Document:

Exhibit
10.4

 

PLEDGE
AND SECURITY AGREEMENT

 

This
PLEDGE AND SECURITY AGREEMENT (this “Agreement”), dated as of May 6, 2021, is by and between Mack-cali
realty, l.p., a Delaware limited partnership (the “Pledgor”), and jpmorgan
chase bank, n.a., in its capacity as administrative agent (together with its successors and permitted assigns in such capacity,
the “Administrative Agent”), for the benefit of itself and the Lenders (as defined below) (the Lenders and
the Administrative Agent are referred to herein collectively as the “Secured Parties” and each a “Secured
Party”) under the Credit Agreement described below and acknowledged and consented to by those certain Subsidiaries listed
on Annex A attached hereto (each a “Pledged Subsidiary” and collectively, the “Pledged Subsidiaries”).

 

RECITALS:

 

The
Pledgor, as the borrower, has entered into a Revolving Credit and Term Loan Agreement, dated as of the date hereof (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Pledgor,
the lenders and letter of credit issuing banks party thereto from time to time (the “Lenders”) and the Administrative
Agent. Capitalized terms used but not defined in this Agreement (including the recitals) have the meanings assigned to them in
the Credit Agreement, and, except as otherwise expressly provided, the rules of interpretation set forth in the Credit Agreement
are hereby incorporated by reference, mutatis mutandis, as if fully set forth herein.

 

The
Pledgor owns 100% of the equity interests in each Pledged Subsidiary. The Pledgor will receive direct benefits from the financing
arrangements contemplated by the Credit Agreement.

 

It
is a condition precedent to the making of loans and the issuance of letters of credit pursuant to the Credit Agreement that the
Pledgor pledge and grant the security interests described in this Agreement, and the Pledgor wishes to pledge and grant a security
interest in favor of the Administrative Agent, for the benefit of the Secured Parties, as herein provided.

 

Therefore,
the parties hereto agree as follows:

 

ARTICLE
I.

ASSIGNMENT AND PLEDGE

 

1.1.        
Grant. As security for the prompt and complete payment of the Obligations, and to induce the Lenders to extend credit
to the Pledgor, the Pledgor hereby collaterally assigns, conveys, mortgages, pledges, hypothecates and transfers to the Administrative
Agent, for the benefit of the Secured Parties, and grants to the Administrative Agent a continuing Lien on and security interest
in the following:

 

(a)         
the Pledgor’s right, title and interest in and to all of the membership interests and all other ownership or equity interests
of every class which the Pledgor holds or hereafter acquires in each Pledged Subsidiary (collectively, the “Securities”);

     

     

    

(b)        
all of the Pledgor’s present and future rights, authority, status and powers as a member of, or holder of equity interests
in, each Pledged Subsidiary, whether arising under the Governing Documents (as defined below) of the applicable Pledged Subsidiary,
at law or otherwise, including all of the Pledgor’s rights to vote and otherwise control or participate in the management
of the business and affairs of the applicable Pledged Subsidiary;

 

(c)        
all additional limited liability company interests, capital stock or other ownership or equity interests in each Pledged Subsidiary,
all warrants, rights and options to acquire or subscribe for any such interests, and all securities and instruments convertible
into or exchangeable for any such interests, in which the Pledgor at any time has or obtains any right, title, or interest;

 

(d)        
all indebtedness owed to the Pledgor by each Pledged Subsidiary, if any, and the instruments, if any, evidencing such indebtedness,
and any and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed
in respect thereof or in exchange for any or all such indebtedness; and

 

(e)         all distributions, profit allocations, interest, revenues, income and proceeds of any kind, whether cash, instruments, securities
or other property, received by or distributable to the Pledgor in respect of, or in exchange for, its Securities or any other
Pledged Collateral and all of the Pledgor’s rights to receive the foregoing (clauses (a) through (e) collectively, the “Pledged
Collateral”).

 

1.2.        
Continuing Security Interest. This Agreement creates a continuing security interest in the Pledged Collateral and will
remain in full force and effect until the Obligations are paid in full and all Commitments have terminated. If, at any time for
any reason (including the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Pledgor, a Pledged Subsidiary
or any other Person or the appointment of any intervenor or conservator of, or agent or similar official for the Pledgor, a Pledged
Subsidiary or any other Person or any of their respective properties), any payment received by the Administrative Agent or any
other Secured Party in respect of the Obligations is rescinded or must otherwise be restored or returned by such Person, this
Agreement will continue to be effective or will be reinstated, if necessary, as if such payment had not been made.

 

1.3.        
Delivery of Certificates and Instruments. None of the Pledged Collateral is in certificated form. The Pledgor shall not take
any action (or permit the taking of any action) to cause the membership interests constituting the Pledged Collateral to be or
become certificated unless requested by the Administrative Agent in writing (with any such certificates and instruments evidencing
or representing any of the Pledged Collateral, in each case properly endorsed in blank and in suitable form for transfer by delivery
and accompanied by instruments of transfer endorsed in blank, in form and substance reasonably satisfactory to the Administrative
Agent). The Administrative Agent will hold such certificates and instruments until the Obligations have been paid in full and
all Commitments have terminated.

    - 2 - 

     

    

1.4.        
Waiver of Certain Operating Agreement Provisions. The Pledgor irrevocably waives any and all provisions of the limited liability
company agreement, certificate of formation and other constitutive documents (any such documents with respect to any Person, collectively,
the “Governing Documents”) of each Pledged Subsidiary that (a) prohibit, restrict, condition or otherwise affect
the grant hereunder of any Lien on any of the Pledged Collateral or any enforcement action which may be taken in respect of any
such Lien or the transfer of the Pledged Collateral by the Administrative Agent or any of its designees or transferees, (b) would
operate to limit or restrict the ability of the Administrative Agent or any of its designees or transferees from becoming a full
voting member of, or holder of equity interest in, a Pledged Subsidiary following an Event of Default, or (c) otherwise conflict
with the terms of this Agreement. Each Pledged Subsidiary agrees that it shall not issue any equity interests to any Person other
than the Pledgor.

 

1.5.        
Authorization to File Statements. The Pledgor authorizes the Administrative Agent to file in any Uniform Commercial
Code filing office financing statements and amendments naming the Administrative Agent as the secured party and indicating the
Pledged Collateral as the collateral and certain other information required by the Uniform Commercial Code for the sufficiency
and acceptance for filings of any financing statement or amendment, in each case as is necessary or required by applicable law
in order to create, perfect, maintain and preserve first priority Liens on the Pledged Collateral (subject only to Permitted Encumbrances
having priority over such Liens of the Administrative Agent by operation of law) in favor of the Administrative Agent for the
benefit of the Secured Parties; provided that, notwithstanding the foregoing, nothing herein shall require the Administrative
Agent to file financing statements or continuation statements, or be responsible for maintaining the security interests purported
to be created as described herein. The financing statements may indicate some or all of the Pledged Collateral on the financing
statement, whether specifically or generally. The Pledgor also ratifies its authorization for the Administrative Agent to have
filed in any UCC jurisdiction any like financing statements or amendments thereto as set forth in this Section 1.5
if filed prior to the date hereof.

 

ARTICLE
II.

REPRESENTATIONS, WARRANTIES AND COVENANTS; WAIVERS AND AUTHORIZATIONS, ETC.

 

2.1.        
Representations and Warranties. As of the date of this Agreement, the Pledgor represents and warrants to the Administrative
Agent as follows:

 

(a)          
Existence and Authority. It is a limited partnership duly organized, validly existing, and in good standing under the laws
of the State of Delaware and is in good standing in each jurisdiction in which it is required by law to be qualified. It has all
necessary rights, franchises and privileges and full power and authority to execute, deliver and perform this Agreement and to
act as a member of each Pledged Subsidiary. It has taken all necessary action to execute, deliver and perform this Agreement,
and this Agreement has been duly executed and delivered by it and constitutes its legally valid and binding obligation, enforceable
against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors’ rights generally or by general principles of equity;

    - 3 - 

     

    

(b)           
No Violations or Defaults. The execution, delivery and performance by the Pledgor of this Agreement do not and will not
(i) violate any applicable law, (ii) violate, or result in a default under its Governing Documents or any Pledged Subsidiary’s
Governing Documents, (iii) violate, or result in a default under, any contractual obligation to which it or a Pledged Subsidiary
is a party, or (iv) require an approval or any consent from any Person that has not been obtained;

 

(c)           
Membership Interests. All of the Securities pledged by the Pledgor hereunder have been duly and validly issued and are
fully paid and non-assessable, and all of the Securities pledged by the Pledgor hereunder are uncertificated and do not constitute
securities governed by Article 8 of the Uniform Commercial Code of the State of New Jersey; and the Securities identified
on Annex A hereto constitute all of the outstanding limited liability company interests and other ownership interests of
each Pledged Subsidiary.

 

(d)          
No Liens. (i) none of the Pledged Collateral is subject to any Lien (except the Lien of this Agreement) and (ii) no effective
security agreement (other than this Agreement), financing statement (except for financing statements in favor of the Administrative
Agent) or other instrument similar in effect is on file or of record in the office of any Governmental Authority with respect
to any of the Pledged Collateral;

 

(e)           
Name and Address.

