Document:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS
OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.

 

PROMISSORY NOTE

 

	September 14, 2012	 	$225,000.00
	Philadelphia, PA	 	 

 

FOR VALUE RECEIVED, Thomas J. Knox,
an individual residing at 50 South 16th Street, Suite 2710 Philadelphia, PA 19102 (the “Borrower”),
hereby promises to pay to the order of Akers Biosciences, Inc., a corporation incorporated under the laws of the State of New Jersey
and located at 201 Grove Road, Thorofare, NJ 08086, and its successors or assigns (the “Holder”), the principal
amount of Two Hundred Twenty Five Thousand United States Dollars (US$225,000.00) on or prior to the fifteen (15) year anniversary
of the date hereof (the “Maturity Date”), and to pay interest on the unpaid principal balance hereof at the
rate of three percent (3%) per annum (the “Applicable Rate”) commencing as of the date hereof (the “Closing
Date”), in accordance with the terms hereof. This Promissory Note (this note, and all modifications, extensions, future
advances, supplements, and renewals thereof, and any substitutions therefor, hereinafter referred to as the “Note”)
shall be payable in accordance with the terms set forth below. This Note is the “Note” referenced in that certain Subscription
Agreement executed on the date hereof by and between the Borrower and the Holder (the “Subscription Agreement”).
This Note is subject to the terms and conditions contained in the Subscription Agreement including without limitation, paragraph
6 therein.

 

1.           Payments
of Principal and Interest.

 

(a)          Payment
of Principal. The principal amount of this Note shall be paid to the Holder on or prior to the Maturity Date.

 

(b)          Payment
of Interest. Interest on the unpaid principal balance of this Note shall accrue at the Applicable Rate commencing on the Closing
Date. Accrued and unpaid interest under this Note shall be paid in full on the Maturity Date. Any accrued but unpaid interest shall,
at the option of the Holder, be included, from time to time, in the Conversion Amount (as defined herein).

 

(c)          Payment
of Default Interest. Any amount of principal or interest on this Note which is not paid when due shall bear interest from the
date due until such past due amount is paid at a rate of interest equal to the Applicable Rate plus three percent (3%) per
annum (the “Default Rate”).

 

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(d)          General
Payment Provisions. All payments of principal and interest on this Note shall be made in lawful money of the United States
of America by certified bank check or wire transfer to such account as the Holder may designate by written notice to the Borrower
in accordance with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any
day which is not a Business Day, the same shall instead be due on the next succeeding Business Day. For purposes of this Note,
“Business Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the State of
New York are authorized or required by law or executive order to remain closed.

 

(e)          Prepayment.
At any time prior to the Maturity Date, the Borrower may pre-pay this Note in full or in part without penalty upon receiving the
written consent of the Holder. Upon prepayment of this Note in full, the Holder shall have no further rights under this Note (except
for such rights that may specifically survive the payment of the Note).

 

2.           Defaults
and Remedies.

 

(a)          Events
of Default. The occurrence of any of the following events shall constitute an “Event of Default” hereunder:
(i) the Borrower shall fail to pay any installment of interest, principal or other sums due under this Note within ten (10) business
days of when any such payment shall be due and payable; (ii) the Borrower makes an assignment for the benefit of creditors in excess
of $10 million; (iii) any order or decree is rendered by a court which appoints or requires the appointment of a receiver, liquidator
or trustee for the Borrower, and the order or decree is not vacated within sixty (60) days from the date of entry thereof; (iv)
any order or decree is rendered by a court adjudicating the Borrower insolvent, and the order or decree is not vacated within sixty
(60) days from the date of entry thereof; (v) the Borrower files a petition in bankruptcy under the provisions of any bankruptcy
law or any insolvency act; (vi) the Borrower admits, in writing, its inability to pay its debts as they become due (provided, however,
that receipt by the Borrower of an audit letter from its accountants questioning the viability of the Borrower as a going concern
shall not, in and of itself, be construed as an admission by the Borrower of its inability to pay its debts as they become due);
(vii) a proceeding or petition in bankruptcy is filed against the Borrower and such proceeding or petition is not dismissed within
ninety (90) days from the date it is filed; (viii) the Borrower files a petition or answer seeking reorganization or arrangement
under the bankruptcy laws or any law or statute of the United States or any other foreign country or state; (ix), the issuance
of a warrant of attachment or for distrait, or of a notice of tax lien against the Borrower or an attachment or seizure of, or
levy upon any property of the Borrower in excess of $10 million, or (x) the Borrower shall fail to perform, comply with or abide
by any of the stipulations, agreements, conditions and/or covenants contained in this Note, the Subscription Agreement, or any
other document by and between the Holder and the Borrower on the part of the Borrower to be performed complied with or abided by,
and such failure is not cured within thirty (30) days after written notice of such failure is delivered by Holder to the Borrower.

 

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(b)          Remedies.
Upon the occurrence of one or more Events of Default, the Holder, at its option and without further notice, demand or presentment
for payment to the Borrower or others, may declare the then outstanding principal balance of this Note, together with all other
sums due under the Note, immediately due and payable, together with all accrued and unpaid interest thereon and thereafter all
such sums shall bear interest at the Default Rate, together with all reasonable attorneys’ fees, paralegals’ fees and
costs and expenses incurred by the Holder in collecting or enforcing payment thereof (whether such reasonable fees, costs or expenses
are incurred in negotiations, all trial and appellate levels, administrative proceedings, bankruptcy proceedings or otherwise),
and all other sums due by the Borrower hereunder, all without any relief whatsoever from any valuation or appraisement laws and
payment thereof may be enforced and recovered in whole or in part at any time by one or more of the remedies provided to the Holder
at law, in equity, or under this Note.

 

3.           Lost
or Stolen Note. Upon notice to the Borrower of the loss, theft, destruction or mutilation of this Note, and, in the case of
loss, theft or destruction, of an indemnification undertaking by the Holder to the Borrower in a form reasonably acceptable to
the Borrower and customary for similar circumstances in commercial lender/borrower circumstances, and, in the case of mutilation,
upon surrender and cancellation of the Note, the Borrower shall execute and deliver a new Note of like tenor and date and in substantially
the same form as this Note.

 

4.           Cancellation.
After all principal, accrued interest and all other sums at any time owed on this Note have been paid in full, this Note shall
automatically be deemed canceled, shall be surrendered to the Borrower for cancellation and shall not be re-issued.

 

5.           Governing
Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the laws of the State of New Jersey, without giving effect to
provisions thereof regarding conflict of laws. Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of
the state and federal courts sitting in the State of New Jersey for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper,
provided, however, nothing contained herein shall limit the Holder’s ability to bring suit or enforce this Note in any other
jurisdiction. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by sending by certified mail or overnight courier a copy thereof to such party at the address indicated
in the preamble hereto and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

6.           Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies of the Holder as provided herein shall be
cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of the Holder, and may be
exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be
construed as a waiver or release thereof.

 

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7.           Specific
Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more general
provision contained herein. This Note shall be deemed to be jointly drafted by the Borrower and the Holder and shall not be construed
against any person as the drafter hereof.

 

8.           Failure
or Indulgence Not Waiver. Holder shall not be deemed, by any act of omission or commission, to have waived any of its rights
or remedies hereunder, unless such waiver is in writing and signed by Holder, and then only to the extent specifically set forth
in the writing. A waiver on one event shall not be construed as continuing or as a bar to or waiver of any right or remedy to a
subsequent event.

 

9.           Notice.
Notice shall be given to each party at the address indicated in the preamble hereto or at such other address as provided to the
other party in writing.

 

10.         Usury
Savings Clause. Notwithstanding any provision in this Note, the total liability for payments of interest and payments in the
nature of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed
to be interest, shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable
law. In the event the total liability of payments of interest and payments in the nature of interest, including, without limitation,
all charges, fees, exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result
in an effective rate of interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws
of the jurisdiction governing this Note, all sums in excess of those lawfully collectible as interest for the period in question
shall, without further agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding
principal balance of this Note immediately upon receipt of such sums by the Holder hereof, with the same force and effect as though
the Borrower had specifically designated such excess sums to be so applied to the reduction of such outstanding principal balance
and the Holder hereof had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Holder
of this Note may, at any time and from time to time, elect, by notice in writing to the Borrower, to waive, reduce, or limit the
collection of any sums in excess of those lawfully collectible as interest rather than accept such sums as a prepayment of the
outstanding principal balance. It is the intention of the parties that the Borrower does not intend or expect to pay nor does the
Holder intend or expect to charge or collect any interest under this Note greater than the highest non-usurious rate of interest
which may be charged under applicable law.

 

11.         Binding
Effect. This Note shall be binding upon the Borrower and the successors and assigns of the Borrower and shall inure to the
benefit of Holder and the successors and assigns of Holder.

 

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12.         Severability.
In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal, or unenforceable,
in whole or in part, in any respect, or in the event that any one or more of the provisions of this Note operates or would prospectively
operate to invalidate this Note, then and in any of those events, only such provision or provisions shall be deemed null and void
and shall not affect any other provision of this Note. The remaining provisions of this Note shall remain operative and in full
force and effect and shall in no way be affected, prejudiced, or disturbed thereby.

 

13.         Amendments.
The provisions of this Note may be changed only by a written agreement executed by the Borrower and Holder.

 

[Signature pages follows]

 

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IN WITNESS WHEREOF,
the Borrower has caused this Note to be executed on and as of the date set forth above.

 

	 	/s/ Thomas J. Knox	 
	 	THOMAS J. KNOX	 

 

[ signature page to Promissory Note ]

 

4826-0100-7888, v. 4

 

    	6DEED IN LIEU OF FORECLOSURE AGREEMENT

 

This DEED IN LIEU OF
FORECLOSURE AGREEMENT (this “Agreement”) is made as of June 10, 2013, by and among DOF IV REIT HOLDINGS, LLC,
a Delaware limited liability company (“Lender”), TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability
company to be renamed “SRT LAHAINA GATEWAY, LLC” (“Borrower”), and TNP STRATEGIC RETAIL TRUST, INC.,
a Maryland corporation, to be renamed “STRATEGIC REALTY TRUST, INC.” (“Guarantor”).

 

RECITALS:

 

A.           Borrower
holds the leasehold estate and interest (the “Leasehold”) under that certain Ground Lease dated February 2,
2005, between Lahaina Gateway Commercial, LLC, a Washington limited liability company, as landlord (“Ground Lessor”),
and Kohoma Development, Inc., a Washington corporation, as original tenant, to whom Borrower is successor by mesne assignments,
as amended by that certain Amendment to Ground Lease, dated August 15, 2012 (as more particularly described on Exhibit A,
collectively the “Ground Lease”), with respect to the real property located in the County of Maui, Hawaii, which
is also described on Exhibit A (the “Land”), upon which has been constructed a multi-tenant shopping
center doing business as “Lahaina Gateway.”

 

B.           Lender
made a loan to Borrower in the original principal amount of Twenty-Nine Million Dollars ($29,000,000) (the “Loan”),
pursuant to that certain Loan Agreement dated as of November 9, 2012, by and between Lender and Borrower (the “Loan Agreement”).
The Loan is evidenced and secured by the Loan Agreement and the other agreements, instruments and documents identified on Exhibit
B (collectively, the “Loan Documents”). Capitalized terms used but not otherwise defined in this Agreement
shall have the meanings ascribed to them in the Loan Agreement.

 

C.           Guarantor,
together with Anthony W. Thompson (“Thompson”), executed that certain Guaranty dated as of November 9, 2012,
with respect to the Loan. Guarantor, together with Borrower and Thompson, also executed that certain Environmental Indemnity Agreement
also dated as of November 9, 2012. As used in this Agreement, the term “Guarantor” refers only to Guarantor as defined
in the first paragraph above. Substantially contemporaneously with the Closing (as defined herein), the name of TNP SRT Lahaina
Gateway, LLC, will be changed to “SRT Lahaina Gateway, LLC” and the name of TNP Strategic Retail Trust, Inc. will be
changed to “Strategic Realty Trust, Inc.”

 

D.           Borrower
desires to resolve its obligations under the Loan Documents by conveying the Property (as defined below) to an entity designated
by Lender, namely DOF IV Lahaina, LLC, a Delaware limited liability company (“Buyer”), in consideration of Lender’s
covenant not to sue Borrower or Guarantor, all as provided herein.

 

E.           The
fair market value of the Property does not exceed the total outstanding unpaid principal of, interest accrued and unpaid on, and
other outstanding indebtedness due and owing under the Loan Documents.

 

F.           Lender
desires to accept the conveyance of the Property pursuant to this Agreement to avoid the necessity of litigation, foreclosure,
and the delays associated therewith.

 

NOW, THEREFORE, for
and in consideration of the foregoing recitals, the agreements of the parties herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Borrower, Guarantor and Lender agree as follows:

 

    	 

    	 

    

 

1.          TRANSFER
OF PROPERTY. Subject to the terms, provisions, conditions, covenants and agreements in this Agreement, and subject to the
matters set forth on Exhibit C (collectively, the “Permitted Exceptions”), Borrower agrees to sell,
grant, transfer, assign and convey to Buyer, and Lender agrees to cause Buyer to acquire from Borrower, absolutely and free of
any right of redemption or other right or interest of Borrower or anyone claiming by, through or under Borrower, the following
real and personal property (collectively, the “Property”):

 

1.1           Real
Estate. Good, valid, indefeasible and marketable title to the Leasehold, all buildings, fixtures, and other improvements situated
on the Land (collectively, the “Improvements”), all of Borrower’s right, title, and interest in and to
any and all easements, rights, tenements, and appurtenances thereunto belonging or appertaining to the Land and Improvements, and
all of Borrower right, title and interest in and to any and all streets, alleys, or public right-of-ways adjacent thereto, before
or after vacation thereof (collectively, the “Real Estate”).

 

1.2           Leases.
All of Borrower’s right, title, and interest as lessor or lessee in all leases, licenses and other agreements to occupy all
or any part of the Real Estate, together with all rents and other sums due, accrued or to become due under each such lease, license
and agreement, all rents that are received, whether allocable to periods before or after the Closing Date (as defined below), and
all guarantees by third parties of the tenants’ obligations under such leases, and any lease security and other deposits
(collectively, the “Leases”).

 

1.3           Plans
and Specifications; Warranties. All of Borrower’s right, title and interest in and to all plans and specifications relating
to the Improvements (collectively, the “Plans and Specifications”) and all unexpired claims, warranties, and
guarantees, if any, received in connection with the construction or equipping of the Real Estate, if and to the extent assignable
(collectively, the “Warranties”).

 

1.4           Assigned
Contracts. All of Borrower’s right, title and interest in and to the service, supply, and maintenance contracts and
equipment leases listed on Exhibit D (collectively, the “Assigned Contracts”).

 

1.5           Licenses
and Permits. All of Borrower’s right, title and interest in and to all licenses, permits, certificates of occupancy and
franchises issued by any federal, state, county or other governmental authority relating to the use, maintenance, or operation
of the Real Estate and running to, or in favor of, Borrower and/or the Real Estate, if and to the extent assignable (collectively,
the “Licenses and Permits”).

 

1.6           Personal
Property. All of Borrower’s right, title and interest in and to all other tangible and intangible personal property,
equipment and supplies located at, or used in connection with the development, leasing, management, use, and/or operation of, the
Real Estate, all deposits, payables, books, records, bills, invoices, lease files, credit reports, files, papers, records, documents,
monies, checks, securities, books of account, insurance policies, service contracts, permits, licenses, plans, appraisals, engineering
and environmental reports, utility deposits and/or bonds, rent rolls, logos, trade styles, trade names (including the name “Lahaina
Gateway”), brochures, manuals, lists of prospective tenants, advertising material, assignable utility contracts, assignable
telephone numbers, insurance claims, all accounts, accounts receivable, insurance claims, insurance premium refunds and unearned
insurance premiums of any type related to the Property, all keys and/or other means of gaining entry to the Property, all information
concerning any alarm system (including certifications, passwords, and codes), all accounting and other software data or information
(including native file format digital files, passwords and codes), excluding, however, tangible personal property owned by tenants
under the Leases, utility service providers, or property managers (collectively, the “Personal Property”).

 

    	Lahaina Deed in Lieu Agreement	2	 

    	 

    

 

2.          CONSIDERATION.
In consideration for the transfer by Borrower of the Property to Buyer, and subject to the terms, provisions, and conditions herein
contained, at the Closing (as defined below), Lender shall deliver a covenant not to sue Borrower and Guarantor in the form of
Exhibit G (the “Covenant Not to Sue”).

 

3.          TITLE.

 

3.1          Title
Insurance. As a condition to Closing:

 

3.1.1    Buyer shall receive
at Closing, from Fidelity National Title Insurance Company (“Title Company”), an ALTA Leasehold Owner’s
Policy of Title Insurance in the form of Exhibit L, dated as of the Closing Date, naming Buyer as the insured, showing title
to the Real Estate vested in Buyer subject only to the Permitted Exceptions, with coverage in the amount of $28,000,000 (the “Title
Policy”); and

 

3.1.2    Lender shall
receive at Closing, from Title Company, the following endorsements to Lender’s existing Loan Policy issued by Title Company,
No. 27-041-06-555714 (the “Loan Policy”), dated as of the Closing Date in the form of Exhibit M: (a)
a date-down endorsement showing the title to the Real Estate vested in Buyer, and insuring the Mortgage as a first priority encumbrance
on the Real Estate subject only to the Permitted Exceptions and (b) a non-merger endorsement (collectively, the “Loan
Policy Endorsements”).

 

3.2           Borrower
Cooperation. Borrower shall cooperate as reasonably required with Title Company in connection with its issuance of the Title
Policy and the Loan Policy Endorsements.

 

3.3           Release
of Liens. As a condition precedent to Lender’s obligation to close and as a continuing covenant after the Closing, Borrower
and any affiliate, parent, predecessor or other related entity to Borrower shall, effective at the Closing and continuing thereafter,
release and reconvey any and all security interests, liens, encumbrances or hypothecations of any type asserted by Borrower or
any of them against any of the real or personal property comprising the Property.

 

3.4           Searches.
Borrower shall deliver to Lender, or Lender shall have obtained, Uniform Commercial Code financing statement, tax lien and judgment
searches of Borrower dated not earlier than June 1, 2013, issued by a search firm acceptable to Lender, confirming the existence
of no financing statements filed against the Property (except with respect to the Loan), tax liens (against the Property or Borrower)
or judgments (against the Property or Borrower), other than the Permitted Exceptions.

 

4.          CLOSING.

 

4.1           Closing
Through Escrow. Provided that all terms and conditions contained in this Agreement have been timely satisfied, the closing
of the transactions contemplated by this Agreement (the “Closing”) shall occur through an escrow. Recordation
documents and funds shall be escrowed with Title Company pursuant to escrow instructions to be executed by Borrower, Lender and
Title Company consistent with this Agreement (the “Escrow Agreement”). All other documents shall be escrowed
with Lender’s counsel, for release upon confirmation from Title Company that recordation and funding have occurred. Each
party shall have the right to inspect all documents prior to, at the time of, and after their deposit in escrow. The Closing shall
take place as soon as all terms and conditions are satisfied but in no event later than June 28, 2013, or such other date as may
be mutually agreed upon in writing by Borrower and Lender. The date on which the Assignment of Ground Lease in the form of Exhibit
I is recorded with the Bureau of Conveyances of the State of Hawaii is herein referred to as the “Closing Date”.
All deliveries to be made at Closing must be in escrow, with Title Company or with Lender’s counsel, as applicable, and in
the case of recordation documents, with Title Company’s Honolulu office, by 2 p.m. Hawaii Time on the second business day
before the anticipated Closing Date.

 

    	Lahaina Deed in Lieu Agreement	3	 

    	 

    

 

4.2           Closing
Deliveries and Actions. The following deliveries and/or actions shall be effected at, and shall be concurrent conditions to
the occurrence of, the Closing. All deliveries and/or actions shall be deemed to be taken simultaneously at Closing and none of
them shall be deemed completed until all have been completed.

 

4.2.1    Title Insurance
Documents. The following title, transfer and original documentation and other matters shall be duly authorized, properly executed,
acknowledged (if applicable) and/or delivered:

 

4.2.1.1           Title
Policy. The Title Policy (or a “marked up” title commitment to issue the Title Policy) shall be delivered to Buyer.

 

4.2.1.2           Loan
Policy Endorsements. The Loan Policy Endorsements (or a “marked up” commitment to issue the Loan Policy Endorsements)
shall be delivered to Lender.

 

4.2.1.3           Owner’s
Affidavit and Indemnities. To the extent required by Title Company, Borrower and Guarantor shall execute and deliver to Title
Company, in such form as Title Company reasonably requests in order to permit issuance of the Title Policy and Loan Policy Endorsements
on the Closing Date: (a) an Owner’s Affidavit and Indemnity; (b) an Indemnification Agreement regarding mechanics’
liens; (c) a GAP undertaking and affidavit reasonably satisfactory to Title Company; and (d) a survey affidavit.

 

4.2.2     Transfer-Related
Documents. The following documentation for transfer of the Property shall be duly authorized, properly executed, acknowledged
(if applicable), and delivered:

 

4.2.2.1           Assignment
of Ground Lease. Borrower shall execute and deliver, and Lender shall cause Buyer to execute and deliver, to Title Company,
for recordation and mutual delivery at Closing, counterparts of a notary-acknowledged Assignment of Ground Lease in the form of
Exhibit I.

 

4.2.2.2           Bill
of Sale. Borrower shall execute and deliver to Buyer at Closing a Bill of Sale in the form of Exhibit J.

 

4.2.2.3           Assignment
and Assumption Agreement. Borrower shall execute and deliver, and Lender shall cause Buyer to execute and deliver, for mutual
exchange at Closing, counterparts of an Assignment and Assumption Agreement in the form of Exhibit K.

 

4.2.2.4           Non-Foreign
Status Certificate Statement. Borrower shall execute and deliver to Buyer at Closing a Non-Foreign Status Certificate in the
form of Exhibit N.

 

4.2.2.5           HARPTA
Certificate. Borrower shall execute and deliver to Buyer at Closing a certificate to establish that the Borrower is not a nonresident
person for purposes of Section 235-68 of Hawaii Revised Statutes.

 

4.2.2.6           Tax
Clearance Certificate. Borrower shall deliver to Buyer at Closing a tax clearance certificate issued by the Hawaii Department
of Taxation dated no earlier than ten (10) days prior to the Closing Date.

 

    	Lahaina Deed in Lieu Agreement	4	 

    	 

    

 

4.2.2.7           Bulk
Sales Release. Borrower shall deliver to Buyer at Closing a bulk sales certificate from the Hawaii Department of Taxation dated
on or prior to the Closing Date in order to comply with the requirements of Section 237-43 of Hawaii Revised Statutes.

 

4.2.2.8           Notice
of Mortgage, Pledge or Purchase. Borrower shall reasonably cooperate to permit the Buyer to file a Notice of Mortgage, Pledge
or Purchase pursuant to Hawaii Revised Statutes 231-33 not later than 15 days and not earlier than 25 days prior to the Closing
Date.

 

4.2.2.9           Certified
Rent Roll. Borrower shall execute and deliver to Buyer at Closing a notary-acknowledged Rent Roll Certificate in the form
of Exhibit O, including a then-current schedule of the Leases. The rent roll shall be in the same form as the rent roll
provided to Lender prior to the date hereof.

 

4.2.2.10          Tenant
Letters. Borrower shall execute and deliver to Buyer at Closing letters to the tenants of the Real Estate, advising them of
the transfer to Buyer and instructing them to remit rent and other payments pursuant to instructions from Buyer, in a form to be
reasonably agreed upon by Borrower and Buyer prior to Closing.

 

4.2.2.11          Tenant
Estoppel Certificates. Borrower shall also have used good faith efforts to obtain current estoppel certificates executed by
all tenants of the Real Estate prior to Closing, in the form required under the applicable Leases, and to the extent such estoppel
certificates have been obtained, Borrower shall have delivered to Buyer at or prior to Closing all such estoppel certificates.

 

4.2.2.12          Ground
Lessor Consent and Estoppel Certificate. Borrower shall have obtained and delivered to Buyer at or prior to Closing a consent
and current estoppel certificate executed by the Ground Lessor, in the form of Exhibit H.

 

4.2.2.13          Transfer
Declarations. Borrower shall complete, execute and deliver to Title Company all applicable state, county and municipal transfer
or exemption declarations. If the declarations have been properly completed, Lender or Buyer shall execute such declarations if
legally required.

 

4.2.2.14          Deed
In Lieu Certificate. Borrower shall execute and deliver to Title Company, a Deed in Lieu of Foreclosure Estoppel Affidavit
in the form of Exhibit Q.

 

4.2.2.15          Certificates
of Title. Borrower shall execute and deliver to Title Company, for delivery to Buyer at Closing, certificates (or similar evidences)
of title endorsed to Buyer, transferring any Personal Property that is registered on certificates (or similar evidences) of title.

 

4.2.3      Management
Documents. To the extent within the possession or control of Borrower, Guarantor, CBRE, Inc., in its capacity as the property
manager of the Real Estate pursuant to a sub-management agreement (“CBRE”), or any agent of Borrower or Guarantor,
Borrower shall deliver originals (or, if originals are not available, copies) of the following documents to Lender or Buyer (collectively,
the “Management Documents”): (a) the Leases; (b) the Assigned Contracts; (b) the Licenses and Permits; (c) the
Warranties; (d) the Plans and Specifications; and (e) all books, records, bills, invoices, lease files, credit reports and other
documents related to the ownership, operation, management, use, maintenance or leasing of the Property. With Lender’s permission
only, for any Management Documents not physically delivered to Lender or Buyer on the Closing Date, Borrower shall deliver to Lender
or Buyer a letter from Borrower to Lender and Buyer stating where such Management Documents are located, and a letter from Borrower
and its managing agent addressed to the keeper of such Management Documents, directing such keeper to release all such Management
Documents to Lender or Buyer.

 

    	Lahaina Deed in Lieu Agreement	5	 

    	 

    

 

4.2.4    Entity
Documents. Borrower and Guarantor shall have provided to Lender, in form and content approved by Lender prior to the Closing,
such certificates of formation and good standing, and certified copies of such operating agreements, authorizations, resolutions
and consents, as Lender may reasonably require.

 

4.2.5    Opinions
of Counsel. Borrower and Guarantor shall each cause to be delivered to Lender and Buyer at Closing opinions of their respective
counsel regarding due execution, formation, authority, enforceability, and such other matters as Lender and Buyer may reasonably
require, in the forms that shall have been approved by Lender prior to the Closing.

 

4.2.6    Other Deliveries.
The following deliveries, showings and occurrences shall have been delivered or shown or shall have occurred:

 

4.2.6.1           Security
and Other Deposits. To the extent not previously delivered to Lender, Borrower shall deliver (with such assignments as Lender
shall require) to Lender or Buyer, as Lender may direct, all cash and non-cash security and other deposits from tenants of the
Real Estate and any interest required by law or agreement to be paid thereon.

 

4.2.6.2           Possession.
Borrower shall deliver possession of the Property to Buyer, subject to the rights of existing tenants and the Permitted Exceptions.

 

4.2.6.3           Keys
to Improvements. Borrower shall deliver to Buyer a key code inventory and all keys to the Real Estate, or, with Lender’s
permission, a letter executed by Borrower and Borrower’s managing agents addressed to the person(s) or entities possessing
the keys directing such persons or entities to deliver the keys to Buyer.

 

4.2.6.4           Evidence
of Termination. Borrower shall deliver to Lender and Buyer evidence of termination (at no cost to Lender or Buyer and free
of all liens or claims for liens by reason of the terminated agreements or for amounts due pursuant to such agreements for periods
prior to Closing) of all (a) management, brokerage and leasing commission agreements relating to the Property, including the Property
and Asset Management Agreement between Borrower and TNP Property Manager, LLC, dated as of November 9, 2012 (as later amended),
and (b) any service, supply, maintenance and other contracts that are not Assigned Contracts.

 

4.2.6.5           Miscellaneous
Waivers. Borrower shall deliver to Lender lien waivers and lien releases from each person listed on Exhibit R, if any.

 

4.2.6.6           Releases
and Indemnity. Borrower and Guarantor shall deliver to Lender a Release of Claims in the form of Exhibit S, and Guarantor
shall deliver to Lender an Indemnity in the form of Exhibit U. Borrower and Guarantor acknowledge that Lender and Thompson
may enter into a mutual release of claims, and agree that such release shall have no effect upon the liability of Borrower, Guarantor,
TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability company to be renamed SRT Lahaina Gateway Mezz, LLC, or TNP SRT
Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company to be renamed SRT Lahaina Gateway Mezz Holdings, LLC,
under the Loan Documents or this Agreement or the documents to be delivered in connection herewith.

