Document:

EX-10.1

	 	 	 
	 #

	 	: 405-0001064-000
	 

	 	 

REPLACEMENT PROMISSORY NOTE

	 	 	 
	$15,500,000.00
	 	Dated: May 27, 2011

	 

FOR VALUE RECEIVED, G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC, a Delaware limited liability
company (“G&E Monument”); G&E HC REIT II ATHENS LTACH, LLC, a Delaware limited liability company
(“G&E Athens”); G&E HC REIT II CAPE GIRARDEAU LTACH, LLC, a Delaware limited liability company
(“G&E Cape Girardeau”); G&E HC REIT II COLUMBIA LTACH, LLC, a Delaware limited liability company
(“G&E Columbia”); and G&E HC REIT II JOPLIN LTACH, LLC, a Delaware limited liability company (“G&E
Joplin” and, together with G&E Monument, G&E Athens, G&E Cape Girardeau, and G&E Columbia, the
“Borrowers” and each a “Borrower”), each having a principal place of business at 1551 Tustin
Avenue, Suite 300, Santa Ana, California 92705, hereby promise to pay to the order of SIEMENS
FINANCIAL SERVICES, INC., a Delaware corporation having a principal place of business at 170 Wood
Avenue South, Iselin, New Jersey 08830, its successors or assigns (“Lender”) at such principal
place of business of Lender or at such other place as the holder of this Note may from time to time
designate, the maximum principal amount of FIFTEEN MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS
($15,500,000.00), or so much thereof as may be advanced by Lender, on the dates and in the amounts
set forth in the Loan Agreement referred to below together with interest on the unpaid principal
amount hereof at the rates and on the dates set forth in the Loan Agreement referred to below. If
not sooner paid, Borrowers shall pay the principal of and accrued and unpaid interest on the Loan
in full on the Maturity Date. All terms which are capitalized and used herein and which are not
otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement. Payments
of both principal and interest are to be made in lawful money of the United States of America.

This Promissory Note (this “Note”) is delivered pursuant to that certain Loan and Security
Agreement dated as of May 19, 2011 together with all annexes, exhibits, and schedules thereto, made
by Lender and Borrowers, as it may be amended, restated, modified or substituted from time to time
(the “Loan Agreement”). This Note is secured by, among other things, the Deeds of Trust.

All of the rights, remedies, powers and privileges (together, “Rights”) of Lender provided in
this Note and in any other Loan Document are cumulative of each other and of any and all other
Rights at law or in equity. The resort to any Right shall not prevent the concurrent or subsequent
employment of any other appropriate Right. No single or partial exercise of any Right shall
exhaust it or preclude any other or further exercise thereof, and every Right may be exercised at
any time and from time to time. No failure by Lender to exercise and no delay in exercising any
Right, including the right to accelerate the maturity of this Note, shall be construed as a waiver
of any Default or as a waiver of any Right. Without limiting the generality of the foregoing
provisions, the acceptance by Lender from time to time of any payment under this Note which is past
due or which is less than the payment in full of all amounts due and payable at the time of such
payment shall not (a) constitute a waiver of or impair or extinguish the right of Lender to
accelerate the maturity of this Note or to exercise any other Right at the time or at any
subsequent time or nullify any prior exercise of any such Right, (b) constitute a waiver of the
requirement of punctual payment and performance or a novation in any respect, or (c) in any way
excuse the existence of a Default.

EACH BORROWER WAIVES THE BENEFIT OF ANY LAW THAT WOULD OTHERWISE RESTRICT OR LIMIT LENDER’S
EXERCISE OF ITS RIGHTS OR REMEDIES HEREUNDER, WHICH EACH BORROWER HEREBY ACKNOWLEDGES, FROM TIME TO
TIME FOLLOWING THE OCCURRENCE OF AN EVENT OF DEFAULT, WITHOUT DEMAND OR NOTICE OF ANY KIND.

EACH BORROWER RATIFIES AND CONFIRMS WHATEVER LENDER MAY DO WITH RESPECT TO ANY COLLATERAL IT
RECEIVES, AND AGREES THAT LENDER SHALL NOT BE LIABLE FOR ANY ERROR OF JUDGMENT OR MISTAKES OF FACT
OR LAW, EXCEPT FOR ANY ERROR OR MISTAKE TO THE EXTENT ARISING SOLELY FROM LENDER’S GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT, AND THAT BORROWERS’ LIABILITY UNDER THIS NOTE SHALL NOT BE AFFECTED OR
IMPAIRED BY ANY DETERMINATION THAT ANY SECURITY INTEREST OR LIEN TAKEN BY LENDER TO SECURE THIS
NOTE IS INVALID OR UNPERFECTED.

EACH BORROWER HEREBY WAIVES TRIAL BY JURY IN RESPECT OF ANY SUIT UNDER THIS NOTE. THIS WAIVER
IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY EACH BORROWER, AND EACH BORROWER HEREBY REPRESENTS
THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY PERSON OR ENTITY TO INDUCE THIS
WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THE LOAN DOCUMENTS. BORROWERS AND LENDER ARE
EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF
THIS WAIVER OF JURY TRIAL. EACH BORROWER FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN
REPRESENTED IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL
COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS
OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. THE
BORROWERS AGREE AND UNDERSTAND THAT THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY TO THE EXTENT
PERMITTED BY LAW.

Except for such notices required under the Loan Agreement, each Borrower waives any and all
presentment, demand, notice of dishonor, protest, and all other notices and demands in connection
with the enforcement of Lender’s rights hereunder and under any loan instrument, and hereby
consents to and waives notice of release, with or without consideration, of Borrowers.

Lender may at any time transfer this Note and Lender’s rights in any Loan Document and in any
or all of any collateral, and Lender thereafter shall be relieved from all liability with respect
to such collateral no longer in Lender’s possession or control.

This Note evidences an indebtedness incurred pursuant to the Loan Agreement, to which
reference is hereby made for a statement of the terms and conditions under which the maturity date
thereof or any payment hereon may be accelerated.

In the event of commencement of suit to enforce payment of this Note, or in the event that it
becomes necessary to place this Note or any documents or instruments securing this Note in the
hands of an attorney for collection after the same or any portion hereof shall for any reason
become due, or for enforcement, or if collected by legal proceedings, arbitration proceedings, or
through the probate or bankruptcy courts, then a reasonable sum shall be added hereto for Lender’s
costs and expenses thereof including, but not limited to, reasonable attorneys’ fees, and such
amount shall be secured and collectible as the principal hereof.

This Note shall be interpreted and construed according to the internal laws of the State of
New York without regard to its conflict of laws principles, which State shall have jurisdiction of
any matters that may arise hereunder.

A determination that any provision of this Note is unenforceable or invalid shall not affect
the enforceability or validity of any other provision and the determination that the application of
any provision of this Note to any person or circumstance is illegal or unenforceable shall not
affect the enforceability or validity of such provision as it may apply to other persons or
circumstances.

This Note shall be binding on and enforceable against the maker hereof and its successors,
heirs, executors, representatives and assigns.

This Note may not be modified except in writing signed by Borrowers and Lender. Time is of
the essence of this Note.

The term “Borrower” as used herein means all parties signing this Note, and each one of them,
and all such parties, their respective successors and assigns, are jointly and severally obligated
hereunder.

This Note constitutes a renewal and restatement of, and replacement and substitution for, that
certain Promissory Note dated as of May 19, 2011 in the original principal amount of Twenty-Five
Million and 00/100 Dollars ($25,000,000.00), executed by Borrowers and made payable to the order of
Lender (the “Prior Note”). The indebtedness evidenced by the Prior Note is continuing indebtedness
evidenced hereby, and nothing herein shall be deemed to constitute a payment, settlement, or
novation of the Prior Note, or to release or otherwise adversely affect any lien, mortgage, or
security interest securing such indebtedness or any rights of Lender against any guarantor, surety,
or other party primarily or secondarily liable for such indebtedness.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, Borrowers, expressly intending to be legally bound hereby, have duly
executed this Note the day and year first above written.

BORROWERS:

G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Chief Financial Officer

G&E HC REIT II CAPE GIRARDEAU LTACH, LLC

By: G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Chief Financial Officer

G&E HC REIT II ATHENS LTACH, LLC

By: G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Chief Financial Officer

G&E HC REIT II COLUMBIA LTACH, LLC

By: G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Chief Financial Officer

G&E HC REIT II JOPLIN LTACH, LLC

By: G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Chief Financial OfficerEX-10.2

	 	 	 
	 Siemens Financial Services, Inc.
	 	 	LOAN AND SECURITY AGREEMENT
	 	 	(Healthcare Direct/Real Estate)
	 	 	Dated: May 19, 2011

#: 405-0001064-000

THIS LOAN AND SECURITY AGREEMENT (as amended, restated, supplemented, or otherwise
modified from time to time, and together with all annexes, exhibits, and schedules attached hereto,
this “Agreement”) is made as of May 19, 2011 (the “Effective Date”) by and among G&E HC REIT II
MONUMENT LTACH PORTFOLIO, LLC, a Delaware limited liability company (“G&E Monument”), as a Borrower
and as the Borrower Representative (as defined in Section 14(c)); G&E HC REIT II ATHENS LTACH, LLC,
a Delaware limited liability company (“G&E Athens”); G&E HC REIT II CAPE GIRARDEAU LTACH, LLC, a
Delaware limited liability company (“G&E Cape Girardeau”); G&E HC REIT II COLUMBIA LTACH, LLC, a
Delaware limited liability company (“G&E Columbia”); G&E HC REIT II JOPLIN LTACH, LLC, a Delaware
limited liability company (“G&E Joplin” and, together with G&E Monument, G&E Athens, G&E Cape
Girardeau, and G&E Columbia, the “Borrowers” and each a “Borrower”), each having a principal place
of business at 1551 Tustin Avenue, Suite 300, Santa Ana, California 92705; and SIEMENS FINANCIAL
SERVICES, INC., a Delaware corporation having a principal place of business at 170 Wood Avenue
South, Iselin, New Jersey 08830 (“Lender”).

WHEREAS, Borrowers have applied to Lender for a loan secured by real property and
improvements.

WHEREAS, in reliance upon the representations made by Borrowers, and subject to the terms and
conditions of this Agreement, Lender has agreed to make a loan (the “Loan”) to Borrowers in the
original principal amount of Twenty-Five Million and 00/100 Dollars ($25,000,000.00) (the “Loan
Amount”).

NOW, THEREFORE, in consideration of the foregoing premises and in order to induce Lender to
make the Loan, Borrowers and Lender hereby agree as follows:

1. DEFINITIONS: As used in this Agreement, capitalized words and phrases shall have the
meanings set forth in ANNEX 1 attached hereto and made a part hereof.

2. LOAN AND SECURITY AGREEMENT: This Agreement sets forth the terms and conditions upon which
Lender shall lend to Borrowers and Borrowers shall borrow from Lender. This Agreement constitutes
a security agreement as to the Collateral. This Agreement shall become effective at the time of
its acceptance by Lender (by execution hereof) at Lender’s corporate offices, by an authorized
representative of Lender.

3. THE LOAN:

(a) Disbursement. Lender hereby agrees, on the terms stated herein, to lend to
Borrowers on the date that the terms and conditions set forth in Section 4 have been satisfied (the
“Loan Date”), in a single disbursement of immediately available funds, the Loan. The proceeds of
the Loan shall be disbursed in accordance with the Funding Schedule/Pay Proceeds Authorization in
substantially the form attached hereto as EXHIBIT A.

(b) Interest and Late Charges. Interest shall accrue on the outstanding principal
balance of the Loan at the rate of 5.83% per annum (the “Interest Rate”); provided, however, that
Borrowers agree to pay on demand, as a late charge, 1.3% per month, limited by the maximum rate
permitted by law, of each overdue amount (including accelerated balances) under the Loan Documents,
whether such amount is due prior to or after a Default. All calculations of interest and fees
shall be based on a 360 day year consisting of twelve (12) thirty (30) day months, and shall be
paid for the actual number of days elapsed.

(c) Repayment.

(i) Unless accelerated in accordance with the provisions of this Agreement, Borrowers
shall repay the principal of and interest on the Loan in eighty-four (84) equal monthly
payments of principal and interest each in the amount of $176,664.58 (mortgage style, as set
forth on EXHIBIT B), in arrears, beginning on June 19, 2011, and continuing on the last
Business Day of each calendar month thereafter (each, a “Payment Date”), with a final
payment of all remaining outstanding principal, interest, fees and costs due on June 19,
2018 (the “Maturity Date”).

(ii) All amounts payable to Lender under the Loan Documents shall be made not later
than the date specified for payment, in lawful money of the United States of America and in
immediately available funds, free and clear of and without any withholding, deduction,
setoff or counterclaim of any kind. If any payment under the Loan Documents is due on a day
when banks are required to close in New Jersey, such payment shall be due on the next
succeeding Business Day. Except as may otherwise be provided in the Loan Documents,
payments shall be paid to Lender at its address above or any other address designated by
Lender in writing.

