Document:

Exhibit 10.2

                                PROMISSORY NOTE
                                ---------------

$196,068,300.00                                             New York, New York
                                                               August 26, 2005

      FOR VALUE RECEIVED RA 492 RIVER ROAD LLC, a Delaware limited liability
company, having an address c/o Reckson Associates Realty Corp., 225
Broadhollow Road, Melville, New York 11747-4833 ("492 River Borrower"), RA 100
EXECUTIVE DRIVE LLC, a Delaware limited liability company, having an address
c/o Reckson Associates Realty Corp., 225 Broadhollow Road, Melville, New York
11747-4833 ("100 Executive Borrower"), RA 200 EXECUTIVE DRIVE LLC, a Delaware
limited liability company, having an address c/o Reckson Associates Realty
Corp., 225 Broadhollow Road, Melville, New York 11747-4833 ("200 Executive
Borrower"), RA 35 PINELAWN ROAD LLC, a Delaware limited liability company,
having an address c/o Reckson Associates Realty Corp., 225 Broadhollow Road,
Melville, New York 11747-4833 ("35 Pinelawn Borrower"), RA 80 GRASSLANDS ROAD
LLC, a Delaware limited liability company, having an address c/o Reckson
Associates Realty Corp., 225 Broadhollow Road, Melville, New York 11747-4833
("80 Grasslands Borrower"), RA 100 GRASSLANDS ROAD LLC, a Delaware limited
liability company, having an address c/o Reckson Associates Realty Corp., 225
Broadhollow Road, Melville, New York 11747-4833 ("100 Grasslands Borrower"),
RA 150 MOTOR PARKWAY LLC, a Delaware limited liability company, having an
address c/o Reckson Associates Realty Corp., 225 Broadhollow Road, Melville,
New York 11747-4833 ("150 Motor Borrower"), RA 660 WHITE PLAINS ROAD LLC, a
Delaware limited liability company, having an address c/o Reckson Associates
Realty Corp., 225 Broadhollow Road, Melville, New York 11747-4833 ("660 White
Plains Borrower"), and RA 225 HIGH RIDGE LLC, a Delaware limited liability
company, having an address c/o Reckson Associates Realty Corp., 225
Broadhollow Road, Melville, New York 11747-4833 ("225 High Ridge Borrower";
and 225 High Ridge Borrower, together with 492 River Borrower, 100 Executive
Borrower, 200 Executive Borrower, 35 Pinelawn Borrower, 80 Grasslands
Borrower, 100 Grasslands Borrower, 150 Motor Borrower and 660 White Plains
Borrower, together with any permitted successors and assigns of each, each, a
"Borrower" and collectively, "Borrowers"), collectively, as makers, hereby
jointly and severally unconditionally promise and agree to pay to the order of
UBS REAL ESTATE INVESTMENTS INC., a Delaware corporation ("Lender"), having an
address at 1285 Avenue of the Americas, 11th Floor, New York, New York 10019,
as payee, or at such other place as the holder hereof may from time to time
designate in writing, the principal sum of ONE HUNDRED NINETY SIX MILLION
SIXTY EIGHT THOUSAND THREE HUNDRED AND 00/100 Dollars ($196,068,300.00), or so
much thereof as is advanced pursuant to that certain Loan Agreement dated as
of the date hereof, between Borrowers and Lender (as the same may be amended,
modified, supplemented, replaced or otherwise modified from time to time, the
"Loan Agreement"), in lawful money of the United States of America, with
interest thereon to be computed from the date of this Promissory Note (this
"Note") at the Interest Rate (as defined in the Loan Agreement), and to be
paid in accordance with the terms of this Note and the Loan Agreement. All
capitalized terms not defined herein shall have the respective meanings set
forth in the Loan Agreement.

<PAGE>

                           ARTICLE 1: PAYMENT TERMS

      Borrowers jointly and severally agree to pay the principal sum of this
Note and the interest on the unpaid principal sum of this Note and all other
amounts due under the Loan Agreement and the other Loan Documents, including,
without limitation, the Yield Maintenance Premium (if applicable), at the
rates and at the times specified in Article 2 of the Loan Agreement, and the
outstanding balance of the principal sum of this Note and all accrued and
unpaid interest thereon and all other amounts due under the Loan Agreement and
the other Loan Documents, including, without limitation, the Yield Maintenance
Premium (if applicable), shall be due and payable in full on the Maturity
Date.

                      ARTICLE 2: DEFAULT AND ACCELERATION

      The Debt shall without notice become immediately due and payable at the
option of Lender if any payment required in this Note is not paid on or prior
to the date when due or if not paid on the Maturity Date or on the happening
of any other Event of Default.

