “Person” shall
mean any individual or Entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such Person where the context so admits. 
 “Pledged Collateral” shall have the meaning given such term in Section 21.29(b). 
 “Purchase Agreement” shall have the meaning given such term in the Recitals. 
 “Reimbursable Deposit” shall have the meaning given such term in Section 21.29(a). 
 “REIT” shall have the meaning given such term in Article 15. 
 “REIT Personal Property Limitation” shall have the meaning given such term in Section 15.1. 
 “Release” shall have the meaning given such term in Section 4.2. 
 “Rent” shall mean, collectively, Minimum Rent, Percentage Rent and Additional Charges. 
 “Rental Buydown Deposit” shall have the meaning given such term in Section 21.29(a). 
 “Rental Buydown Program” shall have the meaning given such term in Section 21.29(a). 
 “Reserve” shall have the meaning given such term in Section 5.2. 
 “Reserve Budget” shall have the meaning given such term in Section 5.2.3. 
 “Reserve Expenditures” shall have the meaning given such term in Section 5.2. 
 “Reserve Payment” shall have the meaning given such term in Section 5.2.2. 
 “SEC” shall mean the Securities and Exchange Commission. 

“Security Deposit” shall have the meaning given such term in Section 21.27. 

“Security Interest” shall have the meaning given such term in Section 21.29(b). 

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

“Severe Incident” shall have the meaning given such term in Section 20.3.1. 

  
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 “Significant Property Damage” shall have the meaning given such term
in Section 20.3.2. 
 “Site Development” shall have the meaning given such term in
Section 4.2. 
 “State” shall mean the State in which the Land is located. 

“Subsidiary” shall mean, with respect to any Person, any Entity in which such Person directly, or indirectly
through one or more Subsidiaries or Affiliates, (a) owns more than fifty percent (50%) of the voting or beneficial interest or (b) which such Person otherwise has the right or power to Control (whether by contract, through ownership
of securities or otherwise). 
 “Tax and Insurance Account” shall have the meaning given such term in
Section 8.3. 
 “Tax and Insurance Escrow Amount” shall have the meaning given such term in
Section 8.3. 
 “Tenant” shall be the entity identified in the preamble to this Lease and
shall include its successors and assigns expressly permitted hereunder. 
 “Tenant’s Personal
Property” shall mean any specific items of P&E listed in Exhibit H attached hereto and made a part hereof, or which hereafter are acquired by Tenant or an Affiliate with its own funds after the Effective Date or
replacements for such items and located at the Leased Property (but not including any property purchased with funds from the Reserve established under Article 5), or items of intangible property owned by Tenant or an Affiliate in connection
with the Business, including, without limitation, Information Technology and Software. 
 “Term” shall
mean, collectively, the Initial Term and the Extended Terms, unless sooner terminated pursuant to the provisions of this Lease. 

“Unexpended Reserve Funds” shall have the meaning given such term in Section 5.2.8. 

“Unforeseen Reserve Expenditures” shall have the meaning given such term in Section 5.2.5.

 “Unfunded Reserve Expenditures” shall have the meaning given such term in Section 5.2.6.

 “Unsuitable for Its Permitted Use” shall mean a state or condition of the Leased Property such that
following any damage, taking, Condemnation or destruction involving the Leased Property, (a) the Leased Property cannot be operated in the reasonable judgment of Landlord after consultation with Tenant on a commercially practicable basis for
its Permitted Use and (b) it cannot reasonably be expected to be restored to substantially the same condition as existed before such damage or destruction and as is otherwise required by Article 10 within (i) twelve
(12) months following such damage or destruction, or (ii) twelve (12) months following such damage or destruction in the event that Tenant has extended the term of the business interruption insurance to pay at least twelve (12) months
Rent for the benefit of Landlord or provides other reasonably acceptable security for any uninsured portion of the twelve (12) months Rent. 

  
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 ARTICLE 2 
 LEASED PROPERTY AND TERM 
 2.1 Leased Property. Upon and subject to
the terms and conditions hereinafter set forth, Landlord hereby leases to Tenant and Tenant hereby leases from Landlord all of Landlord’s right, title and interest in and to all of the following (collectively, the “Leased
Property”), and grants to Tenant the right to use and occupy the Leased Property for the purposes, and subject to the limitations, set forth in this Lease: 

(a) all that certain tract, piece and parcel of land, as more particularly described in Exhibit A attached
hereto and made a part hereof (the “Land”); 
 (b) all buildings, structures, fixtures
and other improvements of every kind, including, without limitation, all roofs, plumbing systems, electric systems and HVAC systems, roadways, pavilions, alleyways, parking areas and facilities, landscaping, sidewalks, curbs, connecting tunnels,
utility pipes, irrigation systems, conduits and lines (on site and off site), appurtenant to or presently situated upon the Land (collectively, the “Leased Improvements”); 

(c) all easements, hereditaments, appurtenances and all other rights, privileges and entitlements, if any, relating to the
Land and the Leased Improvements; 
 (d) all Initial Landlord P&E, all P&E Replacements and all
Inventory; 
 (e) all moveable machinery, equipment, furniture, furnishings, computers or trade fixtures
(including all vehicles, together with all supplies related thereto), owned by Landlord and located on or in the Leased Improvements, and all modifications, replacements, alterations and additions to such property, including without limitation, to
the extent assignable by Landlord, any operating leases of any such Initial Landlord P&E, P&E Replacements or other machinery, equipment, furniture, furnishings, computers or trade fixtures, but specifically excluding all items included
within the category of Tenant’s Personal Property; 
 (f) all of the Leased Intangible Property; 

(g) all maintenance, service and supply contracts, equipment leases, space leases (including without limitation, leases of
storage spaces by any non-commercial tenant and all other similar agreements affecting any of the Leased Property and/or the operation of the Business to the extent that such contracts are transferable, including, without limitation, the Permits and
Operating Contracts, together with all prepayments and deposits held thereunder (it being agreed that Landlord shall, as of the Effective Date, make such prepayments and deposits actually available to Tenant for use in the operation of the
Business); 

  
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 (h) all plans and specifications, blue prints, architectural plans,
engineering diagrams and similar items specifically related to any of the Land or the Leased Improvements; and 

(i) all other property and interests in property conveyed or assigned to Landlord pursuant to the Purchase Agreement.

 2.2 Assignment of Permits. Landlord and Tenant shall cooperate and take commercially reasonable efforts to cause all
Permits related to the operation (but not ownership) of the Leased Property, which are not currently held in the name of Tenant, to be assigned to Tenant effective as of the Effective Date or as soon thereafter as reasonably possible. Landlord shall
pay all costs and expenses in connection with the transfer of the Permits, the out-of-pocket amounts of which incurred with third parties at arm’s length shall be included in Landlord’s Additional Investment. Landlord shall, at no
additional cost to Landlord (other than de minimis costs), cooperate in a commercially reasonable manner with Tenant in connection with obtaining any Permits that are non-transferable. Tenant shall be responsible for the processing of all requests
and/or applications for such Permits. 
 2.3 Assignment of Operating Contracts. Landlord and Tenant shall cooperate and
take commercially reasonable efforts to cause all of the Operating Contracts, under which Tenant is not already a party, to be assigned to Tenant as of the Effective Date or as soon thereafter as reasonably possible. 

2.4 Condition of Leased Property. TENANT ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY MADE BY LANDLORD IN THIS LEASE,
LANDLORD IS NOT MAKING AND SPECIFICALLY DISCLAIMS ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO THE LEASED PROPERTY, THE BUSINESS OR ANY OF THE OTHER ITEMS INCLUDING, BUT NOT LIMITED TO, WARRANTIES
OR REPRESENTATIONS AS TO MATTERS OF TITLE, ZONING, TAX CONSEQUENCES, PHYSICAL OR ENVIRONMENTAL CONDITIONS INCLUDING WEATHER-RELATED CONDITIONS, AVAILABILITY OF ACCESS, INGRESS OR EGRESS, OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL
APPROVALS, GOVERNMENTAL REGULATIONS, THE VALUE, CONDITION, MERCHANTABILITY, MARKETABILITY, PROFITABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE. TENANT AGREES THAT TENANT HAS NOT RELIED UPON AND WILL NOT RELY UPON, EITHER DIRECTLY
OR INDIRECTLY, ANY REPRESENTATION OR WARRANTY OF LANDLORD OR ANY AGENT OF LANDLORD OR OTHER THIRD PARTY, INCLUDING ANY REAL ESTATE BROKER OR AGENT, EXCEPT AS EXPRESSLY MADE BY LANDLORD IN THIS LEASE. EXCEPT AS OTHERWISE PROVIDED IN THIS LEASE,
TENANT HAS CONDUCTED, OR HAS HAD THE OPPORTUNITY TO CONDUCT, ITS OWN INSPECTIONS AND INVESTIGATIONS OF THE LEASED PROPERTY AND THE BUSINESS AND ASSUMES ALL RISK IN CONNECTION THEREWITH, AND TENANT HEREBY ACKNOWLEDGES AND AGREES THAT LANDLORD IS
LEASING TO TENANT AND TENANT HEREBY ACCEPTS ALL OF THE LEASED PROPERTY, THE BUSINESS AND ANY OTHER ITEMS LEASED HEREBY “AS IS WHERE IS,” WITH ALL FAULTS, AND THERE ARE NO ORAL 

  
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AGREEMENTS, WARRANTIES OR REPRESENTATIONS COLLATERAL TO OR AFFECTING THE LEASED PROPERTY BY LANDLORD, ANY AGENT OF LANDLORD OR ANY THIRD PARTY. THE TERMS AND CONDITIONS OF THIS SECTION SHALL
EXPRESSLY SURVIVE THE TERMINATION OF THIS LEASE. 
 2.5 Initial Term. The initial term of this Lease (the
“Initial Term”) shall commence on the Effective Date and shall terminate and expire at 11:59 p.m. on December 19, 2022. 
 2.6 Extended Terms. Tenant shall have and is hereby granted two (2) options (each, an “Extension Option”) to extend the Term of this Lease (each, an
“Extended Term”) for an additional five (5) years each, upon the terms, covenants, conditions and rental as set forth herein; provided no continuing Event of Default then exists hereunder or under any Affiliated
Lease at the commencement of the respective Extended Term. Tenant may exercise each such Extension Option successively by giving written notice to Landlord not less than six (6) months nor more than twelve (12) months prior to the
respective expiration of the Initial Term of this Lease, or of the then applicable Extended Term. Should Tenant fail to give Landlord such timely written notice during the required period, the then current Term of this Lease and all rights of
renewal shall automatically expire as of the then scheduled expiration date of the Term of this Lease. 
 2.7 Yield Up.
Tenant shall, on or before the last day of the Term or upon the sooner termination thereof, peaceably and quietly surrender and deliver to Landlord the Leased Property, including, without limitation, all Leased Improvements and P&E and all
additions thereto and replacements thereof made from time to time during the Term, together with and including, without limitation, the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear
of all Liens and encumbrances (other than Permitted Encumbrances, Liens or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this Lease), and Tenant shall fully cooperate with Landlord
in transferring, to the extent transferable under Applicable Laws and without consideration or fee, any of the Permits, which Landlord determines, in its sole and absolute discretion, would be necessary or appropriate to continue to operate the
Leased Property for its Permitted Use. Tenant acknowledges that both the Initial Landlord P&E described on Exhibit G attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date may
be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this Lease. Tenant agrees that, at the expiration or earlier termination of this Lease, Tenant shall fully restore the Initial
Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of Landlord, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit G,
and shall fully restore an adequate supply of Inventory consistent with the full stocking levels at the applicable time of the Fiscal Year to be maintained by Tenant pursuant to this Lease. At the expiration or earlier termination of this Lease,
Tenant shall (i) retain all accounts receivable from its operation of the Property and Business subject to and net of the amount of such receivables due to Landlord or to the Reserve pursuant to the terms hereof, and (ii) remain liable for
the payment of accounts payable which have accrued as of such time. 
 2.8 Grant of Easements, Etc. by Landlord. Landlord
may, from time to time, at the reasonable request of any third party, or as requested or required by any Government Agencies, 

  
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at Landlord’s cost and expense: (i) grant easements and other rights in the nature of easements; (ii) release existing easements or other rights in the nature of easements which
are for the benefit of the Leased Property; (iii) dedicate or transfer unimproved portions of the Leased Property for road, highway or other public purposes; (iv) execute petitions to have the Leased Property annexed to any municipal
corporation or utility district; (v) execute amendments to any covenants and restrictions affecting the Leased Property; and (vi) execute and deliver to any person any instrument appropriate to confirm or effect such grants, releases,
dedications and transfers (to the extent of its interest in the Leased Property), provided that any instrument requested may not materially impair or diminish Tenant’s use of the Leased Property or adversely affect in any material respect the
operation, value or financial viability of the Business, or otherwise materially increase Tenant’s obligations or decrease its rights under this Lease. 
 ARTICLE 3 
 RENT 

3.1 Rent. Tenant shall pay, in lawful money of the United States of America which shall be legal tender for the payment of public
and private debts, without offset, abatement, demand or deduction (unless otherwise expressly provided in this Lease), Rent, together with all applicable sales, use or excise tax thereon now or hereafter applied to rental receipts by the State, (but
expressly excluding all federal, state and local income taxes, other taxes on income or net worth, franchise taxes, margin taxes, capital, estate, succession, inheritance, value added or transfer taxes of Landlord or similar taxes or charges or
substitutes therefor), to Landlord during the Term at the address to which Notices to Landlord are to be given or to such other party or to such other address as Landlord may designate from time to time by written notice to Tenant. All payments to
Landlord shall be made by wire transfer of immediately available federal funds or by other means acceptable to Landlord in its sole discretion and all such payments shall, upon receipt by Landlord, be and remain the sole and absolute property of
Landlord. If Landlord shall at any time accept any such Rent or other sums after the same shall become due and payable, or any partial payment of Rent, such acceptance shall not excuse a delay upon subsequent occasions, or constitute or be construed
as a waiver of any of Landlord’s rights hereunder. 
 3.2 Minimum Rent. Tenant shall pay annual base minimum rent
(“Minimum Rent”), together with all applicable sales, use or excise tax thereon now or hereafter applied to rental receipts by the State (but expressly excluding all federal, state and local income taxes, other taxes on
income or net worth, franchise taxes, margin taxes, capital, estate, succession, inheritance, value added or transfer taxes of Landlord or similar taxes or charges or substitutes therefor), to Landlord in equal monthly installments in advance, on
the first (1st) Business Day of each Accounting Period; provided, however, that the first payment of Minimum Rent shall be payable on the Effective Date. Further, if applicable, the first payment of Minimum Rent and the last
payment of Minimum Rent shall be prorated on a per diem basis; provided, however, that for purposes of Minimum Rent, any prorated payment for any partial Accounting Period prior to the first full Accounting Period shall be prorated
based upon the installment of Minimum Rent payable for the first full Accounting Period, and any prorated Rent at the end of the Term shall be prorated based upon the installment of Minimum Rent payable for the last full Accounting Period.
Notwithstanding the foregoing, the parties acknowledge that all sales tax on personal property has been prepaid for the Initial Term as of the Effective Date. 

  
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 3.2.1 Calculation of Initial Term Minimum Rent. Subject to proration as set forth
above, Tenant shall pay Minimum Rent during each Accounting Year of the Initial Term of this Lease in amounts calculated in accordance with the formula set forth on Exhibit B attached hereto and made a part hereof. 

3.2.2 Calculation of Extended Term Minimum Rent. Subject to proration as set forth above, Tenant shall pay Minimum Rent during
each Accounting Year of each Extended Term of this Lease in amounts calculated in accordance with the formula set forth on Exhibit B attached hereto and made a part hereof. 

3.3 Percentage Rent. 
 3.3.1 Commencing with the seventh (7th) Lease Year, Tenant shall also pay percentage rent (“Percentage Rent”) in an amount equal to twenty percent (20%) of the amount by which Gross Revenues for the Property
and the properties subject to the Affiliated Leases, in the aggregate, exceed the applicable Percentage Rent Threshold. Percentage Rent shall be due and payable on the first day of each calendar quarter for the prior calendar quarter and shall be
prorated as necessary. Further, Percentage Rent shall be “trued up” at the end of each Lease Year. 
 3.3.2 Tenant
shall deliver to Landlord a certificate from an officer of Tenant or Manager with each Percentage Rent payment setting forth the calculation of the Percentage Rent payment for the most recently completed calendar quarter of each Lease Year during
the Term and Percentage Rent year to date through such recently completed calendar quarter. Percentage Rent shall be subject to confirmation and adjustment, if applicable, as set forth in Section 3.3.3. 

The obligation to pay Percentage Rent shall survive the expiration or earlier termination of the Term, and a final reconciliation, taking
into account, among other relevant adjustments, any adjustments which are accrued after such expiration or termination date but which related to Rent accrued prior to such termination date, shall be made not later than thirty (30) days after
such expiration or termination date. 
 3.3.3 Confirmation of Percentage Rent. Tenant shall utilize, or cause to be
utilized, an accounting system for the Leased Property in accordance with its usual and customary practices, and in accordance with GAAP, that will accurately record all data necessary to compute Percentage Rent, and Tenant shall retain, for at
least five (5) years after the expiration of each Lease Year, reasonably adequate records conforming to such accounting system showing all data necessary to conduct Landlord’s audit and to compute Percentage Rent for the applicable Lease
Year. Landlord shall have the right, for a period of two (2) years following each Lease Year, from time to time, by its accountants or representatives, to audit such information in connection with Landlord’s audit, and to examine all
Tenant’s records (including supporting data and sales and excise tax returns) reasonably required to complete Landlord’s audit and to verify Percentage Rent, subject to any prohibitions or limitations on disclosure of any such data under
Legal Requirements. If any Landlord’s audit discloses a deficiency in the payment of Percentage 

  
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Rent, and either Tenant agrees with the results of Landlord’s audit or the matter is otherwise determined or compromised, Tenant shall forthwith pay to Landlord the amount of the deficiency,
as finally agreed or determined, together with interest at the Interest Rate from the date when said payment should have been made to the date of payment thereof. If any Landlord’s audit discloses a deficiency in the determination or reporting
of Gross Revenues, which, as finally agreed or determined, exceeds three percent (3%), Tenant shall pay the costs of the portion of Landlord’s audit allocable to the determination of such Gross Revenues. Any proprietary information obtained by
Landlord pursuant to the provisions of this Section shall be treated as confidential, except that such information may be used, subject to appropriate confidentiality safeguards, in any litigation or arbitration between the parties and except
further that Landlord may disclose such information to prospective lenders, investors and underwriters and to any other persons to whom disclosure is necessary to comply with applicable laws, regulations and government requirements. The obligations
of Tenant contained in this Section shall survive the expiration or earlier termination of this Agreement. Any dispute as to the existence or amount of any deficiency in the payment of Percentage Rent as disclosed by Landlord’s audit shall, if
not otherwise settled by the parties, be submitted to arbitration 
 3.4 Additional Charges. In addition to the Minimum
Rent and Percentage Rent payable hereunder, Tenant shall pay to the appropriate parties and discharge as and when due and payable hereunder the following (collectively the “Additional Charges”): 

3.4.1 Taxes and Assessments. Tenant shall pay or cause to be paid all taxes and assessments required to be paid pursuant to
Article 8. 
 3.4.2 Utility Charges. Tenant shall be liable for and shall promptly pay directly to the utility
company all deposits, charges and fees (together with any applicable taxes or assessments thereon) when due for water, gas, electricity, air conditioning, heat, septic, sewer, refuse collection, telephone and any other utility charges, impact fees,
or similar items in connection with the use or occupancy of the Leased Property. Landlord shall not be responsible or liable in any way whatsoever for the quality, quantity, impairment, interruption, stoppage, or other interference with any utility
service, including, without limitation, water, air conditioning, heat, gas, electric current for light and power, telephone, or any other utility service provided to or serving the Leased Property. No interruption, termination or cessation of
utility services shall relieve Tenant of its duties and obligations pursuant to this Lease, including, without limitation, its obligation to pay all Rent as and when the same shall be due hereunder. 

3.4.3 Insurance Premiums. Tenant shall pay or cause to be paid all premiums for the insurance coverage required to be maintained
pursuant to Article 9. 
 3.4.4 Licenses and Permits. Except as otherwise provided in this Lease, Tenant shall pay
or cause to be paid all fees, dues and charges of any kind which are necessary in order to acquire and keep in effect and good standing all Permits required for operation of the Leased Property in accordance with the terms of Article 4.
Tenant shall maintain, in Tenant’s name (to the extent permitted under Applicable Laws), those Permits related to the operation of the Leased Property. Notwithstanding the foregoing, in the event of the expiration or earlier termination of this
Lease, Tenant shall assign, transfer or otherwise convey all Permits maintained in Tenant’s name to Landlord or Landlord’s designee, to the extent not prohibited by Applicable Laws. 

  
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 3.4.5 Sales Tax. Each Fiscal Quarter, Tenant shall reimburse Landlord for the amount
of any applicable sales, use, excise or similar or other tax paid by Landlord on any Rent and any payments to the Reserve, whether the same be now or hereafter levied, imposed or assessed by the State or any Governmental Agencies, but specifically
excluding any federal, state or local income taxes, franchise taxes, margin taxes, taxes on net worth, capital, estate, succession, inheritance, value added or transfer taxes of Landlord or similar tax or charge or substitutes therefor and any other
taxes imposed on Landlord’s income. Each Fiscal Quarter, Landlord shall provide Tenant with information regarding the calculation and payment of such tax, and Tenant shall reimburse Landlord for such amounts within five (5) Business Days
of Landlord’s delivery of such information. 
 3.4.6 Other Charges. Tenant shall pay or cause to be paid all other
amounts, liabilities and obligations arising in connection with the Leased Property, including, without limitation, Operating Expenses and any other costs and expenses specifically identified as “Additional Charges” pursuant to this Lease,
except those obligations expressly stated not to be an obligation of Tenant pursuant to this Lease. 
 3.4.7 Penalties and
Interest. Tenant shall pay or cause to be paid every fine, penalty, interest and cost, that Tenant is responsible for, which may be added for non-payment or late payment of the items referenced in this Section 3.4.7. Tenant shall
prepare and file at its expense, to the extent required or permitted by Applicable Laws, all tax returns and other reports in respect of any Additional Charge as may be required by Governmental Agencies. Notwithstanding the foregoing provisions of
this Section 3.4, with respect to any Additional Charge accruing prior to the Effective Date and payable on or after the Effective Date for which Landlord has received a credit from the Seller at Closing, Landlord shall either pay such
credited amount when due to the applicable parties or deliver such credited amount to Tenant in which event Tenant shall pay such credited amount to the applicable parties when due. 

3.5 Landlord Advances. Except as specifically provided otherwise in this Lease, and subject to Tenant’s right to contest
taxes affecting the Leased Property pursuant to, and in accordance with, Section 8.2 hereof, if Tenant does not pay or discharge all Additional Charges, and provide proof of payment if requested by Landlord prior to delinquency, Landlord
shall have the right but not the obligation to pay such Additional Charges on behalf of Tenant. If Landlord shall make any such expenditure for which Tenant is responsible or liable under this Lease, or if Tenant shall become obligated to Landlord
under this Lease for any other sum besides Minimum Rent as hereinabove provided, the amount thereof shall be deemed to constitute an “Additional Charge” and shall be due and payable by Tenant to Landlord, together with interest at the
Overdue Rate and all applicable sales or other taxes thereon, if any, simultaneously with the next succeeding monthly installment of Minimum Rent or at such other time as may be expressly provided in this Lease for the payment of the same.

 3.6 Late Payment of Rent. If Tenant fails to make any payment of Rent on or before the seventh
(7th) Business Day after the same becomes due, Tenant
shall pay to Landlord an administrative late charge of three percent (3%) of the amount of such payment. In addition, such past due payment shall bear interest at the Overdue Rate from the date first due until paid. Such late charge and
interest shall constitute an Additional Charge and shall be due and payable with the next installment of Rent due hereunder. 

