# EDGAR Filing Document

**Accession Number:** 0001542447
**File Stem:** 0001542447-25-000098
**Filing Date:** 2025-8
**Character Count:** 124430
**Document Hash:** 10591b53283f95df60b49b0784e323ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001542447-25-000098.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001542447-25-000098

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250825

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RREEF Property Trust, Inc.
- **CENTRAL INDEX KEY:** 0001542447
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 454478978
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55598
- **FILM NUMBER:** 251279185

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **STREET 2:** 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **STREET 2:** 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RREEF America Property Income Trust, Inc.
- **DATE OF NAME CHANGE:** 20120214

?xml version='1.0' encoding='ASCII'? rpt-20250825

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): August 25, 2025**

**RREEF Property Trust, Inc.** 

(Exact name of registrant as specified in its charter)

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| | | | |
|:---|:---|:---|:---|
| **Maryland** | **000-55598** | **000-55598** | **45-4478978** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **875 Third Avenue, 26th Floor** | **New York,** | **NY** | **10022** |
| (Address of Principal Executive Offices) | | | (Zip Code) |

---

**(212) 454-4500** 

Registrant's telephone number, including area code

**Not applicable** 

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 1.01 Entry into Material Definitive Agreement**

On August 25, 2025, a group of single purpose entities structured as limited liability companies (each a "Borrower" and collectively, the "Borrowers"), each of which has as its sole member RREEF Property Operating Partnership, LP (the "Operating Partnership"), a wholly owned subsidiary of RREEF Property Trust, Inc. (the "Company"), entered into a Fifth Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents, dated as of August 25, 2025, by and among the Borrowers, Wells Fargo Bank, National Association, as administrative agent and lender ("Wells Fargo"), and the other lending institutions that may become parties thereto (the "Amendment").

The Amendment amends the Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents, dated January 27, 2023, as amended, by and among the Borrowers and Wells Fargo (the "Wells Fargo line of credit"). The Amendment includes the following: (a) it extends the maturity date from December 27, 2025 to April 1, 2028; (b) it amends the calculation of the Borrowing Base Value (described below) once the Borrower Base Value Trigger Date (described below) occurs; (c) it requires that the Company maintain a minimum liquidity amount of at least $1,000,000; (d) it decreases the maximum revolving commitment amount from $120,000,000 to $105,000,000; and (e) it revises or eliminates certain covenants.

Pursuant to the Amendment, the Borrowing Base Value Trigger Date is the earlier of (a) December 27, 2025 and (b) the date upon which both of the Palmetto Lakes and Hialeah II properties have been released from the Wells Fargo line of credit. Prior to the Borrowing Base Value Trigger Date, the Borrowing Base Value is based on the lesser of (1) an amount equal to 65% of the aggregate value of the properties in the collateral pool as determined by lender appraisals, (2) an amount that results in a minimum debt yield of 9.5% based on the in-place net operating income of the collateral pool as defined or (3) the maximum capacity of the Wells Fargo line of credit. From and after the Borrowing Base Value Trigger Date, the Borrowing Base Value is based on the sum of (1) the Loudoun Borrowing Base Value (described below) and (2) the lesser of (a) an amount equal to 65% of the aggregate value of all other properties in the collateral pool as determined by lender appraisals; and (b) an amount that results in a minimum debt service coverage ratio of 1.20:1.00 as determined under the Amendment.

A wholly owned subsidiary of the Company that is a Borrower under the Wells Fargo line of credit has entered into a contract to sell the Loudoun Gateway property to a third party unaffiliated with the Company or its advisor (the "Loudoun Sale"). The completion of the Loudoun Sale is subject to certain conditions including but not limited to the ability of the buyer to receive a zoning exception from the relevant authorities allowing Loudoun Gateway to be converted to a data center use, which is subject to numerous conditions and may take a year or longer for the buyer to achieve. As such, the completion of the Loudoun Sale remains uncertain and the closing date likely would not occur until late 2026 or early 2027.

The Loudoun Borrowing Base Value is equal to (a) after the Borrowing Base Value Trigger Date but prior to June 1, 2026, $12,512,500; (b) thereafter until July 31, 2027, an amount equal to $12,512,500 as reduced on the first day of every calendar month from and after June 1, 2026 by $500,000, provided however that such monthly reduction of the Loudoun Borrowing Base Value would increase to $1,000,000 in the event the Loudoun Sale has been terminated prior to its completion; and (c) from and after August 1, 2027, zero.

In exchange for keeping Loudoun Gateway as part of the pool of properties upon which the Borrowing Base Value is determined, on August 25, 2025 the Company entered into the Amended and Restated Guaranty Agreement, under which the Company will provide, for a limited time, a full repayment guaranty rather than a limited guaranty (the "Guaranty"). The provisions relating to the full repayment guaranty will automatically terminate once either (a) Loudoun Gateway has been released from the Wells Fargo line of credit, or (b) the Loudoun Borrowing Base Value has been reduced to zero (the "Loudoun Release"). Upon the occurrence of the Loudoun Release, the Guaranty will become a non-recourse limited guaranty. Upon entering into the Guaranty and until the Loudoun Release, the Company is not allowed to sell or transfer, but may encumber or finance under specified conditions, any of the following properties: Commerce Corner, The Glenn, Seattle East Industrial, Providence Square and The Flats at Carrs Hill (the "Significant Properties"). Upon the occurrence of the Loudoun Release, the restrictions related to the Significant Properties shall no longer be in effect. Notwithstanding, in no event shall the Commerce Corner property be eligible for release from the Wells Fargo line of credit until the Wells Fargo line of credit is repaid in full and all commitments have been terminated.

The foregoing descriptions of the Amendment and the Guaranty are qualified in their entirety by reference to the Amendment and the Guaranty, copies of which are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant**

------

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

**Item 9.01 Financial Statements and Exhibits**

*(d) Exhibits*

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | <u>[F](fifthamendmenttosecondarlo.htm)[ifth](fifthamendmenttosecondarlo.htm)[Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents, dated as of](fifthamendmenttosecondarlo.htm)[August 25, 2025](fifthamendmenttosecondarlo.htm)[, by and among RPT Terra Nova Plaza, LLC, RPT Loudoun Gateway I, LLC, RPT Palmetto Lakes, LLC,](fifthamendmenttosecondarlo.htm)[RPT Hialeah II, LLC, RPT 1109 Commerce Boulevard, LLC](fifthamendmenttosecondarlo.htm)[, Wells Fargo Bank, National Association and CIBC I](fifthamendmenttosecondarlo.htm)[nc. as L](fifthamendmenttosecondarlo.htm)[end](fifthamendmenttosecondarlo.htm)[ers](fifthamendmenttosecondarlo.htm)[and Wells Fargo Bank, National Association, as](fifthamendmenttosecondarlo.htm)[A](fifthamendmenttosecondarlo.htm)[dministrative](fifthamendmenttosecondarlo.htm)[A](fifthamendmenttosecondarlo.htm)[gent.](fifthamendmenttosecondarlo.htm)</u> |
| 10.2 | <u>[A](rreefrevolver-arguaranty.htm)[m](rreefrevolver-arguaranty.htm)[ended and Restated](rreefrevolver-arguaranty.htm)[Guaranty Agreement, dated as of](rreefrevolver-arguaranty.htm)[August 25, 2025](rreefrevolver-arguaranty.htm)[, by RREEF Property Trust, Inc. in favor of Wells Fargo Bank, National Association](rreefrevolver-arguaranty.htm)[, as Administrative A](rreefrevolver-arguaranty.htm)[gent for certain L](rreefrevolver-arguaranty.htm)[enders](rreefrevolver-arguaranty.htm)[.](rreefrevolver-arguaranty.htm)</u> |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| **RREEF Property Trust, Inc.** | **RREEF Property Trust, Inc.** |
| By: | /s/ Eric Russell |
| Name: | Eric Russell |
| Title: | *&nbsp;&nbsp;&nbsp;&nbsp;*<br>*Chief Financial Officer*  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: August 29, 2025

## Exhibit 10.1

---

| | |
|:---|:---|
| **Exhibit 10.1** | **Exhibit 10.1** |
| Loan No. 1013159 | ![image_0.jpg](image_0.jpg) |

---

**FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING LOAN AGREEMENT AND OMNIBUS AMENDMENT TO LOAN DOCUMENTS**

**&nbsp;&nbsp;&nbsp;&nbsp;**

&nbsp;&nbsp;&nbsp;&nbsp;THIS FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING LOAN AGREEMENT AND OMNIBUS AMENDMENT TO LOAN DOCUMENTS (this "<u>Agreement</u>") dated as of August 25, 2025 is entered into by and among RPT TERRA NOVA PLAZA, LLC, RPT LOUDOUN GATEWAY I, LLC, RPT PALMETTO LAKES, LLC, RPT HIALEAH II, LLC, and RPT 1109 COMMERCE BOULEVARD, LLC, each a Delaware limited liability company (individually or collectively, "<u>Borrower</u>," and with such term meaning "any Borrower," "each Borrower," "a Borrower," "every Borrower" or "all Borrowers," as the context indicates, as determined by Administrative Agent in its reasonable discretion), each of the financial institutions a signatory hereto together with their successors and assignees under <u>Section 14.13</u> of the Loan Agreement (as defined below) (collectively, the "<u>Lenders</u>"), and Wells Fargo Bank, National Association ("<u>Administrative Agent</u>").

**<u>RECITALS</u>**

A.Pursuant to the terms of that certain Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents, dated as of January 27, 2023, by and among certain Borrowers, Lenders and Administrative Agent (as amended pursuant to that certain First Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents dated as of July 18, 2023 (the "<u>First Amendment</u>"), as further amended pursuant to that certain Second Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents dated as of October 11, 2023 (the "<u>Second Amendment</u>"), as further amended pursuant to that certain Third Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents dated as of December 27, 2023 (the "<u>Third Amendment</u>"), as further amended pursuant to that certain Fourth Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents dated as of November 13, 2024 (the "<u>Fourth Amendment</u>"), collectively, the "<u>Loan Agreement</u>"), Lenders have made a Revolving Loan (as defined in the Loan Agreement) to Borrowers in the original maximum principal amount of One Hundred Twenty Million Dollars ($120,000,000) (the "<u>Loan</u>"). The Loan is evidenced by one or more Promissory Notes made by certain of the Borrowers and payable to the order of the Lenders, in the aggregate maximum principal amount of the Loan (as amended, restated or replaced from time to time, collectively, the "<u>Note</u>") and is further evidenced and secured by certain other documents described in the Loan Agreement as Loan Documents.

