Document:

Exhibit 10.31

 

This instrument prepared by

and when recorded, return to:

 

Kilpatrick Townsend & Stockton LLP

1100 Peachtree Street, Suite 2800

Atlanta, Georgia 30309

Attn: Real Estate - Capital Markets (MAP)

Ref: Berkadia/Shops at Shelby Crossing (ARC)

(33979/912681)

 

Tax Parcel ID No. C-26-34-28-040-0010-0010

ABOVE SPACE FOR RECORDER'S
USE

 

Berkadia Loan No. 01-0085535

 

ASSUMPTION AND RELEASE AGREEMENT

 

THIS ASSUMPTION AND RELEASE
AGREEMENT (this "Agreement") is entered into and made effective as of the 5th day of September,
2014 (the "Effective Date"), by and among SEBRING LANDING, LLC, a Delaware limited liability company
("Original Borrower"), with a mailing address at 15436 North Florida Avenue, Suite 200, Tampa, FL 33613,
Attn: James D. Palermo, Esquire, DEBARTOLO REAL ESTATE INVESTMENTS, LLC, a Florida limited liability company, whose address
is 15436 North Florida Avenue, Suite 200, Tampa, FL 33613, Attn: James D. Palermo, Esquire ("Original Guarantor"
and together with Original Borrower, "Original Indemnitors"), ARC SSSEBFL001, LLC, a Delaware
limited liability company ("New Borrower"), with a mailing address at c/o American Realty Capital, 405
Park Avenue, 14th Floor, New York, New York 10022, Attention: Jesse C. Galloway, Esq., AMERICAN REALTY CAPITAL –
RETAIL CENTERS OF AMERICA, INC., a Maryland corporation, and AMERICAN REALTY CAPITAL RETAIL OPERATING PARTNERSHIP, L.P.,
a Delaware limited partnership (each individually and collectively, "New Guarantor", and together with
New Borrower, "New Indemnitor"), with a mailing address at c/o American Realty Capital, 405 Park Avenue,
14th floor, New York, New York 10022, Attention: Jesse C. Galloway, Esq., and WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee on behalf of the Registered Holders of GS Mortgage Securities
Corporation II, Commercial Mortgage Pass-Through Certificates Series
2014-GC20 ("Lender"), with a mailing address at c/o Berkadia Commercial Mortgage LLC, 118 Welsh
Road, Horsham, Pennsylvania 19044, Attn. Client Relations Manager for Loan No. 01-0085535 ("Berkadia").

 

RECITALS:

 

The following recitals
are a material part of this Agreement:

 

A.           Goldman
Sachs Mortgage Company, a New York limited partnership ("Original Lender"), made a real estate loan (the
"Loan") to Original Borrower, which Loan is evidenced by that certain Amended, Restated, Consolidated and
Increased Promissory Note dated March 6, 2014, from Original Borrower in the original principal amount of Twenty-four Million Four
Hundred Thousand and No/100 Dollars ($24,400,000.00) (together with all addenda, modifications, amendments, riders, exhibits and
supplements thereto, the "Note"). The Loan is evidenced, governed and/or secured by the following agreements
and documents, all executed

 

    	 

    	 

    

 

and delivered by the
Original Borrower for the benefit of Original Lender, unless otherwise stated:

 

1.          that
certain Amended and Restated Mortgage, Assignment of Rents and Leases, Collateral Assignment of Property Agreements, Security Agreement
and Fixture Filing dated of even date with the Note (together with all addenda, modifications, amendments, riders, exhibits and
supplements thereto, the "Security Instrument"), recorded on March 7, 2014, in Book 2419, Page 162 in the
official land records of Highlands County, Florida (the "Recorder's Office"), encumbering the real property
described on Exhibit A attached hereto and by this reference incorporated herein and as more particularly described
in the Security Instrument (together with all other property, real and personal, encumbered by the Security Instrument, the "Property").

 

2.          that
certain Loan Agreement dated of even date with the Note (together with all addenda, modifications, amendments, riders, exhibits
and supplements thereto, the "Loan Agreement").

 

3.          that
certain Mortgage Loan Cooperation Agreement dated of even date with the Note executed by Original Borrower and Original Guarantor
in favor of Original Lender.

 

4.          that
certain Cash Management Agreement dated of even date with the Note executed by and among Original Borrower, Original Lender, and
Wells Fargo Bank, National Association, as the Cash Management Bank thereunder (together with all addenda, modifications, amendments,
riders, exhibits and supplements thereto, the "Cash Management Agreement").

 

B.           In
connection with the Loan, Original Borrower and/or Original Guarantor also executed and delivered, or caused to be executed and
delivered, the following agreements and documents for the benefit of Original Lender:

 

1.          those
certain UCC Financing Statements naming Original Borrower as debtor therein, and Original Lender as secured party therein, and
filed in the Recorder's Office and in the public records of the Secretary of State of Delaware; and

 

2.          that
certain Environmental Indemnity Agreement dated of even date with the Note (the "Original Environmental Indemnity"),
executed by Original Indemnitors;

 

3.          that
certain Guaranty dated of even date with the Note (the "Original Guaranty"), executed by Original Guarantor;

 

4.          that
certain Consent and Agreement of Manager and Subordination of Management Agreement dated of even date with the Note, executed by
Original Borrower and Continental Real Estate Companies Commercial Properties Corp., a Florida corporation, as the Manager thereunder,
in favor of Original Lender;

 

5.          that
certain Deposit Account Control Agreement (Hard Lockbox) dated of even date with the Note, executed by Original Borrower, Original
Lender, and Wells Fargo

 

    	 

    	 

    

 

Bank, National Association,
as the Bank thereunder ("Existing Depository Bank"); (the "Existing DACA - Hard Lock Box");
and

 

6.          that
certain Deposit Account Control Agreement (Access Restricted After Notice) dated of even date with the Note, executed by Original
Borrower, Original Lender, and Wells Fargo Bank, National Association, as the Bank thereunder (the "Existing DACA -
Access Restricted After Notice").

 

The agreements and documents set forth
in Recital A and Recital B above are hereinafter referred to collectively as the "Original Borrower's Loan Documents."

 

C.           Upon
the Effective Date, New Borrower or New Guarantor, or both of them, as applicable, are executing and delivering, or are causing
to be delivered, to Lender the following documents, all dated as of the Effective Date:

 

1.          those
certain UCC Financing Statements naming New Borrower as debtor therein and naming Lender as secured party therein, to be filed
in the Recorder's Office and the public records of the Secretary of State of Delaware;

 

2.          that
certain Environmental Indemnity Agreement executed by New Borrower and New Guarantor in favor of Lender (the "New Environmental
Indemnity");

 

3.          that
certain Guaranty (the "New Guaranty") executed by New Guarantor in favor of Lender;

 

4.          that
certain Consent and Agreement of Manager and Subordination of Management Agreement executed by Lincoln Retail REIT Services, LLC,
a Delaware limited liability company, and New Borrower for the benefit of Lender;

 

5.          that
certain First Amendment to Cash Management Agreement executed by New Borrower, Wells Fargo Bank, National Association, and Lender;

 

6.          that
certain Deposit Account Control Agreement, or similar document acceptable to Lender, by and among New Borrower, Wells Fargo Bank,
National Association, and Lender; and

 

7.          this
Agreement.

 

The agreements and documents set forth
in Recital A and Recital C above, together with all other documents evidencing, securing or otherwise pertaining to the Loan (other
than the documents and agreements set forth in Recital B), and such other agreements and documents as Lender may reasonably require,
are hereinafter referred to collectively as the "Loan Documents," and individually as a "Loan
Document."

 

D.           Original
Lender assigned, sold and transferred its interest in the Loan and the Original Borrower's Loan Documents to Lender pursuant to
certain assignment documents including, without limitation, that certain Assignment of Amended and Restated Mortgage, Assignment
of Rents and Leases, Collateral Assignment of Property Agreements, Security

 

    	 

    	 

    

 

Agreement and Fixture
Filing recorded in Book 2426, Page 24 in the Recorder's Office, and Lender is the current holder of all of Original Lender's interest
in the Loan and the Original Borrower's Loan Documents.

 

E.           Lender,
as the holder of the Note and beneficiary under the Security Instrument, has been asked to consent to the transfer of the Property
to New Borrower (the "Transfer") and the assumption by New Borrower and New Guarantor of the obligations
of Original Borrower and Original Guarantor, respectively, under the Loan Documents (the "Assumption").

 

F.           Lender,
acting by and through its servicer Berkadia, has agreed to consent to the Transfer and the Assumption subject to the terms and
conditions stated below, including, without limitation, the execution and delivery of the agreements and documents set forth in
Recital C above and such other documents and instruments as may be reasonably required by Lender.

 

G.           Unless
the context requires otherwise, references in this Agreement to the Original Borrower's Loan Documents shall be deemed to refer
to such documents as amended by this Agreement, and as such documents and the other Loan Documents may be further amended, modified,
extended or replaced from time to time.

 

CONTRACTUAL PROVISIONS:

 

NOW, THEREFORE, in consideration
of the Recitals, which are incorporated herein as if set forth below in full as a substantive, contractual part of this Agreement,
and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.             Acknowledgement
of Debt.

 

(a)          Original
Borrower and New Borrower confirm and acknowledge that the outstanding principal balance under the Note immediately prior to the
Effective Date is $24,259,403.59, and the balances of all reserve and escrow accounts required under the Loan Documents are set
forth on Schedule 1, attached hereto and made a part hereof. New Borrower declares and acknowledges, for the specific
reliance and benefit of Lender, that (i) New Borrower has no right, claim, defense or right of offset of any kind or in any
amount with respect to the Note, the Security Instrument or any of the other Loan Documents, and (ii) no amounts paid by New
Borrower or Original Borrower to Lender pursuant to or in connection with the execution and delivery of this Agreement pursuant
to Section 17 of this Agreement or similar amounts so paid shall be applied to or set off against the principal balance
of the Note.

 

(b)          The
parties acknowledge and agree that Lender shall continue to hold the balances in cash management, lock box, escrow and reserve
accounts, if any (collectively referred to in this subparagraph (b) as the "Accounts"; which Accounts shall not include
the existing Operating Account of Original Borrower), in accordance with the terms of the Loan Documents. Original Borrower and
Original Guarantor covenant and agree that Lender has no further duty or obligation of any nature to Original Borrower or Original
Guarantor relating to the Accounts, all of which Original Borrower does hereby assign, transfer and convey to New Borrower, that
Original Borrower has no right to, and shall not, withdraw funds from the Accounts, and that any funds to be allocated to or deposited
in the Operating Account pursuant

 

    	 

    	 

    

 

to the terms of the Loan
Documents from and after the Effective Date will be allocated to or deposited in New Borrower's Operating Account. All Accounts
held by Lender in connection with the Loan Documents shall, from and after the Effective Date, be for the account of New Borrower.

