Document:

Subordination of Management Agreement

 EXHIBIT 10.19 
 Loan No. 10061253 
 SUBORDINATION OF MANAGEMENT AGREEMENT 

THIS SUBORDINATION OF MANAGEMENT AGREEMENT (as amended, restated, replaced, supplemented or otherwise modified
from time to time, this “Agreement”) is made as of the 13th day of June, 2012, by TNP SRT PORTFOLIO II HOLDINGS, LLC, a Delaware limited liability company having its principal place of business at 1900 Main Street, Suite 700, Irvine, California 92614
(“Borrower”), to KEYBANK NATIONAL ASSOCIATION, a national banking association, having an address at 11501 Outlook, Suite 300, Overland Park, Kansas 66211 (together with its successors and assigns, “Lender”),
TNP SRT PORTFOLIO II, LLC, a Delaware limited liability company having an address at 1900 Main Street, Suite 700, Irvine, California 92614 (“Mortgage Borrower”), and TNP PROPERTY MANAGER, LLC, a Delaware limited
liability company, having its principal place of business at 1900 Main Street, Suite 700, Irvine, California 92614 (“Manager”). 
 RECITALS: 
 A. Borrower by its promissory note of even date herewith given
to Lender (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Note”) is indebted to Lender in the principal sum of $2,000,000.00) (the
“Loan”) advanced pursuant to that certain Loan Agreement of even date herewith between Borrower and Lender (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to
time, the “Loan Agreement”). The Note is secured by, among other things, that certain Pledge Agreement (as defined in the Loan Agreement) encumbering the Collateral (as defined in the Pledge Agreement). All capitalized terms not
defined herein shall have the respective meanings set forth in the Loan Agreement. The Note, the Loan Agreement, the Pledge Agreement, this Agreement and any of the other documents evidencing or securing the loan or executed or delivered in
connection therewith are collectively referred to as the “Loan Documents.” 
 B. KeyBank National Association,
a national banking association, as mortgage lender (“Mortgage Lender”), has made a mortgage loan (“Mortgage Loan”) in the original principal amount of $26,000,000.00 to Mortgage Borrower. 

C. Pursuant to those certain management agreements, described on Schedule I attached hereto, and of which true and correct copies
are attached hereto as Exhibit A (individually and collectively, the “Management Agreement”), Mortgage Borrower engaged Manager exclusively to rent, lease, operate and manage the Property and Manager is entitled to certain
management and other fees (the “Management Fees”) thereunder. 
 D. Lender requires as a condition to making
the Loan that Borrower, Mortgage Borrower and Manager agree to the terms set forth in this Agreement. 
 AGREEMENT

 For good and valuable consideration the parties hereto agree as follows: 

1. Subordination of Management Agreement. The Management Agreement and all Management Fees are hereby subordinated to the
Loan. Notwithstanding the foregoing, Manager shall be entitled to receive all Management Fees earned and all amounts properly to be reimbursed to Manager 

 
under the Management Agreement; provided that neither Mortgage Borrower nor Borrower shall make, and Manager shall not accept, any payments to Manager in advance of being earned or, in the case
of reimbursable expenses, actually incurred. So long as any portion of the Loan remains outstanding, the Manager shall not be entitled to any Management Fees or reimbursements that are accrued in excess of thirty (30) days. 

2. Covenants. Notwithstanding any provision of the Management Agreement seemingly to the contrary: 

(a) Manager will not assign, alter, amend, or modify the Management Agreement nor terminate the Management Agreement
without the prior written consent of Lender. If the Manager does so amend, modify or terminate the Management Agreement without Lender’s prior written approval, such amendment, modification or termination shall be void ab initio.

 (b) Manager agrees that it shall not perform its duties under the Management Agreement or otherwise act in a
manner which would result in Borrower’s breach of Section 4.1.20 of the Loan Agreement. 
 (c)
Borrower, Mortgage Borrower, and Manager agree that, if: (i) a default by Manager shall occur under the Management Agreement, which default is not cured within any applicable grace or cure period, (ii) the bankruptcy or insolvency of the
Manager of the property shall occur, or (iii) Lender is entitled to terminate or to require Borrower to cause the removal of the Manager under Section 9.4 of the Loan Agreement, Lender shall have the right to immediately terminate, or to
direct Borrower cause the immediate termination of, such Manager and its Management Agreement and to retain, or to direct Borrower to cause the retention of, a new manager approved by Lender. No termination fee or other compensation shall be due to
Manager as a result of any such termination. Borrower, Mortgage Borrower and the Manager further agree that the Lender may terminate the Management Agreement by giving ten (10) days’ notice to the Manager upon the Lender obtaining
(A) title to the Collateral (or any portion thereof) whether by foreclosure, bankruptcy sale or otherwise, and/or (B) possession of the Collateral (or any portion thereof) whether personally or through an agent, a receiver or a trustee. If
the Lender elects to terminate the Management Agreement in accordance with this Section, Borrower, Mortgage Borrower and the Manager understand and agree that the Manager shall look solely to Mortgage Borrower for any and all fees, charges or other
sums payable to the Manager under the Management Agreement. If responsibility for the management of the Property is required to be transferred from Manager in accordance with the provisions hereof, Manager agrees to cooperate fully in transferring
its responsibility to a new management company and to effectuate such transfer no later than thirty (30) days from the date the Management Agreement is terminated. Further, Manager hereby agrees not to contest or impede Lender’s exercise
of any right it has under or in connection with this Agreement. 
 (d) Borrower hereby covenants with Lender that
during the term of this Agreement and subject to the terms of the Loan Agreement: (i) Borrower shall cause Mortgage Borrower to cause the Manager to manage the Property in a first class manner; (ii) except as set forth herein, Borrower
shall not permit Mortgage Borrower to remove or replace the Manager or modify or waive any material terms of the Management Agreement without Lender’s prior written consent; (iii) Borrower shall not permit Mortgage Borrower to terminate or
amend the Management Agreement in violation of the Mortgage Loan Documents, nor permit Mortgage Borrower to consent to Manager’s assignment of the Management Agreement in violation of the Mortgage Loan Documents, in each case without
Lender’s prior written consent; (iv) Borrower shall cause Mortgage Borrower to promptly notify Lender in writing of any notice or information that 

