Document:

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LEASE GUARANTY

          THIS LEASE GUARANTY (this “Guaranty”) is executed as of January 24, 2007 by LIFE TIME
FITNESS, INC., a Minnesota corporation (together with any permitted successors and assigns,
“Guarantor”), for the benefit of LTF CMBS I, LLC, a Delaware limited liability company
(“Landlord”).

W I T N E S S E T H

          WHEREAS, Landlord, as landlord, and LTF Club Operations Company, Inc., a Minnesota
corporation (“Tenant”), as tenant, have entered into that attached Lease Agreement as of
the date hereof (the “Lease”);

          WHEREAS, Landlord has required as a condition to entering into the Lease that Guarantor agrees to
unconditionally guaranty for the benefit of Landlord and its successors and assigns, the full and
timely payment and performance of the Guaranteed Obligations (as hereinafter defined); and

          WHEREAS, Guarantor directly and/or indirectly owns an interest in Tenant and will derive
substantial economic benefit from the Lease.

          NOW, THEREFORE, in consideration for the substantial benefit Guarantor will derive from the Lease
and for other good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

ARTICLE I

NATURE AND SCOPE OF GUARANTY

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

          1.2 Definitions of Guaranteed Obligations. As used herein, the term “Guaranteed
Obligations” means all obligations and liabilities of Tenant under the Lease.

          1.3 Nature of Guaranty. This Guaranty is an irrevocable, absolute and continuing
guaranty of payment and not a guaranty of collection. No exculpatory language contained in the
Lease shall in any event or under any circumstances modify, qualify or affect the personal recourse
obligations and liabilities of Guarantor hereunder. This Guaranty may not be revoked by Guarantor
and shall continue to be effective with respect to the Guaranteed Obligations arising or created
after any attempted revocation by Guarantor. It is the intent of Guarantor and Landlord that the
obligations and liabilities of Guarantor hereunder are absolute and unconditional under any and all
circumstances and that so long as the Lease is in
effect, such

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obligations and liabilities shall not be discharged or released in whole or in
part, by any act or occurrence which might, but for the provisions of this Guaranty, be deemed a
legal or equitable discharge or release of Guarantor. This Guaranty may be enforced by Landlord
and any successor to Landlord.

          1.4 Joint and Several Liability. Notwithstanding anything to the contrary, if
Guarantor is comprised of more than one Person as hereinafter defined), the obligations and
liabilities of each such Person under this Guaranty shall be joint and several. “Person” means any
individual, corporation, limited liability company, partnership, joint venture, estate, trust,
unincorporated association or governmental authority and any fiduciary acting in such capacity on
behalf of any of the foregoing.

          1.5 Guaranteed Obligations Not Reduced by Set-Off. The Guaranteed Obligations and the
liabilities and obligations of Guarantor to Landlord hereunder shall not be reduced, discharged or
released because or by reason of any existing or future set-off, offset, claim or defense of any
kind or nature which Tenant, Guarantor or any other Person has or may hereafter have against
Landlord or against payment of the Guaranteed Obligations, whether such set-off, offset, claim or
defense arises in connection with the Guaranteed Obligations or otherwise.

          1.6 No Duty to Pursue Others; No Duty to Mitigate. It shall not be necessary for
Landlord (and Guarantor hereby waives any rights which Guarantor may have to require Landlord) to
take any action, obtain any judgment or file any claim prior to enforcing this Guaranty, including,
without limitation, to (i) institute suit or otherwise enforce Landlord’s rights, or exhaust its
remedies, against Tenant or any other Person liable for the Guaranteed Obligations, or against any
other Person, (ii) enforce Landlord’s rights, or exhaust any remedies available to Landlord,
against any collateral which shall ever have been given to secure all or any part of the Guaranteed
Obligations, (iii) join Tenant or any other Person liable on the Guaranteed Obligations in any
action seeking to enforce this Guaranty or (iv) resort to any other means of obtaining payment of
the all or any part of the Guaranteed Obligations. Landlord shall not be required to mitigate
damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

          1.7 Payment by Guarantor. If all or any part of the Guaranteed Obligations shall not
be punctually paid or performed when due, whether at demand or otherwise, Guarantor shall,
immediately upon demand by Landlord and without presentment, protest, notice of protest, notice of
non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity
or any other notice whatsoever, pay in lawful money of the United States of America, the amount due
thereon to Landlord. Amounts not paid when due hereunder shall accrue late fees, if any, pursuant
to the terms of the Lease. Such demands may be made at any time coincident with or after the time
for payment of all or any part of the Guaranteed Obligations and may be made from time to time with
respect to the same or different Guaranteed Obligations.

