Document:

Exhibit 10.3

 

EXECUTION VERSION

 

HAZARDOUS MATERIALS INDEMNITY AGREEMENT

 

THIS HAZARDOUS MATERIALS
INDEMNITY AGREEMENT (the “Agreement”) is made as of December 28, 2017, by THE PARTIES LISTED ON SCHEDULE
I attached hereto (collectively, the “Borrowers”), and HEALTHCARE TRUST OPERATING PARTNERSHIP,
L.P., a Delaware limited partnership (“Sponsor”) (together with Borrowers, individually and collectively,
the “Indemnitor”), for the benefit of CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association,
as administrative agent for the Lenders (as defined below) under the hereinafter described Loan Agreement (together with its successors
and permitted assigns in such capacity, “Administrative Agent”), for the benefit of the Secured Parties.

 

RECITALS

 

A.          Contemporaneously
with the execution of this Agreement, Borrowers have executed and delivered to Administrative Agent and Lenders that certain Loan
Agreement (as amended, restated, supplemented, or otherwise modified from time to time, the “Loan Agreement”),
among Borrowers, Administrative Agent, the financial institutions from time to time party thereto (collectively, “Lenders”),
and the other parties from time to time party thereto, and one or more promissory notes (as amended, restated, supplemented, or
otherwise modified from time to time, and together with all notes executed in renewal, extension, replacement and substitution
therefor, collectively, the “Notes”) in the aggregate principal amount of Eighty Two Million and No/Dollars
($82,000,000.00) in evidence of the loan (as renewed, amended, increased and extended from time to time, the “Loan”)
made by Lenders to Borrowers. All capitalized terms herein shall have the meanings ascribed to them in the Loan Agreement unless
otherwise defined in this Agreement.

 

B.          The
Loan is secured in part by those certain Deeds of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing;
and Mortgages, Assignment of Leases and Rents, Security Agreement and Fixture Filing, each dated the date hereof given by Borrowers
to Administrative Agent (for the benefit of Lenders) (collectively, the “Mortgages”). The Mortgages encumber
Borrowers’ interest in and to the real and personal property described in the Mortgages (collectively, the “Mortgaged
Property”).

 

C.          Lenders
have required, as a condition of funding the Loan, that Indemnitor indemnify and hold Administrative Agent and Secured Parties
harmless against and from certain obligations for which Administrative Agent or Secured Parties may incur liability, by reason
of the threat or presence of any Hazardous Materials at the Mortgaged Property, all as more particularly described herein.

 

D.          Sponsor
is the owner of a direct or indirect interest in Borrowers, and Sponsor will directly benefit from Lenders’ making the Loan
to Borrowers.

 

    ENVIRONMENTAL INDEMNITY AGREEMENT
HTI Senior Loan
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NOW, THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitor,
intending to be legally bound, hereby agrees as follows:

 

1.           Recitals.
The foregoing recitals are incorporated into this Agreement by this reference.

 

2.           Indemnity.

 

2.1         In
accordance with the terms of the Loan Agreement, all risk of loss associated with non-compliance with Environmental Laws, or with
the presence of any Hazardous Materials at, upon, within, or otherwise affecting the Mortgaged Property lies solely with the Indemnitor
and the Indemnitor has agreed to bear all risks and costs associated with any loss, damage or liability therefrom, including all
costs of removal of Hazardous Materials or other remediation required by Administrative Agent or by law. Indemnitor shall at all
times indemnify, defend and hold Administrative Agent and Secured Parties, their respective affiliates, shareholders, partners,
members, directors, officers, employees, agents, successors and assigns (individually and collectively, “Indemnitees”)
harmless from and against any and all Liabilities incurred by Indemnitees, whether as mortgagee under the Mortgages, as a mortgagee
in possession, or as successor-in-interest to Borrowers by foreclosure deed or deed in lieu of foreclosure, and whether based in
contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law, including those Liabilities
arising from the joint, concurrent or comparative negligence of Administrative Agent or Secured Parties and including any Liabilities
arising out of or associated, in any way, with the following:

 

(a)       the
non-compliance of the Borrowers or the Mortgaged Property with Environmental Laws;

 

(b)       any
discharge or release of Hazardous Materials, the threat of discharge or release of any Hazardous Materials or the storage or presence
of any Hazardous Materials affecting the Mortgaged Property in violation of Environmental Law;

 

(c)       any
personal injury (including wrongful death) or property damage (real or personal) arising out of or related to the discharge or
release of Hazardous Materials, the threat of discharge or release of any Hazardous Materials or the storage or presence of any
Hazardous Materials affecting the Mortgaged Property in violation of Environmental Law;

 

(d)       any
lawsuit brought or threatened, settlement reached, or government order relating to the discharge or release of Hazardous Materials,
the threat of discharge or release of any Hazardous Materials or the storage or presence of any Hazardous Materials affecting the
Mortgaged Property in violation of Environmental Law;

 

(e)       a
material breach of any representation, warranty or covenant contained in any of the Loan Documents relating to Hazardous Materials
or Environmental Laws not cured within any applicable grace or notice period; and

 

(f)       the
imposition of any environmental lien encumbering the Mortgaged Property;

 

    ENVIRONMENTAL INDEMNITY AGREEMENT
HTI Senior Loan
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provided, however, Indemnitor shall not be
liable under such indemnification (i) to the extent such Liabilities result solely from any Indemnitee’s gross negligence
or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction, (ii) matters resulting
solely from the actions or omissions of any Indemnitee taken after any such parties or any third parties have taken title to, or
exclusive possession of the Property, (iii) solely out of Hazardous Materials in or on the Mortgaged Property or any violations
of Environmental Law that were not present prior to the date that Administrative Agent, any Secured Party or any assignee, designee
or nominee thereof or any other Person takes possession of or acquires title to the Mortgaged Property whether by foreclosure of
the Mortgaged Property, foreclosure of the Pledged Interests (as defined in the Assignment of Ownership Interests), exercise of
power of sale, acceptance of a deed or assignment-in-lieu of foreclosure, or otherwise.