  
 2 

 
Mortgage Borrower receives which indicates that Manager is terminating the Management Agreement or that Manager is otherwise discontinuing its management of the Property; and (v) Borrower
shall cause Mortgage Borrower to promptly notify Lender in writing of any uncured material default by Manager under the Management Agreement. 
 3. Termination. At such time as the Loan is paid in full, this Agreement and all of Lender’s right, title and interest hereunder with respect to the Management Agreement automatically
shall terminate. 
 4. Estoppel. Manager represents and warrants to Lender that (a) the Management Agreement
attached hereto as Exhibit A is in full force and effect and has not been modified, amended or assigned other than pursuant to this Agreement, (b) neither Manager nor Mortgage Borrower is in default under any of the terms, covenants or
provisions of the Management Agreement and Manager knows of no event which, but for the passage of time or the giving of notice or both, would constitute an event of default under the Management Agreement, (c) neither Manager nor Mortgage
Borrower has commenced any action or given or received any notice for the purpose of terminating the Management Agreement and (d) the Management Fees and all other sums due and payable to the Manager under the Management Agreement as of the
date hereof have been paid in full. 
 5. Subordinate to Mortgage Loan. This Agreement is subject and subordinate
to that certain Assignment of Management Agreement and Subordination of Management Fees, among Mortgage Borrower, Manager and Mortgage Lender. 
 6. Consent and Agreement by Manager. Manager hereby acknowledges and consents to this Agreement and agrees that Manager will act in conformity with the provisions of this Agreement and
Lender’s rights hereunder. 
 7. Lender Opportunity to Cure. Manager agrees that, until the Loan is repaid in
full, it will not exercise any remedies under the Management Agreement following a Mortgage Borrower default thereof without having first given to Lender (a) written notice of the alleged Mortgage Borrower default and (b) subject to any
rights of Mortgage Lender to cure, the opportunity to cure such default within the longer of (i) thirty (30) days after the cure period provided under the Management Agreement to Mortgage Borrower, or (ii) thirty (30) days from
receipt of Manager’s notice to Lender of a Mortgage Borrower default. Manager acknowledges that Lender is not obligated to cure any Mortgage Borrower default, but if Lender elects to do so, Manager agrees to accept cure by Lender as that of
Mortgage Borrower under the Management Agreement and will not exercise any right or remedy under the Management Agreement for a Mortgage Borrower default. Performance rendered by Lender on Mortgage Borrower’s behalf is without prejudice to
Lender’s rights against Borrower or Mortgage Borrower under the Loan Documents. 
 8. Further Assurances.
Manager further agrees to (a) execute such affidavits and certificates as Lender shall require to further evidence the agreements herein contained, (b) on request from Lender, furnish Lender with copies of such information as Mortgage
Borrower is entitled to receive under the Management Agreement and (c) cooperate with Lender’s representative in any inspection of all or any portion of the Property. 

9. Governing Law. (a) THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (“GOVERNING
STATE”). 
 (b) BORROWER AND MANAGER HEREBY CONSENT TO PERSONAL JURISDICTION IN THE GOVERNING STATE. JURISDICTION
AND VENUE OF ANY ACTION BROUGHT TO ENFORCE THIS ASSIGNMENT OR ANY OTHER LOAN 

  
 3 

 
DOCUMENT OR ANY ACTION RELATING TO THE LOAN OR THE RELATIONSHIPS CREATED BY OR UNDER THE LOAN DOCUMENTS (“ACTION”) SHALL, AT THE ELECTION OF LENDER, BE IN (AND IF ANY ACTION IS
ORIGINALLY BROUGHT IN ANOTHER VENUE, THE ACTION SHALL AT THE ELECTION OF LENDER BE TRANSFERRED TO) A STATE OR FEDERAL COURT OF APPROPRIATE JURISDICTION LOCATED IN THE GOVERNING STATE. BORROWER AND MANAGER EACH HEREBY CONSENTS AND SUBMITS TO THE
PERSONAL JURISDICTION OF THE STATE COURTS OF THE GOVERNING STATE AND OF FEDERAL COURTS LOCATED IN THE GOVERNING STATE IN CONNECTION WITH ANY ACTION AND HEREBY WAIVES ANY AND ALL PERSONAL RIGHTS UNDER THE LAWS OF ANY OTHER STATE TO OBJECT TO
JURISDICTION WITHIN SUCH STATE FOR PURPOSES OF ANY ACTION. Borrower and Manager each hereby waives and agrees not to assert, as a defense to any Action or a motion to transfer venue of any Action, (i) any claim that it is not subject to
such jurisdiction, (ii) any claim that any Action may not be brought against it or is not maintainable in those courts or that this Agreement may not be enforced in or by those courts, or that it is exempt or immune from execution,
(iii) that the Action is brought in an inconvenient forum, or (iv) that the venue for the Action is in any way improper. 
 10. Notices. All notices, consents, approvals and requests required or permitted hereunder or shall be given in writing and shall be effective for all purposes if hand delivered or sent by
(a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (c) by
telecopier (with answer back acknowledged) and with a second copy to be sent to the intended recipient by an other means permitted under this Section, addressed as follows (or at such other address and Person as shall be designated from time to time
by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

