Document:

Right of First Offer Agreement

 Exhibit 10.10 
 RIGHT OF FIRST OFFER AGREEMENT 
 THIS RIGHT OF FIRST OFFER AGREEMENT
(this “Agreement”), is made as of the 10th day of July, 2013, by and between N.T. BRINKMAN, INC., a Virginia corporation (“Offeror”), and CHP PARTNERS, LP, a Delaware limited partnership
(“Offeree”). 
 BACKGROUND 

A. Certain affiliates of Offeror and Offeree have entered into that certain Agreement of Sale and Purchase dated as of April 3,
2013, as amended from time to time, with respect to certain assets more particularly described therein (the “Purchase Agreement”). 
 B. The execution of this Agreement was a material inducement to Offeree to enter into the Purchase Agreement. 
 C. Offeror has been benefitted by the consummation of the transactions contemplated by the Purchase Agreement. 
 D. Offeror has agreed to grant to Offeree a right of first offer/opportunity to purchase any Medical Office Building developed by Offeror or any Affiliate thereof (as such term is defined in the Purchase
Agreement) within a one mile radius of 7557B Dannaher Drive, Powell, Tennessee 37849, 7557B Dannaher Drive, Powell, Tennessee 37849, 120 Hospital Drive, Jefferson City, Tennessee 37820, or 900 East Oak Hill Avenue, Knoxville, Tennessee 37917 (a
“ROFO Facility”), under the terms and provisions of this Agreement. 
 E. Offeror and Offeree or its affiliate,
have entered into that certain Management Agreement dated as of the date hereof pursuant to which Offeror has been engaged to manage certain facilities more particularly described therein for a term of five (5) years following the Closing (the
“Management Agreement”). 
 F. The execution of the Management Agreement was a material inducement to Offeror
to enter into the Purchase Agreement. 
 G. The parties hereto have agreed to document in further detail the foregoing rights of
first offer/opportunity, all as more completely set forth herein. 
 NOW, THEREFORE, in consideration of the sum of Ten
Dollars ($10) and for other good and valuable consideration, the receipt and sufficiency of which are hereby accepted, the parties hereto, intending to be legally bound, hereby agree as follows: 

AGREEMENT 
 1. Definitions. 
  

	 	(a)	“Ambulatory Surgery Center” means a building that is used primarily to provide outpatient surgical services to patients not requiring hospitalization.

	 	(b)	“Imaging Center” means a building that is used primarily to provide x-ray, computed tomography (CT or CAT), magnetic resonance imaging (MRI), positron
emission tomography (PET), fluoroscopy, radiography, ultrasound, mammography or other imaging services. 

  

	 	(c)	“Medical Office Building” shall mean a building that is used primarily by physicians to examine and consult with patients. The following facilities shall not
be considered Medical Office Buildings: Ambulatory Surgery Centers, Imaging Centers, rehabilitation centers, long term acute care hospitals or specialty hospitals. 

 

	 	(d)	All other terms that are capitalized but not defined herein shall have the meaning ascribed to them in this Agreement. 

2. Right of First Offer to Purchase. Offeror hereby grants to Offeree a right of first offer to purchase any ROFO Facility in
accordance with the following: 
 (a) Offeror hereby agrees that neither Offeror nor any Affiliate thereof shall enter into any
agreement with any third party for the purchase and/or sale of any ROFO Facility without first offering Offeree the right to purchase the ROFO Facility. If Offeror or any Affiliate thereof proposes to sell a ROFO Facility, Offeror or such Affiliate
shall deliver notice thereof to Offeree (an “ROFO Notice”), which ROFO Notice shall set forth the material business terms of such proposal including, without limitation, Offeror’s or such Affiliate’s proposed sales price,
the square footage of the ROFO Facility, the terms of any leases associated with the ROFO Facility, the proposed due diligence period, the proposed closing date, any deposit requirements, and other principal business terms. Offeree shall have the
option (an “ROFO Facility Option”) to purchase the ROFO Facility, which Offeree shall exercise by delivering irrevocable notice to Offeror or Offeror’s Affiliate, as applicable (an “Acceptance Notice”), within
ten (10) Business Days of the giving of the ROFO Notice, along with an agreement of sale to purchase the ROFO Facility, containing the operative terms and conditions set forth in this Section 2. The form of agreement shall be substantially
similar to that which Offeree has previously negotiated with Offeror. 
 (b) If Offeree declines or fails to exercise its right
of first offer within the period provided in Section 2(a) above (such failure being deemed a waiver of any such right), then Offeror or Offeror’s Affiliate, as applicable, shall thereafter be free to offer for sale (and sell) the ROFO
Facility upon terms similar to those set forth in the ROFO Notice. However, if Offeror or such Affiliate is subsequently willing to sell the ROFO Facility on terms which are materially different from that set forth in the ROFO Notice, then Offeror
or such Affiliate shall provide Offeree with a revised ROFO Notice in accordance with the terms of this Section 2 and Offeree shall have all of the same rights as set forth herein, except that Offeree must deliver an Acceptance Notice within
five (5) Business Days of the giving of such revised ROFO Notice. Time shall be of the essence as to Offeree’s giving of any Acceptance Notice. The terms upon which Offeror or Offeror’s Affiliate, as applicable, is willing to sell the
ROFO Facility shall be deemed materially different if the net effective sales proceeds shall be more than three percent (3%) less than the net effective sales proceeds set forth in the ROFO Notice. 

3. Term. The term of this Agreement shall commence as of the date hereof and expire on the third (3rd) anniversary of the
date of this Agreement. 

  
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 4. Notices. Any notices or other communications permitted or required to be given
hereunder shall be in writing, shall be delivered (a) personally, in which case notice shall be deemed delivered upon receipt or refusal of delivery, (b) by reputable overnight delivery service, in which case notice shall be deemed
delivered on the date of deposit with such courier, or (c) by fax, in which case notice shall be deemed delivered upon the mechanical confirmation of delivery, and shall be addressed to the respective party as set forth in this Section 3.
Notices on behalf of the respective parties may be given by their attorneys and such notices shall have the same effect as if in fact subscribed by the party on whose behalf it is given. 

 

			
	If to Offeror:	  	 N.T. Brinkman, Inc.
 PMB
344
 977 Seminole Trail

Charlottesville, VA 22901-2824
 Attention: Ben
Ochs
 Telephone: (434) 293-8004

Telefax No.: (434) 293-6256

		
	With Copies to:	  	 Baker, Donelson, Bearman, Caldwell & Berkowitz
 Baker Donelson Center
 211 Commerce Street, Suite 800

Nashville, TN 37201
 Attention: Kenneth P. Ezell,
Jr.
 Telephone: (615) 726-5721
 Telefax
No.: (615) 744-5721

		
	If to Offeree:	  	 CHP Partners, LP
 c/o CHP
Lifestyle Properties, Inc.
 450 South Orange Avenue, Suite 1200
 Orlando, Florida 32801
 Attention: Tracey Bracco, Esquire

Telephone No.: (407) 540-7595
 Facsimile No.:
(407) 540-2544

		
	With Copies to:	  	 Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
 215 North Eola Drive
 Orlando, Florida 32801

Attention: William T. Dymond, Jr., Esquire

Telephone No.: (407) 418-6414
 Facsimile No.:
(407) 843-4444

 Such addresses may be changed by notice to the other parties given in the same manner as provided above. A party
shall be deemed to have received a facsimile transmission on the date 

  
 3 

 
of transmission if sent prior to 5:00 PM EST, or the next Business Day after for any later transmission, when supported by transmission confirmation. 

