Document:

Deed of Trust, Assignment of Rents, Security Agreement

 Exhibit 10.1 
 Property located at: 
 3901-3999 E. Grant Road 

Tucson, Pima County, Arizona 
 PREPARED BY AND
UPON 
 RECORDATION RETURN TO: 

Edwards Angell Palmer & Dodge LLP 

2800 Financial Plaza 
 Providence, RI 02903

 Attention: Juliane M. Dziobak, Esq. 
 (This space for Recorder’s use only) 
  

DEED OF TRUST, ASSIGNMENT OF RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 
 NOTE: THIS DEED OF TRUST
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 Pima County, Arizona under the name of TNP SRT NORTHGATE PLAZA TUCSON, LLC, as “debtor,” and KeyBank National Association, as Agent, as “secured party.” Grantor’s (as defined herein) organizational
number in Delaware is 4830961. Information concerning the security interest may be obtained from Beneficiary at the following address: 225 Franklin Street, 18th Floor, Boston Massachusetts 02110. 

THIS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Deed of
Trust”) is made as of May 20, 2011, by TNP SRT NORTHGATE PLAZA TUCSON, LLC, a Delaware limited liability company (“Grantor”), whose address is 1900 Main Street, Suite 700, Irvine, CA 92614, in favor of JAMES
M. SAKRISON, ESQ. and his successors and assigns in such capacity (“Trustee”), whose address is c/o Slutes, Sakrison & Rogers, 4801 East Broadway Boulevard, Tucson, Arizona 85711 for the benefit of KEYBANK NATIONAL
ASSOCIATION, as Agent (in such capacity, “Beneficiary”), 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 Deed of Trust or in the specific sections of this Deed of Trust. 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 Deed of Trust have the meaning given to the term in the UCC when used in this Deed of Trust. 
 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 of this Deed of Trust, Grantor, as debtor hereby irrevocably and unconditionally grants, warrants, assigns, transfers and conveys to Trustee in trust, for the benefit of the Beneficiary,
as secured party, with power of sale and with right of entry and possession, all estate, right, title and interest which Grantor 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 Pima, State of Arizona, 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 Grantor 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; 

  
 -2-

 (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 Grantor 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 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 Deed of Trust;

 (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 Grantor 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 Grantor’s rights in and to all Hedging Agreements; 

  
 -3-

 (k) All rights and benefits of whatsoever nature derived or to be derived by
Grantor 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; 
 (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 Grantor 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 Grantor’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 Grantor’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”); 
 (q) All water, ditches, wells, reservoirs and drains and water,
irrigation ditch, well, reservoir and drainage rights (whether riparian, appropriative or otherwise and whether or not appurtenant) in or hereafter relating to or used in connection with the Property, and all shares of stock evidencing any such
water rights; and 
 (r) All products, proceeds of, additions and accretions to, substitutions and replacements
for, and changes in any of the property described above. 

  
 -4-

 1.2 Secured Obligations. 

(a) Grantor 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 Deed of Trust for the purpose of securing the following obligations (the “Secured Obligations”) in any order of priority that Beneficiary 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 (collectively, “Original Borrower”) and Grantor (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 may be later increased up to $150,000,000 to the order of the Lenders; 

(ii) Payment and performance of all obligations of Grantor under this Deed of Trust; 

(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, Beneficiary and Lenders, as amended by that certain Joinder Agreement and that certain First Omnibus Amendment and
Reaffirmation of Loan Documents each dated as of March 30, 2011, as further amended by that certain Letter Agreement dated as of March 31, 2011, and as further amended by that certain Joinder Agreement of even date herewith pursuant to
which Grantor joined as a Borrower to the Loan Documents, as further amended by that Second 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 Agreement and Guaranty which shall remain unsecured), which are executed by Original Borrower and/or any other Borrower (including Grantor); 

(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 Beneficiary, when a writing evidences the parties’ agreement that the advance or obligation be
secured by this Deed of Trust. 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. 

  
 -5-

 Notwithstanding any other provision of this Deed of Trust or the other Loan Documents to the
contrary, this Deed of Trust does not secure any of the obligations of Grantor under the Environmental Indemnity for each of the San Jacinto Property, the Moreno Property, the Craig Property and the Mortgaged Property, it being the intent and
agreement of the parties that the obligations of Grantor under the 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 Deed of Trust for all such Secured Obligations shall be as of the time of recording of this Deed of Trust. In addition, this Deed of Trust shall also secure the unpaid
balances of all future advances (i) made by Beneficiary and Lenders as further advances of loan proceeds under the Loan Agreement, (ii) made by Beneficiary 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 Beneficiary and Lenders as contemplated by this Deed of Trust or any of the other Loan Documents, together with interest
thereon until paid at the Default Rate, all as contemplated in this Deed of Trust 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 TRUST ESTATE SUBSEQUENT TO THE DATE OF RECORDING OF THIS DEED OF TRUST, THAT UNTIL THIS DEED OF TRUST IS RELEASED, ANY DEBT OWED BENEFICIARY BY ORIGINAL BORROWER OR ANY OTHER BORROWER, INCLUDING ADVANCES MADE SUBSEQUENT TO THE
RECORDING OF THIS DEED OF TRUST, SHALL BE SECURED WITH THE PRIORITY AFFORDED THIS DEED OF TRUST 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. Grantor hereby irrevocably, absolutely, presently and unconditionally assigns to Beneficiary 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”). 
 2.2 Grant of License. This assignment of Leases and Rents constitutes an absolute,
irrevocable and present assignment, but Beneficiary hereby confers upon Grantor 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 Deed of Trust, shall exist and be continuing. If an Event of Default has occurred and is continuing, Beneficiary shall have the right, which it may choose to exercise in its sole discretion, to terminate this License
without notice to or demand upon Grantor, and without regard to the adequacy of Beneficiary’s security under this Deed of Trust. 

  
 -6-

 2.3 Collection and Application of Rents. Upon termination of the License granted to
Grantor under Section 2.2 of this Deed of Trust, Beneficiary has the right, power and authority to collect any and all Rents. Effective upon such termination, Grantor hereby appoints Beneficiary its attorney-in-fact to perform any and
all of the following acts, if and at the times when Beneficiary 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; 
 (c) Sue either in the name of Grantor or in the name of Beneficiary for any and all Rents;
and 
 (d) exercise all rights and remedies pursuant to Arizona Revised Statutes §33-702(B). 

Beneficiary and Grantor agree that the mere recordation of the assignment granted herein entitles Beneficiary 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 Deed of Trust, without first taking any acts of enforcement under applicable law, such as, but not limited to, providing notice to
Grantor, filing foreclosure proceedings, or seeking and/or obtaining the appointment of a receiver. Further, Beneficiary’s right to the Rents does not depend on whether or not Beneficiary takes possession of the Property as permitted under
Subsection 6.3(c) of this Deed of Trust. In Beneficiary’s sole discretion, Beneficiary may choose to collect Rents either with or without taking possession of the Property. Beneficiary shall apply all Rents collected by it in the manner
provided under Section 6.6 of this Deed of Trust. If an Event of Default occurs while Beneficiary is in possession of all or part of the Property and is collecting and applying Rents as permitted under this Deed of Trust, Beneficiary and
any receiver shall nevertheless be entitled to exercise and invoke every right and remedy afforded any of them under this Deed of Trust and at law or in equity. 
 2.4 Beneficiary Not Responsible. Under no circumstances shall Beneficiary have any duty to produce Rents from the Property. Regardless of whether or not Beneficiary, in person or by agent, takes
actual possession of the Premises and Improvements, unless Beneficiary agrees in writing to the contrary, Beneficiary 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 

  
 -7-

 (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 Beneficiary. 
 2.5
Leasing. Grantor shall not accept any deposit or prepayment of Rents (excluding security deposits) under the leases for any rental period exceeding one (1) month without Beneficiary’s prior written consent. Grantor 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 Deed of Trust to create a lien on the Property, and an absolute
assignment of the Rents, all in favor of Beneficiary. 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, Grantor as debtor hereby grants Beneficiary 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 Deed of Trust constitutes a security agreement under the UCC, covering all such Property and Rents. 

