Document:

Form of Property Management Agreement

 EXHIBIT 10.4 
 FORM OF PROPERTY MANAGEMENT AND LEASING AGREEMENT 
 THIS PROPERTY
MANAGEMENT AND LEASING AGREEMENT (this “Agreement”) is made and entered into as of the      day of             , 2011, by and between CNL
Properties Trust, Inc., a Maryland corporation and CNL Properties Trust, LP, a Delaware limited partnership (collectively, “Company”), the various subsidiaries of the Company set forth on the Joinder(s) attached hereto (individually or
collectively or both as the context requires, the Company and each such subsidiary, only with respect to the property owned by it, “Owner”) and CNL Properties Manager Corp., a Florida corporation (“Manager”). 

W I T N E S S E T H: 

WHEREAS, Owner owns the Properties (as defined below); and 

WHEREAS, Owner intends to employ Manager to manage and coordinate the leasing of certain of the Properties to be acquired
by Owner; and 
 WHEREAS, Owner and Manager are entering into this Agreement to establish the terms and
conditions for such services. 
 NOW, THEREFORE, in consideration of the mutual covenants herein, the parties
agree as follows: 
 I.        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: 
 1.A.    “Account”
shall have the meaning ascribed to it in Section 2.C.9 herein. 

1.B.    “Affiliate” means, with respect to any Person: (i) any Person directly
or indirectly owning, controlling or holding, with the power to vote, 50% or more of the outstanding voting securities of such other Person; (ii) any Person 50% or more of whose outstanding voting securities are directly or indirectly owned,
controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any trustee or general partner of such other Person;
and (v) any legal entity for which such Person acts as a trustee or general partner. 

1.C.    “Annual Business Plan” shall have the meaning ascribed to it in
Section 2.E.3 herein. 
 1.D.    “BOMA” shall have the meaning
ascribed to it in Section 8.J.2 herein. 
 1.E.    “Cause” means
(i) with respect to the termination of this Agreement by a party, a material breach of this Agreement of any nature whatsoever by the other party, which breach is not cured within thirty (30) days after notice is given to the breaching
party specifying the nature of the alleged breach, and which breach relates to all or substantially all of the Properties, and 

 
(ii) with respect to the removal of a given Property from Schedule I hereto by a party, a material breach of this Agreement of any nature whatsoever by the other party, which breach is not
cured within thirty (30) days after notice is given to the breaching party specifying the nature of the alleged breach, and which breach relates specifically to such Property. 

1.G.    “Company” shall have the meaning ascribed to it in the preamble of this
Agreement. 
 1.H.    “Confidential Information” shall have the meaning
ascribed to it in Section 8.Q herein. 
 1.I.    “Controlling Agreements”
shall have the meaning ascribed to it in Section 2.C.11 herein. 

1.J.    “Documents and Forms” shall have the meaning ascribed to it in
Section 2.E.2 herein. 
 1.K.    “Eligible Severance Payment” shall
have the meaning ascribed to it in Section 3.C herein. 
 1.L.    “Embargoed
Person” shall have the meaning ascribed to it in Section 7.A.13 herein. 

1.M.    “Gross Revenues” means all amounts actually collected as rents (except for
rents paid under any vacant master lease space) or other charges for the use and occupancy of Properties including but not limited to parking income to the extent Manager’s responsibilities include a parking facility, after hours HVAC
reimbursements and other direct tenant charges, on a cash basis, but shall exclude: parking revenues to the extent a parking facility is managed by a third party; any payments by tenants for amortization of lease improvements over building standard,
determined by Owner; security deposits and reductions in security deposits as a result of damage from tenant misuse of or damage to property; rebates, discounts or other credits received by Manager incident to purchases, contracts or other
arrangements entered into pursuant to this Agreement for the account of Owner, which items shall accrue solely to the benefit of Owner; abated rent; sales tax; lease termination/buyout settlement amounts; environmental reimbursements; property tax
refunds; miscellaneous income taxable to Owner; interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of Owner. 

1.N.    “Improvements” means all buildings, structures and equipment from time to
time located on Properties and all parking and common areas located on Properties. 

1.O.    “Key Personnel” shall have the meaning ascribed to it in
Section 2.C.5(d) herein. 
 1.P.    “Lease” or “Leases”
means, unless the context otherwise requires, any lease, ground lease, master lease or sublease made by Owner as landlord or by its predecessor relating to a Property or portions thereof. 

  
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 1.Q.    “Leasing Activities Agreement”
shall have the meaning ascribed to it in Section 2.C.1(f) herein. 

1.R.    “Lender” and “Lenders” shall have the meaning ascribed to
it in Section 2.C.1(e) herein. 
 1.S.    “List” shall have the
meaning ascribed to it in Section 7.A.13 herein. 
 1.T.    “Losses”
shall have the meaning ascribed to it in Section 5.D.1 herein. 

1.U.    “Manager” shall have the meaning ascribed to it in the preamble of this
Agreement. 
 1.W.    “Management Fee” means the fee payable to Manager for
its services hereunder. 
 1.V.    “Manager Indemnified Parties” shall have
the meaning ascribed to it in Section 2.E.4 herein. 
 1.W.    “Manager’s
Employees” shall have the meaning ascribed to it in Section 2.C.5(a)(2) herein. 

1.X.    “Minimum Management Fee” shall have the meaning ascribed to it in
Section 4.A herein. 
 1.Y.    “OFAC” shall have the meaning ascribed
to it in Section 2.C.14 herein. 
 1.Z.    “Owner” shall have the
meaning ascribed to it in the preamble of this Agreement. 
 1.AA.    “Owner
Indemnified Parties” shall have the meaning ascribed to it in Section 5.D.2 herein. 

1.BB.    “Owner’s Representative” shall have the meaning ascribed to it in
Section 8.S herein. 
 1.CC.    “Owner’s Share of Eligible Severance
Payments” shall have the meaning ascribed to it in Section 3.C herein. 

1.DD.    “Person” means an individual, corporation, association, business trust,
estate, trust, partnership, limited liability company or other legal entity. 

1.EE.    “Prohibited Person” shall have the meaning ascribed to it in
Section 7.A.14 herein. 
 1.FF.    “Properties” means all tracts
(including all buildings and other improvements and property of Owner located thereon) as yet unspecified but to be acquired by Owner and other entities controlled by the Company, specified in writing by Owner to be managed by Manager, and included
on Schedule I hereto, as amended from time to time in accordance with Section 2.A or Section 6.D herein, containing improvements or on which Owner will construct improvements. 

  
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 1.GG.    “Property Financings” shall
have the meaning ascribed to it in Section 8.P herein. 

1.HH.    “Property Management Representative” shall have the
meaning ascribed to it in Section 2.C.5(d) herein. 
 1.II.    “Reimbursable
Staff Member” shall have the meaning ascribed to it in Section 3.C herein. 

1.JJ.    “Submanager” means any Affiliate of Manager to whom Manager has assigned or
subcontracted all or part of its duties hereunder pursuant to Section 8.C(1). 

1.KK.    “Reporting Requirements” shall have the meaning ascribed to it in
Section 2.E.2 herein. 
 1.LL.    “Updated Requirements” shall have
the meaning ascribed to it in Section 2.E.2(a) herein. 
 II.        APPOINTMENT
OF MANAGER; SERVICES TO BE PERFORMED 
 2.A.      Appointment of
Manager. Owner hereby appoints Manager as the exclusive managing agent and tenant coordinating agent of the Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth. Owner hereby authorizes
Manager to exercise such powers with respect to the Properties as may be necessary for the performance of Manager’s obligations under the terms of this Agreement provided, however, Manager shall have no right or authority to commit or otherwise
obligate or bind Owner in any manner whatsoever, except to the extent specifically provided herein. From time to time during the term of this Agreement, whenever Owner or any other entity controlled by the Company shall acquire a tract containing
improvements or on which Owner or such entity will construct improvements, Owner shall be required to amend Schedule I hereto, effective on the date of such acquisition, to include such tract as a “Property” for purposes of this Agreement.

 2.B.      General Duties. Manager shall manage, maintain and lease the
Properties in accordance with the generally accepted standards for the type of property being managed in the area in accordance with all applicable loan requirements, subject, however to the management rights and responsibilities reserved or
allocated to any tenant under the leases for the respective Properties. 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, maintenance and leasing of the Properties. In addition, Manager shall provide executive oversight over all of Owner’s Properties and provide certain accounting and tax
support not provided by any submanager acting pursuant to Section 8.C. 

2.C.    Specific Duties. Manager’s duties include the following: 

1.        Lease Obligations. Manager shall be Owner’s exclusive
leasing agent for the Properties, and shall, to the extent permitted by applicable law and subject to this Agreement, perform all leasing functions relating to the Properties. Manager 

  
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shall be paid for such leasing activities in conformity with this Agreement, which amounts shall be in addition to the compensation otherwise payable to Manager hereunder. Without limiting the
generality of the foregoing, Manager’s leasing function includes the following: 

(a)        Manager shall use commercially reasonable efforts to lease all space
in the Properties which is now vacant, becomes vacant or is projected to become vacant during the term of this Agreement, subject to the limitations imposed by any Annual Business Plan approved by Owner, and Manager’s responsibilities shall
include lease negotiation coordination, tenant improvement coordination, governmental liaison, opening activities, tenant liaison, facilitating tenant move-in and similar activities. Manager may, in its sole discretion, engage the services of other
outside cooperating real estate consultants and brokers to lease space in the Properties on behalf of Owner and who shall be paid by Owner such commissions as may be included in the Annual Business Plan approved by Owner or are otherwise established
by Owner and Manager from time to time. Manager shall, so far as possible, procure references from prospective tenants, investigate such references and use its best judgment in the selection of prospective tenants. Where appropriate, upon the
occurrence of a vacancy or a projected vacancy, Manager will prepare and disseminate adequate rental listings. After a vacancy is listed, Manager will cooperate with brokers in an effort to aid in successfully filling the vacancy. Manager shall
establish procedures to ensure that ample time is available to renew existing leases or obtain new tenants in an effort to minimize vacancies and loss of income. 

(b)        Owner shall refer all inquiries concerning the rental of space in the
Property to Manager. All negotiations with prospective tenants shall be conducted by Manager or under its direction. All leases for the Properties shall be prepared by Manager in the name of Owner and shall be in accordance with such leasing
guidelines as Owner and Manager shall agree upon from time to time. Manager shall secure Owner’s prior written approval before finalizing any lease for a Property that is not in compliance with the leasing plan set forth in the Annual Business
Plan. All leases for Properties shall be presented to and executed by Owner. Manager shall duly and punctually comply with all the obligations of Owner under all leases with tenants of space in the Property, but solely on behalf of Owner and at
Owner’s expense. 
 (c)        Manager shall prepare all
advertising and promotional materials for the Properties, which materials shall be used only after Owner’s approval and shall comply with all applicable laws, ordinances and regulations. The costs of all advertising and promotional materials
shall be at Owner’s sole cost and expense and shall either be in accordance with an approved operating budget or otherwise approved by Owner in writing. 

  
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 (d)        Rental rates for space
in the Properties shall be established by Owner. Manager shall, promptly following the execution of this Agreement and from time to time thereafter, provide general market information and general office space rental rate surveys and make
recommendations to Owner with respect to rental rates. 

(e)        Manager shall assist Owner, as requested, in obtaining any approvals
of proposed leases for the Properties, the tenants and the terms thereof which may be required from the Properties’ lenders, including senior financing, mezzanine level financing or preferred equity (each, a “Lender” and collectively,
“Lenders”) in accordance with the terms of the applicable loan documents. 

(f)        Notwithstanding anything in this Section 2.C.1 to the contrary,
the parties acknowledge and agree that Manager may not be licensed to act as a real estate broker in the state(s) in which the Properties are located and that, in such a case, Manager shall either: (a) subcontract the leasing activities
described herein to a licensed real estate broker qualified (by years of experience, number of employees, number and type of properties under management and standing in the marketplace) to manage properties of like kind in the vicinity of the
Properties; or (b) if Owner elects to enter into a separate agreement with a leasing agent, Manager shall cause the leasing activities described herein to be performed by Owner’s leasing agent by acting as Owner’s agent to enforce all
of Owner’s rights and fulfill Owner’s duties under the separate agreement between Owner and Owner’s leasing agent (the “Leasing Activities Agreement”), with the exception of the obligation to pay Owner’s leasing agent
the commissions payable pursuant to the Leasing Activities Agreement (which shall remain Owner’s responsibility). 
 2.        Maintenance. Manager’s duties and supervision in this respect shall 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 repair, alterations, and decoration of the Improvements, subject to and in strict compliance with this Agreement and the Leases. Non-budgeted expenses
for any individual item of work which are not reimbursed by a tenant shall not exceed the sum of $5,000 unless specifically authorized in advance by Owner, provided that emergency repairs which are immediately necessary for the preservation or
safety of the Properties, for the safety of occupants or other persons, or required to avoid the suspension of any necessary service of the Properties may be made by Manager without prior approval of Owner if, under the circumstances, Owner cannot
be conveniently notified before the required emergency repairs must be done. 

  
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 3.        Intentionally
Omitted. 
 4.        Notice of Violations. Manager shall
forward to Owner promptly upon receipt all notices of violation or other notices from any governmental authority, board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as
appropriate. 
 5.        Personnel. Subject to Section 8.C
below, Manager shall employ at all times a sufficient number of capable employees to properly, safely and economically manage and maintain the Properties. Manager shall fully comply with all applicable laws and regulations and agreements having to
do with worker’s compensation, social security, unemployment insurance, hours of labor, wages, working conditions under Manager’s control and other employer-employee related subjects. All matters pertaining to the employment, supervision,
compensation, promotion and discharge of such employees are the responsibility of Manager. 

(a)        Employees of Manager: 

(1)    Manager, as an independent contractor, has the authority to control and
direct the management and operation of the Properties in accordance with the terms hereof. 

(2)    All persons employed in connection with the management and operation of the
Properties (“Manager’s Employees”) shall be employees of Manager or such consultants, independent contractor or contractors as may be retained by Manager and not employees of Owner. 

(b)        It shall be the responsibility of Manager to properly train the
members of its property team and cause the appropriate team members to become familiar with the terms of this Agreement, key tenant lease provisions and vendor/contractor contract terms. 