5. Confidentiality. The parties hereto agree to keep the terms and provisions of this Agreement confidential information;
provided, however, that Offeree shall have the right to disclose the terms to: (a) its attorneys and prospective lenders related to the purchase of the same, or (b) third parties if such disclosure is required by an order of a court of
competent jurisdiction or otherwise required by any applicable law (including, but not limited to, regulations and any other requirements promulgated by the U.S. Securities and Exchange Commission), provided that Offeree delivers reasonable advance
notice thereof to Offeror. 
 6. Cross Default. Any default by Offeree under the Management Agreement which default
remains uncured by Offeree after any notice or cure period applicable under the Management shall constitute a default by Offeree hereunder. In the event of any such default by Offeree hereunder, Offeror’s sole remedy shall be the right to
terminate this Agreement, and each party shall be relieved of all obligations set forth herein arising from and after the date of such termination. 
 7. Miscellaneous. 
 (a) This Agreement represents the complete
understanding between the parties as to the subject matter hereof, and supersedes all prior written or verbal negotiations or agreements as to the Assets, the condition thereof or any other matter whatsoever, made by any broker, agent, employee or
other person representing or purporting to represent either party. 
 (b) No party shall be deemed to have waived the exercise
of any right which it holds under this Agreement unless such waiver is made expressly and in writing. No delay or omission by any party in exercising any right shall be deemed a waiver of its future exercise. No waiver made as to any instance
involving the exercise of any right shall be deemed a waiver as to any other instance, or any other right. 
 (c) This Agreement
shall be given effect and construed by application of the law of the State of Tennessee. 
 (d) No determination that any
provision of this Agreement is invalid or unenforceable in any instance shall affect the validity or enforceability of any other such provision, or that provision in any circumstance not controlled by such determination. Each provision shall be
valid and enforceable to the fullest extent allowed by, and shall be construed wherever possible as being consistent with, applicable law. 
 (f) Time shall be of the essence of this Agreement. 
 (g) This Agreement may be
signed in counterparts, all of which when taken together shall constitute the one and same original. 
 (h) The exchange of
copies of this Agreement and of signature pages by facsimile transmission or electronic mail shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.

  
 4 

 
Signatures of the parties transmitted by facsimile or via electronic mail shall be deemed to be their original signatures for all purposes. 

(i) Each party hereto hereby acknowledges that all parties hereto participated equally in the negotiation and drafting of this Agreement
and that, accordingly, no court construing this Agreement shall construe it more stringently against one party than against the other. 
 (j) Neither party shall be permitted to assign any of its rights under this Agreement without first obtaining the prior written consent of the other party. This Agreement shall be binding on and inure to
the benefit of the parties hereto and their respective affiliates, subsidiaries, successors and assigns in interest. 
 (k)
Offeror and Offeree represent and warrant that neither has dealt with any broker or agent in the negotiation of this Agreement. Offeree agrees to indemnify and hold Offeror harmless from any and all costs or liability for compensation claimed by any
broker or agent employed by Offeree or claiming to have been engaged by Offeree in connection with this Agreement. Offeror agrees to indemnify and hold Offeree harmless from any and all costs or liability for compensation claimed by any broker or
agent employed by Offeror or claiming to have been engaged by Offeror in connection with this Agreement. 
 (l) Offeror and
Offeree hereby represent and warrant to each other that all consents or approvals required for the execution, delivery and performance of this Agreement have been obtained and that each party (including its signatory) has the right and authority to
enter into and perform its covenants contained in this Agreement. 
 (m) This Agreement shall not be amended or terminated, and
no obligation of a party shall be waived, except by written instrument signed by the parties. 
 (n) If any legal action, suit
or proceeding is commenced between the parties regarding their respective rights and obligations under this Agreement, the prevailing party shall be entitled to recover, in addition to damages or other relief, costs and expenses, attorneys’
fees and court costs (including, without limitation, expert witness fees). As used herein, the term “prevailing party” shall mean the party which obtains the principal relief it has sought, whether by compromise, settlement or judgment. If
the party which commenced or instituted the action, suit or proceeding shall dismiss or discontinue it without the concurrence of the other party, such other party shall be deemed the prevailing party. 

  
 5 

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

					
	OFFEROR:
		
		 	N.T. BRINKMAN, INC., a Virginia corporation
			
		 	By:	 	 /s/ Norman T. Brinkman

		 	Name:	 	 Norman T. Brinkman

		 	Title:	 	 President

  
 6 

 
									
	OFFEREE:
		
		 	CHP PARTNERS, LP, a Delaware limited partnership
			
		 	By:	 	CHP GP, LLC, a Delaware limited partnership, its General Partner
				
		 		 	By:	 	CNL Healthcare Properties, Inc., a Maryland corporation, its Sole Member
					
		 		 		 	By:	 	 /s/ Tracey B. Bracco

		 		 		 	Name:	 	Tracey B. Bracco
		 		 		 	Title:	 	Vice President

  
 7 

 JOINDER AND CONSENT THERETO 

BY THE FOLLOWING AFFILIATES OF OFFEREE: 
  

			
	CHP KNOXVILLE PLAZA A MOB OWNER, LLC, 
	a Delaware limited liability company
		
	By:	 	 /s/ Tracey B. Bracco

	Name:	 	Tracey B. Bracco
	Title:	 	Vice President
	
	CHP KNOXVILLE PLAZA B MOB OWNER, LLC, 
	a Delaware limited liability company
		
	By:	 	 /s/ Tracey B. Bracco

	Name:	 	Tracey B. Bracco
	Title:	 	Vice President
	
	CHP CENTRAL WING ANNEX MOB OWNER, LLC, 
	a Delaware limited liability company
		
	By:	 	 /s/ Tracey B. Bracco

	Name:	 	Tracey B. Bracco
	Title:	 	Vice President
	
	CHP JEFFERSON COMMONS CONDO MOB OWNER, LLC, 
	a Delaware limited liability company
		
	By:	 	 /s/ Tracey B. Bracco

	Name:	 	Tracey B. Bracco
	Title:	 	Vice President

  
 8Property Management Agmt

 Exhibit 10.11 
 PROPERTY MANAGEMENT AGREEMENT 
 BETWEEN 

HEALTHCARE EQUITY PARTNERS, LLC 
 AND 
 CHP KNOXVILLE PLAZA A MOB OWNER, LLC 

Medical Plaza A 
 7557A Dannaher Drive, Powell, TN 37489 

  
 - 1 -

 Table of Contents 

 

							
	 Article I. SUMMARY OF BASIC TERMS
	  	 	2	  
		
	 Article II. APPOINTMENT; TERM OF AGREEMENT
	  	 	3	  
	 2.1
	 	 Appointment of Manager
	  	 	3	  
	 2.2
	 	 Term
	  	 	3	  
	 2.3
	 	 Termination For Cause
	  	 	3	  
		