 

    	Lahaina Deed in Lieu Agreement	6	 

    	 

    

 

4.2.6.7           Covenant
Not to Sue. Lender shall deliver to Borrower and Guarantor the Covenant Not to Sue.

 

4.2.6.8           Additional
Consents. Borrower shall deliver to Lender any and all consents from persons whose consent is required for the Closing.

 

4.2.6.9           Settlement
Statement. Borrower, Lender and Title Company shall jointly execute and deliver to each other a settlement statement.

 

4.2.7    Substantially
Contemporaneous Closings. It is a condition of Closing that there shall have been satisfied or waived all conditions to the
closing of a separate transaction between TORCHLIGHT DEBT OPPORTUNITY FUND III, LLC, a Delaware limited liability company, and
TNP SRT CONSTITUTION TRAIL LLC, a Delaware limited liability company, which transaction is also in escrow with Title Company (the
“Constitution Trail Closing”), and it is a condition of the Constitution Trail Closing that there shall have
been satisfied or waived all conditions to the Closing hereunder. At such time as all conditions to the Closing and the Constitution
Trail Closing have been satisfied or waived, Title Company shall be instructed to proceed with both the Closing and the Constitution
Trail Closing.

 

4.2.8    Costs.
Borrower shall pay at Closing all state and local conveyance fees, title and escrow charges, and Lender’s reasonable legal
fees and costs.

 

4.2.9    Prorations.
All operating expenses of the Property (not including debt service on the Loan) shall be pro-rated as of Closing and Borrower’s
portions thereof shall be paid by Borrower at Closing, subject, however, to the application of Reserve Funds as provided below.

 

4.2.10  Application
of Reserve Funds. The Reserve Funds held as of Closing shall be applied at Closing as follows:

 

4.2.10.1    first,
to Borrower’s pro rated portion of real property taxes and insurance;

 

4.2.10.2    second,
to Borrower’s obligation to pay the costs of tenant improvements and leasing commissions incurred prior to Closing; and

 

4.2.10.3    third,
to Lender, to be applied to payment of amounts owing under the Loan Documents in such order as Lender may determine in its sole
discretion.

 

4.3          Approvals
and Monetary Deposits. All items to be delivered pursuant to the provisions of Sections 4.1 and 4.2 shall be subject
to the approval of the parties. All deliveries and deposits of funds described in Section 4.2 shall be in immediately available
funds.

 

5.           COVENANTS.

 

5.1           Cooperation.
Prior to and after the Closing, Borrower shall reasonably cooperate, upon Lender’s request, with Lender, Buyer, and any management
company designated by Lender or Buyer, to facilitate the Closing and an orderly transfer of the ownership and management of the
Property. Prior to the Closing, Borrower shall reasonably cooperate with Lender, Buyer and any management company designated by
Lender or Buyer in providing access to: (a) the Property, (b) Borrower’s books and records (including rent rolls and leases)
relating to the Property, (c) any reports and other written analysis relating to the Property or the condition of the Property
in the possession of Borrower or its agents, and (d) any other materials relating to the Property in the possession of Borrower
and its agents that a prospective purchaser conducting typical due diligence would review.

 

    	Lahaina Deed in Lieu Agreement	7	 

    	 

    

 

5.2           Audit.
Commencing on the date of this Agreement, Borrower will permit Lender or Buyer to audit and review Borrower’s books and records.

 

5.3           Rent
Collections. Borrower agrees that in the event Borrower receives any rental payment or other payment from any tenant or other
occupant or user of the Property following the Closing, Borrower will deliver to Lender or Buyer, with proper endorsements, all
such funds not later than two (2) business days following receipt thereof.

 

6.           REPRESENTATIONS
AND WARRANTIES.

 

6.1           Representations
and Warranties of Lender. Lender represents and warrants to Borrower and Guarantor as follows:

 

6.1.1    Organization.
Lender is a limited liability company duly formed, organized, validly existing and in good standing under the laws of the State
of Delaware.

 

6.1.2    Authority.
Lender has the right, power and authority to execute this Agreement and the Covenant Not to Sue and to perform its obligations
under this Agreement and the Covenant Not to Sue. The execution and delivery of this Agreement and the Covenant Not to Sue by Lender
and the performance by Lender under this Agreement and the Covenant Not to Sue have been authorized by all necessary limited liability
company action of Lender. Any approval, authorization or consent from the holders of any participation or other interests in the
Loan necessary in connection with the execution and delivery of this Agreement by Lender and/or the performance by Lender under
this Agreement and the Covenant Not to Sue have been obtained, are in full force and effect and shall be in full force and effect
as of the Closing hereunder. No authorization or approval of any governmental authority is required to be obtained by Lender in
connection with its execution, delivery, and performance of this Agreement and the Covenant Not to Sue that has not been obtained.
The execution, delivery and performance of this Agreement and the Covenant Not to Sue by Lender does not breach, conflict with
or contravene: (a) Lender’s operating agreements or certificates; (b) any agreement, instrument, document or indenture to
which Lender is a party or by which it is bound; (c) any applicable law; or (d) any judgment, writ, or order directed to Lender
or by which Lender may be bound.

 

6.1.3   No
Broker. Lender has had no dealings with any real estate broker, agent, or finder that is entitled to commission, fee, or other
compensation in connection with the conveyance of the Property contemplated by this Agreement.

 

6.2           Representations
and Warranties of Borrower and Guarantor. Borrower and Guarantor represent and warrant to Lender as follows:

 

6.2.1   Organization.
Borrower is a limited liability company duly formed, organized, validly existing and in good standing under the laws of the State
of Delaware and qualified to do business in Hawaii. Guarantor is a corporation duly formed, organized, validly existing and in
good standing under the laws of the State of Maryland.

 

    	Lahaina Deed in Lieu Agreement	8	 

    	 

    

 

6.2.2    Authority.
Borrower and Guarantor have the right, power and authority to execute this Agreement and all documents to be executed by them as
contemplated by this Agreement (this Agreement and such documents collectively, the “Borrower Documents”) and
to perform their respective obligations under this Agreement and such documents. The execution and delivery of the Borrower Documents
by Borrower and Guarantor has been authorized by all necessary limited liability company action of Borrower and corporate action
of Guarantor. No authorization or approval of any governmental authority is required to be obtained by Borrower or Guarantor in
connection with their execution, delivery, and performance of the Borrower Documents that has not been obtained. The execution,
delivery and performance of the Borrower Documents by Borrower and Guarantor does not breach, conflict with or contravene: (a)
Borrower’s or Guarantor’s respective operating agreements or certificates or other organizational documents; (b) any
agreement, instrument, document or indenture to which Borrower or Guarantor are a party or by which they or the Property is bound;
(c) any applicable law; or (d) any judgment, writ, or order directed to Borrower or Guarantor or by which Borrower or Guarantor
may be bound.

 

6.2.3    Bankruptcy.
Neither Borrower nor Guarantor has filed a petition in any case, action or proceeding under the Bankruptcy Code or any similar
state law; no petition in any case, action, or proceeding under the Bankruptcy Code or any similar state law has been filed against
Borrower or Guarantor that has not been dismissed or vacated; and neither Borrower nor Guarantor has filed an answer or otherwise
admitted in writing their insolvency or inability to pay their debts or made a general assignment for the benefit of creditors
or consented to an appointment of a receiver or trustee of all or a material part of their property.

 

6.2.4    Absence of
Litigation, Proceedings, Notices of Non-Compliance. Neither Borrower nor Guarantor has received any written notice of, nor
is there any pending or, to Borrower’s and Guarantor’s Knowledge (as defined below), threatened litigation or administrative
proceeding involving in any manner (i) the Property (including any condemnation proceeding or rezoning), (ii) the ownership, leasing,
operation, management, use, or maintenance of the Property, or (iii) this transaction (other than any claims asserted by Lender).
Neither Borrower nor Guarantor has received any written notice of, nor to Borrower’s and Guarantor’s Knowledge has
there been any threatened issuance of notice of, noncompliance of the Property, or its ownership, leasing, operation, management,
use, or maintenance, with any applicable governmental laws.

 

6.2.5    Arm’s
Length Transaction. Borrower has requested conveyance of title to the Property in lieu of the exercise of Lender’s remedies
pursuant to the Loan Documents and throughout the negotiation, preparation and execution of this Agreement Borrower and Guarantor
have been, and will through the Closing be represented by competent legal counsel of their own choosing. This Agreement was entered
into out of the free will of Borrower and Guarantor and pursuant to arm’s length negotiations and Borrower and Guarantor
believe this Agreement is fair. Lender has not taken advantage of Borrower or Guarantor by threats, intimidation, overreaching,
unconscionable conduct or otherwise and Borrower and Guarantor are proceeding in this transaction as volunteers in what they perceive
to be their own best interest.

 

6.2.6    No Broker.
Neither Borrower nor Guarantor has had dealings with any real estate broker, agent, or finder that is entitled to commission, fee,
or other compensation in connection with the conveyance of the Property contemplated by this Agreement, or engaged any broker,
agent or finder as leasing agent for the Real Estate.

 

6.2.7    UCC Financing
Statements. Except as shown on the Uniform Commercial Code financing statement searches provided to Lender pursuant to this
Agreement, to Borrower’s Knowledge no Uniform Commercial Code financing statements naming Borrower as debtor have been filed
in any filing office.

 

6.2.8    Property Value. The value of
the Property does not exceed the indebtedness owing to Lender under the Loan Documents.

 

    	Lahaina Deed in Lieu Agreement	9	 

    	 

    

 

6.2.9    No
Intent to Hinder, Delay, or Defraud. Borrower and Guarantor are not consummating the transaction contemplated by this Agreement
with any intent to hinder, delay, or defraud any party to whom Borrower or Guarantor is now indebted or may hereafter become indebted.

 

6.3           Additional
Representations and Warranties. Borrower and Guarantor also make the representations and warranties set forth on Exhibit
T.

 

6.4           Indemnity.
Subject to the Covenant Not To Sue, Borrower and Guarantor jointly and severally agree to defend, indemnify and hold Lender, Buyer
and their respective partners, successors, assigns, members, officers, participants, shareholders, directors and personal representatives,
harmless from and against any losses, damages, costs (including attorneys’ fees, court costs, and costs of appeal), expenses,
judgments, liens, decrees, fines, penalties, liabilities, claims, actions, suits, and causes of action arising, directly or indirectly,
from (a) any breach by Borrower or Guarantor of any warranty or representation contained in the Borrower Documents; (b) any breach,
default or violation by Borrower or Guarantor of any covenant, agreement, or provision of the Borrower Documents; and (c) any
claims or liabilities pertaining to the Property arising prior to the Closing.

 

6.5           Definition
of “Knowledge”. As used herein, “Knowledge” means the actual knowledge of Borrower or Guarantor,
after due inquiry of CBRE. If CBRE, fails or refuses to respond to or cooperate in any such inquiry, Borrower and Guarantor shall
not be deemed to have knowledge of matters not otherwise known to Borrower or Guarantor which CBRE has failed to disclose to Borrower
or Guarantor, and Borrower and Guarantor shall promptly and specifically advise Lender in writing of any such failure or refusal
by CBRE and Borrower and Guarantor represent and warrant to Lender, as of Closing, that they have so advised Lender of any such
failure or refusal by CBRE. In the event of any such failure or refusal by CBRE, with respect to any material matter, Lender may
elect in its sole discretion not to proceed with Closing.

 

6.6           Limitation
on Liability. The representations and warranties of all parties set forth in this Section 6 will survive the Closing
for a period of nine months (i.e., the period ending on the same-numbered day as the Closing Date in the ninth month thereafter).
Following the Closing, to preserve its claim under this Agreement with respect to a specific alleged breach of a representation
and warranty (each, an “Alleged Breach”), the party asserting such Alleged Breach must give written notice
thereof to the party(ies) against whom it is asserted, within such nine-month period. In addition, notwithstanding any other provision
of this Agreement to the contrary, in no event shall the damages recoverable from any party in respect of any and all Alleged
Breaches exceed, in the aggregate, the sum of $500,000.

 

7.          NO
OBLIGATION OF LENDER TO THIRD PARTIES. Borrower and Guarantor acknowledge and agree that they do not intend that the transfer
to Buyer of title to or possession of the Property pursuant to the terms of this Agreement shall create any obligations on the
part of Lender or Buyer to third parties that have claims of any kind whatsoever against Borrower or Guarantor or any property
manager with respect to the Property and that accrue before the Closing. Lender and Buyer do not assume or agree to discharge any
such obligations or liabilities, except as otherwise expressly provided in this Agreement.

 

8.          ABSOLUTE
CONVEYANCE. The conveyance of the Property to Buyer according to the terms of this Agreement is an absolute conveyance of all
of its right, title and interest in and to the Property in fact as well as form and was not, and is not now, intended as a mortgage,
trust conveyance, deed of trust or security instrument of any kind. The consideration for such conveyance is as recited herein.
Upon the Closing, Borrower shall have no further right, title, interest or claims of any kind whatsoever (including rights of redemption)
in, to or against the Property or the rents, proceeds and profits thereof.

 

    	Lahaina Deed in Lieu Agreement	10	 

    	 

    

 

9.          NO
MERGER. Notwithstanding Buyer’s acquisition of the Property, the indebtedness evidenced by the Loan Documents shall not
be cancelled, shall survive the Closing and delivery of any assignments, deeds and/or releases, and all of the Loan Documents shall
remain in full force and effect after the transaction contemplated by this Agreement has been consummated. It is the express intent
of each of the parties that the interest of Buyer in the Property after the Closing shall not merge with the interest of Lender
in the Property under the Loan Documents, such that the interests of Buyer and Lender in the Property shall not merge, but be and
remain at all times separate and distinct. The lien of the Mortgage shall be and remain at all times a valid and continuing lien
on the Property until and unless released of record by Lender or its successors and assigns.

 

10.         NOTICES.
Any notice pursuant to this Agreement shall be given in writing by (a) personal delivery, or (b) reputable overnight delivery service
with proof of delivery, or (c) United States Mail, postage prepaid, registered or certified mail, return receipt requested, sent
to the intended addressee at the address set forth below, or to such other address or to the attention of such other person as
the addressee shall have designated by written notice sent in accordance herewith, and shall be deemed to have been given either
at the time of personal delivery, or, in the case of expedited delivery service or mail, as of the date of first attempted delivery
at the address and in the manner provided herein. Unless changed in accordance with the preceding sentence, the addresses for notices
given pursuant to this Agreement shall be as follows:

 

	To Borrower and/or	TNP SRT LAHAINA GATEWAY, LLC
	Guarantor:	(or SRT LAHAINA GATEWAY, LLC, as applicable)
	 	4695 MacArthur Court, Suite 1100
	 	Newport Beach, CA 92660
	 	 
	with a copy to:	TNP STRATEGIC RETAIL TRUST, INC.
	 	(or STRATEGIC REALTY TRUST, INC., as applicable)
	 	4695 MacArthur Court, Suite 1100
	 	Newport Beach, CA 92660
	 	 
	with a copy to:	Glenborough, LLC
	 	400 S. El Camino Real, Suite 1100
	 	San Mateo, CA 94402
	 	Attn: President
	 	 
	with a copy to:	Gibson Dunn & Crutcher LLP
	 	2029 Century Park East
	 	Los Angeles, CA 90067
	 	Attn: Jesse Sharf
	 	 
	To Lender:	DOF IV REIT Holdings, LLC
	 	c/o Torchlight Investors
	 	230 Park Avenue, 12th Floor
	 	New York, NY 10169
	 	Attn: Steve Schwartz
	 	 
	with copies to:	DOF IV REIT Holdings, LLC
	 	c/o Torchlight Investors
	 	230 Park Avenue, 12th Floor
	 	New York, NY 10169
	 	Attn: Abbey Kosakowski, Esq.

  

    	Lahaina Deed in Lieu Agreement	11	 

    	 

    

 

	and:	McKenna Long & Aldridge LLP
	 	2030 Main Street, 10th Floor
	 	Irvine, CA 92614
	 	Attn: Jess R. Bressi, Esq.

  

Any notice by a party to this Agreement may be given
by counsel for such party.

 

11.          MISCELLANEOUS.

 

11.1     Entire
Agreement. This Agreement and all other instruments and documents executed and delivered at Closing by the parties hereto embody
the entire agreement between the parties in connection with the transaction contemplated hereby and there are no oral or parol
agreements, representations, or inducements existing between the parties relating to the transaction contemplated hereby that are
not expressly set forth herein and covered hereby. This Agreement may not be modified except in writing signed by all of the parties
hereto.

 

11.2     Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, Buyer and the respective
heirs, administrators, executors, personal representatives, successors, and assigns of the parties hereto and Buyer.

 

11.3     Waivers.
No written waiver by any party at any time of any breach of any provision of this Agreement shall be deemed a waiver of a breach
of any other provision herein or a consent to any subsequent breach of the same or any other provision. If any action by any party
shall require the consent or approval of another party, such consent or approval of such action on any one occasion shall not be
deemed a consent to or approval of such action on any subsequent occasion or a consent to or approval of any other action on the
same or any subsequent occasion.

 

11.4     Titles
and Headings. The titles and headings of the sections and exhibits of this Agreement are intended for the convenience of reference
only and shall not limit or otherwise affect the meaning of any provision of this Agreement.

 

11.5     Time
is of Essence; Counterparts; Governing Law. Time is of the essence in this transaction. This Agreement may be executed in counterparts.
This Agreement shall be governed by and interpreted in accordance with the laws of the State of Hawaii, without regard to conflict
of law provisions.

 

11.6     Lender’s
Liability. Except to the extent expressly provided in this Agreement or the documents to be executed and delivered by Buyer
at the Closing, neither Buyer nor Lender is assuming any obligations or liabilities of Borrower or Guarantors.

 

11.7     Survival. The
terms and provisions of this Agreement shall survive the Closing and delivery of the deed and other documents to be delivered to
Lender pursuant to this Agreement.

 

11.8     Use
of Certain Words. As used in this Agreement, (a) the words “include,” “includes” and “including”
and words of similar import shall be construed as if followed by the words “without limitation;” (b) the words “hereof,”
“herein” and “hereunder” and words of similar import shall be construed to refer to this Agreement as a
whole and not to any particular provisions of this Agreement; and (c) pronouns shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa.

 

    	Lahaina Deed in Lieu Agreement	12	 

    	 

    

 

11.9     References.
Except as provided herein to the contrary, references to any “Section” or “Exhibit” herein are to the sections
and exhibits of this Agreement. References to any agreement or other document defined herein are to such agreement or documents
as amended, restated, supplemented or otherwise modified. References to any statutory section or act herein are to such section
or act as amended and/or recodified as well as to any successor statues thereto.

 

11.10   Severability.
The unenforceability or invalidity of any provision of this Agreement as to any entity or circumstance shall not render that provision
unenforceable or invalid as to any other entities or circumstance, and all provisions hereof, in all other respects, shall remain
valid and enforceable to the fullest extent permitted by law.

 

11.11   Preparation.
This Agreement has been prepared by Lender and its professional advisors and reviewed by Borrower, Guarantor and their professional
advisors. Borrower, Lender and Guarantor and their respective advisors believe that this Agreement is the product of all of their
efforts, that it expresses their agreement and that it should not be interpreted in favor of, or against, either Borrower, Guarantor
or Lender. The parties further agree that this Agreement will be construed to effectuate the normal and reasonable expectations
of sophisticated borrowers and lenders.

 

11.12   Incorporation.
The exhibits attached to this Agreement are hereby incorporated into and made a part of this Agreement.

 

[SIGNATURES FOLLOW ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	13	 

    	 

    

 

 

IN WITNESS WHEREOF, and intending to be
legally bound hereby, the parties hereto have executed this Agreement as of the date first above written.

 

	BORROWER:	TNP SRT LAHAINA GATEWAY LLC, a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By:	/s/ Jeffrey Rogers	 
	 	Name:   	Jeffrey Rogers	 
	 	Title:	Chairman	 
	 	 	Authorized Agent	 

 

	GUARANTOR:	TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation

 

	 	By	/s/ Jeffrey Rogers	 
	 	Name:   	Jeffrey Rogers	 
	 	Title:	Chairman	 
	 	 	Authorized Agent	 

 

	 	[SIGNATURES CONTINUE ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	14	 

    	 

    

 

	LENDER:	DOF IV REIT Holdings, LLC, a Delaware limited liability company 

 

	 	By	/s/ Abbey Kosakowski	 
	 	Name:	Abbey Kosakowski	 
	 	Its:	Authorized signatory	 
	 	 	 	 

 

    	Lahaina Deed in Lieu Agreement	15	 

    	 

    

 

LIST OF EXHIBITS

 

	EXHIBIT A	LEGAL DESCRIPTION
	 	 
	EXHIBIT B	LOAN DOCUMENTS
	 	 
	EXHIBIT C	PERMITTED EXCEPTIONS
	 	 
	EXHIBIT D	ASSIGNED CONTRACTS
	 	 
	EXHIBIT E	[INTENTIONALLY OMITTED]
	 	 
	EXHIBIT F	[INTENTIONALLY OMITTED]
	 	 
	EXHIBIT G	FORM OF COVENANT NOT TO SUE
	 	 
	EXHIBIT H	FORM OF GROUND LESSOR ESTOPPEL AND CONSENT
	 	 
	EXHIBIT I	FORM OF ASSIGNMENT OF GROUND LEASE
	 	 
	EXHIBIT J	FORM OF BILL OF SALE
	 	 
	EXHIBIT K	FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT
	 	 
	EXHIBIT L	PRO FORMA POLICY OF TITLE INSURANCE
	 	 
	EXHIBIT M	PRO FORMA LOAN POLICY ENDORSEMENTS
	 	 
	EXHIBIT N	FORM OF NON-FOREIGN STATUS CERTIFICATE
	 	 
	EXHIBIT O	FORM OF RENT ROLL CERTIFICATE
	 	 
	EXHIBIT P	[INTENTIONALLY OMITTED]
	 	 
	EXHIBIT Q	FORM OF DEED IN LIEU OF FORECLOSURE ESTOPPEL AFFIDAVIT
	 	 
	EXHIBIT R	PAYABLES STATEMENT
	 	 
	EXHIBIT S	FORM OF RELEASE OF CLAIMS
	 	 
	EXHIBIT T	ADDITIONAL REPRESENTATIONS AND WARRANTIES
	 	 
	EXHIBIT U	FORM OF INDEMNITY

 

    	Lahaina Deed in Lieu Agreement	16	 

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

LAHAINA GATEWAY GROUND LEASE

 

	Landlord:	LAHAINA GATEWAY COMMERCIAL LLC, a Washington limited liability company
	Tenant:	KAHOMA DEVELOPMENT, INC., a Washington corporation
	Dated:	February 2, 2005
	Recorded:	Unrecorded
	Term:	Commencing February 2, 2005, ending on February 1, 2060

 

The above LAHAINA GATEWAY GROUND LEASE is disclosed by SHORT
FORM LEASE dated February 2, 2005, recorded February 16, 2005 in the Bureau of Conveyances of the State of Hawaii as Document No.
2005-031882.

 

The above LAHAINA GATEWAY GROUND LEASE
was amended by AMENDMENT OF LAHAINA GATEWAY GROUND LEASE dated August 15, 2012, recorded August 28, 2012 in said Bureau as Document
No. A-46230066.

 

The Tenant's interest in the above LAHAINA GATEWAY GROUND LEASE,
as amended, by mesne assignment, assigned by:

 

ASSIGNMENT OF GROUND LEASE

 

	Assignor:	CENTRAL PACIFIC BANK, a Hawaii corporation
	Assignee:	TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company
	Dated:	NOVEMBER 9, 2012
	Recorded:	11-9-12 in said Bureau as Document No. A-4696Δ412

 

Said Lease demising the following described
premises:

 

All of that certain parcel of land (being
all of the land described in and covered by Royal Patent Number 5664. Land Commission Award Number 286, Apana 2 to Keawa (Ekela)
and portions of the lands described in and covered by Royal Patent Number 1113, Land Commission Award Number 486-C, Apana 1 to
Kaei for Uluoa; Royal Patent Number 4509, Land Commission Award Number 10532, Apana 1 and 2 to Naolulo; Royal Patent Number 5579,
Land Commission Award Number 2320, Apana 2 to Moakaka for Mere; Royal Patent Number 5664, Land Commission Award 286, Apana 1 and
3 to Keawa (Ekela); Land Patent Number 8243, Land Commission Award Number 11227, Apana 2 to Nalimu; and Royal Patent Grant Number
1891, Apana 2, 3, 4 and 6 to D. Baldwin) situate, lying and being on the northerly side of Honoapiilani Highway (F.A.P. No. F-030-1
(1)) at Kapunakea and Moali, District of Lahaina, Island and County of Maui, State of Hawaii, being Lot 1, of the "Hawaii
Omori Mauka Subdivision", more particularly described as follows:

 

    	Lahaina Deed in Lieu Agreement	A-1	 

    	 

    

 

Beginning at the southwest corner of this
lot, being also the northwest corner of Lot 5 (Keawe Street). Hawaii Omori Mauka Subdivision, the coordinates of said point of beginning
referred to Government Survey Triangulation Station "LAINA” being 3,973.35 feet south and 4,812.32 feet west and running
by azimuths measured clockwise from true South:

 

	1.	159 °	05’	45”	109.19	 	feet along Honoapiilani Highway (F.A.P. No. F-030-1 (1));
	 	 	 	 	 	 	 
	2.	164 °	20’	 	60.00	 	feet along Honoapiilani Highway (F.A.P No F-030-1 (1));
	 	 	 	 	 	 	 
	3.	163 °	04’	23”	235.06	 	feet along Honoapiilani Highway (F.A.P. No. F-030-1 (1));
	 	 	 	 	 	 	 
	4.	163 °	17’	21”	265.04	 	feet along Honoapiilani Highway (F.A.P No. F-030-1 (1));
	 	 	 	 	 	 	 
	5.	164 °	20’	 	86.61	 	feet along Honoapiilani Highway (F.A.P. No. F-030-1 (1));
	 	 	 	 	 	 	 
	6.	227 °	51’	 	19,30	 	feet along the remainder of R. P. 1113. L. C. Aw. 486-C, Ap. 1 to Kaei for Uluoa;
	 	 	 	 	 	 	 
	7.	317 °	51’	 	35.70	 	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 	 
	8.	286 °	24’	 	45.00	 	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 	 
	9.	266 °	00’	 	24.68	 	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 	 
	10.	221 °	30’	 	103.83	 	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 	 
	11.	303 °	00’	 	   840.98	 	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 	 
	12.	Thence along Lot 4, Hawaii Omori Mauka Subdivision on a curve to the right with a radius of 570.00 feet, the chord azimuth and distance being:
	 	 	 	 	 	 	 
	 	314 °	00’	 	217.52	 	feet;
	 	 	 	 	 	 	 
	13.	325 °	00’	 	18.94	 	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 	 
	14.	51 °	57’	24”	41.58	 	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 	 
	15.	340 °	14’	 	105.27	 	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 	 
	16	Thence along Lot 4, Hawaii Omori Mauka Subdivision on a curve to the right with a radius of 30.00 feet, the chord azimuth and distance being:
	 	 	 	 	 	 	 
	 	27 °	05’	27”	43.78	 	feet,
	 	 	 	 	 	 	 
	17.	Thence along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision on a curve to the right with a radius of 956.00 feet, the chord azimuth and distance being:
	 	 	 	 	 	 	 
	 	87 °	58’	27”	463.39	 	feet;
	 	 	 	 	 	 	 
	18.	102 °	00’	 	93.33	 	feet along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision;

 

    	Lahaina Deed in Lieu Agreement	A-2	 

    	 

    

 

	19.	Thence along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision on a curve to the left with a radius of 444.00 feet, the chord azimuth and distance being:
	 	 	 	 	 	 	 
	 	88 °	10’	 	   212.32	 	feet;
	 	 	 	 	 	 	 
	20.	74 ° 	20’	 	4.66	 	 feet along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 	 
	21.	Thence along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision on a curve to the right with  a radius of 30.00 feet, the chord azimuth and distance being:
	 	 	 	 	 	 	 
	 	116 °	42’	52.5”	40.44	 	feet to the point of beginning and containing an area of 11.363 acres, more or less.

 

TOGETHER WITH vehicle access rights of ingress
and egress from Honoapiilani Highway through Highway Widening Lot over and across Boundary "R", being more particularly
described in and as granted by Grant of Vehicle Access Rights of the State of Hawaii, through its Department of Transportation,
dated April 19, 2002, recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 2002-070420; and subject to
the terms and provisions contained therein.

