Document:

EX-10.5

THIS DOCUMENT PREPARED WITH THE
ASSISTANCE OF AN ATTORNEY LICENSED IN NEW
MEXICO, AND AFTER RECORDING SHOULD BE
RETURNED TO:

David P. Resnick, Esq.

Goldberg, Kohn, Bell,
Black, Rosenbloom & Moritz,
Ltd.

55 East Monroe Street, Suite 3700
Chicago, Illinois 60603

	 	 	 	SPACE
ABOVE THIS LINE IS FOR RECORDER’S
USE ONLY

LINE OF CREDIT LEASEHOLD MORTGAGE, ASSIGNMENT OF

LEASES AND RENTS, SECURITY AGREEMENT

AND FIXTURE FILING

(CARLSBAD, NEW MEXICO)

Borrower’s Organizational Identification Number

is DE 13-4188811

THIS LINE OF CREDIT MORTGAGE AND SECURITY AGREEMENT IS A “LINE OF CREDIT MORTGAGE” WITHIN THE
SCOPE OF NMSA 1978, § 48-7-4 (B) (1991), AS AMENDED FROM TIME TO TIME.

Loan No. 70004291

This LINE OF CREDIT LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT
AND FIXTURE FILING (this “Mortgage”) is made as of this 29th day of December, 2006, between
CARLSBAD-TMB, LLC, a Delaware limited liability company (“Borrower”), whose address is 707
Westchester Avenue, White Plaines, New York 10604, in favor of GENERAL. ELECTRIC CAPITAL
CORPORATION, a Delaware corporation, as Agent (“Agent”) (in its individual capacity, “GECC”),
whose mailing address is 2 Bethesda Metro Center, Suite 600, Bethesda, Maryland 20814, for the
benefit of Agent and Lender (as defined below).

RECITALS

A. Lender has agreed, subject to the terms and conditions of that
certain

Loan Agreement of even date herewith (said Loan Agreement, as amended from time to time being
hereinafter referred to as the “Loan Agreement”), executed by and among Borrower, certain
affiliates of Borrower (together with Borrower, the “Borrower Parties” and each individually a
“Borrower Party”), General Electric Capital Corporation, a Delaware corporation (in its
individual capacity as a lender (“GECC”)) and the other financial institutions who are or
hereafter become parties to the Loan Agreement (together with GECC, collectively or individually,
as the context may require, “Lender”) and Agent, as. agent for Lender, to make a loan (the
“Loan”) to the Borrower Parties in the aggregate principal amount of up to Forty Three Million
Fifty Thousand and No/100 Dollars ($43,050,000.00). The Loan is evidenced by that certain
Promissory Note of even date herewith (the “Initial Funding Note”) in the original principal
amount of up to Forty Million Seven Hundred Fifty Thousand and No/100 Dollars ($40,750,000.00)
and that certain Promissory Note of even date herewith (the “Construction Note”) in the original
principal amount of up to Two Million Three Hundred Thousand and No/100 Dollars ($2,300,000.00),
providing for monthly payments as set forth in the Loan Agreement, with the balance thereof, due
and payable on December 28, 2011 (said date or any earlier date on which the entire unpaid
principal amount shall be paid or required to be paid in full, whether by prepayment,
acceleration or otherwise is hereinafter called the “Maturity Date”). The Initial Funding Note,
the Construction Note and all amendments thereto and substitutions therefor are hereinafter
referred to collectively, as the “Note.” The terms and provisions of the Loan Agreement and Note
are hereby incorporated by reference in this Mortgage. Capitalized terms used but not defined
herein shall have the meanings provided in the Loan Agreement.

B. Lender and Agent wish to secure: (i) the payment of the Note,
together

with all interest, premiums and other amounts, if any, due in accordance with the terms of the
Note, as well as the payment of any additional indebtedness accruing to Lender or Agent on
account of any future payments, advances or expenditures made by Lender or Agent pursuant to the
Note, the Loan Agreement or this Mortgage or any of the other Loan Documents (hereinafter
defined); (ii) the performance of each and every covenant, condition, and agreement contained in
the Note, the Loan Agreement, this Mortgage, that certain Hazardous Materials Indemnity Agreement
of even date herewith made by Borrower Parties and Richard Segal (“Segal”) (Segal is referred to
herein as “Principal”) in favor of Agent and

any other documents evidencing or securing the Loan or executed in connection therewith
(such documents together with any modifications, renewals, extensions or replacements thereof are
collectively referred to herein as the “Loan Documents”); and (iii) the payment of any and all
other debts, claims, obligations, demands, monies, liabilities and indebtedness of any kind or
nature now or hereafter owing, arising, due or payable from Borrower Parties to Lender or Agent
in connection with the Loan pursuant to one or more of the Loan Documents. All payment
obligations of Borrower Parties and Principal to Lender or Agent with respect to the Loan or
under any of the Loan Documents are hereinafter sometimes collectively referred to as the
“Indebtedness,” and all other obligations of Borrower Parties and Principal to Agent with respect
to the Loan or under any of the Loan Documents are hereinafter sometimes collectively referred to
as the “Obligations”.

NOW, THEREFORE, TO SECURE the repayment of the Indebtedness and the performance of the
Obligations, Borrower has executed this Mortgage and does hereby grant, bargain, sell, convey,
mortgage, assign, warrant, transfer and pledge to Lender, with mortgage covenants (except for and
subject to Permitted Encumbrances defined below and except as otherwise herein provided) and upon
the statutory mortgage condition (except as otherwise herein provided) for the breach of which
after notice and applicable cure period this Mortgage is subject to foreclosure as provided by
law, a mortgage lien upon and a security interest in and to, the following described property now
owned or hereafter acquired and all proceeds thereof (sometimes referred to, collectively, as the
“Property”), subject to those exceptions to title described in the Title Policy (as defined in
the Loan Agreement) (which exceptions to title are referred to herein as the “Permitted
Encumbrances”):

A. The leasehold estate (“Leasehold Estate”) created by that certain

Ground Lease Agreement with respect to real estate described on Exhibit A attached hereto
(the “Land”) dated September 24, 2001 between Carlsbad Medical Center, LLC (“Ground Lessor”) and
Borrower as Lessee and as evidenced by that certain Memorandum of Ground Lease recorded on
December 21, 2001 in the land records of Eddy County, New Mexico in Book 441, Page 906 (being
referred to herein as the “Ground Lease”);

B. All of Borrower’s right, title and interest in and to the following,

(collectively, the “Improvements”): all buildings, improvements and fixtures now or in the future
located or to be constructed on the Land; to the extent not owned by tenants or subtenants of the
Property, all machinery, appliances, equipment, furniture, fixtures and all other personal
property of every kind or nature located in or on, or attached to, or used or to be used in
connection with the Land, buildings, improvements or fixtures; all building materials and goods
procured for use or in connection with the foregoing; and all additions, substitutions and
replacements to any of the foregoing;

C. To the extent of Borrower’s interest therein and to the extent such
is

assignable, all plans, specifications, architectural renderings, drawings, soil test reports,
other reports of examination or analysis of the Land or the Improvements;

D. All of Borrower’s right title and interest in easements,
rights-of-way,

water courses, mineral rights, water rights, air rights and appurtenances in any way

belonging, relating or appertaining to any of the Leasehold Estate, Land or Improvements,
or which hereafter shall in any way belong, relate or be appurtenant thereto (“Appurtenances”);

E. All of Borrower’s right title and interest in:

1. All leases, licenses and other agreements with regard to the use,

enjoyment or occupancy of the Land and/or Improvements including, without limitation, the that
certain Master Lease dated September 24, 2001 between Borrower as landlord and Ground Lessor as
tenant (the “Master Lease”) and all of the agreements affecting the use, enjoyment or occupancy
of the Property, leases and other occupancy agreements now or hereafter entered into (the
“Leases”) and all rents, prepayments, security deposits, termination payments, royalties,
profits, issues and revenues from the Land and/or Improvements from time to time accruing under
the Leases (the “Rents”), reserving to Borrower, however, so long as no Event of Default
(hereinafter defined) is continuing hereunder, the right to enforce the Leases and to receive and
apply the Rents in accordance with the terms and conditions of Section 9 of this
Mortgage, and all guaranties of any Leases or Rents;

2. All claims, demands, judgments, insurance proceeds, refunds,
reserves,

deposits, rights of action, awards of damages, compensation, settlements and other rights to the
payment of money hereafter made resulting from or relating to (i) the taking of the Leasehold
Estate, the Land or the Improvements or any part thereof under the power of eminent domain, (ii)
any damage (whether caused by such taking, by casualty or otherwise) to the Land, Improvements or
Appurtenances or any part thereof, or (iii) the ownership or operation of the Property;

3. To the extent assignable, all management contracts, permits,

certificates, licenses, approvals, contracts, purchase and sale agreements, purchase options,
entitlements, development rights and authorizations, however characterized, issued or in any way
furnished for the acquisition, construction, development, operation and use of the Land,
Improvements and/or Leases, including building permits, environmental certificates, licenses,
certificates of operation, warranties and guaranties;

4. All of the following types of collateral, as defined in the Uniform

Commercial Code as in effect from time to time in the State of New Mexico (the “Code”): accounts,
contract rights, general intangibles, chattel paper, documents, instruments, inventory, goods,
equipment, investment property, deposit accounts, letter of credit rights, commercial tort
claims, supporting obligations and all books and records relating to the foregoing; provided that
Borrower will cooperate with Lender in obtaining “control” as defined in the Code, with respect
to collateral consisting of deposit accounts, investment property, letter of credit rights and
electronic chattel paper;

5. Any monies on deposit with or for the benefit of Lender, including

deposits for the payment of real estate taxes and any cash collateral account;

6. All proceeds, products, replacements, additions, substitutions, renewals

and accessions of and to the Leasehold Estate, Land, Improvements, Appurtenances or any other
property of the types described in the preceding granting clauses; and

F. Any and all after-acquired right, title or interest of Borrower in and to

any property of the types described in the preceding granting clauses.

TO HAVE AND TO HOLD the Property and all parts thereof together with the rents, issues,
profits and proceeds thereof, unto Lender to its own proper use, benefit, and advantage forever,
subject, however, to the terms, covenants, and conditions herein.

The maximum amount secured by the lien of this Mortgage shall not exceed the aggregate
principal amount at any one time outstanding of $86,100,000.00, plus interest thereon, as well as
costs and attorneys’ fees and any interest due thereon. This statement of the maximum amount
secured is made to comply with NMSA 1978, § 48-7-9 (1975), as amended from time to time, and does
not in any way imply that Lender is obligated at any time to make any future advances or to lend
all or any part of such maximum amount. The statement of such maximum amount limits, pursuant to
NMSA 1978, § 48-7-9 (1975), as amended from time to time, only the total amount which may be, at
any one time outstanding and secured on the terms here set forth.

Information concerning, and copies of, documents referred to in this Mortgage may be
obtained from Lender at the address specified for it in the opening paragraph of this Mortgage.

Borrower covenants and agrees with Lender as follows:

1. Payment of Indebtedness; Performance of Obligations. Borrower

and/or the other Borrower Parties shall promptly pay when due the Indebtedness and shall promptly
perform all Obligations.

2. Taxes and Other Obligations. Borrower shall pay or cause to be
paid,

when due, and before any interest, collection fees or penalties shall accrue, all taxes,
assessments, fines, impositions and other charges and obligations, which may become a lien on or
charge against the Property (collectively, “Charges”) and shall provide Agent with evidence of
the payment of the same. Borrower shall have the right to contest, in good faith by appropriate
proceedings, the amount or validity of any such Charges so long as: (a) Borrower has given prior
written notice to Agent of Borrower’s intent to so contest or object to any such Charges; (b)
such contest stays the enforcement or collection of the Charges or any lien created; and (c)
Borrower has obtained an endorsement, in form and substance satisfactory to Agent, to the loan
policy of title insurance issued to Agent insuring over any such lien, or Borrower has deposited
with Agent a bond or other security satisfactory to Agent in the amount of 150% of the amount of
such Charges.

Should Borrower fail to make any of such payments, Lender or Agent may, upon notice to
Borrower and Borrower’s failure to pay (or cause payment of) same within

five (5) days after receipt of notice of such failure, at its option and at the expense of
Borrower, pay the amounts due for the account of Borrower. Upon the request of Agent, Borrower
shall immediately furnish to Agent copies of all notices Borrower has received of amounts due and
receipts evidencing payment. Borrower shall promptly, upon obtaining actual knowledge thereof,
notify Agent of any lien on all or any part of the Property (other than the liens created hereby)
and shall promptly discharge any unpermitted lien or encumbrance.

3. Intentionally Omitted.

4. Use of Property. Unless required by applicable law, Borrower
shall

not, to the extent within its control under the Ground Lease and Master Lease permit any material
changes in the use of any part of the Project from the use existing at the time this Mortgage is
executed. Borrower shall not initiate or acquiesce in a change in the plat of subdivision, or
zoning classification of the Property without Agent’s prior written consent, which consent shall
not be unreasonably withheld provided the value of the Property and Agent’s lien will not be
impaired thereby.

5. Insurance and Condemnation.

(a) Insurance.