          1.8 Application of Payments. If, at any time, there are any obligations of Tenant to
Landlord which are not guaranteed by Guarantor, Landlord, without in any manner impairing its
rights hereunder, may, at its option, apply all amounts realized by Landlord from any collateral or
security held by Landlord first to the payment of such unguaranteed obligations,

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with the remaining
amounts, if any, to then be applied to the payment of the obligations guaranteed by Guarantor.

          1.9 Waivers.

          (a) Guarantor hereby assents to all of the terms and agreements heretofore or hereafter made
by Tenant with Landlord (including, without limitation, the provisions of the Lease) and hereby
waives diligence, presentment, protest, demand on Tenant for payment or otherwise, filing of
claims, requirement of a prior proceeding against Tenant and all notices (other than notices
expressly provided for hereunder or required to be delivered under applicable law), including,
without limitation, notice of:

     (i) the acceptance of this Guaranty;

     (ii) any future change to the time, manner or place of payment of, or in any other term
of all of any part of the Guaranteed Obligations;

     (iii) any amendment, modification, replacement or extension of any of the Lease;

     (iv) the execution and delivery by Tenant and Landlord of any other agreement or of
Tenant’s execution and delivery of any other documents arising under the Lease or in
connection with the Property;

     (v) Landlord’s transfer or other disposition of all or any part of the Lease or this
Guaranty, or an interest therein;

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

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

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

     (ix) any other action at any time taken or omitted to be taken by Landlord generally
and any and all demands and notices of every kind in connection with this Guaranty and the
Lease.

          (b) Guarantor hereby waives any and all rights it may now or hereafter have to, and covenants
and agrees that it shall not at any time, insist upon, plead or in any manner whatsoever claim or
take the benefit or advantage of, any and all appraisal, valuation, stay, extension,
marshaling-of-assets or redemption laws, or right of homestead or exemption, whether now or at any
time hereafter in force, that may delay, prevent or otherwise affect the performance by Guarantor
of its obligations under, or the enforcement by Landlord of, this Guaranty. Guarantor hereby
further waives any and all rights it may now or hereafter have to,

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and covenants and agrees that it
shall not, set up or claim any defense, counterclaim, cross-claim, set-off, offset, right of
recoupment or other objection of any kind to any action, suit or proceeding in law, equity or
otherwise, or to any demand or claim that may be instituted or made by Landlord hereunder, except
for the defense of the actual timely performance of the Guaranteed Obligations hereunder.

          1.10 Waiver of Subrogation, Reimbursement and Contribution. Notwithstanding anything
to the contrary contained herein, Guarantor will not exercise or enforce any right of contribution,
reimbursement, recourse or subrogation available to the Guarantor as to any of the Guaranteed
Obligations, or against any person liable therefor, or as to any collateral security therefor,
unless and until all of the Guaranteed Obligations shall have been fully paid and discharged.

          1.11 Reinstatement; Effect of Bankruptcy. Guarantor agrees that if at any time all or
any part of any payment at any time received by Landlord from, or on behalf of, Tenant or Guarantor
under or with respect to this Guaranty is held to constitute a Preferential Payment (as defined in
Section 4.4), or if Landlord is required to rescind, restore or return all or part of any
such payment or pay the amount thereof to another Person for any reason (including, without
limitation, the insolvency, bankruptcy reorganization, receivership or other debtor relief law or
any judgment, order or decision thereunder), then the Guaranteed Obligations hereunder shall, to
the extent of the payment rescinded, restored or returned, be deemed to have continued in
existence notwithstanding such previous receipt by Landlord, and the Guaranteed Obligations
hereunder shall continue to be effective or reinstated, as the case may be, as to such payment as
though such previous payment to Landlord had never been made.

