Document:

Tax Protection Agreement

 EXHIBIT 10.5 
 TAX PROTECTION AGREEMENT BY AND AMONG THE GC NET LEASE REIT, INC., 
 THE GC NET LEASE REIT OPERATING
PARTNERSHIP, L.P., KEVIN A. SHIELDS, DON G. 
 PESCARA AND DAVID C. RUPERT 
 TAX PROTECTION AGREEMENT 
 THIS TAX PROTECTION AGREEMENT (this
“Agreement”) is made and entered into as of April 21, 2009 by and among THE GC NET LEASE REIT, INC., a Maryland corporation (the “REIT”), THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the
“Partnership”), KEVIN A. SHIELDS, DON PESCARA, and DAVID RUPERT (each a “Protected Partner” and collectively the “Protected Partners”). 
 WHEREAS, pursuant to that certain Contribution Agreement – Renfro Property, dated as of April 21, 2009 and that certain Contribution Agreement – CB&I Property, dated as of April 21, 2009, (the
“Contribution Agreements”), the Protected Partners transferred to the Partnership all of such Protected Partner’s interests in the various entities that own or lease real estate properties, as identified in such Contribution
Agreements, subject to specified liabilities, in exchange for 2,020,000 units of limited partnership interest (“Units”) in the Partnership (the “Transaction”); 
 WHEREAS, it is intended for federal income tax purposes that the Transaction be treated as a contribution by the Protected Partners of all of the
contributed assets, subject to the assumed liabilities, to the Partnership in exchange for partnership interests under Section 721 of the Internal Revenue Code of 1986, as amended (the “Code”); 
 WHEREAS, in accordance with Section 3.2(b) of the Contribution Agreements and in consideration for the agreement of the Protected Partners to
consummate the Transaction, the parties desire to enter into this Agreement regarding certain tax matters associated with the Transaction; and 
 WHEREAS, the REIT and the Partnership desire to evidence their agreement regarding amounts that may be payable as a result of certain actions being taken by the Partnership regarding the disposition of certain of the contributed assets and
certain debt obligations of the Partnership and its subsidiaries. 
 NOW, THEREFORE, in consideration of the premises and the mutual
representations, warranties, covenants and agreements contained herein and in the Contribution Agreements, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 To the extent not otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed to them in the Partnership Agreement (as
defined below). 
 “Closing Date” means the closing date of the Transaction. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Consent” means the prior written consent to do the act or thing for which the consent is required or solicited, which consent may be
executed by a duly authorized officer or agent of the party granting such consent. 
 “Guaranteed Amount” means the
aggregate amount of each Guaranteed Debt that is guaranteed at any time by Partner Guarantors. 

 “Guaranteed Debt” means any loans incurred (or assumed) by the Partnership or any of its
subsidiaries that are guaranteed by Partner Guarantors at any time after the Closing Date pursuant to Article 3 hereof. 
 “Minimum Liability Amount” means, for each Protected Partner, the amount set forth on Schedule 3.1 hereto next to such Protected Partner’s name. 
 “Nonrecourse Liability” has the meaning set forth in Treasury Regulations § 1.752-1(a)(2). 
 “Partner Guarantors” means those Protected Partners who have guaranteed any portion of the Guaranteed Debt. The Partner Guarantors and
each Partner Guarantor’s dollar amount share of the Guaranteed Amount with respect to the Guaranteed Debt is zero as of the Closing Date and will be set forth on Exhibit B to Schedule 3.7 hereto, as may be amended from time
to time. 
 “Partnership” means The GC Net Lease REIT Operating Partnership, L.P., a Delaware limited partnership.

 “Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of The GC Net Lease REIT
Operating Partnership, L.P., dated as of the Closing Date as amended, and as the same may be further amended in accordance with the terms thereof. 
 “Protected Gain” shall mean the gain that would be allocable to and recognized by a Protected Partner under Section 704(c) of the Code in the event of the sale of a Protected Property in a fully taxable transaction
(excluding its corresponding share of “book gain,” if any). The initial amount of Protected Gain with respect to each Protected Partner shall be determined as if the Partnership sold a Protected Property in a fully taxable transaction on
the Closing Date for consideration equal to the Section 704(c) Value of such Protected Property on the Closing Date, and is set forth on Schedule 2.1(b) hereto. Gain that would be allocated to a Protected Partner upon a sale of a
Protected Property that is “book gain” (for example, gain attributable to appreciation in the actual value of the Protected Property following the Closing Date or gain resulting from reductions in the “book value” of the
Protected Property following the Closing Date) would not be considered Protected Gain. (As used in this definition, “book gain” is any gain that would not be required under Section 704 (c) of the Code and the applicable
regulations to be specially allocated to the Protected Partners, but rather would be allocated to all partners in the Partnership, including the REIT, in accordance with their respective economic interests in the Partnership.) 
 “Protected Partner” means those persons set forth on Schedule 2.1(a) hereto as “Protected Partners,” any person
who acquires Units from a Protected Partner in a transaction in which gain or loss is not recognized in whole or in part and in which such transferee’s adjusted basis, as determined for federal income tax purposes, is determined in whole or in
part by reference to the adjusted basis of a Protected Partner in such Units. 
 “Protected Property” means (i) each of
the properties identified as a Protected Property on Schedule 2.1(b) hereto; (ii) any other properties or assets hereafter acquired by the Partnership or direct or indirect interest owned by the Partnership in any Subsidiary that
owns an interest in a Protected Property, if the disposition of such properties, assets or interest would result in the recognition of Protected Gain with respect to a Protected Property by a Protected Partner; and (iii) any other property that
the Partnership directly or indirectly receives that is in whole or in part a “substituted basis property” as defined in Section 7701(a)(42) of the Code with respect to a Protected Property. 
 “Qualified Guarantee” has the meaning set forth in Section 3.2. 
  

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 “Qualified Guarantee Indebtedness” has the meaning set forth in Section 3.2.

 “Section 704(c) Value” means the fair market value of any Protected Property as agreed to by the Partnership and the
Protected Partners and as set forth next to each Protected Property on Schedule 2.1(b) hereto, as applicable. For purposes of this Agreement, the aggregate Section 704(c) Value for all properties contributed to the Partnership by
the Protected Partners in the Transaction will be the agreed value of the Units to be issued in the Transaction plus the mortgage debt secured by or allocable to such properties outstanding on the Closing Date. The Section 704(c) Value for each
Protected Property shall be as determined by agreement between the Protected Partners and the Partnership pursuant to this Agreement. The Partnership shall initially carry the Protected Property on its books at a value equal to the
Section 704(c) Value as set forth above. 
 “Subsidiary” means any entity in which the Partnership owns a direct or
indirect interest that owns a Protected Property on the Closing Date, after giving effect to the Transaction, or that thereafter is a successor to the Partnership’s direct or indirect interests in a Protected Property. 
 “Tax Protection Period” means the period commencing on the Closing Date and ending at 12:01 AM on November 11, 2017;
provided, however, that with respect to a Protected Partner, the Tax Protection Period shall terminate at such time as such Protected Partner disposes of 50% or more of the Units received, directly or indirectly, in the Transaction by
such Protected Partner and gain or loss is fully recognized as a result of such disposition. 
 “Units” means units of
limited partnership interest of the Partnership, as described in the Partnership Agreement. 
 ARTICLE 2 
 RESTRICTIONS ON DISPOSITIONS OF 
 PROTECTED PROPERTIES 
 2.1 General Prohibition on Disposition of Protected Properties. The Partnership
agrees for the benefit of each Protected Partner, for the term of the Tax Protection Period, not to directly or indirectly sell, exchange, transfer, or otherwise dispose of a Protected Property or any interest therein (without regard to whether such
disposition is voluntary or involuntary) in a transaction that would cause any of the Protected Partners to recognize any Protected Gain. Without limiting the foregoing, the term “sale, exchange, transfer or disposition” by the Partnership
shall be deemed to include, and the prohibition shall extend to: 
 (a) any direct or indirect disposition by any direct or indirect
Subsidiary of any Protected Property or any interest therein; 
 (b) any direct or indirect disposition by the Partnership of any Protected
Property (or any direct or indirect interest therein) that is subject to Section 704(c)(1)(B) of the Code and the Treasury Regulations thereunder; and 
 (c) any distribution by the Partnership to a Protected Partner that is subject to Section 737 of the Code and the Treasury Regulations thereunder; 
 Without limiting the foregoing, a disposition shall include any transfer, voluntary or involuntary, by the Partnership or any Subsidiary in a foreclosure
proceeding, pursuant to a deed in lieu of foreclosure, or in a bankruptcy proceeding. 
  

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 Notwithstanding the foregoing, this Section 2.1 shall not apply to a voluntary, actual disposition
by a Protected Partner of Units in connection with a merger or consolidation of the Partnership pursuant to which (1) the Protected Partner is offered either cash or property treated as cash pursuant to Section 731 of the Code (“Cash
Consideration”) or partnership interests in a partnership that would be treated as the continuing partnership under the principles of Section 708 of the Code and the receipt of such partnership interests would not result in the recognition
of gain for federal income tax purposes by the Protected Partner (“Partnership Interest Consideration”); (2) the Protected Partner has the ability to elect to receive solely Partnership Interest Consideration in exchange for his Units
and the continuing partnership has agreed in writing to assume the obligations of the Partnership under this Agreement; (3) no Protected Gain is recognized by the Partnership as a result of any partner of the Partnership receiving Cash
Consideration; and (4) the Protected Partner elects to receive Cash Consideration. 
 2.2 Exceptions Where No Gain
Recognized. Notwithstanding the restriction set forth in Section 2.1, the Partnership or any Subsidiary may dispose of any Protected Property (or any interest therein) if such disposition qualifies as a like-kind exchange under
Section 1031 of the Code, or an involuntary conversion under Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under
Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership with or into another entity that qualifies for taxation as a “partnership” for federal income tax purposes (a “Successor
Partnership”)) that, as to each of the foregoing, does not result in the recognition of any taxable income or gain to any Protected Partner with respect to any of the Units; provided, however, that: 
 (a) in the case of a Section 1031 like-kind exchange, if such exchange is with a “related party” within the meaning of
Section 1031(f)(3) of the Code, any direct or indirect disposition by such related party of the Protected Property or any other transaction prior to the expiration of the two (2) year period following such exchange that would cause
Section 1031(f)(1) to apply with respect to such Protected Property (including by reason of the application of Section 1031(f)(4)) shall be considered a violation of Section 2.1 by the Partnership; and 
 (b) in the event that at the time of the exchange or other disposition the Protected Property is secured, directly or indirectly, by indebtedness that is
guaranteed by a Protected Partner (or for which a Protected Partner otherwise has personal liability) and that is not then in default and the transferee is not a Subsidiary of the Partnership that both is more than 50% owned, directly or indirectly,
by the Partnership and is and will continue to be under the legal control of the Partnership (which shall include a partnership or limited liability company in which the Partnership or a wholly owned subsidiary of the Partnership is the sole
managing general partner or sole managing member, as applicable), (i) either (A) such indebtedness shall be repaid in full or (B) the Partnership shall obtain from the lenders with respect to such indebtedness a full and complete
release of liability for each of the Protected Partners that has guaranteed, or otherwise has liability for, such indebtedness, and (ii) if such indebtedness is a Guaranteed Debt and the Tax Protection Period shall not have expired, the
Partnership shall comply with its covenants set forth in Article 3 below with respect to such Guaranteed Debt and the Partner Guarantors that are considered to have liability for such Guaranteed Debt (determined under Section 3.4 treating
such events as a repayment of the Guaranteed Debt). 
 The taxes payable by any such Protected Partner shall equal the sum of the highest
federal income tax rate applicable to such Protected Gain based upon its characterization in the year of disposition plus the highest income rates, if any, which such Protected Gain is subject to in the hands of such Protected Partner, times such
Protected Partner’s share of such Protected Gain. 
  