B.The Loan Agreement is secured by the Security Deeds (as defined in the Loan Agreement) (collectively, as amended prior to the date hereof, the "<u>Security Instruments</u>").

C.The real property which is the subject of each of the Security Instruments is referred to hereinafter, collectively, as the "<u>Property</u>".

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Loan No. 1013159

D.RREEF Property Trust, Inc., a Maryland corporation ("<u>Guarantor</u>") previously executed and delivered to Administrative Agent that certain Guaranty Agreement, dated as of March 6, 2015, which is being amended and restated in its entirety pursuant to that certain Amended and Restated Guaranty Agreement dated as of the date hereof (the "<u>Guaranty</u>").

E.Certain Borrowers and Guarantor (in such capacity, individually and collectively, "<u>Indemnitor</u>") have previously executed and delivered to Administrative Agent that certain Hazardous Materials Indemnity Agreement, dated as of March 6, 2015 (as amended prior to the date hereof and joined into by certain other Borrowers, the "<u>Indemnity</u>").

F.The Note, the Loan Agreement, the Security Instruments, the Guaranty, Indemnity, this Agreement and the other documents described in the Loan Agreement as Loan Documents, together with all modifications, extensions, renewals and amendments thereto pursuant to the terms hereof or otherwise, are collectively referred to hereinafter as the "<u>Loan Documents</u>".

G.By this Agreement, Borrowers, Administrative Agent and Lenders intend to modify and/or amend certain terms and provisions of the Loan Documents as of the Effective Date, hereinafter defined.

&nbsp;&nbsp;&nbsp;&nbsp;**NOW, THEREFORE**, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrowers, Administrative Agent and Lenders agree, subject to the terms and conditions of this Agreement, as follows:

1.**<u>CONDITIONS PRECEDENT</u>**. Administrative Agent's and Lenders' obligations under this Agreement are subject to the satisfaction of each and every one of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1There shall exist no Default or Event of Default, as defined in any of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2Receipt and approval by Administrative Agent of an executed original of this Agreement and any and all other documents, instruments, policies and forms of evidence or other materials which are required pursuant to this Agreement or any of the other Loan Documents or as otherwise required by Administrative Agent, each in form and content acceptable to Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3Reimbursement to Administrative Agent by Borrowers of Administrative Agent's and Lenders' costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby, whether such services are furnished by Administrative Agent's employees or agents or by independent contractors, including, without limitation, reasonable attorneys' fees, documentation costs and charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4The representations and warranties contained in this Agreement are true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5All payments due and owing to Administrative Agent and Lenders under the Loan Documents have been paid current as of the Effective Date of this Agreement.

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Loan No. 1013159

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6As of the date hereof and except as modified hereby, Borrowers are in compliance in all material respects with all terms, covenants and conditions of the Loan Agreement, including, without limitation, all financial and reporting covenants and requirements.

2.**<u>REPRESENTATIONS AND WARRANTIES</u>**. As a material inducement to Administrative Agent's and Lenders' entry into this Agreement, Borrowers represent and warrant to Administrative Agent and Lenders as of the Effective Date and continuing thereafter that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1**<u>Formation and Organizational Documents</u>**. Each Borrower has previously delivered to Administrative Agent all of the relevant formation and organizational documents of such Borrower (and the partners, members, managers or joint venturers of such Borrower (if any)), and Guarantor (and the partners, members, managers or joint venturers of all such Guarantors (if any)). Borrowers hereby certify that: (i) the above documents are all of the relevant formation and organizational documents of Borrowers and Guarantor; (ii) they remain in full force and effect; and (iii) they have not been amended or modified since they were previously delivered to Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2**<u>Full Force and Effect</u>**. The Note and other Loan Documents, as amended hereby and by the Note, are in full force and effect without any defense, counterclaim, right or claim of set-off; all necessary action to authorize the execution and delivery of this Agreement has been taken; and this Agreement is a modification of an existing obligation and is not a novation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3**<u>No Default</u>**. After giving effect to this Amendment, no Default or Event of Default (as defined in the any of the Loan Documents), breach or failure of condition has occurred, or would exist with notice or the lapse of time or both, under any Security Instrument or any of the Loan Documents (as modified by this Agreement) and that all representations and warranties herein and in the other Loan Documents are true and correct, except to the extent such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances expressly permitted by the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4**<u>Title to the Property</u>**. Since the recordation date of each Security Instrument, each Borrower has not further encumbered its respective Property, including, without limitation, by entering into any deed of trust, deed to secure debt or mortgage, ground lease, and/or any option to purchase or right of first refusal with respect to any Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5**<u>Intervening Liens</u>**. The lien of each Security Instrument is a first lien on the property described therein and covered thereby and that this Agreement will not cause intervening liens to become prior to the lien of any Security Instrument. If any intervening lien exists or hereafter arises, the applicable Borrower shall cause the same to be released or subordinated to the lien of the applicable Security Instrument, without limiting any other right or remedy available to Administrative Agent. No Borrower has any legal or equitable claim against any mortgagor, trustor or grantor named in any Security

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Loan No. 1013159

Instrument which would be prior to the lien of the Security Instrument, or which would entitle such Borrower to a judgment entitling such Borrower to an equitable lien on all or any portion of that property prior in lien to any Security Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6**<u>Insurance</u>**. Borrower has renewed all insurance for each Property as required pursuant to the terms of the Loan Agreement, providing substantially the same levels of coverage as the policies most recently provided to the Lender for review prior to the date hereof.

3. Intentionally omitted.

4.**<u>MODIFICATION OF LOAN DOCUMENTS</u>**. The Loan Documents are hereby supplemented and modified to incorporate the following, which shall supersede and prevail over any conflicting provisions of the Loan Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1**<u>Defined Terms</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Section 1.1</u> of the Loan Agreement is hereby amended to amend and restate each of the following terms in their entirety as follows:<br>"<u>Borrowing Base Value</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)prior to the Borrower Base Value Trigger Date, the lesser of: (a) an amount equal to sixty-five percent (65%) of the aggregate Appraised Values of all of the Borrowing Base Properties; and (b) the maximum amount of aggregate Loan proceeds that would result in a Testing Debt Yield that is equal to the Testing Debt Yield Hurdle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)From and after the Borrower Base Value Trigger Date, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the Property owned by RPT Loudoun Gateway I, LLC, a Delaware limited liability company (which is commonly known as Loudoun Gateway I), the Loudoun Borrowing Base Value; and

<br>(ii) with respect to each other Property, the lesser of: (a) an amount equal to sixty-five percent (65%) of the aggregate Appraised Values of such other Properties; and (b) the maximum amount of aggregate Loan proceeds that would result in a minimum Testing Debt Service Coverage Ratio that is equal to the Testing DSCR Hurdle.

"<u>Gross Operating Income</u>" means the sum of any and all amounts, payments, fees rentals, additional rentals, expense reimbursements (including all reimbursements by tenants, lessees, licensees and other users of the Property and improvements on the Property), discounts or credits to Borrower, income, interest and other monies directly or indirectly received by or on behalf of or credited to Borrower from any Person with respect to Borrower's ownership, use, development, operation, leasing, franchising, marketing or licensing of the Property and improvements, including from parking operations.

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Loan No. 1013159

<br>"<u>Limited Guaranty</u>" means the Amended and Restated Guaranty Agreement executed and delivered by Guarantor dated as of August 25, 2025, as the same may be amended, restated or modified from time to time with the prior written approval of Administrative Agent.<br>"<u>Major Lease</u>" means: (a) any Tenant Leases (or any group of Tenant Leases to Affiliated tenants) that in the aggregate account for ten percent (10%) or more of the sum of Testing Gross Revenue and Testing Recovery Income; and (b) the Northrop Grumman Lease. <br>"<u>Maturity Date</u>" means the earliest of: (a) April 1, 2028; and (b) the date on which the Loan is accelerated following an Event of Default.<br>"<u>Minimum Tangible Net Worth Amount</u>" means an amount greater than or equal to the sum of: (a) $125,000,000.00; plus (b) an amount equal to 80% of the aggregate amount of Net Proceeds from Equity Issuances received by Guarantor since June 30, 2025. Minimum Tangible Net Worth Amount shall be recalculated by Administrative Agent at the end of each calendar quarter upon receipt of each Compliance Certificate described in <u>Section 9.1(k)(vii)</u> below.<br>"<u>Tangible Net Worth</u>" means, as of a given date, the difference between: (a) the aggregate value of the following assets of Guarantor as of such date, i.e., cash, investment securities, investment loans, real estate, and current receivables (excluding straight line rent), in each case as determined on a cost basis, except for investment loans which shall be included at amortized cost, and except for real estate assets, the value of which shall be the lesser of: (i) the independent appraised value of each such real estate asset as determined by Guarantor's independent valuation advisor or other independent advisor (the "<u>Current Fair Value</u>") and (ii) the adjusted cost of such real estate asset, where the "adjusted cost" of a real estate asset shall be the greater of (xx) ninety-five percent (95%) of the Current Fair Value, and (yy) the actual cost of the real estate asset; and (b) Guarantor's aggregate liabilities as of such date, as determined on a GAAP basis, but excluding (x) intangible liabilities related to real estate, (y) the accrual for future trailing fees and (z) the consolidation effect of any investment loans.<br>"<u>Testing Gross Revenue</u>" means an amount equal to all Gross Operating Income pursuant to Qualifying Leases projected to be received by Borrower for the twelve (12) months following the date of determination, as determined by Borrower and reasonably approved by Administrative Agent based on an operating budget and other supporting materials reasonably satisfactory to Administrative Agent, excluding amounts properly includable in Testing Recovery Income. Testing Gross Revenue shall deduct therefrom all credits or refunds to tenants and occupants, proceeds of insurance (except for business

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Loan No. 1013159

interruption insurance), proceeds of sales of depreciable property and proceeds of condemnation. For the avoidance of doubt, if the tenant under a Qualifying Lease has not yet commenced base rental payments but: (i) is in actual occupancy of its space; (ii) has commenced paying regular and customary CAM expenses in accordance with its Qualifying Lease; and (iii) is contractually obligated to commence regular rental payments within six (6) months following the applicable date of determination pursuant to its Qualifying Lease, then all Gross Operating Income projected to be received by Borrower with respect to such Qualifying Lease for the twelve (12) months following the date of determination shall be included in Testing Gross Revenue as set forth above. Further, if a Tenant Lease is scheduled to expire prior to the end of the twelve (12) months following the date of determination and has not yet been renewed or extended beyond twelve (12) months following the date of determination, but is still a Qualifying Lease as of the date of determination, then such Tenant Lease shall be assumed to continue until the end of the twelve (12) months following the date of determination with a monthly rent amount equivalent to the monthly rent amount in effect as of the scheduled termination date of such Tenant Lease. Testing Gross Revenue shall be subject to Administrative Agent's reasonable review, adjustment and approval consistent with Administrative Agent's standard practices. Any amounts held in any accounts or reserves shall not be credited as or deemed to constitute, either Testing Gross Revenue or a prepayment of the Loans, or otherwise be taken into account for purposes of calculating Testing Debt Yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

"<u>Testing NOI</u>" means an amount equal to: (a) Testing Gross Revenue; plus (b) Testing Recovery Income; minus (c) Testing Operating Expenses, adjusted to remove the straight lining of rents, subject to Administrative Agent's reasonable review, adjustment and approval consistent with Administrative Agent's standard practices. Notwithstanding the foregoing, with respect to any new Borrowing Base Property added pursuant to <u>Section 2.18</u> hereof, Testing NOI for such Borrowing Base Property shall, until the first Testing Date occurring after one full calendar quarter of ownership of such Borrowing Base Property by the applicable Borrower, be determined by Administrative Agent in its reasonable discretion based on the information contained in the applicable Proforma NOI Schedule. Testing Operating Expenses during this period will be derived by annualizing the Permitted Operating Expenses applicable for such period.