                           ARTICLE 3: LOAN DOCUMENTS

      This Note is secured by the Mortgage and the other Loan Documents. All
of the terms, covenants and conditions contained in the Loan Agreement, the
Mortgage and the other Loan Documents are hereby made part of this Note to the
same extent and with the same force as if they were fully set forth herein. In
the event of a conflict or inconsistency between the terms of this Note and
the Loan Agreement, the terms and provisions of the Loan Agreement shall
govern.

                           ARTICLE 4: SAVINGS CLAUSE

      Notwithstanding anything to the contrary, (a) all agreements and
communications between Borrowers and Lender are hereby and shall automatically
be limited so that, after taking into account all amounts deemed to constitute
interest, the interest contracted for, charged or received by Lender shall
never exceed the Maximum Legal Rate, (b) in calculating whether any interest
exceeds the Maximum Legal Rate, all such interest shall be amortized,
prorated, allocated and spread over the full amount and term of all principal
indebtedness of Borrowers to Lender, and (c) if through any contingency or
event, Lender receives or is deemed to receive interest in excess of the
Maximum Legal Rate, any such excess shall be deemed to have been applied
toward payment of the principal of any and all then outstanding indebtedness
of Borrowers to Lender or, if there is no such indebtedness, shall immediately
be returned to Borrowers.

                           ARTICLE 5: NO ORAL CHANGE

      This Note 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 Borrower or Lender, but only by an agreement in writing signed by the
party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought.

<PAGE>

                              ARTICLE 6: WAIVERS

      Each Borrower and all others who may become liable for the payment of
all or any part of the Debt do hereby jointly and severally waive presentment
and demand for payment, notice of dishonor, notice of intention to accelerate,
notice of acceleration, protest and notice of protest and non-payment and all
other notices of any kind. No release of any security for the Debt or
extension of time for payment of this Note or any installment hereof, and no
alteration, amendment or waiver of any provision of this Note, the Loan
Agreement or the other Loan Documents made by agreement between Lender or any
other Person shall release, modify, amend, waive, extend, change, discharge,
terminate or affect the liability of any Borrower or any other Person who may
become liable for the payment of all or any part of the Debt under this Note,
the Loan Agreement or the other Loan Documents. No notice to or demand on any
Borrower shall be deemed to be a waiver of the obligation of Borrowers or of
the right of Lender to take further action without further notice or demand as
provided for in this Note, the Loan Agreement or the other Loan Documents. If
any Borrower is a partnership or limited liability company, the agreements
herein contained shall remain in force and be applicable, notwithstanding any
changes in the individuals comprising the partnership or limited liability
company, and the term "Borrower," as used herein, shall include any alternate
or successor partnership or limited liability company, but any predecessor
partnership or limited liability company shall not thereby be released from
any liability. If any Borrower is a corporation, the agreements contained
herein shall remain in full force and be applicable notwithstanding any
changes in the shareholders comprising, or the officers and directors relating
to, the corporation, and the term "Borrower," as used herein, shall include
any alternative or successor corporation, but any predecessor corporation
shall not be relieved of liability hereunder. (Nothing in the foregoing two
sentences shall be construed as a consent to, or a waiver of, any prohibition
or restriction on transfers of interests in such partnership, limited
liability company or corporation, as applicable, which may be set forth in the
Loan Agreement, the Mortgage or any other Loan Document.)

                              ARTICLE 7: TRANSFER

      Upon the transfer of this Note in accordance with the terms of the Loan
Agreement, Lender may deliver all the collateral mortgaged, granted, pledged
or assigned pursuant to the Loan Documents, or any part thereof, to the
transferee who shall thereupon become vested with all the rights herein or
under applicable law given to Lender with respect thereto, and Lender shall
thereafter forever be relieved and fully discharged from any liability or
responsibility in the matter; but Lender shall retain all rights hereby given
to it with respect to any liabilities and the collateral not so transferred.

                            ARTICLE 8: EXCULPATION

      The provisions of Section 11.22 of the Loan Agreement are hereby
incorporated by reference into this Note to the same extent and with the same
force as if fully set forth herein.

<PAGE>

                           ARTICLE 9: GOVERNING LAW

            (A) THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY
BORROWERS AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF
THIS 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 EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING
THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE, THIS NOTE 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 BORROWER HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY
OTHER JURISDICTION GOVERNS THIS NOTE AND THIS NOTE 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 ANY
BORROWER ARISING OUT OF OR RELATING TO THIS NOTE 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 EACH BORROWER AND LENDER 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 BORROWER AND LENDER HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH
BORROWER DOES HEREBY DESIGNATE AND APPOINT:

                  Paul, Hastings, Janofsky & Walker LLP
                  75 East 55th Street
                  New York, New York 10022
                  Attention: Robert J. Wertheimer, Esq.
                             Robert J. Grados, Esq.

