Exhibit 10.32


  


GUARANTY OF RECOURSE OBLIGATIONS


 


This GUARANTY OF
RECOURSE OBLIGATIONS (this "Guaranty") is executed as of December 24, 2013 by R. RAMIN KAMFAR,
a natural person, having an address at c/o Bluerock Real Estate, L.L.C., 712 Fifth Avenue, 9th Floor, New York, New York 10019
("Guarantor"), for the benefit of ARBOR COMMERCIAL MORTGAGE, LLC, a New York limited liability company,
having an address at 333 Earle Ovington Boulevard, Uniondale, New York 11553 (together with its successors and/or assigns, "Lender").


 


WITNESSETH:


 


A. Pursuant to that
certain Promissory Note, dated of even date herewith, executed by BR-NPT Springing Entity, LLC, a Delaware limited liability company
("Borrower"), and payable to the order of Lender in the original principal amount of $11,500,000.00 (together
with all renewals, modifications, increases and extensions thereof, the "Note"), Borrower has become indebted,
and may from time to time be further indebted, to Lender with respect to a loan (the "Loan") which is made
pursuant to that certain Loan Agreement, dated of even date herewith, between Borrower and Lender (as the same may be amended,
modified, supplemented, replaced or otherwise modified from time to time, the "Loan Agreement"). Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement.


 


B.           Lender
is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees the payment
and performance to Lender of the Guaranteed Obligations (as herein defined).


 


C.           Guarantor
is the owner of a direct or indirect ownership interest in Borrower, and Guarantor will directly benefit from Lender's making the
Loan to Borrower.


 


NOW, THEREFORE, as
an inducement to Lender to make the Loan to Borrower and to extend such additional credit as Lender may from time to time agree
to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties do hereby agree as follows:


 


ARTICLE 1


NATURE AND SCOPE OF GUARANTY


 


Section 1.1           Guaranty
of Obligation.


 


(a)          Guarantor
hereby irrevocably and unconditionally guarantees to Lender and its successors and assigns the payment and performance of the Guaranteed
Obligations (as defined below) as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity
or otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations
as a primary obligor.


 


(b)          As
used herein, the term "Guaranteed Obligations" means (i) Borrower's Recourse Liabilities and (ii) from
and after the date that any Springing Recourse Event occurs, payment and performance of all of the Obligations.


 




    	 



    	 



    

  


(c)          Notwithstanding anything to the contrary in this Guaranty or in any of the other Loan Documents, Lender shall
not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the
Bankruptcy Code to file a claim for the full amount of the Obligations or to require that all collateral shall continue to secure
all of the Obligations owing to Lender in accordance with the Loan Documents.


 


Section 1.2           Nature
of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty
of collection. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed
Obligations arising or created after any attempted revocation by Guarantor and after (if Guarantor is a natural person) Guarantor's
death (in which event this Guaranty shall be binding upon Guarantor's estate and Guarantor's legal representatives and heirs).
The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge
the obligation of Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any
subsequent holder of the Note and shall not be discharged by the assignment or negotiation of all or part of the Note.


 


Section 1.3          Guaranteed
Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender
hereunder shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense
of Borrower or any other party against Lender or against payment of the Guaranteed Obligations, whether such offset, claim or defense
arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.


 


Section 1.4         Payment
By Guarantor. If all or any part of the Guaranteed Obligations is or shall give rise to a monetary obligation, and such
monetary obligation shall not be punctually paid when due, whether at demand, maturity, acceleration or otherwise, Guarantor shall,
immediately upon demand by Lender and without presentment, protest, notice of protest, notice of non-payment, notice of intention
to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever, all such notices being hereby
waived by Guarantor, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender
at Lender's address as set forth herein. Such demand(s) may be made at any time coincident with or after the time for payment
of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different items of Guaranteed
Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions hereof.


 


Section 1.5          No
Duty To Pursue Others. It shall not be necessary for Lender (and Guarantor hereby waives any rights which Guarantor may
have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (i) institute suit or exhaust its
remedies against Borrower or others liable on the Loan or the Guaranteed Obligations or any other Person, (ii) enforce Lender's
rights against any collateral which shall ever have been given to secure the Loan, (iii) enforce Lender's rights against any other
guarantors of the Guaranteed Obligations, (iv) join Borrower or any others liable on the Guaranteed Obligations in any action seeking
to enforce this Guaranty, (v) exhaust any remedies available to Lender against any collateral which shall ever have been given
to secure the Loan, or (vi) resort to any other means of obtaining payment of the Guaranteed Obligations. Lender shall not be required
to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.