 

TOGETHER WITH any and all interests that
the Landlord may have acquired by and under the Drainage Easements described as follows:

 

		1.	Drainage Easement recorded as Document No. 2002-198424;

		2.	Drainage Easement recorded as Document No. 2002-198426;

		3.	Drainage Easement recorded as Document No. 2002-198428; and

		4.	Drainage Easement recorded as Document No. 2002-198429.

 

    	Lahaina Deed in Lieu Agreement	A-3	 

    	 

    

 

 

EXHIBIT B

 

LOAN DOCUMENTS

 

All dated as of November 9, 2012,

except as noted

 

		1.	Loan Agreement

 

		2.	Promissory Note

 

		3.	Leasehold Mortgage, Assignment of Leases and Rents, Security
Agreement and Financing Statement as Fixture Filing, recorded November 9, 2012, in the Bureau of Conveyances of the State of Hawaii
as Document No. A-46960423

 

		4.	Leasehold Assignment of Leases and Rents, recorded November
9, 2012, in the Bureau of Conveyances of the State of Hawaii as Document No. A-46960424

 

		5.	Guaranty

 

		6.	Environmental Indemnity Agreement

 

		7.	Assignment of Management Agreement and Subordination
of Management Fees

 

		8.	Assignment, Subordination and Consent of Manager

 

		9.	Deposit Account Agreement

 

		10.	Clearing Account Agreement

 

		11.	Cash Management Agreement

 

		12.	Pledge Agreement (by TNP SRT Lahaina Gateway Mezz, LLC)

 

		13.	Pledge Agreement (by TNP SRT Lahaina Gateway Mezz Holdings,
LLC)

 

		14.	Post-Closing Agreement dated as of November 8, 2012

 

    	Lahaina Deed in Lieu Agreement	B-1	 

    	 

    

 

EXHIBIT C

 

PERMITTED EXCEPTIONS

 

1.          The
exceptions shown on the Loan Policy;

 

2.          the
Mortgage;

 

3.          the
Assignment of Leases; and

 

4.          such
other exceptions as Lender may approve in its sole discretion.

 

    	Lahaina Deed in Lieu Agreement	C-1	 

    	 

    

 

EXHIBIT D

 

ASSIGNED CONTRACTS

 

[ATTACHED]

 

    	Lahaina Deed in Lieu Agreement	D-1	 

    	 

    

 

Lahaina Gateway Center

Service Contracts

 

	Service	 	Vendor	 	Start Date	 	 	Expiration	 	 	 	Comments	 
	Janitorial/Maintenance	 	Hawaiian Building Maint	 	1/1/2012	 	 	MTM	 	 	 	 	 
	Security	 	Delta Executive	 	1/1/2012	 	 	MTM	 	 	 	 	 
	Landscaping	 	Landscape HI	 	1/1/2012	 	 	MTM	 	 	 	 	 
	Building Alarm	 	Alert Alarm	 	1/1/2012	 	 	MTM	 	 	 	 	 
	Fountain Service	 	Maui Waterscapes	 	1/1/2012	 	 	MTM	 	 	 	 	 
	Trash Service	 	Maui Disposal	 	1/1/2012	 	 	MTM	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT E

 

[INTENTIONALLY OMITTED]

 

    	Lahaina Deed in Lieu Agreement	E-1	 

    	 

    

 

EXHIBIT F

 

[INTENTIONALLY OMITTED]

 

    	Lahaina Deed in Lieu Agreement	F-1	 

    	 

    

 

EXHIBIT G

 

FORM OF COVENANT NOT TO SUE

 

COVENANT NOT TO SUE

 

THIS COVENANT NOT TO
SUE (“Covenant”) is made as of June 10, 2013, by and among DOF IV REIT HOLDINGS, LLC, a Delaware limited liability
company (“Lender”), TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company to be renamed SRT LAHAINA
GATEWAY, LLC (“Borrower”), TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation to be renamed STRATEGIC
REALTY TRUST, INC. (“Guarantor”), TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability company to
be renamed SRT Lahaina Gateway Mezz, LLC (“Sole Member”), and TNP SRT Lahaina Gateway Mezz Holdings, LLC, a
Delaware limited liability company to be renamed SRT Lahaina Gateway Mezz Holdings, LLC (“Holdings”), with reference
that certain Deed in Lieu of Foreclosure Agreement dated as of June 10, 2013 (the “Agreement”) by and among
Lender, Borrower and Guarantor. Capitalized terms used in this Covenant and not otherwise defined herein have the meanings ascribed
to them in the Agreement. This Covenant is effective as of the Closing Date.

 

Pursuant to the Agreement, Lender, Borrower and Guarantor
agree as follows:

 

1.             Covenant
Not to Sue. Lender, for itself and its successors and assigns, forever covenants not to sue Borrower, Guarantor, Sole Member,
Holdings, or their respective officers, directors, members, managers, principals, partners, shareholders, affiliates, employees,
heirs, executors, administrators, legal representatives, successors and assigns, for recovery of any claim (i) relating to or arising
under the Loan Agreement, or (ii) relating to the Loan (as defined in the Loan Agreement), or (iii) relating to or arising under
any other Loan Documents (as defined in the Loan Agreement), or (iv) relating to the Property (as defined in the Loan Agreement),
or (v) relating to or arising under the Guaranty, subject, however, to Sections 2, 3 and 4 below and to all of the following:

 

(a)          The
Loan Documents are not cancelled, discharged, terminated, or deemed paid, and are hereby reaffirmed, and the Mortgage will not
be reconveyed and will not merge with the Leasehold or the interests in any other Property conveyed to Lender or Buyer pursuant
to the Agreement.

 

(b)          Lender
reserves all of its rights and remedies under the Loan Documents and applicable law in, to, and against all collateral described
in the Loan Documents, including the Property, including the right to continue or commence any action or other enforcement proceeding
(including a judicial foreclosure action and/or a nonjudicial foreclosure) that Lender considers necessary or desirable to protect
or enforce its rights in and to such collateral, and may maintain or join or name Borrower, Guarantor, Sole Member and/or Holdings
as a party thereto for such purpose, but Lender covenants not to enforce against Borrower, Guarantor, Sole Member or Holdings any
personal judgment obtained by Lender against Borrower, Guarantor, Sole Member or Holdings in any such action.

 

(c)          This
Covenant shall not in any manner release, discharge, impair, or otherwise affect the obligations of Borrower or Guarantor under
the Environmental Indemnity, the Agreement, or any of the documents or instruments executed and delivered pursuant to the Agreement,
and Lender reserves, on its own behalf and behalf of Buyer, all claims, causes of action and other rights and remedies Lender or
Buyer may now or hereafter have thereunder or with respect thereto.

 

    	Lahaina Deed in Lieu Agreement	G-1	 

    	 

    

 

(d)          Lender
reserves, on its own behalf and behalf of Buyer, the right to implead or otherwise join Borrower, Guarantor, Sole Member and/or
Holdings in any action in which a claim is made against Lender or Buyer in connection with the Loan, the Loan Documents or the
obligations evidenced and/or secured thereby, or with respect to the collateral described therein (including the Property), and
to assert any rights of Lender or Buyer to contribution, indemnity, reimbursement and/or any other recovery against Borrower, Guarantor,
Sole Member or Holdings in any such action.

 

(e)          Lender
reserves, on its own behalf and on behalf of Buyer, the right to sue and obtain and satisfy a judgment against Borrower, Guarantor,
Sole Member or Holdings by reason of claims of causes or action for (i) fraud by Borrower, Guarantor, Sole Member or Holdings in
connection with the Agreement or the Property, or (ii) Borrower’s failure to pay to Lender or Buyer any rents collected by
or on behalf of Borrower and allocable to any period whether before or after the Closing Date.

 

(f)          Notwithstanding
any other provision of this Covenant to the contrary, this Covenant does not inure to the benefit of, and shall have no effect
upon the rights or remedies of Lender against, Anthony W. Thompson.

 

2.             Continuance
of Liability. If any claim is made upon Lender or Buyer at any time for avoidance, setting aside, recovery, rescission, cancellation,
return or repayment with respect to any payment or transfer made to or for the benefit of Lender or Buyer in connection with the
Loan Documents or the obligations evidenced and/or secured thereby or the Property, and if Lender or Buyer pays or otherwise transfers
value on any such claim in whole or part, whether pursuant to judgment, decree, order, settlement, voluntary payment or otherwise,
then, without any notice or action by Lender or any other party, Lender’s covenant not to sue in Section 1 above shall
be of no further force or effect and Lender shall be entitled to enforce all of its rights and remedies under and in connection
with the Loan Documents, including as a personal liability of Borrower, Guarantor, Sole Member and/or Holdings. Lender may elect
in its sole discretion whether to contest or pay any such claim made upon it.

 

3.             Covenant
Void. Lender’s covenant not to sue in Section 1 will be null, void, and of no force and effect if (a) Borrower,
Guarantor, Sole Member or Holdings makes any claim against or commences any action, suit, or proceeding against Lender or Buyer
(or any agent or affiliate of either of them) seeking to rescind the transaction contemplated by the Agreement, in whole or in
part, or attacking the validity thereof, in whole or in part, or (b) on or before the 735th day following the Closing Date Borrower
files, or Guarantor, Sole Member, Holdings or any other entity under the control, direct or indirect, of Guarantor, files against
Borrower, a petition under any chapter or section of Title 11 of the United States Code, as amended, but Lender’s covenant
not to sue in Section 1 shall not be negated by reason of any of Borrower, Sole Member or Holdings being liquidated under,
dissolved under, or otherwise ceasing to exist under, Delaware law or ceasing to be qualified to do business in any jurisdiction.

 

4.              No
Covenant Not to Sue Third Parties. This Covenant shall not in any manner affect the liability of any third party that is or
may be liable to Lender in connection with the Loan, the Loan Documents or the obligations evidenced and/or secured thereby, the
Property, or otherwise, and Lender reserves all claims, causes of action and other rights and remedies Lender may now or hereafter
have against any such third party, including tenants of the Property, with respect thereto.

 

5.             Attorneys’
Fees and Costs. In the event of a judicial or administrative proceeding or action by one party against the other party with
respect to the interpretation or enforcement of this Covenant, the prevailing party shall be entitled to recover reasonable costs
and expenses including reasonable attorneys’ fees and expenses, whether at the investigative, pretrial, trial or appellate
level.

 

    	Lahaina Deed in Lieu Agreement	G-2	 

    	 

    

 

6.             Successors
and Assigns. This Covenant shall be binding upon and inure to the benefit of Lender, Borrower, Guarantor, Sole Member and Holdings
and their respective successors and assigns.

 

7.             Governing
Law. This Covenant shall be governed by and interpreted in accordance with the laws of the State of New York, without regard
to conflict of law provisions.

 

[SIGNATURES FOLLOW ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	G-3	 

    	 

    

 

IN WITNESS WHEREOF, Lender, Borrower, Guarantor,
Sole Member and Holdings have executed this Covenant as of the date first above written.

 

	LENDER:	DOF IV REIT Holdings, LLC, a Delaware limited liability company

 

	 	By: 	        	 
	 	Name:	 	 
	 	Its:	 	 
	 	 	 	 
	 	[SIGNATURES CONTINUE ON NEXT PAGE]	 

 

    	Lahaina Deed in Lieu Agreement	G-4	 

    	 

    

 

	BORROWER:	TNP SRT LAHAINA GATEWAY LLC, a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By: 	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

	GUARANTOR:	TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation

 

	 	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	G-5	 

    	 

    

 

	SOLE MEMBER:	TNP SRT LAHAINA GATEWAY MEZZ, LLC, a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

	HOLDINGS:	TNP SRT LAHAINA GATEWAY MEZZ HOLDINGS, LLC, a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By: 	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

    	Lahaina Deed in Lieu Agreement	G-6	 

    	 

    

 

EXHIBIT H

 

FORM OF GROUND LESSOR ESTOPPEL AND CONSENT

 

LAHAINA GATEWAY COMMERCIAL, LLC

P.O. BOX 220

KIHEI,
HAWAII 96753

 

May __, 2013

 

DOF IV REIT HOLDINGS, LLC,

a Delaware limited liability company

DOF IV LAHAINA, LLC,

a Delaware limited liability company

230 Park Avenue, 12th Floor

New York, New York 10169

Attn:  Steve Altman

 

		Re:	Estoppel Certificate and Consent; Lahaina Gateway Ground Lease

 

Dear Mr. Harner:

 

Lahaina Gateway Commercial,
LLC, a Washington limited liability company (“LGC”) is the owner in fee simple of Lot 1 of the Hawaii Omori Mauka Subdivision,
area 11.363 acres, more or less, being TMK (2) 4-5-11:8, herein referred to as “Property.” The Lahaina Gateway Center
is located on the Property.

 

LGC hereby certifies that as of May __, 2013:

 

a.             LGC
is the “Landlord” under that certain Lahaina Gateway Ground Lease (“Ground Lease”) dated February 2, 2005
in favor of Kahoma Development, Inc., a Washington corporation (“Kahoma”) as “Tenant,” and under the “Short
Form Lease” thereof dated February 2, 2005, which was recorded in the Bureau of Conveyances of the State of Hawaii as Document
No. 2005-031882.

 

b.             The
Ground Lease was assigned by Kahoma to Bilarjo, LLC, a Hawaii limited liability company (“Bilarjo”), by Assignment
of Lahaina Gateway Ground Lease dated March 24, 2006, recorded in said Bureau of Conveyances as Document No. 2006-056241.

 

c.             The
Ground Lease was further assigned by Commissioner’s Assignment of Ground Lease dated September 23, 2011, by Wendell F. Brooks,
Jr., duly appointed Commissioner, as “Assignor,” in favor of Central Pacific Bank (“CPB”) as “Assignee,”
which Commissioner’s Assignment of Ground Lease was recorded as Document No. 2011-154953.

 

d.             The
Ground Lease was further assigned by CPB to TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company (“TNP”),
by that certain Assignment of Ground Lease dated November 9, 2012, which was recorded as Document No. A-4690422. Pursuant to the
foregoing documents, LGC recognizes TNP as the current “Tenant” under and as defined in the Ground Lease, holding all
of such Tenant’s rights and interests thereunder.

 

    	Lahaina Deed in Lieu Agreement	H-1	 

    	 

    

 

e.             The
Ground Lease, as assigned by the foregoing documents, is in full force and effect. To the best knowledge of LGC, the Ground Lease
has not been assigned except under the foregoing documents. The Ground Lease has not been modified or altered, except possibly
under the “Master Lessor Non-Disturbance And Attornment Agreement” with Bilarjo, LLC, as “Landlord,” and
Barnes & Noble Booksellers, Inc., a Delaware corporation, as “Tenant,” dated 2006 and/or 2007; and/or possibly
under the “Non-Disturbance And Attornment Agreement” with Bilarjo, LLC, as “Landlord,” and Vitamin Shoppe
Industries Inc., a New York corporation, as “Tenant,” dated 2008, or thereabouts. To the best knowledge of LGC, the
provisions of Article V of the Ground Lease were not affected.

 

f.              To
the best knowledge of LGC, there is no existing default under the Ground Lease, nor has there occurred any act, event or condition
which, but for the giving of notice and/or the passage of time, would constitute a default.

 

g.             Payment
of Base Rent is current under the Ground Lease. No rent under the Ground Lease beyond the current month has been paid in advance.

 

h.           With
respect to Article I, Section 1.4. of the Ground Lease, LGC elected not to acquire CPB’s leasehold interest in the Property
for the net sales price of $31.0 Million as contained in a Letter of Intent from Thompson National Properties, LLC to CPB dated
June 1, 2012.

 

i.              With
respect to Article I, Section 1.5 of the Ground Lease, to the best knowledge of LGC, LGC received payment in full from Kahoma and/or
Bilarjo in 2006, or thereabouts, constituting the reimbursements of Landlord’s payment to the County of Maui’s Department
of Water Supply referenced therein.

 

j.              With
respect to Article I, Section 1.6 of the Ground Lease, to the best knowledge of LGC, the dedication of Keawe Street to the County
of Maui as a public roadway has been completed and all amounts due and payable by Tenant in connection therewith have been paid
in full.

 

k.             LGC
acknowledges receipt of a copy of the “Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Financing
Statement as Fixture Filing” executed by TNP in favor DOF IV REIT HOLDINGS, LLC, a Delaware limited liability company (“DOF
IV”), dated as of November 9, 2012, recorded in the Bureau of Conveyances of the State of Hawaii as Document No. A-46960423
(the “Mortgage”). LGC acknowledges and agrees that DOF IV and its successors and assigns, as mortgagee thereunder,
are entitled to all of the rights and protections of a mortgagee as provided under Article V of the Ground Lease, and that such
rights and protections can be terminated by LGC only as expressly provided therein, notwithstanding any other right of LGC to terminate
the Ground Lease and notwithstanding any rejection of the Ground Lease in a bankruptcy of the Tenant thereunder.

 

LGC consents to the
assignment by TNP of all of its right, title and interest in, to and under the Ground Lease to DOF IV Lahaina, LLC, a Delaware
limited liability company (“New Lessee”), in lieu of foreclosure by DOF IV under the Mortgage, with the Mortgage to
remain in full force and effect. Upon recordation of such assignment LGC will recognize New Lessee as the “Tenant”
under and as defined in the Ground Lease, holding all of such Tenant’s rights and interests thereunder and liable to observe
and perform the covenants of Tenant for so long as New Lessee retains title to Tenant’s interest thereunder, and LGC will
continue to recognize the rights of DOF IV as holder of the Mortgage as provided in paragraph k above.

 

    	Lahaina Deed in Lieu Agreement	H-2	 

    	 

    

 

	 	Sincerely,
	 	 
	 	Lahaina Gateway Commercial, LLC,

a Washington limited liability company
	 	 
	 	 
	 	By Land Leasing & Commercial Company, LLC, a 
	 	Hawaii limited liability company, Its Member
	 	 
	 	By 	 
	 	 	John M. Kean
	 	 	Its Member

 

    	Lahaina Deed in Lieu Agreement	H-3	 

    	 

    

 

	State of Hawaii	)
	 	)
	County of Maui	)
	Second Judicial Circuit	 

 

Document Description: Estoppel Certificate

 

Document Date:_____________________, 2013

 

No. of Pages: 3

 

On this ____ day of _____, 2013, before
me personally appeared JOHN M. KEAN, to me personally known/proved to me on the basis of satisfactory evidence, who, being by me
duly sworn or affirmed, did say that such person executed the foregoing instrument as the free act and deed of such person, and
if applicable in the capacity shown, having been duly authorized to execute such instrument in such capacity.

 

	 	 
	 	Notary’s Signature	Date
	 	 	 
	 	 
	 	Notary’s Printed Name	 

 

	 	My commission expires: 	 

 

    	Lahaina Deed in Lieu Agreement	H-4	 

    	 

    

 

EXHIBIT I

 

FORM OF ASSIGNMENT OF GROUND LEASE

 

	LAND COURT SYSTEM	REGULAR SYSTEM
	Return by Mail ( x ) Pickup ( ) To:	 

 

	McKenna Long & Aldridge LLP	 
	2030 Main Street, 10th Flr.	 
	Irvine, CA 92614 	 
	Attn: Jess R. Bressi, Esq.	 
	 	 
	Tax Map Key No.: (2) 4-5-11-8	Total pages: _____

 

ASSIGNMENT OF GROUND LEASE

 

(In Lieu of Foreclosure)

 

This ASSIGNMENT OF
GROUND LEASE (“Assignment”) is made as of June 10, 2013, by and between TNP SRT LAHAINA GATEWAY, LLC, a Delaware
limited liability company, whose address is 1900 Main Street, Suite 700, Irvine, CA 92614 (“Assignor”), and
DOF IV LAHAINA, LLC, a Delaware limited liability company, whose address is c/o Torchlight Investors, 230 Park Avenue, 12th
Floor, New York, NY 10169 (“Assignee”).

 

WITNESSETH:

 

That for Ten Dollars
($10) and other good and valuable consideration paid by Assignee, including the further consideration described below, the receipt
of which is hereby acknowledged, Assignor does hereby sell, assign, transfer, set over and deliver unto Assignee, as tenant in
severalty, all of Assignor’s right, title and interest in, to and under all of the following (collectively the “Assigned
Property”): (a) the leasehold estate and interest under the lease more particularly described in Exhibit A attached
hereto and made a part hereof (the “Lease”) with respect to the real property also described in Exhibit A
(the “Real Property”); (b) all present and future rights, easements, privileges and appurtenances belonging
or appertaining thereto or held and enjoyed therewith; (c) all improvements and fixtures on the Real Property; (d) all leases,
licenses, franchises, concessions, subleases, rental agreements and other agreements for possession, use or occupancy pertaining
to any of the Real Property and all guarantees of, security for, and letters of credit and other credit enhancements given in connection
with any person’s obligations under any thereof, and all of the rents, issues, royalties, profits, receipts, revenue and
income (including security deposits) of any thereof or any of the Real Property; and (e) all of Assignor’s rights and interests
in any proceeds, including insurance proceeds and claims arising on account of any damage to, loss or taking of, or diminution
in value of the Lease, or any of the foregoing, or any of the Real Property;

 

    	Lahaina Deed in Lieu Agreement	I-1	 

    	 

    

 

TO HAVE AND TO HOLD
the same unto Assignee as aforesaid, for and during the full unexpired portion of the term of the Lease, SUBJECT, HOWEVER, to the
rents, covenants, conditions and other provisions of the Lease and to any encumbrances mentioned in Exhibit A and the encumbrance
referenced below.

 

Assignor hereby covenants
to Assignee that that the Lease is in full force and effect; that the interest of Assignor in the Lease is free and clear of all
encumbrances made or suffered by Assignor other than any mentioned in Exhibit A or below, and other than current real property
taxes, which, together with rent payable under the Lease, are to be prorated between Assignor and Assignee as of the date of closing;
and that Assignor will warrant and defend the same unto Assignee against the lawful claims and demands of all persons, except as
herein mentioned. Assignor and Assignee acknowledge and agree that Assignor’s interest in the Assigned Property are encumbered
by that certain Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement as Fixture Filing
dated as of November 9, 2012, and recorded November 9, 2012, in the Bureau of Conveyances of the State of Hawaii as Document No.
A-46960423 (the “Leasehold Mortgage”), in favor of DOF IV REIT Holdings, LLC, a Delaware limited liability company
(together with its successors and assigns, “Leasehold Mortgagee”).

 

This Assignment is
made in lieu of foreclosure of the Leasehold Mortgage, and is made to Leasehold Mortgagee’s designee. Assignor declares that:
(i) this Assignment is an absolute conveyance, and not a mortgage, deed of trust or security device of any kind; (ii) there are
no agreements or understandings, written or oral, for Assignor to directly or indirectly reacquire any of the Assigned Property
or any interest therein; (iii) possession of the Real Property has been or will be surrendered to Assignee in connection with this
transaction; (iv) this Assignment is freely and fairly given for a fair and adequate consideration, which consideration includes
the execution by Leasehold Mortgagee of a covenant not to sue in favor of Assignor with respect to the debt owing to Leasehold
Mortgagee and secured by the Leasehold Mortgage, which debt is in excess of the fair market value of the Assigned Property.

 

Assignor and Assignee
acknowledge and agree that the interest of Leasehold Mortgagee in the Assigned Property pursuant to the Mortgage shall not merge
with the interest of Assignee therein pursuant to this Assignment, that such interests shall be and remain at all times separate
and distinct, and that the Leasehold Mortgage shall remain in full force and effect unless and until reconveyed by Leasehold Mortgagee
of record.

 

Assignee hereby covenants
to Landlord under the Lease (and to the Landlord’s successors and assigns) that Assignee assumes and agrees to observe and
perform all the covenants of Tenant under the Lease for so long as Assignee retains title to Tenant’s interest thereunder.

 

The rights and obligations
of Assignor and Assignee shall be binding upon and inure to the benefit of their respective estates, heirs, personal representatives,
successors, successors in trust, and permitted assigns. The assignment herein set forth and the warranties of Assignor concerning
the same are expressly declared to be in favor of Assignee and Assignee’s heirs, personal representatives, and permitted
assigns.

 

    	Lahaina Deed in Lieu Agreement	I-2	 

    	 

    

 

The terms “Assignor”
and “Assignee,” as and when used herein, or any pronouns used in place thereof, shall mean and include the masculine
or feminine, the singular or plural number, individuals or legal entities, and each of their respective heirs, personal representatives,
successors, successors in trust, and assigns, according to the context thereof. If these presents shall be signed by two or more
Assignors or by two or more Assignees, all covenants of such parties shall for all purposes be joint and several. The term “Lease”
herein shall mean and include the Lease and any amendments thereof.

 

This Assignment may
be executed in counterparts, each of which shall be deemed an original, and which shall together constitute one and the same instrument,
binding all of the parties hereto, notwithstanding all of the parties are not signatory to the original or the same counterparts.
For all purposes, including without limitation, recordation, filing and delivery of this Assignment, duplicate unexecuted and unacknowledged
pages of the counterparts may be discarded and the remaining pages assembled as one document.

 

[SIGNATURES FOLLOW ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	I-3	 

    	 

    

 

IN WITNESS WHEREOF, Assignor and Assignee
have executed this Assignment as of the date first above written.

 

	Assignor:	TNP SRT LAHAINA GATEWAY, LLC,

 a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Mezz, LLC,

a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC,

 a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC,

a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Strategic Retail Operating Partnership,

a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc.,

a Maryland corporation, its general partner

 

	 	By: 	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	I-4	 

    	 

    

 

	Assignee:	DOF IV LAHAINA, LLC,

a Delaware limited liability company

 

	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

    	Lahaina Deed in Lieu Agreement	I-5	 

    	 

    

 

ACKNOWLEDGMENT

 

	STATE OF CALIFORNIA	)	 
	 	)	 
	COUNTY OF ___________	)	 

 

On__________________,
before me, ________________________, Notary Public, personally appeared ________________________________________, who 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.

 

I certify under PENALTY OF PERJURY under
the laws of the State of California that the foregoing paragraph is true and correct.

 

	WITNESS my hand and official seal.	 	 
	 	 	 
	 	 	 
	Signature	 	(Seal)

 

    	Lahaina Deed in Lieu Agreement	I-6	 

    	 

    

 

ACKNOWLEDGMENT

 

	STATE OF NEW YORK	)
	 	)  ss.
	COUNTY OF  _______________	)

 

On the ____ day of
____ in the year 2013 before me, the undersigned, a Notary Public in and for said State, personally appeared______________________________________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(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 capacity(ies), and that by
his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed
the instrument.

 

	 	 	 
	 	Notary Public	 
	 	Sign and affix stamp	 

 

    	Lahaina Deed in Lieu Agreement	I-7	 

    	 

    

 

Exhibit A to Assignment of Ground Lease

 

[DESCRIPTION TO BE ATTACHED]

 

    	Lahaina Deed in Lieu Agreement	I-8	 

    	 

    

 

EXHIBIT J

 

FORM OF BILL OF
SALE

 

BILL OF SALE

 

TNP SRT LAHAINA GATEWAY,
LLC, a Delaware limited liability company (“Seller”), in consideration of the sum of Ten and No/100 Dollars
($10.00), in hand paid, the receipt and sufficiency of which is acknowledged, hereby sells, assigns, transfers, and sets over unto
DOF IV LAHAINA, LLC, a Delaware limited liability company (“Buyer”), pursuant to that certain Deed in Lieu of
Foreclosure Agreement dated as of June 10, 2013 (the “Agreement”), executed by Seller, DOF IV REIT Holdings,
LLC, a Delaware limited liability company, and TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation, all the tangible personal
property owned by Borrower in connection with the Real Estate (as defined in the Agreement) (collectively, the “Personal
Property”). Seller represents and warrants that it is the owner of the Personal Property. Seller does not make any representation
or warranty, express or implied, with respect to merchantability, condition, quality, durability, design, operation, fitness for
use, or suitability for any particular purpose.

 

[SIGNATURE FOLLOWS ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	J-1	 

    	 

    

 

IN WITNESS WHEREOF, and intending to be
legally bound hereby, Seller has executed and delivered this Bill of Sale as of June 10, 2013.

 

	SELLER:	TNP SRT LAHAINA GATEWAY LLC, a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

    	Lahaina Deed in Lieu Agreement	J-2	 

    	 

    

 

EXHIBIT K

 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND
ASSUMPTION AGREEMENT (this “Assignment”) is executed as of June 10, 2013, by and between TNP SRT LAHAINA GATEWAY,
LLC, a Delaware limited liability company (“Assignor”), and DOF IV LAHAINA, LLC, a Delaware limited liability
company (“Assignee”).

 

RECITALS

 

This Assignment is
made pursuant to that certain Deed in Lieu of Foreclosure Agreement dated as of June 10, 2013 (the “Agreement”),
executed by Assignor, DOF IV REIT Holdings, LLC, a Delaware limited liability company, and TNP STRATEGIC RETAIL TRUST, INC., a
Maryland corporation, and is effective as of the Closing Date (as defined in the Agreement).