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 ARTICLE 3 
 ALLOCATION OF LIABILITIES; 
 GUARANTEE OPPORTUNITY 
 3.1 Minimum Liability Allocation. During the Tax Protection Period, the Partnership will offer to each Protected Partner the
opportunity to enter into Qualified Guarantees of Qualified Guarantee Indebtedness in such amount or amounts so as to cause the amount of partnership liabilities allocated to such Protected Partner for purposes of Section 752 of the Code to be
not less than such Protected Partner’s Minimum Liability Amount, as provided in this Article 3. In order to minimize the need for Protected Partners to enter into Qualified Guarantees, the Partnership will use the optional method under
Treasury Regulations Section 1.752-3(a)(3) to allocate Nonrecourse Liabilities considered secured by a Protected Property to the Protected Partners to the extent that the “built-in gain” with respect to those properties exceeds the
amount of the Nonrecourse Liabilities considered secured by such Protected Property allocated to the Protected Partners under Treasury Regulations Section 1.752-3(a)(2). 
 3.2 Qualified Guarantee Indebtedness and Qualified Guarantee; Treatment of Qualified Guarantee Indebtedness as Guaranteed Debt. In
order for an offer by the Partnership of an opportunity to guarantee indebtedness to satisfy the requirements of this Article 3, (i) the indebtedness to be guaranteed must satisfy all of the conditions set forth in this Section 3.2
(indebtedness satisfying all such conditions is referred to as “Qualified Guarantee Indebtedness”); (ii) the guarantee by the Partner Guarantors must be pursuant to a Guarantee Agreement substantially in the form attached hereto as
Schedule 3.7 that satisfies the conditions set forth in Sections 3.2(a) and (c) (a “Qualified Guarantee”); (iii) the amount of debt required to be guaranteed by the Partner Guarantor must not exceed the portion of the
Guaranteed Amount for which a replacement guarantee is being offered; and (iv) the debt to be guaranteed must be considered indebtedness of the Partnership for purposes of determining the adjusted tax basis of the interests of partners in the
Partnership in their partnership interests. If, and to the extent that, a Partner Guarantor elects to guarantee Qualified Guarantee Indebtedness pursuant to an offer made in accordance with this Article 3, such indebtedness thereafter shall be
considered a Guaranteed Debt and subject to all of this Article 3. The conditions that must be satisfied at all times with respect to any additional or replacement Guaranteed Debt offered pursuant to this Article 3 hereof and the
guarantees with respect thereto are as follows: 
 (a) each such guarantee shall be a “bottom dollar guarantee” in that the lender
for the Guaranteed Debt is required to pursue all other collateral and security for the Guaranteed Debt (other than any “bottom dollar guarantees” permitted pursuant to this clause (i) and/or Section 3.3 below) prior to seeking
to collect on such a guarantee, and the lender shall have recourse against the guarantee only if, and solely to the extent that, the total amount recovered by the lender with respect to the Guaranteed Debt after the lender has exhausted its remedies
as set forth above is less than the aggregate of the Guaranteed Amounts with respect to such Guaranteed Debt (plus the aggregate amounts of any other guarantees (x) that are in effect with respect to such Guaranteed Debt at the time the
guarantees pursuant to this Article 3 are entered into, or (y) that are entered into after the date the guarantees pursuant to this Article 3 are entered into with respect to such Guaranteed Debt and that comply with Section 3.5
below, but only to the extent that, in either case, such guarantees are “bottom dollar guarantees” with respect to the Guaranteed Debt), and the maximum aggregate liability of each Partner Guarantor for all Guaranteed Debt shall be limited
to the amount actually guaranteed by such Partner Guarantor; 
 (b) the fair market value of the collateral against which the lender has
recourse pursuant to the Guaranteed Debt, determined as of the time the guarantee is entered into (an independent appraisal relied upon by the lender in making the loan shall be conclusive evidence of such fair market value when the guarantee is
being entered into in connection with the closing of such loan), shall not be less than 150% of the sum of (1) the aggregate of the Guaranteed Amounts with respect to such 

  

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Guaranteed Debt, plus (2) the dollar amount of any other indebtedness that is senior to or pari passu with the Guaranteed Debt and as to which the
lender thereunder has recourse against property that is collateral of the Guaranteed Debt, plus (3) the aggregate amounts of any other guarantees that are in effect with respect to such Guaranteed Debt at the time the guarantees pursuant to
this Article 3 are entered into with respect to such Guaranteed Debt and that comply with Section 3.2(e) below, but only to the extent that such guarantees are “bottom dollar guarantees” with respect to the Guaranteed Debt);

 (c) (1) the executed guarantee must be delivered to the lender and (2) the execution of the guarantee by the Partner Guarantors must
be acknowledged by the lender as an inducement to it to make a new loan, to continue an existing loan (which continuation is not otherwise required), or to grant a material consent under an existing loan (which consent is not otherwise required to
be granted) or, alternatively, the guarantee otherwise must be enforceable under the laws of the state governing the loan and in which the property securing the loan is located or in which the lender has a significant place of business (with any
bona fide branch or office of the lender through which the loan is made, negotiated, or administered being deemed a “significant place of business” for the purposes hereof); 
 (d) as to each Partner Guarantor that is executing a guarantee pursuant to this Agreement, there must be no other Person that would be considered to
“bear the economic risk of loss,” within the meaning of Treasury Regulation § 1.752-2, or would be considered to be “at risk” for purposes of Section 465(b) with respect to that portion of such debt for which such
Partner Guarantor is being made liable for purposes of satisfying the Partnership’s obligations to such Partner Guarantor under this Article 3; 
 (e) the aggregate Guaranteed Amounts with respect to the Guaranteed Debt will not exceed 25% of the amount of the Guaranteed Debt outstanding at the time the guarantee is executed. Except for guarantees already in
place at the time a guarantee opportunity is presented to the Protected Partners, at no time can there be guarantees with respect to the Guaranteed Debt that are provided by other persons that are “pari passu” with or at a lower level of
risk than the guarantees provided by the Protected Partners. If there are guarantees already in place at the time a guarantee opportunity is presented to the Protected Partners that are “pari passu” with or at a lower level of risk than
the guarantees provided by the Protected Partners, then the amount of Guaranteed Debt subject to such existing guarantees shall be added to the Guaranteed Amount for purposes of calculating the 25% limitation set forth in this Section 3.2(e);
and 
 (f) the obligor with respect to the Guaranteed Debt is the Partnership or an entity which is and will continue to be under the legal
control of the Partnership (which shall include a partnership or limited liability company in which the Partnership or a wholly-owned subsidiary of the Partnership is the sole managing general partner or sole managing member, as applicable).

 3.3 Covenant With Respect to Guaranteed Debt Collateral. The Partnership covenants with the Partner Guarantors with
respect to the Guaranteed Debt that (i) it will comply with the requirements set forth in Section 2.2(b) upon any disposition of any collateral for a Guaranteed Debt, whether during or following the Guarantee Protection Period, and
(ii) it will not at any time, whether during or following the Guarantee Protection Period, pledge the collateral with respect to a Guaranteed Debt to secure any other indebtedness (unless such other indebtedness is, by its terms, subordinate in
all respects to the Guaranteed Debt for which such collateral is security) or otherwise voluntarily dispose of or reduce the amount of such collateral unless either (A) after giving effect thereto the conditions in
Section 3.2(b) would continue to be satisfied with respect to the Guaranteed Debt and the Guaranteed Debt otherwise would continue to be Qualified Guarantee Indebtedness, or (B) the Partnership (x) obtains from the lender with
respect to the original Guaranteed Debt a full and complete release of any Partner Guarantor unless the Partner Guarantor expressly requests that it not be released, and (y) if the Tax 

  

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Protection Period has not expired, offers to each Partner Guarantor with respect to such original Guaranteed Debt, not less than 30 days prior to such
pledge or disposition, the opportunity to enter into a Qualified Guarantee of other the Partnership indebtedness that constitutes Qualified Guarantee Indebtedness (with such replacement indebtedness thereafter being considered a Guaranteed Debt and
subject to this Article 3) in an amount equal to the amount of such original Guaranteed Debt that was guaranteed by such Partner Guarantor. 
 3.4 Repayment or Refinancing of Guaranteed Debt. The Partnership shall not, at any time during the Tax Protection Period applicable to a Partner Guarantor, repay or refinance all or any portion of any Guaranteed Debt
unless (i) after taking into account such repayment, each Partner Guarantor would be entitled to include in its basis for its Units an amount of Guaranteed Debt equal to its Minimum Liability Amount, or (ii) alternatively, the Partnership,
not less than 30 days prior to such repayment or refinancing, offers to the applicable Partner Guarantors the opportunity to enter into a Qualified Guarantee with respect to other Qualified Guarantee Indebtedness in an amount the Partner would
be entitled to include in its adjusted tax basis of its Units equal to the Minimum Liability Amount for such Partner Guarantor. 
 3.5
Limitation on Additional Guarantees With Respect to Debt Secured by Collateral for Guaranteed Debt. The Partnership shall not offer the opportunity or make available to any person or entity other than a Protected Partner a guarantee
of any Guaranteed Debt or other debt that is secured, directly or indirectly, by any collateral for Guaranteed Debt unless (i) such debt by its terms is subordinate in all respects to the Guaranteed Debt or, if such other guarantees are of the
Guaranteed Debt itself, such guarantees by their terms must be paid in full before the lender can have recourse to the Partner Guarantors (i.e., the first dollar amount of recovery by the applicable lenders must be applied to the Guaranteed Amount);
provided that the foregoing shall not apply with respect to additional guarantees of Guaranteed Debt so long as the conditions set forth in Sections 3.2(b) and (e) would be satisfied immediately after the implementation of such additional
guarantee (determined in the case of Section 3.2(b), based upon the fair market value of the collateral for such Guaranteed Debt at the time the additional guarantee is entered into and adding the amount of such additional guarantee(s) to the
sum of the applicable Guaranteed Amounts plus any other preexisting “bottom dollar guarantee” previously permitted pursuant to this Section 3.5 or Sections 3.2(a) and (b) above, for purposes of making the computation
provided for in Section 3.2(b)), and (ii) such other guarantees do not have the effect of reducing the amount of the Guaranteed Debt that is includible by any Partner Guarantor in its adjusted tax basis for its Units pursuant to Treasury
Regulation § 1.752-2. 
 3.6 Process. Whenever the Partnership is required under this Article 3 to offer to one
or more of the Partner Guarantors an opportunity to guarantee Qualified Guarantee Indebtedness, the Partnership shall be considered to have satisfied its obligation if the other conditions in this Article 3 are satisfied and, not less than
thirty (30) days prior to the date that such guarantee would be required to be executed in order to satisfy this Article 3, the Partnership sends by first class mail, return receipt requested, to the last known address of each such Partner
Guarantor (as reflected in the records of the Partnership) the Guarantee Agreement to be executed (which in the case of Guarantee Agreement shall be substantially in the form of Schedule 3.7 hereto, with such changes thereto as are necessary to
reflect the relevant facts) and a brief letter explaining the relevant circumstances (including, as applicable, that the offer is being made pursuant to this Article 3, the circumstances giving rise to the offer, a brief summary of the terms of
the Qualified Guarantee Indebtedness to be guaranteed, a brief description of the collateral for the Qualified Guarantee Indebtedness, a statement of the amount to be guaranteed, the address to which the executed Guarantee Agreement must be sent and
the date by which it must be received, and a statement to the effect that, if the Protected Partner fails to execute and return such Agreement within the time period specified, the Partner Guarantor thereafter would lose its rights under this
Article 3 with respect to the amount of debt that the Partnership is required to offer to be guaranteed, and depending 

  

