Document:

Mortgage, Assignment of Rents, Security Agreement

 Exhibit 10.6 

 

			
	 PREPARED BY AND UPON RECORDATION RETURN TO:

Edwards Angell Palmer & Dodge LLP
 2800
Financial Plaza
 Providence, RI 02903

Attention: Juliane M. Dziobak, Esq.
	 	  

 MORTGAGE,
ASSIGNMENT OF RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 

Project Commonly Known As 
 “Pinehurst Square East, Bismarck, Burleigh County, North Dakota” 
 NOTE:
THIS MORTGAGE SECURES PROMISSORY NOTES WHICH BEAR INTEREST AT RATES WHICH VARY ACCORDING TO CHANGES IN THE “PRIME RATE” AND THE “LIBOR RATE”, AS DEFINED IN THE NOTE (AS HEREINAFTER DEFINED) AND/OR A BALLOON PAYMENT. 

This instrument is to be filed and indexed in the real estate records and is also to be indexed in the Index of
Fixture Filings of Burleigh County, North Dakota under the name of TNP SRT PINEHURST EAST, LLC, as “debtor,” and KeyBank National Association, as Agent, as “secured party.” Mortgagor’s (as defined herein)
organizational number in Delaware is 4968502. Information concerning the security interest may be obtained from Mortgagee at the following address: 225 Franklin Street, 18th Floor, Boston Massachusetts 02110. 

THIS MORTGAGE, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Mortgage”)
is made as of May 26, 2011, by TNP SRT PINEHURST EAST, LLC, a Delaware limited liability company (“Mortgagor”), whose address is 1900 Main Street, Suite 700, Irvine, CA 92614, in favor of KEYBANK NATIONAL
ASSOCIATION, as Agent (in such capacity, “Mortgagee”), whose address is 225 Franklin Street,
18th Floor, Boston, Massachusetts 02110, its successors
and assigns, for itself and any other lenders who become Lenders under the Loan Agreement (as hereinafter defined) (collectively referred to as “Lenders” and each individually referred to as a “Lender”). 

 Capitalized terms used herein shall have the meanings set forth in Schedule 1 of
this Mortgage or in the specific sections of this Mortgage. Initially capitalized terms used and not otherwise defined in this Agreement shall have the meanings respectively ascribed to them in the Loan Agreement. Any terms used or defined in the
UCC and not defined in this Mortgage have the meaning given to the term in the UCC when used in this Mortgage. 
  

	1.	Grant and Secured Obligations. 

 1.1 Grant. For the purpose of securing payment and performance of the Secured Obligations defined and described in Section 1.2 below, Mortgagor, as debtor hereby irrevocably and
unconditionally grants, bargains, sells, conveys, mortgages and warrants to Mortgagee, with power of sale and with right of entry and possession, all estate, right, title and interest which Mortgagor now has or may later acquire in and to the
following property (all or any part of such property, or any interest in all or any part of it, as the context may require, the “Property”): 
 (a) The real property located in the County of Burleigh, State of North Dakota, as described in Exhibit A, together with all existing and future easements and rights affording access to it
(the “Premises”); 
 (b) All buildings, structures and improvements now located or later to be
constructed on the Premises (the “Improvements”); 
 (c) All existing and future appurtenances,
privileges, easements, franchises and tenements of the Premises, including all minerals, oil, gas, other hydrocarbons and associated substances, sulphur, nitrogen, carbon dioxide, helium and other commercially valuable substances which may be in,
under or produced from any part of the Premises, and all rents, revenues, bonus money, royalties, rights and benefits accruing to Mortgagor under all present and future oil, gas and mineral leases on any part of the Premises, all development rights
and credits, air rights, water, water rights (whether riparian, appropriative or otherwise, and whether or not appurtenant) and water stock, and any Premises lying in the streets, roads or avenues, open or proposed, in front of or adjoining the
Premises and Improvements; 
 (d) All existing and future leases, subleases, subtenancies, licenses, occupancy
agreements and concessions (collectively, “Leases”) relating to the use and enjoyment of all or any part of the Premises and Improvements, and any and all guaranties and other agreements relating to or made in connection with any of
such Leases; 
 (e) All appurtenances and other property and interests of any kind or character, whether
described in Exhibit A or not, which may be reasonably necessary or desirable to promote the present and any reasonable future beneficial use and enjoyment of the Premises and Improvements; 

(f) All goods, materials, supplies, chattels, furniture, fixtures, equipment, inventory, machinery and articles of
personal property, of every kind and character, tangible and intangible (including software embedded therein), now owned or hereafter acquired by Mortgagor now or later to be attached to, placed in or on, or used in connection with the use,
enjoyment, occupancy or operation of all or any part of the 

  
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Premises and Improvements, whether stored on the Premises or elsewhere, including all pumping plants, engines, pipes, ditches and flumes, and also all gas, electric, cooking, heating, cooling,
air conditioning, lighting, refrigeration and plumbing fixtures and equipment, all of which shall be considered to the fullest extent of the law to be real property for purposes of this Mortgage; 

(g) All building materials, equipment, work in process or other personal property of any kind, whether stored on the
Premises or elsewhere, which have been or later will be acquired for the purpose of being delivered to, incorporated into or installed in or about the Premises or Improvements; 

(h) All rights to the payment of money, accounts (including any rent concession account), funds, deposit accounts,
operating accounts, bank accounts, tenant security accounts, accounts receivable, reserves, deferred payments, refunds, cost savings, payments and deposits, whether now or later to be received from third parties (including all earnest money sales
deposits) or deposited by Mortgagor with third parties (including all utility deposits), contract rights, construction contracts, commercial paper, warranties, development and use rights, governmental permits and licenses, development rights,
applications, architectural and engineering plans, specifications and drawings, as-built drawings, chattel paper, tangible chattel paper, electronic chattel paper, instruments, documents, notes, acceptances, bonuses, actions, rights, drafts, general
intangibles, payment intangibles, software, trade names, trademarks, commercial tort claims, letter of credit rights and proceeds, investment property, and supporting obligations of every kind and nature; 

(i) All insurance policies pertaining to the Premises and all proceeds, including all claims to and demands for them, of
the voluntary or involuntary conversion of any of the Premises, Improvements or the other property described above into cash or liquidated claims, including proceeds of all present and future fire, hazard or casualty insurance policies, to the
extent permitted by law, and all condemnation awards, to the extent permitted by law, or payments now or later to be made by any public body or decree by any court of competent jurisdiction for any taking or in connection with any condemnation or
eminent domain proceeding, to the extent permitted by law, and all causes of action and their proceeds for any damage or injury to the Premises, Improvements or the other property described above or any part of them, or breach of warranty in
connection with the construction of the Improvements, including causes of action arising in tort, contract, fraud or concealment of a material fact; 
 (j) All of Mortgagor’s rights in and to all Hedging Agreements; 
 (k) All rights and benefits of whatsoever nature derived or to be derived by Mortgagor under and by virtue of any contracts or agreements for the use, occupancy, possession or sale of the Property or any
portion thereof (in addition to the Leases described in subsection (d) above), now existing and hereafter executed, together with all such extensions, amendments, modifications, renewals, replacements and guaranties; 

  
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 (l) All agreements, building permits, surveys, architectural plans and
specifications, governmental approvals, licenses, agreements with utility companies, water and sewer capacity reservation agreements and all other consents, approvals and agreements which Mortgagor may now or hereafter own with respect to or in
connection with the Property and/or any improvements now or hereafter constructed thereon, but only to the extent such items may be assigned and transferred without violating the terms thereof; 

(m) All warranties and guaranties covering any personal property or fixtures now or hereafter located on or placed upon
the Premises; 
 (n) To the extent in Mortgagor’s possession or control, all plans and specifications
(including all site plans and development, landscaping and engineering plans for the Property) now or hereafter existing (except those owned by third parties), which pertain or relate in any manner to the Property or any improvements to be
constructed thereon; 
 (o) All building and other permits, bonds, construction contracts, including any
agreements with Mortgagor’s architect or engineer, utilities agreements and rights, governmental applications and proceedings, feasibility studies, maintenance and service contracts, management agreements, development agreements, fictitious
names and trade names, warranties and guaranties, permits and licenses, insurance policies, personal property, easements or rights-of-way agreements, now or hereafter existing, which pertain or relate in any manner to the Property or any portion
thereof or to the ownership or operation thereof, but only to the extent such items may be assigned and transferred without violating the terms thereof; 
 (p) All books and records pertaining to any and all of the property described above, including computer-readable memory and any computer hardware or software necessary to access and process such memory
(“Books and Records”); and 
 (q) All products, proceeds of, additions and accretions to,
substitutions and replacements for, and changes in any of the property described above. 
 1.2 Secured Obligations.

 (a) Mortgagor makes the grant, conveyance, and mortgage set forth in Section 1.1 above, and grants
the security interest set forth in Section 3 of this Mortgage for the purpose of securing the following obligations (the “Secured Obligations”) in any order of priority that Mortgagee may choose: 

(i) Payment of all obligations at any time owing under one or more Revolving Credit Notes (as amended, restated and/or
modified from time to time, collectively the “Note”) dated as of December 17, 2010, payable by TNP SRT Secured Holdings, LLC, a Delaware limited liability company, TNP SRT San Jacinto, LLC, a Delaware limited liability company,
TNP SRT Moreno Marketplace, LLC, a Delaware limited liability company, TNP SRT Craig Promenade, LLC, a Delaware limited liability company (pursuant to that certain 

  
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Joinder Agreement dated as of March 30, 2011), TNP SRT Northgate Plaza Tucson, LLC, a Delaware limited liability company (pursuant to that certain Joinder Agreement dated as of May 20,
2011) (collectively, “Original Borrower”) and Mortgagor (as may be later amended to include other Borrowers) as maker in the stated aggregate maximum principal amount of Thirty-Five Million Dollars ($35,000,000), as increased to
Thirty-Eight Million Dollars ($38,000,000) of the date hereof, as may be later increased up to $150,000,000 to the order of the Lenders; 
 (ii) Payment and performance of all obligations of Mortgagor under this Mortgage; 
 (iii) Payment and performance of all obligations of Original Borrower and any other Borrowers (collectively “Borrowers”) under a Revolving Credit Agreement dated as of December 17,
2010 among Original Borrower, Mortgagee and Lenders, as amended by that certain Joinder Agreement dated as of March 30, 2011, that certain First Omnibus Amendment and Reaffirmation of Loan Documents dated as of March 30, 2011, that certain
Letter Agreement dated as of March 31, 2011, that certain Joinder Agreement dated as of May 20, 2011, that Second Omnibus Amendment and Reaffirmation of Loan Documents dated as of May 20, 2011, that certain Joinder Agreement of even
date herewith pursuant to which Mortgagor joined as a Borrower to the Loan Documents, and that Third Omnibus Amendment and Reaffirmation of Loan Documents of even date herewith (as may be further amended, restated and/or modified from time to time,
the “Loan Agreement”); 
 (iv) Payment and performance of any obligations of Original Borrower
and any other Borrower under any Loan Documents (except the Environmental Indemnity Agreements and Guaranty which shall remain unsecured), which are executed by Original Borrower and/or any other Borrower (including Mortgagor); 

(v) Payment and performance of all obligations of Original Borrower and any other Borrower arising from any Hedging
Agreement; 
 (vi) Payment and performance of all future advances and other obligations any Borrower or any
successor in ownership of all or part of the Property may agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of Mortgagee, when a writing evidences the parties’ agreement that the advance or obligation be
secured by this Mortgage. The maximum principal amount to be secured hereby is $150,000,000; and 
 (vii) Payment
and performance of all modifications, amendments, extensions, and renewals, however evidenced, of any of the Secured Obligations. 
 Notwithstanding any other provision of this Mortgage or the other Loan Documents to the contrary, this Mortgage does not secure any of the obligations of Mortgagor under the Environmental Indemnity for
each of the San Jacinto Property, the Moreno Property, and 

  
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the Craig Property and the Property, it being the intent and agreement of the parties that the obligations of Mortgagor under such Environmental Indemnities be and remain unsecured by any
interest in the Property. It is the intent of the parties that the Property shall secure all of the Secured Obligations presently or hereafter owed, and that the priority of the lien created by this Mortgage for all such Secured Obligations shall be
as of the time of recording of this Mortgage. In addition, this Mortgage shall also secure the unpaid balances of all future advances (i) made by Mortgagee and Lenders as further advances of loan proceeds under the Loan Agreement,
(ii) made by Mortgagee and Lenders with respect to the Property for the payment of taxes, assessments, insurance premiums, costs or any other advances incurred for the protection of the Property, and/or (ii) otherwise made by Mortgagee and
Lenders as contemplated by this Mortgage or any of the other Loan Documents, together with interest thereon until paid at the Default Rate, all as contemplated in this Mortgage and the other Loan Documents, all of which shall constitute a part of
the Secured Obligations. THIS SECTION SHALL SERVE AS NOTICE TO ALL PERSONS WHO MAY SEEK OR OBTAIN A LIEN ON THE PROPERTY SUBSEQUENT TO THE DATE OF RECORDING OF THIS MORTGAGE, THAT UNTIL THIS MORTGAGE IS RELEASED, ANY DEBT OWED MORTGAGEE BY ORIGINAL
BORROWER OR ANY OTHER BORROWER, INCLUDING ADVANCES MADE SUBSEQUENT TO THE RECORDING OF THIS MORTGAGE, SHALL BE SECURED WITH THE PRIORITY AFFORDED THIS MORTGAGE AS AND WHEN RECORDED. 

(b) All persons who may have or acquire an interest in all or any part of the Property will be considered to have notice
of, and will be bound by, the terms of the Secured Obligations and each other agreement or instrument made or entered into in connection with each of the Secured Obligations. Such terms include any provisions in the Note or the Loan Agreement which
permit borrowing, repayment and reborrowing, or which provide that the interest rate on one or more of the Secured Obligations may vary from time to time. 
  

	2.	Assignment of Rents. 

 2.1 Assignment. Mortgagor hereby irrevocably, absolutely, presently and unconditionally assigns to Mortgagee all rents, royalties, issues, profits, revenue, income, accounts, proceeds and other
benefits of the Property, whether now due, past due or to become due, including all prepaid rents and security deposits (some or all collectively, as the context may require, “Rents”). This assignment of rents creates a security
interest. 
 2.2 Grant of License. This assignment of Leases and Rents constitutes an absolute, irrevocable and present
assignment, but Mortgagee hereby confers upon Mortgagor a license (“License”) to collect and retain the Rents as they become due and payable, so long as no Event of Default, as defined in Section 6.2 of this Mortgage,
shall exist and be continuing. If an Event of Default has occurred and is continuing, Mortgagee shall have the right, which it may choose to exercise in its sole discretion, to terminate this License without notice to or demand upon Mortgagor, and
without regard to the adequacy of Mortgagee’s security under this Mortgage. 

  
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 2.3 Collection and Application of Rents. Upon termination of the License granted to
Mortgagor under Section 2.2 of this Mortgage, Mortgagee has the right, power and authority to collect any and all Rents. Effective upon such termination, Mortgagor hereby appoints Mortgagee its attorney-in-fact to perform any and all of
the following acts, if and at the times when Mortgagee in its sole discretion may so choose: 
 (a) Demand,
receive and enforce payment of any and all Rents; 
 (b) Give receipts, releases and satisfactions for any and
all Rents; and 
 (c) Sue either in the name of Mortgagor or in the name of Mortgagee for any and all Rents.