(iii) All amounts paid shall be applied first to the payment of all expenses and
charges, including attorneys’ fees, actually incurred by Lender in the protection of its
rights or the pursuance of its remedies and to provide adequate indemnity to Lender against
all taxes and liens which by law have, or may have, priority over the rights of Lender to
any receipts or proceeds with respect to the Collateral; second, to the payment of all other
costs, expenses, indemnities and amounts payable under the Loan Documents to the extent
Lender is aware of the same; third, to the payment of all interest accrued and payable with
respect to the Loan; and fourth, to the payment of principal on the Loan, in inverse order
of maturity. Anything herein to the contrary notwithstanding, in the event that any payment
of interest hereunder shall exceed the legal limit, such amount in excess of such limit
shall be deemed a payment of principal hereunder.

(d) Prepayments. Except as otherwise provided in this Section 3(d), the Loan, or any
part thereof, may not be prepaid. Partial prepayments will be applied to the most remote payment
of principal due under this Agreement. Each prepayment, whether voluntary, by reason of
acceleration or otherwise, will be accompanied by the amount of accrued interest on the amount
prepaid, and the applicable Prepayment Premium.

(i) Mandatory Prepayments:

(1) Concurrently with the disposition of any Collateral (other than
dispositions specifically permitted under this Agreement), Borrowers shall prepay
the Loan in an amount equal to the proceeds of such disposition (net of reasonable
and customary costs and expenses actually incurred in connection therewith,
including legal fees and sales commissions, and transfer or similar taxes);

(2) Concurrently with the receipt of any proceeds of insurance or condemnation
awards paid in respect of any Collateral, Borrowers shall prepay the Loan in an
amount equal to such insurance or award proceeds, subject to Section 9 of this
Agreement and each Deed of Trust; and

(3) Concurrently with any issuance of equity interests directly by any
Borrower, Borrowers shall prepay the Loan in an amount equal to the proceeds of such
issuance (net of reasonable and customary costs and expenses actually incurred in
connection therewith, including legal fees and sales commissions, and transfer or
similar taxes).

(ii) Optional Prepayments. Provided that no Default then exists, Borrowers may
voluntarily prepay the principal balance of the Loan, in whole or in part on the date that
any installment payment is otherwise due, on or after May 19, 2013, subject to the following
conditions:

(1) Not less than thirty (30) days prior to the date upon which Borrowers
desire to make such prepayment, Borrower Representative shall deliver to Lender
written notice of Borrowers’ intention to prepay the Loan, which notice shall be
irrevocable and state the prepayment amount and the prepayment date (the “Prepayment
Date”);

(2) Borrowers shall pay to Lender, concurrently with such prepayment, a
prepayment premium (the “Prepayment Premium”) equal to the Yield Amount (as
hereinafter defined), provided, however, no Prepayment Premium shall be owing if
such prepayment is made on or after the date which is ninety (90) days prior to the
Maturity Date; and

(3) Borrowers shall pay to Lender all accrued and unpaid interest on the Loan
through the date of such prepayment on the principal balance being prepaid. Partial
prepayments will be applied to the most remote payment of principal due under this
Agreement.

(iii) Prepayment Premium. Borrowers acknowledge that the Loan was made on the basis
and assumption that Lender would receive the payments of principal and interest set forth
herein for the full term thereof. Therefore, whenever the maturity of the Loan has been
accelerated by Lender by reason of the occurrence of an Event of Default, there shall be
due, in addition to the outstanding principal balance, accrued interest and other sums due
hereunder, the Prepayment Premium. If prior to the Maturity Date, an Event of Default
exists and Lender elects to declare the Loan immediately due and payable, the tender of
payment by Borrowers prior to the exercise of Lender’s remedies against the Collateral shall
be deemed to be an evasion of this prepayment provision, and such payment, to the extent
permitted by law, must also include liquidated damages in the amount of the Prepayment
Premium, it being acknowledged by Borrowers that Lender’s actual damages in the event of
such evasion are now and will then be impossible to ascertain. No principal prepayment
shall extend or postpone the due date of any subsequent installment of principal or interest
arising under the Loan. Borrowers hereby expressly agree to pay the Prepayment Premium upon
the voluntary or involuntary prepayment of the Note, and acknowledge Lender’s agreement to
make the Loan on the terms contained herein constitutes adequate consideration for the
Prepayment Premium.

(iv) Calculation of Prepayment Premium. For purposes of the Loan and the Note, the
“Yield Amount” shall be the amount calculated as follows:

(1) Lender shall first determine, as of the Prepayment Date, the percentage, if
any, by which the Interest Rate exceeds the Interest Rate Swaps Rate (the “Current
Yield”) for obligations closest in maturity to the Maturity Date, as reported in the
most current Federal Statistical Release H.15 as of the Prepayment Date. If
publication of Federal Statistical Release H.15 is discontinued, Lender, in its sole
discretion, shall designate another similar financial or governmental publication of
national circulation to be used to determine the Reference Rate;

(2) The difference calculated pursuant to Section 3(d)(iv)(1) above shall be
multiplied by the amount prepaid; and

(3) The product calculated pursuant to Section 3(d)(iv)(2) above shall be
multiplied by the quotient, rounded to the nearest one-hundredth of one percent,
obtained by dividing (i) the number of days from and including the Prepayment Date
to and including the Maturity Date, by (ii) 360;

provided that Borrowers shall not be entitled in any event to a credit against, or a
reduction of, the indebtedness being prepaid if the Interest Rate Swaps Rate for obligations
closest in maturity to the Maturity Date, as reported in the most current Federal
Statistical Release H.15 as of the Prepayment Date, exceeds the Interest Rate or for any
reason.

(e) Note. The Loan is evidenced by a promissory note (together with any and all
renewal, extension, modification or replacement notes executed by Borrowers and delivered to Lender
and given in substitution therefor, the “Note”) in form and substance attached hereto as EXHIBIT C,
prepared by and acceptable to Lender, dated as of the date hereof, in the Loan Amount, duly
executed by Borrowers and payable to the order of Lender. At the time of the disbursement of the
Loan or a repayment made in whole or in part thereon, a notation thereof shall be made on the books
and records of Lender. All amounts recorded shall be rebuttably presumptive evidence of (i) the
principal amount of the Loan advanced hereunder, (ii) any accrued and unpaid interest owing on the
Loan, and (iii) all amounts repaid on the Loan. The failure to record any such amount or any error
in recording such amounts shall not, however, limit or otherwise affect the obligations of
Borrowers under the Loan Documents to repay the principal amount of the Loan, together with all
interest accruing thereon.

4. CONDITIONS PRECEDENT: The obligation of Lender to make the Loan is subject to the
fulfillment of the following conditions precedent, each in form and substance satisfactory to
Lender:

(a) Documents to be delivered. The following documents shall have been duly
authorized, executed, and delivered by the parties thereto, shall be in full force and effect and
dated as of the date hereof (unless otherwise indicated), and originals thereof shall have been
delivered to Lender, together with all schedules and exhibits thereto:

(i) this Agreement;

(ii) the Note;

(iii) the Deeds of Trust;

(iv) (1) from each Operating Subtenant, a Subordination, Nondisturbance and Attornment
Agreement, including, without limitation, tenant estoppel provisions, each executed by
Lender, Master Tenant, and the applicable Operating Subtenant, and (2) from Master Tenant, a
Subordination, Nondisturbance and Attornment Agreement, including, without limitation,
tenant estoppel provisions, for each Property, each executed by Lender, Borrowers, and
Master Tenant;

(v) the Environmental Indemnity Agreement;

(vi) the Parent Guaranty;

(vii) a Collateral Assignment of Proceeds for each Lease Letter of Credit;

(viii) each original Lease Letter of Credit, together with a transfer form therefor,
executed in blank;

(ix) the Collateral Assignment;

(x) the Distribution and Management Fee Subordination Agreement;

(xi) each Assignment and Consent Agreement;

(xii) a Funding Schedule/Pay Proceeds Authorization, in the form of EXHIBIT A attached
hereto;

(xiii) a certificate of Grubb & Ellis Healthcare REIT II, Inc., a Maryland corporation,
pertaining to such corporation, the Borrowers, and the Parent Guarantor, executed by the
secretary or assistant secretary of Grubb & Ellis Healthcare REIT II, Inc., and including an
additional certification by one other officer of such corporation, attaching copies of (1)
the certificate of formation and operating agreement or articles of incorporation and bylaws
(or other formation documents), as the case may be, of each such entity; (2) written consent
of the board of directors of Grubb & Ellis Healthcare REIT II, Inc. approving and
authorizing each such entity’s execution, delivery, and performance of the Loan Documents to
which it is party and the transactions contemplated thereby; (3) signature and incumbency
certificates of the officers, directors, and managers, as the case may be, of each such
entity executing any of the Loan Documents, each of which Borrowers hereby certify to be
true and complete, and in full force and effect without modification, it being understood
that Lender may conclusively rely on each such document and certificate until formally
advised by Borrower Representative of any changes therein; (4) good standing certificates in
the state of formation or incorporation of each such entity and from any other state in
which any such entity is required to qualify to conduct its business; (5) the current rent
roll of each Property and a copy of the Lease and any property management agreement
applicable thereto; and (6) such other information or items as Lender may request;

(xiv) with respect to each Lockbox Account, a deposit account control agreement,
granting to Lender a security interest in such account, executed by Borrowers, Lender, and
the financial institution at which each such account is maintained (pursuant to which, among
other things, such financial institution agrees that upon notice from Lender to such
financial institution (which notice may be delivered by Lender upon a Default), all such
payments received in the accounts will be promptly transferred to an account designated by
Lender), and Borrowers shall have taken such other actions as requested by Lender to confirm
that Lender’s security interest in each such Lockbox Account is perfected by control as such
term is used in Section 9-104 of the applicable Uniform Commercial Code; and

(xv) any other document referred to in the definition of “Loan Documents” or required
by Lender.

(b) General Conditions.

(i) no Default has occurred and is continuing or would result from the performance of
any Loan Document;

(ii) since the date of the most recent financial statement provided to Lender, there
has been no material adverse change in the business condition (financial or otherwise),
operations, properties or prospects of any Borrowers, any Lease Guarantor, any Tenant, or
Parent Guarantor;

(iii) all representations and warranties contained herein and otherwise in connection
with the Loan shall be true and correct; and

(iv) Borrowers shall have delivered all documents requested by Lender hereunder in each
case in form and substance satisfactory to Lender.

(c) Lien Searches. Lender shall have received satisfactory Uniform Commercial Code,
judgment, lien, bankruptcy and pending litigation searches for Borrowers, Parent Guarantor, and any
other Person required by Lender, together with evidence of any and all necessary releases and
terminations required by Lender.

(d) Collateral. Borrowers shall have granted to Lender a continuing first priority
security interest in the Collateral (including pursuant to each Deed of Trust, which shall
constitute a first priority lien or security interest on the Property subject thereto), and the
Deeds of Trust, Uniform Commercial Code financing statements (including fixture filings), and any
other applicable Collateral Documents shall have been filed or recorded with such authorities and
filing offices as Lender may deem necessary or advisable.

(e) Title Insurance. Borrowers shall, or shall cause the title insurer to, deliver to
Lender Title Policies in an aggregate amount of at least Twenty-Five Million and 00/100 Dollars
($25,000,000.00), which shall, to the extent available in the state in which the applicable
Property is located, (i) contain affirmative coverage providing substantially the same benefits to
Lender as would be provided by an ALTA Form 9 Endorsement or similar comprehensive endorsement;
(ii) specifically insure Lender that the surveys described below describe the same real estate as
is covered by the Title Policies; (iii) contain such other endorsements and affirmative insurance
as Lender reasonably may require; and (iv) provide that Lender is protected against mechanics’ and
materialmen’s lien claims up to and through the Loan Date. Lender shall have received and approved
all underlying documents and instruments referred to in the Title Policies or in any preliminary
title report or commitment obtained from the recorder’s office or other appropriate source. If
requested by Lender, appropriate provisions reasonably satisfactory to Lender for co-insurance
and/or reinsurance with direct access agreements shall also be obtained.

(f) ALTA/ACSM Surveys. Borrowers shall deliver, or shall cause to be delivered to
Lender, an ALTA/ACSM survey of each Property, prepared and certified by a registered or certified
land surveyor of the state in which such Property is located, currently dated and prepared in
accordance with the standards of an As-Built Survey, in form and substance acceptable to Lender,
certified to Lender, Lender’s counsel, and the title insurance company issuing the applicable Title
Policy referred to above, showing, among other things, (i) no encroachments by improvements located
on adjoining property onto such Property; and (ii) such additional information as reasonably may be
required by Lender, Lender’s counsel, and/or such title insurance company.

(g) Insurance. Lender shall have received evidence of the insurance coverage required
under the Loan Documents or otherwise required by Lender.

(h) Environmental Surveys. Lender shall have received and approved an environmental
site assessment for each Property, certified to Lender by a qualified third party consultant
approved by Lender, which shall (i) demonstrate the absence of any existing or potential Hazardous
Material contamination or violations of Environmental Laws, except those disclosed in the reports
as acceptable to Lender in its sole and absolute discretion, (ii) include the results of all
sampling or monitoring to confirm the extent of existing or potential Hazardous Material
contamination at such Property, (iii) describe response actions appropriate to remedy any existing
or potential Hazardous Material contamination, and report the estimated cost of any such
appropriate response, (iv) confirm that any prior removal of Hazardous Material or underground
storage tanks from such Property was completed in accordance with Applicable Laws, and (v)
otherwise conform with Lender’s reasonable requirements therefore.

