Document:

Exhibit 10.10

 

EXECUTION

 

GUARANTY

 

(Mezzanine Loan)

 

THIS GUARANTY (this “Guaranty”)
is executed as of September 30, 2015 by NEW YORK REIT, INC., a Maryland corporation (“NY REIT”) and NEW YORK
RECOVERY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“NYROP”, and together with NYREIT, collectively,
“Guarantor”), for the benefit of PARAMOUNT GROUP FUND VIII 1440 BROADWAY MEZZ LP, a Delaware limited partnership
(together with its successors and assigns, “Lender”).

 

WITNESSETH

 

WHEREAS, Lender has agreed to make a loan
(the “Loan”) to ARC NY1440BWY1 MEZZ, LLC, a Delaware limited liability company (“Borrower”),
in the original maximum principal amount of $40,000,000 (the “Loan Amount”), pursuant to that certain Mezzanine
Loan Agreement, dated as of the date hereof, by and between Borrower and Lender (the “Loan Agreement”; capitalized
terms used herein but not otherwise defined shall have the respective meanings ascribed to such terms in the Loan Agreement);

 

WHEREAS, to evidence the Loan, Borrower has
executed and delivered to Lender that certain promissory note, dated as of the date hereof, in the aggregate original maximum principal
amount of the Loan Amount (as the same may be amended, restated, replaced, supplemented, or otherwise modified from time to time,
the “Note”) ;

 

WHEREAS, Lender requires as a condition to
making the Loan that Guarantor agrees to unconditionally guaranty for the benefit of Lender and its successors and assigns, the
full and timely payment and performance of the Guaranteed Obligations (as hereinafter defined);

 

WHEREAS, Guarantor directly and/or indirectly
owns an interest in Borrower and will derive substantial economic benefit from the making of the Loan by Lender to Borrower; and

 

WHEREAS, Guarantor has agreed to execute and
deliver this Guaranty in order to induce Lender to make the Loan.

 

NOW, THEREFORE, to induce Lender to make the
Loan to Borrower and in consideration for the substantial benefit Guarantor will derive from the making of the Loan and for other
good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree as
follows:

 

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ARTICLE
I

 

NATURE
AND SCOPE OF GUARANTY

 

1.1          Guaranty
of Obligations.

 

(a)           Guarantor
hereby absolutely, irrevocably and unconditionally guarantees to Lender the full and timely payment and performance of all of the
Guaranteed Obligations as and when the same shall be due and payable under the Loan Documents, whether by lapse of time, by acceleration
of maturity or otherwise. Guarantor hereby absolutely, irrevocably and unconditionally covenants and agrees that it is liable for
the Guaranteed Obligations as primary obligor.

 

(b)           Notwithstanding
anything herein or in the Loan Documents to the contrary, Guarantor shall have no liability for Guaranteed Obligations or other
matters hereunder for (i) any action taken by any Person (other than Borrower, Property Owner, Guarantor, or any other Person that,
directly or indirectly, Controls, is Controlled by or is under Common Control with Guarantor) from and after a Transfer approved
by Lender in accordance with the terms of the Loan Documents of the entire Property or all of the direct and indirect interests
of Borrower in Mortgage Borrower to a Person that is not an Affiliate of Guarantor, (ii) any action taken by any Person (other
than Borrower, Property Owner, Guarantor, or any other Person that, directly or indirectly, Controls, is Controlled by or is under
Common Control with Guarantor) from and after Mortgage Lender obtains title to the Property or Lender obtains title to the Collateral,
whether by foreclosure, deed-in-lieu of foreclosure or otherwise in connection with any exercise of Mortgage Lender’s remedies
pursuant to the Mortgage Loan Documents or Lender’s remedies pursuant to the Loan Documents, or any actions taken by any
Person (other than Borrower, Property Owner, Guarantor or any other Person that, directly or indirectly, Controls, is Controlled
by or is under Common Control with Guarantor, except if such action of Borrower, Property Owner, Guarantor or any other such Person
is caused or required by a receiver, trustee, liquidator, conservator, Lender or applicable law) on or after the date on which
a receiver, trustee, liquidator, or conservator is appointed, at Mortgage Lender’s or Lender’s request, to take Control
of the Property or the Collateral, or (iii) any action taken (a) by Lender or, to the extent there is any other mezzanine lender
(“Additional Mezzanine Lender”) with respect to any additional mezzanine loan (“Additional Mezzanine
Loan”) under Section 9.24(b) of the Loan Agreement, any Additional Mezzanine Lender, during any period in which either
Lender or Additional Mezzanine Lender exercises Control of any Required SPE, Borrower, Property Owner and/or the Property or the
Collateral under the loan documents or the documents evidencing the Additional Mezzanine Loan, as applicable, or (b) from and after
a mezzanine foreclosure or assignment-in-lieu thereof with respect to any Additional Mezzanine Loan.

 

1.2          Definition
of Guaranteed Obligations. As used herein, the term “Guaranteed Obligations” means all obligations and liabilities
of Borrower pursuant to Section 9.19(b) and Section 9.19(c) of the Loan Agreement.

 

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1.3          Nature
of Guaranty. This Guaranty is an irrevocable, absolute and continuing guaranty of payment and not a guaranty of collection.
No exculpatory language contained in any of the other Loan Documents shall in any event or under any circumstances modify, qualify
or affect the obligations and liabilities of Guarantor hereunder. This Guaranty may not be revoked by Guarantor and shall continue
to be effective with respect to the Guaranteed Obligations arising or created after any attempted revocation by Guarantor and,
if Guarantor is a natural person, after Guarantor’s death, in which event this Guaranty shall be binding upon Guarantor’s
estate and Guarantor’s legal representatives and heirs. It is the intent of Guarantor and Lender that the obligations and
liabilities of Guarantor hereunder are absolute and unconditional under any and all circumstances (other than payment in full of
the Indebtedness) and that, subject to Section 1.1(b) above so long as any portion of the Indebtedness shall be outstanding,
such obligations and liabilities shall not be discharged or released in whole or in part, by any act or occurrence (including the
fact that at any time or from time to time the Indebtedness or the Guaranteed Obligations may be increased or reduced) that might,
but for the provisions of this Guaranty, be deemed a legal or equitable discharge or release of Guarantor. This Guaranty may be
enforced by Lender and any subsequent holder of any Note or any part thereof and shall not be discharged by the assignment or negotiation
of all or any part of any Note.

 

1.4          Joint
and Several Liability. Notwithstanding anything to the contrary, if Guarantor is comprised of more than one Person, the obligations
and liabilities of each such Person under this Guaranty shall be joint and several.

 

1.5          Guaranteed
Obligations Not Reduced by Set-Off. Subject to Section 1.1(b), the Guaranteed Obligations and the liabilities and obligations
of Guarantor to Lender hereunder shall not be reduced, discharged or released because or by reason of any existing or future set-off,
offset, claim or defense (other than the defense of payment) of any kind or nature that Borrower, Guarantor or any other Person
has or may hereafter have against Lender or against payment of the Indebtedness or the Guaranteed Obligations, whether such set-off,
offset, claim or defense arises in connection with the Guaranteed Obligations or otherwise.

 

1.6          No
Duty to Pursue Others; No Duty to Mitigate. It shall not be necessary for Lender (and Guarantor hereby waives any rights that
Guarantor may have to require Lender) to take any action, obtain any judgment or file any claim prior to enforcing this Guaranty,
including to (i) institute suit or otherwise enforce Lender’s rights, or exhaust its remedies, against Borrower or any other
Person liable on all or any part of the Indebtedness or the Guaranteed Obligations, or against any other Person, (ii) enforce Lender’s
rights, or exhaust any remedies available to Lender, against any collateral that shall ever have been given to secure all or any
part of the Indebtedness or the Guaranteed Obligations, (iii) join Borrower or any other Person liable on the Guaranteed Obligations
in any action seeking to enforce this Guaranty or (iv) resort to any other means of obtaining payment of all or any part of the
Indebtedness or the Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action to reduce,
collect or enforce the Guaranteed Obligations.

 

1.7          Payment
by Guarantor. If all or any part of the Guaranteed Obligations shall not be punctually paid or performed when due, whether
at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender and without presentment, protest,
notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity
or any other notice whatsoever other than notice to Guarantor of the Guaranteed Obligations payable by Guarantor, pay in lawful
money of the United States of America, the amount due thereon to Lender. Amounts not paid when due hereunder shall accrue interest
at the Default Rate, unless such amounts already include interest at the Default Rate pursuant to the terms of the other Loan Documents.
Such demands may be made at any time coincident with or after the time for payment of all or any part of the Guaranteed Obligations
and may be made from time to time with respect to the same or different Guaranteed Obligations.

 

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1.8          Application
of Payments. If, at any time, there is any Indebtedness or obligations of Borrower to Lender that is not guaranteed by Guarantor,
Lender, without in any manner impairing its rights hereunder, may, at its option, apply all amounts realized by Lender from any
collateral or security held by Lender first to the payment of such unguaranteed Indebtedness or obligations, with the remaining
amounts, if any, to then be applied to the payment of the Indebtedness or obligations guaranteed by Guarantor.

