Document:

Exhibit 10.32

  

GUARANTY OF RECOURSE OBLIGATIONS

 

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

 

WITNESSETH:

 

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

 

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

 

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

 

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

 

ARTICLE 1

NATURE AND SCOPE OF GUARANTY

 

Section 1.1           Guaranty
of Obligation.

 

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

 

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

 

    	 

    	 

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE 2

EVENTS AND CIRCUMSTANCES
NOT REDUCING

OR DISCHARGING GUARANTOR'S OBLIGATIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 3 

REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

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

 

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

 

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

 

Section 3.5           Intentionally
Omitted.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 4

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

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

 

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

 

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

 

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

 

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ARTICLE S

COVENANTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

  

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

 

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

 

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

 

ARTICLE 6

MISCELLANEOUS

 

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

 

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

 

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

 

    	11

    	 

    

  

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

 

Section 6.3           Governing
Law; Jurisdiction; Service of Process.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	13

    	 

    

  

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

 

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

 

Section 6.12        Waiver
of Right To Trial By Jury. GUARANTOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND
WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY,
THE NOTE, THE MORTGAGE, THE LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING
IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER
IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR.

 

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

 

    	14

    	 

    

  

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

 

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

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	15

    	 

    

 

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

 

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

 

    	Signature page to Guaranty - North Park TowersExhibit 10.33

 

ENVIRONMENTAL
INDEMNITY AGREEMENT

 

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (this “Agreement") is made as of the 24th day of December, 2013 by BR-NPT SPRINGING
ENTITY, LLC, a Delaware limited liability company, having an office at c/o Bluerock Real Estate, L.L.C., 712 Fifth Avenue,
9th Floor, New York, New York 10019 ("Borrower"), and R. RAMIN KAMFAR, a natural person, having
an office at c/o Bluerock Real Estate, L.L.C., 712 Fifth Avenue, 9th Floor, New York, New York 10019 ("Non-Borrower
Indemnitor", and collectively, “Non-Borrower Indemnitors"); and together with Borrower,
each an “Indemnitor" and collectively, “Indemnitors"), in favor
of ARBOR COMMERCIAL MORTGAGE, LLC, a New York limited liability company, having an office at 333 Earle Ovington Boulevard,
Uniondale, New York 11553 (together with its successors and/or assigns, “Indemnitee") and the other
Indemnified Parties (defined below).

 

RECITALS

 

A.           Indemnitee
is prepared to make a loan (the “Loan") to Borrower in the principal amount of $11,500,000.00 pursuant
to a Loan Agreement of even date herewith between Borrower and Indemnitee (as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time, the “Loan Agreement”), and a certain Mortgage of even
date herewith from Borrower for the benefit of Indemnitee (as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time, the “Mortgage"), encumbering certain real property (the “Property")
more particularly described therein. Capitalized terms not otherwise defined herein shall have the meanings set forth in the
Loan Agreement.

 

B.           Each
Indemnitor acknowledges receipt and approval of copies of the Loan Documents.

 

C.           Each
Non-Borrower Indemnitor acknowledges that it owns, either directly or indirectly, a beneficial interest in Borrower and, as a result
of such beneficial interest, will receive substantial economic and other benefits from Indemnitee making the Loan to Borrower.

 

D.           Indemnitee
is unwilling to make the Loan unless Indemnitors agree to provide the indemnification, representations, warranties, covenants and
other matters described in this Agreement for the benefit of the Indemnified Parties.

 

E.           Indemnitors
are entering into this Agreement to induce Indemnitee to make the Loan.

 

AGREEMENT

 

NOW THEREFORE,
in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Indemnitors hereby represent, warrant, covenant and agree for the benefit of the Indemnified Parties as follows:

 

    	 

    	 

    

 