          1.12 Exculpation. No member of or any agent, employee, officer, manager, director,
governor or affiliate (other than Guarantor, as set forth herein and/or in the Lease) of Tenant or
of Guarantor shall be personally liable to repay any amount due under the Lease or perform any
obligations of Tenant or Guarantor under the Lease.

ARTICLE II

EVENTS AND CIRCUMSTANCES NOT

REDUCING OR DISCHARGING GUARANTOR’S OBLIGATIONS

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

          (a) Modifications. Any change in the time, manner or place of payment of the
Guaranteed Obligations, or in any other term thereof, or any renewal, extension, increase,
alteration, rearrangement, amendment or other modification to any provision of the Lease or any

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other document, instrument, contract or understanding between Tenant and Landlord or any other
Person pertaining to the Guaranteed Obligations.

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

          (c) Condition of Tenant or Guarantor. Tenant’s or Guarantor’s voluntary or
involuntary liquidation, dissolution, sale of all or substantially all of their respective assets
and liabilities, appointment of a trustee, receiver, liquidator, sequestrator or conservator for
all or any part of Tenant’s or Guarantor’s assets, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, consolidation, merger arrangement, composition, readjustment
or the commencement of any other similar proceedings affecting Tenant or Guarantor or any of the
assets of either of them, including, without limitation, (A) the release or discharge of Tenant
from the payment and performance of its obligations under the Lease by operation of law or (B) the
impairment, limitation or modification of the liability of Tenant, its partners or Guarantor, or of
any remedy for the enforcement of Landlord’s rights, under this Guaranty or the Lease, resulting
from the operation of any present or future provisions of the Bankruptcy Code or other present or
future federal, state or applicable statute of law or from the decision in any court.

          (d) Invalidity of Guaranteed Obligations. The invalidity, illegality, irregularity or
unenforceability of all or any part of this Guaranty or of the Lease, or of any other document or
agreement executed in connection with the Guaranteed Obligations for any reason whatsoever,
including, without limitation, the fact that (i) the act of creating the Guaranteed Obligations, or
any part thereof, exceeds the amount permitted by law, (ii) the Guaranteed Obligations, or any part
thereof, is ultra vires, (iii) the officers or representatives executing the Lease
or any other document or agreement executed in connection with the creating of the Guaranteed
Obligations, or any part thereof, acted in excess of their authority, (iv) the Guaranteed
Obligations, or any part thereof, violates applicable usury laws, (v) Tenant or Guarantor has valid
defenses, claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed
Obligations wholly or partially uncollectible, (vi) the creation, performance or repayment of the
Guaranteed Obligations, or any part thereof (or the execution, delivery and performance of any
document or instrument representing the Guaranteed Obligations, or any part thereof, or executed in
connection with the Guaranteed
Obligations, or given to secure the repayment of the Guaranteed Obligations, or any part
thereof), is illegal, uncollectible, legally impossible or unenforceable or (vii) the Lease or any
other document or agreement executed in connection with the Guaranteed Obligations, or any part
thereof, has been forged or otherwise are irregular or not genuine or authentic.

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

          (f) Release of Collateral; Other Collateral. Any release, surrender, exchange,
subordination, deterioration, waste, loss or impairment by Landlord (including, without limitation,
negligent, willful, unreasonable or unjustifiable impairment) of, or failure to perfect or

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obtain
protection of, any collateral, property or security at any time existing in connection with, or
assuring or securing payment of, all or any part of the Guaranteed Obligations; or the taking or
accepting of any other security, collateral or guaranty or other assurance of payment for all or
any part of the Guaranteed Obligations.

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

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

          (i) Event of Default. The occurrence of any event of default or any potential event
of default under the Lease, whether or not Landlord has exercised any of its rights and remedies
under the Lease upon the happening of any such event of default or potential event of default.