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY
AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN
ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF
PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE
MAILED OR DELIVERED TO EACH BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE
DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS

<PAGE>

UPON SUCH BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW
YORK. EACH BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED
ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME
TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK,
NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON
AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A
SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW
YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING 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
ANY BORROWER IN ANY OTHER JURISDICTION.

                       ARTICLE 10: WAIVER OF JURY TRIAL

      EACH BORROWER AND LENDER 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 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
BORROWER AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE
AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. EACH PARTY HERETO IS HEREBY AUTHORIZED TO FILE A COPY OF THIS
PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY SUCH
OTHER PARTY.

                      ARTICLE 11: SUCCESSORS AND ASSIGNS

      This Note shall be binding upon, and shall inure to the benefit of, each
Borrower and Lender and their respective successors and permitted assigns.
Lender shall have the right to assign or transfer its rights under this Note
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 Note. No Borrower shall have the right to assign
or transfer its rights or obligations under this Note without the prior
written consent of Lender, as provided in the Loan Agreement, and any
attempted assignment without such consent shall be null and void.

                              ARTICLE 12: NOTICES

      All notices or other written communications hereunder shall be delivered
in accordance with Section 11.6 of the Loan Agreement.

<PAGE>

                         ARTICLE 13: JOINT AND SEVERAL

      The covenants, agreements, obligations and liabilities of Borrowers
hereunder are joint and several.

                        [NO FURTHER TEXT ON THIS PAGE]

<PAGE>

      IN WITNESS WHEREOF, Borrowers have duly executed this Promissory Note as
of the day and year first above written.

                     BORROWERS:
                     ---------

                     RA 492 RIVER ROAD LLC,
                     a Delaware limited liability company

                     By:   Reckson Operating Partnership, L.P.,
                           a Delaware limited partnership, its sole member

                           By:   Reckson Associates Realty Corp.,
                                 a Maryland corporation, its general partner

                                 By: /s/ Jason Barnett
                                     -------------------------
                                    Name: Jason Barnett
                                    Title:  Executive Vice President

                     RA 100 EXECUTIVE DRIVE LLC,
                     a Delaware limited liability company

                     By:   Reckson Operating Partnership, L.P.,
                           a Delaware limited partnership, its sole member

                           By:   Reckson Associates Realty Corp.,
                                 a Maryland corporation, its general partner

                                 By: /s/ Jason Barnett
                                     -------------------------
                                    Name:    Jason Barnett
                                    Title:   Executive Vice President

                     RA 200 EXECUTIVE DRIVE LLC,
                     a Delaware limited liability company

                     By:   Reckson Operating Partnership, L.P.,
                           a Delaware limited partnership, its sole member

                           By:   Reckson Associates Realty Corp.,
                                 a Maryland corporation, its general partner

                                 By:  /s/ Jason Barnett
                                      ------------------------------
                                    Name:    Jason Barnett
                                    Title:   Executive Vice President

<PAGE>

                     RA 35 PINELAWN ROAD LLC,
                     a Delaware limited liability company

                     By:   Reckson Operating Partnership, L.P.,
                           a Delaware limited partnership, its sole member

                           By:   Reckson Associates Realty Corp.,
                                 a Maryland corporation, its general partner

                                 By: /s/ Jason Barnett
                                     ----------------------------------
                                    Name:    Jason Barnett
                                    Title:   Executive Vice President

                     RA 80 GRASSLANDS ROAD LLC,
                     a Delaware limited liability company

                     By:   Reckson Operating Partnership, L.P.,
                           a Delaware limited partnership, its sole member

                           By:   Reckson Associates Realty Corp.,
                                 a Maryland corporation, its general partner

                                 By:  /s/ Jason Barnett
                                      --------------------------------
                                    Name:    Jason Barnett
                                    Title:   Executive Vice President

                      RA 100 GRASSLANDS ROAD LLC,
                      a Delaware limited liability company

                      By:   Reckson Operating Partnership, L.P.,
                            a Delaware limited partnership, its sole member

                            By:   Reckson Associates Realty Corp.,
                                  a Maryland corporation, its general partner

                                  By:  /s/ Jason Barnett
                                       ----------------------------------
                                     Name:   Jason Barnett
                                     Title:  Executive Vice President

<PAGE>

                     RA 150 MOTOR PARKWAY LLC,
                     a Delaware limited liability company

                     By:   Reckson Operating Partnership, L.P.,
                           a Delaware limited partnership, its sole member

                           By:   Reckson Associates Realty Corp.,
                                 a Maryland corporation, its general partner

                                 By:  /s/ Jason Barnett
                                      --------------------------------
                                    Name:    Jason Barnett
                                    Title:   Executive Vice President