 

Indemnitor’s obligations
under this Agreement shall arise upon the discovery of the presence of any Hazardous Materials in violation of Environmental Law,
whether or not the Environmental Protection Agency, any other federal agency or any state or local environmental agency has taken
or threatened any action in connection with the presence of any Hazardous Materials and whether or not the existence of any such
Hazardous Materials or potential liability on account thereof is disclosed in the Site Assessment, and subject to the previous
paragraph and Section 2.2 below, shall continue notwithstanding the repayment of the Loan or any transfer or sale of any
right, title and interest in the Mortgaged Property (by foreclosure, deed in lieu of foreclosure or otherwise).

 

2.2         Indemnitor
hereby acknowledges and agrees that the provisions of this Agreement shall supersede any provisions in the Loan Documents which
in any way limit the liability of Indemnitor, and that Indemnitor shall be personally liable for any and all obligations arising
under this Agreement even if the amount of liability incurred exceeds the amount of the Loan. All of the representations, warranties,
covenants and indemnities of this Agreement shall survive the repayment of the Obligations and/or the release of the lien of the
Mortgages from the Mortgaged Property, and shall survive the transfer of any or all right, title and interest in and to the Mortgaged
Property by Borrowers to any party. Indemnitor hereby acknowledges and agrees that, notwithstanding anything contained in any of
the Loan Documents to the contrary, this Agreement and the obligations of Indemnitor under this Agreement shall not be secured
by the Mortgages or any other Loan Documents or any other mortgage, deed of trust or other security document securing any obligations
of Borrowers in connection with the Loan. Notwithstanding the foregoing or anything contained in this Agreement or any other Loan
Documents to the contrary, if, (a) at any time after the third anniversary of repayment in full of the Obligations, whether at
maturity, as a result of acceleration, in connection with prepayment or otherwise, or (b) with respect to any Project that is released
from the lien of the applicable Security Instrument in accordance with the terms of Section 2.18 of the Loan Agreement, at any
time after the third anniversary of the effective date of such release, Administrative Agent is provided with an updated Site Assessment
of the related Project indicating, to Indemnitee’s reasonable satisfaction, that there are no Hazardous Materials located
on, in, above or under such Project in violation of any applicable Environmental Laws, then the obligations and liabilities of
Indemnitor under this Agreement shall cease and terminate with respect to such Projects. Notwithstanding the provisions of this
Agreement to the contrary, the liabilities and obligations of Indemnitor hereunder shall not apply to the extent that such liabilities
and obligations arose solely from Hazardous Substances that: (a) were not present on or a threat to any Project prior to the date
that Administrative Agent or its nominee acquired title to such Project, or to the Pledged Interests of the Indemnitor owning such
Project, whether by foreclosure, exercise of power of sale or otherwise, and (b) were not the result of any act or negligence of
Indemnitor or any of Indemnitor’s affiliates, agents or contractors.

 

    ENVIRONMENTAL INDEMNITY AGREEMENT
HTI Senior Loan
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2.3         Notwithstanding
any provision in this Agreement or elsewhere in the Loan Documents, or any rights or remedies granted by the Loan Documents, Administrative
Agent and Secured Parties do not waive and expressly reserve all rights and benefits now or hereafter accruing to Administrative
Agent and Secured Parties under the “security interest” or “secured creditor” exception under applicable
Environmental Laws, as the same may be amended. No action taken by Administrative Agent or Secured Parties pursuant to the Loan
Documents shall be deemed or construed to be a waiver or relinquishment of any such rights or benefits under the “security
interest exception.”

 

2.4         A
separate right of action hereunder shall arise each time Administrative Agent or Secured Parties acquire knowledge of any violation
of any of the terms hereof. Separate and successive actions may be brought hereunder to enforce any of the provisions hereof at
any time and from time to time. No action hereunder shall preclude any subsequent action, and Indemnitor hereby waives and covenants
not to assert any defense in the nature of splitting of causes of action or merger of judgments.

 

2.5         Upon
written request by Administrative Agent, Indemnitor shall defend Administrative Agent and Secured Parties (and if requested by
Administrative Agent, in the name of Administrative Agent for the benefit of Secured Parties) by attorneys and other professionals
reasonably approved by Administrative Agent. Notwithstanding the foregoing, Administrative Agent may, in its reasonable discretion,
engage its own attorneys and other professionals to defend or assist it, and, at the option of Administrative Agent, its attorneys
shall control the resolution of any claim or proceeding, provided that no compromise or settlement shall be entered without Indemnitor’s
consent, which consent shall not be unreasonably withheld. Upon demand, Indemnitor shall pay or, in the sole and absolute discretion
of Administrative Agent, reimburse Administrative Agent for the payment of reasonable fees and disbursements of attorneys, engineers,
environmental consultants, laboratories and other professionals in connection therewith.

 

3.           Covenants
of Indemnitor.

 

3.1         Indemnitor
shall (i) comply in all respects with applicable Environmental Laws and undertake reasonable steps to the protect the Mortgaged
Property from Hazardous Materials; (ii) notify Administrative Agent promptly following Indemnitor’s discovery of any spill,
discharge, release or presence of any Hazardous Material at, upon, under, within or otherwise affecting the Mortgaged Property;
(iii) promptly remove any Hazardous Materials and remediate the Mortgaged Property to the extent required by and in full compliance
with applicable Environmental Laws; and (iv) promptly forward to Administrative Agent copies of all orders, notices, permits, applications
or other written communications and reports received by Indemnitor in connection with any spill, discharge, release or the presence
of any Hazardous Material or any other matters regulated by the Environmental Laws, as they may affect the Mortgaged Property or
Indemnitor.

 

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HTI Senior Loan
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3.2       Indemnitor
shall not cause and shall prohibit any other Person from (i) causing any spill, discharge or release, or the use, storage, generation,
manufacture, installation, or disposal, of any Hazardous Materials at, upon, under, within or about the Mortgaged Property or the
transportation of any Hazardous Materials to or from the Mortgaged Property, (ii) installing any underground storage tanks at the
Mortgaged Property in each case in violation of applicable Environmental Law, or (iii) conducting any activity that requires a
permit or other government or quasi-government authorization under Environmental Laws without the prior written consent of Administrative
Agent.