 

2.             Conditions
Precedent; Consent to Transfer.

 

(a)          Original
Borrower represents and warrants to Lender as of the Effective Date that Original Borrower has satisfied all requirements in connection
with the assumption of the Loan set forth in the Original Borrower's Loan Documents and that certain conditional consent letter
issued by Berkadia and executed by Original Borrower and New Borrower.

 

(b)          In
reliance upon the representations, warranties and covenants set forth herein by Original Borrower, Original Guarantor, New Borrower
and New Guarantor, Lender hereby consents to the Transfer and the Assumption and waives its right to declare an Event of Default
or accelerate the Loan pursuant to any provision of the Original Borrower's Loan Documents which might otherwise provide such right
to Lender solely on account of such Transfer and Assumption. Lender's consent to the Transfer and the Assumption is not intended
to be and shall not be construed as a consent to any subsequent transfer or assumption which requires Lender's consent pursuant
to the terms of the Security Instrument or any other Loan Document.

 

(c)          New
Borrower hereby authorizes the Lender to file any and all UCC financing statements and UCC financing statement amendments (naming
New Borrower as "Debtor" and Lender as "Secured Party") as Lender may deem necessary from time to time, including,
without limitation, financing statements containing the description "all assets of Debtor" or "all personal property
of Debtor" or similar language.

 

3.             Assumption
of Obligations. As of the Effective Date, Original Borrower does hereby assign, transfer and convey to New Borrower all of
its right, title and interest in and to the Loan Documents, and New Borrower hereby unconditionally assumes the Loan Documents
and agrees to comply with all covenants and obligations therein, including, without limitation, the obligation to pay the unpaid
balance due and owing on the Loan and all interest thereon. Without limiting the foregoing, New Borrower agrees to keep and observe
all of the covenants, terms and conditions required to be kept, observed and performed pursuant to the Note, the Security Instrument
and all of the other Loan Documents, to the same effect as if New Borrower was the original maker of, and a party to, the Loan
Documents including, but not limited to, payment of all sums presently outstanding under the Note. New Borrower hereby adopts,
ratifies and confirms as of the Effective Date the covenants of Original Borrower contained in the Loan Documents, and makes, with
respect to itself and the Property, the representations and warranties of the "Borrower" as set forth under the Loan
Documents to the extent same are applicable to New Borrower, the Loan, or the Property (including the use, enjoyment, operation,
and occupancy thereof) as of the date of this Agreement (including the representations and warranties set forth in Article 4 of
the Loan Agreement (other than those set forth in Section 4.1(b) and in Section 4.18)). New Borrower hereby grants to Lender a
security interest in its respective right, title and interest in, to and under the Property.

 

    	 

    	 

    

 

4.             Limited
Release of Original Borrower and Original Guarantor; Reaffirmation.

 

(a)          In
reliance upon the representations, warranties and covenants set forth herein by Original Borrower, Original Guarantor, New Borrower
and New Guarantor, Lender hereby releases: (i) Original Borrower from any liability for repayment of the principal and interest
under the terms of the Note, the Security Instrument and the other Original Borrower's Loan Documents, and other obligations under
the Original Borrower's Loan Documents, to the extent such obligations arise from matters not otherwise caused by it (or them)
first occurring from and after the Effective Date; and (ii) Original Guarantor from any liability under the Original Guaranty and
the Original Environmental Indemnity to the extent arising from matters not otherwise caused by either of them first occurring
from and after the Effective Date. Lender hereby reserves all rights it may have against Original Borrower and Original Guarantor
for acts, omissions or events occurring prior to the Effective Date.

 

(b)          The
release of Original Borrower and Original Guarantor provided for in Section 4(a) above shall be deemed withdrawn and shall
have no effect to the extent that this Agreement is held to be void or is determined to be unenforceable by any court in a final
non-appealable order as a result of any action or inaction by or on behalf of Original Borrower or Original Guarantor, or if any
representation or warranty by Original Borrower or Original Guarantor made in connection with this Agreement is false or misleading
in any material respect when made. In all cases, Original Borrower and Original Guarantor, as applicable, shall bear the burden
of proof on the issue of the time at which an act or event first occurred or an obligation first arose which is the subject of
claimed liability under any of the Loan Documents.

 

(c)          Notwithstanding
anything to the contrary contained herein, and subject to the release contained in Section 4(a) hereof, Original Borrower
and Original Guarantor do hereby ratify and confirm their respective obligations under the Original Borrower's Loan Documents to
the extent arising or resulting from acts, omissions or events occurring prior to the Effective Date.

 

5.             Representations.

 

(a)          New
Borrower represents and warrants to Berkadia and Lender as of the Effective Date that:

 

(i)          New
Borrower is duly organized, validly existing and in good standing under the laws of its state of formation or organization and
is duly qualified and authorized to conduct business in the State in which the Property is located, and has full power and authority
to own, lease and operate the Property, and to conduct its affairs as now being conducted and as proposed to be conducted;

 

(ii)         This
Agreement and the other documents executed in connection herewith have been duly executed and delivered by New Borrower. This Agreement
and the Loan Documents to which New Borrower is a party, by assumption or otherwise, constitute legal, valid and binding obligations
of New

 

    	 

    	 

    

 

Borrower, enforceable
against New Borrower in accordance with their respective terms, subject to bankruptcy, insolvency and other similar laws affecting
the rights of creditors generally;

 

(iii)        New
Borrower has received and reviewed copies of all of the Loan Documents;

 

(iv)        Neither
New Borrower, New Guarantor nor, to New Borrower's current, actual knowledge, any person owning membership interests in New Borrower
or, as applicable, stock or partnership interests in New Guarantor (except that New Borrower's knowledge shall not require any
investigation into ownership of publicly traded stock or other publicly traded securities), is a country, territory, individual
or entity named on a list maintained by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC"),
or is a Specially Designated National or Blocked Person under the programs administered by OFAC;

 

(v)         No
equity interest in New Borrower has been pledged, hypothecated or otherwise encumbered as security for any obligation, no closing
funds paid in connection with the closing of the Transfer and Assumption are secured, directly or indirectly, by an interest in
New Borrower or by any collateral assigned to Lender or otherwise securing the Loan (and, without limitation, no seller financing
is being provided in connection with the Transfer and Assumption), and no capital contributed to New Borrower was made in the form
of a loan;

 

(vi)        There
is no litigation or other proceeding against New Borrower pending or overtly threatened, by written communication to New Borrower,
wherein an unfavorable decision would be reasonably expected to result in a Material Adverse Effect (including a material adverse
change in the financial condition of New Borrower);

 

(vii)       New
Borrower has full power and authority to enter into, execute, deliver and perform this Agreement and the other Loan Documents contemplated
herein to which it is a party and such execution, delivery and performance (A) have been duly and validly authorized by all necessary
limited liability company actions on the part of New Borrower, (B) does not conflict with or result in a violation of New Borrower's
organizational documents or any judgment, order or decree of any court or arbiter in any proceeding to which New Borrower is a
party, and (C) does not conflict with, or constitute a material breach of, or constitute a material default under, any contract,
agreement or other instrument by which New Borrower is bound or to which New Borrower is a party, which, in any of the foregoing
cases, would be reasonably expected to result in a Material Adverse Effect (including a material adverse change in the financial
condition of New Borrower);

 

    	 

    	 

    

 

(viii)      There
is no bankruptcy, receivership or insolvency proceeding pending or threatened against New Borrower; and

 

(ix)         No
proceeding is pending for the dissolution or annulment of New Borrower, and all license, income and franchise taxes due and payable
by New Borrower have been paid in full.

 

(b)          Each
New Guarantor individually represents and warrants with respect to itself to Berkadia and Lender as of the Effective Date
that:

 

(i)          Such
New Guarantor is duly organized, validly existing and in good standing under the laws of the state of its formation and has full
power and authority to conduct its affairs as now being conducted and as proposed to be conducted;

 

(ii)         This
Agreement, the New Guaranty, the New Environmental Indemnity and the other documents executed by such New Guarantor in connection
herewith have been duly executed and delivered by it. This Agreement, the New Guaranty, the New Environmental Indemnity and such
other documents constitute such New Guarantor's legal, valid and binding obligations, enforceable against such New Guarantor in
accordance with their respective terms, subject to bankruptcy, insolvency and other similar laws affecting the rights of creditors
generally;

 

(iii)        Such
New Guarantor has received and reviewed copies of all of the Loan Documents;

 

(iv)        There
is no litigation or other proceeding against such New Guarantor pending or overtly threatened, by written communication to such
New Guarantor, wherein an unfavorable decision would be reasonably expected to result in a Material Adverse Effect (including a
material adverse change in the financial condition of such New Guarantor);

 

(v)         Such
New Guarantor has full power and authority to enter into, execute, deliver and perform this Agreement and the other Loan Documents
contemplated herein to which it is a party, and such execution, delivery and performance: (A) have been duly and validly authorized
by all necessary corporate or partnership, as applicable, actions on the part of such New Guarantor; (B) does not conflict
with or result in a violation of such New Guarantor's organizational documents or any judgment, order or decree of any court or
arbiter in any proceeding to which such New Guarantor is a party which conflict would be reasonably expected to result in a Material
Adverse Effect (including a material adverse change in the financial condition of such New Guarantor); and (C) does not conflict
with, or constitute a material breach of, or constitute a material default under, any contract, agreement or other instrument by
which such New Guarantor is bound or to which such New Guarantor is a party, which, with respect to any such conflict, material
breach or material default,

 

    	 

    	 

    

 

would be reasonably
expected to result in a Material Adverse Effect (including a material adverse change in the financial condition of such New Guarantor);

 

(vi)        There
is no bankruptcy, receivership or insolvency proceeding pending or threatened against such New Guarantor; and

 

(vii)       No
proceeding is pending for the dissolution or annulment of such New Guarantor, and all license, income and franchise taxes due and
payable by such New Guarantor have been paid in full.