(i) Borrower shall keep (or cause to be kept) the

Improvements insured, and shall maintain (or cause to be maintained) casualty
coverage, general liability coverage, business interruption coverage and such
other coverages reasonably requested by Agent, by carrier(s), in amounts and in
form at all times reasonably satisfactory to Agent, which carrier(s), amounts and
form shall not be changed without the prior written consent of Agent. Agent’s
consent to a change in carrier(s) and/or forms shall not be unreasonably withheld.
All insurance policies required to be maintained pursuant to this Section
5 (“Insurance Policies”) shall contain a Lender’s Loss Payable Endorsement.
All Insurance Policies shall provide that the coverage shall not be canceled, or
materially modified or reduced, without thirty (30) days advance written notice
from the insurance company to Agent. If a blanket policy is issued, a certified
copy of said policy shall be furnished, together with a certificate indicating
that Agent, for the benefit of itself and Lender, is a certificate holder,
mortgagee and loss payee under such policy in the designated amount.

(ii) In case of loss or damage by fire or other casualty,

Borrower shall, upon obtaining actual knowledge thereof, give immediate written
notice thereof to the insurance carrier(s) and to Agent. Agent is authorized and
empowered, and Borrower hereby irrevocably appoints Agent as its attorney-in-fact
(such appointment is coupled with an interest), at its option, to make or file
proofs of loss or damage and to settle and adjust any claim under insurance
policies which insure against such risks, or to direct

Borrower, in writing, to agree with the insurance carrier(s) on the amount to be paid in
regard to such loss; provided, however, that as long as no Event of Default then exists, Agent
shall not exercise said Power of Attorney, but instead shall have the right to approve (i) the
proposed proofs of loss or damages and (ii) any settlement or adjustment, such approval not to be
unreasonably withheld. Any attempt by Borrower to make or file proofs of loss or damage or to
settle or adjust any claim under such insurance policies without such approval of Agent shall
constitute an Event of Default.

(iii) Provided no Event of Default then exists and Borrower certifies as to same, the net
insurance proceeds (after deduction of Agent’s out- of-pocket reasonable costs and expenses, if
any, in collecting the same) shall be made available for the restoration or repair of the Property
if, in Agent’s reasonable judgment: (a) the value of Agent’s security is not reduced; (b)
(reserved); (c) the Master Lease has not terminated as result of the loss or damage and the tenant
thereunder is obligated to (and continues to) pay the rent thereunder without interruption because
of such casualty; (d) the loss does not occur in the nine (9) month period immediately preceding
the stated Maturity Date and Agent’s independent consultant certifies (such certification to be
reasonably issued) that the restoration of the Property can be substantially completed (so that a
certificate of occupancy may be issued and the medical office building may be occupied) at least
nine (9) months prior to the Maturity Date; and (e) Borrower deposits with Agent from time-to-time
an amount, in cash, which Agent, in its reasonable discretion, determines is necessary, in addition
to the net insurance proceeds to pay in full the cost of the restoration or repair (Borrower’s
deposit shall be disbursed prior to any disbursement of insurance proceeds held by Agent). Any
excess proceeds remaining after completion of such repair shall be distributed first to Borrower to
the extent Borrower has deposited funds with Agent for such repair with the balance applied against
the Indebtedness, provided such application shall not give rise to any prepayment remedy, premium
or Make-Whole Amount. Notwithstanding the foregoing, it shall be a condition precedent to any
disbursement of insurance proceeds held by Agent hereunder that Agent shall have approved (such
approval not to be unreasonably withheld) (x) all plans and specifications for any proposed repair
or restoration, (y) the construction schedule and (z) the architect’s and general contractor’s
contracts for all restoration that exceeds $100,000 in the aggregate. Agent may establish other
conditions it deems reasonably necessary to assure the work is fully completed in a good and
workmanlike manner free of all liens or claims by reason thereof, and in compliance with all
applicable laws, rules and regulations. At Agent’s option, the net insurance proceeds shall be
disbursed pursuant to a construction escrow reasonably acceptable to Agent. If an Event of Default
then exists, or any of the conditions set forth in clauses (a) through (e) of this Section
5(a)(iii) have not been met or satisfied, the net insurance proceeds shall be applied to the
Indebtedness (without incurrence of any prepayment

penalty premium or Make-Whole Amount) in such order and manner as Agent may elect, whether
or not due and payable, with any excess paid to Borrower.

(iv) In the event Borrower fails to provide Agent with evidence of the insurance coverage
required by this Mortgage, and such failure continues for five (5) business days after receipt of
notice of such failure Agent may purchase insurance at Borrower’s expense to protect Agent’s or
Lender’s interest in the Property. This insurance may, but need not, protect Borrower’s interests.
The coverage purchased by Agent may not pay any claim made by Borrower or any claim that is made
against Borrower in connection with the Property. Borrower may later cancel any insurance
purchased by Agent, but only after providing Agent with evidence that Borrower has obtained
insurance as required by this Mortgage. If Agent purchases insurance for the Property, Borrower
will be responsible for the costs of that insurance, including interest and other out-of-pocket
reasonable charges incurred by Agent in connection with the placement of the insurance, until the
effective date of the cancellation or expiration of the insurance. The costs of the insurance may
be added to the Obligations. The costs of the insurance may be more than the cost of insurance
Borrower is able to obtain on its own.

(b) Condemnation.

(i) Borrower shall within three (3) business days of its

receipt of notice thereof, notify Agent of any action or proceeding relating to any condemnation
or other taking, whether direct or indirect, of the Property, or part thereof, and Borrower shall,
after consultation with and subject to Agent’s approval (not to be unreasonably withheld), appear
in and prosecute any such action or proceeding. Upon Borrower’s failure to act in accordance with
Agent’s prior approval, Borrower authorizes Agent, at Agent’s option, as attorney-in-fact for
Borrower (such appointment as attorney-in-fact is coupled with an interest), to commence, appear
in and prosecute, in Agent’s or Borrower’s name, any action or proceeding relating to any
condemnation or other taking of the Property, and to settle or compromise any claim in connection
with such condemnation or other taking. The proceeds of any award, payment or claim for damages,
direct or consequential, in connection with any condemnation or other taking of the Property, or
part thereof, or for conveyances in lieu of condemnation, are hereby assigned to and shall be paid
to Agent and in accordance with the provisions of Section 5(b)(ii) below. Agent is
authorized (but is under no obligation) to collect any such proceeds.

(ii) Agent may, in its sole discretion, elect to (y) apply the

net proceeds of any condemnation award (after deduction of Agent’s reasonable costs and expenses,
if any, in collecting the same) in reduction of the Indebtedness in such order and manner as Agent
may elect (such application not to give rise to any prepayment penalty, premium or Make-

Whole. Amount), whether due or not or (z) make the proceeds available to
Borrower for the restoration or repair of the Property. If the net proceeds of the
condemnation award are made available to Borrower for restoration or repair, the net
proceeds of the condemnation award shall be disbursed upon satisfaction of and in
accordance with the terms and conditions set forth in Section 5(a)(i) above.
Agent is authorized (but is under no obligation) to collect any such proceeds.

6. Preservation and Maintenance of Property. Borrower shall (a) not

commit waste or permit impairment or deterioration of the Property; (b) not abandon the Property
it being agreed that Borrower’s net leasing of the Property to a third party shall not constitute
an abandonment of the Property by Borrower); (c) keep the Property (or cause the Property to be
kept) in good repair and restore or repair (or cause to restore or repair) promptly, in a good and
workmanlike manner, all or any part of the Property to the equivalent of its original condition,
or such other condition as Agent may approve in writing (such approval not to be unreasonably
withheld), upon any damage or loss thereto; (d) comply (or cause compliance) with all laws,
ordinances, regulations and requirements of any governmental body applicable to the Property; (e)
at any time the Property is not subject to the Master Lease or another Lease of a similar nature
approved by Agent (such approval not to be unreasonably withheld), provide for management of the
Property by a property manager reasonably satisfactory to Agent pursuant to a contract in form and
substance reasonably satisfactory to Agent; and (f) upon obtaining actual knowledge of any such
action or proceeding, give notice in writing to Agent of and, unless otherwise directed in writing
by Agent, appear in and defend any action or proceeding purporting to affect the Property, the
security granted by the Loan Documents or the rights or powers of Agent. Neither Borrower nor
(except to the extent permitted in the Master Lease) any tenant or other person shall remove,
demolish or alter any Improvement on the Land except when incident to the replacement of fixtures,
equipment, machinery and appliances with items of like kind.

7. Protection of Lender’s Security. If (a) Borrower fails to pay the

Indebtedness or to perform the Obligations and such default ripens into an Event of Default, (b)
any action or proceeding is commenced which affects or could reasonably be expected to affect the
Property or Agent’s or Lender’s interest therein, including any loss, damage, cost, expense or
liability incurred by Agent or Lender with respect to (i) any environmental matters relating to
the Property or (ii) the preparation of the commencement or defense of any action or proceeding or
any threatened action or proceeding affecting the Loan Documents or the Property, then Agent, at
Agent’s option, may make such appearances, disburse such sums and take such action as Agent deems
necessary, in its reasonable discretion, to protect the Property or Agent’s or Lender’s interest
therein, including entry upon the Property (subject to the rights of tenants and subtenants) to
take such actions Agent determines reasonably appropriate to preserve, protect or restore the
Property. Any amounts disbursed by Agent or Lender pursuant to this Section 7 (including
reasonable attorneys’ fees, costs and expenses), together with interest thereon at the “Default
Rate” (defined in the Note) from the date of disbursement, shall become additional Indebtedness of
Borrower secured by the lien of this Mortgage and the other Loan Documents and shall be due and

payable on demand. Nothing contained in this Section 7 shall require Agent or Lender
to incur any expense or take any action hereunder.

8. Actions. Borrower shall warrant title subject to the Permitted

Exceptions, the encumbrances created hereby and any subsequent encumbrances approved by Agent in
writing (such approval not to be unreasonably withheld for items with respect to Borrower’s
incurrence of debt) and appear in and defend any claim or any action or other proceeding purporting
to affect title or other interests relating to any part of the Property, the security of this
Mortgage or the rights of Agent or Lender, and, upon obtaining actual knowledge thereof give Agent
prompt written notice of any such claim, action or proceeding. Agent may, at the expense of
Borrower, appear in and defend any such claim, action or proceeding and any claim, action or other
proceeding asserted or brought against Agent or Lender in connection with or relating to any part
of the Property or this Mortgage.

9. Leases; Assignment of Rents. Borrower shall not, without Agent’s

prior written consent (which consent shall not be unreasonably withheld), execute, modify, amend,
surrender or terminate any Lease to which it is a party. All Leases executed or renewed after the
date hereof (other than any renewals (without modification) of the Ground Lease or Master Lease)
must be approved by Agent (which approval shall not be unreasonably withheld) must be approved by
Agent prior to the execution or renewal thereof by Borrower. Borrower shall not be authorized to
enter into any further ground lease of the Property without Agent’s prior written approval. If
Agent consents to any new lease or the renewal of any existing lease (other than the renewal of the
Ground Lease or the Master Lease without modification), at Agent’s request, Borrower shall cause
the tenant thereunder to execute a subordination and attornment agreement in form and substance
reasonably satisfactory to Agent prior to Borrower’s execution of such Lease.

Borrower shall, in all material respects, comply with and observe Borrower’s obligations as
landlord under all Leases to which it is a party. This Mortgage shall not make Agent responsible
for the control, care, management, or repair of the Property or any personal property or for the
carrying out of any of the terms of the Leases unless and until Agent takes possession and control
of the Property . Agent shall not be liable in any way for any injury or damage to person or
property sustained by any person or persons, firm or corporation in or about the Property.

Borrower absolutely and unconditionally assigns and transfers to Agent, for the benefit of
Agent and Lender, all of Borrower’s right, title and interest in and to the Rents; provided,
however, so long as an Event of Default has not occurred and is continuing, Borrower shall have the
right to collect all Rents, and shall hold the same, in trust, to be applied first to the payment
of all impositions, levies, taxes, assessments and other charges upon the Property, second to
maintenance of insurance policies upon the Property required hereby (to the extent not paid for by
the tenant under the Master Lease), third to the expenses of Property operations (to the extent not
paid for by the tenant under the Master Lease), including maintenance and repairs required hereby,
fourth to the payment of that portion of the Indebtedness then due and payable, and fifth, the
balance, if any, to or as directed by Borrower. If an Event of Default has occurred and is
continuing, Borrower’s right to collect

and secure the Rents shall, upon notice from Agent, cease and Agent shall have the sole
right, with or without taking possession of the Property to collect all Rents and apply the same
first to the payment of all impositions, levies, taxes, assessments and other charges upon the
Property, second to maintenance of insurance policies upon the Property required hereby (to the
extent not paid by for by the tenant under the Master Lease), third to the expenses of Property
operations (to the extent not paid for by the tenant under the Master Lease), including maintenance
and repairs required hereby, fourth to the payment of that portion of the Indebtedness then due and
payable, and fifth, the balance, if any, to or as directed by Borrower. Borrower has executed and
delivered to Agent, for the benefit of itself and Lender an Assignment of Leases and Rents of even
date herewith, and, to the extent the provisions of this Section 9 are inconsistent with
the provisions of said Assignment of Leases and Rents, the provisions of this Mortgage shall
control.

10. Statements by Borrower. Borrower shall within ten (10) days after

Agent’s request, furnish Agent with a written statement, duly acknowledged, setting forth the sums,
according to Borrower’s books and records, secured by the Loan Documents and any right of set-off,
counterclaim or other defense which, to Borrower’s then knowledge, exists against such sums and the
Obligations.