(i) Appraisals. Lender shall have received and approved an appraisal of each
Property, prepared by an independent appraiser selected by Lender, which appraisal shall satisfy
the requirements of the Financial Institutions Reform, Recovery and Enforcement Act, relating to
the fair market value of such Property, its estimated useful life, its estimated value at the
maturity of the Loan, and such other standard issues and considerations as may be required by
Lender.

(j) Flood Hazard Determination Forms. Lender shall have received a flood hazard
determination form concerning each Property.

(k) Leases. Each Lease shall (1) contain a remaining term of not less than fourteen
(14) years from the Loan Date; (2) include renewal options; (3) be structured as a triple net lease
(i.e., the Tenant thereunder shall pay rent and all taxes, insurance, and maintenance expenses
pertaining to the Property subject thereto); and (4) be in form and substance acceptable to Lender
in all respects. Each Sublease shall provide for the grant of a security interest in all operating
leases and licenses applicable to the facility subject to such Sublease to the Master Tenant (and
the assignment of such security interest to the Lender shall be expressly permitted under the
Master Lease and each Sublease).

(l) Other Items pertaining to the Properties. Lender shall have received and approved
such other documents, property information, and other assurances as Lender reasonably requires
concerning the Properties, including, without limitation, a property condition report and
engineering and/or zoning permits as required by Lender.

(m) Opinions. Lender shall have received and approved one or more written opinions
from counsel for Borrowers and Parent Guarantor, which counsel must be acceptable to Lender,
covering such matters as Lender may require, containing terms acceptable to Lender, and dated as of
the date hereof.

(n) Litigation. No litigation or proceedings shall be pending or, to any Borrower’s
knowledge, threatened against any Borrower or Parent Guarantor.

(o) Fees and Expenses. The Loan Fee and all other fees, expenses, and other amounts
due and owing to Lender have been paid in full. If any fee is not paid in cash, Lender may, in its
discretion, treat the fee as a principal advance under this Agreement or deduct the fee from the
Loan proceeds.

(p) Bank Accounts. Borrowers shall have opened the Lockbox Account.

(q) Other Deliverables. Lender shall have received and approved all other
certificates, financial statements, schedules, resolutions, opinions of counsel, notes and other
documents or items which are provided for hereunder or which are otherwise required by Lender.

5. SECURITY INTEREST:

(a) Grant of Security Interest. To secure all payments of principal and interest
under this Agreement and the payment and performance of all other obligations of Borrowers to
Lender under the Loan Documents (all hereinafter called “Obligations”), each Borrower hereby grants
to Lender a continuing first priority lien and security interest in and to the following property,
whether now owned or hereafter acquired or arising, and wherever located (herein, the
“Collateral”):

(i) The Properties, which secure the Obligations pursuant to the Deeds of Trust.

(ii) (1) all properties, assets and rights of such Borrower, including but not limited
to such Borrower’s Accounts, Inventory, Equipment, Fixtures, Goods (including computer
programs embedded in Goods and any supporting information provided in connection with a
transaction relating to the program and as-extracted collateral), General Intangibles
(including but not limited to things in action, payment intangibles, certificates of need,
contracts, contract rights, software, income tax refunds, copyrights, copyright
applications, licenses, permits, rights, patents, patent rights, patent applications,
franchise rights, distributorship rights, service marks, trademarks, trademark rights,
trademark applications, trade dress, formulae, customer lists, goodwill, trade secrets and
rights to sue and recover for infringement of patents, trademarks and copyrights), Chattel
Paper, Electronic Chattel Paper), Instruments, Investment Property, Documents (including
bills of lading, dock warrants, dock receipts and warehouse receipts), Deposit Accounts,
Commercial Tort Claims, Letters of Credit and Letters of Credit Rights, supporting
obligations (all as such terms are defined in the applicable Uniform Commercial Code), and
monies and books and records, wherever located; (2) all accessions, attachments,
replacements, substitutions, modifications and additions to any and all of such property
described in (1) above; and (3) all products and Proceeds of any and all of the foregoing
(including insurance proceeds).

(iii) All capitalized terms used in the definition of Collateral in this Agreement and
not otherwise defined herein, but which are defined in the Uniform Commercial Code, shall
have the meaning given therein. If a term is defined differently in Article 9 of the
Uniform Commercial Code from another Article of the Uniform Commercial Code, the term shall
have the meaning specified in Article 9.

(b) Cross-Collateralization. All collateral owned by Borrowers securing the
Obligations shall also secure all other present and future obligations of Borrowers to Lender
(excluding any consumer credit covered by the federal Truth in Lending law, unless Borrowers have
otherwise agreed in writing or received written notice thereof). All collateral securing any other
present or future obligations of Borrowers to Lender shall also secure the Obligations.

(c) Collateral Locations. The locations of the Collateral are as set forth on
SCHEDULE I attached hereto and made a part hereof.

(d) Financing Statements. Each Borrower (i) authorizes Lender to file (and Borrowers
shall execute if requested by Lender) and (ii) irrevocably appoints Lender its agent and
attorney-in-fact to execute in the name of such Borrower and file any Uniform Commercial Code
financing statements (including any amendments thereto) or similar filings with such authorities
and with any filing offices as Lender may determine are necessary or advisable to protect Lender’s
interest in the Collateral and/or the Loan Documents, and such Borrower agrees to reimburse Lender
upon demand for all costs incurred with respect thereto and with respect to any lien, tax or other
related searches (that Lender may determine are necessary or advisable) performed by Lender
(whether prior to or after the date of this Agreement) in connection with any Loan transaction.

(e) Other Collateral. In addition, the Obligations are also secured by the Collateral
Documents.

6. REPRESENTATIONS AND WARRANTIES: Each Borrower represents and warrants to Lender, with
respect to the Loan, as of the Effective Date and the Loan Date that:

(a) General Representations and Warranties.

(i) such Borrower is an entity duly and solely organized and validly existing in good
standing under the laws of the state of its incorporation/organization;

(ii) such Borrower has full power to own its properties, to carry on its business as
now being conducted and to execute, deliver and perform all of its obligations under the
Loan Documents;

(iii) such Borrower is not directly or indirectly controlled by, or acting on behalf
of, any person which is an “Investment Company”, within the meaning of the Investment
Company Act of 1940, as amended;

(iv) such Borrower and the Tenants have the requisite participation agreements or
provider numbers and have made all declarations and filings with all applicable Governmental
Authorities, self-regulatory authorities and all courts and other tribunals and has obtained
all governmental consents, franchises, certificates, licenses, authorizations, approvals and
permits (collectively, “Permits”), including without limitation, those relating to such
Tenant’s operations as a healthcare provider, the lack of which could have a material
adverse effect on any Borrower or Tenant or any of Borrower’s or Tenant’s business or
operations. Each Permit is in full force and effect, and there is no investigation, audit,
claim, review or other action pending or threatened that could result in a revocation,
suspension, termination, probation restriction, limitation or non-renewal of any
participation agreement, provider number or other Permit;

(v) such Borrower and the Tenants are in compliance in all material respects with all
applicable federal state, local and foreign laws, statutes, orders, regulations, rules and
ordinances (including, without limitation, healthcare laws, fraud and abuse laws,
Environmental Laws and anti-money laundering and terrorism laws, regulations and executive
orders) (collectively, “Applicable Laws”), the failure to comply with which could have a
material adverse effect on any Borrower or Tenant or any Borrower’s or Tenant’s business or
operations;

(vi) the execution, delivery and performance by such Borrower of the Loan Documents and
all other related instruments and documents have been duly authorized by all necessary
action of such Borrower and do not and will not violate any provision of law, statute, rule
or regulation, or any judgment, franchise, permit, order, decree, ruling, writ or injunction
of any court or administrative body, or of such Borrower’s organizational or charter
documents, or the terms of any of its securities or result in the breach of, or constitute a
default under, or require any consent under, any indenture, bank loan, credit agreement or
other agreement or instrument to which any Borrower is a party or by which any Borrower or
any property of any Borrower may be bound or affected;

(vii) except for any mortgage, deed of trust, Uniform Commercial Code financing
statement filings, fixture filings or other recordings required hereunder with respect to
the Collateral and the creation of the security interests contemplated hereby, no filings,
recordations, notifications, registrations, notarizations, authentications or other
formalities or property, stamp or similar taxes or duties and no approvals, licenses,
orders, authorizations, consents or undertakings of any governmental bodies or regulatory,
supervisory authorities are necessary or appropriate in connection with the execution,
delivery and performance by Borrowers of the Loan Documents or for the payment to Lender of
all sums hereunder or for the legality, validity, binding effect or enforceability hereof or
thereof;

(viii) each of the Loan Documents and all other related instruments and documents have
been duly executed and delivered by Borrowers and each constitutes a legal, valid and
binding obligation of Borrowers, enforceable in accordance with its terms, subject to
bankruptcy laws and other laws applicable to creditors’ rights generally;

(ix) all financial statements and other related financial information furnished to
Lender by Borrowers and Parent Guarantor, and to the knowledge of Borrowers, those furnished
by the Lease Guarantors and the Tenants, have been prepared in accordance with GAAP and
fairly present, in all material respects, such entity’s financial position and results of
its operations as of the dates given on such statements, including all material contingent
liabilities; and all information (taken as a whole) furnished to Lender by or on behalf of
Borrowers and Parent Guarantor, and to the knowledge of Borrowers, those furnished by the
Lease Guarantors and the Tenants, in connection with the Loan, whether on or before the date
hereof, is true and accurate in all material respects on the date such information is dated
or certified and not incomplete by omitting to state any fact necessary to make such
information (taken as a whole) not misleading in any material respect;

(x) such Borrower is, after giving effect to the transactions contemplated hereby,
solvent, able to pay its debts as they become due, has capital sufficient to carry on its
business, now owns property having a value both at fair valuation and at present fair
saleable value greater than the amount required to pay its debts, and will not be rendered
insolvent by the execution and delivery of this Agreement and the other Loan Documents or by
completion of the transactions contemplated hereunder or thereunder;

(xi) there are no pending or, to such Borrower’s knowledge, threatened actions or
proceedings before any court, administrative agency or other dispute resolution forum that
could have a material adverse effect on any Borrower, the Loan Documents, or the
transactions thereunder, unless such actions have been previously disclosed to Lender and
consented to in writing by Lender;

(xii) such Borrower is not in default with respect to any of its existing Indebtedness
or under any material contract, lease or commitment to which it is a party or by which it is
bound, nor does such Borrower know of any dispute regarding any contract, lease or
commitment which, if adversely determined, could have a material adverse effect on any
Borrower;

(xiii) the subordination provisions of the Subordination Agreements are enforceable
against the parties thereto by Lender. Borrowers acknowledge that Lender is entering into
this Agreement and is making the Loan in reliance upon the subordination provisions of the
Subordination Agreements and this Section 6(a)(xiii);

(xiv) the Loan Documents do not evidence a consumer transaction;

(xv) since the date of the most recent financial statement provided to Lender, there
has been no material adverse change in the business condition (financial or otherwise),
operations, properties or prospects of any Borrower, Parent Guarantor, any other Guarantor,
any Lease Guarantor, or any Tenant;

(xvi) no brokerage fees or commissions are payable by any Borrower in connection with
the Loan;

(xvii) such Borrower has no knowledge of any pending assessments or adjustments of its
income tax for any year and all taxes due have been paid, except as have been disclosed in
writing to Lender; and

(xviii) attached hereto as EXHIBIT D to this Agreement is a true and complete
description of the Lockbox Account and a true and complete list of all deposit accounts and
other bank accounts maintained by Borrowers as of the date hereof, together with the name of
each financial institution and account number with respect thereto.

(b) Collateral and Property.

(i) Borrowers have good title to the Collateral free and clear of any liens and
encumbrances except those granted to Lender, and the security interest granted to Lender
herein, in the Deeds of Trust, and in the other Collateral Documents will at all times
constitute a valid, perfected and enforceable first priority security interest in favor of
Lender, subject to no other security interest, mortgage, lien or encumbrance, except as may
otherwise be permitted under the Loan Documents;

(ii) there are no leases, property management agreements, or other agreements or
understandings concerning the use and management of the Properties to which any Borrower or
Parent Guarantor is a party, verbal or written, except as set forth on SCHEDULE II;

(iii) to the knowledge of such Borrower, (1) each Tenant has full power and all Permits
necessary to own its properties, to carry on its business as now being conducted and to
execute, deliver and perform all of its obligations under the applicable Lease, and (2)
there is no default under any Lease;

(iv) except as may be reflected in any survey of the Properties provided to Lender, no
portion of any Property is located (1) in an area designated by Federal Emergency Management
Agency as a “Special Flood Hazard Area”, (2) in an area classified as “wetlands” or (3) in
an area designated by any federal, state or local governmental or quasi-governmental agency
as a “floodway,” special flood hazard area or flood plain; and

(v) there are no agreements or understandings to which such Borrower is party
respecting the Collateral, whether verbal or written, other than those expressed herein and
Borrowers have not created any liens or encumbrances against the Collateral except the lien
created hereby and by the Collateral Documents.

Each request for an extension of credit constitutes a renewal of these representations and
warranties as of the date of the request.