          (j) Actions Omitted. The absence of any action to enforce any of Landlord’s rights
under the Lease or available to Landlord at law, equity or otherwise, to recover any judgment
against Tenant or to enforce a judgment against Tenant under the Lease.

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

          2.2 Other Obligations of Guarantor. If Guarantor is or becomes liable for any other
obligation owed by Tenant to Landlord by endorsement or otherwise than under this Guaranty such
liability shall not be in any manner impaired or affected by this Guaranty and the rights of
Landlord hereunder shall be cumulative of any and all other rights that Landlord may ever have
against Guarantor. The exercise by Landlord of any right or remedy hereunder or under any other
instrument or at law or in equity shall not preclude the concurrent or subsequent exercise of any
right or remedy under any other instrument or at law or in equity, including the making of multiple
demands hereunder. Further, without in any way diminishing or limiting the generality of the
foregoing, it is specifically understood and agreed that this Guaranty is given by Guarantor as an
additional guaranty to any and all guarantees as may heretofore have been or may hereafter be
executed and delivered by Guarantor in favor of Landlord, whether relating to the obligations of
Tenant under the Lease or otherwise, and nothing herein shall ever be deemed to replace or be
in-lieu of any other such previous or subsequent guarantees.

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ARTICLE III

REPRESENTATIONS AND WARRANTIES

          3.1 Representations and Warranties. To induce Landlord to enter into the Lease and
extend credit to Tenant, Guarantor hereby represents and warrants to Landlord that, on the date
hereof and during the duration of this Guaranty:

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

          (b) Benefit to Guarantor. Guarantor hereby acknowledges that Landlord would not enter
into the Lease but for the personal liability undertaken by Guarantor under this Guaranty.
Guarantor (i) is an affiliate of Tenant, (ii) is the owner of direct and/or indirect interest in
Tenant, (iii) has received, or will receive, direct and/or indirect benefit from entering into the
Lease to Tenant and (iv) has received, or will receive, direct and/or indirect benefit from the
making of this Guaranty with respect to the Guaranteed Obligations.

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

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

          (e) Solvency. Guarantor has not entered into this Guaranty with the actual intent to
hinder, delay or defraud any creditor. Guarantor received reasonably equivalent value in exchange
for the Guaranteed Obligations. As of the date hereof, and after giving effect to the this
Guaranty and the contingent obligations evidenced hereby, Guarantor (i) is, and will, immediately
following the execution of the Lease and this Guaranty, be solvent, (ii) has separate assets, the
fair saleable value of which exceeds and will, immediately following the execution of the Lease and
this Guaranty, exceed its separate total liabilities and debts, including, without limitation,
subordinated, unliquidated, disputed and contingent liabilities and (iii) has separate assets which
do not, and will not, immediately following the execution of the Lease and this Guaranty,
constitute unreasonably small capital to carry out its business as conducted or as proposed to be
conducted. Guarantor does not intend to, nor does Guarantor believe that it will, incur
liabilities or debts (including, without limitation, subordinated, unliquidated, disputed and
contingent liabilities) beyond its ability to satisfy such liabilities and debts as they mature.

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

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

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

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

          (j) Financial Information. All financial data that have been delivered to Landlord
with regard to Guarantor (i) are true, complete and correct in all material respects, (ii)
accurately represent the financial condition of Guarantor as of the date of such reports and (iii)
have been prepared in accordance with GAAP throughout the periods covered, except as may be
explicitly disclosed therein.

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

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

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          (m) No Bankruptcy Filing. Guarantor is not a debtor in any state or federal
bankruptcy, insolvency or similar proceeding. Guarantor is contemplating neither the filing of a
petition under any state or federal bankruptcy or insolvency laws nor the liquidation of its assets
or property and Guarantor does not have any knowledge (after due and diligent inquiry) of any
Person contemplating the filing of any such petition against it.

