Document:

Exhibit 10.28

 

BAD BOY GUARANTY

 

This BAD BOY
GUARANTY (this “Guaranty”) is executed as of February 27, 2015, by American
Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership, AMERICAN REALTY CAPITAL HOSPITALITY
TRUST, INC., a Maryland corporation, having an office at c/o American Realty Capital, 405 Park Avenue, New York, New York 10022,
Nicholas S. Schorsch, an individual, William M. Kahane, an individual, Edward M. Weil, Jr., an individual, and Peter M. Budko,
an individual (each of the foregoing, a “Guarantor”, and collectively, “Guarantors”),
for the benefit of W2007 EQUITY INNS SENIOR MEZZ, LLC, a Delaware limited liability company, having an office at c/o Goldman Sachs
Realty Management, L.P., 6011 Connection Drive, Irving, Texas 75039 (together with its successors and/or assigns, the “Class
A Member”).

 

WITNESSETH:

 

WHEREAS, the Class
A Member is prepared to make an investment (the “Investment”) in ARC Hospitality Portfolio I Holdco,
LLC, a Delaware limited liability company (the “Company”), in the amount of $347,298,021.00 as described
in the Amended and Restated Limited Liability Company Agreement of the Company, of even date herewith, among the Class A Member,
American Realty Capital Hospitality Portfolio Member LP, a Delaware limited partnership (the “Class B Member”),
and William G. Popeo, as special member (as the same may be amended, modified or supplemented from time to time, the “Operating
Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms
in the Operating Agreement;

 

WHEREAS, each Guarantor
acknowledges receipt and approval of copies of the Operating Agreement and the other Transaction Documents;

 

WHEREAS, each Guarantor
acknowledges that it owns, either directly or indirectly, a beneficial interest in the Class B Member and, as a result of such
beneficial interest, will receive substantial economic and other benefits from the Class A Member making the Investment in the
Company; and

 

WHEREAS, the Class
A Member is unwilling to make the Investment or to enter into the Operating Agreement unless Guarantors agree to provide the indemnification,
representations, warranties, covenants and other matters described in this Guaranty for the benefit of the Class A Member.

 

NOW, THEREFORE, as
an inducement to the Class A Member to make the Investment, enter into the Operating Agreement and become a Member of the Company,
and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties
do hereby agree as follows:

 

    	 

    	 

    

 

ARTICLE
1 

NATURE AND SCOPE OF GUARANTY

 

Section
1.1          Guaranty of Obligation.

 

(a)          Subject
to Section 1.10 hereof, each Guarantor hereby irrevocably and unconditionally guarantees to the Class A Member and its successors
and assigns the payment and performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and
payable, whether by lapse of time, by acceleration of maturity or otherwise. Each Guarantor hereby irrevocably and unconditionally
covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

(b)          As
used herein, the term “Guaranteed Obligations” means (i) the Recourse Liabilities and (ii) from
and after the date that any Springing Recourse Event occurs, payment of the Redemption Price.

 

(c)          For
purposes hereof, the “Recourse Liabilities” shall mean any actual loss, damage, out-of-pocket cost or
expense, liability, claim or other obligation incurred by the Class A Member (including reasonable outside attorneys’ fees
and costs reasonably incurred) arising out of or in connection with the following:

 

(i)          fraud
or intentional misrepresentation committed by the Company, the Class B Member, any Guarantor or any of their respective Affiliates
in connection with the Investment;

 

(ii)         wrongful
removal of personal property from the Properties after a Changeover Event by the Company, the Class B Member, any Guarantor or
any of their respective Affiliates, unless replaced with personal property of substantially the same or greater utility and of
the same or greater value;

 

(iii)        any
intentional physical waste at any Property committed by the Company, the Class B Member, any Guarantor or any of their respective
Affiliates;

 

(iv)        the
misappropriation by the Company, the Class B Member, any Guarantor or any of their respective Affiliates of any proceeds (including
proceeds of Capital Contributions, Capital Event Proceeds and Protective Capital) or other funds (including any proceeds paid by
reason of any Casualty to any Property and any awards in connection with the Condemnation of any Property), revenues, rents, income,
security deposits or other amounts;

 

(v)         failure
to obtain and maintain the fully paid for insurance policies in accordance with Section 5.7 of the Operating Agreement to the extent
that adequate funds were available to the Company and its Subsidiaries from the income of the Properties for the payment of the
premiums thereof;

 

(vi)        if
the Class B Member, the Company or any of the Subsidiaries fails to maintain its status as a single purpose entity in accordance
with the terms of Section 5.15(a) of the Operating Agreement and such failure does not result in the substantive

 

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consolidation of the
assets and liabilities of the Class B Member, the Company or any of the Subsidiaries with any other Person as a result of such
breach; and/or

 

(vii)       the
modification of any ground lease affecting any Property if such modification is prohibited under the Operating Agreement or any
of the other Transaction Documents and such modification has a material adverse effect on the related Property or the leasehold
interest therein (including the value or operation thereof) or the Class A Member’s ability to exercise its rights and remedies
under the Transaction Documents.