 

(i)           
Its name set forth in the first paragraph of this Agreement is its true, correct and complete name and is the name on its public
organic record (within the meaning of Section 9-102(a)(68) of the Uniform Commercial Code of the State of New York); its legal
address and the address of its principal place of business and chief executive office and its organizational number are all as
set forth below its name on Annex B hereto; its type of organization is a limited partnership; and its jurisdiction of
formation is the State of Delaware; and

 

(ii)         
It has not, in the last five years, (A) changed its legal address or the address of its principal place of business and chief
executive office except as set forth on Annex B hereto, (B) changed its name except as set forth on Annex B hereto,
or (C) become a “new debtor” (as defined in the UCC) with respect to a currently effective security agreement entered
into by another Person;

 

(f)            
Perfection and Priority of Liens. The pledge and grant of a security interest in the Pledged Collateral pursuant to
this Agreement will create a valid and perfected Lien on and in the Pledged Collateral, and the proceeds thereof, securing
the payment of the Obligations, subject to no prior Lien; and

 

(g)           
No Litigation. There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Pledgor,
threatened against or affecting the Pledgor or any of its property in any court or before any arbitrator or before or by any Governmental
Authority.

    - 4 - 

     

    

2.2.        
Affirmative Covenants. The Pledgor covenants and agrees that until the Obligations are paid in full and all Commitments
are terminated, it will perform and observe each of the following covenants:

 

(a)         
Existence. It will at all times preserve and maintain its existence, rights, franchises and privileges and remain in good
standing in the jurisdiction of its formation, and qualify and remain qualified as a foreign company in good standing in each
jurisdiction in which such qualification is necessary in view of its current or proposed business and operations or the ownership
of its properties;

 

(b)        
Compliance with Laws, Approvals, and Obligations. It will comply with all laws to which it or its property is subject and
with its Governing Documents and all material contractual obligations to which it is a party. It will obtain and maintain in full
force and effect all approvals necessary (i) for its current and proposed business and operations and the ownership of its properties
and (ii) for the execution, delivery, performance and enforcement of this Agreement and will promptly pay when due all necessary
license, franchise and other fees and charges due and payable in connection therewith; and

 

(c)         
Defend Title. It will defend the rights of the Administrative Agent and security interest of the Administrative Agent in
the Pledged Collateral against the claims and demands of all other persons whomsoever.

 

2.3.        
Negative Covenants. The Pledgor covenants and agrees that until the Obligations are Paid in Full it will perform and
observe each of the following covenants:

 

(a)         
Business, Name and Address. It will not change its name, the address of its principal place of business or chief executive
office, its type of organization, its jurisdiction of formation or its organizational identification number without giving the
Administrative Agent 30 days’ prior written notice of such change;

 

(b)        
Governing Documents. It will not permit or agree to any amendment or waiver of its Governing Documents or the Governing
Documents of any Pledged Subsidiary, except in connection with the admission of a new member or substitution of an existing member
of a Pledged Subsidiary in compliance with Section 2.3(c). It will not sell, assign, lease, or otherwise dispose of
(whether in one transaction or in a series of transactions), any or all of its rights, title or interest in the Pledged Collateral,
except as provided in Section 2.3(c). It will not vote or take other action to cause the dissolution of any Pledged
Subsidiary; and

 

(c)         
New Members. Except as set forth in this Section 2.3(c), the Pledgor will not permit or consent to the admission
of any new or substitute members in, or holders of equity interest in, any Pledged Subsidiary, except, following an Event of Default
and the exercise by the Administrative Agent or its designee of remedies under the Loan Documents, a new or substitute member
or holder of equity interest that is the Administrative Agent or a designee of the Administrative Agent. The Pledgor will not
effect or permit any sale, transfer or encumbrance of the Pledged Collateral, except, following an Event of Default, in connection
with an exercise of remedies by the Secured Parties.

    - 5 - 

     

    

2.4.        
Protection of Secured Parties. The Pledgor agrees that:

 

(a)        
its liabilities and obligations under its Governing Documents or the Pledged Subsidiaries’ Governing Documents will not
be affected by this Agreement or the Lien on the Pledged Collateral created in favor of the Administrative Agent pursuant to this
Agreement, or the exercise by the Administrative Agent of any of its rights under this Agreement;

 

(b)        
no Secured Party, unless it expressly agrees in writing, will have any liabilities or obligations under any Pledged Subsidiary’s
Governing Documents as a result of this Agreement or the exercise by the Administrative Agent of its rights under this Agreement;
and

 

(c)        
no Secured Party has any obligation to enforce any contractual obligation or claim with respect to the Pledged Collateral, or
to take any other action with respect to the Pledged Collateral except as expressly set forth in this Agreement and the other
Loan Documents.

 

2.5.        
Waiver of Subrogation. Notwithstanding any payment made by the Pledgor under this Agreement or any set-off or application
by any Secured Party of any funds of the Pledgor, until all of the Obligations have been paid in full and all Commitments have
terminated, the Pledgor will not (a) be entitled to be subrogated to any of the rights of any Secured Party against a Pledged
Subsidiary, any other subsidiary of the Pledgor or any guarantor, or in any collateral security or guaranty or right of offset
held by the Administrative Agent for the payment of any Obligations; or (b) seek any reimbursement or contribution from a
Pledged Subsidiary or any guarantor in respect of any payment made by it under this Agreement or any set-off or application of
any of its funds.

 

2.6.        
Additional Waivers. The Pledgor waives diligence, presentment, demand of any kind, protests of any kind and notices
of any kind, all set-offs and all counterclaims, to the extent permitted by applicable law, and all suretyship defenses to the
extent otherwise applicable.

 

ARTICLE
III.

RIGHTS AND REMEDIES

 

3.1.        
Distributions and Voting Rights.

 

(a)        So
long as no Event of Default has occurred and is continuing, and the Administrative Agent has not given notice to the Pledgor of
the Administrative Agent’s intent to exercise its rights under Section 3.1(b), the Pledgor will be entitled
to exercise any and all management, voting, consent and other rights with respect to the Pledged Collateral for any purpose not
inconsistent with the terms of the Credit Agreement or any of the other Loan Documents and to receive and retain any and all cash
distributions and other payments in respect of the Pledged Collateral made in accordance with the Credit Agreement and the other
Loan Documents.

    - 6 - 

     

    

(b)           Upon
the occurrence and during the continuation of an Event of Default, upon notice from the Administrative Agent which notice shall
be immediately effective, all rights of the Pledgor to exercise management, voting, consent and other rights with respect to the
Pledged Collateral and to receive distributions and other payments in respect of the Pledged Collateral will cease, and all such
rights will immediately become vested solely in the Administrative Agent or its nominee. After the occurrence and during the continuation
of an Event of Default, any distributions and other payments in respect of the Pledged Collateral received by the Pledgor will
be held in trust for the Administrative Agent, and the Pledgor will keep all such amounts separate and apart from all other funds
and property so as to be capable of identification as the property of the Administrative Agent and the Pledgor will deliver such
amounts promptly to the Administrative Agent or its designee in the identical form received, properly endorsed or assigned when
required to enable the Administrative Agent or its designee to complete collection thereof.

 

3.2.        
Administrative Agent’s Rights Upon Default. Upon the occurrence and during the continuation of an Event of Default,
the Administrative Agent may, but shall not be obligated to take any or all of the following actions, in each case at the Pledgor’s
expense and without prior notice to the Pledgor except as required below or under applicable law:

 

(a)        
give notice of the Event of Default to any Person, collect distributions and other amounts constituting or payable in respect
of the Pledged Collateral, and enforce all rights of the Pledgor in the Pledged Collateral;

 

(b)        
take possession of any or all of the Pledged Collateral, including through agents, wherever it may be found, and hold and manage
the same;

 

(c)        
foreclose its Lien upon any or all of the Pledged Collateral;

 

(d)        
become, or cause its nominee or a transferee to become, a substitute or successor member of, or holder of equity interests in,
any Pledged Subsidiary;

 

(e)        
sell, lease, assign, deliver or otherwise dispose of any or all of the Pledged Collateral at public or private sale, with or without
having any or all of the Pledged Collateral at the place of sale, upon terms, in such manner, at such time or times, and at such
place or places as the Administrative Agent may determine and in accordance with applicable law; and

 

(f)         
exercise any or all other rights or remedies available to the Administrative Agent under applicable law or the Loan Documents
or any other agreement between the parties.

 

The
Administrative Agent may, to the fullest extent permitted by law, exercise the foregoing rights and remedies in such order, at
such times and in such manner as the Administrative Agent may determine from time to time.

    - 7 - 

     

    

3.3.        
Power of Attorney. The Pledgor irrevocably constitutes and appoints the Administrative Agent and any officer or agent
thereof, each with full power of substitution, as the Pledgor’s true and lawful attorney-in-fact and proxy with respect
to the Pledged Collateral, in the Pledgor’s name or in such Person’s name or otherwise, and at the Pledgor’s
expense, to take any or all of the following actions upon the occurrence and during the continuation of an Event of Default, without
notice to or the consent of the Pledgor to the extent permitted by applicable law:

 

(a)        
take any or all of the actions described in Section 3.2 and exercise any other right or power granted to the Administrative
Agent or a Lender under this Agreement or any other Loan Document or by law;

 

(b)        
transfer to, or register in the name of, the Administrative Agent or its nominee any or all of the Pledged Collateral;

 

(c)        
exercise all voting, consent, management and other rights relating to any Pledged Collateral; and

 

(d)        
do any and all things necessary and proper to carry out the purposes of this Agreement, to the extent permitted by applicable
law.