 

1.9          Waivers.

 

(a)           Guarantor
hereby assents to all of the terms and agreements heretofore and hereafter made by Borrower with Lender (including the provisions
of the Loan Documents) and hereby waives diligence, presentment, protest, demand on Borrower for payment or otherwise, filing of
claims, requirement of a prior proceeding against Borrower and all notices (other than notices expressly provided for hereunder
or required to be delivered under applicable law), including notice of:

 

(i)           the
acceptance of this Guaranty;

 

(ii)          the
present existence or future incurring of all or any part of the Indebtedness, or any future change to the time, manner or place
of payment of, or in any other term of all or any part of the Indebtedness, the Mortgage Loan Indebtedness or the Guaranteed Obligations;

 

(iii)         any
amendment, modification, replacement or extension of any of the Loan Documents or the Mortgage Loan Documents;

 

(iv)         the
execution and delivery by Borrower and Lender of any other loan or credit agreement or of Borrower’s execution and delivery
of any promissory note or other documents arising under the Loan Documents or in connection with the Collateral;

 

(v)          Lender’s
transfer, participation, componentization or other disposition of all or any part of the Loan or this Guaranty, or an interest
therein, or any collateral for the Guaranteed Obligations, or Mortgage Lender’s transfer, participation, componentization
or other disposition of all or any part of the Mortgage Loan, or an interest therein;

 

(vi)         the
sale or foreclosure (or posting or advertising for sale or foreclosure), or assignment-in-lieu of foreclosure, of any collateral
for the Guaranteed Obligations;

 

(vii)        the
sale or foreclosure (or posting or advertising for sale or foreclosure) or deed-in-lieu of foreclosure, of any Mortgage Loan Collateral;

 

(viii)       any
protest, proof of non-payment or default by Borrower, or the occurrence of a breach or an Event of Default, or the intent to accelerate
or of acceleration in relation to any instrument relating to the Indebtedness or the Guaranteed Obligations;

 

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(ix)          any
protest, proof of non-payment or default by Mortgage Borrower, or the occurrence of a breach or a Mortgage Loan Event of Default,
or the intent to accelerate or of acceleration in relation to any instrument relating to the Mortgage Loan Indebtedness or the
Guaranteed Obligations;

 

(x)           the obtaining or release of any guaranty or surety agreement, pledge, assignment or other security for the Indebtedness or the
Guaranteed Obligations, or any part thereof; or

 

(xi)          any
other action at any time taken or omitted to be taken by Lender or Mortgage Lender generally and any and all demands and notices
of every kind in connection with this Guaranty, the other Loan Documents, the Mortgage Loan Documents and any other documents or
agreements evidencing, securing or relating to the Indebtedness or the Guaranteed Obligations, or any part thereof.

 

(b)           Guarantor
hereby waives any and all rights it may now or hereafter have to, and covenants and agrees that it shall not at any time, insist
upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any and all appraisal, valuation, stay, extension,
marshaling-of-assets or redemption laws, or right of homestead or exemption, whether now or at any time hereafter in force, that
may delay, prevent or otherwise affect the performance by Guarantor of its obligations under, or the enforcement by Lender of,
this Guaranty. Guarantor hereby further waives any and all rights it may now or hereafter have to, and covenants and agrees that
it shall not, set up or claim any defense, counterclaim (other than compulsory counterclaims), cross-claim, set-off, offset, right
of recoupment or other objection of any kind to any action, suit or proceeding in law, equity or otherwise, or to any demand or
claim that may be instituted or made by Lender hereunder, except for the defense of the actual timely performance of the Guaranteed
Obligations hereunder.

 

(c)           Guarantor
specifically acknowledges and agrees that the waivers made by it in this Section and in the other provisions of this Guaranty are
of the essence of the Loan transaction and that, but for this Guaranty and such waivers, Lender would not make the Loan to Borrower.

 

1.10        Waiver
of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained herein, Guarantor hereby
unconditionally and irrevocably waives, releases and abrogates, so long as the Indebtedness remains outstanding, any and all rights
it may now or hereafter have under any agreement, at law or in equity (including any law subrogating the Guarantor to the rights
of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower
or any other Person liable for payment of any or all of the Guaranteed Obligations for any payment made by Guarantor under or in
connection with this Guaranty or otherwise.

 

1.11        Reinstatement;
Effect of Bankruptcy. Guarantor agrees that if at any time all or any part of any payment at any time received by Lender from,
or on behalf of, Borrower or Guarantor under or with respect to this Guaranty is held to constitute a Preferential Payment (as
defined in Section 4.4), or if Lender is required to rescind, restore or return all or part of any such payment or pay the
amount thereof to another Person for any reason (including the insolvency, bankruptcy reorganization, receivership or other debtor
relief law or any judgment, order or decision thereunder), then the Guaranteed Obligations hereunder shall, to the extent of the
payment rescinded, restored or returned, be deemed to have continued in existence notwithstanding such previous receipt by Lender,
and the Guaranteed Obligations hereunder shall continue to be effective or reinstated, as the case may be, as to such payment as
though such previous payment to Lender had never been made.

 

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ARTICLE
II

 

EVENTS
AND CIRCUMSTANCES NOT 

REDUCING OR DISCHARGING GUARANTOR’S OBLIGATIONS

 

2.1          Events
and Circumstances Not Reducing or Discharging Guarantor’s Obligations. Guarantor
hereby consents and agrees to each of the following and agrees that Guarantor’s obligations under this Guaranty shall not
be released, diminished, impaired, reduced or adversely affected in any way by any of the following, although without notice to
or the further consent of Guarantor, and waives any common law, equitable, statutory or other rights (including rights to notice)
or defenses (other than the defense of payment) that Guarantor might otherwise have as a result of or in connection with any of
the following:

 

(a)           Modifications.
Any change in the time, manner or place of payment of all or any part of the Indebtedness or the Guaranteed Obligations, or in
any other term thereof, or any renewal, extension, increase, alteration, rearrangement, amendment or other modification to any
provision of any of the Loan Documents or any other document, instrument, contract or agreement between Borrower and Lender or
any other Person pertaining to the Indebtedness or the Guaranteed Obligations.

 

(b)           Adjustment.
Any adjustment, indulgence, forbearance, waiver, consent or compromise that Lender might extend, grant or give to Borrower, Guarantor
or any other Person with respect to any provision of this Guaranty or any of the other Loan Documents.

 

(c)           Condition
of Borrower or Guarantor. The voluntary or involuntary liquidation, dissolution, sale of all or substantially all of the respective
assets and liabilities of Borrower, Property Owner or any individual Guarantor, the appointment of a trustee, receiver, liquidator,
sequestrator or conservator for all or any part of the assets of Borrower, Property Owner or any individual Guarantor, the insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, consolidation, merger arrangement, composition, readjustment
or the commencement of any other similar proceedings affecting Borrower, Property Owner or any individual Guarantor or any of the
assets of any of them, including (A) the release or discharge of Borrower from the payment and performance of its obligations under
any of the Loan Documents by operation of law, (B) the release or discharge of Property Owner from the payment and performance
of its obligations under any of the Mortgage Loan Documents by operation of law, (C) the impairment, limitation or modification
of the liability of Borrower or Guarantor, or of any remedy for the enforcement of Lender’s rights, under this Guaranty or
any of the other Loan Documents, resulting from the operation of any present or future provisions of the Bankruptcy Code or other
present or future federal, state or applicable statute of law or from the decision in any court or (D) the impairment, limitation
or modification of the liability of Property Owner, Borrower or any individual Guarantor, or if any remedy for the enforcement
of Mortgage Lender’s rights, under any of the Mortgage Loan Documents, resulting from the operation of any present or future
provisions of the Bankruptcy Code or other present or future federal, state or applicable statute of law or from the decision of
any court.

 

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(d)           Invalidity
of Guaranteed Obligations. The invalidity, illegality, irregularity or unenforceability of all or any part of this Guaranty,
the Loan Documents or of any of the Mortgage Loan Documents, or of any other document or agreement executed in connection with
the Indebtedness, the Mortgage Loan Indebtedness or the Guaranteed Obligations for any reason whatsoever, including the fact that
(i) the Indebtedness, the Mortgage Loan Indebtedness or the Guaranteed Obligations, or any part thereof, exceeds the amount permitted
by law, (ii) the act of creating the Indebtedness, the Mortgage Loan Indebtedness or the Guaranteed Obligations, or any part thereof,
is ultra vires, (iii) the officers or representatives executing the Loan Documents, the Mortgage Loan Documents or
any other document or agreement executed in connection with the creating of the Indebtedness, the Mortgage Loan Indebtedness or
the Guaranteed Obligations, or any part thereof, acted in excess of their authority, (iv) the Indebtedness, the Mortgage Loan Indebtedness
or the Guaranteed Obligations, or any part thereof, violates applicable usury laws, (v) Borrower, Property Owner or Guarantor has
valid defenses (other than the defense of payment), claims or offsets (whether at law, in equity or by agreement) that render the
Indebtedness, the Mortgage Loan Indebtedness or the Guaranteed Obligations wholly or partially uncollectible, (vi) the creation,
performance or repayment of the Indebtedness, the Mortgage Loan Indebtedness or the Guaranteed Obligations, or any part thereof
(or the execution, delivery and performance of any document or instrument representing the Indebtedness, the Mortgage Loan Indebtedness
or the Guaranteed Obligations, or any part thereof, or executed in connection with the Indebtedness or the Guaranteed Obligations,
or given to secure the repayment of the Indebtedness, the Mortgage Loan Indebtedness or the Guaranteed Obligations, or any part
thereof), is illegal, uncollectible, legally impossible or unenforceable or (vii) any of the Loan Documents, the Mortgage Loan
Documents or any other document or agreement executed in connection with the Indebtedness, the Mortgage Loan Indebtedness or the
Guaranteed Obligations, or any part thereof, has been forged or otherwise are irregular or not genuine or authentic.