 

Pursuant to the Agreement,
Assignor has this day conveyed to Assignee the property located in the County of Maui, Hawaii, more particularly described in
Schedule 1 attached hereto (the “Premises”) and, in connection with the conveyance of the Premises,
Assignor and Assignee intend that Assignor’s right, title, interests, powers and privileges in and under all leases and
security deposits affecting the Premises and other matters stated herein be assigned and transferred to Assignee.

 

AGREEMENT

 

In consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
agree as follows:

 

1.              Leases.
Assignor hereby transfers and assigns to Assignee any and all right, title and interest which Assignor may have, as landlord or
otherwise, in leases with tenants covering spaces in the Premises (collectively, the “Leases”), including but
not limited to the leases listed in Schedule 2 attached hereto. Assignee hereby assumes all liabilities and obligations
of Assignor, as landlord or otherwise, under the Leases arising or accruing from and after the date hereof, but not prior thereto,
including but not limited to all obligations with respect to all security deposits with respect to the Leases to the extent that
such security deposits are actually transferred or credited to Assignee.

 

2.              Security
Deposits. Assignor hereby transfers and assigns to Assignee all security deposits held by the Assignor relative to the Leases,
together with any interest thereon held by Assignor and required by the Leases or applicable law to be refunded to the tenants
thereunder.

 

3.              Contracts.
Assignor hereby transfers and assigns to Assignee any and all right, title and interest which assignor may have in any
contracts listed in Schedule 3 attached hereto (collectively, the “Contracts”). Assignee hereby
assumes all liabilities and obligations of Assignor under the Contracts arising or accruing from and after the date hereof,
but not prior thereto.

 

    	Lahaina Deed in Lieu Agreement	K-1	 

    	 

    

 

4.              Successors
and Assigns. This Assignment shall survive the closing of the sale of the Premises to Assignee and shall inure to the benefit
of, and be binding upon, the successors, executors, administrators, legal representatives and assigns of the parties hereto.

 

5.              Governing
Law. This Assignment shall be construed under and enforced in accordance with the laws of the State of Hawaii, without regard
to conflict of law provisions.

 

6.              No
Representations. The assignments made herein are without any representation or warranty of any nature, express or implied,
except as provided in the Agreement.

 

[SIGNATURES FOLLOW ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	K-2	 

    	 

    

 

IN WITNESS WHEREOF, and intending to be
legally bound hereby, the parties hereto have executed this Assignment as of the date first set forth above.

 

	ASSIGNOR:	TNP SRT LAHAINA GATEWAY LLC, a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By: 	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	K-3	 

    	 

    

 

	ASSIGNEE:	DOF IV LAHAINA, LLC, a Delaware limited liability company

 

	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

    	Lahaina Deed in Lieu Agreement	K-4	 

    	 

    

 

SCHEDULE 1

TO

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

LEGAL DESCRIPTION

 

[TO BE ATTACHED]

 

    	Lahaina Deed in Lieu Agreement	K-5	 

    	 

    

 

SCHEDULE 2

TO 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

LEASES

 

[TO BE ATTACHED, SAME AS EXHIBIT O SCHEDULE 1]

 

    	Lahaina Deed in Lieu Agreement	K-6	 

    	 

    

 

SCHEDULE 3

TO 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

CONTRACTS

 

[TO BE ATTACHED, SAME AS EXHIBIT D]

 

    	Lahaina Deed in Lieu Agreement	K-7	 

    	 

    

 

EXHIBIT L

 

PRO FORMA POLICY OF TITLE INSURANCE

 

[ATTACHED]

 

    	Lahaina Deed in Lieu Agreement	L-1	 

    	 

    

 

 

		Fidelity
National Title Insurance Company

 

Policy Number:    pro
forma

 

OWNER’S POLICY OF TITLE INSURANCE

Issued by

Fidelity National Title Insurance Company

 

Any notice of claim and any other
notice or statement in writing required to be given to the Company under this Policy must be given to the Company at the address
shown in Section 18 of the Conditions.

 

COVERED RISKS

 

SUBJECT TO THE EXCLUSIONS FROM
COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, FIDELITY NATIONAL TITLE INSURANCE COMPANY,
a California corporation (the “Company”) Insures, as of Date of Policy and, to the extent stated in Coveted Risks 9
and 10, after Date of Policy against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the insured
by reason of:

 

		1.	Title being vested other than as stated in Schedule A.

 

		2.	Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss
from

 

		(a)	A defect in the Title caused by

 

		(i)	forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;

 

		(ii)	failure of any person or Entity to have authorized a transfer or conveyance;

 

		(iii)	a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;

 

		(iv)	failure to perform those acts necessary to create a document by electronic means authorized by
law;

 

		(v)	a document executed under a falsified, expired, or otherwise invalid power of attorney;

 

		(vi)	a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic
means authorized by law; or

 

		(vii)	a defective judicial or administrative proceeding,

 

		(b)	The lien of real estate taxes or assessments imposed on the Title by a governmental authority due
or payable, but unpaid.

 

		(c)	Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title
that would be disclosed by an accurate and complete land survey of the Land. The term ‘‘encroachment” includes
encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements
located on adjoining land.

 

		3.	Unmarketable Title.

 

		4.	No right of access to and from the Land.

 

		5.	The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building
and zoning) restricting, regulating, prohibiting, or relating to

 

		(a)	the occupancy, use, or enjoyment of the Land;

 

		(b)	the character, dimensions, or location of any improvement erected on the Land;

 

		(c)	the subdivision of land; or

 

		(d)	environmental protection

 

if a notice, describing any part
of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the
violation or enforcement referred to in that notice.

 

    	FORM 27-031-06	 	ALTA Owner’s Policy (6-17-06)

    	 

    

 

		6.	An enforcement action based on the
                                                           exercise of a governmental police power not covered by Covered Risk
                                                           5 if a notice of the enforcement action, describing any part of the
                                                           Land, is recorded in the Public Records, but only to the extent of
                                                           the enforcement referred to in that notice.

 

		7.	The exercise of the rights of eminent domain if a notice of the exercise, describing any part of
the Land, is recorded in the Public Records.

 

		8.	Any taking by a governmental body that has occurred and is binding on the rights of a purchaser
for value without Knowledge.

 

		9.	Title being vested other than as stated in Schedule A
or being defective

 

		(a)	as a result of the avoidance in whole or in part, or from a court order providing an alternative
remedy, of a transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting
Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy,
state insolvency, or similar creditors’ rights laws; or

 

		(b)	because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential
transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws by reason of the failure of its recording
in the Public Records

(i)to be timely, or

(ii)to impart notice of its
existence to a purchaser for value or to a judgment or lien creditor.

 

		10.	Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through
9 that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior
to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A.

 

The Company will also pay the costs,
attorneys’ fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the extent provided
in the Conditions.

 

IN WITNESS WHEREOF, FIDELITY NATIONAL
TITLE INSURANCE COMPANY has caused this policy to be signed and sealed by its duly authorized officers.

 

	 	Fidellty National Title Insurance Company
	 	 	 
	 		By:	[ILLEGIBLE]
	 	 	President
	 	ATTEST 	[ILLEGIBLE] 
	 	 	Secretary

 

	Countersigned:	 	 
	 	Authorized Signature	 

 

    	FORM 27-031-06	 	ALTA Owner’s Policy (6-17-06)

    	 

    

 

Order No.: 13008617-FTHAI01

Policy No. PROFORMA

 

	Amount of Insurance:	$28,000,000.00
	Premium Amount:	PROFORMA

 

SCHEDULE A

 

	Name and Address of Title Insurance Company:	Fidelity National Title Insurance Company
	 	601 Riverside
	 	Jacksonville, FL

 

	Address Reference:	305 Keawe Street 'Lahaina Gateway Center, Lahaina, Hawaii

 

Date of Policy:

 

		1.	Name of Insured:

 

DOF IV LAHAINA, LLC, a Delaware limited liability
company

 

		2.	The estate or interest in the Land that is insured by this policy is:

 

LEASEHOLD / REGULAR SYSTEM

 

		3.	Title is vested in:

 

DOF IV LAHAINA, LLC, a Delaware limited liability
company, as “Tenant”

 

		5.	The Land referred to in this policy is described as follows:

 

SEE EXHIBIT “ONE” ATTACHED HERETO AND
MADE A PART HEREOF

 

NOTE: This is a Pro Forma Policy.
It does not reflect the present state of the Title and is not a commitment to (i) insure the Title or (ii) issue any of the attached
endorsements. Any such commitment must be an express written undertaking on appropriate forms of the Company.

 

THIS POLICY VALID ONLY IF SCHEDULE B
IS ATTACHED

 

	Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. 	

 

    	 	 	ALTA Owner’s Policy (6/17/06)

    	 

    

 

Order No.: 13008617-FTHAI01

Policy No. PROFORMA

 

SCHEDULE B

 

EXCEPTIONS

 

This policy does not insure against loss or damage, and the
Company will not pay costs, attorneys' fees, or expenses that arise by reason of:

 

		1.	Property taxes, including any personal property taxes and any assessments collected with taxes,
for the fiscal year 2012 - 2013, Tax Map Key (2) 4-5-011-008.

 

	1st installment:	$111,663.83 Paid
	2nd installment:	$111,663.83 Paid

 

		2.	Reservation in favor of the State of Hawaii of all mineral and metallic mines.

 

		3.	Terms, provisions conditions and restrictions, including the effect of any failure to comply with
such terms, provisions, conditions and restrictions, to which reference is hereby made, as contained in the following document:

 

SUBDIVISION AGREEMENT (LARGE
LOTS)

 

	By and Between:	PIONEER MILL COMPANY, LIMITED, a Hawaii corporation, and the County of Maui
	Dated:	December 15, 1980
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, in Liber 15229 at Page 224

 

		4.	Terms, provisions conditions and restrictions, including the effect of any failure to comply with
such terms, provisions, conditions and restrictions, to which reference is hereby made, as contained in the following document:

 

SUBDIVISION AGREEMENT (Three
Lots or Less)

 

	By and Between:	PIONEER MILL COMPANY, LIMITED, a Hawaii corporation, and the County of Maui
	Dated:	December 15, 1980
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, in Liber 15229 at Page 229.

 

		5.	Terms, provisions conditions and restrictions, including the effect of any failure to comply with
such terms, provisions, conditions and restrictions, to which reference is hereby made, as contained in the following document:

 

DEED:

 

	Dated:	September 27, 1982
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, in Liber 16593 at Page 456.

 

	Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. 	

 

    	 	 	ALTA Owner’s Policy (6/17/06)

    	 

    

 

Order No.: 13008617-FTHAI01

Policy No. PROFORMA

 

SCHEDULE B

(Continued)

 

By PARTIAL CANCELLATION OF EASEMENT dated September
19, 2001, recorded in said Bureau of Conveyances as Document No. 2001-154123, PIONEER MILL COMPANY, LIMITED, a Hawaii corporation,
cancels, releases and terminates its right to create easements reserved in the foregoing Deed, on, over and across the Road Widening
Parcels and Easement Areas.

 

By ASSIGNMENT OF RESERVED RIGHTS
effective September 15, 2003, recorded in said Bureau of Conveyances as Document No. 2004-163983, by and between PIONEER MILL COMPANY,
LLC, a Delaware limited liability company (successor by merger to PIONEER MILL COMPANY, LIMITED, a Hawaii corporation), as Assignor,
and KLC Kaanapali Development Corp., a Hawaii corporation, as Assignee.

 

		6.	Terms, provisions conditions and restrictions, including the effect of any failure to comply with such terms, provisions, conditions
and restrictions, to which reference is hereby made, as contained in the following document:

 

SECTION VII (c) AGREEMENT FOR WEST MAUI AREAS

 

	By and Between:	HAWAII OMORI CORPORATION, a Hawaii corporation, and the DEPARTMENT OF WATER SUPPLY OF THE COUNTY OF MAUI
	Dated:	December 20, 1989
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, Document No. 90-029937.

 

		7.	Terms, provisions conditions and restrictions, including the effect of any failure to comply with
such terms, provisions, conditions and restrictions, to which reference is hereby made, as contained in the following document:

 

ACKNOWLEDGEMENT REGARDING LAHAINA WASTEWATER TREATMENT
CAPACITY

 

	Executed By:	HAWAII OMORI CORPORATION
	Dated:	August 23, 1990
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, as Document No. 90-139192
	RE:	Connection to County sewer system

 

		8.	Terms, provisions conditions and restrictions, including the effect of any failure to comply with such terms, provisions, conditions
and restrictions, to which reference is hereby made, as contained in the following document:

 

MODIFICATION OF SUBDIVISION REQUIREMENTS
AGREEMENT

 

	Executed By:	HAWAII OMORI CORPORATION, a Hawaii corporation, and the BOARD OF WATER SUPPLY OF THE COUNTY OF MAUI
	Dated:	April 20, 1993
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, as Document No. 93-080970 
	RE:	Deferral of subdivision requirements

 

	Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. 	

 

    	 	 	ALTA Owner’s Policy (6/17/06)

    	 

    

 

Order No.: 13008617-FTHAI01

Policy No. PROFORMA

 

SCHEDULE B

(Continued)

 

		9.	Easement "B" for drainage purposes as set forth in that certain DEED dated September 27, 1982, recorded in said Bureau
of Conveyances in Liber 16593 at Page 456, being more particularly described therein.

 

The above described was cancelled and replaced with
"Easement B-1", being more particularly described in and as set forth in MODIFICATION OF EASEMENT dated September 19,
2001, recorded in said Bureau of Conveyances as Document No. 2001-154125.

 

		10.	EASEMENT 4 (EMBANKMENT EASEMENT), as shown on subdivision map prepared by Kirk T. Tanaka, Land Surveyor, with R.T. Tanaka Engineers,
Inc., dated May 10, 1999, last revised September 24, 1999, approved by the Director of Public Works and Waste Management, County
of Maui on September 28, 1999, and further described in instrument recorded in the Bureau of Conveyances of the State of Hawaii
as Document No. 2002-070423.

 

		11.	Easement(s) for the purpose(s) shown below and rights incidental thereto as granted in a document;

 

	Granted to:	STATE OF HAWAII
	Purpose:	Embankment
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, Document No. 2002-070423.
	Affects:	Easement 4

 

		12.	Designation of Easement E-1, for switchgear purposes in favor of MAUI ELECTRIC COMPANY, LIMITED, as shown on subdivision
map prepared by Kirk T. Tanaka, Land Surveyor, with R.T. Tanaka Engineers, Inc., dated May 10, 1999, last revised September 24,
1999, approved by the Director of Public Works and Waste Management, County of Maui on September 28, 1999.

 

		13.	Designation of Easement E-2, for switchgear purposes in favor of MAUI ELECTRIC COMPANY, LIMITED, as shown on subdivision
map prepared by Kirk T. Tanaka, Land Surveyor, with R.T. Tanaka Engineers, Inc., dated May 10, 1999, last revised September 24,
1999, approved by the Director of Public Works and Waste Management, County of Maui on September 28, 1999.

 

		14.	Designation of Easement E-3, for switchgear purposes in favor of MAUI ELECTRIC COMPANY, LIMITED, as shown on subdivision
map prepared by Kirk T. Tanaka, Land Surveyor, with R.T. Tanaka Engineers, Inc., dated May 10, 1999, last revised September 24,
1999, approved by the Director of Public Works and Waste Management, County of Maui on September 28, 1999.

 

		15.	Easement D-2 (15.00 feet wide) for drainage purposes, being more particularly described in and as granted in DRAINAGE EASEMENT
dated November 1, 2002, recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 2002-198425, running in favor
of Lots 2, 3 and 5 of the Hawaii Omori Mauka Subdivision.

 

		16.	Easement D-4 for drainage purposes, being more particularly described in and as granted IN DRAINAGE
EASEMENT dated November 1, 2002, recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 2002-198427, running
in favor of Lot 4 of the Hawaii Omori Mauka Subdivision.

 

		17.	Restriction of Vehicle Access along the westerly boundary of the land described herein (except
as permitted) as set forth in DEED dated February 12, 1957, recorded in the Bureau of Conveyances of the State of Hawaii in Liber
3231 at Page 411.

 

	Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. 	

 

    	 	 	ALTA Owner’s Policy (6/17/06)

    	 

    

 

Order No.: 13008617-FTHAI01

Policy No. PROFORMA

 

SCHEDULE B

(Continued)

 

		18.	Easement(s) for the purpose(s) shown below and rights incidental thereto as granted in a document;

 

	Granted to:	MAUI ELECTRIC COMPANY, LIMITED, a Hawaii corporation, and GTE HAWAIIAN TELEPHONE COMPANY, INCORPORATED, a Hawaii corporation, now known as Hawaiian Telcom, Inc.
	Purpose:	electrical and telephone easement over and across Easement 1
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, Document No. 92-175343.
	Affects:	portion of the herein described premises

 

		19.	Covenants, conditions and restrictions, but omitting any covenants or restrictions, if any, including but not limited to those
based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin,
ancestry, source of income, gender, gender identity, gender expression, medical condition or genetic information, as set forth
in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as
set forth in the following document:

 

DECLARATION OF RESTRICTIVE COVENANTS

 

	Dated:	December 26, 2003
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, Document No. 2003-286553.

 

		20.	Two (2) existing guy wires running outside of Easement 1, as shown on survey map prepared by Kirk T. Tanaka, dated October
17, 2003, revised January 28, 2004.

 

		21.	Easement(s) for the purpose(s) shown below and rights incidental thereto as granted in a document;

 

	Granted to:	MAUI ELECTRIC COMPANY, LIMITED and HAWAIIAN TELCOM, INC., both Hawaii corporations
	Purpose:	utility
	Recorded:	in the Bureau of Conveyances of the State of Hawaii, Document No. 2007-175124.
	Affects:	portion of the herein described premises

 

		22.	The effect of any failure to comply with the terms, provisions and conditions as contained in the LAHAINA GATEWAY GROUND LEASE,
as amended.

 

		23.	Encroachments or any other matters, including but not limited to any rights or interests which may exist or arise by reason
of the following facts, shown on survey map dated November 23, 2012 prepared by Mitchell Duryea, Licensed Professional Land Surveyor,
Certificate Number 13401, Project No. 12-1700:

 

		A.	Building overlaps Drainage Easement “D-2” (#2002-198425)

 

		B.	Building overlaps 10' Building Setback Line by 4.0’

 

		C.	Building overlaps 10' Building Setback Line by 5.1’

 

	Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. 	

 

    	 	 	ALTA Owner’s Policy (6/17/06)

    	 

    

 

Order No.: 13008617-FTHAI01

Policy No. PROFORMA

 

SCHEDULE B

(Continued)

 

		24.	The rights of tenants, as tenants only, including, but not limited to, any matters affecting the rights of such tenants, as
shown on the Rent Roll attached hereto as Exhibit “A”.

 

		25.	LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FINANCING STATEMENT AS FIXTURE
FILING

  

	Amount:	$29,000,000.00
	Mortgagor:	TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company
	Mortgagee:	DOF IV REIT HOLDINGS, LLC, a Delaware limited liability company
	Dated:	November 9, 2012
	Recorded:	November 9, 2012 in the Bureau of Conveyances of the State of Hawaii, as Document No. A-46960423

 

		26.	LEASEHOLD ASSIGNMENT OF LEASES AND RENTS

 

	Amount:	To secure a loan in the principal sum of $20,000,000.00
	Assignor:	TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company
	Assignee:	DOF IV REIT HOLDINGS, LLC, a Delaware limited liability company
	Dated:	November 9, 2012
	Recorded:	November 9, 2012 in the Bureau of Conveyances of the State of Hawaii, as Document No. A-46960424

 

		27.	UCC-1 FINANCING STATEMENT

 

	Debtor:	TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company
	Secured Party:	DOF IV REIT HOLDINGS, LLC, a Delaware limited liability company 
	Recorded:	November 9, 2012 in the Bureau of Conveyances of the State of Hawaii, as Document No. A-46960425

 

END OF ITEMS

 

	Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. 	

 

    	 	 	ALTA Owner’s Policy (6/17/06)

    	 

    

 

Order No.: 13008617-FTHAI01

Policy No. PROFORMA

 

EXHIBIT “ONE”

 

THE LAND REFERRED TO IN THIS REPORT
IS SITUATED IN THE COUNTY OF MAUI, STATE OF HAWAII, AND IS DESCRIBED AS FOLLOWS:

 

LAHAINA GATEWAY GROUND LEASE

 

	Landlord:	LAHAINA GATEWAY COMMERCIAL LLC, a Washington limited liability company
	Tenant:	KAHOMA DEVELOPMENT, INC., a Washington corporation
	Dated:	February 2, 2005
	Recorded:	Unrecorded
	Term:	Commencing February 2, 2005, ending on February 1, 2060

 

The above LAHAINA GATEWAY GROUND
LEASE is disclosed by SHORT FORM LEASE dated February 2, 2005, recorded February 16, 2005 in the Bureau of Conveyances of the State
of Hawaii as Document No. 2005- 031882.

 

The above LAHAINA GATEWAY GROUND LEASE was amended by
AMENDMENT OF LAHAINA GATEWAY GROUND LEASE dated August 15, 2012, recorded August 28, 2012 in said Bureau as Document No. A- 46230066.

 

The Tenant's interest in the above
LAHAINA GATEWAY GROUND LEASE, as amended, by mesne assignment, assigned by:

 

ASSIGNMENT OF GROUND LEASE

 

	Assignor:	TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company
	Assignee:	DOF IV LAHAINA, LLC, a Delaware limited liability company
	Dated:	_____________, 2013
	Recorded:	_____________, 2013 in said Bureau as Document No. _____________

 

Said Lease demising the following
described premises:

 

All of that
certain parcel of land (being all of the land described in and covered by Royal Patent Number 5664, Land Commission Award Number
286, Apana 2 to Keawa (Ekela) and portions of the lands described in and covered by Royal Patent Number 1113, Land Commission Award
Number 486-C, Apana 1 to Kaei for Uluoa; Royal Patent Number 4509, Land Commission Award Number 10532, Apana 1 and 2 to Naolulo;
Royal Patent Number 5579, Land Commission Award Number 2320, Apana 2 to Moakaka for Mere; Royal Patent Number 5664, Land Commission
Award 286, Apana 1 and 3 to Keawa (Ekela); Land Patent Number 8243, Land Commission Award Number 11227, Apana 2 to Nalimu; and
Royal Patent Grant Number 1891, Apana 2, 3, 4 and 6 to D. Baldwin) situate, lying and being on the northerly side of Honoapiilani
Highway (F.A.P. No. F-030-1 (1)) at Kapunakea and Moali, District of Lahaina, Island and County of Maui, State of Hawaii, being
Lot 1, of the “Hawaii Omori Mauka Subdivision”, more particularly described as follows:

 

	Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.	

                                                                      

	 	 
	ALTA Owner’s Policy (6/17/06)

 

    	 

    	 

    

 

Order No.: 13008617-FTHAI01

Policy No. PROFORMA

 

EXHIBIT “ONE”

(Continued)

 

Beginning at
the southwest corner of this lot, being also the northwest corner of Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision, the
coordinates of said point of beginning referred to Government Survey Triangulation Station “LAINA” being 3,973.35 feet
south and 4,812.32 feet west and running by azimuths measured clockwise from true South:

 

	1.	159°	05’	45”	109.19	feet along Honoapiilani Highway (F.A.P. No. F-030-1 (1));
	 	 	 	 	 	 
	2.	164°	20’	 	60.00	feet along Honoapiilani Highway (F.A.P. No. F-030-1 (1));
	 	 	 	 	 	 
	3.	163°	04'	23”	235.06	feet along Honoapiilani Highway (F.A.P. No. F-030-1 (1));
	 	 	 	 	 	 
	4.	163°	17'	21”	265.04	feet along Honoapiilani Highway (F.A.P. No. F-030-1 (1));
	 	 	 	 	 	 
	5.	164°	20’	 	86.61	feet along Honoapiilani Highway (F.A.P. No. F-030-1 (1));
	 	 	 	 	 	 
	6.	227°	51’	 	19.30	feet along the remainder of R. P. 1113, L. C. Aw. 486-C, Ap. 1 to Kaei for Uluoa;
	 	 	 	 	 	 
	7.	317°	51’	 	35.70	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 
	8.	286°	24'	 	45.00	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 
	9.	266°	00'	 	24.68	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 
	10.	221°	30’	 	103.83	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 
	11.	303°	00’	 	840.98	feet along Lot 4, Hawaii Omori Mauka Subdivision;

 

	12.	Thence along Lot 4, Hawaii Omori Mauka Subdivision on a curve to the right with a radius of 570.00 feet, the chord azimuth and distance being:

 

	 	314°	00’	 	217.52	feet;
	 	 	 	 	 	 
	13.	325°	00'	 	18.94	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 
	14.	51°	57'	24”	41.58	feet along Lot 4, Hawaii Omori Mauka Subdivision;
	 	 	 	 	 	 
	15.	340°	14'	 	105.27	feet along Lot 4, Hawaii Omori Mauka Subdivision;

 

	16.	Thence along Lot 4, Hawaii Omori Mauka Subdivision on a curve to the right with a radius of 30.00 feet, the chord azimuth and distance being:

 

	 	27°	05'	27”	43.78	feet;

 

	Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.	

                                                                      

	 	 
	ALTA Owner’s Policy (6/17/06)

 

    	 

    	 

    

 

Order No.: 13008617-FTHAI01

Policy No. PROFORMA

 

EXHIBIT “ONE”

(Continued)

 

	17.	Thence along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision on a curve to the right with a radius of 956.00 feet, the chord azimuth and distance being:

 

	 	87°	58'	27”	463.39	feet;

 

	18.	 102°	00'	 	93.33	feet along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision;

 

	19.	Thence along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision on a curve to the left with a radius of 444.00 feet, the chord azimuth and distance being:

 

	 	88°	10’	 	212.32	feet;

 

	20.	74°	20'	 	4.66	feet along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision;

 

	21.	Thence along Lot 5 (Keawe Street), Hawaii Omori Mauka Subdivision on a curve to the right with a radius of 30.00 feet, the chord azimuth and distance being:

 

	 	116°	42'	52.5”	40.44	feet to the point of beginning and containing an area of 11.363 acres, more or less.

 

TOGETHER
WITH vehicle access rights of ingress and egress from Honoapiilani Highway through Highway Widening Lot over and across Boundary
“R”, being more particularly described in and as granted by Grant of Vehicle Access Rights of the State of Hawaii,
through its Department of Transportation, dated April 19, 2002, recorded in the Bureau of Conveyances of the State of Hawaii as
Document No. 2002-070420; and subject to the terms and provisions contained therein.

 

TOGETHER WITH any and all interests
that the Landlord may have acquired by and under the Drainage Easements described as follows:

 

		1.	Drainage Easement recorded as Document No. 2002-198424; and subject to the terms and provisions
contained therein;

 

		2.	Drainage Easement recorded as Document No. 2002-198426; and subject to the terms and provisions
contained therein;

 

		3.	Drainage Easement recorded as Document No. 2002-198428; and subject to the terms and provisions
contained therein; and

 

		4.	Drainage Easement recorded as Document No. 2002-198429; and subject to the terms and provisions
contained therein.

 

TMK: (2)4-5-011-008

 

	Copyright American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.	

                                                                      

	 	 
	ALTA Owner’s Policy (6/17/06)

 

    	 

    	 

    

 

EXHIBIT “A”

(Rent Rolls - Lahaina Gateway Center)

 

LAHAINA
GATEWAY CENTER

KEAWE
STREET 

LAHAINA,
HAWAII 96761

5/1/13

 

	UNIT #	 	TENANT	 	SQ FT	 	PRO-RATA

    SHARE	 	LEASE

    START/

    END	 	TERM

    (YRS)	 	MIN RENT

    STEPUP	 	RENT/

    SQFT	 	MINIMUM

    RENT	 	EST.