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

          (o) Embargoed Person. To the best of Guarantor’s knowledge, (i) none of the funds or
other assets of Guarantor constitute property of, or are beneficially owned, by any Embargoed
Person; (ii) no Embargoed Person has any interest of any nature whatsoever
in Guarantor (whether directly or indirectly) and (iii) none of the funds of Guarantor have
been derived from any unlawful activity. Notwithstanding anything to the contrary contained
herein, the representations and warranties contained in this subsection shall survive in
perpetuity.

          (p) Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws.
Guarantor, and to the best of Guarantor’s knowledge, each Person owning an interest in Guarantor:
(a) is not currently identified on the OFAC List and (b) is not a Person with whom a citizen of the
United States is prohibited to engage in transactions by any trade embargo, economic sanction, or
other prohibition of any Legal Requirement. Guarantor has implemented procedures, and will
consistently apply such procedures throughout the term of the Lease and the existence of this
Guaranty, to ensure the foregoing representations and warranties remain true and correct during the
term of the Lease and the existence of this Guaranty.

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

ARTICLE IV

THIS ARTICLE IS INTENTIONALLY DELETED.

ARTICLE V

MISCELLANEOUS

          5.1 Landlord’s Benefit; No Impairment of Lease. This Guaranty is for the benefit of
Landlord and its successors and assigns and nothing contained herein shall impair, as between
Tenant and Landlord, the obligations of Tenant under the Lease. Landlord and its

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successors and
assigns shall have the right to assign, in whole or in part, this Guaranty and the Lease to any
Person.

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

          5.3 Tenant. The term “Tenant” as used herein shall include any new or
successor corporation, association, partnership (general or limited), limited liability company,
joint venture, trust or other individual or organization formed as a result of any merger,
reorganization, sale, transfer, devise, gift or bequest of or by Tenant or any interest in Tenant.

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

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

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

          5.7 No Oral Change. No modification, amendment, extension, discharge, termination or
waiver of any provision of this Guaranty, nor consent to any departure by Guarantor therefrom,
shall in any event be effective unless the same shall be in a writing signed by Landlord, and then
such waiver or consent shall be effective only in the specific instance, and

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for the purpose, for
which given. Except as otherwise expressly provided herein, no notice to, or demand on, Guarantor,
shall entitle Guarantor to any other or future notice or demand in the same, similar or other
circumstances.

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

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

          5.10 Number and Gender. All references to sections and exhibits are to sections and
exhibits in or to this Guaranty unless otherwise specified. Unless otherwise specified, the words
“hereof,” “herein,” “hereby,” “hereunder” and words of similar import when used in this Guaranty
shall refer to this Guaranty as a whole and not to any particular provision, article, section or
other subdivision of this Guaranty. Unless otherwise specified, all meanings attributed to defined
terms herein shall be equally applicable to both the singular and plural forms of the terms so
defined. Whenever the context may require, any pronouns used herein shall include the
corresponding masculine, feminine or neuter forms and the singular form of nouns and pronouns shall
include the plural and vice versa.

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

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

          5.13 Counterparts. This Guaranty may be executed in any number of counterparts, each
of which when so executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument.

          5.14 Notices. All notices, consents, approvals and requests required or permitted
hereunder shall be given in writing by expedited prepaid delivery service, either commercial or
United States Postal Service, with proof of delivery or attempted delivery, addressed as follows
(or at such other address and person as shall be designated from time to time by any party to this
Guaranty, as the case may be, in a written notice to the other parties to this Guaranty in the
manner provided for in this Section). A notice shall be deemed to have been given when delivered
or upon refusal to accept delivery.

11

 

	 	 	 	 	 
	 

	 	If to Landlord:
	 	LTF CMBS I, LLC
	 

	 	 	 	6442 City West Parkway
	 

	 	 	 	Eden Prairie, Minnesota 55344
	 

	 	 	 	Attention: Treasurer
	 

	 	 	 	Facsimile No.: (952) 947-0099
	 
	 	 	 	 
	 

	 	If to Guarantor:
	 	Life Time Fitness, Inc.
	 

