Document:

Exhibit 10(hh)

 

COMPLETION GUARANTY

 

THIS COMPLETION GUARANTY
(this "Guaranty") is made as of the 19th day of July, 2019 by Kiki L. Courtelis, as Trustee of the Investment
Trust created under the Alec P. Courtelis Declaration of Trust dated April 8, 1994, W. DOUGLAS PITTS, an individual,
with an address at 703 Waterford Way, Ste. 800, Miami, Florida 33126, CSG GROUP, LLC, a Florida limited liability company
with an address at 2600 Golden Gate Parkway, Naples, Florida 34104, J.I. KISLAK, INC., a New Jersey corporation with an
address at 7900 Miami Lakes Dr. West, Attn: Corp. Tax Dept., Miami Lakes, Florida 33016, HMG/COURTLAND PROPERTIES, INC.,
a Delaware corporation with an address at 1870 S. Bayshore Drive, Coconut Grove, Florida 33133 (each a “Guarantor”
and collectively, if more than one, "Guarantors"), jointly and severally, for the benefit of PNC BANK, NATIONAL
ASSOCIATION ("Lender"), with an address at 2255 Glades Road, Suite 140W, Boca Raton, Florida 33431 in consideration
of the extension of credit by Lender to MURANO AT THREE OAKS ASSOCIATES, LLC, a Florida limited liability company (the "Borrower"),
and other good and valuable consideration, the receipt and sufficiency of which are acknowledged.

 

1.          Definitions.
The defined terms below shall have the following meanings when used in this Guaranty. Capitalized terms used and not otherwise
defined in this Guaranty have the meanings given to such terms in the Loan Agreement (defined below).

 

(a)          "Bankruptcy
Code" means Title 11 U.S.C. § 101 et seq., as the same may now or hereafter be amended, re-enacted, or codified.

 

(b)          "Debtor
Relief Law" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect.

 

(c)          "Expense
Obligations" means all costs and expenses of any kind which Lender may at any time pay or incur in attempting to collect,
compromise or enforce in any respect this Guaranty including, without limitation, all reasonable attorneys' fees, court costs,
and other legal expenses, whether or not suit is ever filed, and whether or not in connection with any insolvency, bankruptcy,
reorganization, arrangement or other similar proceeding involving any Loan Party, together with interest at the Default Rate on
any such payment from the date thereof until repayment to Lender in full.

 

(d)          "Event
of Default" means as defined in Section 7.

 

(e)          "Guaranteed
Obligations" means as defined in Section 2.

 

     

     

    

 

(f)          "Guarantor
Claims" means all debts and liabilities of Borrower to any Guarantor, or by and among Guarantors, if more than one, together
with interest thereon, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether such obligations
of Borrower or Guarantors 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
in whose favor such debts and liabilities may, at their inception, have been, or may hereafter be created prior to satisfaction
of the Guaranteed Obligations, or the manner in which they have been or may hereafter be created. Guarantor Claims include without
limitation all rights and claims of any Guarantor against Borrower arising as a result of subrogation or otherwise, or against
any other Guarantor if more than as a result of contribution or otherwise, resulting from Guarantor's payment of all or any portion
of the Guaranteed Obligations.

 

(g)          "Indemnified
Parties" means as defined in Section 19.

 

(h)          "Loan
Agreement" means that certain Construction and Mini Perm Loan Agreement by and among Lender, Borrower and Guarantors dated
of even date herewith, as the same may from time to time be amended, modified, replaced, restated, extended, renewed, refinanced
and/or supplemented.

 

2.          Guaranteed
Obligations.

 

(a)          Guarantors
unconditionally guarantee, as a primary obligor, and become surety for the prompt payment and performance by Borrower of the following
(collectively, the "Guaranteed Obligations"):

 

(i)          that
the construction of the Improvements will be fully completed pursuant to and in accordance with the Loan Agreement and substantially
in accordance with the Plans and the Leases on or before the Required Completion Date, free and clear of all claims and liens (including
but not limited to mechanics’ liens, or if subject to liens, such liens have been bonded in accordance with applicable law)
against the Project and that Guarantor will make available any and all funds necessary to pay for the completion of construction
of the Project as set forth above and will indemnify Lender, and defend and hold Lender harmless against the claims of any unpaid
contractors, sub-contractors, laborers, materialmen, suppliers and all Persons and entities performing labor or furnishing materials,
or both, with respect to the Improvements;

 

(ii)         that
all costs and expenses shall be paid and all liabilities shall be discharged with respect to the construction and completion of
the Improvements, including all expenses incurred by or on behalf of Lender and all monies advanced by Lender at its option, to
secure, protect, partially complete or complete in full the Improvements in accordance with Section 10.2(d) of the Loan Agreement;
and

 

(iii)        all
Expense Obligations.

 

(b)          Upon
the occurrence of an Event of Default, Guarantors will pay or otherwise cause the Guaranteed Obligations to be performed upon demand
by Lender. Until the Guaranteed Obligations are indefeasibly paid in full, all other obligations hereunder have been performed
and discharged, and all Commitments have terminated or expired, the Guaranteed Obligations will not be reduced in any manner whatsoever
by any amounts which Lender realizes before or after maturity of the Guaranteed Obligations, by acceleration or otherwise, as a
result of payments made by or on behalf of Borrower or by or on behalf of any other person or entity primarily or secondarily liable
for the Guaranteed Obligations or any part thereof (other than direct payments by Guarantors to Lender as described in Section
2(c) below), or otherwise credited to Borrower or such person or entity, or as a result of the exercise of Lender's rights with
respect to the Collateral. The Guaranteed Obligations shall not be affected by any errors or omissions of Borrower, any other Guarantor,
the Architect, any Contractor, or any agent or employee of any of them in design, supervision or performance of the construction,
it being understood that such risk is assumed by Guarantors.

 

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(c)          Subject
to Lender's right to apply payments and collateral proceeds received by it in accordance with the Loan Agreement, the Guaranteed
Obligations shall only be reduced by payments made directly by Guarantors to Lender after acceleration of the Indebtedness and
shall not include any amounts received by Lender from any other party or source or realized as a result of the exercise of the
rights in collateral furnished by any other party or source, including, without limitation, the Borrower. In order for a payment
to be construed as having been made directly by Guarantors, Guarantors shall cause such payment to be delivered in person or by
mail, to any Vice President of Lender's Real Estate Finance Department or by wire with written confirmation to any Vice President
of Lender's Real Estate Finance Department and such payment shall contain a written statement by Guarantors that such payment applies
to the Guaranteed Obligations.

 

3.          Nature
of Guaranty; Waivers.

 

(a)          This
is a guaranty of payment and not of collection, and Lender is not required or obligated, as a condition of Guarantors’ liability,
to make any demand upon or to pursue any of its rights against Borrower or any other Loan Party.

 

(b)          This
is an absolute, unconditional, irrevocable and continuing guaranty and will remain in full force and effect until the Guaranteed
Obligations are indefeasibly paid in full, all other obligations hereunder have been performed and discharged. Subject to termination
in accordance with the previous sentence, this Guaranty will remain in full force and effect even if there is no principal balance
outstanding under the Obligations at a particular time or from time to time. This Guaranty will not be affected by (i) any surrender,
exchange, acceptance, compromise or release by Lender of any other Person, or any other pledge, guaranty or any security held by
it for any of the Guaranteed Obligations; (ii) any failure of Lender to take any steps to perfect or maintain its lien or security
interest in or to preserve its rights to any Collateral or with respect to any pledge, guaranty or other security given in support
of the Obligations; or (iii) any irregularity, unenforceability or invalidity of any of the Obligations or any part thereof or
any guaranty, pledge or security instrument given in support of the Obligations. Guarantors’ obligations hereunder will not
be affected, modified or impaired by any counterclaim, set-off, recoupment, deduction or defense based upon any claim any Guarantor
may have (directly or indirectly) against Borrower or Lender, except payment or performance of the Guaranteed Obligations. Notwithstanding
the foregoing, this Guaranty shall remain in full force and effect for so long as any payment hereunder related to the Guaranteed
Obligations may be voided, treated as a preference or otherwise set aside in any preceding under any Debtor Relief Law, and nothing
herein shall waive any right which Lender may have under Section 506(a), 506(b), 111(b) or any other provisions of the Bankruptcy
Code to file a claim for the full amount of the Guaranteed Obligations or to require that all Collateral shall continue to secure
all of the Guaranteed Obligations in accordance with the Loan Documents.

 

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(c)          To
the extent permitted by Law, Guarantors further agree to make full payment to Lender even if circumstances exist which constitute
an equitable discharge of any Guarantor as surety or guarantor. Notice of acceptance of this Guaranty, notice of extensions of
credit to Borrower from time to time, notice of default, diligence, presentment, notice of dishonor, protest, demand for payment,
and any defense based upon Lender's failure to comply with the notice requirements under Sections 9-611 and 9-612 of the Uniform
Commercial Code as in effect from time to time are waived. Each Guarantor waives all defenses based on suretyship or impairment
of collateral.

 

(d)          Lender
at any time and from time to time, without notice to or the consent of Guarantors, and without impairing, releasing, discharging
or modifying Guarantors’ liabilities hereunder, may (i) change the manner, place, time or terms of payment or performance
of or interest rates on, or other terms relating to, any of the Guaranteed Obligations (in which case, the "Guaranteed Obligations"
shall include any such changes); (ii) renew, substitute, modify, amend or alter, or grant consents or waivers relating to
any of the Guaranteed Obligations, any other guaranties, or any security for any Guaranteed Obligations or guaranties; (iii) apply
any and all payments by whomever paid or however realized including any proceeds of any Collateral, to the Guaranteed Obligations
in such order, manner and amount as Lender may determine in its sole discretion; (iv) settle, compromise or deal with any
other Person, including Borrower or any Guarantor, with respect to any Guaranteed Obligations in such manner as Lender deems appropriate
in its sole discretion; (v) add, substitute, exchange or release any security, or add, modify or release the obligations of
other Loan Parties; or (vi) enter into one or more forbearance agreements or take such actions and exercise such remedies provided
by this Guaranty or the other Loan Documents.