1.          Environmental
Representations and Warranties. Except as otherwise disclosed by that/those report(s) listed on Schedule
I attached hereto and made a part hereof in respect of the Property delivered to Indemnitee (referred to below as the “Environmental Report(s)"), a copy of which has been provided to Indemnitee, (a) to Indemnitors’
best knowledge, there are no Hazardous Substances (defined below) or underground storage tanks in, on or under the Property, except
those that are both (i) in compliance with all applicable Environmental Laws (defined below) and with permits issued pursuant thereto
and (ii) fully disclosed to Indemnitee in writing pursuant to the Environmental Report(s); (b) to Indemnitors’ best knowledge,
there are no past, present or threatened Releases (defined below) of Hazardous Substances in, on, under or from the Property which
have not been fully remediated in accordance with Environmental Law; (c) to Indemnitors’ best knowledge, there is no threat
of any Release of Hazardous Substances migrating to the Property; (d) to Indemnitors’ best knowledge, there is no past or
present non-compliance with Environmental Laws, or with permits issued pursuant thereto, in connection with the Property which
has not been fully remediated in accordance with Environmental Law; (e) none of Indemnitors know of, or have received, any written
or oral notice or other communication from any Person (including, but not limited to, any Governmental Authority) relating to Hazardous
Substances or Remediation (defined below) thereof, of possible liability of any Person pursuant to any Environmental Law, any other
environmental conditions in connection with the Property, or any actual or potential administrative or judicial proceedings in
connection with any of the foregoing; (f) to the best of Indemnitors’ knowledge, no Toxic Mold (as defined below) is present
in the indoor air of the Property at concentrations exceeding ambient air levels and no visible Toxic Mold is present on any building
materials or surfaces at the Property for which any Legal Requirement applicable to the Property recommends or requires removal
thereof by remediation professionals, and Indemnitors are not aware of any conditions at the Property that are likely to result
in the presence of Toxic Mold in the indoor air at concentrations that exceed ambient air levels or on building materials or surfaces
that would require such removal; and (g) Indemnitors have truthfully and fully provided to Indemnitee, in writing, any and all
information relating to conditions in, on, under or from the Property that is known to any Indemnitor and that is contained in
the files and records of any Indemnitor, including, but not limited, to any reports relating to Hazardous Substances in, on, under
or from the Property and/or to the environmental condition of the Property.

 

    	2

    	 

    

 

2.          Environmental
Covenants. Indemnitors covenant and agree that: (a) all uses and operations on or of the Property,
whether by any of the Indemnitors or any other Person, shall be in compliance with all Environmental Laws and permits issued
pursuant thereto; there shall be no Releases of Hazardous Substances in, on, under or from the Property; there shall be no
Hazardous Substances in, on or under the Property, except those that are both (i) in compliance with all Environmental Laws
and with permits issued pursuant thereto and fully disclosed to Indemnitee in writing; (d) Indemnitors shall keep the
Property free and clear of all liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any act
or omission of any of the Indemnitors or any other Person (the “Environmental Liens”); (e)
Indemnitors shall, at their sole cost and expense, fully and expeditiously cooperate in all activities pursuant to Paragraph
3 of this Agreement, including, but not limited to, providing all relevant information and making knowledgeable Persons
available for interviews; (f) Indemnitors shall, at their sole cost and expense, perform any environmental site assessment or
other investigation of environmental conditions in connection with the Property, pursuant to any reasonable written request
of Indemnitee (including, but not limited to, sampling, testing and analysis of soil, water, air, building materials and
other materials and substances whether solid, liquid or gas), and share with Indemnitee the reports and other results
thereof, and Indemnitee and the other Indemnified Parties shall be entitled to rely on such reports and other results
thereof; (g) Indemnitors shall, at their sole cost and expense, comply with all reasonable written requests of Indemnitee to
(i) effectuate Remediation of any condition (including, but not limited to, a Release of a Hazardous Substance) in, on, under
or from the Property; (ii) comply with any applicable Environmental Law; (iii) comply with any directive from any
Governmental Authority; and/or (iv) take any other reasonable action necessary or appropriate for protection of human health
or the environment; (h) none of the Indemnitors shall do or allow any tenant or other user of the Property to do any act that
materially increases the dangers to human health or the environment, poses an unreasonable risk of harm to any Person
(whether on or off the Property), impairs or may impair the value of the Property, is contrary to any requirement of any
insurer, constitutes a public or private nuisance, constitutes waste or violates any covenant, condition, agreement or
easement applicable to the Property; (i) if prior to the date hereof, it was determined that the Property contains paint
containing more than 0.5% lead by dry weight ("Lead Based Paint"), Borrower had prepared an assessment report
describing the location and condition of the Lead Based Paint (a “Lead Based Paint
Report”), or if at any time hereafter, Lead Based Paint is suspected by Indemnitors or Indemnitee
of being present on the Property, Indemnitors agree, at their sole cost and expense and within twenty (20) days thereafter,
to cause to be prepared a Lead Based Paint Report prepared by an expert, and in form, scope and substance, acceptable to
Indemnitee; G) if prior to the date hereof, it was determined that the Property contains asbestos or asbestos-containing
material (“Asbestos"), Borrower had prepared an assessment report describing the location and condition
of the Asbestos (an “Asbestos Report"), or if at any time hereafter, Asbestos is suspected by Indemnitors
or Indemnitee of being present on the Property, Indemnitors agree, at their sole cost and expense and within twenty (20) days
thereafter, to cause to be prepared an Asbestos Report prepared by an expert, and in form, scope and substance, acceptable to
Indemnitee; (k) if it has been, or if at any time hereafter it is, determined that the Property contains Lead Based Paint or
Asbestos, on or before thirty (30) days following (i) the date hereof, if such determination was made prior to the date
hereof, or (ii) the date of such determination, if such determination is hereafter made, as applicable, Indemnitors shall, at
their sole cost and expense, develop and implement, and the1eafte1 diligently and continuously carry out (or cause to be
developed and implemented and thereafter diligently and continually to be carried out), an operations, abatement and
maintenance plan for the Lead Based Paint and/or Asbestos, as applicable, on the Property, which plan shall be prepared by an
expert, and be in form, scope and substance, acceptable to Indemnitee (together with any Lead Based Paint Report
and/or Asbestos Report, as applicable, the “O&M Plan"), and if an O&M Plan has been prepared
prior to the date hereof, Indemnitors agree to diligently and continually carry out (or cause to be carried out) the
provisions thereof, it being understood and agreed that compliance with the O&M Plan shall require or be deemed to
require, without limitation, the proper preparation and maintenance of all records, papers and forms required under the
applicable Environmental Laws; (1) in the event that any inspection or audit reveals the presence of Toxic Mold in the indoor
air of the Property at concentrations exceeding ambient air levels or visible Toxic Mold on any building materials or
surfaces at the Property for which any Legal Requirement applicable to the Property recommends or requires removal thereof by
remediation professionals, Indemnitors shall immediately remediate the Toxic Mold and perform post-remedial clearance
sampling in accordance with said Legal Requirement and applicable Environmental Laws, following which abatement of the Toxic
Mold, Indemnitors shall prepare and implement an Operations and Maintenance Plan for Toxic Mold and moisture acceptable to
Indemnitee and prepared in accordance with the guidelines issued by the National Multi Housing Council; and (m) Indemnitors
shall immediately notify Indemnitee in writing of (A) any presence or Release or threatened Release of Hazardous Substances
in, on, under, from or migrating towards the Property; (B) any non-compliance with any Environmental Laws related in any way
to the Property; (C) any actual or potential Environmental Lien; (D) any required or proposed Remediation of environmental
conditions relating to the Property; and/or (E) any written or oral notice or other communication of which any Indemnitor
becomes aware from any source whatsoever (including, but not limited to, any Governmental Authority) relating in any way to
Hazardous Substances or Remediation thereof, possible liability of any Person pursuant to any Environmental Law,
other environmental conditions in connection with the Property or any actual or potential administrative or judicial
proceedings in connection with anything referred to in this Agreement.