			
	If to Lender:	 	KeyBank National Association
		 	11501 Outlook, Suite 300
		 	Overland Park, Kansas 66211
		 	Facsimile No.: 877-379-1625
		
	with a copy to:	 	Daniel Flanigan, Esq.
		 	Polsinelli Shughart PC
		 	700 W. 47th Street, Suite 1000
		 	Kansas City, Missouri 64112
		 	Facsimile No.: (816) 753-1536
		
	If to Borrower:	 	c/o Thompson National Properties, LLC
		 	1900 Main Street, Suite 700
		 	Irvine, California 92614
		 	Attention: Ido Dotan
		 	Facsimile No.: (949) 271-4915
		
	With a copy to:	 	Kaplan Voekler Cunningham & Frank PLC
		 	7 East 2nd Street
		 	Richmond, Virginia 23218-2470
		 	Attention: Thomas Voekler
		 	Facsimile No.: (804) 525-1794

  
 4 

			
		
	If to Manager:	 	c/o Thompson National Properties, LLC
		 	1900 Main Street, Suite 700
		 	Irvine, California 92614
		 	Attention: Ido Dotan
		 	Facsimile No.: (949) 271-4915
		
	With a copy to:	 	Kaplan Voekler Cunningham & Frank PLC
		 	7 East 2nd Street
		 	Richmond, Virginia 23218-2470
		 	Attention: Thomas Voekler
		 	Facsimile No.: (804) 525-1794

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of
registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day; or in the case of telecopy, upon sender’s receipt
of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming. 
 11. No Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the
part of Borrower, Mortgage Borrower, Lender or Manager, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

12. Liability. This Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective
successors and assigns forever. 
 13. Inapplicable Provisions. If any term, covenant or condition of this
Agreement is held to be invalid, illegal or unenforceable in any respect, this Agreement shall be construed without such provision. 
 14. Headings, etc. The headings and captions of various paragraphs of this Agreement are for convenience of reference only and are not to be construed as defining or limiting, in any way,
the scope or intent of the provisions hereof. 
 15. Duplicate Originals, Counterparts. This Agreement may be
executed in any number of duplicate originals and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which
together shall constitute a single Agreement. The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

16. Number and Gender. Whenever the context may require, any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. 
 17.
Miscellaneous. (a) Wherever pursuant to this Agreement (i) Lender exercises any right given to it to approve or disapprove, (ii) any arrangement or term is to be satisfactory to Lender, or (iii) any other decision
or determination is to be made by Lender, the decision of Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions and determinations made by Lender, shall be in the sole
and absolute discretion of Lender and shall be final and conclusive, except as may be otherwise expressly and specifically provided herein. 

  
 5 

 (b) Wherever pursuant to this Agreement it is provided that Borrower shall pay any costs and
expenses, such costs and expenses shall include, but not be limited to, legal fees and disbursements of Lender, whether retained firms, the reimbursement for the expenses of in house staff or otherwise. 

(c) If more than one Person has executed this Agreement as “Borrower” or as “Manager,” the obligations of all such
Persons hereunder shall be joint and several. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 6 

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

							
	BORROWER:
	
	 TNP SRT PORTFOLIO II HOLDINGS, LLC,
 a Delaware limited liability company

		
	By:	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
			
		 	 By:
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner
				
		 		 	By:	 	 /s/ Anthony W. Thompson

		 		 	Name:	 	 Anthony W. Thompson

		 		 	Title:	 	 CEO

  

SIGNATURE PAGE TO SUBORDINATION OF MANAGEMENT
AGREEMENT 

 
			
	LENDER:
	
	KEYBANK NATIONAL ASSOCIATION, a national banking association
		
	By:	 	 /s/ Mary Ann Gripka

	Name:	 	 Mary Ann Gripka

	Title:	 	 Designated Signer

  

SIGNATURE PAGE TO SUBORDINATION OF MANAGEMENT
AGREEMENT 

 
			
	MANAGER:
	
	TNP PROPERTY MANAGER, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Anthony W. Thompson

	Name:	 	 Anthony W. Thompson

	Title:	 	 CEO

  

SIGNATURE PAGE TO SUBORDINATION OF MANAGEMENT
AGREEMENT 

 
									
	MORTGAGE BORROWER:
	
	 TNP SRT PORTFOLIO II, LLC,
 a Delaware limited liability company

		
	By:	 	TNP SRT PORTFOLIO II HOLDINGS, LLC,
		 	a Delaware limited liability company, its managing member
			
		 	 By:
	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its sole member
				
		 		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner
					
		 		 		 	By:	 	 /s/ Anthony W. Thompson

		 		 		 	Name:	 	 Anthony W. Thompson

		 		 		 	Title:	 	 CEO

  