(c)        Schedule of Employees: Manager shall provide Owner with a schedule of
employees annually. This schedule shall include the names of employees, job title, and time allocated to the Properties. Manager agrees to identify in the annual operating budget for approval by Owner, all employees’ salaries that are directly
charged to the Properties. When such employee terminates his employment with Manager, or the employee’s employment is otherwise terminated, a new employee must be identified by notification in writing to Owner by Manager as a replacement. When
it is necessary to replace employees working at the Properties, Manager shall notify Owner, in advance, of the reasons for the replacement and the qualifications for the replacement personnel and Owner shall have the right to approve any such
replacement personnel. 
 (d)        Key Personnel: This agreement is
made with the understanding that Owner and Manager have identified the key personnel (“Key Personnel”) set forth in Appendix A attached hereto, including the 

  
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employee who will be responsible for the direct management of each Property (the “Property Management Representative”). Owner has a right to approve any Key Personnel change.
Appendix A shall be updated jointly by Owner and Manager, each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement. 

6.        Utilities and Supplies. Manager shall, on behalf of Owner,
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 rental property in the area, or as it, in its
reasonable judgment, shall deem prudent, provided that Manager shall submit to Owner for its approval such contracts for items of expense which are not contemplated in the Annual Business Plan. Further, at the time of execution of any service
contract, the cost of the services to be provided under such contract shall be comparable with general prevailing market conditions, as to each of the Properties. Unless Owner notifies Manager of its disapproval of any such contract within ten
(10) days of the Owner’s receipt of a copy of such written contract, Owner shall be deemed to have approved such contract. Manager shall also purchase all supplies which Manager deems necessary to maintain the Properties, provided that no
such purchase which is outside the ordinary course of business or which is of a nature not reimbursed by tenants shall be made by Manager without the prior written consent of Owner. 

7.        Expenses. Manager shall analyze all bills received for
services, work and supplies in connection with maintaining and operating the Properties, pay all such bills from the Account (as defined below), and, if requested by Owner, pay, when due, utility and water charges, sewer rent and assessments, and
any other amount payable in respect to the Properties from the Account. All bills shall be paid by Manager 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, assessments and insurance premiums will be paid out of the Account (as hereinafter defined) by Manager at the direction of
Owner. All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however designed). 
 8.        Monies Collected. Manager shall, in accordance with any applicable loan requirements or other Controlling Agreement, use diligent efforts to
collect all rent and other monies from tenants of the Properties and any sums otherwise due the Properties with respect to Owner in the ordinary course of business including, but not limited to, tenants’ payments for real estate taxes,
insurance, damages and repairs, and common area maintenance, and shall deposit such monies in the Account (as defined below). In collecting such monies, Manager shall inform Owner’s tenants that all remittances are to be in the form of a check,
wire transfer, money order, automatic payments or other forms approved by Owner. Owner authorizes Manager to request, demand and collect all such rent and other monies 

  
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due and, at Owner’s request, to institute legal proceedings in the name of Owner and at Owner’s expense for the collection thereof and for the dispossession of any tenant in default
under its Lease. Manager shall not compromise with any tenant or waive Owner’s rights under any Lease without Owner’s prior written consent. Nothing in this Agreement shall be construed as a guarantee of payment or collection by Manager of
rent or other monies due from tenants of the Properties. 

9.        Bank Account. Manager may, in accordance with any applicable
loan requirements or other Controlling Agreement, establish and maintain a separate checking account or accounts (collectively, the “Account”) for funds relating to the Properties. Manager shall cooperate with Owner and all lenders with
respect to any lock box or cash management agreements established by Owner or any lender. All monies deposited from time to time in the Account shall be deemed to be trust funds and 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. The 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 the Account. Manager shall have the right to
designate two or more persons who shall be authorized to draw against the Account, but only for purposes authorized by this Agreement. 
 (b)        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 the Account. 

(c)        All sums necessary to pay the operational expenses of the Properties,
including real estate taxes and insurance premiums, as set forth in Section 2.C.7. 

(d)        By the 20th day of each month, except as otherwise directed by Owner,
Manager shall forward to Owner net operating proceeds from the preceding month, retaining at all times, however, a reasonable reserve for the subsequent month’s cash requirements. 

10.     Tenant Complaints. Manager shall maintain business-like relations with the
tenants of the Properties and use commercially reasonable efforts to resolve any tenant complaint or to cooperate with Owner in so doing. 
 11.     Controlling Agreements. Manager has received copies of (and will be provided with copies of future) applicable articles of incorporation, agreements of

  
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limited partnership, joint venture agreements, operating agreements, loan agreements, deeds of trust or mortgages, each as may be amended from time to time, of Owner (the “Controlling
Agreements”) and is and will be familiar with the terms thereof. Manager shall use reasonable care to avoid any act or omission that, in the performance of its duties hereunder, shall in any way conflict with the terms of the Controlling
Agreements. 
 12.     Signs. The Manager shall place and remove, or cause to
be placed and removed, leasing signs upon the Properties as the Manager deems appropriate, subject, however, to the terms and conditions of the Leases, to any applicable ordinances, regulations and covenants or restrictions and Owner’s approval
of the size and general appearance of such signs. 
 13.     Other Services.
Manager shall recommend from time to time to Owner such procedures with respect to the Properties as Manager may deem advisable for the most efficient and economic management services which normally are performed in connection with the operation of
first-class office and commercial buildings or other buildings, as applicable, and perform all services normally provided to similar premises, without additional charges to Owner. 

14.     Office of Foreign Assets Control, Department of the Treasury (“OFAC”):

 (a)        Manager hereby acknowledges and agrees that it will be
performing OFAC searches/checks on each potential tenant (including renewals) that may be leasing space in the Properties. Manager is required to keep verification of the OFAC check in the tenant file. Manager also agrees that a tenant shall not be
permitted to sublet its space to a new tenant without Manager performing an OFAC search/check on the potential sublessee. 
 (b)        Manager hereby acknowledges and agrees that it will be performing OFAC (defined below) searches/checks on each potential vendor (including renewals) that
may be performing work in or around the Properties. Manager is required to keep verification of the OFAC check in the vendor file. 
 (c)        OFAC searches/checks may be done online using the Bridger Insight Free Name Check web site at the following link:
www.bridgerinsight.choicepoint.com, or any of the other free name check services that may also be available on the web. 
 (d)        All leases, lease renewals and contracts including all construction contracts, purchase orders and service agreements and renewals thereof shall include
OFAC language. 
 15.     Compliance with Laws: Manager shall, in the
performance of its services hereunder, comply with all federal, state, municipal or other governmental laws, ordinances, rules or regulations affecting the Properties. 

  
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 (a)        Manager shall also be
responsible for complying with REIT testing for disallowed income subject to U.S. REIT standards. Examples of disallowed income include, but are not limited to: leasing fees, management fees, a disallowed service provided to a tenant without charge
as a condition of the lease, amenities that would normally attract a charge but are provided for free, etc. The last two examples of disallowed income are where there is a service provided for no charge, but, the income is deemed to exist as a
component of rental income. From Manager’s perspective, REIT testing for disallowed income is based upon regulatory requirements. The process involves ensuring timely completion of testing and undertaking an annual survey regarding the
property’s income. 
 (b)        Manager shall not in performance
of its services hereunder violate, and shall comply in all respects with the terms of, any ground lease, space lease, mortgage, deed of trust or other security instrument binding on or affecting any of the Properties. If Manager identifies a
conflict between the terms of any such document and the terms of this Agreement, Manager shall not take any action except to notify Owner and await Owner’s written instructions. 

16.     Manager’s Cooperation with Sale of the Properties: Manager agrees to
facilitate, in any and all manner, and cooperate with Owner’s listing agent for the sale of the Properties. Such cooperation and assistance shall be considered a normal function of the property management duties agreed to under the terms of
this Agreement. 
 2.D.    Approval of Leases, Contracts, Etc. In fulfilling its
duties to Owner, Manager hereby is authorized to negotiate, on behalf of Owner, leases for any Properties, and to negotiate and enter into any other leases, contracts or agreements on behalf of Owner in the ordinary course of the management,
operation, maintenance and leasing of each Property, subject to the requirement that Owner execute all leases for Properties in accordance with Section 2.C.1(b), the limitations set forth above in Section 2.C, any leasing and property
management guidelines established by Owner, and the Annual Business Plan set forth in Section 2.E.3 below; provided, however that Manager shall not enter into any lease, contract or agreement on behalf of Owner that would cause a material
deviation from the Annual Business Plan. Owner hereby appoints Manager as Owner’s authorized agent for the purposes of executing, as the agent of Owner, all such leases, contracts and agreements. Manager is required to clearly identify itself
as Owner’s agent and to inform all third parties with whom Manager is dealing that Manager is acting solely as Owner’s agent with respect to the Properties and is not itself the owner of the Properties. Manager is further required to
correct any known misunderstanding with respect to the ownership of the Properties. In addition, Owner agrees to (a) specifically assume in writing all obligations of Owner under all such leases, contracts and agreements entered into by Manager
as the agent of Owner upon termination of this Agreement, and (b) indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties of and from any and all Losses (as defined in Section 5.D below)
that may be imposed on any or all of them in connection with or relating to the obligations of Owner under any such leases, contracts or 

  
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agreements following the termination of this Agreement. If Manager subcontracts any of the obligations required of Manager hereunder, Manager shall cause the subcontract to include
provisions which require the subcontractor (a) to a thirty (30) day termination for convenience clause, (b) to clearly identify itself as Owner’s agent and to inform all third parties with whom subcontractor is dealing that it is
acting solely as Owner’s agent with respect to the Properties and is not itself the owner of the Properties and (c) to correct any known misunderstanding with respect to the ownership of the Properties; provided, however that Manager shall
not enter into an agreement delegating its day to day property management obligations or functions hereunder without Owner’s prior written consent. 
 2.E.    Accounting, Records and Reports. 
 1.        Records. Manager shall maintain all office records and books of account and shall record therein, and keep copies of, each invoice received from
services, work and supplies ordered in connection with the maintenance and operation of the Properties and Manager’s record retention policy. Such records shall be maintained on a double entry basis. Owner and persons designated by Owner shall
at all reasonable time have access to and the right to audit and make independent examinations of such records, books and accounts and all vouchers, files and all other material pertaining to the Properties and this Agreement, all of which Manager
agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended by Manager and approved by Owner. 
 2.    Monthly Reports. The financial reporting responsibilities of Manager are set forth in Appendices B, C and D attached hereto (the “Reporting
Requirements”). Manager acknowledges and agrees that it has had the opportunity to review the contents of the Reporting Requirements prior to executing this Agreement, and agrees to comply with and be bound by the terms thereof and to compile
and submit all reports in the format required by Owner in accordance with its established Documents and Forms (“Documents and Forms”) which will be provided to Manager within ten (10) days. Manager acknowledges and agrees that the
Documents and Forms and Reporting Requirements are proprietary to Owner, and Manager agrees that Manager, its employees, agents or representatives shall not disseminate, release or use the Reporting Requirements for any purpose other than the
performance of Manager’s obligations hereunder. 

(a)        Updates/Additions: The Reporting Requirements may be updated from
time to time as deemed necessary by Owner, both to change or delete existing provisions and to add new provisions. In the event of modifications or updates to the policies, procedures, forms or information contained in Reporting Requirements Owner
shall provide written notification (“Update Notice”) of modifications to the Reporting Requirements (the “Updated Requirements”) to Manager via e-mail to Manager’s designated Property Management Representative (defined
below). Within five (5) business days of receipt of such Update Notice, Manager shall inform Owner in writing via e-mail whether any such 

  
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Updated Requirements constitute a Material Updated Requirement (as defined below). If Manager informs Owner that the Updated Requirements are not Material Updated Requirements, then Owner will
use reasonable efforts to provide a courtesy e-mail copy of the notice to all other employees of Manager for which Manager has supplied valid e-mail addresses, but failure to notify any of Manager’s personnel other than the Property Management
Representative shall not affect the validity of the notice. Any Updated Requirements shall become effective upon the latter of: (1) the date specified in the e-mail notice, or (2) the sixth business day after receipt of the Update Notice
by the Property Management Representative and Manager has not provided Owner with notice that any Updated Requirements are Material Updated Requirements. 
 (b)        If Manager has informed Owner that any update/addition is a Material Updated Requirement in accordance with subsection (a) above, the Owner and
Manager agree to negotiate in good faith the amount of reimbursement of additional costs that Owner shall pay Manager to implement and provide the Material Updated Requirement(s). As used in this Agreement, a “Material Updated Requirement”
means additional requirements in the aggregate that increase the time of non-Reimbursable Staff Members on an individual Property by more than eight (8) hours per month. 

(c)        In addition, Appendices B, C and/or D shall be updated jointly
by Owner and Manager, each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement, but only if Owner or Manager requests such an update with respect to such Property based on
its attributes. Any updates pursuant to this subsection (c) shall be subject to the provisions in subsection (b) above, except that the addition of a Property to Schedule I shall not be treated as a Material Updated Requirement unless
there are requirements unique to such Property that, in the aggregate, increase the time of non-Reimbursable Staff Members on an individual Property by more than eight (8) hours per month. 