 

3.3       Indemnitor
shall provide to Administrative Agent, at Indemnitor’s expense promptly upon the written request of Administrative Agent
from time to time, a Site Assessment or, if required by Administrative Agent, an update to any existing Site Assessment, to assess
the presence or absence of any Hazardous Materials and the potential costs in connection with abatement, cleanup or removal of
any Hazardous Materials found on, under, at or within the Mortgaged Property, in each case in violation of applicable Environmental
Law. Indemnitor shall pay the cost of no more than one such Site Assessment or update in any twelve (12) month period, unless (a)
Administrative Agent’s request for a Site Assessment is based on information provided under Section 3.1, or (b) there
exists credible evidence that there is reasonably likely to be Hazardous Materials at or near the Mortgaged Property, a breach
of representations under Section 7, or an Event of Default relating to a failure to comply with applicable Environmental
Law, in which case any such Site Assessment or update shall be at Indemnitor’s expense.

 

4.           Reliance.
Indemnitor recognizes and acknowledges that in making the Loan and accepting the Mortgages and the other Loan Documents, Administrative
Agent and Secured Parties are expressly and primarily relying on the truth and accuracy of the warranties and representations set
forth herein and in the Loan Documents without any obligation to investigate the Mortgaged Property and notwithstanding any investigations
of the Mortgaged Property by Administrative Agent or Secured Parties; that such reliance exists on the part of Administrative Agent
and Secured Parties prior hereto; that such warranties and representations are a material inducement to Secured Parties in making
the Loan and accepting the Mortgages and other Loan Documents; and that Secured Parties would not be willing to make the Loan and
accept the Mortgages in the absence of such warranties and representations.

 

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HTI Senior Loan
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5.           Unimpaired
Liability. The liability of Indemnitor under this Agreement shall in no way be limited or impaired by, and Indemnitor hereby
consents to and agrees to be bound by, any amendment or modification of the provisions of the Notes, the Mortgages, the Loan Agreement
or any other Loan Documents. In addition, the liability of Indemnitor under this Agreement shall in no way be limited or impaired
by (a) the unenforceability of the Notes, Mortgages, Loan Agreement or any other Loan Document against Borrowers and/or any guarantor
or Borrower Party; (b) any release or other action or inaction taken by Administrative Agent on behalf of Secured Parties with
respect to the Mortgaged Property, the Loan, the Borrowers and/or any other Borrower Party, whether or not the same may impair
or destroy any subrogation rights of the Indemnitor, or constitute a legal or equitable discharge of any surety or indemnitor;
(c) the existence of any collateral or other security for the Loan, and any requirement that Administrative Agent or Secured Parties
pursue any of such collateral or other security, or pursue any remedies it may have against Borrowers and/or any other Borrower
Party; (d) any requirement that Administrative Agent or Secured Parties provide notice to or obtain Indemnitor’s consent
to any modification, increase, extension or other amendment of the Loan; (e) any right of subrogation (until payment in full of
the Loan and the expiration of any applicable preference period and statute of limitations for fraudulent conveyance claims); (f)
any payment by Borrowers to Administrative Agent or Secured Parties if such payment is held to be a preference or fraudulent conveyance
under bankruptcy laws or Administrative Agent or Secured Parties are otherwise required to refund such payment to Borrowers or
any other party; (g) any voluntary or involuntary bankruptcy, receivership, insolvency, reorganization or similar proceeding affecting
Borrowers or any of their assets; (h) any extensions of time for performance required by the Notes, the Mortgages, the Loan Agreement
or any of the other Loan Documents; (i) except as otherwise specifically provided herein, any sale or transfer of all or part of
the Mortgaged Property; (j) any exculpatory provision in the Notes, the Mortgages, the Loan Agreement or any of the other Loan
Documents limiting Administrative Agent’s or Secured Parties’ recourse to the Mortgaged Property or to any other security
for the Notes, or limiting Administrative Agent’s or Secured Parties’ rights to a deficiency judgment against any Indemnitor;
(k) the accuracy or inaccuracy of the representations and warranties made by the Borrowers under the Notes, the Mortgages, the
Loan Agreement or any of the other Loan Documents or herein; (l) the release of the Borrowers or any other Person from performance
or observance of any of the agreements, covenants, terms or condition contained in the Notes, Mortgages, Loan Agreement or any
of the other Loan Documents by operation of law, any Borrower’s voluntary act, or otherwise; (m) the release or substitution
in whole or in part of any security for the Notes; or (n) Administrative Agent’s failure to record the Mortgages or file
any UCC financing statements (or Administrative Agent’s improper recording or filing of any thereof) or to otherwise perfect,
protect, secure or insure any security interest or lien given as security for the Obligations; and, in any such case, whether with
or without notice to Indemnitors and with or without consideration.

 

6.           Enforcement.
Administrative Agent may enforce, on behalf of Secured Parties, the obligations of the Indemnitor without first resorting to or
exhausting any security or collateral or without first having recourse to the Notes, the Mortgages, or any other Loan Document
or any of the Mortgaged Property, through foreclosure proceedings or otherwise, provided, however, that nothing herein shall inhibit
or prevent Administrative Agent, on behalf of Secured Parties, from suing on the Notes, foreclosing, or exercising any power of
sale under, the Mortgages, or exercising any other rights and remedies it may have under the Loan Documents. It is not necessary
for an Event of Default to have occurred for Administrative Agent, on behalf of Secured Parties, to exercise its rights pursuant
to this Agreement.