                     RA 660 WHITE PLAINS ROAD LLC,
                     a Delaware limited liability company

                     By:   Reckson Operating Partnership, L.P.,
                           a Delaware limited partnership, its sole member

                           By:   Reckson Associates Realty Corp.,
                                 a Maryland corporation, its general partner

                                 By:  /s/ Jason Barnett
                                      --------------------------------
                                    Name:    Jason Barnett
                                    Title:   Executive Vice President

                     RA 225 HIGH RIDGE LLC,
                     a Delaware limited liability company

                     By:   Reckson Operating Partnership, L.P.,
                           a Delaware limited partnership, its sole member

                           By:   Reckson Associates Realty Corp.,
                                 a Maryland corporation, its general partner

                                 By:  /s/ Jason Barnett
                                      ------------------------------
                                    Name:    Jason Barnett
                                     Title:  Executive Vice President

<PAGE>

                                ACKNOWLEDGMENTS
                                ---------------

STATE OF NEW YORK       )
                        )  ss.
COUNTY OF NEW YORK      )

      On the 26th day of August, in the year 2005, before me, the
undersigned, a Notary Public in and for said State, personally appeared Jason
Barnett, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within
instrument and acknowledged to me that he executed the same in his capacity,
and that by his signature on the instrument, the individual, or the person
upon behalf of which the individual acted, executed the instrument.

      IN WITNESS WHEREOF, I hereunto set my hand and official seal.

                                    /s/ Mary Lynn Sekosky
                                    ------------------------------------
                                    Notary Public

(NOTARIAL SEAL)
                                    My Commission Expires:

                        Signature Page to Note (Pool A)Exhibit 10.3

                   GUARANTY OF RECOURSE OBLIGATIONS (POOL A)

      This GUARANTY OF RECOURSE OBLIGATIONS (POOL A) (this "Guaranty") is
executed as of August 26, 2005 by RECKSON OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership having an address c/o Reckson Associates Realty
Corp., 225 Broadhollow Road, Melville, New York 11747-0983 (the foregoing
being referred to herein as "Guarantor") for the benefit of UBS REAL ESTATE
INVESTMENTS INC., a Delaware corporation, having an address at 1285 Avenue of
the Americas, 11th Floor, New York, New York 10019 ("Lender").

                             W I T N E S S E T H:

      A.    Pursuant to that certain Promissory Note, dated of even date
herewith, executed by RA 492 River Road LLC, RA 100 Executive Drive LLC, RA
200 Executive Drive LLC, RA 35 Pinelawn Road LLC, RA 80 Grasslands Road LLC,
RA 100 Grasslands Road LLC, RA 150 Motor Parkway LLC, RA 660 White Plains Road
LLC and RA 225 High Ridge LLC (together with any permitted successors and
assigns of each, a "Borrower" and collectively, "Borrowers"), each a Delaware
limited liability company and each having an address c/o Reckson Associates
Realty Corp., 225 Broadhollow Road, Melville, New York 11747-0983, and payable
to the order of Lender in the original principal amount of One Hundred Ninety
Six Million Sixty Eight Thousand Three Hundred and 00/100 Dollars
($196,068,300.00) (together with all renewals, modifications, increases and
extensions thereof, the "Note"), Borrowers have 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 Borrowers 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 Borrowers unless Guarantor unconditionally guarantees the payment
and performance to Lender of the Guaranteed Obligations (as hereinafter
defined).

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

      NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrowers
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:

<PAGE>

                                   ARTICLE 1
                         NATURE AND SCOPE OF GUARANTY
                         ----------------------------

      Section 1.1   Guaranty of Obligation. Guarantor hereby irrevocably and
unconditionally guarantees to Lender and its successors and assigns the
payment and performance of the Guaranteed Obligations (as hereinafter defined)
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. Notwithstanding anything to the contrary
contained in this Guaranty, Lender shall not enforce the liability and
obligation of Guarantor to pay, perform and observe the obligations contained
in this Guaranty by any action or proceeding against any direct or indirect
member, shareholder, partner, manager, director, officer, agent affiliate or
employee of Guarantor.