3.2 Financing Statements. This Deed of Trust 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 Grantor, as debtor, and Beneficiary and Trustee, as secured parties, are as set forth in the preamble of this Deed of Trust. In
addition to the foregoing, Grantor hereby authorizes Beneficiary to file one or more financing statements. In addition, Grantor shall execute such other documents as Beneficiary may from time to time require to perfect or continue the perfection of
Beneficiary’s security interest in any Property or Rents. As provided in Section 5.9 of this Deed of Trust, Grantor shall pay all fees and costs that Beneficiary may incur in filing such documents in public offices and in obtaining
such record searches as Beneficiary may reasonably require. In case Grantor fails to execute any financing statements or other documents for the perfection or continuation of any security interest, Grantor hereby appoints Beneficiary 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 Deed of Trust or the rights or obligations of the parties under it. 
 4. Fixture Filing. This Deed of Trust
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 Grantor, as debtor, and Beneficiary and Trustee, as secured parties, are as set forth in the preamble of this Deed of Trust. 
 5. Rights and Duties of the Parties. 
 5.1 Representations and
Warranties. Grantor represents and warrants that: 
 (a) Grantor lawfully possesses and holds, and covenants
to maintain, lawful, good and marketable fee simple title to all of the Premises and Improvements; 

  
 -8-

 (b) To Grantor’s knowledge, Grantor has, and covenants to maintain,
good title to all Property other than the Premises and Improvements; 
 (c) Grantor has the full and unlimited
power, right and authority to encumber the Property and assign the Rents; 
 (d) This Deed of Trust 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 Grantor’s knowledge, Grantor 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 Grantor’s knowledge, there is no financing statement affecting such personal property on
file in any public office; and 
 (g) Grantor’s place of business, or its chief executive office if it has
more than one place of business, is located at the addresses specified below. 
 5.2 Taxes, and Assessments. Grantor
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 Grantor 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) Grantor has notified Beneficiary of Grantor’s intent to contest such taxes, and (iii) Grantor has deposited security in form and amount satisfactory to Beneficiary, in its reasonable discretion, and has increased the
amount of such security so deposited promptly after Beneficiary’s request therefor. If Grantor fails to commence such contest or, having commenced to contest the same, and having deposited such security required by Beneficiary 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, Beneficiary 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 Beneficiary 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 Deed of Trust and the Loan Documents. Upon written request of Beneficiary, Grantor shall furnish to Beneficiary 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. 

  
 -9-

 5.3 Performance of Secured Obligations. Grantor shall promptly pay and perform (or
shall cause to be promptly paid and performed) each Secured Obligation in accordance with its terms. 
 5.4 Liens, Charges
and Encumbrances. Except for Permitted Encumbrances, Grantor will not suffer or permit any 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 Grantor
shall have the right to contest in good faith and with reasonable diligence the validity of any such lien or claim provided that Grantor posts a statutory lien bond which removes such lien from title to the Property within thirty (30) days
after Grantor’s receipt of notice of the recording of such lien. If Grantor shall fail promptly either (i) to discharge any such lien, or (ii) post a statutory lien bond in the manner provided above, Beneficiary 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 Beneficiary, 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 Deed of Trust and the Loan Documents. In settling, compromising or discharging any claims for lien, Beneficiary shall not be required to inquire into the validity or amount of any such claim. 

5.5 Insurance and Condemnation. 
 (a) Insurance. Grantor shall obtain and maintain (or shall cause to be obtained and maintained) at Grantor’s sole expense the insurance required to be obtained and maintained pursuant to the
Loan Agreement. 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 Grantor’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. Beneficiary 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 Beneficiary, and the
expenses incurred by Beneficiary in the adjustment and collection of insurance proceeds shall be a part of the Secured Obligations and shall be due and payable to Beneficiary 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 ($500,000.00) or less, Grantor 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, Beneficiary 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 Grantor. In the event of any casualty to the Property or any portion
thereof, any such proceeds received by Beneficiary shall within sixty (60) days following the event of casualty, after deduction therefrom of all reasonable expenses actually 

  
 -10-

 
incurred by Beneficiary, including attorneys’ fees, at Beneficiary’s option be (1) released to Grantor in accordance with the rights of Grantor, or (2) applied (upon
compliance with the terms and conditions set forth in Section 5.5(c) of this Deed of Trust) 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 Beneficiary, in its sole discretion, may elect, whether or not due; provided, however, that Grantor shall have the right to require the release of such proceeds if Grantor can demonstrate
satisfaction of the conditions set forth in Section 5.5(c) of this Deed of Trust 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. Grantor 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. Grantor shall notify Beneficiary immediately of any threatened or pending proceeding for condemnation affecting the Property or arising out of damage to the Property, and Grantor shall, at Grantor’s expense, diligently
prosecute any such proceedings. Beneficiary hereby acknowledges the existence of the East Grant Street Taking. Beneficiary 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, Beneficiary shall be entitled to receive all sums which may be awarded or become payable to Grantor 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 Grantor for injury or damage to the Property. Grantor shall, promptly upon request of Beneficiary, execute such additional assignments and other documents as may
be necessary from time to time to permit such participation and to enable Beneficiary to collect and receipt for any such sums. All such sums are hereby assigned to Beneficiary, and shall within sixty (60) days following such taking, after
deduction therefrom of all reasonable expenses actually incurred by Beneficiary, including attorneys’ fees, at Beneficiary’s option be (1) applied (upon compliance with the terms and conditions set forth in Section 5.5(c)
of this Deed of Trust) 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 Beneficiary, in its sole discretion, may elect, whether or not due;
provided, however, that Grantor shall have the right to require the release of such proceeds if Grantor can demonstrate satisfaction of the conditions set forth in Section 5.5(c) of this Deed of Trust 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. Beneficiary 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
Grantor. Beneficiary is hereby authorized, in the name of Grantor, 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 Beneficiary in connection with any condemnation shall be a demand obligation owing by Grantor (which Grantor hereby promises to pay) to Beneficiary pursuant to this Deed of Trust. 

  
 -11-

 (c) Restoration. In the event there shall be a casualty loss or a condemnation, and
Grantor requests or Beneficiary elects to cause the applicable insurance proceeds or condemnation award to be applied to restore, repair or replace the Property (“Restoration”), Beneficiary agrees to disburse such insurance proceeds
or condemnation award in accordance with disbursement procedures reasonably acceptable to Beneficiary, 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) Grantor 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) Grantor shall not remove or demolish the Property or any part of in a 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 Beneficiary’s express prior written consent in each instance. 

(c) If all or part of the Property becomes damaged or destroyed, Grantor shall promptly and completely repair and/or
restore the Property in a good and workmanlike manner in accordance with sound building practices, provided that Beneficiary agrees to disburse to Grantor Proceeds or other sums to pay costs of the work of repair or reconstruction under
Section 5.5 of this Deed of Trust so long as the conditions therein are satisfied. 
 (d) Grantor
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. Grantor 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 Grantor on the Property or any part of it under the Loan Agreement. 
 (e) Grantor shall not commit or allow waste of the Property, including those acts or omissions characterized under the Loan Agreement as waste which arises out of Hazardous Materials to the extent the
same would be reasonably likely to have a material impact on the Property. 
 (f) Grantor 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. 

  
 -12-

 (g) If Grantor 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, Grantor will promptly furnish a copy of such notice or claim to Beneficiary. Grantor has received no notice and
has no knowledge of any such noncompliance. 
 (h) Grantor shall faithfully abide by, perform and discharge each
and every term, condition, obligation, covenant and agreement, which Grantor 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 Beneficiary of any notice of material default received by Grantor with respect to any default of Grantor 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 Grantor, 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 Beneficiary with an accurate, complete copy of any notice of material default by Grantor with respect to any of the Agreements, when so sent by Grantor.

 (i) Until the Secured Obligations shall have been paid and satisfied in full, Grantor shall provide
Beneficiary with executed copies of all Agreements, assign to Beneficiary any and all subsequent material Agreements covering all or any part of the Property, and make, execute and deliver to Beneficiary, upon demand, any and all instruments that
may be necessary or desirable therefor in the sole reasonable judgment of the Beneficiary. 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 Grantor. 
 (j) Grantor 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 Beneficiary’s prior written consent. 
 (k) Grantor agrees that, upon receipt of written notice from
Beneficiary of the occurrence of any Event of Default and Beneficiary’s election to exercise its rights under this Deed of Trust, each contracting party to, or grantor or licensor of, any Agreement shall be and is hereby irrevocably directed
and authorized by Grantor to recognize and accept Beneficiary 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 Grantor and the performance of Grantor thereunder, and to
perform such Agreement for the benefit of Beneficiary 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. 

  
 -13-

 5.7 Releases, Extensions, Modifications and Additional Security. From time to time,
Beneficiary 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 Deed of Trust 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 Grantor under Section 5.9 of this Deed of Trust and the other Loan Documents
have been received, Beneficiary and Trustee shall release this Deed of Trust, the lien created thereby, and all notes and instruments evidencing the Secured Obligations. Grantor shall pay any costs of preparation and recordation of such release.