 

(e)           Release
of Obligors. Any compromise or full or partial release of the liability of Borrower or any other Person now or hereafter liable,
whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment
of the obligations under this Guaranty or any of the other Loan Documents.

 

(f)           Release
of Collateral; Other Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment
by Lender or Mortgage Lender (including negligent, willful, unreasonable or unjustifiable impairment) of, or failure to perfect
or obtain protection of, any collateral, property or security at any time existing in connection with, or assuring or securing
payment of, all or any part of the Indebtedness, the Mortgage Loan Indebtedness or the Guaranteed Obligations; or the taking or
accepting of any other security, collateral or guaranty or other assurance of payment for all or any part of the Indebtedness,
the Mortgage Loan Indebtedness or the Guaranteed Obligations.

 

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(g)           Offset.
Any existing or future right of set-off, offset, claim, counterclaim or defense (other than the defense of payment) of any kind
or nature against Lender or any other Person, which may be available to or asserted by Guarantor or Borrower.

 

(h)           Change
in Law. Any change in the laws, rules or regulations of any jurisdiction or any present or future action of any Governmental
Authority or court amending, varying, reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise affect,
any of the obligations of Borrower under any of the Loan Documents, Guarantor under this Guaranty or Property Owner under the Mortgage
Loan Documents.

 

(i)            Event
of Default. The occurrence of any Event of Default or any potential Event of Default under any of the Loan Documents, whether
or not Lender has exercised any of its rights and remedies under the Loan Documents upon the happening of any such Event of Default
or potential Event of Default, or the occurrence of any Mortgage Loan Event of Default under any of the Mortgage Loan Documents,
whether or not Mortgage Lender has exercised any of its rights and remedies under the Mortgage Loan Documents upon the happening
of any such Mortgage Loan Event of Default.

 

(j)            Actions
Omitted. The absence of any action to enforce any of Lender’s rights under the Loan Documents or Mortgage Lender’s
rights under the Mortgage Loan Documents, or available to Lender or Mortgage Lender at law, equity or otherwise, to recover any
judgment against Borrower or Property Owner or to enforce a judgment against Borrower under any of the Loan Documents or the Mortgage
Loan Documents, as applicable.

 

(k)           Other
Dealings. The occurrence of any other dealing, transaction, matter or thing between Guarantor and Lender.

 

(l)            Application
of Sums. The application of any sums by whomsoever paid or however realized to any amounts owing by Guarantor or Borrower to
Lender in such manner as Lender shall determine in its sole discretion, subject to, and otherwise in accordance with, the terms
of the Loan Agreement and the other Loan Documents, or the application of any sums by whomsoever paid or however realized to any
amounts owing by Guarantor or Property Owner to Mortgage Lender in such manner as Mortgage Lender shall determine in its sole discretion.

 

(m)         Ownership
Interest. Subject to Section 1.1(b), any change in or termination of the ownership interest of Guarantor (whether direct
or indirect).

 

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

 

(o)           Merger.
The reorganization, merger or consolidation of Borrower and/or Property Owner into or with any other Person.

 

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(p)           Preference.
Any payment by Borrower to Lender is held to constitute a preference under bankruptcy laws, or for any reason Lender is required
to refund such payment or pay such amount to Borrower or someone else.

 

(q)           Other
Circumstances. Any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a guarantor
generally, it being the unambiguous and unequivocal intention of Guarantor and Lender that the liability of Guarantor hereunder
shall be direct and immediate and that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding
any occurrence, circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, except for the full and final payment and satisfaction of the Guaranteed Obligations
and except subject to Section 1.1(b).

 

2.2          Indebtedness
or Other Obligations of Guarantor. If Guarantor is or becomes liable for any Indebtedness owed by Borrower to Lender by endorsement
or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected by this Guaranty and
the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor. The
exercise by Lender of any right or remedy hereunder or under any other instrument or at law or in equity shall not preclude the
concurrent or subsequent exercise of any right or remedy under any other instrument or at law or in equity, including the making
of multiple demands hereunder.

 

ARTICLE
III

 

REPRESENTATIONS
AND WARRANTIES; COVENANTS

 

3.1          Representations
and Warranties. To induce Lender to enter into the Loan Documents and extend credit to Borrower, Guarantor hereby represents
and warrants to Lender that, on the date hereof:

 

(a)           Due
Formation, Authorization and Enforceability. Guarantor is duly organized and validly existing under the laws of the jurisdiction
of its incorporation or formation, as the case may be, and has full power and legal right to execute and deliver this Guaranty
and to perform under this Guaranty. Guarantor has taken all necessary action to authorize the execution, delivery and performance
of this Guaranty. This Guaranty has been duly authorized, executed and delivered by Guarantor and constitutes a legal, valid and
binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms.

 

(b)           Benefit
to Guarantor. Guarantor hereby acknowledges that Lender would not make the Loan but for the liability undertaken by Guarantor
under this Guaranty. Guarantor (i) is an affiliate of Borrower and (ii) has received, or will receive, direct and/or indirect benefit
from the making of the Loan to Borrower.

 

(c)           Familiarity
and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition
of Borrower and is familiar with the value of any and all collateral granted, or intended to be granted, as security for the Indebtedness;
provided, however, Guarantor is not relying on such financial condition or such collateral as an inducement to enter
into this Guaranty.

 

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(d)           No
Representation by Lender. Neither Lender nor any other Person has made any representation, warranty or statement to Guarantor
in order to induce the Guarantor to execute this Guaranty.

 

(e)           Solvency.
Guarantor has not entered into this Guaranty with the actual intent to hinder, delay or defraud any creditor. Guarantor received
reasonably equivalent value in exchange for the Guaranteed Obligations. Guarantor is not presently insolvent, and the execution
and delivery of this Guaranty will not render Guarantor insolvent.

 

(f)           No
Conflicts. The execution and delivery of this Guaranty by Guarantor, and the performance of transactions contemplated hereunder
do not and will not (i) conflict with or violate any Legal Requirements or any governmental statutes, laws, rules, orders, regulations,
ordinances, judgments, decrees and injunctions of Governmental Authorities (including Environmental Laws) affecting Guarantor or
any of its assets or property, (ii) conflict with, result in a breach of, or constitute a default (including any circumstance or
event that would be a default but for the lack of due notice or lapse of time or both) under any of the terms, conditions or provisions
of any of Guarantor’s organizational documents or any agreement or instrument to which Guarantor is a party, or by which
Guarantor or its assets or property are bound or (iii) result in the creation or imposition of any Lien on any of Guarantor’s
assets or property.

 

(g)           Litigation.
There is no action, suit, proceeding, arbitration or investigation pending or, to Guarantor’s knowledge, threatened against
Guarantor in any court or by or before any other Governmental Authority, in each case, which, if determined adversely to Guarantor,
would materially and adversely affect the performance of Guarantor’s obligations and duties under this Guaranty. There are
no outstanding or unpaid judgments against Guarantor.

 

(h)           Consents.
No consent, approval, authorization, order or filings of or with any court or Governmental Authority is required for the execution,
delivery and performance by Guarantor of, or compliance by Guarantor with, this Guaranty other than those that have been obtained
by Guarantor.

 

(i)            Compliance.
Guarantor is not in default or violation of any regulation, order, writ, injunction, decree or demand of any Governmental Authority,
the violation or default of which would materially and adversely affect the condition (financial or otherwise) or business of Guarantor
or that would materially and adversely affect its performance hereunder.

 

(j)            Financial
Information. All financial data that have been delivered to Lender with regard to Guarantor by or on behalf of Guarantor (i)
are true, complete and correct in all material respects as of the date set forth therein, (ii) accurately represent the financial
condition of Guarantor as of the date of such reports and (iii) have been prepared in accordance with GAAP throughout the periods
covered, except as otherwise indicated to Lender.

 

(k)           No
Defenses. This Guaranty and the obligations of Guarantor hereunder are not subject to, and Guarantor has not asserted, any
right of rescission, offset, counterclaim, cross-claim, recoupment or affirmative or other defense of any kind and neither the
operation of any of the terms of this Guaranty nor the exercise of any right hereunder will render the Guaranty unenforceable in
whole or in part.

 

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(l)           Tax
Filings. Guarantor has filed (or has obtained effective extensions for filing) all federal, state and local tax returns required
to be filed and has paid, or has made adequate provision for the payment of, all federal, state and local taxes, charges and assessments
payable by Guarantor. Guarantor reasonably believes that its tax returns properly reflect the incomes and taxes of Guarantor for
the periods covered thereby.

 

(m)          No
Bankruptcy Filing. Guarantor is not and has never been a debtor in any voluntary or involuntary state or federal bankruptcy,
insolvency or similar proceeding. Guarantor is contemplating neither the filing of a petition under any state or federal bankruptcy
or insolvency laws nor the liquidation of its assets or property and Guarantor does not have any knowledge of any Person contemplating
the filing of any such petition against it. During the ten year period preceding the Closing Date, no such petition has been filed
by or against any person who owns or controls, directly or indirectly, ten percent or more of the beneficial ownership interests
of Guarantor.