      Section 1.2   Guaranteed Obligations. (a) Guarantor hereby assumes
liability as a primary obligor for, hereby unconditionally guarantees payment
to Lender of, hereby agrees to pay, protect, defend and save Lender harmless
from and against, and hereby indemnifies Lender from and against any and all
actual, out-of-pocket liabilities, obligations, losses, damages, costs and
expenses (including, without limitation, reasonable attorneys' fees and
costs), causes of action, suits, claims, demands and judgments, of any nature
or description whatsoever, which may at any time be imposed upon, incurred by
or awarded against Lender as a result of any event set forth in the following
clauses (i) through (xiv):

                    (i) fraud, material misrepresentation, material
      miscertification or material breach of warranty by or on behalf of any
      Borrower, Guarantor or Key Principal in connection with the Loan,
      including by reason of any claim under RICO;

                    (ii) the gross negligence or willful misconduct by or on
      behalf of any Borrower, Guarantor or Key Principal in connection with
      the Loan;

                    (iii) the breach of any representation, warranty, covenant
      or indemnification provision in the Environmental Indemnity or in any
      other Loan Document concerning environmental laws, hazardous substances
      and/or asbestos and any indemnification of Lender with respect thereto
      in any document;

                    (iv) wrongful removal or destruction of any portion of any
      Property after an Event of Default;

                    (v) any intentional, physical waste of any Property
      resulting from the action or inaction of any Borrower or any Affiliate
      which materially and adversely affects the value of any Property;

                    (vi) any Legal Requirement (including RICO) resulting in
      the forfeiture by any Borrower of any Property, or any portion thereof,
      because of the conduct or purported conduct of criminal activity by such
      Borrower or Guarantor or any of their Affiliates in connection
      therewith;

                                       2
<PAGE>

                    (vii) the misappropriation or conversion by or on behalf
      of any Borrower of (A) any Insurance Proceeds paid by reason of any
      loss, damage or destruction to any Property, (B) any Awards or other
      amounts received in connection with the Condemnation of all or a portion
      of any Property, or (C) any Gross Revenues (including Rents, security
      deposits, advance deposits or any other deposits and Lease Termination
      Payments);

                    (viii) failure to pay charges for labor or materials or
      other charges that can create Liens on any portion of any Property, to
      the extent such Liens are not bonded over, stayed or discharged in
      accordance with Section 3.6 of the Mortgage;

                    (ix) any security deposits, advance deposits or any other
      deposits collected with respect to any Property which are not delivered
      to Lender in accordance with the provisions of the Loan Documents;

                    (x) the failure to pay Taxes to the extent Gross Revenue
      is sufficient for the payment of same;

                    (xi) failure to obtain and maintain the fully paid for
      Policies in accordance with Section 5.1.1 of the Loan Agreement;

                    (xii) any Borrower fails to maintain its covenant with
      respect to its status as a single purpose entity contained in Sections
      3.1.24(d) and (g) of the Loan Agreement;

                    (xiii) any Borrower fails to permit on-site inspections of
      any Property or fails to provide financial information as required by,
      and in accordance with the terms and provisions of, the Loan Agreement
      and the Mortgage; and/or

                    (xiv) Borrowers' indemnification of Lender set forth in
      Section 9.2 of the Loan Agreement.

            (b) In addition to, and without limiting the generality of, the
foregoing clause (a), and notwithstanding anything to the contrary set forth
in this Guaranty or in any of the other Loan Documents, Guarantor hereby
acknowledges and agrees that the Obligations shall be fully recourse to
Guarantor in the event that:

                    (i) the first full monthly payment of interest under the
      Note is not paid when due;

                    (ii) any Borrower fails to obtain Lender's prior consent
      to any subordinate financing (other than the financing permitted
      pursuant to Section 3.1.24(d) of the Loan Agreement) or other voluntary
      Lien encumbering any Property in violation of the terms of the Loan
      Agreement (provided, however, that the Obligations shall not become
      fully recourse if such Borrower shall repay such subordinate financing
      and/or remove such voluntary Lien within sixty (60) days after Borrower
      has actual knowledge of the existence of such subordinate financing
      an/or Lien);

                                       3
<PAGE>

                    (iii) any Borrower fails to obtain Lender's prior consent
      to any Transfer of any Property or any interest therein or any Transfer
      of any direct or indirect interest in any Borrower, in any such case, as
      required by the Mortgage or the Loan Agreement, other than a Permitted
      Transfer;

                    (iv) any Borrower files a voluntary petition under the
      Bankruptcy Code or any other Federal or state bankruptcy or insolvency
      law;

                    (v) an Affiliate, officer, director or representative
      which controls, directly or indirectly, any Borrower files, or joins in
      the filing of, an involuntary petition against any Borrower under the
      Bankruptcy Code or any other Federal or state bankruptcy or insolvency
      law, or solicits or causes to be solicited petitioning creditors for any
      involuntary petition against any Borrower from any Person;

                    (vi) any Borrower files an answer consenting to, or
      otherwise acquiescing in, or joining in, any involuntary petition filed
      against it by any other Person (other than Lender) under the Bankruptcy
      Code or any other Federal or state bankruptcy or insolvency law, or
      solicits or causes to be solicited petitioning creditors for any
      involuntary petition from any Person;

                    (vii) any Affiliate, officer, director or representative
      which controls any Borrower consents to, or acquiesces in, or joins in,
      an application for the appointment of a custodian, receiver, trustee, or
      examiner for such Borrower or any portion of its Property;