 




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Section 1.6           Waivers.
Guarantor agrees to the provisions of the Loan Documents and hereby waives notice of (i) any loans or advances made by Lender to
Borrower, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Note, the Mortgage, the Loan Agreement or any
other Loan Document, (iv) the execution and delivery by Borrower and Lender of any other loan or credit agreement or of Borrower's
execution and delivery of any promissory note or other document arising under the Loan Documents or in connection with the Property,
(v) the occurrence of (A) any breach by Borrower of any of the terms or conditions of the Loan Agreement or any of the other Loan
Documents, or (B) an Event of Default, (vi) Lender's transfer or disposition of the Guaranteed Obligations, or any part thereof,
(vii) the sale or foreclosure (or the posting or advertising for the sale or foreclosure) of any collateral for the Guaranteed
Obligations, (viii) protest, proof of non-payment or default by Borrower, or (ix) any other action at any time taken or omitted
by Lender and, generally, all demands and notices of every kind in connection with this Guaranty, the Loan Documents, any documents
or agreements evidencing, securing or relating to any of the Guaranteed Obligations and/or the obligations hereby guaranteed.


 


Section 1.7           Payment
of Expenses. In the event that Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantor
shall, immediately upon demand by Lender, pay Lender all costs and expenses (including court costs and reasonable attorneys' fees)
incurred by Lender in the enforcement hereof or the preservation of Lender's rights hereunder, together with interest thereon at
the Default Rate from the date requested by Lender until the date of payment to Lender. The covenant contained in this Section
shall survive the payment and performance of the Guaranteed Obligations.


 


Section 1.8           Effect
of Bankruptcy. In the event that pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor
relief law or any judgment, order or decision thereunder, Lender must rescind or restore any payment or any part thereof received
by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of
this Guaranty given to Guarantor by Lender shall be without effect and this Guaranty shall remain (or shall be reinstated to be)
in full force and effect It is the intention of Borrower and Guarantor that Guarantor's obligations hereunder shall not
be discharged except by Guarantor's performance of such obligations and then only to the extent of such performance.


 


Section 1.9          Waiver
of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in this Guaranty, Guarantor
hereby unconditionally and irrevocably waives, releases and abrogates during any period while all or any portion of the Debt remains
outstanding any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation,
any law subrogating Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any
other form of reimbursement from Borrower or any other party liable for the payment of any or all of the Guaranteed Obligations
for any payment made by Guarantor under or in connection with this Guaranty or otherwise.


 




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ARTICLE 2


EVENTS AND CIRCUMSTANCES
NOT REDUCING

OR DISCHARGING GUARANTOR'S OBLIGATIONS


 


Guarantor hereby
consents and agrees to each of the following and agrees that Guarantor's obligations under this Guaranty shall not be released,
diminished, impaired, reduced or adversely affected by any of the following and waives any common law, equitable, statutory or
other rights (including, without limitation, rights to notice) which Guarantor might otherwise have as a result of or in connection
with any of the following:


 


Section 2.1           Modifications.
Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the
Note, the Mortgage, the Loan Agreement, the other Loan Documents or any other document, instrument, contract or understanding between
Borrower and Lender or any other parties pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor
of any such action.


 


Section 2.2           Adjustment.
Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower or Guarantor.


 


Section 2.3          Condition
of Borrower or Guarantor. The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution
or lack of power of Borrower, Guarantor or any other Person at any time liable for the payment of all or part of the Guaranteed
Obligations; or any dissolution of Borrower or Guarantor or any sale, lease or transfer of any or all of the assets of Borrower
or Guarantor or any changes in the direct or indirect shareholders, partners or members, as applicable, of Borrower or Guarantor;
or any reorganization of Borrower or Guarantor.


 


Section 2.4           Invalidity
of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations
or any document or agreement executed in connection with the Guaranteed Obligations for any reason whatsoever, including, without
limitation, the fact that (i) the Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii) the act
of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or representatives executing the
Note, the Mortgage, the Loan Agreement or the other Loan Documents or otherwise creating the Guaranteed Obligations acted in excess
of their authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) the Borrower has valid defenses, claims
or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible
from Borrower, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance
of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations
or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Note,
the Mortgage, the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular or not genuine
or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other Person be found
not liable on the Guaranteed Obligations or any part thereof for any reason.


