Document:

Exhibit

Exhibit 4.5

ASSIGNMENT OF LEASES
SHORT HILLS ASSOCIATES, L.L.C.,
a Delaware limited liability company
c/o The Taubman Company LLC
200 East Long Lake Road, Ste. 300
Bloomfield Hills, Michigan  48304,
(Assignor)
AND
METROPOLITAN LIFE INSURANCE COMPANY, 
a New York corporation,
10 Park Avenue
PO Box 1902
Morristown, New Jersey  07962,

NEW YORK LIFE INSURANCE COMPANY
51 Madison Avenue, 
New York, NY   10010-1603
and
PACIFIC LIFE INSURANCE COMPANY
700 Newport Center Drive
Newport Beach, CA  92660,
(collectively, Assignee)
______________________________
Dated:    As of September 15, 2015
Location:    The Mall at Short Hills
Section:
Block:    5303
Lots:        1
County:    Essex County
State:    New Jersey
______________________________
RECORD AND RETURN TO:
Hunton & Williams LLP
200 Park Avenue
New York, New York  10166
Attention:  Peter J. Mignone, Esq.

ASSIGNMENT OF LEASES
DEFINED TERMS
	
		
	Execution Date:  As of September 15, 2015

	Loan:  
	A first mortgage loan in the aggregate amount of One Billion and No/100 Dollars ($1,000,000,000.00) from Assignee to Assignor

	Assignor & Address:
	Short Hills Associates, L.L.C., 
a Delaware limited liability company
c/o The Taubman Company LLC
200 East Long Lake Road, Ste. 300 
Bloomfield Hills, Michigan 48304
Attention: Treasurer

	Assignee & Address:

	Metropolitan Life Insurance Company, 
a New York corporation
10 Park Avenue 
PO Box 1902
Morristown, New Jersey  07962
Attention:     Senior Managing Director,
Real Estate Investments
Real Estate Investments - Law Department
Metropolitan Life Insurance Company
10 Park Avenue
PO Box 1902
Morristown, New Jersey  07962
Attention:        Associate General Counsel, 
                        Real Estate Investments
New York Life Insurance Company
c/o New York Life Real Estate Investors
51 Madison Avenue
New York, NY  10010-1603
Attention:    Senior Director - Loan Administration Division
Loan No. 374-0657
New York Life Insurance Company
Office of the General Counsel
51 Madison Avenue, 
New York, NY  10010-1603
Attention:  Managing Director - Real Estate Section
Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, CA  92660
Attention: Vice President - Portfolio Management
Loan No.:  215210101
email:  REDocumentManagement@pacificlife.com email.

	
		
	Note:Collectively, Note A-1, Note A-2 and Note A-3.
Note A-1:  Promissory Note in the principal sum of $333,333,334.00 dated the Execution Date made by Borrower to Metropolitan Life Insurance Company, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements hereof.
Note A-2:  Promissory Note A-2 in the principal sum of $333,333,333.00 dated the Execution Date made by Borrower to New York Life Insurance Company, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements hereof.
Note A-3:  Promissory Note A-3 in the principal sum of $333,333,333.00 dated the Execution Date made by Borrower to Pacific Life Insurance Company, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements hereof.

	Mortgage:   Mortgage, Security Agreement and Fixture Filing dated as of the Execution Date and executed by Borrower to secure repayment of the Note, together with all further extensions, renewals, modifications, restatements and amendments thereof.  The Mortgage will be recorded in the records of the County of Essex, New Jersey.

THIS ASSIGNMENT OF LEASES (this “Assignment”) is entered into by Assignor of September 15, 2015, in favor of Assignee and affects the Land described in Exhibit A attached to this Assignment.  Capitalized terms which are not defined in this Assignment shall have the respective meanings set forth in the Mortgage.
R E C I T A L S
A.Assignee has loaned or will loan to Assignor the Loan which is evidenced by the Note.  The payment of the Note is secured by the Mortgage which encumbers Assignor’s interest in the real property described in Exhibit A attached to this Assignment (the “Land”) and Assignor’s interest in the improvements and personal property and equipment situated on the Land (the “Improvements”; collectively with the Land, the “Property”); and

B.Assignor desires to absolutely, presently and unconditionally assign to Assignee all of its right, title and interest in and to (i) all Leases (as hereinafter defined) and License Agreements (as hereinafter defined), which now exist that affect the Property, including, without limitation, the Leases described in the certified rent roll delivered by Assignor to Assignee on the Execution Date (the “Rent Roll”) and the License Agreements more particularly described on the certified schedule of license agreements delivered by Assignor to Assignee on the Execution Date, (ii) all Leases and License Agreements entered into after the date of this Assignment, (iii) all lease and license extensions, modifications, amendments, expansions and renewals of the Leases and License Agreements described in (i) and (ii), and (iv) all guarantees of tenants’ obligations and extensions, modifications, amendments and renewals of any guarantees of any of the leases.  “Lease” shall mean any lease, sublease or sub-sublease, letting, license, concession or other agreement (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in the Property, and every modification, amendment or other agreement relating to such lease, sublease, sub-sublease, or other agreement entered into in connection with such lease, sublease, sub-sublease, or other agreement and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto; provided, however, for purposes hereof the term “Lease” shall not include any License Agreement.  “License Agreement” shall mean any license or occupancy agreement granted by Assignor to an operator of a cart, kiosk or similar merchandising or sponsorship facilities located in the common areas of the Property or a tenant of in‐line space for a term of one (1) year or less.

NOW THEREFORE, in consideration of the Recitals and for good and valuable consideration, Assignor agrees with Assignee and its successors and assigns as follows:
1.Payment of Note.  Assignor desires to secure (a) the timely payment of the principal of and interest on the Note and all other indebtedness secured by the Mortgage; and (b) the full compliance with the terms, conditions, covenants and agreements contained in the Note, the Mortgage and the other documents executed by Assignor in connection with the Loan.

2.Present and Absolute Assignment of Leases.  Assignor absolutely, presently and unconditionally grants and assigns to Assignee all of Assignor’s right, title and interest in and to the Leases and the License Agreements.  This grant includes without limitation:  (a) all rent payable under the Leases and the License Agreements; (b) all tenant security deposits held by Assignor pursuant to the Leases and the License Agreements; (c) all additional rent payable under the Leases and the License Agreements; (d) all proceeds of insurance payable to Assignor under the Leases and the License Agreements and all awards and payments on account of any taking or condemnation; and (e) all claims, damages and other amounts payable to Assignor in the event of a default under or termination of any of the Leases and the License Agreements, including without limitation all of Assignor’s claims to the payment of damages arising from any rejection by a tenant of any Lease under the Bankruptcy Code as amended from time to time.  All of the items referred to in this Section 2 are collectively referred to in this Assignment as the “Income”.