 

(d)          For
purposes hereof, each of the following shall constitute a Springing Recourse Event:

 

(i)          if
the Company fails to obtain the Class A Member’s prior written consent to any financing for borrowed money, whether secured
or unsecured, in violation of the terms of the Operating Agreement or any of the other Transaction Documents;

 

(ii)         if
the Class B Member, the Company or any of the Subsidiaries fails to obtain the Class A Member’s prior written consent to
any voluntary mortgage, deed of trust, security deed, security agreement or similar grant by the Company or any of its Subsidiaries
of a voluntary Lien upon any Property, or any voluntary granting of a security interest in, voluntary pledge of or other voluntary
Lien upon any direct or indirect equity interest in the Company or any of the Subsidiaries, in each case, as security for any obligations
or liabilities that is not permitted under the Operating Agreement or any of the other Transaction Documents;

 

(iii)        if
the Class B Member, the Company or any of the Subsidiaries fails to obtain the Class A Member’s prior written consent to
any voluntary transfer of any Property or any of the equity interests in the Subsidiaries that is not permitted under the Operating
Agreement or any of the other Transaction Documents;

 

(iv)        if
the Class B Member ceases to be Controlled, directly or indirectly, by ARC OP, or if ARC OP ceases to be Controlled, directly or
indirectly by the REIT, or if the REIT ceases to be Controlled, directly or indirectly, by AR Capital, LLC;

 

(v)         the
Class B Member, the Company or any of the Subsidiaries files a voluntary petition under the Bankruptcy Code or any other Federal
or state bankruptcy or insolvency law;

 

(vi)        the
filing of an involuntary petition against the Class B Member, the Company or any of the Subsidiaries under the Bankruptcy Code
or any other Federal or state bankruptcy or insolvency law by any other Person in which the Class B Member, the Company, any Subsidiary
or any of their respective Affiliates colludes with or otherwise assists such Person, and/or the Class B Member, the Company, any
Subsidiary or any of their respective Affiliates solicits or causes to be solicited petitioning creditors for any involuntary petition
against the Class B Member, the Company or any of the Subsidiaries by any Person;

 

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(vii)       if
the Class B Member, the Company or any of the Subsidiaries files an answer consenting to, or joining in, any involuntary petition
filed against it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law;

 

(viii)      if
the Class B Member, the Company, any Subsidiary or any of their respective Affiliates consents to, or joins in, an application
for the appointment of a custodian, receiver, trustee or examiner for the Class B Member, the Company or any of the Subsidiaries
and/or any portion of any Property;

 

(ix)         if
the Class B Member, the Company or any of the Subsidiaries makes an assignment for the benefit of creditors or admits, in any legal
proceeding, its insolvency or inability to pay its debts as they become due; or

 

(x)          if
the Class B Member, the Company or any of the Subsidiaries fails to maintain its status as a single purpose entity in accordance
with the terms of Section 5.15(a) of the Operating Agreement and such failure results in the substantive consolidation of the assets
and liabilities of the Class B Member, the Company or any of the Subsidiaries with any other Person in a bankruptcy or similar
proceeding under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law.

 

(e)          Notwithstanding
anything to the contrary in this Guaranty or in any of the other Transaction Documents, then Class A Member shall not be deemed
to have waived any right which the Class A Member may have under Section 506(a), 506(b), 1111(b) or any other provisions of the
Bankruptcy Code to file a claim for the full amount of the Redemption Price or to require that all collateral shall continue to
secure all of the obligations owed to the Class A Member in accordance with the Transaction Documents.

 

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

 

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

 

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Section
1.4           Payment By Guarantors.
If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration
or otherwise, Guarantors shall, immediately upon demand by the Class A Member 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 on the Guaranteed Obligations to the Class A Member
at the Class A Member’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the
time for payment of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different
items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions
hereof.

 

Section
1.5           No Duty To Pursue Others.
It shall not be necessary for the Class A Member (and each Guarantor hereby waives any rights which such Guarantor may have to
require the Class A Member), in order to enforce the obligations of Guarantors hereunder, first to (i) institute suit or exhaust
its remedies against the Company or others liable for the Guaranteed Obligations or any other Person, including, without limitation,
any general partner of any of the foregoing which is a partnership, (ii) declare a Changeover Event, (iii) enforce the
Class A Member’s rights against any collateral which shall ever have been given to secure the obligations owed to the Class
A Member under the Operating Agreement or the other Transaction Documents, (iv) enforce the Class A Member’s rights
against any other guarantors of the Guaranteed Obligations, including, without limitation, any general partner of any of the foregoing
which is a partnership, (v) join the Class B Member, the Company or any others liable on the Guaranteed Obligations in any
action seeking to enforce this Guaranty, (vi) exhaust any remedies available to the Class A Member under the Transaction Documents,
or (vii) resort to any other means of obtaining payment of the Guaranteed Obligations, including, to the extent California
law is deemed to apply notwithstanding the choice of law set forth herein, any of the foregoing which may be available to the Class
A Member by virtue of California Civil Code Sections 2845, 2849, and 2850. The Class A Member shall not be required to mitigate
damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 