11. Transfers of the Property or Interests in Borrower. Borrower
shall

not (a) create or permit the creation of any new ownership interest in Borrower or General Partner
or Principal or (b) sell, transfer, encumber, convey or otherwise dispose of (or permit any of the
foregoing) (i) all or any part of the Land or the Improvements, or any interest therein (other than
as provided in that certain side letter described in Section 6.1(b) of the Loan Agreement) or (ii)
any direct or indirect ownership interest in Borrower or General Partner or Principal (including
any interest in the profits, losses or cash distributions in any way relating to the Property or
Borrower or General Partner). In addition, if Seavest Inc. fails to continue to indirectly control
the day to day management and operation of Borrower’s business, then Agent may, at Agent’s option,
declare all of the Indebtedness to be immediately due and payable, and Agent may invoke any
remedies permitted by the Loan Documents. Intestate transfers or transfers by devise or estate
planning transfers to trusts, the beneficiaries of which are family members of the transferor,
shall not constitute a transfer for the purposes of the foregoing provisions. In addition, the
provisions of this Mortgage shall be subject at all times to the transfer restrictions contained in
the Loan Agreement. Notwithstanding any provision to the contrary contained in this instrument, all
of the transfers permitted pursuant to the express terms of the Loan Agreement, including without
limitation transfers in connection with the Recapitalization (as defined in the Loan Agreement),
are hereby permitted without Agent’s or Lender’s consent.

12. Reserved.

13. No Additional Liens, Encumbrances or Indebtedness. Borrower covenants not
to execute any mortgage, deed of trust, security agreement, assignment of leases and rents or other
agreement granting a lien (except the liens granted to Lender by the Loan Documents) against or
encumbrance on the Property or take or fail to take any other action which would result in a lien
against the Property or the interest of Borrower in the

Property without the prior written consent of Agent; provided, however, Borrower may in
good faith, by appropriate proceeding, contest the validity or amount of any asserted lien and,
pending such contest, Borrower shall not be deemed to be in default hereunder if Borrower shall
first obtain an endorsement, in form and substance satisfactory to Agent to the loan policy of
title insurance issued to Agent for the benefit of Lender insuring over such lien, or, if no such
loan policy shall have been issued, then Borrower shall deposit with Agent a bond or other
security satisfactory to Agent in the amount of 150% of the amount of such lien to assure payment
of the same as and when due.

14. Borrower and Lien Not Released. Without affecting
the liability of

Borrower or any other person liable for the payment of the Indebtedness, and without affecting the
lien or charge of this Mortgage as security for the payment of the Indebtedness, Agent may, from
time to time and without notice to any junior lien holder or holder of any right or other interest
in and to the Property: (a) release any person so liable; (b) waive or modify any provision of
this Mortgage or the other Loan Documents or grant other indulgences; (c) release all or any part
of the Property; (d) take additional security for any obligation herein mentioned; (e) subordinate
the lien or charge of this Mortgage; (f) consent to the granting of any easement; (g) consent to
any map or plan of the Property; or (h) consent to the modification of the Ground Lease. Nothing
herein shall be construed to permit Lender to unilaterally amend a Loan Document (including this
Mortgage) to which there are other parties.

15. Uniform Commercial Code Security Agreement.

(a) This Mortgage shall cover, and the Property shall include,
all of

Borrower’s right, title and interest in and to all property now or hereafter affixed or
attached to the Land, which to the fullest extent permitted by law, shall be deemed
fixtures and a part of the Land. In addition this Mortgage shall constitute a security
agreement pursuant to the Code for any portion of the Property which, under applicable law,
may be subject to a security interest pursuant to the Code (such portion of the Property is
hereinafter called the “Personal Property”) and Borrower hereby grants to Agent, for the
benefit of Agent and Lender a security interest in the Personal Property. Agent, for the
benefit of Agent and Lender shall have all of the rights and remedies of a secured party
under the Code as well as all other rights and remedies available at law or in equity.

(b) Borrower agrees to execute and deliver to Agent any financing

statements, as well as extensions, renewals and amendments thereof, and reproductions
of this Mortgage in such form as Agent may reasonably require to perfect a security interest
with respect to the Personal Property. Borrower hereby authorizes and empowers Agent and
irrevocably appoints Agent its agent and attorney-in-fact to execute and file, on Borrower’s
behalf, all financing statements and refilings and continuations thereof as Agent deems
necessary or advisable to create, preserve and protect such lien. Borrower shall pay all
reasonable costs of filing such financing statements and any extensions, renewals,
amendments and releases thereof,

and shall pay all reasonable costs and expenses of any record searches for financing
statements as Agent may reasonably require.

(c) Borrower shall not, without the prior written consent of
Agent,

sell, assign, transfer, encumber, remove or permit to be removed from the Property any of
the Personal Property. So long as no Event of Default exists and is continuing, Borrower
may sell or otherwise dispose of the Personal Property when obsolete, worn out, inadequate,
unserviceable or unnecessary for use in the operation of the Property, but only upon
replacing the same with other Personal Property at least equal in value and utility to the
disposed Personal Property. Any replacement or substituted Personal Property shall be
subject to the security interest granted herein.

(d) To the extent permitted by law, Borrower, Lender and Agent

agree that with respect to all items of Personal Property which are or will become fixtures
on the Land, this Mortgage shall be effective as a financing statement filed as, and shall
constitute, a “fixture filing,” within the meaning of the Code, and is to be filed for
record in the real estate records of each County where any part of the Land (including said
fixtures) is situated. This Mortgage shall also be effective as a financing statement
covering as-extracted collateral (including oil and gas and other minerals), accounts and
general intangibles under the Code, which will be financed at the wellhead or minehead of
the wells or mines located on the Land, and is to be filed for record in the real estate
records of each county where any part of the Land is situated. This Mortgage shall also be
effective as a financing statement covering any other property and may be filed in any
other appropriate filing or recording. Borrower is the record owner of the Leasehold
Estate. The mailing address for Borrower (debtor) is set forth on the first page of this
Mortgage and the address of Lender (secured party) from which information concerning the
security interest may be obtained is the address of Lender set forth on the first page of
this Mortgage.

(e) Upon the occurrence of an Event of Default, Lender may

exercise its rights of enforcement with respect to the Personal Property under the New
Mexico Uniform Commercial Code, as amended.

(f) This Mortgage constitutes a “construction mortgage,” as
defined

in NMSA 1978, § 55-9-334(h) (2001), as it may be revised from time to time, to the extent
that it secures an obligation incurred for the construction of an improvement on the Land,
including the acquisition cost of the Land.

16. Events of Default; Acceleration of Indebtedness. The occurrence of

any one or more of the following events shall constitute an “Event of Default” under this
Mortgage:

(a) failure of any Borrower Party to pay, within five (5) days after

Agent delivers to Borrower notice of non-payment of any of the Indebtedness, including any
payment due under the Note; or

(b) failure of Borrower to strictly comply with
Sections 9 (Leases),

11 (prohibition on transfers), 13 (no additional liens) and 34(a), (b), (f), (g) and (j)
(Ground Lease Covenants) of this Mortgage, or to maintain all policies of insurance
required hereunder to be maintained within two (2) business days after notice of the
termination or expiration of any such policies from Agent or any insurance carrier; or

(c) failure of any Borrower Party, within thirty (30) days after

written notice and demand, to satisfy each and every Obligation not set forth in the
subsections above; provided, however, if such Obligation cannot by its nature be cured
within thirty (30) days, and if Borrower commences to cure such failure promptly after
written notice thereof and thereafter diligently pursues the curing thereof (and then in all
events cures such failure within ninety (90) days after the original notice thereof),
Borrower shall not be in default hereunder during such period of diligent curing; or

(d) Borrower changes the state of its formation/incorporation or
its

company name without providing Agent thirty (30) days prior written notice; or

(e) the occurrence of a default by any Borrower Party or any

Principal under any other Loan Document and the expiration of any applicable notice and/or
cure period, if any; or

(f) the occurrence of a default by Borrower under the Ground
Lease

or the Master Lease and the expiration of any applicable notice and/or cure period, if any;
or

(g) the termination or rejection in bankruptcy of the Ground
Lease.

Upon the occurrence of an Event of Default, at the option of Agent, the Indebtedness shall become
immediately due and payable without notice to Borrower and Agent shall be entitled to all of the
rights and remedies provided in the Loan Documents or at law or in equity. Each remedy provided in
the Loan Documents is distinct and cumulative to all other rights or remedies under the Loan
Documents or afforded by law or equity, and may be exercised concurrently, independently, or
successively, in any order whatsoever.

17. Entry; Foreclosure. During the occurrence of an Event of Default,

Borrower, upon demand of Agent, shall forthwith surrender to Agent the actual possession of the
Property, or to the extent permitted by law, to Agent or a receiver appointed by a court of
competent jurisdiction, may enter and take possession of all or any part of the Property, and may
exclude Borrower and its agents and employees wholly therefrom, and may have joint access with
Borrower to the books, papers and accounts of Borrower. If Borrower shall for any reason fail to
surrender or deliver the Property or any part thereof after such demand by Agent, Agent or such
receiver may obtain a judgment or decree conferring on Agent or such receiver, the right to
immediate possession of the Property or requiring the delivery of the Property to Agent or such
receiver, and Borrower specifically consents to the entry of such judgment or decree. Upon every
such entering upon or taking of possession, Agent or such

receiver may hold, store, use, operate, manage and control the Property and conduct the
business thereof, and Agent or such receiver may take any action required by applicable law or
which Agent or such receiver believes necessary to enforce compliance with the environmental
provisions contained herein or in the other Loan Documents, and negotiate with governmental
authorities with respect to the Property’s environmental compliance and remedial measures in
connection therewith. Agent and such receiver and their representatives shall have no liability
for any loss, damage, injury, cost or expense resulting from any action or omission which was
taken or omitted in good faith.

When the Indebtedness or any part thereof shall become due, whether by acceleration or
otherwise, if Borrower fails to fully pay such Indebtedness within five (5) days after Agent
delivers to Borrower notice of non-payment thereof, Agent may, either with or without entry or
taking possession as herein provided or otherwise, proceed by suit or suits at law or in equity or
by any other appropriate proceeding or remedy to: (a) enforce payment of the Note or the
performance of any term, covenant, condition or agreement of Borrower under any of the Loan
Documents; (b) foreclose the lien hereof for the Indebtedness or part thereof and sell the
Property as an entirety or otherwise, as Agent may determine; (c) exercise its rights under
Section 10 with respect to all or any portion of the Personal Property in accordance with
the provisions of the UCC; provided Agent shall have no obligation to clean up or otherwise
prepare such Personal Property for sale nor marshal any Personal Property in favor of Borrower or
any other secured party; and/or (d) pursue any other right or remedy available to it under or by
the law and decisions of the State in which the Land is located. Agent may comply with any
applicable state or federal law requirements in connection with a disposition of the Personal
Property and compliance will not be considered adversely to affect the commercial reasonableness
of any sale of the Personal Property. More specifically, upon the occurrence and during the
continuance of any Event of Default, in addition to proceeding by suit(s) at law or equity to
enforce payment of the secured obligations of Borrower to Lender, in accordance with their terms,
Lender may, at its option, proceed to foreclose the lien of this Mortgage as to some or all of the
Property, whether real property or personal property, and to have such Property sold under the
judgment or decree of a court of competent jurisdiction, to the highest bidder for cash at public
auction. Sale pursuant to a judicial decree of foreclosure shall be conducted by a court-appointed
special master, or otherwise as ordered by the court, in compliance with all notice and other
requirements of the laws of the State of New Mexico, and in accordance with the terms of the
foreclosure decree or related court orders. Any person, including Lender, may be a purchaser of
any of the Property at a judicial foreclosure sale, to the extent permitted by law, and Lender
will be entitled to a credit on the purchase price in the amount of any judgment received by
Lender in the foreclosure action or any portion thereof, except that cost and expenses adjudged
payable to others then the Lender will be payable in cash. Lender may sell anyfixtures and
personal property of Borrower encumbered hereunder or under any security agreement of Borrower in
favor of Lender in whole or part and in any order, together with the real property and
improvements or separately Notwithstanding any statute or rule of law to the contrary, the failure
to join any tenant or tenants of the Property as party defendant or defendants in any foreclosure
action or the failure of any such order or judgment to foreclose their rights shall not be
asserted by Borrower as a defense in any civil

action instituted to collect (a) the Indebtedness, or any part thereof or (b) any
deficiency remaining unpaid after foreclosure and sale of the Property.

18. Appointment of Receiver or Mortgagee in Possession. If an Event

of Default is continuing, upon application to a court of competent jurisdiction, shall be entitled
as a matter of strict right, without notice, and without regard to the occupancy or value of any
security for the Indebtedness or the insolvency of any party bound for its payment, to the
appointment, at its option, of itself as mortgagee in possession, or of a receiver to take
possession of and to operate the Property, and to collect and apply the Rents, (subject to the
provisions of NMSA 1978, §§ 44-8-1 through 44-8-10 (1995 & 1996), as amended from time to time,
and Rule 1-066 NMRA, to the extent applicable).

19. Expenditures and Expenses. In any action to foreclose the lien
hereof

or otherwise enforce Agent’s or Lender’s rights and remedies hereunder, there shall be allowed and
included as additional Indebtedness all Costs (as defined in the Loan Agreement) which may be paid
or incurred by or on behalf of Agent or Lender; including without limitation, the costs of
collection, enforcement, retaining, holding, preparing for disposition, processing and disposing
of the Personal Property. All Costs and such other reasonable costs, expenses and fees as may be
incurred by Agent or Lender in the protection of the Property and the maintenance of the lien of
this Mortgage, including, reasonable attorneys’ fees and costs in any litigation or proceeding
affecting this Mortgage, the Note, the other Loan Documents, the Property or the Personal
Property, including probate, appellate, and bankruptcy proceedings and any post-judgment
proceedings to collect or enforce any judgment or order relating to this Mortgage or the other
Loan Documents or in preparation for the commencement or defense of any action or proceeding or
threatened action or proceeding, shall be immediately due and payable to Lender, with interest
thereon at the Default Rate, and shall be secured by this Mortgage.