	 	 	 	6442 City West Parkway
	 

	 	 	 	Eden Prairie, Minnesota 55344
	 

	 	 	 	Attention: Treasurer
	 

	 	 	 	Facsimile No.: (952) 947-0099
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Faegre & Benson LLP
	 

	 	 	 	2200 Wells Fargo Center
	 

	 	 	 	90 South Seventh Street
	 

	 	 	 	Minneapolis, Minnesota 55402
	 

	 	 	 	Attention: Scott A. Anderegg, Esq.

          5.15 GOVERNING LAW. (A) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE IN WHICH THE LEASED PREMISES IS LOCATED.

          (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST GUARANTOR ARISING OUT OF OR RELATING TO THIS
GUARANTY OR THE LEASE MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE JURISDICTION IN WHICH
THE LEASED PREMISES IS LOCATED. GUARANTOR HEREBY (i) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND (ii) IRREVOCABLY
SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.

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

12

 

          5.17 Joint and Several Liability. If Guarantor is comprised of more than one Person,
the obligations and liabilities of each such Person hereunder are joint and several.

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

13

 

SIGNATURE PAGE

TO

LEASE GUARANTY

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

	 	 	 	 	 
	 	GUARANTOR: 

LIFE TIME FITNESS, INC.,

a Minnesota corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Eric J. Buss 	 
	 	 	Title:  	Secretaryexv4w1

 

Exhibit 4.1

THIRD SUPPLEMENTAL INDENTURE

(2008 NOTES)

     THIS THIRD SUPPLEMENTAL INDENTURE dated as of January 29, 2007 (this “Supplemental
Indenture”) among Terra Capital, Inc., a Delaware corporation (the “Company”), the
entities set forth on Schedule A hereto, as guarantors under the Indenture referred to
below (the “Guarantors”), and U.S. Bank National Association, as trustee under the
Indenture referred to below (the “Trustee”).

W I T N E S S E T H :

     WHEREAS, the Company, the Guarantors and the Trustee heretofore executed and delivered an
Indenture, dated as of October 10, 2001 (as amended, supplemented, waived, or otherwise modified,
the “Indenture”), providing for the issuance of the 127/8% Senior
Secured Notes due 2008 (the “Notes”) (capitalized terms used herein but not otherwise
defined have the meanings ascribed thereto in the Indenture);

     WHEREAS, Section 9.2 of the Indenture provides that the Company and the Trustee, with the
consent of the Holders of at least a majority in principal amount of the Notes then outstanding,
may amend or waive certain terms and covenants in the Indenture as described below;

     WHEREAS, the Holders of a majority in principal amount of the Notes outstanding have consented
to the waiver and amendments effected by this Supplemental Indenture;

     WHEREAS, the Company and each of the Guarantors are undertaking to execute and deliver this
Supplemental Indenture to amend certain terms and covenants in the Indenture in connection with the
Offer to Purchase and Consent Solicitation Statement of the Company, dated as of January 10, 2007,
and any amendments, modifications or supplements thereto (the “Tender Offer and
Solicitation”); and

     WHEREAS, this Supplemental Indenture has been duly authorized by all necessary corporate
action on the part of the Company and each of the Guarantors.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, each of the Guarantors and
the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the
Notes as follows:

ARTICLE I

AMENDMENTS AND WAIVERS

     Section 1.1 Applicability of Certain Indenture Provisions to the Tender Offer and
Solicitation. The application of the provisions of Article 4 of the Indenture are hereby
waived to the extent that such provisions might otherwise interfere with the ability to enter into
agreements contemplated by, and to consummate, the Tender Offer and Solicitation.