 

(e)          Guarantors’
liabilities hereunder are independent of, and severable from, any other liabilities of Guarantors under any separate guaranty or
indemnity agreement executed and delivered in connection with the Loan including, without limitation, the Environmental Indemnity
Agreement, any other guaranty, pledge, security instrument, or indemnity agreement otherwise given by a Loan Party in support of
the Obligations.

 

4.          Repayments
or Recovery from Lender. If any demand is made at any time upon Lender for the repayment or recovery of any amount received
by it in payment or on account of any of the Guaranteed Obligations and if Lender repays all or any part of such amount by reason
of any judgment, decree or order of any court or administrative body or by reason of any settlement or compromise of any such demand,
Guarantors will be and remain liable hereunder, and the Guaranteed Obligations will continue to include, the amount so repaid or
recovered to the same extent as if such amount had never been received originally by Lender. The provisions of this section will
remain effective notwithstanding any contrary action which may have been taken by Guarantors in reliance upon such payment, and
any such contrary action will be without prejudice to Lender's rights hereunder and will be deemed to have been conditioned upon
such payment having become final and irrevocable.

 

5.          Enforceability
of Obligations. No modification, limitation or discharge of the Guaranteed Obligations arising out of or by virtue of any
bankruptcy, reorganization or similar proceeding for relief of debtors under any Debtor Relief Law will affect, modify, limit or
discharge Guarantors’ liability in any manner whatsoever and this Guaranty will remain and continue in full force and effect
and will be enforceable against Guarantors to the same extent and with the same force and effect as if any such proceeding had
not been instituted. Each Guarantor waives all rights and benefits which might accrue to it by reason of any such proceeding and
will be liable to the full extent hereunder, irrespective of any modification, limitation or discharge of the liability of Borrower
that may result from any such proceeding.

 

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6.          Events
of Default. The occurrence of any of the following will be an "Event of Default" under this Guaranty:
(a) any material breach by any Guarantor of its representations and warranties, or default of its covenants and obligations,
under this Guaranty, (b) the occurrence of an Event of Default (as defined in any of the Loan Documents), or (c) the termination
or attempted termination of this Guaranty, except in accordance with the terms hereof.

 

7.          Right
of Setoff. In addition to all liens upon and rights of setoff against Guarantors’ money, securities or other property
given to Lender by law, Lender will have, with respect to the Guaranteed Obligations, rights of setoff described in Section 10.2(a)(ii)
of the Loan Agreement.

 

8.          Guarantor
Claims.

 

(a)          Until
the Guaranteed Obligations are indefeasibly paid in full, the Guaranteed Obligations have been performed and discharged and all
Commitments have been terminated or expired, each Guarantor agrees not to accept any payment or satisfaction of any Guarantor Claims
and hereby assigns all such Guarantor Claims to Lender, including the right (but not the obligation) to file proof of claim and
to vote in any action under any Debtor Relief Law, including the right to vote on any plan of reorganization, liquidation or other
proposal for debt adjustment under any Debtor Relief Law.

 

(b)          Each
Guarantor agrees that no payment by it under this Guaranty will give rise to (i) any rights of subrogation against Borrower or
the Collateral for the Guaranteed Obligations, or (ii) any rights of contribution against any other Person, in each case unless
and until Lender has received full and indefeasible payment and performance of the Guaranteed Obligations. If the deferral of such
rights will be unenforceable for any reason, each Guarantor agrees that (iii) its rights of subrogation will be junior and subordinate
to Lender's rights against Borrower, any other guarantor, and the Collateral for the Obligations, and (iv) its rights of contribution
against any other Person will be junior and subordinate to the rights against any other Person of Lender.

 

(c)          Any
Guarantor Claim will be and hereby is deferred, postponed and subordinated to the prior payment in full of the Guaranteed Obligations.
Each Guarantor agrees that should Guarantor receive any funds, payment, claim, distribution, satisfaction or security for any Guarantor
Claim, the same will be delivered to Lender in the form received (endorsed or assigned as may be appropriate) for application on
account of, or as security for, the Guaranteed Obligations and until so delivered to Lender, will be held in trust for Lender as
security for the Guaranteed Obligations, and agrees that it will have absolutely no dominion over the amount of such funds, payments,
claim, distribution, satisfaction or security except to pay or deliver the same to Lender, and each Guarantor covenants to promptly
pay or deliver the same to Lender.

 

(d)          Each
Guarantor agrees that it will have no liens or security interests upon a Loan Party's assets to secure any Guarantor Claim and,
to the extent that any such lien or security interest in such Guarantor's assets exists or will hereafter be created or attach
for any reason, such liens and security interests are and will remain inferior and subordinate to the liens and security interests
of Lender securing the Guaranteed Obligations. Without the prior written consent of Lender, no Guarantor will (i) exercise or enforce
any creditor's rights it may have against any Loan Party, or (ii) foreclose, repossess, sequester or otherwise take steps to institute
any action or proceedings to enforce any liens or security interests on any asset of any Loan Party.

 

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(e)          In
the event of any bankruptcy action or proceeding under any Debtor Relief Law involving a Guarantor as debtor, Lender will have
the right to prove its claim in any such action or 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. Each
Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for application against the Guaranteed Obligations,
any such dividend or payment which is otherwise payable to such Guarantor and which will constitute a credit against the Guarantor
Claims, then upon full payment and satisfaction of the Guaranteed Obligations, such Guarantor will be subrogated to the rights
of Lender to the extent that such payments with respect to any such Guarantor Claim have contributed toward the liquidation of
all the obligations under this Guaranty, and such subrogation will be with respect to that proportion of the Guaranteed Obligations
which would have been unpaid if Lender had not received dividends or payments upon such Guarantor Claim.

 

9.          Actions
by Guarantor Against Borrower. Each Guarantor covenants and agrees that it will not at any time institute or join in the
institution of any action or proceeding against Borrower under any Debtor Relief Law. Upon the commencement of any such action
or proceeding by or against Borrower, no Guarantor shall seek nor cause Borrower to seek a supplemental stay or other relief, whether
injunctive or otherwise, pursuant to Section 105 of the Bankruptcy Code or any other Debtor Relief Law, to stay, interdict, condition,
reduce or inhibit the ability of Lender to enforce any of its rights against Borrower, any other guarantor or the Collateral.

 

10.         Notices.
All notices, demands, requests, consents, approvals and other communications required or permitted will be given in accordance
with the notice provisions of the Loan Agreement.

 

11.         Preservation
of Rights. No course of dealing and no delay or failure of Lender in exercising any right, power, remedy or privilege under
this Guaranty or any other Loan Document will affect any other or future exercise thereof or operate as a waiver thereof, nor will
any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power, remedy or
privilege preclude any further exercise thereof or of any other right, power, remedy or privilege. The rights and remedies of Lender
under this Guaranty and any other Loan Documents are cumulative and not exclusive of any rights or remedies which they would otherwise
have. Lender may proceed in any order against any Loan Party or any other obligor of, or any collateral securing, the Guaranteed
Obligations.

 

12.         Severability.  The
provisions of this Guaranty are intended to be severable. If any provision of this Guaranty is held invalid or unenforceable in
whole or in part in any jurisdiction such provision will, as to such jurisdiction, be ineffective to the extent of such invalidity
or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining
provisions hereof in any jurisdiction.

 

13.         Changes
in Writing. No modification, amendment or waiver of, or consent to any departure by any Guarantor from, any provision of
this Guaranty will be effective unless made pursuant to Section 11.1 of the Loan Agreement. No notice to or demand on any or all
Guarantors will entitle Guarantors to any other or further notice or demand in the same, similar or other circumstance.

 

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14.         Entire
Agreement. This Guaranty constitutes the entire agreement and supersedes all other prior agreements and understandings,
both written and oral, among Guarantors and Lender with respect to the subject matter hereof; provided, however, that this Guaranty
is in addition to, and not in substitution for, any other Guaranty or Loan Documents to which Guarantors are a party.

 

15.         Successors
and Assigns. This Guaranty will be binding upon and inure to the benefit of each Guarantor and Lender and their respective
heirs, executors, administrators, personal representatives, successors and assigns; provided, however, that no Guarantor may assign
this Guaranty in whole or in part without Lender's prior written consent. The death or disability of any natural person who is
a Guarantor shall in no way impair or affect this Guaranty, either with respect to the estate of the person so dying, which shall
continue to be bound, or otherwise. Each Guarantor acknowledges and agrees that the obligations and liabilities of such Guarantor
under this Guaranty shall not be affected in any way by any transfer of interests in Borrower, even though Lender may have consented
to such transfer pursuant to the provisions of the Loan Agreement or otherwise. Any other attempted assignment or transfer by any
party hereto is null and void.

 

16.         Treatment
of Certain Information. 

Each Guarantor agrees that
Information concerning such Guarantor may be disclosed (a) to any Affiliates and Related Parties of Lender, provided that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential; (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person
or its Related Parties (including any self-regulatory authority); (c) to the extent required by applicable Laws or regulations
or by any subpoena or similar legal process; (d) to any other Loan Party; (e) in connection with the exercise of any remedies under
this Guaranty or any other Loan Document or any action or proceeding relating to this Guaranty or any other Loan Document or the
enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same as those
of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
and obligations under this Guaranty; (g) on a confidential basis to (i) any rating agency in connection with rating Borrower, any
Guarantor, any other Loan Parties, or their Affiliates, or the credit facility provided for herein or (ii) the CUSIP Service Bureau
or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facility provided
for herein; (h) with the consent of such Guarantor, any other Loan Party or their Affiliates whose consent is required; or (i)
to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes
available to Lender or any of its Affiliates on a not confidential basis from a source other than such Guarantor, the other Loan
Parties or their Affiliates. Any Person required to maintain the confidentiality of Information as provided by applicable provisions
of the Loan Agreement or this Guaranty is considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain confidentiality as such Person could accord to its own confidential information.

 

17.         Joint
and Several Liability. Guarantors, if more than one, acknowledge and agree that all obligations of Guarantors hereunder
shall be joint and several, and all references to a Guarantor herein shall be deemed to refer to each of such parties comprising
Guarantors both individually and collectively with the other such party.