 5.9 Compensation; Exculpation. 

(a) Grantor agrees to pay reasonable fees actually incurred by Beneficiary when the law provides no maximum limit, for any
services that Beneficiary or Trustee may render in connection with this Deed of Trust, including providing a statement of the Secured Obligations or providing the release pursuant to Section 5.8 of this Deed of Trust. Grantor shall also
pay or reimburse all of Beneficiary’s and Trustee’s costs and expenses which may be incurred in rendering any such services. Grantor further agrees to pay or reimburse Beneficiary for all reasonable costs, expenses and other advances which
may be incurred or made by Beneficiary or Trustee in any efforts to enforce any terms of this Deed of Trust, including any rights or remedies afforded to Beneficiary and Trustee under Section 6.3 of this Deed of Trust, whether any
lawsuit is filed or not, or in defending any action or proceeding arising under or relating to this Deed of Trust, including attorneys’ fees and other legal costs, costs of any Foreclosure Sale (as defined in Subsection 6.3(i) of this
Deed of Trust) and any cost of evidence of title. If Beneficiary and/or Trustee, as required by applicable law, chooses to dispose of Property through more than one Foreclosure Sale, Grantor shall pay all reasonable costs, expenses

  
 -14-

 
or other advances that may be incurred or made by Beneficiary and/or Trustee in each of such Foreclosure Sales. In any suit to foreclose the lien hereof or enforce any other remedy of Trustee or
Beneficiary under this Deed of Trust 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
Trustee and Beneficiary 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 Trustee and Beneficiary 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 Trustee and
Beneficiary 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 Deed of Trust, including the fees of any attorney
(including the costs and fees of paralegals) employed by Trustee or Beneficiary in any litigation or proceeding affecting this Deed of Trust, 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 Grantor, with interest thereon at the Default Rate and shall be secured by this Deed of Trust. Any fees,
costs or expenses described in this Section 5.9(a) shall be subject to such limitations as may be imposed by applicable Arizona law. 
 (b) Neither Beneficiary nor Trustee shall be directly or indirectly liable to Grantor or any other person as a consequence of any of the following: 

(i) Beneficiary’s or Trustee’s exercise of or failure to exercise any rights, remedies or powers granted to
Beneficiary and/or Trustee in this Deed of Trust; 
 (ii) Beneficiary’s failure or refusal to perform or
discharge any obligation or liability of Grantor under any agreement related to the Property or under this Deed of Trust; or 
 (iii) Any loss sustained by Grantor or any third party resulting from Beneficiary’s failure to lease the Property, or from any other act or omission of Beneficiary in managing the Property, after an
Event of Default, unless the loss is caused by the willful misconduct and bad faith of Beneficiary. 
 Grantor 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 Beneficiary or Trustee. 

  
 -15-

 (c) Grantor will indemnify and hold harmless Beneficiary 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 “Beneficiary” shall include the directors, officers, partners, employees and agents of
Beneficiary and any persons owned or controlled by, owning or controlling, or under common control or affiliated with Beneficiary and the directors, officers, partners, employees, attorneys, agents and representatives of Beneficiary. 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 Grantor to Beneficiary shall be a demand obligation owing by Grantor (which Grantor hereby promises to pay) to Beneficiary pursuant to this Deed of Trust. Nothing in this paragraph, elsewhere in this Deed of Trust or in
any other Loan Document shall limit or impair any rights or remedies of Beneficiary (including without limitation any rights of contribution or indemnification) against Grantor or any other person under any other provision of this Deed of Trust, any
other Loan Document, any other agreement or any applicable Legal Requirement. 
 As used in this Deed of Trust,
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 Beneficiary 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 Deed of Trust 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 Grantor of any representation, warranty, covenant, agreement or condition contained in this Deed of Trust 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 Grantor be
liable to, or required to indemnify, Beneficiary for matters arising from or relating to the gross negligence or willful misconduct of Beneficiary. The provisions of this Section 5.9 will survive the repayment of the Secured Obligations,
the foreclosure of this Deed of Trust or conveyance in lieu of foreclosure, the termination of any and all Interest Rate Agreements, the discharge and release of this Deed of Trust 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. 

  
 -16-

 (d) Grantor shall pay all obligations to pay money arising under this
Section 5.9 immediately upon demand by Beneficiary. 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 Deed of Trust 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, Grantor 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 Grantor’s sole expense, Grantor shall protect,
preserve and defend the Property and title to and right of possession of the Property, and the security of this Deed of Trust and the rights and powers of Beneficiary created under it, against all adverse claims of a material nature. Grantor shall
give Beneficiary 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. Beneficiary shall be subrogated to the liens of all encumbrances, whether released of record or not, which are
discharged in whole or in part by Beneficiary in accordance with this Deed of Trust or with the proceeds of any loan secured by this Deed of Trust. 
 5.12 Site Visits, Observation and Testing. Subject to the rights of any tenant of the Property, thereunder, Beneficiary 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. Beneficiary has no duty, however, to visit or
observe the Property or to conduct tests, and no site visit, observation or testing by Beneficiary, its agents or representatives shall impose any liability on any of Beneficiary, its agents or representatives. In no event shall any site visit,
observation or testing by Beneficiary, 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 Grantor nor any other party is entitled to rely on any site visit, observation or testing by any of Beneficiary, its agents or representatives. Neither
Beneficiary, its agents or representatives owe any duty of care to protect Grantor or any other party against, or to inform Grantor or any other party of, any Hazardous Materials or any other adverse condition affecting the Property. Except in the
event of any emergency, Beneficiary shall give Grantor reasonable notice before entering the Property. Beneficiary shall make reasonable efforts to avoid interfering with Grantor’s use of the Property in exercising any rights provided in this
Section 5.12. 
 5.13 Books and Records. Unless otherwise approved by Beneficiary 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 Grantor’s place of business or chief executive office if Grantor has more than one place of
business. 

  
 -17-

 5.14 Leasing Restrictions. To the extent prohibited by the Loan Agreement, without
the prior written consent of Beneficiary, Grantor and Grantor’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, Grantor 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, Grantor will not, without the prior written consent of Beneficiary, (i) remove from the Property any fixtures or personal property covered by this Deed of Trust except
such as is replaced by Grantor by an article of substantially equal suitability and value, owned by Grantor, free and clear of any lien or security interest (except that created by this Deed of Trust), 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, Grantor shall give prompt notice thereof to Beneficiary and Grantor shall promptly, at Grantor’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, Grantor 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. Grantor will keep the Property occupied so as not to impair the insurance
carried thereon. Grantor 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. Grantor 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. Grantor 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 Beneficiary, to the extent the foregoing would have a material adverse effect on the Property. Grantor will not do or suffer to be done any act whereby the value of any part of the Property may be
materially lessened. Grantor will preserve, protect, renew, extend and retain all material rights and privileges granted for or applicable to the Property. Except as permitted by the Permitted Encumbrances, without the prior written consent of
Beneficiary, there shall be no drilling or exploration for or extraction, removal or production of any mineral, hydrocarbon, gas, natural 

  
 -18-

 
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. Grantor 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. Grantor 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 Grantor’s knowledge, threatened) by or against Grantor, or any Affiliate
of Grantor, 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 Grantor to Beneficiary 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 Grantor or, to
Grantor’s knowledge, of any tenant under any lease described therein. 
 5.18 Status of Grantor; Suits and Claims; Loan
Documents. Grantor 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 Grantor does not and will not result in the creation
of any encumbrance against any assets or properties of Grantor, 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 Grantor’s knowledge, threatened) against Grantor or, to Grantor’s knowledge which affects the Property (including, without limitation, any which
challenges or otherwise pertains to Grantor’s title to the Property) or the validity, enforceability or priority of any of the Loan Documents. Grantor is not a “foreign person” within the meaning of the Internal Revenue Code of
1986, as amended, Sections 1445 and 7701 (i.e. Grantor 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. Grantor 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. Grantor’s exact legal name is correctly set forth at the end of this Deed of Trust. If Grantor is not an individual, Grantor 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 Deed of Trust. If Grantor 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 Deed of Trust. Grantor will not cause or permit any change to be made in its name or identity (including its trade name or
names), unless Grantor shall have notified Beneficiary in writing of such change at least 30 days prior to the effective date of such change, and shall have first taken all action required by Beneficiary for the purpose of further perfecting or
protecting the lien and security interest of Beneficiary in the Property. Grantor’s 

  
 -19-

 
principal place of business and chief executive office, and the place where Grantor 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 Grantor) been and will continue to be
(unless Grantor notifies Beneficiary of any change in writing at least 30 days prior to the date of such change) the address of Grantor set forth at the end of this Deed of Trust. If Grantor is an individual, Grantor’s principal residence has
for the preceding four months been and will continue to be (unless Grantor notifies Beneficiary of any change in writing at least 30 days prior to the date of such change) the address of the principal residence of Grantor set forth at the end of
this Deed of Trust. Grantor’s organizational identification number, if any, assigned by the state of incorporation or organization is correctly set forth on the first page of this Deed of Trust. Grantor shall promptly notify Beneficiary
(i) of any change of its organizational identification number, or (ii) if Grantor does not now have an organization identification number and later obtains one, of such organizational identification number. 