 

3.          Indemnified
Rights/Cooperation and Access. In the event the Indemnified Parties have a reasonable good faith reason to
believe that an environmental hazard exists on the Property that does not, in the sole discretion of the Indemnified Parties, (a)
endanger any tenants or other occupants of the Property or their guests or the general public, or (b) materially and adversely
affects the value of the Property, upon reasonable notice from the Indemnitee, Indemnitors shall, at Indemnitors’ sole cost
and expense, promptly cause an engineer or consultant satisfactory to the Indemnified Parties to conduct any environmental assessment
or audit (the scope of which shall be determined in the sole and absolute discretion of the Indemnified Parties) and take any samples
of soil, groundwater or other water, air or building materials or any other invasive testing requested by Indemnitee and promptly
deliver to Indemnitee the results of any such assessment, audit, sampling or other testing; provided, however,
if such results are not delivered to Indemnitee within a reasonable period or if the Indemnified Parties have a reasonable good
faith reason to believe that an environmental hazard exists on the Property that, in the sole judgment of the Indemnified Parties,
endangers any tenant or other occupant of the Property or their guests or the general public or may materially and adversely affect
the value of the Property, upon reasonable notice to Indemnitors (which may be given verbally), the Indemnified Parties and any
other Person designated by the Indemnified Parties, including, but not limited to, any receiver, any representative of any Governmental
Authority and/or any environmental consultant, shall have the right, but not the obligation, to enter upon the Property at all
reasonable times (subject to the rights of Tenants under Leases) to assess any and all aspects of the environmental condition of
the Property and its use, including, but not limited to, conducting any environmental assessment or audit (the scope of which shall
be determined in the sole and absolute discretion of the Indemnified Parties) and taking samples of soil, groundwater or other
water, air or building materials and reasonably conducting other invasive testing. Indemnitors shall cooperate with and provide
the Indemnified Parties and any such Person designated by the Indemnified Parties with access to the Property (subject to the rights
of Tenants under Leases).