SIGNATURE PAGE TO SUBORDINATION OF MANAGEMENT
AGREEMENT 

 EXHIBIT A 
 MANAGEMENT AGREEMENT 

  
 Exhibit A-1

 Schedule I 
 1. Property and Asset Management Agreement by and between TNP SRT Cochran Bypass, LLC, a Delaware limited liability company, and TNP Property Manager, LLC, a Delaware limited liability company, dated
January 26, 2012, as assigned to Mortgage Borrower. 
 2. Property and Asset Management Agreement by and between TNP SRT Morningside
Marketplace, LLC, a Delaware limited liability company, and TNP Property Manager, LLC, a Delaware limited liability company, dated January 9, 2012, as assigned to Mortgage Borrower. 
 3. Property and Asset Management Agreement by and between TNP SRT Ensenada Shopping Center, LLC, a Delaware limited liability company, and TNP Property Manager, LLC, a Delaware limited liability
company, dated February 2, 2012, as assigned to Mortgage Borrower. 
 4. Property and Asset Management Agreement by and between TNP
SRT Turkey Creek, LLC, a Delaware limited liability company, and TNP Property Manager, LLC, a Delaware limited liability company, dated March 12, 2012, as assigned to Mortgage Borrower. 

5. Property and Asset Management Agreement by and between TNP SRT Florissant Marketplace, LLC, a Delaware limited liability company, and TNP Property
Manager, LLC, a Delaware limited liability company, dated May 16, 2012, as assigned to Mortgage Borrower. 

  
 2Guaranty Agreement

 EXHIBIT 10.20 
 Lender’s Loan No. 10061253 
 GUARANTY AGREEMENT 

THIS GUARANTY AGREEMENT (this “Guaranty”) is made effective as of June 13, 2012, by TNP STRATEGIC RETAIL
TRUST, INC., a Maryland corporation, whose address is 1900 Main Street, Suite 700, Irvine, California 92614 (“Guarantor”) in favor of KEYBANK NATIONAL ASSOCIATION, a national banking association, having a place of
business at 11501 Outlook, Suite 300, Overland Park, Kansas 66211, its successors and assigns (“Lender”). 

Recitals 

The following recitals are a material part of this instrument: 
 A. Lender is making a loan in the principal sum of $2,000,000.00 (the “Loan”) to TNP SRT PORTFOLIO II HOLDINGS, LLC, a Delaware limited liability company (“Borrower”), on
or about the date of this Guaranty. Guarantor has a significant financial interest in Lender’s making of the Loan to Borrower, and will realize significant financial benefit from the Loan. The Loan is evidenced by a Mezzanine Loan Agreement of
even date herewith between Borrower and Lender (the “Loan Agreement”) and a Promissory Note (the “Note”) of even date herewith in the principal amount of the Loan from Borrower to Lender and is secured in part by a
Pledge and Security Agreement from Borrower for the benefit of Lender (the “Pledge Agreement”), which grants to Lender, among other things, a first priority security interest in the Collateral (as defined in the Pledge Agreement).
The Loan Agreement, Note, Pledge Agreement and all other documents and instruments existing now or after the date hereof that evidence, secure or otherwise relate to the Loan, including this Guaranty, any security agreements, financing statements,
other guaranties, indemnity agreements (including environmental indemnity agreements), letters of credit, or escrow/holdback or similar agreements or arrangements, together with all amendments, modifications, substitutions or replacements thereof,
are sometimes herein collectively referred to as the “Loan Documents” or individually as a “Loan Document.” The Loan Documents are hereby incorporated by this reference as if fully set forth in this Guaranty.
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. 

B. Lender has required that Guarantor guaranty to Lender the payment of the Liabilities (as such term is defined in Section 2.1
hereof). 
 C. Lender is unwilling to make the Loan to Borrower absent this Guaranty. 

 Agreement 
 In consideration of Lender’s agreement to make the Loan to Borrower and other good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, Guarantor hereby
states and agrees as follows: 
 1. Request to Make Loan. Guarantor hereby requests that Lender make the Loan to Borrower
and that Lender extend credit and give financial accommodations to Borrower, as Borrower may desire and as Lender may grant, from time to time, whether to the Borrower alone or to the Borrower and others, and specifically to make the Loan described
in the Loan Documents. 
 2. Guaranty of Liabilities. 

2.1 Guarantor hereby absolutely and unconditionally guarantees full and punctual payment and performance when due of the following
(collectively, the “Liabilities”): (a) all payments due under the Note, including the repayment of all additional advances of any kind that may be made by Lender to Borrower, whether at stated maturity, by acceleration or
otherwise, (b) any and all renewals or extensions of any such item of indebtedness or obligation or any part thereof, (c) all obligations and indebtedness of any kind or nature arising under any of the Loan Documents; (d) any future
advances that may be made by Lender related to the Loan or the Collateral, whether made to protect the security or otherwise, and whether or not evidenced by additional promissory notes or other evidences of indebtedness; (e) all interest due
on all of the same; (f) all expenses, including attorney’s fees, incurred by Lender in connection with the enforcement of Lender’s rights under this Guaranty and all Administration and Enforcement Expenses. 