5.19 Further Assurances. Grantor will, promptly on any reasonable request of Beneficiary, (i) correct any defect, error or
omission which may be discovered in the contents, execution or acknowledgment of this Deed of Trust or any other Loan Document; (ii) execute, acknowledge, deliver, procure and record and/or file such further documents (including, without
limitation, further deeds of trust, 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 Deed of Trust 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 Beneficiary 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 Beneficiary to enable Beneficiary to comply with the requirements or requests of any agency having jurisdiction
over Beneficiary or any examiners of such agencies with respect to the indebtedness secured hereby, Grantor or the Property. Grantor shall pay all costs connected with any of the foregoing, which shall be a demand obligation owing by Grantor (which
Grantor hereby promises to pay) to Beneficiary pursuant to this Deed of Trust. 
 5.20 Fees and Expenses. Without
limitation of any other provision of this Deed of Trust or of any other Loan Document and to the extent reasonable and not prohibited by applicable law, Grantor will pay, and will reimburse to Beneficiary on demand to the extent paid by Beneficiary:
(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 Grantor or Beneficiary in connection with the preparation of the Loan Documents, the evaluation, closing and funding of the loan evidenced by the Loan Documents, and any and all amendments and supplements to this Deed of Trust,
the Note or any other Loan Documents or any approval, consent, waiver, release or other matter requested or 

  
 -20-

 
required hereunder or thereunder, or otherwise attributable or chargeable to Grantor as owner of the Property; and (ii) all costs and expenses, including 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 Grantor, 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) Grantor acknowledges that
Beneficiary is making one or more advances under the Loan Agreement in reliance on the expertise, skill and experience of Grantor; thus, the Secured Obligations include material elements similar in nature to a personal service contract. In
consideration of Beneficiary’s reliance, Grantor agrees that Grantor shall not make any Accelerating Transfer, unless the transfer is preceded by Beneficiary’s express written consent to the particular transaction and transferee.
Beneficiary may withhold such consent in its sole discretion. If any Accelerating Transfer occurs, Beneficiary in its sole discretion may declare all of the Secured Obligations to be immediately due and payable, and Beneficiary may invoke any rights
and remedies provided by Section 6.3 of this Deed of Trust. 
 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, Grantor will be in default under this Deed of Trust 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 Beneficiary 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 Beneficiary (except that no notice is required for those related to financial information). 

(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. 

  
 -21-

 (e) Transfer of Assets. Any sale, lease, conveyance, assignment,
pledge, encumbrance, or transfer of all or any part of the other assets of Grantor, excluding the Property, voluntarily or involuntarily, whether by operation of law or otherwise, except: (i) sales or transfers in the ordinary course of
Grantor’s business; (ii) sales or transfers for which Grantor 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 Grantor. 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 Grantor (if Grantor is not a natural person but is a corporation, partnership, limited liability company, trust or other
legal entity), without the prior written consent of Beneficiary (including, without limitation, if Grantor 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 Beneficiary, Grantor 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 Beneficiary. 

(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 Beneficiary has consented, and without hereby implying Beneficiary’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 Beneficiary, 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 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 Deed of Trust. 

  
 -22-

 (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 Deed of Trust; or (D) such condemnation is the East Grant Street Taking. 

6.3 Remedies. At any time after an Event of Default, Beneficiary 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 Beneficiary 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. Beneficiary 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 Grantor. Without limitation of the foregoing, upon the
occurrence of a default described in Section 6.2(e)(i)(A), (C) or (D) of this Deed of Trust, 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 Grantor. 

(b) Receiver. Beneficiary shall, as a matter of right, without notice and without giving bond to Grantor or anyone
claiming by, under or through Grantor, and without regard for the solvency or insolvency of Grantor or the then value of the 

  
 -23-

 
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 Grantor 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 Beneficiary would
have, upon entering and taking possession of the Property under subsection (c) below. 
 (c) Entry.
Beneficiary, 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 Beneficiary may in its
sole discretion consider necessary and appropriate to protect the security of this Deed of Trust and the Property. Such other things may include: taking and possessing all of Grantor’s or the then owner’s Books and Records; entering into,
enforcing, modifying or canceling leases on such terms and conditions as Beneficiary may consider proper; obtaining and evicting tenants; fixing or modifying Rents; collecting and receiving any payment of money owing to Beneficiary; completing any
unfinished construction; and/or contracting for and making repairs and alterations. If Beneficiary so requests, Grantor shall assemble all of the Property that has been removed from the Premises and make all of it available to Beneficiary at the
site of the Premises. Grantor hereby irrevocably constitutes and appoints Beneficiary as Grantor’s attorney-in-fact to perform such acts and execute such documents as Beneficiary in its sole discretion may consider to be appropriate in
connection with taking these measures, including endorsement of Grantor’s name on any instruments. 
 (d)
Cure; Protection of Security. Beneficiary may cure any breach or default of Grantor, and if it chooses to do so in connection with any such cure, Beneficiary 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 Deed of Trust 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 Beneficiary under, this Deed of Trust; paying, purchasing, contesting or compromising any encumbrance, charge, lien or claim of lien which in Beneficiary’s sole judgment is or may be senior in priority to this Deed of Trust,
such judgment of Beneficiary to be conclusive as among the parties to this Deed of Trust; 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 Beneficiary. Beneficiary 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 Beneficiary under this Subsection 6.3(d) shall be deemed Secured Obligations and shall be secured by this Deed of Trust and the Loan Documents. 

  
 -24-

 (e) Uniform Commercial Code Remedies; Leases. (i) Beneficiary
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, Beneficiary may: (1) collect and/or sue for the Rents in Beneficiary’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 Beneficiary 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 Grantor to transfer all security deposits and records thereof to Beneficiary 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, Beneficiary, 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 Deed of Trust and its rights and remedies in
respect to real property, as specifically permitted under Section 9-604 of the UCC. 
 (f) Foreclosure;
Lawsuits. Beneficiary 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. Beneficiary 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 Beneficiary’s successful bid shall be credited on the
Secured Obligations. Without limiting the foregoing, Beneficiary may proceed by a suit or suits in law or equity, whether for specific performance of any covenant or agreement herein contained 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 Deed of Trust, upon, or at any time after the filing of a complaint to foreclose this
Deed of Trust, Trustee and Beneficiary shall be entitled to the appointment of a receiver of the Property by the court in which such complaint is filed, and Grantor 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 Deed of Trust 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
Beneficiary shall make to the purchaser or purchasers at such sale good and sufficient conveyances, conveying the property so sold to the purchaser or purchasers in fee simple, subject to the Permitted Encumbrances (and to such leases and other
matters, if any), and shall receive the proceeds of said sale or sales and apply the same as herein provided. In the event any sale hereunder is not 

  
 -25-

 
completed or is defective in the opinion of Beneficiary, such sale shall not exhaust the power of sale hereunder and Beneficiary 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 Beneficiary’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 Beneficiary shall be taken as prima facie evidence of the truth of the facts so stated and recited. 

(g) Other Remedies. Beneficiary may exercise all rights and remedies contained in any other instrument, document,
agreement or other writing heretofore, concurrently or in the future executed by Grantor or any other person or entity in favor of Beneficiary in connection with the Secured Obligations or any part thereof, without prejudice to the right of
Beneficiary thereafter to enforce any appropriate remedy against Grantor. Beneficiary shall have the right to pursue all remedies afforded to a Beneficiary 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. Beneficiary and/or Trustee, 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, Beneficiary and/or Trustee, 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, Beneficiary and/or Trustee, 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, Grantor agrees that the following procedures
constitute a commercially reasonable sale: Beneficiary shall mail written notice of the sale to Grantor not later than thirty (30) days prior to such sale. Beneficiary will publish notice of the sale in a local daily newspaper of general
circulation. Upon receipt of any written request, Beneficiary will make the Property available to any bona fide prospective purchaser for inspection during reasonable business hours. Notwithstanding, Beneficiary 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. 