 

(n)           No
Change in Facts or Circumstances; Full and Accurate Disclosure. There has been no material adverse change in any condition,
fact, circumstance or event, and there is no fact or circumstance presently known to Guarantor that has not been disclosed to Lender,
in each case that would make the financial statements or other documents submitted in connection with the Loan or this Guaranty
inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects, or would
materially and adversely affect, Guarantor or its business, operations or conditions (financial or otherwise).

 

(o)           Embargoed
Person. To Guarantor’s knowledge, (i) none of the funds or other assets of Guarantor constitute property of, or are beneficially
owned, directly or indirectly, by any Embargoed Person; (ii) no Embargoed Person has any equity interest whatsoever in Guarantor
(whether directly or indirectly) and (iii) none of the funds of Guarantor have been derived from any unlawful activity. Notwithstanding
anything to the contrary contained herein, the representations and warranties contained in this subsection shall survive in perpetuity
subject to Section 1.1(b). The representations and warranties set forth in this Section 3.1(o) are made only to Guarantor’s
knowledge with respect to the direct and/or indirect ownership of any shares of stock in NY REIT.

 

(p)           Compliance
with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. Guarantor, and to Guarantor's knowledge, each Person
owning an interest in Guarantor: (a) is not currently identified on the OFAC List and (b) is not a Person with whom a citizen of
the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of any
Legal Requirement. Guarantor has implemented procedures, and will consistently apply such procedures throughout the term of the
Loan and the existence of this Guaranty, to ensure the foregoing representations and warranties remain true and correct in all
material respects during the term of the Loan and the existence of this Guaranty. The representations and warranties set forth
in this Section 3.1(p) are made only to Guarantor’s knowledge with respect to the direct and/or indirect ownership
of any shares of stock in NY REIT.

 

(q)           Investment
Company Act. Guarantor is not an “investment company” registered or required to be registered under the Investment
Company Act of 1940, as amended.

 

    	11

     

    

 

(r)          Survival.
All representations and warranties made by Guarantor herein shall survive the execution hereof.

 

3.2         Covenants.
Each Guarantor covenants and agrees with Lender that, until payment in full of the Loan:

 

(a)          Throughout
the term of the Loan and so long as any portion of the Indebtedness remains outstanding, NY REIT shall maintain, on a consolidated
basis, minimum Net Worth of no less than $575,000,000, and minimum Liquidity of no less than $5,000,000, and failure to do so
at any time shall constitute an immediate Event of Default. For purposes of this Section, “Net Worth” means
total assets (excluding the value of NY REIT’s direct or indirect interest in Borrower, and excluding goodwill, patents,
trademarks, trade names, organization expense, treasury stock, unamortized debt discount and expense, deferred research and development
costs, deferred marketing expenses, and other like intangibles) less total liabilities (including accrued and deferred income
taxes and any reserves against assets), determined in accordance with GAAP applied on a consistent basis; and “Liquidity”
means Lien-free cash balances maintained in the conventional forms of demand deposits, money market account deposits, monies held
in cash reserves not held by Lender and other cash equivalents reasonably acceptable to Lender.

 

(b)        As
soon as available, and in any event within 120 days after the close of each Fiscal Year or, if earlier, promptly following the
filing of such financial statements with the SEC, NY REIT shall furnish to Lender, in an Excel spreadsheet file in electronic
format (which may be via an intralinks site at NY REIT’s sole cost and expense), or, in the case of predominantly text documents,
in Adobe pdf format, or in either case, in such other format as may reasonably be acceptable to Lender, annual consolidated financial
statements of NY REIT, including a balance sheet, together with related statements of operations and equityholders’ capital
and cash flow for such Fiscal Year, audited by a “Big Four” accounting firm or other independent public accounting
firm reasonably acceptable to Lender whose opinion shall be to the effect that such financial statements have been prepared in
accordance with GAAP applied on a consistent basis and shall not be qualified as to the scope of the audit.

 

(c)        As
soon as available, and in any event within 45 days after the end of each Fiscal Quarter (excluding year-end) or, if earlier, promptly
following the filing of such financial statements with the SEC, NY REIT shall furnish to Lender, in an Excel spreadsheet file
in electronic format (which may be via an intralinks site at NY REIT’s sole cost and expense), or, in the case of predominantly
text documents, in Adobe pdf format, or in either case, in such other format as may be reasonably acceptable to Lender, quarterly
and year-to-date unaudited consolidated financial statements, prepared for such fiscal quarter with respect to NY REIT, including
a consolidated balance sheet of NY REIT as of the end of such Fiscal Quarter, together with related statements of operations,
equityholders’ capital and cash flows for such Fiscal Quarter and for the portion of the Fiscal Year ending with such Fiscal
Quarter, setting forth in comparative form the corresponding figures for the same period for the preceding fiscal year, and containing
such other information as Lender may reasonably request, which statements and other information shall be accompanied by an Officer’s
Certificate certifying that the same are true, correct and complete in all material respects. and were prepared in accordance
with GAAP applied on a consistent basis, subject to changes resulting from audit and normal year-end audit adjustments.

 

    	12

     

    

 

(d)        NY
REIT shall make its representatives and officers available to Lender from time to time, upon Lender’s reasonable request,
to explain or discuss any financial information provided by NY REIT to Lender under Sections 3.2(b) and (c).

 

(e)        Guarantor
will preserve and maintain its legal existence. Except as permitted under the Loan Documents, Guarantor shall not enter into any
transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation, winding
up or dissolution) or sell all or substantially all of its assets unless, only with respect to a merger or consolidation or amalgamation,
or a sale of all or substantially all of its assets, (i) the surviving entity assumes the obligations of such Guarantor hereunder
and under the other Loan Documents if not already a party to this Guaranty and the Environmental Indemnity, and (ii) such transaction
does not result in a Prohibited Change of Control or violation of Section 3.2(a).

 

ARTICLE
IV

 

SUBORDINATION
OF CERTAIN INDEBTEDNESS

 

4.1         Subordination
of Guarantor’s Conditional Rights. As used herein, the term “Guarantor’s Conditional Rights”
shall mean any and all debts and liabilities of Borrower owed to Guarantor, whether such debts and liabilities now exist or are
hereafter incurred or arise, or whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several,
joint and several or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account
or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their inception, have
been or may hereafter be created or the manner in which they have been or may hereafter be acquired by Guarantor. Prior to the
occurrence and continuance of an Event of Default, Guarantor’s Conditional Rights hereunder shall not include Guarantor’s
right to receive equity distributions from Borrower directly or indirectly from time to time.

 

4.2         Liens
Subordinate; Standstill. Notwithstanding any other provision of this Guaranty to the contrary, until the repayment in full
of the Indebtedness, Guarantor hereby agrees that (i) all Guarantor’s Conditional Rights and any and all liens, security
interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor’s
Conditional Rights shall be and remain, at all times, inferior and subordinate in all respects to the payment and performance
in full of the Indebtedness and any and all liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s
assets securing payment of the Indebtedness, regardless of whether such encumbrances in favor of Guarantor or Lender presently
exist or are hereafter created or attach, (ii) prior to the occurrence and during the continuance of a Cash Flow Sweep Period
or Event of Default, Guarantor shall not be entitled to, and shall not, receive or collect, directly or indirectly, from Borrower
or any other Person any amount pursuant to or in satisfaction of any of the Guarantor’s Conditional Rights and (iii) Guarantor
shall not, without the prior written consent of Lender, (x) exercise or enforce any creditor’s right it may have against
Borrower in respect of any of the Guarantor’s Conditional Rights or (y) foreclose, repossess, sequester or otherwise take
steps or institute any action or proceedings (judicial or otherwise, including the commencement of, or joinder in, any liquidation,
bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, security interests, collateral
rights, judgments or other encumbrances on assets of Borrower held by Guarantor in respect of any of Guarantor’s Conditional
Rights. The foregoing shall in no way limit the complete waiver of subrogation rights contained in Section 1.10.

 

    	13

     

    

 

4.3          Claims
in Bankruptcy. In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other insolvency
proceedings involving Guarantor as debtor, Lender shall have the right and authority, either in its own name or as attorney-in-fact
for Guarantor, to prove its claim in any such proceeding and to take such other steps as may be necessary so as to establish its
rights hereunder and receive directly from the receiver, trustee or other court custodian and payments that would otherwise be
payable pursuant to or in satisfaction of any of the Guarantor’s Conditional Rights. Guarantor hereby assigns any and all
such payments to Lender.

 

4.4          Payments
Held in Trust. In the event that, notwithstanding anything to the contrary in this Guaranty, Guarantor should receive any
funds, payment or claim that is prohibited by this Guaranty on account of any of the Guarantor’s Conditional Rights (for
avoidance of doubt the foregoing excludes equity distributions made by Borrower from time to time directly or indirectly so long
as no Event of Default is continuing) and either (i) such amount is paid to Guarantor at any time when any part of the Indebtedness
or the Guaranteed Obligations shall not have been paid or performed in full or, (ii) regardless of when such amount is paid
to Guarantor, any payment made by, or on behalf of, Borrower to Lender is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required to be repaid by Lender or paid over to a trustee, receiver or any other Person, whether
under any bankruptcy act or otherwise (such payment, a “Preferential Payment”), then such amount paid to Guarantor
shall be held in trust for the benefit of Lender and shall forthwith be paid to Lender to be credited and applied upon the Indebtedness
or the Guaranteed Obligations, whether matured or unmatured, in such order as Lender, in its sole and absolute discretion, shall
determine. To the extent that any of the provisions of this Article 4 shall not be enforceable, Guarantor agrees that until
such time as the Indebtedness and the Guaranteed Obligations have been paid and performed in full and the period of time has expired
during which any payment made by Borrower to Lender may be determined to be a Preferential Payment, all of the Guarantor’s
Conditional Rights, to the extent not validly waived, shall be subordinate to Lender’s right to full payment and performance
of the Indebtedness and the Guaranteed Obligations and Guarantor shall not enforce any of the Guarantor’s Conditional Rights
during such period.