	 Article III. RESPONSIBILITIES OF THE PARTIES
	  	 	4	  
	 3.1
	 	 Standard of Care
	  	 	4	  
	 3.2
	 	 Indemnity by Owner
	  	 	4	  
	 3.3
	 	 No Obligation to Third Parties
	  	 	5	  
	 3.4
	 	 General Authority
	  	 	5	  
	 3.5
	 	 Operation of Property
	  	 	5	  
	 3.6
	 	 Employees
	  	 	6	  
	 3.7
	 	 Enforcement of Leases
	  	 	6	  
	 3.8
	 	 Compliance with Leases and Laws
	  	 	7	  
	 3.9
	 	 Notifications To Owner
	  	 	7	  
	 3.10
	 	 Books and Records
	  	 	8	  
	 3.11
	 	 Reports To Owner
	  	 	8	  
	 3.12
	 	 Limitations on Manager’s Authority
	  	 	8	  
	 3.13
	 	 Property Disbursements
	  	 	9	  
	 3.14
	 	 Obligations Upon Termination
	  	 	9	  
	 3.15
	 	 Income Tax Returns
	  	 	9	  
	 3.16
	 	 Ad Valorem and Other Tax Matters
	  	 	9	  
	 3.17
	 	 Construction Management/General Contracting Services
	  	 	10	  
	 3.18
	 	 Strategic Advisory Services and Surveys/Polls
	  	 	10	  
	 3.19
	 	 Quarterly Meetings
	  	 	11	  
	 3.20
	 	 Emergencies
	  	 	11	  
		
	 Article IV. BANK ACCOUNTS
	  	 	11	  
	 4.1
	 	 Separate Accounts
	  	 	11	  
	 4.2
	 	 Owners Duty to Provide Funds
	  	 	11	  
	 4.3
	 	 Investment of Funds
	  	 	11	  
		
	 Article V. BUDGETS AND EXPENDITURES
	  	 	12	  
	 5.1
	 	 Budget
	  	 	12	  
	 5.2
	 	 Expenses Paid From Operating Account
	  	 	12	  
		
	 Article VI. INSURANCE
	  	 	12	  
	 6.1
	 	 Insurance Coverage
	  	 	12	  
	 6.2
	 	 Certificates and Policies of Insurance
	  	 	12	  
		
	 Article VII. COMPENSATION OF MANAGER
	  	 	13	  
	 7.1
	 	 Management Fee
	  	 	13	  
	 7.2
	 	 Reimbursement of Expenses
	  	 	13	  
	 7.3
	 	 Construction Management Fee
	  	 	13	  

  
 i 

							
		
	 Article VIII. LEASING
	  	 	13	  
	 8.1
	 	 Leasing
	  	 	13	  
	 8.2
	 	 Leasing Commission
	  	 	14	  
	 8.3
	 	 Brokers/Referral Service
	  	 	14	  
	 8.4
	 	 Accepting Deposits
	  	 	14	  
		
	 Article IX. REMEDIES
	  	 	14	  
		
	 Article X. MISCELLANEOUS
	  	 	15	  
	 10.1
	 	 Usage
	  	 	15	  
	 10.2
	 	 Headings
	  	 	15	  
	 10.3
	 	 Notice
	  	 	15	  
	 10.4
	 	 Relationship of the Parties
	  	 	15	  
	 10.5
	 		  	 	15	  
	 10.6
	 	 Assignment
	  	 	15	  
	 10.7
	 	 Legal Representatives, Successors and Assigns
	  	 	15	  
	 10.8
	 	 Time of the Essence
	  	 	15	  
	 10.9
	 	 Governing Law
	  	 	15	  
	 10.10
	 	 Severability
	  	 	16	  
	 10.11
	 	 No Interest in Condemnation or Insurance Proceeds
	  	 	16	  
	 10.12
	 	 Mutual Waiver
	  	 	16	  
	 10.13
	 	 Owners Operating Procedures
	  	 	16	  
	 10.14
	 	 Other Engagements
	  	 	16	  
	 10.15
	 	 Reasonable Control
	  	 	16	  
	 10.16
	 	 Attorney’s Fee
	  	 	16	  
	 10.17
	 	 Execution in Counterparts
	  	 	16	  
	 10.18
	 	 Allocations
	  	 	17	  
	 10.19
	 	 Exhibits
	  	 	17	  
	 10.20
	 	 Right of First Refusal to Manage Additional Buildings
	  	 	17	  
	 10.21
	 	 Protection of REIT Status
	  	 	17	  
	 10.22
	 	 Defined Terms
	  	 	18	  

  
 ii 

 MANAGEMENT AGREEMENT 

THIS AGREEMENT (herein after referred to as “Agreement”) is effective as of the Effective Date by and between the Owner
and the Manager. 
 RECITALS: 
 1. Owner is the owner of the Property and desires to appoint Manager to manage and supervise the day-to-day management and leasing operations of the Property. 

2. Manager desires manage and supervise the day-to-day management and leasing operations of the Property. 

3. This Agreement is entered into for the purpose of setting forth the terms on which Manager will manage and lease property. 

NOW, THEREFORE, incorporating the recitals as set forth above, and in consideration of the mutual covenants herein contained, and
Ten and No/100 Dollars ($10.00) and other good and valuable consideration paid by the parties hereto to one another, the receipt and sufficiency of which are acknowledged, the parties hereto do covenant and agree as follows: 

[Remainder of Page Intentionally Left Blank] 

 ARTICLE I. 
 SUMMARY OF BASIC TERMS 
 This Summary of Basic Terms (the “Summary Sheet”) is
incorporated into and made a part of the attached Management Agreement (this Summary Sheet and the Management Agreement are collectively referred to as the “Agreement”). In the event of a conflict between the terms of this Summary Sheet
and the Management Agreement, the terms of the Summary Sheet shall prevail. All capitalized terms used in this Summary Sheet but not defined herein shall have the meaning ascribed to them in the Management Agreement. 

 

			
	Effective Date of Agreement:	  	July 10, 2013
		
	Owner (with notice address):	  	 CHP KNOXVILLE PLAZA A MOB OWNER, LLC
 450 South Orange Avenue
 Orlando, FL 32801
 Attention: Tracey B. Bracco, Esquire
 Telephone: (407) 540-7526

Facsimile: (407) 540-2544

		
	 With a copy to:
	  	 CHP KNOXVILLE PLAZA A MOB OWNER, LLC
 450 South Orange Avenue
 Orlando, FL 32801
 Attention: Joseph Johnson
 Telephone: (407) 540-7526

Facsimile: (407) 540-2544

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

Attention: William T. Dymond, Jr., Esquire

Telephone: (407) 843-4600
 Telefax No.: (407)
843-4444

  
 2 

			
	Manager (with notice address):	  	 Healthcare Equity Partners, LLC

977 Seminole Trail
 PMB 344

Charlottesville VA 22901-2824
 Attention: Ben
Ochs
 Telephone: (434) 293-8004

Facsimile: (434) 293-6256

		
	 With a copy to:
	  	 Baker, Donelson, Bearman, Caldwell & Berkowitz
 Baker Donelson Center, Suite 800
 211 Commerce Street

Nashville, TN 37201
 Attention: Kenneth P. Ezell,
Jr.
 Telephone: (615) 726-5721
 Telefax
No.: (615) 744-5721