"<u>Testing Operating Expenses</u>" means, as of any determination date, an amount equal to actual Permitted Operating Expenses of the Borrowing Base Properties for the immediately prior four (4) calendar quarters ending on the determination date, as set forth in the certified operating statements provided by Borrower to Administrative Agent pursuant to <u>Section 9.1(k)</u>, which amount shall be normalized and annualized in a manner reasonably acceptable to Administrative Agent, and which calculation of operating expenses shall also include (without

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Loan No. 1013159

duplication of the actual expenses incurred): (i) management fees in an amount equal to the greater of: (A) the actual amount of the management fees incurred under the Property Management Agreements; and (B) three percent (3%) of the sum of the Gross Operating Income being used for the calculation of Testing NOI; and (ii) an imputed capital expenditure reserve equal to the sum of: (A) (1) the number of rentable square feet in all of the Borrowing Base Properties consisting of office, retail and industrial premises; multiplied by (2)(aa) twenty cents ($0.20) per annum per square foot for office and retail property; and (bb) ten cents ($0.10) per annum per square foot for industrial property; plus (B)(1) Two Hundred Fifty Dollars ($250); multiplied by (2) the number of apartment units in Borrowing Base Properties consisting of multi-family residential premises.<br>"<u>Testing Recovery Income</u>" means, as of any determination date, an amount equal to any and all expense reimbursements from tenants in Qualifying Leases, for the immediately prior four (4) calendar quarters ending on the determination date, as set forth in the certified operating statements provided by Borrower to Administrative Agent pursuant to <u>Section 9.1(k)</u>, which amount shall be normalized and annualized in a manner reasonably acceptable to Administrative Agent. Notwithstanding the foregoing, if a tenant under a Qualifying Lease is in occupancy of its leased premises for less than the prior four (4) calendar quarters ending on the determination date, Testing Recovery Income for such tenant shall be annualized as if paid for the prior four (4) calendar quarters based on the period for which such tenant was in occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Section 1.1</u> of the Loan Agreement is hereby amended to insert the following as new defined terms, where alphabetically appropriate:<br>"<u>Borrowing Base Value Trigger Date</u>" means the earlier of: (a) December 27, 2025; and (b) the Property Release of both of the Properties owned by RPT Palmetto Lakes, LLC and RPT Hialeah II, LLC. <br>"<u>Liquidity</u>" means an amount equal to the sum of cash and cash equivalents.<br>"<u>Loudoun Borrowing Base Value</u>" means: (a) after the Borrower Base Value Trigger Date but prior to June 1, 2026, $12,512,500; (b) thereafter until July 31, 2027, an amount equal to $12,512,500 as reduced on the first day of every calendar month from and after June 1, 2026 by the applicable Loudoun Reduction Amount for such month; and (c) from and after August 1, 2027, $0. Notwithstanding that the Borrowing Base is determined on a quarterly basis, the Borrower Base shall at all times take into account, and be reduced by, the foregoing monthly reduction in the Loudoun Borrowing Base Value, to the extent applicable.<br>

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<br>"<u>Loudoun PSA</u>" means that certain Purchase and Sale Agreement by and between RPT Loudoun Gateway I, LLC, as seller, and Loudoun Gateway LLC, as purchaser, dated June 27, 2025 regarding the property located at 45245 Business Court, Sterling, Virginia. <br>"<u>Loudoun Reduction Amount</u>" means: (a) if the Loudoun PSA has terminated as of the date of determination of the Loudoun Borrowing Base Value, $1,000,000; and (b) otherwise, $500,000. <br>"<u>Minimum Liquidity Amount</u>" means an amount equal to One Million Dollars ($1,000,000).<br>"<u>Testing Debt Service Coverage Ratio</u>" means, as of the date of determination, the ratio of (a) Testing NOI to (b) the annual debt service payable on a hypothetical loan with a principal amount equal to the aggregate outstanding principal balance under the Revolving Commitments as of such determination date multiplied by the greatest of: (i) seven and ninety-two hundredths percent (7.92%); (ii) a debt constant based on the then-current effective rate of interest on the Loan and a thirty (30)-year amortization schedule; and (iii) a debt constant based on the then-current 10-year Treasury Note, plus one and one half percent (1.50%) and a thirty (30)-year amortization schedule.<br>"<u>Testing DSCR Hurdle</u>" means 1.20:1.00.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The definition of "Maximum Revolving Commitment" in <u>Section 1.1</u> of the Loan Agreement, and <u>Section 2.1(d)</u> of the Loan Agreement are each hereby amended to delete each reference therein to "$120,000,000" and to replace each such reference with "$105,000,000".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The definition of "Borrowing Base" in <u>Section 1.1</u> of the Loan Agreement is hereby amended to delete the last sentence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2**<u>Maximum Revolving Commitment</u>**.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Section 2.17</u> of the Loan Agreement is hereby amended and restated in its entirety as follows:

"2.17&nbsp;&nbsp;&nbsp;&nbsp;**<u>INTENTIONALLY OMITTED</u>**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For the avoidance of doubt, from and after the Effective Date, Borrower shall have no options to increase the amount of Revolving Commitments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3**<u>Release of Properties; Borrowing Base Requirements</u>**.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding any provision Section 2.19 of the Loan Agreement or any other provision of the Loan Documents to the contrary, in no event shall the Commerce Center Property be eligible for a Property Release until the Loan is repaid in full and all Commitments have been terminated.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any provisions of the Loan Documents to the contrary, but subject to the foregoing clause (a) and the following clause (c), all references to the following requirements for Borrowing Base Properties (in connection with additions, releases, or otherwise), are hereby deleted in their entirety:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any requirement for a minimum number of Borrowing Base Properties, and all references to the term "Minimum Number of Borrowing Base Properties";<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any restriction on the maximum extent to which the Borrowing Base Value of any one Property can contribute to the Borrowing Base;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any restriction on the maximum extent to which the Borrowing Base Properties in the same Metropolitan Statistical Area can contribute to the Borrowing Base; and<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any restriction on the maximum extent to which the rent payable under Tenant Leases with any individual tenant or group of Affiliated tenants can contribute to the aggregate rent payable under all of the Tenant Leases in all of the Borrowing Base Properties<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any restriction on the maximum extent to which Office Properties can contribute to the Borrowing Base.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the avoidance of doubt: (i) each Property Release shall continue to require the prior written approval of Administrative Agent and the Requisite Lenders in their sole discretion if, after giving effect to such Property Release, the number of Borrowing Base Properties would be five (5) or less; (ii) it shall continue to be a requirement for any Property to be an Eligible Property that it is not an Office Property (except for the Existing Office Property until released from the

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Loan No. 1013159

applicable Security Deed in accordance with the terms of the Loan Agreement); and (iii) none of the foregoing shall be deemed to limit any right of Administrative Agent or Lenders to approve any Leases in accordance with the terms of the Loan Agreement.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4**<u>Commerce Center Property; Commitments</u>**. As of the Effective Date, Completion of the Project at the Commerce Center Property has occurred. Accordingly, the Commerce Center Property shall be included for purposes of calculating the Borrowing Base, and revenue from the Commerce Center Property will be included for Testing Gross Revenue and Testing NOI in accordance with <u>Section 2.18(d)</u> of the Loan Agreement, assuming in each case it otherwise satisfies the applicable requirements set forth in the Loan Agreement. Additionally, notwithstanding anything to the contrary contained in the Loan Agreement, as of the Effective Date, all outstanding Construction Commitments have been converted into Revolving Commitments and no additional Construction Advances will be made. Therefore, as of the Effective Date, after giving effect to all of the foregoing: (a) all references in the Loan Documents to a maximum aggregate Commitment of $120,000,000 shall be reduced to a maximum aggregate Commitment of $105,000,000; (b) all references in the Loan Documents to a maximum aggregate Revolving Commitment of $75,600,000 shall be increased to a maximum aggregate Revolving Commitment of $105,000,000; (c) all references in the Loan Documents to a maximum aggregate Construction Commitment of $44,400,000 shall be reduced to a maximum aggregate Construction Commitment of $0; and (d) the outstanding amount of Revolving Commitments is $93,413,867.84. <u>Schedule 1.1</u> of the Loan Agreement is hereby replaced in its entirety with <u>Schedule 1.1</u> attached hereto. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5**<u>Guarantor Financial Covenants</u>**.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Section 9.1(u)</u> of the Loan Agreement is hereby amended and restated in its entirety as follows:<br>"(u)&nbsp;&nbsp;&nbsp;&nbsp;<u>Guarantor Financial Covenants</u>. Borrower shall cause Guarantor to maintain at all times (y) Tangible Net Worth of not less than the Minimum Tangible Net Worth Amount, and (z) Liquidity of not less than the Minimum Liquidity Amount."<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Clause (x)</u> of <u>Section 9.1(k)(vi)(x)</u> of the Loan Agreement is hereby amended and restated in its entirety as follows:<br>"(x) Guarantor's Tangible Net Worth, the aggregate amount of Net Proceeds