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upon the Partner Guarantor’s circumstances and other circumstances related to the Partnership, the Partner Guarantor could be required to recognize
taxable gain as a result thereof, either currently or prior to the expiration of the Tax Protection Period, that otherwise would have been deferred). If a notice is properly sent in accordance with this procedure, the Partnership shall have not
responsibility as a result of the failure of a Partner Guarantor either to receive such notice or to respond thereto within the specified time period. 
 3.7 Presumption as to Schedule 3.7. The form of the Guarantee Agreement attached hereto as Schedule 3.7 shall be conclusively presumed to satisfy the conditions set forth in
Section 3.2(a) and to have caused the Guaranteed Debt to be considered allocable to the Guarantor Partner who enters into such Guarantee Agreement pursuant to Treasury Regulation § 1.752-2 and Section 465 of the Code so long as
all of the following conditions are met with respect such Guaranteed Debt: 
 (a) there are no other guarantees in effect with respect to such
Guaranteed Debt (other than the guarantees contemporaneously being entered into by the Partner Guarantors pursuant to this Article 3); 
 (b) the collateral securing such Guaranteed Debt is not, and shall not thereafter become, collateral for any other indebtedness that is senior to or pari passu with such Guaranteed Debt; 
 (c) no additional guarantees with respect to such Guaranteed Debt will be entered into during the applicable Tax Protection Period pursuant to the
proviso set forth in Section 3.3; 
 (d) the lender with respect to such Guaranteed Debt is not the Partnership, any Subsidiary or other
entity in which the Partnership owns a direct or indirect interest, the REIT, any other partner in the Partnership, or any person related to any partner in the Partnership as determined for purposes of Treasury Regulation § 1.752-2 or any
person that would be considered a “related party” as determined for purposes of Section 465 of the Code; and 
 (e) none of
the REIT, nor any other partner in the Partnership, nor any person related to any partner in the Partnership as determined for purposes of Treasury Regulation § 1.752-2 shall have provided, or shall thereafter provide, collateral for, or
otherwise shall have entered into, or shall thereafter enter into, a relationship that would cause such person or entity to be considered to bear the risk of loss with respect to such Guaranteed Debt, as determined for purposes of Treasury
Regulation § 1.752-2 or that would cause such entity to be considered “at risk” with respect to such Guaranteed Debt, as determined for purposes of Section 465 of the Code. 
 ARTICLE 4 
 REMEDIES FOR BREACH 
 4.1 Monetary Damages. In the event that the Partnership breaches its obligations set forth in Article 2, Article 3, or
Article 6 with respect to a Protected Partner, the Protected Partner’s sole right shall be to receive from the Partnership, and the Partnership shall pay to such Protected Partner as damages, an amount equal to: 
 (a) in the case of a violation of Articles 3 or 6, the aggregate federal, state and local income taxes incurred by the Protected Partner as a result of
the income or gain allocated to, or otherwise recognized by, such Protected Partner with respect to its Units by reason of such breach; and 
  

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 (b) in the case of a violation of Article 2, the aggregate federal state, and local income taxes
incurred with respect the Protected Gain incurred with respect to the Protected Property that is allocable to such Protected Partner under the Partnership Agreement; 
 plus in the case of either (a) or (b), an amount equal to the aggregate federal, state, and local income taxes payable by the Protected Partner as a result of the receipt of any payment required under this
Section 4.1. 
 For purposes of computing the amount of federal, state, and local income taxes required to be paid by a Protected
Partner, (i) any deduction for state income taxes payable as a result thereof actually allowed in computing federal income taxes shall be taken into account, and (ii) a Protected Partner’s tax liability shall be computed using the
highest federal, state and local marginal income tax rates that would be applicable to such Protected Partner’s taxable income (taking into account the character and type of such income or gain) for the year with respect to which the taxes must
be paid, without regard to any deductions, losses or credits that may be available to such Protected Partner that would reduce or offset its actual taxable income or actual tax liability if such deductions, losses or credits could be utilized by the
Protected Partner to offset other income, gain or taxes of the Protected Partner, either in the current year, in earlier years, or in later years. 
 4.2 Process for Determining Damages. If the Partnership has breached or violated any of the covenants set forth in Article 2, Article 3 or Article 6 (or a Protected Partner asserts that the Partnership has
breached or violated any of the covenants set forth in Article 2, Article 3 or Article 6), the Partnership and the Protected Partner agree to negotiate in good faith to resolve any disagreements regarding any such breach or violation
and the amount of damages, if any, payable to such Protected Partner under Section 4.1 (and to the extent applicable, Section 4.4). If any such disagreement cannot be resolved by the Partnership and such Protected Partner within sixty
(60) days after the receipt of notice from the Partnership of such breach and the amount of income to be recognized by reason thereof, the Partnership and the Protected Partner shall jointly retain a nationally recognized independent public
accounting firm (an “Accounting Firm”) to act as an arbitrator to resolve as expeditiously as possible all points of any such disagreement (including, without limitation, whether a breach of any of the covenants set forth Article 2,
Article 3, Article 6 or Article 7 has occurred and, if so, the amount of damages to which the Protected Partner is entitled as a result thereof, determined as set forth in Section 4.1 (and to the extent applicable,
Section 4.4). All determinations made by the Accounting Firm with respect to the resolution of any breach or violation of any of the covenants set forth in Article 2, Article 3 or Article 6 and the amount of damages payable to
the Protected Partner under Section 4.1 (and to the extent applicable, Section 4.4) shall be final, conclusive and binding on the Partnership and the Protected Partner. The fees and expenses of any Accounting Firm incurred in connection
with any such determination shall be shared equally by the Partnership and the Protected Partner; provided, however, that (i) if the amount determined by the Accounting Firm to be owed by the Partnership to the Protected Partner is more than
ten percent (10%) higher than the amount proposed by the Partnership to be owed to such Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and expenses of any Accounting Firm incurred in
connection with any such determination shall be paid by the Partnership, and (ii) if the amount determined by the Accounting Firm to be owed by the Partnership to the Protected Partner is more than ten percent (10%) less than the amount
proposed by the Partnership to be owed to such Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and expenses of any Accounting Firm incurred in connection with any such determination shall be paid
by the Protected Partner. 
 4.3 Required Notices; Time for Payment. In the event that there has been a breach of
Article 2, Article 3 or Article 6, the Partnership shall provide to the Protected Partner notice of the transaction or event giving rise to such breach not later than at such time as the Partnership provides to the Protected Partners
the Schedule K-1’s to the Partnership’s federal income tax return as required in 

  

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accordance with Section 7.4 below. All payments required under this Article 4 to any Protected Partner shall be made to such Protected Partner on
or before April 15 of the year following the year in which the gain recognition event giving rise to such payment took place; provided that, if the Protected Partner is required to make estimated tax payments that would include such gain, the
Partnership shall make a payment to the Protected Partner on or before the due date for such estimated tax payment and such payment from the partnership shall be in an amount that corresponds to the amount of the estimated tax being paid by such
Protected Partner at such time. In the event of a payment required after the date required pursuant to this Section 4.3, interest shall accrue on the aggregate amount required to be paid from such date to the date of actual payment at a rate
equal to the “prime rate” of interest, as published in the Wall Street Journal (or if no longer published there, as announced by Citibank) effective as of the date the payment is required to be made. 
 4.4 Additional Damages for Breaches of Section 2.2(b) and/or Section 3.3. Notwithstanding any of the foregoing in this
Article 4, in the event that the Partnership should breach any of its covenants set forth in Section 2.2(b) and/or Section 3.3 and a Protected Partner is required to make a payment in respect of such indebtedness that it would not
have had to make if such breach had not occurred (an “Excess Payment”), then, in addition to the damages provided for in the other Sections of this Article 4, the Partnership shall pay to such Protected Partner an amount equal to the
sum of (i) the Excess Payment plus (ii) the aggregate federal, state and local income taxes, if any, computed or set forth in Section 4.1, required to be paid by such Protected Partner by reason of Section 4.4 becoming operative
(for example, because the breach by the Partnership and this Section 4.4 caused all or any portion of the indebtedness in question no longer to be considered debt includible in basis by the affected Protected Partner pursuant to Treasury
Regulations § 1.752-2(a)), plus (iii) an amount equal to the aggregate federal, state and local income taxes required to be paid by the Protected Partner (computed as set forth in Section 4.1) as a result of any payment required under
this Section 4.4. 
 ARTICLE 5 
 SECTION 704(C) METHOD AND ALLOCATIONS 
 Notwithstanding any provision of the Partnership Agreement, the Partnership
shall use the “traditional method” under Regulations § 1.704-3(b) for purposes of making all allocations under Section 704(c) of the Code (with no “curative allocations” to offset the effects of the “ceiling
rule,” including upon any sale of a Protected Property). 
 ARTICLE 6 
 ALLOCATIONS OF LIABILITIES 
 PURSUANT TO REGULATIONS UNDER SECTION 752

 6.1 Allocation Methods to be Followed. Except as provided in Section 6.2, all tax returns prepared by the
Partnership with respect to the Protected Period (and to the extent arrangements have been entered into pursuant to Section 3.9, for so long thereafter as such arrangements are in effect) that allocate liabilities of the Partnership for
purposes of Section 752 and the Treasury Regulations thereunder shall treat each Partner Guarantor as being allocated for federal income tax purposes an amount of recourse debt (in addition to any nonrecourse debt otherwise allocable to such
Partner Guarantor in accordance with the Partnership Agreement and Treasury Regulations § 1.752-3 and any other recourse liabilities allocable to such Partner Guarantor by reason of guarantees of indebtedness entered into pursuant other
agreements with the Partnership) pursuant to Treasury Regulation § 1.752-2 equal to such Partner Guarantor’s Minimum Liability Amount, as set forth on Schedule 3.1 hereto and as may be reduced pursuant to the terms of this Agreement,
and the Partnership and the REIT shall not, during or with respect to the Protected Period, take any contrary or inconsistent position in any federal or state income tax returns (including, without limitation, information returns, such as Forms K-1,
provided to 

  

 -10- 

 
partners in the Partnership and returns of Subsidiaries of the Partnership) or any dealings involving the Internal Revenue Service (including, without
limitation, any audit, administrative appeal or any judicial proceeding involving the income tax returns of the Partnership or the tax treatment of any holder of partnership interests the Partnership). 
 6.2 Exception to Required Allocation Method. Notwithstanding the provisions of this Agreement, the Partnership shall not be required
to make allocations of Guaranteed Debt or other recourse debt of the Partnership to the Protected Partners as set forth in this Agreement if and to the extent that the Partnership determines in good faith that there may not be “substantial
authority” (within the meaning of Section 6662(d)(2)(B)(i)) of the Code for such allocation; provided that the Partnership shall provide to each Protected Partner (or in the event of their death or disability, their executor, guardian or
custodian, as applicable), notice of such determination and if, within forty-five (45) days after the receipt thereof, the Partnership is provided an opinion of a law firm recognized as expert in such matters or a nationally recognized public
accounting firm to the effect that there is “substantial authority” (within the meaning of Section 6662(d)(2)(B)(i) of the Code) for such allocations, the Partnership shall continue to make allocations of Guaranteed Debt or other
recourse debt of the Partnership to the Protected Partners as set forth in this Agreement; provided further that if there shall have been a judicial determination in a proceeding to which the Partnership is a party and as to which the general
partner(s) has(ve) been allowed to participate as and to the extent contemplated in Article 7 to the effect that such allocations are not correct, Section 6.1 shall not apply unless the matter is being appealed to an applicable court of
appeals, the requirements of Section 9.10 shall have been satisfied in connection therewith, and the opinion described above from counsel or accountants engaged by a Protected Partner shall have been provided, except that such opinion shall be
to the effect that it is more likely than not that such allocations will be respected. In no event shall this Section 6.2 be construed to relieve the Partnership for liability arising from a failure by the Partnership to comply with one or more
of the provisions of Article 3 of this Agreement. 
 6.3 Cooperation in the Event of a Change. If a change in the
Partnership’s allocations of Guaranteed Debt or other recourse debt of the Partnership to the Protected Partners is required by reason of circumstances described in Section 6.2, the Partnership and its professional tax advisors shall
cooperate in good faith with each Protected Partner (or in the event of their death or disability, their executor, guardian or custodian, as applicable) and their professional tax advisors to develop alternative allocation arrangements and/or other
mechanisms that protect the federal income tax positions of the Protected Partners in the manner contemplated by the allocations of Guaranteed Debt or other recourse debt of the Partnership to the Protected Partners as set forth in this Agreement.