 

(c)          Original
Borrower represents and warrants to Berkadia, Lender and New Borrower as of the Effective Date that:

 

(i)          Contemporaneously
with the execution and delivery hereof, Original Borrower has conveyed and transferred the Property to New Borrower;

 

(ii)         Contemporaneously
with the execution and delivery hereof, Original Borrower has assigned and transferred to New Borrower the Tenant Leases (as hereinafter
defined), and Original Borrower has retained no rights therein or thereto;

 

(iii)        Original
Borrower has not received a security instrument or security agreement from New Borrower encumbering the Property to secure the
payment of any sums due Original Borrower or obligations to be performed by New Borrower;

 

(iv)        There
exist no defenses, offsets or counterclaims by Original Borrower to this Agreement or the Original Borrower's Loan Documents;

 

(v)         There
are no defaults by Original Borrower under the provisions of Original Borrower's Loan Documents executed or assumed by Original
Borrower, nor are there any conditions which with the giving of notice or the passage of time or both may constitute a default
by Original Borrower under the provisions of the Original Borrower's Loan Documents;

 

(vi)        The
Original Borrower's Loan Documents are in full force and effect;

 

(vii)       There
are no subordinate liens of any kind covering or relating to the Property, nor are there any mechanics' liens or liens for delinquent
taxes or assessments encumbering the Property, nor has notice of a lien or notice of intent to file a lien been received;

 

(viii)      To
Original Borrower's knowledge, there are no pending or threatened condemnation or annexation proceedings affecting the Property,
or any agreements to convey any portion of the Property or any rights thereto not

 

    	 

    	 

    

 

disclosed in
this Agreement, including, without limitation, to any governmental agency;

 

(ix)         The
certified rent roll for the Property provided to Lender of even date herewith, is a true, complete and accurate list of all tenant
leases ("Tenant Leases" or individually a "Tenant Lease") affecting the Property
as of the Effective Date hereof;

 

(x)          There
is no litigation or other proceeding against Original Borrower or the Property pending or overtly threatened, by written communication
to Original Borrower, wherein an unfavorable decision might reasonably result in a Material Adverse Effect (including a material
adverse change in the financial condition of Original Borrower);

 

(xi)         There
is no bankruptcy, receivership or insolvency proceeding pending or threatened against Original Borrower;

 

(xii)        No
proceeding is pending for the dissolution or annulment of Original Borrower, and all license, income and franchise taxes due and
payable by Original Borrower have been paid in full; and

 

(xiii)       Original
Borrower has full power and authority to enter into, execute, deliver and perform this Agreement and such execution, delivery and
performance (A) have been duly and validly authorized by all necessary actions on the part of Original Borrower, (B) does not conflict
with or result in a violation of Original Borrower's organizational documents or any judgment, order or decree of any court or
arbiter in any proceeding to which Original Borrower is a party, and (C) does not conflict with, or constitute a material breach
of, or constitute a material default under, any contract, agreement or other instrument by which Original Borrower is bound or
to which Original Borrower is a party.

 

(d)          Original
Guarantor represents and warrants to Berkadia and Lender as of the Effective Date that:

 

(i)          As
of the Effective Date, there is no Event of Default or event which with the passage of time or the giving of notice, or both, would
constitute an Event of Default under the Loan Documents executed or assumed by Original Guarantor;

 

(ii)         The
Original Borrower's Loan Documents executed by Original Guarantor are in full force and effect;

 

(iii)        There
is no litigation or other proceeding against Original Guarantor pending or overtly threatened, by written communication to Original
Guarantor, wherein an unfavorable decision might reasonably result in a Material Adverse Effect (including a material adverse change
in the financial condition of Original Guarantor);

 

    	 

    	 

    

 

(iv)        Original
Guarantor has full power and authority to enter into, execute, deliver and perform this Agreement, and such execution, delivery
and performance (A) have been duly and validly authorized by all necessary action on the part of Original Guarantor, (B) does not
conflict with or result in a violation of Original Guarantor's organizational documents or any judgment, order or decree of any
court or arbiter in any proceeding to which Original Guarantor is a party, and (C) does not conflict with, or constitute a material
breach of, or constitute a material default under, any contract, agreement or other instrument by which Original Guarantor is bound
or to which Original Guarantor is a party;

 

(v)         There
is no bankruptcy, receivership or insolvency proceeding pending or threatened against Original Guarantor; and

 

(vi)        No
proceeding is pending for the dissolution or annulment of Original Guarantor, and all license, income and franchise taxes due and
payable by Original Guarantor have been paid in full.

 

(e)          Berkadia
and Lender represent and warrant to New Borrower as of the Effective Date that:

 

(i)          Lender
is the current holder of the entirety of the Loan and the Original Borrower's Loan Documents;

 

(ii)         There
are no defaults by Original Borrower under the provisions of Original Borrower's Loan Documents executed or assumed by Original
Borrower, nor are there any conditions which with the giving of notice or the passage of time or both may constitute a default
by Original Borrower under the provisions of the Original Borrower's Loan Documents.

 

6.          Financial
Information. New Borrower and New Guarantor hereby each represents and warrants to Lender that all information and materials
regarding New Guarantor, New Borrower and their affiliates provided by or on behalf of New Borrower and New Guarantor to Berkadia
were true and correct in all material respects as of the date of delivery thereof and remain materially true and correct as
of the Effective Date.

 

7.          Addresses.
Lender, New Borrower and New Guarantor agree that all notice provisions contained in the Loan Documents are hereby modified to
amend the notice addresses for Lender, New Borrower and New Guarantor, and that, from and after the Effective Date, the notice
addresses for Lender, New Borrower and New Guarantor are as set forth in the preamble to this Agreement.

 

8.          Additional
Modifications to Loan Documents. On and subject to the terms and conditions of this Agreement and in strict reliance on the
representations, warranties, acknowledgements and covenants set forth in this Agreement, the Loan Documents are hereby modified
and amended as set forth on Schedule 2 attached hereto and incorporated herein by this reference.

 

    	 

    	 

    

 

9.          Release
of Berkadia and Lender. Original Borrower, New Borrower, Original Guarantor and New Guarantor hereby each unconditionally
and irrevocably releases and forever discharges Berkadia, Lender and their respective successors, assigns, agents, directors, officers,
employees, and attorneys (collectively, the "Indemnitees") from all Claims, as hereinafter defined, and
agrees, individually, on behalf of itself only, to indemnify the Indemnitees, hold the Indemnitees harmless, and defend the Indemnitees
with counsel reasonably acceptable to the Indemnitees from and against any and all claims, losses, causes of action, costs and
expenses of every kind or character in connection with the Claims and/or the transfer of the Property in connection with this Agreement.
As used in this Agreement, the term "Claims" shall mean any and all possible claims, demands, actions, costs, expenses
and liabilities whatsoever, known or unknown, at law or in equity, originating in whole or in part on or before the Effective Date,
which the applicable individual indemnifying party (Original Borrower, New Borrower, Original Guarantor or New Guarantor) or its
respective directors, partners, principals, affiliates, members, shareholders, officers, agents, employees or successors, may now
or hereafter have against the Indemnitees, if any, and irrespective of whether any such Claims arise out of contract, tort, violation
of laws, or regulations, or otherwise in connection with the Loan or any of the Loan Documents or the Original Borrower's Loan
Documents, including, without limitation, any contracting for, charging, taking, reserving, collecting or receiving interest in
excess of the highest lawful rate applicable thereto and any loss, cost or damage, of any kind or character, arising out of or
in any way connected with or in any way resulting from the acts, actions or omissions of any of the Indemnitees, including any
requirement that the Loan Documents or the Original Borrower's Loan Documents be modified as a condition to the transactions contemplated
by this Agreement. Original Borrower, New Borrower, Original Guarantor and New Guarantor agree that Berkadia and Lender have no
fiduciary or similar obligations to Original Borrower, New Borrower, Original Guarantor or New Guarantor or either of them and
that their relationship is strictly that of creditor and debtor. This release is accepted by Berkadia and Lender pursuant to this
Agreement and shall not be construed as an admission of liability on the part of either of them. Original Borrower, New Borrower,
Original Guarantor and New Guarantor each, individually on behalf of itself only, hereby represents and warrants that it is the
current legal and beneficial owner of all Claims, if any, released hereby and that it has not assigned, pledged or contracted to
assign or pledge any such Claim to any other person.

 

10.         Confirmation
of Waivers. New Borrower, without limiting the generality of its obligations under the Loan Documents, hereby confirms and
ratifies the submission to jurisdiction and waivers set forth in the Loan Documents.

 

11.         Binding
Effect. This Agreement shall be binding upon the parties and their respective heirs, executors, administrators, successors,
permitted assigns and representatives.

 

12.         Ratification.
Lender and New Borrower hereby ratify and affirm all of the Loan Documents and all of its or the other's, as applicable, respective
rights, agreements, obligations, priorities, reservations, promises and waivers as made and agreed and contained therein and as
assumed pursuant to this Agreement by New Borrower, all of which shall remain in full force and effect.

 

    	 

    	 

    

 

13.         No
Impairment of Lien; No Satisfaction. Nothing set forth herein shall affect the priority or extent of the lien of the
Security Instrument or any of the other Loan Documents, nor, except as expressly set forth herein, release or change the liability
of any party who may now be or after the Effective Date become liable, primarily or secondarily, under the Loan Documents. This
Agreement does not, and shall not be construed to, constitute the creation of new indebtedness or the satisfaction, discharge or
extinguishment of the debt secured by the Loan Documents.

 

14.         Third
Party Beneficiary Status of Berkadia. New Borrower, Original Borrower, Original Guarantor and New Guarantor hereby each acknowledges
and agrees that Berkadia and its successors and assigns are all intended third party beneficiaries of this Agreement.

 

15.         Bankruptcy
Remote Single Purpose Entities. New Borrower is currently a bankruptcy-remote single purpose entity and will take all necessary
company action (including, but not limited to, revising and filing charter and control documents in form, substance and structure
as may be reasonably required by Lender) in order for the New Borrower to continue as a bankruptcy-remote single purpose entity
to the extent required under the Loan Documents.

 

16.         Compliance
with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. New Borrower shall comply in all material respects
with all Legal Requirements relating to money laundering, anti-terrorism, trade embargos and economic sanctions now or hereafter
in effect. Without limitation of any other term or provision of this Agreement, the representations, warranties, and covenants
set forth in Sections 4.19, 4.39, 5.20, and 9.25 of the Loan Agreement and any other representations, warranties, and covenants
set forth in the Loan Documents relating to Embargoed Persons, any Federal Trade Embargo (including the PATRIOT Act), the OFAC
List, and similar matters are hereby incorporated herein as if fully set forth in this Agreement, and Borrower hereby makes all
such representations and warranties as of the Effective Date and agrees to assume, comply with, perform, and keep and observe all
such covenants.

 

17.         Fees.
Original Borrower, New Borrower and Lender have agreed that, simultaneously with the execution hereof, all reasonable, out-of-pocket
costs and charges arising in connection with the execution of this Agreement, including without limitation, all reasonable attorneys'
fees, title company fees, title insurance premiums, recording costs and other closing costs incurred by Lender in connection with
this Agreement, will be paid by Original Borrower and/or New Borrower as of the Effective Date, and that Lender shall have no obligation
whatsoever for payment thereof. New Borrower acknowledges and agrees that none of the fees, costs, and charges paid in connection
with the execution of this Agreement shall be applied to or set off against the principal balance of the Note.

 

18.         Miscellaneous.

 

(a)          Choice
of Law. The validity and enforcement of this Agreement and the other Loan Documents, to the extent they involve the creation,
perfection, validity, assignment, modification and enforcement of liens and security interests against property located in the
state in which the Property is located, are intended to be governed by the laws of the state

 

    	 

    	 

    

 

in which the Property
is located. All other aspects of the transaction contemplated by this Agreement and the indebtedness evidenced by the Note, and
the Loan Documents shall be governed by the laws of the State of New York, all as contemplated in Section 9.2 of the Loan Agreement
and in Section 7.12 of the Security Instrument.