20. Application of Proceeds of Foreclosure Sale. Upon any foreclosure

sale of the Premises, or any part thereof, the proceeds of such sale or sales shall be applied as
follows: (1) first, to pay all fees, charges and costs of conducting the sale and advertising the
Property sold, and to pay any prior liens or encumbrances unless such sale is made subject
thereto, and to pay necessary costs, or reimburse Lender for advances, including, without
limitation, to protect and maintain the Property, and to pay taxes, insurance premiums, reasonable
accountants’ fees, reasonable appraisers’ fees, reasonable environmental engineers’ fees, court
costs, and reasonable attorneys’ fees and other reasonable costs, with interest on Lender’s
advances at the rate provided for in the Loan Documents, (2) second, to pay the Lender all amounts
due under, and as provided in, the Note (including, without limitation, the Make Whole Premium),
this Mortgage, the other Loan Documents, and all other obligations secured under this Mortgage, in
such order as Lender in its sole discretion shall determine; (3) third, the remainder of the
proceeds, if any, to whomever shall be lawfully entitled thereto, as ordered by the court in the
foreclosure proceedings. The application of proceeds of sale or other proceeds as otherwise
provided herein shall be deemed to be payment of the Indebtedness like any other payment. The
balance of the Indebtedness remaining unpaid, if any, shall remain fully due and owing in
accordance with the terms of the Note or other Loan Documents.

21. Future Advances. This Mortgage is given to secure not
only the

existing Indebtedness, but also future advances (whether such advances are obligatory or are made
at the option of Lender or Agent, or otherwise) made by Agent or Lender under the Loan Agreement,
the Note or this Mortgage, to the same extent as if such future advances were made on the date of
the execution of this Mortgage, subject to the provisions of NMSA 1978, § 48-7-9 (1975), as well as
to the “maximum amount secured” provisions of this Mortgage based thereon and set forth in the
paragraph on page 5 above immediately following the “TO HAVE AND TO HOLD” paragraph, which can also
be described as the second paragraph following paragraph 6 (F) of the granting clause in this
Mortgage.

22. Waiver of Statute of Limitations. Borrower hereby waives the
right

to assert any statute of limitations as a bar to the enforcement of the lien created by any of the
Loan Documents or to any action brought to enforce the Note or any other obligation secured by any
of the Loan Documents.

23. Waiver of Homestead and Shortening of Redemption Period.

Borrower hereby waives all right of homestead exemption in the Property. The redemption period
following a court-ordered judicial foreclosure sale shall be one month instead of nine months, as
provided in NMSA 1978, § 39-5-19 NMSA (1965), as it may be amended from time to time. .

24. Governing Law; Severability. This Mortgage shall be governed by
and

construed in accordance with the internal laws of the State of Illinois except that the provisions
of the laws of the jurisdiction in which the Property is located shall be applicable to the
creation, perfection and enforcement of the liens created by this Mortgage on all (a) real property
(including improvements, appurtenances and the rents, issues and profits of real property) and (b)
except as otherwise provided by the Code, personal property. The invalidity, illegality or
unenforceability of any provision of this Mortgage shall not affect or impair the validity,
legality or enforceability of the remainder of this Mortgage, and to this end, the provisions of
this Mortgage are declared to be severable.

25. Notice. Notices shall be given under this Mortgage in conformity
with

the terms and conditions of the Loan Agreement and in conformity with applicable law.

26. Successors and Assigns Bound; Joint and Several Liability; Agents;

Captions. The covenants and agreements contained in the Loan Documents shall bind, and the
rights thereunder shall inure to, the respective successors and assigns of Agent, Lender and
Borrower, subject to the taking any actions provided for therein, Agent may act through its
employees, agents or independent contractors as authorized by Agent. The captions and headings of
the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or
define the provisions hereof.

27. Release. Upon payment in full of the principal sum, interest and other

Indebtedness secured by the Mortgage and satisfaction of all obligations secured by the Mortgage,
Lender shall cause the Mortgage to be released of record in accordance with the applicable
provisions of NMSA 1978, § 48-7-4 (1991), as amended from time to time.

Borrower shall pay Lender’s reasonable costs incurred in releasing this Mortgage and any
financing statements related hereto.

28. Loss of Note. Upon notice from Agent of the loss,
theft, or destruction

of the Note and upon receipt of an affidavit of lost note and an indemnity reasonably satisfactory
to Borrower from Agent, or in the case of mutilation of the Note, upon surrender of the mutilated
Note, Borrower shall make and deliver a new note of like tenor in lieu of the then to be superseded
Note.

29. Survival of Obligations. Each and all of the
Obligations shall survive

the execution and delivery of the Loan Documents and the consummation of the Loans called for
therein and shall continue in full force and effect until the Indebtedness shall have been paid in
full; provided, however, that nothing contained in this Section 29 shall limit the
Obligations of Borrower as otherwise set forth herein.

30. Covenants Running with the Land. All Obligations contained in
this

Mortgage and the other Loan Documents are intended by Borrower and Agent to be, and shall be
construed as, covenants running with the Property until the lien of this Mortgage has been fully
released by Agent.

31. Entire Agreement. THIS MORTGAGE AND OTHER LOAN DOCUMENTS EMBODY THE FINAL,
ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS AND UNDERSTANDING, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF
AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OR PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG
THE PARTIES HERETO.

32. Further Assurances. Borrower agrees to execute any further

documents, and to take any further actions reasonably requested by Agent to evidence or perfect the
security interests granted herein, to maintain the first priority of the security interests, and to
effectuate the rights specifically granted to Agent and Lender hereunder.

33. Jury Trial Waiver. BORROWER AND LENDER BY ITS ACCEPTANCE OF
THIS MORTGAGE, HEREBY WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THE LOAN DOCUMENTS AND THE BUSINESS RELATIONSHIP
THAT IS BEING ESTABLISHED. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY BORROWER
AND BY 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 BORROWER AND LENDER HAVE 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 THE LOAN DOCUMENTS AND IN THE MAKING OF THIS
WAIVER BY INDEPENDENT LEGAL COUNSEL.

34. Ground Lease Covenants.

For so long as the Indebtedness shall remain outstanding, Borrower hereby covenants, warrants
and represents as follows:

(a) The Ground Lease is and shall be maintained in full force and

effect. Borrower shall not suffer or permit any amendments or modifications of the Ground
Lease to be made, except for such amendments or modifications as are permitted in writing
by Agent, such permission not be unreasonably withheld.

(b) Borrower shall cause all rent, additional rent and other
charges

payable under the Ground Lease to be paid when due (subject to (i) any applicable notice
and cure periods under the Ground Lease and (ii) appropriate contesting of any such rent or
other charges, if any, solely as permitted by the Ground Lease, provided that Agent is
provided with adequate security for such contest).

(c) There are, as of the date hereof, and will be, no defenses to

Borrower’s enforcement of its rights under the Ground Lease.

(d) As of the date hereof, (i) Borrower is not in default in the

performance of any of its obligations under the Giound Lease, and (ii) there are no
circumstances which, alone or with the passage of time or the giving of notice or both,
would constitute an event of default thereunder.

(e) To Borrower’s knowledge, as of the date hereof, Ground Lessor

is not in default in the performance of any of its material obligations under the Ground
Lease.

(f) Borrower will promptly and faithfully, in all material
respects,

observe, perform and comply, or cause the observance, performance and compliance with, all
the material terms, covenants and provisions of the Ground Lease, on its part to be
observed, performed and complied with, at the times set forth therein, and, upon acquiring
knowledge of the same, will enforce the material obligations of Ground Lessor under the
Ground Lease, to the end that Borrower may enjoy all of the material rights granted it
under the Ground Lease.

(g) Without Agent’s prior written consent, Borrower will
not suffer

or permit a cancellation or termination of the Ground Lease, nor any subletting or
assignment of any of Borrower’s interest under the Ground Lease (other than the Master Lease
and the subleases permitted thereunder).

(h) Upon obtaining actual knowledge, Borrower will give Agent

prompt notice of any default by any party under the Ground Lease, and promptly deliver to
Agent copies of each notice of default sent or received by Borrower under the Ground Lease.

(i) Borrower will furnish to Agent such information and evidence

as Agent may reasonably request concerning Borrower’s due observance, performance and
compliance with the terms, covenants and provisions of the Ground Lease. If any default by
Borrower has occurred under the Ground Lease and Ground Lessor has delivered written notice
thereof, Agent shall have the right, but not the obligation, to cure such default and all
reasonable sums paid to cure any such default shall bear interest at the Default Rate and
shall be added to the Indebtedness in accordance with the provisions of Section 7 of
this Mortgage.

Fee title to the Land and the leasehold estate conveyed by the Ground Lease shall not
merge but shall always be kept separate and distinct, notwithstanding the union of said
estates in either Ground Lessor, Borrower or a third party, whether by purchase or otherwise
and accordingly, if Borrower acquires the fee title or any other estate, title or interest
in the Land demised by the Ground Lease, or any part thereof, the lien of this Mortgage
shall attach to, cover and be a lien upon such acquired estate, title or interest and same
shall thereupon be and become a part of the Property with the same force and effect as if
specifically encumbered herein.

(k) Neither Agent nor Lender shall have any liability or obligation

under the Ground Lease by reason of its acceptance of this Mortgage.

35. Counterparts. This Mortgage may be executed in
multiple

counterparts, each of which shall constitute an original, and together shall constitute one and the
same instrument.

36. Limitation on Indemnification. The parties reaffirm
their intent that

this Mortgage be governed by, and construed in accordance with, the law chosen in Section 24 above.
Nevertheless, to the extent, if at all, that any provision requiring one party to indemnify, hold
harmless, insure, or defend another party (including such other party’s employees or agents)
contained herein or in any related documents is found to be within the scope of NMSA (1978), §
56-7-1 (2005), as amended from time to time, or in any way subject to, or conditioned upon
consistency with, the provisions of NMSA (1978), § 56-7-1 (2005), as amended from time to time, for
its enforceability, then such provision, regardless of whether it makes reference to this or any
other limitation provision, shall not extend to liability, claims, damages, losses or expenses,
including attorney fees, arising out of bodily injury to persons or damage to property caused by or
resulting from, in whole or in part, the

negligence, act or omission of the indemnitee or additional insured, as the case may be, its
officers, employees or agents, and shall be further modified, if required, by the provisions of
NMSA (1978), § 56-7-1 (B)(2005), as amended from time to time.

37. Inconsistencies with Foreclosure Laws. In the event that any

provision in this Mortgage shall be inconsistent with any provision of the statutes or common law
of the State of New Mexico governing the foreclosure of this Mortgage (collectively, the
“Foreclosure Laws”), including, without limitation, as such statutes or common law relate to
procedures for judicial foreclosure, procedures for sale under the UCC, or any other matter, the
provisions of the Foreclosure Laws shall take precedence over the provisions of this Mortgage, but
shall not invalidate or render unenforceable any other provision of this Mortgage that can be
construed in a manner consistent with the Foreclosure Laws.

38. Junior Encumbrancers. Any person or entity purporting to have or
to

take a junior mortgage or other lien upon the Premises or any interest therein shall be subject to
the rights of Lender to amend, modify, increase, vary, alter or supplement this Mortgage, the Note,
the other Loan Documents, and/or any of the obligations secured by this Mortgage, and to extend the
maturity date of the indebtedness secured hereby and to increase the amount of the indebtedness
secured hereby and to waive or forebear the exercise of any of its rights and remedies hereunder or
under any of the other Loan Documents and to release any collateral or security for the
indebtedness secured hereby, in each and every case without obtaining the consent of the holder of
such junior lien and without the lien or security interest of this Mortgage losing its priority
over the rights of any such junior lien.

39. Commitment in Writing. Under NMSA 1978, § 58-6-5 (1999), a

contract, promise or commitment to loan money or to grant, extend or renew credit or any
modification thereof, in an amount greater than Twenty-Five Thousand and No/100 Dollars
($25,000.00) not primarily for personal, family or household purposes made by a financial
institution is not enforceable unless in writing and signed by the parties to be charged or that
party’s authorized representatives.

[Remainder of page intentionally blank; signature page follows]

CARLSBAD-TMB, LLC, a Delaware limited liability company

By: Seavest Properties I, LLC,

a Delaware limited liability company, its Managing Member

By: SP I Manager, LLC,

a Delaware limited liability company, its Managing Member

By: Seavest Inc.,

a New York corporation, its Non-Member Manager

By: /s/ Douglas F. Ray

Name: Douglas F. Ray

Its: President

NEW MEXICO FORM OF ACKNOWLEDGMENT

	 	 	 	 	 
	STATE OF NEW YORK
	 	 	)	 
	 
	 	 	)	 
	COUNTY OF WESTCHESTER
	 	 	)	 

The foregoing instrument was acknowledged before me this 22nd day
of

December, 2006, by Douglas Ray, the Vice President of Seavest , Inc., a New York corporation,
non-member/ manager of SMP Manager, LLC, a Delaware limited liability company, managing member of
Seavest Medical Properties, LLC, a Delaware limited liability company, managing member of
SMP-General Partner, LLC, a Delaware limited liability company, general partner of TMB-Carlsbad,
LLC., a Delaware limited liability company, on behalf of said limited partnership.

