Document:

Note for Renfro Property Term Debt

 Exhibit 10.15 
 NOTE 
 (LOAN A) 
 THIS NOTE (the “Note”) dated January 29, 2009, is made and executed by RENFRO PROPERTIES LLC, a California limited
liability company (“Borrower”) to the order of INLAND BANK & TRUST, its successors and assigns (“Lender”) pursuant to a certain Loan and Security Agreement of even date herewith between Borrower and Lender
(said Loan and Security Agreement, as amended, restated, renewed or replaced from time to time, being hereinafter referred to as the “Loan Agreement”). Capitalized terms used in this Note and not defined in this Note, but defined in
the Loan Agreement, shall have the meanings given them in the Loan Agreement. 
 I 
 PAYMENT TERMS 
 1.1. The Promise to Pay. For value received, including without limitation, Loan A made by Lender to Borrower pursuant to the Loan Agreement, Borrower hereby promises to pay to the order of Lender the principal amount of
$8,000,000, or so much thereof as may be advanced under the Loan Agreement, together with interest accrued on the principal amount from time to time outstanding at the Fixed Rate set forth in the Loan Agreement. Payments of interest and principal
under this Note shall be made in lawful money of the United States of America and shall be due on each Scheduled Payment Date in the amount or amounts provided under the Loan Agreement and the entire principal balance of the Loan, all Accrued
Interest and all other Indebtedness shall be due and payable on the applicable Maturity Date for Loan A under the Loan Agreement. For reference purposes only the Maturity Date for this Note is January 31, 2012. 
 1.2. Payment Terms. Borrower’s rights and obligations regarding prepayments, late payments and the timing, place and
manner of payments are governed by certain provisions of the Loan Agreement and, without limiting the provisions of Section 2.10 hereof, all such provisions of the Loan Agreement are hereby incorporated into this Note by this reference.

 1.3. Application of Payments. All payments shall be applied to the Indebtedness in such order and manner as is
provided under the Loan Agreement. Interest on the principal balance of Loan A outstanding from time to time shall accrue from the date of disbursement by Lender and shall be computed on the basis of a 360 day year and charged for the actual number
of days elapsed. Without limiting the provisions of Section 2.10 hereof, the provisions of the Loan Agreement regarding the determination and calculation of the amount of interest payable by Borrower (including any Legal Limit thereon) are
hereby incorporated herein by reference. 

 II 
 ADDITIONAL COVENANTS 
 2.1. Acceleration. If an Event of
Default occurs or the right to enforce the Mortgage shall accrue to the holder thereof, whether or not foreclosure proceedings have been commenced, then, at the election of the holder of this Note and without notice, the unpaid principal sum of this
Note, together with accrued interest thereon, and all other Charges payable under the Loan Documents shall at once become immediately due and payable. 
 2.2. Default Interest. Notwithstanding the foregoing, following the occurrence of an Event of Default, the unpaid principal balance of Loan A shall bear interest at the Default Rate.

 2.3. Waivers. Borrower and any other parties hereafter liable for the debt (including, without restricting the
foregoing, any endorsers, sureties and guarantors) represented by this Note, hereby (a) waive presentment and demand for payment, notice of dishonor, protest and notice of protest and/or nonpayment, notice of intention to accelerate and
all other notices other than those specifically required by the Loan Documents and (b) agree that the time of payment of that debt or any part thereof may be extended from time to time without modifying or releasing the lien of the Loan
Documents or the liability of Borrower or any such other parties, the right of recourse against any such parties being hereby reserved by the holder hereof. No release of any security for the Indebtedness or extension of time for payment of this
Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement or the other Loan Documents made by agreement between Lender or any other person or entity shall release, modify, amend, waive,
extend, change, discharge, terminate or affect the liability of Borrower, or of any other person or entity who may become liable for the payment of all or any part of the Indebtedness under this Note, the Loan Agreement or the other Loan Documents.
No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action without further notice or demand as provided for in this Note, the Loan Agreement or the other Loan
Documents. If Borrower is a partnership, the agreements herein contained shall remain in force and applicable, notwithstanding any changes in the individuals comprising the partnership, and the term “Borrower,” as used herein, shall
include any alternate or successor partnership, but any predecessor partnership and their general partners shall not thereby be released from any liability. If Borrower is a limited liability company, the agreements herein contained shall remain in
force and applicable, notwithstanding any changes in the members comprising the company, and the term “Borrower,” as used herein, shall include any alternate or successor company, but any predecessor company shall not thereby be released
from any liability. If Borrower is a corporation, the agreements contained herein shall remain in full force and applicable notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation, and
the term “Borrower” as used herein, shall include any alternative or successor corporation, but any predecessor corporation shall not be relieved of liability hereunder. Nothing contained in this grammatical paragraph is intended