 Mortgagee and Mortgagor agree that the mere recordation of the assignment granted herein entitles Mortgagee immediately to collect and
receive rents upon the occurrence and during the continuance of an Event of Default, as defined in Section 6.2 of this Mortgage, without first taking any acts of enforcement under applicable law, such as, but not limited to, providing
notice to Mortgagor, filing foreclosure proceedings, or seeking and/or obtaining the appointment of a receiver. Further, Mortgagee’s right to the Rents does not depend on whether or not Mortgagee takes possession of the Property as permitted
under Subsection 6.3(c) of this Mortgage. In Mortgagee’s sole discretion, Mortgagee may choose to collect Rents either with or without taking possession of the Property. Mortgagee shall apply all Rents collected by it in the manner
provided under Section 6.6 of this Mortgage. If an Event of Default occurs while Mortgagee is in possession of all or part of the Property and is collecting and applying Rents as permitted under this Mortgage, Mortgagee and any receiver
shall nevertheless be entitled to exercise and invoke every right and remedy afforded any of them under this Mortgage and at law or in equity. 
 2.4 Mortgagee Not Responsible. Under no circumstances shall Mortgagee have any duty to produce Rents from the Property. Regardless of whether or not Mortgagee, in person or by agent, takes actual
possession of the Premises and Improvements, unless Mortgagee agrees in writing to the contrary, Mortgagee is not and shall not be deemed to be: 
 (a) A “mortgagee in possession” for any purpose; or 
 (b)
Responsible for performing any of the obligations of the lessor under any lease; or 
 (c) Responsible for any
waste committed by lessees or any other parties, any dangerous or defective condition of the Property, or any negligence in the management, upkeep, repair or control of the Property; or 

(d) Liable in any manner for the Property or the use, occupancy, enjoyment or operation of all or any part of it except in
the event of gross negligence or willful misconduct of Mortgagee. 
 2.5 Leasing. Mortgagor shall not accept any deposit
or prepayment of Rents (excluding security deposits) under the leases for any rental period exceeding one (1) month 

  
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without Mortgagee’s prior written consent. Mortgagor shall not lease the Property or any part of it except in accordance with the provisions of the Loan Agreement. 

 

	3.	Grant of Security Interest. 

 3.1 Security Agreement. The parties intend for this Mortgage to create a lien on the Property, and an absolute assignment of the Rents, all in favor of Mortgagee. The parties acknowledge that some
of the Property and some or all of the Rents may be determined under applicable law to be personal property or fixtures. To the extent that any Property or Rents may be or be determined to be personal property, Mortgagor as debtor hereby grants
Mortgagee as secured party a security interest in all such Property and Rents, including all products and proceeds thereof, and all supporting obligations ancillary to or arising in any way in connection therewith to secure payment and performance
of the Secured Obligations. This Mortgage constitutes a security agreement under the UCC, covering all such Property and Rents. 

3.2 Financing Statements. 
 This Mortgage constitutes and is effective as a financing statement covering any of the Property which is personal property or otherwise subject to Article 9 of the UCC. For this purpose, the respective
addresses of Mortgagor, as debtor, and Mortgagee, as secured party, is as set forth in the preamble of this Mortgage. The organizational identification number of Mortgagor is 4968502. In addition to the foregoing, Mortgagor hereby authorizes
Mortgagee to file one or more financing statements. In addition, Mortgagor shall execute such other documents as Mortgagee may from time to time require to perfect or continue the perfection of Mortgagee’s security interest in any Property or
Rents. As provided in Section 5.9 of this Mortgage, Mortgagor shall pay all fees and costs that Mortgagee may incur in filing such documents in public offices and in obtaining such record searches as Mortgagee may reasonably require. In
case Mortgagor fails to execute any financing statements or other documents for the perfection or continuation of any security interest, Mortgagor hereby appoints Mortgagee as its true and lawful attorney-in-fact to execute any such documents on its
behalf. If any financing statement or other document is filed in the records normally pertaining to personal property, that filing shall never be construed as in any way derogating from or impairing this Mortgage or the rights or obligations of the
parties under it. 
  

	4.	Fixture Filing. 

This Mortgage constitutes a financing statement filed as a fixture filing under Article 9 of the UCC, as amended or recodified from
time to time, covering any Property which now is or later may become fixtures attached to the Premises or Improvements. For this purpose, the respective addresses of Mortgagor, as debtor, and Mortgagee, as secured party, are as set forth in the
preamble of this Mortgage. 
  

	5.	Rights and Duties of the Parties. 

 5.1 Representations and Warranties. Mortgagor represents and warrants that: 
 (a) Mortgagor lawfully possesses and holds, and covenants to maintain, lawful, good and marketable fee simple title to all of the Premises and Improvements; 

  
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 (b) To Mortgagor’s knowledge, Mortgagor has, and covenants to maintain,
good title to all Property other than the Premises and Improvements; 
 (c) Mortgagor has the full and unlimited
power, right and authority to encumber the Property and assign the Rents; 
 (d) This Mortgage creates a first
priority lien on the Property except for the Permitted Encumbrances; 
 (e) The Property includes all property
and rights which may be reasonably necessary or desirable to promote the present and any reasonable future beneficial use and enjoyment of the Premises and Improvements; 

(f) Except for the Permitted Encumbrances, to Mortgagor’s knowledge, Mortgagor owns any Property which is personal
property free and clear of any security agreements, liens, security interests, encumbrances, reservations of title or conditional sales contracts, and, to Mortgagor’s knowledge, there is no financing statement affecting such personal property
on file in any public office; and 
 (g) Mortgagor’s place of business, or its chief executive office if it
has more than one place of business, is located at the address set forth in Section 7.12 below. 
 5.2 Taxes, and
Assessments. Mortgagor shall pay (or shall cause to be paid) all real estate taxes and assessments and charges of every kind upon the Property before the same become delinquent, provided, however, that Mortgagor shall have the right to pay such
tax under protest or to otherwise contest any such tax or assessment, but only if (i) such contest has the effect of preventing the collection of such taxes so contested and also of preventing the sale or forfeiture of the Property or any part
thereof or any interest therein, (ii) Mortgagor has notified Mortgagee of Mortgagor’s intent to contest such taxes, and (iii) Mortgagor has deposited security in form and amount satisfactory to Mortgagee, in its reasonable discretion,
and has increased the amount of such security so deposited promptly after Mortgagee’s request therefor. If Mortgagor fails to commence such contest or, having commenced to contest the same, and having deposited such security required by
Mortgagee for its full amount, shall thereafter fail to prosecute such contest in good faith or with due diligence, or, upon adverse conclusion of any such contest, shall fail to pay such tax, assessment or charge, Mortgagee may, at its election
(but shall not be required to), pay and discharge any such tax, assessment or charge, and any interest or penalty thereon, and any amounts so expended by Mortgagee shall be deemed to constitute Secured Obligations hereunder (even if the total amount
of disbursements would exceed the face amount of the Note) and shall be secured by this Mortgage and the Loan Documents. Upon written request of Mortgagee, Mortgagor shall furnish to Mortgagee evidence that taxes are paid at least five (5) days
prior to the last date for payment of such taxes and before imposition of any penalty or accrual of interest. 
 5.3
Performance of Secured Obligations. Mortgagor shall promptly pay and perform (or shall cause to be promptly paid and performed) each Secured Obligation in accordance with its terms. 

  
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 5.4 Liens, Charges and Encumbrances. Except for Permitted Encumbrances, Mortgagor
will not suffer or permit any construction lien, mechanics’ lien, voluntary or involuntary lien, lien, encumbrance, security interest, claim, charge, conditional sale or other title retention document to be filed or otherwise asserted against
the Property (or any portion thereof), and will promptly discharge the same in case of the filing of any claims for lien or proceedings for the enforcement thereof, provided, however, that Mortgagor shall have the right to contest in good faith and
with reasonable diligence the validity of any such lien or claim provided that Mortgagor posts a statutory lien bond which removes such lien from title to the Property within thirty (30) days after Mortgagor’s receipt of notice of the
recording of such lien. If Mortgagor shall fail promptly either (i) to discharge any such lien, or (ii) post a statutory lien bond in the manner provided above, Mortgagee may, at its election (but shall not be required to), procure the
release and discharge of any such claim and any judgment or decree thereon and, further, may in its sole discretion effect any settlement or compromise of the same, or may furnish such security or indemnity to the applicable insurance company, and
any amounts so expended by Mortgagee, including premiums paid or security furnished in connection with the issuance of any surety company bonds, shall be deemed to constitute Secured Obligations secured by this Mortgage and the Loan Documents. In
settling, compromising or discharging any claims for lien, Mortgagee shall not be required to inquire into the validity or amount of any such claim. 
 5.5 Insurance and Condemnation. 
 (a) Insurance.
Mortgagor shall obtain and maintain (or shall cause to be obtained and maintained) at Mortgagor’s sole expense the insurance required to be obtained and maintained pursuant to the Loan Agreement. In addition, Mortgagor represents and warrants
that (i) the insurance required pursuant to Section 7 of the Easement Agreement dated October 6, 2004 between Williston Basin Interstate Pipeline Company and CNLRS Bismarck ND, LLC (as predecessor-in-interest to Mortgagor) and
recorded as Document No. 626702 (the “Williston Easement”) is currently maintained by Mortgagor, and (ii) Mortgagor’s maintenance of such insurance substantially complies with the terms of the Williston
Easement. Mortgagor shall (x) at Mortgagor’s option, either continue to maintain such insurance at Mortgagor’s sole expense, or cause the “Operator” (as defined in Section 5.1(b) of the Easements, Covenants,
Conditions and Restrictions dated October 7, 2004 between CNLRS Bismarck ND, LLC (as predecessor-in-interest to Mortgagor), Kohl’s Illinois, Inc. and Lowe’s Home Centers Inc. recorded on October 8, 2004 as Document
No. 626705 and re-recorded November 18, 2004 as Document No. 628680, as amended) to maintain such insurance, and (y) provide Mortgagee with a certificate evidencing such insurance upon request. Upon any foreclosure hereof or
transfer of title to the Property in extinguishment of the whole or any part of the Secured Obligations, all of Mortgagor’s right, title and interest in and to the insurance policies referred to in this Section (including unearned premiums) and
all proceeds payable thereunder shall thereupon vest in the purchaser at foreclosure or other such transferee, to the extent permissible under such policies. Mortgagee shall have the right (but not the obligation) to make proof of loss for, settle
and adjust any claim under, and receive the proceeds of, all insurance for loss of or damage to the Property, regardless of whether or not such insurance policies are required by Mortgagee, and the expenses incurred by Mortgagee in the adjustment
and collection of insurance proceeds shall be a part of the Secured Obligations and shall be due and payable to Mortgagee on demand to the extent permitted by law. Notwithstanding anything set forth herein to the contrary, so long as no Event of
Default exists, in the event that the loss or damage is Five Hundred Thousand and No/100 Dollars 

  
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($500,000.00) or less, Mortgagor shall have the right to make proof of loss for, settle and adjust any claim under all insurance; provided that any proceeds will be applied in accordance with
this Section 5.5, Mortgagee shall not be, under any circumstances, liable or responsible for failure to collect or exercise diligence in the collection of any of such proceeds or for the obtaining, maintaining or adequacy of any
insurance or for failure to see to the proper application of any amount paid over to Mortgagor. In the event of any casualty to the Property or any portion thereof, any such proceeds received by Mortgagee shall within sixty (60) days following
the event of casualty, after deduction therefrom of all reasonable expenses actually incurred by Mortgagee, including attorneys’ fees, at Mortgagee’s option be (1) released to Mortgagor in accordance with the rights of Mortgagor, or
(2) applied (upon compliance with the terms and conditions set forth in Section 5.5(c) of this Mortgage) to the repair or restoration, either partly or entirely, of the Property so damaged, or (3) applied to the payment of the
Secured Obligations in such order and manner as Mortgagee, in its sole discretion, may elect, whether or not due; provided, however, that Mortgagor shall have the right to require the release of such proceeds if Mortgagor can
demonstrate satisfaction of the conditions set forth in Section 5.5(c) of this Mortgage and any release of such proceeds shall be upon the terms and conditions more particularly set forth in said Section 5.5(c). In any event,
the unpaid portion of the Secured Obligations shall remain in full force and effect and the payment thereof shall not be excused. Mortgagor shall at all times comply with the requirements of the insurance policies required hereunder and of the
issuers of such policies and of any board of fire underwriters or similar body as applicable to or affecting the Property. 
 (b) Condemnation. Mortgagor shall notify Mortgagee immediately of any threatened or pending proceeding for condemnation affecting the Property or arising out of damage to the Property, and
Mortgagor shall, at Mortgagor’s expense, diligently prosecute any such proceedings. Mortgagee shall have the right (but not the obligation) to participate in any such proceeding and to be represented by counsel of its own choice. To the extent
permitted by law, Mortgagee shall be entitled to receive all sums which may be awarded or become payable to Mortgagor for the condemnation of the Property, or any part thereof, for public or quasi-public use, or by virtue of private sale in lieu
thereof, and any sums which may be awarded or become payable to Mortgagor for injury or damage to the Property. Mortgagor shall, promptly upon request of Mortgagee, execute such additional assignments and other documents as may be necessary from
time to time to permit such participation and to enable Mortgagee to collect and receipt for any such sums. All such sums are hereby assigned to Mortgagee, and shall within sixty (60) days following such taking, after deduction therefrom of all
reasonable expenses actually incurred by Mortgagee, including attorneys’ fees, at Mortgagee’s option be (1) applied (upon compliance with the terms and conditions set forth in Section 5.5(c) of this Mortgage) to the repair
or restoration of the Property so affected, or (2) applied to the payment of the Secured Obligations in such order and manner as Mortgagee, in its sole discretion, may elect, whether or not due; provided, however, that Mortgagor
shall have the right to require the release of such proceeds if Mortgagor can demonstrate satisfaction of the conditions set forth in Section 5.5(c) of this Mortgage and any release of such proceeds shall be upon the terms and conditions
more particularly set forth in said Section 5.5(c). In any event the unpaid portion of the Secured Obligations shall remain in full force and effect and the payment thereof shall not be excused. Mortgagee shall not be, under any
circumstances, liable or responsible for failure to collect or to exercise diligence in the collection of any such sum or for failure to see to the proper application of any amount paid over to Mortgagor. Mortgagee is hereby authorized, in the name
of 

  
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Mortgagor, to execute and deliver valid acquittances for, and to appeal from, any such award, judgment or decree. All reasonable costs and expenses (including but not limited to attorneys’
fees) incurred by Mortgagee in connection with any condemnation shall be a demand obligation owing by Mortgagor (which Mortgagor hereby promises to pay) to Mortgagee pursuant to this Mortgage. 

(c) Restoration. In the event there shall be a casualty loss or a condemnation, and Mortgagor requests or Mortgagee
elects to cause the applicable insurance proceeds or condemnation award to be applied to restore, repair or replace the Property (“Restoration”), Mortgagee agrees to disburse such insurance proceeds or condemnation award in
accordance with disbursement procedures reasonably acceptable to Mortgagee, including, without limitation, such procedures as are customarily utilized by construction lenders to insure the lien free completion of construction projects. No such
insurance proceeds or condemnation award shall be disbursed unless the conditions as set forth in Section 5.06(d) of the Credit Agreement are satisfied. 
 5.6 Maintenance and Preservation of Property. 
 (a)
Mortgagor shall insure (or shall cause to be insured) the Property as required by the Loan Agreement and keep the Property in materially good condition and repair and materially in accordance with terms of any Major Lease, as applicable. 

(b) Mortgagor shall not remove or demolish the Property or any material part of the Property, or alter, restore or add to
the Property in a material respect, or initiate or allow any change or variance in any zoning or other Premises use classification which affects the Property or any part of it, except as permitted or required by the Loan Agreement or with
Mortgagee’s express prior written consent in each instance. 
 (c) If all or part of the Property becomes
damaged or destroyed, Mortgagor shall promptly and completely repair and/or restore the Property in a good and workmanlike manner in accordance with sound building practices, provided that Mortgagee agrees to disburse to Mortgagor Proceeds or other
sums to pay costs of the work of repair or reconstruction under Section 5.5 of this Mortgage so long as the conditions therein are satisfied. 
 (d) Mortgagor shall not commit or allow any act upon or use of the Property which would violate, in a material respect: (i) any applicable Laws or order of any Governmental Authority, whether now
existing or later to be enacted and whether foreseen or unforeseen; or (ii) any public or private covenant, condition, restriction or equitable servitude affecting the Property. Mortgagor shall not bring or keep any article on the Property or
cause or allow any condition to exist on it, if that could invalidate or would be prohibited by any insurance coverage required to be maintained by Mortgagor on the Property or any part of it under the Loan Agreement. 

(e) Mortgagor shall not commit or allow waste of the Property, including those acts or omissions characterized under the
Loan Agreement as waste which arises 

  
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out of Hazardous Materials to the extent the same would be reasonably likely to have a material impact on the Property. 

(f) Mortgagor shall perform (or shall cause to be performed) all other acts which from the character or use of the
Property may be reasonably necessary to maintain and preserve its value to the extent the failure to do so would be reasonably likely to have a material impact on the Property. 

