Cubase 6.0.7 - Render and Freeze different than playback

I have a project that uses the Monologue VSTi along with the Arpache arpeggiator and several audio tracks.

When played in real time it sounds like it should. But when I try to render the project or freeze the VSTi the Monologue synth goes haywire.

In other words, audio being rendered or frozen is NOT what I hear in real time playback. What could be causing this?

(BTW - I used “real time export” to finally get the stereo mix rendered but this feels like a “Band-Aide” for something that isn’t working right)

I isolated the problem here - Arpache SX is not rendering! It plays in real time only.

If I “freeze” the track, render the project or “Freeze MIDI modifiers” the synth stops working as it should.

Anyone else had this problem? What is the solution (besides real time export)?