                    (viii) any Borrower makes an assignment for the benefit of
      creditors (other than Lender) or admits, in writing or in any legal
      proceeding, its insolvency or inability to pay its debts as they become
      due;

                    (ix) if Guarantor (or any Person comprising Guarantor),
      any Borrower or any Affiliate of any of the foregoing, in connection
      with any enforcement action or exercise or assertion of any right or
      remedy by or on behalf of Lender under or in connection with this
      Guaranty, the Note, the Mortgage or any other Loan Document, seeks a
      defense, judicial intervention or injunctive or other equitable relief
      of any kind, or asserts in a pleading filed in connection with a
      judicial proceeding any defense against Lender or any right in
      connection with any security for the Loan, which the court in any such
      action or proceeding determines was not brought in good faith; or

                    (x) any Borrower defaults in the performance of its
      covenants with respect to its status as a single purpose entity
      contained in clauses (a), (b), (e), (k), (l) and (n) of Section 3.1.24
      of the Loan Agreement.

            (c) The obligations of Guarantor set forth in clauses (a) and (b)
of this Section 1.2, as and to the extent set forth in said clauses (a) and
(b) of this Section 1.2, are hereinafter collectively referred to as the
"Guaranteed Obligations".

            (d) 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

                                       4
<PAGE>

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 1.3   Nature of Guaranty. This Guaranty is an irrevocable,
absolute, continuing guaranty of payment 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) such Guarantor's death (in which event this Guaranty shall be binding
upon such Guarantor's estate and such 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 1.4   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 any 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 1.5   Payment By Guarantor. If all or any part of the Guaranteed
Obligations shall not be punctually paid when due, whether at demand,
maturity, acceleration or otherwise, Guarantor shall, promptly 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 1.6   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 any 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 any 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.

                                       5
<PAGE>

      Section 1.7   Waivers. Guarantor agrees to the provisions of the Loan
Documents and hereby waives notice of (i) any loans or advances made by Lender
to any 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 any Borrower and Lender of any
other loan or credit agreement or of any Borrower's execution and delivery of
any promissory note or other document arising under the Loan Documents or in
connection with any Property, (v) the occurrence of (A) any breach by any
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 any 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 1.8   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 actual, out-of-pocket
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 1.9   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 Borrowers 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 1.10  Waiver of Subrogation, Reimbursement and Contribution.
Notwithstanding anything to the contrary contained in this Guaranty, Guarantor
hereby unconditionally and irrevocably waives, releases and abrogates 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 any 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.

                                       6
<PAGE>

                                   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
Borrowers 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 any Borrower or
Guarantor.

      Section 2.3   Condition of Borrowers or Guarantor. The insolvency,
bankruptcy, arrangement, adjustment, composition, liquidation, disability,
dissolution or lack of power of any 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 any Borrower or Guarantor or any sale, lease or transfer
of any or all of the assets of any Borrower or Guarantor or any changes in the
direct or indirect shareholders, partners or members, as applicable, of any
Borrower or Guarantor; or any reorganization of any 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) Borrowers have valid defenses, claims or offsets (whether at
law, in equity or by agreement) which render the Guaranteed Obligations wholly
or partially uncollectible from Borrowers, (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 Borrowers, Guarantor or any other
Person be found not liable on the Guaranteed Obligations or any part thereof
for any reason.

                                       7
<PAGE>

      Section 2.5   Release of Obligors. Any full or partial release of the
liability of Borrowers 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 Borrowers) will be
liable to pay or perform the Guaranteed Obligations or that Lender will look
to other Persons (including Borrowers) 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. The Note, the Guaranteed Obligations and the
liabilities and obligations of Guarantor to Lender hereunder shall not be
reduced, discharged or released because of or by reason of any existing or
future right of offset, claim or defense of Borrowers 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 any
Borrower or Guarantor into or with any other Person.

                                       8
<PAGE>

      Section 2.12  Preference. Any payment by any Borrower to Lender is held
to constitute a preference under bankruptcy laws or for any reason Lender is
required to refund such payment or pay such amount to any 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 Borrowers, Guarantor represents and warrants to Lender as follows:

      Section 3.1   Benefit. Guarantor is an Affiliate of each Borrower, is
the owner of a direct or indirect interest in each 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 each 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   Legality. The execution, delivery and performance by
Guarantor of this Guaranty and the consummation of the transactions
contemplated hereunder 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. This Guaranty is
a legal and binding obligation of Guarantor and is

                                       9
<PAGE>

enforceable against Guarantor in accordance with its terms, except as limited
by bankruptcy, insolvency or other laws of general application relating to the
enforcement of creditors' rights.