(g) If Mortgagor receives a notice or claim from any person that the Property, or any use, activity, operation or
maintenance thereof or thereon, is not in compliance with any Legal Requirement in a material respect, Mortgagor will promptly furnish a copy of such notice or claim to Mortgagee. Mortgagor has received no notice and has no knowledge of any such
noncompliance. 
 (h) Mortgagor shall faithfully abide by, perform and discharge each and every term, condition,
obligation, covenant and agreement, which Mortgagor is now, or hereafter becomes, liable to observe or perform respecting the Property to the extent that a failure to do so would materially impair the value or operation of the Property; give prompt
written material notice to Mortgagee of any notice of material default received by Mortgagor with respect to any default of Mortgagor under any material contract or agreement comprising or respecting the Property (collectively, the
“Agreements”), together with an accurate, complete copy of any such notice; at the sole cost and expense of Mortgagor, enforce or secure the performance of each and every material term, obligation, covenant, condition and agreement
to be performed by all parties under the Agreements; immediately provide Mortgagee with an accurate, complete copy of any notice of material default by Mortgagor with respect to any of the Agreements, when so sent by Mortgagor. 

(i) Until the Secured Obligations shall have been paid and satisfied in full, Mortgagor shall provide Mortgagee with
executed copies of all Agreements, assign to Mortgagee any and all subsequent material Agreements covering all or any part of the Property, and make, execute and deliver to Mortgagee, upon demand, any and all instruments that may be necessary or
desirable therefor in the sole reasonable judgment of the Mortgagee. The terms and conditions of this Assignment shall, however, apply to any such subsequent Agreements, whether or not such instruments are executed or delivered by Mortgagor.

 (j) Mortgagor shall not enter into any Agreement or materially modify, amend, extend, renew or in any way
materially alter the terms of any Agreement, nor waive, excuse, condone or in any manner release or discharge any other party thereunder, of or from any obligation, covenant, condition, or agreement by said party to be performed thereunder without
Mortgagee’s prior written consent. 
 (k) Mortgagor agrees that, upon receipt of written notice from
Mortgagee of the occurrence of any Event of Default and Mortgagee’s election to exercise its rights under this Mortgage, each contracting party to, or Mortgagor or licensor of, any Agreement shall be and is hereby irrevocably directed and
authorized by Mortgagor to 

  
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recognize and accept Mortgagee as owner or as holder of such Agreement, as the case may be, for any and all purposes as fully as it would recognize and accept Mortgagor and the performance of
Mortgagor thereunder, and to perform such Agreement for the benefit of Mortgagee in accordance with the terms and conditions thereof, without any obligation to determine whether or not any such Event of Default has in fact occurred. 

5.7 Releases, Extensions, Modifications and Additional Security. From time to time, Mortgagee may perform any of the following
acts without incurring any liability or giving notice to any person: 
 (a) Release any person liable for payment
of any Secured Obligation; 
 (b) Extend the time for payment, or otherwise alter the terms of payment, of any
Secured Obligation; 
 (c) Accept additional real or personal property of any kind as security for any Secured
Obligation, whether evidenced by deeds of trust, mortgages, security agreements or any other instruments of security; 
 (d) Alter, substitute or release any property securing the Secured Obligations; 
 (e) Consent to the making of any plat or map of the Property or any part of it; 
 (f) Join in granting any easement or creating any restriction affecting the Property; 
 (g) Join in any subordination or other agreement affecting this Mortgage or the lien of it; or 
 (h) Release the Property or any part of it. 
 5.8 Release. When all of the
Secured Obligations have been paid in full and all fees and other sums owed by Mortgagor under Section 5.9 of this Mortgage and the other Loan Documents have been received, Mortgagee shall release this Mortgage, the lien created thereby,
and all notes and instruments evidencing the Secured Obligations. Mortgagor shall pay any costs of preparation and recordation of such release. 
 5.9 Compensation; Exculpation. 
 (a) Mortgagor agrees to pay
reasonable fees actually incurred by Mortgagee when the law provides no maximum limit, for any services that Mortgagee may render in connection with this Mortgage, including providing a statement of the Secured Obligations or providing the release
pursuant to Section 5.8 of this Mortgage. Mortgagor shall also pay or reimburse all of Mortgagee’s costs and expenses which may be incurred in rendering any such services. Mortgagor further agrees to pay or reimburse Mortgagee for
all reasonable costs, expenses and other advances which may be incurred or made by Mortgagee in any efforts to enforce any terms of this Mortgage, including any rights or remedies afforded to Mortgagee under Section 6.3 of this Mortgage,
whether any lawsuit 

  
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is filed or not, or in defending any action or proceeding arising under or relating to this Mortgage, including, to the extent permitted by applicable law, attorneys’ fees and other legal
costs, costs of any Foreclosure Sale (as defined in Subsection 6.3(i) of this Mortgage) and any cost of evidence of title. If Mortgagee, as required by applicable law, chooses to dispose of Property through more than one Foreclosure Sale,
Mortgagor shall pay all reasonable costs, expenses or other advances that may be incurred or made by Mortgagee in each of such Foreclosure Sales. In any suit to foreclose the lien hereof or enforce any other remedy of Mortgagee under this Mortgage
or the Note, there shall be allowed and included as additional indebtedness in the decree for sale or other judgment or decree all expenditures and expenses which may be paid or incurred by or on behalf of Mortgagee for reasonable attorneys’
costs and fees (including the costs and fees of paralegals), survey charges, appraiser’s fees, inspecting engineer’s and/or architect’s fees, fees for environmental studies and assessments and all additional expenses incurred by
Mortgagee with respect to environmental matters, outlays for documentary and expert evidence, stenographers’ charges, publication costs, and costs (which may be estimated as to items to be expended after entry of the decree) of procuring all
such abstracts of title, title searches and examinations, title insurance policies, Torrens certificates and similar data and assurances with respect to title as Mortgagee may deem reasonably necessary either to prosecute such suit or to evidence to
bidders at any sale which may be had pursuant to such decree the true condition of the title to, the value of or the environmental condition of the Property. All expenditures and expenses of the nature in this Subsection mentioned, and such expenses
and fees as may be incurred in the protection of the Property and maintenance of the lien of this Mortgage, including the fees of any attorney (including the costs and fees of paralegals) employed by Mortgagee in any litigation or proceeding
affecting this Mortgage, the Note or the Property, including probate and bankruptcy proceedings, or in preparation for the commencement or defense of any proceeding or threatened suit or proceeding, shall be reasonable, and shall be immediately due
and payable by Mortgagor, with interest thereon at the Default Rate and shall be secured by this Mortgage. Any fees, costs or expenses described in this Section 5.9(a) shall be subject to such limitations as may be imposed by applicable
North Dakota law. 
 (b) Mortgagee shall not be directly or indirectly liable to Mortgagor or any other person as
a consequence of any of the following: 
 (i) Mortgagee’s exercise of or failure to exercise any rights,
remedies or powers granted to Mortgagee in this Mortgage; 
 (ii) Mortgagee’s failure or refusal to perform
or discharge any obligation or liability of Mortgagor under any agreement related to the Property or under this Mortgage; or 
 (iii) Any loss sustained by Mortgagor or any third party resulting from Mortgagee’s failure to lease the Property, or from any other act or omission of Mortgagee in managing the Property, after an
Event of Default, unless the loss is caused by the willful misconduct and bad faith of Mortgagee. 

  
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 Mortgagor hereby expressly waives and releases all liability of the types described above,
and agrees that no such liability shall be asserted against or imposed upon Mortgagee. 
 (c) Mortgagor will
indemnify and hold harmless Mortgagee from and against, and reimburse them on demand for, any and all Indemnified Matters (hereinafter defined). For purposes of this Section 5.9, the term “Mortgagee” shall include the
directors, officers, partners, employees and agents of Mortgagee and any persons owned or controlled by, owning or controlling, or under common control or affiliated with Mortgagee and the directors, officers, partners, employees, attorneys, agents
and representatives of Mortgagee. Without limitation, the foregoing indemnities shall apply to each indemnified person with respect to matters which in whole or in part are caused by or arise out of the negligence of such (and/or any other)
indemnified person. However, such indemnities shall not apply to a particular indemnified person to the extent that the subject of the indemnification is caused by or arises out of the gross negligence or willful misconduct of that indemnified
person. Any amount to be paid under this Section 5.9 by Mortgagor to Mortgagee shall be a demand obligation owing by Mortgagor (which Mortgagor hereby promises to pay) to Mortgagee pursuant to this Mortgage. Nothing in this paragraph,
elsewhere in this Mortgage or in any other Loan Document shall limit or impair any rights or remedies of Mortgagee (including without limitation any rights of contribution or indemnification) against Mortgagor or any other person under any other
provision of this Mortgage, any other Loan Document, any other agreement or any applicable Legal Requirement. 

As used in this Mortgage, the term “Indemnified Matters” means any and all claims, demands, liabilities
(including strict liability), losses, damages (including consequential damages), causes of action, judgments, penalties, fines, costs and expenses (including without limitation, reasonable fees and expenses of attorneys and other professional
consultants and experts, and of the investigation and defense of any claim, whether or not such claim is ultimately defeated, and the settlement of any claim or judgment including all value paid or given in settlement) of every kind, known or
unknown, foreseeable or unforeseeable, which may be imposed upon, asserted against or incurred or paid by Mortgagee at any time and from time to time, whenever imposed, asserted or incurred, because of, resulting from, in connection with, or arising
out of any transaction, act, omission, event or circumstance in any way connected with the Property or with this Mortgage or any other Loan Document, including but not limited to any bodily injury or death or property damage occurring in or upon or
in the vicinity of the Property through any cause whatsoever, any act performed or omitted to be performed hereunder or under any other Loan Document, any breach by Mortgagor of any representation, warranty, covenant, agreement or condition
contained in this Mortgage or in any other Loan Document, any default as defined herein, any claim under or with respect to any Lease or arising under the Environmental Indemnity; provided that any Indemnified Matters arising under the Environmental
Indemnity shall be subject to the limitations set forth therein. Notwithstanding anything to the contrary herein, in no event shall Mortgagor be liable to, or required to indemnify, Mortgagee for matters arising from or relating to the gross
negligence or willful misconduct of Mortgagee. The provisions of this Section 5.9 will survive the repayment of the Secured Obligations, the foreclosure of this Mortgage or conveyance in lieu of foreclosure, the termination of any

  
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and all Interest Rate Agreements, the discharge and release of this Mortgage and the other Loan Documents, any bankruptcy or other debtor relief proceeding, and any other event whatsoever
provided that any obligations arising under the Environmental Indemnity shall be subject to the survival provisions expressly set forth therein. 
 (d) Mortgagor shall pay all obligations to pay money arising under this Section 5.9 immediately upon demand by Mortgagee. Each such obligation shall be added to, and considered to be part of,
the principal of the Note, shall bear interest from the date the obligation arises at the Default Rate and shall be secured by this Mortgage and the other Loan Documents. 

(e) Notwithstanding anything set forth herein to the contrary, unless an Event of Default shall have occurred and be
continuing, Mortgagor shall be entitled to assume the defense of any action for which indemnification is sought hereunder to the extent permitted by Section 9.03(c) of the Loan Agreement. 

5.10 Defense and Notice of Claims and Actions. At Mortgagor’s sole expense, Mortgagor shall protect, preserve and defend the
Property and title to and right of possession of the Property, and the security of this Mortgage and the rights and powers of Mortgagee created under it, against all adverse claims of a material nature. Mortgagor shall give Mortgagee prompt notice
in writing if any claim is asserted which does or could affect any such matters, or if any action or proceeding is commenced which alleges or relates to any such claim. 
 5.11 Subrogation. Mortgagee shall be subrogated to the liens of all encumbrances, whether released of record or not, which are discharged in whole or in part by Mortgagee in accordance with this
Mortgage or with the proceeds of any loan secured by this Mortgage. 
 5.12 Site Visits, Observation and Testing. Subject
to the rights of any tenant of the Property, Mortgagee and its agents and representatives shall have the right at any reasonable time to enter and visit the Property for the purpose of performing appraisals, observing the Property, taking and
removing soil or groundwater samples, and conducting tests on any part of the Property. Mortgagee has no duty, however, to visit or observe the Property or to conduct tests, and no site visit, observation or testing by Mortgagee, its agents or
representatives shall impose any liability on any of Mortgagee, its agents or representatives. In no event shall any site visit, observation or testing by Mortgagee, its agents or representatives be a representation that Hazardous Materials are or
are not present in, on or under the Property, or that there has been or shall be compliance with any law, regulation or ordinance pertaining to Hazardous Materials or any other applicable governmental law. Neither Mortgagor nor any other party is
entitled to rely on any site visit, observation or testing by any of Mortgagee, its agents or representatives. Neither Mortgagee, its agents nor representatives owe any duty of care to protect Mortgagor or any other party against, or to inform
Mortgagor or any other party of, any Hazardous Materials or any other adverse condition affecting the Property. Except in the event of any emergency, Mortgagee shall give Mortgagor reasonable notice before entering the Property. Mortgagee shall make
reasonable efforts to avoid interfering with Mortgagor’s use of the Property in exercising any rights provided in this Section 5.12. 

  
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 5.13 Books and Records. Unless otherwise approved by Mortgagee in writing, all
Property that consists of personal property (other than the Books and Records) will be located on the Premises and all Books and Records will be located at Mortgagor’s place of business or chief executive office if Mortgagor has more than one
place of business. 
 5.14 Leasing Restrictions. To the extent prohibited by the Loan Agreement, without the prior
written consent of Mortgagee, Mortgagor and Mortgagor’s agents shall not (i) enter into any additional Leases, (ii) modify, amend or terminate any Lease, or (iii) accept any rental payment in advance of its due date. 

5.15 Maintenance, Repair and Restoration. In all material respects, Mortgagor will keep the Property (or will cause the Property
to be kept, as applicable) in first class order, repair, operating condition and appearance, causing all necessary repairs, renewals, replacements, additions and improvements to be promptly made, and will not allow any of the Property to be misused,
abused or wasted or to deteriorate. Notwithstanding the foregoing, Mortgagor will not, without the prior written consent of Mortgagee, (i) remove from the Property any fixtures or personal property covered by this Mortgage except such as is
replaced by Mortgagor by an article of substantially equal suitability and value, owned by Mortgagor, free and clear of any lien or security interest (except that created by this Mortgage), or (ii) make any structural alteration to the Property
or any other alteration thereto which materially negatively impairs the value thereof. If any act or occurrence of a material nature (including any condemnation or any casualty for which insurance was not obtained or obtainable) shall result in
damage to or loss or destruction of the Property, Mortgagor shall give prompt notice thereof to Mortgagee and Mortgagor shall promptly, at Mortgagor’s sole cost and expense, secure the Property as necessary and commence and continue diligently
to completion to restore, repair, replace and rebuild the Property as nearly as possible to its value, condition and character immediately prior to the damage, loss or destruction. 