3.No Cancellation or Modification of Leases.  Assignor covenants and agrees that it shall not, without the express written consent of Assignee, (a) enter into or extend any Lease unless the Lease complies with the Leasing Guidelines which are attached to the Mortgage as Exhibit B, or (b) cancel or terminate any Leases (except in the case of a default) unless Assignor has entered into new Leases covering all of the premises of the Leases being terminated or surrendered, or unless in compliance with the Leasing Guidelines, or (c) modify or amend any Leases in any material way or reduce the rent or additional rent, unless in compliance with the Leasing Guidelines, or (d) consent to an assignment of the tenant’s interest or to a subletting of any Lease unless the tenant remains liable under the Lease following the assignment or subletting, unless in compliance with the Leasing Guidelines, or (e) accept payment of advance rents or security deposits in an amount in excess of one month’s rent, or (f) grant any options to purchase the Property or portion thereof.

Assignee shall respond to a request for Assignee’s approval of a Lease under this Section 3 within fifteen (15) Business Days, with respect to any Major Lease (as such terms are hereinafter defined), and ten (10) Business Days, with respect to any other tenants, and shall either (a) approve the draft, or (b) provide written comments or objections to the draft.  Provided that Assignor prominently captions its request for approval in the following manner: “METLIFE'S FAILURE TO RESPOND TO THIS REQUEST FOR APPROVAL OF THIS LEASE WITHIN FIFTEEN(15)/TEN (10) [AS APPLICABLE] BUSINESS DAYS SHALL RESULT IN METLIFE'S APPROVAL OF THIS LEASE BEING DEEMED AUTOMATICALLY GIVEN”, in the event that Assignee fails to so respond to such request for approval not later than the tenth (10th)/fifteenth (15th) (as applicable) Business Day after Assignee’s receipt of an Assignor’s request and the foregoing information, Assignee shall be deemed to have given such approval.  “Business Day” is a day of the week other than a Saturday, Sunday or a day on which national banks are closed in Detroit, Michigan and/or Morristown, New Jersey and/or New York, New York.
If any of these acts described in this Section 3 are done without the consent of Assignee, at the option of Assignee, they shall constitute a breach of the terms of this Assignment and of the Mortgage.

4.Specific Covenants of Assignor.  Assignor covenants and agrees:

(a)To perform fully all material obligations, duties, and agreements of landlord under the Leases and the License Agreements;

(b)To deposit all security deposits delivered by tenants in connection with the Leases in accordance with applicable law;

(c)At Assignor’s sole cost and expense, to appear in and defend any action or proceeding arising under the Leases or which is connected with the obligations, duties or liabilities of landlord, tenant or any guarantor and to pay all costs and expenses of Assignee, including reasonable attorneys’ fees, in any action or proceeding in which Assignee may appear in connection with this Assignment;

(d)If Assignor fails to make any payment or to do any acts required by this Assignment, then if an Event of Default exists Assignee may in its sole discretion and without further notice to Assignor perform Assignor’s obligations under the Leases as Assignee may deem necessary, at Assignor’s cost and expense.  These acts may include without limitation appearing in and defending any proceeding connected with the Leases, including without limitation any proceedings of any tenants under the Bankruptcy Code.  No action by Assignee shall release Assignor from its obligation under this Assignment.  Assignor irrevocably appoints Assignee its true and lawful attorney to exercise its rights under this Assignment if an Event of Default exists, which appointment is coupled with an interest and with full power of substitution;

(e)To pay immediately upon demand all sums expended by Assignee under this Assignment, together with interest at the Default Rate (as defined in the Note).  These expenditures shall be secured by the Mortgage;

(f)If a petition under the Bankruptcy Code shall be filed by or against Assignor and Assignor, as landlord, shall determine to reject any lease pursuant to Bankruptcy Code § 365(a), then Assignee shall have the right, but not the obligation, to demand that Assignor assume and assign the lease to Assignee and Assignor shall provide adequate assurance of future performance under the lease; and

(g)Assignee’s rights under this Assignment may be exercised either independently of or concurrently with any other right in this Assignment, the Mortgage or in any other document securing the Note.  No action taken by Assignee under this Assignment shall cure or waive any default nor affect any notice under the Mortgage.

5.Leasing of Property.  Assignor covenants and agrees upon request to confirm in writing the assignment to Assignee of all subsequent Leases of the Property upon the terms set forth in this Assignment.  Notwithstanding the preceding sentence, the terms and provisions of this Assignment shall apply automatically to any Leases entered into after the Execution Date.

6.Representations and Warranties.  Assignor makes the following representations and warranties in connection with the Leases:

(a)There were no Leases affecting the Property as of September 9, 2015, except the Leases listed on the Rent Roll (and subleases and concessions entered into by tenants under Leases) and Assignor has delivered to Assignee true, correct and complete copies of all such Leases, including amendments (collectively, “Existing Leases”) and all guaranties and amendments of guaranties given in connection with the Existing Leases (the “Guaranties”).  There were no License Agreements affecting the Property as of September 9, 2015, except the License Agreements listed on the certified schedule of License Agreements delivered by Assignor to Assignee on the Execution Date. 

(b)All Existing Leases and Guaranties are in full force and effect in all material respects without any oral or written modification except as set forth in writing in the copies delivered to Assignee.

(c)Assignor has received no notices of defaults by Assignor under the Existing Leases and Guaranties and, to the best knowledge of Assignor, as of the date hereof, there were no material defaults by any tenants under the Existing Leases or any guarantors under the Guaranties, except as disclosed on the certified schedule of material tenant defaults delivered in connection with the Loan on the Execution Date.

(d)To the best knowledge of Assignor, none of the tenants now occupying 10% or more of the Property or having a current lease affecting 10% or more of the Property nor any tenant under any Major Lease is the subject of any bankruptcy, reorganization or insolvency proceeding or any other debtor-creditor proceeding.

(e)Except only for rent and additional rent for the current month, Assignor has not accepted under any of the Leases any payment of advance rent, additional rent or security deposit in an amount that is more than one month’s rent and additional rent as of September 9, 2015, except as disclosed on the certified schedule of security deposits delivered in connection with the closing of the Loan on the Execution Date.

(f)Assignor has deposited all security deposits delivered in connection with the Existing Leases in accordance with applicable law.