2.2 Upon the request of Lender, Guarantor shall immediately pay or perform the Liabilities when they or any of them become due or are to
be paid or performed under the term of any of the Loan Documents. Any amounts received by Lender from any sources and applied by Lender towards the payment of the Liabilities shall be applied in such order of application as Lender may from time to
time elect. All Liabilities shall conclusively be presumed to have been created, extended, contracted, or incurred by Lender in reliance upon this Guaranty and all dealings between Borrower and Lender shall likewise be presumed to be in reliance
upon this Guaranty. 
 2.3 For the purpose of this Guaranty, “Administration and Enforcement Expenses” shall
mean all fees and expenses incurred at any time or from time to time by Lender, including legal (whether for the purpose of advice, negotiation, documentation, defense, enforcement or otherwise), accounting, financial advisory, auditing, rating
agency, appraisal, valuation, title or title insurance, UCC insurance, engineering, environmental, collection agency, or other expert or consulting or similar services, in connection with: (a) the origination of the Loan, including the
negotiation and preparation of the Loan Documents and any amendments or modifications of the Loan or the Loan Documents, whether or not consummated; (b) the administration, servicing or enforcement of the Loan or the Loan Documents, including
any request for interpretation or modification of the Loan Documents or any matter related to the Loan or the servicing thereof (which shall include the consideration of any requests for consents, waivers, modifications, approvals, lease reviews or
similar matters and any proposed transfer of the Collateral or any interest therein), (c) any litigation, contest, dispute, suit, arbitration, mediation, proceeding or action (whether instituted by or against Lender, including actions brought
by or on behalf of Borrower or Borrower’s bankruptcy estate or any indemnitor or guarantor of the Loan or any other person) in any way relating to the Loan or the Loan Documents including in connection with any bankruptcy, reorganization,
insolvency, or 

  
 2 

 
receivership proceeding; (d) any attempt to enforce any rights of Lender against Borrower or any other person that may be obligated to Lender by virtue of any Loan Document or otherwise
whether or not litigation is commenced in pursuance of such rights; and (e) protection, enforcement against, or liquidation of the Collateral or any other collateral for the Loan, including any attempt to inspect, verify, preserve, restore,
collect, sell, liquidate or otherwise dispose of or realize upon the Loan, the Collateral or any other collateral for the Loan. Provided no Event of Default has occurred, fees and expenses related solely to origination and administration of the Loan
shall be limited to reasonable fees and expenses, but charges of rating agencies, governmental entities or other third parties that are outside of the control of Lender shall not be subject to the reasonableness standard. 

3. Additional Advances, Renewals, Extensions and Releases. Guarantor hereby agrees and consents that, without notice to or further
consent by Guarantor, Lender may make additional advances with respect to the Loan, and the obligations of Borrower or any other party in connection with the Loan may be renewed, extended, modified, accelerated or released by Lender as Lender may
deem advisable, and any collateral the Lender may hold or in which the Lender may have an interest may be exchanged, sold, released or surrendered by it, as it may deem advisable, without impairing or affecting the obligations of Guarantor hereunder
in any way whatsoever. 
 4. Waivers. 
 4.1 Guarantor hereby waives each of the following: (a) any and all notice of the acceptance of this Guaranty or of the creation, renewal or accrual of any Liabilities, present or future (including
any additional advances made by Lender under the Loan Documents); (b) the reliance of Lender upon this Guaranty; (c) notice of the existence or creation of any Loan Document or of any of the Liabilities; (d) protest, presentment,
demand for payment, notice of default or nonpayment, notice of dishonor to or upon Guarantor, Borrower or any other party liable for any of the Liabilities; (e) any and all other notices or formalities to which Guarantor may otherwise be
entitled, including notice of Lender’s granting the Borrower any indulgences or extensions of time on the payment of any Liabilities; and (f) promptness in making any claim or demand hereunder. 

4.2 No delay or failure on the part of Lender in the exercise of any right or remedy against either Borrower or Guarantor shall operate
as a waiver thereof, and no single or partial exercise by Lender of any right or remedy herein shall preclude other or further exercise thereof or of any other right or remedy whether contained herein or in the Note or any of the other Loan
Documents. No action of Lender permitted hereunder shall in any way impair or affect this Guaranty. 
 4.3 Guarantor
acknowledges and agrees that Guarantor shall be and remain absolutely and unconditionally liable for the full amount of all Liabilities notwithstanding any of the following, and Guarantor waives any defense or counterclaims to which Guarantor may be
entitled, based upon any of the following, in any proceeding (without prejudice to assert the same in a separate cause of action at a later time): 
 (a) Any or all of the Liabilities being or hereafter becoming invalid or otherwise unenforceable for any reason whatsoever or being or hereafter becoming released or discharged, in whole or in part,
whether pursuant to a proceeding under any bankruptcy or insolvency laws or otherwise; or 

  
 3 

 (b) Lender failing or delaying to properly perfect or continue the
perfection of any security interest or lien on any property which secures any of the Debt, or to protect the property covered by such security interest or enforce its rights respecting such property or security interest; or 

(c) Lender failing to give notice of any disposition of any property serving as collateral for any Debt or failing to
dispose of such collateral in a commercially reasonable manner; or 
 (d) Any other circumstance that might
otherwise constitute a defense other than payment in full of the Liabilities. 
 5. Guaranty of Payment. Guarantor agrees
that Guarantor’s liability hereunder is primary, absolute and unconditional without regard to the liability of any other party. This Guaranty shall be construed as an absolute, irrevocable and unconditional guaranty of payment and performance
(and not a guaranty of collection), without regard to the validity, regularity or enforceability of any of the Liabilities. 

