Document:

Form of Redemption Plan

 EXHIBIT 4.6 
 Form of Amended and Restated Redemption Plan 

 FORM OF 
 AMENDED AND RESTATED REDEMPTION PLAN 
 CNL INCOME PROPERTIES, INC., a Maryland corporation (the
“Company”), has adopted an Amended and Restated Redemption Plan (the “Redemption Plan”) by which shares of the Company’s common stock (the “Shares”) may be repurchased by the Company from stockholders subject to
the terms and conditions set forth below. 
 1. Redemption Price. The Company’s Redemption Plan is designed to provide eligible
stockholders with limited, interim liquidity by enabling them to sell Shares back to the Company prior to the listing of the Shares on a national securities market. Subject to certain restrictions discussed below, the Company may repurchase
fractional Shares computed to five decimal places, from time to time, at the following prices: 
  

	 	(i)	$9.25 per share for stockholders who have owned those Shares for at least one year; 

  

	 	(ii)	$9.50 per share for stockholders who have owned those Shares for at least two years; 

  

	 	(iii)	$9.75 per share for stockholders who have owned those Shares for at least three years, and 

  

	 	(iv)	a price determined by the Company’s board of directors, but in no event less than $10.00 per share, for stockholders who have owned those Shares for at least four years.

 Notwithstanding the foregoing, during the period of any public offering, the repurchase price will be equal to or below the price of Shares
offered in such public offering. For purposes of calculating the ownership periods set forth above, if a stockholder acquired Shares through a transfer from a prior stockholder, the acquiring stockholder’s period of ownership shall include the
period its Shares were owned by the prior owner of such Shares. 
 Stockholders who have purchased Shares in the Company’s initial
offering (SEC File No. 333-108355) (the “Existing Stockholders”), shall be redeemed at no less than $9.50 per Share upon effectiveness of the Redemption Plan. Existing Stockholders will be eligible to redeem Shares at greater than
$9.50 per Share once they have held Shares for longer than two years in accordance with the prices set forth above. If a stockholder wishes to redeem Shares acquired under the Company’s reinvestment plan, the redemption price for such Shares
shall be the initial offering price of the Shares for which the distributions under the reinvestment plan were issued, and not the price of the Shares issued under the reinvestment plan. With respect to redemption requests made in connection with
Shares acquired at multiple points in time, the pricing associated with the Shares held for the longest period of time (based on the above table) shall be applied first, until such time as all Shares purchased at such point in time have been
redeemed. At such time, pricing associated with the remaining Shares then held for the next applicable longest period of time shall be applied, and so on. With respect to Shares purchased at a discounted price, such as Shares purchased net of
selling commissions and marketing support fees, Shares subject to reduced acquisition fees or Shares purchased through volume discounts (as described more fully in the section of the Company’s prospectus entitled “Plan of
Distribution”), the repurchase price for such discounted Shares shall be: (i) 92.5% of the purchase price per share of such discounted Shares for stockholders who have owned their Shares for at least one year; (ii) 95.0% of the
purchase price per Share of such discounted Shares for stockholders who have owned their Shares for at least two years; (iii) 97.5% of the purchase price per Share of such discounted Shares for stockholders who have owned their Shares for at
least three years; and (iv) a price determined by the Company’s board of directors but in no event less than 100% of the purchase price per Share of such discounted Shares for stockholders who have owned their Shares for at least four
years. 
 2. Redemption of Shares. Any stockholder who has held Shares for not less than one year (other than the Company’s
advisor) may present for the Company’s consideration all or any portion equal to at least 25% of his Shares for redemption at any time, in accordance with the procedures outlined herein. At such time, the Company may, at its sole option and to
the extent it has sufficient funds available, choose to redeem Shares presented for redemption for cash. Factors that the Company will consider in making its determination to redeem Shares include: 
  

	 	(i)	whether such redemption impairs the Company’s capital or operations; 

	 	(ii)	whether an emergency makes such redemption not reasonably practical; 

  

	 	(iii)	whether any governmental or regulatory agency with jurisdiction over the Company so demands for such action for the protection of the Company’s stockholders;

  

	 	(iv)	whether such redemption would be unlawful; or 

  

	 	(v)	whether such redemption, when considered with all other redemptions, sales, assignments, transfers and exchanges of the Shares, could cause direct or indirect ownership of the
Shares to become concentrated to an extent which would prevent the Company from qualifying as a real estate investment trust for tax purposes. 