 

    	3

    	 

    

 

4.          Indemnification.
Indemnitors covenant and agree, at their sole cost and expense, to protect, defend, indemnify, release and hold Indemnified
Parties harmless from and against any and all Losses (defined below) imposed upon, or incurred by, or asserted against, any Indemnified
Parties and directly or indirectly arising out of or in any way relating to any one or more of the following: (a) any presence
of any Hazardous Substances in, on, above or under the Property; (b) any past, present or threatened Release of Hazardous Substances
in, on, above, under or from the Property; (c) any activity by any of the Indemnitors, any Person affiliated with any of the Indemnitors
and/or any tenant or other user of the Property in connection with any actual, proposed or threatened use, treatment, storage,
holding, existence, disposition or other Release, generation, production, manufacturing, processing, refining, control, management,
abatement, removal, handling, transfer or transportation to or from the Property of any Hazardous Substances at any time located
in, under, on or above the Property; (d) any activity by any of the Indemnitors, any Person affiliated with any of the Indemnitors
and/or any tenant or other user of the Property in connection with any actual or proposed Remediation of any Hazardous Substances
at any time located in, under, on or above the Property, whether or not such Remediation is voluntary or pursuant to court or administrative
order, including, but not limited to, any removal, remedial or corrective action; (e) any past, present or threatened non- compliance
or violation of any Environmental Law (or of any permit issued pursuant to any Environmental Law) in connection with the Property
cir operations thereon, including, but not limited to, any failure by any of the Indemnitors, any Person affiliated with any of
the Indemnitors and/or any tenant or other user of the Property to comply with any order of any Governmental Authority in connection
with any Environmental Laws; (f) the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental
Lien encumbering the Property; (g) any administrative processes or proceedings or judicial proceedings in any way connected with
any matter addressed in this Agreement; (h) any past, present or threatened injury to, destruction of or loss of natural resources
in any way connected with the Property resulting from Hazardous Substances, including, but not limited to, costs to investigate
and assess such injury, destruction or loss; (i) any acts of any of the Indemnitors, any Person affiliated with any of the Indemnitors
and/or any tenant or other user of the Property in arranging for the disposal or treatment, or arranging with a transporter for
transport for the disposal or treatment, of Hazardous Substances at any facility or incineration vessel containing such or similar
Hazardous Substances; G) any acts of any of the Indemnitors, any Person affiliated with any of the Indemnitors and/or any tenant
or other user of the Property in accepting any Hazardous Substances for transport to disposal or treatment facilities, incineration
vessels or sites from which there is a Release or a threatened Release of any Hazardous Substance which causes the incurrence of
costs fo1 Remediation, (k) any personal injury, wrongful death or property or other damage arising under any statutory or common
law or tort law theory, including, but not limited to, damages assessed for private or public nuisance or for the conducting of
an abnormally dangerous activity on or near the Property with respect to Hazardous Substances; and (1) any misrepresentation or
inaccuracy in any representation or warranty or material breach or failure to perform any covenants or other obligations pursuant
to this Agreement. Notwithstanding anything herein to the contrary, the foregoing indemnity shall not include any Losses arising
solely (x) due to the gross negligence or willful misconduct of Lender or (y) as a result of a matter first occurring from and
after the date Lender takes title to the Property by foreclosure or deed in lieu thereof.

 

    	4

    	 

    

 

5. Duty to
Defend and Attorneys’ and Other Fees and Expenses. Upon written request by any Indemnified Party, Indemnitors shall
defend such Indemnified Party(ies) against any claim for which indemnification is required hereunder (if requested by any Indemnified
Party, in the name of the Indemnified Party), by attorneys and other professionals approved by the Indemnified Parties. Notwithstanding
the foregoing, any Indemnified Parties may, in their sole and absolute discretion, engage their own attorneys and other professionals
to defend or assist them, and, at the option of Indemnified Parties, their attorneys shall control the resolution of any claim
or proceeding, providing that no compromise or settlement shall be entered without Indemnitors’ consent, which consent shall
not be unreasonably withheld. Upon demand, Indemnitors shall pay or, in the sole and absolute discretion of the Indemnified Parties,
reimburse, the Indemnified Parties for the payment of the reasonable fees and disbursements of attorneys, engineers, environmental
consultants, laboratories and other professionals in connection therewith.