 ARTICLE 7 
 TAX
PROCEEDINGS 
 7.1 Notice of Tax Audits. If any claim, demand, assessment (including a notice of proposed assessment)
or other assertion is made with respect to taxes against the Protected Partners or the Partnership the calculation of which involves a matter covered in this Agreement that could result in tax liability to a Protected Partner (“Tax Claim”)
or if the REIT or the Partnership receives any notice from any jurisdiction with respect to any current or future audit, examination, investigation or other proceeding (“Tax Proceeding”) involving the Protected Partners or the Partnership
or that otherwise could involve a matter covered in this Agreement and could directly or indirectly affect the Protected Partners (adversely or otherwise), then the REIT or the Partnership, as applicable shall promptly notify the Protected Partners
of such Tax Claim or Tax Proceeding. 
 7.2 Control of Tax Proceedings. The REIT, as the general partner of the
Partnership, shall have the right to control the defense, settlement or compromise of any Proceeding or Tax Claim; 

  

 -11- 

 
provided, however, that the REIT shall not consent to the entry of any judgment or enter into any settlement with respect to such Tax Claim or Tax Proceeding
that could result in tax liability to a Protected Partner without the prior written consent of the Protected Partners (unless, and only to the extent, that any taxes required to be paid by the Protected Partners as a result thereof would be required
to be reimbursed by the Partnership and the REIT under Article 4 and the Partnership and the REIT agree in connection with such settlement or consent, to make such required payments); provided further that the Partnership shall keep the
Protected Partners duly informed of the progress thereof to the extent that such Proceeding or Tax Claim could directly or indirectly affect (adversely or otherwise) the Protected Partners and that the Protected Partners shall have the right to
review and comment on any and all submissions made to the to Internal Revenue Service (“IRS”), a court, or other governmental body with respect to such Tax Claim or Tax Proceeding and that the Partnership will consider such comments in
good faith. 
 7.3 Timing of Tax Returns; Periodic Tax Information. The Partnership shall cause to be delivered to each
Protected Partner, as soon as practicable each year, the Schedules K-1 that the Partnership is required to deliver to such Protected Partners with respect to the prior taxable year. In addition, the Partnership agrees to provide to the Protected
Partners, upon request, an estimate of the taxable income expected to be allocable for a specified taxable year from the Partnership to each Protected Partner and the entities that they control, provided that such estimates shall not be required to
be provided more frequently than once each calendar quarter. 
 ARTICLE 8 
 AMENDMENT OF THIS AGREEMENT; WAIVER OF CERTAIN PROVISIONS; 
 APPROVAL OF
CERTAIN TRANSACTIONS 
 8.1 Amendment. This Agreement may not be amended, directly or indirectly (including by reason
of a merger between the Partnership and another entity) except by a written instrument signed by both the REIT, as general partner of the Partnership, and each of the Protected Partners. 
 8.2 Waiver. Notwithstanding the foregoing, upon written request by the Partnership, each Protected Partner, in its sole discretion,
may waive the payment of any damages that is otherwise payable to such Protected Partner pursuant to Article 4 hereof. Such a waiver shall be effective only if obtained in writing from the affected Protected Partner. 
 ARTICLE 9 
 MISCELLANEOUS

 9.1 Additional Actions and Documents. Each of the parties hereto hereby agrees to take or cause to be taken such
further actions, to execute, deliver, and file or cause to be executed, delivered and filed such further documents, and will obtain such consents, as may be necessary or as may be reasonably requested in order to fully effectuate the purposes, terms
and conditions of this Agreement. 
 9.2 Assignment. No party hereto shall assign its or his rights or obligations under
this Agreement, in whole or in part, except by operation of law, without the prior written consent of the other parties hereto, and any such assignment contrary to the terms hereof shall be null and void and of no force and effect. 
 9.3 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Protected Partners and their
respective successors and permitted assigns, whether so expressed or not. This Agreement shall be binding upon the REIT, the Partnership, and any entity that is a direct or indirect successor, whether by merger, transfer, spin-off or otherwise, to
all or substantially all of the assets of either the REIT or the Partnership (or any prior successor thereto as set forth in the preceding 

  

 -12- 

 
portion of this sentence), provided that none of the foregoing shall result in the release of liability of the REIT and the Partnership hereunder. The REIT
and the Partnership covenant with and for the benefit of the Protected Partners not to undertake any transfer of all or substantially all of the assets of either entity (whether by merger, transfer, spin-off or otherwise) unless the transferee has
acknowledged in writing and agreed in writing to be bound by this Agreement, provided that the foregoing shall not be deemed to permit any transaction otherwise prohibited by this Agreement. 
 9.4 Modification; Waiver. No failure or delay on the part of any party hereto in exercising any power or right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the parties hereunder are cumulative and not exclusive of any rights or remedies which they would otherwise have. No modification or waiver of any provision of this Agreement, nor consent to any departure
by any party therefrom, shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any party in
any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 
 9.5 Representations
and Warranties Regarding Authority; Noncontravention.
 (a) Representations and Warranties of the REIT and the
Partnership. Each of the REIT and the Partnership has the requisite corporate or other (as the case may be) power and authority to enter into this Agreement and to perform its respective obligations hereunder. The execution and delivery of
this Agreement by each of the REIT and the Partnership and the performance of each of its respective obligations hereunder have been duly authorized by all necessary trust, partnership, or other (as the case may be) action on the part of each of the
REIT and the Partnership. This Agreement has been duly executed and delivered by each of the REIT and the Partnership and constitutes a valid and binding obligation of each of the REIT and the Partnership, enforceable against each of the REIT and
the Partnership in accordance with its terms, except as such enforcement may be limited by (i) applicable bankruptcy or insolvency laws (or other laws affecting creditors’ rights generally) or (ii) general principles of equity. The
execution and delivery of this Agreement by each of the REIT and the Partnership do not, and the performance by each of its respective obligations hereunder will not, conflict with, or result in any violation of (x) the Partnership Agreement or
(y) any other agreement applicable to the REIT and/or the Partnership, other than, in the case of clause (y), any such conflicts or violations that would not materially adversely affect the performance by the Partnership and the REIT of
their obligations hereunder. 
 (b) Representations and Warranties of the Protected Partners. Each of the Protected Partners has
the requisite corporate or other (as the case may be) power and authority to enter into this Agreement and to perform its respective obligations hereunder. The execution and delivery of this Agreement by each of the Protected Partners and the
performance of each of its respective obligations hereunder have been duly authorized by all necessary trust, partnership, or other (as the case may be) action on the part of each of the Protected Partners. This Agreement has been duly executed and
delivered by each of the Protected Partners and constitutes a valid and binding obligation of each of the Protected Partners. 
 9.6
Captions. The Article and Section headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the
meaning, construction or scope of any of the provisions hereof. 
  

 -13- 

 9.7 Notices. All notices and other communications given or made pursuant hereto shall
be in writing and shall be deemed to have been duly given or made as of the date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered personally, mailed by registered or certified mail (postage prepaid, return receipt
requested) to the parties at the following addresses (or at such other address for a party as shall be specified by like changes of address) or sent by electronic transmission to the telecopier number specified below: 
  

	 	(i)	if to the Partnership or the REIT, to: 

 The GC Net Lease
REIT, Inc. 
 Suite 3321 
 2121
Rosecrans Avenue 
 El Segundo, California 90245 
 Attention: Kevin A. Shields 
 Facsimile: (310) 606-5910 
  

	 	(ii)	if to a Protected Partner, to the address on file with the Partnership. 

 Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or sent. Each notice, demand, request, or communication which shall be hand delivered,
sent, mailed, telecopied or telexed in the manner described above, or which shall be delivered to a telegraph company, shall be deemed sufficiently given, served, sent, received or delivered for all purposes at such time as it is delivered to the
addressee (with the return receipt, the delivery receipt, or (with respect to a telecopy or telex) the answerback being deemed conclusive, but not exclusive, evidence of such delivery) or at such time as delivery is refused by the addressee upon
presentation. 
 9.8 Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be
considered one and the same agreement and each of which shall be deemed an original. 
 9.9 Governing Law. The
interpretation and construction of this Agreement, and all matters relating thereto, shall be governed by the laws of the State of California, without regard to the choice of law provisions thereof. 
 9.10 Consent to Jurisdiction; Enforceability.
 (a) This Agreement and the duties and obligations of the parties hereunder shall be enforceable against any of the parties in the courts of the State of California. For such purpose, each party hereto hereby
irrevocably submits to the nonexclusive jurisdiction of such courts and agrees that all claims in respect of this Agreement may be heard and determined in any of such courts. 
 (b) Each party hereto hereby irrevocably agrees that a final judgment of any of the courts specified above in any action or proceeding relating to this
Agreement shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 9.11 Severability. If any part of any provision of this Agreement shall be invalid or unenforceable in any respect, such part shall be ineffective to the extent of such invalidity or unenforceability only, without in any
way affecting the remaining parts of such provision or the remaining provisions of this Agreement. 
  

 -14- 

 9.12 Costs of Disputes. Except as otherwise expressly set forth in this Agreement, the
nonprevailing party in any dispute arising hereunder shall bear and pay the costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by the prevailing party or parties in connection with resolving
such dispute. 
 IN WITNESS WHEREOF, the REIT, the Partnership, and the Protected Partners have caused this Agreement to be signed by their
respective officers (or general partners) thereunto duly authorized all as of the date first written above. 
  

					
	THE REIT:
	
	THE GC NET LEASE REIT, INC., a Maryland corporation
		
	By:	 	 /s/ Kevin A. Shields

		 	Kevin A. Shields, President
	
	THE PARTNERSHIP:
	
	THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
		
	By:	 	THE GC NET LEASE REIT, INC., a Maryland corporation, its General Partner
			
		 	By:	 	 /s/ Kevin A. Shields

		 		 	Kevin A. Shields, President
	
	THE PROTECTED PARTNERS:
	
	KEVIN A. SHIELDS
	
	 /s/ Kevin A. Shields

	
	DON PESCARA
	
	 /s/ Don Pescara

	
	DAVID RUPERT
	
	 /s/ David Rupert

  

 -15-Form of Master Property Management, Leasing & Construction Management Agreement

 EXHIBIT 10.6 
 FORM OF MASTER PROPERTY MANAGEMENT, LEASING 
 AND CONSTRUCTION MANAGEMENT AGREEMENT 

 Master Property Management, Leasing 
 and Construction Management Agreement 
 This Master Property Management, Leasing
and Construction Management Agreement (“Agreement”) is made and entered into as of the          day of May, 2009, by and among The GC Net Lease REIT, Inc., a Maryland corporation
(“The GC Net Lease REIT”), The GC Net Lease REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), and The GC Net Lease REIT Property Management, LLC, a Delaware limited
liability company (“Manager”). 
 Background  
 The Operating Partnership was organized to acquire, own, operate, lease and manage real estate properties on behalf of The GC Net Lease REIT. Owner (as
defined below) intends to retain Manager to manage, coordinate the leasing of, and manage construction activities related to, certain real estate properties acquired for the benefit of The GC Net Lease REIT under the terms and conditions set forth
herein. 
 Agreement  
 Now, Therefore, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Definitions. Except as otherwise specified or as the context may otherwise require, the following terms have the respective meanings set forth below for
all purposes of this Agreement, and the definitions of such terms are equally applicable both to the singular and plural forms thereof: 
 1.1. “Advisor” means The GC Net Lease REIT Advisor, LLC, a Delaware limited liability company, or any person or entity to which The GC Net Lease REIT Advisor, LLC, or any successor advisor transfers, assigns or subcontracts
substantially all of its functions under that certain Advisory Agreement dated January 1, 2009, as amended. 
 1.2.
“Affiliate” of another Person includes only the following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning,
controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner;
(iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of
such other Person. Manager shall not be deemed to control or be under common control with another Griffin Capital Corporation-sponsored program unless (i) Manager owns 10% or more of the voting equity interests of such program or (ii) a
majority of the board (or equivalent governing body) of such program is comprised of Affiliates of Manager. 
 1.3.
“Improvements” means buildings, structures, and equipment from time to time located on the Properties and all parking and common areas located on the Properties. 
 1.4. “Lease” means, unless the context otherwise requires, any lease or sublease made by Owner as landlord or by its predecessor.

 1.5. “Owner” means the Operating Partnership, The GC Net Lease REIT, each of their
direct and indirect subsidiaries and any joint venture, limited liability company or other Affiliate of Owner in which Owner owns an interest and which owns, in whole or in part, any Properties or Improvements. 
 1.6. “Ownership Agreements” has the meaning set forth in Section 2.3.B hereof. 
 1.7. “Person” means any natural person, partnership, corporation, association, trust, limited liability company or other legal entity.