 




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Section 2.5           Release
of Obligors. Any full or partial release of the liability of Borrower for the Guaranteed Obligations or any part thereof,
or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or
jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it
being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full
without assistance or support from any other Person, and Guarantor has not been induced to enter into this Guaranty on the basis
of a contemplation, belief, understanding or agreement that other Persons (including Borrower) will be liable to pay or perform
the Guaranteed Obligations or that Lender will look to other Persons (including Borrower) to pay or perform the Guaranteed Obligations.


 


Section 2.6           Other
Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all
or any part of the Guaranteed Obligations.


 


Section 2.7          Release
of Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without
limitation, negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing
in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations.         ·


 


Section 2.8          Care
and Diligence. The failure of Lender or any other party to exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including, but not
limited to, any neglect, delay, omission, failure or refusal of Lender (i) to take or prosecute any action for the collection of
any of the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to
completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with any
instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.


 


Section 2.9           Unenforceability.
The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security
for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove
to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by Guarantor that Guarantor
is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility
or value of any of the collateral for the Guaranteed Obligations.


 


Section 2.10        Offset.
Any existing or future right of offset, claim or defense of Borrower against Lender, or any other party, or against payment of
the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations
(or the transactions creating the Guaranteed Obligations) or otherwise.


 


Section 2.11         Merger.
The reorganization, merger or consolidation of Borrower into or with any other Person.


 




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Section 2.12        Preference.
Any payment by Borrower to Lender is held to constitute a preference under the Bankruptcy Code or for any reason Lender is required
to refund such payment or pay such amount to Borrower or to any other Person.


 


Section 2.13        Other
Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed
Obligations or the security and collateral therefor, whether or not such action or omission prejudices Guarantor or increases the
likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous
and unequivocal intention of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding
any occurrence, circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and
satisfaction of the Guaranteed Obligations.


 


ARTICLE 3 


REPRESENTATIONS AND WARRANTIES


 


To induce Lender
to enter into the Loan Documents and to extend credit to Borrower, Guarantor represents and warrants to Lender as follows:


 


Section 3.1           Benefit.
Guarantor is an Affiliate of Borrower, is the owner of a direct or indirect ownership interest in Borrower and has received, or
will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.


 


Section 3.2         Familiarity
and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition
of Borrower and is familiar with the value of any and all collateral intended to be created as security for the payment of the
Note or Guaranteed Obligations; however, Guarantor is not relying on such financial condition or the collateral as an inducement
to enter into this Guaranty.         ·


 


Section 3.3           No
Representation By Lender. Neither Lender nor any other party has made any representation, warranty or statement to Guarantor
in order to induce Guarantor to execute this Guaranty.


 


Section 3.4           Guarantor's
Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced
hereby, Guarantor (a) is and will be solvent, (b) has and will have assets which, fairly valued, exceed its obligations, liabilities
(including contingent liabilities) and debts, and (c) has and will have property and assets sufficient to satisfy and repay its
obligations and liabilities, including the Guaranteed Obligations.


 


Section 3.5           Intentionally
Omitted.


 




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Section 3.6           Proceedings;
Enforceability. This Guaranty and the other Loan Documents to which Guarantor is a party have been duly executed and delivered
by Guarantor and constitute a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with
their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors' rights generally, and by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law). Neither this Guaranty nor any other Loan Document to which
Guarantor is a party is subject to any right of rescission, set-off, counterclaim or defense by Guarantor, including the defense
of usury, nor would the operation of any of the terms of this Guaranty or such other Loan Documents, or the exercise of any right
hereunder or thereunder, render this Guaranty or such other Loan Documents unenforceable, and Guarantor has not asserted any right
of rescission, set-off, counterclaim or defense with respect thereto.


 


Section 3.7           Legality.
The execution, delivery and performance by Guarantor of this Guaranty and the other Loan Documents to which Guarantor is a party,
and the consummation of the transactions contemplated hereunder and thereunder, do not and will not contravene or conflict with
any law, statute or regulation whatsoever to which Guarantor is subject, or constitute a default (or an event which, with notice
or lapse of time or both, would constitute a default) under, or result in the breach of, any indenture, mortgage, charge, lien,
contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor.


 


Section 3.8           Consents.
No consent, approval, authorization or order of any court or Governmental Authority is required for the execution, delivery and
performance by Guarantor of, or compliance by Guarantor with, this Guaranty or the other Loan Documents to which Guarantor is a
party, or the consummation of the transactions contemplated hereby or thereby, other than those which have been obtained by Guarantor.