 

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18.         Interpretation.
In this Guaranty, unless Guarantors and Lender otherwise agree in writing, the singular includes the plural and the plural the
singular; words importing any gender include the other genders; references to statutes are to be construed as including all statutory
provisions consolidating, amending or replacing the statute referred to; the word "or" will be deemed to include "and/or",
the words "including", "includes" and "include" will be deemed to be followed by the words "without
limitation", references to articles, sections (or subdivisions of sections) or exhibits are to those of this Guaranty; and
references to agreements and other contractual instruments will be deemed to include all subsequent amendments and other modifications
to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Guaranty
or the other Loan Documents. Section headings in this Guaranty are included for convenience of reference only and do not constitute
a part of this Guaranty for any other purpose.

 

19.         Indemnity.  Guarantors
agrees to indemnify Lender, each legal entity, if any, who controls, is controlled by or is under common control with Lender and
each of their respective directors, officers, employees and agents (collectively, the "Indemnified Parties"),
and to defend and hold each Indemnified Party harmless from and against, any and all claims, damages, losses, liabilities and expenses
(including all reasonable fees and reasonable charges of internal or external counsel with whom any Indemnified Party may consult
and all expenses of litigation and preparation therefor) which any Indemnified Party may incur or which may be asserted against
any Indemnified Party by any person, entity or governmental authority (including any person or entity claiming derivatively on
behalf of any Guarantor), in connection with or arising out of the matters referred to in this Guaranty or in the other Loan Documents;
provided, however, that the foregoing indemnity will not apply to any claims, damages, losses, liabilities and expenses solely
attributable to an Indemnified Party's gross negligence or willful misconduct. Lender may participate in the defense of any such
action or claim. The provisions of this Section will survive the termination, satisfaction or release of this Guaranty, the foreclosure
of the Mortgage or other liens upon any Collateral, the delivery of a deed in lieu of foreclosure, payment of all or any Note or
portion of the Loan and assignment of any rights hereunder.

 

20.         Equal
Credit Opportunity Act. If any Guarantor is not an "applicant for credit" under Section 202.2 (e) of the Equal
Credit Opportunity Act of 1974 ("ECOA"), such Guarantor acknowledges that (i) this Guaranty has been executed to provide
credit support for the Guaranteed Obligations, and (ii) such Guarantor was not required to execute this Guaranty in violation of
Section 202.7(d) of the ECOA.

 

21.         Authorization
to Obtain Credit Reports. By signing below, each Guarantor who is an individual provides written authorization to Lender
or its designee (and any assignee or potential assignee) to obtain such Guarantor's personal credit profile from one or more national
credit bureaus. Such authorization will extend to obtaining a credit profile in considering this Guaranty and subsequently for
the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting
account.

 

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22.         GOVERNING
LAW; JURISDICTION; ETC.

 

(a)          GOVERNING
LAW. THIS GUARANTY AND ANY CLAIMS, CONTROVERSIES, DISPUTES OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED
UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY AND THE TRANSACTIONS CONTEMPLATED HEREBY ARE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO ITS CONFLICT OF LAWS PRINCIPLES.

 

(b)          JURISDICTION.
EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND
OR DESCRIPTION, WHETHER IN LAW OR EQUITY, CONTRACT, TORT OR OTHERWISE, AGAINST LENDER OR ANY RELATED PARTY OF THE FOREGOING, IN
ANY WAY RELATING TO THIS GUARANTY, ANY LOAN DOCUMENT OR TRANSACTIONS RELATED TO ANY LOAN DOCUMENT, IN ANY FORUM OTHER THAN THE
COURTS OF THE STATE OF FLORIDA SITTING IN LEE COUNTY, OR OF THE UNITED STATES DISTRICT COURT OF THE MIDDLE DISTRICT OF FLORIDA,
AND ANY APPELLATE COURT FROM ANY THEREOF. EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS
AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH FLORIDA
STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH GUARANTOR AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION, LITIGATION OR PROCEEDING IS CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR
IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN ANY LOAN DOCUMENT AFFECTS ANY RIGHT THAT LENDER MAY OTHERWISE HAVE TO BRING ANY
ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY GUARANTOR OR ANY OTHER LOAN PARTY OR ITS
PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)          WAIVER
OF VENUE. EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR
ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION. EACH GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          SERVICE
OF PROCESS. EACH GUARANTOR IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR IN THE LOAN AGREEMENT. NOTHING
IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY GUARANTOR OR LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW. 

 

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23.         Waiver
of Jury Trial. EACH GUARANTOR AND LENDER BY ACCEPTANCE HEREOF HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH GUARANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON COULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) IF MORE THAN ONE GUARANTOR IS A PARTY, EACH GUARANTOR FURTHER ACKNOWLEDGES THAT
IT HAS BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

24.         Duplicate
Originals; Counterparts. This Guaranty may be executed in any number of duplicate originals, and each duplicate original
shall be deemed to be an original. This Guaranty (and each duplicate original) also may be executed in any number of counterparts,
each of which shall be deemed an original and all of which together constitute a fully executed Guaranty even though all signatures
do not appear on the same page. The failure of any party hereto to execute this Guaranty, or any counterpart hereof, shall not
relieve the other signatories from their obligations hereunder.

 

    	 	10	 

     

    

 

[SIGNATURE PAGE 1 OF 6 – COMPLETION
GUARANTY]

 

Each Guarantor acknowledges that it has
read and understood all the provisions of this Guaranty, including the waiver of jury trial, and has been advised by counsel as
necessary or appropriate.

 

WITNESS the due execution hereof as
a document under seal, as of the date first written above, with the intent to be legally bound.

 

	 	GUARANTOR:
	 	 
	 	/S/ Kiki L. Courtelis
	 	Kiki L. Courtelis, as Trustee of the Investment Trust created under the Alec P. Courtelis Declaration of Trust dated April 8, 1994

 

GUARANTOR ACKNOWLEDGMENT

 

	STATE OF ______________	)
	 	)SS:
	COUNTY OF ____________	)

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, Kiki L. Courtelis, as Trustee of the Investment Trust created under the
Alec P. Courtelis Declaration of Trust dated April 8, 1994, who is personally known to me or who has produced a driver’s
license as identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	11	 

     

    

 

[SIGNATURE PAGE 2 OF 6 – COMPLETION
GUARANTY]

 

	 	GUARANTOR:
	 	 
	 	/S/ W. Douglas Pitts	(Seal)
	 	W. DOUGLAS PITTS

 

guarantor ACKNOWLEDGMENT

 

	STATE OF ______________	)
	 	)SS:
	COUNTY OF ____________	)

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, by W. DOUGLAS PITTS, who is personally known to me or who has
produced a driver’s license as identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	12	 

     

    

 

[SIGNATURE PAGE 3 OF 6 – COMPLETION
GUARANTY]

 

	 	GUARANTOR:
	 	 
	 	CSG GROUP, LLC, a Florida limited liability company
	 	 
	 	By:	BARRON COLLIER MANAGEMENT, LLC, a Florida limited liability company, its Manager
	 	 
	 	By:  	/S/ Brian Goguen
	 	 	Brian Goguen, Chief Operating Officer
	 	 
	 	By:  	/S/ Bradley A. Boaz
	 	 	Bradley A. Boaz, Chief Financial Officer

 

GUARANTOR ACKNOWLEDGMENT

 

	STATE OF ______________	)
	 	)SS:
	COUNTY OF ____________	)

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, by Brian Goguen, as Chief Operating Officer of BARRON COLLIER MANAGEMENT,
LLC, a Florida limited liability company, the Manager of CSG GROUP, LLC, a Florida limited liability company, on behalf of the
company, who is personally known to me or who has produced a driver’s license as identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	13	 

     

    

 

[SIGNATURE PAGE 4 OF 6 – COMPLETION
GUARANTY]

 

	STATE OF ______________	)
	 	)SS:
	COUNTY OF ____________	)

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, by Bradley A. Boaz, as Chief Financial Officer of BARRON COLLIER MANAGEMENT,
LLC, a Florida limited liability company, the Manager of CSG GROUP, LLC, a Florida limited liability company, on behalf of the
company, who is personally known to me or who has produced a driver’s license as identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	14	 

     

    

 

[SIGNATURE PAGE 5 OF 6 – COMPLETION
GUARANTY]

 

	 	GUARANTOR:
	 	 
	 	J.I. KISLAK, INC., a New Jersey corporation
	 	 
	 	By:	/S/ Thomas Bartelmo	 (Seal)
	 	Name:	Thomas Bartelmo
	 	Title:	President

 

GUARANTOR ACKNOWLEDGMENT

 

	STATE OF ______________	)
	 	)SS:
	COUNTY OF ____________	)

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, by Thomas Bartelmo, as President of J.I. KISLAK, INC., a New
Jersey corporation, on behalf of the corporation, who is personally known to me or who has produced a driver’s license as
identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	15	 

     

    

 

[SIGNATURE PAGE 6 OF 6 – COMPLETION
GUARANTY]

 

	 	GUARANTOR:
	 	 
	 	HMG/COURTLAND PROPERTIES, INC., a Delaware corporation
	 	 
	 	By:  	/S/ Maurice Wiener	(Seal)
	 	Name:	Maurice Wiener
	 	Title:	President

 

GUARANTOR ACKNOWLEDGMENT

 

	STATE OF ______________	)
	 	)SS:
	COUNTY OF ____________	)

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, by Maurice Wiener, as President of HMG/COURTLAND PROPERTIES,
INC., a Delaware corporation, on behalf of the corporation, who is personally known to me or who has produced a driver’s
license as identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	16Exhibit 10(ii)

 

GUARANTY AND SURETYSHIP AGREEMENT

 

THIS GUARANTY AND SURETYSHIP
AGREEMENT (this "Guaranty") is made as of this 19th day of July, 2019, by Kiki L. Courtelis, as Trustee
of the Investment Trust created under the Alec P. Courtelis Declaration of Trust dated April 8, 1994 (the “Courtelis
Trust”), W. DOUGLAS PITTS (“Pitts”; the Courtelis Trust and Pitts, collectively, the “Courtelis
Guarantor”), an individual, with an address at 703 Waterford Way, Ste. 800, Miami, Florida 33126, CSG GROUP, LLC,
a Florida limited liability company (the “CSG Guarantor”), with an address at 2600 Golden Gate Parkway, Naples,
Florida 34104, J.I. KISLAK, INC., a New Jersey corporation (the “Kislak Guarantor”) with an address at
7900 Miami Lakes Dr. West, Attn: Corp. Tax Dept., Miami Lakes, Florida 33016, HMG/COURTLAND PROPERTIES, INC. (the “HMG/Courtland
Guarantor”), a Delaware corporation with an address at 1870 S. Bayshore Drive, Coconut Grove, Florida 33133 (each a “Guarantor”
and collectively, "Guarantors"), for the benefit of PNC BANK, NATIONAL ASSOCIATION (the "Lender"),
with an address at 2255 Glades Road, Suite 140W, Boca Raton, Florida 33431, in consideration of the extension of credit by Lender
to MURANO AT THREE OAKS ASSOCIATES, LLC, a Florida limited liability company (the "Borrower"), and other
good and valuable consideration, the receipt and sufficiency of which are acknowledged.