		
	Property:	  	 Medical Plaza A
 7557A Dannaher
Drive,
 Powell, TN 37489

 ARTICLE II. 
 APPOINTMENT; TERM OF AGREEMENT 
 2.1 Appointment of Manager. Owner hereby
appoints Manager and delegates to Manager the sole and exclusive right to manage, supervise, operate, maintain and lease the Property in accordance with the terms and conditions of this Agreement. Manager hereby agrees to manage, supervise, operate,
maintain and lease the Property in accordance with the terms and conditions of this Agreement. 
 2.2 Term. The term of
this Agreement (hereinafter referred to as “Term”) shall commence on the Effective Date and shall continue for a period of five (5) years, and shall automatically renew for successive periods of one (1) year thereafter. Either
party may terminate this agreement at the end of any Term by giving the other party at least ninety (90) days prior written notice. Notwithstanding the foregoing, Owner may terminate this Agreement upon the sale of the Property or Owner’s
interest in the Property. In the event of a termination of this Agreement by Owner upon the sale of the Property or Owner’s interest in the Property during the first five (5) years of the Term, Owner shall pay to Manager an acceleration
fee (hereinafter referred to as “Acceleration Fee”) of the remaining Management Fees (as later defined) for the Term. The Acceleration Fee for the remainder of the Term shall be calculated by multiplying the average of the three
(3) previous months of Management Fees prior to termination times the remaining months of the then applicable Term. 
 2.3
Termination For Cause. This Agreement shall terminate, and all obligations of the parties hereunder shall cease (except as to liabilities for obligations which have arisen prior to such termination), upon the occurrence of any of the
following events: 

  
 3 

 (a) Non-Monetary Breach of Agreement - Thirty (30) days after
receipt of notice by either party to the other specifying in detail a material breach of this Agreement and such breach remains uncured after the expiration of such thirty (30) day period; provided however, that if such breach is of a nature
that it cannot be cured within said thirty day period but can be cured within a reasonable time thereafter, then this Agreement shall not terminate upon the expiration of such thirty (30) day period so long as efforts to cure such breach have
commenced and/or such efforts are proceeding and being continued diligently both during and after such thirty (30) day period; provided further, however, that no such cure period shall exceed sixty (60) days. 

(b) Monetary Breach of Agreement - Five (5) days after receipt of notice by either party to the other
specifying in detail a breach of this Agreement relating to the payment of any amounts to be paid hereunder and such breach remains uncured after the expiration of such five (5) day period. 

Owner, at its option, may terminate this Agreement for “Cause” at any time upon giving written notice thereof and the term “Cause”
shall include (a) fraud, misrepresentation, misappropriation of funds, furnishing any statement, report, notice, writing, or schedule to Owner that Manager knows is untrue or misleading of any material respect on the date as of which the facts
set forth therein are stated or certified, or breach of trust by Manager; (b) the failure of Manager to comply with any term or condition of this Agreement, which, although not listed in (a) immediately preceding, has a material and
adverse effect on any of the Property; (c) the bankruptcy or insolvency of, the assignment for the benefit of creditors by, or the appointment of a receiver for any of the property of Manager; (d) an intentional or grossly negligent or
illegal act committed by Manager against Owner; (e) Manager’s grossly negligent, willful and/or reckless misconduct that causes damage to Owner; (f) the destruction or condemnation of the Property under circumstances where the
Property will not be rebuilt; and (g) if at any time during the Term, Norman T. Brinkman, Georgia C. Brinkman and Benjamin W. Ochs collectively own (either directly or indirectly) less than fifty percent (50%) of the equity interests
in Manager or otherwise do not retain the power to direct the management and policies of Manager, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise. The termination of
this Agreement shall not relieve Owner from its obligation to pay any fees which are payable pursuant to this Agreement or any of Manager’s rights to fees which expressly survive the termination of this Agreement. 

ARTICLE III. 

RESPONSIBILITIES OF THE PARTIES 
 3.1 Standard of Care. It shall be the duty of the Manager at all times during the term of this Agreement, to operate and maintain the Property in accordance with the terms hereof and in accordance
with any expressed written plan of Owner. Manager is to exercise supervision over the physical conditions of the building and equipment, to make periodic inspections and authorize and supervise such repair and maintenance as may be necessary or
desirable to keep the building and equipment in good condition. 
 3.2 Indemnity by Owner. Owner agrees to hold and save
Manager free and harmless from any liability or expense (including reasonable attorney’s fees and court costs) arising out of 

  
 4 

 
injuries or damages to persons or property by reason of any cause whatsoever occurring on or with respect to the Property, and for claims arising out of Manager’s management of the Property
for Owner (other than injuries, damages or claims arising out of the negligence or willful and intentional misconduct of Manager) if such injury, damage or claim is incurred while Manager is acting pursuant to this Agreement or under the direction
of, or with the approval of Owner. 
 3.3 No Obligation to Third Parties. None of the obligations and duties of Manager
or of Owner under this Agreement shall in any way or in any manner be deemed to create an obligation of Manager or of Owner to any Person or entity not a part to this Agreement. 

3.4 General Authority. In the performance of its duties hereunder, Manager shall have and is hereby granted full and complete
power and authority in accordance with the terms and conditions of this Agreement. Manager shall act for, and in the name, place, and stead of, Owner with respect to all matters relating to the Management, operation and leasing of the Property. Such
management, operation, and leasing shall be undertaken in accordance with the Budgets for the Property. Notwithstanding the foregoing, Manager shall not have authority to execute, on behalf of Owner, leases or other occupancy agreements with respect
to the Property. 
 3.5 Operation of Property. Manager shall collect the Gross Monthly Collections (as defined in
Section 7.01(b) hereof), and institute, be responsible for and supervise, at the expense of Owner (but at all times in accordance with the Approved Budgets, subject, however, to Section 3.20), all maintenance and operational activities of
the Property including, but not limited, to the following: 
 (a) providing any necessary repairs to the Property
and managing the work orders for such repairs; 
 (b) providing a preventative maintenance program for all
mechanical, electrical and plumbing systems and equipment on the Property, unless a lease has created a third party responsibility therefore; 
 (c) contracting in the name of Owner for gas, electricity, water and such other utility services to be furnished to the Property as Manager deems appropriate; 

(d) contracting with independent contractors for the performance of services required to be provided at the Property;

 (e) manage all signage on or in the Property; 

(f) manage the affairs of the owner’s association (for any Property that is a condominium); 

(g) pay all invoices or bills, relating to the operation and maintenance of the Property; and 

(h) any other activity expedient to the operation of the Property. 

  
 5 

 Except as set forth herein, all expenses incurred by Manager in performing its obligations under this
Agreement shall be incurred in accordance with the Approved Budgets and any such expenses so incurred shall be at the expense of Owner and shall be paid from monies on deposit in the Operating Account (as defined in Section 4.01 herein).

 3.6 Employees. 
 (a) All matters pertaining to the employment, supervision, compensation, promotion and discharge of employees who are managing and operating the Property are the responsibility of Manager. 

(b) Manager shall fully comply with all applicable laws and regulations having to do with workers’ compensation,
social security, unemployment insurance, hours of labor, wages, working conditions and other employer-employee related subjects. Manager shall execute and file punctually when due, all forms, reports and returns required by law relating to the
employment of personnel. 
 (c) All such employees shall be employees of Manager and not of Owner, and all such
employees shall be under the supervision, direction and control of Manager. Manager hereby agrees to inform all such employees at the time of their employment that they are employed solely by Manager. Salaries and benefits paid or granted
Manager’s employees shall be an expense of Manager and not Owner. 
 (d) [Intentionally Omitted.]