5.16 Operation of Property. In all material respects, Mortgagor will operate the Property (or will cause the Property to be
operated, as applicable) in a good and workmanlike manner and in accordance with all Legal Requirements and will pay all fees or charges of any kind in connection therewith. Mortgagor will keep the Property occupied so as not to impair the insurance
carried thereon. Mortgagor will not use or occupy or conduct any activity on, or allow the use or occupancy of or the conduct of any activity on, the Property in any manner which violates any Legal Requirement in a material respect or which
constitutes a public or private nuisance or which makes void, voidable or cancelable, or increases the premium of, any insurance then in force with respect thereto. Mortgagor will not initiate or permit any zoning reclassification of the Property or
seek any variance under existing zoning ordinances applicable to the Property or use or permit the use of the Property in such a manner which would result in such use becoming a nonconforming use under applicable zoning ordinances or other Legal
Requirement. Mortgagor will not impose any easement, restrictive covenant or encumbrance upon the Property, execute or file any subdivision plat or condominium declaration affecting the Property or consent to the annexation of the Property to any
municipality, without the prior written consent of Mortgagee, to the extent the foregoing would have a material adverse effect on the Property. Mortgagor will not do or suffer to be done any act whereby the value of any part of the Property may be
materially lessened. Mortgagor will preserve, protect, renew, extend and retain all material rights and privileges granted for or applicable to the Property. Except as 

  
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permitted by the Permitted Encumbrances, without the prior written consent of Mortgagee, there shall be no drilling or exploration for or extraction, removal or production of any mineral,
hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from the surface or subsurface of the Land regardless of the depth thereof or the method of mining or extraction thereof. Mortgagor will cause all debts and
liabilities of any character (including without limitation all debts and liabilities for labor, material and equipment (including software embedded therein) and all debts and charges for utilities servicing the Property) incurred in the
construction, maintenance, operation and development of the Property to be promptly paid. 
 5.17 Financial Matters.
Mortgagor is solvent after giving effect to all borrowings contemplated by the Loan Documents and no proceeding under any Debtor Relief Law is pending (or, to Mortgagor’s knowledge, threatened) by or against Mortgagor, or any Affiliate of
Mortgagor, as a debtor. All reports, statements, plans, budgets, applications, agreements and other data and information heretofore furnished or hereafter to be furnished by or on behalf of Mortgagor to Mortgagee in connection with the loan or loans
evidenced by the Loan Documents (including, without limitation, all financial statements and financial information) are and will be true, correct and complete in all material respects as of their respective dates and do not and will not omit to
state any fact or circumstance necessary to make the statements contained therein not misleading. No material adverse change has occurred since the dates of such reports, statements and other data in the financial condition of Mortgagor or, to
Mortgagor’s knowledge, of any tenant under any lease described therein. 
 5.18 Status of Mortgagor; Suits and Claims;
Loan Documents. Mortgagor is and will continue to be possessed of all requisite power and authority to carry on its business and to own, operate and lease the Property. Each Loan Document executed by Mortgagor does not and will not result in the
creation of any encumbrance against any assets or properties of Mortgagor, or any other person liable, directly or indirectly, for any of the Secured Obligations, except as expressly contemplated by the Loan Documents or except for any Permitted
Encumbrances. There is no suit, action, claim, investigation, inquiry, proceeding or demand pending (or, to Mortgagor’s knowledge, threatened) against Mortgagor or, to Mortgagor’s knowledge which affects the Property (including, without
limitation, any which challenges or otherwise pertains to Mortgagor’s title to the Property) or the validity, enforceability or priority of any of the Loan Documents. Mortgagor is not a “foreign person” within the meaning of
the Internal Revenue Code of 1986, as amended, Sections 1445 and 7701 (i.e. Mortgagor is not a non-resident alien, foreign corporation, foreign partnership, foreign trust or foreign estate as those terms are defined therein and in any regulations
promulgated thereunder). The loan evidenced by the Note is solely for business and/or investment purposes, and is not intended for personal, family, household or agricultural purposes. Mortgagor further warrants that the proceeds of the Note shall
be used for commercial purposes and stipulates that the loan evidenced by the Note shall be construed for all purposes as a commercial loan. Mortgagor’s exact legal name is correctly set forth at the end of this Mortgage. If Mortgagor is not an
individual, Mortgagor is an organization of the type and (if not an unregistered entity) is incorporated in or organized under the laws of the state specified in the introductory paragraph of this Mortgage. If Mortgagor is an unregistered entity
(including, without limitation, a general partnership) it is organized under the laws of the state specified in the introductory paragraph of this Mortgage. Mortgagor will not cause or permit any change to be made in its name or identity (including
its trade name or names), unless Mortgagor shall have notified Mortgagee in writing of such change at least 30 

  
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days prior to the effective date of such change, and shall have first taken all action required by Mortgagee for the purpose of further perfecting or protecting the lien and security interest of
Mortgagee in the Property. Mortgagor’s principal place of business and chief executive office, and the place where Mortgagor keeps its books and records, including recorded data of any kind or nature, regardless of the medium of recording
including, without limitation, software, writings, plans, specifications and schematics concerning the Property, has for the preceding four months (or, if less, the entire period of the existence of Mortgagor) been and will continue to be (unless
Mortgagor notifies Mortgagee of any change in writing at least 30 days prior to the date of such change) the address of Mortgagor set forth in Section 7.12 of this Mortgage. If Mortgagor is an individual, Mortgagor’s principal
residence has for the preceding four months been and will continue to be (unless Mortgagor notifies Mortgagee of any change in writing at least 30 days prior to the date of such change) the address of the principal residence of Mortgagor set forth
at the end of this Mortgage. Mortgagor’s organizational identification number, if any, assigned by the state of incorporation or organization is correctly set forth on the first page of this Mortgage. Mortgagor shall promptly notify Mortgagee
(i) of any change of its organizational identification number, or (ii) if Mortgagor does not now have an organization identification number and later obtains one, of such organizational identification number. 

5.19 Further Assurances. Mortgagor will, promptly on any reasonable request of Mortgagee, (i) correct any defect, error or
omission which may be discovered in the contents, execution or acknowledgment of this Mortgage or any other Loan Document; (ii) execute, acknowledge, deliver, procure and record and/or file such further documents (including, without limitation,
further mortgages, security agreements, and assignments of rents or leases) and do such further acts as may be necessary, desirable or proper to carry out more effectively the purposes of this Mortgage and the other Loan Documents, to more fully
identify and subject to the liens and security interests hereof any property intended to be covered hereby (including specifically, but without limitation, any renewals, additions, substitutions, replacements, or appurtenances to the Property) or as
deemed advisable by Mortgagee to protect the lien or the security interest hereunder against the rights or interests of third persons; and (iii) provide such certificates, documents, reports, information, affidavits and other instruments and do
such further acts as may be necessary, desirable or proper in the reasonable determination of Mortgagee to enable Mortgagee to comply with the requirements or requests of any agency having jurisdiction over Mortgagee or any examiners of such
agencies with respect to the indebtedness secured hereby, Mortgagor or the Property. Mortgagor shall pay all costs connected with any of the foregoing, which shall be a demand obligation owing by Mortgagor (which Mortgagor hereby promises to pay) to
Mortgagee pursuant to this Mortgage. 
 5.20 Fees and Expenses. Without limitation of any other provision of this
Mortgage or of any other Loan Document and to the extent reasonable and not prohibited by applicable law, Mortgagor will pay, and will reimburse to Mortgagee on demand to the extent paid by Mortgagee: (i) all appraisal fees, filing,
registration and recording fees, recordation, transfer and other taxes, brokerage fees and commissions, abstract fees, title search or examination fees, title policy and endorsement premiums and fees, uniform commercial code search fees, judgment
and tax lien search fees, escrow fees, attorneys’ fees, architect fees, engineer fees, construction consultant fees, environmental inspection fees, survey fees, and all other costs and expenses of every character incurred by Mortgagor or
Mortgagee in connection with the preparation of the Loan Documents, the evaluation, closing and funding of the loan evidenced by the Loan 

  
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Documents, and any and all amendments and supplements to this Mortgage, the Note or any other Loan Documents or any approval, consent, waiver, release or other matter requested or required
hereunder or thereunder, or otherwise attributable or chargeable to Mortgagor as owner of the Property; and (ii) all costs and expenses, including, to the extent permitted by applicable law, attorneys’ fees and expenses, incurred or
expended in connection with the exercise of any right or remedy, or the defense of any right or remedy or the enforcement of any obligation of Mortgagor, hereunder or under any other Loan Document. 

 

	6.	Accelerating Transfers; Default and Remedies. 

 6.1 Accelerating Transfers. 
 (a) “Accelerating
Transfer” means any Transfer not permitted under the Loan Agreement. 
 (b) Mortgagor acknowledges that
Mortgagee is making one or more advances under the Loan Agreement in reliance on the expertise, skill and experience of Mortgagor; thus, the Secured Obligations include material elements similar in nature to a personal service contract. In
consideration of Mortgagee’s reliance, Mortgagor agrees that Mortgagor shall not make any Accelerating Transfer, unless the transfer is preceded by Mortgagee’s express written consent to the particular transaction and transferee. Mortgagee
may withhold such consent in its sole discretion. If any Accelerating Transfer occurs, Mortgagee in its sole discretion may declare all of the Secured Obligations to be immediately due and payable, and Mortgagee may invoke any rights and remedies
provided by Section 6.3 of this Mortgage. 
 6.2 Events of Default. Subject to Borrower’s right to
obtain a release of the Property in accordance with the last paragraph of Article VII of the Loan Agreement, Mortgagor will be in default under this Mortgage upon the occurrence of any one or more of the following events (collectively,
“Events of Default;” any one singly, an “Event of Default”). 
 (a)
Nonperformance of Covenants. Any covenant, agreement or condition herein (other than covenants otherwise addressed in another paragraph of this Section) is not fully and timely performed, observed or kept, and such failure is not cured within
the applicable notice and cure period (if any) provided for herein, in Article VII of the Loan Agreement, or in any other Loan Document. 
 (b) Default under other Loan Documents. The occurrence of any Event of Default under the Loan Agreement or any other Loan Document. 

(c) Representations. Any material statement, representation or warranty herein, or in any financial statement or
any other writing heretofore or hereafter delivered to Mortgagee in connection herewith is false, misleading or erroneous in any material respect on the date as of which such statement, representation or warranty is made, which continues for a
period of thirty (30) days after receipt of written notice from Mortgagee (except that no notice is required for those related to financial information). 

  
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 (d) Transfer of the Property. Any sale, lease, conveyance,
assignment, pledge, encumbrance, or transfer of all or any part of the Property or any interest therein, voluntarily or involuntarily, whether by operation of law or otherwise, except as may be permitted under (and in such case, in accordance with)
the provisions of the Loan Agreement. 
 (e) Transfer of Assets. Any sale, lease, conveyance, assignment,
pledge, encumbrance, or transfer of all or any part of the other assets of Mortgagor, excluding the Property, voluntarily or involuntarily, whether by operation of law or otherwise, except: (i) sales or transfers in the ordinary course of
Mortgagor’s business; (ii) sales or transfers for which Mortgagor receives consideration substantially equivalent to the fair market value of the transferred asset; and (iii) sales or transfers permitted under any Loan Document.

 (f) Transfer of Ownership of Mortgagor. Except as permitted under the Loan Documents, the sale, pledge,
encumbrance, assignment or transfer, voluntarily or involuntarily, whether by operation of law or otherwise, of any interest in Mortgagor (if Mortgagor is not a natural person but is a corporation, partnership, limited liability company, trust or
other legal entity), without the prior written consent of Mortgagee (including, without limitation, if Mortgagor is a partnership or joint venture, the withdrawal from or admission into it of any general partner or joint venturer). 

(g) Grant of Easement, Etc. Without the prior written consent of Mortgagee, Mortgagor grants any easement or
dedication, files any plat, condominium declaration, or restriction, or otherwise encumbers the Property, or seeks or permits any zoning reclassification or variance, unless such action is expressly permitted by the Loan Documents, or does not
materially adversely affect the Property, which encumbrance is not removed or rescinded within thirty (30) days after receipt of written notice from Mortgagee. 

(h) Abandonment. The owner of the Property abandons any of the Property. 

(i) Default Under Other Lien. A default or event of default occurs under any lien, security interest or assignment
covering the Property or any part thereof (whether or not Mortgagee has consented, and without hereby implying Mortgagee’s consent, to any such lien, security interest or assignment not created hereunder), or the holder of any such lien,
security interest or assignment declares a default or institutes foreclosure or other proceedings for the enforcement of its remedies thereunder. 
 (j) Destruction. The Property is so demolished, destroyed or damaged that, in the reasonable opinion of Mortgagee, it cannot be restored or rebuilt with available funds to a profitable condition
within a reasonable period of time and in any event, prior to the final maturity date of the Note; provided, however, that this subsection shall not be an Event of Default if either (A) such destruction (after taking into
consideration the application of any proceeds) does not cause the aggregate Tranche A Exposure of all Tranche A Lenders to exceed the then effective Tranche A Available Amount; or (B) if such destruction (after taking into consideration the
application of any proceeds) does 

  
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cause the aggregate Tranche A Exposure of all Tranche A Lenders to exceed the then effective Tranche A Available Amount, the Borrower has prepaid the applicable Loans in an amount equal to such
excess within forty-five (45) days; or (C) Borrower has obtained a release of the Property in accordance with Article VII of the Loan Agreement, in which case Agent shall execute a discharge of this Mortgage. 

(k) Condemnation. (i) Any governmental authority shall require, or commence any proceeding for, the demolition
of any building or structure comprising a part of the Premises or Improvements to the extent the same would have a material impact on the Property, or (ii) there is commenced any proceeding to condemn or otherwise take pursuant to the power of
eminent domain, or a contract for sale or a conveyance in lieu of such a taking is executed which provides for the transfer of, a material portion of the Premises or Improvements, including but not limited to the taking (or transfer in lieu thereof)
of any portion which would result in the blockage or substantial impairment of access or utility service to the Improvements or which would cause the Premises to fail to comply with any Legal Requirement; provided, however, that this
subsection shall not be an Event of Default if either (A) such condemnation (after taking into consideration the application of any proceeds) does not cause the aggregate Tranche A Exposure of all Tranche A Lenders to exceed the then effective
Tranche A Available Amount; or (B) if such condemnation (after taking into consideration the application of any proceeds) does cause the aggregate Tranche A Exposure of all Tranche A Lenders to exceed the then effective Tranche A Available
Amount, the Borrower has prepaid the applicable Loans in an amount equal to such excess within forty-five (45) days; or (C) Borrower has obtained a release of the Property in accordance with Article VII of the Loan Agreement, in which case
Agent shall execute a discharge of this Mortgage. 
 6.3 Remedies. At any time after an Event of Default, Mortgagee shall
be entitled to invoke any and all of the rights and remedies described below, in addition to all other rights and remedies available to Mortgagee at law or in equity. All of such rights and remedies shall be cumulative, and the exercise of any one
or more of them shall not constitute an election of remedies. 
 (a) Acceleration. Mortgagee may declare
any or all of the Secured Obligations to be due and payable immediately and may terminate any and all Interest Rate Agreements. Upon any such declaration, such Secured Obligations shall thereupon be immediately due and payable, and such Interest
Rate Agreement shall immediately terminate, without presentment, demand, protest, notice of protest, notice of acceleration or of intention to accelerate or any other notice or declaration of any kind, all of which are hereby expressly waived by
Mortgagor. Without limitation of the foregoing, upon the occurrence of a default described in Section 6.2(e)(i)(A), (C) or (D) of this Mortgage, all of the Secured Obligations shall thereupon be immediately due
and payable, without presentment, demand, protest, notice of protest, declaration or notice of acceleration or intention to accelerate, or any other notice, declaration or act of any kind, all of which are hereby expressly waived by Mortgagor.

  
 -23-

 (b) Receiver. Mortgagee shall, as a matter of right, without notice
(to the extent permitted by the applicable law) and without giving bond to Mortgagor or anyone claiming by, under or through Mortgagor, and without regard for the solvency or insolvency of Mortgagor or the then value of the Property, to the extent
permitted by applicable law, be entitled to have a receiver appointed for all or any part of the Property and the Rents, and the proceeds, issues and profits thereof, with the rights and powers referenced below and such other rights and powers as
the court making such appointment shall confer, and Mortgagor hereby consents to the appointment of such receiver and shall not oppose any such appointment. Such receiver shall have all powers and duties prescribed by applicable law, all other
powers which are necessary or usual in such cases for the protection, possession, control, management and operation of the Property, and such rights and powers as Mortgagee would have, upon entering and taking possession of the Property under
subsection (c) below. 
 (c) Entry. Mortgagee, in person, by agent or by court-appointed receiver,
may enter, take possession of, manage and operate all or any part of the Property, and may also do any and all other things in connection with those actions that Mortgagee may in its sole discretion consider necessary and appropriate to protect the
security of this Mortgage and the Property. Such other things may include: taking and possessing all of Mortgagor’s or the then owner’s Books and Records; entering into, enforcing, modifying or canceling leases on such terms and conditions
as Mortgagee may consider proper; obtaining and evicting tenants; fixing or modifying Rents; collecting and receiving any payment of money owing to Mortgagee; completing any unfinished construction; and/or contracting for and making repairs and
alterations. If Mortgagee so requests, Mortgagor shall assemble all of the Property that has been removed from the Premises and make all of it available to Mortgagee at the site of the Premises. Mortgagor hereby irrevocably constitutes and appoints
Mortgagee as Mortgagor’s attorney-in-fact to perform such acts and execute such documents as Mortgagee in its sole discretion may consider to be appropriate in connection with taking these measures, including endorsement of Mortgagor’s
name on any instruments. 
 (d) Cure; Protection of Security. Mortgagee may cure any breach or default of
Mortgagor, and if it chooses to do so in connection with any such cure, Mortgagee may also enter the Property and/or do any and all other things which it may in its sole discretion consider necessary and appropriate to protect the security of this
Mortgage and the Property. Such other things may include: appearing in and/or defending any action or proceeding which purports to affect the security of, or the rights or powers of Mortgagee under, this Mortgage; paying, purchasing, contesting or
compromising any encumbrance, charge, lien or claim of lien which in Mortgagee’s sole judgment is or may be senior in priority to this Mortgage, such judgment of Mortgagee to be conclusive as among the parties to this Mortgage; obtaining
insurance and/or paying any premiums or charges for insurance required to be carried under the Loan Agreement; otherwise caring for and protecting any and all of the Property; and/or employing counsel, accountants, contractors and other appropriate
persons to assist Mortgagee. Mortgagee may take any of the actions permitted under this Subsection 6.3(d) either with or without giving notice to any person. Any amounts expended by Mortgagee under this Subsection 6.3(d) shall

  
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be deemed Secured Obligations and shall be secured by this Mortgage and the Loan Documents. 
 (e) Uniform Commercial Code Remedies; Leases. (i) Mortgagee may exercise any or all of the remedies granted to a secured party under the UCC. 