 If the Company elects to redeem Shares, the conditions and limitations described herein would apply. The full amount of the proceeds from the sale of Shares under the reinvestment plan (the “Reinvestment
Proceeds”) attributable to any calendar quarter will be used to redeem Shares presented for redemption during such quarter. In addition, the Company may, at the Company’s discretion, use up to $100,000 per calendar quarter of the proceeds
of any public offering of the Company’s common stock for redemptions. Any amount of offering proceeds which is available for redemptions, but which is unused, may be carried over to the next succeeding calendar quarter for use in addition to
the amount of offering proceeds and Reinvestment Proceeds that would otherwise be available for redemptions. At no time during a 12-month period, however, may the number of Shares the Company redeems (if the Company determines to redeem Shares)
exceed 5% of the weighted average number of Shares of the Company’s common stock at the beginning of such 12-month period. 
 Further,
the Company has the right to waive the holding periods and redemption prices set forth in Section I above in the event of the death, permanent disability or bankruptcy of a stockholder or other exigent circumstances. If the Company determines to
permit any such redemption, notwithstanding anything contained in this plan to the contrary, the price at which the Shares may be redeemed shall be the lesser of (a) $10.00 or (b) the price at which such Shares were purchased. Except for
the holding periods and redemption prices, any Shares redeemed pursuant to the exercise of this authority will be otherwise subject to the procedures and limitations set forth in this Redemption Plan. There is no assurance that there will be
sufficient funds available for redemption or that the Company will exercise its discretion to redeem such Shares and, accordingly, a stockholder’s Shares may not be redeemed. 
 3. Insufficient Funds. In the event there are insufficient funds to redeem all of the Shares for which redemption requests have been submitted,
and the Company determines to redeem Shares, the Company will redeem Shares on a pro rata basis at the end of each quarter. A stockholder whose Shares are not redeemed due to insufficient funds in that quarter can ask that the request to redeem the
Shares be honored at such time as sufficient funds exist. In such case, the redemption request will be retained and such Shares will be redeemed (if the Company determines to redeem Shares) in the same manner as described above, at the end of the
next quarter. Alternatively, if a redemption request is not satisfied and the stockholder does not make a subsequent request to redeem its Shares at such time as sufficient proceeds from the Company’s reinvestment plan exist, the Company will
treat the initial redemption request as cancelled. Stockholders will not relinquish their Shares of common stock to the Company until such time as the Company commits to redeem such Shares. Commitments to redeem Shares will be made at the end of
each quarter and will be communicated to each stockholder who has submitted a request in writing. Until such time as a commitment is communicated and Shares are actually delivered to the Company, a stockholder may withdraw its redemption request.

 4. Excess Funds. If the full amount of funds available for redemptions in any given quarter exceeds the amount necessary for
redemptions, the remaining amount may be held for subsequent redemptions unless such amount is sufficient to make an additional investment (directly or through a joint venture), or is used to repay outstanding indebtedness. In that event, the
Company may use all or a portion of such amount to make additional investments or to repay outstanding indebtedness, provided that the Company (or, if applicable, the joint venture) enters into a binding contract to make such investments, or repays
such outstanding indebtedness, prior to payment of the next quarter’s distribution and the Company’s receipt of requests for redemption of Shares. 
 5. Redemption Requests. A stockholder who wishes to have his or her Shares redeemed must mail or deliver a written request to the redemption agent, which is currently Bank of New York, on a form the Company
will provide, executed by the stockholder, its trustee or authorized agent. The redemption agent at all times will be registered or exempt from registration as a broker-dealer with the Securities and Exchange Commission and each 
  