/s/ Ascensina D. Tookmanian

Notary Public

Ascensina D. Tookmanian

Printed Name (or Stamp) of Notary Public

My Appointment Expires: September 21, 2010EX-10.6

614413v3 12/29/2006 2:42:26 PM 4866.193

THIS DOCUMENT PREPARED WITH THE ASSISTANCE OF AN ATTORNEY LICENSED IN NEW MEXICO, AND AFTER
RECORDING SHOULD BE RETURNED TO:

David P. Resnick, Esq.

	 	 	 	Goldberg, Kohn, Bell, Black,

	 	 	 	Rosenbloom & Moritz, Ltd.

55 East Monroe Street, Suite 3700

Chicago, Illinois 60603

	 	 	 	SPACE
ABOVE THIS LINE IS FOR RECORDER’S
USE ONLY

LINE OF CREDIT LEASEHOLD MORTGAGE, ASSIGNMENT OF

LEASES AND RENTS, SECURITY AGREEMENT

AND FIXTURE FILING

(HOBBS, NEW MEXICO)

Borrower’s Organizational Identification Number

is DE 68-0500079

THIS LINE OF CREDIT MORTGAGE AND SECURITY AGREEMENT IS A “LINE OF CREDIT MORTGAGE” WITHIN THE
SCOPE OF NMSA 1978, § 48-7-4 (B) (1991), AS AMENDED FROM TIME TO TIME.

Loan No. 70004291

This LINE OF CREDIT LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT
AND FIXTURE FILING (this “Mortgage”) is made as of this 29th day of December, 2006, between
HOBBS-TMB, LLC, a Delaware limited liability company (“Borrower”), whose address is 707
Westchester Avenue, White Plaines, New York 10604, in favor of GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation, as Agent (“Agent”) (in its individual capacity, “GECC”),
whose mailing address is 2 Bethesda Metro Center, Suite 600, Bethesda, Maryland 20814, for the
benefit of Agent and Lender (as defined below).

RECITALS

A. Lender has agreed, subject to the terms and conditions of that
certain

Loan Agreement of even date herewith (said Loan Agreement, as amended from time to time being
hereinafter referred to as the “Loan Agreement”), executed by and among Borrower, certain
affiliates of Borrower (together with Borrower, the “Borrower Parties” and each individually a
“Borrower Party”), General Electric Capital Corporation, a Delaware corporation (in its individual
capacity as a lender (“GECC”)) and the other financial institutions who are or hereafter become
parties to the Loan Agreement (together with GECC, collectively or individually, as the context
may require, “Lender”) and Agent, as agent for Lender, to make a loan (the “Loan”) to the Borrower
Parties in the aggregate principal amount of up to Forty Three Million Fifty Thousand and No/100
Dollars ($43,050,000.00). The Loan is evidenced by that certain Promissory Note of even date
herewith (the “Initial Funding Note”) in the original principal amount of up to Forty Million
Seven Hundred Fifty Thousand and No/100 Dollars ($40,750,000.00) and that certain Promissory Note
of even date herewith (the “Construction Note”) in the original principal amount of up to Two
Million Three Hundred Thousand and No/100 Dollars ($2,300,000.00), providing for monthly payments
as set forth in the Loan Agreement, with the balance thereof, due and payable on December 28, 2011
(said date or any earlier date on which the entire unpaid principal amount shall be paid or
required to be paid in full, whether by prepayment, acceleration or otherwise is hereinafter
called the “Maturity Date”). The Initial Funding Note, the Construction Note and all amendments
thereto and substitutions therefor are hereinafter referred to collectively, as the “Note.” The
terms and provisions of the Loan Agreement and Note are hereby incorporated by reference in this
Mortgage. Capitalized terms used but not defined herein shall have the meanings provided in the
Loan Agreement.

B. Lender and Agent wish to secure: (i) the payment of the Note,
together

with all interest, premiums and other amounts, if any, due in accordance with the terms of the
Note, as well as the payment of any additional indebtedness accruing to Lender or Agent on account
of any future payments, advances or expenditures made by Lender or Agent pursuant to the Note, the
Loan Agreement or this Mortgage or any of the other Loan Documents (hereinafter defined); (ii) the
performance of each and every covenant, condition, and agreement contained in the Note, the Loan
Agreement, this Mortgage, that certain Hazardous Materials Indemnity Agreement of even date
herewith made by Borrower Parties and Richard Segal (“Segal”) (Segal is referred to herein as
“Principal”) in favor of Agent and

any other documents evidencing or securing the Loan or executed in connection therewith
(such documents together with any modifications, renewals, extensions or replacements thereof are
collectively referred to herein as the “Loan Documents”); and (iii) the payment of any and all
other debts, claims, obligations, demands, monies, liabilities and indebtedness of any kind or
nature now or hereafter owing, arising, due or payable from Borrower Parties to Lender or Agent in
connection with the Loan pursuant to one or more of the Loan Documents. All payment obligations of
Borrower Parties and Principal to Lender or Agent with respect to the Loan or under any of the
Loan Documents are hereinafter sometimes collectively referred to as the “Indebtedness,” and all
other obligations of Borrower Parties and Principal to Agent with respect to the Loan or under any
of the Loan Documents are hereinafter sometimes collectively referred to as the “Obligations”.

NOW, THEREFORE, TO SECURE the repayment of the Indebtedness and the performance of the
Obligations, Borrower has executed this Mortgage and does hereby grant, bargain, sell, convey,
mortgage, assign, warrant, transfer and pledge to Lender, with mortgage covenants (except for and
subject to Permitted Encumbrances defined below and except as otherwise herein provided) and upon
the statutory mortgage condition (except as otherwise herein provided) for the breach of which
after notice and applicable cure period this Mortgage is subject to foreclosure as provided by
law, a mortgage lien upon and a security interest in and to, the following described property now
owned or hereafter acquired and all proceeds thereof (sometimes referred to, collectively, as the
“Property”), subject to those exceptions to title described in the Title Policy (as defined in the
Loan Agreement) (which exceptions to title are referred to herein as the “Permitted
Encumbrances”):

A. The leasehold estate (“Leasehold Estate”) created by that certain

Ground Lease Agreement with respect to real estate described on Exhibit A attached hereto
(the “Land”) dated January 15, 2003 between Lea Regional Hospital, LLC (“Ground Lessor”) and
Borrower as Lessee and as evidenced by that certain Memorandum of Ground Lease recorded on June 1,
2001 in the land records of Lea County, New Mexico in Book 1082, Page 602 (being referred to
herein as the “Ground Lease”);

B. All of Borrower’s right, title and interest in and to the following,

(collectively, the “Improvements”): all buildings, improvements and fixtures now or in the future
located or to be constructed on the Land; to the extent not owned by tenants or subtenants of the
Property, all machinery, appliances, equipment, furniture, fixtures and all other personal
property of every kind or nature located in or on, or attached to, or used or to be used in
connection with the Land, buildings, improvements or fixtures; all building materials and goods
procured for use or in connection with the foregoing; and all additions, substitutions and
replacements to any of the foregoing;

C. To the extent of Borrower’s interest therein and to the extent such
is

assignable, all plans, specifications, architectural renderings, drawings, soil test reports,
other reports of examination or analysis of the Land or the Improvements;

D. All of Borrower’s right title and interest in easements,
rights-of-way,

water courses, mineral rights, water rights, air rights and appurtenances in any way

belonging, relating or appertaining to any of the Leasehold Estate, Land or Improvements,
or which hereafter shall in any way belong, relate or be appurtenant thereto (“Appurtenances”);

E. All of Borrower’s right title and interest in:

1. All leases, licenses and other agreements with regard to the use,

enjoyment or occupancy of the Land and/or Improvements including, without limitation, the that
certain Master Lease dated January 15, 2003 between Borrower as landlord and Ground Lessor as
tenant (the “Master Lease”) and all of the agreements affecting the use, enjoyment or occupancy of
the Property, leases and other occupancy agreements now or hereafter entered into (the “Leases”)
and all rents, prepayments, security deposits, termination payments, royalties, profits, issues
and revenues from the Land and/or Improvements from time to time accruing under the Leases (the
“Rents”), reserving to Borrower, however, so long as no Event of Default (hereinafter defined) is
continuing hereunder, the right to enforce the Leases and to receive and apply the Rents in
accordance with the terms and conditions of Section 9 of this Mortgage, and all guaranties
of any Leases or Rents;

2. All claims, demands, judgments, insurance proceeds, refunds,
reserves,

deposits, rights of action, awards of damages, compensation, settlements and other rights to the
payment of money hereafter made resulting from or relating to (i) the taking of the Leasehold
Estate, the Land or the Improvements or any part thereof under the power of eminent domain, (ii)
any damage (whether caused by such taking, by casualty or otherwise) to the Land, Improvements or
Appurtenances or any part thereof, or (iii) the ownership or operation of the Property;

3. To the extent assignable, all management contracts, permits,

certificates, licenses, approvals, contracts, purchase and sale agreements, purchase options,
entitlements, development rights and authorizations, however characterized, issued or in any way
furnished for the acquisition, construction, development, operation and use of the Land,
Improvements and/or Leases, including building permits, environmental certificates, licenses,
certificates of operation, warranties and guaranties;

4. All of the following types of collateral, as defined in the Uniform

Commercial Code as in effect from time to time in the State of New Mexico (the “Code”): accounts,
contract rights, general intangibles, chattel paper, documents, instruments, inventory, goods,
equipment, investment property, deposit accounts, letter of credit rights, commercial tort claims,
supporting obligations and all books and records relating to the foregoing; provided that Borrower
will cooperate with Lender in obtaining “control” as defined in the Code, with respect to
collateral consisting of deposit accounts, investment property, letter of credit rights and
electronic chattel paper;

5. Any monies on deposit with or for the benefit of Lender, including

deposits for the payment of real estate taxes and any cash collateral account;

6. All proceeds, products, replacements, additions, substitutions, renewals

and accessions of and to the Leasehold Estate, Land, Improvements, Appurtenances or any other
property of the types described in the preceding granting clauses; and

F. Any and all after-acquired right, title or interest of Borrower in and to

any property of the types described in the preceding granting clauses.

TO HAVE AND TO HOLD the Property and all parts thereof together with the rents, issues,
profits and proceeds thereof, unto Lender to its own proper use, benefit, and advantage forever,
subject, however, to the terms, covenants, and conditions herein.

The maximum amount secured by the lien of this Mortgage shall not exceed the aggregate
principal amount at any one time outstanding of $86,100,000.00, plus interest thereon, as well as
costs and attorneys’ fees and any interest due thereon. This statement of the maximum amount
secured is made to comply with NMSA 1978, § 48-7-9 (1975), as amended from time to time, and does
not in any way imply that Lender is obligated at any time to make any future advances or to lend
all or any part of such maximum amount. The statement of such maximum amount limits, pursuant to
NMSA 1978, § 48-7-9 (1975), as amended from time to time, only the total amount which may be, at
any one time outstanding and secured on the terms here set forth.

Information concerning, and copies of, documents referred to in this Mortgage may be obtained
from Lender at the address specified for it in the opening paragraph of this Mortgage.

Borrower covenants and agrees with Lender as follows:

1. Payment of Indebtedness; Performance of Obligations.
Borrower

and/or the other Borrower Parties shall promptly pay when due the Indebtedness and shall promptly
perform all Obligations.

2. Taxes and Other Obligations. Borrower shall pay or
cause to be paid,

when due, and before any interest, collection fees or penalties shall accrue, all taxes,
assessments, fines, impositions and other charges and obligations, which may become a lien on or
charge against the Property (collectively, “Charges”) and shall provide Agent with evidence of the
payment of the same. Borrower shall have the right to contest, in good faith by appropriate
proceedings, the amount or validity of any such Charges so long as: (a) Borrower has given prior
written notice to Agent of Borrower’s intent to so contest or object to any such Charges; (b) such
contest stays the enforcement or collection of the Charges or any lien created; and (c) Borrower
has obtained an endorsement, in form and substance satisfactory to Agent, to the loan policy of
title insurance issued to Agent insuring over any such lien, or Borrower has deposited with Agent
a bond or other security satisfactory to Agent in the amount of 150% of the amount of such
Charges.

Should Borrower fail to make any of such payments, Lender or Agent may, upon notice to
Borrower and Borrower’s failure to pay (or cause payment of) same within

five (5) days after receipt of notice of such failure, at its option and at the expense of
Borrower, pay the amounts due for the account of Borrower. Upon the request of Agent, Borrower
shall immediately furnish to Agent copies of all notices Borrower has received of amounts due and
receipts evidencing payment. Borrower shall promptly, upon obtaining actual knowledge thereof,
notify Agent of any lien on all or any part of the Property (other than the liens created hereby)
and shall promptly discharge any unpermitted lien or encumbrance.

3. Intentionally Omitted.

4. Use of Property. Unless required by applicable law, Borrower
shall

not, to the extent within its control under the Ground Lease and Master Lease permit any material
changes in the use of any part of the Project from the use existing at the time this Mortgage is
executed. Borrower shall not initiate or acquiesce in a change in the plat of subdivision, or
zoning classification of the Property without Agent’s prior written consent, which consent shall
not be unreasonably withheld provided the value of the Property and Agent’s lien will not be
impaired thereby.

5. Insurance and Condemnation.

(a) Insurance.