  
 -26-

 (i) Single or Multiple Foreclosure Sales. If the Property consists of
more than one lot, parcel or item of property, Beneficiary and/or Trustee, as required by applicable law, may: 

(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 by nonjudicial foreclosure; or in any other manner
Beneficiary may deem to be in its best interests (any such sale or disposition, a “Foreclosure Sale”; and any two or more, “Foreclosure Sales”). 

If Beneficiary chooses to have more than one Foreclosure Sale, Beneficiary 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 Beneficiary may deem to be in its best interests. No Foreclosure Sale shall terminate or affect the liens of this Deed of
Trust 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 Grantor or Beneficiary, 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, Beneficiary 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 Grantor is obligated to pay or reimburse Beneficiary and Trustee
under Section 5.9 of this Deed of Trust; and 
 (b) Second, all other Secured Obligations in any
order and proportions as Beneficiary in its sole discretion may choose. 
 6.5 Application of Foreclosure Sale Proceeds.
To the extent permitted by law, Beneficiary 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 Grantor is obligated to reimburse Beneficiary or Trustee
under Section 5.9 of this Deed of Trust; 
 (b) Second, to pay the portion of the Secured Obligations
attributable to any sums expended or advanced by Beneficiary under the terms of this Deed of Trust which then remain unpaid; 
 (c) Third, to pay all other Secured Obligations in any order and proportions as Beneficiary in its sole discretion may choose; and 

  
 -27-

 (d) Fourth, to remit the remainder, if any, to the person or persons
entitled to it. 
 6.6 Application of Rents and Other Sums. Beneficiary shall apply any and all Rents collected by it,
and any and all sums other than proceeds of a Foreclosure Sale which Beneficiary may receive or collect under Section 6.3 of this Deed of Trust, 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 Beneficiary or any receiver; 
 (b) Second, to pay all other Secured
Obligations in any order and proportions as Beneficiary in its sole discretion may choose; and 
 (c) Third, to
remit the remainder, if any, to the person or persons entitled to it. 
 Beneficiary shall have no liability for any funds which it does not
actually receive. 
 7. The Trustee. 
 7.1 Certain Rights. With the approval of Beneficiary, Trustee shall have the right to take any and all of the following actions: (i) to select, employ and consult with counsel (who may be, but
need not be, counsel for Beneficiary) upon any matters arising hereunder, including the preparation, execution and interpretation of the Loan Documents, and shall be fully protected in relying as to legal matters on the advice of counsel,
(ii) to execute any of the trusts and powers hereof and to perform any duty hereunder either directly or through his or her agents or attorneys, (iii) to select and employ, in and about the execution of his or her duties hereunder,
suitable accountants, engineers and other experts, agents and attorneys-in-fact, either corporate or individual, not regularly in the employ of Trustee (and Trustee shall not be answerable for any act, default, negligence, or misconduct of any such
accountant, engineer or other expert, agent or attorney-in-fact, if selected with reasonable care, or for any error of judgment or act done by Trustee in good faith, or be otherwise responsible or accountable under any circumstances whatsoever,
except for Trustee’s gross negligence or bad faith), and (iv) any and all other lawful action that Beneficiary may instruct Trustee to take to protect or enforce Beneficiary’s rights hereunder. Trustee shall not be personally liable
in case of entry by Trustee, or anyone entering by virtue of the powers herein granted to Trustee, upon the Premises for debts contracted for or liability or damages incurred in the management or operation of the Premises. Trustee shall have the
right to rely on any instrument, document, or signature authorizing or supporting any action taken or proposed to be taken by Trustee hereunder, believed by Trustee in good faith to be genuine. Trustee shall be entitled to reimbursement for expenses
incurred by Trustee in the performance of Trustee’s duties hereunder and to reasonable compensation for such of Trustee’s services hereunder as shall be rendered. Grantor will, from time to time, pay the compensation due to Trustee
hereunder and reimburse Trustee for, and save and hold Trustee harmless against, any and all liability and expenses which may be incurred by Trustee in the performance of Trustee’s duties. 

  
 -28-

 7.2 Retention of Money. All moneys received by Trustee shall, until used or applied
as herein provided, be held in trust for the purposes for which they were received, and shall be segregated from any other moneys of Trustee. 
 7.3 Successor Trustees. Trustee may resign by the giving of notice of such resignation in writing to Beneficiary. If Trustee shall die, resign or become disqualified from acting in the execution of
this trust, or if, for any reason, Beneficiary, in Beneficiary’s sole discretion and with or without cause, shall prefer to appoint a substitute trustee or multiple substitute trustees, or successive substitute trustees or successive multiple
substitute trustees, to act instead of the aforenamed Trustee, Beneficiary shall have full power to appoint a substitute trustee (or, if preferred, multiple substitute trustees) in succession who shall succeed (and if multiple substitute trustees
are appointed, each of such multiple substitute trustees shall succeed) to all the estates, rights, powers and duties of the aforenamed Trustee. Such appointment may be executed by any authorized agent of Beneficiary, and if such Beneficiary be a
corporation and such appointment be executed on its behalf by any officer of such corporation, such appointment shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board
of directors or any superior officer of the corporation. Grantor hereby ratifies and confirms any and all acts which the aforenamed Trustee, or his or her successor or successors in this trust, shall do lawfully by virtue hereof. If multiple
substitute trustees are appointed, each of such multiple substitute trustees shall be empowered and authorized to act alone without the necessity of the joinder of the other multiple substitute trustees, whenever any action or undertaking of such
substitute trustees is requested or required under or pursuant to this Deed of Trust or applicable law. Any prior election to act jointly or severally shall not prevent either or both of such multiple substitute Trustees from subsequently executing,
jointly or severally, any or all of the provisions hereof. 
 7.4 Perfection of Appointment. Should any deed, conveyance,
or instrument of any nature be required from Grantor by any Trustee or substitute Trustee to more fully and certainly vest in and confirm to Trustee or substitute Trustee such estates, rights, powers, and duties, then, upon request by Trustee or
substitute trustee, any and all such deeds, conveyances and instruments shall be made, executed, acknowledged, and delivered and shall be caused to be recorded and/or filed by Grantor. 

7.5 Succession Instruments. Any substitute trustee appointed pursuant to any of the provisions hereof shall, without any further
act, deed or conveyance, become vested with all the estates, properties, rights, powers, and trusts of its, his or her predecessor in the rights hereunder with like effect as if originally named as Trustee herein; but nevertheless, upon the written
request of Beneficiary or of the substitute trustee, the Trustee ceasing to act shall execute and deliver any instrument transferring to such substitute trustee, upon the trusts herein expressed, all the estates, properties, rights, powers, and
trusts of the Trustee so ceasing to act, and shall duly assign, transfer and deliver any of the property and moneys held by such Trustee to the substitute trustee so appointed in such Trustee’s place. 

7.6 No Representation by Trustee or Beneficiary. By accepting or approving anything required to be observed, performed, or
fulfilled or to be given to Trustee or Beneficiary pursuant to the Loan Documents, neither Trustee nor Beneficiary shall be deemed to have warranted, consented to, or affirmed the sufficiency, legality, effectiveness or legal effect of the same, or
of any term, provision, or condition thereof, and such acceptance or approval thereof shall not be or constitute any warranty or affirmation with respect thereto by Trustee or Beneficiary. 

  
 -29-

 8. Miscellaneous Provisions. 

8.1 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 Deed of Trust. The Loan Documents also grant further rights to Beneficiary and contain further agreements and affirmative and negative covenants by Grantor which apply to this Deed of Trust and to the
Property. 
 8.2 No Waiver or Cure. 

(a) Each waiver by Beneficiary 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 Beneficiary to take action on account of any default of Grantor. Consent by Beneficiary to any act or omission by Grantor shall not be construed as a consent to any other or subsequent act or omission or
to waive the requirement for Beneficiary’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 Deed of Trust 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 Deed of Trust; or prejudice Beneficiary or
any receiver in the exercise of any right or remedy afforded any of them under this Deed of Trust; or be construed as an affirmation by Beneficiary of any tenancy, lease or option, or a subordination of the lien of this Deed of Trust. 

(i) Trustee or Beneficiary, 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) Beneficiary collects and applies Rents as permitted under
Sections 2.3 and 6.6 of this Deed of Trust, either with or without taking possession of all or any part of the Property. 
 (iii) Beneficiary or Trustee 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 Beneficiary under Section 5.5 of this Deed of Trust. 
 (iv) Beneficiary makes a
site visit, observes the Property and/or conducts tests as permitted under Section 5.12 of this Deed of Trust. 