    CAM/SF	 	PROMO

    FUND	 	SECURITY

    DEPOSIT	 	NOTES
	OFFICE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-101	 	Bames & Noble Booksellers	 	24.579	 	17.98%	 	1/15/2008

        1/31/3011
	 	10.1	 	2/1/2013	 	51,700.00	 	2.10	 	47,000.00	 	11,854.66	 	Waived	 	Waived	 	% rent 3% of gross sales

        5% Cap on Common Area
        Expenses

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-102	 	VACANT	 	3,338	 	2.44%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-201	 	Outback Steakhouse

        OSI Restaurant partners,
        LLC
	 	7,152	 	5.19%	 	4/14/2008

        4/30/7018
	 	10.0	 	5/1/2012

        5/1/2013
	 	17,164.80

        23,262.53

         
	 	2.40

        3.25
	 	17,164.80	 	4,611.81	 	Waived	 	Waived	 	% rent 5% of gross sales Tenant pro-data share cannot exceed 5 189% 5% Cap
    on Common Area Expenses Rent reduced to $ 17,164 80 thru 4/30/13
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-202	 	Calmani, Inc.

        dba Melting Pot and 100
        Wines Tenant went dark as of 2/24/13.
	 	6,610	 	4.84%	 	6/13/2007

        5/31/2018
	 	11.0	 	1/1/2012

        2/1/2012

        8/1/2013

        8/l/2014
	 	7,800.00

        0.00

        7,800.00

        20,982.50
	 	1.18

        0.00

        1.18

        3.17
	 	0.00	 	4,309.84	 	661.00	 	19.250.00	 	% rent 6% of gross sales

        2nd Amendment 2/6/12 extends
        rent relief

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-202.	 	State Farm Insurance dbs Chad Santiago, LLC	 	745	 	0.55%	 	9/1/2008

        9/1/2013
	 	5.0	 	9/1/2012	 	3,558.84	 	4.78	 	3,558.84	 	507.83	 	Waived	 	3,836.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-101	 	Local Motion, Inc	 	3,960	 	2.90%	 	9/1/2010

        10/31/2017
	 	7.2	 	10/14/2012

        11/l/2012

        11/1/2014

        11/1/2015

        11/1/2016
	 	7,000.00

        8,910.00

        9,187.20

        9,464.40

        9,741.60
	 	 	 	7,000.00	 	2,699.36	 	396.00	 	7,280.00	 	1st Amendment signed 4/27/12
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B- 102 to 103	 	VACANT	 	2,800	 	2.05%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-104	 	Office Max	 	18,620	 	13.62%	 	9/7/2008

        3/31/2019
	 	10.6	 	10/1/2011

        1/1/2014
	 	34,136.67

        46,550.00
	 	1.83

        2.50
	 	34,136.67	 	7,154.56	 	Waived	 	Waived	 	Current
        Rent Relief until 12/31/13 ($34,137 per month subject to sales)

        “Tenant's CAM does
        not include RPT and Mgm1 Fee

 

    	Page 1 of 5

    	 

    

 

 

EXHIBIT “A”

(Rent Rolls - Lahaina Gateway Center)

 

LAHAINA GATEWAY CENTER

KEAWE STREET

LAIIAINA, HAWAII 96761

5/1/13

 

	UNIT #	 	TENANT	 	SQ FT	 	PRO-RATA

    SHARE	 	LEASE

    START/

    END	 	TERM

    (YRS)	 	MIN RENT

STEPUP	 	RENT/

    SQ FT	 	MINIMUM

    RENT	 	EST.

    CAM/5F	 	PROMO

    FUND	 	SECURITY

    DEPOSIT	 	NOTES
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-105a	 	Aloha Aina Designs dba passion 4 Fashion	 	700	 	0.51%	 	8/13/2012

        8/13/2013
	 	3.0	 	8/13/2012

        8/13/2013

        8/13/2014
	 	1,730.00

        1,923.00

        2,100.00
	 	2.30

        2.75

        3.00
	 	1,730.00	 	476.00	 	70.00	 	2,318.74	 	Lease effective 5/15/12.
        LL

        delivered space on 3/13/12.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-105b	 	Joari Earl

dba Paia Mercantile	 	700	 	0.51%	 	10/19/2012

        10/31/2017
	 	5.0	 	3/1/2013

        3/1/2014

        3/1/2013

        3/1/2016

        3/1/2017
	 	1,373.00

        1,633.00

        1,736.44

        1,823.26

        1,914.42
	 	2.25

        2.36

        2.48

        2.60

        2.73
	 	0.00	 	476.00	 	70.00	 	2,209.36	 	Free rent 11/1/12-2/28/13. 8%
    percentage rent above breakpt
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-106a	 	VACANT	 	671	 	0.49%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-106b	 	VACANT	 	739	 	0.54%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-107	 	Mahina Boutique 	 	1,000	 	0.73%	 	11/1/2008

        10/31/2013
	 	5.0	 	11/1/2009

        11/1/2010

        11/1/2011

        11/1/2012
	 	5,000.00

        5,150.00

        5,304.30

        5,463.64
	 	5.00

        5.15

        5.30

        5.46
	 	0.00	 	681.66	 	100.00	 	6.042.00	 	%Rent-8% of Gross Sales Co- Tenancy clause • tenant
    does not pay base rent until 4 of the surrounding units are occupied
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-108	 	County of Maui  - DMV	 	2,458	 	1.80%	 	1/1/2013

        6/30/2018
	 	5.5	 	1/1/2013

        3/1/2013

        7/1/2013

        7/1/2014

        7/1/2013

        7/1/2016

        7/1/2017
	 	0.00

        4,670.00

        3,330.30

        3,779.37

        6,039.44

        6,311.22

        6,633.80
	 	0.00

        4.67

        3.33

        5.78

        6.04

        6.31

        6.64
	 	0.00	 	1,671.44	 	0.00	 	Waived	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-109	 	VACANT	 	1,400	 	1.02%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-110	 	TJ 18, Inc.  dba
    Italian Delight	 	1,400	 	1.02%	 	3/1/2012

        4/30/2017
	 	5.0	 	7/1/2012

        1/1/2013

        7/1/2013

        7/1/2014

        7/1/2013

        7/1/2016
	 	2,800.00

        3,130.00

        4,200.00

        4,900.00

        3.600.00

        3.930.00
	 	2.00

        2.23

        3.00

        3.50

        4.00

        4.25
	 	2,800.00	 	934.25	 	140.00	 	4,302.06	 	% Rent - 7% of Gross Sales Rent
    commencement 7/1/12
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-111	 	VACANT	 	1,400	 	1.02%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-112	 	Claire's Boutique	 	1,400	 	1.02%	 	6/1/2008

        1/31/2017
	 	8.7	 	6/1/2015	 	8,106.00	 	5.79	 	7,420.00	 	954.32	 	140.00	 	Waived	 	% Rent - 6% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B -113	 	Foot Locker	 	2,626	 	1.92%	 	5/30/2008

        1/31/2014
	 	5.7	 	6/1/2011	 

         

         
	9,847.30	 

         

         
	3.73	 	9,847.30	 	1,790.03	 	262.60	 	Waived	 	% Rent - 6% of Gross Sales

 

    	Page 2 of 5

    	 

    

 

EXHIBIT “A”

(Rent Rolls - Lahaina Gateway Center)

 

LAHAINA GATEWAY CENTER

KEAWE STREET

LAHAINA, HAWAII 96761

5/1/13

 

	UNIT #	 	TENANT	 	SQ FT	 	PRO-RATA

    SHARE	 	LEASE

    START/

    END	 	TERM

    (YRS)	 	MIN RENT

    STEPUP	 	RENT/

    SQ FT	 	MINIMUM

    RENT	 	EST.

    CAM/SF	 	PROMO

    FUND	 	SECURITY

    DEPOSIT	 	NOTES
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-114	 	VACANT	 	5,000	 	3.66%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-115	 	VACANT	 	3,885	 	2.84%	 	 	 	0.0	 	 	 	 	 	 	 	0.00	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-116	 	VACANT	 	1,200	 	0.88%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-117	 	VACANT	 	1,200	 	0.88%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-118	 	Plush Because Lounge, Inc.	 	1,200	 	0.88%	 	1/1/2011

        12/31/2013
	 	5.0	 	1/1/2014

        1/1/2013
	 	5,333.00

        5,673.38
	 	4.61

        4.73
	 	5,400.00	 	817.99	 	120.00	 	6,500.00	 	% Rent - 7% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-119 to B-120	 	Teddy's Bigger Burgers	 	2,400	 	1.76%	 	3/14/2011

        3/14/2016
	 	5.0	 	5/14/2012

        5/1/2013

        3/1/2014

        5/1/2013
	 	7,872.00

        8,068.80

        8,270.52

        8,477.28
	 	6.56	 	7,872.00	 	1,635.97	 	240.00	 	9,730.00	 	% Rent - 6% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	C-101 to C-103	 	Gross sales	 	2,843	 	2.08%	 	6/20/2003

        6/30/2018
	 	10.0	 	7/1/2013

        7/1/2014

        7/1/2015

        7/1/2016

        7/1/2017
	 	13,181.13

        13,376.59

        13,983.89

        14,403.41

        14,835.52
	 	4.64

        4.78

        4.92

        5.07

        5.22
	 	13,181.15	 	1,937.95	 	284.30	 	14,204.91	 	% Rent - 7% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	C-104	 	Lahaina Farms (Food Pantry, Ltd )	 	14,645	 	10.71%	 	4/1/2008

        3/31/2023
	 	15.0	 	4/1/2013

        4/1/2018
	 	39,541.50

        42,763.40
	 	2.70

        2.92
	 	36,612.50	 	9,548.81	 	1,464.50	 	Waived	 	% Rent - 6% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	D-101	 	Central Pacific Bank	 	3,540	 	2.59%	 	2/1/2008

        1/31/2023
	 	15.0	 	2/1/2013

        2/1/2018
	 	21,417.00

        23,611.80
	 	6.05

        6.67
	 	19,470.00	 	2,413.06	 	354.00	 	Waived	 	 

 

    	Page 3 of 5

    	 

    

 

EXHIBIT “A”

(Rent Rolls - Lahaina Gateway Center)

 

LAHAINA GATEWAY CENTER

KEAWE STREET

LAHAINA, HAWAII 96761

5/1/13

 

	UNIT #	 	TENANT	 	SQ FT	 	PRO-RATA

    SHARE	 	LEASE

        START/

        END
	 	TERM

    (YRS)	 	MIN RENT

    STEPUP	 	RENT/

    SQ FT	 	MINIMUM

    RENT	 	EST.

        CAM/SF
	 	PROMO

    FUND	 	SECURITY

    DEPOSIT	 	NOTES
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-101 to E-103	 	Vitamin Shoppe	 	3,000	 	2.19%	 	6/1/2008

        5/31/2018
	 	10.0	 	6/1/2008

        6/1/2012

        6/1/2013

        6/1/2018
	 	16,313.79

        13,866.72

        17,230.00

        19,837.30
	 	5.44

        4.62

        5.75

        6.61
	 	13,866.72	 	2,044.97	 	None	 	Waived	 	%Rent -  None Amendment
    signed for 15%  rent  reduction 6/1/12 thru 5/31/13.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-104	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-105	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-106	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-107	 	Go Wireless	 	1,000	 	0.73%	 	7/8/2009

        7/31/2014
	 	5.1	 	8/1/2012

        8/1/2013
	 	4,753.37

        4,895.98
	 	3.33

        3.43
	 	4,753.37	 	681.66	 	100.00	 	Waived	 	% Rent - None
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-108	 	STL Medical Services	 	1,000	 	0.73%	 	4/1/2009

        3/31/2014
	 	5.0	 	3/1/2012	 	4,635.00	 	4.64	 	4,635.00	 	681.66	 	100.00	 	5.000.00	 	% Rent - None
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-109	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-110	 	David’s Happy Nails (Nguven and Hoang)	 	1,000	 	0.73%	 	6/25/2008

        6/30/2018
	 	10.0	 	7/1/2013

        7/1/2014

        7/1/2015

        7/1/2016

        7/1/2017
	 	5,796.38

        5,970.28

        6,149.39

        6,333.88

        6,523.90
	 	5.80

        5.97

        6.15

        6.33

        6.52
	 	5,796.38	 	681.66	 	100.00	 	11,875.00	 	% Rent - 8% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-111	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-112	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 4 of 5

    	 

    

 

 

EXHIBIT
“A”

 

(Rent
Rolls - Lahaina Gateway Center)

 

LAHAINA GATEWAY CENTER

KEAWE STREET

LAHAINA, HAWAII 96761

5/1/13

 

	UNIT #	 	TENANT	 	SQFT	 	PRO-RATA

    SHARE	 	LEASE

    START/

    END	 	TERM

    (YRS)	 	MIN RENT

    STEPUP	 	RENT/

    SQ FT	 	MINIMUM

    RENT	 	EST.

    CAM/SF	 	PROMO

    FUND	 	SECURITY

    DEPOSIT	 	NOTES
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F-101a	 	Maui Dive & Surf	 	1.428	 	1.04%	 	1/1/2010	 	3.4	 	1/1/2012	 	6,952.58	 	4.87	 	6,952.58	 	973.40	 	142.80	 	8,107.00	 	% Rent - 9% of Gross Sales
	 	 	 	 	 	 	 	 	5/31/2013	 	 	 	1/1/2013	 	7,126.40	 	4.99	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F-101	 	Maui Dive & Surf	 	5.044	 	3.69%	 	6/4/2008	 	5.0	 	7/1/2012	 	25,576.15	 	5.07	 	25,576.15	 	3,438.27	 	504.40	 	27,785.22	 	% Rent -  9% of Gross Sales
	 	 	 	 	 	 	 	 	5/31/2013	 	 	 	7/1/2013	 	26,215.50	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2014	 	26,870.96	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2015	 	27,542.74	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2016	 	28,231.31	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2017	 	28,937.10	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kiosk #1	 	VACANT	 	n/a	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kiosk #2	 	West Maui Mountain Adventure	 	n/a	 	 	 	MTM	 	 	 	 	 	 	 	 	 	1,500.00	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TTL LAHAINA GATEWAY CENTER	 	136,683	 	99.96%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Units Occupied	 	99.982	 	73.15%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Units Vacant	 	30.091	 	22.02%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Certified Rent Roll:	 	 
	 	Signature	Date     

 

    	Page 5 of 5

    	 

    

 

 

	Endorsement 3.1-06
    (Zoning-Completed Structure )
	Revised
    10-22-09

 

ENDORSEMENT

 

Attached to Policy No. PROFORMA

 

Issued by

 

FIDELITY NATIONAL TITLE INSURANCE
COMPANY

 

		1.	The Company insures against loss or damage sustained by the Insured in the
event that, at Date of Policy,

 

		a.	according to applicable zoning ordinances and amendments, the Land is not classified
Zone M-1 (Light Industrial District);

 

		b.	the following use or uses are not allowed under that classification:

 

Uses and structures permitted
by the zoning codes of the County of Maui, as the same may be amended from time to time.

 

		c.	There shall be no liability under paragraph 1.b. if the use or uses are not
allowed as the result of any lack of compliance with any conditions, restrictions, or requirements contained in the zoning ordinances
and amendments, including but not limited to the failure to secure necessary consents or authorizations as a prerequisite to the
use or uses. This paragraph 1.c. does not modify or limit the coverage provided in Covered Risk 5.

 

		2.	The Company further insures against loss or damage sustained by the Insured
by reason of a final decree of a court of competent jurisdiction either prohibiting the use of the Land, with any existing structure,
as specified in paragraph 1.b. or requiring the removal or alteration of the structure, because, at Date of Policy, the zoning
ordinances and amendments have been violated with respect to any of the following matters:

 

		a.	Area, width, or depth of the Land as a building site for the structure

		b.	Floor space area of the structure

		c.	Setback of the structure from the property lines of the Land

		d.	Height of the structure, or

		e.	Number of parking spaces.

 

		3.	There shall be no liability under this endorsement based on:

 

		a.	the invalidity of the zoning ordinances and amendments until after a final
decree of a court of competent jurisdiction adjudicating the invalidity, the effect of which is to prohibit the use or uses;

		b.	the refusal of any person to purchase, lease or lend money on the Title covered by this policy.

 

	
	 
	Copyright 2010 American Land Title Association. All rights reserved.
    
	 
	The use of this Form is restricted to ALTA licensees
and ALTA members

                                in good standing as of the date of use. All other uses are prohibited.

                                Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	Endorsement 3.1-06
    (Zoning-Completed Structure )
	Revised
    10-22-09

 

This endorsement is issued as part of
the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any
prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the
policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

	FIDELITY NATIONAL TITLE INSURANCE COMPANY	 
	 	 
	By:	 	 
	 	Its Authorized Signatory	 

 

CLTA Form 123.2-06 (10-22-09)

 

	
	 
	Copyright 2010 American Land Title Association. All rights reserved.
	 
	The use of this Form is restricted to ALTA licensees and ALTA members

                                in good standing as of the date of use. All other uses are prohibited.

                                Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	Endorsement 8.2-06
    (Commercial Environment Protection Lien)
	Adopted
    10-16-08

 

ENDORSEMENT

 

Attached to Policy No. PROFORMA

 

Issued by

 

FIDELITY NATIONAL TITLE INSURANCE
COMPANY

 

The Company insures against loss or damage
sustained by the Insured by reason of an environmental protection lien that, at Date of Policy, is recorded in the Public Records
or filed in the records of the clerk of the United States district court for the district in which the Land is located, unless
the environmental protection lien is set forth as an exception in Schedule B.

 

This endorsement is issued as part of
the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any
prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the
policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

	FIDELITY NATIONAL TITLE INSURANCE COMPANY	 
	 	 
	By:	 	 
	 	Its Authorized Signatory	 

 

	CLTA Form 110.12-06 (10-16-08)	
	 
	Copyright 2010 American Land Title Association. All rights reserved.
	 
	The use of this Form is restricted to ALTA licensees and ALTA members

                                in good standing as of the date of use. All other uses are prohibited.

                                Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	Endorsement
    9.2-06 (Restrictions, Encroachments, Minerals – 
	Owner’s
    Policy - Improved Land) 
	Adopted
    06/17/06

 

ENDORSEMENT

 

Attached to Policy No. PROFORMA

 

Issued by

 

FIDELITY NATIONAL TITLE INSURANCE
COMPANY

 

The Company insures against loss
or damage sustained by the Insured by reason of:

 

		1.	The existence, at Date of Policy, of any of the following
unless expressly excepted in Schedule B:

		a.	Present violations on the Land of any enforceable covenants, conditions, or
restrictions, or any existing improvements on the Land that violate any building setback lines shown on a plat of subdivision recorded
or filed in the Public Records.

		b.	Any instrument referred to in Schedule B as containing covenants, conditions,
or restrictions on the Land that, in addition, (i) establishes an easement on the Land, (ii) provides for an option to purchase,
a right of first refusal, or the prior approval of a future purchaser or occupant, or (iii) provides a right of reentry, possibility
of reverter, or right of forfeiture because of violations on the Land of any enforceable covenants, conditions, or restrictions.

		c.	Any encroachment of existing improvements located on the Land onto adjoining
land, or any encroachment onto the Land of existing improvements located on adjoining land.

		d.	Any encroachment of existing improvements located on the Land onto that portion
of the Land subject to any easement excepted in Schedule B.

		e.	Any notices of violation of covenants, conditions, or restrictions relating
to environmental protection recorded or filed in the Public Records.

		2.	Damage to existing buildings:

		a.	That are located on or encroach upon that portion of the Land subject to any
easement excepted in Schedule B, which damage results from the exercise of the right to maintain the easement for the purpose for
which it was granted or reserved;

		b.	Resulting from the future exercise of any right existing at Date of Policy
to use the surface of the Land for the extraction or development of minerals excepted from the description of the Land or excepted
in Schedule B.

		3.	Any final court order or judgment requiring the removal
from any land adjoining the Land of any encroachment, other than fences, landscaping, or driveways, excepted in Schedule B.

		4.	Any final court order or judgment denying the right to maintain any existing building on the Land
because of any violation of covenants, conditions, or restrictions, or building setback lines shown on a plat of subdivision recorded
or filed in the Public Records.

 

Wherever in this endorsement the words
“covenants, conditions, or restrictions” appear, they shall not be deemed to refer to or include the terms, covenants,
conditions, or limitations contained in an instrument creating a lease.

 

As used in paragraphs 1.a. and 4, the
words “covenants, conditions, or restrictions” do not include any covenants, conditions, or restrictions (a) relating
to obligations of any type to perform maintenance, repair, or remediation on the Land, or (b) pertaining to environmental protection
of any kind or nature, including hazardous or toxic matters, conditions, or substances, except to the extent that a notice of a
violation or alleged violation affecting the Land has been recorded or filed in the Public Records at Date of Policy and is not
excepted in Schedule B.

 

 

	CLTA Form 100.10-06 (06-17-06)	
	 
	Copyright 2010 American Land Title Association. All rights reserved.
	 
	The use of this Form is restricted to ALTA licensees and ALTA members

                                in good standing as of the date of use. All other uses are prohibited. 

Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	Endorsement
    9.2-06 (Restrictions, Encroachments, Minerals –
	Owner’s
    Policy - Improved Land) 
	Adopted
    06/17/06

 

This endorsement is issued as part of
the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any
prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the
policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

	FIDELITY NATIONAL TITLE INSURANCE COMPANY	 
	 	 
	By:	 	 
	 	Its Authorized Signatory	 

 

	CLTA Form 100.10-06 (06-17-06)	
	 
	Copyright 2010 American Land Title Association. All rights reserved.
	 
	The use of this Form is restricted to ALTA licensees and ALTA members

                                in good standing as of the date of use. All other uses are prohibited.

                                Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	American Land Title Association	Endorsement 13-06 (Leasehold –
    Owner’s)
	 	Revised
    04-02-12

 

ENDORSEMENT

 

Attached to Policy No. PROFORMA

 

Issued by

 

FIDELITY NATIONAL TITLE INSURANCE
COMPANY

 

		1.	As used in this endorsement, the following terms shall
mean:

 

		a.	“Evicted'' or “Eviction”: (a) the lawful deprivation, in whole or in part, of
the right of possession insured by this policy, contrary to the terms of the Lease or (b) the lawful prevention of the use of the
Land or the Tenant Leasehold Improvements for the purposes permitted by the Lease, in either case as a result of a matter covered
by this policy.

 

		b.	“Lease”: the lease described in Schedule A.

 

		c.	“Leasehold Estate”: the right of possession granted in the Lease for the Lease Term.

 

		d.	“Lease Term”: the duration of the Leasehold Estate, as set forth in the Lease, including
any renewal or extended term if a valid option to renew or extend is contained in the Lease.

 

		e.	“Personal Property”: property, in which and to the extent the Insured has rights,
                                                            located on or affixed to the Land on or after Date of Policy that by law does not constitute real property because (i)of its character and manner of attachment
to the Land and (ii) the property can be severed from the Land without causing material damage to the property or to the Land.

  

		f.	“Remaining Lease Term”: the portion of the Lease Term remaining after the Insured has
been Evicted.

 

		g.	“Tenant Leasehold Improvements”: Those improvements,
in which and to the extent the Insured has rights, including landscaping, required or permitted to be built on the Land by the
Lease that have been built at the Insured's expense or in which the Insured has an interest greater than the right to possession
during the Lease Term.

 

		2.	Valuation of Estate or Interest Insured:

 

If in computing loss or damage
it becomes necessary to value the Title, or any portion of it, as the result of an Eviction of the Insured, then, as to that portion
of the Land from which the Insured is Evicted, that value shall consist of the value for the Remaining Lease Term of the Leasehold
Estate and any Tenant Leasehold Improvements existing on the date of the Eviction. The Insured Claimant shall have the right to
have the Leasehold Estate and the Tenant Leasehold Improvements affected by a defect insured against by the policy valued either
as a whole or separately. In either event, this determination of value shall take into account rent no longer required to be paid
for the Remaining Lease Term.

 

	
	 
	Copyright 2006-2012 American Land Title Association. All rights reserved.
	 
	The use of this Form is restricted to ALTA licensees and ALTA members 

in good standing as of the date of use. All other uses are prohibited. 

Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	American Land Title Association	Endorsement 13-06 (Leasehold –
    Owner’s)
	 	Revised
    04-02-12

 

		3.	Additional items of loss covered by this endorsement:

 

If the Insured is Evicted, the following items of
loss, if applicable to that portion of the Land from which the Insured is Evicted shall be included, without duplication, in computing
loss or damage incurred by the Insured, but not to the extent that the same are included in the valuation of the Title determined
pursuant to Section 2 of this endorsement, any other endorsement to the policy, or Section 8(a)(ii) of the Conditions:

 

		a.	The reasonable cost of (i) removing and relocating any Personal Property that
the Insured has the right to remove and relocate, situated on the Land at the time of Eviction, (ii) transportation of that Personal
Property for the initial one hundred miles incurred in connection with the relocation, (iii)repairing the Personal Property damaged
by reason of the removal and relocation, and (iv) restoring the Land to the extent damaged as a result of the removal and relocation
of the Personal Property and required of the Insured solely because of the Eviction.

  

		b.	Rent or damages for use and occupancy of the Land prior to the Eviction that the Insured as owner
of the Leasehold Estate may be obligated to pay to any person having paramount title to that of the lessor in the Lease.

 

		c.	The amount of rent that, by the terms of the Lease, the Insured must continue to pay to the lessor
after Eviction with respect to the portion of the Leasehold Estate and Tenant Leasehold Improvements from which the Insured has
been Evicted.

 

		d.	The fair market value, at the time of the Eviction, of the estate or interest of the Insured in
any lease or sublease permitted by the Lease and made by the Insured as lessor of all or part of the Leasehold Estate or the Tenant
Leasehold Improvements.

 

		e.	Damages caused by the Eviction that the Insured is obligated to pay to lessees
or sublessees on account of the breach of any lease or sublease permitted by the Lease and made by the Insured as lessor of all
or part of the Leasehold Estate or the Tenant Leasehold Improvements.

 

		f.	The reasonable cost to obtain land use, zoning, building and occupancy permits,
architectural and engineering services and environmental testing and reviews for a replacement leasehold reasonably equivalent
to the Leasehold Estate.

 

		g.	If Tenant Leasehold Improvements are not substantially completed at the time of Eviction, the actual
cost incurred by the Insured, less the salvage value, for the Tenant Leasehold Improvements up to the time of Eviction. Those costs
include costs incurred to obtain land use, zoning, building and occupancy permits, architectural and engineering services, construction
management services, environmental testing and reviews, and landscaping.

 

		4.	This endorsement does not insure against loss, damage
or costs of remediation (and the Company will not pay costs, attorneys’ fees or expenses) resulting from environmental damage
or contamination.

 

	
	 
	Copyright 2006-2012 American Land Title Association. All rights reserved.
	 
	The use of this Form is restricted to ALTA licensees and ALTA members 

in good standing as of the date of use. All other uses are prohibited. 

Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	American Land Title Association	Endorsement 13-06 (Leasehold –
    Owner’s)
	 	Revised
    04-02-12

 

This endorsement is issued as
part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify
any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of
the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls.
Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

	FIDELITY NATIONAL TITLE INSURANCE COMPANY
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

	
	 
	Copyright 2006-2012 American Land Title Association. All rights reserved.
	 
	The use of this Form is restricted to ALTA licensees and ALTA members

        in good standing as of the date of use. All other uses are prohibited.

        Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

 

	Endorsement 17-06
    (Access and Entry)
	Adopted 6-17-06

 

ENDORSEMENT 

Attached to Policy No. PROFORMA 

Issued by

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

The Company insures against loss or damage
sustained by the Insured if, at Date of Policy (i) the Land does not abut and have both actual vehicular and pedestrian access
to and from Keawe Street (the “Street'’), (ii) the Street is not physically open and publicly maintained, or (iii)
the Insured has no right to use existing curb cuts or entries along that portion of the Street abutting the Land.

 

This endorsement is issued as part of the
policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior
endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy
or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

 

CLTA Form 103.11-06 (06-17-06)

 

	Copyright 2010 American Land Title Association. All rights reserved.	
	 
	The use of this Form is restricted to ALTA licensees and ALTA members
	in good standing as of the date of use. All other uses are prohibited.
	Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	Endorsement 17.2-06 (Utility Access)
	Adopted 10-16-08

 

ENDORSEMENT 

Attached to Policy No. PROFORMA 

Issued by

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

The Company insures against loss or damage
sustained by the Insured by reason of the lack of a right of access to the following utilities or services: [CHECK ALL THAT
APPLY]

 

	x	Water service	 ̈	Natural gas service	x	Telephone service	 
	x	Electrical power service	x	Sanitary sewer	x	Storm water drainage	 
	[ ̈	]	[ ̈	]	[ ̈	]	 

 

either over, under or upon rights-of-way
or easements for the benefit of the Land because of:

 

		(1)	a gap or gore between the boundaries of the Land and the rights-of-way or easements;

		(2)	a gap between the boundaries of the rights-of-way or easements ; or

		(3)	a termination by a grantor, or its successor, of the rights-of-way or easements.

 

This endorsement is issued as part of the
policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior
endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy
or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

 

CLTA Form 103.13-06 (10-16-08)

 

	Copyright 2010 American Land Title Association. All rights reserved.	
	 
	The use of this Form is restricted to ALTA licensees and ALTA members
	in good standing as of the date of use. All other uses are prohibited.
	Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	Endorsement 18-06
    (Single Tax Parcel)
	Adopted 6-17-06

 

ENDORSEMENT 

Attached to Policy No. PROFORMA 

Issued by

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

The Company insures against loss or damage
sustained by the Insured by reason of the Land being taxed as part of a larger parcel of land or failing to constitute a separate
tax parcel for real estate taxes.