 (e) [Intentionally Omitted.] 
 3.7 Enforcement of Leases. 
 (a) Manager shall use diligent
efforts to enforce the terms of all tenant leases and to collect all rents (including tenants’ obligations to pay a portion of operating expenses, taxes and common area maintenance charges) and other charges which may become due at any time
from tenant or from others for services provided in connection with or for the use of the Property. All monies so collected shall be deposited in the “Operating Account” (as term is defined in section 4.01 herein). 

(b) All leases executed during the term of this Agreement shall identify Owner (not Manager) as the holder of any security
deposits required to be placed as security for such lease. 
 (c) Manager may institute legal proceedings and
engage legal counsel in the name of Owner for the collection of overdue rents and other charges and for the dispossession of tenants and other persons from the Property. Owner will be informed as soon as possible with respect to any legal action
which may be contemplated and no legal proceeding shall be instituted without Owner’s prior written approval (which approval may be granted or withheld in Owner’s sole and absolute discretion) (i) with respect to the institution of
such legal proceeding, and (ii) the selection of legal counsel in 

  
 6 

 
connection with such legal proceeding. Any expenses incurred in connection therewith shall be deemed an Owner expense. 
 3.8 Compliance with Leases and Laws. Manager shall fulfill all the obligations of the Owner as landlord under leases pertaining to the Property. Manager shall operate the Property in compliance
with federal, state and local laws, ordinances, regulations and orders and the terms of the local Board of Fire Underwriter or similar body. Manager shall promptly give written notice to Owner of any order or notice of requirements when received and
what action, if any, Manager has or will be taking. 
 Manager shall not take action pursuant to any such notice so long as:
(i) Owner is contesting any such order or requirement, and (ii) Owner requests Manager in writing, not to take such action, and (iii) Owner indemnifies Manager from and against any liability incurred by Manager in failing to take such
action at Owner’s request as set forth in (i) and (ii) above; provided however, that if failure to comply with any such order or requirement would or might expose Manager to criminal liability, Manager shall, with or without
Owner’s approval, cause the same to be complied with. 
 3.9 Notifications To Owner. In addition to all others
notices provided for herein, Manager shall to extent of its knowledge promptly notify Owner of all matters concerning the Property which are (A) (i) material, or (ii) which could reasonably be expected to develop into a material
matter and (B) are known to Manager including, without limitation: 
 (a) all lawsuits, condemnation
proceedings, zoning or any other governmental orders, notices, actions or threats that may adversely affect the Property; 
 (b) any claim made by a tenant that Manager or Owner has failed to perform any obligations of Owner or Manager under any lease or agreement to which the Manager or Owner is a party; 

(c) the occurrence of any fire or other casualty on or about the Property or any personal injury or property damage (such
notice to be in compliance with the requirements of all insurance policies), and Manager shall permit insurance adjusters to view damages before repairs are started except for emergency situations; 

(d) any requirement of any insurance carrier or of any governmental agency with respect to the Property; 

(e) any offers to purchase the Property; and 

(f) the actual or suspected presence, use, storage, release, disposal, or transport of any radioactive, hazardous,
regulated, or toxic substance or material on, about, or from any of the Property; the presence, use storage, release, disposal or transport of which either (i) is prohibited or otherwise regulated by any now or hereafter existing local, state,
or federal statute, ordinance, rule, regulation, or the like or (ii) poses or may pose a risk to the health, safely or physical well-being of persons. 

  
 7 

 3.10 Books and Records. Manager shall maintain complete and identifiable records and
files on all matters pertaining to the Property including but not limited to, all revenues, expenditures, service contracts and leases. Said books and records shall be kept at the offices of Manager or such other place as the Owner and Manager from
time to time agree. Manager shall keep accurate and complete books and accounts in accordance with generally accepted accounting principles, consistently applied, showing the operations and transactions relating to the Property and showing (provided
that Owner furnishes appropriate information to Manager) the assets, liabilities, and financial condition of the Property. Duly authorized representatives of Owner shall at all times during regular business hours have the right to audit said records
and books. 
 3.11 Reports To Owner. Manager shall provide to Owner such reports pertaining to its operation of the
Property as indicated on Exhibit “B” attached hereto. 
 3.12 Limitations on Manager’s Authority.
Unless otherwise requested by Owner, and except as set forth in Section 3.20: 
 (a) all contracts relating
to the operation of the Property shall be in the name of Owner and executed by Manager on behalf of Owner. 
 (b)
Manager may not enter into contracts pertaining to the Property with parties affiliated with, under the common control of or controlled by Manager unless specifically consented to by Owner. 

(c) Before engaging any independent contractor, Manager shall cause each such independent contractor to provide evidence
of any insurance to Manager, which Manager, in its reasonable judgment, deems that such independent contractor should provide. 
 (d) Manager shall obtain, where reasonable and practicable, competitive bids for any contract service agreement or purchase order. When entering into any contracts, service agreements or issuing purchase
orders, Manager shall secure and credit Owner all discounts, rebates or commissions or similar discounts obtainable with respect to such contracts, service agreements or purchase orders. 

(e) All service contracts relating to the Property which are entered into by the Manager shall, contain a provision that
such service contract is terminable by Owner without penalty or liability therefore on not more than thirty (30) days’ notice, unless a waiver of such right to terminate on such notice is approved by Owner. 

(f) Manager shall not enter into any material contracts on behalf of Owner or for the benefit of the Property without the
prior consent of Owner. For the purposes hereof, a material contract shall mean any contract which either (i) has a total contract sum more than $10,000, except in emergency situations, or (ii) cannot be terminated on thirty
(30) days’ notice or less without fee or penalty. 

  
 8 

 3.13 Property Disbursements. Manager shall, from the funds on deposit in the
Operating Account described in Section 4.01, cause to be disbursed regularly and punctually, amounts which become due and payable from time to time as indicated below. 

 

			
	 As Part Of Manager’s Responsibilities
	  	 At The Request Of Owner

		
	Property Operating Expenses	  	Property Taxes
		
		  	Mortgage Payments
		
		  	Mortgage Escrow Payments
		
		  	Insurance Payments
		
		  	Approved Capital Expenses

 It shall be understood that Owner shall be the holder of all security deposits and such deposits will be
disbursed to Owner together with the other funds of Owner. At the request of Owner, Manager will establish an escrow account to hold security deposits for the benefit of Owner as required by law. 