 

1.            Definitions.
The defined terms below shall have the following meanings when used in this Guaranty. Capitalized terms used and not otherwise
defined in this Guaranty have the meanings given to such terms in the Loan Agreement (defined below).

 

(a)         "Annual
Statements" means as defined in Section 4(g).

 

(b)         "Bankruptcy
Code" means Title 11 U.S.C. § 101 et seq., as the same may now or hereafter be amended, re-enacted, or codified.

 

(c)         "Carrying
Cost Obligations" means all Impositions, premiums for insurance, Operating Expenses, leasing commissions, and interest
on security deposits owed to tenants under Leases executed in connection with the Improvements.

 

(d)         "Carveout
Obligations" means any loss, damage, cost, expense, liability, claim or other obligation incurred by Lender (including
reasonable attorneys' fees and costs reasonably incurred) arising out of or in connection with the occurrence of any Carveout Event
and interest at the Default Rate thereon.

 

(e)         "Carveout
Event" means the occurrence of any of the following events:

 

(i)         Borrower,
Guarantor, or any Affiliate or Borrower or Guarantor, or any of their respective agents or representatives, misappropriates or
misapplies any (A) Rents, or (B) insurance proceeds, or (C) awards or other amounts received in connection with
the condemnation of all or a portion of the Project;

 

    	 	1	 

     

    

 

(ii)        Borrower's
failure to pay Taxes during the term of the Loan when the same become due and payable in accordance with the terms of the Loan
Agreement, except to the extent that such Taxes are then held in escrow by Lender;

 

(iii)       During
the term of the Loan, Borrower's failure to (A) obtain and maintain insurance in accordance with Section 4.5 of the Loan
Agreement, (B) pay insurance premiums when the same become due and payable, in accordance with the terms of this Guaranty,
except to the extent that such premium amounts are then held in escrow by Lender; or (C) pay the deductible amount of any
insurance policy;

 

(iv)       Borrower's
failure to pay charges for labor or materials or other charges that can create Liens on the Project in connection with work on
the Project made by or on Borrower’s behalf, and which are not bonded over by Borrower pursuant to the requirements of the
Loan Agreement;

 

(v)        Borrower's
or Guarantor's failure to comply with Section 4.30 [Anti-Money Laundering/International Trade Law Compliance] of the Loan
Agreement;

 

(vi)       any
act of intentional material physical waste with respect to the Project by Borrower, Guarantor, any Affiliate of any of the foregoing
or any of their respective agents or representatives;

 

(vii)      any
fees or commissions being paid by Borrower to Guarantor or any Affiliate of Borrower, or Guarantor in violation of the terms of
this Guaranty, the Note, the Mortgage or the other Loan Documents;

 

(viii)     the
breach of any representation, warranty, covenant or indemnification provision in the Environmental Indemnity Agreement; or

 

(ix)       Borrower's
failure to pay any reasonable actual third-party cost or expense of Lender in connection with the enforcement of its rights and
remedies under this Guaranty.

 

(f)         "Expense
Obligations" means all costs and expenses of any kind which Lender may at any time pay or incur in attempting to collect,
compromise or enforce in any respect the Loan Documents or this Guaranty including, without limitation, all reasonable attorneys'
fees, court costs, and other legal expenses, whether or not suit is ever filed, and whether or not in connection with any insolvency,
bankruptcy, reorganization, arrangement or other similar proceeding involving any Loan Party, together with interest at the Default
Rate on any such payment from the date thereof until repayment to the Lender in full.

 

(g)         "Event
of Default" means as defined in Section 7.

 

(h)         "First
Reduction Conditions" means satisfaction of the following conditions:

 

(i)         no
Event of Default has occurred and is continuing;

 

(ii)        Completion
of Construction has occurred; and

 

    	 	2	 

     

    

 

(iii)        the
Project has achieved a Debt Service Coverage Ratio of not less than 1.25 to 1.00 for two (2) consecutive fiscal quarters;

 

(i)         "First Reduction
Date" means the date on which Lender determines in its reasonable discretion (in response to a written request by
Guarantor for such determination) that the First Reduction Conditions have been satisfied.  

 

(j)         "Guaranteed
Obligations" means as defined in Section 2.

 

(k)         "Guarantor
Claims" means all debts and liabilities of Borrower to any Guarantor, or by and among Guarantors, if more than one, together
with interest thereon, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether such obligations
of Borrower or Guarantors 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
in whose favor such debts and liabilities may, at their inception, have been, or may hereafter be created, or the manner in which
they have been or may hereafter be created. Guarantor Claims include without limitation all rights and claims of any Guarantor
against Borrower arising as a result of subrogation or otherwise, or against any other Guarantor if more than as a result of contribution
or otherwise, resulting from Guarantor's payment of all or any portion of the Guaranteed Obligations.

 

(l)         "Historical
Statements" means as defined in Section 4(g).

 

(m)        "Indemnified
Parties" means as defined in Section 22.

 

(n)         "Interest
Obligations" means all interest due or to become due under the Note and Loan Agreement including, without limitation,
interest at the Default Rate, if applicable, and any changes to the rate or method of calculation in interest permitted by the
Loan Documents or otherwise consented to by Borrower.

 

(o)         "Interim
Statements" means as defined in Section 4(g).

 

(p)         "Lien"
shall mean any mortgage, pledge, charge, encumbrance, security interest, collateral assignment or other lien or restriction of
any kind, whether based on common law, constitutional provision, statute or contract.

 

(q)         "Loan
Agreement" means that certain Construction and Mini Perm Loan Agreement by and among Lender, Borrower and Guarantors dated
of even date herewith, as the same may from time to time be amended, modified, replaced, restated, extended, renewed, refinanced
and/or supplemented.

 

(r)         "Loan
Document Obligations" means all sums and fees now or hereafter to be paid by Borrower under the Loan Documents, other
than Principal Obligations, Interest Obligations, Carrying Cost Obligations, and, including, without limitation, PNC-Provided Interest
Rate Hedge Liabilities and the obligations of the Borrower with respect to the payment of any fees and increased costs due under
the Loan Agreement and other Loan Documents.

 

    	 	3	 

     

    

 

(s)         "Operating
Expenses" means the expenses actually and reasonably incurred by Borrower with respect to the ownership, operation, leasing
and occupancy of the Project in the normal course of business, determined on the basis of sound cash basis accounting practices
applied on a consistent basis.

 

(t)         "Person"
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Official
Body or other entity.

 

(u)         "Principal
Amount" means (i) at all times prior to the First Reduction Date, 30% of the Principal Obligations (it being understood
that the Courtelis Guarantor shall collectively be responsible for 7.5% of the Principal Obligations, the CSG Guarantor shall be
responsible for 7.5% of the Principal Obligations, the Kislak Guarantor shall be responsible for 7.5% of the Principal Obligations,
and the HMG/Courtland Guarantor shall be responsible for 7.5% of the Principal Obligations, with all of the foregoing Principal
Obligations being several among the Guarantors), (ii) at all times after the First Reduction Date, 15% of the Principal Obligations
(it being understood that the Courtelis Guarantor shall collectively be responsible for 3.75% of the Principal Obligations, the
CSG Guarantor shall be responsible for 3.75% of the Principal Obligations, the Kislak Guarantor shall be responsible for 3.75%
of the Principal Obligations, and the HMG/Courtland Guarantor shall be responsible for 3.75% of the Principal Obligations, with
all of the foregoing Principal Obligations being several among the Guarantors), and (iii) at all times after the Second Reduction
Date, 0% of the Principal Obligations.

 

(v)         "Principal
Obligations" means (i) prior to Completion of Construction, the maximum principal commitment under the Loan; or (ii)
after Completion of Construction and all commitments to fund Loan Proceeds under the Loan Agreement have been terminated, so much
of the principal balance of the Loan that is then outstanding when the calculation of “Principal Obligations” is required
to be made from time to time in the context of this Guaranty. 

 

(w)         "Recourse
Event" means the occurrence of any of the following events:

 

(i)        Borrower
violates or breaches any of the terms and conditions of Sections 5.1 of the Loan Agreement; or

 

(ii)       Borrower
fails to obtain Lender’s prior written consent, to any subordinate financing or other voluntary lien encumbering the Project
(except as permitted in the Loan Documents);

 

(iii)      (A) Borrower
files a voluntary petition under the Bankruptcy Code or any other Debtor Relief Laws, (B) an Affiliate, officer, director,
or representative which controls Borrower directly or indirectly, files, or joins in the filing of, an involuntary petition against
Borrower or under the Bankruptcy Code or any other Debtor Relief Laws, or solicits or causes to be solicited, or otherwise colludes
with, petitioning creditors for any involuntary petition against Borrower from any Person, (C) Borrower files an answer not
otherwise required by law consenting to, or otherwise acquiescing in, or joining in, any involuntary petition filed against it,
by any other Person under the Bankruptcy Code or any other Debtor Relief Laws, or solicits or causes to be solicited, or otherwise
colludes with, petitioning creditors for any involuntary petition from any Person, (D) any Affiliate, officer, director, or
representative which controls Borrower consents to, or acquiesces in, or joins in, an application for the appointment of a custodian,
receiver, trustee, or examiner for Borrower or the Project except in the case of any such application filed by Lender, (E) Borrower
makes an assignment for the benefit of creditors, or admits, in writing or in any legal proceeding, its insolvency or inability
to pay its debts as they become due, (F) there is a substantive consolidation of any Loan Party with Borrower in connection
with any proceeding under the Bankruptcy Code or any other Debtor Relief Laws, (G) any Loan Party contests or opposes any
motion made by Lender to obtain relief from the automatic stay or seeking to reinstate the automatic stay in the event of any proceeding
under the Bankruptcy Code or any other Debtor Relief Laws involving Guarantor or its subsidiaries, and (H) in the event Lender
receives less than the full value of its claim in any proceeding under the Bankruptcy Code or any other Debtor Relief Laws, Guarantor
or any of its Affiliates receives equity interest or other financial benefit of any kind as a result of a "new value"
plan or equity contribution; or

 

    	 	4	 

     

    

 

(iv)       Borrower,
Guarantor, or any Affiliate of Borrower, or Guarantor contests, delays, interferes with or frustrates, or fails to cooperate with
Lender's exercise of remedies provided under the Loan Documents after the occurrence of an Event of Default (except to the extent
that a court of competent jurisdiction makes a final determination that Borrower, Guarantor or any Affiliate of Borrower, or Guarantor
had a valid legal basis for any such action); or

 

(v)       Borrower,
Guarantor, any Affiliate of any of the foregoing, or any of their respective agents or representatives, engages in any action constituting
fraud, intentional misrepresentation or willful misconduct in connection with the Obligations or the Project.