(g)To the best knowledge of Assignor, no tenant under any Existing Lease has asserted in writing any defense, set-off or counterclaim as of September 9, 2015, with respect to its tenancy or its obligations under its lease, and, to the best of Assignor’s knowledge, no such defense, set-off or counterclaim exists, except as disclosed in any tenant estoppel letter delivered to Assignee in connection with the closing of the Loan as of the Execution Date or on the certified schedule of material tenant defaults delivered in connection with the closing of the Loan on the Execution Date or in any estoppel certificate delivered to Assignee in connection with the closing of the Loan.

(h)As of September 9, 2015 there are no material unfulfilled landlord obligations due to tenants for tenant improvements, moving expenses or rental concessions or other matters, and all material credits required to be paid or contributed by Assignor under the Existing Leases have been paid or contributed in full, except as disclosed on the certified schedule of material unfulfilled landlord obligations and material credits delivered in connection with the closing of the Loan on the Execution Date.

(i)None of the Leases, Income or Rents and Profits have been assigned, pledged, hypothecated or otherwise encumbered or transferred by Assignor except to the extent provided in the Loan Documents.

(j)Assignor has not done any act which might prevent Assignee from exercising its rights under this Assignment.

7.License to Collect Monies Until Default by Assignor.  Subject to the terms and conditions of the Mortgage, so long as no Event of Default exists (a “Default”), Assignor shall have a license to receive and use all Income.  Upon the occurrence of a Default, whether or not legal proceedings have commenced, and without regard to waste, adequacy of security for the Secured Indebtedness or solvency of Assignor, the license herein granted shall automatically expire and terminate, without notice by Assignee (any such notice being hereby expressly waived by Assignor).  Assignee shall thereupon and thereafter have all right, power and authority to exercise and enforce any and all of its rights and remedies as provided herein, under any of the other Loan Documents or by law or in equity.  Such rights and remedies shall expressly include the right to exercise and enjoy, in Assignee’s sole and absolute discretion, all of the rights, powers and benefits under the Leases assigned to Assignee hereunder, it being understood and agreed that Assignee shall not be liable, and Assignor shall at all times remain solely liable, to the tenants to perform any and all duties or obligations owing to such tenants under the Leases, unless Assignee shall elect, in its sole and absolute discretion, to undertake such duties or obligations.  If the Default is cured by Assignor, the license to receive and use all Income shall be reinstated.

8.Entry by Assignee and Receiver.  If a Default exists, Assignee is authorized either in person or by agent, with or without bringing any action or proceeding or having a receiver appointed by a court, (a) to enter upon, take possession of, manage and operate the Property and collect the Income, and (b) to make, enforce, modify, and accept the surrender of the Leases.  Assignee is authorized to take these actions either with or without taking possession of the Property.  In connection with this entry, Assignor authorizes Assignee to perform all acts necessary for the operation and maintenance of the Property.  Assignee may sue for or otherwise collect all Income, including those past due and unpaid, and apply the Income, less costs and expenses of operation and collection, including reasonable attorneys’ fees, to the indebtedness secured by the Mortgage in such order as Assignee may determine.  Assignee’s exercise of its rights under this Section 8 shall not be deemed to cure or waive any Default.

9.Indemnification.  Assignor shall indemnify Assignee against and hold it harmless from any and all liability, claims, loss or damage which it may incur under the Leases or under this Assignment except for Assignee’s negligence or willful misconduct.

10.Mortgagee in Possession.  To the fullest extent permitted by law, neither the assignment of Income to Assignee nor the exercise by Assignee of any of its rights or remedies under this Assignment, including without limitation, the entering into possession or the appointment of a receiver shall be deemed to make Assignee a “mortgagee-in-possession” or otherwise liable with respect to the Property.  Although Assignee has the right to do so, it shall not be obligated to perform any obligation under the Leases by reason of this Assignment.  To the fullest extent permitted by law, neither this Assignment nor any action or inaction on the part of Assignee shall constitute an assumption on the part of Assignee of any obligation or liability under any of the Leases.

11.Reconveyance and Termination.  Upon the payment in full of the Loan, as evidenced by the recording of an instrument of full reconveyance of the Mortgage, this Assignment shall be void and of no effect.

12.Tenants Entitled to Rely on Assignee’s Requests.  Assignor irrevocably authorizes and directs the tenants and their successors, upon receipt of any written request of Assignee stating that a Default exists, to pay to Assignee the Income due and to become due under the Leases.  Assignor agrees that the tenants shall have the right to rely upon any such statement without any obligation to inquire as to whether a Default actually exists and regardless of any claim of Assignor to the contrary.  Assignor agrees that it shall have no claim against the tenants for any Income paid by the tenants to Assignee.  Upon the curing of all Defaults, Assignee shall give written notice to the tenants to recommence paying the rents to Assignor.

13.Successors and Assigns.  This Assignment shall be binding upon the successors and assigns of Assignor and shall inure to the benefit of and be enforceable by Assignee, its successors and assigns and any trustee appointed for the benefit of the holder of the Note.  If more than one person, corporation, partnership or other entity shall execute this Assignment, then the obligations of the parties executing the Agreement shall be joint and several.

14.Exculpation.  The provisions of Section 9.01 of the Mortgage are incorporated herein by this reference to the fullest extent as if the text of such section were set forth in its entirety herein.

15.Notices.  All notices pursuant to this Assignment shall be given in accordance with the Notice provision of the Mortgage, which is incorporated into this Assignment by this reference.

16.Governing Law.  This Assignment and the rights and obligations of the parties under this Assignment shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State in which the Property is located, without regard to conflict of laws principles.

17.Miscellaneous.  This Assignment may be modified, amended, waived, or terminated only by an instrument in writing signed by the party against which enforcement of such modification, amendment, waiver, or termination is sought.  No failure or delay in exercising any of these rights shall constitute a waiver of any Default.  Assignor, at its expense, will execute all documents and take all action that Assignee from time to time may reasonably request to preserve and protect the rights provided under this Assignment.  The headings in this Assignment are for convenience of reference only and shall not expand, limit or otherwise affect the meanings of the provisions.  This Assignment may be executed in several counterparts, each of which shall be an original, but all of which shall constitute one document.