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 state securities commission. Within 30 days following the redemption agent’s receipt of the stockholder’s
request, the redemption agent will forward to such stockholder the documents necessary to affect the redemption, including any signature guarantee the Company or the redemption agent may require. The redemption agent will affect such redemption for
the calendar quarter, provided that it receives the properly completed redemption documents relating to the Shares to be redeemed from the stockholder at least one calendar month prior to the last day of the current calendar quarter and has
sufficient funds available to redeem the Shares. The effective date of any redemption will be the last date during a quarter during which the redemption agent receives the properly completed redemption documents. As a result, the Company anticipates
that, assuming sufficient funds are available for redemption, redemptions will be paid no later than 30 days after the quarterly determination of the availability of funds for redemption. 
 Upon the redemption agent’s receipt of notice for redemption of Shares, the redemption price will be based on such terms as the Company shall
determine. As set forth in paragraph 1 above, the redemption price for Shares of the Company’s common stock will based on the length of time such Shares have been held and the price for which such Shares were issued, which amount will never
exceed the then current offering price of the Company’s common stock. 
 6. Amendment or Suspension of the Plan. The redemption
price paid to stockholders for Shares of common stock the Company redeems may vary over time to the extent that the United States Internal Revenue Service changes its ruling regarding the percentage discount that a real estate investment trust may
give on reinvested Shares, or to the extent that the board of directors determines to make a corresponding change to the price at which it offers Shares pursuant to its reinvestment plan. Because the proceeds from the reinvestment plan are the
primary source of funds to redeem Shares under the Redemption Plan, the Company would then adjust the maximum redemption price to match the price at which the Company offers Shares under its reinvestment plan. Our board of directors will announce
any price adjustment and the time period of its effectiveness as a part of its regular communications with stockholders. The Company will provide at least 30 days advance notice prior to effecting a price adjustment: (i) in the Company’s
annual or quarterly reports or (ii) by means of a separate mailing accompanied by disclosure in a current or periodic report under the Securities Exchange Act of 1934. While the Company is engaged in an offering, the Company will also include
this information in a prospectus supplement or post-effective amendment to the registration statement as required under federal securities laws. 
 A stockholder may present fewer than all of his or her Shares to the Company for redemption, provided, however, that: 
  

	 	(i)	the minimum number of Shares which must be presented for redemption shall be at least 25% of his or her Shares, and 

  

	 	(ii)	if such stockholder retains any Shares, he or she must retain at least $5,000 worth of Shares based on the then current offering price. 

 The board of directors, in its sole discretion, may amend or suspend the Redemption Plan at any time if it determines that such amendment or suspension
is in the Company’s best interests. The board of directors may amend or suspend the Redemption Plan if: 
  

	 	(i)	it determines, in its sole discretion, that the Redemption Plan impairs the Company’s capital or operations; 

  

	 	(ii)	it determines, in its sole discretion, that an emergency makes the Redemption Plan not reasonably practical; 

  

	 	(iii)	any governmental or regulatory agency with jurisdiction over the Company so demands for the protection of the stockholders; 

  

	 	(iv)	it determines, in its sole discretion, that the Redemption Plan would be unlawful; 

  

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	 	(v)	it determines, in its sole discretion, that redemptions under the Redemption Plan, when considered with all other sales, assignments, transfers and exchanges of the Shares, could
cause direct or indirect ownership of the Shares to become concentrated to an extent which would prevent the Company from qualifying as a real estate investment trust under the Internal Revenue Code; or 

  

	 	(vi)	it determines, in its sole discretion, that such amendment or suspension would be in the Company’s best interest. 

 If the Company’s board of directors amends or suspends the Redemption Plan, the Company will provide stockholders with at least 30 days advance
notice prior to effecting such amendment or suspension: (i) in the Company’s annual or quarterly reports or (ii) by means of a separate mailing accompanied by disclosure in a current or periodic report under the Securities Exchange
Act of 1934. While the Company is engaged in an offering, the Company will also include this information in a prospectus supplement or post-effective amendment to the registration statement as required under federal securities laws. For a discussion
of the tax treatment of redemptions, see the section of the Company’s prospectus entitled “Federal Income Tax Considerations — Taxation of Stockholders.” The Redemption Plan will terminate, and the Company no longer shall accept
Shares for redemption, if and when its Shares are listed on a national securities market. See the section of the Company’s prospectus entitled “Risk Factors — Offering-Related Risks — Selling your shares will be difficult,
because there is no market for our common stock.” 
 7. Governing Law. THIS REDEMPTION PLAN AND A STOCKHOLDER’S ELECTION TO
PARTICIPATE IN THE REDEMPTION PLAN SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS TO BE MADE AND PERFORMED ENTIRELY IN SAID STATE; PROVIDED, HOWEVER, THAT CAUSES OF ACTION FOR VIOLATIONS OF FEDERAL OR STATE SECURITIES
LAWS SHALL NOT BE GOVERNED BY THIS SECTION 7. 
  