      Section 3.6   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 each Borrower
to Guarantor, whether such debts and liabilities now exist or are hereafter
incurred or arise, and whether the obligations of any Borrower thereon be
direct, contingent, primary, secondary, several, joint and several, or
otherwise, and 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 any 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; provided, however,
Guarantor Claims shall not include distributions made by any Borrower in the
ordinary course of business pursuant to the terms of the organizational
documents of Borrowers and not otherwise prohibited by the terms and
provisions of the Loan Agreement. So long as any portion of the Obligations or
the Guaranteed Obligations remain outstanding, Guarantor shall not receive or
collect, directly or indirectly, from any Borrower or any other Person any
amount upon the Guarantor Claims.

      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
Borrowers 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,

                                      10
<PAGE>

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 any
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 such 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 any 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 any 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 Borrowers granting liens
or security interests in any of its assets to any Person other than Lender.

                                   ARTICLE 5
                                   COVENANTS
                                   ---------

      Section 5.1   Definitions. As used in this Article 5, the following
terms shall have the respective meanings set forth below:

            (a) "GAAP" shall mean generally accepted accounting principles,
consistently applied.

            (b) "Tangible Net Worth" shall mean, as of a particular date, (a)
all amounts that would be included as total shareholders' equity on a
consolidated balance sheet of Guarantor and its subsidiaries as at such date
computed in accordance with the cash basis method of accounting; minus (b) (i)
the amount of any Indebtedness (as defined in the Loan Agreement) owed to
Guarantor by any member, partner, shareholder, officer, or director of
Guarantor, and (ii) the value of any intangible assets (including any value
attributable to goodwill, organizational expenses, trademarks, trade names and
similar intellectual property rights, franchises, licenses, and other items
which would properly be treated as intangibles in accordance with the cash
basis method of accounting).

      Section 5.2   Covenants. Until all of the Obligations and the Guaranteed
Obligations have been paid in full, Guarantor shall (i) shall maintain a
Tangible Net Worth in excess of $200,000,000.00, (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-lenth
transaction, (iii) upon the request of Lender made at any time commencing with
the calendar quarter ending on September 30, 2005, within forty-five (45) days
following the end of such calendar quarter, shall deliver to Lender, with
respect to the prior calendar quarter, unaudited quarterly and year-to-date
statements of income and expense and cash flow prepared on a cash basis for
Guarantor, together with a balance sheet as of the end of such prior calendar
quarter for

                                      11
<PAGE>

Guarantor, together with a certificate of an officer of Guarantor (A) setting
forth in reasonable detail Guarantor's Tangible Net Worth as of the end of
such prior calendar quarter and based on the foregoing quarterly financial
statements, and (B) certifying that such quarterly financial statements, taken
as a whole, present fairly in all material respects the information set forth
therein, and (iv) within one hundred twenty (120) days following the end of
each calendar year, a complete copy of Guarantor's annual financial statements
audited by an independent certified public accountant acceptable to Lender
prepared in accordance with the cash basis method of accounting, including
statements of income and expense and cash flow and a balance sheet for
Guarantor, together with a certificate of an officer of Guarantor (A) setting
forth in reasonable detail Guarantor's Tangible Net Worth as of the end of
such prior calendar year and based on such annual financial statements, and
(B) certifying that, taken as a whole, present fairly in all material respects
the information set forth therein.

      Section 5.3   Prohibited Transactions. Guarantor shall not, at any time
while an Event of Default in the payment of the Guaranteed Obligations has
occurred and is continuing, either (i) enter into or effectuate any
transaction with any Affiliate which would reduce the Tangible Net Worth of
Guarantor below $200,000,000.00, including, without limitation, the payment of
any dividend or distribution to a shareholder, partner or member as
applicable, or the redemption, retirement, purchase or other acquisition for
consideration of any stock or other ownership interest in Guarantor, or (ii)
sell, pledge, mortgage or otherwise transfer to any Person any of Guarantor's
assets, or any interest therein the effect of which is to reduce the Tangible
Net Worth of Guarantor below $200,000,000.00 at the time of such transaction.

                                   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

                                      12
<PAGE>

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:

If to Lender:       UBS Real Estate Investments Inc.
                    1285 Avenue of the Americas, 11th Floor
                    New York, New York 10019
                    Attention: Robert Pettinato, Director
                    Facsimile No.  (212) 713-4631

with a copy to:     Brown Raysman Millstein Felder & Steiner LLP
                    900 Third Avenue
                    New York, New York 10022
                    Attention:  Jeffrey B. Steiner, Esq.
                    Facsimile No.  (212) 895-2900

and with a copy to: Wachovia Securities/Commercial Mortgage Services
                    8739 Research Drive, URP4
                    Charlotte, North Carolina 28288
                    Attention:  Venus Craig
                    Facsimile No.:  (704) 714-0042
                    (or any successor Servicer of the Loan)