7. COVENANTS: Borrowers hereby covenant and agree that until satisfaction of the Obligations
hereunder:

(a) General Covenants. Each Borrower shall:

(i) preserve and maintain its existence and all of its rights, privileges and
franchises, and continue the conduct of its present business in an orderly, efficient and
regular manner;

(ii) maintain, and cause all Tenants to maintain, all Permits, the lack of which could
have a material adverse effect on any Borrower or any Tenant or any Borrower’s or any
Tenant’s business or operations, and not materially amend, modify, supplement or otherwise
alter the nature, tenor or scope of any Permit;

(iii) remain in compliance, and cause all Tenants to remain in compliance, with all
Applicable Laws, the failure with which to comply could have a material adverse effect on
any Borrower or any Tenant or any Borrower’s or any Tenant’s business or operations,
including, without limitation, the laws, regulations, orders, building restrictions and
requirements of all governmental authorities having jurisdiction over the Properties or any
Borrower’s business and all recorded covenants and restrictions affecting the Properties;

(iv) keep the Collateral (including, without limitation, the Properties) free and clear
of all security interests, liens (including judicial liens), charges, encumbrances, taxes
and assessments, except liens and security interests in favor of Lender and as may be
permitted under the Loan Documents, and keep the Collateral comprised of tangible personal
property at the Collateral Locations as set forth on SCHEDULE I attached hereto and not
change the location of any such item without the prior written consent of Lender, which
consent shall not be unreasonably withheld;

(v) not make or pay any distribution, dividend, professional and/or management fees or
any loan repayments (including principal and interest) or any other payment to any of its
members, partners or any individual or entity that maintains an ownership interest in such
Borrower or to any of their affiliates or to any individual or entity that acts as an
officer, manager or director of such Borrower, except to the extent that may be permitted in
the Subordination Agreements;

(vi) (1) retain possession of the Collateral and not sell, exchange, assign, loan,
deliver, lease, mortgage or otherwise dispose of such Collateral, other than pursuant to the
Leases; (2) not alter or permit the alteration of the Collateral other than pursuant to the
Leases; and (3) not use, operate or locate the Collateral in any manner so as to cause it to
be excluded from coverage by any insurance required under the Loan Documents;

(vii) permit Lender upon advance notice to inspect the Properties and all maintenance
records thereto, if any, at any reasonable time during normal business hours;

(viii) pay when due all license fees, charges, assessments, duties, privilege, sales,
use, excise, ad valorem, intangible, stamp, property, and other similar taxes now or
hereafter imposed upon or relating to the ownership, purchase, sale, use or operation of the
Collateral or this transaction (exclusive of franchise taxes or taxes based upon the net
income of Lender), and in the event that Lender shall pay any such taxes, to reimburse
Lender upon demand therefor, and upon the request of Lender, deliver proof of the timely
payment of all real estate taxes related to the Properties;

(ix) not, directly or indirectly, engage principally, or as one of its important
activities, in the business of extending credit for the purpose of purchasing or carrying
margin stock (within the meaning of Regulation G or Regulation U issued by the Board of
Governors of the Federal Reserve System), not permit proceeds of the Loan or other advance
to be used to purchase or carry any margin stock or to extend credit to others for the
purpose of purchasing or carrying any margin stock, or in any manner which might cause the
Loan or other advance or the application of such proceeds to violate (or require any
regulatory filing under) Regulation G, Regulation T, Regulation U, Regulation X or any other
regulation of the Board of Governors of the Federal Reserve System, in each case as in
effect on the date or dates of the Loan or other advance and such use of proceeds. Further,
no proceeds of the Loan or other advance will be used to acquire any security of a class
which is registered pursuant to Section 12 of the Securities Exchange Act of 1934;

(x) promptly and duly execute and deliver (or cause to be executed and delivered) to
Lender such further documents, opinions of counsel, resolutions, officer’s certificates,
instruments and assurances and take such further action as Lender may from time to time
reasonably request in order to carry out the intent and purpose of the Loan Documents and to
establish and protect the rights and remedies created or intended to be created in favor of
Lender hereunder, including without limitation, the authorization to file any Uniform
Commercial Code financing statements, landlord and mortgagee waivers, or other documents
reasonably requested by Lender;

(xi) timely file any and all tax returns and tax filings required under any
governmental statute and pay and discharge, when due, all material obligations to third
parties, except those obligations being contested in good faith with due diligence, and for
which Borrowers shall have maintained, in accordance with GAAP, adequate reserves for the
payment of the same;

(xii) timely file, and cause the Tenants to timely file, any and all notifications,
reports, submissions, Permit renewals, cost reports, financial reports and other reports
required by Applicable Law, which reports shall be materially accurate and complete in all
respects and not misleading in any respect and shall not remain open or unsettled;

(xiii) notify Lender at least thirty (30) days prior to changing its legal name,
address, identity, state of organization, organizational structure, organizational
identification number (if applicable) or social security or taxpayer identification number
(as applicable);

(xiv) notify Lender immediately upon receipt of notice of any lien, attachment or
judicial proceeding affecting the Collateral in whole or in part;

(xv) notify Lender immediately upon Borrowers’ receipt of notice of any investigation
or audit, or pending or threatened proceedings related to any material violation by any
Borrower of any Tenant of any Applicable Law; and

(xvi) notify Lender immediately upon Borrowers becoming aware of the occurrence of any
Default.

(b) Reporting.

(i) Borrower Representative shall deliver to Lender (1) promptly when available, and in
any event, within one hundred thirty-five (135) days after the close of each fiscal year of
Borrowers, (A) a copy of the annual financial statements of Borrowers (which shall be
audited financial statements, if available), including consolidated balance sheet, statement
of income, statement of cash flows for the fiscal year then ended and such other information
(including nonfinancial information) as Lender may request, in reasonable detail, prepared
and certified as true and correct by Borrowers; and (B) promptly, when available, a signed
copy of the complete income tax returns filed with the Internal Revenue Service by Borrowers
for the fiscal year covered by such financial statements; (2) promptly when available, and
in any event, within sixty (60) days following the end of each fiscal quarter, a copy of the
consolidated accrual basis financial statements of Borrowers regarding such fiscal quarter,
including balance sheet, statement of income, statement of cash flows for the fiscal quarter
then ended and such other information (including nonfinancial information) as Lender may
request, in reasonable detail, prepared and certified as true and correct by Borrowers’
chief financial officer or controller; (3) at least thirty (30) days prior to the close of
each fiscal year of Borrowers, financial projections for Borrowers for the upcoming fiscal
year, specifying the assumptions used in creating such projections, together with copies of
the forecasted consolidated balance sheet, statement of income and retained earnings,
statement of cash flows for the upcoming fiscal year and such other information (including
nonfinancial information) as Lender may request, in reasonable detail, prepared and
certified in a manner acceptable to Lender; (4) amended projections at any time that changes
occur which cause a decrease in projected income of Borrowers of 15% or more, in the
aggregate, an increase in projected expenses of Borrowers of 15% or more, in the aggregate,
or any other material adverse change; and (5) no later than forty-five (45) days after the
end of each fiscal quarter, a Compliance Certificate;

(ii) Borrower Representative shall deliver to Lender, promptly when available, and in
any event, within five (5) Business Days of receipt by any Borrower, any and all financial
statements, compliance certificates, budgets, notices, operating plans, and reports, and any
and all other documents, instruments, statements, or similar items provided to any Borrower
by any Tenant or Grubb & Ellis Equity Advisors, Property Management, Inc., a Delaware
corporation, or any other manager of any Property;

(iii) Borrower Representative shall deliver to Lender a certificate signed by an
authorized officer of Borrower Representative, in the form of EXHIBIT F attached hereto, to
Lender no later than seven (7) Business Days after the end of each calendar month,
certifying and attaching the rent roll for the Properties, current as of the last day of the
calendar month then ended, and containing such other information as Lender may request;

(iv) all financial statements and other related financial information furnished to
Lender by Borrowers, Parent Guarantor, the Lease Guarantors, and the Tenants shall be
prepared in accordance with GAAP and shall fairly present, in all material respects, such
entity’s financial position and results of its operations as of the dates given on such
statements, including all material contingent liabilities; and all information (taken as a
whole) furnished to Lender by or on behalf of Borrowers, Parent Guarantor, Lease Guarantors,
and the Tenants in connection with the Loan shall be, true and accurate in all material
respects on the date such information is dated or certified and not incomplete by omitting
to state any fact necessary to make such information (taken as a whole) not misleading in
any material respect;

(c) Lockbox. To the extent that any Borrower opens any bank account after the date
hereof, Borrower Representative shall provide to Lender an updated EXHIBIT D to this Agreement.
Borrowers shall deliver to Lender, with respect to each lockbox, deposit account and other bank
account at any time maintained by any Borrower, to the extent required by Lender, a deposit account
control agreement, granting to Lender a security interest in such account, in form and substance
satisfactory to Lender, executed by the financial institution at which such account is maintained
(pursuant to which, among other things, such financial institution agrees that upon notice from
Lender to such financial institution (which notice may be delivered by Lender upon a Default), all
such payments received in the accounts will be promptly transferred to an account designated by
Lender), and shall take such other actions as Lender may request to confirm that Lender’s security
interest in such account is perfected by control as such term is used in Section 9-104 of the
applicable Uniform Commercial Code. Borrowers shall ensure that all payments made to Borrowers and
Master Tenant pursuant to the Leases, including without limitation all payments of rent pursuant to
the Leases, and subsequent payment distributions to Borrowers are paid directly into the Lockbox
Account.

(d) Indebtedness. Borrowers shall not, directly or indirectly, create, incur, assume,
guarantee or otherwise become or remain directly or indirectly liable with respect to, any
Indebtedness (other than the Loan and the Subordinated Obligations) or other obligation without the
prior written consent of Lender.

(e) Material Agreements.

(i) No Borrower shall enter into any material agreement, including, without limitation,
a Lease not set forth on SCHEDULE II hereto, without Lender’s prior written consent.

(ii) In the event that any Borrower enters into a Lease not set forth on SCHEDULE II
attached hereto, Borrower Representative shall deliver, or cause to be delivered, such
certificates, financial statements, schedules, resolutions, opinions of counsel, and any
other document or item requested by Lender, including, without limitation, (1) a Lease
Guaranty with respect to such Lease made by the equity holders of the Tenant(s) under such
Lease, (2) a collateral assignment of such Lease Guaranty to Lender, and (3) a collateral
assignment of all security pledged to any Borrower or Master Tenant, as the case may be,
pursuant to such Lease, each in form and substance satisfactory to Lender.

(iii) Upon execution thereof, no Borrower shall agree to any material amendment,
modification or waiver, or any termination, of any provision of a material agreement without
Lender’s prior written consent; provided, however, that no Lease Document may be amended or
otherwise modified in any respect without Lender’s prior written consent. In the event of
any renewal of any Lease, the Lease Guaranty and Lease Security Agreement with respect to
such Lease shall continue in full force and effect.

(f) Change in Ownership. No Borrower shall cause, permit, or suffer any change in
capital ownership such that there is a material change, as determined by Lender in its sole
discretion, in the direct capital ownership of Borrowers.

(g) Equipment and Fixtures. Without Lender’s prior written consent, no Borrower shall
install any equipment or fixtures on any Property which are subject to a lien or security interest
in favor of the seller or any other third party, or remove from any Property any equipment,
machinery or fixtures used in connection with the maintenance or operation of any Property unless
replaced by articles of equal suitability and value owned by Borrowers free and clear of any lien
or security interest.

(h) Insurance. Borrowers shall maintain the insurance required by the Loan Documents.
If at any time any structure on any Property is located in a Special Flood Hazard Area under the
Flood Disaster Protection Act of 1973, as amended, Borrowers shall acquire and maintain flood
insurance in an amount acceptable to Lender. Upon the request of Lender, Borrower Representative
shall deliver to Lender a copy of each insurance policy, or, if permitted by Lender, a certificate
of insurance listing all insurance in force.

(i) Maintenance of Property. Borrowers shall (or shall take all appropriate action
under the Leases to cause the Tenants to) (i) maintain the Properties, including the parking and
landscaping portions thereof, in good condition and repair; (ii) promptly make, or cause Tenants to
make all necessary structural and non-structural repairs to the Properties; and (iii) not demolish,
alter, remove or add to any improvements, excepting the installation or construction of tenant
improvements in connection with any Lease approved in accordance with the Loan Documents.
Borrowers shall (or shall take all appropriate action under the Leases to cause the Tenants to) pay
when due all claims for labor performed and materials furnished therefor in connection with any
improvements or construction activities;

(j) Loans. No Borrower shall make any loans, advances or other extensions of credit
to any individual or entity except for extensions of credit in the nature of accounts receivable or
notes receivable arising from the sale or lease of goods or services in the ordinary course of
business to non-affiliated entities.

(k) Mergers and Acquisitions. No Borrower shall, without Lender’s written consent,
(i) enter into any consolidation, merger, or other combination, or become a partner in a
partnership, a member of a joint venture, or a member of a limited liability company; (ii) acquire
or purchase a business or its assets; (iii) engage in any business activities substantially
different from such Borrower’s present business; or (iv) liquidate or dissolve such Borrower’s
business.

(l) Books and Records. Borrowers shall maintain adequate books and records and allow
Lender and its agents to examine, audit and make copies of books and records at any reasonable
time. If any of Borrowers’ books or records are in the possession of a third party, Borrowers
authorize that third party to permit Lender or its agents to have access to perform examinations or
audits and to respond to Lender’s requests for information concerning such books and records.