 


Section 3.9           Litigation.
There is no action, suit, proceeding or investigation pending or, to the best of Guarantor's knowledge, threatened against Guarantor
in any court or by or before any other Governmental Authority which, if adversely determined, might materially and adversely affect
the condition (financial or otherwise) or business of Guarantor (including the ability of Guarantor to carry out the obligations
contemplated by this Guaranty).


 


Section 3.10         Survival.
All representations and warranties made by Guarantor herein shall survive the execution hereof.


 


ARTICLE 4


SUBORDINATION OF CERTAIN INDEBTEDNESS


 


Section 4.1           Subordination
of All Guarantor Claims. As used herein, the term "Guarantor Claims" shall mean all debts
and liabilities of Borrower to Guarantor (excluding normal distributions from Borrower to its members in accordance with its organizational
documents), whether such debts and liabilities now exist or are hereafter incurred or arise, and whether the obligations of Borrower
thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts
or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor
such debts or liabilities may, at their inception, have been, or may hereafter be, created, or the manner in which they have been,
or may hereafter be, acquired by Guarantor. The Guarantor Claims shall include, without limitation, all rights and claims of Guarantor
against Borrower (arising as a result of subrogation or otherwise) as a result of Guarantor's payment of all or a portion of the
Guaranteed Obligations. So long as any portion of the Obligations or the Guaranteed Obligations remain outstanding, Guarantor shall
not receive or collect, directly or indirectly, from Borrower or any other Person any amount upon the Guarantor Claims.


 




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Section 4.2           Claims
in Bankruptcy. In the event of any receivership, bankruptcy, reorganization, arrangement, debtor's relief or other insolvency
proceeding involving Guarantor as a debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish
its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would
otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive,
for application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to Guarantor and which,
as between Borrower and Guarantor, shall constitute a credit against the Guarantor Claims, then, upon payment to Lender in full
of the Obligations and the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that
such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such
subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not
received dividends or payments upon the Guarantor Claims.


 


Section 4.3           Payments
Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that Guarantor should
receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, Guarantor agrees to hold in trust
for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so received, and agrees that it shall
have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such
funds, payments, claims and/or distributions promptly to Lender, and Guarantor covenants promptly to pay the same to Lender.


 


Section 4.4           Liens
Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower's
assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests,
judgment liens, charges or other encumbrances upon Borrower's assets securing payment of the Guaranteed Obligations, regardless
of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior
written consent of Lender, Guarantor shall not (i) exercise or enforce any creditor's rights it may have against Borrower, or (ii)
foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings judicial or otherwise, including,
without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor's relief or insolvency
proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances
on the assets of Borrower held by Guarantor. The foregoing shall in no manner vitiate or amend, nor be deemed to vitiate or amend,
any prohibition in the Loan Documents against Borrower granting liens or security interests in any of its assets to any Person
other than Lender.


 




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ARTICLE S

COVENANTS


 


Section 5.1           Definitions.
As used in this Article 5, the following terms shall have the respective meanings set forth below:"GAAP'
shall mean generally accepted accounting principles, consistently applied.


 


(b)          "Liquid
Asset" shall mean any of the following, but only to the extent owned individually, free of all security interests,
liens, pledges, charges or any other encumbrance: (a) cash, (b) certificates of deposit (with a maturity of two years or less)
issued by, or savings account with, any bank or other financial institution reasonably acceptable to Lender or (c) marketable securities
listed on a national or international exchange reasonably acceptable to Lender, marked to market; provided that Liquid Assets shall
not include any asset that is a part of the Property or that is otherwise part of the collateral for the Loan.


 


(c)          "Net
Worth" shall mean, as of a given date, (i) Guarantor's total assets as of such date (exclusive of any interest in
the Property or in any other asset that is part of the collateral for the Loan) less (ii) Guarantor's total liabilities (taking
into consideration contingent liabilities but exclusive of any liability under the Loan Documents) as of such date, determined
in accordance with GAAP.


 


Section 5.2          Covenants.
Until all of the Obligations and the Guaranteed Obligations have been paid in full, Guarantor (i) shall maintain (x) a Net Worth
of not less than $5,000,000 (the "Net Worth Threshold”) and (y) Liquid Assets of not less than
$1,000,000 (the "Liquid Assets Threshold") and (ii) shall not sell, pledge, mortgage or otherwise transfer
any of its assets, or any interest therein, on terms materially less favorable than would be obtained in an arms-length transaction
(other than in connection with estate planning undertaken by Guarantor) or if such transaction would cause the Net Worth of Guarantor
to fall below the Net Worth Threshold or the Liquid Assets of Guarantor to fall below the Liquid Assets Threshold.