 

(x)         "Second
Reduction Conditions" means satisfaction of the following conditions:

 

(i)         no
Event of Default has occurred and is continuing;

 

(ii)        intentionally
deleted;

 

(iii)       the
Project has achieved a Debt Service Coverage Ratio of not less than 1.35 to 1.00 for two (2) consecutive fiscal quarters; and

 

(iv)       the
outstanding principal balance of the Loan shall not exceed sixty percent (60%) of the Appraised Value As Is of the Project,
as determined by, at Lender’s election, a new or updated Appraisal of the Project which shall be engaged by Lender at
Borrower’s expense.

 

2.            Guaranteed
Obligations.

 

(a)          Guarantor
unconditionally guarantees, as a primary obligor, and becomes surety for the prompt payment and performance of (i) all Interest
Obligations, (ii) all Loan Document Obligations, (iii) all Expense Obligations, (iv) the Carrying Cost Obligations,
(v) the Principal Amount, (vi) interest on each of the foregoing including, if applicable, interest at the Default Rate; provided,
however, that (vii) following the occurrence of a Carveout Event, Guarantor's liability under this Guaranty shall also include
all Carveout Obligations, and (viii) following the occurrence of a Recourse Event, Guarantor's liability under this Guaranty
shall include all Obligations of Borrower for which Borrower is, or shall become, personally liable pursuant to the Loan Agreement
and the other Loan Documents (collectively, the "Guaranteed Obligations").

 

    	 	5	 

     

    

 

(b)         Upon
the occurrence of an Event of Default, Guarantor will pay the Guaranteed Obligations to Lender upon demand. Until the Obligations
are indefeasibly paid in full, all other obligations hereunder have been performed and discharged, and all commitments to lend
under the Loan Agreement (the “Commitment”) have terminated or expired, the Guaranteed Obligations will not
be reduced in any manner whatsoever by any amounts which Lender realizes before or after maturity of the Obligations, by acceleration
or otherwise, as a result of payments made by or on behalf of Borrower or by or on behalf of any other person or entity primarily
or secondarily liable for the Obligations or any part thereof (other than direct payments by Guarantor to Lender as described in
Section 2(c) below), or otherwise credited to Borrower or such person or entity, or as a result of the exercise of Lender's rights
with respect to the Collateral.

 

(c)         Subject
to the Lender's right to apply payments and collateral proceeds received by it in accordance with the Loan Agreement, the Guaranteed
Obligations shall only be reduced by payments made directly by the Guarantors to the Lender after acceleration of the Obligations
and shall not include any amounts received by Lender from any other party or source or realized as a result of the exercise of
the rights in collateral furnished by any other party or source, including, without limitation, the Borrower. In order for a payment
to be construed as having been made directly by the Guarantor, the Guarantor shall cause such payment to be delivered in person
or by mail, to any Vice President of the Lender's Real Estate Finance Department or by wire with written confirmation to any Vice
President of the Lender's Real Estate Finance Department and such payment shall contain a written statement by the Guarantor that
such payment applies to the Guaranteed Obligations.

 

3.            Nature
of Guaranty; Waivers.

 

(a)          This
is a guaranty of payment and not of collection, and Lender is not required or obligated, as a condition of Guarantor's liability,
to make any demand upon or to pursue any of its rights against Borrower or any other Loan Party.

 

(b)         This
is an absolute, unconditional, irrevocable and continuing guaranty and will remain in full force and effect until the Obligations
are indefeasibly paid in full, all other obligations hereunder have been performed and discharged, and all Commitments have terminated
or expired. This Guaranty will remain in full force and effect even if there is no principal balance outstanding under the Obligations
at a particular time or from time to time. This Guaranty will not be affected by (i) any surrender, exchange, acceptance, compromise
or release by Lender of any other Person, or any other pledge, guaranty or any security held by it for any of the Obligations;
(ii) any failure of Lender to take any steps to perfect or maintain its lien or security interest in or to preserve its rights
to any Collateral or with respect to any pledge, guaranty or other security given in support of the Obligations; or (iii) any irregularity,
unenforceability or invalidity of any of the Obligations or any part thereof or any guaranty, pledge or security instrument given
in support of the Obligations. Guarantor's obligations hereunder will not be affected, modified or impaired by any counterclaim,
set-off, recoupment, deduction or defense based upon any claim Guarantor may have (directly or indirectly) against Borrower or
Lender, except payment or performance of the Obligations. Notwithstanding the foregoing, this Guaranty shall remain in full force
and effect for so long as any payment hereunder may be voided, treated as a preference or otherwise set aside in any preceding
under any Debtor Relief Law, and nothing herein shall waive 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 in accordance with the Loan Documents.

 

    	 	6	 

     

    

 

(c)          To
the extent permitted by Law, Guarantor further agrees to make full payment to Lender even if circumstances exist which constitute
an equitable discharge of any Guarantor as surety or guarantor. Notice of acceptance of this Guaranty, notice of extensions of
credit to Borrower from time to time, notice of default, diligence, presentment, notice of dishonor, protest, demand for payment,
and any defense based upon Lender's failure to comply with the notice requirements under Sections 9-611 and 9-612 of the Uniform
Commercial Code as in effect from time to time are waived. Guarantor waives all defenses based on suretyship or impairment of collateral.

 

(d)         Lender
at any time and from time to time, without notice to or the consent of Guarantor, and without impairing, releasing, discharging
or modifying Guarantor's liabilities hereunder, may (i) change the manner, place, time or terms of payment or performance
of or interest rates on, or other terms relating to, any of the Obligations (in which case, the "Obligations" shall include
any such changes); (ii) renew, substitute, modify, amend or alter, or grant consents or waivers relating to any of the Obligations,
any other guaranties, or any security for any Obligations or guaranties; (iii) apply any and all payments by whomever paid
or however realized including any proceeds of any Collateral, to the Obligations in such order, manner and amount as Lender may
determine in its sole discretion; (iv) settle, compromise or deal with any other Person, including Borrower or Guarantor,
with respect to any Obligations in such manner as Lender deems appropriate in its sole discretion; (v) add, substitute, exchange
or release any security, or add, modify or release the obligations of other Loan Parties; or (vi) enter into one or more forbearance
agreements or take such actions and exercise such remedies provided by this Guaranty or the other Loan Documents.

 

(e)          Guarantor's
liabilities hereunder are independent of, and severable from, any other liabilities of Guarantor under any separate guaranty or
indemnity agreement executed and delivered in connection with the Loan including, without limitation, the Environmental Indemnity
Agreement, any other guaranty, pledge, security instrument, or indemnity agreement otherwise given by a Loan Party in support of
the Obligations.

 

4.            Representations
and Warranties. Each Guarantor represents and warrants to Lender, as to itself (each Guarantor’s representations
and warranties being only as to such Guarantor and not as to any other Guarantor or as to any other matter), as follows:

 

(a)          Formation;
Capacity. Guarantor is a corporation, partnership, limited liability company, or trust, as applicable, duly organized, validly
existing and in good standing under the Laws of the state of its jurisdiction of formation. Guarantor has the full power and authority
to engage in the business it presently conducts and proposes to conduct.

 

(b)          Power
and Authority. Guarantor has full power and authority to enter into, execute, deliver
and carry out this Guaranty and the other Loan Documents to which it is a party, to incur the obligations described in this Guaranty
and such other Loan Documents, and to perform its obligations hereunder and thereunder. All such actions have been duly authorized
by all necessary proceedings on Guarantor's part.

 

    	 	7	 

     

    

 

(c)          Validity
and Binding Effect. This Guaranty and the other Loan Documents to which Guarantor
is a party have been duly executed and delivered by Guarantor. This Guaranty and the other Loan Documents to which Guarantor is
a party constitute, or will constitute, legal, valid and binding obligations of Guarantor on and after delivery thereof by Guarantor,
enforceable against Guarantor in accordance with their respective terms.

 

(d)          No
Conflict. Neither the execution and delivery of this Guaranty nor the other Loan
Documents to which Guarantor is a party, nor the consummation of the transactions herein or therein contemplated, nor compliance
with the terms and provisions hereof or thereof, will (i) conflict with, constitute a default under or result in any breach or
violation of (A) the terms and conditions of the Organizational Documents of Guarantor or (B) any approval of an Official Body
or under an applicable Law, any material agreement, instrument, order, writ, judgment, injunction or decree to which Guarantor
is a party or by which Guarantor is bound or to which it is subject, or (ii) result in the creation or enforcement of any Lien,
charge or encumbrance whatsoever upon any property (now or hereafter acquired) of Guarantor.

 

(e)          No
Potential Default or Event of Default; Compliance with Instruments. No event has
occurred and is continuing and no condition exists or will exist after giving effect to the Closing Disbursement, Initial Construction
Disbursement or Subsequent Disbursements of the Loan under or pursuant to the Loan Documents which constitutes an Event of Default
or Potential Default. Guarantor is not in violation of (i) any term of its Organizational Documents or (ii) any material agreement
or instrument to which it is a party or by which it or its properties may be subject or bound.