 

This endorsement is issued as part of the
policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior
endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy
or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

 

CLTA Form 129-06 (06-17-06)

 

	Copyright 2010 American Land Title Association. All rights reserved.	
	 
	The use of this Form is restricted to ALTA licensees and ALTA members
	in good standing as of the date of use. All other uses are prohibited.
	Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	Endorsement Form 19.1-06 (Contiguity-Single Parcel)
	Adopted 6-17-06

 

ENDORSEMENT 

Attached to Policy No. PROFORMA

Issued by

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

The Company insures against loss or damage
sustained by the Insured by reason of:

 

		1.	the failure of the Land to be contiguous to Lot 5 (Keawe Street) of the Hawaii Omori Mauka Subdivision,
being more particularly described in and as granted by instrument recorded in the Bureau of Conveyances of the State of Hawaii
as Document No. 2004-038590, along the Easterly boundary line[s] of Lot 1 and Westerly boundary line(s) of Lot 5; or

 

		2.	the presence of any gaps, strips, or gores separating the contiguous boundary lines described above.

 

This endorsement is issued as part of the
policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior
endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy
or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

 

CLTA Form 116.4-06 (06-17-06)

 

	Copyright 2010 American Land Title Association. All rights reserved.	
	 
	The use of this Form is restricted to ALTA licensees and ALTA members
	in good standing as of the date of use. All other uses are prohibited.
	Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	ALTA Form 22-06 (6/17/06) 	 
	Location	CLTA Form 116.01-06

 

ENDORSEMENT 

Attached to Policy No. PROFORMA 

Issued by 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

The Company insures against loss or damage
sustained by the Insured by reason of the failure of a light industrial retail complex, known as 325 Keawe Street, Lahaina, Maui,
Hawaii, to be located on the Land at Date of Policy.

 

This endorsement is issued as part of the
policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior
endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy
or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

 

    	 

    	 

    

 

	Endorsement 25-06 (Same as Survey)
	Adopted 10-16-08

 

ENDORSEMENT 

Attached to Policy No. PROFORMA 

Issued by 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

The Company insures against loss or damage
sustained by the Insured by reason of the failure of the Land as described in Schedule A to be the same as that identified on the
ALTA/ACSM Land Title Survey dated November 23, 2012, prepared by Mitchell Duryea, Professional Land Surveyor No. 13401, Project
No. 12-1700.

 

This endorsement is issued as part of the
policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior
endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy
or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

 

CLTA Form 116.1 -06 (10-16-08)

 

	Copyright 2010 American Land Title Association. All rights reserved.	
	 
	The use of this Form is restricted to ALTA licensees and ALTA members
	in good standing as of the date of use. All other uses are prohibited.
	Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	Endorsement 26-06 (Subdivision)
	Adopted 10-16-08

 

ENDORSEMENT 

Attached to Policy No. PROFORMA 

Issued by

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

The Company insures against loss or damage
sustained by the Insured by reason of the failure of the Land to constitute a lawfully created parcel according to the subdivision
statutes and local subdivision ordinances applicable to the Land.

 

This endorsement is issued as part of the policy. Except as
it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements,
(iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous
endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement
is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

 

CLTA Form 116.8-06 (10-16-08)

 

	Copyright 2010 American Land Title Association. All rights reserved.	
	 
	The use of this Form is restricted to ALTA licensees and ALTA members
	in good standing as of the date of use. All other uses are prohibited.
	Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	American Land Title Association	 Endorsement 28-06 (Easement - Damage or Enforced Removal)
	Revised 02-03-10

 

ENDORSEMENT 

Attached to Policy No. PROFORMA 

Issued by

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

The Company insures against loss or damage sustained by the
Insured if the exercise of the granted or reserved rights to use or maintain the easement(s) referred to in Exception(s) 15 of
Schedule B results in:

 

		(1)	damage to an existing building located on the Land, or

 

		(2)	enforced removal or alteration of an existing building located on the Land .

 

This endorsement is issued as part of the policy. Except as
it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements,
(iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous
endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement
is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

 

	Copyright 2006-2010 American Land Title Association. All rights reserved.	
	 
	The use of this Form is restricted to ALTA licensees and ALTA members
	in good standing as of the date of use. All other uses are prohibited.
	Reprinted under license from the American Land Title Association.

 

    	 

    	 

    

 

	American Land Title Association	Endorsement 28.1-06
	 	(Encroachments - Boundaries and Easements)
	 	Adopted 04-02-12

 

ENDORSEMENT 

Attached to Policy No. PROFORMA 

Issued by

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

		1.	The insurance provided by this endorsement is subject to the exclusions in Section 4 of this endorsement;
and the Exclusions from Coverage, the Exceptions from Coverage contained in Schedule B, and the Conditions in the policy.

 

		2.	For purposes of this endorsement only, “Improvement" means an existing building, located
on either the Land or adjoining land at Date of Policy and that by law constitutes real property.

 

		3.	The Company insures against loss or damage sustained by the Insured by reason of:

 

		a.	An encroachment of any Improvement located on the Land onto adjoining land or onto that portion
of the Land subject to an easement, unless an exception in Schedule B of the policy identifies the encroachment;

 

		b.	An encroachment of any Improvement located on adjoining land onto the Land at Date of Policy, unless
an exception in Schedule B of the policy identifies the encroachment;

 

		c.	Enforced removal of any Improvement located on the Land as a result of an encroachment by the Improvement
onto any portion of the Land subject to any easement, in the event that the owners of the easement shall, for the purpose of exercising
the right of use or maintenance of the easement, compel removal or relocation of the encroaching Improvement; or

 

		d.	Enforced removal of any Improvement located on the Land that encroaches onto adjoining land.

 

		4.	This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys’
fees, or expenses) resulting from the encroachments listed as Exceptions 23 of Schedule B.

 

This endorsement is issued as part of the
policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior
endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy
or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise,
this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

 

	Copyright 2012 American Land Title Association. All rights reserved.	
	 
	The use of this Form is restricted to ALTA licensees and ALTA members
	in good standing as of the date of use. All other uses are prohibited.
	Reprinted under license from the American Land Title Association.

    	 

    	 

    

 

EXCLUSIONS FROM COVERAGE

 

The following matters are expressly excluded
from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys’ fees, or expenses that arise
by reason of:

 

		1.	(a)         Any law, ordinance, permit, or governmental regulation
(including those relating to building and zoning) restricting, regulating, prohibiting, or relating to

		(i)	the occupancy, use, or enjoyment of the Land;

		(ii)	the character, dimensions, or location of any improvement erected on the Land;

		(iii)	the subdivision of land; or

		(iv)	environmental protection;

or the effect of any violation
of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under
Covered Risk 5.

		(b)	Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided
under Covered Risk 6.

		2.	Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered
Risk 7 or 8.

		3.	Defects, liens, encumbrances, adverse claims, or other matters :

		(a)	created, suffered, assumed, or agreed to by the Insured Claimant:

		(b)	not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the
Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became
an Insured under this policy;

		(c)	resulting in no loss or damage to the Insured Claimant;

		(d)	attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage
provided under Covered Risk 9 and 10); or

		(e)	resulting in loss or damage that would not have been sustained if the Insured Claimant had paid
value for the Title.

		4.	Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’
rights laws, that the transaction vesting the Title as shown in Schedule A, is

		(a)	a fraudulent conveyance or fraudulent transfer; or

		(b)	a preferential transfer for any reason not stated in Covered Risk 9 of this policy.

		5.	Any lien on the Title for real estate taxes or assessments imposed by governmental authority and
created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public
Records that vests Title as shown in Schedule A.

 

CONDITIONS

 

		1.	DEFINITION OF TERMS

The following terms when used
in this policy mean:

		(a)	“Amount of Insurance”: The amount stated in Schedule A, as may be increased or decreased
by endorsement to this policy, increased by Section 8(b), or decreased by Sections 10 and 11 of these Conditions.

		(b)	“Date of Policy”: The data designated as “Date of Policy” in Schedule A.

		(c)	“Entity”: A corporation, partnership, trust, limited liability company, or other similar
legal entity.

		(d)	“Insured”: The Insured named in Schedule A.

		(i)	The term “Insured” also includes

		(A)	successors to the Title of the Insured by operation of law as distinguished from purchase, including
heirs, devices, survivors, personal representatives, or next of kin;

		(B)	successors to an insured by dissolution, merger, consolidation, distribution, or reorganization;

		(C)	successors to an insured by its conversion to another kind of Entity;

		(D)	a grantee of an insured under a deed delivered without payment of actual valuable consideration
conveying the Title

		(1)	if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by
the named insured,

		(2)	if the grantee wholly owns the named insured,

		(3)	if the grantee is wholly-owned by an affiliated Entity of the named insured, provided the affiliated
Entity and the named Insured are both wholly-owned by the same person or Entity, or

		(4)	if the grantee is a trustee or beneficiary of a trust created by a written instrument established
by the insured named in Schedule A for estate planning purposes.

		(ii)	With regard to (A), (B), (C), and (D) reserving, however, all rights and defenses and to any successors
that the Company would have had against any predecessor Insured.

		(e)	“Insured Claimant”: An insured claiming loss or damage.

		(f)	“Knowledge” or “Known”: Actual knowledge, not constructive knowledge or
notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of
matters affecting the Title.

		(g)	“Land”: The land described in Schedule A, and affixed improvements that by law constitute
real property. The term “Land” does not include any property beyond the lines of the area described in Schedule A,
nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but
this does not modify or limit the extent that a right of access to and from the Land is insured by this policy.

		(h)	“Mortgage”: Mortgage, dead of trust, trust deed, or other security instrument, including
one evidenced by electronic means authorized by law.

		(i)	“Public Records”: Records established under state statutes at Date of Policy for the
purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. With
respect to Covered Risk 5(d), “Public Records” shall also include environmental protection liens filed in the records of the
clerk of the United States District Court for the district where the Land is located.

		(j)	“Title”: The estate or interest described in Schedule A.

		(k)	“Unmarketable Title”: Title affected by an alleged or apparent matter that
would permit a prospective or lessee of the Title or leader on the Title to be released from the obligation to purchase, lease,
or lend if there is a contractual condition requiring the delivery of marketable title.

 

		2.	CONTINUATION OF INSURANCE

The coverage of this
policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the insured retains an estate or
interest in the Land, or holds an obligation accrued by a purchase money Mortgage given by a purchaser from the Insured, or only
to long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title. This policy shall
not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the Land, or (ii) in obligation
secured by a purchase money Mortgage given to the Insured.

 

		3.	NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT

The Insured shall notify the Company promptly
in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to
an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage
for which the Company may be liable by virtue of this policy, or (iii) if the Title, as Insured, is rejected as Unmarketable Title.
If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company’s liability to
the Insured Claimant under the policy shall be reduced to the extent of the prejudice.

 

		4.	PROOF OF LOSS

In the event the Company is unable to determine
the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish
a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this
policy that constitutes the basis of loss damage and shall state, to the extent possible, the basis of calculating the amount of
the loss or damage.

 

		5.	DEFENSE AND PROSECUTION OF ACTIONS

		(a)	Upon written request by the Insured, and subject to the options contained in Section 7 of
                                                               these Conditions, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an Insured in
                                                               litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited
                                                               to only those stated causes of section alleging matters insured against by this policy. The Company shall have the right to
                                                               select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as
                                                               to those stated causes of action. It shall not be liable for and will not pay the fees of any other counsel. The Company will
                                                               not pay any fees, costs, or expenses incurred by the Insured in the defense of those causes of action that allege matters not
                                                               insured against by this policy.

 

    	 

    	 

    

 

		(b)	The Company shall have the right. In addition to the options contained in Section 7 of these Conditions,
at its own cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary
or desirable to establish the Title, as insured, or to prevent or reduce loss or damage to the Insured. The Company may take any
appropriate action under the terms of this policy, whether or not it shall be liable to the Insured. The exercise of these rights
shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this
subsection, it must do so diligently.

		(c)	Whenever the Company brings an action or asserts a defense as required or permitted by this policy,
the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves
the right, in its sole discretion, to appeal any adverse judgment or order.

 

		6.	DUTY OF INSURED CLAIMANT TO COOPERATE

		(a)	In all cases where this policy permits or requires the Company to prosecute or provide for the
defense of any action or proceeding an any appeals, the Insured shall secure to the Company the right to so prosecute or provide
defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose. Whenever
requested by the Company, the Insured, at the Company’s expense, shall give the Company all reasonable aid (i) in securing
evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other
lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter as insured.
If the Company is prejudiced by the failure of the Insured to furnish the required cooperation, the Company’s obligations
to the Insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation,
with regard to the matter or matters requiring such cooperation.

		(b)	The Company may reasonably require the Insured Claimant to submit to examination under oath by
any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times
and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including
books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos whether bearing a date before or
after Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized representative of
the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine,
Inspect, and copy all of these records in the custody or control of a third party that reasonably pertain to the loss or damage.
All information designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be
disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure
of the Insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission
to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or governmental
regulation, shall terminate any liability of the Company under this policy as to that claim.

 

		7.	OPTIONS TO PAY OR OTHERWISE SETTLE
                                                          CLAIMS; TERMINATION OF LIABILITY

In case of a claim
under this policy, the Company shall have the following additional options:

		(a)	To pay or Tender payment of the Amount of Insurance.

To pay or tender payment of
the Amount of Insurance under this policy together with my costs, attorneys’ fees, and expenses incurred by the insured
Claimant that were authorized by the Company up on the time of payment or tender of payment and that the Company is obligated
to pay. Upon the exercise by the Company of this option, all liability and obligation of the Company to the Insured under
this policy, other than to make the payment required in this subsection, shall template, including any liability or
obligation to defend, prosecute, or continue any litigation.

		(b)	To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant.

		(i)	To pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim
Insured against under this policy. In addition, the Company will pay any costs, attorneys’ fees, and expenses incurred by
the insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or

		(ii)	To pay or otherwise settle with the Insured Claimant the loss or damage provided for under
                                                              this policy, together with any costs, attorneys’ fees, and expenses incurred by the Insured Claimant that were
                                                              authorized by the Company up to the time of payment and that the Company is obligated to pay.

 

Upon the exercise by the Company
of either of the option provided for in subsections (b)(i) or (ii), the Company’s obligations to the Insured under this policy
for the claimed loss or damage, other than the payments required to be made, shall terminate, Including any liability or obligation
to defend, prosecute, or continue any litigation.

 

		8.	DETERMINATION AND EXTENT OF LIABILITY

This policy is a contract of indemnity against
actual monetary loss or damage sustained or incurred by the Insured Claimed who has suffered loss or damage by reason of matters
insured against by this policy.

		(a)	The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of

		(i)	the Amount of Insurance; or

		(ii)	the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by
this policy.

		(b)	If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as incurred.

		(i)	the Amount of Insurance shall be increased by 10%, and

		(ii)	the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by
the Insured Claimant or as of the date it is settled and paid.

		(c)	In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys’ fees, and
expenses incurred in accordance with Section 5 and 7 of these Conditions.

 

		9.	LIMITATION OF LIABILITY

		(a)	If the Company establishes the Title, or removes the
alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the Land, or cures the claim of Unmarketable
Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals,
it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused
to the insured.

		(b)	In the event of any litigation, including litigation
by the Company or with the Company’s consent, the Company shall have no liability for loss or damage until there has been
a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title, as insured.

		(c)	The Company shall not be liable for loss or damage
to the insured for liability voluntarily assumed by the insured in setting any claim or suit without the prior written consent
of the Company.

 

		10.	REDUCTION OF INSURANCE; REDUCTION OR TERMINATION
OF LIABILITY

All payment under this
policy, except payments made for costs, attorneys’ fees, and expenses, shall reduce the Amount of Insurance by the amount
of the payment.

 

		11.	LIABILITY NONCUMULATIVE

The amount of Insurance
shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B
or to which the insured has agreed, assumed, or taken subject, or which is executed by an insured after Date of Policy and which
is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the insured under this policy.

 

		12.	PAYMENT OF LOSS

When liability and
the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30
days.

 

		13.	RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT

		(a)	Whenever the Company shall have settled and paid a claim under this policy. It shall be subrogated
and entitled to the rights of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that
the Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys’ fees,
and expenses paid by the Company. If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer
to the Company of these rights and remedies. The Insured Claimant shall permit the Company to sue, compromise, or settle in the
name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights
and remedies.

If any payment on account of a
claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to recover until
after the Insured Claimant shall have recovered its loss.

		(b)	The Company’s right of subrogation includes the rights of the Insured to indemnities, guaranties,
other policies of insurance, or bonds, notwithstanding any terms or conditions contained in those instruments that address subrogation
rights.

 

    	 

    	 

    

 

		14.	ARBITRATION

Either the
Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title
Insurance Arbitration Rules of the American Land Title Association (“Rules”). Except as provided in the Rules,
there shall be no joinder or consolidation with claims or controversies of other persons. Arbitrable matters may locinde, but are not limited to, any controversy or claim between the Company and the Insured
arising out of or relating to this policy, any service in connection with its issuance or the breach of a policy provision, or
to any other controversy or claim arising out of the transaction giving rise to the policy. All arbitrable matters when the
Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured. All
arbitrable matters when the Amount of Insurance is in excess of $2,000,000 shall be arbitrated only when agreed to by both the
Company and the Insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties. Judgment
upon the award rendered by the Arbitrator(s) may be entered in any count of competent jurisdiction.

 

		15.	LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT

		(a)	This policy together with all endorsements, if any, attached to it by the Company is the entire
policy and contract between the Insured and the Company. In interpreting any provision of this policy, this policy shall be construed
as whole.

		(b)	Any claim of loss or damage that arises out of the status of the Title or by any action asserting
such claim shall be restricted to this policy.

		(c)	Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized
person, or expressly incorporated by Schedule A of this policy.

		(d)	Each endorsement to this policy issued at any time is made a part of this policy and is subject
to all of its terms and provisions. Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions
of the policy, (ii) modify any prior endorsement, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance.

 

		16.	SEVERABILITY

In the event any provision
of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to
include that provision or much part held to be invalid, but all other provisions shall remain in full force and effect.

 

		17.	CHOICE OF LAW; FORUM

		(a)	Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy
and determined the premium charged therefor in reliance upon the law affecting interests in real property and applicable to the
interpretation, rights, remedies, or enforcement of policies of this Insurance of the jurisdiction where the Lead is located.

Therefore, the court or an arbitrator
shall apply the law of the jurisdiction where the Land is located to determine the validity of claim against the Title that are
adverse to the insured and to interpret and enforce the terms of this policy. In neither case shall the court or arbitrator apply
its conflicts of law principles to determine the applicable law.

		(b)	Choice of Forum: Any Litigation or other proceeding brought by the insured against the Company
must be filed only in a state or federal court within the United States of America or its territories having appropriate Jurisdiction.

 

		18.	NOTICES, WHERE SENT

Any notice of
claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the
Company at

 

Fidelity National Title Company

National Claims Administration:

P.O. Box 45023

Jacksonville, Florida 32232-5023

 

    	 

    	 

    

 

 

 

FIDELITY

NATIONAL

TITLE

INSURANCE

COMPANY

 

 

 

 

Fidelity
National Title Insurance Company

P.O.
Box 45023

Jacksonville,
Florida 32232-5023

 

    	 

    	 

    

 

EXHIBIT
M

 

PRO
FORMA LOAN POLICY ENDORSEMENTS

 

[ATTACHED]

 

    	Lahaina Deed in Lieu Agreement	M-6	 

    	 

    

 

	CLTA Form 107.11-06 (03-09-07)	Non-Merger
    After Lender Acquires Title
	ALTA
    - Lender	 

 

ENDORSEMENT

Attached to Policy No. 24-041-06-555714

Issued by

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

The
Company insures against loss sustained by reason of the invalidity or unenforceability of the lien of the Insured Mortgage upon
the Title occasioned by the Title being vested as shown in paragraph 3 of Schedule A, as amended by Date Down Endorsement issued
concurrently herewith.

 

This
endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions
of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To
the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this
endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior
endorsements.

 

Dated:

 

FIDELITY
NATIONAL TITLE INSURANCE COMPANY

 

	By	 	 
	 	Its Authorized Signatory	 

 

CLTA
Form 107.11-06 (03-09-07)

ALTA - Lender

 

    	 

    	 

    

 

Endorsement
No. 212

Date-Down (Rev. 2-4-94)

 

ENDORSEMENT

Attached
to Policy No. 24-041-06-555714

Issued
by

FIDELITY
NATIONAL TITLE INSURANCE COMPANY

 

		1.	Schedule A of the policy is hereby amended in the following
particulars:

 

		a.	The effective date of the policy is hereby extended to:

 

	 	 

 

		b.	Paragraph 3 of Schedule A is hereby amended as follows:

 

To
delete “TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company” and add “DOF IV LAHAINA, LLC, a Delaware
limited liability company”

 

		c.	Paragraph 5 of Schedule A, Exhibit “One” is hereby amended as follows: 
	 	 	 
	 	 	To delete the
                                                                                                 following:

 

“ASSIGNMENT
OF GROUND LEASE

 

	Assignor:	CENTRAL PACIFIC BANK, a Hawaii corporation
	Assignee:	TNP SRT LAHAINA GATEWAY, LLC, a Delaware
	 	limited liability company
	Dated:	November __,
    2012
	Recorded:	November 9, 2012 in said Bureau as Document No. 

A-46960422”

 

To
add the following:

 

“ASSIGNMENT
OF GROUND LEASE

 

	Assignor:	TNP SRT LAHAINA GATEWAY, LLC, a Delaware
	 	limited liability
company
	Assignee:	DOF IV LAHAINA, LLC, a Delaware limited liability
	 	company
	Dated:	                                 , 2013
	Recorded:	                                 , 2013 in said Bureau as
	 	Document No.                              ”

 

Order No. 13008617-FTHAI01

 

    	 

    	 

    

 

 

		2.	Schedule B of the policy is amended in the following particulars:

 

		a.	Paragraph 23 is amended to read as follows:

 

“Encroachments or any other
matters, including but not limited to any rights or interests which may exist or arise by reason of the following facts, shown
on survey map dated November 23, 2012 prepared by Mitchell Duryea, Licensed Professional Land Surveyor, Certificate Number 13401,
Project No. 12-1700:

 

		A.	Building overlaps Drainage Easement "D-2" (#2002-198425)

 

		B.	Building overlaps 10’ Building Setback Line by 4.0’

 

		C.	Building overlaps 10’ Building Setback Line by 5.1’"

 

		b.	Paragraph 24 is amended to delete Exhibit “A” attached thereto and substitute Exhibit
“A” attached hereto in place thereof.

 

		c.	To delete Paragraph 25.

 

This endorsement is made a part of the
policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly
stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it increase the
face amount thereof.

 

Dated:

 

FIDELITY NATIONAL TITLE INSURANCE COMPANY

 

	By:	 	 
	 	Its Authorized Signatory	 

  

Order No. 13008617-FTHAl01

 

    	 

    	 

    

 

EXHIBIT
“A”

(Rent Rolls – Lahaina Gateway Center)

 

lahaina Gateway
center

KEAWE STREET

LAHAINA, HAWAH 96761

5/1/13

 

	UNIT
    #	 	TENANT	 	SQ
    FT	 	PRO-RATA

        SHARE
	 	LEASE

    START/

    END	 	TERM

        (YRS)
	 	MIN
    RENT

    STEPUP	 	RENT/

        SQ
        FT
	 	MINIMUM

    RENT	 	EST.

        CAM/SF
	 	PROMO

        FUND
	 	SECURITY

        DEPOSIT
	 	NOTES
	OFFICE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-101	 	Barnes & Noble 	 	24,579 	 	17.98%	 	1/15/2008	 	10.1	 	2/1/2013	 	51,700.00 	 	2.10	 	47.000.00	 	11,854.66	 	Waived	 	Waived	 	% rent. 3% of gross salcs
	 	 	Booksellers	 	 	 	 	 	1/31/2018	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	5% Cap on Common Area Expenses
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-102	 	VACANT	 	3,338	 	2.44%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-201	 	Outback Steakhouse	 	7,152 	 	5.19%	 	4/14/2008	 	10.0	 	5/1/2012	 	17,164.80	 	2.40	 	17,164.80	 	4,611.81	 	Waived	 	Waived	 	% rent; 5 % of gross sales
	 	 	OSI Restaurant 	 	 	 	 	 	4/30/2018	 	 	 	S/1/2013	 	 23,262.53	 	3.25	 	 	 	 	 	 	 	 	 	Tenant pro-rata share cannot exceed 5,189%
	 	 	Partners, LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3% Cap on Common Area Expense
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Rent reduced to $17,164.80 thru 4/30/13.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-202	 	Calmaui. Inc,	 	6,610 	 	4.84%	 	6/13/2007	 	11.0	 	1/1/2012	 	7,800.00	 	1.18	 	0.00	 	4,309.84	 	661.00	 	19,250.00	 	% rent 6 % of gross sales
	 	 	dba Melting Po and 100 Wines	 	 	 	 	 	5/31/2018	 	 	 	2/1/2012	 	0.00	 	0.00	 	 	 	 	 	 	 	 	 	2nd Amendment 2/6/12 extends rent relief
	 	 	Tenant went dark as of 2/24/13.	 	 	 	 	 	 	 	 	 	8/1/2013	 	7,800.00	 	1.18	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	8/1/2014	 	20.982.30	 	3.17	 	 	 	 	 	 	 	 	 	 
	A-202a	 	State Faqrm Insurance dba Chad Santiago. LLC	 	745	 	0.55%	 	9/1/2008 9/1/2013	 	5.0	 	9/1/2012	 	3,558.84	 	4.78	 	3.558.84	 	507.83	 	Waived	 	3,836.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-101	 	Local Motion, Inc.	 	 3,960	 	2.90%	 	9/1/2010	 	7.2	 	10/14/2012	 	7,000.00	 	 	 	7,000.00	 	2,699.36	 	396.00	 	7,28.000	 	1st Amendment signed 4/27/12
	 	 	 	 	 	 	 	 	10/31/2017	 	 	 	11/1/2012	 	8,910.00	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	11/1/2014	 	9,187.20	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	11/1/2015	 	9,464.40	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	11/1/2016	 	9,741.60	 	 	 	 	 	 	 	 	 	 	 	 
	B-102 to 103	 	VACANT	 	2.800	 	2.05%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-104	 	Office Max	 	18,620 	 	13.62%	 	9/7/2008	 	10.6	 	10/1/2011	 	34,136.67 	 	1.83	 	34,136.67	 	7,154.56	 	Waived	 	Waived	 	Current Rent Relief until 12/31/13 ($34,137
    per month subject to sales)
	 	 	 	 	 	 	 	 	3/31/2019	 	 	 	1/1/2014	 	46,550.00	 	2.50	 	 	 	 	 	 	 	 	 	Tenant's CAM does not include RPT and Mgmt
    Fee

 

    	 

    	 

    

 

EXHIBIT
“A”

(Rent Rolls -  Lahaina Gateway
Center)

 

LAHAINA GATEWAY CENTER

KEAWE STREET

LAHAINA, HAWAII 96761

5/1/13

 

	UNIT #	 	TENANT	 	SQ
    FT	 	PRO-RATA

        SHARE
	 	LEASE

        START/

        END
	 	TERM

        (YRS)
	 	MIN
    RENT

    STEPUP	 	RENT/

    SQ FT	 	MINIMUM

        RENT
	 	EST.