18.Servicing.  Notwithstanding anything to the contrary herein, or in the Note, any of the other Loan Documents, the Guaranty or the Unsecured Indemnity Agreement, and regardless of the number of Investors (as defined in the Mortgage) that may hold a portion of the Loan, (a) Borrower shall only be required to remit Debt Service payments under the Note and the other Loan Documents, and under the Guaranty and the Unsecured Indemnity Agreement to the Servicer (or sub-servicer, as applicable), (b) Borrower shall only be required to submit requests for consents or approvals to the Servicer (it being understood that the Servicer may require the consent or approval of other Persons pursuant to intercreditor or other arrangements), and (c) no one Investor shall exercise any of its rights and/or remedies (if any) pursuant to the Loan Documents, the Guaranty, or the Unsecured Indemnity Agreement independently from all other Investors; provided, however, with respect to the Unsecured Indemnity Agreement, in the event less than all of the Investors have a right to seek indemnification from Indemnitors, no one Investor shall exercise such right to indemnification independently from all the Investors that also have such right to indemnification.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

IN WITNESS WHEREOF, this Assignment is executed as of the Execution Date.

ASSIGNOR:

SHORT HILLS ASSOCIATES,L.L.C., a 
Delaware limited liability company
By:     /s/ Simon J. Leopold
Name:  Simon J. Leopold
Title:  Authorized Signatory

[Signature Pages Follow]

ACKNOWLEDGMENT
STATE OF MICHIGAN    )
)    ss.:
COUNTY OF OAKLAND    )
I CERTIFY that on August 31, 2015, Simon J. Leopold personally appeared before me and that this person acknowledged under oath, to my satisfaction, that:
		
	(a)
	this person is the Authorized Signatory of Short Hills Associates, L.L.C., the limited liability company named in the attached document;

		
	(b)
	this person executed and delivered the attached document as the voluntary act and deed of the limited liability company; and

		
	(c)
	this person was authorized by the members of the limited liability company to execute and deliver the attached document on behalf of the limited liability company.

Sworn to and subscribed before me
on this 31st day of August, 2015.
 
                     TERESA L DREER                
                     Notary Public - Michigan
/s/ Teresa L. Dreer            Oakland County
Notary Public                 My Commission Expires May 15, 2018
Acting in the County of Oakland

                        
                        

ASSIGNEE:

METROPOLITAN LIFE INSURANCE COMPANY., a New York Corporation
By:       /s/ Michael Hofheinz
Name:    Michael Hofheinz
Title: Director

[Signature Pages Follow]

ACKNOWLEDGMENT
STATE OF New Jersey    )
)    ss.:
COUNTY OF Morris        )
I CERTIFY that on September 2nd, 2015, Michael Hofheinz personally appeared before me and that this person acknowledged under oath, to my satisfaction, that:
		
	(a)
	this person is the Director of Metropolitan Life Insurance Company, a New York corporation, the corporation named in the attached document;

		
	(b)
	this person executed and delivered the attached document as the voluntary act and deed of the corporation;

		
	(c)
	this person knows the proper seal of the corporation which was affixed to this document; and

		
	(d)
	this person was authorized by the board of directors of the corporation to execute and deliver the attached document on behalf of the corporation.

Sworn to and subscribed before me
on this 2nd day of September, 2015.
 
 
 
/s/ Patricia Tatro
Notary Public 

PATRICIA TATRO
NOTARY PUBLIC
STATE OF NEW JERSEY
My Commission Expires August 13, 2017

ASSIGNEE:

NEW YORK LIFE INSURANCE COMPANY

By:    /s/ Laura Cardno
         Name: LAURA CARDNO
         Title: CORPORATE VICE PRESIDENT

[Signature Page Follows]

ACKNOWLEDGMENT
STATE OF NY         )
)    ss.:
COUNTY OF NY        )
I certify that on Aug. 24, 2015, LAURA CARDNO personally came before me and that this person acknowledged under oath, to my satisfaction, that:
		
	(a)
	this person is the CORPORATE VICE PRESIDENT of New York Life Insurance Company, a ____________ corporation, the corporation named in the attached document;

		
	(b)
	this person executed and delivered the attached document as the voluntary act and deed of the corporation;

		
	(c)
	this person knows the proper seal of the corporation which was affixed to this document; and

		
	(d)
	this person was authorized by the board of directors of the corporation to execute and deliver the attached document on behalf of the corporation.

 
Sworn to and subscribed before me
on this 24 day of Aug., 2015.
 
                         KATHLEEN R. BROWN
                         Notary Public State of New York
/s/ Kathleen R. Brown                New York County    
Notary Public                     Lic. #01BR5070610
Comm. Exp. December 23, 2018

ASSIGNEE:

PACIFIC LIFE INSURANCE COMPANY
By:   /s/ John M. Waldeck
Name: JOHN M. WALDECK
Title: Vice President

By:   /s/ Debra Cunningham
Name: Debra Cunningham
Title: Assistant Secretary

A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of the document.

ACKNOWLEDGMENT
STATE OF CALIFORNIA    )
                
COUNTY OF ORANGE    )
On AUGUST 21, 2015, before me, MORGAN ACHZIGER, a Notary Public, personally appeared JOHN M. WALDECK, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my name and official seal.

Signature /s/ Morgan Achziger
 
 
MORGAN ACHZIGER
Commission # 1954054
Notary Public - California
Orange County
My Comm. Expires Sep 26, 2015

A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of the document.

ACKNOWLEDGMENT
STATE OF CALIFORNIA    )
                
COUNTY OF ORANGE    )
On AUGUST 21, 2015, before me, MORGAN ACHZIGER, a Notary Public, personally appeared DEBRA CUNNINGHAM, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my name and official seal.

Signature /s/ Morgan Achziger
 
 
MORGAN ACHZIGER
Commission # 1954054
Notary Public - California
Orange County
My Comm. Expires Sep 26, 2015

EXHIBIT A
LEGAL DESCRIPTION OF REAL ESTATE
Premises situated in the Township of Millburn, Essex County, New Jersey

BEGINNING at a point in the Northwesterly sideline of Canoe Brook Road where the same is intersected by the Westerly line of lands of Commonwealth Water Company, and from said point of BEGINNING running, thence;

1.Along said Northwesterly sideline of Canoe Brook Road South 75 degrees, 56 minutes, and 35 seconds West, 691.87 feet to a, point, thence;    

2.Still along the same Southwesterly on a curve to the left having a radius of 427.00 feet for a distance of 408.04 feet to a point, thence;

3.Along the Westerly sideline of Canoe Brook Road south 21 degrees, 11 minutes, and 30 seconds West 214.49 feet to a point, thence;

4.Still along said sideline and merging into the Northerly right-of-way line of New Jersey Route 24 Freeway, Southwesterly on a curve to the right having a radius of 40.00 feet for a distance of 56.80 feet to a point, thence;