 

ARTICLE
V

 

MISCELLANEOUS

 

5.1          Lender’s
Benefit; No Impairment of Loan Documents. This Guaranty is for the benefit of Lender and its successors and assigns and nothing
contained herein shall impair, as between Borrower and Lender, the obligations of Borrower under the Loan Documents. Lender and
its successors and assigns shall have the right subject to and in accordance with the terms of the Loan Agreement to assign, in
whole or in part, this Guaranty and the other Loan Documents to any Person and to participate all or any portion of the Loan,
including any servicer or trustee in connection with a Securitization.

 

    	14

     

    

 

5.2          Successors
and Assigns; Binding Effect. This Guaranty shall be binding upon Guarantor and its heirs, executors, legal representatives,
successors and assigns, whether by voluntary action of the parties or by operation of law. Notwithstanding anything to the contrary
herein, Guarantor may in no event delegate or transfer its obligations under, or be released from, this Guaranty, except in accordance
with the terms of the Loan Agreement and this Guaranty.

 

5.3          Costs
and Expenses. If Guarantor should breach or fail to timely perform any provision of this Guaranty, Guarantor shall, immediately
upon demand by Lender, pay to Lender any and all costs and expenses (including court costs and reasonable attorneys’ fees
and expenses) incurred by Lender in connection with the enforcement hereof or the preservation of Lender’s rights hereunder.
The covenant contained in this Section shall survive the payment and performance of the Guaranteed Obligations.

 

5.4          Not
a Waiver; No Set-Off. The failure of any party to enforce any right or remedy hereunder, or to promptly enforce any such right
or remedy, shall not constitute a waiver thereof, nor give rise to any estoppel against such party, nor excuse any other party
from its obligations hereunder, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise
of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due
date of any amount payable under this Guaranty, Lender shall not be deemed to have waived any right either to require prompt payment
when due of all other amounts due under this Guaranty or to declare a default for failure to effect prompt payment of any such
other amount. Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce any of the
Indebtedness or the Guaranteed Obligations. No set-off, counterclaim (other than compulsory counterclaims), reduction, diminution
of any obligations or any defense (other than the defense of payment) of any kind or nature that Guarantor has or may hereafter
have against Borrower or Lender shall be available hereunder to Guarantor.

 

5.5          PRIOR
AGREEMENTS. THIS GUARANTY CONTAINS THE ENTIRE AGREEMENT OF THE PARTIES HERETO IN RESPECT OF THE GUARANTY DESCRIBED
HEREIN, AND ALL PRIOR AGREEMENTS AMONG OR BETWEEN SUCH PARTIES, WHETHER ORAL OR WRITTEN, INCLUDING ANY TERM SHEETS, CONFIDENTIALITY
AGREEMENTS AND COMMITMENT LETTERS, ARE SUPERSEDED BY THE TERMS OF THIS GUARANTY AS THEY RELATE TO THE GUARANTY DESCRIBED HEREIN.

 

5.6          No
Oral Change. No modification, amendment, extension, discharge, termination or waiver of any provision of this Guaranty, nor
consent to any departure by Guarantor therefrom, shall in any event be effective unless the same shall be in a writing signed
by Lender, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.
Except as otherwise expressly provided herein, no notice to, or demand on, Guarantor, shall entitle Guarantor to any other or
future notice or demand in the same, similar or other circumstances.

 

    	15

     

    

 

5.7          Separate
Remedies. Each and all of Lender’s rights and remedies under this Guaranty and each of the other Loan Documents are
intended to be distinct, separate and cumulative and no such right or remedy herein or therein mentioned is intended to be in
exclusion of or a waiver of any other right or remedy available to Lender.

 

5.8          Severability.
Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Guaranty shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Guaranty.

 

5.9          Rules
of Construction. All references to sections and exhibits are to sections and exhibits in or to this Guaranty unless otherwise
specified. Unless otherwise specified: (i) all meanings attributed to defined terms in this Guaranty shall be equally applicable
to both the singular and plural forms of the terms so defined, (ii) “including” means “including, but not limited
to” and “including, without limitation” and (iii) the words “hereof,” “herein,” “hereby,”
“hereunder” and words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not
to any particular provision, article, section or other subdivision of this Guaranty. Whenever the context may require, any pronouns
used herein shall include the corresponding masculine, feminine or neuter forms and the singular form of nouns and pronouns shall
include the plural and vice versa.

 

5.10       Headings.
The Section headings in this Guaranty are included in this Guaranty for convenience of reference only and shall not constitute
a part of this Guaranty for any other purpose.

 

5.11       Recitals.
The recitals and introductory paragraphs of this Guaranty are incorporated herein, and made a part hereof, by this reference.

 

5.12       Counterparts;
Facsimile Signatures. This Guaranty may be executed in any number of counterparts, each of which when so executed and delivered
shall be an original, but all of which shall together constitute one and the same instrument. Any counterpart delivered by facsimile,
pdf or other electronic means shall have the same import and effect as original counterparts and shall be valid, enforceable and
binding for the purposes of this Guaranty.

 

5.13       Notices.
All notices, consents, approvals and requests required or permitted hereunder shall be given in writing by expedited prepaid delivery
service, either commercial or United States Postal Service, with proof of delivery or attempted delivery, addressed as follows
(or as a pdf attachment to an e-mail to the respective addresses specified below, immediately followed by one of the other delivery
methods provided). Any party hereto may change its address and other contact information for purposes hereof at any time by sending
a written notice to the other parties to this Guaranty in the manner provided for in this Section). A notice shall be deemed to
have been given when delivered or upon refusal to accept delivery.

 

    	16

     

    

 

	If to Lender:	c/o Paramount Group Real Estate Fund VIII L.P.
	 	1633 Broadway, Suite 1801
	 	New York, New York  10019
	 	Attention:  Albert Behler, CEO
	 	E-mail:  abehler@paramount-group.com
	 	 
	with copies to:	c/o Paramount Group Real Estate Fund VIII L.P.
	 	1633 Broadway, Suite 1801
	 	New York, New York  10019
	 	Attention:  Gage Johnson, General Counsel
	 	E-mail:  gjohnson@paramount-group.com
	 	 
	and:	Willkie Farr & Gallagher LLP
	 	787 Seventh Avenue
	 	New York, New York 10019
	 	Attention:  Thomas J. Henry
	 	E-mail:  thenry@willkie.com
	 	 
	If to Borrower:	c/o New York Recovery Advisors, LLC
	 	405 Park Avenue, 7th Floor
	 	New York, NY 10022
	 	Attn:  Legal Department
	 	E-Mail:  MEad@nyrt.com
	 	 
	With a copies to:	c/o New York Recovery Advisors, LLC
	 	405 Park Avenue, 7th Floor
	 	New York, NY 10022
	 	Attn:  Michael Happel
	 	E-Mail:  Mhappel@nyrt.com
	 	 
	and:	Arnold & Porter LLP
	 	399 Park Avenue
	 	New York, NY 10022
	 	Attn:  John  Busillo, Esq.
	 	E-Mail:  John.Busillo@aporter.com

 

5.14       Governing
Law. (A)       THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF, WITHOUT REGARD TO CHOICE OF LAW RULES, TO THE EXTENT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

    	17

     

    

 

(B)         ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST GUARANTOR OR LENDER ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OF THE OTHER LOAN
DOCUMENTS (OTHER THAN ANY ACTION IN RESPECT OF THE CREATION, PERFECTION OR ENFORCEMENT OF A LIEN OR SECURITY INTEREST CREATED
PURSUANT TO ANY LOAN DOCUMENTS NOT GOVERNED BY THE LAWS OF THE STATE OF NEW YORK) MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT
IN NEW YORK COUNTY, NEW YORK. GUARANTOR AND LENDER HEREBY EACH (i) IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN
SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, (ii) IRREVOCABLY
SUBMIT TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING AND (iii) IRREVOCABLY CONSENT TO SERVICE OF
PROCESS BY MAIL, PERSONAL SERVICE OR IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW, AT THE ADDRESS SPECIFIED IN SECTION 5.13
HEREOF (AND AGREES THAT SUCH SERVICE AT SUCH ADDRESS IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER ITSELF IN ANY SUCH
SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT).

 

5.15        Trial
by Jury. GUARANTOR AND LENDER, TO THE FULLEST EXTENT THAT EACH MAY LAWFULLY DO SO, HEREBY AGREE NOT TO ELECT
A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH
RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM
OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR
AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS
WAIVER BY GUARANTOR AND LENDER.