 

(f)          No
Litigation or Investigations. There are no actions, suits, proceedings or investigations
pending or, to the knowledge of Guarantor, threatened against Guarantor at law or in equity before any Official Body which individually
or in the aggregate would question the capacity, ability or authority of Guarantor to execute, deliver and perform this Guaranty
or the other Loan Documents to which it is a party, or if adversely determined may result in any Material Adverse Effect.

 

(g)          Financial
Statements and Other Information. Guarantor has delivered to Lender copies of Guarantor's
fiscal year-end (or calendar year-end, as applicable) financial statements (hereinafter collectively referred to as the "Annual
Statements"). In addition, Guarantor has delivered to Lender copies of its interim financial statements for the fiscal
year (or calendar year, as applicable) to date and as of the end of its most recent fiscal quarter (or calendar quarter, as applicable)
(hereinafter collectively referred to as the "Interim Statements" and hereinafter the Annual Statements and the
Interim Statements as well as all other financial reports and information delivered to Lender in connection with the Loan will
be collectively referred to as the "Historical Statements"). The Historical Statements are correct, accurate
and complete in all material respects and fairly present the financial condition of Guarantor as of their dates and the results
of operations for the fiscal periods (or calendar periods, as applicable) then ended, subject (in the case of the Interim Statements)
to normal year-end audit adjustments. All other financial data and information given to Lender by or with respect to Guarantor
is accurate, correct and complete in all material respects. Guarantor does not have any liabilities, contingent or otherwise,
or forward or long-term commitments that are not disclosed in the Historical Statements or in the notes thereto, and except as
disclosed therein there are no unrealized or anticipated losses from any commitments of Guarantor which may cause a Material Adverse
Effect. Since the most recent Historical Statement, no Material Adverse Effect has occurred.

 

    	 	8	 

     

    

 

(h)          Consents
and Financing Statements. All consents, approvals, exemptions, orders or authorizations
of, or registrations or filings by or of Guarantor with, any Official Body or any other Person required by any Law or any agreement
in connection with the execution, delivery and carrying out of this Guaranty or the other Loan Documents to which Guarantor is
a party have been obtained or made on or prior to the Closing Date. Guarantor authorizes Lender to file all financing statements,
together with any amendments or modifications thereof which Lender deems necessary or desirable to perfect, under the applicable
Uniform Commercial Code, each security interest, if any, given to support any collateral given by Guarantor in support of its
obligations under this Guaranty or other Loan Documents to which it is a party.

 

(i)          Compliance
with Laws. Guarantor is in compliance with all applicable Laws in all jurisdictions
in which Guarantor is presently or will be doing business, except where such failure to comply with a Law would not result in
fines, penalties, costs or similar liabilities or injunctive relief.

 

(j)          Solvency. Guarantor
is Solvent as of the Closing Date and will be Solvent after giving effect to the transactions and obligations of Guarantor under
this Guaranty and the other Loan Documents, the security interests granted by Guarantor, if any, and the payment of all fees,
costs, expenses and the like related thereto.

 

(k)          Full
Disclosure. To Guarantor’s knowledge, no report, financial statement, certificate
or other written information furnished by or on behalf of any Loan Party (other than projected financial information, pro forma
financial information and information of a general economic or industry nature) to Lender in connection with the transactions
contemplated hereby and the negotiation of this Guaranty or any other Loan Document to which Guarantor is a party (as modified
or supplemented by other information so furnished) when taken as a whole contains any material misstatement of fact or omits to
state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under
which they were made, not materially misleading. With respect to projected financial information and pro forma financial information,
the Guaranty represents that such information was prepared in good faith based upon assumptions believed to be reasonable at the
time of preparation; it being understood that such projections may vary from actual results and that such variances may be material.

 

(l)          Investment
Companies; Regulated Entities. Guarantor is not an "investment company"
registered or required to be registered under the Investment Company Act of 1940 or under the "control" of an "investment
company" as such terms are defined in the Investment Company Act of 1940 and will not become such an "investment company"
or under such "control." Guarantor is not subject to any other federal, local or state statute, rule or regulation limiting
Guarantor's ability to incur any indebtedness for borrowed money.

 

(m)        Anti-Money
Laundering/International Trade Law Compliance. No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own
right or through any third party, (a) has any of its assets in a Sanctioned Country or in the possession, custody or control of
a Sanctioned Person in violation of any Anti-Terrorism Law; (b) does business in or with, or derives any of its income from investments
in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (c) engages in
any dealings or transactions prohibited by any Anti-Terrorism Law.

 

    	 	9	 

     

    

 

The representations and warranties contained
in this Section 4 are made separately by each Guarantor solely as to such Guarantor, and not as to any other Guarantor.

 

5.            Covenants.
Each Guarantor hereby covenants and agrees that until the Obligations have been indefeasibly paid in full, all other obligations
hereunder have been performed and discharged, and all Commitments have terminated or expired, each Guarantor will comply at all
times with the following affirmative covenants:

 

(a)          Preservation
of Existence. Guarantor will maintain its legal existence (and no change is permitted thereto) as a corporation, limited partnership,
limited liability company, or trust and its licenses or qualifications and good standings in the jurisdictions of its formation.
If Guarantor is a partnership, Guarantor will not add, remove or substitute any general partner without the prior written consent
of Lender.

 

(b)          Compliance
With Laws. Guarantor will comply with applicable Laws, provided that it is
not a violation of this Section 5(b) so long as failure to comply with a Law would not result in fines, penalties, costs
or other similar liabilities or injunctive relief.

 

(c)          Keeping
of Records and Books of Account. Guarantor will maintain and keep proper records
and books of account which enable Guarantor to issue financial statements and reports on a tax basis (or as to HMG/Courtland Guarantor,
pursuant to GAAP or as otherwise required by an Official Body) or as otherwise required by applicable laws of any Official Body
having jurisdiction over Guarantor in accordance with Section 5(g) of this Guaranty, and in which full, true and correct entries
will be made in all material respects of all its dealings and business and financial affairs.

 

(d)          Inspection
Rights. Guarantor will permit any of the officers or authorized employees or representatives
of Lender to examine, make excerpts from and audit its books and records and discuss its business affairs, finances and accounts
with its officers, all in such detail and at such times and as often as Lender may reasonably request. Guarantor will furnish
Lender with convenient facilities for such inspections and audits.

 

(e)          Organizational
Covenants.

 

(i)       Guarantor
will not materially amend or modify, or permit the material amendment or modification of, any provision of Guarantor's Organizational
Documents without obtaining the prior written consent of Lender. The foregoing shall not apply to HMG/Courtland Guarantor to the
extent HMG/Courtland Guarantor’s stock is listed on the New York Stock Exchange or other nationally recognized stock exchange.

 

(ii)       Guarantor
will not cause or permit sales, pledges, encumbrances, conveyances, transfers or assignments of interests in Guarantor (whether
owned directly or through other entities) without obtaining the prior written consent of Lender; provided, however, the Guarantor
shall be permitted to make the following transfers (each, a “Transfer”):

 

    	 	10	 

     

    

 

(A) so long as there
is not a change of control of the management and day to day control of each of the Guarantors, the direct and indirect ownership
interests in the Guarantors may be transferred without Lender consent in connection with the estate planning of such transferor
to (1) an Immediate Family Member of such interest holder (or to partnerships or limited liability companies controlled solely
by one or more of such family members) or (2) a trust established for the benefit of such immediate family member. “Immediate
Family Member” shall mean a sibling, family trust, parent, spouse, child (or step-child), grandchild or other lineal descent
of the interest holder;  and

 

(B) up to 49% of
the ownership interests of any Guarantor, whether direct or indirect, to unaffiliated third parties, so long as there is not a
change in control of the management and day to day operations of any Guarantors, and if there is a transfer of more than 15% of
such ownership interests, Lender has approved in advance of such transfer such “know your customer” and related compliance
requirements in connection with such proposed transfer.

 

The foregoing shall not apply to HMG/Courtland Guarantor to the
extent HMG/Courtland Guarantor’s stock is listed on the New York Stock Exchange or other nationally recognized stock exchange.

 

(iii)       the publicly
traded shares of HMG/Courtland Guarantor may be transferred provided such stock is listed on the New York Stock Exchange or other
nationally recognized stock exchange; and

 

(iv)       Guarantor
will not dissolve, liquidate or wind-up its affairs, or become a party to any merger or consolidation (unless in the event the
Guarantor is the surviving party), or, except for HMG/Courtland Guarantor and Kislak Guarantor, acquire by purchase, lease or otherwise
all or substantially all of the assets or capital stock of any other Person.

 

(f)          Further
Assurances. Guarantor will, from time to time, at its expense, faithfully preserve
and protect Lender's interests in this Guaranty or any other Loan Documents to which Guarantor is a party, and will take such
other action as Lender in its sole discretion may deem to be necessary or advisable from time to time in order to preserve and
protect its interests under this Guaranty or any other Loan Documents to which Guarantor is a party, to exercise and enforce Lender's
rights and remedies hereunder, and to carry out the terms of this Guaranty or any other Loan Documents to which Guarantor is a
party.

 

(g)          Anti-Money
Laundering/International Trade Law Compliance. No Covered Entity will become a Sanctioned Person. No Covered Entity, either
in its own right or through any third party, will (a) have any of its assets in a Sanctioned Country or in the possession, custody
or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) do business in or with, or derive any of its income
from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (c)
engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (d) use the Advances to fund any operations in,
finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any
Anti-Terrorism Law. The funds used to repay the Obligations will not be derived from any unlawful activity. Each Covered Entity
shall comply with all Anti-Terrorism Laws. The Borrowers shall promptly notify the Lender in writing upon the occurrence of a Reportable
Compliance Event.

 

    	 	11	 

     

    

 

(h)         Additional
Covenants. Guarantor further covenants and agrees to comply with any additional covenants or obligations of Guarantor which
may be provided by the express terms of any of the other Loan Documents.

 

(i)          Financial
Reports. Guarantor will furnish or cause to be furnished the financial reports and
information listed on and within the time frame specified on Exhibit 7.2(A) of the Loan Agreement.

 

(j)          Financial
Covenants. Guarantor shall remain in compliance with all financial covenants as required by Section 4.28 of the Loan Agreement,
as such financial covenants relate to the applicable Guarantor.

 

The covenants contained in
this Section 5 are made separately by each Guarantor solely as to such Guarantor, and not as to any other Guarantor.