        CAM/SF
	 	PROMO

        FUND
	 	SECURITY

        DEPOSIT
	 	NOTES
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-105a	 	Aloba Aina Designs	 	700 	 	0.51%	 	8/15/2012	 	3.0	 	8/15/2012	 	1,750.00 	 	2.50	 	1,750.00	 	476.00	 	70.00	 	2,318.74	 	Lease effective 5/15/12. LL delivered
    space on 5/15/12.
	 	 	dba Passion 4 Fashion	 	 	 	 	 	8/15/2013	 	 	 	8/15/2013	 	1,925.00	 	2.75	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 8/15/2014	 	2,100.00	 	3.00	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-105b	 	Jonni Eul	 	700 	 	0.51%	 	10/19/20I2	 	5.0	 	3/1/2013	 	1,575.00 	 	2.25	 	0.00	 	476.00	 	70.00	 	2,209.36	 	Free rent 11/1/12-2/28/l3. 8% percentage
	 	 	dba Pass Mereanlile		 	 	 	 	10/31/2017	 	 	 	3/1/2014	 	1,653.00	 	2.36	 	 	 	 	 	 	 	 	 	 rent above breakpt.
	 	 	 	 	 	 	 	 	 	 	 	 	3/1/2015	 	1,736.44	 	2.48	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	3/1/2016	 	1,823.26	 	2.60	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	3/1/2017	 	1,914.42	 	2.73	 	 	 	 	 	 	 	 	 	 
	B-106a	 	VACANT	 	671	 	0.49%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-106b	 	VACANT	 	739	 	0.54%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-107	 	Mahina Boutique	 	1,000 	 	0.73%	 	11/l/2008	 	5.0	 	11/1/2009 
	 	5,000.00	 	5.00	 	0.00	 	681.66	 	100.00	 	6,042.00	 	%Rent-8% of Gross Sales
	 	 	 	 	 	 	 	 	10/31/2013	 	 	 	11/1/2010 
	 	5,150.00	 	5.15	 	 	 	 	 	 	 	 	 	Co-Tenancy clause - tenant does not pay 
	 	 	 	 	 	 	 	 	 	 	 	 	11/1/2011 
	 	5,304.50	 	5.30	 	 	 	 	 	 	 	 	 	base rent until 4 of the surrounding 
	 	 	 	 	 	 	 	 	 	 	 	 	11/1/2012	 	5,463.64	 	5.46	 	 	 	 	 	 	 	 	 	units are occupied
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-108	 	County of Maui - 	 	2,458 	 	1.80%	 	1/1/2013	 	5.5	 	1/1/2013	 	0.00
    	 	0.00	 	0.00	 	1,671.44	 	0.00	 	Waived	 	 
	 	 	DMV	 	 	 	 	 	6/30/2018	 	 	 	3/1/2013	 	4,670.00	 	4.67	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2013	 	5,530.50	 	5.53	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2014	 	5,779.37	 	5.78	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2015	 	6,039.44	 	6.04	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2016	 	6,311.22	 	6.31	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2017	 	6,635.80	 	6.64	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-109	 	VACANT	 	1,400	 	1.02%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-110	 	TJ I8. Inc. 	 	1,400 	 	1.02%	 	5/1/2012	 	5.0	 	7/1/2012	 	2,800.00	 	2.00	 	2,800.00	 	954.25	 	140.00	 	4,302.06	 	% Rent - 7% of Gross Sales
	 	 	dba Italian Delight	 	 	 	 	 	4/30/2017	 	 	 	1/1/2013	 	3,150.00	 	2.25	 	 	 	 	 	 	 	 	 	Rent commencement 7/1/12
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2013	 	4,200.00	 	3.00	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2014	 	4,900.00	 	3.50	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2015	 	5,600.00	 	4.00	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2016	 	5,950.00	 	4.25	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-111	 	VACANT	 	1,400	 	1.02%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-112	 	Claire's Boutique	 	1,400 	 	1.02%	 	6/1/2008	 	8.7	 	6/1/2015	 	8,106.00	 	5.79	 	7,420.00	 	954.32	 	140.00	 	Waived	 	% Rent - 6% of Gross Sales
	 	 	 	 	 	 	 	 	1/31/2017	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-113	 	Foot Locker	 	 2,626	 	1.92%	 	5/30/2008	 	5.7	 	6/1/2011	 	9.847.50	 	3.75	 	9,847.50	 	1,790.03	 	262.60	 	Waived	 	% Rent - 6% of Gross Sales
	 	 	 	 	 	 	 	 	1/31/2014	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

 

EXHIBIT
“A” 

(Rent
Rolls - Lahaina Gateway Center)

 

LAHAINA GATEWAY CENTER

KEAWE STREET

LAHAINA, HAWAII 96761

5/1/13

 

	UNIT #	 	TENANT	 	SQ
    FT	 	PRO-RATA

    SHARE	 	LEASE

    START/

    END	 	TERM

    (YRS)	 	MIN RENT

    STEPUP	 	RENT/

    SQ FT	 	MINIMUM

    RENT	 	EST.

    CAM/SF	 	PROMO

    FUND	 	SECURITY

    DEPOSIT	 	NOTES
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-114	 	VACANT	 	5,000	 	3.66%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-115	 	VACANT	 	3,885	 	2.84%	 	 	 	0.0	 	 	 	 	 	 	 	0.00	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-116	 	VACANT	 	1,200	 	0.88%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-117	 	VACANT	 	1,200	 	0.88%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-118	 	Plush Beauty Lounge, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	1,200	 	0.88%	 	1/1/2011

        12/31/2013
	 	5.0	 	1/1/2014

        1/1/2015
	 	5,335.00

        5,673.38
	 	4.61

        4.73
	 	5,400.00	 	817.99	 	120.00	 	6,500.00	 	% Rent - 7% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-119 to B-120	 	Teddy's Bigger Burgers	 	2,400	 	1.76%	 	5/14/2011

        5/14/2016
	 	5.0	 	5/14/2012

        5/1/2013

        3/1/2014

        5/1/2015
	 	7,872.00

        8,068.80

        8,270.52

        8,477.28
	 	6.56	 	7,872.00	 	1,635.97	 	240.00	 	9,750.00	 	% Rent - 6% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	C-101 to C-103	 	Genki Sushi	 	2,843	 	2.08%	 	6/20/2008

        6/30/2018
	 	10.0	 	7/1/2013

        7/1/2014

        7/1/2015

        7/1/2016

        7/1/2017
	 	13,181.15

        13,376.59

        13,983.89

        14,403.41

        14,835.52
	 	4.64

        4.78

        4.92

        5.07

        5.22
	 	13,181.15	 	1,937.95	 	284.30	 	14,204.91	 	% Rent - 7% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	C-104	 	Lahaina Farms (Food Pantry, Ltd )	 	14,645	 	10.71%	 	4/1/2008

        3/31/2023
	 	15.0	 	4/1/2013

        4/1/2018
	 	39,541.50

        42,763.40
	 	2.70

        2.92
	 	36,612.50	 	9,548.81	 	1,464.50	 	Waived	 	% Rent - 6% of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	D-101	 	Central Pacific Bank	 	3,540	 	2.59%	 	2/1/2008

        1/31/2023
	 	15.0	 	2/1/2013

        2/1/2018
	 	21,417.00

        23,611.80
	 	6.05

        6.67
	 	19,470.00	 	2,413.06	 	354.00	 	Waived	 	 

 

    	Page 3 of 5

    	 

    

 

EXHIBIT
“A”

(Rent Rolls - Lahaina Gateway Center)

 

LAHAINA
GATEWAY CENTER

KEAWE STREET

LAHAINA,
HAWAII 96761

5/1/13 

	UNIT#	 	TENANT	 	SQ
    FT	 	PRO-RATA

        SHARE
	 	LEASE

        START/

        END
	 	TERM

        (YRS)
	 	MIN RENT

STEPUP

	 	RENT/

        SQ
        FT
	 	MINIMUM

        RENT
	 	EST.
    

    CAM/SF	 	PROMO

        FUND
	 	SECURITY

        DEPOSIT
	 	NOTES
	E-101 to E-103	 	Vitamin Shoppe	 	3,000	 	2.19%	 	6/1/2008

        5/31/2018
	 	10.0	 	6/1/2008

        6/1/2012

        6/1/2013

        6/1/2018
	 	16,313.79

        13,866.72

        17,250.00

        19,837.50
	 	5.44

        4.62

        5.75

        6.61
	 	13,866.72	 	2,044.97	 	None	 	Waived	 	%Rent – None

        Amendment signed for 15%
        rent reduction 6/1/12 thru 5/31/13.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-104	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-105	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-106	 	VACANT 	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-107	 	Go Wireless	 	1,000	 	0.73%	 	7/8/2009

        7/31/2014
	 	5.1	 	8/1/2012

        8/1/2013
	 	4,753.37

        4,895.98
	 	3.33

        3.43
	 	4,753.37	 	681.66

         
	 	100.00	 	Waived	 	% Rent - None
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-108	 	STL Medical Services	 	1,000	 	0.73%	 	4/1/2009

        3/31/2014
	 	5.0	 	3/1/2012	 	4,635.00	 	4.64	 	4,635. 00	 	681.66	 	100.00	 	5,000.00	 	% Rent-None
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-109	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-110	 	David's
        Happy Nails

        (Nguven
        and Hoang)
	 	1,000	 	0.73%	 	6/25/2008

        6/30/2018
	 	10.0	 	7/1/2013

        7/1/2014

        7/1/2015

        7/1/2016

        7/1/2017
	 	5,796.38 5,970.28 6,149.39
    6,333.88 6,523.90	 	5.80

        5.97

        6.15

        6.33

        6.52
	 	5,796.38	 	681.66	 	100.00	 	11,875.00	 	% Rent - 8% of Gross sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-111	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-112	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 4 of 5

    	 

    

 

EXHIBIT
“A”

(Rent Rolls - Lahaina Gateway Center)

 

LAHAINA
GATEWAY CENTER

KEAWE STREET

LAHAINA,
HAWAII 96761

5/1/13

	UNIT
    #	 	TENANT	 	SQ
    FT	 	PRO-RATA

        SHARE
	 	LEASE

        START/

        END
	 	TERM

        (YRS)
	 	MIN RENT

STEPUP

	 	RENT/

        SQ
        FT
	 	MINIMUM

        RENT
	 	EST.

        CAM/SF
	 	PROMO

        FUND
	 	SECURITY

        DEPOSIT
	 	NOTES
	F-101a	 	Maui
    Dive & Surf	 	1,428	 	1.04%	 	1/1/2010

        5/31/2013
	 	34	 	1/1/2012

        1/1/2013
	 	6,952.58

        7,126.40
	 	4.87

        4.99
	 	6,952.58	 	973 40	 	142.80	 	8,107.00	 	% Rent - 9% of
    Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F-101	 	Maui
    Dive & Surf	 	5,044	 	3.69%	 	6/4/2008

        5/31/2013
	 	5.0	 	7/1/2012

        7/1/2013

        7/1/2014

        7/1/2015

        7/1/2016

        7/1/2017
	 	25,576.15

        26,215.50

        26,870.96

        27,542.74

        28,231.31

        28,937.10
	 	5.07	 	25,576.15	 	3,438.27	 	504.40	 	27,785.22	 	%
    Rent -
    9%
    of Gross Sales
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kiosk #1	 	VACANT	 	n/a	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kiosk #2	 	West Maui Mountain Adventure	 	n/a	 	 	 	MTM	 	 	 	 	 	 	 	 	 	1,500.00	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TTL LAHAINA
    GATEWAY CENTER	136,683	 	99.96%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Units
                                              Occupied

Units
Vacant

	99,982

        30,091
	 	73.15%

        22.02%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	Certified Rent Roll: 	 	 
	 	 	Signature	Date

 

    	Page 5 of 5

    	 

    

 

 

EXHIBIT N

 

FORM OF NON-FOREIGN STATUS CERTIFICATE

 

NON-FOREIGN STATUS CERTIFICATE

 

June 10, 2013

 

To inform DOF IV LAHAINA, LLC, a Delaware
limited liability company (“Transferee”), that withholding under Section 1445 of the Internal Revenue Code
of 1986, as amended (the “Code”), will not be required upon the transfer of certain real property legally described
on Schedule 1 attached hereto to Transferee by TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company (“Transferor”),
Transferor hereby certifies to Transferee that:

 

1.          Transferor is not a foreign corporation,
foreign partnership, foreign trust, foreign estate, or foreign person (as those terms are defined in the Code and the regulations
promulgated thereunder);

 

2.         Transferor’s U.S. Employer Identification
Number is 45-5359861; and

 

3.          The
address of Transferor is 4695 MacArthur Court, Suite 1100, Newport Beach, CA 92660.

 

Transferor understands that Transferee is
relying on this Certification in determining whether withholding is required upon such transfer, that this Certification may be
disclosed to the Internal Revenue Service by Transferee and that any false statement contained herein could be punished by fine,
imprisonment, or both.

 

[SIGNATURE FOLLOWS ON
NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	N-1	 

    	 

    

 

Under penalties of
perjury, the individual executing this Certification on behalf of Transferor declares that he has examined this Certification and
to the best of his knowledge and belief it is true, correct, and complete, and he further declares that he has authority to sign
this document on behalf of Transferor.

 

	TRANSFEROR: 	TNP SRT LAHAINA GATEWAY LLC, a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Lahaina Deed in Lieu Agreement	N-2	 

    	 

    

 

SCHEDULE 1

TO

 NON-FOREIGN STATUS CERTIFICATE

 

LEGAL DESCRIPTION

 

[TO BE ATTACHED]

 

    	Lahaina Deed in Lieu Agreement	N-3	 

    	 

    

 

EXHIBIT O

 

FORM OF RENT ROLL
CERTIFICATE

 

RENT ROLL CERTIFICATE

 

The undersigned hereby
certify, represent, and warrant that they are familiar with the facts herein certified and have full power and have been duly authorized
to execute and deliver this Rent Roll Certificate.

 

This Rent Roll Certificate
is given pursuant to that certain Deed in Lieu of Foreclosure Agreement dated as of June 10, 2013 (the “Agreement”),
by and among the undersigned, DOF IV REIT Holdings, LLC, a Delaware limited liability company (“Lender”), and
TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation (“Guarantor”). Capitalized terms used but not otherwise
defined herein have the meanings ascribed to them in the Agreement.

 

Borrower and Guarantor
hereby certify, represent and warrant to Lender and to DOF IV LAHAINA, LLC, a Delaware limited liability company (“Buyer”),
and their successors and assigns, that, to the Knowledge of each of Borrower and Guarantor: (a) the Rent Roll attached hereto
as Schedule 1 (the Rent Roll”) is a true and complete rent roll of all Leases of the Real Estate as of the
Closing Date, accurate in every material respect; (b) except as shown on the Rent Roll, no persons are entitled to occupy the
Real Estate; (c) except as shown on the Rent Roll, no tenant under any Lease is in default and each tenant had accepted and approved
its premises as complete under the terms of its Lease; (d) all Leases are in full force and effect, and none of Borrower, Guarantor
and CBRE has received notice in writing from any tenant asserting that such tenant’s Lease is not in full force and effect;
(e) Borrower has fully performed all of its obligations under the Leases; (f) true and correct copies of all Leases have been
provided to Lender or Buyer, and no Lease has been amended, modified, assigned, or subleased, except as described on the Rent
Roll or in the copy of the Leases provided to Lender or Buyer; (g) no rent or other allowances or concessions have been granted
to any tenants except as shown on the Rent Roll; (h) Borrower has not accepted any prepaid rents except as shown on the Rent Roll;
(i) there are no security deposits deposited by any tenants except as shown on the Rent Roll, all such security deposits are currently
held by Borrower and will be transferred to Buyer, and none of such security deposits is interest-bearing except as shown on the
Rent Roll; and (j) no brokers’ commissions or finder’s fees are owing, or may be owed, to any person or entity on
account of any actual or prospective Lease (or extension, renewal, or expansion thereof) except as shown on the Rent Roll.

 

All of the certifications, representations,
and warranties contained herein shall be deemed remade on, and as of, the Closing Date.

 

[SIGNATURES FOLLOW ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	O-1	 

    	 

    

 

EXECUTED as of June 10, 2013.

 

	BORROWER: 	TNP SRT LAHAINA GATEWAY LLC, a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	GUARANTOR: 	TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Lahaina Deed in Lieu Agreement	O-2	 

    	 

    

 

ACKNOWLEDGEMENT

 

	STATE OF CALIFORNIA 	)	 
	 	)	 
	COUNTY OF ________________	)	 

 

On __________________,
before me, __________________________________, Notary Public, personally appeared ________________________________________, who
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.

 

I certify under PENALTY OF PERJURY under
the laws of the State of California that the foregoing paragraph is true and correct.

 

	WITNESS my hand and official seal.	 	 
	 	 	 
	 	 	 
	Signature 	 	(Seal)

 

    	Lahaina Deed in Lieu Agreement	O-3	 

    	 

    

 

SCHEDULE 1

TO

RENT ROLL CERTIFICATE

 

RENT ROLL

 

[ATTACHED]

 

    	Lahaina Deed in Lieu Agreement	O-4	 

    	 

    

 

 

LAHAINA GATEWAY CENTER

LAHAINA, HAWAII

6/1/2013

 

Sq Ft            136,683

 

	Unit#	 	Tenant	 	Sq Ft	 	Pro-Rata

        Share
	 	Lease Start/

    End	 	Term

        (Yrs)
	 	Min
        Rent increases Date

        Amount
	 	Rent PSF	 	Minimum

        Rent
	 	CAM/Mo	 	Promo

Fund	 	Security

    Deposit
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-101	 	Barnes & Noble Booksellers	 	24,579	 	17.98%	 	1/15/2008	 	10.1	 	2/1/2013	 	51,700.00	 	2.10	 	51,700.00	 	10,017.45	 	-	 	-
	 	 	 	 	 	 	 	 	1/31/2018	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A0102	 	VACANT	 	3,338	 	2.44%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-201	 	Outback Steakhouse	 	7,152	 	5.23%	 	4/14/2008	 	10.0	 	5/1/2013	 	23,262.53	 	3.25	 	23,262.53	 	4,114.29	 	-	 	-
	 	 	OSI Restaurant Partners, LLC	 	 	 	 	 	4/30/2018	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-202	 	VACANT	 	6,610	 	4.84%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-202A	 	State Farm Insurance	 	744	 	0.54%	 	9/1/2008	 	5.0	 	9/1/2012	 	3,558.84	 	4.78	 	3,558.84	 	432.17	 	-	 	3,836.00
	 	 	dba Chad Santiago, LLC	 	 	 	 	 	8/31/2013	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-101	 	Local Motion, Inc.	 	3,960	 	2.90%	 	9/10/2010	 	7.1	 	11/1/2012	 	8,910.00	 	2.25	 	8,910.00	 	2,297.16	 	396.00	 	7,280.00
	 	 	 	 	 	 	 	 	10/31/2017	 	 	 	11/1/2014	 	9,187.20	 	2.32	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	11/1/2015	 	9,464.40	 	2.39	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	11/1/2016	 	9,741.60	 	2.46	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-102 to 103	 	VACANT	 	2,800	 	2.05%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-104	 	Office Max	 	18,620	 	13.62%	 	9/7/2008	 	10.6	 	1/1/2013	 	45,236.33	 	2.43	 	45,236.33	 	5,663.10	 	- 	 	- 
	 	 	 	 	 	 	 	 	3/31/2019	 	 	 	1/1/2014	 	46,550.00	 	2.50	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-105a	 	Aloha Aina Designs	 	700	 	0.51%	 	8/15/2012	 	3.0	 	8/15/2012	 	1,750.00	 	2.50	 	1,750.00	 	406.06	 	70.00	 	2,318.74
	 	 	 	 	 	 	 	 	8/14/2015	 	 	 	8/15/2013	 	1,925.00	 	2.75	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	8/15/2014	 	2,100.00	 	3.00	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-105b	 	Jonni Earl	 	700	 	0.51%	 	10/15/2012	 	5.0	 	3/1/2013	 	1,575.00	 	2.25	 	1,575.00	 	406.06	 	70.00	 	2,209.36
	 	 	dba Paia Mercentile	 	 	 	 	 	10/31/2017	 	 	 	3/1/2014	 	1,653.00	 	2.36	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	3/1/2015	 	1,736.44	 	2.48	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	3/1/2016	 	1,823.26	 	2.60	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	3/1/2017	 	1,914.42	 	2.73	 	 	 	 	 	 	 	 

 

    	Page 1 of 4

    	 

    

 

	Unit#	 	Tenant	 	Sq
    Ft	 	Pro-Rata

        Share
	 	Lease
    Start/ 

    End	 	Term

        (Yrs)
	 	Min
    Rent Increases Date 
 Amount	 	Rent
    PSF	 	Minimum
    

    Rent	 	CAM/Mo	 	Promo
    

     Fund	 	Security

Deposit
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-106a	 	VACANT	 	671	 	0.49%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-106b	 	VACANT	 	739	 	0.54%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B107	 	Mahina Boutique	 	1,000	 	0.73%	 	11/1/2008	 	5.0	 	11/1/2009	 	5,000.00	 	5.00	 	-	 	580.09	 	100.00	 	6,042.00
	 	 	 	 	 	 	 	 	10/31/2013	 	 	 	11/1/2010	 	5,150.00	 	5.15	 	Rent is 8% of gross sales.	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	11/1/2011	 	5,304.50	 	5.30	 	No base rent due until 4	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	11/1/2012	 	5,463.64	 	5.46	 	of the surrounding units	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	are occupied	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-108	 	County of Maui-DMV	 	2,458	 	1.80%	 	1/1/2013	 	5.5	 	3/1/2013	 	4,670.00	 	1.90	 	4,670.00	 	1,671.44	 	-	 	-
	 	 	 	 	 	 	 	 	6/30/2018	 	 	 	7/1/2013	 	5,530.50	 	2.25	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2014	 	5,779.37	 	2.35	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2015	 	6,039.44	 	2.46	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2016	 	6,311.22	 	2.57	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2017	 	6,635.80	 	2.70	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-109	 	VACANT	 	1,400	 	1.02%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-110	 	TJ 18, Inc	 	1,400	 	1.02%	 	5/1/2012	 	5.0	 	5/1/2013	 	4,200.00	 	3.00	 	4,200.00	 	812.13	 	140.00	 	4,302.06
	 	 	dba Italian Delight	 	 	 	 	 	4/30/2017	 	 	 	5/1/2014	 	4,900.00	 	3.50	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	5/1/2015	 	5,600.00	 	4.00	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	5/1/2016	 	5,950.00	 	4.25	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-111	 	VACANT	 	1,400	 	1.02%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-112	 	Claire's Boutique	 	1,400	 	1.02%	 	6/1/2008	 	8.7	 	6/1/2011	 	7,420.00	 	5.30	 	7,420.00	 	812.13	 	-	 	-
	 	 	 	 	 	 	 	 	1/31/2017	 	 	 	6/1/2015	 	8,106.00	 	5.79	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-113	 	Foot Locker	 	2,626	 	1.92%	 	5/30/2008	 	5.7	 	6/1/2011	 	9,847.50	 	3.75	 	9,847.50	 	1,523.32	 	262.60	 	-
	 	 	 	 	 	 	 	 	1/31/2014	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-114	 	VACANT	 	5,000	 	3.66%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-115	 	VACANT	 	3,885	 	2.84%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-116	 	VACANT	 	1,200	 	0.88%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-117	 	VACANT	 	1,200	 	0.88%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 2 of 4

    	 

    

 

 

	 	 	 	 	 	 	Pro-Rata	 	Lease Start/	 	Term	 	Min Rent Increases Date	 	 	 	Minimum	 	 	 	Promo 	 	Security
	Unit #	 	Tenant	 	Sq
    Ft	 	Share	 	End	 	(Yrs)	 	Amount	 	Rent
     PSF	 	Rent	 	CAM/Mo
    	 	Fund	 	Deposit
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-118	 	Plush Beauty Lounge, Inc.	 	1,200	 	0.88%	 	1/1/2011	 	5.0	 	1/1/2011	 	5,400.00	 	4.50	 	5,400.00	 	696.11	 	120.00	 	6,500.00
	 	 	 	 	 	 	 	 	12/31/2015	 	 	 	1/1/2014	 	5,535.00	 	4.61	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	1/1/2015	 	5,673.38	 	4.73	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B-119 to	 	Teddy's Bigger Burgers	 	2,400	 	1.76%	 	5/14/2011	 	5.0	 	5/1/2013	 	8,068.80	 	3.36	 	8,068.80	 	1,392.22	 	240.00	 	9,750.00
	B-120	 	 	 	 	 	 	 	5/13/2016	 	 	 	5/1/2014	 	8,270.52	 	3.45	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	5/1/2015	 	8,477.28	 	3.53	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	C-101 to	 	Genki Sushi	 	2,843	 	2.08%	 	7/1/2008	 	10.0	 	7/1/2012	 	12,797.23	 	4.50	 	12,797.23	 	1,649.20	 	284.30	 	14,204.91
	C-103	 	 	 	 	 	 	 	6/30/2018	 	 	 	7/1/2013	 	13,181.15	 	4.64	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2014	 	13,576.59	 	4.78	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2015	 	13,983.89	 	4.92	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2016	 	14,403.41	 	5.07	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2017	 	14,835.52	 	5.22	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	C-104	 	Lahaina Farms	 	14,645	 	10.71%	 	4/1/2008	 	15.0	 	4/1/2013	 	39,541.50	 	2.70	 	39,541.50	 	8,495.44	 	1,464.50	 	-
	 	 	(Food Pantry, Ltd)	 	 	 	 	 	3/31/2023	 	 	 	4/1/2018	 	42,763.40	 	2.92	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	D-101	 	Central Pacific Bank	 	3,540	 	2.59%	 	2/1/2008	 	15.0	 	2/1/2013	 	21,417.00	 	6.05	 	21,417.00	 	2,053.53	 	354.00	 	-
	 	 	 	 	 	 	 	 	1/31/2023	 	 	 	2/1/2018	 	23,611.80	 	6.67	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-101 to	 	Vitamin Shoppe	 	3,000	 	2.19%	 	6/1/2008	 	10.0	 	6/1/2012	 	13,866.72	 	4.62	 	13,866.72	 	1,740.28	 	-	 	-
	E-103	 	 	 	 	 	 	 	5/31/2018	 	 	 	6/1/2013	 	17,250.00	 	5.75	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-104 to	 	Pending-Rainbow Dialysis, LLC	 	2,000	 	1.46%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-105	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-106	 	H.A.G. Incl, dba	 	1,000	 	0.73%	 	TBD	 	10.0	 	Mos 1-12	 	3,000.00	 	3.00	 	 	 	 	 	 	 	4,000.00
	 	 	Galan Sports Chiropractic	 	 	 	 	 	TBD	 	 	 	Mos 13-24	 	3,090.00	 	3.09	 	Commencement date to be the earlier of
	 	 	 	 	 	 	 	 	 	 	 	 	Mos 25-36	 	3,182.70	 	3.18	 	issuance of COO or date tenant opens for
	 	 	 	 	 	 	 	 	 	 	 	 	Mos 37-48	 	3,278.18	 	3.28	 	busienss. Lease term of 120 moths as well
    as
	 	 	 	 	 	 	 	 	 	 	 	 	Mos 49-60	 	3,376.53	 	3.38	 	rent and charges to commence 120 days 
	 	 	 	 	 	 	 	 	 	 	 	 	Mos 61-72	 	3,477.82	 	3.48	 	after Commencement Date.
	 	 	 	 	 	 	 	 	 	 	 	 	Mos 73-84	 	3,582.16	 	3.58	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Mos 85-96	 	3,689.62	 	3.69	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Mos 97-108	 	3,800.31	 	3.80	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Mos 109-120	 	3,914.32	 	3.91	 	 	 	 	 	 	 	 

 

    	Page 3 of 4

    	 

    

  

 

	 	 	 	 	 	 	Pro-Rata

        
	 	Lease	 	Term	 	Min
    Rent Increases Date	 	 	 	Minimum	 	 	 	Promo	 	Security
	Unit #	 	Tenant	 	Sq
    Ft	 	Share	 	Start/
    End	 	(Yrs)	 	Amount	 	Rent
    PSF	 	Rent	 	CAM/Mo	 	Fund	 	Deposit
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-107	 	Go Wireless	 	1,000	 	0.73%	 	7/8/2009	 	5.1	 	8/1/2012	 	4,753.37	 	4.75	 	4,753.37	 	580.09	 	100.00	 	-
	 	 	 	 	 	 	 	 	7/31/2014	 	 	 	8/1/2013	 	4,895.98	 	4.90	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-108	 	STL-Medical
    Services	 	1,000	 	0.73%	 	10/1/2008

        3/31/2014
	 	5.5	 	4/1/2013	 	4,917.27	 	4.92	 	4,917.27	 	580.09	 	100.00	 	5,000.00
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-109	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-110	 	David's Happy Nails	 	1,000	 	0.73%	 	6/25/2008	 	10.0	 	7/1/2012	 	5,627.55	 	5.63	 	5,627.55	 	580.09	 	100.00	 	11,875.00
	 	 	(Nguyen
    and Hoang)	 	 	 	 	 	6/30/2018	 	 	 	7/1/2013	 	5,796.38	 	5.80	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2014	 	5,970.28	 	5.97	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2015	 	6,149.39	 	6.15	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2016	 	6,333.88	 	6.33	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	7/1/2017	 	6,523.90	 	6.52	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-111	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	E-112	 	VACANT	 	1,000	 	0.73%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F-101a	 	Maui
    Dive & Surf	 	1,428	 	1.04%	 	1/1/2010