(i) Borrower shall keep (or cause to be kept) the

Improvements insured, and shall maintain (or cause to be maintained) casualty
coverage, general liability coverage, business interruption coverage and such other
coverages reasonably requested by Agent, by carrier(s), in amounts and in form at
all times reasonably satisfactory to Agent, which carrier(s), amounts and form
shall not be changed without the prior written consent of Agent. Agent’s consent to
a change in carrier(s) and/or forms shall not be unreasonably withheld. All
insurance policies required to be maintained pursuant to this Section 5
(“Insurance Policies”) shall contain a Lender’s Loss Payable Endorsement. All
Insurance Policies shall provide that the coverage shall not be canceled, or
materially modified or reduced, without thirty (30) days advance written notice
from the insurance company to Agent. If a blanket policy is issued, a certified
copy of said policy shall be furnished, together with a certificate indicating that
Agent, for the benefit of itself and Lender, is a certificate holder, mortgagee and
loss payee under such policy in the designated amount.

(ii) In case of loss or damage by fire or other
casualty,

Borrower shall, upon obtaining actual knowledge thereof, give immediate written
notice thereof to the insurance carrier(s) and to Agent. Agent is authorized and
empowered, and Borrower hereby irrevocably appoints Agent as its attorney-in-fact
(such appointment is coupled with an interest), at its option, to make or file
proofs of loss or damage and to settle and adjust any claim under insurance
policies which insure against such risks, or to direct

Borrower, in writing, to agree with the insurance carrier(s) on the amount to be paid in
regard to such loss; provided, however, that as long as no Event of Default then exists, Agent
shall not exercise said Power of Attorney, but instead shall have the right to approve (i) the
proposed proofs of loss or damages and (ii) any settlement or adjustment, such approval not to be
unreasonably withheld. Any attempt by Borrower to make or file proofs of loss or damage or to
settle or adjust any claim under such insurance policies without such approval of Agent shall
constitute an Event of Default.

(iii) Provided no Event of Default then exists and Borrower certifies as to same, the net
insurance proceeds (after deduction of Agent’s out- of-pocket reasonable costs and expenses, if
any, in collecting the same) shall be made available for the restoration or repair of the Property
if, in Agent’s reasonable judgment: (a) the value of Agent’s security is not reduced; (b)
(reserved); (c) the Master Lease has not terminated as a result of the loss or damage and the
tenant thereunder is obligated to (and continues to) pay the rent thereunder without interruption
because of such casualty; (d) the loss does not occur in the nine (9) month period immediately
preceding the stated Maturity Date and Agent’s independent consultant certifies (such
certification to be reasonably issued) that the restoration of the Property can be substantially
completed (so that a certificate of occupancy may be issued and the medical office building may be
occupied) at least nine (9) months prior to the Maturity Date; and (e) Borrower deposits with
Agent from time-to-time an amount, in cash, which Agent, in its reasonable discretion, determines
is necessary, in addition to the net insurance proceeds to pay in full the cost of the restoration
or repair (Borrower’s deposit shall be disbursed prior to any disbursement of insurance proceeds
held by Agent). Any excess proceeds remaining after completion of such repair shall be distributed
first to Borrower to the extent Borrower has deposited funds with Agent for such repair with the
balance applied against the Indebtedness, provided such application shall not give rise to any
prepayment remedy, premium or Make-Whole Amount. Notwithstanding the foregoing, it shall be a
condition precedent to any disbursement of insurance proceeds held by Agent hereunder that Agent
shall have approved (such approval not to be unreasonably withheld) (x) all plans and
specifications for any proposed repair or restoration, (y) the construction schedule and (z) the
architect’s and general contractor’s contracts for all restoration that exceeds $100,000 in the
aggregate. Agent may establish other conditions it deems reasonably necessary to assure the work
is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof,
and in compliance with all applicable laws, rules and regulations. At Agent’s option, the net
insurance proceeds shall be disbursed pursuant to a construction escrow reasonably acceptable to
Agent. If an Event of Default then exists, or any of the conditions set forth in clauses (a)
through (e) of this Section 5(a)(iii) have not been met or satisfied, the net insurance
proceeds shall be applied to the Indebtedness (without incurrence of any prepayment

penalty premium or Make-Whole Amount) in such order and manner as Agent may elect, whether
or not due and payable, with any excess paid to Borrower.

(iv) In the event Borrower fails to provide Agent with evidence of the insurance coverage
required by this Mortgage, and such failure continues for five (5) business days after receipt of
notice of such failure Agent may purchase insurance at Borrower’s expense to protect Agent’s or
Lender’s interest in the Property. This insurance may, but need not, protect Borrower’s interests.
The coverage purchased by Agent may not pay any claim made by Borrower or any claim that is made
against Borrower in connection with the Property. Borrower may later cancel any insurance
purchased by Agent, but only after providing Agent with evidence that Borrower has obtained
insurance as required by this Mortgage. If Agent purchases insurance for the Property, Borrower
will be responsible for the costs of that insurance, including interest and other out-of-pocket
reasonable charges incurred by Agent in connection with the placement of the insurance, until the
effective date of the cancellation or expiration of the insurance. The costs of the insurance may
be added to the Obligations. The costs of the insurance may be more than the cost of insurance
Borrower is able to obtain on its own.

(b) Condemnation.

(i) Borrower shall within three (3) business days of its

receipt of notice thereof, notify Agent of any action or proceeding relating to any condemnation
or other taking, whether direct or indirect, of the Property, or part thereof, and Borrower shall,
after consultation with and subject to Agent’s approval (not to be unreasonably withheld), appear
in and prosecute any such action or proceeding. Upon Borrower’s failure to act in accordance with
Agent’s prior approval, Borrower authorizes Agent, at Agent’s option, as attorney-in-fact for
Borrower (such appointment as attorney-in-fact is coupled with an interest), to commence, appear
in and prosecute, in Agent’s or Borrower’s name, any action or proceeding relating to any
condemnation or other taking of the Property, and to settle or compromise any claim in connection
with such condemnation or other taking. The proceeds of any award, payment or claim for damages,
direct or consequential, in connection with any condemnation or other taking of the Property, or
part thereof, or for conveyances in lieu of condemnation, are hereby assigned to and shall be paid
to Agent and in accordance with the provisions of Section 5(b)(ii) below. Agent is
authorized (but is under no obligation) to collect any such proceeds.

(ii) Agent may, in its sole discretion, elect to (y) apply the

net proceeds of any condemnation award (after deduction of Agent’s reasonable costs and expenses,
if any, in collecting the same) in reduction of the Indebtedness in such order and manner as Agent
may elect (such application not to give rise to any prepayment penalty, premium or Make-

Whole Amount), whether due or not or (z) make the proceeds available to
Borrower for the restoration or repair of the Property. If the net proceeds of the
condemnation award are made available to Borrower for restoration or repair, the net
proceeds of the condemnation award shall be disbursed upon satisfaction of and in
accordance with the terms and conditions set forth in Section 5(a)(i) above.
Agent is authorized (but is under no obligation) to collect any such proceeds.

6. Preservation and Maintenance of Property. Borrower shall (a) not

commit waste or permit impairment or deterioration of the Property; (b) not abandon the Property
it being agreed that Borrower’s net leasing of the Property to a third party shall not constitute
an abandonment of the Property by Borrower); (c) keep the Property (or cause the Property to be
kept) in good repair and restore or repair (or cause to restore or repair) promptly, in a good and
workmanlike manner, all or any part of the Property to the equivalent of its original condition,
or such other condition as Agent may approve in writing (such approval not to be unreasonably
withheld), upon any damage or loss thereto; (d) comply (or cause compliance) with all laws,
ordinances, regulations and requirements of any governmental body applicable to the Property; (e)
at any time the Property is not subject to the Master Lease or another Lease of a similar nature
approved by Agent (such approval not to be unreasonably withheld), provide for management of the
Property by a property manager reasonably satisfactory to Agent pursuant to a contract in form and
substance reasonably satisfactory to Agent; and (f) upon obtaining actual knowledge of any such
action or proceeding, give notice in writing to Agent of and, unless otherwise directed in writing
by Agent, appear in and defend any action or proceeding purporting to affect the Property, the
security granted by the Loan Documents or the rights or powers of Agent. Neither Borrower nor
(except to the extent permitted in the Master Lease) any tenant or other person shall remove,
demolish or alter any Improvement on the Land except when incident to the replacement of fixtures,
equipment, machinery and appliances with items of like kind.

7. Protection of Lender’s Security. If (a) Borrower fails to pay
the

Indebtedness or to perform the Obligations and such default ripens into an Event of Default, (b)
any action or proceeding is commenced which affects or could reasonably be expected to affect the
Property or Agent’s or Lender’s interest therein, including any loss, damage, cost, expense or
liability incurred by Agent or Lender with respect to (i) any environmental matters relating to
the Property or (ii) the preparation of the commencement or defense of any action or proceeding or
any threatened action or proceeding affecting the Loan Documents or the Property, then Agent, at
Agent’s option, may make such appearances, disburse such sums and take such action as Agent deems
necessary, in its reasonable discretion, to protect the Property or Agent’s or Lender’s interest
therein, including entry upon the Property (subject to the rights of tenants and subtenants) to
take such actions Agent determines reasonably appropriate to preserve, protect or restore the
Property. Any amounts disbursed by Agent or Lender pursuant to this Section 7 (including
reasonable attorneys’ fees, costs and expenses), together with interest thereon at the “Default
Rate” (defined in the Note) from the date of disbursement, shall become additional Indebtedness of
Borrower secured by the lien of this Mortgage and the other Loan Documents and shall be due and

payable on demand. Nothing contained in this Section 7 shall require Agent or
Lender to incur any expense or take any action hereunder.

8. Actions. Borrower shall warrant title subject to the
Permitted

Exceptions, the encumbrances created hereby and any subsequent encumbrances approved by Agent in
writing (such approval not to be unreasonably withheld for items with respect to Borrower’s
incurrence of debt) and appear in and defend any claim or any action or other proceeding
purporting to affect title or other interests relating to any part of the Property, the security
of this Mortgage or the rights of Agent or Lender, and, upon obtaining actual knowledge thereof
give Agent prompt written notice of any such claim, action or proceeding. Agent may, at the
expense of Borrower, appear in and defend any such claim, action or proceeding and any claim,
action or other proceeding asserted or brought against Agent or Lender in connection with or
relating to any part of the Property or this Mortgage.

9. Leases; Assignment of Rents. Borrower shall not,
without Agent’s

prior written consent (which consent shall not be unreasonably withheld), execute, modify, amend,
surrender or terminate any Lease to which it is a party. All Leases executed or renewed after the
date hereof (other than any renewals (without modification) of the Ground Lease or Master Lease)
must be approved by Agent (which approval shall not be unreasonably withheld) must be approved by
Agent prior to the execution or renewal thereof by Borrower. Borrower shall not be authorized to
enter into any further ground lease of the Property without Agent’s prior written approval. If
Agent consents to any new lease or the renewal of any existing lease (other than the renewal of
the Ground Lease or the Master Lease without modification), at Agent’s request, Borrower shall
cause the tenant thereunder to execute a subordination and attornment agreement in form and
substance reasonably satisfactory to Agent prior to Borrower’s execution of such Lease.

Borrower shall, in all material respects, comply with and observe Borrower’s obligations as
landlord under all Leases to which it is a party. This Mortgage shall not make Agent responsible
for the control, care, management, or repair of the Property or any personal property or for the
carrying out of any of the terms of the Leases unless and until Agent takes possession and control
of the Property . Agent shall not be liable in any way for any injury or damage to person or
property sustained by any person or persons, firm or corporation in or about the Property.

Borrower absolutely and unconditionally assigns and transfers to Agent, for the benefit of
Agent and Lender, all of Borrower’s right, title and interest in and to the Rents; provided,
however, so long as an Event of Default has not occurred and is continuing, Borrower shall have
the right to collect all Rents, and shall hold the same, in trust, to be applied first to the
payment of all impositions, levies, taxes, assessments and other charges upon the Property, second
to maintenance of insurance policies upon the Property required hereby (to the extent not paid for
by the tenant under the Master Lease), third to the expenses of Property operations (to the extent
not paid for by the tenant under the Master Lease), including maintenance and repairs required
hereby, fourth to the payment of that portion of the Indebtedness then due and payable, and fifth,
the balance, if any, to or as directed by Borrower. If an Event of Default has occurred and is
continuing, Borrower’s right to collect

and secure the Rents shall, upon notice from Agent, cease and Agent shall have the sole
right, with or without taking possession of the Property to collect all Rents and apply the same
first to the payment of all impositions, levies, taxes, assessments and other charges upon the
Property, second to maintenance of insurance policies upon the Property required hereby (to the
extent not paid by for by the tenant under the Master Lease), third to the expenses of Property
operations (to the extent not paid for by the tenant under the Master Lease), including
maintenance and repairs required hereby, fourth to the payment of that portion of the Indebtedness
then due and payable, and fifth, the balance, if any, to or as directed by Borrower. Borrower has
executed and delivered to Agent, for the benefit of itself and Lender an Assignment of Leases and
Rents of even date herewith, and, to the extent the provisions of this Section 9 are
inconsistent with the provisions of said Assignment of Leases and Rents, the provisions of this
Mortgage shall control.

10. Statements by Borrower. Borrower shall within ten (10) days
after

Agent’s request, furnish Agent with a written statement, duly acknowledged, setting forth the
sums, according to Borrower’s books and records, secured by the Loan Documents and any right of
set-off, counterclaim or other defense which, to Borrower’s then knowledge, exists against such
sums and the Obligations.