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from Equity Issuances received by Guarantor since June 30, 2025, and Guarantor's Liquidity,"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6**<u>Significant Properties</u>**. Without limiting any of the restrictions set forth in Section 4.3 above, during the time period that the obligations of Section 1 of the Limited Guaranty are in force or effect (the "**Repayment Guaranty**"), Guarantor shall not be permitted to sell, transfer, encumber or finance its direct or indirect ownership interests in any of the properties listed on Exhibit A attached hereto (the "**Significant Properties**"), regardless of whether any such Significant Property is security for the Loan; <u>provided</u>, however, that Guarantor may permit the refinance of any debt encumbering any such Significant Property as of the date hereof so long as such Significant Property is not security for the Loan, and so long as the amount of such refinance is limited to the greater of (a) the outstanding principal balance of such current debt as set forth in Guarantor's June 30, 2025 financial statements, or (b) an amount that results in the equity (i.e., the difference between: (i) the value of such Significant Property as determined pursuant to clauses (i) and (ii) of the definition of Tangible Net Worth; and (ii) the amount of debt to be financed by such lender) in such Significant Property remaining the same as it was as set forth in Guarantor's June 30, 2025 financial statements. Any violation of this Section 4.6 shall constitute an immediate Event of Default. Upon the termination of the Repayment Guaranty, the obligations of Guarantor pursuant to this Section 4.6 shall automatically terminate and be of no further force or effect. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7**<u>Loudoun PSA</u>**. In the event the Loudoun PSA is terminated for any reason prior to a closing of the sale as described therein, Borrower shall promptly provide Administrative Agent with written notice of same, but in any event no later than thirty (30) days thereafter. <br>

5.**<u>INTENTIONALLY OMITTED</u>**.

6.**<u>HAZARDOUS MATERIALS</u>**. Without in any way limiting any other provision of this Agreement, Borrower expressly reaffirms as of the date hereof, and continuing hereafter: (i) each and every representation and warranty in the Loan Documents respecting "Hazardous Materials"; and (ii) each and every covenant and indemnity in the Loan Documents respecting "Hazardous Materials".

7.**<u>WAIVERS</u>**. In further consideration of Administrative Agent and Lenders entering into this Agreement, Borrowers waive, with respect to the Loan any and all rights to which such Borrower is or may be entitled pursuant to any antideficiency or similar laws which limit, qualify or reduce Borrowers' obligations under the Loan Documents.

8.**<u>WAIVER OF MARSHALLING RIGHTS</u>**. Borrowers waive all rights to have all or part of any Property covered by a Security Instrument marshalled upon any foreclosure of such Security

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Loan No. 1013159

Instrument. Administrative Agent shall have the right to sell, and any court in which foreclosure proceedings may be brought shall have the right to order a sale of any real property of each or any of said deeds of trust, deeds to secure debt or mortgages, or any part thereof, as a whole or in separate parcels, in any order that Administrative Agent may designate. Borrowers make this waiver for itself, and for all persons and entities claiming through or under Borrowers, and for persons and entities who may acquire a lien on all or any part of the real property described in either of said deeds of trust, deeds to secure debt or mortgages, or on any interest therein.

9.**<u>NON-IMPAIRMENT</u>**. Except as expressly provided herein, nothing in this Agreement shall alter or affect any provision, condition, or covenant contained in any of the Loan Documents or affect or impair any rights, powers, or remedies of Administrative Agent, it being the intent of the parties hereto that the provisions of the Loan Documents shall continue in full force and effect except as expressly modified hereby.

10.**<u>MISCELLANEOUS PROVISIONS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1**<u>No Waiver</u>**. No previous waiver and no failure or delay by Administrative Agent or Lenders in acting with respect to the terms of the Note or this Agreement shall constitute a waiver of any breach, default, or failure of condition under the Note, this Agreement or the obligations secured thereby. A waiver of any term of the Note, this Agreement or of any of the obligations secured thereby must be made in writing and shall be limited to the express written terms of such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2**<u>Severability</u>**. If any provision or obligation under this Agreement and the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed from the Loan Documents and the validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of the Loan Documents, <u>provided</u>, <u>however</u>, that if the rate of interest or any other amount payable under the Note or this Agreement or any other Loan Document, or the right of collectability therefore, are declared to be or become invalid, illegal or unenforceable, Lenders' obligations to make advances under the Loan Documents shall not be enforceable by Borrowers.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3**<u>Time</u>**. Time is of the essence of each and every term herein.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4**<u>Governing Law and Consent to Jurisdiction</u>**. This Agreement and any claim, controversy or dispute arising under or related to this Agreement, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties will be governed by, and construed and enforced in accordance with, the laws of the State of New York without regard to any conflicts of law principles, except to the extent preempted by federal laws. Borrowers and all persons and entities in any manner

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Loan No. 1013159

obligated to Administrative Agent and/or Lenders under the Loan Documents consent to the jurisdiction of any federal or state court within the State of New York having proper venue and also consent to service of process by any means authorized by New York or federal law.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5**<u>Joint and Several Liability</u>**. The liability of each Borrower under any of the Loan Documents shall be joint and several with each other Borrower and the liability of each Guarantor under any of the Loan Documents shall be joint and several with each other Guarantor.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6**<u>Headings</u>**. All article, section or other headings appearing in this Agreement and any of the other Loan Documents are for convenience of reference only and shall be disregarded in construing this Agreement and any of the other Loan Documents.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7**<u>Counterparts</u>**. To facilitate execution, this document 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 document. It shall not be necessary in making proof of this document 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.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8**<u>Defined Terms</u>**. Unless otherwise defined herein, capitalized terms used in this Agreement shall have the meanings attributed to such terms in the Loan Agreement.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9**<u>Rules of Construction</u>**. The word "Borrowers" as used herein shall include both the named Borrowers and any other person at any time assuming or otherwise becoming primarily liable for all or any part of the obligations of the named Borrower under the Note and the other Loan Documents. The term "person" as used herein shall include any individual, company, trust or other legal entity of any kind whatsoever. If this Agreement is executed by more than one person, the term "Borrowers" shall include all such persons. The words "Administrative Agent" as used herein shall include Administrative Agent, its successors, assigns and affiliates. The word "Lenders" as used herein shall include each Lender, its successors, assigns and affiliates. <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10**<u>Use of Singular and Plural; Gender</u>**. When the identity of the parties or other circumstances make it appropriate, the singular number includes the plural, and the masculine gender includes the feminine and/or neuter.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11**<u>Exhibits, Schedules and Riders</u>**. All exhibits, schedules, riders and other items attached hereto, if any, are incorporated into this Agreement by such attachment for all purposes. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12**<u>Inconsistencies</u>**. In the event of any inconsistencies between the terms of this Agreement and the terms of any of the other Loan Documents, the terms of this Agreement shall prevail. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13**<u>Integration; Interpretation</u>**. The Loan Documents contain or expressly incorporate by reference the entire agreement of the parties with respect to the matters contemplated therein and supersede all prior negotiations or agreements, written or oral. The Loan Documents shall not be modified except by written instrument executed by all parties. Any reference to the Loan Documents includes any amendments, renewals or extensions now or hereafter approved by Administrative Agent in writing.

***[Signature Appears on Following Page]***

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&nbsp;&nbsp;&nbsp;&nbsp;**IN WITNESS WHEREOF**, Administrate Agent, Borrower and Lenders have caused this Agreement to be duly executed and delivered as of the date first above written.

**"ADMINISTRATIVE AGENT"**

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jason Radel&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;Jason Radel

Title:&nbsp;&nbsp;&nbsp;&nbsp;Executive Director

***<br>[Signatures Continue on Following Page]***

*Signature Page to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement* 

*and Omnibus Amendment to Loan Documents*

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Loan No. 1013159

**"LENDER"**

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jason Radel&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;Jason Radel

Title:&nbsp;&nbsp;&nbsp;&nbsp;Executive Director

***[Signatures Continue on Following Page]***

*Signature Page to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement* 

*and Omnibus Amendment to Loan Documents*

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Loan No. 1013159

**"LENDER"**

CIBC INC., a Delaware corporation,

as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jeremy Caruthers&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;

Name:&nbsp;&nbsp;&nbsp;&nbsp;Jeremy Caruthers

Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director

*Signature Page to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement* 

*and Omnibus Amendment to Loan Documents*

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Loan No. 1013159

"**BORROWERS**"

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|:---|:---|
| RPT PALMETTO LAKES, LLC,<br>a Delaware limited liability company <br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory | RPT 1109 COMMERCE BOULEVARD, LLC, <br>a Delaware limited liability company <br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory |
| RPT HIALEAH II, LLC,<br>a Delaware limited liability company <br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory | RPT LOUDOUN GATEWAY I, LLC, <br>a Delaware limited liability company<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory |
| RPT TERRA NOVA PLAZA, LLC, <br>a Delaware limited liability company <br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory |  |

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*Signature Page to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement* 

*and Omnibus Amendment to Loan Documents*

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Loan No. 1013159

**GUARANTOR CONSENT**

As of the date first set forth above, the undersigned ("<u>Guarantor</u>") consents to the foregoing Fifth Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents (the "<u>Modification Agreement</u>") and the transactions contemplated thereby, and reaffirms its obligations under that certain Amended and Restated Guaranty Agreement, dated as of the date of the Modification Agreement (as the same may be amended, modified, supplemented or replaced from time to time, the "<u>Guaranty</u>"). Guarantor has no defenses, set offs, counterclaims, discounts or charges of any kind against the Indemnified Parties with respect to the Guaranty. All of the terms, conditions and covenants in the Guaranty remain unaltered and in full force and effect and are hereby ratified and confirmed and apply to the Obligations, as modified by the Modification Agreement, subject to the limitations on liability set forth in the Guaranty.

Guarantor reaffirms that its obligations under the Guaranty are separate and distinct from Borrower's obligations and reaffirms its waivers, as set forth in the Guaranty, of each and every one of the possible defenses to such obligations.

***[Signature Appears on Following Page]***

*Signature Page to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement* 

*and Omnibus Amendment to Loan Documents*

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Loan No. 1013159

<u>Agreed and Acknowledged</u>:

<br>"**GUARANTOR**"

RREEF PROPERTY TRUST, INC.,

a Maryland corporation

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer, President

*Guarantor Consent to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement* 

*and Omnibus Amendment to Loan Documents*

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Loan No. 1013159

**HAZARDOUS INDEMNITOR CONSENT**

As of the date first set forth above, the undersigned ("<u>Indemnitor</u>") consents to the foregoing Fifth Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents (the "<u>Modification Agreement</u>") and the transactions contemplated thereby, and reaffirms its obligations under that certain Hazardous Materials Indemnity Agreement, dated as of March 6, 2015 (as the same may be amended, modified, supplemented or replaced from time to time, the "<u>Indemnity</u>"). Indemnitor has no defenses, set offs, counterclaims, discounts or charges of any kind against the Indemnified Parties with respect to the Indemnity. All of the terms, conditions and covenants in the Indemnity remain unaltered and in full force and effect and are hereby ratified and confirmed.