  
 -30-

 (v) Beneficiary or Trustee receives any sums under this Deed of Trust or any
proceeds of any collateral held for any of the Secured Obligations, and applies them to one or more Secured Obligations. 
 (vi) Beneficiary, Trustee or any receiver invokes any right or remedy provided under this Deed of Trust. 
 8.3 Powers of Beneficiary. 
 (a) If Beneficiary performs any
act which it is empowered or authorized to perform under this Deed of Trust, including any act permitted by Section 5.7 or Subsection 6.3(d) of this Deed of Trust, 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 Deed of Trust on all or the remainder of the Property for full payment and performance of all outstanding Secured Obligations.
The liability of the original Grantor shall not be released or changed if Beneficiary grants any successor in interest to Grantor any extension of time for payment, or modification of the terms of payment, of any Secured Obligation. Beneficiary
shall not be required to comply with any demand by the original Grantor that Beneficiary 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, Beneficiary may take any of the actions permitted under
Subsections 6.3(b) and/or 6.3(c) of this Deed of Trust 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 Deed of Trust. 
 (c) From time to
time, Beneficiary may apply to any court of competent jurisdiction for aid and direction in executing and enforcing the rights and remedies created under this Deed of Trust. Beneficiary may from time to time obtain orders or decrees directing,
confirming or approving acts in executing and enforcing these rights and remedies. 
 8.4 Merger. The parties to this
Deed of Trust intend that no merger shall occur as a result of Beneficiary’s acquiring any other estate in or any other lien on the Property unless Beneficiary consents to a merger in writing. 

8.5 Joint and Several Liability. If Grantor consists of more than one person, each shall be jointly and severally liable for the
faithful performance of all of Grantor’s obligations under this Deed of Trust. 
 8.6 Applicable Law. The creation,
perfection and enforcement of the lien of this Deed of Trust 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 Deed of Trust shall be exclusively governed by
the substantive laws of the State of Arizona. Grantor agrees that the following shall not apply to the extent permitted by applicable law: 
 (a) the 90 day time limitation for bringing a deficiency action under Arizona Revised Statutes §33-814(A) and (B); and 

  
 -31-

 (b) the right to a fair market value credit under Arizona Revised Statutes §33-814(A).

 8.7 Successors in Interest. The terms, covenants and conditions of this Deed of Trust shall be binding upon and inure
to the benefit of the heirs, successors and assigns of the parties. However, this Section 8.7 does not waive the provisions of Section 6.1 of this Deed of Trust. 

8.8 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 Deed of Trust 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 Deed of Trust. The Exhibits to this Deed of Trust are hereby incorporated in this Deed of Trust. 
 8.9 In-House Counsel Fees. Whenever Grantor is obligated to pay or reimburse Beneficiary for any attorneys’ fees, those fees shall include the reasonable allocated costs for services of
in-house counsel. 
 8.10 Waiver of Statutory Rights. To the extent permitted by law, Grantor 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 Deed of Trust, but hereby waives the benefit of such laws to the extent permitted by law. Grantor 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. Grantor hereby waives any and all rights of
redemption from sale under any judgment of foreclosure of this Deed of Trust on behalf of Grantor 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 Deed
of Trust. The foregoing waiver of right of redemption is made pursuant to the provisions of applicable law. Grantor hereby waives any and all rights of fair market value credit. 

  
 -32-

 8.11 Severability. If any provision of this Deed of Trust should be held
unenforceable or void, that provision shall be deemed severable from the remaining provisions and shall in no way affect the validity of this Deed of Trust except that if such provision relates to the payment of any monetary sum, then Beneficiary
may, at its option, declare all Secured Obligations immediately due and payable. 
 8.12 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: 
  

			
	Grantor:	  	TNP SRT Craig Promenade, 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 McQuade, Esq.
		  	Telephone    804.916.9027
		  	Facsimile     804.916.9137
		
	Trustee:	  	James M. Sakrison, Esq.
		  	Slutes, Sakrison & Rogers
		  	4801 East Broadway Boulevard
		  	Tucson, Arizona 85711
		  	Telephone    510.624.6691
		  	Facsimile:     510.791.9632
		
	Beneficiary:	  	KeyBank National Association
		  	225 Franklin Street, 18th Floor
		  	Boston, MA 02110
		  	Attention: Commercial Real Estate Department
		  	Telephone    617.385.6202
		  	Facsimile     617.385.6293

  
 -33-

			
	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 Grantor shall constitute notice or demand duly delivered to Grantor, even if delivery is refused.

 8.13 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 Beneficiary may, but shall not be obligated to, make under this Deed of Trust, 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 at a variable rate, and any disbursements made for the
enforcement of this Deed of Trust 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 Beneficiary pursuant to applicable law (all such indebtedness being hereinafter referred to as the maximum amount secured hereby). This Deed of Trust 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. 
 8.14 Beneficiary’s Lien for Service Charge and Expenses. At all times, regardless of whether any Loan proceeds have been disbursed, this Deed of Trust 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 Beneficiary not to exceed the maximum amount secured hereby. For purposes hereof, all
obligations of Grantor to Beneficiary under all Interest Rate Agreements and any indebtedness or obligation contained therein or evidenced thereby shall be considered an obligation of Grantor secured hereby. 

8.15 WAIVER OF TRIAL BY JURY. GRANTOR 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 DEED OF TRUST, THE NOTE, OR ANY OF THE OTHER LOAN DOCUMENTS, THE LOAN OR ANY OTHER STATEMENTS OR ACTIONS OF GRANTOR OR BENEFICIARY. GRANTOR ACKNOWLEDGES THAT IT HAS BEEN
REPRESENTED IN THE SIGNING OF THIS DEED OF TRUST 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. GRANTOR

  
 -34-

 
FURTHER ACKNOWLEDGES THAT (i) IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (ii) THIS WAIVER IS A MATERIAL INDUCEMENT FOR BENEFICIARY TO MAKE THE LOAN, ENTER
INTO THIS DEED OF TRUST 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. 

8.16 Inconsistencies. In the event of any inconsistency between this Deed of Trust 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. 

8.17 UCC Financing Statements. Grantor hereby authorizes Beneficiary to file UCC financing statements to perfect
Beneficiary’s security interest in any part of the Property. In addition, Grantor agrees to sign any and all other documents that Beneficiary deems necessary in its sole discretion to perfect, protect, and continue Beneficiary’s lien and
security interest in the Property. 
 8.18 Power of Attorney. All grants of powers of attorney are powers coupled with an
interest within the meaning of Arizona Revised Statutes §14-5501(E) and are irrevocable for so long as the Property continues to secure the Secured Obligations. 
 8.19 Certain Matters Relating to Property Located in the State of Arizona. With respect to the Property which is located in the State of Arizona, notwithstanding anything contained herein to the
contrary: 
 (a) Grantor (which shall also constitute a “trustor” within the meaning of A.R.S.
Sections 33-801 et seq. and a mortgagor within the meaning of A.R.S. Sections 33-701 et seq.) shall not consent to, or vote in favor of, the inclusion of all or any part of the Premises in any community facilities district formed under A.R.S.
Section 48-701 et seq. or any other improvement, assessment or similar district without Beneficiary’s prior written consent. 
 (b) GRANTOR EXPRESSLY AGREES THAT THE INDEMNIFICATION PROVISIONS OF THIS DEED OF TRUST REQUIRE AN INDEMNIFICATION OF BENEFICIARY BY GRANTOR FROM CLAIMS OR LOSSES ARISING AS A RESULT OF BENEFICIARY’S
OWN NEGLIGENCE OR STRICT LIABILITY. 
 (c) Upon Beneficiary’s written request, and upon surrender of this
Deed of Trust or certified copy thereof and any note, instrument or instruments setting forth all obligations secured hereby to Trustee for cancellation, Trustee shall release, without warranty, this Deed of Trust and the lien hereof by proper
instrument executed in recordable form. The recitals of any matters or facts in any reconveyance executed hereunder shall be conclusive proof of the truthfulness thereof. To the extent permitted by law, the reconveyance may describe any grantee
named therein as “the person or persons legally entitled thereto”. Neither Beneficiary nor Trustee shall have any duty to determine the rights of persons claiming to be rightful grantees under any such