 

6. Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

The term
“Environmental Laws" means any present and future federal, state and local laws, statutes, ordinances,
rules, regulations and the like, as well as common law, relating to protection of human health or the environment, relating to
Hazardous Substances and/or relating to liability for or costs of other actual or threatened danger to human health or the environment.
The term “Environmental Laws” includes, but is not limited to, the following statutes, as amended, any successor thereto,
and any regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like
addressing similar issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and
Community Right-to-Know Act; the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including,
but not limited to, Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the
Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal
Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National
Environmental Policy Act; the River and Harbors Appropriation Act; and those relating to Lead Based Paint. The term “Environmental Laws” also includes, but is not limited to, any present and future federal, state and local laws, statutes, ordinances,
rules, regulations and the like, as well as common law, conditioning transfer of property upon a negative declaration or other
approval of a Governmental Authority of the environmental condition of the Property; requiring notification or disclosure of Releases
of Hazardous Substances or other environmental condition of a property to any Governmental Authority or other Person, whether
or not in connection with any transfer of title to or interest in such property; imposing conditions or requirements in connection
with permits or other authorization for lawful activity; relating to nuisance, trespass or other causes of action related to the
Property; and relating to wrongful death, personal injury or property or other damage in connection with any physical condition
or use of the Property.

 

    	5

    	 

    

 

The term
“Hazardous Substances" includes, but is not limited to, any and all substances (whether solid, liquid
or gas) defined, listed or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely
hazardous wastes or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have
a negative impact on human health or the environment, including, but not limited to, petroleum and petroleum products, asbestos
and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, :flammables and explosives,
Lead Based Paint and Toxic Mold. Notwithstanding anything to the contrary contained herein, the term “Hazardous Substances"
will not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily
and customarily used or stored in similar properties, including, without limitation substances used for the purposes of cleaning,
maintenance, or operations, substances typically used in construction, and typical products used in properties like the Property,
and which are otherwise in compliance with all applicable Environmental Laws. Furthermore, the term “Hazardous Substances”
will not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily
and customarily stocked and sold by tenants operating retail businesses of the types operated by the Tenants and which are otherwise
in compliance with all applicable Environmental Laws.

 

The term
“Indemnified Parties" includes Indemnitee, any Person who is or will have been involved in the
origination of the Loan, any Person who is or will have been involved with the servicing of the Loan, any Person in whose name
the encumbrance created by the Mortgage is or will have been recorded, Persons who may hold or acquire or will have held a full
or partial interest in the Loan (including, but not limited to, Investors (as hereinafter defined) and/or prospective Investors,
as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan for the benefit
of third parties), as well as the respective directors, officers, shareholders, partners, members, employees, agents, servants,
representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of
the foregoing (including, but not limited to, any other Person who holds or acquires or will have held a participation or other
full or partial interest in the Loan or the Property, whether during the term of the Loan or as a part of, or following a foreclosure
of, the Loan and including, but not limited to, any successors by merger, consolidation or acquisition of all or a substantial
portion of Indemnitee's assets and business).

 

The term “Investor"
means any purchaser, transferee, assignee, servicer, participant or investor or any credit rating agency.

 

The term “Legal Action”
means any claim, suit or proceeding, whether administrative or judicial in nature.

 

The term
“Losses" includes any losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities
(including, but not limited to, strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs
of Remediation (whether or not performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential
damages, litigation costs, reasonable fees of attorneys, engineers and environmental consultants and investigation costs (including,
but not limited to, costs for sampling, testing and analysis of soil, water, air, building materials and other materials and substances,
whether solid, liquid or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative
proceedings, actions, claims, suits, judgments or awards.

 

The term
“Release" with respect to any Hazardous Substance includes, but is not limited to, any release,
deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping,
dumping, disposing or other movement of Hazardous Substances.

 

    	6

    	 

    

 

The term
“Remediation" includes, but is not limited to, any response, remedial, removal, or corrective
action; any activity to clean up, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance; any actions
to prevent, cure or mitigate any Release of any Hazardous Substance (including, with respect to Toxic Mold, providing any moisture
control systems at the Property); any action to comply with any Environmental Laws or with any permits issued pursuant thereto;
any inspection, investigation, study, monitoring, assessment, audit, sampling and testing or laboratory or other analysis or evaluation
relating to any Hazardous Substances or to anything referred to herein.

 

The
term “Toxic Mold” means fungi that reproduces through the release of spores or the splitting of
cells or other means that may pose a risk to human health or the environment or negatively affect the value of the Property,
including, but not limited to, mold, mildew, fungi, fungal spores, fragments and metabolites such as mycotoxins and microbial
volatile organic compounds.