 1.8. “Properties” means all real estate properties owned by Owner and all tracts acquired by Owner in the future
containing income-producing Improvements or on which Owner will construct income-producing Improvements. 
 1.9 “Total Management
Fees” has the meaning set forth in Section 4 hereof. 
 2. Appointment of Manager; Services To Be Performed. 
 2.1. Appointment of Manager. Owner hereby engages and retains Manager as the sole and exclusive manager of the Properties to perform such
functions as are specified herein. Manager hereby accepts such appointment on the terms and conditions hereinafter set forth. It being understood that this Agreement causes Manager to be, at law, Owner’s agent with respect to the Properties but
only for the limited purposes set forth herein upon the terms contained herein. Owner represents that it has authority to grant such agency power. 
 2.2. Dealings with Advisor. Unless Owner specifically informs Manager to the contrary, Advisor may perform any of the obligations or exercise any of the rights of Owner under this Agreement; provided that any actions that Advisor
takes on behalf of Owner pursuant hereto are subject to the terms of any agreements between Advisor and Owner, and this Section 2.2 does not expand or modify the authority of Advisor to act on behalf of Owner. 
 2.3. General. 
 A. Efforts of
Manager. Manager agrees to perform its duties under this Agreement and to use reasonable commercial efforts to enhance the Properties’ ability to generate income. Manager’s services are to be of scope and quality not less than those
generally performed by professional managers of other similar properties in the areas in which Properties are located. Manager shall make available to Owner the full benefit of the judgment, experience and advice of the members of Manager’s
organization and staff with respect to the policies to be pursued by Owner relating to the management, operation, leasing, construction and/or buildout of the Properties. 
 B. Ownership Agreements. Manager has received copies of agreements of limited partnership, joint venture partnership agreements, operating agreements, articles of incorporation and bylaws of Owner and its
Affiliates (collectively, the “Ownership Agreements”), as applicable, and mortgages on all Properties and is familiar with the terms thereof. Manager will use reasonable care to avoid any act or omission which, in the performance of
its duties hereunder, in any way conflicts with the terms of the Ownership Agreements or the mortgages in the absence of the express direction of the Board of Directors of The GC Net Lease REIT, and Manager shall promptly notify Owner if any such
conflict arises. 
 2.4. Specific Duties as Property Manager. Manager’s duties as property manager for the Properties include the
following: 
  

 2 

 A. Monies Collected. Manager will collect all rent and other monies from tenants and any sums
otherwise due Owner with respect to the Properties in the ordinary course of business in accordance with the terms and conditions of all Leases and other agreements for the use and occupancy of the Properties, including any other charges that may
become due at any time from any tenant or from others for services provided in connection with the use and occupancy of the Properties. In collecting such monies, Manager will inform tenants of the Properties that all remittances are to be in the
form of a check, money order or wire transfer. Owner authorizes Manager to request, demand, collect and receipt for all such rent and other monies and to institute legal proceedings in the name of Owner for the collection thereof and for the
dispossession of any tenant in default under its Lease. All monies so collected shall be deposited in an Account (as defined in Section 2.4.K(1)). Manager shall not write-off any income items without the prior approval of Owner. 
 B. Lease and Mortgage Obligations. Manager will perform all duties of the landlord under all Leases insofar as such duties relate to operation,
maintenance, and day-to-day management. Manager will also provide or cause to be provided, at Owner’s expense, all services normally provided to tenants of like premises, including where applicable and without limitation, gas, electricity or
other utilities required to be furnished to tenants under Leases, normal repairs and maintenance, and cleaning and janitorial service. Manager shall use its commercially reasonable efforts to comply with the terms and conditions of all Leases and
shall promptly advise Owner of any material breaches. Manager shall also perform all covenants and obligations required to be performed under the provisions of all mortgages, deeds of trust, deeds to secure debt or other like instrument to the
extent that the performance of such covenants and obligations are within the day-to-day control of Manager or as may be requested by Owner. 
 C. Building Inspections. Manager will conduct complete inspections of the Properties and the surrounding common areas and all of their mechanical facilities as is prudent to determine that the same are in good order and repair, but
no less frequently than once per calendar quarter during the term of this Agreement; provided, however, that any Properties subject to triple-net Leases need only be inspected semi-annually. 
 D. Maintenance. Manager will cause the Properties to be maintained in the same manner as similar properties in the area. Manager’s duties and
supervision in this respect include, without limitation, cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties and the making and supervision of repairs, alterations, and decoration of the
Improvements, subject to and in strict compliance with this Agreement and the Leases. 
 E. Limitations on Expenditures. Manager will
not incur any costs other than those estimated in any approved budget or approved pro forma statements except for: 
 (1) costs incurred in
emergency situations in which action is immediately necessary for the preservation or safety of a Property, or for the safety of occupant or other person (or to avoid the suspension of any necessary service of the Property); 
 (2) expenditures for real estate taxes and assessments that exceed the amount budgeted but only to the extent that such additional amounts are the result
of a tax rate increase, Property value reassessment or other assessment that occurs after the preparation of the budget; 
 (3) maintenance
and repair costs that are individually under $10,000 so long as such costs in the aggregate do not exceed the amount budgeted for such items by more than 5%; and 
 (4) maintenance supplies calling for an aggregate purchase price of less than $5,000. 
  

 3 

 F. Notice of Violations. Manager will forward to Owner promptly upon receipt all notices of
violation or other notices from any governmental authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall be appropriate. 
 G. Personnel. Any personnel Manager hires to maintain and operate a Property shall be the employees or independent contractors of Manager and not
of Owner. Manager agrees to use due care in the selection and supervision of such employees or independent contractors. Manager is responsible for the preparation of and shall timely file all payroll tax reports and timely make payments of all
withholding and other payroll taxes with respect to each employee. 
 H. Utilities and Supplies. Manager shall enter into or renew
contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are customarily furnished or rendered in connection with the operation of similar properties in the area and shall order all necessary supplies and
equipment required for the proper operation, maintenance and repair of the Properties. 
 I. Tenant Complaints. Manager shall maintain
business-like relations with the tenants of the Properties and respond to tenant complaints in a prudent, business-like manner. Manager shall maintain a record of all tenant complaints and Manager’s response to such complaints which record
shall be available for review by Owner. 
 J. Signs. Manager shall place and remove, or cause to be placed and removed, such signs
upon the Properties as Manager deems appropriate, subject, however, to the terms and conditions of the Leases and to any applicable ordinances and regulations. 
 K. Banking Accommodations. 
 (1) Operating and Maintaining Bank Accounts. Manager shall
establish and maintain one or more separate checking accounts (each, an “Account”) in Owner’s name for funds relating to the Properties. All monies deposited from time to time in each Account shall be and remain the property of
Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf
shall be commingled with funds of Manager. Each Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following: 
 (a) All sums received from rents and other income from the Properties shall be promptly deposited by Manager in an Account. All checks drawn to the
order of Owner or Advisor should be endorsed by Manager for deposit only and deposited in an Account. 
 (b) Manager shall have the right to
designate two or more persons who shall be authorized to draw against each Account, but only for purposes authorized by this Agreement. Manager may not under any circumstances write a check on an Account payable to or in favor of Manager or any
Affiliate of Manager other than (i) to reimburse itself for expenditures made on behalf of the Properties, and (ii) to pay itself the Total Management Fees payable hereunder, provided that any such expenditure, reimbursement or fee shall
be reflected in the monthly operating statement provided with respect to the month in which such expenditure or reimbursement is paid, and all proper procedures for payment have been followed. 
 (c) All sums due to Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge
against the operating revenues of the Properties and shall be paid and/or withdrawn by Manager from an Account in accordance with the terms 

  

 4 

 
of the approved budgets or pro formas and to the extent funds are available therefor after taking into account other required expenses of the Properties;
provided, that if Manager has received a notice in accordance with Section 7.1 that it is in default of any material provision hereof and has not cured such default within ten (10) business days, then Manager shall refrain from and be
prohibited from withdrawing funds from an Account pursuant to this Section 2.4.K(1)(c) until such default is cured and Owner has consented to a normal resumption of the activity provided for in this Section 2.4.K(1)(c). In the event that
Manager determines that there are insufficient funds in the Accounts for the Properties to pay sums due to Manager hereunder and to pay the other expenses of the Properties, then Manager shall notify Owner in writing and Owner shall promptly make
sufficient funds available to satisfy such obligations. 
 (d) Unless otherwise
directed by Owner, by the 30th day of the first month following each calendar quarter, Manager shall forward to Owner net operating proceeds from
the preceding quarter, retaining at all times, however a reserve for each Property provided in the budget as approved by Owner to meet unbudgeted contingencies. 
 (2) Closing Bank Accounts. All items relating to bank account closings are to be coordinated through Owner. Manager is required to process cash activity in accordance with any applicable termination agreement,
purchase and sale agreement, merger agreement, etc. Manager is responsible for final bank account reconciliation at the time of close out or transfer of the account. 
 (3) Bank Account Statements & Reconciliation. 
 (a) Bank account statements will be
delivered (via U.S. Mail) to a mailing address stipulated by Manager directly from the banking institution to Manager’s accounting offices. 
 (b) Manager should reconcile all bank accounts in a timely manner and make available such reconciliation(s) on request. Manager shall provide explanations for any large, unusual or recurring reconciling items along with an indication as to
when they will be resolved. Bank reconciliations must be reviewed, approved, and initialed by at least one accounting supervisor independent from the individual preparing the bank reconciliation. 
 (c) Any issues relating to timely receipt of the monthly bank account statement (based on the established bank account statement cut-off date) should be
directed towards the banking institution. Recurring problems relating to the timely receipt of statements should be brought to the attention of Owner. 
 (d) Unless Owner specifically requires otherwise, bank account service charges/fees will be set up to be billed (by the banking institution) directly to the account. 
 (e) Outstanding checks (over 6 months old) should be researched and resolved in accordance with instructions from Owner. 
 (4) Failure of Depository Institution at which an Account is Located. Manager shall have no liability to Owner for any amounts in an Account which
are lost or not covered by insurance if the depository institution at which the Account is maintained fails or is otherwise placed in the control of a governmental or quasi governmental authority and the assets of the Account are thereby forfeited
in whole or in part, provided such depository institution was selected with reasonable care. 
 L. Expenses. Manager shall analyze all
bills received for services, work and supplies in connection with the maintaining and operating the Properties, pay all such bills, and pay utility and water charges, sewer rent and assessments, and any other amount payable in respect to the
Properties. Manager 

  

 5 

 
shall use reasonable commercial efforts to pay all bills within the time required to obtain discounts, if any. Owner may from time to time request that
Manager forward certain bills to Owner promptly after receipt, and Manager shall comply with any such request. It is understood that the payment of real property taxes and assessment and insurance premiums will be paid out of an Account by Manager.
All expenses shall be billed at net cost (i.e., less all commissions, discounts and allowances, however designed, but excluding rebates). Additionally, Manager will be held responsible for all Property Form 1099 reporting to the IRS. Form 1099s must
be filed under Manager name and Manager taxpayer identification number (TIN), listing Manager as the “payer”. Manager will provide annually a signed declaration indicating compliance with Form 1099 reporting; Manager will provide this
declaration to Owner with the February Quarterly Reporting Package. Penalties for misfilings are not to be charged to the Property, but are payable by Manager. 
 M. Other Cash Management Items. 
 (1) To the extent funds are available in an Account, Manager shall
pay the operating expenses of the Properties (including, without limitation, sums due Manager under this Agreement) and any other payments relative to the Properties as required by the terms of this Agreement. 
 (2) Any interest or other income earned on the assets of an Account shall be re-deposited in the Account, and shall for federal and state income tax
purposes be deemed to be income of Owner. 
 (3) Unless the bank account structure utilizes an automated cash concentration to Owner (e.g.,
zero balance account structure), amounts held in reserve should be forecasted for significant expenditures (e.g. real estate tax payments) and must be held in interest bearing vehicles until the funds are disbursed. 
 (4) If a Property has petty cash, it is Manager’s responsibility to ensure that petty cash is reconciled to general ledger and replenished on a
monthly basis. 
 N. Books and Records. 
 (1) General. Manager shall cause to be kept account books and records for the Properties. Books and records must show all receipts, expenditures and all other records necessary or convenient for the recording
of the results of operations of the Properties. Such account books and records shall be kept in a secure location at the office(s) where Manager normally keeps all of its records and shall be open to inspection by Owner and its representatives at
any reasonable time. Upon the effective date of expiration or termination of this Agreement, all such books and records shall be forthwith turned over to Owner so as to ensure the orderly continuance of the operations of the Properties. Manager
shall take necessary measures to ensure such control over accounting and financial transactions as is reasonably required to protect Owner’s assets, from theft, error or fraudulent activity on the part of Manager’s employees or other
agents. Manager shall indemnify and hold Owner harmless from all such losses, including, but not limited to, the following: 
 (a) Theft of
assets by Manager’s employees or other agents; 
 (b) Penalties and interest due to delay in payment of invoices, bills or other like
charges if funds of Owner or funds in an Account were available to make said payments and delays were not the result of any action or inaction on the part of Owner; 
 (c) Overpayment or duplicate payment of invoices arising from either fraud or error; 
  