 

5.16        Brokers
and Financial Advisors. Guarantor hereby represents that none of Borrower, Guarantor or any of their respective Affiliates
has dealt with any financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions
contemplated by this Guaranty and/or the other Loan Documents. Lender hereby represents that neither Lender nor any of its respective
Affiliates have dealt with any financial advisors, brokers, underwriters, placement agents, agents or finders in connection with
the transactions contemplated by this Guaranty and/or the other Loan Documents. Guarantor and Lender agree to indemnify and hold
each other harmless from and against any and all claims, liabilities, costs and expenses of any kind in any way relating to or
arising from a claim by any Person that such Person acted on behalf of Borrower, Guarantor, Lender or any of their respective
Affiliates, as applicable, in connection with the transactions contemplated in this Guaranty and/or the other Loan Documents.
The provisions of this Section shall survive the expiration and termination of this Guaranty and the repayment of the Indebtedness.

 

    	18

     

    

 

5.17        Cooperation.
Guarantor agrees that it is bound by, and agrees to comply with, the provisions of Section 9.24(b) of the Loan Agreement,
the provisions of which are hereby incorporated by reference as if set forth herein in full.

 

[No Further
Text on this Page; Signature Page Follows]

 

    	19

     

    

 

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

 

	 	GUARANTOR:
	 	 
	 	NEW YORK REIT, INC., a Maryland corporation
	 	 
	 	By:	/s/ Michael Ead
	 	 	Name: Michael Ead
	 	 	Title: Authorized Signatory
	 	 
	 	NEW YORK RECOVERY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
	 	 
	 	By:	New York REIT, Inc., its general partner
	 	 	 
	 	By:	/s/ Michael Ead
	 	 	Name: Michael Ead
	 	 	Title: Authorized SignatoryEX-10.1

 Exhibit 10.1 

RETIREMENT AGREEMENT 

This Retirement Agreement (the “Agreement”) by and between Walter Investment Management Corp. (the “Company”), and Mark J.
O’Brien (the “Executive”), is made and entered into as of October 2, 2015 and shall be effective at 12:01 a.m. on the eighth day following the Executive’s delivery of an executed copy of this Agreement and the attached
release, if the Executive has not revoked the attached release prior to such time (the “Effective Date”). If such release is revoked by the Executive prior to the Effective Date, this Agreement shall have no force or effect. 

BACKGROUND 
 The Executive
has served as the Chief Executive Officer (“CEO”) and the Chairman of the Board (the “Chairman”) of the Company for a number of years. The Executive is employed pursuant to an Agreement dated December 23, 2008, as amended
and restated on March 15, 2010 and as further amended on March 29, 2012 (as amended, the “Employment Agreement”). The Executive has decided to retire while remaining a member of the Company’s Board of Directors. The Company
and the Executive desire to provide for a settlement of all matters and claims between the parties related to the Employment Agreement and the Executive’s employment by the Company. 

Accordingly, in consideration of the above, of the mutual promises contained in this Agreement, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties intending to be legally bound, hereby agree as follows: 
 TERMS

 1. Resignation. The Executive hereby retires and resigns as an employee of the Company (including his position as CEO), effective on the
Effective Date. The Executive also hereby retires and resigns as Chairman, effective on December 31, 2015. It is understood that the Executive’s retirement date as Chairman may be extended in the future by agreement of the Executive and
the Company. These actions on the part of the Executive are not the result of any disagreement relating to the Company’s operations, policies or procedures. The Executive agrees to continue to serve as a member of the Board of Directors of the
Company (the “Board”), for the remainder of his current term or until his earlier death, disability, resignation or removal by the shareholders of the Company. After retiring as Chairman, the Executive shall be entitled to receive
compensation for his service as a member of the Board, commensurate with that of other non-inside directors. 
 2. Services. After the Effective
Date, the Executive shall provide the consulting services (the “Services”), but only as requested by the Board or the CEO. There shall be no minimum number of hours of services to be performed by the Executive. The Executive shall not be
required to work more than 20 hours per quarter in performance of the Services. The Executive shall perform the Services in accordance with the terms and conditions of this Agreement for a period of up to two years after the Effective Date. There
shall be no additional compensation 

  
 1 

 
paid for any such Services. The Company shall reimburse the Executive for reasonable travel and entertainment expenses in connection with the Services, in accordance with the Company’s
travel and reimbursement policies. 
 The Executive shall continue to serve as Chairman until December 31, 2015, and shall perform his
duties through such date consistent with past practice. The Executive acknowledges that the continuing performance of his duties as Chairman through this transition period is a material part of his obligations under this Agreement. If requested by
the Board, the Executive shall consider serving (but shall not be required to serve) as Chairman for a period in 2016, subject to mutually acceptable terms and conditions. 

3. Retirement Payments. In consideration of the covenants and agreements set forth in this Agreement, the Company shall pay to the
Executive: (a) the amount of $500,000 on the Effective Date; (b) the amount of $1,150,000 on January 8, 2016; and (c) if the Executive continues to perform his duties as Chairman through December 31, 2015, consistent
with past practices (or in the event of his earlier death, disability or removal from office), the Company shall (i) continue to pay to the Executive his base salary at the level in effect immediately prior to the Effective Date ($575,000 per
year) for a period of eighteen (18) months after the Effective Date, payable in the same periodic installments as such base salary is currently paid (in the amount, in total, of $862,500), and (ii) pay the Executive the amount of $487,500
on January 6, 2017; provided, that the payment of the foregoing amounts will be accelerated and paid in full promptly (to the Executive or the Executive’s estate, as applicable): (x) upon the Executive’s death; (y) if
the Executive becomes disabled (within the meaning of Code Section 409A) or (z) if an unforeseeable emergency occurs (within the meaning of Code Section 409A). For the avoidance of doubt, these payments will be due and payable to
Executive even if he ceases to serve as Chairman or as a director on the Board after December 31, 2015 for any reason, including resignation. These payments will be subject to any federal, state and local withholding taxes and other deductions
the Company is required to make under any applicable law or regulation. These payments shall be in lieu of any future payments under the Employment Agreement, any bonus attributable to calendar year 2015 and any and all other compensatory
payments (including unused vacation pay) related to services rendered by the Executive in 2015 or in future or past years as an employee, except as specifically set forth in this Agreement; provided, however, that the above will not affect the
Executive’s entitlement to his accrued and vested benefits under the Company’s retirement plans, which will be determined under the terms of the plans and applicable laws. 

4. Equity Awards. The Executive has been awarded the restricted stock units (“RSUs”), the performance shares (“PSUs”) and the stock
options (“Options”) set forth on Appendix 1 (collectively, the RSUs, the PSUs and the Options are referred to as the “Equity Awards”). No additional Equity Awards will be granted to the Executive after the Effective Date
related to his employment (for the avoidance of doubt, the Executive shall be eligible to receive equity grants pursuant to any plan for the benefit of members of the Board). The Company confirms that the Equity Awards have been validly issued, are
outstanding, and in full force and effect. Notwithstanding the termination of Executive’s employment with the Company or anything to the contrary in the plan or agreements governing the Equity Awards, the following provisions will apply to the
Equity Awards: (a) the number of Equity Awards shall remain as set forth on Appendix 1, (b) subject to the modifications in this Section 4, the Retirement terms of the Equity 

  
 2 

 
Awards shall govern, (c) the RSUs shall be earned and vested on the Effective Date, and shall be settled and paid to Executive on the applicable date(s) pursuant to the payout schedules set
forth in the applicable agreements governing the RSUs, (d) with respect to the PSUs, Executive shall be entitled to receive and be paid the full amount of shares earned based on performance (as if, solely for this purpose, Executive remained an
employee of the Company through the applicable date on which the amount of the payout is determined, including, if applicable, a Change in Control), and the PSUs shall be settled and paid to Executive on the applicable date pursuant to the payout
schedules set forth in the applicable agreements governing the PSUs, (e) each Option shall be fully vested and exercisable as of the Effective Date, and Executive shall have until the expiration date of the Option to exercise such Option
(without regard to any acceleration of the expiration date that would otherwise apply by reason of Executive’s retirement), and (f) such Equity Awards shall otherwise remain subject in all respects to the terms of the relevant plan
including, without limitation, expiration periods for exercise of such Options. 
 5. Benefits. The Company shall not provide, and shall have no
obligation to provide, the Executive with any benefits after the Effective Date; provided, however, it is acknowledged that the Executive may elect to continue medical coverage under COBRA, assuming compliance with applicable regulations and
administrative procedures, and that the Executive’s rights to Equity Awards will be determined as described in Section 4, above. It is specifically acknowledged, without limitation, that the Executive will not be eligible for:
(a) vacation pay, (b) an automobile allowance; (c) rights to use aircraft owned or leased by the Company; (d) or future active participation in the Company’s retirement plans or (e) participation in the Company’s
group life insurance plan. 
 The Company will, promptly after the effective date, execute documentation provided by the Executive to cause
its membership in Palma Ceia Country Club to be transferred to the Executive. The Company will cooperate in good faith to transfer such membership, but shall not be obligated to expend any funds in this regard. 

6. Inventions, Improvements, Trade Secrets, etc. 

The Executive acknowledges and agree that all inventions, improvements, trade secrets, reports, manuals, computer programs, systems, tapes and
other ideas and materials developed or invented by him during the period of his employment with the Company (or service on the Board), either solely or in collaboration with others, which relate to the actual or anticipated business or research of
the Company, or which resulted from use of the Company’s premises or the Company’s or its customers’ property (collectively, the “Developments”) are the sole and exclusive property of the Company. The Executive reaffirms the
assignment to the Company of his entire right and interest in any such Developments, and will execute any documents in connection with such assignment that the Company may reasonably request. 