 

The
Pledgor recognizes and agrees that the power of attorney granted pursuant to this Section 3.3 is coupled with an interest
and is not revocable until the termination of this Agreement in accordance with its terms. The Pledgor ratifies and confirms all
actions taken by the Administrative Agent or its agents pursuant to this power of attorney in accordance herewith.

 

3.4.        
Other Rights of the Administrative Agent.

 

(a)         
The Administrative Agent will have, with respect to the Pledged Collateral, in addition to the rights and remedies set forth in
this Agreement: (i) all of the rights and remedies available to a secured party under applicable law, as if such rights and
remedies were fully set forth in this Agreement, and (ii) all of the rights, protections and indemnities set forth in the
Credit Agreement, which provisions are incorporated by reference and made a part of this Agreement.

 

(b)        
The Administrative Agent may at any time and from time to time release or relinquish any right, remedy or Lien it has with respect
to a particular item of Pledged Collateral without thereby releasing, relinquishing or in any way affecting its rights, remedies
or Lien with respect to any other item of Pledged Collateral.

 

3.5.        
Disposition of Pledged Collateral. Upon the written request by the Administrative Agent after the occurrence and during the
continuance of an Event of Default:

 

(a)        
The Pledgor agrees, promptly and at its own expense, to assemble any or all of the Pledged Collateral and make it available to
the Administrative Agent.

 

(b)        
The Administrative Agent will be entitled to sell the Pledged Collateral on any commercially reasonable terms, and the Pledgor
agrees that a private sale or a sale on extended payment terms, or in exchange for property, stock or other consideration will
not in and of itself be deemed to be commercially unreasonable. The Pledged Collateral may be sold in one lot as an entirety or
in separate parcels. Any Secured Party may purchase any or all of the Pledged Collateral sold at any public sale and, to the extent
permitted by applicable law, may purchase any or all of the Pledged Collateral sold at any private sale, including by a credit
bid.

    - 8 - 

     

    

(c)        
The Administrative Agent may restrict the prospective bidders or purchasers at any sale as to their number, nature of business,
financial or business expertise, net worth or financial resources and investment intention or on the basis of any other factors
that are commercially reasonable.

 

(d)        
The Pledgor expressly agrees that the Administrative Agent need not give more than 10 days’ prior written notice to the
Pledgor of the time and place of any public sale of Pledged Collateral or of the time after which a private sale of the Pledged
Collateral may take place, and that such notice will constitute reasonable notice under all circumstances. The Administrative
Agent will not be obligated to hold any sale pursuant to any such notice and may, without notice or publication, adjourn any public
or private sale by announcement at the time and place fixed for such sale, and a subsequent sale may be held at the time and place
designated in such announcement without further notice or publication. To the extent permitted by applicable law, the Pledgor
irrevocably waives any right it may have to make a demand of performance or other demand, advertisement, judicial hearing or notice
to it or any other Person in connection with the collection, sale or other disposition of, or realization upon, any or all of
the Pledged Collateral.

 

(e)         
The Administrative Agent may settle, pay or discharge any or all taxes, Liens, claims and other charges with respect to the Pledged
Collateral. All sums expended by the Administrative Agent pursuant to this Section 3.5(e) will constitute Obligations
secured by the Liens created by the Loan Documents. Neither the Administrative Agent, nor any other Secured Party will have any
duty to take any action authorized by this Section 3.5(e), and no sale of Pledged Collateral will be deemed to have
been commercially unreasonable by reason of the Administrative Agent’s decision not to take any such action.

 

Notwithstanding
the foregoing, to the extent the Administrative Agent has commenced exercise of the foregoing rights and remedies, upon the cessation
of any and all Events of Default, the Administrative Agent may continue or suspend its exercise of the foregoing rights and remedies.

 

3.6.        
No Marshaling or Right of Redemption.

 

(a)         
Except to the extent required by applicable law, neither the Administrative Agent nor any other Secured Party will be required
to marshal any Pledged Collateral or any guaranties of the Obligations, or to resort to any item of Pledged Collateral or any
guaranty in any particular order, and the Administrative Agent’s rights with respect to the Pledged Collateral and any guaranties
will be cumulative and in addition to all other rights, however existing or arising. To the extent permitted by applicable law,
the Pledgor irrevocably waives, and agrees that it will not invoke or assert, any law requiring or relating to the marshaling
of collateral or any other law which could reasonably be expected to cause a delay in or impede the enforcement of the Administrative
Agent’s rights under this Agreement or any other Loan Document.

    - 9 - 

     

    

(b)        
To the extent permitted by applicable law, the Pledgor irrevocably waives, and agrees that it will not invoke or assert, any rights
to equity of redemption or other rights of redemption, appraisement, valuation, stay, extension or moratorium that it may have
in equity, at law, or otherwise with respect to any Pledged Collateral. To the extent permitted by applicable law, the sale or
other transfer pursuant to this Agreement of any right, title or interest of the Pledgor in any item of Pledged Collateral will
operate to permanently divest the Pledgor and all Persons claiming under or through the Pledgor of such right, title or interest,
and will be a perpetual bar, both at law and in equity, to any and all claims by the Pledgor or any such Person with respect to
such item of Pledged Collateral.

 

3.7.        
Application of Proceeds. After the occurrence and during the continuation of an Event of Default, or after an exercise
of remedies by the Administrative Agent, any cash held by the Administrative Agent as Pledged Collateral and all cash proceeds
received by the Administrative Agent from any realization upon the Pledged Collateral may be held by the Administrative Agent
as collateral security for the payment of the Obligations and applied by the Administrative Agent in accordance with the Credit
Agreement.

 

3.8.        
Administrative Agent’s Duties.

 

(a)        
The grant to the Administrative Agent under this Agreement of any right or power does not impose upon the Administrative Agent
any duty to exercise such right or power. The Administrative Agent will have no obligation to take any steps to preserve any claim
or other right against any Person or with respect to any Pledged Collateral.

 

(b)        
To the extent permitted by applicable law, the Pledgor waives all claims against the Administrative Agent or its agents arising
out of the repossession, taking, retention, storage, operation or sale of the Pledged Collateral except to the extent such actions
shall be determined to amount to gross negligence or willful misconduct on the part of the Administrative Agent, as determined
in a final non-appealable judgment from a court of competent jurisdiction. To the extent permitted by applicable law, the Pledgor
waives any claim it may have based on the allegation or fact that the price obtained for Pledged Collateral sold at a private
sale made in accordance with this Agreement was less than could have been obtained for the same Pledged Collateral at a public
sale. Subject to the following sentence, all risk of loss, damage, diminution in value, or destruction of the Pledged Collateral
will be borne by the Pledgor. Notwithstanding anything contained herein to the contrary, the Administrative Agent will have no
responsibility to the Pledgor for any act or omission of the Administrative Agent or its agents, except to the extent such act
or failure to act shall be determined to be gross negligence or willful misconduct on the part of such Person as determined in
a final non-appealable judgment from a court of competent jurisdiction. Notwithstanding anything herein to the contrary, in no
event shall the Administrative Agent be liable for special, punitive indirect or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Administrative Agent has been advised of the likelihood of such loss
or damage and regardless of the form of action.

 

(c)         
The Administrative Agent does not and will not make any express or implied representations or warranties with respect to any Pledged
Collateral or other property released to the Pledgor or its successors and assigns.

    - 10 - 

     

    

(d)         
The Administrative Agent will be accountable only for such proceeds as the Administrative Agent actually receives as a result
of the exercise of its rights under this Agreement and the other Loan Documents, and delivery or other accounting of such proceeds
or the Pledged Collateral by the Administrative Agent to the Pledgor or the assignee of the Obligations will discharge the Administrative
Agent of all liability therefor.

 

(e)         
Except as expressly set forth herein or as required under applicable law, the Administrative Agent will have no other duties or
obligations under this Agreement or with respect to the Pledged Collateral.

 

3.9.        
Indemnity and Expenses. The Pledgor agrees to indemnify and hold harmless the Administrative Agent, its directors, officers,
employees, agents and their respective Affiliates from and against any and all claims, liabilities (including environmental liabilities),
obligations, losses, damages, penalties, judgments, costs, expenses (including the reasonable fees and expenses of its agents
and counsel) and disbursements of any kind or nature whatsoever (“Losses”) that may be imposed on, incurred
by, or asserted against the Administrative Agent or its directors, officers, employees, agents or Affiliates by any Person (including
any Lender) in any way relating to or arising out of (a) this Agreement or any other Loan Document and the transactions contemplated
hereby and thereby (including, without limitation, any amendments, waivers or releases, and any enforcement of this Agreement
or any other Loan Document) or (b) any action taken or omitted by the Administrative Agent under this Agreement or any other Loan
Document; provided that the Pledgor will not be liable to the Administrative Agent, its directors, officers, employees, agents
and their respective Affiliates for any portion of such Losses resulting solely from such Person’s gross negligence or willful
misconduct as determined by a final, non-appealable judgment of a court of competent jurisdiction. This Section 3.9
shall survive the termination of this Agreement and the earlier resignation or removal of the Administrative Agent.