If to Guarantor:    c/o Reckson Associates Realty Corp.
                    225 Broadhollow Road
                    Melville, New York 11747-0983
                    Attention: General Counsel
                    Facsimile No. (631) 622-8994

with a copy to:     Paul, Hastings, Janofsky & Walker LLP
                    75 East 55th Street
                    New York, New York 10022
                    Attention:  Robert J. Wertheimer, Esq.
                                Robert J. Grados, Esq.
                    Facsimile No.: (212) 319-4090

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

                                      13
<PAGE>

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 RELEATED 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 AND LENDER 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 AND LENDER HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR
DOES HEREBY DESIGNATE AND APPOINT:

                    Paul, Hastings, Janofsky & Walker LLP
                    75 East 55th Street
                    New York, New York 10022
                    Attention: Robert J. Wertheimer, Esq.
                               Robert J. Grados, Esq.

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY
AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN
ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF
PROCESS UPON SAID AGENT AT SAID ADDRESS 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

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<PAGE>

ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME
AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE
IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED
AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT
SHALL BE THE SAME AGENT DESIGNATED BY BORROWER UNDER THE LOAN AGREEMENT), AND
(III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT
CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING
A SUCCESSOR. NOTHING 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 Assignment 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

                                      15
<PAGE>

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.

      Section 6.10  Rights and Remedies. If Guarantor becomes liable for any
indebtedness owing by any 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 LENDER AND IS
INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH
THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE
EVIDENCE OF THIS WAIVER BY SUCH OTHER PARTY.

      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

                                      16
<PAGE>

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 a "Secondary
Market Transaction"). Guarantor shall reasonably cooperate with Lender, at
Lender's expense, in effecting any such Secondary Market Transaction and shall
reasonably cooperate to implement all requirements imposed by any of the
Rating Agencies involved in any Secondary Market Transaction. Guarantor shall
provide such information and documents relating to Guarantor, Borrowers, any
Property and any tenants of any Property as Lender may reasonably request in
connection with such Secondary Market Transaction. In addition, Guarantor
shall make available to Lender all information concerning its business and
operations that Lender may reasonably request. Lender shall be permitted to
share all such information with the investment banking firms, Rating Agencies,
accounting firms, law firms and other third-party advisory firms involved with
the Loan and the Loan Documents or the applicable Secondary Market
Transaction. It is understood that the information provided by Guarantor to
Lender, including any and all financial statements provided to Lender pursuant
to Section 5.2 hereof, may ultimately be incorporated into the offering
documents for the Secondary Market Transaction and thus various investors and
potential investors may also see some or all of the information. Lender and
all of the aforesaid third-party advisors and professional firms shall be
entitled to rely on the information supplied by, or on behalf of, Guarantor in
the form as provided by Guarantor. Lender may publicize the existence of the
Loan in connection with its marketing for a Secondary Market Transaction or
otherwise as part of its business development.

      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 Borrowers under the Loan Documents is rescinded or must be
otherwise restored or returned upon the insolvency, bankruptcy or
reorganization of any 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 "Borrowers"
shall mean "each Borrower and any subsequent owner or owners of any Property
or any part thereof or interest therein", (d) the phrase "any Borrower" shall
mean "any one or more Borrowers, including all of the Borrowers, if
applicable" (e) the word "Lender" shall mean "Lender and any subsequent holder
of the Note", (f) the word "Note" shall mean "the Note and any other evidence
of indebtedness secured by the Loan Agreement", (g) the word "Property" shall
include any portion of any Property and any interest therein, and (h) the
phrases "attorneys' fees", "legal fees" and "counsel fees" shall include any
and all 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 any
Property, the Leases and/or the Rents and/or in enforcing its rights
hereunder.

                        [NO FURTHER TEXT ON THIS PAGE]

                                      17
<PAGE>

      IN WITNESS WHEREOF, Guarantor has executed this Guaranty of Recourse
Obligations (Pool A) as of the day and year first above written.

                    GUARANTOR:
                    ---------

                    RECKSON OPERATING PARTNERSHIP, L.P.,
                    a Delaware limited partnership

                    By:  Reckson Associates Realty Corp.,
                         a Maryland corporation, its general partner

                         By:  /s/ Jason Barnett
                              ----------------------------------
                            Name:    Jason Barnett
                            Title:   Executive Vice President

<PAGE>

STATE OF NEW YORK       )
                        )ss.:
COUNTY OF NEW YORK      )

On the 26th day of August in the year 2005, before me, the undersigned,
personally appeared Jason Barnett, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he executed
the same in his capacity, and that by his signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.

/s/ Mary Lynn Sekosky
-----------------------------
Signature and Office of individual
taking acknowledgment

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