7. Non-Compete and Non-Solicit. It is understood and agreed that the Company and the Executive had and will have substantial relationships with
specific businesses and personnel, prospective and existing vendors, contractors, customers and employees of the Company that result in the creation of customer, supplier and employee goodwill. Therefore, for a period of thirty-six (36) months
from the Effective Date, so long as the Company or any subsidiary, affiliate, successor or assigns is in the residential real estate mortgage servicing business or 

  
 3 

 
directly related businesses within the Restricted Area, unless the Board approves an exception, the Executive shall not, directly or indirectly, for himself or on behalf of, or in conjunction
with, any other person, persons, company, partnership, corporation, business entity or otherwise: 
 (a) Call upon, solicit, write, direct,
divert, influence, or accept residential real estate mortgage servicing and directly related business (either directly or indirectly) with respect to any account or customer or prospective customer of the Company or any corporation controlling,
controlled by, under common control with, or otherwise related to the Company; or 
 (b) hire away any independent contractors or personnel
of the Company and/or entice any such persons to leave the employ of the Company or its affiliated entities without the prior written consent of the Company. 

(c) “Restricted Area” shall mean the servicing and origination of residential loans (including reverse loans) and directly related
industries in which the Company competes at the time of the Effective Date or on the date the Executive ceases to be a member of the Board, but excludes residential real estate and homebuilding businesses that do not originate residential loans in
the ordinary course of business. For the avoidance of doubt, to “originate” means to process, underwrite and close residential mortgage loans. 

8. Non-Disparagement. Following the Effective Date and continuing for so long as the Company or any of its affiliates, successors or assigns carries on
the same business within the Restricted Area, neither the Executive nor any director or executive officer of the Company shall, directly or indirectly: 

(a) Other than the Company issuing a mutually agreed upon press release, make any statements or announcements or permit anyone to make any
public statements or announcements concerning the Executive’s retirement from the Company ((i) excluding any disclosures mandated by law, regulation or court order including, without limitation, the filing of a Form 8-K announcing the retirement, which shall attach a copy of this Agreement as an exhibit and (ii) excluding any statement in response to an investor or analyst inquiry, such as on an earnings call,
that merely acknowledges the fact that Executive has retired from the Company, which is not derogatory or negative toward the Executive), or 

(b) Make any statements that are inflammatory, detrimental, slanderous, or negative in any way to the interests of the Executive or to the
interests of the Company or its affiliated entities, as the case may be. 
 Nothing in this section shall prevent either party from testifying or responding
truthfully to any request for discovery or testimony in any judicial or quasi-judicial, proceeding or any government inquiry, investigation or other proceeding. 

9. Confidential Information. 
 (a) The
Executive acknowledges that he will respect and safeguard the Company’s property, trade secrets and confidential information. The Executive will not disclose any Company trade secrets or confidential information he acquired while an employee of
the Company (or a member of the Board) to any other person or entity, including without limitation, a subsequent employer, or use such information in any manner. 

  
 4 

 (b) If the Executive is subpoenaed or is required to testify about the Company or his employment
or end of employment with the Company, he will contact the Human Resources Department about the subpoena/demand within 72 hours of receiving it or before the date of the proposed testimony, whichever is earlier. Further, the Executive agrees to
meet and cooperate with the Company’s attorneys in preparation for such testimony (and, of course, he will at all times testify truthfully). 

(c) Nothing in this Agreement shall be construed to prohibit the Executive from (1) filing a charge or complaint with the United States
Equal Employment Opportunity Commission (“EEOC”) or other fair employment practices agency; (2) communicating directly with the United States Securities and Exchange Commission (“SEC”) or any member of its staff, about any
possible violation of federal securities law; (3) making any disclosure protected under the whistleblower provisions of federal laws or regulations or (4) participating in any investigation or proceeding conducted by the EEOC or the SEC or
other federal, state or local agency. The Executive does not need the Company’s approval prior to communicating directly with the EEOC or the SEC or their respective staffs. However, if the Executive files a charge with the EEOC or similar
agency, or if one is filed on his behalf, he hereby forever waives and relinquishes any rights to recover damages resulting from any such charge. Further, nothing in this Agreement shall be interpreted or applied to affect or limit the
Executive’s otherwise lawful ability to challenge, under the Older Workers Benefits Protection Act, the knowing and voluntary nature of the Executive’s release of any age discrimination claims before a court, at the EEOC, or at any other
federal, state, or local agency. 
 10. Acknowledgment. The Executive acknowledges and agrees that he: (a) has read this Agreement carefully;
(b) has been advised by the Company to consult with an attorney regarding its contents and (c) fully understands the Agreement. 
 11. Entire
Agreement and Choice of Law. It is agreed and understood that this Agreement shall constitute the entire agreement with respect to its subject matter and supersedes all prior agreements, discussions, understandings and proposals (written or
oral) relating to the Executive’s employment with the Company, including, without limitation, the Employment Agreement. This Agreement will be interpreted under and in accordance with the laws of the State of Florida without regard to conflicts
of laws principles of Florida. 
 12. Dispute Resolution. In the event of a dispute arising out of or related to this Agreement, the parties shall
first seek to resolve any dispute through negotiations. If such negotiations fail, any such dispute shall be resolved through binding arbitration pursuant to the rules of the American Arbitration Association (“AAA”). The arbitration will
be heard by one arbitrator to be chosen as provided by the commercial arbitration rules of the AAA and shall be held in Tampa, Florida. The prevailing party in the dispute shall be entitled to receive his or its reasonable fees and costs in
connection with the matter (including attorney’s fees and expenses at all levels of proceedings). The identity of the prevailing party shall be determined by the arbitrator or, if the arbitrator declines to determine the prevailing party, a
party will be deemed to have prevailed if, in the case of monetary damages he or it receives in excess of 50% of what he or it demanded. 

  
 5 

 
Notwithstanding the above, in the event of a breach or threatened breach of the provisions of Sections 6-9 of this Agreement, the party that is in breach or in threatened breach acknowledges and
agrees that the other party may suffer irreparable harm that is not subject to being cured with monetary damages and that the aggrieved party shall be entitled to seek injunctive relief in a state court of the State of Florida, without the necessity
of posting any bond. 
 13. Section 409A. The parties intend that payments and benefits under this Agreement be exempt from or comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this
Agreement shall be interpreted and administered to be in compliance with Code Section 409A. In the event that any provision of this Agreement is determined to not comply with Code Section 409A, the parties shall fully cooperate to reform
the Agreement to correct such noncompliance to the extent permitted under any guidance, procedure, or other method promulgated by the Internal Revenue Service now or in the future that provides for such correction as a means to avoid or mitigate any
taxes, interest, or penalties that would otherwise be incurred by the parties on account of such non-compliance. Any payments under this Agreement that may be excluded from Code Section 409A as a short-term deferral or severance pay exception
shall be excluded from Code Section 409A to the maximum extent possible. For purposes of Code Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this
Agreement in connection with a termination of employment shall only be made if such termination of employment constitutes a “separation from service” under Code Section 409A (it being agreed that the Effective Date constitutes the
date of Executive’s “separation from service” under Code Section 409A, since Executive will not be expected or required to perform Services (or services as Chairman) exceeding twenty percent (20%) of the average level of
bona fide services he performed for the Company over the immediately preceding 36 months). Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Code
Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Executive on account of non-compliance with Code Section 409A. 

14. Tax Compliance Delay in Payment. If the Company reasonably determines that any payment or benefit due under this Agreement, or any other amount
that may become due to the Executive after termination of employment, is subject to Code Section 409A, and also determines that the Executive is a “specified employee,” as defined in Code Section 409A(a)(2)(B)(i), no amount that
constitutes non-qualified deferred compensation subject to Code Section 409A may be paid to the Executive or on the Executive’s behalf earlier than six months after the Effective Date (or, if earlier, the death of the Executive) if such
payment would violate the provisions of Code Section 409A, and payment shall be made, or commence to be made, as the case may be, on the date that is six months and one day after the Effective Date (or, if earlier, one day after the
Executive’s death). For this purpose, the Executive will be considered a “specified employee” if he is employed by an employer that has its stock publicly traded on an established securities market or certain related entities have
their stock traded on an established securities market and he is a “key employee”, with the exact meaning of “specified employee”, “key employee” and “publicly traded” defined in Code
Section 409A(a)(2)(B)(i). Notwithstanding the above, the Company hereby retains discretion to make determinations 

  
 6 

 
regarding the identification of “specified employees” and to take any necessary corporate action in connection with such determination. The parties agree that the only payments under
this Agreement subject to delay under this Section 14 are the base salary continuation payments under Section 3(c)(i), and any installments thereof otherwise payable prior to the date that is six months and one day after the Effective Date
shall be accumulated and paid to Executive in a lump sum on the first payroll date after the date that is six months and one day after the Effective Date. 