3.14 Obligations Upon Termination. Upon termination for whatever cause, Manager shall use commercially reasonable efforts to
effectuate the transition of the leasing and management of the Property to Owner or Owner’s designee. Upon termination for whatever cause, Manager shall, within thirty (30) days from the effective date of termination of this Agreement,
deliver to Owner copies of all books, permits, plan, records, leases, licenses, contracts and other documents pertaining to the Property and their operation, all insurance policies, bills of sale or the documents evidencing title or rights of Owner,
and any and all records or documents which are in Manager’s possession, whether or not enumerated herein. At the request of Owner, Manager shall assign unexpired service and supply contracts to Owner or parties designated by Owner. All personal
property (including, but not limited to, capital equipment, hardware, trade and non-trade fixtures, materials and supplies) acquired pursuant to this Agreement, whether paid for directly by Owner or by way of reimbursement to Manager, shall become
the property of Owner and shall remain at the Property after the termination of this Agreement in accordance with its terms, unless Owner shall request Manager to remove said property. Upon termination, Owner shall pay all fees and reimbursements
due Manager in accordance with the time frames established hereby, and, if no timeframe for payment is established hereby, in accordance with past custom. 
 3.15 Income Tax Returns. It shall be the responsibility of Owner to file all income tax returns and report the income herein as required by federal and state laws affecting the Property. Manager
will assist Owner’s accountant in providing all necessary reports and records. 
 3.16 Ad Valorem and Other Tax
Matters. At the request and expense of Owner, Manager shall: 

  
 9 

 (a) pay all real estate taxes and other charges, assessments or levies
imposed upon or against the Property of whatever nature before delinquency; 
 (b) file all sales, gross
revenues, personal property and other tax returns relating to the Property (but excluding any income tax or franchise/excise tax return of Owner); and/or 
 (c) seek revision of, or appeal from, any tax assessment or charge deemed improper. 
 Manager
shall provide Owner with copies of all such tax returns filed by Manager and evidence of all such tax amounts paid by Manager within thirty (30) days of such filing or payment. 

3.17 Construction Management/General Contracting Services. Manager shall manage installation of tenant improvements and the
maintenance and repair of the Property (including major construction, rehabilitation and betterments) and repair or replace improvements due to wear, tear and casualty, including without limitation: 

(a) selection and supervision of design and engineering consultants; 

(b) supervision of tenant improvement design and construction; 

(c) supervision of capital improvements; 

(d) the inspection of the progress of repairs and maintenance, and supervision of the verification of the materials and
labor being expended; 
 (e) obtaining the necessary receipts, releases, waivers, discharges and assurances to
keep the Property free from mechanics’ and materialmen’s liens and other claims; and posting and recording notices of non-responsibility in connection with construction performed by tenants; 

(f) requiring that all contractors and subcontractors performing work on the Property maintain insurance as specified by
Owner from time to time; and 
 (g) obtaining and maintaining all governmental permits and approvals necessary
for use, operation and maintenance of the Property (provided that no permit or approval creating a burden or obligation on the Owner will be enforceable without Owner’s signature); and obtaining temporary and permanent certificates of occupancy
for Property tenant improvements. 
 3.18 Strategic Advisory Services and Surveys/Polls. On or
before September 1st of each year, and as otherwise
requested by Owner, Manager shall provide recommendations to Owner concerning the development of, and shall assist Owner in developing, annual strategic plans in connection with the Property. Manager shall coordinate the implementation of the annual
strategic plans at the Property. If requested by Owner, Manager shall participate in and cause its employees engaged in the direct management of the Property to participate in meetings (with travel expenses, if any, to be paid by Owner), and
property manager surveys or polls 

  
 10 

 
conducted by Owner. If requested by Owner, Manager shall administer, distribute, coordinate and collect responses to tenant surveys or polls conducted by Owner. 

3.19 Quarterly Meetings. Authorized representatives of Owner and Manager shall meet as requested by Owner, but at least once each
calendar quarter to review matters relating to the Property and this Agreement, including, without limitation, budget variances, unanticipated increases in costs and expenses, performance standards, cost savings measures and performance. Owner
shall give Manager ten (10) Business Days notices of requested meetings and provide a range of meeting dates and times. All such meetings shall be in Knoxville, Tennessee unless otherwise agreed. Owner and Manager shall work to coordinate a
monthly call to review the previous month’s operating and financial performance at the Property. 
 3.20
Emergencies. In the event maintenance or repairs are immediately necessary for the preservation and safety of the Property or persons thereon, or to avoid the suspension of any essential service to the Property, or to avoid harm, danger or
loss to life, limb or property, Manager shall immediately perform such maintenance or repair and may make expenditures for such emergency repairs which exceed the amounts set forth herein without prior written approval of Owner. Manager, however,
must inform Owner of any such expenditures and the reasons therefor before the close of the next business day. 
 ARTICLE IV.

 BANK ACCOUNTS 
 4.1 Separate Accounts. All Property income and other funds of Owner which are received by Manager shall be deposited by Manager and held in a separate bank account or accounts (“Operating
Account”) maintained by Manager. All such funds are the property of Owner and shall be received, held, and disbursed by Manager. In no event shall the funds of anyone but Owner be deposited by Manager in the Operating Account and Manager shall
not commingle Owner’s funds with the funds of any other Person in any manner whatsoever. Owner shall establish the Operating Account in Owner’s name in a financial institution that has branches in both Charlottesville, Virginia and
Orlando. Florida. 
 4.2 Owners Duty to Provide Funds. In the event that at any time the balance in the Operating Account
falls below an amount equal to the average monthly expenses of the Property, Manager shall promptly notify Owner who shall deposit sufficient funds into the Operating Account to restore the balance to the average monthly expenses of the Property
within five (5) business days from notification by Manager. Under no circumstances shall Manager have any duty or obligation to advance any funds for the account of Owner. 

4.3 Investment of Funds. In the event the Operating Account should at any time contain funds exceeding the immediate cash needs of
the management of Property, Manager, with consent of Owner, may cause such excess funds or any portion thereof to be invested in insured instruments or money market bank accounts; provided, however, that the form of any such investment shall be
consistent with Manager’s or Owner’s need to be able to liquidate any such investment to meet the cash needs of Owner with respect to the Property. 

  
 11 

 ARTICLE V. 
 BUDGETS AND EXPENDITURES 
 5.1 Budget. Within sixty (60) days after
the Commencement Date with respect to the first calendar year of the Term, and no later than September 1st of each year during the Term with respect to any subsequent calendar year (or at such other date as designated by Owner, but no more
frequently than once during each twelve month period), Manager shall prepare and submit to Owner for Owner’s approval a budget (following Owner’s approval, the “Approved Budgets”) for the management and operation of the Property
for the forthcoming twelve month period which shall include an operating budget and a capital budget. The Approved Budgets shall include an operating budget, a capital expenditure budget, and a budget of projected leasing costs for the applicable
period (including tenant improvement costs and leasing commissions). Approved Budget line items shall include: 

(a) costs necessary for the management, operation, and maintenance of the Property; and 

(b) any and all capital expenditures anticipated to be incurred. 
 The budget format may be specified by Owner so long as Owner provides Manager with the specific requirements for such at least 90 days prior to the due date. 

5.2 Expenses Paid From Operating Account. All expenditures contemplated to be incurred and paid from the Operating Account are
limited to the extent that such costs and expenses are authorized by this Agreement and by the amounts set forth therefor in the applicable Approved Budgets. Manager shall secure Owners approval for all expenditures in excess of $10,000.00 for any
one item of operation, except for utilities and such specific monthly and recurring operation and maintenance items which are listed in the Approved Budgets and for items which would be deemed an emergency and required for maintaining tenancy, but
provided Manager will take diligence to contact Owner for approval in the event of an emergency. 
 ARTICLE VI. 