3.        Budgets and Leasing Plans. No later than ninety (90) days
before each calendar year end, Manager shall prepare and submit to Owner for its approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar
year immediately following such submission. The Annual Business Plan shall be in the form approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its
approval an updated Annual Business Plan incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner disapproves any such Annual Business Plan, Manager shall submit a revised Annual Business
Plan, as applicable, within twenty (20) days of receipt of the notice of disapproval, and Owner shall have twenty (20) days to provide notice to 

  
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Manager if it disapproves of any such revised Annual Business Plan. In the event that an operating budget has not been approved prior to each December 31, the operating budget for the prior
twelve month period shall govern to the extent of any unapproved items. In the event a capital budget has not been approved by Owner prior to each December 31, Manager shall not make any capital or extraordinary expenditures for the Properties
(other than in the event of an emergency) without the prior written consent of Owner. 
 Manager shall use
reasonable diligence and employ commercially reasonable efforts to ensure that the actual costs of maintaining and operating the Properties shall not exceed the budgeted amount in total or in any one accounting category. All expenses must be charged
to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager agrees to use commercially
reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget preparation period, and were, therefore, not reflected in the operating budget
or capital budget. 
 4.        Legal Requirements. Manager
shall execute and file when due all forms, reports, and returns required by law relating to the employment of its personnel. Manager shall be responsible for notifying Owner in the event it receives notice that any Improvement on a Property or any
equipment therein does not comply with the requirements of any statute, ordinance, law or regulation of any governmental body, public authority or official thereof having or claiming to have jurisdiction thereover. Manager shall promptly forward to
Owner any complaints, warnings, notices or summonses received by it relating to such matters. Owner represents that, to the best of its knowledge, each of its Properties and any equipment thereon will, upon acquisition by Owner, comply with all such
requirements. Owner authorizes Manager to disclose the ownership of each Property by Owner to any such officials. Owner agrees to indemnify, protect, defend, save and hold harmless Manager and its member(s), partner(s), stockholder(s), officers,
directors, employees, managers, successors and assigns including, but not limited to, any Submanager (collectively, the “Manager Indemnified Parties”) of and from any and all Losses (as defined in Section 5.D.1 hereof) that may be
imposed on any or all of them by reason of the failure of Owner to correct any past, present or future violation or alleged violation of any and all past, present or future laws, ordinances, statutes, or regulations of any public authority or
official thereof, having or claiming to have jurisdiction thereover, of which it has actual notice. 

5.        Tax Returns. Except for applicable requirements relating to
reporting sales tax and leases of tangible property, the preparation of which shall be the responsibility of Manager, Manager shall have no responsibility for the preparation of any federal, state or local tax reports or returns on behalf of Owner,
but Manager shall provide such information as shall be reasonably requested by Owner to assist Owner’s preparation of such tax reports and returns. 

  
 14 

 6.        Sarbanes-Oxley
Compliance. Manager shall maintain procedures for accounting and reporting necessary for the Company to comply with the Sarbanes-Oxley Act, Public Law No. 107-204, and the rules and regulations promulgated thereunder. 

III.        EXPENSES 

3.A.    Owner’s Expenses. Except as otherwise specifically provided, all
reasonable and customary costs and expenses incurred hereunder by Manager in fulfilling its duties to Owner shall be the responsibility of Owner to the extent included in the Annual Business Plan described in Section 2.E.3 above or as otherwise
agreed by Owner. Such costs and expenses may include wages, salaries and other employee-related expenses of Manager or a third party, including an Affiliate, and all legal, travel and other out-of-pocket expenses which are directly related to the
management of specific Properties, to the extent permitted by the Statement of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association, Inc. All costs and expenses for which Owner is
responsible under this Agreement shall be paid by, or reimbursed to, Manager out of the Account. In the event the Account does not contain sufficient funds to pay all such costs and expenses, Owner shall fund all sums necessary to meet such unpaid
costs and expenses within thirty (30) days of receipt of notice from Manager and an itemization of such unpaid costs and expenses. Nothing in this Agreement shall obligate Manager to advance its own funds on behalf of Owner.  

3.B.    Manager’s Expenses. Manager shall, out of its own funds, pay all of its general,
overhead and administrative expenses (including those for off-site employees or offices not located within the Properties) except as set forth in a budget submitted by Manager and approved by Owner pursuant to Section 2.E.3 above or as
otherwise specifically approved in advance by Owner. 
 3.C.    Manager’s Cost to Be
Reimbursed. After payment by Manager, Manager may be reimbursed out of the Account for costs of the gross salary and wages or pro rata share thereof, federal and state unemployment taxes, social security taxes, group medical and health insurance
premiums, worker’s compensation insurance, Owner’s Share of Eligible Severance Payments (as defined below) and other benefits or burdens of Manager’s employees required to properly, adequately, safely and economically manage and
maintain the Properties in accordance with this Agreement, provided that such employees have been identified by position and enumerated in an approved budget. As used herein: (1) an “Eligible Severance Payment” shall mean any
severance payment made by Manager to any Reimbursable Staff Member (as defined below) in connection with the termination of such Reimbursable Staff Member’s employment that resulted either from Owner’s termination of this Agreement, the
sale of an individual property, or Owner’s request that such Reimbursable Staff Member no longer be an on-site employee of Manager at the Property (unless such request was made for cause); (2) a “Reimbursable Staff Member” shall
mean any employee of the Manager who, prior to the termination of such employee’s employment, worked as an employee of the Manager at the Property; and (3) the “Owner’s Share of Eligible Severance Payments” shall mean one
hundred percent (100%) of all Eligible Severance Payments that are allocable to the Property, based on each such terminated Reimbursable Staff Member’s tenure working for Manager relative to the time such Reimbursable Staff Member worked
as an on-site employee of Manager at the 

  
 15 

 
Property. In no event shall Manager be reimbursed by Owner for costs attributable to losses arising from negligence or fraud on the part of Manager or Manager’s employees. 

IV.        MANAGER’S COMPENSATION 

4.A.    Management Fee. Commencing on the date hereof, Owner shall pay Manager a property
management fee in connection with the leasing and management of Properties equal to 2% of annual Gross Revenues from single-tenant Properties and 4% of annual Gross Revenues from multi-tenant Properties (the “Management Fee”). In addition,
in the event Owner contracts directly with a third-party property manager in respect of a specific Property, Owner may pay Manager an oversight fee of up to 1% of annual property gross operating revenues of the Property managed; however, in no event
will Owner pay Manager both the Management Fee and the oversight fee with respect to the same Property 
 In the
event a Property has less than fifty percent (50%) of its leaseable space leased to one or more tenants then an amount equal to four and one half percent (4.5%) of a monthly threshold amount as shall be agreed upon by Owner and Manager and
set forth on Schedule I attached hereto (the “Minimum Management Fee”), which shall be completed, or updated, as applicable, when a Joinder is executed by an Owner. Such Minimum Management Fee shall apply until such time as the leaseable
space of the Property is at least fifty percent (50%) leased. Manager’s compensation under this Section 4.A shall apply to all Leases, including renewals, extensions or expansions of Leases. The Management Fee may include the
reimbursement of the specified cost incurred by Manager of engaging another person or entity to perform Manager’s responsibilities hereunder, provided, however, that Manager shall be responsible for payment to such third parties. Nothing herein
shall prevent Manager from entering fee-splitting arrangements with third parties with respect to the Management Fee. 
 4.B.    Construction Management Fee. In addition to the compensation paid to Manager under Section 4.A above, Owner shall pay to Manager, a construction management fee
equal to 5% of hard and soft costs associated with the initial construction or renovation of a property, or for management and oversight of expansion projects and other capital improvements. Owner will reimburse Manager for the costs and expenses
incurred by Manager on Owner’s behalf in connection with the construction management of a Property. Such costs and expenses may include the wages and salaries and other employee-related expenses of all on-site employees of our property manager
or its subcontractors who are engaged in the operation, management, maintenance or access control of our properties, including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expense that are
directly related to the management of specific properties. 
 4.C.    Audit
Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment or underpayment of Management Fee, 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 Management Fee for any fiscal year of the greater of 2% or $5,000 than the correct Management Fee for such fiscal year, Manager shall bear the cost of such audit.

  
 16 

 V.        INSURANCE AND INDEMNIFICATION

 5.A.      Insurance to be Carried. Manager during the term of this
Agreement shall keep in force at its expense the following insurance: 
  

	 	(a)	 Commercial general liability insurance for claims of bodily injury and property damage due to the management, operation and maintenance of the
Properties. Such insurance shall have a combined single limit of not less than Ten Million Dollars ($10,000,000) each occurrence/aggregate. Owner should be named as additional insured. 

 

	 	(b)	 Workers’ Compensation insurance in accordance with statutory law and employers’ liability insurance with a limit of not less than One
Million Dollars ($1,000,000) per accident, One Million Dollars ($1,000,000) disease policy limit, and One Million Dollars ($1,000,000) disease limit each employee. 

 

	 	(c)	 Business auto liability coverage insuring bodily injury and property damage with a combined single limit of not less than One Million Dollars
($1,000,000) per accident for owned, non-owned and hired vehicles. 

  

	 	(d)	 A fidelity bond with a corporate surety or employee dishonesty/crime insurance covering all employees who handle or are responsible for the rents
and revenues from each of the Properties or for the payment of expenses from Owner’s account. The fidelity bond shall be in the amount not less then Five Million Dollars ($5,000,000) with a maximum deductible of Two Hundred Fifty Thousand
Dollars ($250,000). The bond shall include a loss payable endorsement in favor of Owner. 

  

	 	(e)	 Professional Liability coverage with limits not less then Five Million Dollars ($5,000,000) per incident and Five Million Dollars ($5,000,000)
annual aggregate covering real estate management operations and leasing operations when applicable. 

  

	 	(f)	 To the extent carried by other property managers in the same market, any other insurance reasonably required by Owner, or required by law.

 The policies required to be maintained by Manager shall be with companies
rated A- or better by Standard & Poors or A- to very good by the A.M. Best Company. Insurers shall be licensed to do business in the state in which the Property are located and domiciled in the USA. Certificates of insurance shall be
delivered to Owner prior to the Commencement Date of the Agreement and not less than annually thereafter at least ten (10) days prior to the expiration date of the old policy. Each policy of insurance shall provide notification to Owner at
least thirty (30) days prior to any cancellation or modification to reduce the insurance coverage. 

5.B.      Cooperation with Insurers. Manager shall cooperate with and provide
reasonable access to the Properties to representatives of insurance companies and insurance 

  
 17 

 
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.C.    Accidents and Claims. Manager shall promptly investigate and shall report in detail to
Owner all accidents, claims for damage relating to the Properties, 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 five (5) 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.E.2 herein. Manager is authorized to settle any claim against an insurance company not exceeding $5,000 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. If a claim against an insurance company exceeds $5,000, Manager shall take no action specified in the
immediately preceding sentence with respect thereto without the prior approval of Owner. 

5.D.    Indemnification. 

1.        General. Owner shall indemnify, protect, defend, save and hold
harmless Manager and all of the other Manager Indemnified Parties from and against any and all claims, causes of action, demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney’s fees and expenses, of every
kind and nature whatsoever (collectively, “Losses”), that may be imposed on or incurred by Manager by reason of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper
jurisdiction) of Owner; provided, however, that such indemnification and exculpation shall not extend to any such Losses arising out of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of
proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees; provided, further, that such indemnification and exculpation shall be limited to the extent that Manager recovers insurance proceeds with respect to
such matter. 
 2.        Property Damage, Etc. Owner agrees to
indemnify, defend, protect, save and hold harmless Manager and all of the other Manager Indemnified Parties from any and all Losses in connection with or in any way related to each Property and from liability for damage to each Property and injuries
to or death of any person whomsoever, and damage to property; provided, however, that such indemnification and exculpation shall not extend to any such Losses arising out of the willful misconduct, negligence and/or unlawful acts (such unlawfulness
having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees; provided, further, that such indemnification and exculpation shall be limited to the extent that Manager
recovers insurance proceeds with respect to such matter. Manager shall not be liable for any error of judgment or for any mistake of fact or law, or for anything that it may do or refrain from doing, except in cases of willful misconduct,

  
 18 

 
negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction). Manager agrees to indemnify, defend, protect, save and hold harmless Owner and its
members, partners, stockholders, officers, directors, employees, managers, successors and assigns (collectively, the “Owner Indemnified Parties”) from any and all Losses arising out of any injury or damage to any person or property
whatsoever for which Manager is responsible occurring in, on, or about the Properties, including, without limitation, the Improvements, when such injury or damage shall be caused by the willful misconduct, negligence and/or unlawful acts (such
unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees, except to the extent that any Owner Indemnified Party recovers insurance proceeds with respect to
such matter. 
 3.        Environmental Matters. Owner hereby
warrants and represents to Manager that to the best of Owner’s knowledge none of the Properties have previously been or are presently being used to treat, deposit, store, dispose of or place any hazardous substance that may subject Manager to
liability or claims under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. Section 9607), as amended, or any other statute, law, rule, regulation or ordinance regarding the treatment, storage or
disposition of any hazardous substance. Furthermore, Owner shall indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties from any and all Losses involving, concerning or in any way related to any
past, current or future claims regarding the treatment, deposit, storage, disposal or placement by any party other than Manager of hazardous substances on or about the Properties. 

4.        Indemnification Procedure. If a claim, action, or proceeding by
a third-party (a “Claim”) is made against Owner, an Owner Indemnified Party, Manager, or a Manager Indemnified Party (the “Indemnified Party”) for which the Indemnified Party intends to seek indemnity under this Section 5.D,
the Indemnified Party shall promptly notify the party against whom indemnification is sought (the “Indemnitor”) in writing of such Claim, setting forth a description of such Claim in reasonable detail (the “Indemnification
Notice”); provided, however, that failure to give such Indemnification Notice shall not relieve the Indemnitor of its obligations hereunder, except to the extent the Indemnitor has been prejudiced by such failure. The Indemnitor shall have
thirty (30) days after receipt of the Indemnification Notice to undertake, conduct and assume control, through counsel of its own choosing reasonably satisfactory to the Indemnified Party, and at its own expense, of the settlement or defense of
such Claim, so long as the Indemnitor notified the Indemnified Party of such defense in writing within thirty (30) days after the Indemnified Party has given notice of the third-party Claim and the Indemnitor conducts the defense of the
third-party Claim actively and diligently, and the Indemnified Party shall cooperate fully in connection therewith; provided, however, that the Indemnified Party may participate in such settlement or defense through counsel chosen by such
Indemnified Party and paid at its own expense; and, provided, further, that the Indemnified Party shall pay the 

  
 19 

 
fees and disbursements of such separate counsel unless (a) the employment of such separate counsel has been specifically authorized in writing by the Indemnitor, (b) the Indemnitor has
failed to assume the defense of such third party Claim within thirty (30) days after receipt of the Indemnification Notice with counsel reasonably satisfactory to such Indemnified Party, or (c) the named parties to the proceeding in which
such Claim has been asserted include both the Indemnitor and such Indemnified Party and, in the reasonable opinion of counsel to such Indemnified Party, there exists one or more defenses that may be available to the Indemnified Party that are in
conflict with those available to the Indemnitor. The Indemnified Party shall not pay or settle any such Claim without the written consent of the Indemnitor, which consent shall not be unreasonably withheld. If the Indemnitor has received the
Indemnified Party’s Indemnification Notice and does not notify the Indemnified Party in writing within thirty (30) days after receipt of such notice that it elects to undertake the defense thereof, the Indemnified Party shall have the
right to undertake, at Indemnitor’s cost, risk and expense, the defense, compromise or settlement of the Claim, but shall not thereby waive any right to indemnity therefor pursuant to this Agreement. The parties hereto agree to cooperate fully
with each other in connection with the defense, negotiation or settlement of any such third-party Claim. Notwithstanding anything in this Section 5.D to the contrary, the Indemnitor shall not, except with the written consent of the Indemnified
Party (which such consent shall not be unreasonably withheld), enter into any settlement that (y) does not include as an unconditional term thereof the giving by the person or persons asserting such Claim of an unconditional release of the
Indemnified Party from liability with respect to such Claim, or (z) involves non-monetary relief or remedy that is binding upon the Indemnified Party, including any restrictions on the Indemnified Party’s ability to operate or compete.