  

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to or shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in such entity which may be set forth in the Loan Agreement, the Mortgage or any
other Loan Documents. 
 2.4. Collection. In the event of a default in the payment of any amount due hereunder,
the holder hereof may exercise any remedy or remedies, in any combination whatsoever, available by operation of law or under any instrument given as security for this Note and such holder shall be entitled to collect its reasonable costs of
collection, including attorneys’ fees, which shall be additional Indebtedness. For purposes of the preceding sentence, Lender’s attorneys’ fees shall be deemed to include compensation to staff counsel, if any, of Lender in addition to
the fees of any other attorneys engaged by Lender. Lender may, and Borrower hereby authorizes Lender to, charge any account of Borrower held by Lender and apply any and all balances, credits, deposits, accounts, monies, reserves, certificates of
deposit, cash equivalents and other assets of or in the name of Borrower held by Lender to the Indebtedness evidenced hereby, and Lender may pursue all its rights and remedies against Borrower under the Loan Documents. 
 2.5. Governing Law. THE TERMS OF THE LOAN EVIDENCED BY THIS NOTE AND THIS NOTE WERE EACH NEGOTIATED IN THE STATE OF
ILLINOIS, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE. THEREFORE, THIS NOTE SHALL BE CONSTRUED AND INTERPRETED WITH, AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS (WITHOUT GIVING EFFECT TO ILLINOIS CHOICE OF LAW PRINCIPLES); PROVIDED, HOWEVER, THAT THE LAWS OF THE
STATE OF SOUTH CAROLINA SHALL APPLY TO THE CREATION, PERFECTION AND ENFORCEMENT OF ANY LIENS, SECURITY INTERESTS AND ENCUMBRANCES GRANTED OR CREATED BY THE MORTGAGE ON REAL OR PERSONAL PROPERTY LOCATED IN THE STATE OF ILLINOIS AND THE MANAGEMENT,
OPERATION, DISPOSITION AND REALIZATION OF THE SECURITY PROVIDED THEREBY. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE LAWS OF THE STATE OF ILLINOIS SHALL APPLY TO ALL MATTERS RELATING TO THE CHARGING AND COLLECTION OF INTEREST UNDER THIS
NOTE OR WITH RESPECT TO OTHER SECURED OBLIGATIONS UNDER THE MORTGAGE, AND TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS
NOTE. 
 2.6. Severability. If any term, restriction or covenant of this instrument is deemed illegal or
unenforceable, all other terms, restrictions and covenants and the application thereof to all persons and circumstances subject hereto shall remain unaffected to the extent permitted by law; and if any application of any term, restriction or
covenant to any

  

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person or circumstance is deemed illegal, the application of such term, restriction or covenant to other persons and circumstances shall remain unaffected to the extent permitted by law.

 2.7. Notices. All notices, requests, reports, demands or other instruments required or contemplated to be given
or furnished under this Note to Borrower or Lender shall be directed to Borrower or Lender, as the case may be, at their respective address as set forth in the Loan Agreement and in the manner set forth in the Loan Agreement. 
 2.8. WAIVER OF JURY TRIAL. BORROWER AND LENDER, BY ITS ACCEPTANCE OF THIS NOTE, HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY
JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS NOTE OR ANY OTHER LOAN DOCUMENTS AND THE BUSINESS RELATIONSHIP THAT IS BEING ESTABLISHED. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY BORROWER
AND LENDER, AND BORROWER ACKNOWLEDGES THAT NEITHER LENDER NOR ANY PERSON ACTING ON BEHALF OF LENDER HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR HAS TAKEN ANY ACTIONS WHICH IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.
BORROWER AND LENDER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH OF THEM HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THE LOAN DOCUMENTS AND THAT EACH OF THEM WILL CONTINUE TO RELY ON
THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. BORROWER AND LENDER FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED (OR HAVE HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL
COUNSEL. 
 2.9. CONSENT TO JURISDICTION. BORROWER HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL
COURT LOCATED WITHIN THE COUNTY OF DUPAGE, STATE OF ILLINOIS AND IRREVOCABLY AGREES THAT, SUBJECT TO LENDER’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS NOTE OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH
COURTS. BORROWER EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. BORROWER HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS
MAY BE MADE UPON BORROWER BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO BORROWER, AT THE ADDRESS SET FORTH IN THE LOAN AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED.