INSURANCE 
 6.1
Insurance Coverage. Upon or prior to commencement of Manager’s services under this Agreement, Owner and Manager shall each procure and maintain, at their own expense, all insurance policies and requirements as provided in Exhibit
“C” to this Agreement. The carrier, total insurable values, and the various coverage types and limits of each policy of insurance must be acceptable to Owner in its commercially reasonable discretion. Manager shall be designated as a
named insured under each insurance policy procured by Manager. Such policies, with the exception of Workers’ Compensation, Employer’s Liability, Employee Dishonesty/Crime, Professional Liability and Employment Practices Liability, shall
name Owner as an additional insured and Owner shall be a named insured and loss payee under any required Property Insurance coverages. 
 6.2 Certificates and Policies of Insurance. On or before the Commencement Date, Certificates of the insurance coverage evidencing that such insurance is in force as described above shall be
delivered to the Owner or Manager, as applicable. Within ten (10) calendar days 

  
 12 

 
prior to expiration of any such insurance coverage, new certificates shall be delivered, evidencing renewal of such insurance coverage. 

ARTICLE VII. 

COMPENSATION OF MANAGER 
 7.1 Management Fee. Owner agrees to pay Manager, for the services to be rendered to Owner hereunder during the Term hereof, a sum (the “Management Fee”) equal to five percent (5%) of
the “Gross Monthly Collections” (as defined below) from the Property when, as, and only to the extent actually collected from the Property. “Gross Monthly Collections” shall mean the total gross monthly collection of rents and
additional rents received from the Property as a result of rental of all or any portion of the Property plus interest earned while on deposit in any accounts maintained by Manager, excluding, however, (i) security deposits (except when deposits
are applied to past due rent or other sundry charges), (ii) insurance proceeds payable with respect to fire or other casualty of any portion of the Property or personal property located upon the Property, and (iii) proceeds for the
refinancing of any indebtedness secured by the Property. 
 7.2 Reimbursement of Expenses. In addition to the Management
Fee, Owner shall reimburse Manager for actual out-of-pocket expenses chargeable to Owner or the Property as provided in this Agreement, including without limitation, pursuant to Section 3.6.5. Owner shall also reimburse Manager for actual
out-of-pocket advertising costs, costs of travel of Manager’s employees, long distance telephone calls, copies, faxes, preparation of reports, postage and overnight or express delivery services of documents and general office supplies and
professional expenses (legal, accounting and engineering), to the extent such cost and expenses are directly related to the management or leasing the Property. Reimbursement for out-of-pocket expenses paid to any Affiliate of Manager shall not
exceed the fair market price or cost generally payable for comparable goods or services in the area of the Property. 
 7.3
Construction Management Fee. For providing construction management services for the Property, at the request of Owner, in accordance with Section 3.17, Owner agrees to pay Manager a construction management fee equal to a) 5% of the
total cost of the project, if such construction is with respect to less than fifty thousand (50,000) square feet of the Property; or b) 4% of the total cost of the project if such construction is with respect to fifty thousand
(50,000) square feet or more of the Property, plus, in each case, Manager’s travel costs and out-of-pocket expenses. 

ARTICLE VIII. 

LEASING 
 8.1
Leasing. 
 (a) Subject to the terms and conditions hereof, Owner hereby appoints Manager and delegates to
Manager the sole and exclusive right to lease the Property to third parties. Manager accepts its appointment in accordance with and subject to the terms of this Agreement. 

  
 13 

 (b) Manager shall be responsible for coordinating the leasing activities of
the Property. Manager shall use reasonable efforts to retain responsible, creditworthy tenants and to negotiate leases of the tenant spaces in the Property at rentals at least equal to the scheduled minimum base rent fixed by Owner from time to
time. Manager shall negotiate leases using the Manager’s standard lease form and agenda approved by Owner and in accordance with the leasing guidelines established by Owner, which shall be amended from time to time at Owner’s sole
discretion. Manager shall be entitled to receive leasing commissions standard within the industry for securing leases approved by Owner. 
 (c) All leases and occupancy agreements with respect to the Property shall be approved and executed by Owner in Owner’s sole and absolute discretion. 

8.2 Leasing Commission. Owner shall pay Manager a leasing commission as follows: 

(a) For all new leases (including lease amendments that expand space for existing tenants), a commission equal to four and
1/2 percent (4.50%) of the aggregate base rents payable over the term of the lease. 
 (b) For all lease
renewals, a commission equal to two one-quarter percent (2.25%) of the aggregate base rents payable over the renewal term of the lease. 

For purpose of this Section, “base rent” shall not include any portion of base rent that is calculated to amortize tenant improvement
allowances provided by Owner over the term of the lease. All lease commissions shall be due upon execution of each lease. Manager may share such commission with a non-affiliated real estate broker representing a tenant in Manager’s discretion.

 8.3 Brokers/Referral Service. In connection with the leasing of space in the Property, Manager is hereby authorized to
enlist the services of non-affiliated real estate brokers and /or referral services and to pay such companies leasing commissions or fees which in Manager’s sole opinion are commensurate for the service. All commissions to non-affiliated real
estate brokers shall be compensated by Manager from its leasing commission. 
 8.4 Accepting Deposits. Manager is hereby
authorized to accept rental deposits or security deposits from tenants on in the name of and on behalf of Owner. 
 ARTICLE IX.

 REMEDIES 
 Upon the occurrence of an event of a breach of this Agreement contemplated by either Section 2.3.1 or Section 2.3.2 which breach continues beyond the notice and cure periods contemplated
thereby, then, in addition to any rights set forth in Article II, the non-breaching party shall have the right to pursue any other remedies available to such party at law or in equity. 

  
 14 

 ARTICLE X. 
 MISCELLANEOUS 
 10.1 Usage. The use herein of: (i) the neuter gender
includes the masculine and the feminine, and (ii) the singular number includes the plural, and vice versa, whenever the context so requires. 
 10.2 Headings. Captions in this Agreement are inserted for convenience of reference only and do not define, describe or limit the scope or intent of this Agreement or any of the terms hereof.

 10.3 Notice. Any notice, demand or communication required or permitted hereunder shall be given in writing and shall
be deemed received (a) immediately upon delivery in person; (b) three (3) days after being deposited in the US mail by certified mail, postage prepaid; or (c) the first business day after being deposited with a recognized
overnight courier service. Each such notice shall be addressed to the party to receive such communication at the address set forth in Article I or other address as any party may hereafter designate by written notice to the other parties hereto.

 10.4 Relationship of the Parties. As to Owner, Manager is an independent contractor hired by Owner pursuant to the
terms hereof. Nothing contained in this Agreement, nor any acts of the parties hereto, shall be deemed or construed by the parties hereto to create the relationship of principal and agent or a partnership or a joint venture between or amount the
parties hereto. 
 10.5 Entire Agreement. This Agreement represents the entire agreement between the parties and
supersedes all other prior agreements, representations, and covenants, oral or written. Amendments to this Agreement must be in writing and signed by all parties hereto. 
 10.6 Assignment. Owner shall have the right at any time and from time to time in its sole discretion to assign its rights and obligations hereunder to a third party acquiring the Property provided
that any such third party enters into a written agreement assuming Owner’s obligations hereunder. Manager may assign its rights and obligations hereunder to an Affiliate of Manager without consent of the Owner; provided, however, that such
assignment shall not release Manager from any liability of Manager or its assigns arising out of or in connection with this Agreement. Manager may assign its rights and obligations hereunder to an entity that is not an Affiliate of Manager only with
written permission of Owner which consent may be granted or withheld in Owner’s sole and absolute discretion. 
 10.7
Legal Representatives, Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Owner, Manager, and their respective legal representatives, successors, transfers and assigns but nothing contained herein shall
be interpreted to permit any assignment not otherwise expressly permitted by another provision of this Agreement). 
 10.8
Time of the Essence. Time is of the essence for this Agreement. 
 10.9 Governing Law. This Agreement shall be
governed by the laws of the State in which the Property is located. In the event any term or provision contained in this Agreement, or 

  
 15 

 
any portion thereof is held to be invalid, void or unenforceable by a court of competent jurisdiction, the remaining portions of this Agreement shall remain in full force and effect. 