  
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 3.7 Net Lease. Landlord and Tenant acknowledge and agree that both parties intend
that this Lease shall be and constitute what is generally referred to in the real estate industry as a “triple net” or “absolute net” lease, such that, except as otherwise expressly set forth herein, Tenant shall be obligated
hereunder to pay all costs and expenses incurred with respect to, and associated with, the Leased Property and all personal property thereon and therein and the business operated thereon and therein, including, without limitation, all rent and other
charges due and payable under any ground lease or sublease encumbering the Land, all taxes and assessments, utility charges, insurance costs, maintenance costs and routine and customary repair, replacement and restoration expenses (all as more
particularly herein provided), together with any and all other assessments, charges, costs and expenses of any kind or nature whatsoever related to, or associated with, the Leased Property, the use, occupation or operation thereof, and the Business
operated thereon and therein, other than Landlord’s financing costs and expenses and related debt service; provided, however, that Landlord shall nonetheless be obligated to pay Landlord’s federal, state and local income
taxes, other taxes on income or net worth, franchise taxes, margin taxes, capital, estate, succession, inheritance, value added or transfer taxes of Landlord or similar taxes or charges or substitutes therefor with respect to the Rent and other
amounts received by Landlord under this Lease. Except as expressly provided in this Lease, Landlord shall bear no cost or expense of any type or nature with respect to, or associated with, the Leased Property, or the use, occupation or operation
thereof. Except to the extent otherwise expressly provided in this Lease, it is agreed and intended that Rent payable hereunder by Tenant shall be paid without notice, demand, counterclaim, set off, deduction or defense and without abatement,
suspension, deferment, diminution or reduction and that Tenant’s obligation to pay Rent throughout the Term and any applicable Extended Term is absolute and unconditional and the respective obligations and liabilities of Tenant and Landlord
hereunder shall in no way be released, discharged or otherwise affected for any reason, including without limitation: (a) any defect in the condition, merchantability, design, quality or fitness for use of the Leased Property or any part
thereof, or the failure of the Leased Property to comply with Applicable Laws, including any inability to occupy or use the Leased Property by reason of such non compliance; (b) any damage to, removal, abandonment, salvage, loss, theft,
scrapping or destruction of or any requisition of the Leased Property or any part thereof, or any environmental condition on the Leased Property or any property in the vicinity of the Leased Property; (c) any restriction, prevention or
curtailment of or interference with any use of the Leased Property or any part thereof, including eviction; (d) any defect in title to or rights to the Leased Property or any Lien on such title or rights to the Leased Property; (e) any
change, waiver, extension, indulgence or other action or omission or breach in respect of any obligation or liability of or by any Person; (f) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or
other like proceedings relating to Tenant or any other Person or any action taken with respect to this Lease by any trustee or receiver of Tenant or any other Person or by any court, in any such proceedings; (g) any right or claim that Tenant
has or might have against any Person, including, without limitation, Landlord or any vendor, manufacturer or contractor of or for the Leased Property (other than a claim resulting from any willful misconduct or gross negligence of Landlord);
(h) subject to Section 12.7 hereof, any failure on the part of Landlord or any other Person to perform or comply with any of the terms of this Lease, or of any other agreement; (i) any invalidity, unenforceability, rejection or
disaffirmance of this Lease by operation of law or otherwise against or by Tenant or any provision hereof; (j) the impossibility of performance by Tenant or Landlord, or both; (k) any action by any court, administrative agency or other

  
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Government Agencies; (l) any interference, interruption or cessation in the use, possession or quiet enjoyment of the Leased Property or otherwise; or (m) any other occurrence
whatsoever whether similar or dissimilar to the foregoing, whether foreseeable or unforeseeable, and whether or not Tenant shall have notice or knowledge of any of the foregoing. Except as specifically set forth in this Lease, this Lease shall be
non cancelable by Tenant for any reason whatsoever and, except as expressly provided in this Lease Tenant, to the extent now or hereafter permitted by Applicable Laws, waives all rights now or hereafter conferred by statute or otherwise to quit,
terminate or surrender this Lease or to any diminution, abatement or reduction of Rent payable hereunder. Except as specifically set forth in this Lease, under no circumstances or conditions shall Landlord be expected or required to make any payment
of any kind hereunder or have any obligations with respect to the use, possession, control, maintenance, alteration, rebuilding, replacing, repair, restoration or operation of all or any part of the Leased Property, so long as the Leased Property or
any part thereof is subject to this Lease, and Tenant expressly waives the right to perform any such action at the expense of Landlord pursuant to any law. 
 3.8 No Abatement of Rent. Except as otherwise specifically set forth in this Lease, no abatement, diminution or reduction (a) of Rent, charges or other compensation, or (b) of
Tenant’s other obligations hereunder shall be allowed to Tenant or any Person claiming under Tenant, under any circumstances or for any reason whatsoever and to the maximum extent permitted by Applicable Laws, Tenant hereby waives the
application of any local or state statutes, land rules, regulations or ordinance providing to the contrary. 
 3.9 Security
Agreement. Tenant hereby grants to Landlord a security interest in the Reserve as security for Tenant’s obligations to Landlord hereunder and agrees that, in addition to all other rights and remedies available to Landlord, Landlord shall
have all rights of a secured party under applicable law with respect to such proceeds. Tenant agrees to execute and deliver all such instruments as may be required by Landlord to evidence and/or perfect these security interests. At Landlord’s
expense, Landlord may file at the state and county Uniform Commercial Code filing offices any financing statement or other instrument needed to evidence and/or perfect these security interests. 

ARTICLE 4 

USE OF THE LEASED PROPERTY 
 4.1 Permitted Use. 
 4.1.1 Permitted Use. Tenant covenants and
agrees that it shall, throughout the Term of this Lease, except during the continuation of a Force Majeure Event, continuously use and occupy the Leased Property solely for operation of the Business, and for such other uses as may be necessary or
incidental to such use, and for no other purpose without interruption (the foregoing being referred to as the “Permitted Use”). Subject to Section 16.5 hereof, without the prior written consent of Landlord, no
Affiliate of Tenant may be a subtenant or concessionaire in the Leased Property. No use shall be made or permitted to be made of the Leased Property which will cause the cancellation of any insurance policy covering the Leased Property or any part
thereof, nor shall Tenant sell or otherwise provide or permit to be kept, used or sold in or about the Leased Property any article which may be prohibited by law or by the standard form of 

  
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fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost, comply with all Insurance
Requirements. Tenant shall not take or omit to take any action, the taking or omission of which materially impairs the value or the usefulness of the Leased Property or any part thereof for its Permitted Use. 

4.1.2 Necessary Approvals. Tenant shall at all times during the Term of this Lease and in accordance with the terms of this Lease
maintain, in good standing, all Permits and approvals necessary to use and operate, for its Permitted Use, the Leased Property and the Business operated thereon under Applicable Laws, and shall provide to Landlord, upon Landlord’s request, a
copy of any documents or information pertaining to said Permits and approvals. Landlord shall, at no cost or liability to Landlord, reasonably cooperate with Tenant in this regard. 

4.1.3 Lawful Use, Etc. Tenant shall not use or suffer or permit the use of the Leased Property or Tenant’s Personal Property,
if any, for any unlawful purpose. Tenant shall not commit or suffer to be committed any waste on the Leased Property nor shall Tenant cause or permit any unlawful nuisance thereon or therein. Tenant shall not suffer nor permit the Leased Property,
or any portion thereof, to be used in such a manner as (i) would reasonably be expected to impair Landlord’s title thereto or to any portion thereof, (ii) would reasonably be expected to allow a claim or claims for adverse usage or
adverse possession by the public, as such, or of implied dedication of the Leased Property or any portion thereof, or (iii) are likely to result in a material, negative change in its quality or condition. 

4.1.4 Compliance with Legal Requirements. Tenant shall at all times, at its sole cost and expense, keep, maintain and operate the
Leased Property in compliance with all Legal Requirements; provided that the cost or expense of any improvement, alteration, repair or addition required under any Legal Requirement or necessary for compliance with any Applicable Law shall be paid
for using funds from the Reserve and otherwise in accordance with Article 5 hereof. Tenant agrees to give Landlord Notice of any notices, orders or other communications relating to Legal Requirements affecting the Leased Property which is or are
enacted, passed, promulgated, made, issued or adopted, a copy of which is served upon, or received by, Tenant, or a copy of which is posted on or fastened or attached to the Leased Property, within five (5) Business Days after service, receipt,
posting, fastening or attaching. At the same time, Tenant will inform Landlord as to the work or steps which Tenant proposes to do or take in order to comply therewith. Tenant shall manage the use of all Hazardous Substances stored at, or used in
connection with, the Leased Property and Business in accordance with all applicable Environmental Laws. 
 4.2 Environmental
Matters. 
 4.2.1 Except in accordance with Applicable Laws, Tenant shall at all times during the Term keep the Leased
Property free of Hazardous Substances. Neither Tenant nor any of its employees, agents, invitees, licensees, contractors, guests, or subtenants (if permitted) shall use, generate, manufacture, refine, treat, process, produce, store, deposit, handle,
transport, Release (as defined below), or dispose of Hazardous Substances in, on, at, under, from or about the Leased Property or the Environment thereof, in violation of any Applicable Law(s). Tenant

  
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shall give Landlord prompt Notice of any claim received by Tenant from any person, entity, or applicable Governmental Agencies that a Release or disposal of Hazardous Substances has occurred or
otherwise been identified on the Leased Property or the Environment thereof, and shall strictly comply with and correct, at Tenant’s sole cost and expense, any and all violations of Applicable Law(s) to the written satisfaction of the
applicable Governmental Agencies and Landlord. Upon request of Landlord, Tenant shall provide Landlord with a copy of any and all written correspondence between any such applicable Governmental Agency and Tenant. Under this Section 4.2,
the term “Release” shall mean any potential or actual presence in, on, at, under, from, or the spilling, leaking, migrating, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, or
disposing into the Environment of any Hazardous Substance(s). Tenant shall not knowingly or intentionally discharge or permit to be discharged into any septic facility or sanitary sewer system serving the Leased Property any Hazardous Substance(s),
toxic or hazardous sewage or waste other than that which is permitted by Applicable Laws or which is normal domestic waste water for the type of business contemplated by this Lease to be conducted by Tenant on, in, at or from the Leased Property.
Any Hazardous Substance(s) toxic or hazardous sewage or waste which is produced or generated in connection with the use or operation of the Leased Property shall be handled and disposed of as required by and in strict compliance with all Applicable
Law(s), or shall be pre treated to the level of domestic wastewater, as specified by Applicable Law(s), prior to discharge into any septic facility or sanitary sewer system serving the Leased Property. 

4.2.2 Tenant acknowledges and understands that Landlord has or shall be conducting surveys of all Leased Property improvements for
asbestos/asbestos containing materials (“ACM”) and suspect lead based paint (“LBP”) (collectively, “HUD Materials”), including preparation of an ACM survey and LBP survey
prepared by an EP in accordance with any and all guidelines and/or regulations promulgated by the applicable Governmental Authorities associated with HUD Materials and all Applicable Laws. If Landlord determines, in its sole discretion, that HUD
Materials are present based on any such ACM and/or LBP survey reports, Tenant covenants and warrants to Landlord that (a) Tenant shall, within fifteen (15) Business Days from the date of Tenant’s receipt of the ACM and/or LBP survey
reports, prepare and implement (including all required employee training), at Tenant’s sole cost and expense and using an EP pre-approved by and otherwise reasonably acceptable to Landlord, an operations and maintenance plan
(“O&M Plan”) to properly manage any and all the HUD Materials at the Leased Property in accordance with any and all guidelines promulgated by the applicable Governmental Authorities associated with HUD Materials and all
Applicable Laws, and (b) if any development, construction, renovation or any other work to be conducted on the Leased Property (collectively, “Site Development”) is reasonably likely to or actually disturbs, damages, or
otherwise adversely affects any HUD Materials on the Leased Property, Tenant shall adhere to the guidelines and/or regulations promulgated by the applicable Governmental Authorities and Applicable Laws in connection with Tenant’s timely, lawful
and proper abatement, management and removal of the HUD Materials prior to any such Site Development. Any and all abatement, management and removal of HUD Materials from the Leased Property shall be undertaken at Tenant’s sole cost, charge and
expense, which cost, charge and expense may be paid from the Reserve pursuant to Article 5 hereof. Tenant shall further be liable for any cost, charge, expense or other damages which Landlord incurs as a result of the failure of Tenant to
timely comply with its obligations, if any, under this Section 4.2.2. If Tenant fails to complete 

  
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and/or fully implement the O&M Plan, then Landlord shall have the right, but not the obligation, to undertake, complete and/or implement the O&M Plan, or any portion thereof, and all
costs and expenses incurred by Landlord in connection therewith shall be added to the Adjusted Lease Basis. The O&M Plan obligation shall terminate when all HUD Materials have been properly abated at and disposed of from the Leased Property.

 4.3 Continuous Operations. Tenant shall continuously operate the Leased Property in the manner required hereunder,
shall maintain sufficient skilled staff and employees, and shall maintain adequate levels and quality of P&E, to operate the Leased Property as herein required at its sole cost and expense throughout the entire Term of this Lease. Tenant shall
not enter into any management agreement with respect to the Leased Property unless such management agreement is approved in writing by Landlord, at Landlord’s sole and absolute discretion, and any such management agreement shall be expressly
subordinate to the interests of Landlord and the holder of any Facility Mortgage, and the payment of any management fees thereunder shall be expressly subordinate to payment of Rent under this Lease. 

4.4 Compliance With Restrictions, Etc. Tenant, at its sole cost and expense, shall comply in all respects with all Permitted
Encumbrances affecting the Leased Property and Tenant shall comply with and perform all of the obligations set forth under the same to the extent that the same are applicable to the Leased Property or to the extent that the same would, if not
complied with or performed, impair or prevent the continued use, occupancy and operation of the Leased Property for the purposes set forth in this Lease; provided, however, the foregoing shall not require Tenant to perform any of
Landlord’s obligations under any Permitted Encumbrance relating to a Facility Mortgage or any other financing incurred by Landlord. Further, in addition to Tenant’s payment obligations under this Lease, Tenant shall pay all sums charged,
levied or assessed under any Permitted Encumbrances (other than any encumbrances relating to a Facility Mortgage or any other financing incurred by Landlord) promptly as the same become due and shall, upon receipt of written request by Landlord,
promptly furnish Landlord evidence of payment thereof. 
 4.5 Standard of Operation. Throughout the Term of this Lease,
Tenant shall continuously operate (except during a Force Majeure Event) the Business and the Leased Property in full compliance with the terms hereof in a manner consistent with the level of operation maintained as of the Effective Date, as may be
improved from time to time, including, without limitation, the following: 
 (a) to operate the Leased Property
and the Business in a prudent manner and in compliance with Applicable Laws, Accessibility Laws, Legal Requirements and regulations relating thereto, and maintain all Permits and any other agreements necessary for the use and operation of the
Business; 
 (b) to maintain sufficient P&E and Inventory of types and quantities for the Business to enable
Tenant adequately to operate the Business; 
 (c) to keep all Leased Improvements and P&E located on the Land
or used or useful in connection with the Business in good repair, working order and condition, reasonable wear and tear excepted, and from time to time make all needed and proper repairs, renewals, replacements, additions and improvements thereto to
keep the same in good operating condition; 

  
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 (d) to maintain sufficient working capital to operate the Leased Property as
herein required (working capital shall mean assets which are reasonably necessary and used for the day to day operation of the Leased Property, including, without limitation, (i) amounts sufficient for the maintenance of change and petty cash
funds, amounts deposited in operating bank accounts, receivables, prepaid expenses, and (ii) funds required to (A) maintain Inventory, (B) pay all Operating Expenses as they become due, less accounts payable and accrued current
liabilities, and (C) maintain the Leased Property in good repair, working order and condition); 
 (e) to
keep, maintain, operate, and use the Leased Property and Business in compliance with the terms hereof, and at the level of operation conducted at the Facility as of the Effective Date; 

(f) to recruit, train and employ appropriate personnel, and, if applicable, retain management services from an Affiliate
or other qualified operator or service provider, approved by Landlord, for same; provided that to the extent an Affiliate is engaged to provide services upon the Leased Property, such Affiliate shall be compensated at the prevailing market rates for
the area in which the Facility is located; and further provided that Tenant shall not enter into any agreement with an Affiliate or otherwise which purports to obligate Landlord or which survives the expiration or earlier termination of this Lease
without the prior written approval of Landlord. The Agreements with the Affiliates referenced in Exhibit I attached hereto and made a part hereof are deemed approved by Landlord; and 

(g) to provide prompt written notice to Landlord of material or extraordinary developments, lawsuits, violation of any
Legal Requirements and fines relating to the use and operation of the Leased Property or the Business. 
 4.6 Standards, Not
Control. Landlord and Tenant stipulate and agree that the means, pricing, policies, and methods used and actions taken to operate the Business are within the sole control and election of Tenant, and are not specified by or under the control of
Landlord. Accordingly, Landlord shall have no responsibility for any action taken by Tenant in order to manage or operate the Business. 
 4.7 Survival. As to conditions and uses of Tenant existing or occurring prior to the expiration or sooner termination of this Lease, the provisions of this Article 4 shall survive the
expiration or sooner termination of this Lease. 

  
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 ARTICLE 5 
 MAINTENANCE AND REPAIRS 
 5.1 Tenant’s Obligations. 

5.1.1 Tenant shall, at its sole cost and expense, keep the Leased Property in good working order and repair, and shall promptly make all
necessary and appropriate repairs and replacements thereto of every kind and nature reasonably required for the standard of operation for the Business as set forth herein, whether interior or exterior, structural or nonstructural, foreseen or
unforeseen or arising by reason of a condition existing prior to the commencement of the Term and whether or not necessitated by siltation, wear, tear, acts of God, obsolescence or defects, latent or otherwise, and shall use all reasonable
precautions to prevent damage or injury. All repairs shall be made in a good, workmanlike manner, consistent with the standards generally employed by owners and operators of senior living facilities comparable to the Facility, as may be improved
from time to time, in accordance with all applicable federal, state and local statutes, ordinances, by laws, codes, rules and regulations relating to any such work. 
 5.1.2 Tenant shall also, at its sole cost and expense, put, keep, replace and maintain Tenant’s Personal Property in good repair and in good, safe and substantial order, howsoever the necessity or
desirability for repairs may occur, and whether or not necessitated by wear, tear, obsolescence or defects. Tenant may at any time and from time to time remove and dispose of any of Tenant’s Personal Property which is either (i) obsolete
or unfit for use or which is no longer useful in the operation of the Business or (ii) not reasonably required for the operation of the Business as required herein. 
 5.1.3 In addition to the foregoing, Tenant shall, at its sole cost and expense, comply with and perform any maintenance obligations and/or requirements set forth in any and all applicable agreements or
permits concerning storm water control or drainage procedures and any agreements or permits applicable to any rights in or to navigable waters associated with or related to the Leased Property or the operation thereof. 

5.2 Reserve 
 5.2.1 Landlord shall establish an interest bearing reserve account (the “Reserve”) in a bank designated by Landlord. All interest earned on the funds in the Reserve shall be added
to and remain a part of the Reserve. Both Tenant and Landlord shall be signatories on the Reserve, such that any withdrawals, whether by check, wire or otherwise, shall require approval of both Tenant and Landlord (such approval not to be
unreasonably withheld, conditioned or delayed), provided, however, in the event Tenant has committed an uncured Event of Default, only Landlord’s signature and approval shall be required to withdraw funds from the Reserve. Such account shall be
established in Landlord’s name and control for the purposes set forth in this Lease. The purpose of the Reserve is to cover the cost of the following, to the extent carried out in accordance with this Lease (collectively, “Reserve
Expenditures”): 
 (a) replacements (including P&E Replacements) and renewals and additions to
the P&E located at the Land or used in connection with the Business (other than food and beverages located at any restaurant operated in connection with the Business); and 

(b) repairs, alterations (including any Permitted Renovations contemplated by Section 6.2 hereof, subject to
the provisions of Section 6.2.2 hereof), improvements, renewals, replacements and additions, whether routine, non routine or major, to the 

  
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Leased Improvements, including without limitation, those required in order to cause the Leased Property to comply with Applicable Laws and those which are normally capitalized under GAAP such as
maintenance, renovations, repairs, alterations, improvements, renewals, replacements and additions to (i) any structures, including bearing walls, foundations, exterior facades, interior walls, roofs and ceilings, any mechanical, electrical,
heating, ventilating, air conditioning, plumbing and vertical transportation elements of the Leased Improvements, and all other related improvements and facilities; and (ii) signage, storm drain system, parking lot and related facilities and
all other related improvements and facilities, which expenditures Tenant reasonably believes should be made for the Leased Property for the following Fiscal Year in order to maintain the Leased Property in a commercially reasonable condition
consistent with the standard of operation for the Business required herein. 
 (c) In accordance with the terms
of Section 4.2.2 hereof, any abatement, management, cleanup, removal or remediation work with respect to any Hazardous Substances, including, without limitation any HUD Materials. 

5.2.2 On or before the tenth (10th) Business Day following the end of each Accounting Period during the Term hereof, Tenant shall transfer into the
Reserve an amount equal to one twelfth (1/12) of the Reserve Payment. The term “Reserve Payment” shall mean Three Hundred and No/100 Dollars ($300.00) per unit per annum during the period commencing on the Effective Date
and ending on the day immediately preceding the first day of the month which is twelve (12) months after the Effective Date (the “First Anniversary”), and, thereafter, on each anniversary of the Effective Date other than
the First Anniversary (each, an “Adjustment Date”), by any increase in the Index during the preceding 12-month period, as determined calculating a fraction, the numerator of which shall be (a) the Index most recently
published immediately prior to the particular Lease Year in question, minus (b) the Index most recently published immediately prior to the immediately preceding Lease Year, and the denominator of which shall be the Index most recently published
immediately prior to the immediately preceding Lease Year; provided, however, in no event shall any such annual increase exceed two and one-half percent (2.5%) per annum. Mathematically, the Index increase calculation may be expressed as
(current Index – last year Index) last year Index. Notwithstanding anything to the contrary in this Section 5.2.2, in the event that an amount different than the Reserve Payment set forth above is set forth in a Reserve Budget, or a
greater amount is required by the lender holding the first Mortgage on the Facility, then the Reserve Payment shall be such different or greater amount, as the case may be. 
 5.2.3 On or before December 1 of each Fiscal Year (and within sixty (60) days of the Effective Date for the first Fiscal Year), Tenant shall prepare an estimate (the “Reserve
Budget”) of Reserve Expenditures anticipated during the ensuing Fiscal Year, and shall submit such Reserve Budget to Landlord for its review. Such Reserve Budget shall reflect by category the projected budget for Reserve Expenditures
for the Leased Property and assumptions on the basis of which such categories were prepared in narrative form if necessary, including separate budget items for all projected expenditures for replacements, substitutions and additions to Tenant’s
Personal Property. Tenant shall provide to Landlord reasonable additional detail, information and assumptions used in the preparation of the Reserve Budget as requested by 

  
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Landlord, and shall also submit to Landlord with the Reserve Budget good faith longer range projections of planned Reserve Expenditures for an additional three (3) Fiscal Years. Tenant shall
review the Reserve Budget with Landlord, and subject to Landlord’s approval, Tenant shall implement such Reserve Budget for the successive Fiscal Year (during which it shall, if approved by Landlord, be referred to as the “Approved
Reserve Budget”). In addition, Landlord shall have the right to reasonably disapprove any expenditures to be made pursuant to the Reserve Budget which are not in compliance with Applicable Laws. Further, Landlord’s approval of any
expenditure pursuant to the Reserve Budget shall not be, or be deemed to be, an assumption by Landlord of any liability in connection with the expenditures made. Pending resolution of any dispute, the specific disputed item of the Reserve Budget
shall be suspended and replaced for the Fiscal Year in question by an amount equal to the lesser of (a) that proposed by Tenant for such Fiscal Year, or (b) such budget item for the Fiscal Year prior thereto. Subject to the terms of this
Section 5.2.3, Tenant shall not deviate from the Approved Reserve Budget without the prior approval of Landlord, except in the case of an emergency where immediate action is necessary to prevent imminent danger to person or property (an
“Emergency”). In such circumstances, Tenant shall use good faith efforts to obtain the approval of Landlord if practicable and if such efforts would not pose a risk to the condition of the Leased Property or harm to any
person, and in any event provide notice to Landlord as promptly as possible of such expenditure, the amount of and the reason for the same. 
 5.2.4 Tenant shall, consistent with the Approved Reserve Budget, from time to time make Reserve Expenditures from the Reserve as it reasonably deems necessary in accordance with Section 5.2
and Section 5.2.3. Tenant shall provide to Landlord, within thirty (30) days after the end of each Accounting Period, an itemized statement setting forth Reserve Expenditures made to date during the Fiscal Year, including
appropriate supporting documentation such as receipts, invoices or other relevant information required to support and account for such Reserve Expenditures. 
 5.2.5 In the event Reserve Expenditures not otherwise provided for in the Approved Reserve Budget are required (a) as a result of Legal Requirements, a Force Majeure Event and/or are otherwise
required for the continued safe and orderly operation of the Leased Property, (b) due to an Emergency threatening the Leased Property, its guests, invitees or employees, or (c) because the continuation of a given condition will subject
Tenant or Landlord to civil or criminal liability (“Unforeseen Reserve Expenditures”), Tenant shall give Landlord Notice thereof, which Notice shall set forth in reasonable detail the nature of the Unforeseen Reserve
Expenditures and the estimated cost thereof, and Landlord agrees that it shall not unreasonably withhold, condition or delay its approval of such Unforeseen Reserve Expenditures. 