 

(b)          Severability.
This Agreement is intended to be performed in accordance with and only to the extent permitted by applicable law. If any provisions
of this Agreement or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid
or unenforceable, the remainder of this Agreement and the application of such provision to other persons or circumstances shall
not be affected thereby, but rather shall be enforced to the greatest extent permitted by law.

 

(c)          Modifications.
No change or modification of this Agreement shall be valid unless the same is in writing and signed by all parties hereto.

 

(d)          Complete
Agreement. This Agreement and the Loan Documents represent the complete agreement among the parties with regard to the items
set forth herein, and there are no representations, covenants, warranties, agreements or conditions, oral or written, between the
parties not set forth in this Agreement and the Loan Documents.

 

(e)          Headings.
Section, paragraph or other headings contained in this Agreement are for reference purposes only and are not intended to affect
in any way the meaning or interpretation of this Agreement.

 

(f)          Counterparts.
This Agreement may be executed in any number of counterparts, each of which when taken together shall be deemed an original constituting
one and the same document.

 

(g)          Joint
and Several Liability. If the signature page hereto identifies more than one "New Borrower", each New Borrower is
jointly and severally liable to perform the obligations of New Borrower hereunder, and all representations, warranties, covenants
and agreements made by New Borrower are joint and several.

 

19.         Supremacy
Clause. It is hereby agreed that the terms and conditions of the Security Instrument, the Note and other Loan Documents, as
modified by this Agreement, shall remain in full force and effect and shall be binding upon New Borrower. It is understood and
agreed that in the event there is any conflict between the terms and provisions of the Security Instrument, the Note or any other
Loan Document (other than this Agreement) and any express modification of the Loan Documents set forth in this Agreement, the terms
and provisions of any such express modification shall prevail. Subject to any applicable notice and cure period as may be set forth
in Section 7.1(k) of the Loan Agreement, a default under the terms and conditions of this Agreement by New Borrower shall constitute
a default under the terms and conditions of the Security Instrument, the Note and other Loan Documents.

 

20.         Waiver
of Trial by Jury. ORIGINAL BORROWER, NEW BORROWER, ORIGINAL GUARANTOR AND NEW GUARANTOR HEREBY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR

 

    	 

    	 

    

 

OTHERWISE, RELATING DIRECTLY
OR INDIRECTLY TO THE LOAN, THE APPLICATION FOR THE LOAN, THE NOTE, THE LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS,
EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH.

 

21.         Further
Assurances. Original Borrower, Original Guarantor, New Borrower and New Guarantor shall cooperate with Lender and shall execute
and deliver, or cause to be executed and delivered, all such other documents and instruments, and shall take all such other action
that Lender may reasonably request from time to time in order to accomplish and satisfy the provisions and purposes of this Agreement,
including such confirmations and/or corrective instruments as Lender reasonably may require.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Assumption and Release Agreement as of the day and year first above written.

 

	WITNESSES:	 	ORIGINAL BORROWER:
		 	 
	 	 	SEBRING LANDING, LLC,
	 	 	a Delaware limited liability company
	/s/ Linda Pearce	 	
	Print Name: 	Linda Pearce	 	 
	 	 	By:	/s/ Geza Henni
	/s/ Valerie Panou	 	 	Name: Geza Henni
	Print Name:	Valerie Panou	 	 	Title: President

 

	STATE OF FLORIDA               	)	 
	 	) 	SS:
	COUNTY OF HILLSBOROUGH   	)	 

 

This instrument was
acknowledged before me this ____ day of August, 2014 by Geza Henni as President of SEBRING LANDING, LLC, a Delaware limited
liability company, on behalf of said limited liability company. He is personally known or has produced _______________________
as identification.

 

WITNESS my hand and
seal the day and year aforesaid.

 

	  	 
	  	NOTARY PUBLIC
	 	 
	 	(SEAL)

 

[Signatures continue on next page]

 

    	 

    	 

    

 

	WITNESSES:	 	ORIGINAL GUARANTOR:
	 	 	 
	 	 	DEBARTOLO REAL ESTATE INVESTMENTS, LLC, a Florida limited liability company
	/s/ Linda Pearce	 	 	
	Print Name: Linda Pearce	 	 
	 	 	 
	 	 	By:	/s/ Geza Henni
	 	 	 	Name: Geza Henni
	/s/ Valerie Panou	 	 	 	Title: President
	Print Name: Valerie Panou	 	 	 

 

	STATE OF FLORIDA               	)	 
	 	) 	SS:
	COUNTY OF HILLSBOROUGH   	)	 

 

This instrument was
acknowledged before me this ____ day of August, 2014 by Geza Henni as President of DEBARTOLO REAL ESTATE INVESTMENTS, LLC,
a Florida limited liability company, on behalf of said limited liability company. He is personally known or has produced _______________________
as identification.

 

WITNESS my hand and seal the day and year
aforesaid.

 

	 	 
	 	NOTARY PUBLIC
	 	 
	 	(SEAL)

 

[Signatures continue on next page]

 

    	 

    	 

    

 

	WITNESSES:	 	NEW BORROWER:
	 	 	 
	 	 	ARC SSSEBFL001, LLC,
	 	 	a Delaware limited liability company
	/s/ Meghan Mc’Gory	 	 
	Print Name:	Meghan Mc’Gory	 	 
	 	 	 
	 	 	By: 	/s/ Jesse C. Galloway
	 	 	 	Name: Jesse C. Galloway
	/s/ Michael Anderson	 	 	Title: Authorized Signatory
	Print Name:	Michael Anderson	 	 	 

 

	STATE OF __________________ 	)
	 	) SS:
	COUNTY OF ________________  	) 

 

This instrument
was acknowledged before me this ____ day of August, 2014 by Jesse C. Galloway as Authorized Signatory of ARC SSSEBFL001, LLC,
a Delaware limited liability company, on behalf of said entity. He is personally known or has produced ___________________________________________
as identification.

 

WITNESS my hand and seal the day and year
aforesaid.

 

	 	 
	 	NOTARY PUBLIC
	 	 
	 	(SEAL)

 

[Signatures continue on next page]

 

    	 

    	 

    

 

	WITNESSES:	 	NEW GUARANTOR:
	 	 	 
	 	 	AMERICAN REALTY CAPITAL – RETAIL
	 	 	CENTERS OF AMERICA, INC.,
	/s/ Meghan Mc’Gory	 	a Maryland corporation
	Print Name: Meghan Mc’Gory	 	 
	 	 	 
	 	 	By:	/s/ Nicholas Radesca
	 	 	 	Name:	Nicholas Radesca
	/s/ Michael Anderson	 	 	Title:	Interim CFO
	Print Name:	Michael Anderson	 	 	 	 
	 	 	 	 	 	 

 

	STATE OF __________________ 	)
	 	) SS:
	COUNTY OF ________________  	) 

 

This instrument was
acknowledged before me this ____ day of August, 2014 by _____________________________ as _______________________ of AMERICAN
REALTY CAPITAL – RETAIL CENTERS OF AMERICA, INC., a Maryland corporation, on behalf of said entity. He is personally
known or has produced ___________________________________ as identification.

 

WITNESS my hand and seal the day and year
aforesaid.

 

	 	 
	 	NOTARY PUBLIC
	 	 
	 	(SEAL)

 

    	 

    	 

    

 

	WITNESSES:	 	NEW GUARANTOR:
	 	 	 
	 	 	AMERICAN REALTY CAPITAL – RETAIL
	 	 	CENTERS OF AMERICA, INC.,
	/s/ Meghan Mc’Gory	 	a Maryland corporation
	Print Name: Meghan Mc’Gory	 	 
	 	 	 
	 	 	By:	/s/ Nicholas Radesca
	 	 	Name:	Nicholas Radesca
	/s/ Michael Anderson	 	Title:	Interim CFO
	Print Name: 	Michael Anderson	 	 	 

 

	STATE OF __________________ 	)
	 	) SS:
	COUNTY OF ________________  	) 

 

This instrument was
acknowledged before me this ____ day of August, 2014 by _____________________________ as _______________________ of AMERICAN
REALTY CAPITAL – RETAIL CENTERS OF AMERICA, INC., a Maryland corporation, on behalf of said entity. He is personally
known or has produced ___________________________________ as identification.

 

WITNESS my hand and seal the day and year
aforesaid.

 

	 	 
	 	NOTARY PUBLIC
	 	 
	 	(SEAL)

 

    	 

    	 

    

 

	WITNESSES:	 	LENDER:
	 	 	 
	/s/ Elizabeth Aeca	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee for the Registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates Series 2014-GC20
	Print Name:	Elizabeth Aeca	 	 

 

	/s/ Margaret Benner	 	By:	KeyBank National Association,
	Print Name:	Margaret Benner	 	 	as Master Servicer

 

	 	 	By:	Berkadia Commercial Mortgage LLC, a Delaware limited liability company, as Subservicer
	 	 	 	 
	 	 	 	By:	/s/ Gary A. Routzahn
	 	 	 	 	Name:	Gary A. Routzahn
	 	 	 	 	Title:	Authorized
	 	 	 	 	 	Representative

 

	COMMONWEALTH OF PENNSYLVANIA 	)	 
	 	)   	SS:
	COUNTY OF MONTGOMERY                         	)	 

 

On this the ________
day of _______________, 2014, before me, the undersigned officer, personally appeared Gary A. Routzahn, who acknowledged himself
to be the Authorized Representative of Berkadia Commercial Mortgage LLC, a Delaware limited liability company, as the Subservicer
for KeyBank National Association, the Master Servicer for WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee on behalf of the Registered
Holders of GS Mortgage Securities Corporation II, Commercial Mortgage
Pass-Through Certificates Series 2014-GC20 and that he as such
Authorized Representative being authorized to do so, executed the foregoing instrument on behalf of said entity for the purposes
therein contained.

 

WITNESS my hand and seal the day and year
aforesaid.

 

	 	 
	 	NOTARY PUBLIC
	 	 
	 	(SEAL)

 

    	 

    	 

    

 

SCHEDULE 1

 

RESERVE BALANCES

 

Immediately prior to the Effective Date:

 

	Taxes Escrow:	 	$	218,758.78	 
	 	 	 	 	 
	Hazard Insurance Escrow:	 	$	56,000.70	 
	 	 	 	 	 
	Tenant Improvements Escrow:	 	$	150,000.00	 
	 	 	 	 	 
	Replacement Reserve Escrow:	 	$	19,529.15	 
	 	 	 	 	 
	Deferred Maintenance Escrow:	 	$	23,434.40	 
	 	 	 	 	 
	Holdback Reserve:	 	$	1,588,000.00	 
	 	 	 	 	 
	Total:	 	$	2,055,723.03	 

 

    	 

    	 

    

 

SCHEDULE 2

 

LOAN DOCUMENT MODIFICATIONS

 

1.          Security
Agreement and UCC Provisions. Any reference to a secured party or creditor or similar term in connection with any provisions
in the Loan Documents relating to a security agreement or the Uniform Commercial Code shall mean and refer to Lender, and any reference
to a debtor or similar term in any such provisions shall mean and refer to Buyer.