 


Section 5.3           Prohibited
Transactions. Guarantor shall not, at any time while a default in the payment of the Guaranteed Obligations has occurred
and is continuing, either (i) enter into or effectuate any transaction with any Affiliate on terms materially less favorable than
would be obtained in an arms-length transaction or (ii) sell, pledge, mortgage or otherwise transfer to any Person any of such
Guarantor's assets, or any interest therein.


 


Section 5.4           Financial
Statements. Each Guarantor shall deliver to Lender:


 


(a)          within
30 days after the date filed, a complete copy of Guarantor's tax return certified by Guarantor; and


 


(b)          within
30 days after request by Lender, such other financial information with respect to Guarantor as Lender may reasonably request.


 


Section 5.5           Additional
CovenantsLitigation. Guarantor shall give prompt notice to Lender of any litigation or governmental proceedings
pending or threatened against Guarantor which might materially adversely affect Guarantor's condition (financial or otherwise)
or business (including Guarantor's ability to perform its obligations hereunder or under the other Loan Documents to which it is
a party).


 




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(b)          Patriot
Act. Guarantor will use its good faith and commercially reasonable efforts to comply with the Patriot Act and all applicable
requirements of Governmental Authorities having jurisdiction over Guarantor, including those relating to money laundering and terrorism.


  


(c)          Further
Assurances. Guarantor shall, at Guarantor's sole cost and expense:


 


(i)          cure
any defects in the execution and delivery of the Loan Documents to which Guarantor is a party and execute and deliver, or cause
to be executed and delivered, to Lender such documents, instruments, certificates, assignments and other writings, and do such
other acts necessary or desirable, to correct any omissions in the Loan Documents to which Guarantor is a party, as Lender may
reasonably require; and·


 


(ii)         do
and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying
out of the intents and purposes of this Guaranty and the other Loan Documents to which Guarantor is a party, as Lender may reasonably
require from time to time.


 


ARTICLE 6

MISCELLANEOUS


 


Section 6.1          Waiver.
No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right.
The rights of Lender hereunder shall be in addition to all other rights provided by law. No modification or waiver of any provision
of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and no such consent or waiver
shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of
the right to take other action in the same, similar or other instances without such notice or demand.


 


Section 6.2          Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a "Notice")
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 6.2. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each
case addressed to the parties as follows:


 




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	If to Lender:	Arbor Commercial Mortgage, LLC 333 Earle
	 	Ovington Boulevard 
	 	Uniondale, New York 11553 
	 	Attention: John J. Bishar, Jr.
	 	Facsimile No. (516) 832-6590
	 	 
	and to:	Arbor Commercial Mortgage, LLC
	 	375 Park Avenue
	 	Suite 3401
	 	New York, New York 10152
	 	Attention: Todd Hirsch Facsimile
	 	No. (516) 832-6462
	 	 
	with a copy to:	Winston & Strawn LLP
	 	200 Park Avenue
	 	New York, NY 10166
	 	Attention: Corey Tessler, Esq.
	 	Facsimile No. (212) 294-4700
	 	 
	with a copy to:	KeyBank, National Association
	 	c/o KeyBank Real Estate Capital
	 	11501 Outlook, Suite 300
	 	Overland Park, Kansas 66211
	 	Attention: Marsha G. Hess
	 	Facsimile No. (877) 379-1625
	 	 
	If to Guarantor:	R. Ramin Kamfar
	 	c/o Bluerock Real Estate, L.L.C. 712
	 	Fifth Avenue, 9th Floor
	 	New York, New York 10019 
	 	Facsimile No. (212) 278-4220
	 	 
	with a copy to:	Bluerock Real Estate, L.L.C. 
	 	712 Fifth Avenue, 9th Floor
	 	New York, New York 10019
	 	Attention: Michael L. Konig, Esq.
	 	Facsimile No. (212) 278-4220


 




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Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days' written notice of such change to the other parties in accordance
with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if
there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Lender may also be given by Servicer.


 


Section 6.3           Governing
Law; Jurisdiction; Service of Process.


 


(a)          THIS
GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY GUARANTOR AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE
PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO
THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF
THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN
SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST
EXTENT PERMITTED BY LAW, GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER
JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER LOAN DOCUMENTS, AND THIS GUARANTY AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW.