5.Along said right-of-way line North 77 degrees, 27 minutes, and 21 seconds West 93.92 feet to a point, thence; 

6.Still along the same Northwesterly on a curve to the right having a radius of 3,990.00 feet for a distance of 253.27 feet to a point thence;

7.Still along same North 73 degrees, 49 minutes, and 08 seconds West 181.36 feet to a point, thence;

8.Still along same Northwesterly on a curve to the right having a radius of 1,699.50 feet for a distance of 213.43 feet to a point, thence;

9.Still along same Northwesterly on a curve to the right having a radius of 890.00 feet for a distance of 220.31 feet to a point, thence;

10.Still along same Northwesterly on a curve to the right having a radius of 140.00 feet for a distance of 117.10 feet to a point, thence;

11.Along the Easterly right-of-way line of New Jersey Route 24 Freeway Northerly on a curve to the right having a radius of 415.00 feet for a distance of 114.97 feet to a point, thence;

12.Still along same North 21 degrees, 11 minutes, and 48 seconds East 278.28 feet to a point. thence;

13.Still along same North 20 degrees, 54 minutes, and 18 seconds East 227.94 feet to a point, thence;

14.Still along same North 48 degrees, 14 minutes, and 05 seconds West 51.23 feet to a point, thence;

15.Still along same Northeasterly on a curve to the right having a radius of 995.00 feet for a distance of 57.00 feet to a point, thence;

16.Still along same South 56 degrees, 02 minutes, and 29 seconds East 44.28 feet to a point, thence;

17.Still along same Northeasterly on a-curve to the right having a radius of 619.00 feet for a distance of 288.48 feet to a point on the Southeasterly right-of-way line of John F. Kennedy Parkway, thence; the. following six courses along the Southeasterly and southerly right-of-way line of John F. Kennedy Parkway, thence;

18.North 65 degrees, 16 minutes, and 03 seconds East 331.49 feet to a point, thence;

19.Easterly on a curve to the right having a radius of 901.00 feet for a distance of 745.54 feet to a point, hence; 

20.South 67 degrees, 49 minutes, and 47 seconds East 221.61 feet to a point, thence; 

21.Easterly on a curve to the right having a radius of 38.00 feet for a distance of 14.48 feet a point, thence;

22.South 68 degrees, 55 minutes, and 17 seconds East 179.59 feet to a point, thence;

23.Easterly on a curve to the left having a radius of 950.68 feet for a distance of 304.48 feet to the Westerly lands of Mack Properties Co. #3, thence;

24.Along said lands South 8 degrees, 42 minutes, and 00 seconds West 189.40 feet to a point in same, thence;

25.Still along the westerly line of Mack Properties Co. #3 and the Commonwealth Water Company south 10 degrees, 41 minutes, and 00 seconds West 364.16 feet to the point or place of 

BEGINNING.

BEING ALSO KNOWN AS
LOT 1, BLOCK 5303, ON THE OFFICIAL TAX MAP OF THE TOWNSHIP OF MILLBURN IN THE COUNTY OF ESSEX.

 

PARCEL II:
Together with those rights and easements constituting rights in real property created, defined and limited by that certain Construction Operation and Reciprocal Easement Agreement dated June 11, 1993 by and among Short Hills Associates, The Neiman Marcus Group, Inc., Nordstrom, Inc., and Saks & Company, recorded June 14, 1993 in Deed Book 5263, page 817, in the Essex County Register’s Office, New Jersey.
 

EXHIBIT B
DESCRIPTION OF LEASES
All Leases of any portion of the Property.Exhibit

Exhibit 4.6
GUARANTY AGREEMENT
DEFINED TERMS
	
		
	Execution Date:As of September 15, 2015

	Loan:  A first mortgage loan in the aggregate amount of One Billion and No/100 Dollars ($1,000,000,000.00) from lender to Borrower

	                             Guarantor & Address:
	The Taubman Realty Group Limited Partnership,
a Delaware limited partnership
c/o The Taubman Company LLC
200 East Long Lake Road, Ste. 300
Bloomfield Hills, Michigan  48304
Attention:Treasurer

	                             Borrower & Address:
	Short Hills Associates, L.L.C.,
a Delaware limited liability company 
(successor by merger to Short Hills Associates, 
a New Jersey general partnership)
c/o The Taubman Company LLC
200 East Long Lake Road, Ste. 300
Bloomfield Hills, Michigan  48304
Attention:Treasurer

	                                Lender & Address:
	Metropolitan Life Insurance Company,
a New York corporation
10 Park Avenue 
PO Box 1902
Morristown, New Jersey  07962
Attention:Senior Managing Director,
Real Estate Investments

	                                                              and:
	Real Estate Investments - Law Department
Metropolitan Life Insurance Company
10 Park Avenue 
Morristown, New Jersey  07962
Attention:Associate General Counsel, Real Estate Investments

	                                                              and:
	New York Life Insurance Company
c/o New York Life Real Estate Investors
51 Madison Avenue
New York, NY  10010-1603
Attention:  Senior Director - Loan Administration Division
Loan No. 374-0657

	
		
	                                                              and:
	New York Life Insurance Company
Office of the General Counsel
51 Madison Avenue, 
New York, NY  10010-1603
Attention:  Managing Director - Real Estate Section

	 
	Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, CA  92660
Attention: Vice President - Portfolio Management
Loan No.:  215210101

	and:
	email:  REDocumentManagement@pacificlife.com

	Note: Collectively, Note A-1, Note A-2 and Note A-3.
Note A-1:  Promissory Note in the principal sum of $333,333,334.00 dated the Execution Date made by Borrower to Metropolitan Life Insurance Company, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements hereof.
Note A-2:  Promissory Note A-2 in the principal sum of $333,333,333.00 dated the Execution Date made by Borrower to New York Life Insurance Company, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements hereof.
Note A-3:  Promissory Note A-3 in the principal sum of $333,333,333.00 dated the Execution Date made by Borrower to Pacific Life Insurance Company, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements hereof.
Guaranty: This Guaranty Agreement, together with all renewals, amendments, modifications and restatements thereof.