 

ARTICLE
IV.

GENERAL PROVISIONS

 

4.1.        
Further Assurances.

 

(a)        
At any time and from time to time, including upon the request of the Administrative Agent, the Pledgor will, at the Pledgor’s
expense, execute and deliver and/or file such further documents, financing statements, continuation statements, amendments and
instruments and do such other acts as are, in each case, necessary or required by applicable law in order to: (i) create, perfect,
maintain and preserve first-priority Liens on the Pledged Collateral in favor of the Administrative Agent for the benefit of the
Secured Parties, (ii) upon the occurrence and during the continuation of an Event of Default, facilitate any sale of or other
realization upon the Pledged Collateral, (iii) upon the occurrence and during the continuation of an Event of Default, make any
sale of or other realization upon the Pledged Collateral valid, binding and in compliance with applicable law, and (iv) provide
for the payment of the Obligations in accordance with the terms of the Loan Documents and this Agreement.

    - 11 - 

     

    

(b)        
The Pledgor shall pay all filing, registration and recording fees or re-filing, re-registration and re-recording fees, and all
expenses incident to the execution and acknowledgment of this Agreement, and any instruments of further assurance, and all federal,
state, county and municipal stamp taxes and other taxes, duties, imports, assessments and charges arising out of or in connection
with the execution and delivery of this Agreement, any agreement supplemental hereto and any instruments of further assurance.

 

4.2.        
Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and assigns. The Pledgor may not assign or otherwise transfer any of its rights under this Agreement.
The Administrative Agent may only assign or otherwise transfer and assign its rights and interests under this Agreement to a successor
in accordance with the Credit Agreement.

 

4.3.        
Severability. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby, and the parties hereto shall enter into good faith negotiations to replace the invalid, illegal or unenforceable provision.

 

4.4.        
Construction, etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as
being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an
express contrary provision) be deemed to excuse compliance with any other covenant.

 

4.5.        
Counterparts. This Agreement may be executed in one or more duplicate counterparts and when signed by all of the parties
shall constitute a single binding agreement. A facsimile or electronic transmission of the signature page to this Agreement by
any party hereto shall be effective as the signature page of such party and shall be deemed to constitute an original signature
of such party to this Agreement and shall be admissible into evidence for all purposes.

 

4.6.        
Governing Law. THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, OTHER
THAN CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION, EXCEPT TO THE EXTENT THAT THE VALIDITY
OR PERFECTION OF THE SECURITY INTERESTS OR REMEDIES HEREUNDER IN RESPECT OF ANY PARTICULAR PLEDGED COLLATERAL IS GOVERNED BY THE
LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

4.7.       
Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF THE
PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. IN
THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

    - 12 - 

     

    

4.8.        
Consent to Jurisdiction. The parties agree that any legal action or proceeding by or against the Pledgor or with respect to
or arising out of this Agreement or any other Loan Document may be brought in or removed to the courts of the State of New York,
in and for the County of New York, or of the United States of America for the Southern District of New York, in each case, in
the Borough of Manhattan. By execution and delivery of this Agreement, each party accepts, for itself and in respect of its property,
generally and unconditionally, the jurisdiction of the aforesaid courts. The Pledgor agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Each of the parties hereto irrevocably consents to the service of process out of any of the aforementioned courts
in any such action or proceeding by the mailing of copies thereof by registered or certified mail (or any substantially similar
form of mail), postage prepaid, return receipt requested to such party at its address for notices as specified herein. Each of
the parties agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon
it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and
held to be valid personal service upon and personal delivery to it. Notices under this Section 4.8 shall be conclusively
presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial
delivery service.

 

4.9.        
Release of Liens. Upon the payment in full of all of the Obligations and the termination of all Commitments, (a) the Liens
and security interests granted under this Agreement shall be automatically released and the Pledged Collateral shall automatically
revert to the Pledgor with no further action on the part of any Person, and (b) the Administrative Agent shall, upon the written
request of the Pledgor and at the Pledgor’s expense, execute all such documentation as may be necessary to effect or evidence
the termination and release of the Liens on the Pledged Collateral created under this Agreement. Upon the written request of the
Pledgor and at the Pledgor’s expense, the Administrative Agent agrees to notify any other third party reasonably requested
by Pledgor of such termination.

 

4.10.      
No Waiver by the Administrative Agent, Amendments.

 

(a)         
Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered
into between the parties hereto, and then any such waiver, amendment or modification shall be effective only in the specific instance
and for the specific purpose for which given.

 

(b)        
The Administrative Agent shall not be deemed to have waived any of its rights and remedies in respect of the Obligations or the
Pledged Collateral unless such waiver shall be in accordance with paragraph (a) above. No delay or omission on the part of the
Administrative Agent in exercising any right or remedy shall operate as a waiver of such right or remedy or any other right or
remedy. A waiver on any one occasion shall not be construed as a bar to or waiver of any right or remedy on any future occasion.
All rights and remedies of the Administrative Agent with respect to the Obligations or the Pledged Collateral, whether evidenced
hereby or by any other instrument or papers, shall be cumulative and may be exercised singularly, alternatively, successively
or concurrently at such time or at such times as the Administrative Agent deems expedient.

    - 13 - 

     

    

4.11.     
Overdue Amounts. Until paid, all amounts due and payable by the Pledgor under this Agreement shall be a debt secured by the
Pledged Collateral and shall bear, whether before or after judgment, interest at the Default Rate.

 

4.12.      
Notice, etc. All notices and communications provided for hereunder shall be in writing and sent (a) by facsimile, (b) as a
..pdf attachment to an email, (c) by registered or certified mail with return receipt requested (postage prepaid), or (d) by a
recognized overnight delivery service (with charges prepaid). Any such notice must be sent to the address set forth under the
intended recipient’s name set forth on the signature pages hereto or at such other address as such Person shall have specified
to the other party hereto in writing. Notices will be deemed given only when received. Notwithstanding the foregoing, in the case
of communications or notices transmitted by the Pledgor by facsimile or email, such communication or notice (i) shall be signed
by a Responsible Officer, addressed as set forth above or to such other facsimile number or email address as the party receiving
the information shall have specified in writing to the party sending such information, (ii) shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, or return e-mail or other written acknowledgement from such recipient confirming receipt), and (iii) shall
be deemed to have been validly and effectively given on the day (if a Business Day and, if not, on the next following Business
Day) on which it is transmitted if transmitted before 4:00 p.m., New York City time, and if transmitted after that time, on the
next following Business Day.

 

4.13.      
Credit Agreement. The Administrative Agent shall act hereunder only in accordance with the terms and conditions of this Agreement
and the Credit Agreement. Any and all actions the Administrative Agent takes or omits to take hereunder shall be covered by the
indemnity provisions of the Credit Agreement which shall be deemed to be incorporated by reference herein. In the case of a conflict
between this Agreement (including Section 3.8) and the Credit Agreement, the Credit Agreement shall govern the rights
and obligations of the Administrative Agent.

    - 14 - 

     

    

4.14.      
Waiver of Suretyship Defenses. The obligations of the Pledgor shall not be subject to any counterclaim, setoff, deduction
or defense based upon any claim the Pledgor may have against a Pledged Subsidiary, any Lender or otherwise, and shall remain in
full force and effect without regard to, and (except by payment in full of all of the Obligations and the termination of all Commitments)
shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not the Pledgor
shall have any knowledge or notice thereof), including, without limitation: (a) any amendment, modification of or supplement
to the Credit Agreement or any other Loan Document or any assignment or transfer of any thereof or of any interest therein, or
any furnishing, acceptance or release of any security for the Obligations; (b) any waiver, consent, extension, indulgence
or other action or inaction under or in respect of the Obligations or in respect of the Credit Agreement or any other Loan Document;
(c) any bankruptcy, insolvency, readjustment, composition, liquidation or similar proceeding with respect to the Pledgor
or any subsidiary thereof; (d) any merger, amalgamation or consolidation of the Pledgor or a Pledged Subsidiary into or with
any other Person or any sale, lease or transfer of any or all of the assets of a Pledged Subsidiary to any Person; or (e) any
failure on the part of a Pledged Subsidiary for any reason to comply with or perform any of the terms of any other agreement with
the Pledgor; or (f)  any other circumstance which might otherwise constitute a legal or equitable discharge, suretyship
defense or other defense of a guarantor (whether or not similar to the foregoing). To the extent permitted by law, the Pledgor
irrevocably and unconditionally waives any defense it might have to its performance hereunder, based on any of the foregoing.

 

[Remainder
of page intentionally left blank]

    - 15 - 

     

    

IN
WITNESS WHEREOF, each of the parties, intending to be legally bound, has caused this Agreement to be signed on the date first
above written.

 

	 	MACK-CALI REALTY, L.P.
	 	 	 