 

7.          Unimpaired
Liability. The liability of Indemnitors under this Agreement shall in no way by limited or impaired by,
and each Indemnitor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Note,
the Loan Agreement, the Mortgage or any other Loan Document to or with Indemnitee by Borrower or any Person who succeeds Borrower
or any Person as owner of the Property. In addition, the liability of Indemnitors under this Agreement shall in no way be limited
or impaired by (i) any extensions of time for performance required by the Note, the Loan Agreement, the Mortgage or any of the
other Loan Documents, (ii) any sale or transfer of all or part of the Property, or any sale or other assignment by any Non-Borrower
Indemnitor of its direct or indirect ownership interests in Borrower, (iii) except as provided herein, any exculpatory provision
in the Note, the Loan Agreement, the Mortgage or any of the other Loan Documents limiting Indemnitee's recourse to the Property
or to any other security for the Note, or limiting Indemnitee's rights to a deficiency judgment against any of the Indemnitors,
(iv) the accuracy or inaccuracy of the representations and warranties made by Borrower under the Note, the Loan Agreement, the
Mortgage or any of the other Loan Documents or herein, (v) the release of any of the Indemnitors (including, if applicable, Borrower)
or any other Person from performance or observance of any of the agreements, covenants, terms or conditions contained in any of
the other Loan Documents, by operation of law, Indemnitee's voluntary act, or otherwise, (vi) the release or substitution in whole
or in part of any security for the Note, or (vii) Indemnitee's failure to record the Mortgage or file any UCC financing statements
(or Indemnitee's improper recording or filing of any thereof) or to otherwise perfect, protect, secure or insure any security
interest or lien given as security for the Note; and, in any such case, whether with or without notice to any of the Indemnitors
and with or without consideration.

 

8.          Enforcement.
The Indemnified Parties may enforce the obligations of Indemnitors without first resorting to or exhausting any security
or collateral or without first having recourse to the Note, the Loan Agreement, the Mortgage or any other Loan Documents or any
of the Property, through foreclosure proceedings or otherwise, provided, however, that nothing herein shall inhibit
or prevent Indemnitee from suing on the Note, foreclosing or exercising any power of sale under the Mortgage or exercising any
other rights and remedies thereunder. This Agreement is not collateral or security for the Obligations of Borrower pursuant to
the Loan Agreement, unless Indemnitee expressly elects in writing to make this Agreement additional collateral or security for
such Obligations of Borrower pursuant to the Loan Agreement, which Indemnitee is entitled to do in its sole and absolute discretion.
It is not necessary for an Event of Default to have occurred pursuant to and as defined in the Mortgage or the Loan Agreement for
Indemnified Parties to exercise their rights pursuant to this Agreement. Notwithstanding any provision of the Loan Agreement to
the contrary, the obligations of each Indemnitor pursuant to this Agreement are exceptions to any non-recourse or exculpation provision
of the Loan Agreement; and each Indemnitor expressly acknowledges and agrees that it is fully and personally liable for such obligations,
and such liability is not limited to the original or amortized principal balance of the Loan or the value of the Property.

 

    	7

    	 

    

 

9.            Survival.
The obligations and liabilities of each Indemnitor under this Agreement shall fully survive indefinitely, notwithstanding any termination,
satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage. Notwithstanding anything herein to the contrary, Indemnitors’ shall not be liable for any obligations or
liabilities arising solely as a result of a matter first occurring from and after the date Lender takes title to the Property by
foreclosure or deed in lieu thereof.

 

10.         Interest.
Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand
and, if not paid within five (5) days of such demand therefor, shall bear interest at the Default Rate.

 

11.         Waivers.

 

(a)          Each Indemnitor
hereby waives and relinquishes (i) any right or claim of right to cause a marshaling of any Indemnitor’s assets or to cause
Indemnitee or any other Indemnified Party to proceed against any of the security for the Loan before proceeding under this Agreement
against any Indemnitor; (ii) all rights and remedies accorded by applicable law to indemnitors or guarantors generally, including
any rights of subrogation which any Indemnitor may have, provided that the indemnity provided for hereunder shall neither be contingent
upon the existence of any such rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in
connection with the enforcement or attempted enforcement of such subrogation rights, including, without limitation, any claim that
such subrogation rights were abrogated by any acts of Indemnitee or any other Indemnified Party; (iii) the right to assert a counterclaim,
other than a mandatory or compulsory counterclaim, in any action or proceeding brought against or by Indemnitee or any other Indemnified
Party; (iv) notice of acceptance hereof and of any action taken or omitted in reliance hereon; (v) presentment for payment, demand
of payment, protest or notice of nonpayment or failure to perform or observe, or other proof, or notice or demand; and (vi) all
homestead exemption rights against the obligations hereunder and the benefits of any statutes of limitations or repose. Notwithstanding
anything to the contrary contained herein, each Indemnitor hereby agrees to postpone the exercise of any rights of subrogation
with respect to any collateral securing the Obligations until the Debt shall have been paid in full.

 

    	8

    	 

    

 

(b)          EACH INDEMNITOR
HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY
FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST, WITH REGARD TO THIS AGREEMENT, THE NOTE, THE MORTGAGE OR
THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL
BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH INDEMNITOR AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH
ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. THE INDEMNIFIED PARTIES ARE HEREBY AUTHORIZED TO FILE A
COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH INDEMNITOR.