11. Transfers of the Property or Interests in Borrower.
Borrower shall

not (a) create or permit the creation of any new ownership interest in Borrower or General Partner
or Principal or (b) sell, transfer, encumber, convey or otherwise dispose of (or permit any of the
foregoing) (i) all or any part of the Land or the Improvements, or any interest therein (other
than as provided in that certain side letter described in Section 6.1(b) of the Loan Agreement) or
(ii) any direct or indirect ownership interest in Borrower or General Partner or Principal
(including any interest in the profits, losses or cash distributions in any way relating to the
Property or Borrower or General Partner). In addition, if Seavest Inc. fails to continue to
indirectly control the day to day management and operation of Borrower’s business, then Agent may,
at Agent’s option, declare all of the Indebtedness to be immediately due and payable, and Agent
may invoke any remedies permitted by the Loan Documents. Intestate transfers or transfers by
devise or estate planning transfers to trusts, the beneficiaries of which are family members of
the transferor, shall not constitute a transfer for the purposes of the foregoing provisions. In
addition, the provisions of this Mortgage shall be subject at all times to the transfer
restrictions contained in the Loan Agreement. Notwithstanding any provision to the contrary
contained in this instrument, all of the transfers permitted pursuant to the express terms of the
Loan Agreement, including without limitation transfers in connection with the Recapitalization (as
defined in the Loan Agreement), are hereby permitted without Agent’s or Lender’s consent.

12. Reserved.

13. No Additional Liens, Encumbrances or Indebtedness. Borrower
covenants not to execute any mortgage, deed of trust, security agreement, assignment of leases and
rents or other agreement granting a lien (except the liens granted to Lender by the Loan
Documents) against or encumbrance on the Property or take or fail to take any other action which
would result in a lien against the Property or the interest of Borrower in the

Property without the prior written consent of Agent; provided, however, Borrower may in
good faith, by appropriate proceeding, contest the validity or amount of any asserted lien and,
pending such contest, Borrower shall not be deemed to be in default hereunder if Borrower shall
first obtain an endorsement, in form and substance satisfactory to Agent to the loan policy of
title insurance issued to Agent for the benefit of Lender insuring over such lien, or, if no such
loan policy shall have been issued, then Borrower shall deposit with Agent a bond or other
security satisfactory to Agent in the amount of 150% of the amount of such lien to assure payment
of the same as and when due.

14. Borrower and Lien Not Released. Without affecting the liability
of

Borrower or any other person liable for the payment of the Indebtedness, and without affecting the
lien or charge of this Mortgage as security for the payment of the Indebtedness, Agent may, from
time to time and without notice to any junior lien holder or holder of any right or other interest
in and to the Property: (a) release any person so liable; (b) waive or modify any provision of
this Mortgage or the other Loan Documents or grant other indulgences; (c) release all or any part
of the Property; (d) take additional security for any obligation herein mentioned; (e) subordinate
the lien or charge of this Mortgage; (f) consent to the granting of any easement; (g) consent to
any map or plan of the Property; or (h) consent to the modification of the Ground Lease. Nothing
herein shall be construed to permit Lender to unilaterally amend a Loan Document (including this
Mortgage) to which there are other parties.

15. Uniform Commercial Code Security Agreement.

(a) This Mortgage shall cover, and the Property shall include,
all of

Borrower’s right, title and interest in and to all property now or hereafter affixed or
attached to the Land, which to the fullest extent permitted by law, shall be deemed
fixtures and a part of the Land. In addition this Mortgage shall constitute a security
agreement pursuant to the Code for any portion of the Property which, under applicable law,
may be subject to a security interest pursuant to the Code (such portion of the Property is
hereinafter called the “Personal Property”) and Borrower hereby grants to Agent, for the
benefit of Agent and Lender a security interest in the Personal Property. Agent, for the
benefit of Agent and Lender shall have all of the rights and remedies of a secured party
under the Code as well as all other rights and remedies available at law or in equity.

(b) Borrower agrees to execute and deliver to Agent any
financing

statements, as well as extensions, renewals and amendments thereof, and reproductions of
this Mortgage in such form as Agent may reasonably require to perfect a security interest
with respect to the Personal Property. Borrower hereby authorizes and empowers Agent and
irrevocably appoints Agent its agent and attorney-in-fact to execute and file, on
Borrower’s behalf, all financing statements and refilings and continuations thereof as
Agent deems necessary or advisable to create, preserve and protect such lien. Borrower
shall pay all reasonable costs of filing such financing statements and any extensions,
renewals, amendments and releases thereof,

and shall pay all reasonable costs and expenses of any record searches for financing
statements as Agent may reasonably require.

(c) Borrower shall not, without the prior written consent of
Agent,

sell, assign, transfer, encumber, remove or permit to be removed from the Property any of
the Personal Property. So long as no Event of Default exists and is continuing, Borrower
may sell or otherwise dispose of the Personal Property when obsolete, worn out, inadequate,
unserviceable or unnecessary for use in the operation of the Property, but only upon
replacing the same with other Personal Property at least equal in value and utility to the
disposed Personal Property. Any replacement or substituted Personal Property shall be
subject to the security interest granted herein.

(d) To the extent permitted by law, Borrower, Lender and Agent

agree that with respect to all items of Personal Property which are or will become fixtures
on the Land, this Mortgage shall be effective as a financing statement filed as, and shall
constitute, a “fixture filing,” within the meaning of the Code, and is to be filed for
record in the real estate records of each County where any part of the Land (including said
fixtures) is situated. This Mortgage shall also be effective as a financing statement
covering as-extracted collateral (including oil and gas and other minerals), accounts and
general intangibles under the Code, which will be financed at the wellhead or minehead of
the wells or mines located on the Land, and is to be filed for record in the real estate
records of each county where any part of the Land is situated. This Mortgage shall also be
effective as a financing statement covering any other property and may be filed in any
other appropriate filing or recording. Borrower is the record owner of the Leasehold
Estate. The mailing address for Borrower (debtor) is set forth on the first page of this
Mortgage and the address of Lender (secured party) from which information concerning the
security interest may be obtained is the address of Lender set forth on the first page of
this Mortgage.

(e) Upon the occurrence of an Event of Default, Lender may

exercise its rights of enforcement with respect to the Personal Property under the New
Mexico Uniform Commercial Code, as amended.

(f) This Mortgage constitutes a “construction mortgage,” as
defined

in NMSA 1978, § 55-9-334(h) (2001), as it may be revised from time to time, to the extent
that it secures an obligation incurred for the construction of an improvement on the Land,
including the acquisition cost of the Land.

16. Events of Default; Acceleration of Indebtedness. The occurrence of

any one or more of the following events shall constitute an “Event of Default” under this
Mortgage:

(a) failure of any Borrower Party to pay, within five (5) days after

Agent delivers to Borrower notice of non-payment of any of the Indebtedness, including any
payment due under the Note; or

(b) failure of Borrower to strictly comply with
Sections 9 (Leases),

11 (prohibition on transfers), 13 (no additional liens) and 34(a), (b), (f), (g) and
(j) (Ground Lease Covenants) of this Mortgage, or to maintain all policies of insurance
required hereunder to be maintained within two (2) business days after notice of the
termination or expiration of any such policies from Agent or any insurance carrier; or

(c) failure of any Borrower Party, within thirty (30) days after

written notice and demand, to satisfy each and every Obligation not set forth in the
subsections above; provided, however, if such Obligation cannot by its nature be cured
within thirty (30) days, and if Borrower commences to cure such failure promptly after
written notice thereof and thereafter diligently pursues the curing thereof (and then in
all events cures such failure within ninety (90) days after the original notice thereof),
Borrower shall not be in default hereunder during such period of diligent curing; or

(d) Borrower changes the state of its formation/incorporation or
its

company name without providing Agent thirty (30) days prior written notice; or

(e) the occurrence of a default by any Borrower Party or any

Principal under any other Loan Document and the expiration of any applicable notice and/or
cure period, if any; or

(f) the occurrence of a default by Borrower under the Ground
Lease

or the Master Lease and the expiration of any applicable notice and/or cure period, if any;
or

(g) the termination or rejection in bankruptcy of the Ground
Lease.

Upon the occurrence of an Event of Default, at the option of Agent, the Indebtedness shall become
immediately due and payable without notice to Borrower and Agent shall be entitled to all of the
rights and remedies provided in the Loan Documents or at law or in equity. Each remedy provided in
the Loan Documents is distinct and cumulative to all other rights or remedies under the Loan
Documents or afforded by law or equity, and may be exercised concurrently, independently, or
successively, in any order whatsoever.

17. Entry; Foreclosure. During the occurrence of an Event of Default,

Borrower, upon demand of Agent, shall forthwith surrender to Agent the actual possession of the
Property, or to the extent permitted by law, to Agent or a receiver appointed by a court of
competent jurisdiction, may enter and take possession of all or any part of the Property, and may
exclude Borrower and its agents and employees wholly therefrom, and may have joint access with
Borrower to the books, papers and accounts of Borrower. If Borrower shall for any reason fail to
surrender or deliver the Property or any part thereof after such demand by Agent, Agent or such
receiver may obtain a judgment or decree conferring on Agent or such receiver, the right to
immediate possession of the Property or requiring the delivery of the Property to Agent or such
receiver, and Borrower specifically consents to the entry of such judgment or decree. Upon every
such entering upon or taking of possession, Agent or such

receiver may hold, store, use, operate, manage and control the Property and conduct the
business thereof, and Agent or such receiver may take any action required by applicable law or
which Agent or such receiver believes necessary to enforce compliance with the environmental
provisions contained herein or in the other Loan Documents, and negotiate with governmental
authorities with respect to the Property’s environmental compliance and remedial measures in
connection therewith. Agent and such receiver and their representatives shall have no liability
for any loss, damage, injury, cost or expense resulting from any action or omission which was
taken or omitted in good faith.

When the Indebtedness or any part thereof shall become due, whether by acceleration or
otherwise, if Borrower fails to fully pay such Indebtedness within five (5) days after Agent
delivers to Borrower notice of non-payment thereof, Agent may, either with or without entry or
taking possession as herein provided or otherwise, proceed by suit or suits at law or in equity or
by any other appropriate proceeding or remedy to: (a) enforce payment of the Note or the
performance of any term, covenant, condition or agreement of Borrower under any of the Loan
Documents; (b) foreclose the lien hereof for the Indebtedness or part thereof and sell the
Property as an entirety or otherwise, as Agent may determine; (c) exercise its rights under
Section 10 with respect to all or any portion of the Personal Property in accordance with
the provisions of the UCC; provided Agent shall have no obligation to clean up or otherwise
prepare such Personal Property for sale nor marshal any Personal Property in favor of Borrower or
any other secured party; and/or (d) pursue any other right or remedy available to it under or by
the law and decisions of the State in which the Land is located. Agent may comply with any
applicable state or federal law requirements in connection with a disposition of the Personal
Property and compliance will not be considered adversely to affect the commercial reasonableness
of any sale of the Personal Property. More specifically, upon the occurrence and during the
continuance of any Event of Default, in addition to proceeding by suit(s) at law or equity to
enforce payment of the secured obligations of Borrower to Lender, in accordance with their terms,
Lender may, at its option, proceed to foreclose the lien of this Mortgage as to some or all of the
Property, whether real property or personal property, and to have such Property sold under the
judgment or decree of a court of competent jurisdiction, to the highest bidder for cash at public
auction. Sale pursuant to a judicial decree of foreclosure shall be conducted by a court-appointed
special master, or otherwise as ordered by the court, in compliance with all notice and other
requirements of the laws of the State of New Mexico, and in accordance with the terms of the
foreclosure decree or related court orders. Any person, including Lender, may be a purchaser of
any of the Property at a judicial foreclosure sale, to the extent permitted by law, and Lender
will be entitled to a credit on the purchase price in the amount of any judgment received by
Lender in the foreclosure action or any portion thereof, except that cost and expenses adjudged
payable to others then the Lender will be payable in cash. Lender may sell any fixtures and
personal property of Borrower encumbered hereunder or under any security agreement of Borrower in
favor of Lender in whole or part and in any order, together with the real property and
improvements or separately Notwithstanding any statute or rule of law to the contrary, the failure
to join any tenant or tenants of the Property as party defendant or defendants in any foreclosure
action or the failure of any such order or judgment to foreclose their rights shall not be
asserted by Borrower as a defense in any civil

action instituted to collect (a) the Indebtedness, or any part thereof or (b) any
deficiency remaining unpaid after foreclosure and sale of the Property.

18. Appointment of Receiver or Mortgagee in Possession.
If an Event

of Default is continuing, upon application to a court of competent jurisdiction, shall be entitled
as a matter of strict right, without notice, and without regard to the occupancy or value of any
security for the Indebtedness or the insolvency of any party bound for its payment, to the
appointment, at its option, of itself as mortgagee in possession, or of a receiver to take
possession of and to operate the Property, and to collect and apply the Rents, (subject to the
provisions of NMSA 1978, §§ 44-8-1 through 44-8-10 (1995 & 1996), as amended from time to time,
and Rule 1-066 NMRA, to the extent applicable).

19. Expenditures and Expenses. In any action to
foreclose the lien hereof

or otherwise enforce Agent’s or Lender’s rights and remedies hereunder, there shall be allowed and
included as additional Indebtedness all Costs (as defined in the Loan Agreement) which may be paid
or incurred by or on behalf of Agent or Lender; including without limitation, the costs of
collection, enforcement, retaining, holding, preparing for disposition, processing and disposing
of the Personal Property. All Costs and such other reasonable costs, expenses and fees as may be
incurred by Agent or Lender in the protection of the Property and the maintenance of the lien of
this Mortgage, including, reasonable attorneys’ fees and costs in any litigation or proceeding
affecting this Mortgage, the Note, the other Loan Documents, the Property or the Personal
Property, including probate, appellate, and bankruptcy proceedings and any post-judgment
proceedings to collect or enforce any judgment or order relating to this Mortgage or the other
Loan Documents or in preparation for the commencement or defense of any action or proceeding or
threatened action or proceeding, shall be immediately due and payable to Lender, with interest
thereon at the Default Rate, and shall be secured by this Mortgage.