5.2.6 In the event funds in the Reserve shall be insufficient, or are reasonably projected by Tenant to be insufficient for necessary and
permitted Reserve Expenditures, including, without limitation, Unforeseen Reserve Expenditures as set forth under Section 5.2.5 hereof (collectively, “Unfunded Reserve Expenditures”), Tenant shall give Landlord
Notice thereof, which Notice shall set forth in reasonable detail the nature of the Unfunded Reserve Expenditures and the estimated cost thereof, and Landlord, in Landlord’s sole and absolute discretion, shall approve and fund the amount
necessary to pay for such Unfunded Reserve Expenditures and the amounts so funded shall constitute part of Landlord’s Additional Investment. 

  
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 5.2.7 All interest earned on the Reserve shall be added to and become a part thereof, and
all P&E Replacements purchased with funds from the Reserve shall be and remain the property of Landlord and shall be treated as Leased Property pursuant to Section 2.1(e). All funds in the Reserve shall be the property of Landlord
throughout the Term and upon expiration or earlier termination of this Lease, subject to Section 5.2.8 below and Tenant’s rights to use the same in accordance with this Article 5. 

5.2.8 It is understood and agreed that, during the Term, the Reserve shall be maintained and used solely in connection with the Leased
Property. At the end of each Accounting Period, any amounts remaining in the Reserve shall be carried forward to the next Accounting Period, but Tenant shall not receive a credit for such remaining amounts against the Reserve Payment to be deposited
by Tenant in such next Accounting Period. If this Lease is terminated or for any reason expires prior to the end of any applicable Term, all funds remaining in the Reserve (“Unexpended Reserve Funds”) shall be retained by
Landlord as the sole and exclusive property of Landlord; if this Lease expires by its own terms, the Unexpended Reserve Funds, less an amount to cover the costs of any deferred maintenance, shall be paid to the Tenant and the sole and exclusive
property of Tenant. 
 5.2.9 If Landlord wishes to grant a security interest in or create another encumbrance on its interest in
the Reserve in connection with a Facility Mortgage, including all or any part of the existing or future funds therein, or any general intangible in connection therewith, the instrument granting such security interest or creating such other
encumbrance shall expressly provide that such security interest or encumbrance is prior in right to the rights of Tenant with respect to the Reserve as set forth herein. 
 5.3 Landlord Funding. If Landlord provides Landlord’s Additional Investment to fund the costs of construction, renovation and/or refurbishment, as applicable, with respect to the Leased
Property (an “Improvement Project”), Landlord and Tenant acknowledge and agree that (a) all amounts funded by Landlord in connection with such Improvement Project shall be deemed and treated as Landlord’s Additional
Investment and shall be added to and become part of the Adjusted Lease Basis, (b) all amounts disbursed by Landlord in connection with such Improvement Project shall be used by Tenant solely in connection with the Permitted Renovations to the
Leased Property approved in writing by Landlord in connection with such Improvement Project, (c) the terms, conditions, rights and obligations of Tenant and Landlord, as applicable, set forth in this Section 5.3 shall be complied
with in all respects by Tenant and Landlord, as applicable, with respect to such Improvement Project, and (d) all improvements and personal property acquired in connection with such Improvement Project shall be the property of Landlord and
shall be part of the Leased Property hereunder. 

  
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 ARTICLE 6 
 IMPROVEMENTS, ETC. 
 6.1 Prohibition. Except for Minor Alterations
as hereinafter expressly provided in Section 6.2, no portion of the Leased Property shall be demolished, removed or altered by Tenant in any manner whatsoever without the prior written consent and approval of Landlord. Tenant shall be
entitled and obligated to undertake all alterations to the Leased Property required by any Legal Requirements and, in such event, Tenant shall comply with the provisions of Section 6.2 below. 

6.2 Permitted Renovations. The activities permitted pursuant to Section 6.2.1 and Section 6.2.2 below
shall collectively constitute “Permitted Renovations”. 
 6.2.1 Minor Alterations. Landlord
acknowledges that certain minor alterations and renovations to the Leased Improvements may be undertaken by Tenant from time to time (“Minor Alterations”). Landlord hereby agrees that Tenant shall be entitled to perform such
Minor Alterations on or about the Leased Improvements without the prior approval of Landlord; provided, however, that the cost of each Minor Alteration shall not exceed One Hundred Thousand and No/100 Dollars ($100,000.00), and the
same shall not weaken or impair the structural strength of any buildings or other structural improvements which constitute part of the Leased Improvements, or alter their design or appearance (including, but not limited to, a reduction in the number
of units), materially impair the use of any of the service facilities located on the Leased Property, or fundamentally affect in any detrimental manner the character or suitability of, the Leased Improvements for the Permitted Use above, or
materially lessen or impair the value thereof. If Tenant elects to perform any Minor Alterations, the cost thereof shall be borne by Tenant and accounted for in accordance with GAAP unless the cost of such Minor Alteration constitutes an approved
Reserve Expenditure, an Unforeseen Reserve Expenditure which has been approved by Landlord pursuant to Section 5.2.5 or an Unfunded Reserve Expenditure which has been approved by Landlord pursuant to Section 5.2.6.

 6.2.2 Additions, Expansions and Structural Alterations. All alterations, additions, expansions and renovations to the
Leased Improvements which do not qualify as Minor Alterations shall constitute “Major Alterations.” Except as expressly permitted in Section 6.1 and Section 6.2.1 above, nothing in this Article
6 or elsewhere in this Lease shall be deemed to authorize Tenant to perform any Major Alterations; it being understood that Tenant may do so only with the prior written consent and approval of Landlord, which consent and approval may be withheld
by Landlord in its sole and absolute discretion, and may be conditioned upon the payment by Tenant to Landlord of all reasonable costs incurred by Landlord in evaluating the same, providing additional insurance and such other conditions as Landlord
may impose. If Tenant elects to perform any Major Alterations, the cost thereof shall be borne by Tenant unless the Major Alteration constitutes an Improvement Project which has been approved by Landlord pursuant to Section 5.3.1, an
approved Reserve Expenditure or an Unforeseen Reserve Expenditure which has been approved by Landlord pursuant to Section 5.2.5 or an Unfunded Reserve Expenditure which has been approved by Landlord pursuant to Section 5.2.6
or involves the use of insurance proceeds to repair, replace or reconstruct following any damage or destruction. 

  
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 6.3 Conditions to Reserve Expenditures and Permitted Renovations. In connection with
any Reserve Expenditures Permitted Renovations pursuant to the Approved Reserve Budget, Tenant shall satisfy the following conditions: 
 (a) Except in the case of Minor Alterations, before the commencement of any Permitted Renovations, plans and specifications therefor or a detailed itemization thereof prepared by a licensed architect
reasonably approved by Landlord or other design professional appropriate under the circumstances reasonably approved by Landlord shall be furnished to Landlord for its review and approval, which approval shall not be unreasonably withheld,
conditioned or delayed. Such approval shall not constitute Landlord’s agreement that such plans and specifications are in compliance with Applicable Laws or an assumption by Landlord of any liability in connection with the Permitted Renovations
contemplated thereby. In the case of Minor Alterations, to the extent applicable, Tenant shall furnish to Landlord a complete set of plans and specifications therefore or a detailed itemization thereof for its records. 

(b) To the extent required by any Legal Requirements and Applicable Laws, before the commencement of any such work, Tenant
shall obtain the approval thereof by all Governmental Agencies having or claiming jurisdiction of or over the Leased Property, and with any public utility companies having an interest therein. In connection with any such work Tenant shall comply
with all Legal Requirements and Applicable Laws, of all other Governmental Agencies having or claiming jurisdiction of or over the Leased Property and of all their respective departments, bureaus and offices, and with the requirements, if any, of
such public utilities, of the insurance underwriting board or insurance inspection bureau having or claiming jurisdiction, or any other body exercising similar functions, and of all insurance companies then writing policies covering the Leased
Property or any part thereof. 
 (c) Tenant represents and warrants to Landlord that all such work will be
performed in a good and workmanlike manner and in accordance with the plans and specifications required under this Section 6.3 therefor, the terms, provisions and conditions of this Lease and all governmental requirements. 

(d) Landlord, at its sole cost and expenses and upon not less than twenty-four (24) hours Notice to Tenant, shall
have the right to inspect any such work at all times during normal working hours using such inspector(s) as it may deem necessary so long as such inspections do not unreasonably interfere with Tenant’s work (but Landlord shall not thereby
assume any responsibility for the proper performance of such work in accordance with the terms of this Lease, nor any liability arising from the improper performance thereof). 

(e) All work comprising a part of the Permitted Renovations or other work pursuant to which Reserve Expenditures are used,
shall, subject to Section 7.1 hereof, be performed free of any Liens on Landlord’s fee simple and/or leasehold interest, or Tenant’s leasehold interest, in the Leased Property. 

  
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 (f) To the extent required by any Legal Requirements or Applicable Laws,
upon substantial completion of any Permitted Renovations or other work pursuant to which Reserve Expenditures are used, Tenant shall procure a certificate of occupancy, certificate of completion or other final approvals, if applicable, from the
appropriate Governmental Agencies and provide copies of same to Landlord 
 (g) Tenant shall, and hereby agrees
to, indemnify, save, pay, insure and hold Landlord and its Affiliated Parties harmless from and against and reimburse Landlord for any and all loss, damage, cost, liability, fee and expense (including, without limitation, reasonable attorney’s
fees based upon service rendered at hourly rates) incurred by or asserted against Landlord which is occasioned by or results, directly or indirectly, from any such work conducted upon the Leased Property; whether or not the same is caused by, or is
the fault of Tenant or any agent, employee, manager, contractor, subcontractor, laborer, supplier, materialmen or any other third party; provided, however, Tenant shall not be obligated to indemnify Landlord from any loss as aforesaid
caused by Landlord’s gross negligence or willful misconduct. 
 6.4 Salvage. Other than Tenant’s Personal
Property, all materials which are scrapped or removed in connection with maintenance and repair performed pursuant to Article 5 and the making of Permitted Renovations pursuant to this Article 6 shall be disposed of by Tenant and the
net proceeds thereof, if any, shall be deposited in the Reserve. 
 6.5 Project Budget Overruns. Other than as
specifically set forth herein, Landlord shall not be responsible for the cost of any Improvement Projects or Permitted Renovations contemplated or permitted hereby. Landlord shall have the right to review and approve a budget for any Improvement
Projects or Permitted Renovations which Landlord agrees to fund. With respect to any Improvement Project or Permitted Renovation which Landlord agrees to fund, all such amounts shall be added to and become a part of the Adjusted Lease Basis, as more
particularly described in Section 5.3 hereof. In the event Landlord agrees to fund any Improvement Project or Permitted Renovation, Landlord agrees that it will fund up to ten percent (10%) in excess of the original approved budget,
but shall have no responsibility to fund any costs which, in the aggregate, exceed one hundred and ten percent (110%) of the approved budgeted amount for such Improvement Project or Permitted Renovation. To the extent that Tenant requests that
Landlord fund and Landlord agrees to fund such amounts in excess of one hundred and ten percent (110%) of the approved budgeted amount for any Improvement Project or Permitted Renovation, one hundred fifty percent (150%) of such excess
amounts funded by Landlord shall be added to and become a part of Adjusted Lease Basis. Notwithstanding the foregoing, even in the event Tenant does not request Landlord to fund such excess, Tenant shall remain obligated to diligently complete any
such Improvement Project or Permitted Renovation in a timely and workmanlike manner, consistent with all Landlord approved plans and specifications and in conformance with all Applicable Laws. Tenant acknowledges that any expenditure in excess of
one hundred and ten percent (110%) of the approved budgeted amount for such Improvement Project or Permitted Renovation, and any other expenditure for Improvement Projects or Permitted Renovations, may be subject to Landlord obtaining the
approval of such expenditure by the board of directors of the Parent of Landlord. 

  
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 ARTICLE 7 
 LANDLORD’S INTEREST NOT SUBJECT TO LIENS 
 7.1 Liens,
Generally. Tenant shall not, directly or indirectly, create or cause to be imposed, claimed or filed upon the Leased Property, or any of Tenant’s assets, properties or income or any portion thereof related to the Leased Property or upon the
interest of Landlord therein, any Lien of any nature whatsoever, except upon Landlord’s prior written consent which consent may be withheld in Landlord’s sole and absolute discretion. If, because of any act or omission of Tenant, any such
Lien shall be imposed, claimed or filed by any party whosoever or whatsoever, Tenant shall, at its sole cost and expense, cause the same to be promptly (and in no event later than thirty (30) days following receipt of notice of such Lien) fully
paid and satisfied or otherwise promptly discharged of record (by bonding or otherwise) and Tenant shall indemnify, save, pay, insure and hold Landlord harmless from and against any and all costs, liabilities, suits, penalties, claims and demands
whatsoever, and from and against any and all reasonable attorney’s fees, at both trial and all appellate levels, resulting or on account thereof and therefrom. In the event that Tenant shall fail to comply with the foregoing provisions of this
Section 7.1, Landlord shall have the option, but not the obligation, of paying, satisfying or otherwise discharging (by bonding or otherwise) such Lien and Tenant agrees to reimburse Landlord, upon demand and as an Additional Charge, for
all sums so paid and for all costs and expenses incurred by Landlord in connection therewith, together with interest thereon, until paid. 
 7.2 Construction or Mechanics Liens. Landlord’s interest in the Leased Property shall not be subjected to Liens of any nature by reason of Tenant’s construction, alteration, renovation,
repair, restoration, replacement or reconstruction of any improvements on or in the Leased Property, or by reason of any other act or omission of Tenant (or of any person claiming by, through or under Tenant) including, but not limited to,
construction, mechanics’ and materialmen’s liens. All persons dealing with Tenant are hereby placed on notice that such persons shall not look to Landlord or to Landlord’s credit or assets (including Landlord’s interest in the
Leased Property) for payment or satisfaction of any obligations incurred in connection with the construction, alteration, renovation, repair, restoration, replacement or reconstruction thereof by or on behalf of Tenant. Tenant has no power, right or
authority to subject Landlord’s interest in the Leased Property to any construction, mechanic’s or materialmen’s lien or claim of lien. If a Lien, a claim of lien or an order for the payment of money shall be imposed against the
Leased Property on account of work performed, or alleged to have been performed, for or on behalf of Tenant, Tenant shall, within thirty (30) days after written notice of the imposition of such Lien, claim or order, cause the Leased Property to
be released therefrom by the payment of the obligation secured thereby or by furnishing a bond or by any other method prescribed or permitted by Applicable Laws. If a Lien is released, Tenant shall thereupon furnish Landlord with a written
instrument of release which has been recorded or filed in the appropriate office of land records of the County in which the Leased Property is located, and otherwise sufficient to establish the release as a matter of record. Before commencing any
work relating to alterations, additions, or improvements affecting the Leased Property (other than Minor Alterations), Tenant shall notify Landlord in writing of the expected date of commencement thereof. Landlord shall then have the right at any
time and from time to time to post and maintain on the Land and Leased Improvements such notices as Landlord reasonably deems necessary to protect the 

  
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Leased Property and Landlord from mechanics’ liens, materialmen’s liens, or any other Liens. In any event, Tenant shall pay when due all claims for labor or materials furnished to or
for Tenant at or for use in the Land and Leased Improvements. Tenant shall not permit any mechanics’ or materialmen’s liens to be levied against the Leased Property for any labor or material furnished to Tenant or claimed to have been
furnished to Tenant or to Tenant’s agents or contractors in connection with work of any character performed or claimed to have been performed on the Land or the Leased Improvements by or at the direction of Tenant, and shall immediately cause
the release of any such Liens as provided hereinabove. 
 7.3 Contest of Liens. Tenant may, at its option, contest the
validity of any Lien or claim of lien if Tenant shall have first posted an appropriate and sufficient bond in favor of the claimant or paid the appropriate sum into court, if permitted by and in strict compliance with Applicable Laws, and thereby
obtained the release of the Leased Property from such Lien. If judgment is obtained by the claimant under any Lien, Tenant shall pay the same immediately after such judgment shall have become final and the time for appeal therefrom has expired
without appeal having been taken. Tenant shall, at its sole cost and expense, using counsel reasonably approved by Landlord, diligently defend the interests of Tenant and Landlord in any and all such suits; provided, however, that
Landlord may, nonetheless, at its election and expense, engage its own counsel and assert its own defenses, in which event Tenant shall cooperate with Landlord and make available to Landlord all information and data which Landlord deems necessary or
desirable for such defense. 
 7.4 Notices of Commencement of Construction. Notwithstanding anything to the contrary
contained in Ohio Revised Code Section 1311.01 et seq. or in this Lease, Tenant shall not be deemed to be a partner, joint venturer or agent of Landlord. Tenant agrees that it shall not enter into any contract for improvements to the
Leased Property unless the following language is included in such contract: 
 “Notwithstanding anything herein contained to
the contrary, the contractor acknowledges that (insert name of Tenant) holds only a leasehold interest in the property which is the subject of this contract. (Name of Tenant) is not the agent of the owner of the property, and no lien resulting from
work performed under this contract shall attach to the interest of such owner.” 
 Tenant shall not permit any work to be
commenced until such time as Tenant has provided Landlord with a fully executed copy of the construction contract evidencing incorporation of the aforesaid language. In addition, prior to the performing of any labor or work or the furnishing of any
material for an improvement to the Leased Property, Tenant shall: (i) post the following notice in a conspicuous place on the Leased Property, and shall assure that such notice is maintained throughout the entire course of construction:

 NOTICE TO CONTRACTORS, SUBCONTRACTORS, 
 MATERIALMEN AND LABORERS 
 Notice is hereby given that work on
(description of job) is being performed for (name of Tenant). (Name of Tenant) is not the 

  
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agent of the owner of this property, and any lien rights shall be limited to the leasehold estate of (name of Tenant) and shall in no event attach to the interest of the owner. 

and (ii) comply with all requirements of Section 1311.04 of the Ohio Revised Code relative to recording and posting of a “Notice of
Commencement”. Tenant shall also provide Landlord with a copy of the recorded “Notice of Commencement”, within thirty (30) days of the recording of same, or fails to record said “Notice of Commencement” within ten
(10) days of the performance of any labor or work or the furnishing of any materials, then, in addition to any other remedies that may be available to Landlord, including the termination of this Lease by Landlord, Tenant shall pay to Landlord,
in addition to all other amounts payable hereunder $500 for each day subsequent to Tenant’s failure to record said “Notice of Commencement” as required pursuant to Section 1311.04 of the Ohio Revised Code. 

ARTICLE 8 

TAXES AND ASSESSMENTS 
 8.1 Obligation to Pay Taxes and Assessments. Throughout the entire Term, Tenant shall bear, pay and discharge as Additional Charges and not later than the last day on which payment may be made
without penalty or interest, any and all taxes, assessments, charges, levies, fees (including, without limitation, license, permit, inspection, authorization and similar fees) and other impositions and charges of every kind and nature whatsoever,
extraordinary as well as ordinary, foreseen or unforeseen, and each and every installment thereof which shall or may during or with respect to the Term hereof accrue and/or be charged, laid, levied, assessed, or imposed upon, or arise in connection
with, the use, occupancy, operation or possession of the Leased Property or any part thereof or the Business conducted thereon, including, without limitation, ad valorem real and personal property taxes, all taxes charged, laid, levied, assessed or
imposed in lieu of or in addition to any of the foregoing by virtue of all present or future laws, ordinances, requirements, orders, directions, rules or regulations of Governmental Agencies, and all assessments and charges imposed pursuant to the
Permitted Encumbrances (other than those relating to a Facility Mortgage or other financing of Landlord) or other documents of record affecting title to the Leased Property, with the understanding that any such Additional Charge that relates to any
period prior to the expiration of the Term or the earlier termination of this Lease which does not become due and payable until after such expiration or termination shall be the responsibility of Tenant. Tenant shall prepare and timely file all
applicable returns required with respect to such taxes, assessments, impositions or charges, including, without limitation, all personal property tax returns required in connection with the Leased Property. Upon Landlord’s request, Tenant shall
promptly furnish to Landlord satisfactory evidence of the payment of all such taxes, assessments, impositions or charges and copies of any such returns filed. Notwithstanding the foregoing, Tenant shall not be responsible for Additional Charges due
and payable after the expiration of the Term to the extent that the same relate and apply interests and benefits accruing to Landlord after the Term. Tenant shall have no right to approve any Facility Mortgage or other documents relating to
indebtedness of Landlord and Tenant shall have no responsibility to pay any tax, charge or imposition levied with respect to any Facility Mortgage. 

  
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 8.2 Tenant’s Right to Contest Taxes. Notwithstanding the foregoing, Tenant shall
have the right, after prior written notice to Landlord, to contest at its own expense the amount and validity of any taxes affecting the Leased Property by appropriate proceedings under Applicable Laws conducted in good faith and with due diligence
and to postpone or defer payment thereof, provided and so long as: 
 (a) Such proceedings shall operate to
suspend the collection of such taxes with respect to the Leased Property; 
 (b) Neither the Leased Property nor
any part thereof would be in immediate danger of being forfeited or lost by reason of such proceedings, postponement or deferment; and 
 (c) Tenant shall have furnished Landlord with security for payment of the contested taxes which is satisfactory to Landlord, and, in the event that the preconditions set forth in (a) and
(b) above are no longer met, Landlord shall have the right to draw upon such security to pay and discharge the taxes in question and any Liens against the Leased Property arising thereunder. 

8.3 Tax and Insurance Escrow Account. During the existence of any Event of Default hereunder, or upon request of a Mortgagee,
Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the “Tax and Insurance Account”) to be established by
Tenant with a lending institution or other third party escrow agent designated by Landlord (which Tax and Insurance Account shall not be removed from such lending institution or other third party escrow agent without the express prior approval of
Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and Article 9 hereof (other than worker’s compensation insurance premiums) with respect to real
estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the “Tax and Insurance Escrow Amount”). During each month commencing with the first full calendar month following
the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one twelfth of the Tax and Insurance Escrow Amount so that as each installment of insurance premiums and real estate taxes becomes due and payable,
there are sufficient funds in the Tax and Insurance Account to pay the same. If the amount of such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is to be paid,
Landlord shall require payment of the Tax and Insurance Escrow Amount based upon the amount of premiums and real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such premiums and real estate taxes are
ascertained by Tenant. The Tax and Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant’s obligations hereunder and shall be subject to Landlord’s security
interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord’s security
interest in the Tax and Insurance Account. 