	 	By:	Mack-Cali Realty Corporation, its general  partner
	 	 	 
	 	By:	/s/
    Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	Address:
	 	 
	 	Harborside 3, 210 Hudson Street, Suite 400
	 	Jersey City, NJ 07311
	 	Attention: Gary Wagner, Esq.
	 	General Counsel and Secretary
	 	Fax: (201) 434-2726
	 	Email: gwagner@mack-cali.com

 

[Signature
Page – Pledge and Security Agreement]

     

     

    

	 	JPMORGAN CHASE BANK, N.A.,
    not in its individual capacity but solely in its capacity as the Administrative Agent
	 	 	 
	 	By:	/s/ Paul Choi
	 	Name:	Paul Choi
	 	Title:	Authorized Signer
	 	 	 
	 	Address:
	 	 	 
	 	JPMorgan Chase Bank, N.A.
	 	JPMorgan Loan Services
	 	500 Stanton Christiana Road, Ops 2, 3rd Floor
	 	Newark, DE 19713
	 	Attn: Loan and Agency Services Group
	 	Fax: (302) 634-3301

 

[Signature
Page – Pledge and Security Agreement]

     

     

    

ACKNOWLEDGEMENT
AND CONSENT

 

The
undersigned hereby acknowledges receipt of a copy of the foregoing Pledge and Security Agreement (the “Agreement”)
and agrees to be bound thereby and to comply with the terms thereof, any provisions of its Governing Documents (as that term is
defined in the Agreement) to the contrary notwithstanding. The undersigned further agrees that the Administrative Agent (as that
term is defined in the Agreement) referred to therein will not have any of the obligations of a member of a Pledged Subsidiary
unless the Administrative Agent affirmatively elects to undertake such obligations in accordance with the terms of the Agreement.

 

	 	MACK-CALI
    PLAZA I L.L.C., a New Jersey limited
    liability company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership,
    its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation,
    its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	M-C
    HARBORSIDE PROMENADE LLC,
	 	a New Jersey limited liability company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership,
    its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation,
    its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary

 

[Acknowledgement
Page – Pledge and Security Agreement]

     

     

    

	 	M-C
    PLAZA II & III LLC, a New Jersey
    limited liability company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership,
    its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation,
    its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name: 	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	M-C
    PLAZA v LLC, a New Jersey limited liability
    company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership,
    its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation,
    its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	cali
    harborside (fee) associates l.p., a New
    Jersey limited partnership
	 	 	 
	 	By:	MACK-CALI SUB X, INC., a Delaware corporation,
    its general partner
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation,
    its sole stockholder
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary

 

[Acknowledgement
Page – Pledge and Security Agreement]

     

     

    

	 	cal-HARBOR
    V URBAN RENEWAL ASSOCIATES L.P., a New
    Jersey limited partnership
	 	 	 
	 	By:	MACK-CALI SUB X, INC., a Delaware corporation,
    its general partner
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation,
    its sole stockholder
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	CAL-HARBOR
    V LEASING ASSOCIATES L.L.C., a New Jersey
    limited liability company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership,
    its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation,
    its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	cal-HARBOR
    Vii URBAN RENEWAL ASSOCIATES L.P., a
    New Jersey limited partnership
	 	 	 
	 	By:	MACK-CALI SUB XI, INC., a Delaware corporation,
    its general partner
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation,
    its sole stockholder
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 

[Acknowledgement
Page – Pledge and Security Agreement]

     

     

    

	 	CAL-HARBOR
    VII LEASING ASSOCIATES L.L.C., a New
    Jersey limited liability company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership,
    its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation,
    its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary

 

[Acknowledgement
Page – Pledge and Security Agreement]

     

     

    

ANNEX
A TO PLEDGE AND SECURITY AGREEMENT

 

No
Pledged Subsidiary has authorized, issued or outstanding shares of its capital stock, limited liability company interests, partnership
interests or other equity interests of any class or any commitments to issue any shares of its capital stock, limited liability
company interests, partnership interests or other equity interests of any class or any securities convertible into or exchangeable
for any shares of its capital stock, limited liability company interests, partnership interests or other equity interests of any
class, except as otherwise stated in this Annex A.

 

	Pledged
    Subsidiary	Jurisdiction
    of 

Formation of Pledged

 Subsidiary	Pledgor	Class
of

        Interest
	%
    Interest 

Held
	Mack
    Cali Plaza I L.L.C.	New
    Jersey	Mack-Cali
    Realty, L.P.	Common	100%
	M-C
    Harborside Promenade LLC	New
    Jersey	Mack-Cali
    Realty, L.P.	Common	100%
	M-C
    Plaza II & III LLC	New
    Jersey	Mack-Cali
    Realty, L.P.	Common	100%
	M-C
    Plaza IV LLC	New
    Jersey	Mack-Cali
    Realty, L.P.	Common	100%
	M-C
    Plaza V LLC	New
    Jersey	Mack-Cali
    Realty, L.P.	Common	100%

    Annex A

     

    

ANNEX
B TO PLEDGE AND SECURITY AGREEMENT

 

	Prior
    legal names in the last 5 years:	N/A
	 	 
	Current
    legal address/address of principal place of business and chief executive office:  	Harborside
    3, 210 Hudson Street, Suite 400

    Jersey City, NJ 07311
	 	 
	Prior
    legal addresses/addresses of principal place of business and chief executive office in the last 5 years:	N/A
	 	 
	Organizational
    number:  	2407010

    Annex BExhibit 10.5

 

PLEDGE
AND SECURITY AGREEMENT

 

This PLEDGE AND SECURITY
AGREEMENT (this “Agreement”), dated as of May 6, 2021, is by and between Roseland
residential Trust, a Maryland real estate investment trust (the “Pledgor”), and jpmorgan
chase bank, n.a., in its capacity as administrative agent (together with its successors and permitted assigns in such capacity,
the “Administrative Agent”), for the benefit of itself and the Lenders (as defined below) (the Lenders and the
Administrative Agent are referred to herein collectively as the “Secured Parties” and each a “Secured
Party”) under the Credit Agreement described below.

 

RECITALS:

 

Mack-Cali Realty, L.P.,
a Delaware limited partnership (the “Borrower”) has entered into a Revolving Credit and Term Loan Agreement,
dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among the Borrower, the lenders and letter of credit issuing banks party thereto from time to time (the “Lenders”)
and the Administrative Agent. Capitalized terms used but not defined in this Agreement (including the recitals) have the meanings
assigned to them in the Credit Agreement, and, except as otherwise expressly provided, the rules of interpretation set forth in
the Credit Agreement are hereby incorporated by reference, mutatis mutandis, as if fully set forth herein.

 

The Borrower owns,
directly or indirectly, 100% of the equity interests in the Pledgor. The Pledgor will receive direct and indirect benefits from
the financing arrangements contemplated by the Credit Agreement.

 

It is a condition precedent
to the making of loans and the issuance of letters of credit pursuant to the Credit Agreement that the Pledgor pledge and grant
the security interests described in this Agreement, and the Pledgor wishes to pledge and grant a security interest in favor of
the Administrative Agent, for the benefit of the Secured Parties, as herein provided.

 

Therefore, the parties
hereto agree as follows:

 

ARTICLE
I.

ASSIGNMENT AND PLEDGE

 

1.1.         Grant.
As security for the prompt and complete payment of the Obligations, and to induce the Lenders to extend credit to the
Borrower, the Pledgor hereby collaterally assigns, conveys, mortgages, pledges, hypothecates and transfers to the Administrative
Agent, for the benefit of the Secured Parties, and grants to the Administrative Agent a continuing Lien on and security interest
in the following:

 

(a)           the Pledgor’s right, title and interest in and to the deposit account described on Annex A hereto, including
all cash and other assets on deposit therein and all proceeds thereof; and

     

     

    

(b)           all of the Pledgor’s present and future rights to receive distributions and other Restricted Payments from Roseland
Residential L.P., a Delaware limited partnership (“RRLP”), whether arising under the governing documents of
RRLP, at law or otherwise (clauses (a) and (b) collectively, the “Pledged Collateral”).

 

1.2.         Continuing Security Interest. This Agreement creates a continuing security interest in the Pledged Collateral
and will remain in full force and effect until the Obligations are paid in full and all Commitments have terminated. If, at any
time for any reason (including the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower, the Pledgor
or any other Person or the appointment of any intervenor or conservator of, or agent or similar official for the Borrower, the
Pledgor or any other Person or any of their respective properties), any payment received by the Administrative Agent or any other
Secured Party in respect of the Obligations is rescinded or must otherwise be restored or returned by such Person, this Agreement
will continue to be effective or will be reinstated, if necessary, as if such payment had not been made.