 

12.         Subrogation.
Each Indemnitor hereby agrees that it shall take any and all reasonable actions, including the institution of legal
action against third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible
for the presence of any Hazardous Substances at, in, on, under or near the Property or otherwise obligated by law to bear the cost.
The Indemnified Parties shall be and hereby are subrogated to all of each Indemnitor’s rights now or hereafter in such claims.

 

13.         Indemnitors’
Representations and Warranties. Each Indemnitor represents and warrants that:

 

(a)         it has
the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution, delivery
and performance of this Agreement by such Indemnitor has been duly and validly authorized; and all requisite action has been taken
by such Indemnitor to make this Agreement valid and binding upon such Indemnitor, enforceable in accordance with its terms;

 

(b)         its execution
of, and compliance with, this Agreement is in the ordinary course of business of such Indemnitor and will not result in the breach
of any term or provision of the charter, by-laws, partnership, operating or trust agreement or other governing instrument of such
Indemnitor or result in the breach of any term or provision of, or conflict with or constitute a default under, or result in the
acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which such Indemnitor
or the Property is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which such Indemnitor
or the Property is subject;

 

(c)         to the
best of such Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against
it which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations,
financial condition, properties or assets of such Indemnitor, or in any material impairment of the right or ability of such Indemnitor
to carry on its business substantially as now conducted, or in any material liability on the part of such Indemnitor, or which
would draw into question the validity of this Agreement or of any action taken or to be taken in connection with the obligations
of such Indemnitor contemplated herein, or which would be likely to impair materially the ability of such Indemnitor to perform
under the terms of this Agreement;

 

    	9

    	 

    

 

(d)          it does not believe, nor does it have
any reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement;

 

(e)          to the best of
such Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing with, any
Governmental Authority or other Person, and no approval, authorization or consent of any other Person, is required in connection
with this Agreement; and

 

(f)          this Agreement constitutes a valid,
legal and binding obligation of such Indemnitor, enforceable against it in accordance with the terms hereof.

 

14.         No
Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement
shall operate as a waiver of any such privilege, power or right.

 

15.         Notice
of Legal Actions. Each party hereto shall, within five (5) Business Days of receipt thereof, give written
notice to the other parties hereto of (i) any notice, advice or other communication from any Governmental Authority or any source
whatsoever with respect to Hazardous Substances on, from or affecting the Property, and (ii) any legal action brought against such
party or related to the Property, with respect to which Indemnitors may have liability under this Agreement. Such notice shall
comply with the provisions of Paragraph 17 hereof.

 

16.         Examination
of Books and Records. The Indemnified Parties and their accountants and other authorized representatives shall have the
right to examine the records, books and management and other papers of each Indemnitor which reflect upon its financial condition,
and except during the continuance of an Event of Default or an emergency, upon reasonable prior notice and during normal business
hours at the Property or at the office regularly maintained by such Indemnitor where the books and records are located. The Indemnified
Parties and their accountants and other authorized representatives shall have the right to make copies and extracts from the foregoing
records and other papers. In addition, at reasonable times and upon reasonable notice (which may be given verbally), the Indemnified
Parties and their accountants and other authorized representatives shall have the right to examine and audit the books and records
of each Indemnitor pertaining to the income, expenses and operation of the Property during reasonable business hours at
the office of such Indemnitor where the books and records are located.

 

17.         Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice")
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Paragraph 17. Any Notice shall be deemed to have been received: (a) three (3)
days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business Day
(otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business Day
(otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each case
addressed to the parties as follows:

 

    	10

    	 

    

 

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

 

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Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Paragraph 17. Notices shall be deemed to have been given on the date set forth above, even if
there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there
is a rejection or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel.
Additionally, Notice from Indemnitee may also be given by Servicer.

 

18.         Duplicate
Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate
original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts
shall be deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party
hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

 

19.         No
Oral Change. This Agreement, and any provis10ns hereof, may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of any Indemnitor or any Indemnified Party, but only
by an agreement in writing signed by the party or parties against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

 

20.         Headings,
Etc. The headings and captions of various paragraphs of this Agreement are for convenience of reference only
and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.