  
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 ARTICLE 9 
 INSURANCE 
 9.1 General Insurance Requirements. At Landlord’s
request, Tenant shall, at all times during the Term and at any other time Tenant shall be in possession of the Leased Property, keep the Leased Property and all property located therein or thereon, insured against the following risks in the
following amounts: 
 (a) Property insurance, (and to the extent applicable, Builder’s Risk
Insurance) including coverage for loss from fire, windstorm, hail, sprinkler leakage, vandalism and malicious mischief, water damage, and other risks including extended coverage written on an “All Risk” or Special Form on the Leased
Improvements (excluding foundations) and contents including coverage for signs, awnings, canopies, gazebos, fences and retaining walls in an amount equal to the full (100%) replacement value thereof without a co-insurance penalty (Agreed Value
endorsement). 
 (b) Flood Insurance, if the Facility is located in whole or in part within an area
identified as having a special flood hazard by the National Flood Insurance Program, with a $500,000 limit per commercial building, a $1,000,000 additional limit and a deductible acceptable to Landlord and such deductible is commercially reasonable
and maintained by owners of properties similar in type, location and quality. In the event that the deductible is deemed commercially unreasonable, any higher deductible must be acceptable to Landlord, which approval will not be unreasonably
withheld. 
 (c) Earthquake Insurance, if the Facility is located in whole or in part within an Earthquake
zone, with limits and deductibles acceptable to the Landlord and in accordance with that which is customarily carried by owners of properties similar in type, location and quality as the Leased Improvements. 

(d) Business Income including “extra expense” insurance to be written on an “All Risk” or
Special Form (and Earthquake and Flood forms if such insurance for those risks is required, it being understood earthquake and flood business income and extra expense are included in the earthquake and flood sub-limits) covering at least twelve
(12) months’ loss of profits and continuing expenses and must include coverage for an extended period of indemnity equal to or exceeding one hundred eighty (180) days. 

(e) Boiler & Machinery, providing insurance against loss from accidental damage to, or from the explosion
of, boilers, air conditioning systems, including refrigeration and heating apparatus, pressure vessels and pressure pipes and other similar apparatus in an amount equal to the full replacement value of such items with deductibles acceptable to
Landlord; including business interruption insurance against loss from these damages in an amount acceptable to Landlord. Coverage can be included in the Property policy with same terms & conditions as item (a) above. 

(f) Ordinance or Law Coverage with limits of not less than the full value of all the Improvements for Coverage A
(Loss to the undamaged portion of the building), limits of not less than $1,000,000 for Coverage B (Demolition Cost Coverage), and limits not less than $1,000,000 for Coverage C (Increased Cost of Construction Coverage). 

  
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 (g) All insurance policies, except earthquake and flood, procured under
clause (a) above shall provide terrorism coverage, to the extent available through the commercial insurance market or by Federal Act at rates, terms and conditions acceptable to Landlord. If Landlord requires terrorism insurance to be
procured by Tenant under clause (a) above, Landlord shall authorize Tenant to procure such coverage and Tenant shall provide Landlord said rates, terms and conditions of the terrorism insurance upon binding coverage for the Facility.

 (h) Commercial general liability which insures against claims for bodily injury, personal &
advertising injury and property damage (including loss of use resulting therefrom) arising out of the use, occupancy or maintenance of the Leased Property with limits not less than $1,000,000 per occurrence and $2,000,000 aggregate. Any general
liability aggregate will apply on a per location basis. This coverage must be written on ISO CG0001 or its equivalent. This coverage must include contractual liability, products/completed operations liability (unless otherwise agreed by lender), and
broad form property damage and must contain an exception to any pollution exclusion which insures damage or injury arising out of heat, smoke, or fumes from a hostile fire. Such insurance must be written on an occurrence basis. Liability insurance
maintained by Tenant will be primary coverage naming the mortgagee as an additional insured, without right of contribution by any similar insurance that may be maintained by Landlord. Coverage for sexual/physical abuse or molestation should be
included. 
 (i) Commercial automobile liability, insurance insuring against bodily injury and property
damage claims arising out of Tenant’s ownership, maintenance or use of any owned, non-owned or rented/hired vehicle. A minimum of $1,000,000 combined single limit will apply. 

(j) Crime insurance in an amount acceptable to Landlord and Tenant; provided that maintenance of the deductible
shall be commercially reasonable and shall be maintained by owners of properties similar in type, location and quality as the Facility. 
 (k) Workers’ Compensation and Employers Liability. Workers’ Compensation insurance shall be in the form and amount required by State Statute. The Employers Liability minimum limits
required are $1,000,000 Each Accident; $1,000,000 Disease-Policy Limit; and $1,000,000 Disease-Each Employee. 

(l) Employment Practices Liability Insurance with limits in an amount acceptable to Landlord, and includes coverage
for a third party. 
 (m) Professional Liability coverage for claims arising as a result of alleged
negligence, dishonesty, errors or omissions while performing or rendering professional services with limits of not less than $1,000,000 per occurrence and $2,000,000 per aggregate. 

  
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 (n) Umbrella/Excess liability with limits of not less than
$10,000,000 per occurrence/aggregate with terms at least as broad as the underlying commercial general liability; automobile liability, and employer’s liability. 

(o) Mortgagee Provisions, (if applicable) which must match standard clause of ISO forms of Lender’s Loss Payable
clause as further described in section D of ISO form CP 12 18 (06 07); a copy of which must be included with the certificate of insurance. 
 (p) Such additional insurance or increased insurance limits as may be reasonably required, from time to time, by Landlord (including, without limitation, any mortgage, security agreement or other
financing permitted hereunder and then affecting the Leased Property, as well as any declaration, ground lease or easement agreement affecting the Leased Property), or any Mortgagee, provided the same is customarily carried by a majority of
comparable facilities in the area. 
 9.2 Waiver of Subrogation. Landlord and Tenant agree that with respect to any
property loss which is covered by insurance then being carried by Landlord or Tenant, respectively, the party carrying such insurance and suffering said loss releases the other of and from any and all claims with respect to such loss, and they
further agree that their respective insurance companies shall have no right of subrogation against the other on account thereof. 
 9.3 General Provisions. The property insurance deductible shall not exceed Fifty Thousand and No/100 Dollars ($50,000.00), unless such greater amount is agreeable to both Landlord and Tenant, or if
a higher deductible for high hazard risks (i.e., wind or flood) is mandated by the insurance carrier. All insurance policies pursuant to this Article 9 shall be issued by insurance carriers having a general policy holder’s rating of no
less than A-X in Best’s latest rating guide (if and when Mortgagee no longer requires such rating, the rating required by this Section shall be no less than A:VII in Best’s latest rating guide), and shall contain clauses or endorsements to
the effect that (a) Landlord shall not be liable for any insurance premiums thereon or subject to any assessments thereunder, and (b) the coverages provided thereby will be primary and any insurance carried by any additional insured shall
be excess and non-contributory to the extent of the indemnification obligation pursuant to Section 9.4 below. All such policies described in Section 9.1 shall name Landlord, CNL Healthcare Trust, Inc., a Maryland corporation,
or its designated Subsidiaries and Affiliates, and any Mortgagee whose name and address has been provided to Tenant as additional insureds, Mortgagee’s, lenders loss payees, or mortgagees, as their interests may appear and to the extent of
their indemnity. All loss adjustments shall be payable as provided in Article 10. Tenant shall deliver certificates of liability (Acord 25) and Evidence of Commercial Property Insurance (Acord 28) thereof to Landlord and Mortgagee prior to
their effective date (and, with respect to any renewal policy, no less than thirty (30) days prior to the expiration of the existing policy), which certificates shall state the nature and level of coverage reported thereby, as well as the
amount of the applicable deductible. Upon Landlord’s request, duplicate original copies of all insurance policies to be obtained by Tenant shall be provided to Landlord by Tenant. All such policies must provide Landlord (and any Mortgagee whose
name and address has been provided to Tenant if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. 

  
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 In the event Tenant shall fail to effect such insurance as herein required, to pay the
premiums therefor or to deliver such certificates to Landlord or any Mortgagee at the times required, Landlord shall have the right, but not the obligation, subject to the provisions of Section 12.4, to acquire such insurance and pay the
premiums therefor, which amounts shall be payable to Landlord, upon demand, as an Additional Charge, together with interest accrued thereon at the Overdue Rate from the date such payment is made until (but excluding) the date repaid. 

9.4 Indemnification of Landlord. Except as expressly provided herein, Tenant shall protect, indemnify, pay, save, insure, defend
and hold harmless Landlord for, from and against all liabilities, obligations, claims, damages, penalties, causes of action, costs and reasonable expenses (including, without limitation, reasonable attorneys’ fees), to the maximum extent
permitted by law, 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 of third parties occurring on or about the Leased Property or adjoining
sidewalks or rights of way under Tenant’s control during the Term, and (b) any use, misuse, condition, management, maintenance or repair by Tenant or anyone claiming under Tenant of the Leased Property or Tenant’s Personal Property
during the Term, or any litigation, proceeding or claim by Governmental Agencies relating to such use, misuse, condition, management, maintenance, or repair thereof to which Landlord is made a party; provided, however, that
Tenant’s obligations hereunder shall not apply to any liability, obligation, claim, damage, penalty, cause of action, cost or expense arising from any gross negligence or willful misconduct of Landlord, its employees, agents, contractors or
invitees. Any such claim, action or proceeding asserted or instituted against Landlord covered under this indemnity shall be defended by counsel selected by Tenant and reasonably acceptable to Landlord, at Tenant’s sole cost and expense. The
obligations of Tenant under this Section 9.4 shall survive the expiration or any early termination of this Lease. 

ARTICLE 10 

CASUALTY 

10.1 Restoration and Repair. If during the Term the Leased Property shall be totally or partially destroyed and thereby rendered
Unsuitable for Its Permitted Use, Tenant shall give Landlord prompt Notice thereof. Either Landlord or Tenant may, by the giving of Notice thereof to the other party within sixty (60) days after such casualty occurs, terminate this Lease,
whereupon Landlord shall be entitled to retain the insurance proceeds payable on account of such damage and Tenant shall pay to Landlord the amount of any deductible. If this Lease is not terminated, Tenant shall be obligated to promptly proceed
with the complete restoration and repair of the Leased Property first using available proceeds from any insurance policy then in place naming Tenant as an insured party, plus the amount of any deductible thereunder. In the event that the total
amount of such available insurance proceeds and any deductible to be paid by Tenant thereunder are insufficient to pay all necessary repair and restoration costs and expenses, Landlord shall fund any additional costs or expenses to repair and
restore the same, and any and all amounts so funded by Landlord shall be deemed and treated as Landlord’s Additional Investment hereunder and, accordingly, the Adjusted Lease Basis shall increase by an amount equal to the amount funded by
Landlord contemporaneously with the funding thereof by 

  
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Landlord. Tenant further expressly acknowledges, understands and agrees that in the event that this Lease is terminated as aforesaid, Landlord may settle any insurance claims and Tenant shall,
upon request of Landlord, reasonably cooperate in any such settlement. If during the Term, the Leased Property shall be destroyed or damaged in whole or in part by fire, windstorm or any other cause whatsoever, but the Leased Property either
(i) is not rendered Unsuitable for Its Permitted Use or (ii) is rendered Unsuitable for Its Permitted Use but neither Landlord nor Tenant terminate this Lease in the manner provided above, then, Tenant shall give Landlord immediate Notice
thereof and Tenant shall, subject to the provisions of Section 10.2 below, repair, reconstruct and replace the Leased Property, or the portion thereof so destroyed or damaged, at least to the extent of the value and character thereof
existing immediately prior to such occurrence and in compliance with all Legal Requirements, including any alterations to the Leased Property required to be made by any Governmental Agencies due to any changes in code or building regulations (which
Tenant acknowledges may increase the replacement value of the Leased Property which Tenant will then be required to insure, due to any changes in code or building regulations). All such restoration work shall be started as promptly as practicable by
Tenant following Tenant’s receipt of insurance proceeds and, if applicable, any additional funds Landlord is obligated to fund pursuant to this Section 10.1, and thereafter diligently completed by Tenant. Tenant shall, however,
immediately take such action as is necessary to assure that the Leased Property (or any portion thereof), does not constitute a nuisance or otherwise present or constitute a health or safety hazard. Notwithstanding anything herein to the contrary,
if damage to or destruction of the Leased Property occurs during the last twenty-four (24) months of the Term and such damage or destruction cannot reasonably be expected to be fully repaired or restored prior to the date that is twelve
(12) months prior to the end of such Term, Tenant shall have no obligation to repair or restore such damage or destruction. 
 10.2 Escrow and Disbursement of Insurance Proceeds. If this Lease is not otherwise terminated pursuant to Section 10.1, then in the event of a casualty resulting in a loss to the Leased
Improvements and/or the P&E in an amount greater than One Hundred Thousand and No/100 Dollars ($100,000.00) (as determined by an architect or engineer selected by Landlord), the proceeds of all insurance policies maintained by Tenant shall be
deposited in Landlord’s name in an escrow account at a bank or other financial institution designated by Landlord, and shall be used by Tenant for the repair, reconstruction or restoration of the Leased Property in accordance with the
requirements of this Article 10. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence acceptable to
Landlord that at all times the undisbursed portion of the escrowed insurance proceeds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. Landlord may, at its option,
require, prior to advancement of said escrowed insurance proceeds (i) approval of plans and specifications by an architect or other design professional appropriate under the circumstances and approved by Landlord and Tenant (which approval
shall not be unreasonably withheld, conditioned or delayed), (ii) general contractors’ estimates, (iii) architect’s certificates, (iv) unconditional lien waivers of general contractors, if available, (v) evidence of
approval by all Governmental Agencies and other regulatory bodies whose approval is required, and (vi) such other terms as a Mortgagee or lender of Landlord may reasonably require. The escrowed insurance proceeds shall be disbursed by Landlord,
not more than bi-weekly, upon (y) certification of the architect or engineer selected by Landlord and having 

  
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supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration, and (z) submittal by Tenant of a written requisition and
substantiation therefor on AIA Forms G702 and G703 (or on such other form or forms as may be reasonably acceptable to Landlord). Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of said work, full and final
waivers of lien. In the event of a casualty resulting in a loss payment for the Leased Property in an amount equal to or less than the amount stated above, the proceeds shall be paid to Tenant, and shall be applied towards repair, reconstruction and
restoration. Any and all loss adjustments with respect to losses payable hereunder shall require the prior written consent of Landlord, which consent may be withheld in Landlord’s sole and absolute discretion. All salvage resulting from any
risk covered by insurance shall belong to Tenant, provided any rights to the same have been waived by the insurer. In addition, notwithstanding anything in this Lease to the contrary, Tenant shall be strictly liable and solely responsible for the
amount of any deductible and shall pay for all repairs, reconstruction or alterations up to the full amount of such deductible (and provide evidence of such payment to Landlord by documentation reasonably acceptable to Landlord) before any insurance
proceeds are used for repairs, reconstruction or alterations. 
 10.3 No Abatement of Rent. Unless terminated in
accordance with the provisions of Section 10.1 above, this Lease shall remain in full force and effect and Tenant’s obligation to make all payments of Rent and to pay all Additional Charges as and when required under this Lease
shall remain unabated during the Term notwithstanding any casualty to the Leased Property. The provisions of this Article 10 shall be considered an express agreement governing any event of casualty involving the Leased Property and, to the
maximum extent permitted by law, Tenant hereby waives the application of any local or state statute, law, rule, regulation or ordinance in effect during the Term which provides for such abatement. 

10.4 Business Interruption Insurance. All insurance proceeds payable by reason of any loss of or damage to any of Tenant’s
Personal Property and the business interruption insurance maintained for the benefit of Tenant shall be paid to Tenant; provided, however, no such payments shall diminish or reduce the insurance payments otherwise payable to or for the
benefit of Landlord hereunder. 
 10.5 Restoration of Tenant’s Property. If Tenant is required to restore the Leased
Property as hereinabove provided, Tenant shall either (i) restore all alterations and improvements made by Tenant and Tenant’s Personal Property, or (ii) replace such alterations and improvements and Tenant’s Personal Property
with improvements or items of the same or better quality and utility in the operation of the Leased Property. 
 10.6
Waiver. Tenant hereby waives to the maximum extent permitted by law, any statutory or common law rights of termination which may arise by reason of any damage or destruction of the Leased Property and agrees that its rights shall be limited
to those set forth in Section 10.1. 
 10.7 Rights of Mortgagee. Notwithstanding any provision herein to the
contrary, so long as a Facility Mortgage is in existence, all insurance proceeds with respect to the Leased Property to be paid and disbursed to Landlord pursuant to the terms of this Lease shall be paid and disbursed in accordance with the loan
documents executed in connection with such Facility Mortgage, provided that such Mortgagee agrees in writing with Landlord and Tenant to disburse such proceeds in accordance with this Lease. 

  
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 ARTICLE 11 
 CONDEMNATION 
 11.1 Total Condemnation, Etc. If the whole of the
Leased Property shall be taken or Condemned for any public or quasi public use or purpose, by right of eminent domain or by purchase in lieu thereof, or if a substantial portion of the Leased Property shall be so taken or condemned such that the
portion or portions remaining is or are not sufficient and suitable for the continued operation thereof as required herein, so as to effectively render the Leased Property Unsuitable for its Permitted Use, then this Lease and the Term hereby granted
shall cease and terminate (without prejudice to Landlord’s and Tenant’s respective rights to an award under Section 11.3 below) as of the date on which the Condemnor takes possession and all Rent shall be paid by Tenant to
Landlord up to that date or refunded by Landlord to Tenant if Rent has previously been paid by Tenant beyond that date. 
 11.2
Partial Condemnation. If a portion of the Leased Property shall be subject to any Condemnation, and the portion or portions remaining can be adapted and used for the conduct of the Business in accordance with the terms of this Lease, such
that the Leased Property is not effectively rendered Unsuitable for its Permitted Use, then Tenant shall, utilizing, as reasonably necessary, Condemnation proceeds paid to Landlord from the Condemnor, promptly restore the remaining portion or
portions thereof to a condition comparable to their condition at the time of such Condemnation, less the portion or portions lost by the taking, and this Lease shall continue in full force and effect with no reduction or abatement of Rent.

 11.3 Disbursement of Award. The entire Condemnation award for the Leased Property or the portion or portions thereof
so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Lease terminates due to a Condemnation, Landlord shall be entitled to the entire award; provided, however, that any portion of the award expressly
made for the taking of Tenant’s leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant’s Personal Property shall be the sole property of and payable to Tenant, and (b) if
this Lease does not terminate due to such Condemnation, Tenant shall be entitled to the award to the extent required for restoration of the Leased Property, and Landlord shall be entitled to the balance of the award not applied to restoration. In
any Condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If this Lease does not terminate due to a Condemnation, Tenant shall, with due diligence, restore the remaining portion or
portions of the Leased Property in the manner hereinabove provided. In such event, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award were insurance
proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Lease until the restoration has been completed and Tenant has been reimbursed for all
the costs and expenses thereof. If the award is insufficient to pay for the restoration, Landlord shall be responsible for the remaining cost and expense of such restoration. All proceeds in excess of those required for restoration shall be
disbursed to Landlord upon completion of such restoration. 

  
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 11.4 No Abatement of Rent. This Lease shall remain in full force and effect and
Tenant’s obligation to make all payments of Rent and to pay all other charges as and when required under this Lease shall remain unabated during the Term notwithstanding any Condemnation involving the Leased Property. Notwithstanding the
foregoing, in the event that 10% or more of occupied residential units are rendered uninhabitable as a result of post-condemnation restoration, then so long as Tenant is diligently pursuing such restoration, then rent shall abate on a pro-rata basis
from the date of taking to the completion of restoration. 
 The provisions of this Article 11 shall be considered an
express agreement governing any Condemnation involving the Leased Property and, to the maximum extent permitted by Applicable Laws, no local or State statute, law, rule, regulation or ordinance in effect during the Term which provides for such
abatement shall have any application in such case. 
 ARTICLE 12 

DEFAULTS AND REMEDIES 
 12.1 Tenant Events of Default. Each of the following events shall be an Event of Default hereunder by Tenant and shall constitute a breach of this Lease: 

(a) If Tenant shall fail to (i) pay, when due, any Minimum Rent due hereunder and such failure in each such event
shall continue for a period of seven (7) Business Days after such amounts become due. 
 (b) If Tenant shall
fail to (i) pay, when due, any Additional Charge due hereunder; or (ii) make any required contribution to the Reserve pursuant to Section 5.2 of this Lease, and such failure in each such event shall continue for a period of
five (5) Business Days after receipt of written Notice thereof from Landlord. 
 (c) If any assignment,
transfer or sublease of or concerning any of the Leased Property, specifically excluding the P&E, shall be made or deemed to be made that is in violation of the provisions of this Lease. 

(d) If any lien or encumbrance of the Leased Property or if any assignment, transfer, sublease, lien or encumbrance of the
P&E shall be made or deemed to be made that is in violation of the provisions of this Lease and such violation or failure shall continue for a period of ninety (90) days after written notice thereof from Landlord. 

(e) If Tenant shall cease the actual and continuous operation of the Business contemplated by this Lease to be conducted
by Tenant upon the Leased Property (and such cessation is not the result of casualty, Condemnation or a Permitted Renovation and accompanying restoration or is not otherwise permitted by Landlord or is not the result of Applicable Laws or during an
Emergency or other Force Majeure Event); or if Tenant shall vacate, desert or abandon the Leased Property; or if the Leased Property shall become empty and unoccupied; or if any of the Leased Property or Leased Improvements are used or are permitted
to be used for any purpose, or for the conduct of any activity, other than the Permitted Use. 

  
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 (f) If, at any time during the Term of this Lease, Tenant shall file in any
court, pursuant to any statute of either the United States or of any State, a petition in bankruptcy or insolvency, or for reorganization or arrangement, or for the appointment of a receiver or trustee of all or any portion of Tenant’s
property, including, without limitation, the leasehold interest in the Leased Property, or if Tenant shall make an assignment for the benefit of its creditors or petitions for or enters into an arrangement with its creditors. 

(g) If, at any time during the Term of this Lease, there shall be filed against Tenant in any court pursuant to any
statute of the United States or of any State, a petition in bankruptcy or insolvency, or for reorganization, or for the appointment of a receiver or trustee of all or a portion of Tenant’s property, including, without limitation, the leasehold
interest in the Leased Property, and any such proceeding against Tenant shall not be dismissed within ninety (90) days following the commencement thereof. 
 (h) If Tenant’s leasehold interest in the Leased Property or any property therein (including, without limitation, any material portion of Tenant’s Personal Property) shall be seized under any
levy, execution, attachment or other process of court where the same shall not be vacated or stayed on appeal or otherwise within ninety (90) days thereafter, or if Tenant’s leasehold interest in the Leased Property is sold by judicial
sale and such sale is not vacated, set aside or stayed on appeal or otherwise within ninety (90) days thereafter. 
 (i) If any of the Permits material to the operation of the Business or the use of the Land for its Permitted Use are at any time suspended and the suspension is not stayed pending appeal within sixty
(60) days of the date of the notice of the suspension of any Permits material to the operation of the Business or the use of the Land for its Permitted Use, or voluntarily terminated without the prior written consent of Landlord, which consent
may be withheld in Landlord’s sole opinion and discretion. 
 (j) If any governmental agency or regulatory
authority places a ban on admissions to the Facility and such ban is not lifted and admissions again permitted within ninety (90) calendar days. 
 (k) If Tenant fails to give notice to Landlord not later than ten (10) Business Days after Tenant’s receipt of any fine notice from any Government Agency relating to a violation of Applicable
Law at the Land or relating to the Business, which violation, if not cured, could cause a cessation of operations of the Business or a substantial portion thereof. 