(m) Use of the Properties. Borrowers shall cause Operating Subtenants to occupy the
Properties for the conduct of their regular business. No Operating Subtenant will change its
intended use of any Property without Lender’s prior written approval. The Leases shall be fully
subordinated to Lender’s lien at all times.

(n) Debt Service Coverage. The Borrowers shall not permit the Debt Service Coverage
Ratio for the immediately preceding twelve-month period to be less than 1.50 to 1.00, tested as of
June 30, 2012, and as of the last day of each fiscal quarter of the Borrowers thereafter.

8. DISCLAIMER OF WARRANTIES; LIMITATION OF REMEDIES; LIMITATION OF LIABILITY: THIS AGREEMENT
IS SOLELY A FINANCING AGREEMENT. IN NO EVENT SHALL LENDER BE LIABLE (INCLUDING WITHOUT LIMITATION,
UNDER ANY THEORY IN TORTS) FOR ANY LOSS OF USE, REVENUE, ANTICIPATED PROFITS OR SPECIAL, INDIRECT,
INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH THE LOAN DOCUMENTS OR THE
USE, PERFORMANCE OR MAINTENANCE OF THE COLLATERAL, EXCEPT TO THE EXTENT THAT ANY SUCH LOSS OF USE,
REVENUE, ANTICIPATED PROFITS OR SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGE IS CAUSED
SOLELY BY THE INTENTIONAL MISCONDUCT OF THE LENDER.

9. RISK OF LOSS; INSURANCE:

(a) Borrowers agree that Borrowers shall bear all risk of loss, damage to or destruction of
the Collateral. Borrower Representative shall give Lender prompt written notice of any damage to
or loss of the Collateral or of any occurrence arising from the possession, use or operation of the
Collateral resulting in death or bodily injury, or damage to property. In the event of damage to
any item(s) of Collateral, Borrowers shall immediately place such item(s) in good repair (with no
abatement of payments under this Agreement), with the proceeds of any insurance recovery applied to
the cost of such repair. If, however, any item(s) of Collateral shall become lost, stolen,
destroyed, worn out, damaged beyond repair, condemned, confiscated, seized or requisitioned (herein
“Event of Loss”), Borrowers shall, at the option of Lender, either replace the same with like
collateral in good repair (with no abatement of payments under the Loan Documents) and execute any
documents or instruments requested by Lender in order to ensure a valid, perfected and enforceable
first priority security interest in such replacement collateral in favor of Lender, or pay to
Lender on the next scheduled payment date immediately following such Event of Loss, the remaining
unpaid principal balance of the Loan, all accrued and unpaid interest thereon, plus all other
amounts due and unpaid under this Agreement, whereupon this Agreement shall terminate.

(b) Until satisfaction by Borrowers of the Obligations, Borrowers, at their expense, shall, or
shall cause the Tenants to, maintain comprehensive general liability insurance (including, without
limitation, business interruption coverage) and “all risks” property insurance (including, without
limitation, flood and/or earthquake insurance, if required by Lender) covering the Collateral (as
primary insurance for Borrowers and Lender), in each case in an amount acceptable to Lender and
with carriers acceptable to Lender. The liability insurance policy shall name Lender, and its
successors and assigns, as additional insured(s) and the property insurance policy shall name
Lender, and its successors and assigns, as lenders loss payee(s) to the extent its interest(s) may
appear, and both policies shall provide that they may not be cancelled or altered without at least
thirty (30) days’ prior written notice to Lender, and its successors and assigns. Each Borrower
irrevocably appoints Lender its agent and attorney-in-fact for the purpose of adjusting and
settling any property insurance hereunder and endorsing in such Borrower’s name any instruments or
payments received in respect thereof. Borrower Representative shall furnish to Lender, prior to
the Loan Date, a certificate of insurance showing that such coverage is in effect, together with
the endorsements required by Lender, however, Lender shall be under no duty either to ascertain the
existence of or to examine such insurance policies or to advise Borrowers in the event that such
insurance coverage does not comply with the requirements hereof. If Borrower Representative fails
to provide Lender appropriate evidence of property insurance as required hereunder, Lender shall
have the right, but not the obligation, to obtain property insurance covering its interest in the
Collateral from an insurer of its choice, including an affiliate, and pay the premium therefor on
behalf of Borrowers. Lender may add the costs of acquiring and maintaining such insurance and fees
for its services in placing and maintaining such insurance (collectively, “Insurance Charge”) to
the amounts due from Borrowers under this Agreement. Borrowers shall pay such Insurance Charge in
equal installments allocated to the remaining Loan payments (plus interest on such allocation at
1.3% per month). In the event that Lender purchases such insurance, Borrowers shall cooperate with
Lender’s insurance agent with respect to the placement of insurance and the processing of claims.

10. DEFAULT AND REMEDIES:

(a) Any one or more of the following shall constitute a default by Borrowers under this
Agreement (herein, an “Event of Default”):

(i) failure by Borrowers to pay any amount under this Agreement or the other Loan
Documents when due, which failure remains unremedied for a period of three (3) days from the
due date thereof;

(ii) failure by Borrowers to maintain any insurance required under the Loan Documents;

(iii) failure by Borrowers to comply with the covenants contained in Sections 7(a)(ii),
7(a)(v), 7(a)(vi), 7(a)(ix), 7(a)(xiii) through 7(a)(xvi), 7(b) through 7(k), 7(m), and
7(n);

(iv) failure by Borrowers to comply with any other provisions or perform any of their
other obligations arising under the Loan Documents, which failure remains unremedied by
Borrowers for a period of thirty (30) days after any Borrower’s actual notice thereof;

(v) any representations or warranties made or given by any Obligor, any Tenant, or any
Lease Guarantor in connection with the Loan Documents (including any applicable Guaranty)
were false or misleading in a material respect when made;

(vi) subjection of any of the Collateral to levy or execution or other judicial process
which is not or cannot be removed within thirty (30) days from the subjection thereof, or
the imposition of any unauthorized lien on or transfer of the Collateral by or through
Borrowers;

(vii) commencement of any insolvency, bankruptcy or similar proceedings by or against
an Obligor, including any assignment by an Obligor for the benefit of creditors, and in the
case of any such involuntary proceedings, such is not dismissed within sixty (60) days of
institution, or the inability of an Obligor to generally pay its debts as they become due,
or the appointment of a receiver, trustee or similar official for an Obligor or any of its
respective property;

(viii) any material adverse change from the date of this Agreement in an Obligor’s
business operations or financial condition, or any act of an Obligor which imperils the
value of the Collateral or the prospect of full performance of an Obligor’s obligations
under the Loan Documents, including but not limited to (1) the liquidation or dissolution of
an Obligor or the commencement of any acts relative thereto; (2) any sale or other
disposition of all or substantially all of the assets of an Obligor; (3) any merger or
consolidation of an Obligor; or (4) the cessation of business by an Obligor;

(ix) a discontinuance by any Guarantor of its Guaranty, or a contest by any Guarantor
of the validity of its Guaranty;

(x) the death of an Obligor if such Obligor is a natural person, the withdrawal of any
partner of an Obligor if such Obligor is a partnership, the withdrawal of any member of an
Obligor if such Obligor is a limited liability company, or the inability of an Obligor to
perform any of its obligations contained in the Loan Documents;

(xi) Lender fails to have a valid and enforceable perfected security interest in or
lien on the Collateral, or such security interest or lien fails to be prior to the rights
and interest of others;

(xii) any (1) default under any Lease Document which is not cured by Tenants within
applicable cure periods or otherwise remedied to Lender’s satisfaction by Borrowers; (2)
early termination of any Lease Document; (3) failure of any Lease Document to be in full
force and effect for any reason; or (4) default by any Tenant under any agreement,
instrument, or other document pertaining to the Working Capital Loan (as defined in the
Master Lease);

(xiii) the subordination provisions of any Subordination Agreement are revoked or
invalid for any reason or otherwise cease to be in full force and effect;

(b) Upon the occurrence of any Event of Default, Lender may exercise any one or more of the
following remedies (which remedies shall be cumulative, and may be exercised simultaneously, in
each case to the extent permitted by law):

(i) terminate any obligation by Lender to lend monies under this Agreement, any of the
other Loan Documents, or otherwise;

(ii) declare the remaining unpaid principal balance of the Loan, plus all accrued and
unpaid interest thereon, plus all other amounts due and unpaid under the Loan Documents,
immediately due and payable in full without notice or demand, whereupon such shall become
immediately due and payable;

(iii) secure peaceable repossession and removal of the Collateral by Lender or its
agent without judicial process;

(iv) notify all account debtors to pay directly to Lender and otherwise take any
reasonable actions to collect the accounts receivable of Borrowers;

(v) sell, lease or otherwise dispose of the Collateral at public or private sale
without advertisement or notice except that required by law, upon such terms and at such
place as Lender may deem advisable and Lender may be the purchaser at any such sale (if any
such notice is required, Lender and Borrowers agree that ten (10) days’ notice shall be
deemed to be commercially reasonable);

(vi) demand and Borrowers shall pay all expenses in connection with any realization and
remedial actions with respect to the Collateral relating to its repossession, refurbishing,
selling or the like; and

(vii) exercise any other rights, powers, or remedies which may be available to it under
the Loan Documents, any other written agreements or instruments relating to any of the
Obligations or any security therefor, the Uniform Commercial Code, any other applicable law,
or in equity.

Any proceeds received from Borrowers or net proceeds received with respect to disposition of
the Collateral, shall be applied by Lender to the Obligations, in the order of application
as Lender shall elect.

(c) Upon the occurrence of an Event of Default under Section 10(a)(vii), any obligation of
Lender to lend monies under this Agreement, under any other agreement related thereto or otherwise
will immediately terminate and the remaining unpaid principal balance of the Loan, plus all accrued
and unpaid interest thereon, plus all other amounts due and unpaid under the Loan Documents, will
be immediately due and payable in full without notice or demand. Each Borrower hereby waives any
and all presentment, demand, notice of dishonor, protest, and all other notices and demands in
connection with the enforcement of Lender’s rights under the Loan Documents, and hereby consents
to, and waives notice of release, with or without consideration, of Borrowers of any Collateral,
notwithstanding anything contained herein or in or any other Loan Document to the contrary.

11. INDEMNIFICATION: Each Borrower hereby indemnifies and agrees to defend and hold Lender
and its successors and assigns, and their employees, officers, directors and agents harmless from
and against any and all losses, claims, suits, damages, expenses and liabilities (including
negligence, tort and strict liability), together with reasonable attorneys’ fees, caused by,
arising from, or related to (a) the Loan Documents, including, without limitation, the performance
of any obligation under this Agreement and the other Loan Documents, the transactions contemplated
hereby and thereby, the Loan, and the use of Loan proceeds; (b) the Collateral; or (c) the
construction of any improvements on the Properties, or the ownership, operation, or use of the
Properties, in each case whether such claims are based on theories of derivative liability,
comparative negligence or otherwise. Borrowers’ obligations to Lender under this Section 11,
except the obligation to give notices to Lender, shall survive termination of the Loan Documents,
repayment of Borrowers’ Obligations, and foreclosure of the Deeds of Trust encumbering the
Properties or similar proceedings, and shall also survive as unsecured obligations after any
acquisition by Lender of the Properties or any part thereof by foreclosure or any other means.
Notwithstanding the foregoing, Lender shall not be entitled to indemnification for any of the
foregoing caused solely by the intentional misconduct of Lender.

12. NOTICES; CHANGES: Notices, requests or other communications required hereunder to be sent
to either party shall be in writing and shall be (a) by United States first class mail, postage
prepaid, and addressed to the other party at the address set forth above (or to such other address
as such party shall have designated by proper notice), (b) by personal delivery, or (c) by
overnight delivery by a nationally recognized courier. Each Borrower consents to service of
process by certified mail or by overnight delivery by a nationally recognized courier at the
address of the Borrower Representative set forth in the preamble to this Agreement (or to such
other address as Borrower Representative shall have designated by proper notice) in connection with
any legal action brought by Lender. Borrowers authorize Lender to fill in descriptive material in
the Loan Documents (including serial numbers) and to correct any patent errors in the Loan
Documents.

13. POWER OF ATTORNEY: Each Borrower hereby irrevocably appoints any officer, employee or
agent of Lender as such Borrower’s true and lawful attorney-in-fact with power to,

(a) upon the occurrence of an Event of Default:

(i) endorse such Borrower’s name upon any notes, checks, drafts, money orders, or other
instruments or payments or other Collateral that may come into Lender’s possession; and

(ii) sign and endorse such Borrower’s name upon any documents of title, invoices,
freight or express bills, assignments, verifications and notices in connection with any of
the Collateral, and any instruments or documents relating thereto or to Borrowers’ rights
therein;

(b) at any time whether or not an Event Default has occurred:

(i) to execute in such Borrower’s name and file one or more financing, amendment and
continuation statements covering the Collateral; and

(ii) file, settle or adjust, and receive payment of claims made under any insurance
policy on or after the occurrence of any loss of Collateral or any damage or destruction
thereto, and to endorse such Borrower’s name on any checks, drafts, or other instruments on
payment of such insurance claims.

Any such attorney of any Borrower shall have full power to do any and all things necessary to be
done with respect to the above transactions as fully and effectually as Borrowers might do, and
each Borrower hereby ratifies all that said attorney shall lawfully do or cause to be done by
virtue hereof.