 

21.         Number
and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting
the effect of specific references in any provision of this Agreement, the term “Indemnitor" shall be deemed to refer
to each and every Person constituting an Indemnitor from time to time, as the sense of a particular provision may require, and
to include the heirs, executors, administrators, legal representatives, successors and permitted assigns of each Indemnitor, all
of whom shall be bound by the provisions of this Agreement. Each reference herein to Indemnitee shall be deemed to include its
successors and assigns; provided that no obligation of any Indemnitor may be assigned except in accordance with the Loan Agreement.
This Agreement shall inure to -the benefit of the Indemnified Parties and their respective successors, permitted assigns, heirs
and legal representatives forever. The Indemnified Parties shall have the right to assign or transfer their rights under this Agreement
in connection with any assignment of the Loan and the Loan Documents. Any assignee or transferee of Indemnitee (and the other Indemnified
Parties) shall be entitled to all the benefits afforded to Indemnitee (and the other Indemnified Parties) under this Agreement.
No Indemnitor shall have the right to assign or transfer its rights or obligations under this Agreement without the prior written
consent of Indemnitee, as provided in the Loan Agreement, and any attempted assignment without such consent shall be null and void.

 

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22.         Release
of Liability. Any one or more parties liable upon or in respect of this Agreement may be released without
affecting the liability of any party not so released.

 

23.         Rights
Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies
which Indemnitee has under the Note, the Mortgage, the Loan Agreement or the other Loan Documents or would otherwise have at law
or in equity.

 

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

 

25.         Governing
Law; Jurisdiction; Service of Process. 

 

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

 

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(b)         ANY LEGAL SUIT,
ACTION OR PROCEEDING AGAINST INDEMNITEE OR ANY INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT INDEMNITEE'S OPTION
BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW, AND EACH INDEMNITOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION
OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH INDEMNITOR AGREES THAT SERVICE OF PROCESS UPON SUCH INDEMNITOR AT THE
ADDRESS FOR SUCH INDEMNITOR SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH INDEMNITOR IN THE MANNER
PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH INDEMNITOR IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN THE STATE OF NEW YORK. EACH INDEMNITOR (I) SHALL GIVE PROMPT NOTICE TO INDEMNITEE OF ANY CHANGE IN THE ADDRESS FOR
SUCH INDEMNITOR SET FORTH HEREIN, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT WITH AN OFFICE IN NEW
YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE
AGENT SHALL AT ALL TIMES BE THE SAME AGENT AS AUTHORIZED BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE
AN AUTHORIZED AGENT IF SUCH INDEMNITOR CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK. NOTHING CONTAINED HEREIN SHALL AFFECT THE
RIGHT OF THE INDEMNIFIED PARTIES TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST INDEMNITORS IN ANY OTHER JURISDICTION.

 

26.         Miscellaneous.

 

(a)          Wherever
pursuant to this Agreement (i) Indemnitee (or any other Indemnified Party) exercises any right given to it to approve or disapprove
any matter, (ii) any arrangement or term is to be satisfactory to Indemnitee (or any other Indemnified Party), or any other decision
or determination is to be made by Indemnitee (or any other Indemnified Party), the decision of Indemnitee (or such other Indemnified
Party) to approve or disapprove such matter, all decisions that arrangements or terms are satisfactory or not satisfactory to Indemnitee
(or such other Indemnified Party) and all other decisions and determinations made by Indemnitee (or such other Indemnified Party),
shall be in the sole and absolute discretion of Indemnitee (or such other Indemnified Party) and shall be final and conclusive,
except as may be otherwise expressly and specifically provided herein.

 

(b)         Wherever
pursuant to this Agreement it is provided that any Indemnitor pay any costs and expenses, such costs and expenses shall include,
but not be limited to, reasonable legal fees and disbursements of Indemnitee and the other Indemnified Parties, whether incurred
by retained outside law firms, or as reimbursements for the expenses of in- house legal staff, or otherwise.

 

27.          Joint and Several Liability.
The obligations and liabilities of the Indemnitors hereunder are joint and several.

 

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28.          Recitals. The recitals
hereof are a part hereof, form a basis for this Agreement and shall be considered prima facie evidence of the facts and
documents referred to therein.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	15

    	 

    

 

IN WITNESS WHEREOF, this Agreement
has been executed by Indemnitors and is effective as of the day and year first above written.

 

	 	INDEMNITORS:
	 	 
	 	BR-NPT SPRINGING ENTITY, LLC,

a Delaware limited
liability company
	 	 	 	 
	 	By:	BR-North Park Towers, LLC,
	 	 	a Delaware limited liability company, its manager
	 	 	 	 
	 	 	By:	/s/ Jordan Ruddy
	 	 	 	Name: Jordan Ruddy
	 	 	 	Title: Authorized Signatory

 

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

 

Signature page to Environmental Indemnity Agreement –
North Park Towers

 

    	 

    	 

    

 

SCHEDULE I

 

LIST OF ENVIRONMENTAL REPORTS

 

1. Phase I Environmental Site Assessment prepared by
EBI Consulting dated October 31, 2013

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}]]