(l) If Tenant fails during the Term of this Lease to cure or abate any violation of Applicable Law occurring during the
Term that is claimed by any Governmental Agency of any law, order, ordinance, rule, regulation or Applicable Laws pertaining to the operation of the Business or the use of the Land for its Permitted Use, and within the later of (i) the time
permitted by such authority for such cure or abatement, or (ii) thirty (30) days after written notice thereof from Landlord. 

  
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 (m) If Tenant violates or fails to comply with or perform any other term,
provision, covenant, agreement or condition to be performed or observed by Tenant under this Lease which is not otherwise identified in this Section 12.1, and such violation or failure shall continue for a period of thirty (30) days
after receipt of written notice thereof from Landlord; provided, however, if such violation or failure is incapable of cure by Tenant within such thirty (30) days after Tenant’s diligent and continuous efforts to cure the
same, it shall not constitute an Event of Default provided Tenant commences the cure within thirty (30) days and diligently thereafter completes the cure of same within a commercially reasonable period of time after such written notice.

 (n) If Tenant encumbers the Leased Property or its interests under this Lease with leasehold financing in
violation hereof. 
 (o) If there shall be a default by any Guarantor under the Guaranty and such default is not
cured within any applicable cure period. 
 (p) If there shall be a default by Tenant under any Affiliated Lease
and such default is not cured within any applicable cure period 
 12.2 Landlord Remedies Upon An Event of Default by
Tenant. If any of the Events of Default hereinabove specified shall occur, Landlord, at any time thereafter, shall have and may exercise any of the following rights and remedies: 

(a) Landlord may, pursuant to written notice thereof to Tenant, immediately terminate this Lease and, peaceably or
pursuant to appropriate legal proceedings, reenter, retake and resume possession of the Leased Property for Landlord’s own account without liability for trespass (Tenant hereby waiving any right to notice or hearing prior to such taking of
possession by Landlord) and, for Tenant’s breach of and default under this Lease, recover immediately from Tenant any and all sums and damages due or in existence at the time of such termination, including, without limitation, (i) all Rent
and other sums, charges, payments, costs and expenses agreed and/or required to be paid by Tenant to Landlord hereunder prior to such termination, (ii) all reasonable costs and expenses of Landlord in connection with the recovery of possession
of the Leased Property, including reasonable attorney’s fees and court costs, and (iii) all reasonable costs and expenses of Landlord in connection with any reletting or attempted reletting of the Leased Property or any part or parts
thereof, including, without limitation, brokerage fees, advertising costs, reasonable attorney’s fees and the cost of any alterations or repairs or tenant improvements which may be reasonably required to so relet the Leased Property, or any
part or parts thereof. 
 (b) Landlord may, pursuant to any prior notice required by law, and without terminating
this Lease, peaceably or pursuant to appropriate legal proceedings, reenter, retake and resume possession of the Leased Property for the account of Tenant, make such alterations of and repairs and improvements to the Leased Property as may be
reasonably necessary in order to relet the same or any part or parts thereof and, directly or through a qualified management or operating company which may include an Affiliate of Landlord, operate and manage the Leased Property, and relet or
attempt to relet the 

  
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Leased Property or any part or parts thereof for such term or terms (which may be for a term or terms extending beyond the Term of this Lease), at such rents and upon such other terms and
provisions as Landlord, in its sole discretion, may deem advisable. If Landlord takes possession and control of the Leased Property and operates the same, Tenant shall, for so long as Landlord is actively operating the Leased Property, have no
obligation to operate the Leased Property but agrees that Landlord, any contract manager or operator, or any new tenant or sublessee may, to the extent permitted by Applicable Laws, operate the Business under Tenant’s Permits, including, unless
prohibited by Applicable Laws, its liquor license, if any, until same are issued in the name of Landlord or the new manager/operator or tenant or sublessee, as applicable. In addition, Tenant will reasonably cooperate with Landlord in transferring,
to the extent transferable, any of Tenant’s Permits which Landlord determines would be necessary or appropriate to continue to operate the Leased Property for its Permitted Use. If Landlord relets or attempts to relet the Leased Property, or
obtains a contract manager or operator for the Leased Property, Landlord shall at its sole discretion determine the terms and provisions of any new lease or sublease, or management or operating agreement, and whether or not a particular proposed
manager or operator, or new tenant or sublessee, is acceptable to Landlord. Upon any such reletting, or the operation of the Leased Property by a contract manager or operator, all rents or incomes received by Landlord from such reletting or
otherwise from the operation of the Leased Property shall be applied, (i) first, to the payment of all costs and expenses of recovering possession of the Leased Property, (ii) second, to the payment of any costs and expenses of such
reletting and or operation, including brokerage fees, advertising costs, reasonable attorney’s fees, a reasonable management fee (if considered necessary by good business practices), and the cost of any alterations and repairs reasonably
required for such reletting or operation of the Leased Property, (iii) third, to the payment of any indebtedness, other than Rent, due hereunder from Tenant to Landlord, (iv) fourth, to the payment of all Rent and other sums due and unpaid
hereunder, and (v) fifth, the residue, if any, shall be held by Landlord and applied in payment of future Rent as the same may become due and payable hereunder. If the rents received from such reletting or net income from the operation of the
Leased Property during any period shall be less than the Rents and Additional Charges required to be paid during that period by Tenant hereunder, Tenant shall promptly pay any such deficiency to Landlord and failing the prompt payment thereof by
Tenant to Landlord, Landlord shall immediately be entitled to institute legal proceedings for the recovery and collection of the same. Such deficiency shall be calculated and paid at the time each payment of Minimum Rent or any other sum shall
otherwise become due under this Lease, or, at the option of Landlord, at the end of the Term of this Lease. Landlord shall, in addition, be immediately entitled to sue for and otherwise recover from Tenant any other damages occasioned by or
resulting from any abandonment of the Leased Property or other breach of or default under this Lease other than a default in the payment of Rent. No such reentry, retaking or resumption of possession of the Leased Property by Landlord for the
account of Tenant shall be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention shall be given to Tenant or unless the termination of this Lease be decreed by a court of competent
jurisdiction. Notwithstanding any such re entry and reletting or attempted reletting of the Leased Property or any part or parts thereof for the account of Tenant without 

  
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termination, Landlord may at any time thereafter, upon written notice to Tenant, elect to terminate this Lease or pursue any other remedy available to Landlord for Tenant’s previous breach
of or default under this Lease. 
 (c) Landlord may, without reentering, retaking or resuming possession of the
Leased Property, sue for all Rent and all other sums, charges, payments, costs and expenses due from Tenant to Landlord hereunder (discounted to present value) either: (i) as they become due under this Lease, taking into account that
Tenant’s right and option to pay the Rent hereunder on a monthly basis in any particular Fiscal Year is conditioned upon the absence of a Default on Tenant’s part in the performance of its obligations under this Lease, or (ii) at
Landlord’s option, accelerate the maturity and due date of the whole or any part of the Rent for the entire then remaining unexpired balance of the Term of this Lease, as well as all other sums, charges, payments, costs and expenses required to
be paid by Tenant to Landlord hereunder, including, without limitation, damages for breach or default of Tenant’s obligations hereunder in existence at the time of such acceleration, such that all sums due and payable under this Lease shall,
following such acceleration, be treated as being and, in fact, be due and payable in advance as of the date of such acceleration. Landlord may then proceed to recover and collect all such unpaid Rent and other sums so sued for from Tenant by
distress, levy, execution or otherwise. Regardless of which of the foregoing alternative remedies is chosen by Landlord under this subparagraph (c), Landlord shall not be required, except as may be required by Applicable Law, to relet the Leased
Property nor exercise any other right granted to Landlord pursuant to this Lease, nor, except as may be required by Applicable Laws, shall Landlord be under any obligation to minimize or mitigate Landlord’s damages or Tenant’s loss as a
result of Tenant’s breach of or default under this Lease. Notwithstanding the foregoing, following such time as Landlord may obtain possession of the Leased Property, Landlord or its successor Landlord at the time of any Lease termination,
shall continue to make the Leased Property available for lease, on an “as is” basis, and shall turn over the net proceeds thereof to Tenant to the extent actually received by Landlord in respect of any time period for which Landlord shall
have received the full amount of Rent payable with respect thereto (albeit perhaps on a basis reasonably discounted for the time value of money or present value basis). 

(d) Landlord may, in addition to any other remedies provided herein, to the extent permitted by Applicable Laws, enter
upon the Leased Property or any portion thereof and take possession of (i) any and all of Tenant’s Personal Property, if any, (ii) Tenant’s books and records necessary to operate the Leased Property, and (iii) the Reserve,
without liability for trespass or conversion (Tenant hereby waiving any right to notice or hearing prior to such taking of possession by Landlord) and sell the same by public or private sale, after giving Tenant reasonable notice of the time and
place of any public or private sale, at which sale Landlord or its assigns may purchase all or any portion of Tenant’s Personal Property, if any, unless otherwise prevented by law. Unless otherwise provided by law and without intending to
exclude any other manner of giving Tenant reasonable notice, the requirement of reasonable notice shall be met if such notice is given at least ten (10) days before the date of sale. The proceeds from any such disposition, less all expenses
incurred in connection with the taking of possession, holding and selling of such Property (including reasonable attorneys’ fees based upon services rendered at hourly rates) shall be credited against Rent which is due hereunder. 

  
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 (e) Tenant acknowledges that one of the rights and remedies available to
Landlord under Applicable Law is to apply to a court of competent jurisdiction for the appointment of a receiver to collect the rents, issues, profits and income of the Leased Property and to manage the operation of the Leased Property. Therefore,
in addition to any other right or remedy of Landlord under this Lease, Landlord may petition any appropriate court for appointment of a receiver to manage the operation of the Leased Property (or any portion thereof), to collect and disburse all
rents, issues, profits and income generated thereby. The receiver shall be entitled to a reasonable fee for his services as receiver. All such fees and other expenses of the receivership estate shall be payable as Additional Charges under this
Lease. To the extent permitted by Applicable Law, Tenant hereby irrevocably stipulates to the appointment of a receiver under such circumstances and for such purposes and agrees not to contest such appointment. 

(f) In addition to the remedies hereinabove specified and enumerated, Landlord shall have and may exercise the right to
invoke any other remedies allowed at law or in equity as if the remedies of reentry, unlawful detainer proceedings and other remedies were not herein provided. Accordingly, the mention in this Lease of any particular remedy shall not preclude
Landlord from having or exercising any other remedy at law or in equity. Nothing herein contained shall be construed as precluding Landlord from having or exercising such lawful remedies as may be and become necessary in order to preserve
Landlord’s right or the interest of Landlord in the Leased Property and in this Lease, even before the expiration of any notice periods provided for in this Lease, if under the particular circumstances then existing the allowance of such notice
periods will prejudice or will endanger the rights and estate of Landlord in this Lease and in the Leased Property. In addition, any provision of this Lease to the contrary notwithstanding, no provision of this Lease shall delay or otherwise limit
Landlord’s right to seek injunctive relief or Tenant’s obligation to comply with any such injunctive relief. 
 12.3
Landlord Event of Default; Tenant Remedies. It shall be an Event of Default by Landlord hereunder and a breach of this Lease if Landlord shall fail to perform any obligation of Landlord expressly contemplated in this Lease, and such failure
shall continue for a period of forty-five (45) days after written Notice thereof from Tenant; provided, however, if such failure is incapable of cure by Landlord within such forty-five (45) days after Landlord’s diligent and
continuous efforts to cure the same, Landlord shall have up to an additional period of sixty (60) days for a total of one hundred five (105) days to cure the same. Tenant shall have, as its sole and exclusive remedy for any such Event of
Default by Landlord hereunder, the right to either (i) bring and pursue an action for specific performance against Landlord with respect to such Event of Default, in which event, Tenant shall specifically waive any right to pursue a claim for
damages, or (ii) bring and pursue an action for actual damages. ANYTHING HEREIN CONTAINED, AND ANYTHING AT LAW OR IN EQUITY, TO THE CONTRARY NOTWITHSTANDING, TENANT HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES, IN ANY ACTION OR PROCEEDING
AGAINST LANDLORD ARISING UNDER OR WITH RESPECT TO THIS LEASE, ANY RIGHT, 

  
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POWER OR PRIVILEGE TENANT MAY HAVE TO TERMINATE THIS LEASE OR TO CLAIM OR RECEIVE ANY PUNITIVE, EXEMPLARY, INCIDENTAL, CONSEQUENTIAL OR OTHER SPECIAL DAMAGES (INCLUDING LOST PROFITS AND ANY
CLAIMS FOR LOSS OF FUTURE REVENUES FROM LOSS OF USE OF THE LEASED PROPERTY), AND TENANT ACKNOWLEDGES AND AGREES THAT THE REMEDIES HEREIN PROVIDED WILL IN ALL CIRCUMSTANCES BE ADEQUATE. Landlord and Tenant acknowledge and agree that to the extent
the provisions of this Section 12.3 conflict with any Applicable Laws, the terms and provisions of this Section 12.3 shall control. 
 12.4 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 (and any payment made to Landlord
rather than Tenant due to the existence of any Event of Default) shall be applied to Tenant’s current and past due obligations under this Lease in such order as Landlord may determine or as may be prescribed by the laws of the State in which
the Leased Property is located. 
 12.5 Landlord’s Right to Cure Tenant’s Default. If an Event of Default shall
occur and be continuing beyond any applicable cure period, Landlord may, but shall have no obligation to, perform the same for the account and at the expense of Tenant. If, at any time and by reason of such Event of Default, Landlord is compelled to
pay, or elects to pay, any sum of money or do any act which will require the payment of any sum of money, or is compelled to incur any expense in the enforcement of its rights hereunder or otherwise, such sum or sums, together with interest thereon
at the Overdue Rate, shall be deemed an Additional Charge hereunder and shall be repaid to Landlord by Tenant promptly when billed therefor, and Landlord shall have all the same rights and remedies in respect thereof as Landlord has in respect of
the rents herein reserved. 
 12.6 Landlord’s Security Interest and Lien. 

12.6.1 Landlord shall have, and Tenant hereby grants, a security interest in (a) Tenant’s Personal Property (specifically
excluding any proprietary software or proprietary operating systems of Tenant and items listed on Schedule 12.6 attached hereto) or the equity of Tenant therein located at the Leased Property and (b) Tenant’s books and records
related solely to and necessary to operate the Leased Property. This security interest is granted for the purpose of securing the payment of Rent, Additional Charges, assessments, penalties and damages herein covenanted to be paid by Tenant. Upon an
Event of Default hereunder, Landlord shall have all remedies available under the Uniform Commercial Code enacted in the State, including, without limitation, the right to take possession of the above-mentioned property and dispose of it by sale in a
commercially reasonable manner. Tenant hereby authorizes Landlord to file such financing statements as Landlord deems necessary and appropriate in such jurisdictions as Landlord deems necessary and appropriate for the purpose of serving notice to
third parties of the security interest herein granted. 
 12.6.2 Landlord shall have at all times during the Term of this Lease,
a valid lien for all Rent, Additional Charges and other sums of money becoming due hereunder from Tenant, upon all goods, wares, merchandise, Inventory, furniture, fixtures, equipment, vehicles and other

  
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personal property and effects of Tenant situated in or upon the Leased Property, including Tenant’s Personal Property (specifically excluding any proprietary software or proprietary
operating systems of Tenant and items listed on Schedule 12.6 attached hereto) and any interest of Tenant in P&E Replacements, and such property shall not be removed therefrom except in accordance with the terms of this Lease without
the approval and consent of Landlord until all arrearages in Rent, Additional Charges or other sums of money then due to Landlord hereunder shall first have been paid and discharged in full. Alternatively, the lien hereby granted may be foreclosed
in the manner and form provided by law for foreclosure of security interests or in any other manner and form provided by law. The statutory lien for Rent, if any, is not hereby waived and the express contractual lien herein granted is in addition
thereto and supplementary thereto. Tenant agrees to execute and deliver to Landlord from time to time during the Term of this Lease such financing statements as Landlord deems necessary and appropriate in such jurisdictions as Landlord deems
necessary and appropriate in order to perfect Landlord’s lien provided herein or granted or created by state law. Tenant further agrees that during an Event of Default, Tenant shall not make any distributions to its shareholders, partners,
members or other owners and any such distributions shall be considered and deemed to be fraudulent (within the meaning of the United States Commercial Code) and preferential and subordinate to Landlord’s claim for Rent and other sums hereunder.

 12.7 Collateral Assignment. As additional security for Tenant’s performance of its obligations hereunder, Tenant
hereby collaterally assigns to Landlord, to the extent assignable, all of Tenant’s right, title and interest in Permits, Operating Contracts, and other agreements and documents held by Tenant (but expressly excluding documents and other
materials which are legally privileged or which pertain to the ownership, corporate structure or corporate governance of Tenant) and necessary and used to operate the Leased Property for its Permitted Use. Such collateral assignment shall become an
outright assignment and shall be effective upon the expiration or sooner termination of this Lease by Landlord as a result of an Event of Default by Tenant without the need to execute any additional instruments evidencing such assignment. Tenant
agrees and acknowledges that any third party may rely upon a written statement by Landlord as to an Event of Default by Tenant and the termination of this Lease. Notwithstanding the foregoing, Tenant agrees to execute and deliver to Landlord, upon
the termination of this Lease by Landlord as a result of Event of Default by Tenant, such instruments evidencing the assignment contemplated hereby as may be required by Landlord in its sole and absolute discretion. 

ARTICLE 13 

HOLDING OVER 
 If Tenant or any other Person or party claiming by, through or under Tenant shall remain in possession of the Leased Property or any part thereof following the expiration of the Term or earlier
termination of this Lease without an agreement in writing between Landlord and Tenant with respect thereto, such Person or party remaining in possession shall be deemed to be a tenant at sufferance, and during any such holdover, the Rent payable
under this Lease by such tenant at sufferance shall be equal to two hundred percent (200%) of the rate or rates in effect immediately prior to the expiration of the Term or earlier termination of this Lease. In no event, however, shall such
holding over be deemed or construed to be or constitute a renewal or extension of this Lease. 

  
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 ARTICLE 14 
 LIABILITY OF LANDLORD; INDEMNIFICATION 
 14.1 Liability of Landlord.
Landlord and its Affiliates shall not be liable to Tenant, its employees, agents, invitees, licensees, customers or clients for any damage, injury, loss, compensation or claim, including, but not limited to, claims for the interruption of or loss to
Tenant’s business, based on, arising out of or resulting from any cause whatsoever (other than Landlord’s gross negligence or willful misconduct), including, but not limited to: (a) repairs to any portion of the Leased Property;
(b) interruption in Tenant’s use of the Leased Property; (c) any accident or damage resulting from the use or operation (by Landlord, Tenant or any other person or persons) of any equipment within the Leased Property, including
without limitation, heating, cooling, electrical or plumbing equipment or apparatus; (d) the termination of this Lease by reason of the Condemnation or destruction of the Leased Property in accordance with the provisions of this Lease;
(e) any fire, robbery, theft, mysterious disappearance or other casualty; (f) the actions of any other person or persons, other than Landlord or an Affiliate of Landlord; (g) any leakage or seepage in or from any part or portion of
the Leased Property, whether from water, rain or other precipitation that may leak into, or flow from, any part of the Leased Property, or from drains, pipes or plumbing fixtures in the Leased Improvements; (h) any condition relating to the
Environment, except as otherwise provided for herein; and (i) the existence of any Hazardous Substance located at, on or in the Land, except as otherwise provided for herein. Any goods, property or personal effects stored or placed by Tenant or
its employees in or about the Leased Property including Tenant’s Personal Property, shall be at the sole risk of Tenant. 

14.2 Indemnification of Landlord. Tenant shall defend, indemnify, pay, save and hold Landlord harmless from and against any and
all liabilities, obligations, losses, damages, injunctions, suits, actions, fines, penalties, claims, demands, costs and expenses of every kind or nature, including reasonable attorneys’ fees and court costs, incurred by Landlord, arising
directly or indirectly from: (a) any failure by Tenant to perform any of the terms, provisions, covenants or conditions of this Lease, on Tenant’s part to be performed including but not limited to the payment of any fee, cost or expense
which Tenant is obligated to pay and discharge hereunder, (b) any accident, injury or damage which shall happen at, in or upon the Leased Property; (c) any matter or thing growing out of the condition, occupation, maintenance, alteration,
repair, use or operation by any person of the Leased Property, or any part thereof, or the operation of the Business contemplated by this Lease to be conducted thereon, thereat, therein, or therefrom arising during the Term; (d) any failure of
Tenant to comply with the Legal Requirements as provided for or required under this Lease; (e) the presence of any Hazardous Substance or contamination of the Leased Property or the ground water thereof, arising during the Term, whether caused
by Tenant or an Affiliate of Tenant, their employees, agents, invitees, customers, licensees or contractors; (f) any discharge of toxic or hazardous sewage or waste materials from the Leased Property into any septic facility or sanitary sewer
system serving the Leased Property arising on or after the date Tenant takes possession of the Leased Property, 

  
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whether by Tenant or Tenant Affiliate, their employees, agents, invitees, customers, licensees or contractors; or (g) any other act or omission of Tenant or Tenant Affiliate, or any of their
employees, agents, invitees, customers, licensees or contractors. Notwithstanding anything set forth above in this Section 14.2, Tenant shall not be liable for or be obligated to defend, indemnify, pay, save and hold Landlord harmless
from and against any liabilities, obligations, losses, damages, injunctions, suits, actions, fines, penalties, claims, demands, costs or expenses of any kind or nature, including reasonable attorneys’ fees and court costs, resulting from
Landlord’s gross negligence or willful misconduct. Tenant’s indemnity obligations under this Article and elsewhere in this Lease shall survive expiration, assignment or earlier termination of this Lease. 