 5.        Limitations. Notwithstanding anything to the
contrary in this Agreement, any indemnification and exculpation by Owner under this Agreement is subject to any limitations imposed under Owner’s Articles of Incorporation or any amendments thereto. 

VI.        TERM 

6.A.    Term. This Agreement shall commence on the date first above written and shall continue
until terminated in accordance with the earlier to occur of the following: 

1.        Six years from the date of the commencement of the term hereof.
However, this Agreement will be automatically extended for successive six (6) year periods after the end of the initial term unless Owner or Manager gives at least ninety (90) days prior written notice of its intention to terminate the
Agreement; 
 2.        Immediately upon written notice by one party to
the other party upon the occurrence of any of the following: 

  
 20 

 (a)        A decree or order is
rendered by a court having jurisdiction: (i) adjudging the other party as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for the other party
under the federal bankruptcy laws or any similar applicable law or practice; or (ii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the other party or a substantial part of the property of the other
party, or for the winding up or liquidation of its affairs; 

(b)        The other party: (i) institutes proceedings to be adjudicated a
voluntary bankrupt or an insolvent; (ii) consents to the filing of a bankruptcy proceeding against it; (iii) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar
applicable law or practice; (iv) 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; (v) makes
an assignment for the benefit of creditors; (vi) 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 the first party; or (vii) takes corporate or other
action in furtherance of any of the aforesaid purposes; or 

(c)        The party providing such notice having Cause (after the expiration of
the relevant cure period); or 
 3.        Mutual consent of the
parties to terminate this Agreement. 
 Upon termination, the obligations of the parties hereto shall cease, provided that
Manager and Owner shall comply with the provisions hereof applicable in the event of termination and Manager shall be entitled to receive all compensation which may be due to Manager hereunder up to the date of such termination, and provided,
further, that if this Agreement terminates pursuant to clause 2 above, the parties shall have such other remedies as may be available at law or in equity. 
 6.B.    Manager’s Obligations After Termination. Upon the termination of this Agreement, Manager shall have the following duties: 

1.        Manager shall deliver to Owner, or its designee, all transferable
or assignable books and records with respect to the Properties. 

2.        Manager shall transfer or assign to Owner, or its designee, all
transferable or assignable 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. 

  
 21 

 3.        Manager shall render to
Owner an accounting of all funds of Owner in its possession and shall deliver to Owner a statement of 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. 
 4.        All provisions of this Agreement that require
Manager to have insurance, or to protect, defend, save, hold harmless and indemnify or to reimburse Owner shall survive any expiration or termination of this Agreement and, if Owner is or becomes involved in any claim, proceeding or litigation by
reason of having been Owner, such provisions shall apply as if this Agreement were still in effect. 
 Manager shall furnish all
such information and take all such action as Owner shall require to effectuate an orderly and systematic termination of Manager’s duties and activities under this Agreement. Manager hereby grants a limited power of attorney to Owner to endorse
any checks received in connection with the Properties and hereby assigns to Owner effective upon the date of such termination any and all rights Manager may have in and to the Properties’ records. 

6.C.    Owner’s Obligations Upon Termination. Owner shall pay or reimburse Manager for
any sums of money due it under the Management Agreement for services and expenses prior to termination of this Agreement. All provisions of this Agreement that require Owner to have insured, or to protect, defend, save, hold harmless and indemnify
or to reimburse Manager shall survive any expiration or termination of this Agreement and, if Manager is or becomes involved in any claim, proceeding or litigation by reason of having been Manager of Owner, such provisions shall apply as if this
Agreement were still in effect. The parties understand and agree that Manager may withhold funds for sixty (60) days after the end of the month in which this Agreement is terminated to pay costs and expenses previously incurred but not yet
invoiced and to close accounts. Should the funds withheld be insufficient to meet the obligations of Manager to pay costs and expenses previously incurred, Owner will, upon demand, advance sufficient funds to Manager to ensure fulfillment of
Manager’s obligation to do so, within ten (10) days of receipt of notice and an itemization of such unpaid costs and expenses. 
 6.D.    Removal of Properties from Schedule I. From time to time during the term of this Agreement, Owner shall have the right to amend Schedule I hereto by removing a given
Property (each, a “Removable Property”) from such Schedule I if and only if: 

1.        Owner shall sell, transfer, or convey title to such Removable Property
to a bona fide, non-Affiliate; provided; however; that Owner shall give at least thirty (30) days prior written notice of its intention to remove such Removable Property from Schedule I pursuant to this clause (1); or 

2.        Owner has Cause (after the expiration of the relevant cure period)
relating specifically to such Removable Property. 
 In addition, from time to time during the term of this Agreement, Manager
shall have the right to amend Schedule I hereto by removing a given Property from such Schedule I if and only if 

  
 22 

 
Manager has Cause (after the expiration of the relevant cure period) relating specifically to such Property. 
 VII.        COVENANTS AND WARRANTIES 
 7.A. Manager covenants and warrants that: 

1.        Manager is qualified to manage the Properties and perform the services
assumed hereunder has, and will have at the relevant time the resources, capacity, expertise and ability in terms of equipment, software, know-how and personnel to provide the services in the manner required under this Agreement; 

2.        Manager has all rights necessary to provide the services it is
obligated to provide under this Agreement; 
 3.        all reporting
and invoicing for services will be compatible with and integrate with Owner’s systems as communicated between the parties; 
 4.        Manager shall require any Third Party Sub-Managers to implement, at their own cost and expense, appropriate internal controls including an SAS 70 audit or
similar internal audit report; 
 5.        Manager’s use of any
software (other than its own software) or equipment relating to the services provided under this Agreement will not infringe the intellectual property rights of any other person; 

6.        Manager will supply the services promptly, diligently and
professionally, in accordance with the highest professional standards and practices; 

7.        the services will be fit for the purposes and meet the criteria set
out in the Reporting Requirements; 
 8.        Manager will:

 (a)        efficiently use the resources or services necessary to
provide the services; 
 (b)        perform the services in the most
cost-effective manner consistent with the required level of quality and performance; 

9.        Manager’s signing, delivery and performance of this Agreement
will not constitute: 
 (a)        a violation of any judgment, order
or decree; 
 (b)        a material default under any material contract
by which it or any of its assets are bound; or 

  
 23 

 (c)        an event that would,
with notice or lapse of time, or both, constitute such a default; 
 10.     Manager
has the requisite power and authority to enter into this Agreement and to carry out the obligations contemplated by this Agreement; 
 11.     Manager represents that it is and will continue to be an Equal Opportunity Employer; 

12.     Manager represents and warrants that (a) Manager and each person or entity owning
an interest in Manager is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation
(collectively, the “List”), and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law,
regulation, or Executive Order of the President of the United States, (b) none of the funds or other assets of Manager constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined),
(c) no Embargoed Person has any interest of any nature whatsoever in Manager (whether directly or indirectly), (d) none of the funds of Manager have been derived from any unlawful activity with the result that the investment in Manager is
prohibited by law or that the Agreement is in violation of law, and (e) Manager has implemented procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all
times. The term “Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The
Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Manager is prohibited by law or Manager is in violation of law; and 

13.     Manager covenants and agrees (a) to comply with all requirements of law relating
to money laundering, anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect, (b) to immediately notify Owner in writing if any of the representations, warranties or covenants set forth in this paragraph or the
preceding paragraph are no longer true or have been breached or if Manager has a reasonable basis to believe that they may no longer be true or have been breached, (c) not to use funds from any “Prohibited Person” (as such term is
defined in the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Owner under the Agreement and (d) at the request
of Owner, to provide such information as may be requested by Owner to determine Manager’s compliance with the terms hereof. Manager hereby acknowledges and agrees that Manager’s inclusion on the List at any time during the term of the
Agreement shall be a material default of the Agreement, and this Agreement shall automatically terminate. Notwithstanding anything 

  
 24 

 
herein to the contrary, Manager shall take commercially reasonable efforts not to permit the Property or any portion thereof to be used or occupied by any person or entity on the List or by any
Embargoed Person (on a permanent, temporary or transient basis), and any such use or occupancy of the Property by any such person or entity shall be a material default of the Agreement. 

VIII.        MISCELLANEOUS 

8.A.    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 and received when delivered in person or on the second (2nd) business day after its mailing by either party by registered
or certified United States mail, postage prepaid and return receipt requested, to the other party, at the addresses set forth after their respective name below or at such different addresses as either party shall have theretofore advised the other
party in writing in accordance with this Section 8.A. 
  

			
	 Owner:
	    	 CNL Properties Trust, Inc.
 Attention: Chief Financial Officer
 CNL Center at City Commons

450 South Orange Avenue
 Orlando, Florida 32801

		
	 Manager:
	    	 CNL Properties Manager Corp.
 CNL Center at City Commons
 450 South Orange Avenue

Orlando, Florida 32801

 8.B.    Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, and any action brought to enforce the
agreements made hereunder or any action which arises out of the relationship created hereunder shall be brought exclusively in the federal or state courts for Orange County, Florida. 

8.C.    Assignment; Subcontracting. Manager may not assign this Agreement either directly or
indirectly without the prior written consent of Owner. Notwithstanding the foregoing, Manager may, without the consent of Owner, (1) assign or delegate partially or in full its duties and rights under this Agreement and the fees and
compensation related thereto to a duly qualified Affiliate of Manager; or (2) subcontract with a duly qualified third-party to perform all or some of Manager’s duties and responsibilities under this Agreement as to one or more specific
Properties. Manager shall promptly notify Owner in writing of any such permitted assignment, delegation or subcontract. 
 8.D.    Certain Obligations of Manager. Due to the nature of the terms of the leases or third party management contracts (in either case the “Operator”) entered into
by Owner with Operator at certain Properties, Owner and/or Operator may be responsible for performing some of the property management services at any such Properties including, but not limited to, those services set forth in Sections 2.B, 2.C, 2.D
and 2.E of this Agreement. With 

  
 25 

 
respect to such Properties, unless otherwise requested by Owner, Manager shall only be responsible for the oversight of Owner’s and or Operator’s obligations pursuant to the applicable
lease or third party management contract terms, including, but not limited to, notifying Company of any deficiency in the performance of any of Owner’s or Operator’s lease obligations. 

8.E.    No Waiver. The failure of either party 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. 
 8.F.    Amendments. This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is sought. 

8.G.    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. 

8.H.    Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or
taken together, shall bear the signatures of all parties reflected thereon as the signatories. 

8.I.    Entire Agreement. This Agreement 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. 
 8.J.    Dispute Resolution. 

1.        Disputes Notice. If a dispute or difference
arises between Manager and Owner in respect of any fact, matter or thing arising out of, or in any way in connection with this Agreement, either party may give the other a written notice giving particulars of the dispute or difference. 

2.        Expert Determination. If the dispute is not
resolved within fourteen (14) days after a notice is given under Section 8.J.1 above, the dispute maybe submitted, by the party raising it, to an expert determination, by an industry expert agreed by the parties, or, if no agreement is
reached within twenty one (21) days of the notice under Section 8.J.1 above, appointed by the President of Building Owner’s and Manager’s Association “BOMA”, or if it no longer exists such organization which most
closely fulfils the functions which were carried out by BOMA. If an expert appointed under this Section 8.J.2: becomes unavailable prior to giving his or her determination; or otherwise does not give his or her determination within the time
required by Section 8.J.3; this Section 8.J.2 will reapply. 

3.        Procedure for Determination. The expert will:
act as an expert and not as an arbitrator; proceed in any manner he or she thinks fit; conduct any investigation which 

  
 26 

 
he or she considers necessary to resolve the dispute or difference; examine such documents, and interview such persons, as he or she may require; have regard to any submissions of the parties but
ignore all directions of the parties; make such directions for the conduct of the determination as he or she considers necessary; and give his or her determination within twenty seven (27) days of the referral of the dispute or such other time
agreed between the parties and need not give reasons for his or her determination. 

4.        Agreement. The parties must enter into an
agreement with the expert containing such terms as are reasonably required by the expert, including: 
 (a)    a release of any liability which the expert may otherwise incur for any act or omission, other than actual fraud, during the course of the determination of the dispute; and

 (b)    a term that each party will pay one-half of the expert’s costs. 

5.        Determination of Expert. The determination of the expert: must
be in writing; and will be final and binding upon the parties. 

6.        Continuation of Works. Despite the existence of
a dispute or difference between the parties Manager must: continue to provide the services; and otherwise comply with its obligations under the Agreement. 
 8.K.    Activities of Manager. The obligations of Manager pursuant to the terms and provisions of this Agreement shall not be construed to preclude Manager from engaging in
other activities or business ventures, whether or not such other activities or ventures are in competition with the Properties or the business of Owner. 
 8.L.    Independent Contractor. Manager and Owner shall not be construed as joint venturers or owners of each other pursuant to this Agreement, and neither shall have the power
to bind or obligate the other except as set forth herein. In all respects, the status of Manager to Owner under this Agreement is that of an independent contractor. It is expressly understood and agreed that payments hereunder shall be payments by
Owner to Manager as an independent contractor and not as an employee, partner or joint venture of Owner. 