14. SPECIAL INTER-BORROWER PROVISIONS:

(a) Certain Borrower Acknowledgments and Agreements.

(i) Each Borrower acknowledges that it will enjoy significant benefits from the
business conducted by each other Borrower because of, inter alia, their combined ability to
bargain with other Persons, including, without limitation, their ability to receive the Loan
on favorable terms granted by this Agreement and the other Loan Documents which would not
have been available to an individual borrower acting alone. Each Borrower has determined
that it is in its best interest to procure the Loan, which each such Borrower may utilize
directly and which receive the credit support of each other Borrower as contemplated by this
Agreement and the other Loan Documents.

(ii) Lender has advised each Borrower that Lender is unwilling to enter into this
Agreement and the other Loan Documents and make available the Loan extended hereby to any
Borrower unless each Borrower agrees, inter alia, to be jointly and severally liable for the
due and proper payment of the Obligations of each other Borrower under this Agreement and
the other Loan Documents. Each Borrower has determined that it is in its best interest and
in pursuit of its purposes that it so induce Lender to extend credit pursuant to this
Agreement and the other documents executed in connection herewith (1) because of
the desirability to each Borrower of the Loan, the interest rates, and the modes of
borrowing available hereunder, (2) because each Borrower may engage in
transactions jointly with any other Borrower, and (3) because each Borrower may
require, from time to time, access to funds under this Agreement for the purposes herein set
forth.

(iii) The Borrower Representative (on behalf of each Borrower) shall maintain records
specifying (1) all Obligations incurred by each Borrower, (2) the date
of such incurrence, (3) the date and amount of any payments made in respect of
such Obligations, and (4) all inter-borrower obligations pursuant to this Section
14. The Borrower Representative shall make copies of such records available to Lender, upon
request.

(b) Maximum Amount of Joint and Several Liability. To the extent that Applicable Law
otherwise would render the full amount of the joint and several obligations of any Borrower
hereunder and under the other Loan Documents invalid or unenforceable, such Borrower’s obligations
hereunder and under the other Loan Documents shall be limited to the maximum amount that does not
result in such invalidity or unenforceability, provided, however, that each Borrower’s obligations
hereunder and under the other Loan Documents shall be presumptively valid and enforceable to their
fullest extent in accordance with the terms hereof or thereof as if this Section 14(b) were not a
part of this Agreement.

(c) Authorization of Borrower Representative.

(i) Each Borrower hereby irrevocably authorizes G&E Monument to give notices, make
requests, make payments, receive payments and notices, give receipts, execute agreements,
make agreements or take any other action whatever on behalf of such Borrower under and with
respect to any Loan Document (in such capacity, G&E Monument is referred to herein as the
“Borrower Representative”), and each Borrower shall be bound thereby. This authorization is
coupled with an interest and shall be irrevocable, and Lender may rely on any notice,
request, or information supplied by, every document executed by, every agreement made by, or
other action taken by, the Borrower Representative, in respect of each Borrower or any
thereof as if the same were supplied, made, or taken by each or every Borrower. Without
limiting the generality of the foregoing, the failure of any Borrower to join in the
execution of any writing in connection herewith shall not, unless the context clearly
requires, relieve any such Borrower from obligations in respect of such writing. Each
Borrower hereby unconditionally releases Lender with respect to any claims, obligations, or
duties that such Persons may otherwise have been deemed to possess absent the designation
and appointment contained in this Section 14(c).

(ii) Each Borrower acknowledges that the credit provided hereunder is on terms more
favorable than any such Person acting alone would receive and that each such Person benefits
directly and indirectly from the Loan hereunder. Each Borrower shall be jointly and
severally liable for all Obligations, regardless of, inter alia, which Borrower requested
(or received the proceeds of) the Loan.

(d) Other Provisions Regarding the Nature and Extent of Liability.

(i) Each Borrower agrees that it is jointly and severally liable for, and absolutely
and unconditionally guarantees to Lender the prompt full payment of all Obligations and the
prompt performance of all agreements under this Agreement and the other Loan Documents. Each
Borrower agrees that each reference to “the Borrowers” in this Agreement shall be deemed to
refer to each such Borrower, jointly and severally with each other Borrower. Each Borrower
agrees that its obligations hereunder constitute continuing obligations, that such
obligations shall not be discharged until the full payment of all Obligations, and that such
obligations and its joint and several liability hereunder are absolute and unconditional,
irrespective of, and, to the fullest extent permitted by applicable law, will not be
discharged, impaired, or affected by any of the following: (1) the genuineness,
validity, regularity, enforceability, avoidance, subordination or any future modification
of, or change in, any Obligation or Loan Document, or any other document, instrument or
agreement to which any Obligor is or may become a party or be bound, or the power or
authority or lack thereof of any other Obligor to incur its obligations; (2) the
absence of any attempt to collect any of the Obligations from any other Obligor or any
Collateral or other security therefor, or the absence of any other action to enforce the
same; (3) the absence of any action to enforce this Agreement (including this
Section 14(d)) or any other Loan Document, or any waiver, consent or indulgence of any kind
by Lender with respect thereto, or the waiver, consent, extension, forbearance, or granting
of any indulgence by Lender with respect to any of the Obligations or any instrument or
agreement evidencing or securing the payment of any of the Obligations, or any other
agreement now or hereafter executed by any other Borrower and delivered to Lender;
(4) the failure by Lender to take any steps to perfect or maintain the perfected
status of its security interests in or liens upon, or to preserve its rights to, any of the
Collateral or other security for the payment or performance of any of the Obligations, or
Lender’s release of any Collateral or any of its security interests in or Liens upon any
Collateral; (5) Lender’s election, in any proceeding instituted under the
Bankruptcy Code, for the application of Section 1111(b)(2) of the Bankruptcy Code;
(6) any borrowing or grant of a security interest by any other Obligor, as
debtor-in-possession under Section 364 of the Bankruptcy Code or otherwise;
(7) the release or compromise, in whole or in part, of the liability of any
Obligor for the payment of any of the Obligations; (8) any amendment or
modification of any of the Loan Documents or waiver of any Event of Default;
(9) any increase in the amount of the Obligations beyond any limits imposed herein
or in the amount of any interest, fees, or other charges payable in connection therewith, or
any decrease in the same; (10) the disallowance of all or any portion of Lender’s
claims for the repayment of any of the Obligations under Section 502 of the Bankruptcy Code;
(11) the insolvency of any Obligor, or the existence or non-existence of any
Obligor as a legal entity; (12) the payment in full of all of the Loan at any time
or from time to time, except the full payment of all Obligations; (13) any statute
of limitations affecting the liability of any other Obligor hereunder or under any of the
other Loan Documents or the ability of Lender to enforce this Agreement, this Section 14(d),
or any other provision of any Loan Document; (14) any right of offset,
counterclaim or defense of any Obligor, including those that have been waived by the
Obligors pursuant to the Loan Documents; (15) any transfer by any Obligor of all
or any part of any Collateral; and (16) any other action or circumstances that
might otherwise constitute a legal or equitable discharge or defense of any Obligor. At any
time an Event of Default exists, Lender may proceed directly and at once, without notice to
any Obligor, against any or all of the Obligors to collect and recover all or any part of
the Obligations, without first proceeding against any other Obligor or against any
Collateral or other security for the payment or performance of any of the Obligations, and
each Borrower waives any provision that might otherwise require Lender under applicable law
to pursue or exhaust its remedies against any Collateral or Obligor before pursuing any
Borrower or another Obligor. Each Borrower consents and agrees that Lender shall be under
no obligation to marshal any assets in favor of any Obligor or against or in payment of any
or all of the Obligations.

(ii) No payment or payments made by a Obligor or received or collected by Lender from
any Collateral or any other Person by virtue of any action or proceeding or any setoff or
appropriation or application at any time or from time to time in reduction of or in payment
of the Obligations shall be deemed to modify, reduce, release, or otherwise affect the
liability of any Borrower under this Agreement, each of which shall remain jointly and
severally liable for the payment and performance of the Loan and all other Obligations until
the Obligations are paid in full and this Agreement is terminated.

(iii) Each Borrower is unconditionally obligated to repay the Obligations jointly and
severally under this Agreement. If, as of any date, the aggregate amount of payments made
by a Borrower on account of the Obligations and proceeds of such Borrower’s Collateral that
are applied to the Obligations exceeds the aggregate amount of Loan proceeds actually used
by such Borrower in its business (such excess amount being referred to as an “Accommodation
Payment”), then each other Borrower (each, a “Contributing Borrower”) shall be obligated to
make contribution to such Borrower (the “Paying Borrower”) in an amount equal to
(1) the product derived by multiplying the sum of each Accommodation Payment of
each Borrower by the Allocable Percentage of the Borrower from whom contribution is sought,
minus (2) the amount, if any, of the then-outstanding Accommodation
Payment of such Contributing Borrower (such last mentioned amount which is to be subtracted
from the aforesaid product to be increased by any amounts theretofore paid by such
Contributing Borrower by way of contribution hereunder, and to be decreased by any amounts
theretofore received by such Contributing Borrower by way of contribution hereunder);
provided, however, that a Paying Borrower’s recovery of contribution hereunder from every
other Borrower, in the aggregate, shall be limited to that amount paid by the Paying
Borrower in excess of its Allocable Percentage of all Accommodation Payments then
outstanding of each and every Borrower. As used herein, the term “Allocable Percentage”
shall mean, on any date of determination thereof, a fraction the denominator of which shall
be equal to the aggregate value of the Collateral as reported in the appraisals most
recently delivered to Lender and the numerator of which shall be the aggregate value of the
Collateral of such Contributing Borrower as reported in the appraisals most recently
delivered to Lender; provided, however, that such percentages shall be modified in the event
that contribution a Borrower is not possible by reason of insolvency, bankruptcy, or
otherwise by reducing such Borrower’s Allocable Percentage equitably and by adjusting the
Allocable Percentage of the other Person proportionately so that the Allocable Percentages
of every Borrower, in the aggregate, at all times equals one hundred percent (100%).

(iv) Each Borrower hereby subordinates any claims, including any right of payment,
subrogation, contribution, and indemnity, that it may have from or against any other
Obligor, and any successor or assign of any other Obligor, including any trustee, receiver,
or debtor in-possession, howsoever arising, due or owing or whether heretofore, now, or
hereafter existing, to the payment in full of all of the Obligations.

(v) Each Borrower (1) shall be jointly and severally liable for the
obligations, duties and covenants of each other such Borrower under this Agreement and the
acts and omissions of each other such Borrower; and (2) jointly and severally
makes each representation and warranty for itself and each other such Borrower under this
Agreement. Notwithstanding the foregoing, if, in any action to enforce the Obligations
against any Borrower or any proceeding to allow or adjudicate a claim hereunder, a court of
competent jurisdiction determines that enforcement of the joint and several obligations of
each and every other Borrower against such Borrower for the full amount of the Obligations
is not lawful under, or would be subject to avoidance under Section 548 of the Bankruptcy
Code or any applicable provision of Federal or state law, the liability of such Borrower
hereunder shall be limited to the maximum amount lawful and not subject to avoidance under
such law.

15. MISCELLANEOUS:

(a) Complete Agreement. THIS AGREEMENT CONTAINS THE COMPLETE AGREEMENT OF THE PARTIES
WITH RESPECT TO ITS SUBJECT MATTER AND SUPERSEDES AND REPLACES ANY PREVIOUSLY MADE PROPOSALS,
REPRESENTATIONS, WARRANTIES OR AGREEMENTS.

(b) Assignments. LENDER MAY ASSIGN OR TRANSFER THE LOAN DOCUMENTS AND/OR LENDER’S
INTEREST IN THE COLLATERAL WITHOUT NOTICE TO BORROWERS. UPON ASSIGNMENT, BORROWERS AGREE TO PAY
WITHOUT ABATEMENT, DEDUCTION OR SETOFF ALL AMOUNTS WHICH BECOME DUE UNDER THE LOAN DOCUMENTS AND
FURTHER AGREE THAT BORROWERS WILL NOT ASSERT AGAINST ASSIGNEE ANY DEFENSE, COUNTERCLAIM, RECOUPMENT
CLAIM OR SETOFF WHICH BORROWERS HAVE OR MAY HAVE AT ANY TIME AGAINST LENDER FOR ANY REASON
WHATSOEVER. NO BORROWER SHALL ASSIGN OR IN ANY WAY DISPOSE OF ALL OR ANY PART OF THE COLLATERAL
(OTHER THAN INVENTORY IN THE ORDINARY COURSE OF BUSINESS) OR ITS RIGHTS OR OBLIGATIONS UNDER THE
LOAN DOCUMENTS WITHOUT THE PRIOR WRITTEN CONSENT OF LENDER.

(c) Successors and Assigns. The Loan Documents shall be binding upon and inure to the
benefit of the parties hereto, their legal representatives, heirs, and permitted successors and
assigns.

(d) Waiver of Jury Trial. TO THE EXTENT PERMITTED BY LAW, THE PARTIES HERETO WAIVE
ALL RIGHTS TO A JURY TRIAL IN ANY LITIGATION ARISING FROM OR RELATED IN ANY WAY TO THE LOAN
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY. THE PARTIES AGREE AND UNDERSTAND THAT THE
EFFECT OF THIS AGREEMENT IS THAT THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY TO THE EXTENT
PERMITTED BY LAW.