 

7.           Indemnitor’s
Representations and Warranties.

 

7.1         Representations
Regarding Indemnitor. Indemnitor hereby represents and warrants with respect to Indemnitor that:

 

(a)       it
has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution,
delivery and performance of this Agreement by Indemnitor has been duly and validly authorized; and all requisite corporate/partnership/company
action has been taken by Indemnitor to make this Agreement valid and binding upon Indemnitor, enforceable in accordance with its
terms;

 

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HTI Senior Loan
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(b)       its
execution of, and compliance with, this Agreement is in the ordinary course of business of that Indemnitor and will not result
in the breach of any term or provision of the charter, by-laws, partnership or trust agreement, articles of organization, operating
agreement or other governing instrument of that Indemnitor or result in the breach of any term or provision of, or conflict with
or constitute a default under or result in the acceleration of any obligation under any agreement, indenture or loan or credit
agreement or other instrument to which the Indemnitor or the Mortgaged Property is subject, or result in the violation of any law,
rule, regulation, order, judgment or decree to which the Indemnitor or the Mortgaged Property is subject;

 

(c)       there
is no action, suit, proceeding or investigation pending or, to the best of Indemnitor’s knowledge, threatened against it
which, either in any one instance or in the aggregate, could reasonably be expected to result in a Material Adverse Change, or
in any material impairment of the right or ability of Indemnitor to carry on its business substantially as now conducted, or which
would draw into question the validity of this Agreement or of any action taken or to be taken in connection with the obligations
of Indemnitor contemplated herein, or which would be likely to impair materially the ability of Indemnitor to perform under the
terms of this Agreement;

 

(d)       it
does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in
this Agreement;

 

(e)       no
approval, authorization, order, license or consent of, or registration or filing with, any governmental authority or other person,
and no approval, authorization or consent of any other party (that has not already been obtained) is required in connection with
entering into this Agreement; and

 

(f)       this
Agreement constitutes a valid, legal and binding obligation of Indemnitor, enforceable against it in accordance with the terms
hereof.

 

7.2         Representations
Regarding the Mortgaged Property. Indemnitor hereby represents and warrants with respect to the Mortgaged Property that except
as may be disclosed in the Site Assessment:

 

(a)       no
Hazardous Material is now or, to the best of Indemnitor’s knowledge, was formerly used, stored, generated, manufactured,
installed, treated, discharged, disposed of or otherwise present at, under or within the Mortgaged Property or, to Borrower’s
knowledge, any property adjacent to the Mortgaged Property and no Hazardous Material since Borrowers’ ownership of the Mortgaged
Property was removed or transported from the Mortgaged Property;

 

(b)       all
permits, licenses, approvals and filings required by Environmental Laws for the operation of the Mortgaged Property have been obtained,
and the use, operation and condition of the Mortgaged Property, does not violate any Environmental Laws;

 

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HTI Senior Loan
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(c)       no
civil, criminal or administrative action, suit, claim, hearing, investigation or proceeding is pending or threatened in writing,
nor have any settlements been reached by or with any parties or any liens imposed in connection with the Mortgaged Property concerning
Hazardous Materials or Environmental Laws;

 

(d)       no
underground storage tanks exist on any part of the Mortgaged Property; and

 

(e)       Indemnitor
has not received any notice from any Person, public or private, alleging any violation of or potential liability under any Environmental
Law with regard to the Mortgaged Property, nor has Indemnitor, or to Indemnitor’s knowledge, any third party prior owner,
tenant or other occupant of the Mortgaged Property, received any administrative order or entered into any administrative consent
order with any governmental agency with respect to Hazardous Materials on or at the Mortgaged Property.

 

8.           Interest.
In the event that Administrative Agent incurs any obligations, costs or expenses under this Agreement, Indemnitor shall pay Administrative
Agent promptly on demand, and if such payment is not received within ten (10) Business Days, interest on such amount shall, after
the expiration of the ten (10) Business Day period, accrue at the Default Rate until such amount, plus interest, is paid in full.

 

9.          Joint
and Several Liability. The liability of Indemnitor is joint and several. In addition, Indemnitor’s obligations hereunder
are joint and several with any other person now or hereafter obligated under the Loan Documents and are independent of any obligations
of Indemnitor under the Loan Documents. A separate action or actions may be brought and prosecuted against Indemnitor, whether
or not action is brought against any other person or whether or not any other person is joined in such action or actions.

 

10.         Notices.
Any notice required or permitted to be given under this Agreement shall be in writing and shall be mailed by certified mail, postage
prepaid, return receipt requested, or sent by overnight air courier service, or personally delivered to a representative of the
receiving party, or sent by telecopy (provided an identical notice is also sent simultaneously by mail, overnight courier, or personal
delivery as otherwise provided in this Section 10). All such communications shall be mailed, sent or delivered, addressed
to the party for whom it is intended at its address set forth below:

 

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HTI Senior Loan
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	If to Indemnitor:	c/o Healthcare Trust Operating Partnership, L.P.
	 	405 Park Avenue, 4th Floor
	 	New York, New York 10022
	 	Attention: Healthcare General Counsel
	 	Facsimile: (212) 421-5799
	 	 
	with a copy to	Arnold & Porter Kaye Scholer LLP
	 	250 W 55th Street
	 	Attention: John J. Busillo, Esq.
	 	Facsimile: (212) 836-6445
	 	 
	To Administrative Agent:	Capital One, National Association
	 	77 W. Wacker Drive, 10TH Floor
	 	Chicago, Illinois 60601
	 	Attention: Jeffrey Muchmore, Credit Executive
	 	Facsimile: (855) 332-1699
	 	Reference: HTI/Senior Portfolio
	 	 
	With a copy to:	Capital One, National Association
	 	5804 Trailridge Drive
	 	Austin, Texas 78731
	 	Attention: Diana Pennington, Senior Director,
	 	Associate General Counsel
	 	Facsimile: (855) 438-1132
	 	Reference: HTI/Senior Portfolio
	 	 
	And a copy to:	Capital One, National Association
	 	77 W. Wacker Drive, 10th Floor
	 	Chicago, Illinois 60601
	 	Attention: Jason LaGrippe, Vice President
	 	Facsimile: (312) 739-3870
	 	Reference: HTI/Senior Portfolio

 

Any communication so addressed and mailed shall
be deemed to be given on the earliest of (1) when actually delivered, (2) on the first Business Day after deposit with an overnight
air courier service, or (3) on the third Business Day after deposit in the United States mail, postage prepaid, in each case to
the address of the intended addressee, and any communication so delivered in person shall be deemed to be given when receipted
for by, or actually received by Administrative Agent or Indemnitor, as the case may be, or (4) if given by telecopy, when transmitted
to the party’s telecopy number specified above and confirmation of complete receipt is received by the transmitting party
during normal business hours or on the next Business Day if not confirmed during normal business hours, and an identical notice
is also sent simultaneously by mail, overnight courier, or personal delivery as otherwise provided in this Section 10. Any
party may designate a change of address by written notice to the other by giving at least ten (10) days prior written notice of
such change of address.