15. Notices. Any notice required or permitted to be given hereunder shall be either hand-delivered, or sent by prepaid overnight express courier
service or to the parties at the following address: 
  

					
	 If to the Executive:
  

Mark J. O’Brien
 (at the address set forth in the

  Company’s personnel records)
	  	 If to the Company:
  

Walter Investment Management Corp.
 3000 Bayport Drive

Suite 1100
 Tampa, Florida 33607

Attn: Chief Executive Officer
	  	

 or to such other address as either party may designate to the other by written notice given in accordance with this Agreement.
Notice shall be deemed to have been given when delivered or, if sent by overnight service, within two business days of delivery to such service. 
 16.
Amendment and Waiver. This Agreement may be modified, waived, or discharged only by a writing, signed by the Executive and a duly authorized officer of Company. 

17. Release. The release set forth as Appendix 2 to this Agreement is an integral part of this Agreement and is being executed simultaneously with
this Agreement. 
 18. Indemnification. The parties acknowledge that the Executive and the Company are parties to an Indemnification Agreement, dated
April 17, 2009 (the “Indemnification Agreement”). In the event that the Company in the future enters into indemnity arrangements more favorable to the relevant director or executive officer than contained in the Indemnification
Agreement, it shall promptly provide an amended Indemnification Agreement to the Executive containing such more favorable terms. 
 19. Binding
Effect. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto and their respective successors and assigns (including any successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business or assets of the Company) and, in the case of Executive, his heirs, devisees, executors and administrators and other legal representatives. 

  
 7 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by Executive and by a
duly authorized representative of Company, effective as of the date first written above. 
  

			
	WALTER INVESTMENT MANAGEMENT CORP.
		
	By:	 	 /s/ Gregory Williamson

	Its:	 	 Chief Human Resources Officer

	
	EXECUTIVE
	
	 /s/ Mark J. O’Brien

	Mark J. O’Brien

  
 8 

 APPENDIX 1 

RSUs 
  

							
	 Grant Date
	  	Number	 	  	 Vesting

	 04/06/15
	  	 	58,724	  	  	1/3 vests on each of April 6, 2016, April 6, 2017 and April 6, 2018*
			
	 03/24/14
	  	 	33,959	  	  	50% vests on March 24, 2016 and 50% vests on March 24, 2017*

 PSUs 

 

							
	 Performance Cycle
	  	Number	 	  	 Vesting

	 01/15/15-12/31/17
	  	 	58,724	  	  	Performance based
			
	 03/24/14-12/31/16
	  	 	101,877	  	  	Performance based

 Options** 

 

											
	 Grant Date
	  	Options	 	  	Exercise Price	 	  	 Vesting

	 04/03/13
	  	 	168,128	  	  	$	33.59	  	  	100% vests on April 3, 2016*

  

	*	Vesting will be accelerated to the Effective Date. 

	**	For the avoidance of doubt, vested but outstanding options are not listed in this Appendix 1, but will be treated as “Equity Awards” for all purposes of this Agreement and the Release. 

  
 9 

 APPENDIX 2 

GENERAL RELEASE OF CLAIMS 
 This
Release of Claims (“Release”) is entered into by and between Walter Investment Management Corp., and its subsidiaries, predecessors, successors, assigns, affiliates, insurers and related entities, (collectively referred to as the
“Company”) and Mark J. O’Brien (the “Executive”) and is dated October 2, 2015. In consideration for the mutual promises set forth below, the Company and the Executive agree as follows: 

1. The Executive’s employment will end pursuant to the terms of a Retirement Agreement (the “Agreement”) on the Effective Date
(as such term is defined in the Agreement). This Release has been attached and incorporated by reference into the Agreement. 
 2. In
consideration for the promises and covenants set forth in the Agreement and this Release, including, specifically but without limitation, the general release set forth below. 

The Executive agrees, on behalf of himself, and his heirs, successors in interest and assigns that, except as specifically provided in this
Release, the Executive does not have pending and will not file, or cause to be filed, any charges, lawsuits, or other actions of any kind in any forum against the Company and/or its officers, directors, employees, agents, successors and assigns and
does hereby further release and discharge the Company and its officers, directors, employees, agents, successors and assigns from any and all claims, causes of action, rights, demands, and obligations of whatever nature kind or character which the
Executive may have, known or unknown, against them (including those seeking equitable relief) alleging, without limitation, breach of contract or any tort, legal actions under: (a) Title VII of the Civil Rights Act of 1964, as amended;
(b) Section 1981 of the Civil Rights Act of 1966, as amended; (c) the Rehabilitation Act of 1973, as amended; (d) the Employee Retirement Income Security Act of 1974, as amended; (e) the Age Discrimination in Employment Act of
1967, as amended, (the “ADEA”) (except to the extent claims under the ADEA arise after the date of this Release); (f) the Americans with Disability Act; (g) the Civil Rights Act of 1991 or (h) any State, Federal, or local
law concerning age, race, religion, national origin, handicap, or any other form of discrimination, or any other State, Federal, or common law or regulation , in each case relating in any way to, the Executive’s employment with the Company or
the Executive’s separation from the Company, including any and all future claims (relating to any acts or occurrences arising on or before the date of this Release), except only: (x) claims arising in connection with rights and obligations
under this Release or (y) as specifically provided below. The Executive further agrees to waive and release any claim for damages occurring at any time after the date of this Release because of any alleged continuing effect of any alleged acts
or omissions involving the Executive and/or the Company which occurred on or before the date of this Release. This Release includes a release of any claims under any equity, option or other Company incentive plan or award arising on or before the
date of this Release, except for the Equity Awards described in the Agreement, which continue in full force and effect. 

  
 10 

 The Company agrees, on behalf of itself and its successors in interest and assigns that, except
as specifically provided in this Release, the Company does not have pending and will not file, or cause to be filed, any charges, lawsuits, or other actions of any kind in any forum against the Executive and does hereby further release and discharge
the Executive from any and all claims, causes of action, rights, demands, and obligations of whatever nature kind or character which the Company may have, known or unknown, against him (including those seeking equitable relief) alleging, without
limitation, breach of contract, any tort, or any State, Federal, or common law or regulation relating in any way to, the Executive’s employment with the Company, service as an officer and director, or separation from the Company, including any
and all future claims (relating to any acts or occurrences arising on or before the date of this Release), except only: (a) claims arising in connection with rights and obligations under this Release or (b) as specifically provided below.
The Company further agrees to waive and release any claim for damages occurring at any time after the date of this Release because of any alleged continuing effect of any alleged acts or omissions involving the Executive and/or the Company which
occurred on or before the date of this Release. 
 Notwithstanding the above, the Company does not release the Executive as to any matter or
proceeding as to which the Company would have been prohibited or is prohibited from indemnifying the Executive pursuant to the Maryland Code, Corporations and Associations, Section 2-418(b)(1) and the Company may bring a claim relating to the
subject matter of any such actions or proceedings. 
 3. Notwithstanding anything contained in this Release to the contrary, the general
release set forth in paragraph 2 shall not apply to any rights or obligations that the Executive or the Company may have pursuant to the Agreement, or indemnification provisions of the certificate of incorporation or bylaws of the Company or the
Indemnification Agreement entered into between the Executive and the Company as of April 17, 2009, which shall continue in full force and effect. 

4. This Release shall not in any way be construed as an admission by the Company or the Executive that he or it acted wrongfully with respect
to each other or that one party has any rights whatsoever against the other or the other released parties. 
 5. The Executive and the
Company specifically acknowledge the following: 
  

	 	a.	The Executive and the Company do not release or waive any right or claim which the party may have which arises after the date of this Release, which does not relate to acts or occurrences arising on or before the date
of this Release. 

  

	 	b.	In exchange for this general release, the Executive acknowledges that the Executive has received separate consideration beyond that which the Executive is otherwise entitled to under the Company’s policy or
applicable law. 

  
 11 

	 	c.	The Executive is releasing, among other rights, all claims and rights under the Age Discrimination in Employment Act (“ADEA”) and the Older Workers’ Benefit Protection Act (“OWBPA”), 29 U.S.C.
§621, et seq. 

  

	 	d.	The Executive acknowledges that the Company has afforded him the opportunity to consider this Release for a period of twenty-one days; in the event the Executive executes and delivers this Release in less than
twenty-one days, he knowingly waives his right to consider this Release for twenty-one days, after having consulted with legal counsel. 

  

	 	e.	The Executive has seven (7) days to revoke this Release after acceptance. However, no consideration will be paid under the Agreement until after the revocation of the acceptance period has expired. Additionally,
for the revocation to be effective, the Executive must give written notice of the Executive’s revocation to the Company’s General Counsel. 

6. Should the Executive materially breach any provision of this Release, the Company’s obligation to continue to pay the consideration
set forth in the Agreement shall cease and the Company shall have no further obligation to the Executive. Should the Company materially breach any provision of this Release, the Executive’s obligations hereunder shall cease and the Executive
shall have no further obligations pursuant to this Release. In each case, all other terms and conditions of this Release, including, but not limited to, the general release in paragraph 2 shall remain in full force and effect. 

7. The Company and the Executive agree that in the event it becomes necessary to enforce any provision of this Release, Section 12 of the
Agreement shall govern the rights and duties of the parties. 

  
 12 

 IN WITNESS WHEREOF, this Release has been duly executed and delivered by the Executive and by a
duly authorized representative of the Company, effective as of the date first written above. 
  

			
	WALTER INVESTMENT MANAGEMENT CORP.
		
	By:	 	 /s/ Gregory Williamson

	Its:	 	 Chief Human Resources Officer

	
	EXECUTIVE
	
	 /s/ Mark J. O’Brien

	Mark J. O’Brien

  
 13

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