 

2.          Loan
Documents; Defined Terms; Other Modifications. From and after the Effective Date:

 

(a)  
   Definitions; Terms.

 

(i)         Definitions.
The following definitions set forth either in the section of the Loan Agreement that is captioned "DEFINITIONS" or in
other terms and provisions of the Loan Agreement or the other Loan Documents are hereby modified as follows:

 

"Approved
Management Agreement" shall mean that certain Property Management Agreement dated on or about the date hereof between
New Borrower and Lincoln Retail REIT Services, LLC, a Delaware limited liability company, a copy of which is attached to the Subordination
of Property Management Agreement executed in connection with this Agreement.

 

"Lockbox
Account" shall mean the lockbox account into which income from the Property will be deposited, as identified in the Lockbox
Account Agreement.

 

"Lockbox
Account Agreement" shall mean that certain Deposit Account Control Agreement (Hard
Lockbox) executed in connection with this Agreement by and among Lender,
New Borrower, and Wells Fargo Bank, National Association, as the Bank.

 

"Operating
Account Agreement" shall mean that certain Deposit Account Control Agreement (Soft Lockbox)
to be executed in connection with this Agreement by and among Lender, New Borrower, and Wells Fargo Bank, National
Association, as the Bank.

 

"Sponsor"
shall mean, collectively, American Realty Capital – Retail Centers Of America, Inc., a Maryland corporation, and American
Realty Capital Retail Operating Partnership, L.P., a Delaware limited partnership (i.e., the New Guarantor under this Agreement).
Such change in the definition of the term "Sponsor" shall not limit any

 

    	 

    	 

    

 

continuing liability of Original
Guarantor pursuant to Section 4(a) of this Agreement.

 

"Subordination
of Property Management Agreement" shall mean that certain Consent and Agreement of Manager and Subordination of Management
Agreement executed by New Borrower and Lincoln Retail REIT Services, LLC, a Delaware limited liability company, in connection with
this Agreement, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance
with the Loan Agreement.

 

(ii)      Approved
Property Manager. Effective as of the Effective Date, Lincoln Retail REIT Services, LLC, a Delaware limited liability company,
shall be the current Approved Property Manager.

 

(iii)     Borrower.
All references to "Borrower" in the Loan Documents shall mean and refer to New Borrower.

 

(iv)     Loan
Documents. The term "Loan Documents" as used in this Agreement shall mean and refer to the Loan Documents, as expressly
modified and amended by this Agreement.

 

(v)      Prior
Owned Property. New Borrower represents and warrants to Lender that it does not as of the Effective Date, and has not previously,
owned the Prior Owned Property or any other real property. The term "Prior Owned Property" and all references
thereto in the Loan Agreement are hereby deleted.

 

(v)      SCG
Leasing Agreement. New Borrower hereby represents and warrants to Lender that the SCG Leasing Agreement has expired or terminated
and is not in force or effect as of the Effective Date; therefore, the term "SCG Leasing Agreement" and all references
thereto in the Loan Agreement are hereby deleted.

 

(b)       Organizational
Chart. The organizational chart attached hereto as Schedule 3 hereby replaces the organizational chart attached
to the Loan Agreement as Exhibit A thereto. Buyer hereby represents and warrants that such replacement organizational chart
is true, complete, and correct on and as of the Effective Date and that, as of the Effective Date, no Person other than those shown
thereon has any ownership interest in, or right of control, directly or indirectly, in Borrower.

 

(c)       Section
2.3. Section 2.3(iv) is hereby deleted in its entirety, and the following is hereby substituted in its place:

 

(iv) so long
as any particular Qualified Equityholder is in Control of Borrower, no more than forty-nine and nine-tenths

 

    	 

    	 

    

 

percent (49.9%) of the direct
or indirect ownership interests in Borrower or any Single Purpose Equityholder shall be transferred to any Person other than a
Qualified Equityholder pursuant to this Section 2.3, and any such transfer to a Qualified Equityholder of more than forty-nine
and nine-tenths percent (49.9%) of such ownership interests shall be subject to the payment to Lender of a transfer fee in an amount
equal to 1.0% of the Principal Indebtedness at the time of such conveyance or transfer;

 

(d)      Financial
Statements. The time periods for delivery of operating and financial statements set forth in Sections 5.12, 5.13, and 5.14
of the Loan Agreement are hereby modified and amended to provide that such operating and financial statements and balance sheets
shall be delivered within (i) ninety (90) days after the end of each fiscal year of Borrower and forty-five (45) days after the
end of each fiscal quarter of Borrower, as applicable, or (ii) such longer periods as may be permitted under the Loan Documents.
Borrower shall not be required to deliver any statements as to equityholder capital or cash flow for the applicable time period.

 

(e)       Insurance.
In the second sentence of Section 5.15(d) of the Loan Agreement, the term "30 days" (relating to the delivery of renewal
policies  prior to the expiration of the then-current policy(ies)) is hereby deleted, and the term "10 days" is hereby
substituted in its place.

 

3.             No
TIC or DST Structure. Buyer shall not establish or create, or allow (i) a tenancy in common ownership structure with respect
to the Property or any portion thereof, or (ii) a Delaware statutory trust ownership organizational structure with respect to Buyer
or any direct or indirect equity interests in Buyer.

 

4.             Post-Closing
Obligations. Within ten (10) business days after the Effective Date, New Borrower shall deliver to Lender the declaration pages
of the insurance policies with respect to which the ACORD Certificates have been delivered. Additionally, if not completed on or
before the Effective Date, within ten (10) business days after Lender provides the form of Operating Account Agreement to New Borrower,
New Borrower shall execute and deliver the Operating Account Agreement and establish the Operating Account referenced therein,
which agreement shall be in substantially the form of the standard "soft lockbox" Deposit Account Control Agreement used
by Wells Fargo Bank, National Association, as the "bank" thereunder; New Borrower acknowledges and agrees that any funds
to be allocated to or deposited in the Operating Account pursuant to the terms of the Loan Documents from and after the Effective
Date shall be held by Lender in the Cash Management Account or a related subaccount until such Operating Account Agreement is executed
and delivered and such Operating Account of New Borrower is established and active with Wells Fargo Bank, National Association,
at which time such funds shall be allocated to or deposited in such Operating Account of New Borrower subject to and in accordance
with the terms of the Loan Documents.

 

    	 

    	 

    

 

5.            Other
Provisions.

 

(a) 
     Any approval by Lender of any limited liability company operating agreement,
partnership agreement, articles of formation or organization, or any other organizational documents of New Borrower or New
Guarantor, or any amendments thereto, in connection with the Transfer and Assumption shall not be deemed to constitute a
waiver or modification of any term or provision of the Loan Documents (including those restricting or relating to (i) any
further sale, transfer, conveyance, mortgage, encumbrance, pledge, assignment, or disposition of any legal or beneficial
interest in "Borrower", "Guarantor", "Sponsor", or
"Indemnitor", (ii) separateness or single purpose entity requirements, (iii) the incurring of debt, or (iv)
commingling of the assets of "Borrower", except as may otherwise be expressly set forth in this Agreement.

 

(b)       Notwithstanding
any delivery or notice to Lender or any servicer of the Loan, or its legal counsel, of updated or new surveys, property inspection
reports, zoning reports, environmental reports, tax reports, or any other diligence materials or information relating to the Property
or any party, in no event shall such delivery, or any review of any such materials by Lender or any such servicer, or its legal
counsel, be deemed to constitute a waiver or modification of any term or provision of the Loan Documents. Without limitation, any
reference in the Original Environmental Indemnity Agreement, the New Environmental Indemnity Agreement or the other Loan Documents
to environmental reports or similar reports, assessments, or similar materials shall not be deemed to include any new or updated
environmental reports, assessments, or similar materials delivered in connection with the Transfer and Assumption.

 

    	 

    	 

    

 

SCHEDULE 3

 

ORGANIZATIONAL CHART

(Replacement of Exhibit A to the Loan Agreement)

 

 

    	 

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTIONarcrca09302014ex10-32

Exhibit 10.32

GUARANTY
THIS GUARANTY (this "Guaranty") is executed as of September 5, 2014 by AMERICAN REALTY CAPITAL – RETAIL CENTERS OF AMERICA, INC., a Maryland corporation, and AMERICAN REALTY CAPITAL RETAIL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (whether one or more, together with any permitted successors and assigns, collectively referred to as, "Guarantor"), for the benefit of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee on behalf of the Registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates Series 2014-GC20 (together with its successors and assigns, "Lender").
W I T N E S S E T H
WHEREAS, Lender, as the successor in interest to and assignee of Goldman Sachs Mortgage Company, a New York limited partnership, as the original lender, is the holder of a loan (the "Loan") to SEBRING LANDING, LLC, a Delaware limited liability company ("Original Borrower"), in the original principal amount of $24,400,000.00 (the "Loan Amount"), pursuant to that certain Loan Agreement, dated as of March 6, 2014, by and between Original Borrower and Lender (the "Loan Agreement"); any capitalized terms which are not specifically defined herein shall have the meaning set forth in the Loan Agreement);
WHEREAS, to evidence the Loan, Original Borrower executed and delivered to Lender a promissory note, dated as of March 6, 2014, in the original principal amount of the Loan Amount (as the same may be amended, restated, replaced, supplemented, or otherwise modified from time to time, the "Note");
WHEREAS, pursuant to that certain Assumption and Release Agreement dated as of the date hereof by and among Original Borrower, ARC SSSEBFL001, LLC, a Delaware limited liability company ("Borrower"), DeBartolo Real Estate Investments, LLC, a Florida limited liability company, as the original guarantor, Guarantor, and Lender (the "Assumption Agreement"), Borrower is as of the date hereof assuming the Loan and all of Original Borrower's duties, obligations, responsibilities, and liabilities under the Loan Agreement, the Note, and all other Loan Documents (as defined in the Assumption Agreement) (the "Assumption"); 
WHEREAS, Lender requires as a condition to consenting to the Assumption that Guarantor agrees to unconditionally guaranty for the benefit of Lender and its successors and assigns, the full and timely payment and performance of the Guaranteed Obligations (as hereinafter defined);
WHEREAS, Guarantor directly and/or indirectly owns an interest in Borrower and will derive substantial economic benefit from the Assumption; and 
WHEREAS, Guarantor has agreed to execute and deliver this Guaranty in order to induce Lender to consent to the Assumption.
NOW, THEREFORE, to induce Lender to consent to the Assumption and in consideration of the substantial benefit Guarantor will derive from the Assumption and for other good and valuable 