 4Form of Escrow Agreement

 EXHIBIT 10.1 
 Form of Escrow Agreement 

 ESCROW AGREEMENT 
 BETWEEN CNL INCOME PROPERTIES, INC. 
 AND
                         
 THIS ESCROW AGREEMENT (the “Agreement”) is dated this      day of
                    , 2008 (the “Effective Date”), by and between CNL INCOME PROPERTIES, INC., a Maryland corporation (the
“Company”) and                          as escrow agent (the “Escrow Agent”). 
 WHEREAS, the Company is offering and selling, on a best-efforts basis through CNL Securities Corp., the managing dealer for the offering (the
“Managing Dealer”), and selected broker-dealers that are registered with the Financial Industry Regulatory Authority, Inc. (formerly known as the National Association of Securities Dealers, Inc.) or that are exempt from such broker-dealer
registration (the Managing Dealer and such selected broker-dealers are hereinafter referred to collectively as the “Soliciting Dealers”), up to 200,000,000 shares of common stock of the Company (the “Shares”) to investors (the
“Offering”) pursuant to a prospectus as amended from time to time and filed with the Securities and Exchange Commission as part of registration statement file
no. 333-                     (the “Offering Document”). The current form of the prospectus is attached hereto as Exhibit
A; 
 WHEREAS, the Company desires to establish an escrow account in which funds received from subscribers will be deposited, and the
Escrow Agent is willing to serve upon the terms and conditions herein set forth; and 
 WHEREAS, in order to subscribe for Shares, a
subscriber must deliver an executed subscription agreement in substantially the form attached as Appendix C to the Offering Document attached as Exhibit A hereto along with the full amount of its subscription, subject to volume discounts or net of
commission sales as applicable: (i) by check in U.S. dollars, (ii) by wire transfer of immediately available funds in U.S. dollars, or (iii) as otherwise agreed to by the Company (collectively, the “Payment”). The Company
shall instruct any Soliciting Dealers that any such wire transfers shall be in accordance with the instructions provided at Exhibit B. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties covenant and agree as follows: 
  

	1.	Establishment of Escrow Accounts. On or prior to
                    , 2008, the Company shall establish an interest-bearing escrow account with the Escrow Agent, which escrow account shall
be entitled “                , ESCROW AGENT FOR CNL INCOME PROPERTIES, INC.” (the “Escrow Account”). All monies deposited in the Escrow
Account are hereinafter referred to as the “Escrowed Funds.” The Company will cause Soliciting Dealers to instruct subscribers to make Payments for subscriptions payable to the order of the Escrow Agent or the Company. Soliciting Dealers
that are “$250,000 broker-dealers” may be authorized to instruct their customers to make Payments payable directly to the Soliciting Dealer. In such case, the Soliciting Dealer will collect the proceeds of the subscribers’ Payments
and issue funds made payable to the order of the Escrow Agent for the aggregate amount of the subscription proceeds for deposit into the Escrow Account. 

	2.	Deposits into the Escrow Account. The Company or any authorized Soliciting Dealer will promptly deliver all Payments to the Escrow Agent for deposit in the Escrow Account.

  

	3.	Collection Procedure. 

  

	 	(a)	The Escrow Agent is hereby authorized to forward each Payment for collection and, upon collection of the proceeds of each Payment, to deposit the collected proceeds in the Escrow
Account. 

  

	 	(b)	Any Payment returned unpaid to the Escrow Agent shall be returned to the Company or Soliciting Dealer that submitted the Payment. In such cases the Escrow Agent will promptly notify
the Company of such return. 

  

	 	(c)	In the event that the Company rejects any subscription for Shares and the Escrow Agent has already collected funds for such subscription, the Escrow Agent shall promptly issue a
refund Payment to the drawer of the Payment submitted by or on behalf of the rejected or withdrawing subscriber. If the Escrow Agent has not yet collected funds for such subscription but has submitted the Payment relating to such subscription for
collection, the Escrow Agent shall promptly issue a Payment in the amount of such Payment to the rejected or withdrawing subscriber after the Escrow Agent has cleared such funds. If the Escrow Agent has not yet submitted the Payment relating to the
subscription of the rejected or withdrawing subscriber, the Escrow Agent shall promptly remit such Payment directly to the drawer of the Payment submitted by or on behalf of the subscriber. 