THIS GUARANTY AGREEMENT is entered into by Guarantor as of the Execution Date in favor of Lender.  Capitalized terms which are not defined in this Agreement shall have the respective meanings set forth in the Loan Application.
R E C I T A L S
A.    Lender has loaned or will loan to Borrower the Loan evidenced by the Note.  Payment of the Note is secured by the Mortgage which encumbers Borrower’s interest in the real property described in Exhibit A to the Mortgage (the “Land”) and Borrower’s interest in certain other property more particularly described in the Mortgage and referred to in this Agreement as the “Property”; and
B.    Lender was willing to make the Loan to Borrower only if Guarantor agreed to guaranty payment of the Guaranteed Obligations (defined below) to Lender in the manner hereinafter provided.
NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor hereby irrevocably and unconditionally guarantees to Lender the full and prompt payment and performance of the Guaranteed Obligations (as defined below), this Guaranty Agreement being upon the following terms:
1.The term “Indebtedness” as used herein shall mean all obligations, indebtedness and liabilities of Borrower to Lender evidenced by the Note and the other Loan Documents.

2.The term “Guaranteed Obligations” as used herein means:

(a)The prompt and complete payment in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under § 362(a) of the Bankruptcy Code) of all or any portion of the Indebtedness, in either case, as to which Borrower has recourse or personal liability pursuant to Section 9.01 of the Mortgage (collectively, the “Performance Sums”); plus

(b)The prompt payment of interest at the Default Rate (as defined in the Note) which accrues on the Performance Sums from the date of written demand for payment under the Note and this Guaranty Agreement from Lender to Borrower and Guarantor until the Performance Sums are paid in full; plus

(c)The prompt payment upon demand of all costs and expenses of Lender in connection with any collection or other realization of the Performance Sums under, this Guaranty Agreement, including reasonable attorney fees.

3.This instrument is an absolute, continuing, irrevocable, and unconditional guaranty of payment, and not a guaranty of collection, and Guarantor shall, notwithstanding anything contained herein to the contrary, remain liable on its obligations hereunder until the indefeasible payment in full of the Guaranteed Obligations at which time, this Guaranty Agreement shall automatically terminate.  No set-off, counterclaim, recoupment, reduction, or diminution of any obligation, or any defense of any kind or nature which Borrower may have against Lender or any other party, or which Guarantor may have against Borrower, Lender, or any other party, shall be available to, or shall be asserted by, Guarantor against Lender or any subsequent beneficiary of this Guaranty Agreement or any portion of the Indebtedness until the Note has been paid in full.

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

5.In the event of default by Borrower in payment of the Guaranteed Obligations, or any part thereof, when such Guaranteed Obligations are due to be paid by Borrower, Guarantor shall promptly pay the Guaranteed Obligations then due in full without notice or demand, and it shall not be necessary for Lender, in order to enforce such payment by Guarantor, first to institute suit or exhaust its remedies against Borrower or others, or to enforce any rights against any collateral which shall ever have been given to secure such Indebtedness.  Without limiting any other provisions of this Guaranty Agreement, Guarantor acknowledges and agrees that, to the extent Lender realizes any proceeds under any documents which secure the Indebtedness (including, without limitation, voluntary payments, insurance or condemnation proceeds or proceeds from the sale at foreclosure of any collateral securing the Indebtedness), such proceeds shall, to the extent permitted by law, not be applied to or credited against the Guaranteed Obligations.  FURTHER, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS GUARANTY AGREEMENT, GUARANTOR HEREBY IRREVOCABLY AGREES THAT, UNTIL PAYMENT IN FULL TO LENDER OF THE INDEBTEDNESS AND THE GUARANTEED OBLIGATIONS, GUARANTOR SHALL HAVE NO RIGHT TO RECOVER FROM BORROWER ANY CLAIMS GUARANTOR HAS OR MIGHT HAVE AGAINST BORROWER (AS SUCH TERM “CLAIM” IS DEFINED IN THE UNITED STATES BANKRUPTCY CODE 11 U.S.C. § 101(5) AS AMENDED FROM TIME TO TIME) IN CONNECTION WITH PAYMENTS MADE BY OR ON BEHALF OF GUARANTOR TO LENDER UNDER THIS GUARANTY AGREEMENT INCLUDING, WITHOUT LIMITATION, ALL RIGHTS GUARANTOR MAY NOW OR HEREAFTER HAVE UNDER ANY AGREEMENT OR AT LAW OR IN EQUITY (INCLUDING, WITHOUT LIMITATION, ANY LAW SUBROGATING GUARANTOR TO THE RIGHTS OF LENDER) TO ASSERT ANY CLAIM AGAINST OR SEEK CONTRIBUTION, INDEMNIFICATION OR ANY OTHER FORM OF REIMBURSEMENT FROM BORROWER OR ANY OTHER PARTY LIABLE FOR PAYMENT OF ANY OR ALL OF THE INDEBTEDNESS.

6.If acceleration of the time for payment by Borrower of all or any portion of the Indebtedness is stayed upon the insolvency, bankruptcy, or reorganization of Borrower, the Guaranteed Obligations shall nonetheless be payable by Guarantor hereunder forthwith on demand by Lender.

7.Guarantor hereby agrees that its obligations under this Guaranty Agreement shall not be released, discharged, diminished, impaired, reduced, or affected for any reason or by the occurrence of any event, including, without limitation, one or more of the following events, whether or not with notice to or the consent of Guarantor: (a) the taking or accepting of collateral as security for any or all of the Indebtedness or the release, surrender, exchange, or subordination of any collateral now or hereafter securing any or all of the Indebtedness; (b) the full or partial release of Borrower or any other guarantor from liability for any or all of the Indebtedness or the Guaranteed Obligations; (c) the dissolution, insolvency, or bankruptcy of Borrower, Guarantor, or any other party at any time liable for the payment of any or all of the Indebtedness; (d) any renewal, extension, modification, waiver, amendment, or rearrangement of any or all of the Indebtedness or any instrument, document, or agreement evidencing, securing, or otherwise relating to any or all of the Guaranteed Obligations; (e) any adjustment, indulgence, forbearance, waiver, or compromise that may be granted or given by Lender to Borrower or any other party ever liable for any or all of the 