  

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 2.10. Loan Documents. The obligations evidenced by this Note are secured by
Liens in favor of Lender granted by Borrower. All terms, covenants and conditions contained in the Loan Documents are hereby incorporated herein by reference. In the event of any conflict or inconsistency between the terms of this Note and the terms
of the Loan Agreement, the terms of the Loan Agreement shall govern and control. 
 2.11. No Modification, Waiver.
No modification, waiver, amendment, discharge or change of this Note shall be valid unless the same is in writing and signed by Borrower and Lender. 
 2.12. Joint and Several Obligations. The obligations evidenced hereby shall be the joint and several obligations of all signatories or makers of this Note. 
 2.13. Transfer of Note. Upon the transfer of this Note, Borrower hereby waiving notice of any such transfer except to the
extent expressly provided in the Loan Agreement, Lender may deliver all the collateral mortgaged, granted, pledged or assigned pursuant to the Loan Documents, or any part thereof, to the transferee who shall thereupon become vested with all the
rights herein or under applicable law given to Lender with respect thereto, and Lender shall from that date forward forever be relieved and fully discharged from any liability or responsibility in the matter, but Lender shall retain all rights
hereby given to it with respect to any liabilities and the collateral not so transferred. 
  
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 IN WITNESS WHEREOF, the undersigned has executed this Note for Loan A as of the date first
above written. 
  

			
	BORROWER:
	
	 RENFRO PROPERTIES LLC,
 a California limited liability company

		
	By:	 	/s/ Kevin A. Shields
	Name:	 	Kevin A. Shields
	Title:	 	Sole MemberModification of Note and Loan Documents for Renfro Property

 Exhibit 10.16 
 MODIFICATION OF NOTE AND LOAN DOCUMENTS 
 This
MODIFICATION OF NOTE AND LOAN DOCUMENTS (“Modification”) is made as of the 29th day of January, 2010, between RENFRO PROPERTIES, LLC, a California limited liability company (“Borrower”) and INLAND BANK & TRUST,
its successors and assigns (“Lender”). 
 RECITALS: 
 A. Borrower previously executed that certain Note (Loan B) dated as of January 29, 2009, in the principal amount of $5,000,000.00 payable to
the order of Lender (the “Note”). 
 B. Borrower has also previously executed or caused the following documents to be
executed (the “Loan Documents”) in favor of Lender, all dated as of January 29, 2009 unless otherwise indicated: (i) Mortgage with Assignment of Leases and Rents and Fixture Financing Statement made by Borrower in favor of Lender (as
amended, restated or replaced from time to time, the “Mortgage”) encumbering the real property and improvements thereon located at 1702 Springdale Drive, Clinton, South Carolina (the “Premises”); (ii) Assignment of Leases and
Rents from Borrower to Lender (the “Assignment”) encumbering the Premises, (iii) a Guaranty (the “Shields Guaranty”) from Kevin A. Shields, individually, to Lender; (iv) a Guaranty (the “Griffin Capital Guaranty”) from
Griffin Capital Corporation, a California corporation, to Lender; and (v) a Loan and Security Agreement between Borrower and Lender (the “Loan Agreement”). The Mortgage, the Assignment, the Shields Guaranty, the Griffin Capital Guaranty,
the Loan Agreement and any other documents now or hereafter given to evidence or secure payment of this Note or delivered to induce Lender to disburse the proceeds of the Loan, as such documents may hereafter be amended, restated or replaced from
time to time, are hereinafter collectively referred to as the “Loan Documents”. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Loan Agreement. 
 C. The Note provides for payment of all unpaid principal, all accrued and unpaid interest and all other sums due under the Note or any of
the other Loan Documents, if not sooner paid, on January 29, 2010 (the “Maturity Date”). 
 D. Borrower and Lender
have agreed to extend the Maturity Date under the Note and to modify certain repayment terms of the Note, as set forth herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants, agreements, and undertakings contained herein, Borrower and Lender do hereby mutually covenant, agree, and undertake to modify the Note as follows: 
 1. Extension of Maturity Date. The Maturity Date is hereby extended from January 29, 2010 to July 29, 2010. All references to
the “Maturity Date” in the Loan Documents shall mean July 29, 2010. 