  

	4.	Identity of Subscribers. From time to time, the Company shall furnish upon request of the Escrow Agent, a list of the subscribers who have paid for the Shares showing the
name, tax identification number, amount of Shares subscribed for and the amount paid which in the Escrow Agent’s discretion is needed by the Escrow Agent to perform its services hereunder. The Escrow Agent will not use the information provided
to it by the Company for any purpose other than to fulfill its obligations as Escrow Agent. The Escrow Agent will treat all subscriber information as confidential. 

  

	5.	Investment of Escrowed Funds. The Escrow Agent, immediately upon deposit of each Payment in the Escrow Account, it shall invest such Escrowed Funds in interest-bearing
accounts, bank money market accounts, short-term certificates of deposit issued by a bank, short-term securities directly or indirectly issued or guaranteed by the United States Government, or other short-term, highly liquid investments with
appropriate safety of principal, all as directed by the Company. In the absence of any such direction by the Company, the Escrow Agent is hereby directed to invest each Payment received by it in
                        . Interest and dividends earned on such investments shall be similarly reinvested.

  

	6.	Distribution of Escrowed Funds. From time to time, the Escrow Agent shall release from the Escrow Account to the Company any and all collected Escrowed Funds, upon written
request of an officer of the Company (a “Release Request”). The Escrow Agent shall hold subscribers’ Payments in the Escrow Account until the funds have been collected and until the receipt of a Release Request, each of which shall be
delivered by the Company following the Company’s acceptance of the respective subscriber’s subscription and admission of such subscriber as a stockholder. 

  

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	7.	Term of Escrow. The “Termination Date” shall be the earlier of (i) the expiration of the Offering on
                    , 2010, provided that the Company may extend this date by 60 days upon written notice to the Escrow Agent; (ii) the
date the Escrow Agent receives written notice from the Company that it is abandoning or stopping the sale of the Shares; (iii) the date the Escrow Agent receives notice from the Securities and Exchange Commission or any other federal or state
regulatory authority that a stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least twenty (20) days or (iv) the date the Escrow Agent institutes an interpleader action. After the
Termination Date the Company shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments by prospective Investors. 

  

	8.	Indemnification of Escrow Agent. From and at all times after the date of this Agreement, the Company shall, to the fullest extent permitted by law, defend, indemnify and hold
harmless Escrow Agent and each director, officer, employee, attorney, agent and affiliate of Escrow Agent (collectively, the “Indemnified Parties”) against any and all actions, claims (whether or not valid), losses, damages, liabilities,
costs, taxes, penalties and expenses of any kind or nature whatsoever (including without limitation reasonable attorneys’ fees, costs and expenses) incurred by or asserted against any of the Indemnified Parties from and after the date hereof,
whether direct, indirect or consequential, as a result of or arising from or in any way relating to any claim, demand, suit, action or proceeding (including any inquiry or investigation) by any person, including without limitation the Company,
whether threatened or initiated, asserting a claim for any legal or equitable remedy against any person under any statute or regulation, including, but not limited to, any federal or state securities laws, or under any common law or equitable cause
or otherwise, arising from or in connection with the negotiation, preparation, execution, performance or failure of performance of this Agreement or any transactions contemplated herein, whether or not any such Indemnified Party is a party to any
such action, proceeding, suit or the target of any such inquiry or investigation; provided, however, that no Indemnified Party shall have the right to be indemnified hereunder for any liability finally determined by a court of competent
jurisdiction to have resulted primarily from the gross negligence, or willful misconduct of such Indemnified Party. Each Indemnified Party shall, in its sole discretion, have the right to select and employ separate counsel with respect to any action
or claim brought or asserted against it, and the reasonable fees of such counsel shall be paid upon demand by the Company. The obligations of the Company under this Section 8 shall survive any termination of this Agreement and the resignation
or removal of Escrow Agent. 

  

	9.	Duties and Limitation on Liability of the Escrow Agent. The sole duty of the Escrow Agent shall be to receive and invest Payments and to hold them subject to release in
accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company is complying with requirements of this Agreement, the Offering Document or applicable law in tendering the Payments to the Escrow Agent. No other
agreement entered into by or between the Soliciting Dealers and the Company shall be considered as adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement may be referred to herein or deposited
with the Escrow Agent or the Escrow Agent may have knowledge thereof, and the Escrow Agent’s rights and responsibilities shall be governed solely by this Agreement. The Escrow Agent shall not be responsible for or be required to enforce any of
the terms or conditions of any Offering Document or other agreement between the Company and any other party. 