Indemnitor reaffirms that its obligations under the Indemnity are separate and distinct from Borrower's obligations, and reaffirms its waivers, as set forth in the Indemnity, of each and every one of the possible defenses to such obligations.

***[Signature Appears on Following Page]***

*Hazardous Indemnitor Consent to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents*

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Loan No. 1013159

<u>Agreed and Acknowledged:</u>

"**INDEMNITOR**"

RREEF PROPERTY TRUST, INC.,

a Maryland corporation

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer, President

***[Signatures Continue on Following Page]***

*Hazardous Indemnitor Consent to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents*

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| | |
|:---|:---|
| RPT PALMETTO LAKES, LLC,<br>a Delaware limited liability company <br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory | RPT 1109 COMMERCE BOULEVARD, LLC, <br>a Delaware limited liability company <br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory |
| RPT HIALEAH II, LLC,<br>a Delaware limited liability company <br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory | RPT LOUDOUN GATEWAY I, LLC, <br>a Delaware limited liability company<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory |
| RPT TERRA NOVA PLAZA, LLC, <br>a Delaware limited liability company <br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Anne-Marie Vandenberg</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Anne-Marie Vandenberg<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ James Toney</u> <br>Name:&nbsp;&nbsp;&nbsp;&nbsp;James Toney<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory |  |

---

*Hazardous Indemnitor Consent to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents*

------

**Schedule 1.1 – Pro Rata Shares**

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| | | | |
|:---|:---|:---|:---|
| **Lender** | **Revolving<br>Commitment** | **Construction Commitment** | **Pro Rata Share** |
| WELLS FARGO BANK, NATIONAL ASSOCIATION | $74375000.00 | $0 | 70.83333333333330% |
| CIBC INC. | $30625000.00 | $0 | 29.16666666666670% |
| **TOTALS** | $105000000.00 | $0 | 100% |

---

*Schedule 1.1<br>to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement* 

*and Omnibus Amendment to Loan Documents*

------

**Exhibit A – Significant Properties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Commerce Center Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The property commonly known as The Glenn, a 306 unit multifamily project located in Centennial, CO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The property commonly known as Seattle East Industrial, a 210,321 square foot industrial project located in Redmond, WA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The property commonly known as Providence Square, a 222,805 square foot retail project located in Marietta, GA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The property commonly known as The Flats at Carrs Hill, a 316 bed student housing project located in Athens, GA

*Exhibit A<br>to Fifth Amendment to Second Amended and Restated Revolving Loan Agreement* 

*and Omnibus Amendment to Loan Documents*

## Exhibit 10.2

**Exhibit 10.2**

**AMENDED AND RESTATED GUARANTY AGREEMENT**

**(Secured Loan)**

THIS AMENDED AND RESTATED GUARANTY AGREEMENT ("**<u>Guaranty</u>**") is made as of August 25, 2025, by RREEF PROPERTY TRUST, INC., a Maryland corporation ("**<u>Guarantor</u>**"), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent ("**<u>Agent</u>**") for certain lenders (collectively, with their respective successors or assigns, "**<u>Lenders</u>**")

**<u>R E C I T A L S</u>**

A.Pursuant to the terms of that certain Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents, by and among RPT Terra Nova Plaza, LLC, RPT Loudoun Gateway I, LLC, RPT Palmetto Lakes, LLC, RPT Hialeah II, LLC, and RPT 1109 Commerce Boulevard, LLC, each a Delaware limited liability company (collectively, "**<u>Borrowers</u>**" and each individually, a "**<u>Borrower</u>**"), Agent and Lenders, dated as of January 27, 2023 (as may be amended, supplemented, replaced or modified, "**<u>Loan Agreement</u>**"), Lenders have agreed to loan to Borrowers the initial maximum principal sum of ONE HUNDRED FIVE MILLION AND NO/100 DOLLARS ($105,000,000.00) ("**<u>Loan</u>**") for the purposes specified in the Loan Agreement, said purposes relating to the real property and improvements owned by each Borrower and more particularly described in the Loan Agreement as the Properties.

B.The Loan is further evidenced and secured by the Notes and certain other documents described in the Loan Agreement as Loan Documents. The Notes are secured by, among other things, the Security Deeds.

C.The Loan Agreement, the Security Deeds, the Notes, and those other documents described in the Loan Agreement as Loan Documents, together with all modifications, extensions, renewals and amendments thereto, are collectively referred to hereinafter as the "**<u>Loan Documents</u>**". This Guaranty is one of the Loan Documents.

D.Guarantor indirectly owns 100% of the indirect equity interests in each Borrower and Guarantor will benefit from the Loan made by Lenders to Borrowers.

E.Guarantor previously entered into that certain Guaranty Agreement, dated as of March 6, 2015 (the "**<u>Existing Guaranty</u>**").

F.This Guaranty amends, restates, replaces and supersedes in its entirety the Existing Guaranty.

THEREFORE, to induce Agent and Lenders to modify the Loan Agreement on or about the date hereof, and in consideration thereof, Guarantor unconditionally, absolutely and irrevocably guarantees and agrees as follows:

1.**<u>REPAYMENT GUARANTY</u>**. Guarantor guarantees and promises to pay to Agent, for the benefit of Lenders, or order, on demand, in lawful money of the United States of America, in immediately available funds, the aggregate principal amount of the Loan or so much thereof as may be due and owing under the Notes or any of the other Loan Documents, together with interest and any other sums payable under the Notes or any of the other Loan Documents. Notwithstanding the foregoing, the obligations described in this Section 1 shall automatically terminate and be of no further force or effect if, as of the earlier of: (a) the date that the Property owned by RPT Loudoun Gateway I, LLC, a Delaware limited liability company, is released as collateral for the Loan in accordance with the terms of the Loan Agreement; and (b) the date that the Loudoun Borrowing Base Value has been reduced to $0 in accordance with the terms of the Loan Agreement, no Default or Event of Default is then continuing, and all payments then due to Administrative Agent or Lenders pursuant to the Loan Documents have been paid in full, including without limitation any amounts required to rebalance the Loan as a result of such release or reduction of the Loudoun Borrowing Base Value. Administrative Agent may thereafter confirm the occurrence of clauses (a) or (b) above in writing; provided, however, that the termination of the repayment guaranty described this Section 1 shall be automatic and effective as of the occurrence of either clause (a) or (b) above.

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

2.**<u>LIMITED GUARANTY</u>**. Notwithstanding the foregoing, in addition to, and not in lieu of, any other liability of Guarantor under this Guaranty or the other Loan Documents, Guarantor guarantees and promises to pay to Agent, for the benefit of Lenders, or order, on demand, in lawful money of the United States of America, in immediately available funds, any and all actual out-of-pocket losses, damages and liabilities incurred by Agent or Lenders with respect to any of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1fraud or intentional or willful misrepresentation by any Borrower or Guarantor, or their intentional failure to disclose a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2the commission of a criminal act by any Borrower or Guarantor which results in a forfeiture of any portion of any Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3material physical waste of any Property caused by the intentional acts of any Borrower or Guarantor; provided that Guarantor shall have no liability under this clause to the extent there is not sufficient cash flow from the Properties (after the payment of amounts necessary to (A) maintain the insurance required pursuant to the terms of the Loan Agreement (the "**<u>Required Insurance</u>**") in full force and effect and (B) pay all property and other taxes, assessments and other charges);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4Omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5failure to pay property or other taxes, assessments or charges accruing prior to the date that Agent or a third party that is not an Affiliate of any Borrower or Guarantor acquires title to the applicable Property as a result of Agent's exercise of remedies under the Loan Documents, through foreclosure, private power of sale or the delivery of a deed in lieu of foreclosure; provided Guarantor shall not be liable to the extent funds to pay such taxes, assessments and other charges have been delivered to Agent in accordance with any reserve requirements in the Loan Documents, provided that such funds were delivered to Agent for the purpose of paying such taxes, assessments and other charges; provided, further that (a) Guarantor's liability under this clause shall be limited to the actual amount of such taxes, assessments or other charges not paid plus all applicable interest and penalties, (b) Guarantor shall have no liability under this clause during the pendency of any contest of such taxes, assessments or other charges undertaken in accordance with the express terms and provisions set forth in the Loan Documents, and (c) Guarantor shall have no liability under this clause to the extent there is not sufficient cash flow from the Properties (prior to the payment of all other operating expenses of the Properties other than amounts necessary to maintain the Required Insurance in full force and effect) that is available to pay such taxes, assessments and other charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6failure to maintain the Required Insurance required in full force and effect and fully paid-for prior to the date that Agent or a third party that is not an Affiliate of any Borrower or Guarantor acquires title to the applicable Property as a result of Agent's exercise of remedies under the Loan Documents, through foreclosure, private power of sale or the delivery of a deed in lieu of foreclosure; provided Guarantor shall not be liable to the extent funds to pay for the Required Insurance have been delivered to Agent in accordance with any reserve requirements in the Loan Documents provided that such funds were delivered to Agent for the purpose of paying for the Required Insurance; provided further that (a) if there has been no uninsured claim that would have otherwise been insured but for the failure to maintain the Required Insurance, then Guarantor's liability under this clause shall be limited to the actual amount of the premiums for such Required Insurance not paid; and (b) Guarantor shall have no liability under this clause to the extent there is not sufficient cash flow from the Properties (prior to the payment of all other operating expenses of the Properties) that is available to maintain the Required Insurance in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7failure to deliver any insurance or condemnation proceeds or awards received by any Borrower to Agent or to otherwise apply such sums as required under the terms of the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8failure to apply any rents, royalties, accounts, revenues, income, issues, profits and other benefits from any Property which are collected or received by any Borrower while any Event of Default exists or after acceleration of the indebtedness and other sums owing under the Loan Documents to the payment of

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

amounts owing under the Loan Documents or to the customary and necessary operating expenses of the applicable Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9after giving effect to any notice and/or cure periods thereunder and subject to the terms, conditions, and limitations therein, any breach of any covenant in the Hazardous Materials Indemnity Agreement, the Loan Documents, or in any indemnity or other agreement, regarding Hazardous Materials in connection with the Loan, each as executed by any Borrower or Guarantor in favor of Agent in connection with the Loan (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10any Borrower's intentional misappropriation or misapplication of any funds from any account pledged by any Borrower to Agent under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11Omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12failure to comply with <u>Article 7</u> of the Loan Agreement entitled <u>Representations, Warranties and Covenants Regarding Special Purpose Entity Status</u> to the extent any such failure does not result in a substantive consolidation as described in <u>Section 3.6</u> below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13failure to deposit any springing impounds or reserves to the extent required pursuant to the terms of the Loan Documents, provided that Guarantor shall have no liability under this clause to the extent there is not sufficient cash flow from the Properties (after the payment of amounts necessary to (A) maintain the Required Insurance in full force and effect and (B) pay all property and other taxes, assessments and other charges); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14any litigation or other legal proceeding related to the Loan is filed by any Borrower or Guarantor or any of their respective Affiliates that delays, opposes, impedes, obstructs, hinders or enjoins the efforts of Agent to exercise any rights and remedies available to Agent as provided herein and in the other Loan Documents, unless such Borrower, Guarantor or Affiliate, as applicable, prevails in such litigation or other proceeding.