    

consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
Article 1 
 
NATURE AND SCOPE OF GUARANTY
1.1    Guaranty of Obligations.    Guarantor hereby absolutely, irrevocably and unconditionally guarantees to Lender the full and timely payment and performance of all of the Guaranteed Obligations as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise.  Guarantor hereby absolutely, irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as primary obligor.
1.2    Definitions of Guaranteed Obligations.  As used herein, the term "Guaranteed Obligations" means all obligations and liabilities of Borrower pursuant to Section 9.19(b) of the Loan Agreement.
1.3    Nature of Guaranty.  This Guaranty is an irrevocable, absolute and continuing guaranty of payment and not a guaranty of collection.  No exculpatory language contained in any of the other Loan Documents shall in any event or under any circumstances modify, qualify or affect the personal recourse obligations and liabilities of Guarantor hereunder.  This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to the Guaranteed Obligations arising or created after any attempted revocation by Guarantor and, if Guarantor is a natural person, after Guarantor's death, in which event this Guaranty shall be binding upon Guarantor's estate and Guarantor's legal representatives and heirs.  It is the intent of Guarantor and Lender that the obligations and liabilities of Guarantor hereunder are absolute and unconditional under any and all circumstances and that so long as any portion of the Indebtedness shall be outstanding, such obligations and liabilities shall not be discharged or released in whole or in part, by any act or occurrence (including, without limitation, the fact that at any time or from time to time the Indebtedness or the Guaranteed Obligations may be increased or reduced) which might, but for the provisions of this Guaranty, be deemed a legal or equitable discharge or release of Guarantor.  This Guaranty may be enforced by Lender and any subsequent holder of the Note or any part thereof and shall not be discharged by the assignment or negotiation of all or any part of the Note.
1.4    Joint and Several Liability.  The obligations and liabilities of each Guarantor, if more than one is specified herein, shall be joint and several.
1.5    Guaranteed Obligations Not Reduced by Set-Off.  The Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender hereunder shall not be reduced, discharged or released because or by reason of any existing or future set-off, offset, claim or defense of any kind or nature which Borrower, Guarantor or any other Person has or may hereafter have against Lender or against payment of the Indebtedness or the Guaranteed Obligations, whether such set-off, offset, claim or defense arises in connection with the Guaranteed Obligations or otherwise.

2    

1.6    No Duty to Pursue Others; No Duty to Mitigate.  It shall not be necessary for Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender) to take any action, obtain any judgment or file any claim prior to enforcing this Guaranty, including, without limitation, to (i) institute suit or otherwise enforce Lender's rights, or exhaust its remedies, against Borrower or any other Person liable on all or any part of the Indebtedness or the Guaranteed Obligations, or against any other Person, (ii) enforce Lender's rights, or exhaust any remedies available to Lender, against any collateral which shall ever have been given to secure all or any part of the Indebtedness or the Guaranteed Obligations, (iii) join Borrower or any other Person liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty or (iv) resort to any other means of obtaining payment of all or any part of the  Indebtedness or the Guaranteed Obligations.  Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.
1.7    Payment by Guarantor.  If all or any part of the Guaranteed Obligations shall not be paid or performed when due, whether at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever, pay in lawful money of the United States of America, the amount due thereon to Lender.  Amounts not paid within ten (10) business days of the date due hereunder shall accrue interest at the Default Rate, unless such amounts already include interest at the Default Rate pursuant to the terms of the other Loan Documents.  Such demands may be made at any time coincident with or after the time for payment of all or any part of the Guaranteed Obligations and may be made from time to time with respect to the same or different Guaranteed Obligations.
1.8    Application of Payments.  If, at any time, there is any Indebtedness or obligations of Borrower to Lender which is not guaranteed by Guarantor, Lender, without in any manner impairing its rights hereunder, may, at its option, apply all amounts realized by Lender from any collateral or security held by Lender first to the payment of such unguaranteed Indebtedness or obligations, with the remaining amounts, if any, to then be applied to the payment of the Indebtedness or obligations guaranteed by Guarantor.
1.9    Waivers.
(a)    Guarantor hereby assents to all of the terms and agreements heretofore or hereafter made by Borrower with Lender (including, without limitation, the provisions of the Loan Documents) and hereby waives diligence, presentment, protest, demand on Borrower for payment or otherwise, filing of claims, requirement of a prior proceeding against Borrower and all notices (other than notices expressly provided for hereunder or required to be delivered under applicable law), including, without limitation, notice of:
(i)    the acceptance of this Guaranty;
(ii)    the present existence or future incurring of all or any part of the Indebtedness, or any future change to the time, manner or place of payment of, or in any other term of all of any part of the Indebtedness or the Guaranteed Obligations;

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(iii)    any amendment, modification, replacement or extension of any of the Loan Documents;
(iv)    the execution and delivery by Borrower and Lender of any other loan or credit agreement or of Borrower's execution and delivery of any promissory note or other documents arising under the Loan Documents or in connection with the Property;
(v)    Lender's transfer, participation, componentization or other disposition of all or any part of the Loan or this Guaranty, or an interest therein;
(vi)    the sale or foreclosure (or posting or advertising for sale or foreclosure), or assignment-in-lieu of foreclosure, of any collateral for the Guaranteed Obligations;
(vii)    any protest, proof of non-payment or default by Borrower, or the occurrence of a breach or an Event of Default, or the intent to accelerate or of acceleration in relation to any instrument relating to the Indebtedness or the Guaranteed Obligations;
(viii)    the obtaining or release of any guaranty or surety agreement, pledge, assignment or other security for the Indebtedness or the Guaranteed Obligations, or any part thereof; or (ix) any other action at any time taken or omitted to be taken by Lender generally and any and all demands and notices of every kind in connection with this Guaranty, the other Loan Documents and any other documents or agreements evidencing, securing or relating to the Indebtedness or the Guaranteed Obligations, or any part thereof.
(b)    Guarantor hereby waives any and all rights it may now or hereafter have to, and covenants and agrees that it shall not at any time, insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any and all appraisal, valuation, stay, extension, marshaling-of-assets or redemption laws, or right of homestead or exemption, whether now or at any time hereafter in force, that may delay, prevent or otherwise affect the performance by Guarantor of its obligations under, or the enforcement by Lender of, this Guaranty.  Guarantor hereby further waives any and all rights it may now or hereafter have to, and covenants and agrees that it shall not, set up or claim any defense (other than the defense of timely payment noted below), counterclaim (other than compulsory counterclaims), cross-claim, set-off, offset, right of recoupment or other objection of any kind to any action, suit or proceeding in law, equity or otherwise, or to any demand or claim that may be instituted or made by Lender hereunder, except for the defense of the actual timely performance of the Guaranteed Obligations hereunder.
(c)    Guarantor specifically acknowledges and agrees that the waivers made by it in this Section and in the other provisions of this Guaranty are of the essence with respect to the Assumption and that, but for this Guaranty and such waivers, Lender would not consent to the Assumption.
1.10    Waiver of Subrogation, Reimbursement and Contribution.  Notwithstanding anything to the contrary contained herein, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates, from the date hereof until 91 days after the Indebtedness is paid in full and 

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the Guaranteed Obligations are satisfied in full (the "Deferral Period"), any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating the Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower or any other Person liable for payment of any or all of the Guaranteed Obligations for any payment made by Guarantor under or in connection with this Guaranty or otherwise.  Upon the expiration of the Deferral Period, Guarantor may exercise any and all rights referred to in this Section for claims arising before and after the Deferral Period, provided the same does not and would not cause Guarantor to be or result in Guarantor being a "creditor" (as such term is defined in the Bankruptcy Reform Act of 1978, as amended, 11 U.S.C. Section 101 et seq. and the regulations promulgated thereunder) of Borrower in any insolvency, bankruptcy, reorganization or similar proceeding commenced on or prior to the expiration of the Deferral Period.
1.11    Reinstatement; Effect of Bankruptcy.  Guarantor agrees that if at any time all or any part of any payment at any time received by Lender from, or on behalf of; Borrower or Guarantor under or with respect to this Guaranty is held to constitute a Preferential Payment (as defined in Section 4.4), or if Lender is required to rescind, restore or return all or part of any such payment or pay the amount thereof to another Person for any reason (including, without limitation, the insolvency, bankruptcy reorganization, receivership or other debtor relief law or any judgment, order or decision thereunder), then the Guaranteed Obligations hereunder shall, to the extent of the payment rescinded, restored or returned, be deemed to have continued in existence notwithstanding such previous receipt by Lender, and the Guaranteed Obligations hereunder shall continue to be effective or reinstated, as the case may be, as to such payment as though such previous payment to Lender had never been made.
ARTICLE 2     
 
EVENTS AND CIRCUMSTANCES NOT 
REDUCING OR DISCHARGING GUARANTOR'S OBLIGATIONS
2.1    Events and Circumstances Not Reducing or Discharging Guarantor's Obligations.  Guarantor hereby consents and agrees that Guarantor's obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely affected in any way by any of the following, although without notice to or the further consent of Guarantor, and waives any common law, equitable, statutory or other rights (including, without limitation, rights to notice) or defenses (other than the defense of timely payment) which Guarantor might otherwise have as a result of or in connection with any of the following:
(a)    Modifications.  Any change in the time, manner or place of payment of all or any part of the Indebtedness or the Guaranteed Obligations, or in any other term thereof; or any renewal, extension, increase, alteration, rearrangement, amendment or other modification to any provision of any of the Loan Documents or any other document, instrument, contract or understanding between Borrower and Lender or any other Person pertaining to the Indebtedness or the Guaranteed Obligations.

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(b)    Adjustment.  Any adjustment, indulgence, forbearance, waiver, consent or compromise that Lender might extend, grant or give to Borrower, Guarantor or any other Person with respect to any provision of this Guaranty or any of the other Loan Documents.
(c)    Condition of Borrower or Guarantor.  Borrower's or Guarantor's voluntary or involuntary liquidation, dissolution, sale of all or substantially all of their respective assets and liabilities, appointment of a trustee, receiver, liquidator, sequestrator or conservator for all or any part of Borrower's or Guarantor's assets, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, consolidation, merger arrangement, composition, readjustment or the commencement of any other similar proceedings affecting Borrower or Guarantor or any of the assets of either of them, including, without limitation, (A) the release or discharge of Borrower from the payment and performance of its obligations under any of the Loan Documents by operation of law or (B) the impairment, limitation or modification of the liability of Borrower, its partners or Guarantor, or of any remedy for the enforcement of Lender's rights, under this Guaranty or any of the other Loan Documents, resulting from the operation of any present or future provisions of the Bankruptcy Code or other present or future federal, state or applicable statute of law or from the decision in any court.
(d)    Invalidity of Guaranteed Obligations.  The invalidity, illegality, irregularity or unenforceability of all or any part of this Guaranty or of any of the Loan Documents, or of any other document or agreement executed in connection with the Indebtedness or the Guaranteed.  Obligations for any reason whatsoever, including, without limitation, the fact that (i) the Indebtedness or the Guaranteed Obligations, or any part thereof, exceeds the amount permitted by law, (ii) the act of creating the Indebtedness or the Guaranteed Obligations, or any part thereof, is ultra vires (iii) the officers or representatives executing the Loan Documents or any other document or agreement executed in connection with the creating of the Indebtedness or the Guaranteed Obligations, or any part thereof, acted in excess of their authority, (iv) the Indebtedness or the Guaranteed Obligations, or any part thereof, violates applicable usury laws, (v) Borrower or Guarantor has valid defenses, claims or offsets (whether at law, in equity or by agreement) which render the Indebtedness or the Guaranteed Obligations wholly or partially uncollectible, (vi) the creation, performance or repayment of the Indebtedness or the Guaranteed Obligations, or any part thereof (or the execution, delivery and performance of any document or instrument representing the Indebtedness or the Guaranteed Obligations, or any part thereof, or executed in connection with the Indebtedness or the Guaranteed Obligations, or given to secure the repayment of the Indebtedness or the Guaranteed Obligations, or any part thereof), is illegal, uncollectible, legally impossible or unenforceable or (vii) any of the Loan Documents or any other document or agreement executed in connection with the Indebtedness or the Guaranteed Obligations, or any part thereof, has been forged or otherwise are irregular or not genuine or authentic.
(e)    Release of Obligors.  Any compromise or full or partial release of the liability of Borrower or any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the obligations under this Guaranty or any of the other Loan Documents.