6. Guaranty Effective Regardless of Collateral. This Guaranty is made and shall continue as to any and all Liabilities without
regard to any liens or security interests in any collateral, the validity, effectiveness or enforceability of such liens or security interests, or the existence or validity of any other guaranties or rights of Lender against any other obligors. Any
and all such collateral, security, guaranties and rights against other obligors, if any, may from time to time without notice to or consent of Guarantor, be granted, sold, released, surrendered, exchanged, settled, compromised, waived, subordinated
or modified, with or without consideration, on such terms or conditions as may be acceptable to Lender, without in any manner affecting or impairing the liabilities of Guarantor. Without limiting the generality of the foregoing, it is acknowledged
that Guarantor’s liability hereunder shall survive any foreclosure proceeding, any foreclosure sale, any strict foreclosure, and any release of the Collateral. 
 7. Additional Credit. Credit or financial accommodation may be granted or continued from time to time by Lender to Borrower regardless of Borrower’s financial or other condition at the time of
any such grant or continuation, without notice to or the consent of Guarantor and without affecting Guarantor’s obligations hereunder. Lender shall have no obligation to disclose or discuss with Guarantor its assessment of the financial
condition of Borrower. 
 8. Rescission of Payments. If at any time payment of any of the Liabilities or any part thereof
is rescinded or must otherwise be restored or returned by Lender upon the insolvency, bankruptcy or reorganization of Borrower or under any other circumstances whatsoever, this Guaranty shall, upon such rescission, restoration or return, continue to
be effective or shall (if previously terminated) be reinstated, as the case may be, as if such payment had not been made. 

  
 4 

 9. Additional Waivers. So long as any portion of the Liabilities remains unpaid or
any portion of the Liabilities (or any security therefor) that has been paid to Lender remains subject to invalidation, reversal or avoidance as a preference, fraudulent transfer or for any other reason whatsoever (whether under bankruptcy or
non-bankruptcy law) to being set aside or required to be repaid to Borrower as a debtor in possession or to any trustee in bankruptcy, Guarantor irrevocably waives (a) any rights which it may acquire against Borrower by way of subrogation under
this Guaranty or by virtue of any payment made hereunder (whether contractual, under the Bankruptcy Code or similar state or federal statute, under common law, or otherwise), (b) all contractual, common law, statutory or other rights of
reimbursement, contribution, exoneration or indemnity (or any similar right) from or against Borrower that may have arisen in connection with this Guaranty, (c) any right to participate in any way in the Loan Documents or in the right, title
and interest in any collateral securing the payment of Borrower’s obligations to Lender, and (d) all rights, remedies and claims relating to any of the foregoing. If any amount is paid to Guarantor on account of subrogation rights or
otherwise, such amount shall be held in trust for its benefit and shall forthwith be paid to Lender to be applied to Borrower’s obligations secured by the Pledge Agreement, whether matured or unmatured, in such order as Lender shall determine.

 10. Independent Obligations. The obligations of Guarantor are independent of the obligations of Borrower, and a
separate action or actions for payment, damages or performance may be brought and prosecuted against Guarantor, whether or not an action is brought against Borrower or the security for Borrower’s obligations, and whether or not Borrower is
joined in any such action or actions. Guarantor expressly waives any requirement that Lender institute suit against Borrower or any other persons, or exercise or exhaust its remedies or rights against Borrower or against any other person, other
guarantor, or other collateral securing all or any part of the Liabilities, prior to enforcing any rights Lender has under this Guaranty or otherwise. Lender may pursue all or any such remedies at one or more different times without in any way
impairing its rights or remedies hereunder. Guarantor hereby further waives the benefit of any statute of limitations affecting its liability hereunder or the enforcement hereof. If there shall be more than one guarantor with respect to any of the
Liabilities, then the obligations of each such guarantor shall be joint and several. 
 11. Subordination of Indebtedness of
Borrower to Guarantor. Any indebtedness of Borrower to Guarantor now or hereafter existing is hereby subordinated to the prior payment in full of the Liabilities. Guarantor agrees that following the occurrence and during the continuance of an
Event of Default, until the Liabilities have been paid in full, Guarantor will not seek, accept or retain for Guarantor’s own account, any payment (whether for principal, interest, or otherwise) from Borrower for or on account of such
subordinated debt. Following the occurrence and during the continuance of an Event of Default, any payments to Guarantor on account of such subordinated debt shall be collected and received by Guarantor in trust for Lender and shall be paid over to
Lender on account of the Liabilities without impairing or releasing the obligations of Guarantor hereunder. Guarantor hereby unconditionally and irrevocably agrees that (a) Guarantor will not at any time while the Liabilities remain unpaid,
assert against Borrower (or Borrower’s estate in the event that Borrower becomes the subject of 

  
 5 

 
any case or proceeding under any federal or state bankruptcy or insolvency laws) any right or claim to indemnification, reimbursement contribution or payment for or with respect to any and all
amounts Guarantor may pay or be obligated to pay Lender, including the Liabilities, and any and all obligations which Guarantor may perform, satisfy or discharge, under or with respect to the Guaranty, and (b) Guarantor subordinates to the debt
now owed by Borrower to Lender all such rights and claims to indemnification, reimbursement contribution or payment that Guarantor may have now or at any time against Borrower (or Borrower’s estate in the event that Borrower becomes the subject
of any case or proceeding under any federal or state bankruptcy or insolvency laws). 
 12. Claims in Bankruptcy.
Guarantor shall file all claims against Borrower in any bankruptcy or other proceeding in which the filing of claims is required by law upon any indebtedness of Borrower to Guarantor and will assign to Lender all right of Guarantor thereunder.
Guarantor hereby irrevocably appoints Lender its attorney-in-fact, which appointment is coupled with an interest, to file any such claim that Guarantor may fail to file, in the name of Guarantor or, in Lender’s discretion, to assign the claim
and to cause proof of claim to be filed in the name of Lender’s nominee. In all such cases, whether in administration, bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to Lender the full amount thereof and,
to the full extent necessary for that purpose, Guarantor hereby assigns to Lender all of Guarantor’s rights to any such payments or distributions to which Guarantor would otherwise be entitled. 