(e) Governing Law; Jurisdiction and Venue. THIS AGREEMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE
PRINCIPLES OF CONFLICT OF LAWS THEREOF. BORROWERS AND LENDER AGREE THAT ALL ACTIONS OR PROCEEDINGS
RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE
LITIGATED IN THE FEDERAL, STATE OR LOCAL COURTS SITTING IN OR FOR THE COUNTY OF MIDDLESEX, NEW
JERSEY, AND HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS. Borrowers and Lender
acknowledge that such courts are convenient forums and waive any defense based upon doctrines of
venue or forum non-conveniens or similar rules or doctrines.

(f) Amendments and Waivers. No amendment, supplement or other modification under the
Loan Documents shall be effective unless in writing signed by the parties hereto and no waiver
under the Loan Documents shall be effective unless in writing, signed by the party to be charged.
No failure to exercise, no delay in exercising, and no single or partial exercise on the part of
Lender of any right, remedy, or power under the Loan Documents, shall operate as a waiver thereof
or preclude Lender from exercising any other right, remedy or power under the Loan Documents. Any
provision of any Loan Document which is unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability, without
invalidating the remaining provisions of such Loan Document.

(g) Reproductions. The Loan Documents and all related documents, including (i)
amendments, supplements, addenda, consents, waivers and modifications which may be executed
contemporaneously therewith or subsequently thereto, (ii) documents received by Lender from
Borrower Representative or any other Borrower, and (iii) financial statements, certificates and
other information previously or subsequently furnished to Lender, may be reproduced by Lender by
any photographic, photostatic, microfilm, micro-card, miniature photographic, compact disk
reproduction or other similar process and Lender may destroy any original document so reproduced.
Each Borrower waives all right to object to the admissibility of such reproduction and stipulates
that any such reproduction shall, to the extent permitted by law, be admissible in evidence as the
original itself in any judicial or administrative proceeding (whether or not the original itself is
in existence and whether or not the reproduction was made by Lender in the regular course of
business) and that any enlargement, facsimile or further reproduction of the reproduction shall
likewise be admissible in evidence.

(h) Survival. The representations, warranties, obligations and indemnities of
Borrowers under the Loan Documents shall survive the termination of the Loan Documents to the
extent required for their full observance and performance. No action regardless of form arising
out of the Loan Documents may be brought by any Borrower more than two (2) years after the cause of
action has accrued.

(i) Joint and Several Liability of Co-Makers. The obligations of each co-maker (if
any) of each Loan Document shall be primary, joint and several. In the event Borrowers fail to
meet any of their obligations under the Loan Documents, Lender may at its option satisfy such
obligation and Borrowers shall reimburse Lender on demand therefor.

(j) Costs and Expenses. In the event that legal or other action is required to
enforce Lender’s rights under the Loan Documents (including but not limited to the exercise of
remedies under Section 10 hereof), Borrowers agree to reimburse Lender on demand for Lender’s
reasonable attorneys’ fees and its other related costs and expenses (whether incurred prior to or
after judgment). Notwithstanding any applicable state laws to the contrary, Borrowers agree to
reimburse Lender for all reasonable attorneys’ fees incurred by Lender incident to any action or
proceeding involving any Borrower brought pursuant to the Bankruptcy Code, as amended, which are
allowable under Section 506(b) thereof. Borrowers agree to pay all costs and expenses incurred by
Lender in connection with making the Loan. Such costs and expenses include, but are not limited
to, charges for title insurance, recording and escrow charges, appraisal fees, fees for
environmental services, and any other reasonable fees and costs for services, regardless of whether
such services are furnished by Lender’s employees or by independent contractors. Borrowers agree
to reimburse Lender for any expenses Lender incurs in the preparation of the Loan Documents.
Expenses include, but are not limited to, reasonable attorneys’ fees, including any allocated costs
of Lender’s in-house counsel to the extent permitted by applicable law. Borrowers agree to
reimburse Lender for the cost of periodic appraisals of the real property collateral securing the
Loan, at such intervals as Lender may reasonably require. The appraisals may be performed by
employees of Lender or by independent appraisers.

(k) Captions. The captions in the Loan Documents are for convenience only and shall
not define or limit any of the terms therein.

(l) Counterparts. This Agreement may be executed in counterparts, all of which
counterparts taken together shall constitute one completed fully executed document.

(m) Limitation of Interest and Other Charges. If, at any time, the rate of interest,
together with all amounts which constitute interest and which are reserved, charged or taken by
Lender as compensation for fees, services or expenses incidental to the making, negotiating or
collection of the Loan, shall be deemed by any competent court of law, governmental agency or
tribunal to exceed the maximum rate of interest permitted to be charged by Lender to the Borrowers
under applicable law, then, during such time as such rate of interest would be deemed excessive,
that portion of each sum paid attributable to that portion of such interest rate that exceeds the
maximum rate of interest so permitted shall be deemed a voluntary prepayment of principal. As used
herein, the term “applicable law” shall mean the law in effect as of the date hereof; provided,
however, that in the event there is a change in the law which results in a higher permissible rate
of interest, then this Agreement shall be governed by such new law as of its effective date.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as set forth
below.

	 
	ACCEPTED BY:

	SIEMENS FINANCIAL SERVICES, INC.,

as Lender

BY: /s/ Stephanie Marinello

(Authorized Signature)

NAME: Stephanie Marinello

(Printed or Typed)

TITLE: Senior Vice President-Operations

(Printed or Typed)

DATE: May 19, 2011

(Printed or Typed)

BY: /s/ Mark Gallagher

(Authorized Signature)

NAME: Mark Gallagher

(Printed or Typed)

TITLE: Vice President-Lending

(Printed or Typed)

DATE: May 19, 2011

(Printed or Typed)

	 

	 	 	 
	BY EXECUTION HEREOF, THE PERSON SIGNING ON BEHALF OF EACH BORROWER CERTIFIES
	THAT (S)HE HAS READ THIS ENTIRE AGREEMENT, THAT LENDER OR ITS REPRESENTATIVES
	HAVE MADE NO AGREEMENTS OR REPRESENTATIONS EXCEPT AS SET FORTH HEREIN OR IN THE
	OTHER LOAN DOCUMENTS, AND THAT (S)HE IS DULY AUTHORIZED TO EXECUTE THIS
	AGREEMENT ON BEHALF OF SUCH BORROWER.	 	 
	G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC,

as Borrower Representative and a Borrower

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

BY: /s/ Shannon K S Johnson

(Authorized Signature)

NAME: Shannon K S Johnson

(Printed or Typed)

TITLE: Chief Financial Officer

(Printed or Typed)

DATE: May 19, 2011

(Printed or Typed)

G&E HC REIT II ATHENS LTACH, LLC,

as a Borrower

G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC,

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

BY: /s/ Shannon K S Johnson

(Authorized Signature)

NAME: Shannon K S Johnson

(Printed or Typed)

TITLE: Chief Financial Officer

(Printed or Typed)

DATE: May 19, 2011

(Printed or Typed)

G&E HC REIT II CAPE GIRARDEAU LTACH, LLC, as a Borrower

G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC,

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

BY: /s/ Shannon K S Johnson

(Authorized Signature)

NAME: Shannon K S Johnson

(Printed or Typed)

TITLE: Chief Financial Officer

(Printed or Typed)

DATE: May 19, 2011

(Printed or Typed)

G&E HC REIT II COLUMBIA LTACH, LLC, as a Borrower

G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC,

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

BY: /s/ Shannon K S Johnson

(Authorized Signature)

NAME: Shannon K S Johnson

(Printed or Typed)

TITLE: Chief Financial Officer

(Printed or Typed)

DATE: May 19, 2011

(Printed or Typed)

G&E HC REIT II JOPLIN LTACH, LLC, as a Borrower

G&E HC REIT II MONUMENT LTACH PORTFOLIO, LLC,

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

Its: Sole Managing Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.

Its: General Partner

BY: /s/ Shannon K S Johnson

(Authorized Signature)

NAME: Shannon K S Johnson

(Printed or Typed)

TITLE: Chief Financial Officer

(Printed or Typed)

DATE: May 19, 2011

(Printed or Typed)

	 	

	 	 	 	 	 

	 	 	 
	SIEMENS ANNEX I to LOAN AND SECURITY AGREEMENT

DEFINITIONS:

“Accommodation Payment” means Accommodation Payment, as described in Section 14(d)(iii) of the
Agreement.

“Adjusted Current Yield” means Adjusted Current Yield, as described in Section 3(d)(iv)(4) of
the Agreement.

“Agreement” means the Agreement, as described in the preamble to the Agreement.

“Allocable Percentage” means Allocable Percentage, as described in Section 14(d)(iii) of the
Agreement.

“Applicable Laws” means Applicable Laws, as described in Section 6(a)(v) of the Agreement.

“Assignment and Consent Agreements” means, collectively, (a) that Assignment and Consent
Agreement, dated as of even date herewith, by and among G&E Athens, Landmark Hospital of Athens,
LLC, a Georgia limited liability company, Georgia Bank & Trust, a Georgia bank, and Lender; (b)
that certain Assignment and Consent Agreement, dated as of even date herewith, by and among G&E
Cape Girardeau, Landmark Hospital of Cape Girardeau, LLC, a Missouri limited liability company,
Montgomery Bank, a Missouri financial institution, and Lender; (c) that certain Assignment and
Consent Agreement, dated as of even date herewith, by and among G&E Columbia, Landmark Hospital of
Columbia, LLC, a Missouri limited liability company, Montgomery Bank, a Missouri financial
institution, and Lender; and (d) that certain Assignment and Consent Agreement, dated as of even
date herewith, by and among G&E Joplin, Landmark Hospital of Joplin, LLC, a Missouri limited
liability company, Arvest Bank, a Missouri financial institution, and Lender, each as amended,
restated, supplemented, or otherwise modified from time to time, and together with all annexes,
exhibits, and schedules attached thereto. Each of the foregoing is referred to individually as an
“Assignment and Consent Agreement”.

“Bankruptcy Code” means the United States Bankruptcy Code, as now existing or hereafter
amended.

“Borrower Representative” means Borrower Representative, as described in Section 14(c) of the
Agreement.

“Borrowers” means Borrowers, as described in the preamble to the Agreement. Each of the
foregoing is referred to individually as a “Borrower”.

“Business Day” means any day other than a Saturday, Sunday or a day on which banks in the
State of New Jersey are required by to be closed.

“Collateral” means Collateral, as described in Section 5(a) of the Agreement.

“Collateral Assignment” means that certain Collateral Assignment of Lease Documents of even
date herewith executed by Borrowers, Lender, Tenants, and Lease Guarantors, which provides, without
limitation, for the collateral assignment of (a) all Lease Documents listed on Schedule II hereto
as of the Effective Date and (b) all security pledged to Borrowers and the Master Tenant pursuant
to such Lease Documents, as amended, restated, supplemented, or otherwise modified from time to
time, and together with all annexes, exhibits, and schedules attached thereto.

“Collateral Assignment of Proceeds” means an Assignment of Proceeds of Letter of Credit and
Request for Issuer’s Consent of even date herewith executed by a Borrower and consented to by
Montgomery Bank, as issuer of each Lease Letter of Credit, as amended, restated, supplemented, or
otherwise modified from time to time, and together with all annexes, exhibits, and schedules
attached thereto.

“Collateral Documents” means, collectively, this Agreement, the Assignment and Consent
Agreements, the Deeds of Trust, each Collateral Assignment of Proceeds, the Collateral Assignment,
all lockbox agreements, deposit account control agreements and securities account control
agreements, or other similar agreements delivered to Lender pursuant to the Loan Documents, and
each of the other agreements, mortgages, instruments, or documents that creates or purports to
create a Lien in favor of Lender, and all each of the other agreements, mortgages, instruments or
documents that creates or purports to create a lien in favor of Lender, and Subordination,
Nondisturbance and Attornment Agreements with respect to the Collateral. Each of the foregoing is
referred to individually as a “Collateral Document”.

“Compliance Certificate” means a certificate in the form of EXHIBIT E to the Agreement,
certified as accurate by a financial officer of the Borrower Representative, (a) setting forth in
reasonable detail the calculation for the financial covenant contained in Section 7(n) of the
Agreement; (b) stating that, based upon examination sufficient to permit him/her to make an
informed statement, no Default exists, or, if such is not the case, specify each such Default, its
nature, when it occurred, whether it is continuing, and the steps being taken by Borrowers with
respect thereto; and (c) containing such other information as Lender may request.

“Contributing Borrower” means a Contributing Borrower, as described in Section 14(d)(iii) of
the Agreement.

“Current Yield” means Current Yield, as described in Section 3(d)(iv)(1) of the Agreement.

“Debt Service” means, for any period, the sum (without duplication) of (a) total interest
expense (including, without limitation, that attributable to capital lease obligations) of
Borrowers for such period with respect to all outstanding Indebtedness of Borrowers, and (b)
scheduled payments made during such period on account of principal of Indebtedness (including,
without limitation, capital lease and operating lease obligations) of Borrowers.

“Debt Service Coverage Ratio” means, for any period, the ratio of (a) EBITDAR for such period
to (b) Debt Service for such period.

“Default” means any event or condition which constitutes an Event of Default or which, with
the giving of notice, the passage of time or both, would constitute an Event of Default.