3.**<u>EXCEPTIONS; FULL RECOURSE</u>**. Notwithstanding the foregoing, or anything to the contrary contained in this Guaranty or the other Loan Documents, the limitation on liability set forth in <u>Section 2</u> of this Guaranty shall be null and void and completely inapplicable, and Guarantor shall be fully and personally liable for the payment and performance of all obligations set forth in the Loan Agreement and the other Loan Documents, including the payment of all principal, interest and other amounts under the Notes, in immediately available funds, in the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1any Borrower files a voluntary petition under the Bankruptcy Reform Act of 1978 (11 USC Section 101-1330) as now or hereafter amended or recodified ("**<u>Bankruptcy Code</u>**"), or under any other present or future state or federal law regarding bankruptcy, reorganization or other debtor relief law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2an Affiliate, officer, director, or representative which Controls any Borrower files, or joins in the filing of, an involuntary petition against any Borrower under the Bankruptcy Code, or under any other present or future state or federal law regarding bankruptcy, reorganization or other debtor relief law, or colludes with, solicits or causes to be solicited, petitioning creditors for any involuntary petition against any Borrower from any person or entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3any Borrower files an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other person or entity under the Bankruptcy Code, or under any other present or future state or federal law regarding bankruptcy, reorganization or other debtor relief law, or colludes with, solicits or causes to be solicited, petitioning creditors for any involuntary petition from any person or entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4any Affiliate, officer, director, or representative which Controls any Borrower consents to or acquiesces in or joins in an application for the appointment of a custodian, receiver, trustee, or examiner for any Borrower, or any portion of any Property; or

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5any Borrower makes an assignment for the benefit of creditors, or admits (unless failure to make such admission would be in violation of law), in writing in any legal proceeding, its insolvency or inability to pay its debts as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6a failure to comply with <u>Section 7.1</u> of the Loan Agreement entitled <u>Representations, Warranties and Covenants Regarding Special Purpose Entity Status</u> results in either: (a) a substantive consolidation of any Borrower with any other person or entity in connection with any federal or state bankruptcy proceeding; or (b) any Borrower being subject to a petition under the Bankruptcy Code or under any other present or future state or federal law regarding bankruptcy, reorganization or other debtor relief law, <u>except</u>, in no case, will the failure of the covenants described in <u>Section 7.1(e)(xvii)</u> of the Loan Agreement or <u>Section 7.1(f)</u> of the Loan Agreement result in any liability under <u>Section 3.6</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7Omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8the breach of any covenant in the Loan Documents prohibiting any Borrower from incurring Indebtedness other Indebtedness expressly permitted pursuant to the terms of the Loan Documents, after giving effect to all applicable notice and cure periods related thereto as provided in the Loan Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9of the existence of an Event of Default resulting from a Prohibited Property Transfer or a Prohibited Equity Transfer**.**

NOTWITHSTANDING THE FOREGOING OR ANYTHING TO THE CONTRARY IN THIS GUARANTY, IN ANY OTHER LOAN DOCUMENT OR IN ANY OTHER RELATED DOCUMENT, OTHER THAN A PARTY TO A GUARANTY OR INDEMNITY OR OTHER RELATED DOCUMENT MADE WITH OR IN FAVOR OF LENDER IN CONNECTION WITH THE LOAN, INCLUDING, WITHOUT LIMITATION, GUARANTOR UNDER THIS GUARANTY AND INDEMNITOR UNDER THE HAZARDOUS MATERIALS INDEMNITY AGREEMENT, NO DIRECT OR INDIRECT SHAREHOLDER, OFFICER, DIRECTOR, PARTNER, MEMBER, MANAGER, EMPLOYEE, AGENT OR ADVISOR OF GUARANTOR SHALL BE PERSONALLY LIABLE FOR ANY OBLIGATION OF GUARANTOR UNDER THE LOAN.

5.**<u>CERTAIN DEFINITIONS</u>**. For purposes of this Guaranty, the following capitalized terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1"**<u>Affiliate</u>**" shall mean, as to any person or entity, any other person or entity that, directly or indirectly, is in Control of, is Controlled by or is under common ownership or Control with such person or entity, or is a director or officer of such person or entity, or of an Affiliate of such person or entity <u>provided, however</u>, that the Investment Advisor shall not be deemed an "Affiliate" of any Borrower, Guarantor or Indemnitor merely because it serves as investment advisor thereto, though the Investment Advisor shall be deemedan "Affiliate" of any Borrower, Guarantor or Indemnitor if it otherwise satisfies the requirements of the foregoing definition..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2"**<u>Control</u>**" shall mean the power to direct the management and policies of an entity, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

6.**<u>REMEDIES</u>**. If Guarantor fails to promptly perform its obligations under this Guaranty, Agent may from time to time, and without first requiring performance by any Borrower or any other guarantor or exhausting any or all security (if any) for the Loan or any Derivatives Contract between Borrower and Agent or any Lender, bring any action at law or in equity or both to compel Guarantor to perform its obligations hereunder, and to collect in any such action compensation for all costs and expenses (including reasonable attorneys' fees) incurred by Agent in connection with such enforcement action, together with interest thereon from the date of demand until paid at the highest rate of interest applicable to the principal balance under the Notes.

7.**<u>RIGHTS OF AGENT</u>**. Guarantor authorizes Agent, without giving notice to Guarantor or obtaining Guarantor's consent and without affecting the liability of Guarantor, from time to time to: (a) renew, modify or extend all or any portion of any Borrower's obligations under any Notes or any of the other Loan Documents and any obligations under or in connection with any Derivatives Contract between Borrowers and Agent or any Lender; (b) declare all sums owing to Lenders under the Notes or any of the other Loan Documents and any obligations under or in connection with any Derivatives Contract between Borrowers and Agent or any Lender, due and payable upon the occurrence of an Event of Default under the Loan Documents or an Event of Default as defined in any Derivatives Contract between Borrowers and Agent or any Lender; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under any Notes or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents or any Derivatives Contract between Borrowers and Agent or any Lender, except for: (i) increases in the principal amount of any Note or changes in the manner by which interest rates, fees or charges are calculated under any Note and the other Loan Documents (Guarantor acknowledges that if the Notes or the other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date (as defined in the Loan Agreement) of the Notes where no Event of Default has occurred under the Loan Documents; (e) take and hold security for the performance of any Borrower's obligations under the Notes or the other Loan Documents and any obligations under or in connection with any Derivatives Contract between Borrowers and Agent or any Lender, and exchange, enforce, waive, subordinate and release any such security in whole or part; (f) apply such security and direct the order or manner of sale thereof as Agent in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Notes or guarantors of any Borrower's obligations under the Notes or the other Loan Documents or any obligations under or in connection with any Derivatives Contract between Borrowers and Agent or any Lender; (h) apply payments received by Agent from any Borrowers or any guarantor of the Loan to any obligations of Borrowers or such guarantor to Agent, in such order as Agent shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part; and (j) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

8.**<u>GUARANTOR'S WAIVERS</u>**. To the extent permitted by applicable law, Guarantor waives: (a) any defense based upon any legal disability or other defense of any Borrower, any other guarantor or other person, or by reason of the cessation or limitation of the liability of any Borrower from any cause other than full payment of all sums payable under the Loan Documents and satisfaction of all obligations under or in connection with any Derivatives Contract between Borrower and Agent or any Lender; (b) any defense based upon any lack of authority of the officers, directors, partners, managers, members or agents acting or purporting to act on behalf of any Borrower, Guarantor or any principal of any Borrower or Guarantor, any defect in the formation of any Borrower, Guarantor or any principal of any Borrower or Guarantor; (c) any defense based upon the application by any Borrower of the proceeds of the Loan for purposes other than the purposes represented by any Borrower to Agent or intended or understood by Agent or Guarantor; (d) any and all rights and defenses arising out of an election of remedies by Agent, even though that election of remedies (such as a nonjudicial foreclosure, if available and/or permitted, with respect to security for a guaranteed obligation) has or may have destroyed Guarantor's rights of subrogation and reimbursement against any Borrower by the operation of any applicable state law or otherwise; (e) any defense based upon Agent's failure to disclose to Guarantor any information concerning any Borrower's financial condition or any other circumstances bearing on any Borrower's ability to pay and perform its obligations under the Notes or any of the other Loan Documents and any obligations under or in connection with any Derivatives Contract between Borrower and Agent or any Lender, or upon the failure of any other principals of any Borrower to guaranty the Loan; (f) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; (g) any defense based upon Agent's election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Federal Bankruptcy Code or any successor statute; (h) any defense based upon any borrowing or any grant of a security interest under Section 364 of the Federal Bankruptcy Code; (i) any

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

right of subrogation, any right to enforce any remedy which Agent may have against any Borrower and any right to participate in, or benefit from, any security for the Notes or the other Loan Documents or any obligations under or in connection with any Derivatives Contract between Borrower and Agent or any Lender now or hereafter held by Agent; (j) presentment, demand, protest and notice of any kind; (k) the benefit of any statute of limitations affecting the liability of Guarantor hereunder or the enforcement hereof; and (l) any agreement or stipulation with respect to the provision of adequate protection in any bankruptcy proceeding of any Borrower. Guarantor further waives any and all rights and defenses that Guarantor may have because any Borrower's debt is secured by real property; this means, among other things, that: (1) Agent may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by any Borrower; (2) if Agent forecloses on any real property collateral pledged by any Borrower, then (A) the amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) Agent may collect from Guarantor even if Agent, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from any Borrower. The foregoing sentence is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because any Borrower's debt is secured by real property. This understanding and waiver is made in addition to and not in limitation of any of the other terms and conditions of this Guaranty. These rights and defenses being waived by Guarantor include, but are not limited to, any rights or defenses based upon deficiency limitation or anti-deficiency, redemption or other similar rights, if any. Without limiting the generality of the foregoing or any other provision hereof, Guarantor further expressly waives, to the extent permitted by law, any and all rights and defenses, including without limitation any rights of subrogation, reimbursement, indemnification and contribution, which might otherwise be available to Guarantor under applicable law. Finally, Guarantor agrees that the performance of any act or any payment which tolls any statute of limitations applicable to the Notes or any of the other Loan Documents shall similarly operate to toll the statute of limitations applicable to Guarantor's liability hereunder.