8.M.    No Third-Party Rights. Nothing expressed or referred to in this Agreement will be
construed to give any Person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement, except for (a) such rights as shall inure to a
successor or permitted assignee pursuant to Section 8.C herein, (b) such rights as the Manager Indemnified Parties shall have pursuant to Sections 2.D, 2.E, and 5.D herein, and (c) such rights as the Owner Indemnified Parties shall
have pursuant to Section 5.D herein. 
 8.N.    Severability. The provisions of
this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole
or in part. 

  
 27 

 8.O.    Interpretation. This Agreement
shall be deemed to have been drafted jointly by the parties, and therefore no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted,
devised, or imposed such provision. 
 8.P.    Subordination. This Agreement, and any
and all rights of Manager hereunder, are and shall be subject and subordinate to any financing (whether senior financing, mezzanine level financing, or preferred equity) respecting the Properties (or any portion thereof) (collectively, the
“Property Financings”), and any Leases with respect to the Properties or any portion thereof, and all renewals, extensions, modifications, consolidations and replacements thereof, and to each and every advance made or hereafter to be made
under any such Property Financings or Leases. This section shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Manager shall promptly execute, acknowledge and deliver any
instrument that Owner, the landlord under any of the Leases or the holder of any such Property Financings or the trustee or beneficiary of any deed of trust or any of their respective successors in interest may reasonably request to evidence such
subordination. At any time and from time to time, upon not less than ten (10) business days prior notice from Manager or Owner, the certifying party shall furnish to the requesting party, or a designee thereof, an estoppel certifying that this
Agreement is unmodified and in full force and effect (or that this Agreement is in full force and effect as modified and setting forth the modifications), the date to which Manager has been paid hereunder, that to the knowledge of the certifying
party, no default or an event of default has occurred and is continuing or, if a default or an event of default shall exist, specifying in reasonable detail the nature thereof and the steps being taken to remedy the same, and such additional
information as the requesting party may reasonably request. Any subordination or estoppel furnished pursuant to this Section 8.P may be relied upon by Owner, and its affiliates, Lenders, and any prospective landlord or lender of the Property or
any portion thereof. Manager shall not unreasonably withhold its consent to any amendment to this Agreement reasonably required by such lender or lessor, provided that such amendment does not (i) increase Manager’s financial obligations
hereunder, or (ii) have a material adverse effect upon Manager’s rights hereunder, or (iii) materially increase Manager’s non-economic obligations hereunder. 

8.Q.    Confidential Information. Any and all books, records and information (regardless of
the form of disclosure or the medium used to store or represent it) which Manager first becomes aware through disclosure by Owner to Manager or otherwise through Manager’s involvement with Owner and its business operations (the
“Confidential Information”) are and shall remain the property of Owner but shall be made available to Manager for its use and knowledge in assuming the duties and responsibilities of Manager under this Agreement. Manager covenants with
Owner that it: will maintain the Confidential Information in strict confidence; will only use the Confidential Information for the purpose of carrying out its obligations under this Agreement; and will not disclose, or permit to be disclosed the
Confidential Information to any person without the prior written consent of Owner except as required by law. 

8.R.    Penalties for Non-performance. In the event that Manager fails to comply with the
terms outlined in this Agreement or in the Reporting Requirements, Owner may seek any 

  
 28 

 
remedy allowed at law or in equity. Any fee, late charge or penalty due to a third party and incurred from Manager’s non-performance, shall be paid by Manager. 

8.S.    Owner’s Representative. Owner may, by written notice to Manager, delegate all or
any portion of its authority hereunder to a designated representative of Owner (“Owner’s Representative”). All decisions made by Owner’s Representative shall be binding on Owner until Manager has received written notice of
Owner’s termination of such delegation. Owner hereby designates CNL Properties Manager Corp., a Florida corporation, as the initial Owner’s Representative with respect to all of Owner’s authority hereunder. 

[Remainder of Page Intentionally Left Blank – Signature Pages Follow] 

  
 29 

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

					
	CNL PROPERTIES TRUST, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CNL PROPERTIES TRUST, LP
		
	By:	 	CNL Properties Trust GP LLC, its general partner
		
	By:	 	CNL Properties Trust, Inc., its managing member
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	CNL PROPERTIES MANAGER CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 30 

 JOINDER 
 [to be executed by each Property owner concurrent with the addition of the Property owner’s 
 name to Schedule I] 
 The undersigned,
                                         
                   , a
                                        ,
as of this              day of
                                        ,
200        , hereby joins in the execution of the Property Management and Leasing Agreement dated
                                        ,
2008, to bind itself by all of the terms and conditions thereof. 
  

							
	 [
	 	  
	 	 ]
	 	

					
			
	 By:
	 	  
	 	

					
	 Name:
	 	  
	 	

					
	 Title:
	 	  
	 	

 SCHEDULE I 
 PROPERTIES TO BE MANAGED BY MANAGER 

 APPENDIX A 

SCHEDULE OF KEY EMPLOYEES 

 APPENDIX B 

GENERAL MONTHLY PROPERTY MANAGEMENT REPORTING 
 Monthly Report Timeline 
 All reports are due by the end of the 1st day of the following month. Reports can be attached directly into
the property management system. In the case when a designated day does not fall on a business day, the activity is to occur on the next business day of the month with each subsequent day moved back the respective amount of days. 

Cash activity is to be cut off in the property management on the 20th of the month to facilitate meeting final reporting deadlines per the following schedule (listed in Central time):

 Post all open cash batches by noon on the 20th of each month 
 After the next month’s tenant charges have been charged to the tenants, print the monthly statements and send out to the tenants by 2:00 pm on the 20th of each month 

Calculate the monthly management fee and print final monthly check run by 3:00 pm on the 20th of each month 

Owner to close A/R and A/P modules by 5:00 pm on the 20th of each month 
 Before month-end reports to be attached to property management system by end of the second business day following the 20th of each month 
 Manager company locked out of current month journal entries at 12:01 am on the fifth business day following the 20th of each month 
 After month-end reports to be attached to property management system by end of day first day of the new month 
 Monthly Property Management Report 
 The Monthly Property Management Report
is a narrative report summarizing the period’s activity for the property. The Monthly Property Management Report is due by the end of the 7th of each month and is to include all monthly operating activity through the end of the calendar month. The following
format should be used and include information based on the standard templates which can be found in the Standard Monthly Property Management Report Package document: 
 Table of contents 
  

	 	I.	 Income & Expense Summary with material variance commentary 

II.     Accounts Receivables – over 60 days and over $10,000 per tenant with
actions/recommendations (if in collection, refer to Litigation Report) 

  
 B-1

	 	III.	 Occupancy & Activity Summary 

  

	 	IV.	 Rollover Schedule – 12 to 18 months 

  

	 	V.	 Marketing Efforts 

 VI.    Major Capital & Tenant Improvements (see Extraordinary Expenditure Report for detail – add commentary to explain variance) 

 

	 	VII.	 Facilities Maintenance Update (Major repairs/preventative maintenance projects) 

 

	 	VIII.	 General Property Management & Administrative Initiatives and Issues 

 

	 	IX.	 Major Litigation Issues and Updates (Litigation Report) 

 

	 	X.	 Insurance and Real Estate Tax Issues 

  

	 	XI.	 Ownership Issues 

 Appendix: 
  

	 	-	 Extraordinary Expenditure Report 

  

	 	-	 Detailed Capital Expense Report 

  

	 	-	 Major Repairs Report 

  

	 	-	 Management Fee Calculation Reconciliation 

  

	 	-	 Excess Cash Distribution Statement 

  

	 	-	 Leasing Activity Report 

  

	 	-	 Square Footage Reconciliation Report 

  

	 	-	 Aged Delinquencies 

  

	 	-	 Detailed Variance Analysis 

  

	 	-	 Disbursements Report 

  

	 	-	 24-Month Rollover Schedule 

  

	 	-	 Letters of Credit – Upcoming Expirations 

 For detail/information regarding the monthly financial reporting requirements, review the information in Appendix C. 

  
 B-2

 APPENDIX C 

MONTHLY FINANCIAL REPORTING REQUIREMENTS 
 Instructions: 
 Submit the following monthly documents in a report entitled
Monthly Financial Reports in the order they are listed below no later than the 2nd business day of the following calendar month-end, unless otherwise identified, as a PDF file in the “Property” section within the property management system. 

 
  
 Budget to Actual Variance Analysis: 
 The Budget to Actual Variance Analysis
should include thorough explanations for all actual income and expense account balances which vary from the month-to-month budget by 10% or from the year-to-date budget by 5% AND which exceeds the maximum allowable dollar variance amount of
$5,000. The variance analysis should be completed according to Owner’s chart of accounts. 
  

 
 Trial Balances: 

The Property Manager must provide trial balances, in Owner’s chart of accounts, providing monthly activity in addition to the
applicable YTD balances for each reporting entity. 
  
  

Balance Sheet: 
 The Balance
Sheet contains the year-to-date balances for all assets, liabilities and equity for an individual property. 
  

 
 Income Statement: 

The Income Statement Summary contains both actual and budgeted income and actual and budgeted expense information at the major account
levels for both the current month and year-to-date. 
  
  

  
 C-1

 Bank Statement & Account Reconciliation: 

The current month’s operating bank statement and account reconciliation for the operating accounts must be included in the monthly
reporting package. Bank statements will end on the 20th of
each month. Each bank account must have its own reconciliation. 
  
  

Fixed Asset Additions: 
 Detail of fixed asset additions from the prior month will be reviewed for tax purposes. 
  

 
 Profit & Loss Statements:

 PNL statement actual vs. budget detail should be compared on a monthly and year-to-date basis. 

 
  
 Tenant Income Detail: 
 The Tenant Income Detail shows the beginning accounts
receivable balance, current month’s charges, amounts collected by type of income, and the ending accounts receivable balance. The end-of-month balance column should show any prepaid or delinquent accounts. The ending balance for the month
should always be carried forward to the following month’s report as the beginning balance. Please total all columns by account category at the end of the report. If necessary, provide a reconciliation of this report to the general ledger
account balances. 
  
  

Aged Accounts Receivable Report: 
 The Aged Accounts Receivable Report includes all delinquent receivables categorized by number of days past due. This should be reconciled to the end-of-month balance on the Tenant Income Detail. Balances
should not include security deposits. The report should include comments regarding attempts to collect and should include commentary for any balances greater than $50,000 that are also 60 days aged and all balances that are 90 days aged. 

 
  
 Doubtful Accounts: 
 In the event a reserve for doubtful accounts is established
to fairly state the collection probability of receivables, a schedule is required which reconciles the reserve balance to the general ledger and provides tenant level detail and applicable comments. 

 
  

  
 C-2

 Write-off Request Form: 

The Write-off Request Form verifies action was recommended by the Property Manager and Owner’s asset manager (“Asset
Manager”) to write-off accounts receivable amounts. A copy of the signed form should be submitted with the monthly accounting package when applicable. All write-off requests require Owner Board approval. 

 
  
 Free Rent and Rental Abatements: 
 A schedule of all free rent or rental abatement
activity should be included in the monthly accounting package. The accounting treatment and economics for such activity should be clearly explained. 
  

 
 Schedule of Deferred Rent
Concessions: 
 Property Manager will calculate and provide supporting schedules for applicable FASB 13 adjustments on a
lease-by-lease basis. Such adjustments will be included in the general ledger activity in accordance with US GAAP. Property Managers operating in Owner Yardi environment may not be subject to this requirement. Please confirm with your controller.

  
  
 Check Register: 
 The check register contains a detail of all checks written for
property expenditures during the current month. 
  
  

Expense Detail: 

The Expense Detail shows the expenses paid during the month by expense account. 

 
  
 Accounts Payable: 
 The Accounts Payable report represents invoices that have been
received and recorded, but checks have not been issued. If necessary, please provide a reconciliation of this report to the general ledger account balances. 
  

 

  
 C-3

 Accrual Schedules: 
 Accrual schedules must be submitted in the monthly accounting package detailing the accrual entries made to the general ledger in the current month. 

 
  
 Capitalization Policy: 
 Owner’s policy is to capitalize all lease
commissions in excess of $1,000 and for lease terms of greater than one year. Additionally, any single expenditure for a capital asset which equals or exceeds $5,000 should be capitalized. Any capital expenditure, regardless of amount, relating to a
project where total project costs equal or exceed $5,000, should also be capitalized. Please pay close attention to the definition of a capital asset in the capitalization policy. 

 
  
 Capital Expense: 
 All types of capital expenditures shall be recorded on a
schedule and submitted with the Monthly Financial Reports package. The “Capital Expenditures” form within the Accounting section of the Documents and Forms shows an example of how building improvements and tenant improvements should be
listed. Record in detail the monthly expenditures by project or tenant, as applicable. The estimated project cost should agree with the amount budgeted or the amount per the lease proposal. Construction in progress accounts should be used for
long-term construction projects until complete to reduce the potential of calculating depreciation on accrued capital or incomplete projects. The total paid per month should agree with the monthly accounting report. Copies of invoices should
accompany the capital schedules for all entries made to these accounts. Please note on the schedule the month in which a project is completed. A project is considered complete when the improvement is first put in a state of readiness and is
available for a specifically assigned function. Refer to the Capitalization Policy section above for further explanation on what can be capitalized. 
  

 
 Lease Commission: 

An example of recording lease commissions on a monthly basis can be found in the “Capital Expenditures” form within the
Accounting section in the Documents and Forms. This form details expenses during the month that were charged to account Capitalized Lease Commissions and/or account Non-capitalized Lease Commissions. Copies of invoices should accompany the
schedule for any entry to the lease commission capital account. Refer to the Capitalization Policy section above to determine whether a lease commission should be capitalized. 

 
  

  
 C-4

 Security Deposits: 
 All security deposit moneys will be kept by Owner in an account in the state in which the property is located. Due to differences in state laws, special consideration will be made for properties in states
with specific requirements. If you have questions, consult with your accountant and we will consult with appropriate parties in such instances. A list of security deposits, by tenant, will be required. Include a memo with the monthly accounting
report summarizing the monthly activity of security deposits for the property (i.e., amounts received by tenant, amounts applied to income or outstanding receivable balances due to move outs, etc.). 

