MEZZANINE PLEDGE AND SECURITY AGREEMENT

EXHIBIT 10.8

MEZZANINE PLEDGE AND SECURITY AGREEMENT

THIS MEZZANINE PLEDGE AND SECURITY AGREEMENT (this “Pledge Agreement”) is entered into in as of February 3, 2012, from TNP SRT WOODLAND WEST HOLDINGS, LLC, a Delaware limited liability company, having its principal place of business at 1900 Main Street, Suite 700, Irvine, California 92614 (referred to herein as “Pledgor”) to JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179 (“Lender”).

RECITALS:

WHEREAS, Pledgor is the owner of one hundred percent (100%) of the outstanding limited liability company membership interests in TNP SRT Woodland West, LLC, a Delaware limited liability company (“Pledged Entity”);

WHEREAS, Pledgor is borrowing the sum of One Million Three Hundred Thousand and No/100 Dollars ($1,300,000.00) from Lender (the “Loan”) pursuant to the terms of that certain Mezzanine Promissory Note of even date herewith executed by Pledgor (“Note”) which Note is to be secured by this Pledge Agreement and by other instruments (“Other Security Documents”). Pledgor expects to derive economic benefit from the Loan; and

WHEREAS, it is a condition precedent to the obligation of Lender to make the Loan to Pledgor that Pledgor shall have executed and delivered this Pledge Agreement to Lender.

NOW, THEREFORE, in consideration of the premises and to induce Lender to make the Loan, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Pledgor and Lender agree as follows:

“Business Day” shall mean any day other than a Saturday, Sunday or any other day on which national banks in New York, New York are not open for business.

“Code” means the Uniform Commercial Code from time to time in effect in the State of New York and the State of Delaware.

“Collateral” shall have the meaning assigned to it in Section 2 of this Pledge Agreement.

“Event of Default” shall mean the occurrence of any of the following: (i) any principal amount of, or interest on, the Note shall not be paid when due; or (ii) Pledgor shall breach any representation hereunder, or shall fail to perform any covenant, agreement or other obligation under this Pledge Agreement or under any of the Other Security Documents and such failure shall continue beyond any

applicable grace or cure period; or (iii) Pledgor shall commence a voluntary case under Title 11 of the United States Code entitled “Bankruptcy” as now or hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary case is commenced against the Pledgor under the Bankruptcy Code and relief shall be ordered against the Pledgor or the petition is controverted but is not dismissed within 60 days after the commencement of the case; or Pledgor shall be not generally paying its debts as such debts become due; or a custodian (as defined in the Bankruptcy Code) shall be appointed for, or take charge of, all or substantially all of the property of the Pledgor; or the Pledgor shall commence any other proceeding under any reorganization, arrangement, readjustment of debt, relief or debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to Pledgor or there shall be commenced against the Pledgor any such proceeding which remains undismissed for a period of 60 days or the Pledgor shall be adjudicated insolvent or bankrupt; or the Pledgor shall fail to controvert in a timely manner any such case under the Bankruptcy Code or any such proceeding, or any order of relief or other order approving any such case or proceeding is entered; or the Pledgor by any act or failure to act indicates its consent to, approval of, or acquiescence in any such case or proceeding or in the appointment of any custodian, or the like of, or for it, or any substantial part of its property or shall suffer any such appointment to continue undischarged or unstayed for a period of 60 days; or the Pledgor makes a general assignment for the benefit of creditors; or any action is taken by the Pledgor for the purpose of affecting any of the foregoing; (iv) any provision of the Note, this Pledge Agreement or any other document delivered by or on behalf of Pledgor in connection with the Loan, shall at any time for any reason fail or cease to be valid and binding on Pledgor, respectively or shall fail or cease to create a valid and perfected first priority security interest in any of the Collateral, or Pledgor shall so state in writing, or the validity or enforceability thereof shall be contested by Pledgor or a proceeding shall be commenced by any governmental agency or authority having jurisdiction over Pledgor seeking to establish the invalidity or unenforceability thereof, or Pledgor shall deny that they have any or further liability or obligations under the instrument delivered by each in connection with the Loan; or (v) an Event of Default by Pledged Entity shall have occurred under, and not have been cured in accordance with, any mortgage loan documents executed by Pledged Entity and encumbering the Property (the “Mortgage Loan Documents”).

“Note” shall mean that certain Mezzanine Promissory Note of even date herewith in the principal amount of One Million Three Hundred Thousand and No/100 Dollars ($1,300,000.00) made by Pledgor in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

“Obligations” shall mean (i) all of the unpaid principal amount of, and accrued interest on, the Note, and (ii) all other indebtedness, liabilities and obligations of Pledgor to Lender, whether now existing or hereafter incurred, created under, arising out of or in connection with the Loan, the Note, this Pledge Agreement or

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the Other Security Documents, including all costs and expenses incurred by Lender in the collection of any of the obligations of indebtedness described in (i) and (ii) above, including without limitation reasonable attorney’s fees and legal expenses.

“Operating Agreement” shall mean that certain Limited Liability Company Agreement of Pledgor, dated February 1, 2012, (as the foregoing may have been amended or may hereafter be amended from time to time).