 

6.            Repayments
or Recovery from Lender. If any demand is made at any time upon Lender for the repayment or recovery of any amount received
by it in payment or on account of any of the Obligations and if Lender repays all or any part of such amount by reason of any judgment,
decree or order of any court or administrative body or by reason of any settlement or compromise of any such demand, Guarantor
will be and remain liable hereunder, and the Guaranteed Obligations will continue to include, the amount so repaid or recovered
to the same extent as if such amount had never been received originally by Lender. The provisions of this section will remain effective
notwithstanding any contrary action which may have been taken by Guarantor in reliance upon such payment, and any such contrary
action will be without prejudice to Lender's rights hereunder and will be deemed to have been conditioned upon such payment having
become final and irrevocable.

 

7.            Enforceability
of Obligations. No modification, limitation or discharge of the Obligations arising out of or by virtue of any bankruptcy,
reorganization or similar proceeding for relief of debtors under any Debtor Relief Law will affect, modify, limit or discharge
Guarantor's liability in any manner whatsoever and this Guaranty will remain and continue in full force and effect and will be
enforceable against Guarantor to the same extent and with the same force and effect as if any such proceeding had not been instituted.
Guarantor waives all rights and benefits which might accrue to it by reason of any such proceeding and will be liable to the full
extent hereunder, irrespective of any modification, limitation or discharge of the liability of Borrower that may result from any
such proceeding.

 

8.            Events
of Default. The occurrence of any of the following will be an "Event of Default" under this Guaranty:
(a) any material breach by Guarantor of its representations and warranties, or default of its covenants and obligations, under
this Guaranty, (b) the occurrence of an Event of Default (as defined in any of the Loan Documents), or (c) the termination or attempted
termination of this Guaranty. Upon the occurrence of any Event of Default, (d) upon demand by Lender, Guarantor will immediately
pay to Lender the Guaranteed Obligations; and/or (e) upon demand by Lender, Guarantor will immediately deposit with Lender, in
U.S. dollars, the Guaranteed Obligations, and Lender may at any time use such funds to repay the Obligations; and/or (f) Lender
in its sole discretion may exercise with respect to any Collateral any one or more of the rights and remedies provided a secured
party under the applicable version of the Uniform Commercial Code; and/or (g) Lender in its sole discretion may exercise from time
to time any other rights and remedies available to it at law, in equity or otherwise.

 

    	 	12	 

     

    

 

9.            Right
of Setoff. In addition to all liens upon and rights of setoff against Guarantor's money, securities or other property given
to Lender by law, Lender will have, with respect to the Guaranteed Obligations, rights of setoff described in Section 10.2(a)(ii)
of the Loan Agreement.

 

10.          Guarantor
Claims.

 

(a)          Until
the Obligations are indefeasibly paid in full, all other obligations hereunder have been performed and discharged, and all Commitments
have terminated or expired, each Guarantor agrees not to accept any payment or satisfaction of any Guarantor Claims and hereby
assigns all such Guarantor Claims to Lender, including the right (but not the obligation) to file proof of claim and to vote in
any action under any Debtor Relief Law, including the right to vote on any plan of reorganization, liquidation or other proposal
for debt adjustment under any Debtor Relief Law.

 

(b)          Guarantor
agrees that no payment by it under this Guaranty will give rise to (i) any rights of subrogation against Borrower or the Collateral
for the Obligations, or (ii) any rights of contribution against any other Person, in each case unless and until Lender has received
full and indefeasible payment and performance of the Obligations. If the deferral of such rights will be unenforceable for any
reason, Guarantor agrees that (iii) its rights of subrogation will be junior and subordinate to Lender's rights against Borrower,
any other guarantor, and the Collateral for the Obligations, and (iv) its rights of contribution against any other Person will
be junior and subordinate to the rights against any other Person of Lender.

 

(c)          Any
Guarantor Claim will be and hereby is deferred, postponed and subordinated to the prior payment in full of the Obligations. Guarantor
agrees that should Guarantor receive any funds, payment, claim, distribution, satisfaction or security for any Guarantor Claim,
the same will be delivered to Lender in the form received (endorsed or assigned as may be appropriate) for application on account
of, or as security for, the Obligations and until so delivered to Lender, will be held in trust for Lender as security for the
Obligations, and agrees that it will have absolutely no dominion over the amount of such funds, payments, claim, distribution,
satisfaction or security except to pay or deliver the same to Lender, and Guarantor covenants to promptly pay or deliver the same
to Lender.

 

(d)          Guarantor
agrees that it will have no liens or security interests upon a Loan Party's assets to secure any Guarantor Claim and, to the extent
that any such lien or security interest in Guarantor's assets exists or will hereafter be created or attach for any reason, such
liens and security interests are and will remain inferior and subordinate to the liens and security interests of Lender securing
the Obligations. Without the prior written consent of the Lender, Guarantor will not (i) exercise or enforce any creditor's rights
it may have against any Loan Party, or (ii) foreclose, repossess, sequester or otherwise take steps to institute any action or
proceedings to enforce any liens or security interests on any asset of any Loan Party.

 

    	 	13	 

     

    

 

(e)          In
the event of any bankruptcy action or proceeding under any Debtor Relief Law involving Guarantor as debtor, Lender will have the
right to prove its claim in any such action or 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 the Lender receive, for application against the Guaranteed Obligations,
any such dividend or payment which is otherwise payable to Guarantor and which will constitute a credit against the Guarantor Claims,
then upon full payment and satisfaction of the Guaranteed Obligations, Guarantor will be subrogated to the rights of Lender to
the extent that such payments with respect to any such Guarantor Claim have contributed toward the liquidation of all the obligations
under this Guaranty, and such subrogation will be with respect to that proportion of the Guaranteed Obligations which would have
been unpaid if Lender had not received dividends or payments upon such Guarantor Claim.

 

11.          Actions
by Guarantor Against Borrower. Guarantor covenants and agrees that it will not at any time institute or join in the institution
of any action or proceeding against Borrower under any Debtor Relief Law. Upon the commencement of any such action or proceeding
by or against Borrower, Guarantor not shall seek or cause Borrower to seek a supplemental stay or other relief, whether injunctive
or otherwise, pursuant to Section 105 of the Bankruptcy Code or any other Debtor Relief Law, to stay, interdict, condition, reduce
or inhibit the ability of Lender to enforce any of its rights against Borrower, any other guarantor or the Collateral.

 

12.          Intentionally
Deleted.

 

13.          Notices.
All notices, demands, requests, consents, approvals and other communications required or permitted will be given in accordance
with the notice provisions of the Loan Agreement.

 

14.          Preservation
of Rights. No course of dealing and no delay or failure of Lender in exercising any right, power, remedy or privilege under
this Guaranty or any other Loan Document will affect any other or future exercise thereof or operate as a waiver thereof, nor will
any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power, remedy or
privilege preclude any further exercise thereof or of any other right, power, remedy or privilege. The rights and remedies of Lender
under this Guaranty and any other Loan Documents are cumulative and not exclusive of any rights or remedies which it would otherwise
have. Lender may proceed in any order against any Loan Party or any other obligor of, or any collateral securing, the Obligations.

 

15.          Severability.  The
provisions of this Guaranty are intended to be severable. If any provision of this Guaranty is held invalid or unenforceable in
whole or in part in any jurisdiction such provision will, as to such jurisdiction, be ineffective to the extent of such invalidity
or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining
provisions hereof in any jurisdiction.

 

16.          Changes
in Writing. No modification, amendment or waiver of, or consent to any departure by Guarantor from, any provision of this
Guaranty will be effective unless made pursuant to Section 11.1 of the Loan Agreement. No notice to or demand on Guarantor will
entitle Guarantor to any other or further notice or demand in the same, similar or other circumstance.

 

17.          Entire
Agreement. This Guaranty constitutes the entire agreement and supersedes all other prior agreements and understandings,
both written and oral, between Guarantor and Lender with respect to the subject matter hereof; provided, however, that this Guaranty
is in addition to, and not in substitution for, any other Guaranty or Loan Documents to which Guarantor is a party.

 

    	 	14	 

     

    

 

18.          Successors
and Assigns. This Guaranty will be binding upon and inure to the benefit of Guarantor and Lender and their respective heirs,
executors, administrators, personal representatives, successors and assigns; provided, however, that Guarantor may not assign this
Guaranty in whole or in part without Lender's prior written consent. The death or disability of any natural person who is a Guarantor
shall in no way impair or affect this Guaranty, either with respect to the estate of the person so dying, which shall continue
to be bound, or otherwise. Guarantor acknowledges and agrees that the obligations and liabilities of Guarantor under this Guaranty
shall not be affected in any way by any transfer of interests in Borrower, even though the Lender may have consented to such transfer
pursuant to the provisions of the Loan Agreement or otherwise. Any other attempted assignment or transfer by any party hereto is
null and void.

 

19.          Treatment
of Certain Information. Guarantor agrees that Information concerning Guarantor
may be disclosed (a) to any Affiliates and Related Parties of Lender, provided that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such Information confidential; (b) to the
extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties
(including any self-regulatory authority); (c) to the extent required by applicable Laws or regulations or by any subpoena or
similar legal process; (d) to any other Loan Party; (e) in connection with the exercise of any remedies under this Guaranty or
any other Loan Document or any action or proceeding relating to this Guaranty or any other Loan Document or the enforcement of
rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section, to
any assignee of or participant in, or any prospective assignee of or participant in, any of its rights and obligations under this
Guaranty; (g) on a confidential basis to (i) any rating agency in connection with rating Borrower, Guarantor, any other Loan Parties,
or their Affiliates, or the Loan or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring
of CUSIP numbers with respect to the Loan; (h) with the consent of Guarantor, any other Loan Party or their Affiliates whose consent
is required; or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section,
or (y) becomes available to Lender or any of its Affiliates on a not confidential basis from a source other than Guarantor, the
other Loan Parties or their Affiliates. Any Person required to maintain the confidentiality of Information as provided by applicable
provisions of the Loan Agreement or this Guaranty is considered to have complied with its obligation to do so if such Person
has exercised the same degree of care to maintain confidentiality as such Person could accord to its own confidential information.