13. Guarantor’s Representations and Warranties. Guarantor represents, warrants and covenants to and with Lender that:

 13.1 There is no action or proceeding pending or to the knowledge of Guarantor, threatened against Guarantor before any court
or administrative agency which might result in any material adverse change in the business or financial condition of Guarantor or in the property of Guarantor; 
 13.2 Guarantor has filed all Federal and State income tax returns which Guarantor has been required to file, and has paid all taxes as shown on said returns and on all assessments received by Guarantor to
the extent that such taxes have become due; 
 13.3 Neither the execution nor delivery of this Guaranty nor fulfillment of nor
compliance with the terms and provisions hereof will conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in the creation of any lien, charge or encumbrance upon any property or
assets of Guarantor under any agreement or instrument to which Guarantor is now a party or by which Guarantor may be bound; 

13.4 This Guaranty is a valid and legally binding agreement of Guarantor and is enforceable against Guarantor in accordance with its
terms; 
 13.5 Guarantor has either (i) examined the Loan Documents or (ii) has had an opportunity to examine the Loan
Documents and has waived the right to examine them; and 
 13.6 Guarantor has the full power, authority, and legal right to
execute and deliver this Guaranty. If Guarantor is not an individual, (i) Guarantor is duly organized, validly 

  
 6 

 
existing and in good standing under the laws of the state of its formation, and (ii) the execution, delivery and performance of this Guaranty by Guarantor has been duly and validly
authorized and the person(s) signing this Guaranty on Guarantor’s behalf has been validly authorized and directed to sign this Guaranty. 
 14. Notice of Litigation. Guarantor shall promptly give Lender notice of all litigation or proceedings before any court or Governmental Authority affecting Guarantor or its property, except
litigation or proceedings which, if adversely determined, would not have a material adverse effect on the financial condition or operations of Guarantor or its ability to perform any of its obligations hereunder. 

15. Access to Records. Guarantor shall give Lender and its representatives access to, and permit Lender and such representatives
to examine, copy or make extracts from, any and all books, records and documents in the possession of Guarantor relating to the performance of Guarantor’s obligations hereunder and under any of the Loan Documents, all at such times and as often
as Lender may reasonably request. If Guarantor is not an individual, Guarantor shall continuously maintain its existence and shall not dissolve or permit its dissolution. 
 16. Assignment by Lender. In connection with any sale, assignment or transfer of the Loan, Lender may sell, assign or transfer this Guaranty and all or any of its rights, privileges, interests and
remedies hereunder to any other person or entity whatsoever without notice to or consent by Guarantor, and in such event the assignee shall be entitled to the benefits of this Guaranty and to exercise all rights, interests and remedies as fully as
Lender. 
 17. Termination. This Guaranty shall terminate only when all of the Liabilities have been paid in full,
including all interest thereon, late charges and other charges and fees included within the Liabilities. When the conditions described above have been fully met, Lender will, upon request, furnish to Guarantor a written cancellation of this
Guaranty. 
 18. Notices. All notices, consents, approvals and requests required or permitted hereunder shall be given in
writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United
States Postal Service, with proof of attempted delivery, or (c) by telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case
may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

			
	If to Lender:	  	KeyBank National Association
		  	11501 Outlook, Suite 300
		  	Overland Park, Kansas 66211
		  	Facsimile No.: 877-379-1625
		  	Attention: Loan Servicing
		
	with a copy to:	  	Daniel Flanigan, Esq.
		  	Polsinelli Shughart PC
		  	700 W. 47th Street, Suite 1000
		  	Kansas City, Missouri 64112
		  	Facsimile No.: (816) 753-1536

  
 7 

			
		
	If to Guarantor:	  	TNP STRATEGIC RETAIL TRUST, INC.
		  	c/o Thompson National Properties, LLC
		  	1900 Main Street, Suite 700
		  	Irvine, California 92614
		  	Attention: Ido Dotan
		  	Facsimile No.: (949) 271-4915
		
	With a copy to:	  	Kaplan Voekler Cunningham & Frank PLC
		  	7 East 2nd Street
		  	Richmond, Virginia 23218-2470
		  	Attention: Thomas Voekler
		  	Facsimile No.: (804) 525-1794

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in
the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day (as defined in the Loan Agreement); or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day; or in
the case of telecopy, upon sender’s receipt of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming. 

19. Waiver of Jury Trial. TO THE EXTENT NOW OR HEREAFTER PERMITTED BY APPLICABLE LAW, GUARANTOR AND LENDER EACH HEREBY AGREE NOT TO
ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE PLEDGE AGREEMENT OR THE OTHER LOAN
DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH
ISSUE AS TO WHICH RIGHT TO TRIAL BY JURY WOULD OTHERWISE ACCRUE. GUARANTOR AND LENDER EACH ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH OTHER. 