“Pledged Entity Operating Agreement” shall mean that certain Limited Liability Company Agreement of Pledged Entity, dated February 1, 2012, (as the foregoing may have been amended or may hereafter be amended from time to time).

“Pledged Securities” shall mean the limited liability company membership interests of Pledgor in Pledged Entity, together with all limited liability company membership interest certificates, options or rights of any nature whatsoever which may be issued or granted by Pledged Entity to Pledgor while this Pledge Agreement is in effect, including, without limitation, the certificates evidencing such interests which have been delivered to Lender pursuant to Section 12 and all proceeds, rents, income, increases, profits and related rights, all sums or distributions (whether made in cash, tangible or intangible property of any kind or character, or otherwise) due or to become due to Pledgor including all profits and income, and the accounts thereof, all surplus and capital, and the accounts thereof, all rights (if and to the extent provided in the Pledged Entity Operating Agreement) in specific property, including the right to participate in the management and administration of Pledged Entity’s business and affairs, to require any information and account of transactions and all other matters relating to the business and financial condition of Pledged Entity, to inspect the books and records, including federal, state and local income tax returns, and to receive all allocations of loss, deduction, credit and other tax benefits allocable to Pledgor from Pledged Entity, and any and all other rights, title and interest of Pledgor in Pledged Entity and under the Pledged Entity Operating Agreement of Pledged Entity, whether now existing or hereafter acquired or created, together with all products, proceeds, substitutions and additions of or to any of the foregoing.

“Proceeds” shall mean “proceeds,” as such term is defined in the Code and also, to the extent not included in the foregoing, (i) any and all distributions of cash or property from Pledged Entity to Pledgor when Pledged Securities are sold, exchanged, collected or otherwise disposed of, both cash and non-cash, and all payments or distributions paid or payable on account of the Pledged Securities; and (ii) any and all other amounts from time to time payable to Pledgor under or in connection with any of the Pledged Securities.

“Property” shall mean that certain property described on Exhibit A hereto, in which Pledged Entity owns, on the date hereof, a 100% undivided fee interest.

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“Special Purpose Entity” shall mean an entity formed for the sole purpose of owning the Pledged Securities, and whose organizational documents (a) prohibit it from (i) engaging in any activity other than owning the Pledged Securities and matters related thereto and (ii) incurring no debt other than the Obligations and trade payables in the ordinary course of business not to exceed 2% of the amount of the Loan which are not evidence by a note, are not secured, and are paid when due and (b) contain the Special Purpose Provisions as defined and set forth in the Operating Agreement.

This Pledge Agreement shall constitute a Security Agreement under the Uniform Commercial Code of the State of Delaware (the “UCC”). Pledgor may not further assign, pledge, transfer, hypothecate, distribute or sell any of the Collateral without Lender’s prior written consent first had and obtained.

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The representations and warranties set forth in this Section 5 shall survive the execution, delivery and performance of this Pledge Agreement.

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Any and all such amounts received by Lender as attorney-in-fact for Pledgor shall be held by Lender as Collateral pursuant to this Pledge Agreement or, at Lender’s election shall be applied to the reduction of any Obligation then outstanding, in such order as Lender may elect. Pledgor hereby ratifies, to the extent permitted by law, all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable.

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first, to Lender in an amount sufficient to pay in full the expenses of Lender in connection with such sale, disposition or other realization, incurred or made by Lender in connection therewith, including reasonable attorneys’ fees;

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second, to Lender in an amount equal to any late charges or other fees and charges due on the Obligations;

third, to Lender in an amount equal to the then accrued and unpaid interest, if any, on the Obligations (with such amount being first applied to interest determined at the Default Rate, as defined in the Note);

fourth, to Lender in an amount equal to any other Obligations which are then unpaid; and,

fifth, to Lender in an amount equal to the then unpaid principal of the Obligations;

finally, upon payment in full of all of the Obligations, to Pledgor, or its representative or as a court of competent jurisdiction may direct, any surplus then remaining from such proceeds.

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Notices or other communications served by personal delivery shall be deemed effective upon receipt, notices or other communications served by overnight courier shall be deemed effective the first business day after deposit with the courier and notices or other communications served by mail, shall be deemed effective two (2) days after mailing as required above.

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IN WITNESS WHEREOF, Pledgor has executed and delivered this Pledge Agreement on the date first set forth above before.

Signature Page – Mezzanine Pledge and Security Agreement

ACKNOWLEDGMENT

STATE OF                     )

                                         )ss

COUNTY OF                 )

On February     , 2012 before me,                     , personally appeared James Wolford, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) 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.

WITNESS my hand and official seal.

Signature Page – Mezzanine Pledge and Security Agreement

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Exhibit A

Legal Description of Property

Exhibit B

FORM OF ACKNOWLEDGMENT AND CONSENT

TNP SRT Woodland West, LLC, a Delaware limited liability company hereby acknowledges receipt of a copy of the Mezzanine Pledge and Security Agreement and agrees that Pledgor is bound thereby. TNP SRT Woodland West, LLC agrees to notify Lender promptly in writing of the occurrence of any of the events described in Section 6(a) of the Mezzanine Pledge and Security Agreement.

Dated: February     , 2012

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