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(f)    Release of Collateral; Other Collateral.  Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment by Lender (including, without limitation, negligent, willful, unreasonable or unjustifiable impairment) of, or failure to perfect or obtain protection of any collateral, property or security at any time existing in connection with, or assuring or securing payment of, all or any part of the Indebtedness or the Guaranteed Obligations; or the taking or accepting of any other security, collateral or guaranty or other assurance of payment for all or any part of the Indebtedness or the Guaranteed Obligations.
(g)    Offset.  Any existing or future right of set-off, offset, claim, counterclaim or defense of any kind or nature against Lender or any other Person, which may be available to or asserted by Guarantor or Borrower.
(h)    Change in Law.  Any change in the laws, rules or regulations of any jurisdiction or any present or future action of any Governmental Authority or court amending; varying, reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise affect, any of the obligations of Borrower under any of the Loan Documents or Guarantor under this Guaranty.
(i)    Event of Default.  The occurrence of any Event of Default or any potential Event of Default under any of the Loan Documents, whether or not Lender has exercised any of its rights and remedies under the Loan Documents upon the happening of any such Event of Default or potential Event of Default.
(j)    Actions Omitted.  The absence of any action to enforce any of Lender's rights under the Loan Documents or available to Lender at law, equity or otherwise, to recover any judgment against Borrower or to enforce a judgment against Borrower under any of the Loan Documents.
(k)    Other Circumstances.  Any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor generally, it being the unambiguous and unequivocal intention of Guarantor and Lender that the liability of Guarantor hereunder shall be direct and immediate and that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein, except for the full and final payment and satisfaction of the Guaranteed Obligations.
2.2    Indebtedness or Other Obligations of Guarantor.  If Guarantor is or becomes liable for any Indebtedness owed by Borrower to Lender by endorsement or otherwise than under this Guaranty such liability shall not be in any manner impaired or affected by this Guaranty and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor.  The exercise by Lender of any right or remedy hereunder or under any other instrument or at law or in equity shall not preclude the concurrent or subsequent exercise of any right or remedy under any other instrument or at law or in equity, including the making of multiple demands hereunder.  Further, without in any way diminishing or limiting the generality of the foregoing, it is specifically understood and agreed that this Guaranty is given by Guarantor as an additional guaranty to any and all guarantees as may heretofore have been or may hereafter be executed and delivered by Guarantor in favor of Lender, whether relating to the obligations of 

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Borrower under the Loan Documents or otherwise, and nothing herein shall ever be deemed to replace or be in-lieu of any other such previous or subsequent guarantees.
ARTICLE 3     
 
REPRESENTATIONS AND WARRANTIES
3.1    Representations and Warranties.  To induce Lender to consent to the Assumption, each Guarantor hereby represents and warrants, with respect to itself only, to Lender that, on the date hereof:
(a)    Due Formation, Authorization and Enforceability.  Such Guarantor is duly organized and validly existing under the laws of the jurisdiction of its incorporation or formation, as the case may be, and has full power and legal right to execute and deliver this Guaranty and to perform under this Guaranty and the transactions contemplated hereunder.  Such Guarantor has taken all necessary (corporate or partnership, as applicable) action to authorize the execution, delivery and performance of this Guaranty and the transactions contemplated hereunder.  This Guaranty has been duly authorized, executed and delivered by such Guarantor and constitutes a legal, valid and binding obligation of Guarantor, enforceable against such Guarantor in accordance with its terms.
(b)    Benefit to Guarantor.  Such Guarantor hereby acknowledges that Lender would not consent to the Assumption but for the personal liability undertaken by Guarantor under this Guaranty.  Such Guarantor (i) is an affiliate of Borrower, (ii) has received, or will receive, direct and/or indirect benefit from the making of the Loan to Borrower and (iii) has received, or will receive, direct and/or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.
(c)    Familiarity and Reliance.  Such Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of Borrower and is familiar with the value of any and all collateral granted, or intended to be granted, as security for the Indebtedness or the Guaranteed Obligations; provided, however, such Guarantor is not relying on such financial condition or such collateral as an inducement to enter into this Guaranty.
(d)    No Representation by Lender.  Neither Lender nor any other Person has made any representation, warranty or statement to Guarantor or to any other Person in order to induce such Guarantor to execute this Guaranty.
(e)    Solvency.  Such Guarantor has not entered into this Guaranty with the actual intent to hinder, delay or defraud any creditor.  Such Guarantor received reasonably equivalent value in exchange for the Guaranteed Obligations.  Such Guarantor is not presently insolvent, and the execution and delivery of this Guaranty will not render such Guarantor insolvent.
(f)    No Conflicts.  The execution and delivery of this Guaranty by such Guarantor, and the performance of transactions contemplated hereunder do not and will not (i) conflict with or violate any Legal Requirements or any governmental statutes, laws, rules, orders, regulations, 

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ordinances, judgments, decrees and injunctions of Governmental Authorities (including Environmental Laws) affecting such Guarantor or any of its assets or property, (ii) conflict with, result in a material breach of, or constitute a material default (including any circumstance or event which would be a default but for the lack of due notice or lapse of time or both) under any of the terms, conditions or provisions of any of such Guarantor's organizational documents or any agreement or instrument to which such Guarantor is a party (and with respect to any such material breach or material default, would reasonably be expected to materially and adversely change the financial condition of such Guarantor or which would be reasonably expected to materially and adversely affect its performance hereunder or of the transactions contemplated hereunder), or by which such Guarantor or its assets or property are bound or (iii) result in the creation or imposition of any Lien on any of Guarantor's assets or property.
(g)    Litigation.  There is no action, suit, proceeding, arbitration or investigation pending or threatened against such Guarantor, by written communication to such Guarantor, in any court or by or before any other Governmental Authority, in each case, which would be reasonably expected to to have consequences that would materially and adversely affect the performance of such Guarantor's obligations and duties under this Guaranty.  There are no outstanding or unpaid judgments against such Guarantor.
(h)    Consents.  No consent, approval, authorization, order or filings of or with any court or Governmental Authority is required for the execution, delivery and performance by such Guarantor of, or compliance by such Guarantor with, this Guaranty or the consummation of the transactions contemplated hereunder, other than those which have been obtained by such Guarantor.
(i)    Compliance.  Such Guarantor is not in default or violation of any regulation, order, writ, injunction, decree or demand of any Governmental Authority, the violation or default of which would be reasonably expected to materially and adversely affect the operations or financial condition of such Guarantor or would be reasonably expected to have consequences that would materially and adversely affect its performance hereunder.
(j)    Financial Information.  All financial data that have been delivered to Lender with regard to such Guarantor (i) are true, complete and correct in all material respects, (ii) accurately represent the financial condition of such Guarantor as of the date of such reports in all material respects and (iii) have been prepared in accordance with the Approved Accounting Method throughout the periods covered, except as may be explicitly disclosed therein.
(k)    No Defenses.  This Guaranty and the obligations of such Guarantor hereunder are not subject to, and such Guarantor has not asserted, any right of rescission, offset, counterclaim, cross-claim, recoupment or affirmative or other defense of any kind and neither the operation of any of the terms of this Guaranty nor the exercise of any right hereunder will render the Guaranty unenforceable in whole or in part.
(l)    Tax Filings.  Such Guarantor has filed (or has obtained effective extensions for filing) all federal, state and local tax returns required to be filed and has paid, or has made adequate provision for the payment of, all federal, state and local taxes, charges and assessments 

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payable by such Guarantor.  Such Guarantor reasonably believes that its tax returns properly reflect the incomes and taxes of such Guarantor for the periods covered thereby.
(m)    No Bankruptcy Filing.  Such Guarantor is not and has never been a debtor in any voluntary or involuntary state or federal bankruptcy, insolvency or similar proceeding.  Such Guarantor is contemplating neither the filing of a petition under any state or federal bankruptcy or insolvency laws nor the liquidation of its assets or property and such Guarantor does not have any written notice of any Person contemplating the filing of any such petition against it.
(n)    No Change in Facts or Circumstances; Full and Accurate Disclosure.  There has been no material adverse change in any condition, fact, circumstance or event, and there is no fact or circumstance presently known to such Guarantor which has not been disclosed to Lender, in each case that would make the financial statements or other documents submitted in connection with the Loan or this Guaranty inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects, or would be reasonably expected to have consequences that would materially and adversely affect, such Guarantor or its operations or financial condition.  
(o)    Embargoed Person.  (i) None of the funds or other assets of such Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (ii) no Embargoed Person has any interest of any nature whatsoever in such Guarantor (whether directly or indirectly) and (iii) none of the funds of such Guarantor have been derived from any unlawful activity.  Notwithstanding anything to the contrary contained herein, the representations and warranties contained in this subsection shall survive in perpetuity.
(p)    Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws.  Such Guarantor, and to the best of such Guarantor's knowledge, each Person owning shares, partnership interests, or other interests, as applicable, in such Guarantor: (a) is not currently identified on the OFAC List and (b) is not a Person with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of any Legal Requirement.  Such Guarantor has implemented procedures, and will consistently apply such procedures throughout the term of the Loan and the existence of this Guaranty, to ensure the foregoing representations and warranties remain true and correct during the term of the Loan and the existence of this Guaranty.
(q)    Survival.  All representations and warranties made by Guarantor herein shall survive the execution hereof.
ARTICLE 4     
 
SUBORDINATION OF CERTAIN INDEBTEDNESS
4.1    Subordination of Guarantor's Conditional Rights.  As used herein, the term "Guarantor's Conditional Rights" shall mean any and all debts and liabilities of Borrower owed to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and 