14.3 Notice of Claim or Suit. Tenant shall promptly notify Landlord of any claim, action, proceeding or suit instituted or
threatened against Tenant or Landlord of which Tenant receives notice or of which Tenant acquires knowledge (a “Claim”). In the event Landlord is made a party to any action for damages or other relief against which Tenant has
indemnified Landlord, as aforesaid, Tenant shall at its own expense using counsel reasonably approved by Landlord, diligently defend Landlord, and pay all costs in such litigation; provided, however, that Landlord shall have the option, at its sole
cost and expense, to engage its own counsel in connection with its own defense or settlement of said litigation, in which event Tenant shall cooperate with Landlord and make available to Landlord all information and data which Landlord deems
necessary or desirable for such defense. In the event Landlord is required to secure its own counsel due to a conflict in the interests of Tenant and Landlord in any action for damages or other relief against which Tenant has indemnified Landlord,
Tenant shall pay all of Landlord’s reasonable costs in such litigation. Notwithstanding anything to the contrary contained herein, Tenant shall not be required to pay costs incurred by Landlord in engaging separate counsel to defend Landlord
pursuant to this Section 14.3, unless Landlord is required to secure its own counsel as a result of a conflict of interest between Landlord and Tenant in any action for damages or other relief against which Tenant has indemnified
Landlord. Tenant is required to approve a settlement agreement for any such claim or suit as requested by Landlord and which is consistent with applicable insurance company requirements, unless Tenant posts a bond or other security acceptable to
Landlord for any potentially uninsured liability amounts. Notwithstanding any provision herein to the contrary, on or before the end of each Fiscal Quarter, Tenant shall provide Landlord with a status report with respect to all Claims, which status
report shall include a summary as to the status of each Claim. 
 14.4 Limitation on Liability of Landlord. In the event
Tenant is awarded a money judgment against Landlord, Tenant’s sole recourse for satisfaction of such judgment shall be limited to execution against Landlord’s interest in the Leased Property. In no event shall any partner, member, officer,
director, stockholder or shareholder of Landlord or any partner thereof or Affiliate or Subsidiary thereof, be personally liable for the obligations of Landlord hereunder. 
 ARTICLE 15 
 REIT AND UBTI REQUIREMENTS 

Tenant understands that, in order for Landlord to qualify as a real estate investment trust (a “REIT”) under the
Code, the following requirements must be satisfied. The parties intend 

  
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that amounts to be paid by Tenant hereunder and received or accrued, directly or indirectly, by Landlord with respect to the Leased Property (including any rents attributable to personal property
that is leased with respect thereto) will qualify as “rents from real property” (within the meaning of Code Section 856(d) and Section 512(b)(3)), and that neither party will take, or permit to take, any action that would cause
any amount received by Landlord under this Lease to fail to qualify as such under the Code. Consistent with this intent, the parties agree that: 
 15.1 Limitations on Rents Attributable to Personal Property. “Rents attributable to any personal property” leased to the Tenant cannot exceed fifteen percent (15%) of the total rent
received or accrued by Landlord under this Lease for the Fiscal Year of Landlord. In addition, Landlord’s customary practice is to limit “rents attributable to any personal property” to twelve and one-half percent (12.5%) of the
total rent received or accrued by Landlord pursuant to any lease agreement. Consistent therewith, the average of the fair market values of the personal property (within the meaning set forth in Section 1.512(b) 1(c)(3)(ii) of the applicable
Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed twelve and one-half percent (12.5%) of the average of the aggregate fair market values of the real and
personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the “REIT Personal Property Limitation”). If Landlord reasonably anticipates that the
REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord may, at Landlord’s sole option and absolute discretion (i) notify Tenant, and Landlord and Tenant shall negotiate in good
faith the purchase by Tenant of items of personal property anticipated by Landlord to be in excess of the REIT Personal Property Limitation, provided, in such event, Tenant’s responsibility to purchase such personal property would be offset by
Landlord in some mutually agreeable manner, which would not result in Landlord earning income which would constitute “unrelated business taxable income” within the meaning of Section 512 of the Code, if Landlord was a “qualified
trust” within the meaning of Section 856(h)(3)(E) of the Code; or (ii) restructure the ownership of Landlord and/or Landlord’s ownership of the personal property and lease, or cause an Affiliate to lease to Tenant, pursuant to a
separate lease agreement, such personal property, and Tenant agrees that it shall cooperate with Landlord in good faith in connection with such restructuring and shall execute any separate or amended lease agreements, provided the same do not
materially affect Tenant’s rights and obligations under this Lease. 
 15.2 Basis for Sublease Rent Restricted.
Tenant cannot sublet the property that is leased to it by Landlord, or enter into any similar arrangement, on any basis such that the rental or other amounts paid by the sublessee thereunder would be based, in whole or in part, on either
(a) the net income or profits derived by the business activities of the sublessee or (b) any other formula such that any portion of the rent paid by Tenant to Landlord would fail to qualify as “rents from real property” within
the meaning of Section 856(d) and Section 512(b)(3) of the Code and regulations promulgated thereunder. 
 15.3
Landlord Affiliate Subleases Restricted. Anything to the contrary in this Lease notwithstanding, Tenant shall not sublease the Leased Property to, or enter into any similar arrangement with, any person in which Landlord owns, directly or
indirectly, a ten percent (10%) or more interest, with the meaning of Section 856(d)(2)(B) of the Code, and any such action shall 

  
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be deemed void ab initio. Anything to the contrary in this Lease notwithstanding, Tenant shall not sublease the Leased Property to, or enter into any similar arrangement with, any Person that
Landlord would be deemed to control within the meaning of Section 512(b)(13) of the Code. 
 15.4 Landlord Interests in
Tenant Restricted. Anything to the contrary in this Lease notwithstanding, neither party shall take, or permit to take, any action that would cause Landlord to own, directly or indirectly, a ten percent (10%) or greater interest in Tenant
within the meaning of Section 856(d)(2)(B) of the Code, and any similar or successor provision thereto, and any such action shall be deemed void ab initio. In addition, anything to the contrary in this Lease notwithstanding, Tenant shall not
take or permit to take, any action that would cause Landlord to own, directly or indirectly, such interest in Tenant such that amounts received from Tenant would represent amounts received from a controlled entity within the meaning of
Section 512(b)(13) of the Code. 
 15.5 Landlord Services. Any services provided by, or on behalf of, Landlord will
not prevent any amounts received or accrued from qualifying as “rents from real property” (within the meaning of Section 856(d)(2) or Section 512(b)(3) of the Code. 

15.6 Certain Subtenants Prohibited. Anything to the contrary in this Lease notwithstanding, Tenant shall not sublease the Leased
Property to, or enter into any similar arrangement with, any Person that would be described in Section 514(c)(9)(B)(iii) or (iv) of the Code. 
 15.7 Future Amendment. Tenant hereby agrees to amend this Article 15 from time to time as Landlord deems necessary or desirable in order to effectuate the intent hereof, so long as any such
amendment does not materially alter the economic terms of this Lease. 
 ARTICLE 16 

SUBLETTING AND ASSIGNMENT 
 16.1 Transfers Prohibited Without Consent. Tenant shall not, other than to Primrose Retirement Communities, LLC, without the prior written consent of Landlord in each instance, which consent may be
withheld in Landlord’s sole opinion and discretion, sell, assign, sublease, license, concession or otherwise transfer this Lease, or Tenant’s interest in the Leased Property together with all interests of Tenant in all property of any
nature located and used at the Leased Property (including without limitation Tenant’s Personal Property), in whole or in part, or any rights or interest which Tenant may have under this Lease, or sublet, license or concession any part of the
Leased Property, or grant or permit any Lien or encumbrance on or security interest in Tenant’s interest in this Lease, except as set forth in this Article 16. Any sale, assignment, sublease, license, concession or transfer of this Lease
without the prior written consent of Landlord shall be voidable at Landlord’s option. 
 16.2 Indirect Transfer
Prohibited Without Consent. Schedule 16.2 attached hereto sets forth the current ownership and Control of Tenant. A (a) sale, assignment, pledge, transfer, exchange or other disposition of the stock, partnership interests, membership
interests or other equitable interests in Tenant or any Person Controlling Tenant, which results in a change or 

  
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transfer of Control or a change or transfer of management of Tenant, or (b) merger, consolidation or other combination of Tenant with another entity which results in a change or transfer of
management or Control of Tenant, shall be deemed an assignment hereunder and shall be subject to Section 16.1 hereof. For purposes hereof, change or transfer of management or Control or effective Control, shall mean a transfer of fifty
percent (50%) or more of the economic benefit of, or Control of, any such entity. Notwithstanding the foregoing, any Affiliate of Tenant may transfer his, her or its stock, partnership interests, membership interests or other equitable
interests in Tenant without first obtaining the prior written consent of Landlord if such transfer or other disposition (i) is the result of the death of such Affiliate, (ii) involves a transfer to (A) the Immediate Family of such
Affiliate, or (B) a trust of which such Affiliate is the grantor and such Affiliate, or his or her spouse, is the trustee for the benefit of such spouse or Immediate Family of such spouse, or (C) an Entity or Entities in which such
Affiliate, spouse or Immediate Family member shall retain Control; provided, however, that the prior written consent of Landlord, in its sole and absolute discretion, shall be obtained for any transfer(s) of a Controlling interest in
the management of Tenant. 
 16.3 Intentionally Omitted. 

16.4 Landlord Transfers. Landlord may, in its sole and absolute discretion, sell, assign, convey or otherwise transfer its
interest in this Lease or the Leased Property, or any portion thereof, or any interest therein, directly or indirectly, to any Person, without the consent of Tenant. Tenant shall attorn to any such transferee and continue to be bound by this Lease
in the event of any such transfer, provided, however, that Tenant shall continue to pay Rent and other Additional Charges to Landlord and performance all other obligations under this Lease in favor of Landlord until Tenant receives written notice of
any such assignment of this Lease by Landlord and a copy of such transferee’s assumption of all obligations of Landlord under the terms of this Lease. 
 ARTICLE 17 
 ESTOPPEL CERTIFICATES, FINANCIAL STATEMENTS AND OPERATING
STATEMENTS 
 17.1 Estoppel Certificates. Tenant and Landlord shall from time to time, within fifteen (15) days
after receipt of a written request therefor and without charge, give an Estoppel Certificate in the form (or substantially the form) of Exhibit C attached hereto and containing such other matters as may be reasonably requested to
any Person specified by such requesting party. 
 17.2 Monthly Financial Statements. Throughout the Term of this Lease,
Tenant shall prepare and deliver to Landlord: (i) within twenty (20) calendar days after the end of each Accounting Period, an income (or profit and loss) statement, an operating balance sheet and a cash flow statement for the Facility
showing the results of the operation of the Leased Property, including an occupancy report and census data for the immediately preceding Accounting Period and for the Fiscal Quarter and Fiscal Year to date, an accounts receivable member’s aging
report; (ii) within twenty (20) calendar days after the end of each Accounting Period, an income (or profit and loss) statement and operating balance sheet showing the results of the operation of each of Tenant and Tenant’s Parent
(which may be presented on a consolidated basis) for the 

  
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immediately preceding Fiscal Quarter and for the Fiscal Year to date; and (iii) within twenty (20) days after the end of each Accounting Period, a reconciliation of the Reserve for the
immediately preceding Accounting Period. This information shall be provided to Landlord under a complete financial statement for the Business which shall be delivered electronically within the designated time periods in the form customarily provided
in the industry and approved in advance by Landlord. The aforesaid financial statements shall be accompanied by an Officer’s Certificate which, for purposes hereof shall mean a Certificate of the Chief Executive Officer or the Chief Financial
Officer of Tenant (or of Tenant’s general partner) (an “Officer’s Certificate”) 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 Tenant 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. 
 17.3 Annual Financial
Statements. Tenant shall deliver to Landlord within seventy-five (75) days after the end of each Fiscal Year, a profit and loss statement, balance sheet and statement of cash flow certified by an independent certified public accountant who
is actively engaged in the practice of his profession and who is acceptable to Landlord in Landlord’s reasonable discretion or, as provided for below, by the Chief Financial Officer of Tenant (which statement shall also be certified by an
officer, partner or member in Tenant) showing results from the operation of the Leased Property during such Fiscal Year, including without limitation, an accounting of the calculation of amounts paid into the Reserve and reasons for material
variations from the approved budget for such year. The aforesaid financial statements shall be accompanied by an Officer’s Certificate which, for purposes hereof shall mean a Certificate of the Chief Executive Officer or the Chief Financial
Officer of Tenant (which Certificate shall also be certified by another officer of Tenant or Tenant’s general partner, managing member or manager, as applicable) 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 Tenant 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. Tenant shall also deliver to Landlord at any time and from time to time, upon not less than twenty
(20) days notice from Landlord, any financial statements or other financial reporting information required to be filed by Landlord 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 Landlord is a party for purposes of compliance therewith. Notwithstanding the foregoing, in the event that Tenant’s financial records are not otherwise being reviewed or audited by an
independent certified public accountant then Landlord will accept financial statements certified true and correct by the Chief Financial Officer of Tenant (or of Tenant’s general partner). In connection with Landlord’s responsibility to
maintain effective internal controls over financial reporting and the requirements for complying with the Sarbanes-Oxley Act of 2002, Tenant hereby agrees to provide reasonable access to the Leased Property, including the Leased Property’s
books and records, and reasonable assistance necessary to Landlord that will allow Landlord 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 similarly promulgated guidance by other 

  
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regulatory agencies. Landlord agrees to provide Tenant with appropriate notice regarding the conduct of activities anticipated in this provision. Tenant agrees to provide, at Landlord’s
request, evidence of Tenant’s documented policies, if any, regarding “whistle-blower” procedures and regarding the reporting of fraud or misstatements involving financial reporting. 

17.4 Records. Tenant 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 Leased Property. Such books and records shall be kept and maintained at the Leased
Property or Tenant’s principal office at c/o Primrose Retirement Community, LLC, 815 N. 2nd Street, Aberdeen, South Dakota 57402. Landlord or its representatives shall have, at all reasonable times during normal business hours, reasonable access, on reasonable advance Notice, to examine and
copy the books and records pertaining to the Leased Property. 
 17.5 General Operations Budget. In addition to the
Reserve Budget, Tenant shall furnish to Landlord, on or before November 1 of each Fiscal Year proposed annual budgets and business plan in a form satisfactory to Landlord and consistent with the then standards for senior living facilities
comparable to the Facility setting forth the strategic plans of the Business, which specific departmental support plans and projected income and costs and expenses projected to be incurred by Tenant in managing, leasing, maintaining and operating
the Business during the following Fiscal Year. 
 17.6 Quarterly Meetings. At Landlord’s request, Tenant shall make
Tenant’s property management team and the executive officers of Tenant (or of Tenant’s general partner or managing member, if applicable) available to meet with Landlord once during each Fiscal Quarter to discuss the Reserve Budget, the
annual budgets and any other items related to the operation of the Business, which Landlord wishes to discuss. Such meetings shall be conducted via teleconference or at a location mutually agreeable to Landlord and Tenant and each of Landlord and
Tenant shall be solely responsible for their respective expenses in connection with such meetings. Tenant agrees to give good faith consideration to any suggestions or requests that Landlord may have. 

17.7 Tenant Financial Statements. For so long as Landlord is an Affiliate of CNL Healthcare Trust, Inc., or its successors,
Landlord shall have the right, at Landlord’s sole discretion and expense, to require Tenant to prepare and deliver to Landlord, within sixty (60) days after the end of each Fiscal Year during which a Materiality Threshold Period (as
hereinafter defined) occurs, a balance sheet, income statement, statement of owner’s equity, cash flows and footnotes with respect to Tenant audited and certified by an independent certified public accountant who is actively engaged in the
practice of his profession and who is acceptable to Landlord. The foregoing financial statements and reports shall be certified to Landlord by such independent certified public accountant 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 Tenant at and as of the dates thereof and the results of all of its operations for the period covered
thereby. For the purposes hereof, the term “Materiality Threshold Period” shall mean any period of time during the Term during which Tenant, either itself or together with its Affiliates, leases, operates or manages
properties owned by Landlord or its Affiliates that, in the aggregate, comprise more than twenty percent (20%) of the total assets of CNL Healthcare Trust, Inc. or its successors, as reasonably determined by Landlord. 

  
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 17.8 Monthly Statements of Operations. Throughout the Term of this Lease, Tenant
shall prepare and deliver to Landlord: within twenty (20) calendar days after the end of each Accounting Period, a report of Facility operations, to include, at a minimum: (a) census for the preceding month showing available units and
resident days as well as actual units and resident days for the preceding month; (b) copies of any communications from regulatory agencies having authority over the Facility; and (c) notice of how much of the Facility is devoted to
Medicaid or Medicare, if any. 
 17.9 Audit Rights. Landlord shall have the right, at its sole cost and expense, to
perform an audit on any of the foregoing reports provided by Tenant, and Tenant agrees to reasonably cooperate with any such audit. 
 ARTICLE 18 
 LANDLORD’S RIGHT TO INSPECT 

Landlord, Mortgagee and their agents shall have the right, upon providing at least 24 hours advance notice to Tenant, to enter upon the
Leased Property or any portion thereof at any reasonable time to inspect the same, including but not limited to, the operation, sanitation, safety, maintenance and use of the same, or any portions of the same and to assure itself that Tenant is in
full compliance with its obligations under this Lease (but Landlord and Mortgagee shall not thereby assume any responsibility for the performance of any of Tenant’s obligations hereunder, nor any liability arising from the improper performance
thereof). In making any such inspections, neither Landlord nor Mortgagee shall unduly interrupt or interfere with the conduct of Tenant’s Business. 
 ARTICLE 19 
 FACILITY MORTGAGES 

19.1 Subordination. This Lease, Tenant’s interest hereunder and Tenant’s leasehold interest in and to the Leased
Property are hereby agreed by Tenant to be and are hereby made junior, inferior, subordinate and subject in right, title, interest, lien, encumbrance, priority and all other respects to any mortgage or mortgages and security interests now or
hereafter in force and effect upon or encumbering Landlord’s interest in the Leased Property, or any portion thereof, and to all collateral assignments by Landlord to any third party or parties of any of Landlord’s rights under this Lease
or the rents, issues and profits thereof or therefrom as security for any liability or indebtedness, direct, indirect or contingent, of Landlord to such third party or parties, and to all future modifications, extensions, renewals, consolidations
and replacements of, and all amendments and supplements to any such mortgage, mortgages or assignments, and upon recording of any such mortgage, mortgages or assignments, the same shall be deemed to be prior in dignity, lien and encumbrance to this
Lease, Tenant’s interest hereunder and Tenant’s leasehold interest in and to the Leased Property irrespective of the dates of execution, delivery or recordation of any such mortgage, mortgages or assignments (such mortgages, mortgages,

  
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security interests, assignments, modifications, extensions, renewals, amendments, supplements and replacement being a “Facility Mortgage”). Tenant shall reasonably
cooperate with Landlord and any Mortgagee or potential Mortgagee in connection with a Facility Mortgage, including, but not limited to, consenting to non-material and reasonable amendments to this Lease as may be requested by such Mortgagee,
provided that such amendments do not materially alter the economic terms of this Lease or the use and operation of any of the Leased Property or materially increase Tenant’s obligations or decrease its rights hereunder. Any and all costs, fees
and expenses incurred by Landlord in connection with any Facility Mortgage shall not be included as part of Landlord’s Additional Investment. The foregoing subordination provisions of this Section shall be automatic and self operative without
the necessity of the execution of any further instrument or agreement of subordination on the part of Tenant, so long as the Facility Mortgage recognizes the existence of this Lease and acknowledges and evidences Mortgagee’s reasonably
satisfactory agreement that, so long as no Event of Default by Tenant has occurred and is continuing under this Lease (after the expiration of the applicable notice and curative periods contained herein), (i) Mortgagee, its successors and
assigns (or any other purchaser at any foreclosure sale pursuant to the Facility Mortgage or any other security instrument in connection therewith) shall not disturb Tenant’s right of possession to the Leased Property and all other rights of
Tenant hereunder in the event that Mortgagee, its successors and assigns (or any other purchaser at any foreclosure sale pursuant to the Facility Mortgage or any other security instrument in connection therewith) acquires title to all or any part of
the Leased Property pursuant to the exercise of any remedy provided for in the Facility Mortgage or any other related security instrument or acceptance of title to the Leased Property in lieu of any such foreclosure, and (ii) Tenant shall not
be named as a party defendant to any action to foreclose the liens and security interests of the Facility Mortgage or any other related security instrument, except to the extent required by Applicable Law. Tenant acknowledges and agrees that
notwithstanding the foregoing automatic subordination, if Landlord or Mortgagee shall request that Tenant execute and deliver any further instrument or agreement of subordination of this Lease or Tenant’s interest hereunder or Tenant’s
leasehold interest in the Leased Property to any such Facility Mortgage, in confirmation or furtherance of or in addition to the foregoing subordination provisions of this Section, Tenant shall promptly execute and deliver the same to the requesting
party so long as the same is reasonably acceptable to Tenant, is consistent with the terms and provisions of this Lease and does not materially increase Tenant’s obligations or decrease its rights hereunder. Tenant agrees that it will, from
time to time, execute such documentation as may be reasonably requested by Landlord and any Mortgagee (a) to assist Landlord and such Mortgagee in establishing or perfecting any security interest in Landlord’s interest in the Reserve and
any funds therein; and (b) to facilitate or allow Landlord to encumber the Leased Property or any portion thereof as herein contemplated. If, within thirty (30) calendar days following Tenant’s receipt of a written request by
Landlord, Tenant shall fail or refuse or shall have not executed any such further instrument or agreement of subordination, which satisfies the criteria set forth in this Section 19.1, Tenant shall be in breach and default of its
obligation to do so and of this Lease and Landlord shall be entitled thereupon to exercise any and all remedies available to Landlord pursuant to this Lease or otherwise provided by law. To the extent Tenant is required to incur any additional out
of pocket costs, fees and expenses in connection with the review and negotiation of any agreements or confirmations required from Tenant under the terms of this Section 19.1, Landlord shall promptly reimburse Tenant for all such
reasonable costs, fees and expenses. 

  
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 19.2 Attornment. Tenant shall and hereby agrees to attorn, and be bound under all of
the terms, provisions, covenants and conditions of this Lease, to any successor of the interest of Landlord under this Lease for the balance of the Term of this Lease remaining at the time of the succession of such interest to such successor. In
particular, in the event that any proceedings are brought for the foreclosure of any Facility Mortgage, Tenant shall attorn to the purchaser at any such foreclosure sale and recognize such purchaser as Landlord under this Lease. Tenant agrees that
neither the purchaser at any such foreclosure sale nor the foreclosing Mortgagee or holder of any such Facility Mortgage shall have any liability for any act or omission of Landlord, be subject to any offsets or defenses which Tenant may have as
claims against Landlord, or be bound by any advance rents which may have been paid by Tenant to Landlord for more than the current period in which such rents come due. 
 19.3 Rights of Mortgagees and Assignees. Any Mortgagee shall have the right to unilateral enjoyment, exercise or control over the rights, remedies, powers and interests of Landlord hereunder, or
otherwise arising under Applicable Law, as assigned or granted to such Mortgagee by Landlord or as provided in any Facility Mortgage. At the time of giving any notice of default to Landlord, Tenant shall mail or deliver to any Mortgagee of whom
Tenant has notice, a copy of any such notice. No notice of default or termination of this Lease by Tenant shall be effective until each Mortgagee shall have been furnished a copy of such notice by Tenant. In the event Landlord fails to cure any
default by it under this Lease, the Mortgagee shall have, at its option, a period of thirty (30) days after expiration of any cure period of Landlord within which to remedy such default of Landlord or to cause such default to be remedied. In
the event that the Mortgagee elects to cure any such default by Landlord, then Tenant shall accept such performance on the part of such Mortgagee as though the same had been performed by Landlord, and for such purpose Tenant hereby authorizes any
Mortgagee to enter upon the Leased Property, to the extent necessary to exercise any of Landlord’s rights, powers and duties under this Lease. If, in the event of any default by Landlord which is reasonably capable of being cured by a
Mortgagee, the Mortgagee promptly commences and diligently pursues to cure the default, then Tenant will not terminate this Lease or cease to perform any of its obligations under this Lease so long as the Mortgagee is, with due diligence, engaged in
the curing of such default. 
 ARTICLE 20 
 ADDITIONAL COVENANTS OF TENANT 
 20.1 Conduct of Business. Tenant
shall not engage in any business on the Leased Property other than for the Permitted Use, and any activities incidental thereto, and shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect and in good
standing its corporate, limited partnership, limited liability company or other entity status and existence and its rights and Permits reasonably necessary to conduct the Business. 

20.2 Additional Covenants of Tenant. In addition to the other covenants and representations of Tenant herein and in this Lease,
Tenant hereby covenants, acknowledges and agrees that Tenant shall: 
 (a) Not guaranty any obligation of any
Person. 

  
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 (b) Pay or cause to be paid all lawful claims for labor and rents with
respect to the Leased Property. 
 (c) Pay or cause to be paid all trade payables with respect to the Leased
Property. 
 (d) Not declare, order, pay or make, directly or indirectly, any Distribution or any payments to any
partners or Affiliates as to Tenant (including payments in the ordinary course of business and payments pursuant to any management agreements with any such Affiliate, but expressly excluding payments to any partners or Affiliates of Tenant for
reimbursement of operating expenses incurred by such partners or Affiliates in connection with the operation and management of the Leased Property pursuant to any management agreement with such partners or Affiliates), or set apart any sum of
property therefor, or agree to do so, if, at the time of such proposed action or immediately after giving effect thereto, any Event of Default shall exist. 
 (e) Except as otherwise permitted by this Lease, not sell, lease (as lessor or sublessor), transfer or otherwise dispose of or abandon, all or any material portion of its assets or business to any Person,
or sell, lease, transfer or otherwise dispose of or abandon any of the P&E or Tenant’s Personal Property; provided, however, Tenant may dispose of portions of the P&E or Tenant’s Personal Property which have become
inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, provided substitute equipment or fixtures having equal or greater value and utility have been provided. 