 

1.3.         Authorization
to File Statements. The Pledgor authorizes the Administrative Agent to file in any Uniform Commercial Code filing office
financing statements and amendments naming the Administrative Agent as the secured party and indicating the Pledged Collateral
as the collateral and certain other information required by the Uniform Commercial Code for the sufficiency and acceptance for
filings of any financing statement or amendment, in each case as is necessary or required by applicable law in order to create,
perfect, maintain and preserve first priority Liens on the Pledged Collateral (subject only to Permitted Encumbrances having priority
over such Liens of the Administrative Agent by operation of law) in favor of the Administrative Agent for the benefit of the Secured
Parties; provided that, notwithstanding the foregoing, nothing herein shall require the Administrative Agent to file financing
statements or continuation statements, or be responsible for maintaining the security interests purported to be created as described
herein. The financing statements may indicate some or all of the Pledged Collateral on the financing statement, whether specifically
or generally. The Pledgor also ratifies its authorization for the Administrative Agent to have filed in any UCC jurisdiction any
like financing statements or amendments thereto as set forth in this Section 1.3 if filed prior to the date hereof.

 

ARTICLE
II.

REPRESENTATIONS, WARRANTIES AND COVENANTS; WAIVERS AND AUTHORIZATIONS, ETC.

 

2.1.         Representations and Warranties. As of the date of this Agreement, the Pledgor represents and warrants to the
Administrative Agent as follows:

 

(a)           Existence
and Authority. It is a real estate investment trust duly organized, validly existing, and in good standing under the laws
of the State of Maryland and is in good standing in each jurisdiction in which it is required by law to be qualified. It has all
necessary rights, franchises and privileges and full power and authority to execute, deliver and perform this Agreement. It has
taken all necessary action to execute, deliver and perform this Agreement, and this Agreement has been duly executed and delivered
by it and constitutes its legally valid and binding obligation, enforceable against it in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by general principles of equity;

    - 2 - 

     

    

(b)           No Violations or Defaults. The execution, delivery and performance by the Pledgor of this Agreement do not and will
not (i) violate any applicable law, (ii) violate, or result in a default under its governing documents, (iii) violate, or result
in a default under, any contractual obligation to which it or the Borrower is a party, or (iv) require an approval or any consent
from any Person that has not been obtained;

 

(c)           Deposit
Account. The deposit account identified on Annex A hereto is the only deposit account or securities account of the
Pledgor, all fees in connection therewith that are due and payable as of the date hereof have been paid in full and the Pledgor
is the only holder of such account.

 

(d)           No Liens. (i) none of the Pledged Collateral is subject to any Lien (except the Lien of this Agreement) and (ii)
no effective security agreement (other than this Agreement), financing statement (except for financing statements in favor of the
Administrative Agent) or other instrument similar in effect is on file or of record in the office of any Governmental Authority
with respect to any of the Pledged Collateral;

 

(e)           Name and Address.

 

(i)           
Its name set forth in the first paragraph of this Agreement is its true, correct and complete name and is the name on its
public organic record (within the meaning of Section 9-102(a)(68) of the Uniform Commercial Code of the State of New York); its
legal address and the address of its principal place of business and chief executive office and its organizational number are all
as set forth below its name on Annex B hereto; its type of organization is a real estate investment trust; and its jurisdiction
of formation is the State of Maryland; and

 

(ii)          
It has not, in the last five years, (A) changed its legal address or the address of its principal place of business and
chief executive office except as set forth on Annex B hereto, (B) changed its name except as set forth on Annex B
hereto, or (C) become a “new debtor” (as defined in the UCC) with respect to a currently effective security agreement
entered into by another Person;

 

(f)            Perfection and Priority of Liens. The pledge and grant of a security interest in the Pledged Collateral pursuant
to this Agreement will create a valid and perfected Lien on and in the Pledged Collateral, and the proceeds thereof, securing
the payment of the Obligations, subject to no prior Lien; and

 

(g)           No Litigation. There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Pledgor,
threatened against or affecting the Pledgor or any of its property in any court or before any arbitrator or before or by any Governmental
Authority.

    - 3 - 

     

    

2.2.         Affirmative
Covenants. The Pledgor covenants and agrees that until the Obligations are paid in full and all Commitments are terminated,
it will perform and observe each of the following covenants:

 

(a)          
Existence. It will at all times preserve and maintain its existence, rights, franchises and privileges and remain
in good standing in the jurisdiction of its formation, and qualify and remain qualified as a foreign company in good standing in
each jurisdiction in which such qualification is necessary in view of its current or proposed business and operations or the ownership
of its properties;

 

(b)          Compliance
with Laws, Approvals, and Obligations. It will comply with all laws to which it or its property is subject and with its governing
documents and all material contractual obligations to which it is a party. It will obtain and maintain in full force and effect
all approvals necessary (i) for its current and proposed business and operations and the ownership of its properties and (ii)
for the execution, delivery, performance and enforcement of this Agreement and will promptly pay when due all necessary license,
franchise and other fees and charges due and payable in connection therewith; and

 

(c)          
Defend Title. It will defend the rights of the Administrative Agent and security interest of the Administrative Agent
in the Pledged Collateral against the claims and demands of all other persons whomsoever.

 

(d)           Restricted
Payments. It will cause RRLP to make all distributions and other Restricted Payments to it to be deposited directly in the
deposit account described in Annex A.

 

2.3.         Negative
Covenants. The Pledgor covenants and agrees that until the Obligations are Paid in Full it will perform and observe
each of the following covenants:

 

(a)          
Business, Name and Address. It will not change its name, the address of its principal place of business or chief
executive office, its type of organization, its jurisdiction of formation or its organizational identification number without giving
the Administrative Agent 30 days’ prior written notice of such change; and

 

(b)          
Pledged Collateral. It will not sell, assign, lease, or otherwise dispose of (whether in one transaction or in a
series of transactions), any or all of its rights, title or interest in the Pledged Collateral.

 

2.4.         Additional
Waivers. The Pledgor waives diligence, presentment, demand of any kind, protests of any kind and notices of any kind,
all set-offs and all counterclaims, to the extent permitted by applicable law, and all suretyship defenses to the extent otherwise
applicable.

    - 4 - 

     

    

ARTICLE
III.

RIGHTS AND REMEDIES

 

3.1.         Administrative
Agent’s Rights Upon Default. Upon the occurrence and during the continuation of an Event of Default, the Administrative
Agent may, but shall not be obligated to take any or all of the following actions, in each case at the Pledgor’s expense
and without prior notice to the Pledgor except as required below or under applicable law:

 

(a)          
give notice of the Event of Default to any Person, and enforce all rights of the Pledgor in the Pledged Collateral;

 

(b)          
take possession of any or all of the Pledged Collateral, including through agents, wherever it may be found, and hold and
manage the same;

 

(c)          
utilize any amounts on deposit in the deposit account set forth on Annex A to repay or prepay the Obligations;

 

(d)          
foreclose its Lien upon any or all of the Pledged Collateral;

 

(e)           sell, lease, assign, deliver or otherwise dispose of any or all of the Pledged Collateral at public or private sale, with
or without having any or all of the Pledged Collateral at the place of sale, upon terms, in such manner, at such time or times,
and at such place or places as the Administrative Agent may determine and in accordance with applicable law; and

 

(f)           
exercise any or all other rights or remedies available to the Administrative Agent under applicable law or the Loan Documents
or any other agreement between the parties.

 

The Administrative Agent may, to the fullest
extent permitted by law, exercise the foregoing rights and remedies in such order, at such times and in such manner as the Administrative
Agent may determine from time to time.

 

3.2.         Power of Attorney. The Pledgor irrevocably constitutes and appoints the Administrative Agent and any officer
or agent thereof, each with full power of substitution, as the Pledgor’s true and lawful attorney-in-fact and proxy with
respect to the Pledged Collateral, in the Pledgor’s name or in such Person’s name or otherwise, and at the Pledgor’s
expense, to take any or all of the following actions upon the occurrence and during the continuation of an Event of Default, without
notice to or the consent of the Pledgor to the extent permitted by applicable law:

 

(a)          
take any or all of the actions described in Section 3.1 and exercise any other right or power granted to the
Administrative Agent or a Lender under this Agreement or any other Loan Document or by law;

 

(b)          
transfer to, or register in the name of, the Administrative Agent or its nominee any or all of the Pledged Collateral;

 

(c)          
exercise all other rights relating to any Pledged Collateral; and

 

(d)          
do any and all things necessary and proper to carry out the purposes of this Agreement, to the extent permitted by applicable
law.

    - 5 - 

     

    

The Pledgor recognizes
and agrees that the power of attorney granted pursuant to this Section 3.2 is coupled with an interest and is not revocable
until the termination of this Agreement in accordance with its terms. The Pledgor ratifies and confirms all actions taken by the
Administrative Agent or its agents pursuant to this power of attorney in accordance herewith.

 

3.3.         Other
Rights of the Administrative Agent.

 

(a)          
The Administrative Agent will have, with respect to the Pledged Collateral, in addition to the rights and remedies set forth
in this Agreement: (i) all of the rights and remedies available to a secured party under applicable law, as if such rights
and remedies were fully set forth in this Agreement, and (ii) all of the rights, protections and indemnities set forth in
the Credit Agreement, which provisions are incorporated by reference and made a part of this Agreement.

 

(b)           The
Administrative Agent may at any time and from time to time release or relinquish any right, remedy or Lien it has with respect
to a particular item of Pledged Collateral without thereby releasing, relinquishing or in any way affecting its rights, remedies
or Lien with respect to any other item of Pledged Collateral.