  

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 The Escrow Agent may conclusively rely upon and shall be protected in acting upon any statement,
certificate, notice, request, consent, order or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Escrow Agent shall have no duty or liability to verify any such statement,
certificate, notice, request, consent, order or other document, and its sole responsibility shall be to act only as expressly set forth in this Agreement. Concurrent with the execution of this Agreement, the Company shall deliver to the Escrow Agent
and attach as Exhibit C a list of authorized signers on the Escrow Account. The Escrow Agent shall be under no obligation to institute or defend any action, suit or proceeding in connection with this Agreement unless first indemnified to its
satisfaction. The Escrow Agent may consult counsel of its own choice with respect to any question arising under this Agreement and the Escrow Agent shall not be liable for any action taken or omitted in good faith upon advice of such counsel. The
Escrow Agent shall not be liable for any action taken or omitted by it except to the extent that a court of competent jurisdiction determines that the Escrow Agent’s gross negligence, or willful misconduct was the primary cause of loss.

 The Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary or otherwise, to any
other person by reason of this Agreement, except as otherwise stated herein, and no implied duties, covenants or obligations, fiduciary or otherwise, shall be read into this Agreement against the Escrow Agent. 
 In the event of any disagreement between any of the parties to this Agreement, or between any of them and any other person, including any subscriber,
resulting in adverse claims or demands being made in connection with the matters covered by this Agreement, or in the event that the Escrow Agent is in doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to
comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable in any way or to any person for
its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain from acting until (i) the rights of all interested parties shall have been fully and finally adjudicated by a court of competent jurisdiction, or
(ii) all differences shall have been adjudged and all doubt resolved by agreement among all of the interested persons, and the Escrow Agent shall have been notified thereof in writing signed by all such persons. Notwithstanding the foregoing,
the Escrow Agent may in its discretion obey the order, judgment, decree or levy of any court of competent jurisdiction, and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or
levies. In the event that any controversy should arise with respect to this Agreement, the Escrow Agent shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction to determine the rights of the
parties. 
 EXCEPT IN THE CASE OF THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, IN NO EVENT SHALL THE ESCROW AGENT BE
LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER 

  

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(INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE
FORM OF ACTION. 
 The parties agree that the Escrow Agent has had and shall have no role in the preparation of the Offering Document or any
other offering document, has not reviewed any such documents and makes no representations or warranties with respect to the information contained therein or omitted therefrom. 
 The Escrow Agent shall have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure or tax laws
concerning the Offering Document, or the issuance, offering or sale of the Shares. 
 The Escrow Agent shall have no duty or obligation to
monitor the application and use of the Escrowed Funds once transferred to the Company, that being the sole obligation and responsibility of the Company. 
 Under no circumstances shall the Escrow Agent be required to risk or advance its own funds or otherwise incur financial liability in the performance of its duties or the exercise of its rights hereunder. 

 

	10.	Inability to Deliver. In the event that Payments for subscriptions delivered to the Escrow Agent by the Company pursuant to this Agreement are not cleared through normal
banking channels within 120 days after such delivery, the Escrow Agent shall deliver such uncleared Payments to the Company. 

  

	11.	Notice. All notices, requests, demands and other communications or deliveries required or permitted to be given hereunder shall be in writing and shall be deemed to have been
duly given if delivered personally, given by facsimile confirmed by telephone call or deposited for mailing, first class, postage prepaid, registered or certified mail, as follows: 

  

			
	 If to the subscribers for Shares:
	 	To their respective addresses as specified in their Subscription Agreements.
		
	If to the Company:	 	CNL Income Properties, Inc.
		 	CNL Center at City Commons
		 	450 South Orange Avenue
		 	Orlando, Florida 32801
		 	Attention: Tammie A. Quinlan, Chief Financial Officer and Executive Vice President; and Amy Sinelli, Senior Vice President and Corporate Counsel
		 	 (407) 650-1000 telephone

		 	(407) 540-2544 facsimile
		
	If to the Escrow Agent:	 	 (Name and Contact Information)

  

	12.	Fees to Escrow Agent. In consideration of the services to be provided by the Escrow Agent hereunder, the Company agrees to pay the fees to the Escrow Agent as disclosed in
the Fee Agreement attached hereto as Exhibit D. 