Indebtedness; (f) any neglect, delay, omission, failure, or refusal of Lender to take or prosecute any action for the collection of any of the Guaranteed Obligations from Borrower or Guarantor or to foreclose or take or prosecute any action in connection with any instrument, document, or agreement evidencing, securing, or otherwise relating to any or all of the Indebtedness or any or all of the Guaranteed Obligations; (g) the unenforceability or invalidity of any or all of the Indebtedness or the Guaranteed Obligations or any instrument, document, or agreement evidencing, securing, or otherwise relating to any or all of the Indebtedness or the Guaranteed Obligations; (h) any payment by Borrower or any other party to Lender is held to constitute a preference under applicable bankruptcy or insolvency law or if for any other reason Lender is required to refund any payment or pay the amount thereof to someone else; (i) the settlement or compromise of any of the Indebtedness or the Guaranteed Obligations; (j) the non-perfection of any security interest or lien securing any or all of the Indebtedness; (k) any impairment of any collateral securing any or all of the Indebtedness; (1) the failure of Lender to sell any collateral securing any or all of the Indebtedness in a commercially reasonable manner or as otherwise required by law; (m) any change in the corporate existence, structure, or ownership of Borrower; (n) the application against the Indebtedness of the proceeds realized by Lender under any documents which secure the Indebtedness (including, without limitation, voluntary payments, insurance or condemnation proceeds or proceeds from the sale at foreclosure of any collateral securing the Indebtedness), except as provided in Section 5 of this Guaranty Agreement; or (o) any other circumstance which might otherwise constitute a defense available to, or discharge of, Borrower or Guarantor, or any other party liable for any or all of the Indebtedness or the Guaranteed Obligations.

8.Guarantor represents and warrants as of the date hereof to Lender as follows:

(a)Guarantor has the power and authority and legal right to execute, deliver, and perform its obligations under this Guaranty Agreement and this Guaranty Agreement constitutes the legal, valid, and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency, or other laws of general application relating to the enforcement of creditor’s rights.

(b)The execution, delivery, and performance by Guarantor of this Guaranty Agreement do not and will not violate or conflict with any law, rule, or regulation or any order, writ, injunction, or decree of any court, governmental authority or agency, or arbitrator and do not and will not conflict with, result in a breach of, or constitute a default under, or result in the imposition of any lien upon any assets of Guarantor pursuant to the provisions of any indenture, mortgage, deed of trust, security agreement, franchise, permit, license, or other instrument or agreement to which Guarantor or its properties are bound.

(c)No authorization, approval, or consent of, and no filing or registration with, any court, governmental authority, or third party is necessary for the execution, delivery, or performance by Guarantor of this Guaranty Agreement or the validity or enforceability thereof.

(d)The value of the consideration received and to be received by Guarantor as a result of Lender making extensions of credit to Borrower and Guarantor executing and delivering this Guaranty Agreement is reasonably worth at least as much as the liability and obligation of Guarantor hereunder, and such liability and obligation and such extensions of credit have benefitted and may reasonably be expected to benefit Guarantor directly and indirectly.

(e)Guarantor has, independently and without reliance upon Lender and based upon such documents and information as Guarantor has deemed appropriate, made its own analysis and decision to enter into this Guaranty Agreement.

9.Guarantor covenants and agrees that, as long as the Indebtedness or the Guaranteed Obligations or any part thereof is outstanding:

(a)Guarantor will furnish to Lender as soon as available, and in any event within ninety (90) days after the end of each fiscal year, beginning with the fiscal year ending December 31, 2015, those financial statements, certifications and opinions required of, or with respect to, Guarantor pursuant to Section 4.01(c) of the Mortgage.

(b)Guarantor will furnish promptly to Lender written notice of the occurrence of any default under this Guaranty Agreement.

(c)Guarantor will furnish promptly to Lender such additional information concerning Guarantor as Lender may reasonably request.

(d)Guarantor will obtain at any time and from time to time all authorizations, licenses, consents or approvals as shall now or hereafter be necessary or desirable under all applicable laws or regulations or otherwise in connection with the execution, delivery and performance of this Guaranty Agreement and will promptly furnish copies thereof to Lender.

(e)Except for transfers permitted under the Mortgage, the Note or any other Loan Documents, Guarantor will at all times own directly or indirectly and free and clear of all liens and encumbrances whatsoever at least the same percentage interest in Borrower, if any, as Guarantor owns directly or indirectly on the date hereof.

(f)Guarantor shall at all times maintain a Net Worth (as hereinafter defined) of not less than Five Hundred Million and No/100 Dollars ($500,000,000.00) (the “Net Worth Amount”).

“Net Worth” as used in subparagraph (f) of this Section 9, shall mean the excess of: (1) the sum of (i) the value of all operating shopping centers which are wholly owned by Guarantor and Guarantor’s percentage interest of the value of all operating shopping centers which are partially owned by Guarantor, calculated by capitalizing annual net operating income at an annual rate equal to seven and one-half percent (7.5%), (ii) the cost basis of all shopping centers of Guarantor under development, and (iii) cash or cash equivalents over (2) the sum of (x) all outstanding indebtedness of shopping centers which are wholly owned by Guarantor, (y) Guarantor’s share of outstanding indebtedness of shopping centers which are partially owned by Guarantor, and (z) any direct indebtedness of Guarantor.
Notwithstanding the foregoing, if Guarantor’s Net Worth as determined above shall fall below the Net Worth Amount it shall not be a default hereunder or under any of the other Loan Documents if Guarantor’s Net Worth exceeds such Net Worth Amount when determined by either of the following methods:
1.Calculate Guarantor’s net worth by multiplying (A) the average closing price for a share of the common stock of Taubman Centers, Inc. on the New York Stock Exchange for the ten (10) days prior to the date of calculation and (B) the number of outstanding shares of common stock of Taubman Centers, Inc. on the date of calculation and then dividing by (C) the percentage of partnership units of Guarantor owned by Taubman Centers, Inc. on the date of the calculation; or

2.Determine the Net Worth of the Guarantor according to the definition of Net Worth above, except that the value of all operating centers shall be determined by appraisals conducted by an appraiser reasonably satisfactory to Lender.

10.(a)  During the continuance of an Event of Default (as defined in the Mortgage), Guarantor hereby agrees that the Subordinated Indebtedness (as hereinafter defined) shall be subordinate and junior in right of payment to the prior payment in full of all Indebtedness, and Guarantor hereby assigns the Subordinated Indebtedness to Lender as security for the payment of the Guaranteed Obligations.  If any sums shall be paid to Guarantor during the continuance of an Event of Default by Borrower or any other person or entity on account of the Subordinated Indebtedness, such sums shall be held in trust by Guarantor for the benefit of Lender and shall forthwith be paid to Lender without affecting the liability of Guarantor under this Guaranty Agreement and may be applied by Lender against the Indebtedness or the Guaranteed Obligations in such order and manner as Lender may determine in its sole discretion.  Upon the request of Lender, Guarantor shall execute, deliver, and endorse to Lender such documents and instruments as Lender may reasonably request to perfect, preserve, and enforce its rights hereunder.  For purposes of this Guaranty Agreement, the term “Subordinated Indebtedness” means all indebtedness, liabilities, and obligations of Borrower to Guarantor, whether such indebtedness, liabilities, and obligations now exist or are hereafter incurred or arise, or whether the obligations of Borrower thereon are direct, indirect, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such indebtedness, liabilities, or obligations are evidenced by a note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such indebtedness, obligations, or liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor.