9.**<u>GUARANTOR'S WARRANTIES</u>**. Guarantor warrants, represents and acknowledges to Agent that as of the date hereof: (a) Lenders would not make the Loan nor enter into any Derivatives Contract with the Borrower but for this Guaranty; (b) Guarantor has reviewed all of the terms and provisions of the Loan Agreement, any Derivatives Contract between Borrower and Agent or any Lender, and the other Loan Documents; (c) there are no conditions precedent to the effectiveness of this Guaranty; (d) Guarantor has established adequate means of obtaining from sources other than Agent, on a continuing basis, financial and other information pertaining to Borrowers' financial condition, the Properties and Borrowers' activities relating thereto and the status of Borrowers' performance of obligations under the Loan Documents and any Derivatives Contract with Agent or any Lender, and Guarantor agrees to keep adequately informed from such means of any facts, events or circumstances which might in any way affect Guarantor's risks hereunder, and neither Agent nor any Lender has made no representation to Guarantor as to any such matters; (e) the most recent financial statements of Guarantor previously delivered to Agent are true and correct in all material respects as of the date thereof, have been prepared in accordance with generally accepted accounting principles consistently applied (or other principles acceptable to Agent) and fairly and accurately represent in all material respects the financial condition of Guarantor as of the dates thereof, and no material adverse change has occurred in the financial condition of Guarantor since the respective dates thereof; and (f) Guarantor is not and will not be, as a consequence of the execution and delivery of this Guaranty, impaired or rendered "insolvent", as that term is defined in either 740 ILCS 160/3 or Section 101 of the Federal Bankruptcy Code, or otherwise rendered unable to pay Guarantor's debts as the same mature and will not have thereby undertaken liabilities in excess of the present fair value of Guarantor's assets. Notwithstanding the foregoing, the calculation of liabilities shall NOT include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, *The Fair Value Option for Financial Assets and Financial Liabilities*) or other FASB standards allowing entities to elect fair value option for financial liabilities. Therefore, the amount of liabilities shall be the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount. Guarantor acknowledges and agrees that Agent may request and obtain additional information from third parties regarding any of the above, including, without limitation, credit reports. Guarantor agrees to keep adequately informed, from its own means of obtaining from sources other than Agent, on a continuing basis, financial and other information pertaining to Borrowers' financial condition, the Properties and Borrowers' activities relating thereto and the status of Borrowers' performance of obligations under the Loan Documents, of any facts, events or circumstances which might in any way affect Guarantor's risks hereunder. Guarantor has not and will not, without the prior written consent of Agent, sell, lease,

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

assign, encumber, pledge, hypothecate, mortgage, transfer or otherwise dispose of all or substantially all of Guarantor's assets, or any interest therein, other than in the ordinary course of Guarantor's business.

10.**<u>FINANCIAL CONDITION; FINANCIAL STATEMENTS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1<u>Financial Condition</u>. Guarantor shall maintain at all times that any portion of the Loan is outstanding a Tangible Net Worth of not less than the Minimum Tangible Net Worth Amount and Liquidity of not less than the Minimum Liquidity Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2<u>Financial Statements</u>. Guarantor shall at all times comply with that <u>Section 9.1(k)</u> of the Loan Agreement entitled <u>Reporting and Information</u>, and shall deliver or cause to be delivered to Agent all financial statements, compliance certificates and other information, in each case, to the extent pertaining to Guarantor or required to be delivered by Guarantor, required under such <u>Section 9.1(k)</u> of the Loan Agreement in accordance with the terms and conditions thereof.<br>

11.**<u>SUBORDINATION</u>**. Guarantor subordinates all present and future indebtedness owing by each Borrower or, following the occurrence of an Event of Default, by any other guarantor under any guaranty or indemnity of the Loan or an Event of Default under, and defined in, any Derivatives Contract between Borrower and Agent or any Lender, to Guarantor to the obligations at any time owing by Borrowers to Agent under the Revolving Note and the other Loan Documents or under or in connection with any Derivatives Contract between Borrower and Agent or any Lender. Guarantor assigns all such indebtedness to Agent as security for this Guaranty, the Revolving Note and the other Loan Documents and any obligations under or in connection with any Derivatives Contract between Borrower and Agent or any Lender. Guarantor agrees to make no claim for such indebtedness until all obligations of Borrowers under the Revolving Note and the other Loan Documents and under or in connection with any Derivatives Contract between Borrower and Agent or any Lender then due and owing have been fully paid or during the existence of an Event of Default. Guarantor further agrees not to assign all or any part of such indebtedness unless Agent is given prior notice and such assignment is expressly made subject to the terms of this Guaranty. If Agent so requests, (a) all instruments evidencing such indebtedness shall be duly endorsed and delivered to Agent, (b) all security for such indebtedness shall be duly assigned and delivered to Agent, (c) such indebtedness shall be enforced, collected and held by Guarantor as trustee for Agent and shall be paid over to Agent on account of the Loan and under or in connection with any Derivatives Contract between Borrower and Agent or any Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty, and (d) Guarantor shall execute, file and record such documents and instruments and take such other action as Agent deems necessary or appropriate to perfect, preserve and enforce Agent's rights in and to such indebtedness and any security therefor. If Guarantor fails to take any such action, Agent, as attorney-in-fact for Guarantor, is hereby authorized to do so in the name of Guarantor. The foregoing power of attorney is coupled with an interest and cannot be revoked. Notwithstanding the foregoing terms of this <u>Section 11</u> or anything to the contrary herein or in any other Loan Document, unless an Event of Default under the Loan Documents shall have occurred and be continuing, Guarantor shall have the right to receive distributions from Borrowers that are not in violation of the Loan Documents.

12.**<u>BANKRUPTCY OF BORROWERS</u>**. In any bankruptcy or other proceeding in which the filing of claims is required by law, Guarantor shall file all claims which Guarantor may have against each Borrower relating to any indebtedness of such Borrower to Guarantor and shall assign to Agent all rights of Guarantor thereunder as collateral for amounts due under this Guaranty. If Guarantor does not file any such claim, Agent, as attorney-in-fact for Guarantor, is hereby authorized to do so in the name of Guarantor or, in Agent's discretion, to assign the claim to a nominee and to cause proof of claim to be filed in the name of Agent's nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked. Agent or Agent's nominee shall have the right, in its reasonable discretion, to accept or reject any plan proposed in such proceeding and to take any other action which a party filing a claim is entitled to do. In all such cases, whether in administration, bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to Agent the amount payable on such claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to Agent all of Guarantor's rights to any such payments or distributions as collateral for amounts due under this Guaranty; <u>provided</u>, <u>however</u>, Guarantor's obligations hereunder shall not be satisfied except to the extent that Agent receives cash by reason of any such

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

payment or distribution. If Agent receives anything hereunder other than cash, the same shall be held as collateral for amounts due under this Guaranty. If all or any portion of the obligations guaranteed hereunder are paid or performed, the obligations of Guarantor hereunder shall continue and shall remain in full force and effect in the event that all or any part of such payment or performance is avoided or recovered directly or indirectly from Agent as a preference, fraudulent transfer or otherwise under the Bankruptcy Code or other similar laws, irrespective of (a) any notice of revocation given by Guarantor prior to such avoidance or recovery, or (b) full payment and performance of all of the indebtedness and obligations evidenced and secured by the Loan Documents and under or in connection with any Derivatives Contract between Borrower and Agent or any Lender.

13.**<u>ADDITIONAL, INDEPENDENT AND UNSECURED OBLIGATIONS</u>**. This Guaranty is a continuing guaranty of payment and not of collection and cannot be revoked by Guarantor and shall continue to be effective with respect to any indebtedness referenced in Section 1, Section 2 or Section 3 hereof arising or created after any attempted revocation hereof or after the death of Guarantor (if Guarantor is a natural person, in which event this Guaranty shall be binding upon Guarantor's estate and Guarantor's legal representatives and heirs). The obligations of Guarantor hereunder shall be in addition to and shall not limit or in any way affect the obligations of Guarantor under any other existing or future guaranties unless said other guaranties are expressly modified or revoked in writing. This Guaranty is independent of the obligations of Borrowers under the Revolving Note and the other Loan Documents and under or in connection with any Derivatives Contract between Borrower and Agent or any Lender. Agent may bring a separate action to enforce the provisions hereof against Guarantor without taking action against any Borrower or any other party or joining any Borrower or any other party as a party to such action. Except as otherwise provided in this Guaranty, this Guaranty is not secured and shall not be deemed to be secured by any security instrument unless such security instrument expressly recites that it secures this Guaranty.

14.**<u>CREDIT REPORTS</u>**. Each legal entity and individual obligated on this Guaranty hereby authorizes Agent to order and obtain, at Agent's expense, from a credit reporting agency of Agent's choice, a third party credit report on such legal entity and individual.

15.**<u>ENFORCEABILITY</u>**. Guarantor hereby acknowledges that: (a) the obligations undertaken by Guarantor in this Guaranty are complex in nature, and (b) numerous possible defenses to the enforceability of these obligations may presently exist and/or may arise hereafter, and (c) as part of Agent's consideration for entering into this transaction and any Derivatives Contract between Borrower and Agent or any Lender, Agent has specifically bargained for the waiver and relinquishment by Guarantor of all such defenses, and (d) Guarantor has had the opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type contemplated herein. Given all of the above, Guarantor does hereby represent and confirm to Agent that Guarantor is fully informed regarding, and that Guarantor does thoroughly understand: (i) the nature of all such possible defenses, and (ii) the circumstances under which such defenses may arise, and (iii) the benefits which such defenses might confer upon Guarantor, and (iv) the legal consequences to Guarantor of waiving such defenses. Guarantor acknowledges that Guarantor makes this Guaranty with the intent that this Guaranty and all of the informed waivers herein shall each and all be fully enforceable by Agent, and that Agent is induced to enter into this transaction in material reliance upon the presumed full enforceability thereof.