(ii) Additionally, prior or subsequent to taking possession of any portion of the Property or taking any action with
respect to such possession, Mortgagee may: (1) collect and/or sue for the Rents in Mortgagee’s own name, give receipts and releases therefor, and after deducting all expenses of collection, including attorneys’ fees and expenses,
apply the net proceeds thereof to the Secured Obligations in such manner and order as Mortgagee may elect and/or to the operation and management of the Property, including the payment of management, brokerage and attorney’s fees and expenses;
and (2) require Mortgagor to transfer all security deposits and records thereof to Mortgagee together with original counterparts of the Leases. 
 (iii) It is the express understanding and intent of the parties that as to any personal property interests subject to Article 9 of the UCC, Mortgagee, upon an Event of Default, may proceed under the UCC
or may proceed as to both real and personal property interests in accordance with the provisions of this Mortgage and its rights and remedies in respect to real property, as specifically permitted under Section 9-604 of the UCC. 

(f) Foreclosure; Lawsuits. Mortgagee shall have the right, in one or several concurrent or consecutive proceedings,
to foreclose the lien hereof upon the Property or any part thereof, for the Secured Obligations, or any part thereof, by any proceedings appropriate under applicable law. Mortgagee or its nominee may bid and become the purchaser of all or any part
of the Property at any foreclosure or other sale hereunder, and the amount of Mortgagee’s successful bid shall be credited on the Secured Obligations. Without limiting the foregoing, Mortgagee may proceed by a suit or suits in law or equity,
whether for specific performance of any covenant or agreement herein contained (if permitted by applicable law) or in aid of the execution of any power herein granted, or for any foreclosure under the judgment or decree of any court of competent
jurisdiction. In addition to the right provided in Section 6.3(a) of this Mortgage, upon, or at any time after the filing of a complaint to foreclose this Mortgage, Mortgagee shall be entitled to the appointment of a receiver of the
Property by the court in which such complaint is filed, and Mortgagor hereby consents to such appointment. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without
further notice except as may be required by law. If the proceeds of such sale of less than the whole of the Property shall be less than the aggregate of the Secured Obligations, this Mortgage and the lien hereof shall remain in full force and effect
as to the unsold portion of the Property just as though no sale had been made. A sale may cover not only the real property but also the personal property and other interests which are a part of the Property, or any part thereof, as a unit and as a
part of a single sale, or the sale may be of any part of the Property separately from the remainder of the Property. After each sale, the Mortgagee shall receive the proceeds of said sale or sales and apply the same as herein provided. In the event
any sale hereunder 

  
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is not completed or is defective in the opinion of Mortgagee, such sale shall not exhaust the power of sale hereunder and Mortgagee shall have the right to cause a subsequent sale or sales to be
made hereunder. Any and all statements of fact or other recitals made in any deed or deeds or other conveyances given by the Mortgagee as to nonpayment of the Secured Obligations or as to the occurrence of any default, or as to Mortgagee’s
having declared all of said indebtedness to be due and payable, or as to the request to sell, or as to notice of time, place and terms of sale and the properties to be sold having been duly given, or as to any other act or thing having been duly
done by Mortgagee shall be taken as prima facie evidence of the truth of the facts so stated and recited. 
 (g)
Other Remedies. Mortgagee may exercise all rights and remedies contained in any other instrument, document, agreement or other writing heretofore, concurrently or in the future executed by Mortgagor or any other person or entity in favor of
Mortgagee in connection with the Secured Obligations or any part thereof, without prejudice to the right of Mortgagee thereafter to enforce any appropriate remedy against Mortgagor. Mortgagee shall have the right to pursue all remedies afforded to a
Mortgagee under applicable law or in equity or otherwise, and shall have the benefit of all of the provisions of such applicable law, including all amendments thereto which may become effective from time to time after the date hereof. 

(h) Sale of Personal Property. Mortgagee, as required by applicable law, shall have the discretionary right to
cause some or all of the Property, which constitutes personal property, to be sold or otherwise disposed of in any combination and in any manner permitted by applicable law. 

(i) For purposes of this power of sale, Mortgagee, as required by applicable law, may elect to treat as personal property
any Property which is intangible or which can be severed from the Premises or Improvements without causing structural damage. If it chooses to do so, Mortgagee, as required by applicable law, may dispose of any personal property, in any manner
permitted by Article 9 of the UCC, including any public or private sale, or in any manner permitted by any other applicable law. 
 (ii) In connection with any sale or other disposition of such Property, Mortgagor agrees that the following procedures constitute a commercially reasonable sale: Mortgagee shall mail written notice of the
sale to Mortgagor not later than thirty (30) days prior to such sale. Mortgagee will publish notice of the sale in a local daily newspaper of general circulation. Upon receipt of any written request, Mortgagee will make the Property available
to any bona fide prospective purchaser for inspection during reasonable business hours. Notwithstanding, Mortgagee shall be under no obligation to consummate a sale if, in its judgment, none of the offers received by it equals the fair value of the
Property offered for sale. The foregoing procedures do not constitute the only procedures that may be commercially reasonable. 
 (i) Single or Multiple Foreclosure Sales. If the Property consists of more than one lot, parcel or item of property, Mortgagee, as required by applicable law, may: 

  
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 (i) Designate the order in which the lots, parcels and/or items shall be
sold or disposed of or offered for sale or disposition; and 
 (ii) Elect to dispose of the lots, parcels and/or
items through a single consolidated sale or disposition to be held or made under or in connection with judicial proceedings, or by virtue of a judgment and decree of foreclosure and sale; or through two or more such sales or dispositions; or, if
permitted by applicable law, by nonjudicial foreclosure; or in any other manner Mortgagee may deem to be in its best interests (any such sale or disposition, a “Foreclosure Sale”; and any two or more, “Foreclosure
Sales”). 
 If Mortgagee chooses to have more than one Foreclosure Sale, Mortgagee at its option may cause the
Foreclosure Sales to be held simultaneously or successively, on the same day, or on such different days and at such different times and in such order as Mortgagee may deem to be in its best interests. No Foreclosure Sale shall terminate or affect
the liens of this Mortgage on any part of the Property which has not been sold, until all of the Secured Obligations have been paid in full. 
 6.4 Credit Bids. Pursuant to applicable law, at any Foreclosure Sale, any person, including Mortgagor or Mortgagee, may bid for and acquire the Property or any part of it to the extent permitted by
then applicable law. Instead of paying cash for such property, Mortgagee may settle for the purchase price by crediting the sales price of the property against the following obligations: 

(a) First, the portion of the Secured Obligations attributable to the expenses of sale, costs of any action and any other
sums for which Mortgagor is obligated to pay or reimburse Mortgagee under Section 5.9 of this Mortgage; and 
 (b) Second, all other Secured Obligations in any order and proportions as Mortgagee in its sole discretion may choose. 
 6.5 Application of Foreclosure Sale Proceeds. To the extent permitted by law, Mortgagee shall apply the proceeds of any Foreclosure Sale in the following manner: 

(a) First, to pay the portion of the Secured Obligations attributable to the expenses of sale, costs of any action and any
other sums for which Mortgagor is obligated to reimburse Mortgagee under Section 5.9 of this Mortgage; 
 (b) Second, to pay the portion of the Secured Obligations attributable to any sums expended or advanced by Mortgagee under the terms of this Mortgage which then remain unpaid; 

(c) Third, to pay all other Secured Obligations in any order and proportions as Mortgagee in its sole discretion may
choose; and 
 (d) Fourth, to remit the remainder, if any, to the person or persons entitled to it. 

  
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 6.6 Application of Rents and Other Sums. Mortgagee shall apply any and all Rents
collected by it, and any and all sums other than proceeds of a Foreclosure Sale which Mortgagee may receive or collect under Section 6.3 of this Mortgage, in the following manner: 

(a) First, to pay the portion of the Secured Obligations attributable to the costs and expenses of operation and
collection that may be incurred by Mortgagee or any receiver; 
 (b) Second, to pay all other Secured Obligations
in any order and proportions as Mortgagee in its sole discretion may choose; and 
 (c) Third, to remit the
remainder, if any, to the person or persons entitled to it. 
 Mortgagee shall have no liability for any funds which it does not actually
receive. 
  

	7.	Miscellaneous Provisions. 

 7.1 Additional Provisions. The Loan Documents fully state all of the terms and conditions of the parties’ agreement regarding the matters mentioned in or incidental to this Mortgage. The Loan
Documents also grant further rights to Mortgagee and contain further agreements and affirmative and negative covenants by Mortgagor which apply to this Mortgage and to the Property. 

7.2 No Waiver or Cure. 
 (a) Each waiver by Mortgagee must be in writing, and no waiver shall be construed as a continuing waiver. No waiver shall be implied from any delay or failure by Mortgagee to take action on account of any
default of Mortgagor. Consent by Mortgagee to any act or omission by Mortgagor shall not be construed as a consent to any other or subsequent act or omission or to waive the requirement for Mortgagee’s consent to be obtained in any future or
other instance. 
 (b) If any of the events described below occurs, that event alone shall not: cure or waive any
breach, Event of Default or notice of default under this Mortgage or invalidate any act performed pursuant to any such default or notice; or nullify the effect of any notice of default or sale (unless all Secured Obligations then due have been paid
and performed and all other defaults under the Loan Documents have been cured); or impair the security of this Mortgage; or prejudice Mortgagee or any receiver in the exercise of any right or remedy afforded any of them under this Mortgage; or be
construed as an affirmation by Mortgagee of any tenancy, lease or option, or a subordination of the lien of this Mortgage. 
 (i) Mortgagee, its agent or a receiver takes possession of all or any part of the Property in the manner provided in Subsection 6.3(c). 

(ii) Mortgagee collects and applies Rents as permitted under Sections 2.3 and 6.6 of this Mortgage,
either with or without taking possession of all or any part of the Property. 

  
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 (iii) Mortgagee receives and applies to any Secured Obligation any proceeds
of any Property, including any proceeds of insurance policies, condemnation awards, or other claims, property or rights assigned to Mortgagee under Section 5.5 of this Mortgage. 

(iv) Mortgagee makes a site visit, observes the Property and/or conducts tests as permitted under Section 5.12
of this Mortgage. 
 (v) Mortgagee receives any sums under this Mortgage or any proceeds of any collateral held
for any of the Secured Obligations, and applies them to one or more Secured Obligations. 
 (vi) Mortgagee or any
receiver invokes any right or remedy provided under this Mortgage. 
 7.3 Powers of Mortgagee. 

(a) If Mortgagee performs any act which it is empowered or authorized to perform under this Mortgage, including any act
permitted by Section 5.7 or Subsection 6.3(d) of this Mortgage, that act alone shall not release or change the personal liability of any person for the payment and performance of the Secured Obligations then outstanding, or the
lien of this Mortgage on all or the remainder of the Property for full payment and performance of all outstanding Secured Obligations. The liability of the original Mortgagor shall not be released or changed if Mortgagee grants any successor in
interest to Mortgagor any extension of time for payment, or modification of the terms of payment, of any Secured Obligation. Mortgagee shall not be required to comply with any demand by the original Mortgagor that Mortgagee refuse to grant such an
extension or modification to, or commence proceedings against, any such successor in interest. 
 (b) Following
an Event of Default that remains uncured, Mortgagee may take any of the actions permitted under Subsections 6.3(b) and/or 6.3(c) of this Mortgage regardless of the adequacy of the security for the Secured Obligations, or whether
any or all of the Secured Obligations have been declared to be immediately due and payable, or whether notice of default and election to sell has been given under this Mortgage. 

(c) From time to time, Mortgagee may apply to any court of competent jurisdiction for aid and direction in executing and
enforcing the rights and remedies created under this Mortgage. Mortgagee may from time to time obtain orders or decrees directing, confirming or approving acts in executing and enforcing these rights and remedies. 

7.4 Merger. The parties to this Mortgage intend that no merger shall occur as a result of Mortgagee’s acquiring any other
estate in or any other lien on the Property unless Mortgagee consents to a merger in writing. 
 7.5 Joint and Several
Liability. If Mortgagor consists of more than one person, each shall be jointly and severally liable for the faithful performance of all of Mortgagor’s obligations under this Mortgage. 

  
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 7.6 Applicable Law. The creation, perfection and enforcement of the lien of this
Mortgage shall exclusively be governed by the law of the State in which the property is located. Subject to the foregoing, in all other respects, this Mortgage shall be exclusively governed by the substantive laws of the Commonwealth of
Massachusetts. 
 7.7 Successors in Interest. The terms, covenants and conditions of this Mortgage shall be binding upon
and inure to the benefit of the heirs, successors and assigns of the parties. However, this Section 7.7 does not waive the provisions of Section 6.1 of this Mortgage. 

7.8 Interpretation. 
 (a) 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 Mortgage 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.” 
 (b) The word “obligations” is used in its broadest and most comprehensive
sense, and includes all primary, secondary, direct, indirect, fixed and contingent obligations. It further includes all principal, interest, prepayment charges, late charges, loan fees and any other fees and charges accruing or assessed at any time,
as well as all obligations to perform acts or satisfy conditions. 
 (c) No listing of specific instances, items
or matters in any way limits the scope or generality of any language of this Mortgage. The Exhibits to this Mortgage are hereby incorporated in this Mortgage. 
 7.9 In-House Counsel Fees. Whenever Mortgagor is obligated to pay or reimburse Mortgagee for any attorneys’ fees, those fees shall include the reasonable allocated costs for services of
in-house counsel. 
 7.10 Waiver of Statutory Rights. To the extent permitted by law, Mortgagor hereby agrees that it
shall not and will not apply for or avail itself of any appraisement, valuation, stay, extension or exemption laws, or any so-called “Moratorium Laws,” now existing or hereafter enacted, in order to prevent or hinder the enforcement or
foreclosure of this Mortgage, but hereby waives the benefit of such laws to the extent permitted by law. Mortgagor for itself and all who may claim through or under it waives any and all right to have the property and estates comprising the Property
marshalled upon any foreclosure of the lien hereof and agrees that any court having jurisdiction to foreclose such lien may order the Property sold as an entirety to the extent permitted by law. To the extent permitted by applicable law, Mortgagor
hereby waives any and all rights of redemption from sale under any judgment of foreclosure of this Mortgage on behalf of Mortgagor and on behalf of each and every person acquiring any interest in or title to the Property of any nature whatsoever,
subsequent to the date of this Mortgage. The foregoing waiver of right of redemption is made pursuant to the provisions of applicable law. 
 7.11 Severability. If any provision of this Mortgage should be held unenforceable or void, that provision shall be deemed severable from the remaining provisions and shall in no way

  
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affect the validity of this Mortgage except that if such provision relates to the payment of any monetary sum, then Mortgagee may, at its option, declare all Secured Obligations immediately due
and payable. 
 7.12 Notices. Any notice, demand, request or other communication which any party hereto may be required
or may desire to give hereunder shall be in writing and shall be deemed to have been properly given (a) if hand delivered, when delivered; (b) if mailed by United States Certified Mail (postage prepaid, return receipt requested), three
Business Days after mailing (c) if by Federal Express or other reliable overnight courier service, on the next Business Day after delivered to such courier service or (d) if by telecopier on the day of transmission so long as copy is sent
on the same day by overnight courier as set forth below: 
  

			
	Mortgagor:	  	 TNP SRT Pinehurst East, LLC

1900 Main Street, Suite 700
 Irvine, CA
92614
 Attention: James Wolford

Telephone (949) 833-8252
 Facsimile (949)
252-0212

		
	With a copy to:	  	 Gregory Kaplan, PLC
 7 East
Second Street
 Richmond, Virginia 23224

Joseph J. McQuade, Esq.
 Telephone
804.916.9027
 Facsimile 804.916.9127

		
	Mortgagee:	  	 KeyBank National Association

225 Franklin Street,
18th Floor

Boston, MA 02110
 Attention: Commercial Real
Estate Department
 Telephone 617.385.6202
 Facsimile 617.385.6293

		
	With a copy to:	  	 Edwards Angell Palmer & Dodge LLP
 2800 Financial Plaza
 Providence, RI 02903
 Attention: Gail E. McCann, Esq.
 Telephone 401.276.6527

Facsimile 888.325.9041

 or at
such other address as the party to be served with notice may have furnished in writing to the party seeking or desiring to serve notice as a place for the service of notice. 
 Any notice or demand delivered to the person or entity named above to accept notices and demands for Mortgagor shall constitute notice or demand duly delivered to Mortgagor, even if delivery is refused.