 
  
 General Ledger: 
 Submit a General Ledger generated by the property management
system providing all detail activity and posted entries for the applicable reporting period. 
  

 
 Invoices: 

Send copies of all invoices for lease commissions, tenant improvements and capital improvements. Owner will calculate all depreciation
and amortization expense, thus the need for copies of the supporting documentation for audit purposes. 
  

 
 Accounting Period: 

The accounting period cut-off day is the 20th of each month. The monthly management report and supporting detail should be submitted to the property management
system as an attachment in the Property section no later than the 2nd business day of the following month. 
  

 
 Actuals Application: 

All monthly income and expenses must be entered into the property management system by Manager no later than the 2nd business day of the following month. 

 
  

  
 C-5

 Reforecast: 
 Due to the importance of projecting future operating results, a reforecast of the remaining future periods will be required on a monthly basis. This reforecast will include year-to-date actual information
as well as original budget and revised projections. Comments relating to % and revised assumptions as also required. 
  

 
 Distributable Cash: 

The Property Manager must provide a monthly calculation of excess cash available at the property indicating the cash available for
distribution to Owner. The projection should include the existing cash balance at the end of the period and applicable adjustments for accounts payable, accrued expenses, including real estate tax accrual and non-cash accruals, less a reasonable
working capital reserve. Future excess cash projections may also be required. 
  

 
 Consolidated Accounting:

 The Manager will be responsible for consolidation of the property information in a form and format acceptable to the Asset
Manager. 
  
  

Standard Templates: 
 The Property Management Company must provide monthly information via standardized templates required by Owner, such as Capital Expenditures, Budget to Actual Variance Analysis and Excess Cash
Distribution. The templates can be found in the Accounting section in the Documents and Forms. 

  
 C-6

 APPENDIX D 

ANNUAL REPORTING REQUIREMENTS 
 Annual Budgets: 
 Annual budgets are used to monitor the performance of
Owner’s real estate properties. The budgeting process begins every fall when Owner sends detailed information outlining budget reporting deadlines to help guide you through the budgeting process. 

Key points: 
 Questions regarding the annual budgets should be directed to your accountant. 
 Budgets shall contain estimated monthly cash flows, a list and explanation of assumptions used in arriving at projected leasing activity and rates, expenses and capital expenditures. 

Budgets must be prepared on an accrual basis. 

 
  
 Estimate of Deferred Maintenance & Capital Expenditure: 
 Manager shall,
for each calendar year, prepare and submit to Owner a proposed Capital Budget in a format approved by Owner for releasing expenses and the replacement, repair and maintenance of equipment or improvements of a capital nature on or about the Property.
Refer to the “General Requirements” and “Construction Guidelines and Procedures” sections of the Operating Guidelines for more details. 
  

 
 Operating Expense Reimbursement
Reconciliations: 
 Manager shall, for each calendar, year prepare and submit to Owner a schedule of operating expense
reimbursement reconciliations for review. 
  
  

1099-MISC Reporting: 
 Manager will continue to be responsible for reporting 1099 information to the Internal Revenue Service. Please determine the impact if utilizing the Yardi environment administered by Owner. If vendor
history is detailed in two property management systems, information should be combined for 1099 reporting, if applicable.Form of Service Agreement

 EXHIBIT 10.5 
 FORM OF SERVICE AGREEMENT 
 THIS SERVICE AGREEMENT
(“Agreement”) is made and entered into as of the      day of         , 2011 (the “Effective Date”), by and between CNL Capital Markets Corp.
(“CCM”), and CNL Properties Trust, Inc. (the “Issuer”). 
 WHEREAS, the Issuer has
prepared and filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-11 and intends to raise capital through this and other follow on offerings of securities to the public, each under Rule
415 (collectively, the “Offering”), pursuant to the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder; and 

WHEREAS, the Issuer desires to retain CCM to act as an agent on its behalf and to provide certain services in
connection with the Offering, as set forth herein, and CCM is willing and desires to accept such retention, all upon the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the terms and conditions hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed between CCM and Issuer (collectively, the “Parties”), as follows: 
  

	1.	 Appointment and Third Party Agreements 

A.        Transfer Agent Services. Subject to and in accordance with the
terms and conditions herein set forth, the Issuer hereby retains and appoints CCM to act as an agent duly authorized to act on its behalf for purposes of negotiating and executing on behalf of the Issuer a Transfer Agency and Service Agreement with
a duly registered transfer agent, Boston Financial Data Services, Inc., a Massachusetts corporation, or their successor in CCM’s sole discretion, for the purposes of obtaining transfer agent, registrar, paying agent and redemption agent
services for the term of the Offering (“the TASA Agreement”). 

B.        Electronic Account Services. Subject to and in accordance with
the terms and conditions herein set forth, the Issuer hereby retains and appoints CCM to act as an agent duly authorized to act on its behalf for purposes of negotiating and executing on behalf of the Issuer an agreement with an investor and
financial advisor online account and data access and service provider, DST Systems, Inc., a Delaware corporation, or their successor in CCM’s sole discretion, for the term of the Offering, (the “DST Agreement”). 

C.        Additional Agency. The Issuer hereby retains and appoints CCM to
act as an agent duly authorized to act on its behalf for purposes of negotiation and execution on behalf of the Issuer of any and all agreements ancillary to or required for completion of the services set forth in Exhibit A attached hereto, as
amended from time to time (collectively, the “Services”) in addition to the TASA Agreement and the DST Agreement (the TASA Agreement, the DST Agreement and these ancillary agreements, if any, collectively referred to as the “Service

 
Agreements”). CCM’s signature on any Service Agreement shall be fully binding upon the Issuer. Each act or omission of CCM under or pursuant to the Service Agreements is hereby adopted
by the Issuer as authorized and shall be binding on the Issuer as if it had acted or omitted to act. 

D.        Acceptance. CCM hereby accepts the appointment as agent and
agrees to perform the Services in accordance with the terms and conditions hereinafter set forth. In connection with the TASA Agreement and the DST Agreement and all services provided thereunder, CCM shall be considered as the Issuer’s agent,
and shall not be deemed to provide such services. The Issuer also acknowledges and accepts the terms and fees associated with the Service Agreements. 
  

	2.	 Services and Terms 

 A.        CCM shall perform the Services, pursuant to Issuer’s reasonable policies and procedures applicable to such Services as timely provided in writing to
CCM. 
 B.        CCM shall enter into the Service Agreements as set
forth above. 
 C.        CCM shall determine the levels and priorities
applicable to the Services and related actions taken in connection therewith, but shall in all cases performing Services within a commercially reasonable time as applicable. 

D.        In the event an investor, broker-dealer or financial advisor contacts
CCM regarding any of the issues set forth in Exhibit B attached hereto, CCM shall refer such investor, broker-dealer or financial advisor to another party per the written instructions of the Issuer. 

E.        Issuer hereby agrees that CCM shall have full discretion to engage
subcontractors and third-party service providers to perform, and assist CCM with the performance of, any and all of its obligations under this Agreement. 
 F.        It is intended that CCM be deemed an independent service provider and that no employment relationship shall be created between Issuer on the one hand and
CCM or CCM’s employees, agents or subcontractors on the other hand. 

G.        Nothing in this Agreement shall in any way be deemed to restrict the
right of CCM to perform services for any other person or entity, and the performance of such services for others shall not be deemed to violate or give rise to any duty or obligation to Issuer or any investor not specifically undertaken by CCM
hereunder. 
 H.        Issuer agrees to use reasonable efforts to
provide CCM (1) advance written notice in the event that there are any administrative changes to Issuer’s governing documents or business practices which changes would have an impact on the Services provided pursuant to this Agreement,
including, but not limited to, changes to Issuer’s dividend reinvestment plan, redemption plan, commissions and fees (including discounts) paid on sales of shares, share price, investor suitability standards, the states where shares are
offered, distribution rates or declaration and payable dates, introduction of new securities offerings, and changes in business practices pertaining to certification of shares, book entry, electronic delivery of information to stockholders; and
(2) prompt notice of Issuer’s filing of a Registration Statement or any other 

 
form with the Securities and Exchange Commission, and any amendments thereto, that affect the Services provided by CCM pursuant to this Agreement. 

I.        Within the sixty (60) day period after the effective date of this
Agreement, the parties hereto shall confer, diligently and in good faith, to agree upon (1) the operational service level standards that shall be measured under this Agreement, if any, and (2) the ongoing reports to the Issuer to be
provided under this Agreement, if any, and/or as they arise. 
  

	3.	 Compensation and Payments 

 As consideration for the provision of the Services under this Agreement, Issuer shall pay: (1) An annual fee calculated and payable as noted below and in Exhibit C attached hereto, (the “Annual
Service Fee”); (2) fees and payments paid directly to third parties for services provided to the Issuer in connection with a Service Agreement (“Service Agreement Fees”); and (3) fees and payments in connection with
Communications Services, defined and payable as noted in Exhibit C. In addition, Issuer may, at its sole discretion, request and pay for Additional Services, as defined herein. Issuer agrees to timely pay any and all fees due under this Agreement
and all Services Agreements. 
 A.        The Annual Service Fee

 The Annual Service Fee is paid as consideration for the covered Services described in Exhibit A attached
hereto. The Annual Service fee is calculated based upon CCM and the Issuer’s mutually agreed upon best efforts approximation of the average number of investor accounts that will be open over the entire course of the Agreement’s current
term. This average account approximation and the table in Exhibit C, may then be used to determine the Annual Service Fee. 
 The Annual Service Fee shall be paid in twelve (12) equal monthly installments, each payable in advance of the performance of the Services. By way of example, if the determined Annual Service Fee is
$120,000, CCM would invoice the Issuer for $10,000 on January 1, and then for an additional $10,000 on the first of each month thereafter through December 1. 

The number of monthly installment payments for the Annual Fee during the initial term of this Agreement shall equal the
number of months in the year from the Service Start Date, as defined below, through December, exclusive of the month in which the Service Start Date occurs. By way of example, if the Service Start Date occurs in April, the entire Annual Fee would be
payable in eight (8) equal monthly installments beginning May 1. The Service Start Date is defined as the first day upon which an investor account is opened for the Issuer. 

B.        Service Agreement Fees 

Service Agreement Fees are pass through fees billed directly to the Issuer by the party providing a Service under a
Service Agreement. The Issuer is exclusively responsible for their timely payment, and for any fees or costs associated with any late payments. In the event of a disputed payment, CCM will cooperate with Issuer to resolve the matter in accordance
with the terms of the applicable Service Agreement. Changes in pricing that result from changes in fees or new features or activities under a Service Agreement will be the sole responsibility of the Issuer.

 
Certain Service Agreements, including but not limited to the TASA Agreement, will contain fee and pricing features that are determined (1) based on actual specific performance of Services
for the Issuer; and (2) based upon aggregate numbers of investor accounts served by all CCM issuer clients that are beneficiaries of a given Service Agreement, including but not limited to the Issuer (the “Platform Size Benefits”).
Issuer acknowledges that CCM cannot control fluctuations in the aggregate number of issuer accounts that determine the calculation of Platform Size Benefits. 
 C.        Communication Services Fees 
 The Communications Services Fees are paid as consideration for the covered Communication Services described in Exhibit A attached hereto. Communication Services Fees are invoiced from CCM to Issuer based
on actual time spent providing the Communication Services at the hourly billing rate specified in Exhibit C. Out-of pocket expenses of CCM, including reasonable travel, lodging or other actual expenses incurred in connection with approved
Communications Services will also be invoiced to Issuer. CCM will provide Issuer with reasonably detailed invoices regarding all hourly fees and expenses. 
 Communication Services Fees may also include pass through fees billed directly to the Issuer by a third party providing a Communication Service, either under a Service Agreement or at the request of CCM
in connection with its completion of the Communication Services. The issuer is exclusively responsible for their timely payment, and for any fees or costs associated with any late payments. In the event of a disputed payment, CCM will cooperate with
Issuer to resolve the matter. 
 D.        Subsequent Pricing

 At least sixty (60) days before the expiration of the initial term of this Agreement or a Renewal Term
as defined in Section 8 hereof, CCM and the Issuer will agree upon a new Exhibit C fee schedule for the upcoming Renewal Term. Changes to the fee schedule in Exhibit C shall be effective upon written approval and an amendment to Exhibit C,
setting forth the new fee schedule, shall be attached as Amended Exhibit C to this Agreement. 
 In the event
the parties fail to agree upon a new fee schedule as of such date and neither party exercises its right to terminate by such date, an automatic pricing update to the Annual Fee shall take effect based on the following calculation: The Annual Fee
shall be adjusted at a minimum to an amount equal to the current Annual Fee paid by Issuer for the Services increased by the percentage increase for the twelve-month period of the previous calendar year of the CPI-W (defined below), or, in the event
that publication of such index is terminated, any successor or substitute index, appropriately adjusted, reasonably acceptable to the Parties. As used herein, “CPI-W” shall mean the Consumer Price Index for Urban Wage Earners and Clerical
Workers for Boston-Brockton-Nashua, MA-NH-ME-CT, (Base Period: 1982-84 = 100), as published by the United States Department of Labor, Bureau of Labor Statistics. 

E.        Payment Schedule 

All amounts due and payable under this Agreement, including all Exhibits thereto, shall be due and payable to CCM by
Issuer within thirty (30) calendar days of request for payment or reimbursement by CCM, except for any fees or expenses that are subject to good faith dispute. In the event of such a dispute, only that portion of the fee or expense subject to
the good faith 

 
dispute may be withheld. Issuer shall notify CCM in writing within thirty (30) calendar days following the receipt of each invoice if an Issuer is disputing any amounts in good faith
together with a statement specifying the portion of fees or expenses being withheld and a reasonably detailed explanation of the reasons for withholding such fees or expenses. If Issuer does not provide such notice of dispute within the required
time, the invoice will be deemed accepted. Whenever Issuer withholds payment of a disputed portion of any invoice, the parties hereto will negotiate expeditiously and in good faith to resolve any such disputes within thirty (30) calendar days
of the original notice of dispute. Issuer shall settle such disputed amounts within ten (10) calendar days of the day on which the parties hereto agree on the amount to be paid by payment of the agreed amount. If no agreement is reached, such
disputed amounts shall be settled as may be required by law or legal process. 