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 (d) Overpayment of labor costs arising from either fraud or error; 
 (e) A sum equal to the value of any form of payment from purveyors to Manager’s employees or associates arising from the purchase of goods or
services for the Properties; and 
 (f) Unauthorized use of facilities by Manager’s employees or associates. 
 (2) Charts of Accounts. The format of all financial reports, documents and other statements prepared by Manager pursuant to this Agreement shall
utilize the format required by Owner, as the same may be changed by Owner from time to time. 
 (3) Fixed Asset Accounting. For
Properties in portfolios requiring maintenance of fixed asset accounting detail and related depreciation (as specified in the Accounting Policies set forth in Section 2.4.O), Manager will be required to maintain and submit to Owner on a monthly
basis, a detailed schedule of all fixed asset additions and the related depreciation/amortization and accumulated depreciation/ amortization utilizing the useful lives and various depreciation methods specified within the Accounting Policies. All
such schedules shall agree to the amounts posted within the general ledger. Manager shall not be responsible for any errors in data made prior to Manager’s involvement with the data. 
 (4) Periodic Meetings. As reasonably required by Owner, Manager and other personnel engaged or involved in the management and operation of the
Properties shall meet to discuss the historical results of operations and to consider deviations from budget. 
 (5) Right to Conduct
Audit. Owner shall have the right to conduct an audit of the Properties’ operations by using its own internal auditors or by employing independent auditors. Costs associated with conducting such audits by internal or independent auditors
shall be borne by Owner. Should such audits result in the discovery of either weaknesses in internal control or errors in record keeping, these shall be communicated to Manager in writing. Manager shall correct such discrepancies either upon
discovery or within a reasonable period of time after notification. Manager shall inform Owner in writing of the action taken and to be taken to correct such audit discrepancies. If any audit conducted by or on behalf of Owner reveals a discrepancy
in excess of ten percent (10%), and greater than $10,000, for any material line item (i.e. base rent, operating escalation income, total cleaning, total repairs and maintenance, etc.), Manager shall be responsible for the reasonable expenses of such
audit. 
 (6) Ownership of Books and Records. The books of accounts and all other records relating to or reflecting the operations of
the Properties shall at all times be the property of Owner, as applicable. 
 O. Accounting Policies. Manager shall use the accrual
method of accounting with GAAP adjustments shown below (unless and until GAAP changes): 
 (1) Straight-Line Rent Adjustment – Record
straight-line rent over the entire Lease period on a Lease by Lease basis; 
 (2) Free Rent Adjustment – Recognize any Free Rent as part
of the straight-line rent calculation on a Lease by Lease basis; 
 (3) Capitalization Policy – Capitalize any expenditure that replace,
improve, or otherwise extend the economic life of an asset in excess of $5,000 for any given project. This includes tenant improvements and Lease acquisition costs (leasing commissions, space planning fees, legal fees, etc) that are in excess of
$5,000; 
  

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 (4) Depreciation Expense – Record monthly depreciation expense on a straight-line basis over the
estimated useful life of a given asset; 
 (5) Amortization Expense – Record monthly amortization expense on a straight-line basis over
the life of the Lease for which the cost was incurred; and 
 (6) Other – Adopt such other accounting policies as Owner may direct from
time to time with written notice to Manager. 
 P. Reporting. 
 (1) Monthly Financial Reporting Package. Not later than the 20th day of each month, Manager shall cause to be delivered to Owner at least two
copies of the standard reporting package and the specific financial and property information and reports set forth on Exhibit A hereto. Manager acknowledges that the transmittal and specific financial statements and/ or schedules required by
Owner are subject to change from time to time and may vary based on specific Property or portfolio requirements. All such reports shall be in a form prescribed by Owner. In addition, Manager shall prepare any forms required by Owner to facilitate
the input of financial information into Owner’s accounting system. 
 (2)
Quarterly Reports. On or before the 30th day of the first month following each calendar quarter for which such report or statement is
prepared and during the term of this Agreement, Manager shall prepare and submit to Owner the reports and statements detailed on Exhibit B hereto. 
 (3) Final Accounting. Following the expiration or earlier termination of this Agreement, by virtue of the termination of this Agreement by Owner for cause or otherwise, Manager shall nonetheless be responsible
for preparing a final accounting within sixty (60) days of said expiration or earlier termination for any or all Properties subject to such termination or expiration. Such final accounting shall set forth all current income, all current
expenses and all other expenses contracted for on Owner’s behalf but not yet incurred in connection with the applicable Properties. The final accounting shall also include all other items reasonably requested by Owner. 
 (4) Certification. All financial statements other than those audited by Owner’s independent public accounting firm shall be certified by an
officer of Manager as true and correct in all respects and fairly presenting the financial results of the operation of the Properties. 
 (5)
Other Reports and Statements. Manager will furnish to Owner, at Manager’s expense, as promptly as practicable, such other reports, statements and other information with respect to the operations of the Properties as Owner may reasonably
request from time to time. 
 Q. Budgets and Leasing Plans. Not later than October 1 of each calendar year, Manager shall prepare
and submit to Owner for its approval an operating budget and, if Manager is also the leasing agent, a marketing and leasing plan on the Properties for the calendar year immediately following such submission. The budget and leasing plan shall be in
the form of the budget and plan approved by Owner prior to the date thereof and shall note (1) how the Property will be managed and leased, (2) market conditions, (3) demographics, (4) annual planned maintenance schedule,
(5) major leasing assumptions, (6) detail schedules for all revenue and expense items with assumptions, and (7) capital expenditure plans. As often as reasonably necessary during the period covered by any such budget, Manager may
submit to Owner for its approval an updated budget or plan incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner does not disapprove any such budget within 30 days after receipt thereof
by Owner, such budget shall be deemed approved. If Owner shall 

  

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disapprove any such budget or plan, it shall so notify Manager within said 30-day period and explain the reasons therefor. 
 R. Governmental Approvals. Obtain all governmental approvals and permits necessary for the operation of the Properties and recommend to Owner such
actions or steps as are necessary to cause the Properties to comply with any and all applicable laws, regulations, ordinances, orders and directives of federal, state or local governmental authorities. 
 S. Coordination with Property Manager. To the extent Manager is not also the leasing agent performing the functions described in Section 2.5,
Manager will coordinate and cooperate with the leasing agent of the respective Properties to ensure the full leasing and efficient operation of the Properties. 
 T. Other Actions. Manager will take such other action and perform such other functions as Manager or Owner deems advisable or necessary for the efficient and economic management, operation and maintenance of
the Properties. 
 2.5. Specific Duties as Leasing Agent. Manager’s duties as leasing agent for the Properties include the
following: 
 A. Leasing Functions. Manager will coordinate the leasing of the Properties and negotiate and use reasonable commercial
efforts to secure executed Leases from qualified tenants for available space in the Properties. Such Leases must be consistent with form and terms approved by Owner. Manager will use its reasonable commercial efforts to bring about complete leasing
of the Properties. Manager shall be responsible for the hiring of all leasing agents, as necessary for the leasing of the Properties, and to otherwise oversee and manage the leasing process on behalf of Owner. Such duties include, without
limitation, (1) the preparation and distribution of listings to potential tenants in the market, as well as to reputable and active real estate agents within a reasonable effective area surrounding each Property and (2) the supplying of
sufficient information to cooperating agents to enable them at all times to promote the rental of the Properties. Owner agrees to refer to Manager all offerings and inquiries it receives regarding leasing activity at the Properties. 
 B. Advertising. Owner authorizes Manager to advertise and to place signage on the Properties regarding the leasing, provided, that, such signage
complies with all applicable governmental laws, regulations and requirements. Manager, at its expense, will provide its marketing package, signage and a two-sided flyer. Any additional advertising and promotion will be done at Owner’s expense
pursuant to a program and budget agreed upon by Owner and Manager. 
 C. Payments. Manager will pay such other reimbursable expenses
and costs as Owner has approved and deems advisable or necessary for the efficient and economic leasing of the Properties. 
 D.
Coordination with Property Manager. To the extent Manager is not also the property manager performing the functions described in Section 2.4, Manager will coordinate and cooperate with the property manager of the respective Properties to
ensure the full leasing and efficient operation of the Properties. 
 E. Other Actions. Manager will take such other action and
perform such other functions as Manager or Owner deems reasonably advisable or necessary for the efficient and economic leasing of the Properties. 
 2.6. Specific Duties as Construction Manager. Manager’s duties as construction manager for the Properties include the following: 
  

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 A. General. 
 (1) Manager shall secure or assist in securing all licenses, registrations, or permits required by law and shall comply with all ordinances, laws, orders, codes, rules, and regulations pertaining to building of an
Improvement or the services described herein. 
 (2) In the event a project is suspended for a period of more than thirty (30) days,
Manager shall have the right to re-assign the personnel managing such project to other projects, and upon resumption of the project, Manager shall be given a reasonable amount of time to assign new personnel to the management of the project. In
addition, the compensation of Manager shall be equitably adjusted to account for the suspension of services. If the project is abandoned at any time for any reason, Owner shall give Manager written notice of such decision, and Owner shall pay
Manager for amounts due under this Agreement through the date of abandonment, and for any costs, expenses and damages incurred by Manager as a result of the abandonment of the project. 
 B. Duties with Respect to New Construction, Tenant Improvements, and Redevelopments. Manager will perform the following duties for construction of
Improvements on undeveloped land (“New Construction”) and for construction of Improvements that are to be made at the direction of, or in conformity with Lease obligations to, tenants (“Tenant Improvements”) or for
the improvement to Improvements that change the size or nature of such Improvements or for the redevelopment of Improvements (collectively, “Redevelopments”): 
 (1) Provide updated and detailed project budgets to Owner; 
 (2) Arrange for, coordinate, supervise and advise Owner with respect to the selection of architects, contractors, design firms and consultants, and the execution of design, construction and consulting contracts;

 (3) Review design documents, and drafts thereof, submitted by the architect or other consultants, and notify Owner in writing of any
mistakes, errors or omissions that Manager observes in the documents and any recommendations it may have with respect to such mistakes, errors or omissions; 
 (4) Evaluate and make recommendations to Owner concerning cost estimates prepared by others; 
 (5) Review
and evaluate proposed schedules for construction; 
 (6) Procure subcontractors through a minimum of three quotes for any jobs estimated to
involve in excess of $50,000; 
 (7) Coordinate the work of subcontractors; 
 (8) Monitor the progress of construction; 
 (9) Endeavor to identify any deficiencies in the work performed by subcontractors; 
 (10) Provide Owner with monthly written status
reports; 
 (11) Advise Owner with respect to alterations and modifications in any design documents submitted by the architect or other
consultants that may be in Owner’s interest, including obtaining advantages in terms of cost savings, scheduling, leasing, operation and maintenance issues and other matters affecting the overall benefit of the project; 
  

 10 

 (12) Review and advise Owner on change order proposals and requests for additional services submitted to
Owner; 
 (13) Schedule, coordinate, and attend necessary or appropriate project meetings; 
 (14) Monitor and coordinate punch list preparation and resolution by the subcontractors; 
 (15) Make recommendations to Owner concerning, and monitor, the use of the site by subcontractors, particularly as it relates to staging and storage,
ingress and egress, temporary signage, fencing, barricades, restrictions on hours of operation, safety considerations and similar considerations; 
 (16) Coordinate, monitor, supervise and advise Owner with respect to preparation, execution, completion and filing of project-related documents, including, but not limited to, contracts, permit applications, licenses, certifications, zoning
requirements, land use restrictions, governmental filings applicable to the Project and any other similar documents; 
 (17) Review and
advise Owner with respect to draw requests submitted on the project; 
 (18) Upon completion of construction, walk the completed New
Construction, Tenant Improvements, or Redevelopments with Owner to ensure that everything has been completed in accordance with the specifications. Manager shall cause the subcontractors to repair or replace any items that are determined to be
deficient during this walk; 
 (19) As instructed by Owner, perform additional related project management functions; and 
 (20) Collect warranties and operation manuals, certificates, guarantees, as-builts and any similar documentation for the benefit of Owner. 
 C. Additional Duties with Respect to New Construction and Redevelopments. Manager will perform the following duties with respect to New
Construction and Redevelopments: 
 (1) Provide Owner with a budget for each Improvement to be built prior to beginning construction of the
respective Improvement; 
 (2) Meet on a regular basis with Owner’s leasing agents and representatives of prospective tenants; and