 

11.         Waivers.
No course of dealing on the part of Administrative Agent, Lenders, or their respective officers, employees, consultants or agents,
nor any failure or delay by Administrative Agent or Secured Parties with respect to exercising any right, power or privilege of
Administrative Agent or Secured Parties hereunder, shall operate as a waiver thereof.

 

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HTI Senior Loan
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12.         Severability.
If any clause or provision herein contained operates or would prospectively operate to invalidate this Agreement in whole or in
part, then such clause or provision shall be held for naught as though not contained herein, and the remainder of this Agreement
shall remain operative and in full force and effect.

 

13.         Inconsistencies
Among the Loan Documents. Nothing contained herein is intended to modify in any way the obligations of Indemnitor under
the Loan Agreement, the Notes, the Mortgages or any other Loan Document.

 

14.         Successors
and Assigns. This Agreement shall be binding upon Indemnitor’s successors, assigns and representatives and shall
inure to the benefit of Administrative Agent, Secured Parties and their respective successors and permitted assigns.

 

15.         Controlling
Laws. This Agreement shall be governed by and construed according to the laws of the State of New York, without regard
to conflicts of laws principles.

 

16.         Construction.
Whenever the context requires, all words used in the singular will be construed to have been used in the plural, and vice versa,
and each gender will include any other gender. The captions of the sections of this Agreement are for convenience only and do not
define or limit any terms or provisions. The word “include(s)” means “include(s), without limitation,”
and the word “including” means “including, but not limited to.” No listing of specific instances, items
or matters in any way limits the scope or generality of any language of this Agreement. Time is of the essence in the performance
of this Agreement by Indemnitor.

 

17.         WAIVER
OF JURY TRIAL. Section 11.26 of the Loan Agreement is hereby incorporated by reference as if fully set forth herein.

 

18.         VENUE.
Section 11.33 of the Loan Agreement is hereby incorporated by reference as if fully set forth herein.

 

19.         Transfer
of Loan. Indemnitor acknowledges that any Secured Party may, at any time, subject to and in accordance with the terms of
the Loan Agreement, sell, transfer or assign all or any part of its interest in the Obligations, Notes, the Loan Agreement, the
Mortgages, this Agreement and the other Loan Documents, and any or all servicing rights with respect thereto, or grant participations
therein or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated or unrated
public offering or private placement as more fully set forth in the Loan Agreement, which terms are incorporated herein by reference.
Indemnitor agrees to cooperate, as and to the extent set forth in the Loan Agreement, with Administrative Agent in connection with
any such transfer made or as may be reasonably requested by Administrative Agent. Indemnitor shall also furnish, and Indemnitor
hereby consents to Administrative Agent furnishing to any such prospective transferee or participant, as and to the extent set
forth in the Loan Agreement, any and all information concerning the financial condition of the Indemnitor and any and all information
as may be reasonably requested by Indemnitee or any prospective transferee or participant in connection with any sale, transfer
or participation interest, provided such prospective transferee or participant agree to keep such information confidential.

 

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HTI Senior Loan
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20.         Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall constitute
one document.

 

[Signatures Begin on the Following Page]

 

    ENVIRONMENTAL INDEMNITY AGREEMENT
HTI Senior Loan
Page 11 

     

    

 

IN WITNESS WHEREOF, Indemnitor
has executed this Hazardous Materials Indemnity Agreement as of the date first above written.

 

	 	INDEMNITOR:
	 	 
	 	ARHC LVHLDMI01, LLC
	 	ARHC BMBUCMI01, LLC
	 	ARHC SPPLSIA01, LLC
	 	ARHC PHOTTIA01, LLC
	 	ARHC SCCRLIA01, LLC
	 	ARHC PHCTNIA01, LLC
	 	ARHC TVTITFL01, LLC
	 	ARHC SMMTEIA01, LLC
	 	ARHC CWEVAGA01, LLC
	 	ARHC PPDWTMI01, LLC
	 	ARHC PCCHEMI01, LLC
	 	ARHC PCPLSMI01, LLC
	 	ARHC GOFENMI01, LLC
	 	ARHC CSKENMI01, LLC
	 	ARHC SMMDSIA01, LLC
	 	ARHC SFFLDIA01, LLC
	 	ARHC ALALPGA01, LLC
	 	ARHC PSINDIA01, LLC
	 	ARHC BWBRUGA01, LLC
	 	ARHC DBDUBGA01, LLC
	 	ARHC PHTIPIA01, LLC
	 	ARHC OPBROOR01, LLC
	 	ARHC ALELIKY01, LLC,
	 	each a Delaware limited liability company

 

	 	By:	/s/ Michael Anderson
	 		Name: Michael Anderson
	 		Title:  Authorized Signatory

 

    ENVIRONMENTAL INDEMNITY AGREEMENT
HTI Senior Loan
Signature Page 

     

    

 

	 	HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
	 	 	 
	 	By:	Healthcare Trust, Inc., a Maryland corporation, its general partner
	 	 	 	 
	 	 	By:	/s/ Michael Anderson
	 	 	 	Name: Michael Anderson
	 	 	 	Title:  Authorized Signatory

 

    ENVIRONMENTAL INDEMNITY AGREEMENT
HTI Senior Loan
Signature Page 

     

    

SCHEDULE I

 

LIST OF BORROWERS

 

 