F.        Late Payments 

If any undisputed amount in an invoice (for fees or reimbursable expenses hereunder) is not paid when due, CCM may, after
prior written notice to the Issuer, charge such undisputed amount against any monies held under this Agreement on behalf of the applicable Issuer. Without limiting the foregoing, if any undisputed amount in an invoice of CCM (for fees or
reimbursable expenses) is not paid when due, or if any disputed amount in an invoice of CCM (for fees or reimbursable expenses) is not paid when due and is subsequently determined to have been due, Issuer shall pay CCM interest thereon (from due
date to the date of payment) at a per annum rate equal to one percent (1.0%) plus the Prime Rate (that is, the base rate on corporate loans posted by large domestic banks) published by the The Wall Street Journal (or, in the event such
rate is not so published, a reasonable equivalent published rate selected by CCM) on the first day of the publication during the month when such amount was due. Notwithstanding any other provision hereof, such interest rate shall be no greater than
permitted under applicable provisions of law. 
 G.        Additional
Services 
 From time to time Issuer may request that CCM provide services to it beyond those Services
contemplated in this Agreement (“Additional Services”). If CCM, in its sole discretion, determines that contemplated Additional Services may require employees of CCM to spend in excess of 20 work hours dedicated to such Additional
Services, CCM and Issuer shall negotiate a separate statement of work and fee schedule regarding such Additional Services. 
  

	4.	 Confidentiality of Records 

 A.        As used herein, “Issuer Data” means all information and facts owned by the Issuer or collected on behalf of the Issuer, including, without
limitation, any technical, business or investor information, of any kind, or in any form, format or medium (including, without limitation, all interrelated, unique data items or records in one or more computer files). CCM shall keep confidential any
Issuer Data it receives, maintains, processes or otherwise accesses while providing the Services contemplated herein and will use such Issuer Data solely for performing its obligations under this Agreement. CCM will not release Issuer Data except as
otherwise provided for in Section 4 or with the consent of Issuer. Notwithstanding the above, CCM may release Issuer Data to its nominees, subcontractors or third-party service providers, including providers under the Service Agreements
(“the Third Parties”), provided that each such 

 
Third Party shall be required by CCM to agree to comply with the terms of confidentiality in this Agreement or other substantially similar terms. 

B.        Issuer will provide CCM with such information as CCM may reasonably
require in order to comply with its duties under this Agreement. CCM will maintain such reports and records as Issuer may reasonably require and for such length of time as required by applicable laws, rules and regulations, and as set forth by
Issuer’s record retention policies, but at least as long as required by the record retention policy of CCM. 
 C.        All records, data files, material, reports and other data received pursuant to this Agreement are the property of Issuer, are confidential and will be
delivered to Issuer upon Issuer’s demand at Issuer’s expense. 

D.        Both CCM and the Issuer shall have in place reasonable privacy and
confidentiality policies and/or procedures in order to comply with all applicable privacy laws, rules and regulations and to safeguard all Issuer Data. Such policies and/or procedures shall be available for review by either CCM or the Issuer upon
request to the other party. 
 E.        Notwithstanding anything to the
contrary in this Agreement, CCM may disclose this Agreement and any amendments, terminations and renewals thereof to: (i) third party due diligence firms and their broker-dealer clients, upon such due diligence firm’s request, to
facilitate the review of Issuer’s offerings in connection with the sale thereof; or (ii) upon the advice of counsel; or (iii) as may be required by applicable laws, rules and regulations. 

F.        CCM is authorized to disclose information concerning Issuer Data to its
affiliates and to Third Parties as may be necessary solely in connection with the administration of or performance of this Agreement as set forth herein, to CCM’s internal and external auditors, accountants and counsel, and to any other person
or entity when so advised by counsel where CCM may incur liability for failing to do, including as may be required under applicable laws, rules and regulations or based upon requests by regulators or other government agencies. 

G.        Except for the agreement to exert reasonable efforts to attempt to
correct failures of any third party to operate in material compliance with the operational and confidentiality requirements provided herein and in their respective service agreements, CCM makes no warranty that errors or failures will not occur or
that they may be resolved. Except as expressly stated herein or for an incident arising from CCM’s gross negligence or willful misconduct, CCM expressly disclaims responsibility for breaches of confidentiality or for loss of confidential data
and Issuer Data by third parties. 
  

	5.	 Limitation of Liability; Indemnification 

  

	 	A.	 Limitation of Liability 

 1.          CCM shall not be liable for any Losses (as defined in Section 5.B.1.) or action taken or omitted or for any loss or injury resulting from
CCM’s (including, but not limited to, its agents, nominees and/or subcontractors) or third party service providers’ performance or failure to perform their respective duties hereunder in the absence of gross negligence or willful
misconduct on their respective parts. Except to the extent of CCM’s gross negligence or willful 

 
misconduct, in no event shall CCM be liable to Issuer, any investor, or any third party (i) for acting in accordance with Issuer’s instructions or instructions from any entity or
individual reasonably believed by CCM to be an agent of Issuer; (ii) for special, consequential or punitive damages; (iii) for the acts or omissions of its correspondents, designees, agents, subagents; (iv) any Losses (as defined in
Section 5.B.1.) due to forces beyond the reasonable control of CCM, including without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software or hardware) services; or (v) for any violation or alleged violation of any federal securities law or any “blue sky” or state securities law. With respect to any
Losses (as defined in Section 5.B.1.) incurred as a result of the acts or the failure to act by any correspondents, designees, agents, subagents, sub-agents, contractors or sub-contractors, CCM shall take appropriate action, as determined by
CCM in its sole discretion, to recover such Losses from such correspondents, designees, agents, sub-agents, contractors or sub-contractors, and CCM’s sole responsibility and liability to Issuer and investors shall be limited to such amounts, if
any, recovered from same less any costs and expenses incurred by CCM in any such recovery efforts. Except with respect to Losses resulting from CCM’s gross negligence or willful misconduct, with respect to any and all Losses howsoever arising
from or in connection with this Agreement or the performance of CCM’s (or its nominees’, subcontractors’ or third-party service providers’) duties hereunder, the enforcement of this Agreement and disputes between the Parties
hereto or otherwise related to CCM’s performance hereunder, CCM’s sole responsibility and aggregate liability to Issuer shall not exceed the amount of fees paid by Issuer to CCM (exclusive of costs and expenses incurred by CCM) pursuant to
Section 3 of this Agreement. 
 2.        Notwithstanding any
provisions of this Agreement to the contrary, CCM shall be under no duty or obligation to inquire into, and shall not be liable for: 
  

	 	i.	 The legality of the issue, purchase, sale, redemption or transfer of any securities, the sufficiency of the amount to be paid or received in
connection therewith, or the authority of Issuer to request such issuance, purchase, sale, redemption or transfer; 

  

	 	ii.	 The legality of the declaration of any dividend by Issuer, or the legality of the issue of any securities in payment of any stock dividend;

  

	 	iii.	 The legality of any recapitalization or readjustment of the securities; or 

 

	 	iv.	 The legality or accuracy of any tax reporting, withholding or cost basis reporting. 

3.        Third Party Information 

CCM shall have no responsibility for the accuracy of any information that has been provided by or obtained from third
parties. 
 4.        Trustee or Fiduciary 

 Nothing contained herein shall cause CCM to be deemed a trustee or
fiduciary for or on behalf of Issuer, any investor, or any other person. The Services provided by CCM hereunder are in addition to the services provided by CCM under any other agreements, if applicable, between the Parties. 

 

	 	B.	 Indemnification 

 1.          The Issuer agrees, to the extent permitted by applicable federal and state law (including, but not limited to, federal and state securities
law) to indemnify, defend and hold harmless CCM, and when appropriate, its agents, nominees and subcontractors, and their respective officers, directors, partners, employees, associated persons, agents and control persons against any and all losses,
claims, damages, liabilities and expenses, including reasonable legal (including attorneys’ fees), and other expenses (collectively referred to herein as “Losses”) incurred in investigating or defending such claims or liabilities,
joint or several, whether or not resulting in any liability to such persons, to which they or any of them may become subject, insofar as such Losses (or actions in respect thereof) arise out of or are based upon this Agreement or the performance of
their duties hereunder, the enforcement of this Agreement and disputes between the Parties hereto or otherwise related to CCM’s performance hereunder. Provided, however, that nothing contained herein shall require that CCM (or its agents,
nominees and subcontractors) be indemnified for direct money damages to the extent they are caused by its gross negligence or willful misconduct. Nothing contained herein shall limit or in any way impair the right of CCM to indemnification under any
other provision of this Agreement. For purposes of this Section B, “control persons” with respect to an entity, means those persons who possess, directly or indirectly, the power to direct or cause the direction of the management or
policies of such entity, whether through the ownership of voting securities, by contract, or otherwise. 

2.          CCM agrees, to the extent permitted by applicable federal
and state law (including, but not limited to, federal and state securities law) to indemnify, defend and hold harmless the Issuer, and its officers, directors, partners, employees, associated persons, agents and control persons, from and against any
and all Losses incurred in investigating or defending such claims or liabilities, joint or several, whether or not resulting in any liability to such persons, to which they or any of them may become subject, insofar as such Losses (or actions in
respect thereof) arise out of or are based upon this Agreement or the performance of their duties hereunder, the enforcement of this Agreement and disputes between the Parties hereto or otherwise related to Issuer’s performance hereunder.
Provided, however, that nothing contained herein shall require that Issuer (or its agents, nominees and subcontractors) be indemnified for direct money damages to the extent they are caused by its gross negligence or willful misconduct. Nothing
contained herein shall limit or in any way impair the right of Issuer to indemnification under any other provision of this Agreement. 
 3.          The parties hereto agree that CCM may assign to Issuer, at Issuer’s request, any and all rights of subrogation CCM may have against any
third party vendors, correspondents, agents, sub-agents, contractors, sub-contractors or consultants as and in full satisfaction of any obligation of indemnity CCM may have to Issuer under this Agreement. 

4.          Any indemnified party entitled to contribution or
indemnification will, promptly after receipt of such notice of commencement of any action, suit, proceeding or claim against him 

 
or it in respect of which a claim for contribution or indemnification may be made against another indemnifying party or indemnifying parties, notify such other indemnifying party or indemnifying
parties. Failure to so notify such other indemnifying party or indemnifying parties shall not relieve such other indemnifying party or indemnifying parties from any other obligation it or they may have hereunder or otherwise, unless the indemnifying
party has been materially prejudiced in its ability to defend the action as a result of such delay. If such other indemnifying party or indemnifying parties are so notified, such other indemnifying party or indemnifying parties shall be entitled to
participate in the defense of such action, suit, proceeding or claim at its or their own expense or in accordance with arrangements satisfactory to all parties who may be required to contribute. After notice from such other indemnifying party or
indemnifying parties to the indemnified party entitled to contribution or indemnification of its or their acknowledgement of its or their obligations hereunder and its or their election to assume its or their own defense, the indemnifying party or
indemnifying parties so electing shall not be liable for any legal or other expenses of litigation subsequently incurred by the indemnified party entitled to indemnification or contribution in connection with the defense thereof, other than the
reasonable costs of investigation. No party shall be required to contribute or provide indemnification with respect to the settlement amount of any action or claim settled without its consent, which shall not be unreasonably withheld. 

 

	6.	 Representations, Warrants and Covenants of CCM 

A.        CCM hereby represents, warrants and covenants during the full term of
this Agreement, that: 
 1.        It is duly organized and validly
existing under the laws of Florida with full power and authority to conduct its business. 

2.        It has the power and authority to enter into and perform this
Agreement; and the execution and delivery of this Agreement by CCM has been duly and validly authorized by all necessary action. This Agreement constitutes the valid and binding agreement of CCM, enforceable against it in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights generally and
by general equitable principles. CCM is not in violation of its articles of incorporation or bylaws or in default under any agreement or instrument the effect of which violation or default would be material to CCM. None of: (i) the execution
and delivery by CCM of this Agreement; (ii) the consummation by CCM of any of the transactions herein or therein contemplated; and (iii) the compliance by CCM with the provisions hereof or thereof, does or will conflict with or result in a
breach of any term or provision of the articles of incorporation or bylaws of CCM or conflict with, result in a breach, violation or acceleration of, or constitute a default under, the terms of any agreement or instrument to which CCM is a party or
by which it is bound or, to the knowledge of CCM, any statute, order or regulation applicable to CCM of any court, regulatory body, administrative agency or governmental body having jurisdiction over CCM. CCM is not a party to, bound by or in breach
or violation of any agreement or instrument or, to the knowledge of CCM, subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it that
materially and adversely affects, or may in the future materially and adversely affect: (i) the ability of CCM to 

 
perform its obligations under this Agreement; or (ii) the business, operations, financial conditions, properties or assets of CCM. 

3.        There are no actions or proceedings against, or investigations of, CCM
pending or, to the knowledge of CCM, threatened, before any court, arbitrator, administrative agency or other tribunal: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement; or (iii) that might materially and adversely affect the performance by CCM of its obligations under, or the validity or enforceability of, this Agreement. 

4.        CCM will, during the full term of this Agreement, abide by all
applicable provisions of its governing instruments, as the same may be amended. 
  

	7.	 Representations, Warrants and Covenants of Issuer 

A.        Issuer hereby represents, warrants and covenants during the full term
of this Agreement, that: 
 1.        It is duly organized and validly
existing under the laws of Maryland with full power and authority to conduct its business. 

2.        It has the power and authority to enter into and perform this
Agreement; and the execution and delivery of this Agreement by Issuer has been duly and validly authorized by all necessary action. This Agreement constitutes the valid and binding agreement of Issuer, enforceable against it in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights
generally and by general equitable principles. Issuer is not in violation of its articles of incorporation or bylaws or in default under any agreement or instrument the effect of which violation or default would be material to Issuer. None of:
(i) the execution and delivery by Issuer of this Agreement; (ii) the consummation by Issuer of any of the transactions herein or therein contemplated; and (iii) the compliance by Issuer with the provisions hereof or thereof, does or
will conflict with or result in a breach of any term or provision of the articles of incorporation or bylaws of Issuer or conflict with, result in a breach, violation or acceleration of, or constitute a default under, the terms of any agreement or
instrument to which Issuer is a party or by which it is bound or, to the knowledge of Issuer, any statute, order or regulation applicable to Issuer of any court, regulatory body, administrative agency or governmental body having jurisdiction over
Issuer. Issuer is not a party to, bound by or in breach or violation of any agreement or instrument or, to the knowledge of Issuer, subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency
or governmental body having jurisdiction over it that materially and adversely affects, or may in the future materially and adversely affect: (i) the ability of Issuer to perform its obligations under this Agreement; or (ii) the business,
operations, financial conditions, properties or assets of Issuer. 