 (3) Arrange for, coordinate, supervise and advise Owner with respect to various development services prior to design and construction of
the Project, including due diligence, site investigations, land use and zoning matters, and similar development services. 
 D. Additional
Duties with Respect to Tenant Improvements. Manager will perform the following duties related to Tenant Improvements: 
 (1) Arrange for
and supervise the performance of all installations and improvements in space leased to any tenant which are either expressly required under the terms of a Lease of such space or which are customarily provided to tenants; 
  

 11 

 (2) Meet with tenants and prospective tenants and their architects, engineers, consultants and
contractors to facilitate design and construction of leasehold improvements; 
 (3) Maintain separate files as to each tenant, and thereby
document the entire design and construction process for each tenant; and 
 (4) Compile and disseminate such data regarding each tenant as
Owner may reasonably require. 
 E. Duties with Respect to Tenant Directed Improvements. Manager will perform the following duties for
construction of Improvements that are to be made by or under the supervision of tenants (“Tenant Directed Improvements”) 
 (1) Schedule, coordinate, and attend necessary or appropriate project meetings; 
 (2) Review and evaluate Lease exhibit language
that identifies the scope and nature of tenant construction of the Tenant Directed Improvements; 
 (3) Meet with tenants and prospective
tenants and their architects, engineers, consultants and contractors to facilitate design and construction of Tenant Directed Improvements; 
 (4) Review tenant construction documents for compliance with landlord criteria and requirements applicable to the Tenant Directed Improvements; 
 (5) Review and evaluate proposed schedules for tenant construction; 
 (6) Coordinate delivery of shell space
to tenants for construction of Tenant Directed Improvements; 
 (7) Observe tenant construction with attention to adherence of actual
construction with construction documents; 
 (8) Evaluate and make recommendations to Owner concerning the coordination of tenant work and
any landlord work; 
 (9) Make recommendations to Owner concerning, and monitor, the use of the site by tenant contractors, particularly as
it relates to staging and storage, ingress and egress, temporary signage, fencing, barricades, restrictions on hours of operation, safety considerations and similar considerations; 
 (10) Monitor the progress of tenant construction, and verify such key aspects of tenant construction such as compliance with scheduling requirements,
compliance with rules and regulations of Owner, verifying the tenant has obtained proper permits, etc.; 
 (11) Serve as an information
conduit to Owner from the tenants’ consultants and contractors when questions arise as to matters at the project site, and ensure that questions and issues are being addressed in a timely manner; 
 (12) Ensure that tenant design and construction properly ties into building systems and does not adversely affect their proper operation; 
 (13) Review and make recommendations to Owner concerning any requests by tenants for draws against allowances established by Owner; 
  

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 (14) Maintain separate files as to each tenant, and thereby document the entire design and construction
process for each tenant; and 
 (15) Compile and disseminate such data regarding each tenant as Owner may reasonably require. 
 3. Expenses. 
 3.1. Owner’s
Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by Manager in fulfilling its duties to Owner shall be for the account of and on behalf of Owner. Such costs and expenses may include reasonable wages
and salaries and other employee-related expenses of all on-site and off-site employees of Manager who are directly engaged in the operation, management, maintenance, leasing, construction, or access control of the Properties, including taxes,
insurance and benefits relating to such employees (“Employee Expenses”), along with legal, travel and other out-of-pocket expenses which are directly related to the management of specific Properties. Manager shall also allocate a
portion of its office, administrative and supplies expense to the extent directly related to the foregoing reimbursable expenses. All costs and expenses for which Owner is responsible under this Agreement shall be paid by Manager out of an Account.
In the event said Account does not contain sufficient funds to pay all said expenses, Owner shall fund all sums necessary to meet such additional costs and expenses. 
 3.2. Manager’s Expenses. Manager shall, out of its own funds, pay all of its general overhead and administrative expenses not appropriately allocable pursuant to the second or third sentence of the
preceding Section 3.1. 
 4. Manager’s Compensation. For the services provided related to each Property, Owner will pay Manager a fee
(collectively, the “Total Management Fees”) as provided in this Section 4. 
 4.1. Property Management Fee. For
each Property for which Manager provides property management services, Owner shall pay Manager a property management fee (the “Property Management Fee”) up to 3% of the gross monthly income actually collected from each Property for
the preceding month. Manager may pay some or all of these Property Management Fees to third parties with whom it subcontracts to perform property management services, pursuant to Section 7.3. In the event that Owner contracts directly with a
non-affiliated third-party property manager with respect to a particular Property, Owner shall pay Manager an oversight fee equal to 1% of the total gross revenues of the Property managed (an “Oversight Fee”). In no event will Owner
pay both a Property Management Fee and an Oversight Fee to Manager with respect to a particular Property. For all purposes hereof, “gross monthly income” shall mean the total gross monthly collections received from a Property,
including, without limitation, rents (and any interest or penalties accrued thereon), and miscellaneous gross income items of Owner, as applicable; provided, however, “gross monthly income” specifically excludes: 
 A. Interest paid on any depository accounts, including all Accounts and any Accounts holding security deposits; 
 B. Security deposits unless and not until such deposits are applied as rental income upon termination of a Lease; 
 C. Parking revenues when a third party operator is engaged, sales taxes, taxes paid in lieu of ad valorem taxes, and termination payments, except to the
extent of previously uncollected rent or termination payments based in part on and to the extent of the remaining rent payable pursuant to a Lease terminated prior to its stated expiration date; 
  

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 D. Imputed revenue related to employee occupied Improvements or spaces and space allocated or utilized
for administrative purposes such as office use or model Improvements; 
 E. Rents paid in advance of the due date until the month in which
such payments are to apply as rental income; 
 F. Monies collected for any capital items that are paid by tenants (such as tenant finish or
other improvements); and 
 G. Proceeds from a sale, refinancing, condemnation, hazard or liability insurance, title insurance, tax abatement
awards of all or any portion of a Property, other than rental loss insurance payments. Unless otherwise directed by Owner, Manager shall be entitled to withdraw its compensation pursuant to this Section directly from an Account monthly in arrears,
on the tenth (10th) day of each calendar month, except for the reporting period during which this Agreement is terminated, in which case Owner will pay Manager the prorated fees due to Manager for the month of termination. 
 4.2. Leasing Commissions. For each Property for which Manager provides leasing agent services, Owner shall pay Manager fees as follows:

 A. Initial Lease-Up Fee. Manager shall be entitled to receive a separate fee for the one-time initial rent-up or leasing-up of New
Construction in an amount not to exceed [one-month’s rent]. For this purpose, a Redevelopment constituting a total rehabilitation shall be included in the term “New Construction.” 
 B. Leasing Commissions. 
 (1) New
Lease Commission. For each Property for which Manager serves as leasing agent, Owner will pay Manager, for each new tenant Lease entered into during the term hereof, a commission equal to the fee that is customarily charged by others rendering
similar services in the same geographic area, as determined by the Board of Directors of The GC Net Lease REIT, in its sole discretion. 
 (2) Renewal Commissions. Owner shall pay to Manager a commission equal to the fee that is customarily charged by others rendering similar services in the same geographic area, as determined by the Board of Directors of The GC Net
Lease REIT, in its sole discretion. For purposes of this Section 4.2.B(2), a renewal shall include (i) a renewal of any tenant Lease in a Property pursuant to a new agreement that is executed during the term of this Agreement and
(ii) a renewal of an existing tenant Lease pursuant to a new agreement that is executed during the term of this Agreement and prior to the expiration of the term of the existing tenant Lease. Renewal commissions shall be paid out within thirty
(30) days of the execution of the applicable renewal or extension. 
 (3) Expansion Commissions. Owner shall pay to Manager a
commission equal to the fee that is customarily charged by others rendering similar services in the same geographic area, as determined by the Board of Directors of The GC Net Lease REIT, in its sole discretion with respect to expansion space in a
Property for the remaining portion of the initial Lease term. For purposes of this Section 4.2.B(3), an expansion shall include (i) an expansion of any tenant Lease in the Property pursuant to a new agreement that is executed during the
term of this Agreement and (ii) an expansion of an existing tenant Lease pursuant to a new agreement that is executed during the term of this Agreement and prior to the expiration of the term of the existing tenant Lease. Expansion commissions
shall be paid out within thirty (30) days of the execution of such expansion. 
  

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 (4) Co-Brokerage. As the exclusive leasing agent for the Properties, Manager shall cooperate with
any independent, affiliated or non-affiliated licensed real estate brokers or agents and may offer co-agency but not sub-agencies with respect to the leasing of the Properties. Notwithstanding any language to the contrary contained in this
Section 4.2 providing for a fee or commission to be paid to Manager, in the event that any such independent, affiliated or non-affiliated broker participates, in good faith (and has a rightful claim to a brokerage commission), as a procuring
cause of a tenant Lease or any renewal, extension, expansion or other modification of any tenant Lease with respect to which Manager would otherwise be due a commission pursuant to Sections 4.2.B(1) through 4.2.B(3) above (such broker or agent being
hereinafter referred to as “Co-Agent”), then the commission payable by Owner shall only be as set forth in writing pursuant to a co-brokerage commission agreement by and among Owner, Manager and Co-Agent. [Any such
co-brokerage commissions shall be shared between Manager and Co-Agent as they shall agree.] 
 C. Pending Leases. Within
fifteen (15) days after the expiration or earlier termination of this Agreement, Manager shall deliver to Owner a list of all parties to whom Manager has presented a bona fide “Letter of Proposal” or has otherwise taken substantial
and material steps evidenced in a manner acceptable to Owner, in Owner’s reasonable discretion, with respect to a good faith effort to enter into a Lease at a Property during the term of this Agreement regarding the possible leasing of space in
a Property, or a possible renewal, extension or of any existing tenant Lease covering space in a Property. Owner agrees that it will pay the commission that would otherwise be due in accordance with Section 4.2.B hereof in the event Owner or
its successor or assign enters into any Lease with any tenant validly included in Manager’s list or any affiliate thereof, or enters into any renewal, extension or expansion of an existing tenant Lease included in Manager’s list so long as
negotiations commence and are a final written agreement is executed by all necessary parties during one hundred eighty (180) days after such expiration or termination of this Agreement. Owner covenants and agrees that it shall not delay
entering into any Lease, or any renewal, extension or expansion thereof, for the purpose of depriving Manager of any commission due Manager pursuant to this Section 4.2.C. 
 4.3. Construction Management Fees. For each Property for which Manager provides construction management services, Manager shall be entitled to fee
from Owner equal to a percentage of the cost of tenant improvements, as determined by the Board of Directors of The GC Net Lease REIT, in its sole discretion (the “Construction Management Fee”). The Construction Management Fee shall
equal 5% of the cost of such improvements. Owner shall ensure that any Lease or Lease renewal contains a provision requiring tenant to pay Manager a comparable Construction Management Fee for any tenant-paid finish-out or improvements not covered by
such Lease concessions (i.e., paid by tenant). 
 4.4. Audit Adjustment. If any audit of the records, books or accounts relating to
the Properties discloses an overpayment or underpayment of the Total Management Fees, Owner or Manager shall promptly pay to the other party the amount of such overpayment or underpayment, as the case may be. If such audit discloses an overpayment
of the Total Management Fees for any fiscal year of more than 10% of the correct aggregate Total Management Fees for such fiscal year, Manager shall bear the cost of such audit. 
 5. Insurance And Indemnification. 
 5.1. Insurance to be Carried. 
 A. Manager shall obtain and keep in full force and effect, or cause to be obtained and kept in full force and effect, at Owner’s expense insurance,
unless paid directly by a tenant at a Property, (1) on the Properties and (2) on activities at the properties against such hazards as Owner and Manager shall deem appropriate. In any event, Manager shall procure, for the Properties for
which Manager is property manager, insurance sufficient to comply with the Leases and the Ownership Agreements. All liability 