 2. Deletion of Adjusted Prime Rate. The “Adjusted Prime Rate” as set
forth in Section 1.1.4. (a) of the Loan Agreement shall be deleted in its entirety and replaced with the following new Section 1.1.4. (a) as follows: 
 “(a) “Fixed Rate” means: A per annum rate equal to six and one half percent (6.50%) fixed.” 
 All references to the Adjusted Prime Rate in the Loan Documents shall be replaced with the Fixed Rate. 
 3. Maturity Date Extension Option. Prior to the Maturity Date, Borrower shall have the option to extend the Maturity Date through January 29, 2011 (the “Maturity Date Extension
Option”) upon payment to Lender of a loan extension fee in the amount of $12,500.00 and execution of loan modification documents as required by the Bank in connection with the Maturity Date Extension Option. 
 4. Loan Fees. Upon execution of this Modification and in consideration for Lender’s agreement to enter into this
Modification, Borrower shall pay Lender a loan fee in the amount of $12,500.00. 
 5. Waiver of Defenses. Borrower
acknowledges that Borrower does not have any defenses, offsets, or counterclaims under the Note or the Loan Documents. To the extent that any such defenses, offsets, or counterclaims exist as of the date hereof, they are hereby waived and released
in consideration of Borrower’s agreement to amend the Note. 
 6. Release by Borrower. Borrower hereby
releases and forever discharges Lender and its officers, employees, agents, representatives, attorneys, successors, and assigns from any and all claims, causes of action, obligations, demands, costs, damages, and liabilities whatsoever, in law or in
equity, whether known or unknown, which Borrower now has or may have had in connection with, relating to, or arising out of the Note, the Loan Documents, or the Premises (as defined in the Mortgage). 
 7. Authority. Borrower represents and warrants to Lender that: (a) Borrower has duly authorized, executed, and delivered this
Modification, the Note, and the Loan Documents; and (b) this Modification, the Note, and the Loan Documents constitute the legal, valid and binding obligations of Borrower and are enforceable in accordance with their terms. 
 8. No Waiver of Remedies. Lender expressly reserves any and all rights and remedies available to it under this Modification,
the Note, and the Loan Documents, and at law and in equity. No failure to exercise, or delay by Lender in exercising, any right, power, or privilege hereunder shall preclude any other or further exercise thereof, or the exercise of any other right,
power, or privilege. The rights and remedies provided in this Modification, the Note, and the Loan Documents are cumulative and not exclusive of each other or of any right or remedy provided by law or in equity. 
  

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 9. Recitals. The recitals are hereby incorporated as terms and conditions of
this Modification. 
 10. Governing Law. This Modification shall be governed by and construed in accordance with
the laws of the State of Illinois. 
 11. Provisions Severable. The unenforceability or invalidity of any
provision of this Modification shall not render any other provision of this Modification unenforceable or invalid. 
 12.
Successors and Assigns. This Modification shall be binding upon and shall inure to the benefit of Borrower and Lender and their respective successors and assigns. 
 13. Captions. The captions at the beginning of the several paragraphs are for convenience only and shall not control or affect
the meaning or construction of any provision of this Agreement. 
 14. Entire Agreement. This Modification
embodies and constitutes the entire agreement and understanding between the parties hereto with respect to the transactions contemplated herein, and all prior or contemporaneous agreements, understandings, representations, and warranties are merged
into this Modification. The parties hereto expressly acknowledge that they have not relied on any prior or contemporaneous oral or written agreements, understandings, representations, and warranties by the other party in connection with this
Modification, except as expressly set forth in this Modification. 
 15. Force and Effect. Borrower hereby
ratifies, re-affirms, and confirms to Lender the Note and the Loan Documents. 
 [REMAINDER OF PAGE BLANK-SIGNATURE PAGE FOLLOWS]

  

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 IN WITNESS WHEREOF, Borrower has executed this Modification as of the date first set forth
above. 
  

					
	BORROWER:
	
	 Renfro Properties, LLC,

	 a California limited liability company

		
	 By:
	 	The GC Net Lease REIT Operating
		 	Partnership, L.P., a Delaware limited
		 	partnership, its Sole Member
		
	 By:
	 	The GC Net Lease REIT, Inc., a Maryland
		 	corporation, its General Partner
			
		 	By:	 	 /s/ Kevin A. Shields

		 		 	Kevin A. Shields, President

  

			
	LENDER:
	
	 Inland Bank and Trust

		
	 By:
	 	 /s/ Jocelyn Urban

	 Name:
	 	 Jocelyn Urban

	 Its:
	 	 Vice President

  

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