(b)Guarantor agrees that any and all liens, security interests, judgment liens, charges, or other encumbrances upon Borrower’s assets securing payment of any Subordinated Indebtedness shall be and remain inferior and subordinate to any and all liens, security interests, judgment liens, charges, or other encumbrances upon Borrower’s assets securing payment of the Indebtedness or any part thereof, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attached.  Without the prior written consent of Lender until the Indebtedness has been paid in full, Guarantor shall not (i) file suit against Borrower or exercise or enforce any other creditor’s right it may have against Borrower, or (ii) foreclose, repossess, sequester, or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, security interests, collateral rights, judgments or other encumbrances held by Guarantor on any assets of Borrower.

(c)In the event of any receivership, bankruptcy, reorganization, rearrangement, debtor’s relief, or other insolvency proceeding involving Borrower as debtor, Lender shall have the right to prove and vote any claim under the Subordinated Indebtedness and to receive directly from the receiver, trustee or other court custodian all dividends, distributions, and payments made in respect of the Subordinated Indebtedness.  Lender may apply any such dividends, distributions, and payments against the Guaranteed Obligations in such order and manner as Lender may determine in its sole discretion.  Guarantor hereby appoints Lender as Guarantor’s attorney-in-fact, which appointment is coupled with an interest and is irrevocable and with full power of substitution, to enable Lender to act in the place of Guarantor with respect to (i) any claim under the Subordinated Indebtedness or (ii) the receipt of any such dividends, distributions and payments.

(d)Guarantor agrees that all promissory notes or accounts receivable evidencing the Subordinated Indebtedness shall contain a specific written notice thereon that the indebtedness evidenced thereby is subordinated under the terms of this Guaranty Agreement.

11.No waiver of any provision of this Guaranty Agreement nor consent to any departure by Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by Lender.  No amendment of any provision of this Guaranty Agreement shall be effective unless the same is in writing and signed by both Guarantor and Lender.  No failure on the part of Lender to exercise, and no delay in exercising, any right, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power, or privilege.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

12.Any acknowledgment or new promise, whether by payment of principal or interest or otherwise and whether by Borrower or others (including, without limitation, Guarantor), with respect to any of the Indebtedness shall, if the statute of limitations in favor of Guarantor against Lender shall have commenced to run, toll the running of such statute of limitations and, if the period of such statute of limitations shall have expired, prevent the operation of such statute of limitations.

13.This Guaranty Agreement is for the benefit of Lender and its successors and assigns, and in the event of an assignment of the Indebtedness, or any part thereof, the rights and benefits hereunder, to the extent applicable to the portion of the Indebtedness so assigned, may be transferred with such Indebtedness.  This Guaranty Agreement is binding not only on Guarantor, but on Guarantor’s successors and assigns.

14.Guarantor recognizes that Lender is relying upon this Guaranty Agreement and the undertakings of Guarantor hereunder in making extensions of credit to Borrower and further recognizes that the execution and delivery of this Guaranty Agreement is a material inducement to Lender in making extensions of credit to Borrower.  Guarantor hereby acknowledges that there are no conditions to the full effectiveness of this Guaranty Agreement.

15.This Guaranty Agreement is executed and delivered as an incident to a lending transaction with respect to real property located in Essex County, State of New Jersey, and shall be governed by, and construed and entered in accordance with the laws of the State of New Jersey, without regard to conflict of laws principles.  Any action or proceeding against Guarantor under or in connection with this Guaranty Agreement may be brought in any state or federal court.  Guarantor hereby irrevocably (a) submits to the nonexclusive jurisdiction of such courts, and (b) waives any objection it may now or hereafter have as to the venue of any such action or proceeding brought in such court or that such court is an inconvenient forum.  Guarantor agrees that service of process and/or notice upon it may be made by certified or registered mail, return receipt requested, at its address specified on the first page hereof.  Nothing herein shall affect the right of Lender to serve process in any other matter permitted by law or shall limit the right of Lender to bring any action or proceeding against Guarantor or with respect to any of Guarantor’s property in courts in other jurisdictions.

16.Guarantor hereby waives promptness, diligence, notice of any default under the Indebtedness or of Borrower’s failure to pay or perform the Guaranteed Obligations, demand of payment, notice of acceptance of this Guaranty Agreement, presentment, notice of protest, notice of dishonor, notice of the incurring by Borrower of additional indebtedness, and all other notices and demands with respect to the Indebtedness and this Guaranty Agreement, except for notices expressly required to be delivered to Guarantor under this Guaranty Agreement or the Mortgage.

17.Guarantor hereby represents and warrants to Lender that Guarantor has adequate means to obtain from Borrower on a continuing basis information concerning the financial condition and assets of Borrower and that Guarantor is not relying upon Lender to provide (and Lender shall have no duty to provide) any such information to Guarantor either now or in the future.

18.In case any one or more of the provisions contained in this Guaranty Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Guaranty Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

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

20.Notwithstanding anything to the contrary contained herein, in no event shall any owner of a direct or indirect interest in Guarantor have any personal liability hereunder.

21.Notwithstanding anything to the contrary herein, or in the Note, any of the other Loan Documents, this Guaranty or the Unsecured Indemnity Agreement, and regardless of the number of Investors (as defined in the Mortgage) that may hold a portion of the Loan, (a) Guarantor shall only be required to remit payments under this Guaranty to the Servicer, (b) Guarantor shall only be required to submit requests for consents or approvals to the Servicer (it being understood that the Servicer may require the consent or approval of other Persons pursuant to intercreditor or other arrangements), and (c) no one Investor shall exercise any of its rights and/or remedies (if any) pursuant to the Loan Documents, this Guaranty, or the Unsecured Indemnity Agreement independently from all other Investors; provided, however, with respect to the Unsecured Indemnity Agreement, in the event less than all of the Investors have a right to seek indemnification from Indemnitors, no one Investor shall exercise such right to indemnification independently from all the Investors that also have such right to indemnification.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty Agreement as of the Execution Date.
THE TAUBMAN GROUP REALTY LIMITED PARTNERSHIP, a Delaware limited partnership
By:       /s/ Simon J. Leopold
Name:  Simon J. Leopold
Title:  Authorized Signatory

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