  
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 7.13 Future Advances. The total amount of indebtedness secured hereby may increase or
decrease from time to time, but the total unpaid principal balance of indebtedness secured hereby (including disbursements that Lenders and Mortgagee may, but shall not be obligated to, make under this Mortgage, the Loan Documents or any other
document with respect thereto) at any one time outstanding may be substantially less but the maximum principal amount to be secured shall not exceed One Hundred Fifty Million Dollars ($150,000,000), plus interest thereon, and any disbursements made
for the enforcement of this Mortgage and any remedies hereunder, payment of taxes, special assessments, utilities or insurance on the Property, any other protective advances made relating to the Property, and interest on such disbursements and all
disbursements by Lenders and Mortgagee pursuant to applicable law (all such indebtedness being hereinafter referred to as the maximum amount secured hereby). This Mortgage shall be valid and have priority to the extent of the maximum amount secured
hereby over all subsequent liens and encumbrances, including statutory liens, excepting solely taxes and assessments levied on the Property given priority by law. 
 7.14 Mortgagee’s Lien for Service Charge and Expenses. At all times, regardless of whether any Loan proceeds have been disbursed, this Mortgage secures (in addition to any Loan proceeds
disbursed from time to time) the payment of any and all loan commissions, service charges, liquidated damages, expenses and advances due to or incurred by Mortgagee not to exceed the maximum amount secured hereby. For purposes hereof, all
obligations of Mortgagor to Mortgagee under all Interest Rate Agreements and any indebtedness or obligation contained therein or evidenced thereby shall be considered an obligation of Mortgagor secured hereby. 

7.15 WAIVER OF TRIAL BY JURY. MORTGAGOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS MORTGAGE, THE NOTE, OR ANY OF THE OTHER LOAN DOCUMENTS, THE LOAN OR ANY OTHER STATEMENTS OR ACTIONS OF MORTGAGOR OR MORTGAGEE. MORTGAGOR ACKNOWLEDGES THAT IT HAS BEEN
REPRESENTED IN THE SIGNING OF THIS MORTGAGE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS DISCUSSED THIS WAIVER WITH SUCH LEGAL COUNSEL. MORTGAGOR FURTHER ACKNOWLEDGES THAT (i) IT
HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (ii) THIS WAIVER IS A MATERIAL INDUCEMENT FOR MORTGAGEE TO MAKE THE LOAN, ENTER INTO THIS MORTGAGE AND EACH OF THE OTHER LOAN DOCUMENTS, AND (iii) THIS WAIVER SHALL BE
EFFECTIVE AS TO EACH OF SUCH OTHER LOAN DOCUMENTS AS IF FULLY INCORPORATED THEREIN. 
 7.16 Inconsistencies. In the event
of any inconsistency between this Mortgage and the Loan Agreement, the terms hereof shall be controlling as necessary to create, preserve and/or maintain a valid security interest upon the Property, otherwise the provisions of the Loan Agreement
shall be controlling. 
 7.17 UCC Financing Statements. Mortgagor hereby authorizes Mortgagee to file UCC financing
statements to perfect Mortgagee’s security interest in any part of the Property. In addition, Mortgagor agrees to sign any and all other documents that Mortgagee deems necessary 

  
 -32-

 
in its sole discretion to perfect, protect, and continue Mortgagee’s lien and security interest in the Property. 
 (Signature on next page) 

  
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 IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as an instrument under seal as of
the date first above written. 
 MORTGAGOR HEREBY ACKNOWLEDGES THAT, IN ACCORDANCE WITH NORTH DAKOTA CENTURY CODE 32-19-06.1,
MORTGAGEE MAY PROCEED TO OBTAIN AND COLLECT A DEFICIENCY JUDGMENT, TOGETHER WITH FORECLOSURE OF THE MORTGAGED PROPERTY UNDER APPLICABLE LAWS. 
  

									
	 Mortgagor:
  

TNP SRT PINEHURST EAST, LLC, a Delaware limited liability company

		
	 By:  
	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	By:  	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
				
		 		 	 By:  
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
					
		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 	Title:	 	CEO

 STATE OF CALIFORNIA 

COUNTY OF ORANGE 
 On
May 20, 2011, before me, the undersigned notary public, personally appeared Anthony W. Thompson, the CEO of TNP Strategic Retail Trust, Inc., a Maryland corporation and the General Partner of TNP Strategic Retail Operating Partnership, LP, a
Delaware limited partnership and Sole Member of TNP SRT Secured Holdings, LLC, a Delaware limited liability company and Sole Member of TNP SRT Pinehurst East, LLC, a Delaware limited liability company, proved to me through satisfactory evidence of
identification, being (check whichever applies):  ̈ driver’s license or other state or federal governmental document bearing a photographic image,
 ̈ oath or affirmation of a credible witness known to me who knows the above signatory, or x my own personal knowledge of the identity of the
signatory, to be the person whose name is signed above, and acknowledged the foregoing to be signed by him/her voluntarily in said capacity and the free act and deed of said entities, for its stated purpose. 

			
		
		 	/s/ Bhriza Camacho
		 	 Notary Public
 Print Name:
Bhriza Camacho
 My Commission Expires 9/5/2011
 [SEAL]

 [Signature Page to Mortgage] 

 Schedule 1 
 Defined Terms 
 “Debtor Relief Laws” means
collectively, Title 11 of the United States Code as now or hereafter in effect or any other federal, state or local law, domestic or foreign, as now or hereafter in effect relating to bankruptcy, insolvency, liquidation, receivership,
reorganization, arrangement, composition, extension or adjustment of debts, or similar laws affecting the rights of creditors. 

“Governmental Authority” means any federal, state, county or municipal government, or political subdivision thereof, any
governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality, or public body, or any court, administrative tribunal, or public utility. 

“Hazardous Material” means and includes gasoline, petroleum, asbestos containing materials, explosives, radioactive
materials or any hazardous or toxic material, substance or waste which is defined by those or similar terms or is regulated as such under any Law of any Governmental Authority having jurisdiction over the Property or any portion thereof or its use,
including: (i) any “hazardous substance” defined as such in (or for purposes of) the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.A. § 9601(14) as may be amended from time to time, or
any so-called “superfund” or “superlien” Law, including the judicial interpretation thereof; (ii) any “pollutant or contaminant” as defined in 42 U.S.C.A. § 9601(33); (iii) any material now
defined as “hazardous waste” pursuant to 40 C.F.R. Part 260; (iv) any petroleum, including crude oil or any fraction thereof; (v) natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel;
(vi) any “hazardous chemical” as defined pursuant to 29 C.F.R. Part 1910; and (vii) any other toxic substance or contaminant that is subject to any other Law or other past or present requirement of any Governmental
Authority. 
 “Interest Rate Agreement” shall mean an interest rate hedging program through the purchase by
Original Borrower or another Borrower from Mortgagee of an interest rate swap, cap, or such other interest rate protection product with respect to the Note. 
 “Laws” means, collectively, all federal, state and local laws, statutes, codes, ordinances, orders, rules and regulations, including judicial and administrative decrees and opinions or
precedential authority in the applicable jurisdiction. Any reference above to a Law, includes the same as it may be amended from time to time, including the judicial interpretation thereof. 

“Legal Requirement” means any Law, agreement, covenant, restriction, easement or condition (including, without
limitation of the foregoing, any condition or requirement imposed by any insurance or surety company), as any of the same now exists or may be changed or amended or come into effect in the future. 

“Permitted Encumbrances” means those matters listed on Exhibit B attached hereto and made a part hereof.

 “Transfer” means any sale, transfer, lease (other than a Lease approved or
deemed approved by Agent), conveyance, alienation, pledge, assignment, mortgage, encumbrance hypothecation or other disposition of (a) all or any portion of the Property or any portion of any other security for the Secured Obligations,
(b) all or any portion of the Borrower’s right, title and interest (legal or equitable) in and to the Property or any portion of any other security for the Secured Obligations other than Permitted Encumbrances, or (c) any interest in
any Borrower or any interest in any entity which directly or indirectly holds an interest in, or directly or indirectly controls, any Borrower. 
 “UCC” means the Uniform Commercial Code, as adopted in the State of North Dakota, as it may be amended from time to time. 

 EXHIBIT A 

LEGAL DESCRIPTION 

Lot Seven (7), Block One (1), Pinehurst Square Addition to the City of Bismarck, Burleigh County, North Dakota. 

Perpetual easement to construct, operate, maintain, repair and replace roads across Lot Five (5), Block One (1), Pinehurst Square Addition to the City of
Bismarck, Burleigh County, North Dakota as depicted in Exhibit “B” of Easement Agreement dated October 6, 2004 and recorded October 8, 2004 at 12:17 PM as Document Number 626702; 

And to construct, operate and maintain Green Areas, over and across Lot Five (5), Block One (1), Pinehurst Square Addition to the City of Bismarck,
Burleigh County, North Dakota, as depicted in Exhibit “B” of Easement Agreement dated October 6, 2004 and recorded October 8, 2004 at 12:17 PM as Document Number 626702. 
 Together with appurtenant easements for access roads, utility facilities, detention, construction, self-help, public utilities and no barrier agreements, as contained in Easements, Covenants, Conditions
and Restrictions, dated October 7, 2004 and filed for record October 8, 2004 as Document Number 626705, and re-recorded November 18, 2004 as Document Number 628680; -and- as amended by the First Amendment to Easements Covenants,
Conditions and Restrictions, dated May 18, 2007 and filed for record July 24, 2007 as Document Number 675876. 

 Exhibit B 

Permitted Encumbrances 

Those encumbrances listed in the title insurance policy for the Premises being issued as of even date by Fidelity National Title Insurance Company for
the benefit of the Mortgagee.Enviromental and Hazardous Substances Indemnity Agreement

 Exhibit 10.7 
 ENVIRONMENTAL AND HAZARDOUS SUBSTANCES INDEMNITY AGREEMENT 
 Project
Commonly Known As 
 “Pinehurst Square East, Bismarck, Burleigh County, North Dakota” 

THIS ENVIRONMENTAL AND HAZARDOUS SUBSTANCES INDEMNITY AGREEMENT (this “Indemnity Agreement”)
is executed and delivered as of the 26th day of May, 2011,
by TNP SRT PINEHURST EAST, LLC, a Delaware limited liability company having an address at 1900 Main Street, Suite 700, Irvine, California 92614 (“Property Borrower”), TNP SRT SECURED HOLDINGS, LLC, a Delaware limited
liability company having an address at 1900 Main Street, Suite 700, Irvine, California 92614 (“Secured Holdings”), TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, LP, a Delaware limited partnership having an address at
1900 Main Street, Suite 700, Irvine, California 92614 (“OP”), TNP SRT SAN JACINTO, LLC, a Delaware limited liability company (“San Jacinto”), TNP SRT MORENO MARKETPLACE, LLC, a Delaware limited
liability company (“Moreno”), TNP SRT CRAIG PROMENADE, LLC, a Delaware limited liability company (“Craig Promenade”), TNP SRT NORTHGATE PLAZA TUCSON, LLC, a Delaware limited liability company
(“Northgate”) and TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation having an address at 1900 Main Street, Suite 700, Irvine, California 92614 (“REIT”) (collectively, Property Borrower, Secured
Holdings, OP, San Jacinto, Moreno, Craig Promenade, Northgate and the REIT are referred to herein as, the “Indemnitors” and individually as an “Indemnitor”), to and for the benefit of KEYBANK NATIONAL
ASSOCIATION, a national banking association, as Agent (in such capacity, “Agent”), its successors and assigns, for itself and any other lenders who become Lenders under the Loan Agreement (as hereinafter defined) (collectively
referred to as “Lenders” and each individually referred to as a “Lender”). 
 R E
C I T A L S: 
 A. Property Borrower, Secured Holdings, San Jacinto, Moreno, Craig
Promenade, Northgate, Agent and Lenders are parties to that certain Revolving Credit Agreement dated as of December 17, 2010, as amended by that Joinder Agreement and First Omnibus Amendment and Reaffirmation of Loan Documents dated as of
March 30, 2011, by that Letter Agreement dated as of March 31, 2011, by that Joinder Agreement and Second Omnibus Amendment and Reaffirmation of Loan Documents dated as of May 20, 2011 and by that Joinder Agreement and Third Omnibus
Amendment and Reaffirmation of Loan Documents of even date herewith (as may be further amended, restated and/or modified from time to time, the “Loan Agreement”) whereby Lenders agree to provide to Secured Holdings, San Jacinto,
Moreno, Craig Promenade, Northgate, Property Borrower and any other borrowers (collectively “Borrowers”) who become Borrowers under the revolving credit facility in a maximum principal amount of up to THIRTY-EIGHT MILLION DOLLARS
($38,000,000), as may be later increased to ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000), and which obligations of Secured Holdings, San Jacinto, Moreno, Craig Promenade, Northgate, Property Borrower and any other Borrowers to the Lenders under
the Loan Agreement are evidenced by, among other things, one or more Revolving Credit Notes dated as of December 17, 2010 by Secured Holdings, San Jacinto, Moreno, Craig Promenade, Northgate and Property Borrower (and which may later be amended

 
to include any other Borrowers) in favor of the Lenders and in the original principal amount of THIRTY-FIVE MILLION DOLLARS ($35,000,000), as amended by that Amendment to Revolving Credit Note of
even date herewith, which increased the principal amount to THIRTY-EIGHT MILLION DOLLARS ($38,000,000) (as amended, restated, substituted and/or modified from time to time, collectively the “Note”). Capitalized terms used and not
otherwise defined herein shall have the meanings given to them in the Loan Agreement. 
 B. A portion of the Loan is being used
by Property Borrower to purchase a parcel of land commonly known as “Pinehurst Square East” located at 901 West Interstate, City of Bismarck, County of Burleigh, State of North Dakota, and more particularly described on
Exhibit A attached hereto (the “Land”), which Land has been improved by certain buildings, together with surface parking for vehicles and additional improvements which may exist now or which are hereafter constructed
(collectively, the “Improvements”). The Land and the Improvements shall be collectively referred to herein as the “Property”). 
 C. As security for the Loan, Property Borrower has executed and delivered to Agent (i) that certain Mortgage, Assignment of Rents, Security Agreement and Fixture Filing dated of even date herewith
made by Property Borrower in favor of the Agent (as amended, restated and/or modified from time to time the “Mortgage” with respect to the Property, and (ii) the other Loan Documents (as defined in the Loan Agreement).

 D. Borrowers, the OP and the REIT will derive financial benefit from the Loan evidenced and secured by the Note, the Mortgage
and the other Loan Documents. 
 E. As a condition to making the Loan, Agent and Lenders require the Indemnitors to indemnify
Agent and Lenders upon the occurrence of certain events. 
 F. Lenders have relied on the statements and agreements contained
herein in agreeing to make the Loan. The execution and delivery of this Indemnity Agreement by Indemnitors is a condition precedent to the making of the Loan by Lenders. 
 A G R E E M E N T S: 
 In consideration of the Recitals set forth above and hereby incorporated herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Indemnitors
hereby agree as follows: 
 1. Definitions. 

(a) Capitalized terms used herein shall have the meanings set forth in Section 1(b) of this Indemnity Agreement or in the
specific sections of this Indemnity Agreement. Initially capitalized terms used and not otherwise defined in this Indemnity Agreement shall have the meanings respectively ascribed to them in the Loan Agreement. 