3.        There are no actions or proceedings against, or investigations of,
Issuer pending or, to the knowledge of Issuer, threatened, before any court, arbitrator, administrative agency or other tribunal: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement; or (iii) that might 

 
materially and adversely affect the performance by Issuer of its obligations under, or the validity or enforceability of, this Agreement. 

4.        The Issuer acknowledges that CCM (1) is not a registered transfer
agent under Section 17A(c) of the Securities Exchange Act of 1934 and is not acting as a fiduciary or in the capacity of a transfer agent; and (2) is not a member of the Financial Industry Regulatory Authority (FINRA) and is not acting as
a broker or dealer in connection with performing Services for the Issuer. 

5.        Issuer will, during the full term of this Agreement, abide by all
applicable provisions of its governing instruments, as the same may be amended. 
  

	8.	 Term and Termination 

 A.          The initial term of this Agreement shall commence on the Effective Date as noted above and shall expire on December 31, 2011. Upon
the expiration of such initial term or any renewal thereof, this Agreement shall then automatically be renewed for an additional one (1) year period (each such renewal, a “Renewal Term”). Renewal Terms exactly align with a given
calendar year. Notwithstanding the above, the Agreement may otherwise be terminated earlier as follows: 

1.        By either CCM or Issuer, after having given the other party at least
one-hundred twenty (120) calendar days advance written notice of its intent to terminate. 

2.        In the event that CCM shall fail to perform material services hereunder
and such failure may result in a material adverse effect on Issuer’s business, Issuer may terminate this Agreement immediately on written notice to CCM. 
 B.          In the event that this Agreement is terminated, regardless of the reason for such termination, CCM agrees to cooperate with Issuer to provide
for an orderly transfer of functions to the successor service provider. 
  

	9.	 Survival of Terms 

 The provisions of Section 4 (Confidentiality of Records) and Section 5 (Limitation of Liability; Indemnification) shall survive any termination of this Agreement. 

 

	10.	 Notices 

 Unless otherwise provided herein, all notices or other communications under this Agreement must be in writing and signed by an authorized officer (or such other persons as either party shall specify in
written notice to the other). 
 All such notices shall be deemed given and received when delivered by hand or
facsimile transmission in conjunction with a transmission confirmation, or after three (3) days following placement in the U.S. mail addressed to the other party, first class certified mail, or via overnight courier service, at the applicable
address set forth in this Section. 

 If sent to CCM: 
  

			
		 	 CNL CAPITAL MARKETS CORP.
 CNL Center at City Commons
 450 South Orange Avenue

Orlando, Florida 32801
 Attention: Nathan P. Headrick, Corporate Counsel

 If sent to the Issuer:

  

			
		 	 CNL Properties Trust, Inc.
 CNL Center at City Commons
 450 South Orange Avenue

Orlando, Florida 32801
 Attention: Holly Greer, Senior Vice President

  

	11.	 Nonwaiver 

 The failure of any party to insist upon or enforce strict performance by any other party of any provision of this Agreement or to exercise any right under this Agreement shall not be construed as a waiver
or relinquishment to any extent of such party’s right to assert or rely upon any such provision or right in that or any other instance; rather, such provision or right shall be and remain in full force and effect. 

 

	12.	 Assignment 

 Except for the assignment by CCM (i) to a successor corporation upon the merger or consolidation of CCM, (ii) to an affiliate of CCM, or (iii) upon the sale of all or substantially all of
CCM’s business of providing services similar to the Services, this Agreement shall not be assigned by any party hereto without the prior written consent of the other party hereto. 

 

	13.	 Governing Law and Venue 

 This Agreement shall be construed in accordance with the applicable laws of the State of Florida, excluding the choice of law provisions thereof. Any aggrieved party may proceed to enforce its rights in
the appropriate action at law or in equity. Venue for all suits arising out of this Agreement shall lie exclusively in the courts of Orange County, Florida. By execution of this Agreement, each party hereby submits itself to the in personam
jurisdiction of all courts of Orange County, Florida, and waives any right they may have to seek any change of jurisdiction or venue. 
  

	14.	 Severability 

 In the event any provision of this Agreement shall for any reason be held to be invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be unimpaired and the invalid, illegal
or unenforceable provision shall be replaced by a mutually acceptable provision, which, being valid, legal and enforceable, comes closest to the intention of the Parties. 

	15.	 Use of CCM’s Name 

 Issuer shall obtain the prior written consent of CCM for any reference to CCM or to services to be furnished by CCM in any communication or document, except as required to be disclosed in any document
filed with the SEC; provided that CCM shall have no responsibility or liability for the content of any such communication or document. 
  

	16.	 Headings 

 The section and paragraph headings contained herein are for convenience and reference only and are not intended to define or limit the scope of any provision of this Agreement. 

 

	17.	 Counterparts 

 This Agreement may be executed in counterpart copies, each of which shall be deemed an original but all of which together shall constitute one and the same instrument comprising this Agreement.

  

	18.	 Attorneys’ Fees 

 Unless otherwise contemplated in this Agreement, the parties hereto agree to pay their own attorneys’ fees and costs as may be incurred in negotiating, preparing and drafting this Agreement, whether
the same is finally entered into and executed or not. 
  

	19.	 Amendment; Entire Agreement 

 No modification, amendment, supplement to or waiver of this Agreement or any of its provisions shall be binding upon CCM or Issuer unless made in writing and duly signed by authorized officers of each of
CCM and Issuer. This Agreement constitutes the entire understanding between the parties hereto, and all prior or contemporaneous correspondence, conversations or memoranda are merged in, replaced by and without effect on this Agreement. 

(signature page follows) 

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

	
	CNL CAPITAL MARKETS CORP. (“CCM”)
	
	 By:
                                        
                        

	
	 Name: Timothy J. Seneff

	
	 Title: Chief Executive Officer

	
	CNL PROPERTIES TRUST, INC. (“ISSUER”)
	
	 By:
                                        
                        

	
	 Name:
                                        
                   

	
	 Title:
                                        
                      

 EXHIBIT A 
 Services 
 Services Covered by the Annual Service Fee 

 

	—	 	 Answer and resolve all incoming administrative calls from broker/dealers and financial advisors 

	—	 	 Negotiate and set up interactive voice response strategy & call flows 

	—	 	 Respond to incoming phone calls, e-mails, faxes, web, and mail correspondence relating to administrative services 

	—	 	 Develop, maintain and/or seek approvals for or consultative services on administrative forms (hard copy or electronic) required for daily operations
(including the subscription agreement; investor, financial advisor or custodian administrative form changes; Transfer on death forms; Distribution Reinvestment Plan forms; Redemption forms 

	—	 	 Ensuring updated forms are posted to www.cnlsecurities.com or other web venues as they become applicable (e.g. Vision) and facilitating the
accurate dissemination of these documents to the issuer websites 

	—	 	 Oversee and administer e-delivery program for investor communications including tax forms, quarterly statements, proxies and annual reports

	—	 	 Facilitate, oversee and act as a liaison to the transfer agent on behalf of the Issuer for the following non-exclusive list of services:

	 	¡
 	 	 Facilitate contracting, pricing and service level agreement negotiation 

	 	¡
 	 	 Oversight of transfer agents, technology vendors, telephone vendors, printers, statement companies, DTCC, and qualified plan custodians.

	 	¡
 	 	 Facilitate new product / new offering procedures as they pertain to systems and technologies. 

	 	¡
 	 	 Oversight of investor-qualified plan custodian calls 

	 	¡
 	 	 Oversight of distributions processing and communications 

	 	¡
 	 	 Oversight of commissions processing and communications 

	 	¡
 	 	 Oversight of rescissions processing and communications 

	 	¡
 	 	 Processing of redemptions and tracking and communication of the same 

	 	¡
 	 	 Oversight of deposit processing 

	 	¡
 	 	 Oversight of ownership transfer, resales and secondary market oversight, if applicable, such as tracking trends, unusual activity.

	 	¡
 	 	 Oversight of tax form generation and, where applicable; organizing the printing, mailing, re-printing, and electronic availability of the same.

	 	—	 	 Implementation of mandatory cost basis regulation 

	 	¡
 	 	 Oversight and development of Vision, FAN Web (Financial Advisor and Investor transactional websites) and FAN Mail. 

	 	¡
 	 	 Facilitation and servicing of investments by foreign investors, if allowable. 

	 	¡
 	 	 Oversight of various statement coordination, including account, distribution and confirmation statements 

	 	¡
 	 	 Ensure invoice reconciliation from various vendors (by providing confirmation that vendors are adhering to the contracted pricing & terms)

	—	 	 Provide analysis and consultative services, as needed, regarding transfer agent, custodial fund clearing services and related strategies

	—	 	 Provide Issuer support, as needed, for business or regulatory purposes (including position reports and investor counts)

	—	 	 Facilitate, but not undertake, customer and advisor oversight of: 

	 	¡
 	 	 Transfer agent compliance and regulatory issues (SEC, FINRA, OFAC, Privacy Acts, and the Electronic Transactions Act) 

	 	¡
 	 	 Blue sky matters (including communication and reporting to prevent blue sky violations) 

	—	 	 Internal & external client services training on processes and procedures 

	—	 	 Perform outbound research and problem resolution calls (as it pertains to not-in-good-order “NIGO” issues) 

	—	 	 Responding to all escalated issues including but not limited to: 

	 	¡
 	 	 Investor and financial advisor phone calls 

	 	¡
 	 	 New business and maintenance issues and cures 

	 	¡
 	 	 Lost shareholder / escheatment 

	 	¡
 	 	 TIN certifications / IRS B & C notices 

	—	 	 Maintenance and supervision of Vision and CNL Securities Corp. website log-in’s 

	—	 	 Act as liaison to clearing firms, custodians and broker-dealers, including set up, problem-resolution, running reports, and reconciliations

	—	 	 Executive Management & Ad-hoc reports 

	—	 	 Generation of investor & financial advisor communications and provide consultation regarding the same 

	—	 	 Facilitation of systems enhancement / development and provide consultation regarding the same 

	—	 	 Development and maintenance of a data bridge for sales and tax reporting 

	—	 	 Assist in negotiation and continued oversight of custodial accounts and /or escrow arrangements 

	—	 	 Oversee and maintain the Marketing Distribution Center 

 Exhibit A 
 Services Covered by the Communications Services Fee 
  

	—	 	 Development of investor and financial advisor statements 

	—	 	 Development of fund investor stationery 

	—	 	 Development of operational forms and instructions 

	—	 	 Development and implementation of branding 

	—	 	 Creation of budget & planning for the next year 

	—	 	 Development of issuer biographies 

	—	 	 Provide investor relations/communications services 

	 	¡
 	 	 General communication traffic coordination 

	 	¡
 	 	 Corporate restructuring 

	 	¡
 	 	 Coordinate and administer proxy firm and related services, including solicitation 

	—	 	 Coordinate approvals, print & distribute/mail (as needed): 

	 	¡
 	 	 Valuation letters 

	 	¡
 	 	 Tender offers 

	 	¡
 	 	 Notice of deemed distribution approach 

	 	¡
 	 	 Distribution declaration 

	—	 	 Draft, coordinate approvals, print & distribute: 

	 	¡
 	 	 Annual and quarterly reports 

	 	¡
 	 	 Cover letter & envelopes for prospectus 

	 	¡
 	 	 Error letters 

	 	¡
 	 	 Statement updates (i.e. statement messages, tax messages) 

	 	¡
 	 	 Crisis and other communications as needed 

	 	¡
 	 	 Q&A’s 

	—	 	 Manage and/or communicate through corporate events: 

	 	¡
 	 	 Name changes 

	 	¡
 	 	 Liquidation events 

	 	¡
 	 	 Lawsuits 

	 	¡
 	 	 Tax issues 

	 	¡
 	 	 FA e-mails (announcements, press releases, etc.) 

	 	¡
 	 	 Other matters as they arise 

	—	 	 Manage platform communications: 

	 	¡
 	 	 Monthly e-newsletter 

	 	¡
 	 	 Arrange conference calls to BD/FA community 

	—	 	 Coordinate and maintain investor section of issuer website 

	 	¡
 	 	 Post forms & filings 

	 	¡
 	 	 Arrange and test FanWeb and other links 

	 	¡
 	 	 Maintain/communicate other content as needed 

 EXHIBIT B 
 Issuer Service Escalations to Issuer and Its Designee 
  

	•	 	 Legal requests 

  

	•	 	 Requests for shareholder lists 

  

	•	 	 Redemption requests when forms are received after the deadline 

 

	•	 	 Rescission requests 

  

	•	 	 Foreign investor approvals 

  

	•	 	 Questionable resales 

  

	•	 	 Some transfers requiring legal back up 

 EXHIBIT C 
 Annual Fee Schedule 
 The following table is to be used in calculating the Annual
Fee: 
  

					
	 Projected Average
	  	 	Annual Fee	  
	 Number of Investors
	  			
	 0-1,000
	  	$	25,000	  
	 1,000-2,000
	  	$	75,000	  
	 2,000-5,000
	  	$	125,000	  
	 5,000-10,000
	  	$	250,000	  
	 10,000-20,000
	  	$	400,000	  
	 20,000-30,000
	  	$	500,000	  
	 30,000-40,000
	  	$	700,000	  
	 40,000-60,000
	  	$	1,000,000	  
	 60,000-80,000
	  	$	1,400,000	  
	 80,000-100,000 or more
	  	$	1,775,000	  

 For the term of this Agreement, the
Annual Fee is $xxxxxxxx. 
 Communications Services Fees 
 For the term of this Agreement, Communications Services shall be billed to Issuer at a rate of $xxx per hour.

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