 

3.4.         Disposition
of Pledged Collateral. Upon the written request by the Administrative Agent after the occurrence and during the continuance
of an Event of Default:

 

(a)          
The Pledgor agrees, promptly and at its own expense, to assemble any or all of the Pledged Collateral and make it available
to the Administrative Agent.

 

(b)           The
Administrative Agent will be entitled to sell the Pledged Collateral on any commercially reasonable terms, and the Pledgor agrees
that a private sale or a sale on extended payment terms, or in exchange for property, stock or other consideration will not in
and of itself be deemed to be commercially unreasonable. The Pledged Collateral may be sold in one lot as an entirety or in separate
parcels. Any Secured Party may purchase any or all of the Pledged Collateral sold at any public sale and, to the extent permitted
by applicable law, may purchase any or all of the Pledged Collateral sold at any private sale, including by a credit bid.

 

(c)          
The Administrative Agent may restrict the prospective bidders or purchasers at any sale as to their number, nature of business,
financial or business expertise, net worth or financial resources and investment intention or on the basis of any other factors
that are commercially reasonable.

 

(d)           The
Pledgor expressly agrees that the Administrative Agent need not give more than 10 days’ prior written notice to the Pledgor
of the time and place of any public sale of Pledged Collateral or of the time after which a private sale of the Pledged Collateral
may take place, and that such notice will constitute reasonable notice under all circumstances. The Administrative Agent will
not be obligated to hold any sale pursuant to any such notice and may, without notice or publication, adjourn any public or private
sale by announcement at the time and place fixed for such sale, and a subsequent sale may be held at the time and place designated
in such announcement without further notice or publication. To the extent permitted by applicable law, the Pledgor irrevocably
waives any right it may have to make a demand of performance or other demand, advertisement, judicial hearing or notice to it
or any other Person in connection with the collection, sale or other disposition of, or realization upon, any or all of the Pledged
Collateral.

    - 6 - 

     

    

(e)          
The Administrative Agent may settle, pay or discharge any or all taxes, Liens, claims and other charges with respect to
the Pledged Collateral. All sums expended by the Administrative Agent pursuant to this Section 3.4(e) will constitute
Obligations secured by the Liens created by the Loan Documents. Neither the Administrative Agent, nor any other Secured Party will
have any duty to take any action authorized by this Section 3.4(e), and no sale of Pledged Collateral will be deemed
to have been commercially unreasonable by reason of the Administrative Agent’s decision not to take any such action.

 

Notwithstanding the
foregoing, to the extent the Administrative Agent has commenced exercise of the foregoing rights and remedies, upon the cessation
of any and all Events of Default, the Administrative Agent may continue or suspend its exercise of the foregoing rights and remedies.

 

3.5.        
No Marshaling or Right of Redemption.

 

(a)          
Except to the extent required by applicable law, neither the Administrative Agent nor any other Secured Party will be required
to marshal any Pledged Collateral or any guaranties of the Obligations, or to resort to any item of Pledged Collateral or any guaranty
in any particular order, and the Administrative Agent’s rights with respect to the Pledged Collateral and any guaranties
will be cumulative and in addition to all other rights, however existing or arising. To the extent permitted by applicable law,
the Pledgor irrevocably waives, and agrees that it will not invoke or assert, any law requiring or relating to the marshaling of
collateral or any other law which could reasonably be expected to cause a delay in or impede the enforcement of the Administrative
Agent’s rights under this Agreement or any other Loan Document.

 

(b)           To
the extent permitted by applicable law, the Pledgor irrevocably waives, and agrees that it will not invoke or assert, any rights
to equity of redemption or other rights of redemption, appraisement, valuation, stay, extension or moratorium that it may have
in equity, at law, or otherwise with respect to any Pledged Collateral. To the extent permitted by applicable law, the sale or
other transfer pursuant to this Agreement of any right, title or interest of the Pledgor in any item of Pledged Collateral will
operate to permanently divest the Pledgor and all Persons claiming under or through the Pledgor of such right, title or interest,
and will be a perpetual bar, both at law and in equity, to any and all claims by the Pledgor or any such Person with respect to
such item of Pledged Collateral.

 

3.6.         Application
of Proceeds. After the occurrence and during the continuation of an Event of Default, or after an exercise of
remedies by the Administrative Agent, any cash held by the Administrative Agent as Pledged Collateral and all cash proceeds received
by the Administrative Agent from any realization upon the Pledged Collateral may be held by the Administrative Agent as collateral
security for the payment of the Obligations and applied by the Administrative Agent in accordance with the Credit Agreement.

    - 7 - 

     

    

3.7.         Administrative Agent’s Duties.

 

(a)          
The grant to the Administrative Agent under this Agreement of any right or power does not impose upon the Administrative
Agent any duty to exercise such right or power. The Administrative Agent will have no obligation to take any steps to preserve
any claim or other right against any Person or with respect to any Pledged Collateral.

 

(b)           To the extent permitted by applicable law, the Pledgor waives all claims against the Administrative Agent or its agents
arising out of the repossession, taking, retention, storage, operation or sale of the Pledged Collateral except to the extent such
actions shall be determined to amount to gross negligence or willful misconduct on the part of the Administrative Agent, as determined
in a final non-appealable judgment from a court of competent jurisdiction. To the extent permitted by applicable law, the Pledgor
waives any claim it may have based on the allegation or fact that the price obtained for Pledged Collateral sold at a private sale
made in accordance with this Agreement was less than could have been obtained for the same Pledged Collateral at a public sale.
Subject to the following sentence, all risk of loss, damage, diminution in value, or destruction of the Pledged Collateral will
be borne by the Pledgor. Notwithstanding anything contained herein to the contrary, the Administrative Agent will have no responsibility
to the Pledgor for any act or omission of the Administrative Agent or its agents, except to the extent such act or failure to act
shall be determined to be gross negligence or willful misconduct on the part of such Person as determined in a final non-appealable
judgment from a court of competent jurisdiction. Notwithstanding anything herein to the contrary, in no event shall the Administrative
Agent be liable for special, punitive indirect or consequential loss or damage of any kind whatsoever (including but not limited
to lost profits), even if the Administrative Agent has been advised of the likelihood of such loss or damage and regardless of
the form of action.

 

(c)          
The Administrative Agent does not and will not make any express or implied representations or warranties with respect to
any Pledged Collateral or other property released to the Pledgor or its successors and assigns.

 

(d)           The Administrative Agent will be accountable only for such proceeds as the Administrative Agent actually receives as a result
of the exercise of its rights under this Agreement and the other Loan Documents, and delivery or other accounting of such proceeds
or the Pledged Collateral by the Administrative Agent to the Pledgor or the assignee of the Obligations will discharge the Administrative
Agent of all liability therefor.

 

(e)          
Except as expressly set forth herein or as required under applicable law, the Administrative Agent will have no other duties
or obligations under this Agreement or with respect to the Pledged Collateral.

 

3.8.         Indemnity
and Expenses. The Pledgor agrees to indemnify and hold harmless the Administrative Agent, its directors, officers, employees,
agents and their respective Affiliates from and against any and all claims, liabilities (including environmental liabilities),
obligations, losses, damages, penalties, judgments, costs, expenses (including the reasonable fees and expenses of its agents
and counsel) and disbursements of any kind or nature whatsoever (“Losses”) that may be imposed on, incurred
by, or asserted against the Administrative Agent or its directors, officers, employees, agents or Affiliates by any Person (including
any Lender) in any way relating to or arising out of (a) this Agreement or any other Loan Document and the transactions contemplated
hereby and thereby (including, without limitation, any amendments, waivers or releases, and any enforcement of this Agreement
or any other Loan Document) or (b) any action taken or omitted by the Administrative Agent under this Agreement or any other Loan
Document; provided that the Borrower will not be liable to the Administrative Agent, its directors, officers, employees, agents
and their respective Affiliates for any portion of such Losses resulting solely from such Person’s gross negligence or willful
misconduct as determined by a final, non-appealable judgment of a court of competent jurisdiction. This Section 3.8
shall survive the termination of this Agreement and the earlier resignation or removal of the Administrative Agent.

    - 8 - 

     

    

ARTICLE
IV.

GENERAL PROVISIONS

 

4.1.          Further
Assurances.

 

(a)          
At any time and from time to time, including upon the request of the Administrative Agent, the Pledgor will, at the Pledgor’s
expense, execute and deliver and/or file such further documents, financing statements, continuation statements, amendments and
instruments and do such other acts as are, in each case, necessary or required by applicable law in order to: (i) create, perfect,
maintain and preserve first-priority Liens on the Pledged Collateral in favor of the Administrative Agent for the benefit of the
Secured Parties, (ii) upon the occurrence and during the continuation of an Event of Default, facilitate any sale of or other realization
upon the Pledged Collateral, (iii) upon the occurrence and during the continuation of an Event of Default, make any sale of or
other realization upon the Pledged Collateral valid, binding and in compliance with applicable law, and (iv) provide for the payment
of the Obligations in accordance with the terms of the Loan Documents and this Agreement.

 

(b)           The
Pledgor shall pay all filing, registration and recording fees or re-filing, re-registration and re-recording fees, and all expenses
incident to the execution and acknowledgment of this Agreement, and any instruments of further assurance, and all federal, state,
county and municipal stamp taxes and other taxes, duties, imports, assessments and charges arising out of or in connection with
the execution and delivery of this Agreement, any agreement supplemental hereto and any instruments of further assurance.