(b) For purposes of this Indemnity Agreement, the following terms shall have the meanings as hereinafter set forth: 

“Environmental Laws” means, collectively, all Laws related to or regulating or otherwise related to
Hazardous Material, drinking water, groundwater, wetlands, 

  
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landfills, open dumps, storage tanks, underground storage tanks, solid waste, waste water, storm water run-off, waste emissions or wells. Without limiting the generality of the foregoing, the
term shall encompass each of the following statutes, and regulations promulgated thereunder, and amendments and successors to such statutes and regulations, as may be enacted and promulgated from time to time: the Comprehensive Environmental
Response Compensation and Liability Act (42 U.S.C. §9601 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. §1801 et seq.), the Public Health Service Act (42 U.S.C. §300(f) et
seq.), the Pollution Prevention Act (42 U.S.C. §13101 et seq.), the Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C. 5136 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. §6901
et seq.), the Federal Clean Water Act (33 U.S.C. §1251 et seq.), the Federal Clean Air Act (42 U.S.C. §7401 et seq.), and any and all applicable North Dakota and/or Federal statutes, laws and
regulations regarding Hazardous Materials, as amended or restated from time to time including any successor thereto, and any regulations promulgated pursuant thereto. 

“Environmental Proceedings” means any proceedings, hearings or meetings, whether civil (including actions
by private parties), criminal, or administrative proceedings, relating to the environmental conditions or any Hazardous Material at, under, upon, emanating to or from or otherwise related to the Property. 

“Governmental Authority” means any federal, state, county or municipal government, or political
subdivision thereof, any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality, or public body, or any court, administrative tribunal, or public utility. 

“Hazardous Material” means and includes gasoline, petroleum, asbestos containing materials, explosives,
radioactive materials or any hazardous or toxic material, substance or waste which is defined by those or similar terms or is regulated as such under any Law of any Governmental Authority having jurisdiction over the Property or any portion thereof
or its use, including: (i) any “hazardous substance” defined as such in (or for purposes of) the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.A. §9601(14) as may be amended from time to time, or
any so-called “superfund” or “superlien” Law, including the judicial interpretation thereof; (ii) any “pollutant or contaminant” as defined in 42 U.S.C.A. §9601(33); (iii) any material now defined as
“hazardous waste” pursuant to 40 C.F.R. Part 260; (iv) any petroleum, including crude oil or any fraction thereof; (v) natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel; (vi) any
“hazardous chemical” as defined pursuant to 29 C.F.R. Part 1910; and (vii) any other toxic substance or contaminant that is subject to any other Law or other past or present requirement of any Governmental Authority. 

“Indemnified Parties” means Agent, each Lender, Agent’s and each Lender’s parent, subsidiaries
and affiliates, each of their respective shareholders, directors, officers, employees and agents, and the successors and assigns of any of them; and “Indemnified Party” shall mean any one of the Indemnified Parties. 

“Laws” means, collectively, all federal, state and local laws, statutes, codes, ordinances, orders, rules
and regulations, including judicial and administrative decrees 

  
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and opinions or precedential authority in the applicable jurisdiction. Any reference above to a Law, includes the same as it may be amended from time to time, including the judicial
interpretation thereof. 
 “Release” shall mean any spilling, leaking, pumping, pouring,
emitting, emptying, discharging, injecting, storing, escaping, leaching, dumping, or discarding, burying, abandoning, or disposing into the environment. 
 “Threat of Release” shall mean a substantial likelihood of a Release which requires action to prevent or mitigate damage to the environment which may result from such Release. 

2. Representations and Warranties. Each Indemnitor hereby represents and warrants to Agent and Lenders (i) that,
except as specifically disclosed in the Environmental Reports listed in Exhibit B attached hereto and delivered on or before the date of this Indemnity Agreement (the “Environmental Documents”) to the best of its knowledge,
(a) the Property has been and is free from contamination by Hazardous Material, and (b) no Release of any Hazardous Material has occurred on, onto or about the Property; (ii) that to its knowledge, except as specifically disclosed in
the Environmental Documents or the Loan Documents, the Property currently complies, and will comply based on its anticipated use, with all Environmental Laws; (iii) that, to Indemnitor’s knowledge in connection with the ownership,
operation, and use of the Property, all necessary notices have been filed and all required permits, licenses and other authorizations have been obtained, including those relating to the generation, treatment, storage, disposal or use of Hazardous
Material; (iv) that to the best of its knowledge, except as disclosed in the Environmental Documents, there is no present, past or threatened investigation, inquiry, judicial or administrative proceeding, complaint, action, notice, order or
claim relating to the environmental condition of, or to events on or about, the Property; (v) except for the release and indemnifications by Property Borrower in favor of the seller set forth in the Purchase and Sale Agreement pursuant to which
Property Borrower acquired the Property, it has not, nor will it, release or waive the liability of any previous owner, lessee or operator of the Property or any party who may be potentially responsible for the presence of or removal of Hazardous
Material from the Property, nor has it made promises of indemnification regarding Hazardous Material on the Property to any party, except as contained herein and in the Loan Documents; (vi) to its knowledge, there are no existing or closed
underground storage tanks or other underground storage receptacles for Hazardous Materials on the Property; (vii) to its knowledge, except as disclosed in the Environmental Documents, no notice received of a claim by any party that any use,
operation or condition of the Property or any of the Property Borrower’s operations has caused any nuisance or any other liability or adverse condition on any other property nor does the Property Borrower know of any basis for such a claim; and
(viii) to its knowledge, except as disclosed in the Environmental Documents, there are no agreements, consent orders, decrees, judgments, license or permit conditions or other orders or directives of any federal, state or local court,
Governmental Authority or agreements, whether settlement agreements or otherwise, with any third parties relating to the ownership, use, operation, sale, transfer or conveyance of the Property that require any change in the present condition of the
Property or any work, repairs, construction, containment, clean up, investigations, studies, removal or other remedial action or capital expenditures with respect to the Property. 

  
 - 4 -

 3. Covenants. Indemnitors shall 

(a) comply, and cause all other persons and entities on or occupying the Property to comply, with all Environmental Laws in all material
respects; 
 (b) not install, use, generate, manufacture, store, treat, release or dispose of, nor permit the installation, use,
generation, storage, treatment, release or disposal of, Hazardous Material on, under or about the Property except in compliance with all Environmental Laws; 
 (c) immediately advise Agent in writing of: 
 (i) any and all
Environmental Proceedings; 
 (ii) the presence of any Hazardous Material in violation of any Environmental Law
on, under or about the Property of which Agent has not previously been advised in writing; 
 (iii) any remedial
action taken by, or on behalf of, any Indemnitor in response to any Hazardous Material on, under or about the Property or to any Environmental Proceedings of which Agent has not previously been advised in writing; 

(iv) the discovery by any Indemnitor of the presence of any Hazardous Material on, under or about any real property or
bodies of water immediately adjoining the Property in violation of any Environmental Law; and 
 (v) the
discovery by any Indemnitor of any occurrence or condition on any real property adjoining or in the vicinity of the Property that could cause the Property or any part thereof to be subject to any restrictions on the ownership, occupancy,
transferability or use of the Property under any Environmental Law; 
 For the purposes hereof, the term “discovery”
shall mean the date that Indemnitor acquires actual knowledge of such fact or circumstance. 
 (d) provide Agent with copies of
all reports, analyses, notices, licenses, approvals, orders, correspondences or other written materials in its possession or control relating to the presence of Hazardous Material at the Property in violation of any Environmental Law or
Environmental Proceedings immediately upon receipt, completion or delivery of such materials; 
 (e) not install or allow to be
installed any tanks on, at or under the Property in violation of any Environmental Law; 
 (f) not create or permit to continue
in existence any lien (whether or not such lien has priority over the lien created by the Mortgage) upon the Property imposed pursuant to any Environmental Law; 
 (g) not change or alter the present use of the Property unless Indemnitors shall have notified Agent thereof in writing and Agent shall have determined, in its sole and absolute discretion, that such
change or modification will not result in the presence of Hazardous Material 

  
 - 5 -

 
in violation of any Environmental Law on the Property in such a level that would increase the potential liability for Environmental Proceedings; and 

(h) subject to the limitations on indemnity set forth in Section 6 below, upon demand by an Indemnified Party, diligently defend any
Environmental Proceeding or claim related to the noncompliance of any Environmental Law with respect to the Property or the use thereof, all at the Indemnitors’ own cost and expense and by counsel approved by Agent in the exercise of its
reasonable judgment; provided, however, that Agent may elect, at any time, to conduct its own defense through counsel selected by Agent at the sole cost and expense of the Indemnitors. 
 Notwithstanding subsection (h) above, unless an Event of Default shall have occurred and be continuing, the Indemnitors shall be entitled to assume the defense of any action for which indemnification
is sought hereunder to the extent permitted by Section 9.03(c) of the Loan Agreement. 
 4. Right of Entry and
Disclosure of Environmental Reports. Subject to the Leases (as defined in the Mortgage) and the rights of tenants thereunder, Property Borrower hereby grants to Agent its agents, employees, consultants and contractors, an irrevocable license
and authorization to enter upon and inspect the Property, at reasonable times and upon reasonable advance notice, and to conduct such environmental audits and tests, including, without limitation, subsurface testing, soils and groundwater testing,
and other tests which may physically invade the Property, which Agent, in its reasonable discretion, determines are necessary or desirable. With respect to invasive testing, such as soil borings, Agent shall consult with Property Borrower in advance
of such tests. Agent agrees, however, that it shall not conduct any such audits, unless an Event of Default exists under the Loan Documents or Agent has reason to believe that such audit may disclose the Release, Threat of Release and/or presence of
Hazardous Material or unless any previously conducted environmental audit deems further testing necessary. Without limiting the generality of the foregoing, Property Borrower agrees that Agent shall have the right to appoint a receiver to enforce
this right to enter and inspect the Property to the extent such authority is provided under applicable law. All reasonable out-of-pocket costs and expenses incurred by Agent in connection with any inspection, audit or testing conducted in accordance
with this Section 4 shall be paid by the Indemnitors upon demand by Agent. The results of all investigations and reports prepared by Agent shall be and at all times remain the property of Agent and under no circumstances shall Agent have
any obligation whatsoever to disclose or otherwise make available to Indemnitors or any other party such results or any other information obtained by it in connection with such investigations and reports; provided, however, that if there exists no
Event of Default under the Loan Documents, if requested by Property Borrower, Agent shall provide to Property Borrower a copy of the written report with respect to any inspection, audit or testing for which Property Borrower has paid hereunder.
Agent hereby reserves the right, and Indemnitors hereby expressly authorize Agent to make available to any party in connection with a sale of the Property any and all reports, whether prepared by Agent or prepared by Property Borrower and provided
to Agent (collectively, the “Environmental Reports”) which Agent may have with respect to the Property. Each Indemnitor consents to Agent notifying any party under such circumstances of the availability of any or all of the
Environmental Reports and the information contained therein. Each Indemnitor further agrees that Agent may disclose such Environmental Reports to any governmental agency or authority if they reasonably believe that they are required to disclose any
matter contained therein to such agency or authority; provided that Agent shall give Property 

  
 - 6 -

 
Borrower at least 48 hours prior written notice before so doing. Each Indemnitor acknowledges that Agent cannot control or otherwise assure the truthfulness or accuracy of the Environmental
Reports, and that the release of the Environmental Reports, or any information contained therein, to prospective bidders at any foreclosure sale of the Property may have a material and adverse effect upon the amount which a party may bid at such
sale. Each Indemnitor agrees that Agent (i) owes no duty of care to protect the Indemnitors or any other Person from, or to inform the Indemnitors or any other Person of, any Hazardous Material or any other environmental condition affecting the
Property and (ii) shall not have any liability whatsoever as a result of delivering any or all of the Environmental Reports or any information contained therein to any Indemnitor or any other Person, and each Indemnitor hereby releases and
forever discharges Agent and Lenders from any and all claims, damages, or causes of action arising out of connected with or incidental to the Environmental Reports or the delivery thereof. 

5. Indemnitor’s Remedial Work. Indemnitors shall promptly perform or with respect to the corrective actions, if any,
described in the Environmental Documents, cause to be performed any and all necessary remedial work (“Remedial Work”) in response to any Environmental Proceedings and/or required by applicable governmental authority having
jurisdiction or the presence, storage, use, disposal, transportation, discharge or release of any Hazardous Material on, under or about any of the Property; provided, however, that Property Borrower shall perform or cause to be performed such
Remedial Work so as to minimize any impairment to Agent’s security under the Loan Documents. 
 All Remedial Work shall be
conducted: 
 a. in a diligent and timely fashion by licensed contractors acting under the supervision of a
consulting environmental engineer; 
 b. pursuant to a detailed written plan for the Remedial Work approved by
any public or private agencies or persons with a legal or contractual right to such approval; 
 c. with such
insurance coverage pertaining to liabilities arising out of the Remedial Work as is then customarily maintained with respect to such activities; and 
 d. only following receipt of any required permits, licenses or approvals. 
 The
selection of the Remedial Work contractors and consulting environmental engineer, the contracts entered into with such parties, any disclosures to or agreements with any public or private agencies or parties relating to Remedial Work and the written
plan for the Remedial Work (and any changes thereto) shall each be subject to Agent’s prior written approval, which shall not be unreasonably withheld or delayed. In addition, Indemnitors shall submit to Agent, promptly upon receipt or
preparation, copies of any and all reports, studies, analyses, correspondence, governmental comments or approvals, proposed removal or other Remedial Work contracts and similar information prepared or received by Indemnitors in connection with any
Remedial Work, or Hazardous Material relating to the Property. All costs and expenses of such Remedial Work shall be paid by Indemnitors, including, without limitation, the charges of the Remedial Work contractors and the consulting environmental
engineer, any taxes or penalties 

  
 - 7 -

 
assessed in connection with the Remedial Work and Agent’s reasonable fees and out-of-pocket costs incurred in connection with monitoring or review of such Remedial Work. Agent shall have the
right but not the obligation to join and participate in, as a party if it so elects, any legal proceedings or actions initiated in connection with any Environmental Proceedings. 

6. Indemnity. Subject to the limitations set forth in Section 4 above regarding the defense and settlement of
Environmental Proceedings and claims, Indemnitors, each jointly and severally, covenant and agree, at their sole cost and expense, to indemnify, defend (at trial and appellate levels and with attorneys, consultants and experts reasonably acceptable
to Agent) and hold each Indemnified Party harmless against and from any and all liens, damages, losses, liabilities, obligations, settlement payments, penalties, assessments, citations, directives, claims, litigation, demands, defenses, judgments,
suits, proceedings, costs, disbursements or expenses of any kind or of any nature whatsoever (including, without limitation, reasonable attorneys’, consultants’ and experts’ fees and disbursements incurred in investigating, defending
against, settling or prosecuting any claim, litigation or proceeding) (collectively, “Expenses”) which may at any time be imposed upon, incurred by or asserted or awarded against such Indemnified Party or the Property, and arising
directly or indirectly from or out of: (A) the Release or Threat of Release of any Hazardous Materials on, in, under or affecting all or any portion of the Property or emanating from the Property and affecting any areas surrounding the
Property, regardless of whether or not caused by or within the control of Property Borrower; (B) a material violation of any Environmental Law applicable to the Property or the Property Borrower, whether or not caused by or within the control
of Property Borrower; (C) the failure of Property Borrower to comply with the terms and conditions of this Indemnity Agreement in all material respects; (D) the violation of any Laws in connection with other real property of Property
Borrower which gives or may give rise to any rights whatsoever in any party with respect to the Property by virtue of any Environmental Laws; (E) the enforcement of this Indemnity Agreement, including, without limitation, (i) the
reasonable costs of assessment, containment and/or removal of any and all Hazardous Materials in violation of any Environmental Law from all or any portion of the Property or any surrounding areas impacted by any Hazardous Materials emanating from
the Property in violation of any Environmental Law, (ii) the costs of any reasonable actions taken in response to a Release or Threat of Release of any Hazardous Materials on, in, under or affecting all or any portion of the Property to prevent
or minimize such Release or Threat of Release, if required by applicable Environmental Laws, and (iii) reasonable costs actually incurred to comply with all Laws (including all Environmental Laws) in connection with all or any portion of the
Property or any surrounding areas impacted by any Hazardous Materials emanating from the Property; or (F) all foreseeable and all unforeseeable Expenses arising out of: Environmental Proceedings or the use, generation, storage, discharge or
disposal of Hazardous Material in violation of any Environmental Law by Indemnitors, any prior owner or operator of the Project or any person on or about the Project; (ii) any residual contamination affecting any natural resource or the
environment in violation of any Environmental Law; or (iii) any exercise by Agent of any of its rights and remedies hereunder; and 
 Indemnitors’ liability to the aforementioned indemnified parties shall arise upon the earlier to occur of (1) discovery of any Hazardous Material in violation of any Environmental Law on, under
or about the Property, or (2) the institution of any Environmental Proceedings, and not upon the realization of loss or damage, and Indemnitors shall pay to Agent from time to time, immediately upon request, an amount equal to such Expenses, as
reasonably determined by Agent. In addition, in the event any Hazardous Material is removed, or caused to be removed 

  
 - 8 -

 
from the Property, by Indemnitors, Agent or any other person, the number assigned by the U.S. Environmental Protection Agency to such Environmental Proceedings or any similar identification shall
in no event be in the name of Agent or identify the Agent as a generator, arranger or other designation. The foregoing indemnity shall not include Expenses arising solely from (A) the gross negligence or willful misconduct of Agent or any
Indemnified Party; (B) Hazardous Material which first exists on the Property following the date on which the Agent takes title to the Property, whether by foreclosure of the Mortgage, deed-in-lieu thereof or otherwise; or (C) Hazardous
Material which first exists on the Property following the date on which Agent releases its security interest in the Property. 