 


(b)          ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY AT LENDER'S OPTION
BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW, AND GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM
NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR AGREES THAT SERVICE OF PROCESS UPON GUARANTOR AT THE ADDRESS FOR GUARANTOR
SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. GUARANTOR
(I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGE IN THE ADDRESS


 




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FOR GUARANTOR SET FORTH HEREIN, (II)
MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE
SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSITUTE AGENT SHALL BE THE SAME AGENT DESIGNATED
BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF GUARANTOR CEASES TO HAVE AN OFFICE
IN NEW YORK, NEW YORK. NOTIDNG CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST GUARANTOR IN ANY OTHER JURISDICTION.


 


Section 6.4           Invalid
Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future
laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining
provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary
to the basic understandings and intentions of the parties as expressed herein.


 


Section 6.5           Amendments.
This Guaranty may be amended only by an instrument in writing executed by the party(ies) against whom such amendment is sought
to be enforced.


 


Section 6.6           Parties
Bound; Assignment. This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors, permitted assigns, heirs and legal representatives. Lender shall have the right to assign or transfer its rights under
this Guaranty in connection with any assignment of the Loan and the Loan Documents. Any assignee or transferee of Lender shall
be entitled to all the benefits afforded to Lender under this Guaranty. Guarantor shall not have the right to assign or transfer
its rights or obligations under this Guaranty without the prior written consent of Lender, and any attempted assignment without
such consent shall be null and void.


 


Section 6.7           Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.


 


Section 6.8           Recitals.
The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima
facie evidence of the facts and documents referred to therein.


 


Section 6.9
       Counterparts. To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient
or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons
required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single instrument. It
shall not be necessary in making proof of this Guaranty to produce or account for more than a single counterpart containing the
respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from
such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical
thereto except having attached to it additional signature pages.


 




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Section 6.10        Rights
and Remedies. If Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise,
other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Lender
hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor. The exercise by Lender of
any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent
exercise of any other right or remedy.


 


Section 6.11        Entirety.
THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR'S GUARANTY OF THE GUARANTEED
OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL,
RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF
THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES
AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE
SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR
AND LENDER.


 


Section 6.12        Waiver
of Right To Trial By Jury. GUARANTOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND
WAIVES 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 MORTGAGE, THE LOAN 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 IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER
IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR.


 


Section 6.13        Cooperation.
Guarantor acknowledges that Lender and its successors and assigns may (i) sell this Guaranty, the Note and the other Loan Documents
to one or more investors as a whole loan, (ii) participate the Loan secured by this Guaranty to one or more investors, (iii) deposit
this Guaranty, the Note and the other Loan Documents with a trust, which trust may sell certificates to investors evidencing an
ownership interest in the trust assets, or (iv) otherwise sell the Loan or one or more interests therein to investors (the transactions
referred to in clauses (i) through (iv) are hereinafter each referred to as "Secondary Market Transaction").
Subject to the terms, conditions and limitations set forth in the Loan Agreement, Guarantor shall cooperate with Lender in
effecting any such Secondary Market Transaction, shall cooperate to implement all requirements imposed by any of the Rating Agencies
involved in any Secondary Market Transaction and shall provide (or cause Borrower to provide) such information, indemnities and
materials as may be required or necessary pursuant to Article 9 of the Loan Agreement.


 




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Section 6.14        Reinstatement
in Certain Circumstances. If at any time any payment of the principal of or interest under the Note or any other amount
payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy
or reorganization of the Borrower or otherwise, Guarantor's obligations hereunder with respect to such payment shall be reinstated
as though such payment had been due but not made at such time.


 


Section 6.15        Gender;
Number; General Definitions. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided
herein, (a) words used in this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, (c) the word "Borrower" shall mean
"each Borrower and any subsequent owner or owners of the Property or any part thereof or interest therein", (d) the word
"Lender" shall mean "Lender and any subsequent holder of the Note", (e) the word "Note"
shall mean "the Note and any other evidence of indebtedness secured by the Loan Agreement", (f) the word "Property"
shall include any portion of the Property and any interest therein, and (g) the phrases "attorneys' fees", "legal
fees" and "counsel fees" shall include any and all reasonable attorneys', paralegal and law clerk fees and disbursements,
including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by Lender
in protecting its interest in the Property, the Leases and/or the Rents and/or in enforcing its rights hereunder.


 


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IN WITNESS WHEREOF, Guarantor has executed
this Guaranty as of the day and year first above written.





 


	 	GUARANTOR:	 
	 	 	 
	 	/s/ R. Ramin Kamfar	 
	 	R. RAMIN KAMFAR, a natural person	 







 






    	Signature page to Guaranty - North Park Towers