  
 -35-

 
reconveyance. When the Property has been fully reconveyed, the last such reconveyance shall operate as a reassignment of all future rents, issues and profits of the Property to person or persons
legally entitled thereto. 
 (d) Upon and after any Event of Default, Beneficiary may pursue a trustee’s
sale by delivery to Trustee of written declaration of default and demand for sale and of written notice of default and of election to cause to be sold said property, which notice Trustee shall cause to be duly filed for record. After the lapse of
such time as may then be required by law following the recordation of said notice of default and notice of sale having been given as then required by law, Trustee, without demand on Grantor, shall sell the Property on the date and at the time and
place fixed by it in said notice of sale, either as a whole or in separate parcels or lots, and in such order as it may determine, at public auction to the highest bidder, the purchase price payable in lawful money of the United States of America at
time of sale. Trustee may postpone sale of all or any portion of the Property by public announcement of such time and place of sale and from time to time thereafter, in accordance with the provisions of Arizona Revised Statutes Section 33-810,
and Trustee may postpone such sale by public announcement at the time fixed by the preceding postponement. Upon the completion of any sale or sales made by Trustee under or by virtue of this Section 8.19(d), Trustee, or an officer of any court
empowered to do so, shall execute and deliver to the accepted purchaser or purchasers a good and sufficient instrument, or good and sufficient instruments, conveying, assigning and transferring the property so sold to the purchaser or purchasers in
fee simple but without any covenant or warranty, express or implied. The recitals in the deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Grantor, if so requested by Beneficiary, shall ratify and confirm any such
sale or sales by executing and delivering to Beneficiary or to such purchaser or purchasers all such instruments as may be advisable, in the judgment of Beneficiary, for the purpose, and as may be designated in such request. Any such sale or sales
made under or by virtue of this Section 8.19(d) whether made under the power of sale herein granted or under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, shall operate to divest all estate, right,
title, interest, claim and demand whatsoever, whether at law or in equity, of Grantor in and to the Property and rights so sold, and shall be a perpetual bar both at law and in equity against Grantor and against any and all persons claiming or who
may claim the same, or any part thereof from, through or under Grantor. A sale pursuant to this Section 8.19(d) shall constitute a Foreclosure Sale for purposes of this Deed of Trust. 

(e) Beneficiary shall have, in addition to all other rights and remedies provided herein and at law or in equity, the
rights and remedies afforded by Arizona Revised Statutes Section 33-702. In the event Grantor fails or refuses to surrender possession of the Property after any trustee’s sale, Grantor shall be deemed a tenant at sufferance, subject to
eviction by means of forcible entry and detainer proceedings. This remedy is not exclusive or in derogation of any other right or remedy available to Beneficiary. 

(f) When the Secured Obligations or any part thereof shall become due, whether by acceleration or otherwise, Beneficiary
may, either with or without entry or taking possession as herein provided or otherwise, proceed by suit or suits at law or in 

  
 -36-

 
equity or by any other appropriate proceeding or remedy to: (a) enforce payment of the Secured Obligations or the performance of any term, covenant, condition or agreement of Grantor under
any of the Loan Documents; (b) foreclose the lien hereof as a mortgage for the Secured Obligations or part thereof in accordance with Arizona Revised Statutes Section 33-807(B) and sell the Property as an entirety or otherwise, as
Beneficiary may determine; and/or (c) pursue any other right or remedy available to it under or by the law and decisions of the State of Arizona. Notwithstanding any statute or rule of law to the contrary, the failure to join any tenant or
tenants of the Property as party defendant or defendants in any foreclosure action or the failure of any such order or judgment to foreclose their rights shall not be asserted by Grantor as a defense in any civil action instituted to collect
(a) the Secured Obligations, or any part thereof or (b) any deficiency remaining unpaid after foreclosure and sale of the Property. 
 (g) Time is of the essence of this Deed of Trust and the performance of each of the covenants and agreements contained herein. 

(h) Notwithstanding any provision hereof to the contrary, the parties intend that this document constitute security for
the payment and performance of the Secured Obligations as provided elsewhere herein, and shall be a “deed of trust” as defined in A.R.S. § 33-801. If despite that intention a court of competent jurisdiction shall determine that this
document does not qualify as a “trust deed” or “deed of trust” within the meaning and purview of Chapter 6.1, Title 33, Arizona Revised Statutes, then this instrument shall be deemed a realty mortgage under A.R.S.
§ 33-702, and shall be enforceable as such, the Grantor shall be deemed a “mortgagor,” the Beneficiary shall be deemed a “mortgagee,” the Trustee shall have no capacity but shall be disregarded and all references to the
“Trustee” herein shall be deemed to refer to the “mortgagee” to the extent not inconsistent with interpreting this instrument as though it were a realty mortgage. As a realty mortgage, Grantor as mortgagor shall be deemed to have
conveyed the Property to the Beneficiary as mortgagee, such conveyance as a security to be void upon condition that Grantor pay and perform all the Secured Obligations. 

(i) Without limitation of the foregoing, all interest and other charges, fees, goods, things in action or any other sums,
things of value and reimbursable costs that Grantor is or may become obligated to pay or reimburse in connection with the Secured Obligations, and which may be deemed to constitute “interest” within the meaning of Arizona Revised Statutes
Sections 44-1201 et seq., shall be deemed to constitute items of interest in addition to the rate(s) of interest specified herein, which Grantor hereby contracts to pay. 

(j) Any Grantor that has signed this Deed of Trust as a surety or accommodation party or that has subjected its property
to this Deed of Trust to secure the debt of another expressly waives the benefits of Arizona Revised Statute Sections 12-1641, 12-1642 and 44-142 and Ariz. R. Civ. P. 17(f) or such similar provisions as may be enacted or adopted hereafter.

  
 -37-

 (Signature on next page) 

  
 -38-

 IN WITNESS WHEREOF, Grantor has executed this Deed of Trust as an instrument under seal as
of the date first above written. 
  

											
		  	Grantor:
		
		  	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/ James Wolford

	 /s/ Bhriza Camacho
	  		  		  		  	Name:	  	 James Wolford

	WITNESS	  		  		  		  	Title:	  	 Chief Financial Officer

ACKNOWLEDGEMENT 
 STATE
OF CALIFORNIA 
 COUNTY OF ORANGE 
 On May 17, 2011, before me, Bhriza Camacho, the undersigned, a Notary Public in and for said State, personally appeared James Wolford who proved to me on the basis of satisfactory evidence to be the
person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted,
executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct. 
 WITNESS my hand and official seal. 

 

							
	Signature	  	 /s/ Bhriza Camacho
	  		  	
				
	Name:	  	Bhriza Camacho	  		  	
		  	(typed or printed)	  	        (Seal)	  	

 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. 

“East Grant Street Taking” means a proposed taking of a portion of the Premises for a potential expansion of East Grant
Street, which, if exercised, is currently scheduled to occur in 2019, provided, however, that the East Grant Street Taking shall not (i) have a material impact on the Borrower’s use of the Premises (including any required
parking) (ii) have a negative material impact on the value of the Premises; or (iii) affect a material portion of the Premises. 
 “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 Beneficiary 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 Arizona, as it may be amended from time to time. 

  
 -2-

 EXHIBIT A 

LEGAL DESCRIPTION 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF PIMA, STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS: 

A part of the Southwest quarter of the Southwest quarter of the Southwest quarter of Section 34, Township 13 South, Range 14 East, Gila and Salt
River Meridian, Pima County, Arizona, more particularly described as follows: 
 COMMENCING at the Southwest corner of said Section 34
being monumented by a brass cap in casting; 
 THENCE North 00 degrees 28 minutes 39 seconds West, along the West line of said Section 34,
a distance of 60.00 feet; 
 THENCE North 89 degrees 53 minutes 28 seconds East, parallel to the South line of said
Section 34, a distance of 60.00 feet to the POINT OF BEGINNING, monumented by a  1/2 inch rebar tagged “LS 4399”; 
 THENCE North 00 degrees 28
minutes 39 seconds West, parallel to the West line of said Section 34, a distance of 15.00 feet to a point, monumented by a
 1/2 inch rebar tagged “LS 4399”;

 THENCE North 04 degrees 05 minutes 42 seconds East, a distance of 125.43 feet to a chiseled “X”; 

THENCE North 00 degrees 28 minutes 39 seconds West, parallel to the West line of said Section 34, a distance of 124.78 feet; 

THENCE North 45 degrees 28 minutes 39 seconds West, a distance of 14.14 feet to a  1/2 inch rebar tagged “LS 4399”; 

THENCE North 00 degrees 28 minutes 39 seconds West, parallel to and distant 60.00 feet Easterly of the West line of said Section 34, a distance of
305.16 feet to a concrete nail tagged “LS 19324” , being 20.00 feet Southerly of the North line of the Southwest quarter of the Southwest quarter of the Southwest quarter of said Section 34; 

THENCE North 89 degrees 52 minutes 03 seconds East, parallel to the North line of the Southwest quarter of the Southwest quarter of
the Southwest quarter of said Section 34, a distance of 555.33 feet to the beginning of a horizontal curve concave Southwesterly and a  1/2 inch rebar tagged “LS 4399”; 

 THENCE Southerly along said curve, an arc distance of 39.11 feet, said curve having a
central angle of 89 degrees 37 minutes 25 seconds, and a radius of 25.00 feet, to a  1/2 inch rebar tagged “LS 4399”; 
 THENCE South 00 degrees 30
minutes 32 seconds East, a distance of 385.24 feet to a  1/2 inch rebar tagged “LS 4399”; 
 THENCE South 89 degrees 43
minutes 18 seconds East, a distance of 19.91 feet to a  1/2 inch rebar tagged “LS 4399”; 
 THENCE South 00 degrees 28
minutes 56 seconds East, a distance of 180.00 feet to a  1/2 inch rebar tagged “CE 1322” on the North right-of-way line of Grant Road; 
 THENCE South 89 degrees 53 minutes 28 seconds West, parallel to and distant 50.00 feet Northerly of the South line of said Section 34, a distance of 200.06 feet to a  1/2 inch rebar tagged “CE 1322”; 

THENCE North 00 degrees 16 minutes 48 seconds West, a distance of 10.00 feet; 
 THENCE South 89 degrees 53 minutes 28 seconds West, parallel to and distant 60.00 feet Northerly of the South line of said Section 34, a distance of 400.29 feet to the POINT OF BEGINNING. 