(f) Provide and maintain throughout the Term, all Tenant’s Personal Property and P&E Replacements as shall be
necessary in order to operate the Leased Property in compliance with applicable Legal Requirements, Insurance Requirements and otherwise in accordance with customary practice in the industry for the Permitted Use. If, from and after the Effective
Date, Tenant acquires an interest in any items of tangible personal property (other than motor vehicles) on, or in connection with the Leased Property which belong to anyone other than Tenant, Tenant shall require the agreement permitting such use
to provide that Landlord or its designee may assume Tenant’s rights and obligations under such agreement upon the termination of this Lease and any assumption of management or operation of the Leased Property by Landlord or its designee.

 (g) Not, except as approved in writing by Landlord, either directly or indirectly, for itself, or through, or
on behalf of, or in connection with any Person, divert or attempt to divert any business or customer of the Leased Property to any competitor, by direct or indirect inducement or otherwise, or do or perform, directly or indirectly, any other act
injurious or prejudicial to the good will associated with Landlord or the Leased Property. 
 (h) Except for
liabilities incurred in the ordinary course of business, not create, incur, assume or guarantee, or permit to exist or become or remain liable directly or indirectly upon, any Indebtedness except the Indebtedness of Tenant to Landlord (or, if
unsecured and expressly subject to the terms of this Lease and Landlord’s interest 

  
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hereunder, and payable solely out of excess cash flow after payment of all Rent hereunder, to Tenant’s shareholders, partners or members, as applicable). Tenant further agrees that the
obligee in respect of any such Indebtedness shall agree in writing, in form and substance satisfactory to Landlord, that (w) the payment of such Indebtedness shall be expressly subordinate in all respects to all of Tenant’s obligations
under this Lease, (x) no remedies may be exercised by the obligee with respect to enforcement or collection of such Indebtedness until such time as this Lease shall be terminated and all of Tenant’s obligations hereunder shall have been
discharged in full; (y) such Indebtedness shall not be assigned by the obligee to any other party; and (z) the obligee shall not initiate or join in any bankruptcy proceedings against Tenant. As used in this Section 20.2(h)
(and notwithstanding any other definition of Indebtedness herein), 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. 
 20.3 Notice to Landlord of Severe Incident and/or Significant Property Damage.
In the event of a Severe Incident (defined in Section 20.3.1 below) or Significant Property Damage (defined in Section 20.3.2 below) (in each case, an “Incident”), Tenant shall notify Landlord within
twenty-four (24) hours of learning of the occurrence of any such Incident via email at notice@cnl.com. Such email notification shall include, at a minimum, (i) the names and contact information of the parties involved in the Incident, to
the extent known at that time, (ii) a brief description of the Incident, and (iii) all measures that Tenant (or any other Person(s), to the knowledge of Tenant) is currently undertaking, or plans to undertake to the extent known, to
resolve the Incident and to prevent, in connection with a Severe Incident and/or Significant Property Damage, any further harm to person or damage to property as result of such Incident. 

20.3.1 Severe Incident. The defined term “Severe Incident” shall mean any material or significant
accident, incident, claim, cause of action, loss of or damage to the Leased Property, Tenant’s Personal Property or any other property of third parties, or injury to or death of a person occurring on or about the Leased Property or adjoining
sidewalks or rights of way under Tenant’s control during the Term, including, but not limited to, the following: (i) a fatality, (ii) claim of abuse, assault or molestation, (iii) personal injury resulting in the amputation of a
limb, brain injury, burns over fifty percent (50%) or more of a person’s body, hearing or sight loss, internal injury resulting in impaired organ function, spinal cord injury resulting in any degree of paralysis, or substantial
disfigurement, or (iv) a mass casualty event, such as a ride or other attraction incident, wildfire or building fire, earthquake, and pier collapse. 
 20.3.2 Significant Property Damage. The defined term “Significant Property Damage” shall mean any incident resulting in significant damage to the Leased Property including,
but not limited to the following: fires, floods, avalanches, earthquakes, catastrophic structure failure, roof collapse, or any Force Majeure Event caused by either man or nature. 

20.4 Leasehold Financing Prohibited. Tenant shall be prohibited from encumbering any or all of the Leased Property, or any or all
of its interests under this Lease, with leasehold financing without the prior written consent of Landlord, which consent may be withheld in Landlord’s sole and absolute discretion. 

  
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 ARTICLE 21 
 MISCELLANEOUS 
 21.1 Limitation on Payment of Rent. All agreements
between Landlord and Tenant herein are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of Rent or otherwise, shall the Rent or any other amounts payable to Landlord under this Lease exceed
the maximum permissible under Applicable Laws, the benefit of which may be asserted by Tenant as a defense, and if, from any circumstance whatsoever, fulfillment of any provision of this Lease, at the time performance of such provision shall be due,
shall involve transcending the limit of validity prescribed by law, or if from any circumstances Landlord should ever receive as fulfillment of such provision such an excessive amount, then, ipso facto, the amount which would be excessive shall be
applied to the reduction of the installment(s) of Minimum Rent next due and not to the payment of such excessive amount. This provision shall control every other provision of this Lease and any other agreements between Landlord and Tenant.

 21.2 No Waiver. No release, discharge or waiver of any provision hereof shall be enforceable against or binding upon
Landlord or Tenant unless in writing and executed by Landlord or Tenant, as the case may be. Neither the failure of Landlord or Tenant to insist upon a strict performance of any of the terms, provisions, covenants, agreements and conditions hereof,
nor the acceptance of any Rent by Landlord with knowledge of a breach of this Lease by Tenant in the performance of its obligations hereunder, or the following of any practice or custom at variance with the terms hereof, shall be deemed or
constitute a waiver of any rights or remedies that Landlord or Tenant may have or a waiver of any subsequent breach or default in any of such terms, provisions, covenants, agreements and conditions or the waiver of the right to demand exact
compliance with the terms hereof. 
 21.3 Remedies Cumulative. To the maximum extent permitted by law, 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. 

21.4 Severability. Any clause, sentence, paragraph, section or provision of this Lease held by a court of competent jurisdiction
to be invalid, illegal or ineffective shall not impair, invalidate or nullify the remainder of this Lease, but rather the effect thereof shall be confined to the clause, sentence, paragraph, section or provision so held to be invalid, illegal or
ineffective, and this Lease shall be construed as if such invalid, illegal or ineffective provisions had never been contained therein. 
 21.5 Acceptance of Surrender. No surrender to Landlord of this Lease or of the Leased Property or any part thereof, or of any interest therein, 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. 

  
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 21.6 No Merger of Title. It is expressly acknowledged and agreed that it is the
intent of the parties that 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, this Lease or the leasehold estate created
hereby and the fee estate or ground landlord’s interest in the Leased Property. 
 21.7 Tenant’s
Representations. In addition to any other representation or warranty set forth herein and as an inducement to Landlord to enter into this Lease, Tenant hereby represents and warrants to Landlord as follows: 

(a) Tenant is a [limited liability company] which is duly organized and validly existing and in good standing under the
laws of the state of its formation. Tenant has all requisite power and authority under the laws of the state of its formation and its articles of organization and agreement of limited partnership or other charter documents to enter into and perform
its obligations under this Lease and to consummate the transactions contemplated hereby. Tenant is duly registered or authorized, as applicable, to transact business in any jurisdiction in which the nature of the business conducted by it requires
such qualification. 
 (b) Tenant has taken all necessary action to authorize the execution, delivery and
performance of this Lease, and upon the execution and delivery of any document to be delivered by Tenant, prior to the date hereof, such document shall constitute the valid and binding obligation and agreement of Tenant, enforceable against Tenant
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights and remedies of creditors and except to the extent that the
availability of equitable relief may be subject to the discretion of the court before which any proceeding may be brought. 
 (c) There are no judgments presently outstanding and unsatisfied against Tenant or any of its properties, and neither Tenant nor any of its properties are involved in any material litigation at law or in
equity or any proceeding before any court, or by or before any governmental or administrative agency, which litigation or proceeding could materially adversely affect Tenant, and no such material litigation or proceeding is, to the knowledge of
Tenant, threatened against Tenant and no investigation looking toward such a proceeding has begun or is contemplated. 
 (d) To the knowledge of Tenant, neither this Lease nor any other document, certificate or statement furnished to Landlord by or on behalf of Tenant in connection with the transaction contemplated herein
contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading. There is no fact or condition which materially and adversely affects the
business, operations, affairs, properties or condition of Tenant which has not been set forth in this Lease or in other documents, certificates or statements furnished to Landlord in connection with the transaction contemplated hereby. 

  
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 (e) All employees of Tenant or any Affiliate, if any, are solely employees
of Tenant or such Affiliate and not Landlord. Neither Tenant nor any Affiliate of Tenant is Landlord’s agent for any purpose in regard to Tenant’s or any Affiliate of Tenant’s employees or otherwise. Further, Tenant expressly
acknowledges and agrees that Landlord does not exercise any direction or control over the employment policies or employment decisions of Tenant or any Affiliate of Tenant. 

(f) Tenant has not (i) made any contributions, payments or gifts to or for the private use of any governmental
official, employee or agent where either the payment or the purpose of such contribution, payment or gift is illegal under the laws of the United States or the jurisdiction in which made, (ii) established or maintained any unrecorded fund or
asset for any purpose or made any false or artificial entries on its books or (iii) made any payments to any person with the intention or understanding that any part of such payment was to be used for any purpose other than that described in
the documents supporting the payment. Tenant shall not take any such actions during the Term of this Lease. 
 21.8 Quiet
Enjoyment. Landlord covenants and agrees that so long as Tenant shall timely pay all rents due to Landlord from Tenant hereunder and keep, observe and perform all covenants, promises and agreements on Tenant’s part to be kept, observed and
performed hereunder, Tenant shall and may peacefully and quietly have, hold and occupy the Leased Property free of any interference from Landlord or any Person claiming by, through or under Landlord of any of its Affiliates; subject, however, and
nevertheless to the terms, provisions and conditions of this Lease, the Permitted Encumbrances and documents affecting title to the Leased Property approved by Tenant. 
 21.9 Recordation of Memorandum of Lease. At either party’s option, a short form memorandum of this Lease, in the form of Exhibit D attached hereto and made a part hereof, shall
be recorded or filed among the Official Records. Tenant shall pay the transfer and all recording costs associated therewith. In the event of a discrepancy between the provisions of this Lease and such short form memorandum thereof, the provisions of
this Lease shall prevail. 
 21.10 Notices. Any and all notices, demands, consents, approvals, offers, elections and
other communications required or permitted under this Lease (each, a “Notice”) shall be deemed adequately given if in writing and the same shall be delivered either in hand, by telecopier with written acknowledgment of
receipt, or by mail or Federal Express or another nationally-recognized overnight carrier, addressed to the recipient of the notice, with all freight charges prepaid (if by Federal Express or similar carrier). 

(a) Any notice, demand or request which shall be served upon any of the parties in the manner aforesaid shall be deemed
sufficiently given (i) upon being hand delivered in person, (ii) transmitted by facsimile transmission provided a copy is sent as provided in the following clause (iii) or the following Business Day, (iii) upon being deposited
with Federal Express or another nationally-recognized overnight carrier; provided, however, the time period in which any response to such notice, demand or request must be given shall commence on the date of actual delivery of the
notice, demand or request to the address to which it is sent (rather than delivery to the specific 

  
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addressee). Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was given as provided below shall be deemed delivery of the notice,
demand or request sent. The addresses given above may be changed by any party by ten (10) days prior notice to all other parties given in the manner provided herein. 

(b) All such notices shall be addressed, 
  

			
	if to Landlord to:	  	 CHT Zanesville OH Senior Living

c/o CNL Healthcare Trust, Inc.
 450 S. Orange
Avenue
 Orlando, Florida 32801

Attention: Holly S. Greer, Esq., Senior Vice

President and General Counsel

Fax:     (407) 540-2544

Phone: (407) 540-7500
 Emails:
holly.greer@cnl.com

		
	with a copy to:	  	 Lowndes, Drosdick, Doster, Kantor and Reed, P.A.
 215 North Eola Drive
 Orlando, Florida 32801

Attention: William T. Dymond, Jr., Esq.

Fax:     (407) 843-4600

Phone: (407) 843-4444
 Email:
william.dymond@lowndes-law.com

		
	if to Tenant to:	  	 TSMM Management, LLC
 c/o
Primrose Retirement Communities, LLC
 815 N. 2nd Street
 PO Box 1359
 Aberdeen, South Dakota 57402-1359

Attention: Brian Morgan

Fax:     (605) 725-8732

Phone: (605) 226-3300 Ext. 28
 Email:
bmorgan@primroseretirement.com

		
	With a copy to:	  	 Mark McNeary
 Primrose
Retirement Communities, LLC
 815 N. 2nd Street
 PO Box 1359
 Aberdeen, South Dakota 57402-1359

Fax:      (605) 725-8745
 Phone:  (605) 226-3300 Ext. 34
 Email:
  mmcneary@primroseretirement.com

 (c) By notice given as herein provided, the parties hereto and their respective successors
and assigns shall have the right from time to time and at any time during the term of this Lease to change their respective addresses effective upon receipt by the other parties of such notice and each shall have the right to specify as its address
any other address within the United States of America. 

  
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 21.11 Construction; Nonrecourse. Anything contained in this Lease to the contrary
notwithstanding, all claims against, and liabilities of, Tenant or Landlord arising prior to any date of termination or expiration of this Lease with respect to the Leased Property shall survive such termination or expiration. Each term or provision
of this Lease to be performed by Tenant shall be construed as an independent covenant and condition. Time is of the essence with respect to the performance of all obligations under this Lease, including, without limitation, obligations for the
payment of money. Except as otherwise set forth in this Lease, any obligations arising prior to the expiration or sooner termination of this Lease of Tenant (including without limitation, any monetary, repair and indemnification obligations) and
Landlord shall survive the expiration or sooner termination of this Lease. In addition, solely with respect to Landlord, nothing contained in this Lease shall be construed to create or impose any liabilities or obligations and no such liabilities or
obligations shall be imposed on any of the shareholders, beneficial owners, direct or indirect, officers, directors, trustees, employees or agents of Landlord or Tenant for the payment or performance of the obligations or liabilities of Landlord
hereunder. The parties have participated jointly in the negotiation and drafting of this Lease. In the event an ambiguity or question of intent or interpretation arises, this Lease shall be construed as if drafted jointly by the parties and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Lease. 
 21.12 Counterparts; Headings. This Lease may be executed in two or more counterparts, each of which shall constitute an original, but which, when taken together, shall constitute but one instrument
and shall become effective as of the date hereof when copies hereof, which, when taken together, bear the signatures of each of the parties hereto shall have been signed. Captions and headings in this Lease are for purposes of reference only and
shall in no way define, limit or describe the scope or intent of, or otherwise affect, the provisions of this Lease. 
 21.13
Applicable Law. This Lease shall be governed by, and construed in accordance with, the laws of the State in which the Leased Property is located. 
 21.14 Right to Make Agreement. Each party warrants, with respect to itself, that neither the execution and delivery of this Lease, nor the compliance with the terms and provisions hereof, shall
violate any provision of any law, or any judgment, writ, injunction, order or decree of any court or Governmental Authority; nor result in or constitute a breach or default under or the creation of any lien, charge or encumbrance upon any of its
property or assets under, any indenture, mortgage, deed of trust, contract, other commitment or restriction to which it is a party or by which it is bound; nor require any consent, vote or approval which has not been given or taken, or at the time
of the transaction involved shall not have been given or taken. Each party covenants that it has and will continue to have throughout the term of this Lease and any extensions thereof, the full right to enter into this Lease and perform its
obligations hereunder. 

  
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 21.15 Brokerage. Landlord and Tenant hereby represent and warrant to each other that
they have not engaged, employed or utilized the services of any business or real estate brokers, salesmen, agents or finders in the initiation, negotiation or consummation of the business and real estate transaction reflected in this Lease. On the
basis of such representation and warranty, each party shall and hereby agrees to indemnify, pay and save and hold the other party harmless from and against the payment of any commissions or fees to or claims for commissions or fees by any real
estate or business broker, salesman, agent or finder resulting from or arising out of any actions taken or agreements made by them with respect to the business and real estate transaction reflected in this Lease. 

21.16 No Partnership or Joint Venture. Landlord shall not, by virtue of this Lease, in any way or for any purpose, be deemed to be
a partner of Tenant in the conduct of Tenant’s business upon, within or from the Leased Property or otherwise, or a joint venture partner or a member of a joint enterprise with Tenant. 

21.17 Entire Agreement. This Lease contains the entire agreement between the parties and, except as otherwise provided herein, can
only be changed, modified, amended or terminated by an instrument in writing executed by the parties. It is mutually acknowledged and agreed by Landlord and Tenant that there are no verbal agreements, representations, warranties or other
understandings affecting the same; and that Tenant hereby waives, as a material part of the consideration hereof, all claims against Landlord for rescission, damages or any other form of relief by reason of any alleged covenant, warranty,
representation, agreement or understanding not contained in this Lease. 
 21.18 Costs and Attorneys’ Fees. In
addition to Landlord’s rights under Sections 12.2 and 14.2, if either party shall bring an action to recover any sum due hereunder, or for any breach hereunder, and shall obtain a judgment or decree in its favor, the court may award to
such prevailing party its reasonable costs and reasonable attorney’s fees, specifically including reasonable attorney’s fees incurred in connection with any appeals (whether or not taxable as such by law). Landlord shall also be entitled
to recover its reasonable attorney’s fees and costs incurred in any bankruptcy action filed by or against Tenant, including, without limitation, those incurred in seeking relief from the automatic stay, in dealing with the assumption or
rejection of this Lease, in any adversary proceeding, and in the preparation and filing of any proof of claim. 
 21.19
Approval of Landlord. Whenever Tenant is required under this Lease to do anything to meet the satisfaction or judgment of Landlord, the reasonable satisfaction or judgment of Landlord shall be deemed sufficient. The foregoing provision of
this Section shall not apply in any instance where the provisions of this Lease expressly state that the provisions of this Section do not apply or where the provisions of this Lease expressly state that such consent, approval or satisfaction are
subject to the sole and absolute discretion or judgment of Landlord, and in each such instance Landlord’s approval or consent may be unreasonably withheld or unreasonable satisfaction or judgment may be exercised by Landlord. 

21.20 Successors and Assigns. The agreements, terms, provisions, covenants and conditions contained in this Lease shall be binding
upon and inure to the benefit of Landlord and Tenant and, to the extent permitted herein, their respective successors and assigns. 

  
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 21.21 Waiver of Jury Trial. TENANT AND LANDLORD HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, THE RIGHT EITHER OF THEM OR THEIR HEIRS, PERSONAL REPRESENTATIVES, SUCCESSORS OR ASSIGNS MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION PROCEEDINGS OR COUNTERCLAIM,
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS LEASE OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, THE RELATIONSHIP OF LANDLORD AND TENANT HEREUNDER, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL
OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT TO TENANT’S ENTERING INTO THIS LEASE AND LANDLORD’S ACCEPTING THIS LEASE. 
 21.22 Treatment of Lease. Landlord and Tenant each acknowledge and agree that: (i) this Lease is a “true lease” and not a financing lease, capital lease, mortgage, equitable
mortgage, deed of trust, trust agreement, security agreement or other financing or trust arrangement, and the economic realities of this Lease are those of a true lease; (ii) the business relationship created by this Lease and any other related
documents is solely that of a long term commercial lease between Landlord and Tenant, the Lease has been entered into by both parties in reliance upon the economic and legal bargains contained herein, and none of the agreements contained herein is
intended, nor shall the same be deemed or construed to create a partnership between Landlord and Tenant, to make them joint venturers, to make Tenant an agent, legal representative, partner, or subsidiary of Landlord, nor to make Landlord in any way
responsible for the debts, obligations or losses of Tenant; (iii) except as required by Applicable Law, (x) each party will treat this Lease as a true lease for tax purposes and an operating lease under GAAP, and for federal income tax
purposes, (y) each party shall report this Lease as a true lease with Landlord as the owner of the Leased Property and Tenant as the tenant of the Leased Property; (iv) each party will not, nor will it permit any Affiliate to, at any time,
take any action or fail to take any action with respect to the preparation or filing of any statement or disclosure to any governmental authority, including, without limitation, any income tax return (or amended return), to the extent that such
action or such failure to take action would be inconsistent with the intention of the parties expressed in this Section 21.22; (v) the Minimum Rent is the fair market value for the use of the Leased Property and was agreed to by
Landlord and Tenant on that basis, and the execution and delivery of, and the performance by Tenant of its obligations under this Lease do not constitute a sale, transfer or conveyance of the Leased Property by Landlord to Tenant; (vi) each of
Landlord and Tenant waives any claim or defense based upon the characterization of this Lease as anything other than a true lease, and each party stipulates and agrees that it will not challenge the validity, enforceability or characterization of
this Lease as a true lease, nor will it assert or take or omit to take any action inconsistent with the agreements and understandings of this Section 21.22. 
 21.23 Transfer of Permits and Operating Contracts. Upon the expiration or sooner termination of this Lease, Tenant shall use commercially reasonable efforts to transfer and assign to Landlord or
its designee or assist Landlord or its designee in obtaining transfer or assignment of all (a) Permits and Operating Contracts, including, without limitation, any trade names and intellectual property (except for trade names, trade secrets,
proprietary matters, and other 

  
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intellectual property and/or proprietary software included within the Tenant Personal Property), and (b) to the extent owned by or held in the name of Tenant, (i) governmental permits,
including licenses and authorizations, required for the construction, ownership and operation of the Leased Improvements, including without limitation, certificates of authority, certificates of occupancy, building permits, signage permits, site use
approvals, zoning certificates, environmental and land use permits, and any and all necessary approvals from state or local authorities and other approvals granted by any public body or by any private party pursuant to a recorded instrument relating
to such Leased Improvements or the Land; (ii) development rights, telephone exchange numbers identified with the Leased Property, if any; and (iii) certificates, licenses, warranties and guarantees and contracts. If requested by Landlord
and to the extent permitted by law and any licensor, Tenant shall provide a collateral assignment or similar pledge of such licenses and other intangible rights upon Landlord’s request and as further security for their respective obligations
hereunder plus Permits and Operating Contracts, all of which shall be assumed by Landlord or its designee. Unless termination of this Lease is as a result of an Event of Default by Tenant, Landlord shall bear the costs of any fees associated with
the transfer of any of the foregoing. 
 21.24 Confidential Information. Each Party shall treat as strictly confidential
any and all information concerning the other Party and its operations including, without limitation, information concerning the business operations, financial models and operating systems of the other Party (collectively, “Confidential
Information”), and shall not divulge, disclose, publish or otherwise communicate any such Confidential Information to any person or entity for any reason; provided, however, Tenant shall be permitted to (i) deliver a copy of this
Lease to a prospective purchaser with the consent of the Landlord, which consent shall not be unreasonably withheld; provided, however, that, with respect to any request made in connection with disclosure to a prospective acquirer of Tenant’s
interest in this Lease (or a Controlling interest in Tenant), it shall not be unreasonable for Landlord to withhold its consent if, in Landlord’s reasonable opinion, such party lacks the character or the quality and relevant experience
necessary to satisfy the obligations of Tenant hereunder, and (ii) provided further that Tenant obtain a standard non-disclosure agreement from the party to whom such information is to be disclosed (in form, and substance reasonably
satisfactory to Landlord), notwithstanding the foregoing, Tenant may disclose the general economic terms of its operations (including, without limitation, the economic terms contained in this Lease Agreement) to prospective acquirers of
substantially all of Tenant’s assets or the interests of and/or in Tenant, lenders and investors. As used herein, the term Confidential Information shall not include information that (i) is generally available to the public other than as a
result of an improper disclosure by a Party or its Affiliates or representatives, or was available to the public on a non-confidential basis prior to its disclosure by Landlord or Tenant, as applicable, or (ii) must be disclosed as a matter of
law, including such public disclosure obligations as are required by the SEC or in response to a subpoena or other legal process. The provisions of this Section 21.24 shall survive any termination of this Lease. 