10.10 Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is illegal for
any reason, such provision shall be severed from the Agreement and shall not affect the validity of the remainder of this Agreement. 
 10.11 No Interest in Condemnation or Insurance Proceeds. Manager shall not have any interest in or claim to any condemnation proceeds for the Property awarded to Owner or any insurance proceeds
paid to Owner with respect to any casualty to the Property; provided, however, that nothing contained herein shall prevent or be deemed to prevent Manager from pursuing or seeking an award separate from Owner’s award in any condemnation
proceeding or a separate claim under any insurance policy. 
 10.12 Mutual Waiver. The failure by any party to exercise
any right or power given herein or by law, or to insist upon strict compliance by any other party with any obligation imposed hereunder, shall in no event constitute a waiver of such party’s right to demand full and complete compliance with
each and every provision hereof or to exercise and enforce all available powers and remedies. 
 10.13 Owners Operating
Procedures. Manager shall comply with such reasonable rules and regulations governing operations of the Property as Owner shall from time to time establish and make known to Manager. 

10.14 Other Engagements. Owner acknowledges and consents to the fact that Manager may be engaged in providing to other owners of
other buildings in the area of the Property the same or similar services which Manager is providing herein and that such engagement, shall not be or be deemed to be a conflict of interest or a breach of Manager’s fiduciary duty to Owner.

 10.15 Reasonable Control. In the performance of any duty of Manager which is beyond the reasonable control of Manager,
Manager shall take (i) such action as it deems prudent and reasonable under the circumstances to use its best efforts to perform such duty and (ii) promptly notify Owner that the performance of such duty is beyond its reasonable control.

 10.16 Attorney’s Fee. If any legal action, suit or proceeding is commenced between the parties regarding their
respective rights and obligations under this Agreement, the prevailing party shall be entitled to recover, in addition to damages or other relief, costs and expenses, attorneys’ fees and court costs (including, without limitation, expert
witness fees). As used herein, the term “prevailing party” shall mean the party which obtains the principal relief it has sought, whether by compromise, settlement or judgment. If the party which commenced or instituted the action, suit or
proceeding shall dismiss or discontinue it without the concurrence of the other party, such other party shall be deemed the prevailing party. 
 10.17 Execution in Counterparts. This Agreement may be executed in two or more counterparts, either electronically or manually, and manually-executed counterparts may be delivered in faxed or
scanned electronic form, each of which (whether originally executed or such a faxed or scanned electronic document) shall be deemed an original, and all of which together shall constitute one and the same instrument. In making proof of this
Agreement, it 

  
 16 

 
shall not be necessary to produce or account for more than one counterpart hereof signed by each of the Parties. 
 10.18 Allocations. All of Owner’s expenses and costs incurred hereunder shall be allocated and accounted for on a property-by-property basis. 

10.19 Exhibits. All exhibits referred to herein and attached hereto are a part hereof. 

10.20 Right of First Refusal to Manage Additional Buildings. Owner hereby grants to Manager a right of first
offer/opportunity to manage any medical office building developed or acquired by Owner or any Affiliate of Owner within a one mile radius of 7557B Dannaher Drive, Powell, Tennessee 37849, 7557B Dannaher Drive, Powell, Tennessee 37849, 120 Hospital
Drive, Jefferson City, Tennessee 37820, or 900 East Oak Hill Avenue, Knoxville, Tennessee 37917. This right of first offer/opportunity shall expire on the date which is the fifth (5th) anniversary of the date hereof. 
 10.21 Protection of REIT Status. Manager acknowledges that CNL Healthcare Properties, Inc., a Maryland corporation (“CNL REIT”) and an indirect owner of Owner, has elected to be treated
as a real estate investment trust (a “REIT”) within the meaning of Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and Manager agrees that without the prior written consent of Owner (which
may be given or withheld in Owner’s sole discretion), it will not (a) accept, or cause or allow to be earned, any rents or license fees or other amounts to be paid by a tenant or occupant at the Property that would be based, in whole or in
part, on the income or profits derived by the business activities of such tenant or occupant, (b) furnish or render any services to a tenant or occupant at the Property other than services customarily furnished or rendered in connection with
the rental of real property of a similar class in the geographic market in which the Property is located, or (c) accept, or cause or allow to be earned, any payments or other amounts which would fail to qualify as “rents from real
property” as described in Section 856(d) of the Code. Accordingly, Manager shall not provide any services giving rise to such non qualifying income and shall not provide or allow to be provided by others any new services related to the
Property without the prior written consent of Owner, which consent may be withheld in Owner’s sole discretion. In the event Owner consents to the provision of any non-customary services by Manager to any tenant or licensee of the Property, such
services shall be provided by Manager at competitive rates and for its own account and neither Owner nor CNL REIT, directly or indirectly, shall participate in the collection of or share in the revenues or profits derived from such services. Without
limiting the generality of the foregoing, with respect to any of the services to be rendered by Manager for the Property, Manager agrees that it will not enter into any subcontract with or otherwise engage the services of any Person from whom Owner
or CNL REIT, directly or indirectly, derives any revenue (including, for example, from a tenant of the Property), without the prior written consent of Owner. Manager further represents and warrants that neither Owner nor CNL REIT, directly or
indirectly, derives any revenue from Manager, except for rent paid by Manager to occupy Management Space to manage the Property, which space shall be used solely for the management of the Property. Owner shall reimburse Manager for all reasonable
out-of-pocket legal fees incurred by Manager in complying with the terms of this Section. 

  
 17 

 10.22 Defined Terms. In addition to any other terms defined in the body of this
Agreement, as used herein the following terms shall have the meanings indicated in this Section: 

“Affiliate” of any specified Person means any other Person Controlling, Controlled by or under common Control
with such specified Person. 
 “Control” (and terms correlative thereto) when used with respect to any
specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, estate, trust,
unincorporated association, or any other entity, any governmental authority, and any fiduciary acting in such capacity on behalf of any of the foregoing. 
 [Remainder of Page Intentionally Left Blank] 

  
 18 

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

			
	MANAGER
	
	HEALTHCARE EQUITY PARTNERS, LLC, a Tennessee limited liability company
		
	By:	 	 /s/ Norman T. Brinkman

	Name:	 	 Norman T. Brinkman

	Title:	 	 Managing Member

	
	OWNER:
	
	CHP KNOXVILLE PLAZA A MOB OWNER, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Tracey B. Bracco

	Name:	 	Tracey B. Bracco
	Title:	 	Vice President

 EXHIBIT A 
 PROPERTY AREA SUBJECT TO RIGHT OF FIRST REFUSAL 
 PER SECTION 10.20

 [Intentionally Omitted] 
 EXHIBIT B 
 REPORTS TO OWNER 

[Intentionally Omitted] 
 EXHIBIT C 
 REQUIRED INSURANCE COVERAGE 

[Intentionally Omitted] 
 EXHIBIT D 
 OFFICE PROPERTY SERVICES QUESTIONNAIRE 

[Intentionally Omitted]

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