 

4.2.          Successors
and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. The Pledgor may not assign or otherwise transfer any of its rights under this Agreement. The Administrative
Agent may only assign or otherwise transfer and assign its rights and interests under this Agreement to a successor in accordance
with the Credit Agreement.

 

4.3.          Severability. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby, and the parties hereto shall enter into good faith negotiations to replace the invalid, illegal or unenforceable provision.

    - 9 - 

     

    

4.4.          Construction, etc. Each covenant contained herein shall be construed (absent express provision to the contrary)
as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an
express contrary provision) be deemed to excuse compliance with any other covenant.

 

4.5.          Counterparts. This Agreement may be executed in one or more duplicate counterparts and when signed by all of
the parties shall constitute a single binding agreement. A facsimile or electronic transmission of the signature page to this Agreement
by any party hereto shall be effective as the signature page of such party and shall be deemed to constitute an original signature
of such party to this Agreement and shall be admissible into evidence for all purposes.

 

4.6.          Governing Law. THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
OTHER THAN CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION, EXCEPT TO THE EXTENT THAT THE
VALIDITY OR PERFECTION OF THE SECURITY INTERESTS OR REMEDIES HEREUNDER IN RESPECT OF ANY PARTICULAR PLEDGED COLLATERAL IS GOVERNED
BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

4.7.          Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHTS
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS
OF THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.
IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

4.8.          Consent to Jurisdiction. The parties agree that any legal action or proceeding by or against the Pledgor or with respect
to or arising out of this Agreement or any other Loan Document may be brought in or removed to the courts of the State of New York,
in and for the County of New York, or of the United States of America for the Southern District of New York, in each case, in the
Borough of Manhattan. By execution and delivery of this Agreement, each party accepts, for itself and in respect of its property,
generally and unconditionally, the jurisdiction of the aforesaid courts. The Pledgor agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Each of the parties hereto irrevocably consents to the service of process out of any of the aforementioned courts in any
such action or proceeding by the mailing of copies thereof by registered or certified mail (or any substantially similar form of
mail), postage prepaid, return receipt requested to such party at its address for notices as specified herein. Each of the parties
agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such
suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid
personal service upon and personal delivery to it. Notices under this Section 4.8 shall be conclusively presumed received
as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.

    - 10 - 

     

    

4.9.         Release of Liens. Upon the payment in full of all of the Obligations and the termination of all Commitments, (a) the
Liens and security interests granted under this Agreement shall be automatically released and the Pledged Collateral shall automatically
revert to the Pledgor with no further action on the part of any Person, and (b) the Administrative Agent shall, upon the written
request of the Pledgor and at the Pledgor’s expense, execute all such documentation as may be necessary to effect or evidence
the termination and release of the Liens on the Pledged Collateral created under this Agreement. Upon the written request of the
Pledgor and at the Pledgor’s expense, the Administrative Agent agrees to notify any other third party reasonably requested
by Pledgor of such termination.

 

4.10.       No Waiver by the Administrative Agent, Amendments.

 

(a)          
Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement
entered into between the parties hereto, and then any such waiver, amendment or modification shall be effective only in the specific
instance and for the specific purpose for which given.

 

(b)           The
Administrative Agent shall not be deemed to have waived any of its rights and remedies in respect of the Obligations or the Pledged
Collateral unless such waiver shall be in accordance with paragraph (a) above. No delay or omission on the part of the Administrative
Agent in exercising any right or remedy shall operate as a waiver of such right or remedy or any other right or remedy. A waiver
on any one occasion shall not be construed as a bar to or waiver of any right or remedy on any future occasion. All rights and
remedies of the Administrative Agent with respect to the Obligations or the Pledged Collateral, whether evidenced hereby or by
any other instrument or papers, shall be cumulative and may be exercised singularly, alternatively, successively or concurrently
at such time or at such times as the Administrative Agent deems expedient.

 

4.11.      
Overdue Amounts. Until paid, all amounts due and payable by the Pledgor under this Agreement shall be a debt secured
by the Pledged Collateral and shall bear, whether before or after judgment, interest at the Default Rate.

 

4.12.      
Notice, etc. All notices and communications provided for hereunder shall be in writing and sent (a) by facsimile, (b)
as a .pdf attachment to an email, (c) by registered or certified mail with return receipt requested (postage prepaid), or (d) by
a recognized overnight delivery service (with charges prepaid). Any such notice must be sent to the address set forth under the
intended recipient’s name set forth on the signature pages hereto or at such other address as such Person shall have specified
to the other party hereto in writing. Notices will be deemed given only when received. Notwithstanding the foregoing, in the case
of communications or notices transmitted by the Pledgor by facsimile or email, such communication or notice (i) shall be signed
by a Responsible Officer, addressed as set forth above or to such other facsimile number or email address as the party receiving
the information shall have specified in writing to the party sending such information, (ii) shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
or return e-mail or other written acknowledgement from such recipient confirming receipt), and (iii) shall be deemed to have been
validly and effectively given on the day (if a Business Day and, if not, on the next following Business Day) on which it is transmitted
if transmitted before 4:00 p.m., New York City time, and if transmitted after that time, on the next following Business Day.

    - 11 - 

     

    

4.13.     
Credit Agreement. The Administrative Agent shall act hereunder only in accordance with the terms and conditions of this
Agreement and the Credit Agreement. Any and all actions the Administrative Agent takes or omits to take hereunder shall be covered
by the indemnity provisions of the Credit Agreement which shall be deemed to be incorporated by reference herein. In the case of
a conflict between this Agreement (including Section 3.7) and the Credit Agreement, the Credit Agreement shall govern
the rights and obligations of the Administrative Agent.

 

4.14.      
Waiver of Suretyship Defenses. The obligations of the Pledgor shall not be subject to any counterclaim, setoff, deduction
or defense based upon any claim the Pledgor may have against a any Lender or otherwise, and shall remain in full force and effect
without regard to, and (except by payment in full of all of the Obligations and the termination of all Commitments) shall not be
released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not the Pledgor shall have
any knowledge or notice thereof), including, without limitation: (a) any amendment, modification of or supplement to the Credit
Agreement or any other Loan Document or any assignment or transfer of any thereof or of any interest therein, or any furnishing,
acceptance or release of any security for the Obligations; (b) any waiver, consent, extension, indulgence or other action
or inaction under or in respect of the Obligations or in respect of the Credit Agreement or any other Loan Document; (c) any
bankruptcy, insolvency, readjustment, composition, liquidation or similar proceeding with respect to the Borrower or any subsidiary
thereof; (d) any merger, amalgamation or consolidation of the Pledgor into or with any other Person; or (e) any other
circumstance which might otherwise constitute a legal or equitable discharge, suretyship defense or other defense of a guarantor
(whether or not similar to the foregoing). To the extent permitted by law, the Pledgor irrevocably and unconditionally waives any
defense it might have to its performance hereunder, based on any of the foregoing.

 

[Remainder of page intentionally left
blank]

    - 12 - 

     

    

IN WITNESS WHEREOF,
each of the parties, intending to be legally bound, has caused this Agreement to be signed on the date first above written.

 

	 	ROSELAND RESIDENTIAL TRUST
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	Address:	 
	 	 	 
	 	Harborside 3, 210 Hudson Street, Suite 400
	 	Jersey City, NJ 07311
	 	Attention: Gary Wagner, Esq.
	 	General Counsel and Secretary
	 	Fax: (201) 434-2726
	 	Email: gwagner@mack-cali.com

 

[Signature
Page – Pledge and Security Agreement]

     

     

    

	 	JPMORGAN CHASE BANK, N.A.,
    not in its individual capacity but solely in its capacity as the Administrative Agent
	 	 	 
	 	By:	/s/ Paul
    Choi
	 	Name:	Paul Choi
	 	Title:	Authorized Signer
	 	 
	 	Address:
	 	 	 
	 	JPMorgan Chase Bank, N.A.
	 	JPMorgan Loan Services
	 	500 Stanton Christiana Road, Ops
    2, 3rd Floor
	 	Newark, DE 19713
	 	Attn: Loan and Agency Services Group
	 	Fax:
                                         (302) 634-3301

                    

 

[Signature
Page – Pledge and Security Agreement]

     

     

    

ANNEX A
TO PLEDGE AND SECURITY AGREEMENT

 

Account Information:

 

	Account name:	Roseland Residential Trust
	Account #:	381032796661
	ABA #:	026 009 593
	Bank Name:	Bank of America
	Bank address:	900 West Trade St.
	 	Charlotte, NC 208202

    Annex A

     

    

ANNEX B TO PLEDGE AND SECURITY AGREEMENT

 

	Prior legal names in the last 5 years:	N/A
	 	 
	Current legal address/address of principal place of business and chief executive office:  	Harborside 3, 210 Hudson Street, Suite 400

Jersey City, NJ 07311
	 	 
	Prior legal addresses/addresses of principal place of business and chief executive office in the last 5 years:	N/A
	 	 
	Organizational number:  	D16778441

    Annex B

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