21.25 Tenant’s Personal Property. Upon the expiration or sooner termination of the Term of this Lease, Landlord may, in its
sole and absolute discretion, elect either (i) to give Tenant Notice that Tenant shall be required, within sixty (60) Business Days after such expiration or termination, to remove all of Tenant’s Personal Property from the Leased
Property 

  
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or (ii) to give Tenant Notice that Landlord shall purchase Tenant’s Personal Property within sixty (60) Business Days after such expiration or termination. In the event that
Landlord exercises its option under the foregoing clause (ii) of this Section 21.25, the purchase price for all items of Tenant’s Personal Property shall be the lesser of the fair market value or Tenant’s book value of
such Tenant’s Personal Property (free of, and net of, all Liens and other encumbrances, monetary or otherwise). 
 21.26
No Third Party Beneficiaries. Nothing herein is intended or shall be construed to confer upon or give to any person other than Landlord and Tenant, any rights or remedies under or by reason of this Lease. 

21.27 Guaranty Net Worth Requirement. Tenant acknowledges that Landlord has accepted the Guaranty in lieu of a security deposit
under this Lease and that the financial strength of the Guarantors and the validity of the Guaranty is an important consideration to Landlord. Accordingly, if at any time the combined net worth of the Guarantors fails to equal or exceed the
then-applicable annual amount of Minimum Rent due under this Lease for the current Lease Year (the “Guaranty Net Worth Requirement”), it shall be an Event of Default hereunder. Upon a failure of the Guaranty Net Worth
Requirement, Tenant shall have sixty (60) days to cure the Event of Default by either (a) providing Landlord with an additional Guarantor or Guarantors with net worth sufficient to allow the consolidated net worth of the Guarantors to
equal the Guaranty Net Worth Requirement or (b) posting a security deposit with Landlord in an amount equal to three (3) months of Rent (the “Security Deposit”). The Security Deposit shall be held by Landlord as
security for the full and faithful performance by Tenant of all of the terms and obligations set forth in this Lease and for the full and faithful performance by Tenant of all of the terms and obligations set forth in each Affiliated Lease. If an
Event of Default shall occur and be continuing under this Lease or any Affiliated Lease, then in addition to and not exclusive of any other remedies available under this Lease, Landlord may use, apply or retain all or any portion of the Security
Deposit for the payment of any Rent, the funding of Additional Charges or other charges in Default, or for the payment of any sum to which Landlord may become obligated by reason of such Event of Default. If Landlord so uses or applies all or any
portion of the Security Deposit, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the full amount of the Security Deposit. Landlord shall not
be required to keep the Security Deposit separate from its general accounts and may commingle the Security Deposit with other funds of Landlord. If Tenant performs all of its obligations hereunder and Tenant performs all of its obligations under the
Affiliated Leases, at the expiration of the Term, and after Tenant has vacated each Affiliated Leased Property, the Security Deposit, or so much thereof as has not been applied or used by Landlord as provided in this Lease or the Affiliated Leases,
shall be returned to Tenant within sixty (60) days, without payment of interest or other increment for its use, and the documents evidencing the Security Deposit shall be terminated. No trust relationship is created herein between Landlord and
Tenant with respect to the Security Deposit. Tenant acknowledges that the Security Deposit constitutes security for the faithful observance and performance by Tenant of all the terms, covenants and conditions of this Lease to be observed and
performed and for the full and faithful performance by Tenant of all of the terms, covenants and obligations set forth in each Affiliated Lease. If any Event of Default shall occur and be continuing under this Lease or any Affiliated Lease, Landlord
may, at its option and without prejudice to any other remedy 

  
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which Landlord may have on account thereof, appropriate and apply the amount of the Security Deposit in accordance with the terms set forth herein and as may be necessary to compensate Landlord
toward the payment of the Rent or other sums due Landlord under this Lease or under any Affiliated Lease as a result of such breach by Tenant. It is understood and agreed that the Security Deposit is not to be considered as prepaid rent, nor shall
damages hereunder be limited to the amount of the Security Deposit. Tenant hereby grants to Landlord a security interest in the Security Deposit as security for Tenant’s obligations to Landlord hereunder and agrees to execute and deliver all
such instruments as may be required by Landlord to evidence and perfect these security interests. 
 21.28 Non-Compete.
Tenant agrees that during the term of this Lease and for a period of five years following the expiration of this Lease, Tenant shall not engage, and shall not cause or permit any of its Subsidiaries or any of its Affiliates to (each, a
“Covered Person”) to engage directly or indirectly, in any capacity, in any activities that Compete with the business of developing, owning, operating, leasing or managing a Senior Living Facility within fifteen
(15) miles of the Facility. For purposes of this provision, “Compete” means (i) to, directly or indirectly, conduct, facilitate, participate or engage in, or bid for or otherwise pursue a business, whether as a
principal, sole proprietor, partner, stockholder, or agent of, or consultant to or manager for, any Person or in any other capacity, or (ii) to, directly or indirectly, have any ownership interest in any Person or business which conducts,
facilitates, participates or engages in, or bids for or otherwise pursues a business, whether as a principal, sole proprietor, partner, stockholder, or agent of, or consultant to or manager for, any Person or in any other capacity. Notwithstanding
the foregoing, this Section 21.28 shall not apply to or in any way prohibit or restrict any existing ownership interests or operations of a Covered Person as of the Effective Date of this Lease. The parties recognize and acknowledge that
a breach of this Section 21.28 by Tenant or any of its Affiliates will cause irreparable and material loss and damage to Landlord and hereby consent to the granting by any court of competent jurisdiction of an injunction or other
equitable relief, without the necessity of posting a bond, cash or otherwise, and without the necessity of actual monetary loss being proved or Landlord’s establishing the inadequacy of any remedy at law, and order that the breach or threatened
breach of such provisions may be effectively restrained. 
 21.29 Community Fees. To the extent Tenant or the property
manager charge or collect any “Community Fee”, “Entrance Fee” or similar fee from residents which is obligated to be repaid, in whole or in part, Tenant agrees that it is solely responsible for such repayment and hereby agrees to
indemnify, save, pay, insure and hold Landlord and its Affiliated Parties harmless from and against and reimburse Landlord for any and all loss, damage, cost, liability, fee and expense (including, without limitation, reasonable attorney’s fees
based upon service rendered at hourly rates) incurred by or asserted against Landlord which is occasioned by or results, directly or indirectly, from such Community Fees, Entrance Fees or other fees charged by Tenant or the Property Manager.
Further, upon an Event of Default under or termination of this Lease, Tenant agrees to assign to Landlord any assets securing or backing the repayment obligation. This provision shall expressly survive termination of the Lease. 

(a) In addition to, and not in limitation of, the foregoing provisions, Landlord and Tenant acknowledge that Tenant is or
may be a party to one or more Community Fee 

  
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Senior Living Townhome Agreements with residents of Facility villas (each, a “Community Fee Agreement”), pursuant to which Tenant makes available to certain residents the
option to pay Tenant the sum of One Hundred Thousand and No/100 Dollars ($100,000.00) (the “Rental Buydown Deposit”) in exchange for reduced monthly rent under the resident’s occupancy agreement or lease
(“Rental Buydown Program”). As of the Effective Date, no units of the Facility participate in the Rental Buydown Program. Tenant shall not permit and shall cause the property manager not to permit more than six units in the
Facility to participate in the Rental Buydown Program at any one time. $75,000.00 of each Rental Buydown Deposit is reimbursable to the applicable resident when such resident vacates the Facility (“Reimbursable Deposit”). All
Reimbursable Deposits, whether now or in the future existing, shall be deposited in Great Western Bank or other financial institution approved by Landlord and in writing (“Certificate of Deposit Issuer”) in the form of
automatically renewing certificates of deposit issued in favor of Tenant or, if requested by Landlord or Mortgagee, Landlord (each, a “Certificate of Deposit”). If requested by Landlord or Mortgagee, the original Certificates
of Deposit shall be deposited with and held by such requesting party. 
 (b) Tenant hereby grants to Landlord,
its successor and assigns (including but not limited to Mortgagee and its successors and assigns), a security interest (the “Security Interest”) in all of Tenant’s right, title and interest in, to and under all
Certificates of Deposit representing Reimbursable Deposits, whether now or in the future existing, and all renewals, replacements and proceeds thereof (collectively, the “Pledged Collateral”). Upon the occurrence of an Event
of Default under the Lease Agreement, including but not limited to any violation or failure of Tenant to comply with any provision of this Amendment, or upon the expiration or termination of the Lease Agreement for any reason, Landlord or Mortgagee
may in its sole and absolute discretion demand immediate payment of the Certificates of Deposit to it and, whether or not Landlord makes such demand, Tenant shall, upon notice from Landlord or Mortgagee to Tenant or to the Certificate of Deposit
Issuer, immediately lose all of its rights to receive proceeds of any Certificate of Deposit. Upon receipt, Landlord or Mortgagee shall hold the Certificates of Deposit to pay amounts to residents at such times as any Reimbursable Deposits may
become due and payable, and for no other purpose. Tenant hereby grants to Landlord and Mortgagee a power of attorney to demand from the Certificate of Deposit Issuer and collect the amounts under the Certificates of Deposit as provided in this
paragraph, which power of attorney is irrevocable, unconditional and coupled with an interest. Landlord or Mortgagee may give notice to Certificate of Deposit Issuer instructing Certificate of Deposit Issuer and Certificate of Deposit Issuer is
hereby authorized and agrees to pay the Pledged Collateral to Landlord or Mortgagee immediately upon demand without any obligation or right to inquire further as to the occurrence or continuance of a default or an Event of Default under or the
expiration or termination of the Lease Agreement or any Facility Mortgage, and the Certificate of Deposit Issuer shall be released from any and all liability to Tenant with respect to the Pledged Collateral to the extent the same is paid to Landlord
or Mortgagee. 
 (c) Within one hundred twenty (120) days after the end of each calendar year, Tenant shall
submit to Landlord and, if requested by Landlord or Mortgagee, to 

  
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Mortgagee, a statement certified true and correct by Tenant setting forth the names of residents who have at any time during the preceding calendar year participated in the Rental Buydown
Program, the amount of Rental Buydown Deposit deposited with Tenant, the financial institution in which the Reimbursable Deposit is held, and the Certificate of Deposit amount and account number. 

(d) Upon entering into the Rental Buydown Program with any existing or potential resident, Tenant shall provide to
Landlord and, if requested by Landlord or Mortgagee, the following: (i) the name of the resident, (ii) the amount of each of the Rental Buydown Deposit and Reimbursable Deposit, (iii) a copy of the residency agreement with such
resident setting forth the Rental Buydown Program, and (iv) a copy of the Certificate of Deposit representing such resident’s Reimbursable Deposit, or if requested by Landlord or Mortgagee, the original Certificate of Deposit. 

(e) The insufficiency of any Certificate of Deposit shall not abrogate Tenant’s obligation to return all Reimbursable
Deposits as and when due in accordance with the Community Fee Agreements and all applicable laws. 
 (f) Tenant
shall cause the Certificate of Deposit Issuer to execute the acknowledgement to this amendment and any further instruments requested by Landlord or Mortgagee in connection with the pledge of the Pledged Collateral. Notwithstanding anything to the
contrary in the Lease Agreement, Landlord and Tenant agree that Mortgagee is an intended third party beneficiary of the security interest granted hereunder and the provisions of this Section 21.29, and that Mortgagee shall have such
rights and remedies hereunder as are available to Landlord. 
 (g) Tenant represents and warrants that Tenant is
the owner of the Certificates of Deposit outstanding as of the Amendment Effective Date, and (i) there are no prior liens or encumbrances on any of the Pledged Collateral except liens and encumbrances granted to Landlord or Mortgagee;
(ii) Tenant has not heretofore sold or assigned, collaterally or otherwise, the Pledged Collateral other than to Landlord or Mortgagee, (iii) there are no restrictions upon the pledging of the Pledged Collateral except restrictions that
have been waived or consented to, (iv) Tenant has full right and authority to pledge the Pledged Collateral in accordance with the terms of this Amendment, (v) there is no restriction on the transfer of any of the Pledged Collateral except
restrictions that arise under agreements between Landlord and Tenant or Mortgagee and Tenant, and (vi) there are no financing statements covering any Pledged Collateral on file in any public office, except financing statements naming Landlord
or Mortgagee as secured party 
 [SIGNATURES APPEAR ON FOLLOWING PAGES] 

  
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 IN WITNESS WHEREOF, the parties have executed this Lease Agreement as a sealed
instrument as of the date above first written. 
  

			
	LANDLORD:
	
	CHT ZANESVILLE OH SENIOR LIVING, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Holly Greer

		 	Holly Greer, Senior Vice President

  

			
	STATE OF FLORIDA	 	    )
	COUNTY OF ORANGE	 	    )

 On December 18, 2012, before me, Tracey Bracco, personally appeared Holly Greer as Senior Vice
President of CHT ZANESVILLE OH SENIOR LIVING, LLC, a Delaware limited liability company, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 

WITNESS my hand and official seal. 
  

					
		 		 	 /s/    Tracey B.
Bracco        

		 	(SEAL)	 	 Notary Public, State of Florida
  

Printed Name: Tracey B. Bracco
 Commission No.:
DD0924924
 Commission Expires: 9/25/2013

  
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	TENANT:
	
	TSMM MANAGEMENT, LLC, a South Dakota limited liability company
		
	By:	 	 /s/ James L. Thares

	Name:	 	James L. Thares
	Title:	 	Managing Member/President

  

			
	STATE OF FLORIDA	 	    )
	COUNTY OF ORANGE	 	    )

 On December 19, 2012, before me, James L. Thares, personally appeared as Managing Member/President
of TSMM MANAGEMENT, LLC, a South Dakota limited liability company, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to
me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 

WITNESS my hand and official seal. 
  

					
		 		 	 /s/    Tracey B.
Bracco        

		 	(SEAL)	 	 Notary Public, State of Florida
  

Printed Name: Tracey B. Bracco
 Commission No.:
DD0924924
 Commission Expires: 9/25/2013

  
 - 78 -

 EXHIBIT A 

THE LAND 
 [Intentionally Omitted] 
 EXHIBIT B 

MINIMUM RENT 
 [Intentionally Omitted] 
 EXHIBIT C 

ESTOPPEL CERTIFICATE 
 [Intentionally Omitted] 
 EXHIBIT D 

MEMORANDUM OF LEASE 
 [Intentionally Omitted] 
 EXHIBIT E 

OPERATING CONTRACTS 
 [Intentionally Omitted] 
 EXHIBIT F 

PERMITTED ENCUMBRANCES 
 [Intentionally Omitted] 
 EXHIBIT G 

INITIAL LANDLORD P&E 
 [Intentionally Omitted] 

 EXHIBIT H 

TENANT’S PERSONAL PROPERTY 
 [Intentionally Omitted] 
 EXHIBIT I 

AGREEMENTS WITH AFFILIATED PERSONS 
 [Intentionally Omitted] 
 SCHEDULE 1 

AFFILIATED LEASES 
 [Intentionally Omitted] 
 SCHEDULE 12.6 

TENANT PERSONAL PROPERTY EXCLUSIONS 
 [Intentionally Omitted] 
 SCHEDULE 16.2 

TENANT ORGANIZATIONAL CHART 
 [Intentionally Omitted]Guaranty of Lease

 Exhibit 10.4 
 GUARANTY OF LEASE 
 Zanesville Facility 

FOR VALUE RECEIVED, and in consideration for, and as an inducement to CHT ZANESVILLE OH SENIOR LIVING, LLC, a Delaware
limited liability company, as “Landlord,” to enter into a certain Lease Agreement dated as of the date hereof, with respect to a senior living facility in Zanesville, Muskingum County, Ohio (the “Lease,” which is
incorporated herein by reference) with TSMM MANAGEMENT, LLC, a South Dakota limited liability company, as “Tenant,” each of JAMES L. THARES, BRIAN J. MORGAN, WILLIAM J. SCHAEFBAUER II and MARK W. MCNEARY,
as “Guarantor,” absolutely, unconditionally and irrevocably guarantees to Landlord the full and prompt payment of all rent and all other charges to be paid by Tenant under the Lease and the full and timely performance and observance of all
covenants, conditions, and agreements therein provided to be performed and observed by Tenant pursuant to the Lease. 
 The
validity of this Guaranty of Lease (this “Guaranty”) and the obligations of the Guarantor shall not be terminated, affected, or impaired by reason of (i) any forbearance, releases, settlements or compromises between Landlord
and Tenant or any other guarantor, by reason of any waiver of or failure to enforce any of the rights and remedies reserved to Landlord in the Lease or otherwise; (ii) the invalidity, illegality or unenforceability of the Lease for any reason
whatsoever; (iii) the relief or release of Tenant or any other guarantor from any of their obligations under the Lease by operation of law or otherwise, including, without limitation, the insolvency, bankruptcy, liquidation or dissolution of
Tenant or any other guarantor or the rejection of or assignment of the Lease in connection with proceedings under the bankruptcy laws now in effect or hereafter enacted (other than any written release of Tenant or any release of Tenant pursuant to
the express terms of the Lease in connection with a permitted assignment thereunder as provided hereinbelow); (iv) the release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without limitation,
negligent, willful, unreasonable or unjustifiable impairment) of any collateral securing the Lease; or (v) any other act or omission of Landlord or Tenant which would otherwise constitute or create a legal or equitable defense in favor of
Guarantor except to the extent that the same constitutes a defense to enforcement of the Lease against the Tenant thereunder. 

Each Guarantor represents and warrants that he has a material economic interest in Tenant and that the execution of this Lease will be of
direct benefit to him, whether or not he shall ever occupy any portion of the Leased Property (as defined in the Lease). This Guaranty will remain in full force and effect as to any renewal, modification, amendment, or extension of the Lease, any
assignment or transfer by Landlord, any assignment, transfer or subletting by Tenant, any change in the status, composition, structure or name of Tenant or Guarantor, or any holdover by Tenant under the Lease, and as to any assignee of Tenant’s
interest under the Lease. 
 If Guarantor, directly or indirectly, advances any sums to Tenant, such sums and indebtedness will
be subordinate in all respects to the amounts then and thereafter due and owing by Tenant under the Lease. Payment by Guarantor of any amount pursuant to this Guaranty shall not in any way entitle Guarantor to any right, title or interest (whether
by way of subrogation or otherwise) in and to any of the rights or remedies Landlord may have against Tenant, unless and 

 
until all of the obligations then payable or performable by Tenant under the Lease have been performed, including particularly, but without limitation, payment of the full amount then due and
owing to Landlord under the Lease and this Guaranty. 
 Wherever reference is made to the liability, obligations or covenants of
Tenant in the Lease, such reference is deemed likewise to refer to each Guarantor, jointly and severally, with Tenant and any other Guarantors. The liability of Guarantor for the obligations of the Lease shall be primary; in any rights of action
which accrues to Landlord under the Lease, Landlord may proceed against Guarantor and/or Tenant, jointly or severally, and may proceed against any Guarantor without having demanded performance of, commenced any action against, exhausted any remedy
against, or obtained any judgment against Tenant or any other Guarantor. This is a guaranty of payment and not of collection, and Guarantor waives any obligation on the part of Landlord to enforce the terms of the Lease against Tenant or any other
Guarantor as a condition to Landlord’s right to proceed against Guarantor. 
 Guarantor expressly waives: (i) notice
of acceptance of this Guaranty and of presentment, demand and protest; (ii) notice of any default hereunder or under the Lease (other than notices and copies thereof to the parties specified in and as expressly required by the Lease) and of all
indulgences; (iii) demand for observance, performances, or enforcement of any terms for provisions of this Guaranty or the Lease; and (iv) all other notices and demands otherwise required by law which Guarantor may lawfully waive.
Guarantor agrees that if this Guaranty is enforced by suit or otherwise, Guarantor shall reimburse Landlord, upon demand, for all expenses incurred in connection therewith, including, without limitation, reasonable attorneys’ fees. 

Guarantor agrees that in the event that Tenant shall become insolvent or shall be adjudicated a bankrupt, or shall file a petition for
reorganization, arrangement or other relief under any present or further provision of the Bankruptcy Reform Act of 1978, or if such a petition be filed by creditors of said Tenant, or if Tenant shall seek a judicial readjustment of the rights of its
creditors under any present or future Federal or State law or if a receiver of all or part of its property and assets is appointed by any State or Federal court, no such proceeding or action taken therein shall modify, diminish or in any way affect
the liability of Guarantor under this Guaranty and the liability of Guarantor with respect to the Lease shall be of the same scope as if Guarantor itself executed the Lease as the named lessee thereunder and no “rejection” and/or
“termination” of the Lease in any of the proceedings referred to in this paragraph shall be effective to release and/or terminate the continuing liability of Guarantor to Lessor under this Guaranty with respect to the Lease for the
remainder of the Lease term stated therein unaffected by any such “rejection” and/or “termination” in said proceedings; and if, in connection with any of the circumstances referred to in this paragraph, Lessor should request that
Guarantor execute a new lease for the balance of the term of the Lease (unaffected by any such “rejection” and/or “termination” in any of said proceedings), but in all other respects identical with the Lease, Guarantor shall do
so as the named “Tenant” under such new lease (irrespective of the fact that the existing Lease may have been “rejected” or “terminated” in connection with any proceedings referred to in this paragraph). In the event of
failure or refusal of Guarantor to execute such new lease as therein provided, without limiting any of the legal or equitable remedies of Lessor on account of such failure or refusal, Guarantor agrees that Lessor shall have the right to obtain a
decree of specific performance against Guarantor. 

  
 2 

 Guarantor further agrees that, to the extent Tenant or Guarantor makes a payment or payments
to Landlord under the Lease or this Guaranty, which payment or payments or any part thereof are substantially invalidated, declared to be fraudulent or preferential, set aside and /or required to be repaid to the Tenant or Guarantor or their
respective estate, trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such payment or repayment, this Guaranty and the advances or part thereof which have been
paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the date such initial payment, reduction or satisfaction occurred. 
 Guarantor hereby waives, to the maximum extent permitted by law, all defenses available to a surety, whether or not the waiver is specifically enumerated in this Guaranty. 

All of the terms and provisions of this Guaranty shall inure to the benefit of the successors and assigns of Landlord and are binding
upon the respective successors and assigns of Guarantor. 
 Within seven (7) days after written request therefor, from
Landlord, Guarantor shall deliver to Landlord, or its designee, an estoppel letter from Guarantor ratifying and confirming Guarantor’s obligations under this Guaranty. 
 A determination that any provision of this Guaranty is unenforceable or invalid will not affect the enforceability or validity of any other provision, and any determination that the application of any
provision of this Guaranty to any person or circumstances is illegal or unenforceable will not affect the enforceability or validity of such provision as it may apply to any other persons or circumstances. 

No modification or amendment of this Guaranty will be effective unless executed by Guarantor and consented to by Landlord in writing, and
no cancellation of this Guaranty will be valid unless executed by Landlord in writing. 
 If Tenant’s obligations are void
or voidable due to illegal or unauthorized acts by Tenant in the execution of the Lease, Guarantor shall nevertheless be liable hereunder to the same extent as it would have been if the obligations of the Tenant had been enforceable against the
Tenant. 
 [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 

  
 3 

 This Guaranty is governed exclusively by its provisions, and by the laws of the State in
which the Premises are located, as the same may from time to time exist. 
 EXECUTED as of the 19th day of December,
2012. 
  

	
	 /s/ James L. Thares

	JAMES L. THARES
	
	 /s/ Brian J. Morgan

	BRIAN J. MORGAN
	
	 /s/ William J. Schaefbauer II

	WILLIAM J. SCHAEFBAUER II
	
	 /s/ Mark W. McNeary

	MARK W. MCNEARY

  
 4

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