		1.	ARHC LVHLDMI01, LLC

		2.	ARHC BMBUCMI01, LLC

		3.	ARHC SPPLSIA01, LLC

		4.	ARHC PHOTTIA01, LLC

		5.	ARHC SCCRLIA01, LLC

		6.	ARHC PHCTNIA01, LLC

		7.	ARHC TVTITFL01, LLC

		8.	ARHC SMMTEIA01, LLC

		9.	ARHC CWEVAGA01, LLC

		10.	ARHC PPDWTMI01, LLC

		11.	ARHC PCCHEMI01, LLC

		12.	ARHC PCPLSMI01, LLC

		13.	ARHC GOFENMI01, LLC

		14.	ARHC CSKENMI01, LLC

		15.	ARHC SMMDSIA01, LLC

		16.	ARHC SFFLDIA01, LLC

		17.	ARHC ALALPGA01, LLC

		18.	ARHC PSINDIA01, LLC

		19.	ARHC BWBRUGA01, LLC

		20.	ARHC DBDUBGA01, LLC

		21.	ARHC PHTIPIA01, LLC

		22.	ARHC OPBROOR01, LLC

		23.	ARHC ALELIKY01, LLC

 

    ENVIRONMENTAL INDEMNITY AGREEMENT
HTI Senior Loan
Schedule IExhibit 4.1

 

 

SENIOR SECURED PROMISSORY NOTE

 

TIMEFIRE
LLC

Senior
Secured Promissory Note

 

	Issuance Date:	Original Principal Amount:

 

FOR VALUE RECEIVED,
Timefire LLC, an Arizona limited liability company (“TLLC”), hereby promises to pay to the order of TimefireVR Inc.,
a Nevada corporation or its assigns (“TVR”) the amount set forth above as the Original Principal Amount (the “Principal”)
when due, whether upon the Maturity Date, upon acceleration or otherwise (in each case in accordance with the terms hereof) and
to pay interest (“Interest”) on any outstanding Principal at the applicable Interest Rate (as defined below) from the
date set forth above as the Issuance Date (the “Issuance Date”) until the same becomes due and payable, whether upon
the Maturity Date, upon acceleration or otherwise (in each case in accordance with the terms hereof). This Senior Secured Promissory
Note (this “Note”) is issued by TLLC to TVR pursuant to the terms of that certain Membership Interest Purchase Agreement
dated as of the Issuance Date (the “MIPA”). Certain capitalized terms used herein are defined in Section 18 herein.

 

1.
PAYMENTS OF PRINCIPAL. On the Maturity Date, TLLC shall pay to TVR all outstanding Principal, accrued and unpaid
Interest and accrued and unpaid Late Charges (as defined in Section 11) on such Principal and Interest. TLLC may not prepay any
portion of the outstanding Principal, accrued and unpaid Interest or accrued and unpaid Late Charges on Principal and Interest,
if any.

2.
INTEREST; INTEREST RATE.

(a)
Interest on this Note shall commence accruing on the Issuance Date at the Interest Rate, shall be computed on the basis
of a 360-day year and twelve 30-day months, shall compound monthly, and shall be payable in cash on each Interest Date.

(b)
Prior to the payment of Interest on the Maturity Date, Interest on this Note shall accrue at the Interest Rate. From and
after the occurrence and during the continuance of any Event of Default, the Interest Rate shall automatically be increased to
eighteen percent (18%) per annum. In the event that such Event of Default is subsequently cured (and no other Event of Default
then exists (including, without limitation, for TLLC’s failure to pay such Interest at the Default Rate on the applicable
Interest Date), the adjustment referred to in the preceding sentence shall cease to be effective as of the calendar day immediately
following the date of such cure; provided that the Interest as calculated and unpaid at such increased rate during the continuance
of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default
through and including the date of such cure of such Event of Default.

3.
RIGHTS UPON EVENTS OF DEFAULT.

(a)
Event of Default. Each of the following events shall constitute an “Event of Default”:

(i)
TLLC’s or any Affiliate’s failure to pay to TVR any amount of Principal, Interest, Late Charges or other amounts
when and as due under this Note or the other Transaction Documents or any other agreement, document, certificate or other instrument
delivered in connection with the transactions contemplated hereby and thereby;

(ii)
bankruptcy, insolvency, reorganization, liquidation or other proceedings for the relief of debtors shall be instituted by
or against TLLC or any Affiliate and, if instituted against TLLC or any Affiliate by a third party, shall not be dismissed within
thirty (30) days of their initiation;

(iii)
the commencement by TLLC or any Affiliate of a voluntary case or proceeding under any applicable federal, state or foreign
bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of TLLC or any Affiliate
in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other
similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it
to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of TLLC or any Affiliate or of any substantial part of its property, or the making by it
of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence of any other similar
federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts generally as they become
due, the taking of corporate action by TLLC or any Affiliate in furtherance of any such action or the taking of any action by any
Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under federal, state or foreign law;

(iv)
the entry by a court of: (i) a decree, order, judgment or other similar document in respect of TLLC or any Affiliate of
a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law; (ii) a decree, order, judgment or other similar document adjudging TLLC or any Affiliate as bankrupt or insolvent,
or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition of or in
respect of TLLC or any Affiliate under any applicable federal, state or foreign law; or (iii) a decree, order, judgment or other
similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of TLLC
or any Affiliate or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar
document unstayed and in effect for a period of thirty (30) consecutive days;

(v)
TLLC and/or any Affiliate permit to exist any circumstance or event that would, with or without the passage of time or the
giving of notice, result in a default or event of default under any agreement binding TLLC or any Affiliate (including this Note
and the other Transaction Documents), which default or event of default would or is likely to have a material adverse effect on
the business, assets, operations (including results thereof), liabilities, properties, condition (including financial condition)
or prospects of TLLC or any of its Affiliates, individually or in the aggregate;

(vi)
TLLC or any Affiliate breaches any representation or warranty in any material respect (other than representations or warranties
subject to material adverse effect or materiality limitations, which may not be breached in any respect) or any covenant or other
term or condition of this Note or any other Transaction Document, including, without limitation, Section 5.01 of the MIPA, except,
in the case of a breach of a covenant or other term or condition of this Note that is curable, only if such breach remains uncured
for a period of five (5) consecutive Business Days;

(vii)
any provision of any Transaction Document shall at any time for any reason (other than pursuant to the express terms thereof)
cease to be valid and binding on or enforceable against the parties thereto, or the validity or enforceability thereof shall be
contested by any party thereto, or a proceeding shall be commenced by TLLC or any Affiliate or any governmental authority having
jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or TLLC or any Affiliate shall
deny in writing that it has any liability or obligation purported to be created under any Transaction Document;

(viii)
the Security Agreement shall for any reason fail or cease to create a separate valid and perfected and, except to the extent
permitted by the terms hereof or thereof, first priority lien on the Collateral (as defined in the Security Agreement) or any material
provision of the Security Agreement shall at any time for any reason cease to be valid and binding on or enforceable against TLLC
or the validity or enforceability thereof shall be contested by any party thereto, or a proceeding shall be commenced by TLLC or
any governmental authority having jurisdiction over TLLC, seeking to establish the invalidity or unenforceability thereof; or

(ix)
any material damage to, or loss, theft or destruction of, any Collateral (as defined in the Security Agreement), whether
or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which
lasts uninterrupted for more than fifteen (15) consecutive days.