  

 15 

 
policies shall provide sufficient insurance satisfactory to both Owner and Manager and shall contain waivers of subrogation for the benefit of Manager and
the applicable Owner. 
 B. Manager shall obtain and keep in full force and effect, in accordance with the laws of the state in which each
Property is located, worker’s compensation insurance covering all employees of Manager at the Properties and all persons engaged in the performance of any work required hereunder. Manager shall also obtain and keep in full force and effect, in
accordance with the laws of the state in which each Property is located, employer’s liability, employee theft, commercial general liability, and umbrella insurance, and Manager shall furnish Owner certificates of insurers naming Advisor or
Owner as co-insureds and evidencing that such insurance is in effect. If any work under this Agreement is subcontracted as permitted herein, Manager shall include in each subcontract a provision that the subcontractor shall also furnish Owner with
such a certificate evidencing coverage (and any other coverage Manager deems appropriate in the circumstances) and the naming of Advisor or Owner as co-insureds and evidencing that such insurance is in effect, as well as indemnification as is
customary in the discretion of Manager. The cost of such insurance procured by Manager shall be reimbursable to the same extent as provided in Section 3.1. 
 5.2. Cooperation with Insurers. Manager shall cooperate with and provide reasonable access to the Properties to representatives of insurance companies and insurance brokers or agents with respect to insurance
which is in effect or for which application has been made. Manager shall use its best efforts to comply with all requirements of insurers. 
 5.3. Accidents and Claims. With respect to Properties for which Manager is property manager, and with respect to Properties for which Manager is construction manager, Manager shall promptly investigate and shall report in detail to
Owner and insurance carriers as applicable all accidents, claims for damage relating to the ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall
prepare for approval by Owner all reports required by an insurance company in connection with any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly and any report not so given within 10 days after the
occurrence of any such accident, claim, damage or destruction shall be noted in the monthly report delivered to Owner pursuant to Section 2.4.P(1). Manager is authorized to settle any claim against an insurance company arising out of any policy
and, in connection with such claim, to execute proofs of loss and adjustments of loss and to collect and receipt for loss proceeds. 
 5.4.
Indemnification. 
 A. The Operating Partnership shall indemnify and hold harmless Manager and its Affiliates, including their
respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such
liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Delaware, the limited partnership agreement of the Operating Partnership, or as
specifically provided otherwise in this Agreement. Notwithstanding the foregoing, Manager shall not be entitled to indemnification or be held harmless pursuant to this Section 5.4.A for any activity for which Manager shall be required to
indemnify or hold harmless the Operating Partnership pursuant to Paragraph 5.4.B or pursuant to another specific provision of this Agreement. Any indemnification of Manager may be made only out of the net assets of the Operating Partnership and not
from the partners of the Operating Partnership. 
 B. Manager shall indemnify and hold harmless Owner from contract or other liability,
claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and 

  

 16 

 
are incurred by reason of Manager’s bad faith, fraud, willful misfeasance, misconduct, reckless disregard of its duties, gross negligence, or material
breaches of this Agreement. 
 6. Term, Termination. 
 6.1. Term. This Agreement shall commence on the date first above written and shall continue until terminated in accordance with the earliest to occur of the following: 
 A. One year from the date of the commencement of the term hereof. However, this Agreement will be automatically extended for an additional one-year
period at the end of each year unless Owner or Manager gives sixty (60) days written notice of its intention to terminate the Agreement; 
 B. Sixty (60) days after prior written notice of intention to terminate the Agreement given by Owner or Manager; or 
 C.
Immediately upon the occurrence of any of the following: 
 (1) A decree or order is rendered by a court having jurisdiction
(A) adjudging Manager as bankrupt or insolvent, or (B) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Manager under the federal bankruptcy laws or any similar
applicable law or practice, or (C) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Manager or a substantial part of the property of Manager, or for the winding up or liquidation of its affairs, or

 (2) Manager (A) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent, (B) consents to the filing of a
bankruptcy proceeding against it, (C) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or practice, (D) consents to the filing of any such
petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property, (E) makes an assignment for the benefit of creditors, (F) is unable to or
admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of Owner, or (G) takes corporate or other action in furtherance of any of the aforesaid purposes. 
 Upon termination, the obligations of the parties hereto shall cease, provided that Manager shall comply with the provisions hereof applicable in the event of termination
and shall be entitled to receive all compensation which may be due Manager up to the date of such termination and as may otherwise be provided in this Agreement, and provided, further, that if this Agreement terminates pursuant to Section 6.1.C
above, Owner shall have other remedies as may be available at law or in equity. 
 6.2. Manager’s Obligations after Termination.
Upon the termination of this Agreement, Manager shall have the following duties: 
 A. Manager shall deliver to Owner, or its designee, all
books and records (including data files in magnetic or other similar storage media but specifically excluding any licensed software) with respect to the Properties. 
 B. Manager shall transfer and assign to Owner or its designee, all service contracts and personal property relating to or used in the operation and maintenance of the Properties, except personal property paid for and
owned by Manager. Manager shall also, for a period of sixty (60) days immediately following the date of such termination, make itself available to consult with and advise Owner, or its designee, regarding the operation, maintenance and leasing
of the Properties. 
  

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 C. Manager shall render to Owner an accounting of all funds of Owner in its possession and shall deliver
to Owner a statement of the Total Management Fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to Owner or its designee and shall assist in the transferring of approved signatories on
all Accounts. 
 7. Miscellaneous. 
 7.1. Notices. All notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is required to start the running of a period of time, shall be deemed given when delivered in person or
on the fifth day after its mailing by a party by registered or certified United States mail, postage prepaid and return receipt requested, to another party, at the addresses set forth after such party’s respective name below or at such
different addresses as such party shall have theretofore advised the other party in writing in accordance with this Section 7.1. 
  

			
	 The GC Net Lease REIT:
	  	THE GC NET LEASE REIT, INC.
		  	Attn: Kevin Shields
		  	2121 Rosecrans Avenue, Suite 3321
		  	El Segundo, California 90245
		
	 The Operating Partnership:
	  	THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P.
		  	C/O THE GC NET LEASE REIT, INC.
		  	Attn: Kevin Shields
		  	2121 Rosecrans Avenue, Suite 3321
		  	El Segundo, California 90245
		
	 With copy to Advisor:
	  	THE GC NET LEASE REIT ADVISOR, LLC
		  	Attn: Kevin Shields
		  	2121 Rosecrans Avenue, Suite 3321
		  	El Segundo, California 90245
		
	 Manager:
	  	THE GC NET LEASE REIT PROPERTY MANAGEMENT, LLC
		  	Attn: Julie Treinen
		  	2121 Rosecrans Avenue, Suite 3321
		  	El Segundo, California 90245

 7.2. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of California. 
 7.3. Assignment. Manager may delegate partially or in full its duties and rights under this
Agreement but only with the prior written consent of Owner. Except as provided in the immediately preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns.
Owner acknowledges and agrees that any or all of the duties of Manager as contained herein may be delegated by Manager and performed by a person or entity (a “Sub-Manager”) with whom Manager contracts for the purpose of performing
such duties. Owner specifically grants Manager the authority to enter into such a contract with a Sub-Manager; provided that, unless Owner otherwise agrees in writing with such Sub-Manager, Owner shall have no liability or responsibility to such
Sub-Manager for the payment of such Sub-Manager’s fee or for reimbursement to such Sub-Manager of its expenses or to indemnify such Sub-Manager in any manner for any matter; and provided further that Manager shall require such Sub-Manager to
agree, in the written agreement setting forth the 

  

 18 

 
duties and obligations of such Sub-Manager, to indemnify Owner for all losses incurred by Owner as a result of the willful misconduct or gross negligence of
such Sub-Manager, except that such indemnity shall not be required to the extent that Owner recovers issuance proceeds with respect to such matter. Any contract entered into between Manager and a Sub-Manager pursuant to this Section 7.3 shall
be consistent with the provisions of this Agreement, except to the extent Owner otherwise specifically agrees in writing. 
 7.4. No
Waiver. The failure of Owner to seek redress for violation or to insist upon the strict performance of any covenant or condition of this Agreement shall not constitute a waiver thereof for the future. 
 7.5. Amendments. This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is
sought. 
 7.6. Headings. The headings of the various subdivisions of this Agreement are for reference only and shall not define or
limit any of the terms or provisions hereof. 
 7.7. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. 
 7.8. Entire Agreement. This Agreement and Exhibits hereto contains the entire understanding and all agreements between Owner and Manager respecting the management of the Properties. There are no
representations, agreements, arrangements or understandings, oral or written, between Owner and Manager relating to the management of the Properties that are not fully expressed herein. 
 7.9. Disputes. If there shall be a dispute between Owner and Manager relating to this Agreement resulting in litigation, the prevailing party in
such litigation shall be entitled to recover from the other party to such litigation such amount as the court shall fix as reasonable attorneys’ fees. 
 7.10. Other Activities of Manager. 
 A. General. Nothing herein contained shall prevent
Manager from engaging in other activities or business ventures, whether or not such other activities or ventures are in competition with Owner or the business of Owner, including, without limitation, property management activities for other Persons
(including other REITs) and the provision of services to other programs advised, sponsored or organized by Manager or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of Manager
or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. Manager may, with respect to any investment in which Owner is a participant, also
render advice and service to each and every other participant therein. Manager shall report to the Board of Directors of The GC Net Lease REIT the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which
creates or could create a conflict of interest between Manager’s obligations to Owner and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. 
 B. Policy with Respect to Allocation of Tenant Rental Opportunities. Before Manager markets leasable space owned by an Affiliate of Owner to a
prospective tenant, the needs of which would in Manager’s judgment be met by leasable space owned by Owner, Manager shall determine in its sole discretion that the prospective tenant’s needs would be better met by leasable space owned by
another owner. In the event that Manager is marketing to a prospective tenant whose needs would, in the sole 

  

 19 

 
discretion of Manager, equally be met by leasable space owned by Owner and another Griffin Capital Corporation-sponsored program, then Manager may more
aggressively market the leasable space owned by the other program if it has had the longest period of time elapse since space owned by it was aggressively marketed by Manager. Manager will use its reasonable efforts to fairly allocate prospective
tenant opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be allowed, provided (1) the Board of Directors of The GC Net
Lease REIT is provided with notice of such policy at least 60 days prior to such policy becoming effective and (2) such policy provides for the reasonable allocation of prospective tenant marketing opportunities among such programs. Manager
shall provide the Board of Directors of The GC Net Lease REIT with any information reasonably requested so that the Board of Directors of The GC Net Lease REIT may determine that the allocation of prospective tenant marketing opportunities is
applied fairly. Nothing herein shall be deemed to prevent Manager or an Affiliate from marketing leasable space that it may own rather than aggressively marketing space owned by Owner or an Affiliate of Owner so long as Manager is fulfilling its
obligation to market vacant space owned by Owner in a manner consistent with the policies and objectives of Owner. 
 7.11.
Severability. If any term, covenant or condition of this Agreement or the application thereof to any Person or circumstance shall, to any extent, be held to be invalid or unenforceable, then the remainder of this Agreement, or the application
of such term, covenant or condition to persons or circumstances other than those as to which it is held to be invalid or unenforceable, shall not be affected thereby, and each term, covenants or condition of this Agreement shall be valid and shall
be enforced to the fullest extent permitted by law. 
 [Signatures appear on next page] 
  

 20 

 In Witness Whereof, the parties have executed this Master Property Management, Leasing and
Construction Management Agreement as of the date first above written. 
  

			
	THE GC NET LEASE REIT, INC.
		
	By:	 	 
		 	Kevin A. Shields
		 	President
	
	THE GC NET LEASE REIT
	OPERATING PARTNERSHIP, L.P.
	
	 By: The GC Net Lease REIT, Inc.
 (as General
Partner of The GC Net Lease
 REIT Operating Partnership, L.P.)

		
	By:	 	 
		 	Kevin A. Shields
		 	President
	
	 THE GC NET LEASE REIT
 PROPERTY
MANAGEMENT, LLC

		
	By:	 	 
		 	Kevin A. Shields
		 	President

  

 21

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