20. Miscellaneous. This Guaranty shall be a continuing guaranty. This Guaranty shall bind the heirs, successors and assigns of
Guarantor (except that Guarantor may not assign his, her, or its liabilities under this Guaranty without the prior written consent of Lender, which consent Lender may in its discretion withhold), and shall inure to the benefit of Lender, its
successors, transferees and assigns. Each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law. Neither this Guaranty nor any of the terms hereof, including the provisions of this Section,
may be terminated, amended, supplemented, waived or modified orally, but only by an instrument in writing executed by the party against which enforcement of the termination, amendment, supplement, waiver or

  
 8 

 
modification is sought, and the parties hereby: (a) expressly agree that it shall not be reasonable for any of them to rely on any alleged, non-written amendment to this Guaranty;
(b) irrevocably waive any and all right to enforce any alleged, non-written amendment to this Guaranty; and (c) expressly agree that it shall be beyond the scope of authority (apparent or otherwise) for any of their respective agents to
agree to any non-written modification of this Guaranty. This Guaranty may be executed in several counterparts, each of which counterpart shall be deemed an original instrument and all of which together shall constitute a single Guaranty. The failure
of any party hereto to execute this Guaranty, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. As used in this Guaranty, (i) the terms “include,” “including” and similar
terms shall be construed as if followed by the phrase “without being limited to,” (ii) any pronoun used herein shall be deemed to cover all genders, and words importing the singular number shall mean and include the plural number, and
vice versa, (iii) all captions to the Sections hereof are used for convenience and reference only and in no way define, limit or describe the scope or intent of, or in any way affect, this Guaranty, (iv) no inference in favor of, or
against, Lender or Guarantor shall be drawn from the fact that such party has drafted any portion hereof or any other Loan Document, (v) the term “Borrower” shall mean individually and collectively, jointly and severally, each
Borrower (if more than one) and shall include the successors (including any subsequent owner or owners of the Property or any part thereof or any interest therein and Borrower in its capacity as debtor-in-possession after the commencement of any
bankruptcy proceeding), assigns, heirs, personal representatives, executors and administrators of Borrower, (vi) the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or,”
(vii) the words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Guaranty refer to this Guaranty as a whole and not to any particular provision or section of this Guaranty, and
(viii) an Event of Default shall “continue” or be “continuing” until such Event of Default has been waived in writing by Lender. Any capitalized term used herein that is defined in any other Loan Document and not otherwise
defined herein shall have the same meaning when used in this Guaranty. Wherever Lender’s judgment, consent, approval or discretion is required under this Guaranty or Lender shall have an option, election, or right of determination or any other
power to decide any matter relating to the terms of this Guaranty, including any right to determine that something is satisfactory or not (“Decision Power”), such Decision Power shall be exercised in the sole and absolute discretion
of Lender except as may be otherwise expressly and specifically provided herein. Such Decision Power and each other power granted to Lender upon this Guaranty or any other Loan Document may be exercised by Lender or by any authorized agent of Lender
(including any servicer and/or attorney-in-fact), and Guarantor hereby expressly agrees to recognize the exercise of such Decision Power by such authorized agent. If any provision of this Guaranty is held invalid or unenforceable by final and
unappealable judgment of the court having jurisdiction over the matter and persons, such provisions shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision, its application in
other circumstances, or the remaining provisions of this Guaranty. 
 21. Applicable Law; Jurisdiction and Venue. This
Guaranty shall be governed by and construed in accordance with the laws of New York without regard to the conflicts of law provisions thereof (“Governing State”). Guarantor hereby consents to personal jurisdiction in the Governing
State. Venue of any action brought to enforce this Guaranty or any other Loan Document or any action relating to the Loan or the relationships created by or under the Loan Documents (“Action”) shall, at the election of Lender, be in
(and if any Action is originally 

  
 9 

 
brought in another venue, the Action shall at the election of Lender be transferred to) a state or federal court of appropriate jurisdiction located in the Governing State. Guarantor hereby
consents and submits to the personal jurisdiction of the Governing State and of federal courts located in the Governing State in connection with any Action and hereby waives any and all personal rights under the laws of any other state to object to
jurisdiction within such State for purposes of any Action. Guarantor hereby waives and agrees not to assert, as a defense to any Action or a motion to transfer venue of any Action, (a) any claim that it is not subject to such jurisdiction,
(b) any claim that any Action may not be brought against it or is not maintainable in those courts or that this Guaranty may not be enforced in or by those courts, or that it is exempt or immune from execution, (c) that the Action is
brought in an inconvenient forum, or (d) that the venue for the Action is in any way improper. 
 22. OFAC.
Guarantor hereby represents, warrants and covenants that Guarantor is not (nor will be) a person with whom Lender is restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the
Department of the Treasury of the United States of America (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including, the September 24, 2001 Executive Order
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not engage in any dealings or transactions or otherwise be associated with such
persons. In addition, Guarantor hereby covenants to provide Lender with any additional information that Lender deems necessary from time to time in order to ensure compliance with all applicable laws concerning money laundering and similar
activities. 
 23. Local Law Provisions. In the event of any inconsistencies between the terms and conditions of
this Section and any other terms and conditions of this Guaranty (other than the terms and conditions of Section 24), the terms and conditions of this Section shall be binding. 

NONE. 
 24.
Additional Provisions. In the event of any inconsistencies between the terms and conditions of this Section and any other terms and conditions of this Guaranty, the terms and conditions of this Section shall be binding. 

NONE. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 10 

 IN WITNESS WHEREOF, the Guarantor has executed or caused this Guaranty to be executed
effective as of the day and year first above written. 
  

							
	Guarantor:	 		 	TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation
				
		 		 	By:	 	 /s/ Anthony W. Thompson

		 		 	Name:	 	 Anthony W. Thompson

		 		 	Title:	 	 CEO

 SIGNATURE PAGE TO GUARANTY
(MEZZANINE)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]