(b)
Notice of an Event of Default. Upon the occurrence of an Event of Default with respect to this Note, TLLC shall within
one (1) Business Day deliver written notice thereof via facsimile or electronic mail and overnight courier (with next day delivery
specified) to TVR.

(c)
Remedies. Upon the occurrence of an Event of Default that has not been cured during any applicable cure period hereunder,
TVR may:

(i)
by notice to TLLC, declare immediately due and payable the entire Principal outstanding hereunder, together with all Interest,
Late Charges and other amounts at any time owed on this Note;

(ii)
apply the Default Rate to any outstanding Principal and accrued but unpaid Interest in accordance with the terms of Section
2(b) hereof; or

(iii)
declare TLLC to be in default of one or more of the Transaction Documents in accordance with the terms and conditions set
forth therein.

4.
NONCIRCUMVENTION. TLLC hereby covenants and agrees that TLLC will not, and will not cause it Affiliates to, directly
or indirectly through one or more related transactions, amend its governing documents or, through any reorganization, transfer
of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Note, and will at all times in good faith carry
out all of the provisions of this Note and take all action as may be required to protect the rights of TVR.

5.
COVENANTS. Until all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note have
been paid in full:

(a)
Restrictions on Debt. TLLC shall not, and TLLC shall cause each of its Affiliates to not, directly or indirectly
create, incur or assume any of the following: (i) indebtedness for borrowed money or for the deferred purchase price of property
or services; (ii) indebtedness evidenced by a note, bond, debenture or similar instrument; (iii) any letter or letters
of credit issued for the account of TLLC to the extent there are unreimbursed amounts drawn thereunder; (iv) indebtedness
secured by any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets (including
accounts and contract rights) owned by TLLC or any of its Affiliates (collectively, “Liens”) except Permitted Liens;
(v) any obligation of TLLC directly or indirectly guaranteeing any indebtedness or other obligation of any other Person in
any manner; (vi) any payment obligations of TLLC under any interest rate protection agreement (including, without limitation,
any interest rate swaps, caps, floors, collars or similar agreements) and similar agreements; or (vii) any contractual indemnity
obligations of TLLC other than indemnity obligations entered into in the ordinary course of business (collectively, “Debt”);

(b)
Restricted Payments. TLLC shall not, and TLLC shall cause each of its Affiliates to not, directly or indirectly,
redeem, defease, repurchase, repay or make any payments in respect of, all or any portion of any Debt of TLLC (other than this
Note) whether by way of payment in respect of principal of (or premium, if any) or interest on, such Debt of TLLC if at the time
such payment is due or is otherwise made or, after giving effect to such payment: (i) an event constituting an Event of Default
has occurred and is continuing or (ii) an event that with the passage of time and without being cured would constitute an Event
of Default has occurred and is continuing.

(c)
Restriction on Transfer of Assets. TLLC shall not, and TLLC shall cause each of its Affiliates to not, directly or
indirectly, sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any Collateral (as
defined in the Security Agreement) or any other assets or rights of TLLC or any Affiliate owned or hereafter acquired whether in
a single transaction or a series of related transactions.

(d)
Change in Nature of Business. TLLC shall not, and TLLC shall cause each of its Affiliates to not, directly or
indirectly, engage in any material line of business substantially different from those lines of business conducted by or publicly
contemplated to be conducted by TLLC and each of its Affiliates on the Issuance Date or any business substantially related or incidental
thereto. TLLC shall not, and TLLC shall cause each of its Affiliates to not, directly or indirectly, modify its or their corporate
structure or purpose.

(e)
Preservation of Existence, Etc. TLLC shall maintain and preserve, and cause each of its Affiliates to maintain and
preserve, its existence, rights and privileges, and become or remain, and cause each of its Affiliates to become or remain, duly
qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which
the transaction of its business makes such qualification necessary.

(f)
Maintenance of Properties, Etc. TLLC shall maintain and preserve, and cause each of its Affiliates to maintain and
preserve, all of its properties which are necessary or useful in the proper conduct of its business in good working order and condition,
ordinary wear and tear excepted, and comply, and cause each of its Affiliates to comply, at all times with the provisions of all
leases to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof or
thereunder.

(g)
Maintenance of Intellectual Property. TLLC will, and will cause each of its Affiliates to, take all action necessary
or advisable to maintain all of the intellectual property of TLLC and/or any of its Affiliates in full force and effect.

(h)
Maintenance of Insurance. TLLC shall maintain, and cause each of its Affiliates to maintain, insurance with responsible
and reputable insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent
and business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business,
in such amounts and covering such risks as is required by any governmental authority having jurisdiction with respect thereto or
as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated.

(i)
Transactions with Affiliates. TLLC shall not, nor shall it permit any of its Affiliates to, enter into, renew, extend
or be a party to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease,
transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any Affiliate, except in
the ordinary course of business in a manner and to an extent consistent with past practice and necessary for the prudent operation
of its business, for fair consideration and on terms no less favorable to it or its Affiliates than would be obtainable in a comparable
arm’s length transaction with a Person that is not an Affiliate thereof.