  

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	13.	General. 

  

	 	(a)	This Agreement shall be interpreted, construed and enforced in all respects in accordance with the laws of the State of Florida applicable to contracts to be made and performed
entirely in said state. 

  

	 	(b)	The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 

  

	 	(c)	This Agreement sets forth the entire agreement and understanding of the parties with regard to this escrow transaction and supersedes all prior agreements, arrangements and
understandings relating to the subject matter hereof. 

  

	 	(d)	This Agreement may be amended, modified, superseded or cancelled, and any of the terms or conditions hereof may be waived, only by a written instrument executed by each party hereto
or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect the right at a later time to enforce the same. No waiver in any one
or more instances by any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, shall be deemed to be, or construed as, a further or continuing waiver of any such condition or breach, or a
waiver of any other condition or of the breach of any other terms of this Agreement. 

  

	 	(e)	This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 

  

	 	(f)	This Agreement shall inure to the benefit of the parties hereto and their respective administrators, successors, and assigns. Any corporation or association into which the Escrow
Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association
resulting from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor Escrow Agent under this Agreement and shall have and succeed to the rights, powers, duties,
immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance any further act. 

  

	14.	 Representation of the Company. The Company hereby acknowledges that the status of the Escrow Agent with respect to the offering of the Shares is that of
agent only for the limited purposes herein set forth, and hereby agrees it will not represent or imply that the Escrow Agent, by serving as the Escrow Agent hereunder or otherwise, has investigated the desirability or advisability of an investment
in the Shares, or has approved, endorsed or passed upon the merits of the Shares, nor shall the Company use the name of the 

  

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Escrow Agent in any manner whatsoever in connection with the offer or sale of the Shares, other than by acknowledgement that it has agreed to serve as Escrow
Agent for the limited purposes herein set forth. 

  

	15.	Resignation of Escrow Agent. Should, at any time, this Agreement be modified in a manner that would increase the duties and responsibilities of the Escrow Agent, or in any
manner that the Escrow Agent shall deem undesirable, the Escrow Agent may resign by notifying the Company. Such resignation shall become effective on the earlier to occur of (i) the appointment and acceptance by a successor Escrow Agent or
(ii) sixty (60) days following the date upon which notice was mailed. Until such time as the Escrow Agent has resigned in accordance herewith, the Escrow Agent shall perform its duties hereunder in accordance with the terms of this
Agreement. If a successor escrow agent is not appointed within the 60-day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent or interplead the Payments with such court,
whereupon the Escrow Agent’s duties hereunder shall terminate. 

  

	16.	Acts of God. The Escrow Agent shall not be responsible for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly
or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God, earthquakes, fires, floods, wars, civil or military disturbances, sabotage, epidemics, riots, interruptions, loss or malfunctions of utilities,
computer (hardware or software) or communication service, accidents, labor disputes, acts of civil or military authority, or governmental actions. 

  

	17.	Dealings. The Escrow Agent and any stockholder, director, officer or employee of the Escrow Agent may buy, sell and deal in any securities of the Company or any affiliates of
the Company and may contract and lend money to the Company or any affiliates of the Company. 

 [SIGNATURES ON FOLLOWING PAGE]

  

 7 

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

  

									
		  		 		 	CNL INCOME PROPERTIES, INC.
					
		  		 		 	By:	 	  

		  		 		 	Name:	 	Tammie A. Quinlan
		  		 		 	Title:	 	Chief Financial Officer and Executive Vice President
					
		  		 		 		 	  

		  		 		 		 	As Escrow Agent
					
	Attest:	  	  
	 		 	By:	 	  

	Name:	  		 		 	Name:	 	
	Title:	  		 		 	Title:	 	

  

 8 

 EXHIBIT A 
 Prospectus dated                     , 2008 
  

 9 

 EXHIBIT B 
 Wire Instructions: 
  

 10 

 EXHIBIT C 
 CNL Income Properties, Inc. 
 Authorized Signers List 
  

 11 

 EXHIBIT D 
 Fee Agreement 
  

 12

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