“Deeds of Trust” means, collectively, (a) that certain Deed to Secure Debt, Assignment of
Rents and Security Agreement, dated as of even date herewith, made by G&E Athens, as Grantor, for
the benefit of Lender, as Beneficiary; (b) that certain Deed of Trust, Assignment of Rents,
Security Agreement and Fixture Filing, dated as of even date herewith, made by G&E Cape Girardeau,
as Grantor, for the benefit of Lender, as Beneficiary; (c) that certain Deed of Trust, Assignment
of Rents, Security Agreement and Fixture Filing, dated as of even date herewith, made by G&E
Columbia, as Grantor, for the benefit of Lender, as Beneficiary; and (d) that certain Deed of
Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated as of even date herewith,
made by G&E Joplin, as Grantor, for the benefit of Lender, as Beneficiary, each as amended,
restated, supplemented, or otherwise modified from time to time, and together with all annexes,
exhibits, and schedules attached thereto. Each of the foregoing is referred to individually as a
“Deed of Trust”.

“Distribution and Management Fee Subordination Agreement” means that certain Subordination
Agreement, dated as of even date herewith executed by Borrowers, Lender, Grubb & Ellis Equity
Advisors, Property Management, Inc., a Delaware corporation, Parent Guarantor, and any and all
Persons entitled to receive distributions from Borrowers from time to time, which Subordination
Agreement provides, without limitation, for the subordination of such distributions and all
property management fees to be paid by the Borrowers to the payment of the Obligations, as such
Subordination Agreement may be amended, restated, supplemented, or otherwise modified from time to
time, and together with all annexes, exhibits, and schedules attached thereto.

“EBITDAR” means, for any period, the net income (or loss), adjusted to exclude all
extraordinary items, of Borrowers for such period, determined on a consolidated basis in accordance
with GAAP, plus, without duplication and to the extent reflected as a charge in the statement of
such net income for such period, the sum of (a) interest expense, (b) income tax expense, (c)
depreciation and amortization expenses, and (d) rental (operating lease) expense.

“Effective Date” means the Effective Date, as described in the preamble to the Agreement.

“Environmental Indemnity Agreement” means that certain Environmental Indemnification
Agreement, dated as of even date herewith, made by Borrowers and Parent Guarantor for the benefit
of Lender, as amended, restated, supplemented, or otherwise modified from time to time, and
together with all annexes, exhibits, and schedules attached thereto.

“Environmental Laws” means Environmental Laws, as defined in the Environmental Indemnity
Agreement.

“Event of Default” means an Event of Default, as described in Section 10(a) of the Agreement.

“Event of Loss” means an Event of Loss, as described in Section 9(a) of the Agreement.

“Fixed Amount” means Fixed Amount, as described in Section 3(d)(iv) of the Agreement.

“G&E Athens” means G&E Athens, as described in the preamble to the Agreement.

“G&E Cape Girardeau” means G&E Cape Girardeau, as described in the preamble to the Agreement.

“G&E Columbia” means G&E Columbia, as described in the preamble to the Agreement.

“G&E Joplin” means G&E Joplin, as described in the preamble to the Agreement.

“G&E Monument” means G&E Monument, as described in the preamble to the Agreement.

“GAAP” means generally accepted accounting principles in the United States of America in
effect from time to time applied on a consistent basis, both as to classification of items and
amounts.

“Governmental Authority” means any nation or government, any state or other political
subdivision thereof, and any agency, department or Person exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government and any corporation
or other Person owned or controlled (through stock or capital ownership or otherwise) by any of the
foregoing, whether domestic or foreign.

“Guarantor” means any party that has executed or delivered, or shall in the future execute or
deliver, any guaranty of any portion of the Obligations, including, without limitation, Parent
Guarantor, each together with their successors and assigns.

“Guaranty” or “Guaranties” means each guaranty made by a Guarantor in favor of Lender,
including without limitation the Parent Guaranty, each as amended, restated, supplemented, or
otherwise modified from time to time, and together with all annexes, exhibits, and schedules
attached thereto.

“Hazardous Materials” means Hazardous Materials, as defined in the Environmental Indemnity
Agreement.

“Indebtedness” of any Person means, without duplication, (a) all indebtedness of such Person
for borrowed money, whether or not evidenced by bonds, debentures, notes or similar instruments,
(b) all capital lease obligations, (c) all obligations to pay the deferred purchase price of
property or services (excluding trade accounts payable in the ordinary course of business), (d) all
indebtedness secured by a lien on the property of such Person, whether or not such indebtedness
shall have been assumed by such Person, (e) all obligations, contingent or otherwise, with respect
to the face amount of all letters of credit (whether or not drawn) and banker’s acceptances issued
for the account of such Person, (f) all contingent liabilities, (g) all liabilities of any
partnership or joint venture of which such Person is a general partner or joint venturer, and (h),
all obligations of such Person to make any payment in connection with any warrants or any other
equity interests including, without limitation, any put, redemption and mandatory dividends, of
such Person.

“Insurance Charge” means an Insurance Charge, as described in Section 9(b) of the Agreement.

“Interest Rate” means Interest Rate, as described in Section 3(b) of the Agreement.

“Lease Documents” means the Leases, the Lease Guaranties, and the Lease Security Agreements.
Each of the foregoing is referred to individually as a “Lease Document”.

“Lease Guaranties” means the lease guaranties set forth on SCHEDULE II attached to the
Agreement, and all other guaranties of the obligations of Tenants under the Leases in effect from
time to time, each as amended, restated, supplemented, or otherwise modified from time to time, and
together with all annexes, exhibits, and schedules attached thereto. Each of the foregoing is
referred to individually as a “Lease Guaranty”.

“Lease Guarantors” means the lease guarantors set forth on SCHEDULE II attached to the
Agreement, and all other Persons guaranteeing the obligations of Tenants under the Leases, each
together with their successors and assigns. Each of the foregoing is referred to individually as a
“Lease Guarantor”.

“Lease Letters of Credit” means, collectively, each Letter of Credit referred to in the Master
Lease and in each Sublease. Each of the foregoing is referred to individually as a “Lease Letter
of Credit”.

“Lease Security Agreements” means, collectively, the Security Agreements set forth on SCHEDULE
II attached to the Agreement, and all other security agreements pertaining to any Lease from time
to time, each as amended, restated, supplemented, or otherwise modified from time to time, and
together with all annexes, exhibits, and schedules attached thereto. Each of the foregoing is
referred to individually as a “Lease Security Agreement”.

“Leases” means the Master Lease, the Subleases, any other lease agreements set forth on
SCHEDULE II attached to the Agreement, and all other lease agreements pertaining to all or any
portion of any Property from time to time, each as amended, restated, supplemented, or otherwise
modified from time to time, and together with all annexes, exhibits, and schedules attached
thereto. Each of the foregoing is referred to individually as a “Lease”.

“Lender” means Lender, as described in the preamble to the Agreement.

“Loan” means the Loan, as described in the recitals to the Agreement.

“Loan Amount” means the Loan Amount, as described in the recitals to the Agreement.

“Loan Date” means the Loan Date, as described in Section 3(a) of the Agreement.

“Loan Documents” means the Agreement, the Note, the Deeds of Trust, the Environmental
Indemnity Agreement, the Subordination Agreements, the Parent Guaranty, the other Collateral
Documents, and any other agreements, instruments, documents, and certificates now or hereafter
entered into relating thereto or to the Agreement and to the transactions contemplated thereby or
hereby and to which any Borrower is a party or which secures the obligations of any of the
Borrowers to Lender, each as amended, restated, supplemented, or otherwise modified from time to
time, and together with all annexes, exhibits, and schedules attached thereto.

“Loan Fee” means $187,500.00, which shall be paid by Borrowers.

. “Lockbox Accounts” means a lockbox account that Borrowers have established with a United States
depository institution approved by Lender for the collections of payments made to Borrowers
pursuant to the Leases and subsequent payment distributions to Borrowers.

“Master Lease” means that certain Master Lease, made as of August 12, 2010, by and among G&E
Athens, G&E Cape Girardeau, G&E Columbia, and G&E Joplin, collectively, as the Landlord thereunder,
and the Master Tenant, as the Tenant thereunder, as amended, restated, supplemented, or otherwise
modified from time to time, and together with all annexes, exhibits, and schedules attached
thereto.

“Master Tenant” means Landmark Real Estate Holdings, LLC, a Missouri limited liability
company, in its capacity as the Tenant under the Master Lease, together with its successors and
assigns.

“Maturity Date” means the Maturity Date, as described in Section 3(c) of the Agreement.

“Note” means the Note, as described in Section 3(e) of the Agreement.

“Obligations” means the Obligations, as described in Section 5(a) of the Agreement.

“Obligors” means Borrowers and Guarantor(s). Each is referred to individually as an
“Obligor”.

“Operating Subtenants” means, collectively, (a) Landmark Hospital of Athens, LLC, a Georgia
limited liability company; (b) Landmark Hospital of Cape Girardeau, LLC, a Missouri limited
liability company; (c) Landmark Hospital of Columbia, LLC, a Missouri limited liability company;
and (d) Landmark Hospital of Joplin, LLC, a Missouri limited liability company, each together with
its respective successors and assigns. Each of the foregoing is referred to individually as an
“Operating Subtenant”.

“Parent Guarantor” means Grubb & Ellis Healthcare REIT II, Inc., a Maryland corporation.

“Parent Guaranty” means that certain Guaranty of even date herewith executed by Parent
Guarantor, as amended, restated, supplemented, or otherwise modified from time to time, and
together with all annexes, exhibits, and schedules attached thereto.

“Paying Borrower” means a Paying Borrower, as described in Section 14(d)(iii) of the
Agreement.

“Payment Date” means the Payment Date, as described in Section 3(c) of the Agreement.

“Permits” means Permits, as described in Section 6(a)(iv) of the Agreement.

“Person” means any natural person, corporation, limited liability company, professional
association, limited partnership, general partnership, joint stock company, joint venture,
association, company, trust, bank, trust company, land trust, business trust or other organization,
whether or not a legal entity, and any Governmental Authority.

“Prepayment Date” means Prepayment Date, as described in Section 3(d)(ii)(1) of the Agreement.

“Prepayment Premium” means Prepayment Premium, as described in Section 3(d)(ii)(2) of the
Agreement.

“Properties” means, collectively, certain real property located at (a) 3255 Independence
Street, Cape Girardeau, Missouri 63703, in Cape Girardeau County, Missouri, and the improvements
thereon; (b) 604 Old Highway 63 North Columbia, Missouri 65201, in Boone County, Missouri, and the
improvements thereon; (c) 2040 West 32nd Street, Joplin, Missouri 64804, in Newton County,
Missouri, and the improvements thereon; and (d) 775 Sunset Drive, Athens, Georgia 30606, in Clarke
County, Georgia, and the improvements thereon, each as legally described in the applicable Deed of
Trust. Each is referred to individually as a “Property”.

“Senior Obligations” means all Indebtedness of Borrowers other than Subordinated Obligations.

“Subleases” means, collectively, (a) that certain Sublease, dated as of October 29, 2010, by
and between Master Tenant, as Landlord thereunder, and Landmark Hospital of Athens, LLC, a Georgia
limited liability company, as Tenant thereunder; (b) that certain Sublease, dated as of August 12,
2010, by and between Master Tenant, as Landlord thereunder, and Landmark Hospital of Cape
Girardeau, LLC, a Missouri limited liability company, as Tenant thereunder; (c) that certain
Sublease, dated as of January 31, 2011, by and between Master Tenant, as Landlord thereunder, and
Landmark Hospital of Columbia, LLC, a Missouri limited liability company, as Tenant thereunder; and
(d) that certain Sublease, dated as of August 31, 2010, by and between Master Tenant, as Landlord
thereunder, and Landmark Hospital of Joplin, LLC, a Missouri limited liability company, as Tenant
thereunder, each as amended, restated, supplemented, or otherwise modified from time to time, and
together with all annexes, exhibits, and schedules attached thereto. Each of the foregoing is
referred to individually as a “Sublease”.

“Subordinated Obligations” means that portion of the payment obligations of Borrowers which is
subordinated to the Obligations pursuant to a written agreement executed by Lender and the other
parties thereto in a manner satisfactory to Lender, including right and time of payment of
principal and interest.

“Subordination Agreements” means all agreements providing for the subordination of the
Subordinated Obligations to the Obligations in a manner satisfactory to Lender, each as amended,
restated, supplemented, or otherwise modified from time to time, and together with all annexes,
exhibits, and schedules attached thereto, including, without limitation, the Distribution and
Management Fee Subordination Agreement.

“Tenants” means the Master Tenant, the Operating Subtenants, and all other tenants set forth
on SCHEDULE II attached to the Agreement and all other tenants of any portion of the Properties
from time to time. Each is referred to individually as a “Tenant”.

“Title Policies” means 2006 ALTA Mortgagee’s Loan Title Insurance Policies or similar policy
acceptable to Lender with extended coverage issued by the title insurance company insuring the lien
of the Loan Documents as a valid first, prior and paramount lien upon the Properties and all
appurtenant easements, and subject to no other exceptions unless approved in writing by Lender and
otherwise satisfying the requirements of Lender. Each is referred to individually as a “Title
Policy”.

“Uniform Commercial Code” means the New York Uniform Commercial Code, as in effect from time
to time.

“United States” and “U.S.” mean the United States of America.

“Yield Amount” means Yield Amount, as described in Section 3(d)(iv) of the Agreement.

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