(j)
Change in Collateral; Collateral Records. TLLC shall: (i) give TVR not less than thirty (30) days’ prior written
notice of any change in the location of any Collateral (as defined in the Security Agreement); (ii) advise TVR promptly, in sufficient
detail, of any material adverse change relating to the type, quantity or quality of the Collateral or any Liens granted thereon;
and (iii) execute and deliver, and cause each of its Affiliates to execute and deliver to TVR such written statements and schedules
as TVR may reasonably require, designating, identifying or describing the Collateral.

6.
AMENDING THE TERMS OF THIS NOTE. The prior written consent of TVR shall be required for any change, waiver or amendment
to this Note. Any change, waiver or amendment so approved shall be binding upon all existing and future holders of this Note.

7.
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note
shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
TVR’s right to pursue actual and consequential damages for any failure by TLLC to comply with the terms of this Note. TLLC
covenants to TVR that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts
set forth or provided for herein with respect to payments shall be the amounts to be received by TVR and shall not, except as expressly
provided herein, be subject to any other obligation of TLLC (or the performance thereof). TLLC acknowledges that a breach by it
of its obligations hereunder will cause irreparable harm to TVR and that the remedy at law for any such breach may be inadequate.
TLLC therefore agrees that, in the event of any such breach or threatened breach, TVR shall be entitled, in addition to all other
available remedies, to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from
any court of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond
or other security. TLLC shall provide all information and documentation to TVR that is requested by TVR to enable TVR to confirm
TLLC’s compliance with the terms and conditions of this Note.

8.
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If: (i) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or TVR otherwise takes action to collect amounts due under
this Note or to enforce the provisions of this Note; or (ii) there occurs any bankruptcy, reorganization, receivership of TLLC
or other proceedings affecting TLLC creditors’ rights and involving a claim under this Note, then TLLC shall pay the costs
incurred by TVR for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership
or other proceeding, including, without limitation, attorneys’ fees and disbursements.

9.
CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by TLLC and TVR and shall not be construed
against any such Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part
of, or affect the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Note
instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references are to sections
of this Note.

10.
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of TVR in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing
and signed by an authorized representative of the waiving party.

11.
NOTICES; CURRENCY; PAYMENTS.

(a)
Notices. All notices, offers, acceptance and any other acts under this
Agreement shall be in writing, and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted
next business day delivery, or by email followed by overnight next business day delivery as follows:

	To TVR:	
        TimefireVR
        Inc.

        7960
        East Camelback Road, Suite 511

        Scottsdale,
        Arizona 85251

        Attention:
        Jonathan Read

        Email:
        jread@QUADRATUM1.COM

	
         

        With
        a copy to:
	
         

        Nason, Yeager, Gerson, White & Lioce, P.A.

        3001 PGA Boulevard, Suite 305

        Palm Beach Gardens, Florida 33410

        Attention: Michael D. Harris, Esq.

        Email: mharris@nasonyeager.com

	
         

        To
        TLLC:

         
	 
	
         

        With
        a copy to:
	 

 

or to such
other address as any of them, by notice to the other may designate from time to time. Time shall be counted to, or from, as the
case may be, the date of delivery.

 

(b)
Currency. All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Note shall be paid in U.S. Dollars.

(c)
Payments. Whenever any payment of cash is to be made by TLLC to any Person pursuant to this Note, unless otherwise
expressly set forth herein, such payment shall be made via wire transfer of immediately available funds. Whenever any amount expressed
to be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding
day which is a Business Day. Any amount of Principal or other amounts due under the Transaction Documents which is not paid when
due shall result in a late charge being incurred and payable by TLLC in an amount equal to interest on such amount at the rate
of eighteen percent (18%) per annum from the date such amount was due until the same is paid in full (“Late Charge”).

12.
CANCELLATION. After all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note
have been paid in full, this Note shall automatically be deemed canceled, shall be surrendered to TLLC for cancellation and shall
not be reissued.

13.
WAIVER OF NOTICE. To the extent permitted by law, TLLC hereby irrevocably waives demand, notice, presentment, protest
and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

14.
GOVERNING LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of Nevada, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Nevada or any other jurisdictions) that
would cause the application of the laws of any jurisdictions other than the State of Nevada. TLLC hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of Las Vegas, Clark County, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude TVR from bringing suit or taking
other legal action against TLLC in any other jurisdiction to collect on TLLC’s obligations to TVR, to realize on any collateral
or any other security for such obligations, or to enforce a judgment or other court ruling in favor of TVR. TLLC HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

15.
SEVERABILITY. If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Note so long as this Note as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

16.
MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest
or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against
amounts owed by TLLC to TVR and thus refunded to TLLC.

17.
SECURITY.The payment of this Note is secured by a first priority lien on
certain collateral of TLLC (the “Collateral”), as specified in that certain Security Agreement by and between TLLC
and TVR, executed of even date herewith and attached hereto as Exhibit “A” (the “Security Agreement”).
Notwithstanding the existence of security interests in the Collateral for the payment of this Note, TLLC shall at all times remain
liable to TVR for the full and punctual payment of all principal, interest and other amounts that are owed under this Note.

18.
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

(a)
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls,
is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

(b)
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of Las Vegas are authorized or required by law to remain closed.

(c)
“Interest Date” means, with respect to any given calendar month, the first Business Day of such calendar
month.

(d)
“Interest Rate” means six percent (6%) per annum.

(e)
“Maturity Date” means October 2, 2018

(f)
“Permitted Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith
by appropriate proceedings, (ii) any statutory Lien arising in the ordinary course of business by operation of law with respect
to a liability that is not yet due or delinquent, (iii) any Lien created by operation of law, such as materialmen’s liens,
mechanics’ liens and other similar liens, arising in the ordinary course of business with respect to a liability that is
not yet due or delinquent or that are being contested in good faith by appropriate proceedings, and (iv) Liens in favor of customs
and revenue authorities arising as a matter of law to secure payments of custom duties in connection with the importation of goods.

(g)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

(h)
“Transaction Documents” means any and all of the documents listed in Section 4.02 of the MIPA.

 

[signature page follows]

 

    	 

    	 

    

IN WITNESS WHEREOF,
TLLC has caused this Note to be duly executed as of the Issuance Date set out above.

 

	
        TIMEFIRE LLC 

         

	By: ___________________________
	Name:
	Title:

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