20. Application of Proceeds of Foreclosure Sale. Upon any foreclosure

sale of the Premises, or any part thereof, the proceeds of such sale or sales shall be applied as
follows: (1) first, to pay all fees, charges and costs of conducting the sale and advertising the
Property sold, and to pay any prior liens or encumbrances unless such sale is made subject
thereto, and to pay necessary costs, or reimburse Lender for advances, including, without
limitation, to protect and maintain the Property, and to pay taxes, insurance premiums, reasonable
accountants’ fees, reasonable appraisers’ fees, reasonable environmental engineers’ fees, court
costs, and reasonable attorneys’ fees and other reasonable costs, with interest on Lender’s
advances at the rate provided for in the Loan Documents, (2) second, to pay the Lender all amounts
due under, and as provided in, the Note (including, without limitation, the Make Whole Premium),
this Mortgage, the other Loan Documents, and all other obligations secured under this Mortgage, in
such order as Lender in its sole discretion shall determine; (3) third, the remainder of the
proceeds, if any, to whomever shall be lawfully entitled thereto, as ordered by the court in the
foreclosure proceedings. The application of proceeds of sale or other proceeds as otherwise
provided herein shall be deemed to be payment of the Indebtedness like any other payment. The
balance of the Indebtedness remaining unpaid, if any, shall remain fully due and owing in
accordance with the terms of the Note or other Loan Documents.

21. Future Advances. This Mortgage is given to secure not
only the

existing Indebtedness, but also future advances (whether such advances are obligatory or are made
at the option of Lender or Agent, or otherwise) made by Agent or Lender under the Loan Agreement,
the Note or this Mortgage, to the same extent as if such future advances were made on the date of
the execution of this Mortgage, subject to the provisions of NMSA 1978, § 48-7-9 (1975), as well
as to the “maximum amount secured” provisions of this Mortgage based thereon and set forth in the
paragraph on page 5 above immediately following the “TO HAVE AND TO HOLD” paragraph, which can
also be described as the second paragraph following paragraph 6 (F) of the granting clause in this
Mortgage.

22. Waiver of Statute of Limitations. Borrower hereby waives the
right

to assert any statute of limitations as a bar to the enforcement of the lien created by any of the
Loan Documents or to any action brought to enforce the Note or any other obligation secured by any
of the Loan Documents.

23. Waiver of Homestead and Shortening of Redemption Period.

Borrower hereby waives all right of homestead exemption in the Property. The redemption period
following a court-ordered judicial foreclosure sale shall be one month instead of nine months, as
provided in NMSA 1978, § 39-5-19 NMSA (1965), as it may be amended from time to time. .

24. Governing Law; Severability. This Mortgage shall be governed by
and

construed in accordance with the internal laws of the State of Illinois except that the provisions
of the laws of the jurisdiction in which the Property is located shall be applicable to the
creation, perfection and enforcement of the liens created by this Mortgage on all (a) real
property (including improvements, appurtenances and the rents, issues and profits of real
property) and (b) except as otherwise provided by the Code, personal property. The invalidity,
illegality or unenforceability of any provision of this Mortgage shall not affect or impair the
validity, legality or enforceability of the remainder of this Mortgage, and to this end, the
provisions of this Mortgage are declared to be severable.

25. Notice. Notices shall be given under this Mortgage in conformity with

the terms and conditions of the Loan Agreement and in conformity with applicable law.

26. Successors and Assigns Bound; Joint and Several Liability; Agents;

Captions. The covenants and agreements contained in the Loan Documents shall bind, and the
rights thereunder shall inure to, the respective successors and assigns of Agent, Lender and
Borrower, subject to the taking any actions provided for therein, Agent may act through its
employees, agents or independent contractors as authorized by Agent. The captions and headings of
the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or
define the provisions hereof.

27. Release. Upon payment in full of the principal sum, interest and other

Indebtedness secured by the Mortgage and satisfaction of all obligations secured by the Mortgage,
Lender shall cause the Mortgage to be released of record in accordance with the applicable
provisions of NMSA 1978, § 48-7-4 (1991), as amended from time to time.

Borrower shall pay Lender’s reasonable costs incurred in releasing this Mortgage and any
financing statements related hereto.

28. Loss of Note. Upon notice from Agent of the loss, theft, or
destruction

of the Note and upon receipt of an affidavit of lost note and an indemnity reasonably satisfactory
to Borrower from Agent, or in the case of mutilation of the Note, upon surrender of the mutilated
Note, Borrower shall make and deliver a new note of like tenor in lieu of the then to be
superseded Note.

29. Survival of Obligations. Each and all of the
Obligations shall survive

the execution and delivery of the Loan Documents and the consummation of the Loans called for
therein and shall continue in full force and effect until the Indebtedness shall have been paid in
full; provided, however, that nothing contained in this Section 29 shall limit the
Obligations of Borrower as otherwise set forth herein.

30. Covenants Running with the Land. All Obligations
contained in this

Mortgage and the other Loan Documents are intended by Borrower and Agent to be, and shall be
construed as, covenants running with the Property until the lien of this Mortgage has been fully
released by Agent.

31. Entire Agreement. THIS MORTGAGE AND OTHER LOAN DOCUMENTS
EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR
COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDING, WHETHER WRITTEN OR ORAL, RELATING TO
THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OR PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO
ORAL AGREEMENTS AMONG THE PARTIES HERETO.

32. Further Assurances. Borrower agrees to execute any further

documents, and to take any further actions reasonably requested by Agent to evidence or perfect
the security interests granted herein, to maintain the first priority of the security interests,
and to effectuate the rights specifically granted to Agent and Lender hereunder.

33. Jury Trial Waiver. BORROWER AND LENDER BY ITS ACCEPTANCE OF
THIS MORTGAGE, HEREBY WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THE LOAN DOCUMENTS AND THE BUSINESS RELATIONSHIP
THAT IS BEING ESTABLISHED. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY
BORROWER AND BY 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 BORROWER AND LENDER HAVE 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 THE LOAN DOCUMENTS AND IN THE MAKING OF THIS
WAIVER BY INDEPENDENT LEGAL COUNSEL.

34. Ground Lease Covenants.

For so long as the Indebtedness shall remain outstanding, Borrower hereby covenants, warrants
and represents as follows:

(a) The Ground Lease is and shall be maintained in full force
and

effect. Borrower shall not suffer or permit any amendments or modifications of the Ground
Lease to be made, except for such amendments or modifications as are permitted in writing
by Agent, such permission not be unreasonably withheld.

(b) Borrower shall cause all rent, additional rent and other
charges

payable under the Ground Lease to be paid when due (subject to (i) any applicable notice
and cure periods under the Ground Lease and (ii) appropriate contesting of any such rent or
other charges, if any, solely as permitted by the Ground Lease, provided that Agent is
provided with adequate security for such contest).

(c) There are, as of the date hereof, and will be, no defenses
to

Borrower’s enforcement of its rights under the Ground Lease.

(d) As of the date hereof, (i) Borrower is not in default in the

performance of any of its obligations under the Ground Lease, and (ii) there are no
circumstances which, alone or with the passage of time or the giving of notice or both,
would constitute an event of default thereunder.

(e) To Borrower’s knowledge, as of the date hereof, Ground
Lessor

is not in default in the performance of any of its material obligations under the Ground
Lease.

(f) Borrower will promptly and faithfully, in all material
respects,

observe, perform and comply, or cause the observance, performance and compliance with, all
the material terms, covenants and provisions of the Ground Lease, on its part to be
observed, performed and complied with, at the times set forth therein, and, upon acquiring
knowledge of the same, will enforce the material obligations of Ground Lessor under the
Ground Lease, to the end that Borrower may enjoy all of the material rights granted it
under the Ground Lease.

(g) Without Agent’s prior written consent, Borrower will
not suffer

or permit a cancellation or termination of the Ground Lease, nor any subletting or
assignment of any of Borrower’s interest under the Ground Lease (other than the Master
Lease and the subleases permitted thereunder).

(h) Upon obtaining actual knowledge, Borrower will give Agent

prompt notice of any default by any party under the Ground Lease, and promptly deliver to
Agent copies of each notice of default sent or received by Borrower under the Ground Lease.

Borrower will furnish to Agent such information and evidence as Agent may reasonably
request concerning Borrower’s due observance, performance and compliance with the terms,
covenants and provisions of the Ground Lease. If any default by Borrower has occurred under
the Ground Lease and Ground Lessor has delivered written notice thereof, Agent shall have
the right, but not the obligation, to cure such default and all reasonable sums paid to
cure any such default shall bear interest at the Default Rate and shall be added to the
Indebtedness in accordance with the provisions of Section 7 of this Mortgage.

(j) Fee title to the Land and the leasehold estate conveyed by
the

Ground Lease shall not merge but shall always be kept separate and distinct,
notwithstanding the union of said estates in either Ground Lessor, Borrower or a third
party, whether by purchase or otherwise and accordingly, if Borrower acquires the fee title
or any other estate, title or interest in the Land demised by the Ground Lease, or any part
thereof, the lien of this Mortgage shall attach to, cover and be a lien upon such acquired
estate, title or interest and same shall thereupon be and become a part of the Property
with the same force and effect as if specifically encumbered herein.

(k) Neither Agent nor Lender shall have any liability or
obligation

under the Ground Lease by reason of its acceptance of this Mortgage.

35. Counterparts. This Mortgage may be executed in multiple

counterparts, each of which shall constitute an original, and together shall constitute one and
the same instrument.

36. Limitation on Indemnification. The parties reaffirm their
intent that

this Mortgage be governed by, and construed in accordance with, the law chosen in Section 24
above. Nevertheless, to the extent, if at all, that any provision requiring one party to
indemnify, hold harmless, insure, or defend another party (including such other party’s employees
or agents) contained herein or in any related documents is found to be within the scope of NMSA
(1978), § 56-7-1 (2005), as amended from time to time, or in any way subject to, or conditioned
upon consistency with, the provisions of NMSA (1978), § 56-7-1 (2005), as amended from time to
time, for its enforceability, then such provision, regardless of whether it makes reference to
this or any other limitation provision, shall not extend to liability, claims, damages, losses or
expenses, including attorney fees, arising out of bodily injury to persons or damage to property
caused by or resulting from, in whole or in part, the

negligence, act or omission of the indemnitee or additional insured, as the case may be,
its officers, employees or agents, and shall be further modified, if required, by the provisions
of NMSA (1978), § 56-7-1 (B)(2005), as amended from time to time.

37. Inconsistencies with Foreclosure Laws. In the event that any

provision in this Mortgage shall be inconsistent with any provision of the statutes or common law
of the State of New Mexico governing the foreclosure of this Mortgage (collectively, the
“Foreclosure Laws”), including, without limitation, as such statutes or common law relate to
procedures for judicial foreclosure, procedures for sale under the UCC, or any other matter, the
provisions of the Foreclosure Laws shall take precedence over the provisions of this Mortgage, but
shall not invalidate or render unenforceable any other provision of this Mortgage that can be
construed in a manner consistent with the Foreclosure Laws.

38. Junior Encumbrances. Any person or entity purporting to have or
to

take a junior mortgage or other lien upon the Premises or any interest therein shall be subject to
the rights of Lender to amend, modify, increase, vary, alter or supplement this Mortgage, the
Note, the other Loan Documents, and/or any of the obligations secured by this Mortgage, and to
extend the maturity date of the indebtedness secured hereby and to increase the amount of the
indebtedness secured hereby and to waive or forebear the exercise of any of its rights and
remedies hereunder or under any of the other Loan Documents and to release any collateral or
security for the indebtedness secured hereby, in each and every case without obtaining the consent
of the holder of such junior lien and without the lien or security interest of this Mortgage
losing its priority over the rights of any such junior lien.

39. Commitment in Writing. Under NMSA 1978, § 58-6-5 (1999), a

contract, promise or commitment to loan money or to grant, extend or renew credit or any
modification thereof, in an amount greater than Twenty-Five Thousand and No/100 Dollars
($25,000.00) not primarily for personal, family or household purposes made by a financial
institution is not enforceable unless in writing and signed by the parties to be charged or that
party’s authorized representatives.

[Remainder of page intentionally blank; signature page follows]

HOBBS-TMB, LLC, a Delaware limited liability company

By: Seavest Properties I, LLC,

a Delaware limited liability company, its Managing Member

By: SP I Manager, LLC,

a Delaware limited liability company, its Managing Member

By: Seavest Inc.,

a New York corporation, its Non-Member Manager

By: /s/ Douglas F. Ray

Name: Douglas F. Ray

Its: President

NEW MEXICO FORM OF ACKNOWLEDGMENT

1

	 	 	 	 	 
	STATE OF NEW YORK
	 	 	)	 
	 
	 	 	)	 
	COUNTY OF WESTCHESTER
	 	 	)	 

The foregoing instrument was acknowledged before me this 22nd day
of

December, 2006, by Douglas Ray, the Vice President of Seavest , Inc., a New York corporation,
non-member/ manager of SMP Manager, LLC, a Delaware limited liability company, managing member of
Seavest Medical Properties, LLC, a Delaware limited liability company, managing member of
SMP-General Partner, LLC, a Delaware limited liability company, general partner of Hobbs-TMB,
LLC., a Delaware limited liability company, on behalf of said limited partnership.

/s/ Ascensina D. Tookmanian

Notary Public

Ascensina D. Tookmanian

Printed Name (or Stamp) of Notary Public

My Appointment Expires: September 21, 2010

2

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