7. Remedies Upon Default. In addition to any other rights or remedies Agent may have under this Indemnity Agreement, at law
or in equity, in the event that Indemnitors shall fail to timely comply with any of the provisions hereof, or in the event that any representation or warranty made herein proves to be false or misleading when made in a material respect, then, in
such event, after (i) delivering written notice to Indemnitors, which notice specifically states that Indemnitors have failed to comply with the provisions of this Indemnity Agreement; and (ii) the expiration of the later to occur of the
thirty (30) day period after receipt of such notice or the cure period, if any, permitted under any applicable law, rule, regulation or order with which Indemnitors shall have failed to comply, Agent may declare an Event of Default under the
Loan Documents and exercise any and all remedies provided for therein, and/or do or cause to be done whatever is reasonably necessary to cause the Property to comply with all Environmental Laws and the cost thereof shall constitute an Expense
hereunder and shall become immediately due and payable without notice and with interest thereon at the Default Rate until paid. Subject to the Leases and rights of tenants thereunder, Indemnitors shall give to Agent and its agents and employees
access to the Property for the purpose of effecting such compliance and hereby specifically grant to Agent a license, effective upon expiration of the applicable period as described above, if any, to do whatever is necessary to cause the Property to
so comply, including, without limitation, to enter the Property and remove therefrom any Hazardous Material in violation of an Environmental Law or otherwise comply with any Environmental Laws. 

8. Obligations. The obligations set forth herein, including, without limitation, Indemnitors’ obligation to pay
Expenses hereunder, are collectively referred to as, the “Environmental Obligations”. Notwithstanding any term or provision contained herein or in the Loan Documents, the Environmental Obligations are unconditional. Indemnitors
shall be fully and personally liable for the Environmental Obligations hereunder, and such liability shall not be limited to the original principal amount of the Loan. The Environmental Obligations shall survive the repayment of the Loan and any
foreclosure, deed-in-lieu of foreclosure or similar proceedings by or through which Agent, and Lender, or any of their affiliates, nominees, successors or assigns or any other person bidding at a foreclosure sale may obtain title to the Property or
any portion thereof, except as otherwise set forth in Section 6 hereof. 
 The liabilities of Indemnitors under this
Indemnity Agreement shall in no way be limited or impaired by, and each Indemnitor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Loan Documents to or with Agent by Property Borrower, Secured
Holdings, San Jacinto, Moreno, Craig Promenade, Northgate or any Borrower or Guarantor or any related party to or affiliate of Agent or any Lender who succeeds Property Borrower as owner of the Property. In addition, notwithstanding any terms of any
of 

  
 - 9 -

 
the Loan Documents to the contrary, the liability of each Indemnitor under this Indemnity Agreement shall in no way be limited or impaired by: (i) any extensions of time for performance
required by any of the Loan Documents; (ii) any sale, assignment or foreclosure of the Note or the Deed of Trust or any sale or transfer of all or part of the Property; (iii) any exculpatory provision in any of the Loan Documents limiting
Agent’s or any Lender’s recourse to property encumbered by the Deed of Trust or to any other security, or limiting Agent’s or any Lender’s rights to a deficiency judgment against Property Borrower or any other Borrower;
(iv) the accuracy or inaccuracy of the representations and warranties made by Property Borrower or any Borrower or Guarantor under any of the Loan Documents; (v) the release of Property Borrower, any Borrower or Guarantor or any other
person from performance or observance of any of the agreements, covenants, terms or conditions contained in the Loan Documents by operation of law, Agent’s or any Lender’s voluntary act, or otherwise; (vi) the release or substitution,
in whole or in part, of any security for the Note; or (vii) Agent’s failure to record the Mortgage or file any UCC-1 financing statements (or 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 Note; and, in any such case, whether with or without notice to Property Borrower or any Guarantor and with or without consideration. 

Each Indemnitor waives any right or claim of right to cause a marshalling of Property Borrower’s or any other Borrower’s assets
or to cause Agent to proceed against any of the security for the Loan before proceeding under this Indemnity Agreement against any Indemnitor or to proceed against any Indemnitor in any particular order; each Indemnitor agrees that any payments
required to be made hereunder shall become due on demand; each Indemnitor expressly waive and relinquish all rights and remedies (including any rights of subrogation) accorded by applicable law to indemnitors or guarantors. 

9. Waiver. No waiver of any provision of this Indemnity Agreement nor consent to any departure by Indemnitors therefrom
shall in any event be effective unless the same shall be in writing and signed by Agent and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No notice to or demand on
Indemnitors shall in any case entitle Indemnitors to any other or further notice or demand in similar or other circumstances. 

10. Exercise of Remedies. No failure on the part of Agent to exercise and no delay in exercising any right or remedy
hereunder, at law or in equity, shall operate as a waiver thereof. Agent shall not be estopped to exercise any such right or remedy at any future time because of any such failure or delay; nor shall any single or partial exercise of any such right
or remedy preclude any other or further exercise of such right or remedy or the exercise of any other right or remedy. 
 11.
Assignment. Agent may assign its interest under this Indemnity Agreement to any successor to its respective interests in the Property or the Loan Documents. This Indemnity Agreement may not be assigned or transferred, in whole or in
part, by any Indemnitor and any purported assignment by any Indemnitor of this Indemnity Agreement shall be void ab initio and of no force or effect. 
 12. Counterparts. This Indemnity Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed

  
 - 10 -

 
and delivered shall be deemed to be an original and all of such counterparts taken together shall constitute but one and the same instrument. 

13. Governing Law. This Indemnity Agreement shall be exclusively governed by, and shall be exclusively construed in
accordance with, the laws of the State of North Dakota. 
 14. Modifications. This Indemnity Agreement may be
amended or modified only by an instrument in writing which by its express terms refers to this Indemnity Agreement and which is duly executed by Indemnitors and consented to in writing by Agent. 

15. Attorneys’ Fees. If Agent commences litigation for the interpretation, enforcement, termination, cancellation or
rescission of this Indemnity Agreement, or for damages for the breach of this Indemnity Agreement, Agent shall be entitled to its reasonable attorneys’ fees (including, but not limited to, in-house counsel fees) and court and other costs
incurred in connection therewith. 
 16. Interpretation. This Indemnity Agreement has been negotiated by parties
knowledgeable in the matters contained herein, with the advice of counsel, is to be construed and interpreted in absolute parity, and shall not be construed or interpreted against any party by reason of such party’s preparation of the initial
or any subsequent draft of the Loan Documents or this Indemnity Agreement. 
 17. Severability. If any term or
provision of this Indemnity Agreement shall be determined to be illegal or unenforceable, all other terms and provisions in this Indemnity Agreement shall nevertheless remain effective and shall be enforced to the fullest extent permitted by law.

 18. Other Laws. Nothing in this Indemnity Agreement, and no exercise by Agent of its rights or remedies under
this Indemnity Agreement, shall impair, constitute a waiver of, or in any way affect Agent’s rights and remedies with respect to Indemnitors under any Environmental Laws, including without limitation, contribution provisions or private right of
action provisions under such Environmental Laws. 
 19. Notices. Any notice, demand, request or other
communication which any party hereto may be required or may desire to give hereunder shall be in writing and shall be deemed to have been properly given (a) if hand delivered, when delivered; (b) if mailed by United States Certified Mail
(postage prepaid, return receipt requested), three Business Days after mailing; (c) if by Federal Express or other reliable overnight courier service, on the next Business Day after delivered to such courier service; or (d) if by
telecopier on the day of transmission so long as copy is sent on the same day by overnight courier as set forth below: 
  

			
	 Property Borrower:  
	  	 TNP SRT PINEHURST EAST, LLC

1900 Main Street, Suite 700
 Irvine, CA
92614
 Attention: James Wolford

Telephone:    (949) 833-8252

Facsimile:     (949) 252-0212

  
 - 11 -

			
		
	Secured Holdings:	  	 TNP SRT Secured Holdings, LLC

1900 Main Street, Suite 700
 Irvine, CA
92614
 Attention: James Wolford

Telephone:    (949) 833-8252

Facsimile:     (949) 252-0212

		
	OP:	  	 TNP Strategic Retail Operating Partnership, LP
 1900 Main Street, Suite 700
 Irvine, CA 92614

Attention: James Wolford

Telephone:    (949) 833-8252

Facsimile:     (949) 252-0212

		
	Other Borrowers:	  	 TNP SRT San Jacinto, LLC

TNP SRT Moreno Marketplace, LLC
 TNP SRT Craig
Promenade, LLC
 TNP SRT Northgate Plaza Tucson, LLC
 1900 Main Street, Suite 700
 Irvine, CA 92614

Attention: James Wolford

Telephone:    (949) 833-8252

Facsimile:     (949) 252-0212

		
	REIT:	  	 TNP Strategic Retail Trust, Inc.
 1900 Main Street, Suite 700
 Irvine, CA 92614

Attention: James Wolford

Telephone:    (949) 833-8252

Facsimile:     (949) 252-0212

		
	Agent:	  	 KeyBank National Association

225 Franklin Street,
18th Floor

Boston, Massachusetts 02110
 Attention:
Christopher T. Neil, Senior Relationship Manager
 Telephone     (617) 385-6202

Facsimile      (216) 385-6293

		
		  	with a copy (which shall not constitute notice) to:
		
		  	 Edwards Angell Palmer & Dodge LLP
 2800 Financial Plaza
 Providence, RI 02903
 Attention: Gail E. McCann, Esq.
 Telephone     (401) 276-6527

Facsimile      (888) 325-9041

  
 - 12 -

 or at such other address as the party to be served with notice may have furnished in writing to the party
seeking or desiring to serve notice as a place for the service of notice. 
 20. Joint and Several Liability.
Indemnitors agree that they shall each be jointly and severally liable for the performance of the Environmental Obligations and all other obligations of Indemnitors contained in this Indemnity Agreement. 

21. Captions. The headings of each section herein are for convenience only and do not limit or construe the contents of any
provisions of this Indemnity Agreement. 
 22. Full Recourse; Survival. The indemnity and other obligations
contained in this Indemnity Agreement are not subject to any non-recourse or other limitation of liability provisions contained in any of the Loan Documents, and the liability of the Indemnitors pursuant to this Indemnity Agreement shall not be
limited by any such non-recourse or similar limitation of liability provisions. All representations, warranties, covenants, and obligations of the Indemnitors in this Indemnity Agreement shall survive the payment or other satisfaction of the Loan.
Notwithstanding anything set forth herein to the contrary, after the release by Agent of its security interest in the Property, the Indemnitors shall have the right to obtain a Phase I environmental site assessment for the benefit of Indemnitors and
Agent, and in the event that such environmental site assessment demonstrates that there are no recognized environmental conditions on the Property, and is otherwise satisfactory to Agent in its sole discretion, Agent shall release the Indemnitors
from their covenants and obligations hereunder, and this Indemnity Agreement shall terminate. 
 23. Independent
Obligations; Conflict; Joint and Several Liability. The obligations of the Indemnitors and the rights and remedies of Agent and Lenders in this Indemnity Agreement are independent from and are in addition to those pursuant to any of the
other Loan Documents. Each party executing this Indemnity Agreement shall be jointly and severally liable for all obligations of the Indemnitors under this Indemnity Agreement. 
 (Signatures on Next Page) 

  
 - 13 -

 IN WITNESS WHEREOF, Indemnitors have caused this Indemnity Agreement to be executed
as an instrument under seal, as of the day and year first above written. 
  

							
	 PROPERTY BORROWER:
  

TNP SRT PINEHURST EAST, LLC, a Delaware limited liability company

		
	 By  
	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	 By:  
	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
				
		 		 	 By:
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ Anthony W. Thompson
		 		 	Name:	 	Anthony W. Thompson
		 		 	Title:	 	CEO

  

							
	 SECURED HOLDINGS:
  

TNP SRT SECURED HOLDINGS, LLC, a Delaware limited liability company

		
	 By:  
	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
			
		 	 By:  
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ Anthony W. Thompson
		 		 	Name:	 	Anthony W. Thompson
		 		 	Title:	 	CEO

 
							
	 OP:
  

TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, LP, a Delaware limited partnership

		
	 By:  
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ Anthony W. Thompson
		 		 	Name:	 	Anthony W. Thompson
		 		 	Title:	 	CEO

  

							
	 SAN JACINTO:
  

TNP SRT SAN JACINTO, LLC, a Delaware limited liability company

		
	 By  
	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	 By:  
	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
				
		 		 	 By:
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ Anthony W. Thompson
		 		 	Name:	 	Anthony W. Thompson
		 		 	Title:	 	CEO

 (Signatures continue on the next
page.) 

 
							
	 MORENO:
  

TNP SRT MORENO MARKETPLACE, LLC, a Delaware limited liability company

		
	 By  
	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	 By:  
	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
				
		 		 	 By:
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ Anthony W. Thompson
		 		 	Name:	 	Anthony W. Thompson
		 		 	Title:	 	CEO

  

							
	 CRAIG PROMENADE:
  

TNP SRT CRAIG PROMENADE, LLC, a Delaware limited liability company

		
	 By  
	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	 By:  
	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
				
		 		 	 By:
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ Anthony W. Thompson
		 		 	Name:	 	Anthony W. Thompson
		 		 	Title:	 	CEO

 (Signatures continue on the next
page.) 

 
							
	 NORTHGATE:
  

TNP SRT NORTHGATE PLAZA TUCSON, LLC, a Delaware limited liability company

		
	 By  
	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	 By:  
	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
				
		 		 	 By:
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ Anthony W. Thompson
		 		 	Name:	 	Anthony W. Thompson
		 		 	Title:	 	CEO

  

					
	 REIT:
  

TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation

			
		 	By:	 	/s/ Anthony W. Thompson
		 	Name:	 	Anthony W. Thompson
		 	Title:	 	CEO

 EXHIBIT A 

LEGAL DESCRIPTION 

Lot Seven (7), Block One (1), Pinehurst Square Addition to the City of Bismarck, Burleigh County, North Dakota. 

Perpetual easement to construct, operate, maintain, repair and replace roads across Lot Five (5), Block One (1), Pinehurst Square Addition to the City of
Bismarck, Burleigh County, North Dakota as depicted in Exhibit “B” of Easement Agreement dated October 6, 2004 and recorded October 8, 2004 at 12:17 PM as Document Number 626702; 

And to construct, operate and maintain Green Areas, over and across Lot Five (5), Block One (1), Pinehurst Square Addition to the City of Bismarck,
Burleigh County, North Dakota, as depicted in Exhibit “B” of Easement Agreement dated October 6, 2004 and recorded October 8, 2004 at 12:17 PM as Document Number 626702. 
 Together with appurtenant easements for access roads, utility facilities, detention, construction, self-help, public utilities and no barrier agreements, as contained in Easements, Covenants, Conditions
and Restrictions, dated October 7, 2004 and filed for record October 8, 2004 as Document Number 626705, and re-recorded November 18, 2004 as Document Number 628680; -and- as amended by the First Amendment to Easements Covenants,
Conditions and Restrictions, dated May 18, 2007 and filed for record July 24, 2007 as Document Number 675876. 

 Exhibit B 

Environmental Documents 

“Phase I Environmental Site Assessment Report” dated May 2011 and prepared by American Survey & Mapping Inc., d/b/a Fidelity Due
Diligence Services with Project No. 11-0027 and addressed to TNP Strategic Retail Trust and KeyBank National Association, as Agent.

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