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several or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their inception, have been or may hereafter be created or the manner in which they have been or may hereafter be acquired by Guarantor.  The Guarantor's Conditional Rights shall include, without limitation, all rights and claims of Guarantor for subrogation, reimbursement, exoneration, contribution or indemnification, any right to participate in any claim or remedy of Lender against Borrower or any security or collateral which Lender now has or may hereafter acquire, whether or not such claim, remedy or right arises in equity or under contract, statute (including the Bankruptcy Code or any successor or similar statute) or common law, by any payment made hereunder or otherwise, including, without limitation, the right to take or receive from Borrower, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim or other rights, against Borrower, as a result of Guarantor's payment of all or any portion of the Guaranteed Obligations or otherwise.
4.2    Liens Subordinate; Standstill.  Notwithstanding any other provision of this Guaranty to the contrary, until the payment and performance in full of the Indebtedness, Guarantor hereby agrees that (i) all Guarantor's Conditional Rights and any and all liens, security interests, judgment liens, charges or other encumbrances upon Borrower's assets securing payment of the Guarantor's Conditional Rights shall be and remain, at all times, inferior and subordinate in all respects to the payment and performance in full of the Indebtedness and any and all liens, security interests, judgment liens, charges or other encumbrances upon Borrower's assets securing payment of the Indebtedness, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach, (ii) Guarantor shall not be entitled to, and shall not, receive or collect, directly or indirectly, from Borrower or any other Person any amount pursuant to or in satisfaction of any of the Guarantor's Conditional Rights and (iii) Guarantor shall not, without the prior written consent of Lender, (x) exercise or enforce any creditor's right it may have against Borrower in respect of any of the Guarantor's Conditional Rights or (y) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor's relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.
4.3    Claims in Bankruptcy.  In the event of receivership, bankruptcy, reorganization, arrangement, debtor's relief or other insolvency proceedings involving Guarantor as debtor, Lender shall have the right and authority, either in its own name or as an attorney-in-fact for Guarantor, to prove its claim in any such proceeding and to take such other steps as may be necessary so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian, dividends and payments which would otherwise be payable pursuant to or in satisfaction of any of the Guarantor's Conditional Rights.  Guarantor hereby assigns any and all such dividends and payments to Lender.  Should Lender receive, for application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to Guarantor and which, as between Borrower and Guarantor, shall constitute a credit against any of the Guarantor's Conditional Rights, then, upon payment and performance in full of the Indebtedness and the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such payments to 

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Lender with respect to, or in satisfaction of; such Guarantor's Conditional Rights have contributed toward the liquidation of the Guaranteed Obligations and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have remained unpaid had Lender not received such dividends or payments upon the Guarantor's Conditional Rights.
4.4    Payments Held in Trust.  In the event that, notwithstanding anything to the contrary in this Guaranty, Guarantor should receive any funds, payment, claim or distribution which is prohibited by this Guaranty on account of any of the Guarantor's Conditional Rights and either (i) such amount is paid to Guarantor at any time when any part of the Indebtedness or the Guaranteed Obligations shall not have been paid or performed in full or, (ii) regardless of when such amount is paid to Guarantor, any payment made by, or on behalf of, Borrower to Lender is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by Lender or paid over to a trustee, receiver or any other Person, whether under any bankruptcy act or otherwise (such payment, a "Preferential Payment"), then such amount paid to Guarantor shall be held in trust for the benefit of Lender and shall forthwith be paid to Lender to be credited and applied upon the Indebtedness or the Guaranteed Obligations, whether matured or unmatured, in such order as Lender, in its sole and absolute discretion, shall determine.  To the extent that any of the provisions of this Article 4 shall not be enforceable, Guarantor agrees that until such time as the Indebtedness and the Guaranteed Obligations have been paid and performed in full and the period of time has expired during which any payment made by Borrower to Lender may be determined to be a Preferential Payment, all of the Guarantor's Conditional Rights, to the extent not validly waived, shall be subordinate to Lender's right to full payment and performance of the Indebtedness and the Guaranteed Obligations and Guarantor shall not enforce any of the Guarantor's Conditional Rights during such period.
ARTICLE 5     
 
MISCELLANEOUS
5.1    Lender's Benefit; No Impairment of Loan Documents.  This Guaranty is for the benefit of Lender and its successors and assigns and nothing contained herein shall impair, as between Borrower and Lender, the obligations of Borrower under the Loan Documents.  Lender and its successors and assigns shall have the right to assign, in whole or in part, this Guaranty and the other Loan Documents to any Person and to participate all or any portion of the Loan, including, without limitation, any servicer or trustee in connection with a Securitization.
5.2    Successors and Assigns; Binding Effect.  This Guaranty shall be binding upon Guarantor and its heirs, executors, legal representatives, successors and assigns, whether by voluntary action of the parties or by operation of law.  Notwithstanding anything to the contrary herein, Guarantor may in no event delegate or transfer its obligations under, or be released from, this Guaranty, except in accordance with the terms of the Loan Agreement and this Guaranty.
5.3    Borrower.  The term "Borrower" as used herein shall include any new or successor corporation, association, partnership (general or limited), limited liability company, joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of or by Borrower or any interest in Borrower.

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5.4    Costs and Expenses.  If Guarantor should breach or fail to timely perform any provision of this Guaranty, Guarantor shall, immediately upon demand by Lender, pay to Lender any and all out-of-pocket costs and expenses (including court costs and reasonable attorneys' fees and expenses) incurred by Lender in connection with the enforcement hereof or the preservation of Lender's rights hereunder.  The covenant contained in this Section shall survive the payment and performance of the Guaranteed Obligations.
5.5    Not a Waiver; No Set-Off.  The failure of any party to enforce any right or remedy hereunder, or to promptly enforce any such right or remedy, shall not constitute a waiver thereof, nor give rise to any estoppel against such party, nor excuse any other party from its obligations hereunder, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege.  In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Guaranty, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Guaranty or to declare a default for failure to effect prompt payment of any such other amount.  Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce any of the Indebtedness or the Guaranteed Obligations.  No set-off, counterclaim (other than compulsory counterclaims), reduction, diminution of any obligations or any defense (other than the defense of timely payment) of any kind or nature which Guarantor has or may hereafter have against Borrower or Lender shall be available hereunder to Guarantor.
5.6    PRIOR AGREEMENTS.  THIS GUARANTY CONTAINS THE ENTIRE AGREEMENT OF THE PARTIES HERETO IN RESPECT OF THE GUARANTY DESCRIBED HEREIN, AND ALL.  PRIOR AGREEMENTS AMONG OR BETWEEN SUCH PARTIES, WHETHER ORAL OR WRITTEN, INCLUDING ANY TERM SHEETS, CONFIDENTIALITY AGREEMENTS AND COMMITMENT LETTERS, ARE SUPERSEDED BY THE TERMS OF THIS GUARANTY AS THEY RELATE TO THE GUARANTY DESCRIBED HEREIN.
5.7    No Oral Change.  No modification, amendment, extension, discharge, termination or waiver of any provision of this Guaranty, nor consent to any departure by Guarantor therefrom, shall in any event be effective unless the same shall be in a writing signed by Lender, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.  Except as otherwise expressly provided herein, no notice to, or demand on, Guarantor, shall entitle Guarantor to any other or future notice or demand in the same, similar or other circumstances.
5.8    Separate Remedies.  Each and all of Lender's rights and remedies under this Guaranty and each of the other Loan Documents are intended to be distinct, separate and cumulative and no such right or remedy herein or therein mentioned is intended to be in exclusion of or a waiver of any other right or remedy available to Lender.
5.9    Severability.  Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty.

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5.10    Number and Gender.  All references to sections and exhibits are to sections and exhibits in or to this Guaranty unless otherwise specified.  Unless otherwise specified, the words "hereof," "herein," "hereby," "hereunder" and words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not to any particular provision, article, section or other subdivision of this Guaranty.  Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.  Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms and the singular form of nouns and pronouns shall include the plural and vice versa.
5.11    Headings.  The Section headings in this Guaranty are included in this Guaranty far convenience of reference only and shall not constitute a part of this Guaranty for any other purpose.
5.12    Recitals.  The recitals and introductory paragraphs of this Guaranty are incorporated herein, and made a part hereof, by this reference.
5.13    Counterparts.  This Guaranty may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.
5.14    Notices.  All notices, consents, approvals and requests required or permitted hereunder shall be given in writing by expedited prepaid delivery service, either commercial or United States Postal Service, with proof of delivery or attempted delivery, addressed as follows (or at such other address and person as shall be designated from time to time by any party to this Guaranty, as the case may be, in a written notice to the other parties to this Guaranty in the manner provided for in this Section).  A notice shall be deemed to have been given when delivered or upon refusal to accept delivery.
		
	If to Lender:
	Wells Fargo Bank, as Trustee on behalf of the Registered Holders of GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates Series 2014-GC20

c/o Berkadia Commercial Mortgage LLC
118 Welsh Road
Horsham, Pennsylvania  19044
Attention:  Client Relations Manager
                  Loan No. 01-0085535

If to Guarantor:    c/o American Realty Capital
405 Park Avenue, 14th Floor
New York, New York 10022
Attention:  Jesse C. Galloway, Esq.

5.15    GOVERNING LAW.

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(a)    THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
(b)    ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS (OTHER THAN ANY ACTION IN RESPECT OF THE CREATION, PERFECTION OR ENFORCEMENT OF A LIEN OR SECURITY INTEREST CREATED PURSUANT TO ANY LOAN DOCUMENTS NOT GOVERNED BY THE LAWS OF THE STATE OF NEW YORK) MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK.  GUARANTOR HEREBY (i) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND (ii) IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.
5.16    TRIAL BY JURY.  GUARANTOR, TO THE FULLEST EXTENT THAT IT MAY LAWFULLY DO SO, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.  LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR.
5.17    Brokers and Financial Advisors.  Guarantor hereby represents that none of Borrower, Guarantor or any of their respective affiliates has dealt with any financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Guaranty and/or the other Loan Documents.  Guarantor agrees to indemnify and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower, Guarantor or any of their respective affiliates in connection with the transactions contemplated in this Guaranty and/or the other Loan Documents.  The provisions of this Section shall survive the expiration and termination of this Guaranty and the repayment of the Indebtedness.
5.18    Joint and Several Liability.  The obligations and liabilities of each Guarantor hereunder are joint and several.

[Signature Page Follows]

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IN WITNESS WHEREOF, the undersigned has executed this Guaranty all as of the day and year first above written.
GUARANTOR:

AMERICAN REALTY CAPITAL – RETAIL CENTERS OF AMERICA, INC., a Maryland corporation

By: /s/ Nicholas Radesca        
Name: Nicholas Radesca        
 Title: Interim CFO        

AMERICAN REALTY CAPITAL RETAIL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership 

		
	By:
	American Realty Capital – Retail Centers of America, Inc., a Maryland corporation, 
its General Partner

By: /s/ Nicholas Radesca            
Name: Nicholas Radesca            
 Title: Interim CFO

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