     Section 1.2 Amendments to the Indenture. Effective at the time of payment or deposit
with DTC (the “Payment Date”) of an amount of money sufficient to pay for all Notes validly
tendered and accepted pursuant to the Tender Offer and Solicitation and to make all consent
payments required under the Tender Offer and Solicitation:

	 	(i)	 	The Indenture is hereby amended to delete Section 4.2 (Corporate Existence),
Section 4.4 (Payment of Taxes and Other Claims), Section 4.5 (Additional guarantees),
Section 4.6 (SEC Reports) (except to the extent required by the Trust Indenture Act of
1939), Section 4.7 (Compliance Certificate) (except to the extent required by the Trust
Indenture Act of 1939), Section 4.8 (Change of Control), Section 4.9 (Limitation on
Incurrence of Indebtedness), Section 4.10 (Limitation on Restricted Payments), Section
4.11 (Limitation on Liens), Section 4.12 (Limitation on Transactions with Affiliates),
Section 4.13 (Limitation on Asset Sales), Section 4.14 (Limitation on Dividend and
Other Restrictions Affecting Restricted Subsidiaries), Section 4.15 (Limitation on Sale
of Principal Properties), Section 4.16 (Limitation on Sale and Leaseback Transactions),
Section 4.17 (Impairment of Security Interest), Section 4.18 (Conduct of Business) and
Section 4.19 (Maintenance of Insurance, Properties, Books and Records) in their
entirety and all references thereto contained elsewhere in the Indenture in their
entirety;

A-1

 

	 	(ii)	 	The Indenture is hereby amended to delete subsection (d) of Section 5.1
(Merger, Consolidation and Sale of Assets) in their entirety and all references thereto
contained in Section 5.1 and elsewhere in the Indenture in their entirety;
	 
	 	(iii)	 	The failure to comply with the terms of any of the Sections of the Indenture
set forth in clauses (i) and (ii) above shall no longer constitute a Default or an
Event of Default under the Indenture and shall no longer have any other consequence
under the Indenture;
	 
	 	(iv)	 	The Indenture is hereby amended to delete clauses (iii), (iv), (v), (vi) and
(ix) of Section 6.1 (Events of Default) in their entirety and all references thereto
contained in Section 6.1 and elsewhere in the Indenture in their entirety, and the
occurrence of the events described in clauses (iii), (iv), (v), (vi) and (ix) of
Section 6.1 shall no longer constitute Events of Default;
	 
	 	(v)	 	All definitions set forth in Section 1.1 of the Indenture that relate to
defined terms used solely in sections deleted by this Supplemental Indenture are hereby
deleted in their entirety; and
	 
	 	(vi)	 	All references to Sections 6.1 and 5.1 of the Indenture shall mean Sections 6.1
and 5.1 as amended by this Supplemental Indenture.

ARTICLE II

MISCELLANEOUS

     Section 2.1 Effect of Supplemental Indenture. Upon the execution and delivery of this
Supplemental Indenture by the Company, each of the Guarantors and the Trustee, the Indenture shall
be supplemented in accordance herewith, and this Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and
delivered under the Indenture shall be bound hereby; provided, that the amendments to the Indenture
set forth in Section 1.2 of this Supplemental Indenture shall become operative as specified in
Section 1.2 hereof. Prior to the Payment Date, the Company may terminate this Supplemental
Indenture upon written notice to the Trustee.

     Section 2.2 Indenture Remains in Full Force and Effect. Except as supplemented
hereby, all provisions in the Indenture shall remain in full force and effect.

     Section 2.3 Indenture and Supplemental Indenture Construed Together. This
Supplemental Indenture is an indenture supplemental to and in implementation of the Indenture, and
the Indenture and this Supplemental Indenture shall henceforth be read and construed together.

     Section 2.4 Confirmation and Preservation of Indenture. The Indenture as supplemented
by this Supplemental Indenture is in all respects confirmed and preserved.

     Section 2.5 Conflict with the Trust Indenture Act. If any provision of this
Supplemental Indenture limits, qualifies or conflicts with any provision of the TIA that is
required under the TIA to be a part of and govern any provision of this Supplemental Indenture, the
provision of the TIA shall control. If any provision of this Supplemental Indenture modifies or
excludes any provision of the TIA that may be so modified or excluded, the provision of the TIA
shall be deemed to apply to the Indenture as so modified or to be excluded by this Supplemental
Indenture, as the case may be.