 

20.          Joint
and Several Liability. Except as otherwise set forth above with respect to the several nature of the Principal Amount guaranteed
obligations, Guarantor, if more than one, acknowledges and agrees that all other obligations of the Guarantor hereunder shall be
joint and several, and all references to the Guarantor herein shall be deemed to refer to each of such parties comprising the Guarantor
both individually and collectively with the other such parties.

 

21.          Interpretation.
In this Guaranty, unless Guarantor and Lender otherwise agree in writing, the singular includes the plural and the plural the singular;
words importing any gender include the other genders; references to statutes are to be construed as including all statutory provisions
consolidating, amending or replacing the statute referred to; the word "or" will be deemed to include "and/or",
the words "including", "includes" and "include" will be deemed to be followed by the words "without
limitation", references to articles, sections (or subdivisions of sections) or exhibits are to those of this Guaranty; and
references to agreements and other contractual instruments will be deemed to include all subsequent amendments and other modifications
to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Guaranty
or the other Loan Documents. Section headings in this Guaranty are included for convenience of reference only and do not constitute
a part of this Guaranty for any other purpose.

 

    	 	15	 

     

    

 

22.          Indemnity.  Guarantor
agrees to indemnify Lender, each legal entity, if any, who controls, is controlled by or is under common control with Lender and
each of their respective directors, officers, employees and agents (collectively, the "Indemnified Parties"),
and to defend and hold each Indemnified Party harmless from and against, any and all claims, damages, losses, liabilities and expenses
(including all reasonable fees and charges of internal or external counsel with whom any Indemnified Party may consult and all
expenses of litigation and preparation therefor) which any Indemnified Party may incur or which may be asserted against any Indemnified
Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of Guarantor),
in connection with or arising out of the matters referred to in this Guaranty or in the other Loan Documents, except as otherwise
provided under this Guaranty; provided, however, that the foregoing indemnity will not apply to any claims, damages, losses, liabilities
and expenses solely attributable to an Indemnified Party's gross negligence or willful misconduct. Lender may participate in the
defense of any such action or claim. The provisions of this Section will survive the termination, satisfaction or release of this
Guaranty, the foreclosure of the Mortgage or other liens upon any Collateral, the delivery of a deed in lieu of foreclosure, payment
of all or any Note or portion of the Loan and assignment of any rights hereunder.

 

23.          Equal
Credit Opportunity Act. If Guarantor is not an "applicant for credit" under Section 202.2 (e) of the Equal Credit
Opportunity Act of 1974 ("ECOA"), Guarantor acknowledges that (i) this Guaranty has been executed to provide credit support
for the Obligations, and (ii) Guarantor was not required to execute this Guaranty in violation of Section 202.7(d) of the ECOA.

 

24.          Authorization
to Obtain Credit Reports. By signing below, each Guarantor who is an individual provides written authorization to Lender
or its designee (and any assignee or potential assignee) to obtain Guarantor's personal credit profile from one or more national
credit bureaus. Such authorization will extend to obtaining a credit profile in considering this Guaranty and subsequently for
the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting
account.

 

25.          GOVERNING
LAW; JURISDICTION; ETC.

 

(A)       GOVERNING
LAW. THIS GUARANTY AND ANY CLAIMS, CONTROVERSIES, DISPUTES OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED
UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY AND THE TRANSACTIONS CONTEMPLATED HEREBY ARE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO ITS CONFLICT OF LAWS PRINCIPLES.

 

    	 	16	 

     

    

 

(B)       JURISDICTION.
GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR
DESCRIPTION, WHETHER IN LAW OR EQUITY, CONTRACT, TORT OR OTHERWISE, AGAINST LENDER OR ANY RELATED PARTY OF LENDER, IN ANY WAY RELATING
TO THIS GUARANTOR, ANY LOAN DOCUMENT OR TRANSACTIONS RELATED TO ANY LOAN DOCUMENT, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE
OF FLORIDA SITTING IN LEE COUNTY, OR OF THE UNITED STATES DISTRICT COURT OF THE MIDDLE DISTRICT OF FLORIDA, AND ANY APPELLATE COURT
FROM ANY THEREOF. GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS
IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH FLORIDA STATE COURT OR, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. GUARANTOR AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION
OR PROCEEDING IS CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED
BY LAW. NOTHING IN ANY LOAN DOCUMENT AFFECTS ANY RIGHT THAT LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST GUARANTOR OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(C)       WAIVER
OF VENUE. GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR
ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION. GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(D)       SERVICE
OF PROCESS. GUARANTOR IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR IN THE LOAN AGREEMENT. NOTHING
IN THIS GUARANTY WILL AFFECT THE RIGHT OF GUARANTOR OR ANY LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW. 

 

26.          Waiver
of Jury Trial. GUARANTOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). GUARANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON COULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) IF MORE THAN ONE GUARANTOR IS A PARTY, GUARANTOR FURTHER ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO
THIS GUARANTY AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	17	 

     

    

 

27.          Duplicate
Originals; Counterparts. This Guaranty may be executed in any number of duplicate originals, and each duplicate original
shall be deemed to be an original. This Guaranty (and each duplicate original) also may be executed in any number of counterparts,
each of which shall be deemed an original and all of which together constitute a fully executed Guaranty even though all signatures
do not appear on the same page. The failure of any party hereto to execute this Guaranty, or any counterpart hereof, shall not
relieve the other signatories from their obligations hereunder.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	18	 

     

    

[SIGNATURE PAGE 1 OF 6 – GUARANTY AND
SURETYSHIP AGREEMENT]

 

Guarantor acknowledges
that it has read and understood all the provisions of this Guaranty, including the confession of judgment and waiver of jury trial,
and has been advised by counsel as necessary or appropriate.

 

WITNESS the due
execution hereof as a document under seal, as of the date first written above, with the intent to be legally bound.

 

	 	GUARANTOR:
	 	 
	 	/S/ Kiki L. Courtelis
	 	Kiki L. Courtelis, as Trustee of the Investment Trust created under the Alec P. Courtelis Declaration of Trust dated April 8, 1994

 

GUARANTOR ACKNOWLEDGMENT

 

STATE OF ______________          )

)SS:

COUNTY OF ____________          )

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, Kiki L. Courtelis, as Trustee of the Investment Trust created under the
Alec P. Courtelis Declaration of Trust dated April 8, 1994, who is personally known to me or who has produced a driver’s
license as identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	19	 

     

    

 

[SIGNATURE PAGE 2 OF 6 – GUARANTY AND
SURETYSHIP AGREEMENT]

 

	 	GUARANTOR:
	 	 
	 	/S/ W. Douglas Pitts (Seal)
	 	W. DOUGLAS PITTS

 

guarantor ACKNOWLEDGMENT

 

STATE OF ______________          )

)SS:

COUNTY OF ____________          )

 

The foregoing instrument
was acknowledged before me this19th day of July, 2019, by W. DOUGLAS PITTS, who is personally known to me or who has produced a
driver’s license as identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	20	 

     

    

 

[SIGNATURE PAGE 3 OF 6 – GUARANTY AND
SURETYSHIP AGREEMENT]

 

	 	GUARANTOR:
	 	 	 
	 	CSG GROUP, LLC, a Florida limited liability company
	 	 	 
	 	By: BARRON COLLIER MANAGEMENT, LLC, a Florida limited liability company, its Manager
	 	 	 
	 	By:	/S/ Brian Goguen
	 	 	Brian Goguen, Chief Operating Officer
	 	 	 
	 	By:	/S/ Bradley A. Boaz  
	 	 	Bradley A. Boaz, Chief Financial Officer

 

GUARANTOR ACKNOWLEDGMENT

 

STATE OF ______________          )

)SS:

COUNTY OF ____________          )

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, by Brian Goguen, as Chief Operating Officer of BARRON COLLIER
MANAGEMENT, LLC, a Florida limited liability company, the Manager of CSG GROUP, LLC, a Florida limited liability company, on behalf
of the company, who is personally known to me or who has produced a driver’s license as identification and who did not take
an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	21	 

     

    

 

[SIGNATURE PAGE 4 OF 6 – GUARANTY AND
SURETYSHIP AGREEMENT]

 

STATE OF ______________          )

)SS:

COUNTY OF ____________          )

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, by Bradley A. Boaz, as Chief Financial Officer of BARRON COLLIER MANAGEMENT,
LLC, a Florida limited liability company, the Manager of CSG GROUP, LLC, a Florida limited liability company, on behalf of the
company, who is personally known to me or who has produced a driver’s license as identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	22	 

     

    

 

[SIGNATURE PAGE 5 OF 6 – GUARANTY AND
SURETYSHIP AGREEMENT]

 

	 	GUARANTOR:	 
	 	 	 
	 	J.I. KISLAK, INC., a New Jersey corporation	 
	 	 	 	 	 
	 	By:	/S/ Thomas Bartelmo	(Seal)	 
	 	Name:	Thomas Bartelmo	 	 
	 	Title:	President	 	 

 

GUARANTOR ACKNOWLEDGMENT

 

STATE OF ______________          )

)SS:

COUNTY OF ____________          )

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, by Thomas Bartelmo, as President of J.I. KISLAK, INC., a New
Jersey corporation, on behalf of the corporation, who is personally known to me or who has produced a driver’s license as
identification and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	23	 

     

    

 

[SIGNATURE PAGE 6 OF 6
– GUARANTY AND SURETYSHIP AGREEMENT]

 

	 	GUARANTOR:	 
	 	 	 
	 	HMG/COURTLAND PROPERTIES, INC., a Delaware corporation	 
	 	 	 	 	 
	 	By:	/S/ Maurice Wiener	(Seal)	 
	 	Name:	Maurice Wiener	 	 
	 	Title:	President	 	 

 

GUARANTOR ACKNOWLEDGMENT

 

STATE OF ______________          )

)SS:

COUNTY OF ____________          )

 

The foregoing instrument
was acknowledged before me this 19th day of July, 2019, by Maurice Wiener, as President of HMG/COURTLAND PROPERTIES, INC., a Delaware
corporation, on behalf of the corporation, who is personally known to me or who has produced a driver’s license as identification
and who did not take an oath.

 

__________________________________________

Print or Stamp Name: ________________________

Notary Public, State of _______________________

Commission No.:____________________________

My Commission Expires: _____________________

 

    	 	24

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