EXCEPT the certain above-ground improvements, buildings and/or structures conveyed in Deed recorded June 25, 2004 in Docket 12331 at page 1264

  
 -2-

 Exhibit B 

Permitted Encumbrances 

Those encumbrances listed in the title insurance policy for the Premises being issued as of even date by First American Title Insurance Company for the
benefit of the Beneficiary.Environmental and Hazardous Substances Indemnity Agreement

 Exhibit 10.2 
 ENVIRONMENTAL AND HAZARDOUS SUBSTANCES INDEMNITY AGREEMENT 
 Project
Commonly Known As 
 “Northgate Plaza Shopping Center, Tucson, Pima County, Arizona” 

THIS ENVIRONMENTAL AND HAZARDOUS SUBSTANCES INDEMNITY AGREEMENT (this “Indemnity Agreement”)
is executed and delivered as of the 20th day of May, 2011,
by TNP SRT NORTHGATE PLAZA TUCSON, 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”) 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 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, 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, as further amended by that certain Letter Agreement dated as
of March 31, 2011, as further amended by that Joinder Agreement and Second 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, 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-FIVE MILLION DOLLARS ($35,000,000), 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, 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 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, 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 refinance existing Loans on a
parcel of land commonly known as “Northgate Plaza Shopping Center” located at 3901-3999 E. Grant Road, City of Tucson, County of Pima, State of Arizona, 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 Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated of even date
herewith made by Property Borrower in favor of James M. Sakrison, Esq., as trustee for the benefit of the Agent (as amended, restated and/or modified from time to time the “Deed of Trust” 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 Deed of Trust 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, 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 

  
 - 2 -

 
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 Arizona 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 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. 

  
 - 3 -

 “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. 
 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; 

  
 - 4 -

 (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 Deed of Trust) 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 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

  
 - 5 -

 
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 Deed of
Trust) 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 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 

  
 - 6 -

 
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 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. 

  
 - 7 -

 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 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

  
 - 8 -

 
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 Deed of Trust, 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 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 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 

  
 - 9 -

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

  
 - 10 -

 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 Arizona. 
 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 Northgate Plaza Tucson, 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
		  	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

 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. 

  
 - 12 -

 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. Indemnity Agreement Not Secured by Liens. The obligations of the
Indemnitors under this Indemnity Agreement are unsecured. 
 24. 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 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/ James Wolford

		 		  		  		  		  	Print Name:	  	 James Wolford

		 		  		  		  		  	Title:	  	 Chief Financial Officer

		
		 	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/ James Wolford

		 		  		  		  		  	Print Name:	  	 James Wolford

		 		  		  		  		  	Title:	  	 Chief Financial Officer

(Signature Page to Environmental and Hazardous Substances Indemnity Agreement) 

													
		  	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/ James Wolford

		  		  		  		  		  	Print Name:	  	 James Wolford

		  		  		  		  		  	Title:	  	 Chief Financial Officer

		
		  	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/ James Wolford

		  		  		  		  		  	Print Name:	  	 James Wolford

		  		  		  		  		  	Title:	  	 Chief Financial Officer

(Signatures continue on the next page.) 
 (Signature Page to Environmental and Hazardous Substances Indemnity Agreement) 

													
		  	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/ James Wolford

		  		  		  		  		  	Print Name:	  	 James Wolford

		  		  		  		  		  	Title:	  	 Chief Financial Officer

		
		  	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/ James Wolford

		  		  		  		  		  	Print Name:	  	 James Wolford

		  		  		  		  		  	Title:	  	 Chief Financial Officer

(Signatures continue on the next page.) 
 (Signature Page to Environmental and Hazardous Substances Indemnity Agreement) 

 
							
	REIT:
	
	TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation
			
		 	By:	 	 /s/ James Wolford

		 		 	Print Name:	 	 James Wolford

		 		 	Title:	 	 Chief Financial Officer

(Signature Page to Environmental and Hazardous Substances Indemnity Agreement) 

 EXHIBIT A 

LEGAL DESCRIPTION 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF PIMA, STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS: 

A part of the Southwest quarter of the Southwest quarter of the Southwest quarter of Section 34, Township 13 South, Range 14 East, Gila and Salt
River Meridian, Pima County, Arizona, more particularly described as follows: 
 COMMENCING at the Southwest corner of said Section 34
being monumented by a brass cap in casting; 
 THENCE North 00 degrees 28 minutes 39 seconds West, along the West line of said Section 34,
a distance of 60.00 feet; 
 THENCE North 89 degrees 53 minutes 28 seconds East, parallel to the South line of said
Section 34, a distance of 60.00 feet to the POINT OF BEGINNING, monumented by a  1/2 inch rebar tagged “LS 4399”; 
 THENCE North 00 degrees 28
minutes 39 seconds West, parallel to the West line of said Section 34, a distance of 15.00 feet to a point, monumented by a
 1/2 inch rebar tagged “LS 4399”;

 THENCE North 04 degrees 05 minutes 42 seconds East, a distance of 125.43 feet to a chiseled “X”; 

THENCE North 00 degrees 28 minutes 39 seconds West, parallel to the West line of said Section 34, a distance of 124.78 feet; 

THENCE North 45 degrees 28 minutes 39 seconds West, a distance of 14.14 feet to a  1/2 inch rebar tagged “LS 4399”; 

THENCE North 00 degrees 28 minutes 39 seconds West, parallel to and distant 60.00 feet Easterly of the West line of said Section 34, a distance of
305.16 feet to a concrete nail tagged “LS 19324”, being 20.00 feet Southerly of the North line of the Southwest quarter of the Southwest quarter of the Southwest quarter of said Section 34; 

THENCE North 89 degrees 52 minutes 03 seconds East, parallel to the North line of the Southwest quarter of the Southwest quarter of
the Southwest quarter of said Section 34, a distance of 555.33 feet to the beginning of a horizontal curve concave Southwesterly and a  1/2 inch rebar tagged “LS 4399”; 
 THENCE Southerly along said curve, an arc distance of 39.11 feet, said curve having a central angle of 89 degrees 37 minutes 25 seconds, and a radius of 25.00 feet, to a  1/2 inch rebar tagged “LS 4399”; 

 THENCE South 00 degrees 30 minutes 32 seconds East, a distance of 385.24 feet to a  1/2 inch rebar tagged “LS 4399”;

 THENCE South 89 degrees 43 minutes 18 seconds East, a distance of 19.91 feet to a  1/2 inch rebar tagged “LS 4399”; 

THENCE South 00 degrees 28 minutes 56 seconds East, a distance of 180.00 feet to a  1/2 inch rebar tagged “CE 1322” on the North right-of-way
line of Grant Road; 
 THENCE South 89 degrees 53 minutes 28 seconds West, parallel to and distant 50.00 feet
Northerly of the South line of said Section 34, a distance of 200.06 feet to a  1/2 inch rebar tagged “CE 1322”; 
 THENCE North 00 degrees 16 minutes 48 seconds
West, a distance of 10.00 feet; 
 THENCE South 89 degrees 53 minutes 28 seconds West, parallel to and distant 60.00 feet Northerly of the South
line of said Section 34, a distance of 400.29 feet to the POINT OF BEGINNING. 
 EXCEPT the certain above-ground improvements, buildings
and/or structures conveyed in Deed recorded June 25, 2004 in Docket 12331 at page 1264 

 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. 11-0029 and addressed to TNP Strategic Retail Trust and KeyBank National Association, as Agent.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]