     Section 2.6 Severability. In case any provision in this Supplemental Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     Section 2.7 Benefits of Supplemental Indenture. Nothing in this Supplemental
Indenture or the Notes, express or implied, shall give to any Person, other than the parties hereto
and thereto and their successors hereunder and thereunder and the Holders of the Notes, any benefit
of any legal or equitable right, remedy or claim under the Indenture, this Supplemental Indenture
or the Notes.

A-2

 

     Section 2.8 Successors. All agreements of the Company and each of the Guarantors in
this Supplemental Indenture shall bind their respective successors. All agreements of the Trustee
in this Supplemental Indenture shall bind its successors.

     Section 2.9 Acceptance by Trustee. The Trustee accepts the amendments to the
Indenture effected by this Supplemental Indenture and agrees to execute the trusts created by the
Indenture as hereby amended, but only upon the terms and conditions set forth in the Indenture.

     Section 2.10 Certain Duties and Responsibilities of the Trustee. In entering into
this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the
Indenture and the Notes relating to the conduct or affecting the liability or affording protection
to the Trustee, whether or not elsewhere herein so provided.

     Section 2.11 Governing Law. This Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York but without giving effect to
applicable principles of conflicts of law to the extent that the application of the laws of another
jurisdiction would be required thereby.

     Section 2.12 Counterparts. This Supplemental Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

     Section 2.13 Headings. The Article and Section headings herein are inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify
or restrict any of the terms or provisions hereof.

     Section 2.14 The Trustee. The Trustee shall not be responsible in any manner for or
in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of
the recitals contained herein, all of which are made by the Company and each of the Guarantors.

*   *   *   *   *

A-3

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first written above.

	 	 	 	 	 
	 	TERRA CAPITAL, INC.

 	 
	 	By: 	/s/
Francis G. Meyer 	 
	 	Name:  	Francis G. Meyer 	 
	 	Title:  	Vice President 	 
	 
	 
	 	GUARANTORS:

BEAUMONT AMMONIA INC.

BEAUMONT HOLDINGS CORPORATION

BMC HOLDINGS INC.

PORT NEAL CORPORATION

TERRA CAPITAL HOLDINGS, INC.

TERRA HOUSTON AMMONIA, INC.

TERRA INDUSTRIES INC.

TERRA INTERNATIONAL, INC.

TERRA INTERNATIONAL (OKLAHOMA) INC.

TERRA METHANOL CORPORATION

TERRA NITROGEN CORPORATION

TERRA REAL ESTATE CORP.

TERRA (U.K.) HOLDINGS INC.

TERRA MISSISSIPPI HOLDINGS CORP.

TERRA MISSISSIPPI NITROGEN INC.

TERRA NITROGEN GP HOLDINGS, INC.

 	 
	 	By: 	/s/
Francis G. Meyer 	 
	 	Name:  	Francis G. Meyer 	 
	 	Title:  	Vice President 	 

A-4

 

	 	 	 	 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By: 	/s/
Richard Prokosch 	 
	 	Name:  	Richard Prokosch 	 
	 	Title:  	Vice President 	 

A-5

 

	 	 	 	 	 

SCHEDULE A

SCHEDULE OF GUARANTORS

BEAUMONT AMMONIA INC. (Delaware)

BEAUMONT HOLDINGS CORPORATION (Delaware)

BMC HOLDINGS INC. (Delaware)

PORT NEAL CORPORATION (Delaware)

TERRA CAPITAL HOLDINGS, INC. (Delaware)

TERRA HOUSTON AMMONIA, INC. (Delaware)

TERRA INDUSTRIES INC. (Maryland)

TERRA INTERNATIONAL, INC. (Delaware)

TERRA INTERNATIONAL (OKLAHOMA) INC. (Delaware)

TERRA METHANOL CORPORATION (Delaware)

TERRA NITROGEN CORPORATION (Delaware)

TERRA REAL ESTATE CORP. (Iowa)

TERRA (U.K.) HOLDINGS INC. (Delaware)

TERRA MISSISSIPPI HOLDINGS CORP. (Mississippi)

TERRA MISSISSIPPI NITROGEN INC. (Delaware)

TERRA NITROGEN GP HOLDINGS, INC. (Delaware)

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