        5/31/2013
	 	3.4	 	1/1/2013	 	7,126.40	 	4.99	 	7,126.40	 	828.37	 	142.80	 	8,107.00
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F-101	 	Maui Dive & Surf	 	5,044	 	3.69%	 	6/4/2008	 	5.0	 	7/1/2012	 	25,576.15	 	5.07	 	25,576.15	 	2,925.98	 	504.40	 	27,785.22
	 	 	 	 	 	 	 	 	5/31/2013	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kiosk
    #1	 	VACANT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kiosk
    #2	 	West
    Maui Mountain Adventure	 	 	 	 	 	MTM	 	 	 	 	 	 	 	 	 	1,500.00	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	TOTAL
    SQUARE FEET	 	136,682		 	 	 	 	 	 	 	 	 	 	 	 	312,722.19	 	50,256.80		4,448.60		113,210.29
	 	 	OCCUPIED	 	103,439		75.7%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	VACANT	 	33,243		24.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Certified Rent Roll:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Signature	 	 	 	 	 	Date	 	 	 	 

 

    	Page 4 of 4

    	 

    

 

 

EXHIBIT P

 

[INTENTIONALLY OMITTED]

  

    	Lahaina Deed in Lieu Agreement	P-1	 

    	 

    

 

EXHIBIT Q

 

FORM OF DEED IN LIEU OF FORECLOSURE ESTOPPEL
AFFIDAVIT

 

DEED IN
LIEU OF FORECLOSURE ESTOPPEL AFFIDAVIT

 

	STATE OF CALIFORNIA 	)	 
	 	) 	ss.
	COUNTY OF _____________ 	)	 

 

Jeffrey Rogers (“Affiant”), being
first duly sworn, for himself, deposes and says:

 

That he is the Chairman
of TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation, which is the general partner of TNP STRATEGIC RETAIL OPERATING PARTNERSHIP,
LP, a Delaware limited partnership, which is the sole member of TNP SRT LAHAINA GATEWAY HOLDINGS, LLC, a Delaware limited liability
company, which is the sole member of TNP SRT LAHAINA GATEWAY MEZZ HOLDINGS, LLC, a Delaware limited liability company, which is
the sole member of TNP SRT LAHAINA GATEWAY MEZZ, LLC, a Delaware limited liability company, which is the sole member of TNP SRT
LAHAINA GATEWAY, LLC, a Delaware limited liability company (“Assignor”), which made, executed, and delivered
that certain Assignment of Ground Lease (in Lieu of Foreclosure) dated as of June 10, 2013 (the “Assignment”),
to DOF IV LAHAINA, LLC, a Delaware limited liability company (“Assignee”), conveying Assignor’s right,
title and interest in, to and under the lease more particularly described in Exhibit A attached hereto and made a part hereof
with respect to the real property also described in Exhibit A (the “Real Property”), together with the
other property described in the Assignment (collectively the “Assigned Property”, as defined in the Assignment);

 

That Affiant makes this Estoppel Affidavit for and
on behalf of Assignor;

 

That the Assignment
is intended to be, and is, an absolute conveyance to Assignee of all of Assignor’s right, title and interest in the Assigned
Property and was not, and is not now, intended as a mortgage, trust conveyance, or security of any kind;

 

That it was the intention
of Assignor, as Assignor in the Assignment, to convey, and by the Assignment did convey, to Assignee all its right, title, and
interest absolutely in and to the Assigned Property;

 

That possession of the Real Property has been surrendered
to Assignee;

 

That, in the execution
and delivery of the Assignment, Assignor was not acting under any misapprehension with regard to the effect of the Assignment,
acted freely and voluntarily, and was not acting under coercion or duress;

 

That the consideration
for the Assignment (the “Consideration”) was, and is, the execution by DOF IV REIT Holdings, LLC, a Delaware
limited liability company (“Leasehold Mortgagee”), of a covenant not to sue Assignor with respect to the debt
owing to Leasehold Mortgagee and secured by that certain Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement
and Financing Statement as Fixture Filing dated as of November 9, 2012, and recorded November 9, 2012, in the Bureau of Conveyances
of the State of Hawaii as Document No. A-46960423;

 

    	Lahaina Deed in Lieu Agreement	Q-1	 

    	 

    

 

That at the time of the execution and delivery
of the Assignment Affiant believed, and Affiant now believes, that the Consideration exceeds the fair value of the Assigned Property;

 

That this Estoppel
Affidavit is made for the protection and benefit of Assignee and its successors and assigns, and all other parties hereafter dealing
with, or who may hereafter acquire an interest in, the Assigned Property, and particularly for the benefit of Fidelity National
Title Insurance Company, which is about to insure title to the Assigned Property in reliance thereon, and any other title company
that may hereafter insure title to the Assigned Property;

 

That Affiant will testify,
declare, depose, or certify before any competent tribunal, office, or person, in any case now pending or that may hereafter be
instituted, to the truth of the particular facts set forth in this Estoppel Affidavit; and

 

That Affiant has executed this Estoppel
Affidavit as an individual and also for and on behalf of Assignor, pursuant to due authorization, as of the date below.

 

	 	Dated as of ______________________, 2013 
	 	 
	AFFIANT:	 
	 	 	 	 

 

	State of California 	)	ss.
	 	)	 
	County of __________ 	)	 

 

Subscribed and sworn
to (or affirmed) before me on this ____day of _______, 2013, by ________________________, proved to me on the basis of satisfactory
evidence to be the person(s) who appeared before me.

 

	Signature ________________________ 	Seal

 

    	Lahaina Deed in Lieu Agreement	Q-2	 

    	 

    

 

Exhibit A to Deed in Lieu of Foreclosure Estoppel
Certificate

 

[DESCRIPTION TO BE ATTACHED]

 

    	Lahaina Deed in Lieu Agreement	Q-3	 

    	 

    

 

EXHIBIT R

 

PAYABLES STATEMENT

 

[ATTACHED]

 

    	Lahaina Deed in Lieu Agreement	R-1	 

    	 

    

 

 

	Database:	TNPSTRATEGIC	 	 	 	Page:	1
	Report
    ID:	TNP_OPENLST	 	TNP_Open
    Invoice List	 	Date:	6/17/2013
	ENTITY:	766	 	 	TNP
    SRT Lahaina Gateway LLC	 	Time:	10:36
    AM
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Vendor
    Id	Invoice	 	 	 	Account	 	 
	Invoice
    #	Date 	Due Date
            P.O. Number	Entity	Reference	AP
    InvImp No	Number	Status	Open
    Amount
	 	 	 	 	 	 	 	 	 
	  ALEALA01	Alert Alarm of Hawaii	 	 	 	 	 	 
	I01173354	5/1/2013	5/1/2013	766	5/13 Repair & Monitoring	 	6101-000	Release for Payment	58.13
	I01173355	5/1/2013	5/1/2013	766	5/13 Repair & Monitoring	 	6101-000	Release for Payment	58.13
	I01173356	5/1/2013	5/1/2013	766	5/13 Monitoring	 	6101-000	Release for Payment	58.13
	I01173358	5/1/2013	5/1/2013	766	5/13 Monitoring	 	6101-000	Release for Payment	58.13
	I01187009	6/1/2013	7/1/2013	766	6/13 Repair & Monitoring	 	6101-000	Release for Payment	58.13
	I01187010	6/1/2013	7/1/2013	766	6/13 Repair & Monitoring	 	6101-000	Release for Payment	58.13
	I01187011	6/1/2013	7/1/2013	766	6/13 Monitoring Only	 	6101-000	Release for Payment	58.13
	I01187013	6/1/2013	7/1/2013	766	6/13 Monitoring Only	 	6101-000	Release for Payment	58.13
	 	 	 	 	 	 	 	 
	Vendor ALEALA01 Totals:	 	 	 	 	 	 	465.04
	 	 	 	 	 	 	 	 
	  BUGMAN02	Bug Man Termite &
    Pest Control, Inc.	 	 	 	 	 	 
	48138	4/11/2013	4/26/2013	 766	04/13 Pest Svc	 	6265-000	Release for Payment	364.58
	 	 	 
	Vendor BUGMAN02 Totals:	 	364.58
	 	 	 	 	 	 	 	 	 
	  CBRINC01	CBRE, Inc.	 	 	 	 	 	 	 
	2013-688412-00	2/8/2013	2/8/2013	766	COUNTY OF MAUI LEASE	 	1912-000	Release for Payment	15,926.40
	2013-700042-0C	5/13/2013	5/13/2013	766	RAINBOW DIALYSIS LLC LEA	 	1912-000	Release for Payment	26,433.58
	2013-700622-0C	5/16/2013	5/16/2013	766	STATE FARM INS RENEWAL	 	1912-000	Release for Payment	871.87
	2013-701824-0C	5/30/2013	5/30/2013	766	HAG INC LEASE	 	1912-000	Release for Payment	8,597.86
	ASV0153055P	6/11/2013	6/11/2013	766	2/13-4/13 MF ADJ, 6/13 MF	 	6478-000	Release for Payment	18,084.05
	 	 	 	 	 	 	 	 	 
	Vendor CBRINC01 Totals:	 	 	 	 	 	 	69,913.76
	 	 	 	 	 	 	 	 
	   DENLOPO1	Dennis J. Loput,
    Jr.	 	 	 	 	 	 
	04092013001-TN	4/9/2013	5/9/2013	766	Lease Draft - H.A.G.	 	1918-000	Release for Payment	500.00
	41713001-TNP	4/17/2013	5/17/2013	766	Rainbow Dialysis - Lease	 	1918-000	Release for Payment	300.00
	42913001-TNP	4/29/2013	5/29/2013	766	Lease Draft - H.A.G. Inc.	 	1918-000	Release for Payment	200.00
	42913002-TNP	4/29/2013	5/29/2013	766	Lease Draft Amdmt - State Fan	 	1918-000	Release for Payment	250.00
	 	 	 	 	 	 	 	 
	Vendor DENLOPOI Totals:	 	 	 	 	 	 	1,250.00
	 	 	 	 	 	 	 	 
	  DUFPHE01	Duff & Phelps,
    LLC	 	 	 	 	 	 
	SF00124368	3/28/2013	4/27/2013	 766	Professional Svc	 	6557-000	Release for Payment	13,000.00
	 	 	 	 	 	 	 	 	 
	Vendor DUFPHE01 Totals:	 	 	 	 	 	 	13,000.00
	 	 	 	 	 	 	 	 
	   HAWBUI01	Hawaiian Building
    Maintenance	 	 	 	 	 	 

   

    	 

    	 

    

 

	Database:	TNPSTRATEGIC	 	 	 	Page:	2
	Report
    ID:	TNP_OPENLST	 	TNP_Open
    Invoice List	 	Date:	6/17/2013
	ENTITY:	766	 	 	TNP
    SRT Lahaina Gateway LLC	 	Time:	10:36
    AM
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Vendor
    Id	Invoice	 	 	 	Account	 	 
	Invoice
    #	Date
    	Due
    Date         P.O. Number	Entity	Reference	AP
    InvImp No	Number	Status	Open
    Amount
	 	 	 	 	 	 	 	 	 
	0027988-IN	4/1/2013	5/1/2013	766	4/13
    Janitorial Svc	 	6016-000	Release
    for Payment	8,645.78
	0028262-IN	5/1/2013	5/31/2013	766	5/13 Janitorial
    Svc	 	6016-000	Release
    for Payment	8,645.78
	0028459-IN	5/17/2013	6/16/2013	766	5/13 Supplies	 	6022-000	Release
    for Payment	476.56
	0028552-IN	6/1/2013	7/1/2013	766	6/13 Janitorial
    svc	 	6016-000	Release
    for Payment	8,645.78
	 	 	 	 	 	 	 	 	 
	Vendor
    HAWBUI01 Totals:	 	 	 	 	 	26,413.90
	 	 	 	 	 	 	 	 
	  HO000490	KONE
    Inc.	 	 	 	 	 	 	 
	221178585	5/1/2013	5/31/2013	766	5/1-7/31/13
    Elevator Maint.	 	6116-000	Release
    for Payment	4,378.88
	 	 	 	 	 	 	 	 	 
	Vendor
    HO000490 Totals:	 	 	 	 	 	 	4,378.88
	 	 	 	 	 	 	 	 
	  LANHAW01	Landscape
    Hawaii, Inc.	 	 	 	 	 	 
	5434	4/1/2013	5/1/2013	766	04/13 Landscape
    Svc	 	6225-000	Release
    for Payment	6,199.96
	5886	5/1/2013	5/31/2013	766	5/13 Landscape
    Svc	 	6225-000	Release
    for Payment	6,199.96
	 	 	 	 	 	 	 	 	 
	Vendor
    LANHAW01 Totals:	 	 	 	 	 	 	12,399.92
	 	 	 	 	 	 	 	 
	  MAUDIS01	Maui
    Disposal Company Inc.	 	 	 	 	 	 
	357213	5/15/2013	5/30/2013	766	06/13 Trash
    Svc	 	6314-000	Release
    for Payment	1,227.43
	 	 	 	 	 	 	 	 	 
	Vendor
    MAUDIS01 Totals:	 	 	 	 	 	 	1,227.43
	 	 	 	 	 	 	 	 
	TNP
    SRT Lahaina Gateway LLC Total:	 	 	 	 	 	129,413.51
	 	 	 	 	 	 	 
	Grand total:	 	 	 	 	 	129,413.51

 

    	 

    	 

    

 

 

EXHIBIT S

 

FORM OF RELEASE OF CLAIMS

 

RELEASE OF CLAIMS

 

This Release of Claims is dated as of June
10, 2013, and is effective as of the Closing Date (as defined below). Reference is made herein to:

 

A.           that
certain Loan Agreement, dated as of November 9, 2012 (the “Loan Agreement”), by and between DOF IV REIT HOLDINGS,
LLC (“Lender”), and TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company to be renamed SRT LAHAINA
GATEWAY, LLC (“Borrower”);

 

B.           that
certain Guaranty, dated as of November 9, 2012 (the “Guaranty”), by Mr. Anthony W. Thompson, an individual,
and TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation to be renamed STRATEGIC REALTY TRUST, INC. (“Guarantor”)
in favor of Lender;

 

C.           that
certain Pledge Agreement, dated as of November 9, 2012, executed by TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability
company to be renamed SRT Lahaina Gateway Mezz, LLC (“Sole Member”), in favor of Lender, and that certain Pledge
Agreement, dated as of November 9, 2012, executed by TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company
to re renamed SRT Lahaina Gateway Mezz Holdings, LLC (“Holdings”), in favor of Lender (collectively the “Pledge
Agreements”); and

 

D.           that
certain Deed in Lieu of Foreclosure Agreement by and among Borrower, Lender and Guarantor dated as of June 10, 2013 (“Agreement”).

 

Each of Borrower, Guarantor, Sole Member
and Holdings (collectively, the “Releasing Parties”) are delivering this Release of Claims, effective as of
the Closing Date (as defined in the Agreement, the “Closing Date”), to Lender, TORCHLIGHT LOAN SERVICES, LLC,
a limited liability company (“TLS”), and TORCHLIGHT INVESTORS, LLC, a limited liability company (“TI”)
(TLS and TI having served as agents of Lender in connection with this transaction).

 

Each of the Releasing
Parties, for themselves and their respective officers, directors, members, managers, principals, partners, shareholders, affiliates,
employees, heirs, executors, administrators, legal representatives, successors and assigns, hereby unconditionally and irrevocably
releases, remises, acquits, satisfies, waives and forever discharges Lender, TLS and TI, and each of their respective officers,
directors, members, managers, principals, partners, shareholders, affiliates, agents, employees, accountants, attorneys, and legal
representatives (collectively, the “Lender Parties”) of and from any and all liabilities, actions, causes of
action, suits, damages, judgments, claims, losses, costs and expenses of any kind whatsoever, whether in law or in equity, direct
or indirect, contingent or consequential, liquidated or unliquidated, known or unknown, suspected or unsuspected, presently existing
or which may hereafter arise (collectively, “Claims”), with respect to any matter occurring from the beginning
of time to immediately prior to the Closing Date which:

 

(i)           relate to or arise under the Loan Agreement, or

 

(ii)          relate to the Loan (as defined in the Loan Agreement), or

 

    	Lahaina Deed in Lieu Agreement	S-1	 

    	 

    

 

(iii)         relate to or arise under any other Loan Documents (as defined in the Loan Agreement), or

 

(iv)         relate to the Property (as defined in the Loan Agreement), or

 

(iv)         relate to or arise under the Guaranty or the Pledge Agreements.

 

Each of the Releasing
Parties hereby represents and warrants that it has not previously assigned, sold or transferred, or attempted to assign, sell or
transfer, any of the Claims, and agrees not to assign or transfer any of the Claims in the future.

 

Each of the Releasing
Parties hereby represents, warrants and covenants that it (i) has been provided with adequate information regarding this Release
of Claims and the subject matter hereof, (ii) has had adequate opportunity to consult legal counsel of the Releasing Party’s
choice regarding this Release of Claims, (iii) has executed and delivered this Release of Claims pursuant to the free will of the
Releasing Party, and (iv) has executed this Release of Claims on a fully informed basis and with full knowledge of the consequences
thereof.

 

Each of the Releasing
Parties hereby expressly and irrevocably waives its rights under any applicable statute, rule, regulation, legal principle, or
legal doctrine applicable in any state or territory of the United States or any foreign jurisdiction which provides that a release
does not extend to claims which a releasing party does not know or suspect to exist in its favor at the time of executing such
release, which if known by the releasing party would have materially affected its settlement with the released party.

 

Notwithstanding the
preceding paragraph and the below choice of law provision, with respect to the releases set forth above Releasing Parties each
hereby certify that they have read and understood the provisions of California Civil Code Section 1542 and have consulted or have
had the opportunity to consult with their respective counsel regarding the same. Releasing Parties hereby waive any and all rights
under California Civil Code Section 1542, which provides as follows:

 

“A general
release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing
the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 

Releasing Parties fully
understand that they cannot hereafter make any further claims against or seek any further recovery from one another by reason of
any Claim of any nature whatsoever in existence prior to the Closing Date, except as provided herein. Releasing Parties further
acknowledge that they or their respective attorneys may hereafter discover facts different from or in addition to those which they
or their attorneys now know or believe to be true with respect to the released claims and rights, and they agree that this Release
of Claims shall be and remain in effect as a full and complete release except as provided herein, notwithstanding any such different
or additional facts. The Releasing Parties have initialed below to further confirm the foregoing.

 

Borrower:__________________ Guarantor:__________________

 

Sole Member: __________________ Holdings: ____________________

 

This Release of Claims shall be governed
by and interpreted in accordance with the laws of the State of New York, without regard to conflict of law provisions.

 

    	Lahaina Deed in Lieu Agreement	S-2	 

    	 

    

 

Following the assertion
or threatened assertion of any Claim against any Lender Party, Releasing Parties shall immediately reimburse Lender Parties for
all fees and costs, including reasonable attorneys’ fees and experts’ fees and costs incurred by Lender Parties, whether
before or after any judgment, for enforcement of this Release of Claims or any of its terms, or the exercise of any rights or remedies
hereunder and/or at law, in equity or otherwise, whether or not any action or proceeding is filed.

 

If any term, provision,
covenant or condition of this Release of Claims is held by a court of competent jurisdiction to be invalid, void or unenforceable,
the remainder of this Release of Claims shall remain in full force and effect and shall in no way be affected, impaired, invalidated
or rendered unenforceable.

 

[SIGNATURES FOLLOW ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	S-3	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
executed this Release of Claims as of the Closing Date as set forth above.

 

BORROWER:

 

TNP SRT LAHAINA GATEWAY LLC, a Delaware limited liability company

 

	 	By: TNP SRT Lahaina Gateway Mezz, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

GUARANTOR:

 

TNP STRATEGIC RETAIL TRUST, INC.,

a Maryland corporation

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	S-4	 

    	 

    

 

SOLE MEMBER:

 

TNP SRT LAHAINA GATEWAY MEZZ, LLC, a Delaware limited liability
company

 

	 	By: TNP SRT Lahaina Gateway Mezz Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

HOLDINGS:

 

TNP SRT LAHAINA GATEWAY MEZZ HOLDINGS, LLC, a Delaware limited
liability company

 

	 	By: TNP SRT Lahaina Gateway Holdings, LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
	 	 
	 	By: TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

 

	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	Lahaina Deed in Lieu Agreement	S-5	 

    	 

    

 

EXHIBIT T

 

ADDITIONAL REPRESENTATIONS AND WARRANTIES

 

Borrower and Guarantor additionally represent and
warrant to Lender as follows:

 

1.           Except for monetary defaults under the Loan Documents, in respect of the Property, Borrower and Guarantor
are not in default or breach under any applicable law or order of any court, administrative agency or other governmental
entity, or any agreement or document to which Borrower or Guarantor is a party, or by which Borrower or Guarantor may be
bound or to which the Property or any portion of their properties or assets may be subject.

 

2.           Borrower has filed all tax returns that are required by federal, state or other law to be filed prior to the
Closing Date and has paid all income, franchise, general excise, sales, use, employment, and property taxes that have become
due.

 

3.           Other
than the Assigned Contracts as set forth in Exhibit D, there is not any contract or agreement, oral or written, or any
amendment or supplement to any such contract or agreement, to which Borrower is a party or that affects the Property except the
management and leasing agreements which are required to be terminated at or prior to the Closing Date. The Assigned Contracts
do not require the consent or waiver of any individual, corporation, partnership, or other entity (including any governmental
authority) to the consummation of the transaction contemplated by this Agreement, except as may be otherwise set forth in the
Assigned Contracts. True and complete copies of all Assigned Contracts have been provided to Lender. Except as may be otherwise
set forth in the Assigned Contracts, the Assigned Contracts have not been modified or amended. The Assigned Contracts are in full
force and effect and no default by any party thereto exists under the Assigned Contracts.

 

4.           Except
for the Assigned Contracts, the Loan Documents, the Permitted Exceptions or as expressly disclosed in Exhibit R, to Borrower’s
and Guarantor’s Knowledge Borrower has no material contingent, liquidated or other liabilities or obligations with respect
to the Property.

 

5.            Borrower holds the Leasehold as the current Tenant under the Ground Lease and has good title to the other
components of the Property and to Borrower’s and Guarantor’s Knowledge there are no existing liens, encumbrances,
agreements, encroachments, overlaps, special assessments, claims, leases, tenancies, other adverse interests, or defects upon
or affecting the Property, except for the Permitted Exceptions.

 

6.           To Borrower’s and Guarantor’s Knowledge, the Property is in material compliance with all applicable
governmental laws.

 

7.           To Borrower’s and Guarantor’s Knowledge, there are no unpaid bills or invoices for labor, services, or work
performed upon the Real Estate or within the improvements thereon, or for materials or supplies furnished or delivered to, or
in connection with, the Real Estate, that could result in the filing of mechanic’s, materialmen’s, or
laborer’s liens on the Property except as disclosed on Exhibit R, and there is no work of construction in progress, or
commenced but uncompleted, or contracted for, at the Real Estate.

 

    	Lahaina Deed in Lieu Agreement	T-1	 

    	 

    

 

8.           All
Management Documents and the tangible personal property that is identified on Exhibit F are located at the Real Estate,
at the office of CBRE, or at Borrower’s offices at 4695 MacArthur Court, Suite 1100, Newport Beach, CA 92660.
Borrower has not removed, or permitted the removal of, any tangible personal property owned at any time by Borrower or Management
Documents, except, in the case of tangible personal property, consumable supplies consumed in the ordinary course of business
or otherwise removed in the ordinary course of business. To the Knowledge of each of Borrower and Guarantor, the books and records
relating to the Property which were delivered to Lender or Buyer in connection herewith do not materially misstate, or omit material
information pertaining to, the matters therein covered.

 

9.           To
Borrower’s and Guarantor’s Knowledge, there has been no presence, use, generation, release, production, disposal, migration,
or storage on the Property of any Hazardous Materials or any other activity that could have toxic results, and there is no proceeding
or inquiry by any Authority with respect thereto. For purposes of this Agreement, the term “Hazardous Substances”
shall have the meaning ascribed to it in the Environmental Indemnity.

 

10.         To
Borrower’s and Guarantor’s Knowledge, no personal property is registered under any so called certificate of title,
or similar documents.

  

    	Lahaina Deed in Lieu Agreement	T-2	 

    	 

    

 

EXHIBIT U

 

FORM OF INDEMNITY

 

INDEMNITY

(Lahaina Gateway)

 

This Indemnity is
dated as of June 10, 2013, and is given to DOF IV REIT HOLDINGS, LLC, a Delaware limited liability company (“Lender”),
TORCHLIGHT LOAN SERVICES, LLC, a limited liability company, and TORCHLIGHT INVESTORS, LLC, a limited liability company (all collectively,
“Indemnitees”), by TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation to be renamed STRATEGIC REALTY
TRUST, INC. (“Indemnitor”), and is effective as of the Closing Date (as defined in that certain Deed in Lieu
of Foreclosure Agreement by and among TNP SRT LAHAINA GATEWAY, LLC, a Delaware limited liability company to be renamed SRT LAHAINA
GATEWAY, LLC (“Borrower”), Lender and Indemnitor dated as of June 10, 2013 (the “Agreement”)).

 

Indemnitor has advised
Indemnitees of Indemnitor’s intention to terminate: (i) the Property and Asset Management Agreement by and between Borrower
and TNP Property Manager, LLC, dated as of November 9, 2012, together with other property management agreements between other affiliates
of Indemnitor and TNP Property Manager, LLC, (ii) the Advisory Agreement between Indemnitor, TNP Strategic Retail Operating Partnership,
LP and TNP Strategic Advisor, LLC, and (iii) the authority of certain officers and directors of affiliates of Indemnitor which
are not under substantially the same control as Indemnitor (all collectively, the “Terminations”).

 

Pursuant to the Agreement,
effective as of the Closing Date but with respect to all matters whether arising before or after the Closing Date, Indemnitor hereby
agrees to indemnify, defend, and hold harmless Indemnitees and each of their respective officers, directors, members, managers,
principals, partners, shareholders, affiliates, agents, employees, accountants, attorneys, and legal representatives (collectively,
the “Indemnitee Parties”), from and against any and all claims, causes of action, liability, damages, losses,
judgments, awards, costs and expenses, including reasonable attorneys’ and experts’ fees, costs and expenses incurred
by legal counsel chosen by Indemnitee Parties in their sole discretion, arising from or related to the Terminations or the Agreement
or the transaction contemplated thereby (collectively, “Claims”).

 

Indemnitor’s
liability under this Indemnity is separate from, in addition to, and not in any way limited by, Indemnitor’s liability under
that certain Guaranty and that certain Environmental Indemnity Agreement, both dated as of November 9, 2012, executed by Indemnitor
in favor of Lender with respect to the Loan (as defined in the Agreement).

 

Indemnitor hereby represents,
warrants and covenants that it (i) has been provided with adequate information regarding this Indemnity and the subject matter
hereof, (ii) has had adequate opportunity to consult legal counsel of Indemnitor’s choice regarding this Indemnity, (iii)
has executed and delivered this Indemnity pursuant to the free will of the Indemnitor, and (iv) has executed this Indemnity on
a fully informed basis and with full knowledge of the consequences thereof.

 

This Indemnity shall be governed by and
interpreted in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state,
without regard to conflict of law provisions, pursuant to Section 5-1401 of the New York General Obligations Law. Any action or
proceeding against any party arising out of or relating to this Indemnity must be instituted exclusively in the federal or state
courts located in the City of New York, County of New York. Each party irrevocably (i) agrees and consents that such courts shall
have subject matter and specific personal jurisdiction over the parties and that venue in such courts is proper, (ii) waives any
objections it may now or hereafter have to such jurisdiction or venue, (iii) waives any right to move for dismissal of any such
action or proceeding on grounds of forum non conveniens, and (iv) acknowledges and agrees that Section 5-1402 of the New York General
Obligations Law requires adjudication of any such suit, action or proceeding in such courts.

  

    	Lahaina Deed in Lieu Agreement	U-1	 

    	 

    

 

Following the assertion
or threatened assertion of any Claim against any Indemnitee Party, Indemnitor shall immediately reimburse Indemnitee Parties for
all fees and costs, including reasonable attorneys’ and experts’ fees, costs and expenses incurred by Indemnitee Parties,
whether before or after any judgment, for enforcement of this Indemnity or any of its terms, or the exercise of any rights or remedies
hereunder and/or at law, in equity or otherwise, whether or not any action or proceeding is filed.

 

If any term, provision,
covenant or condition of this Indemnity is held by a court of competent jurisdiction to be invalid, void or unenforceable, the
remainder of this Indemnity shall remain in full force and effect and shall in no way be affected, impaired, invalidated or rendered
unenforceable.

 

[SIGNATURE FOLLOWS ON NEXT PAGE]

 

    	Lahaina Deed in Lieu Agreement	U-2	 

    	 

    

 

IN WITNESS WHEREOF, Indemnitor has executed
this Indemnity as of the Closing Date as set forth above.

 

	INDEMNITOR:	TNP STRATEGIC RETAIL TRUST, INC., a

Maryland corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Lahaina Deed in Lieu Agreement	U-3

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