16.**<u>ACKNOWLEDGEMENT REGARDING ANY SUPPORTED QFCS.</u>**

To the extent that the Loan Documents or any Other Related Document provide support, through a guarantee or otherwise, for a Swap Agreement or any other agreement or instrument that is a QFC (as hereinafter defined) (such support, "**<u>QFC Credit Support</u>**" and each such QFC a "**<u>Supported QFC</u>**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**<u>U.S. Special Resolution Regimes</u>**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents, any Other Related Document and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event a Covered Entity (as hereinafter defined) that is party to a Supported QFC (each, a "**<u>Covered Party</u>**") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate (as hereinafter defined) of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as hereinafter defined) under the Loan Documents or any Other Related Document that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents, or any Other Related Document, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;As used in this <u>Section</u> **<u>16</u>**, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"**<u>BHC Act Affiliate</u>**" - of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;"**<u>Covered Entity</u>**" - means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"**<u>Default Right</u>**" - has the meaning ascribed to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;"**<u>QFC</u>**" - has the meaning ascribed to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

17.**<u>MISCELLANEOUS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1**<u>Notices</u>**. All notices, demands, or other communications under this Guaranty and the other Loan Documents shall be in writing and shall be delivered to the appropriate party at the address set forth below (subject to change from time to time by written notice to all other parties to this Guaranty). All notices, demands or other communications shall be considered as properly given if delivered personally or sent by first class United States Postal Service mail, postage prepaid, or by Overnight Express Mail or by overnight commercial courier service, charges prepaid, except that notice of Event of Default may be sent by certified mail, return receipt requested, charges prepaid. Notices so sent shall be effective three (3) days after mailing, if mailed by first class mail, and otherwise upon delivery or refusal; <u>provided</u>, <u>however</u>, that non-receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. For purposes of notice, the address of the parties shall be:

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| | |
|:---|:---|
| Guarantor: | RREEF Property Trust, Inc.<br>101 California Street, 26<sup>th</sup> Floor<br>San Francisco, CA 94111<br>Attention: Eric Russell |
| With a copy to: | Alston & Bird LLP<br>1201 West Peachtree Street<br>Atlanta, Georgia 30309-3424<br>Attention: Jason W. Howard |
| Agent: | Wells Fargo Bank, National Association<br>90 S 7th St, 5th Floor<br>Minneapolis, MN 55402-3903<br>Attention: Jason Radel<br>With a copy to:<br>Wells Fargo Bank, National Association<br>10 South Wacker Drive, 20th floor<br>Chicago, IL 60606 <br>Attention: Elaine Ng |

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Any party shall have the right to change its address for notice hereunder to any other location within the continental United States by the giving of thirty (30) days notice to the other party in the manner set forth hereinabove.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2**<u>Attorneys' Fees and Expenses; Enforcement</u>**. If any attorney is engaged by Agent to enforce or defend any provision of this Guaranty, or as a consequence of any Event of Default under the Loan Documents, or an Event of Default under or in connection with, and as defined in, any Derivatives Contract between Borrower and Agent or any Lender, with or without the filing of any legal action or proceeding, and including, without limitation, any fees and expenses incurred in any bankruptcy proceeding or in connection with any appeal of a lower court decision, then Guarantor shall immediately pay to Agent, upon demand, the amount of all reasonable attorneys' fees and expenses and all costs incurred in connection therewith, including all trial and appellate proceedings in any legal action, suit, bankruptcy or other proceeding, together with interest thereon from the date of such demand until paid at the highest rate of interest applicable to the principal balance under the Notes as specified therein. In the event of any legal proceedings, court costs and reasonable attorneys' fees shall be set by the court and not by jury and shall be included in any judgment obtained by Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3**<u>No Waiver</u>**. No previous waiver and no failure or delay by Agent in acting with respect to the terms of the Revolving Note or this Guaranty shall constitute a waiver of any breach, default, or failure of condition under any Note or this Guaranty or the obligations secured thereby. A waiver of any term of any Revolving Note or this Guaranty or of any of the obligations secured thereby must be made in writing and shall be limited to the express written terms of such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4**<u>Loan Sales and Participation; Disclosure of Information</u>**. Guarantor agrees that Agent may elect, at any time, to sell, assign or grant participation in all or any portion of Agent's rights and obligations under the Loan Documents and this Guaranty, and that any such sale, assignment or participation may be to one or more Eligible Assignees ("**<u>Participant</u>**"), in accordance with the terms of the Loan Agreement. Guarantor further agrees that Agent may disseminate to any such actual or potential purchaser(s), assignee(s) or participant(s) all documents and information (including, without limitation, all financial information) which has been or is hereafter provided to or known to Agent with respect to: (a) the Properties and their operation; (b) any party connected with the Loan (including, without limitation, any Borrower, any partner, shareholder, joint venturer, manager or member of any Borrower, any constituent partner, shareholder, joint venturer, manager or member of any Borrower, any Guarantor, and any Indemnitor and any other guarantor); and/or (c) any lending relationship other than the Loan which Agent may have with any party

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

connected with the Loan, provided that each of such parties agrees to maintain the confidential nature of such information prior to receiving access to same. In the event of any such sale, assignment or participation, Agent and the parties to such transaction shall share in the rights and obligations of Agent as set forth in the Loan Documents only as and to the extent they agree among themselves. In connection with any such sale, assignment or participation, Guarantor further agrees that this Guaranty shall be sufficient evidence of the obligations of Guarantor to each purchaser, assignee, or participant, and upon written request by Agent, at no cost to Guarantor, Guarantor shall consent to such amendments or modifications to the Loan Documents and Other Related Documents as may be reasonably required in order to evidence any such sale, assignment or participation; <u>provided</u>, <u>however</u>, in no event shall such amendments or modifications increase any obligation to any Borrower, Guarantor or Indemnitor under the Loan Documents or the Other Related Documents and/or decrease any rights of any Borrower, Guarantor or Indemnitor under the Loan Documents or the Other Related Documents..

Anything in this Guaranty to the contrary notwithstanding, and without the need to comply with any of the formal or procedural requirements of this Guaranty, including this Section, any Lender may at any time and from time to time pledge and assign all or any portion of its rights under all or any of the Loan Documents to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from its obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5**<u>Waiver of Right to Trial by Jury</u>. TO THE EXTENT PERMITTED BY APPLICABLE STATE LAW, EACH PARTY TO THIS GUARANTY, AND BY ITS ACCEPTANCE HEREOF, AGENT, HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY AND AGENT HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS GUARANTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO AND AGENT TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDERS TO MAKE THE LOAN TO BORROWER.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6**<u>Severability</u>**. If any provision or obligation under this Guaranty shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed from this Guaranty and the validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7**<u>Successors and Assigns</u>**. Except as otherwise expressly provided under the terms and conditions herein, the terms of this Guaranty shall bind and inure to the benefit of the successors and permitted assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8**<u>Time</u>**. Time is of the essence of each and every term herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9**<u>Governing Law And Consent To Jurisdiction</u>**. This Guaranty and any claim, controversy or dispute arising under or related to this Guaranty, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties will be governed by, and construed and enforced in accordance with, the laws of New York without regard to any conflicts of law principles, except to the extent preempted by federal laws. Guarantor and all persons and entities in any manner obligated to Agent under the Loan Documents consent to the jurisdiction of any federal or state court within New York

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

having proper venue and also consent to service of process by any means authorized by New York or federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10**<u>Survival</u>**. Subject to the terms of Section 1 hereof, this Guaranty shall be deemed to be continuing in nature and shall remain in full force and effect and shall survive the exercise of any remedy by Agent under the Security Deeds or any of the other Loan Documents, including without limitation any foreclosure or deed in lieu thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11**<u>Joint and Several Liability</u>**. THE LIABILITY OF THE GUARANTOR HEREUNDER SHALL BE JOINT AND SEVERAL WITH THE BORROWERS AND ALL OTHER GUARANTORS OF BORROWERS' OBLIGATIONS UNDER THE NOTES AND LOAN DOCUMENTS AND ANY OBLIGATIONS UNDER OR IN CONNECTION WITH ANY DERIVATIVES CONTRACT BETWEEN BORROWER AND AGENT OR ANY LENDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.12**<u>Headings</u>**. All article, section or other headings appearing in this Guaranty are for convenience of reference only and shall be disregarded in construing this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13**<u>Defined Terms</u>**. Unless otherwise defined herein, capitalized terms used in this Guaranty shall have the meanings attributed to such terms in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14**<u>Rules Of Construction</u>**. The words "Borrower" and "Borrowers" as used herein shall include both the named Borrowers and any other person at any time assuming or otherwise becoming primarily liable for all or any part of the obligations of the named Borrowers under the Notes and the other Loan Documents. The term "person" as used herein shall include any individual, company, trust or other legal entity of any kind whatsoever. If this Guaranty is executed by more than one person, the term "Guarantor" shall include all such persons. The word "Agent" as used herein shall include Agent, its successors, assigns and affiliates and the word "Lender" as used herein shall include each Lender and the respective successors, assigns and affiliates of each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.15**<u>Use Of Singular And Plural; Gender</u>**. When the identity of the parties or other circumstances make it appropriate, the singular number includes the plural, and the masculine gender includes the feminine and/or neuter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.16**<u>Exhibits, Schedules And Riders</u>**. All exhibits, schedules, riders and other items attached hereto are incorporated into this Guaranty by such attachment for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.17**<u>Integration; Interpretation</u>**. This Guaranty contains the entire agreement of the parties with respect to the matters contemplated hereby and supersedes all prior negotiations or agreements, written or oral. This Guaranty shall not be modified except by written instrument executed by all parties.

[SIGNATURE PAGE FOLLOWS]

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&nbsp;&nbsp;&nbsp;&nbsp;LOAN NUMBER 1013159

IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the date appearing on the first page of this Guaranty.

**"**GUARANTOR**"**<br>RREEF PROPERTY TRUST, INC., a Maryland corporation<br>By: <u>/s/ Anne-Marie Vandenberg</u> <br>Name: Anne-Marie Vandenberg<br>Title: Chief Executive Officer, President<br>

<br>