Section
1.6           Waivers. Each
Guarantor acknowledges receipt of copies of the Operating Agreement and the other Transaction Documents and hereby waives notice
of (i) any loans or advances (including advances of Protective Capital) made by the Class A Member to the Company, (ii) acceptance
of this Guaranty, (iii) any amendment of any Transaction Document or extension of the Mandatory Redemption Date, (iv) the
occurrence of any breach by the Class B Member or the Company under the Operating Agreement or the other Transaction Documents
or the declaration of a Changeover Event, (v) the Class A Member’s transfer or disposition of the Guaranteed Obligations,
or any part thereof, (vi) protest, proof of non-payment or default by the Class B Member or the Company, or (vii) any
other action at any time taken or omitted by the Class A Member and, generally, all demands and notices of every kind in connection
with this Guaranty, the Transaction Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed
Obligations and/or the obligations hereby guaranteed.

 

Section
1.7           Payment of Expenses.
In the event that any Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantors shall, immediately
upon demand by the Class A Member, pay the Class A Member all reasonable out-of-pocket costs and

 

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expenses
(including court costs and reasonable attorneys’ fees) incurred by the Class A Member in the enforcement hereof or the preservation
of the Class A Member’s rights hereunder. The covenant contained in this Section shall survive the payment and performance
of the Guaranteed Obligations.

 

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

 

Section
1.9          Waiver and Postponement of Subrogation, Reimbursement
and Contribution. Notwithstanding anything to the contrary contained in this Guaranty, each
Guarantor hereby unconditionally and irrevocably agrees to postpone the exercise of and, until the Redemption Price has been paid
in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), does hereby irrevocably waive and
defer any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation,
any law subrogating Guarantors’ rights to the rights of the Class A Member), to assert any claim against or seek contribution,
indemnification or any other form of reimbursement from the Company or any of its Subsidiaries or any other party liable to the
Class A Member for the payment of any or all of the Guaranteed Obligations for any payment made by Guarantors under or in connection
with this Guaranty or otherwise; provided that, for clarity, such postponement and waiver shall only be in effect until the Redemption
Price has been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty).

 

Section
1.10        Limitations on Liability of Guarantors.

 

(a)          As
used herein, a “Guarantor Affiliate” shall mean any Guarantor, the Class B Member and/or any other Person
that either (or both) (a) is in Control of, is Controlled by or is under common Control with (i) any Guarantor or (ii) any
general partner or managing member of, or other Person or Persons Controlling, any Guarantor (each a “Clause (a) Person”),
or (b) is either (1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity
interests in any Guarantor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination) of the
Guarantors directly or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person,
or (3) a Person with respect to which any combination of Guarantors and Clause (a) Persons own, directly or indirectly, fifty-one
percent (51%) or more of the direct or indirect voting equity interests in such Person. In addition to, and without limiting, the
foregoing, if a direct or indirect interest in a loan secured by direct or indirect interests in the Company or any of its Subsidiaries
is held by a Guarantor Affiliate, the related lender will be deemed a Guarantor Affiliate unless such Guarantor Affiliate is a
Disabled Participant (as defined below) and one or more other holders of substantial interests in such loan that are not Guarantor
Affiliates control the administration of such loan and the enforcement of the rights and remedies of such lender. A

 

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Guarantor Affiliate is
a “Disabled Participant” with respect to a loan if it has no right to exercise any voting or other control
rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

 

(b)          Notwithstanding
anything to the contrary herein or in the other Transaction Documents, in the event of the declaration of a Changeover Event, then
Guarantors shall not have any liability hereunder for any Losses arising from any circumstance, condition, action or event first
occurring after the date of the declaration of a Changeover Event and not caused by the acts of either of the Guarantors or any
other Guarantor Affiliate; provided that (i) Guarantors shall remain liable hereunder that arise from any action or event
prior to the date of the declaration of a Changeover Event and (ii) if, following the declaration of a Changeover Event, an arbitration
panel appointed pursuant to Section 12.10 of the Operating Agreement determines that such Changeover Event has not occurred pursuant
to Section 3.5 of the Operating Agreement, then the Guarantors shall continue to be fully liable for all of its obligations hereunder
(other than any liabilities caused solely by the actions of the Class A Member taken on behalf of the Company or any of its Subsidiaries
following such declaration of a Changeover Event).

 

(c)          At
any time prior to the declaration of a Changeover Event, Guarantors shall be entitled to request and Class A Member agrees to grant
the release of any Guarantor from its obligations hereunder so long as, following such release, the remaining Guarantor(s) collectively
and not individually continue(s) to satisfy the Net Worth Threshold and Liquid Assets Threshold requirements set forth in Section
5.2 hereof. In connection with any release of a Guarantor pursuant to this Section 1.10(c), the Class A Member shall
execute and deliver a release of such Guarantor from all liability in respect of the Guaranteed Obligations.

 

(d)          Subject
to the reinstatement of the Guarantors’ obligations hereunder pursuant to Section 6.14 hereof, this Guaranty shall
terminate and be of no further force and effect upon the date of the payment in full of the Redemption Price; provided,
however, that the Guaranteed Obligations shall survive such termination with respect to any and all such Guaranteed Obligations
accruing prior to or arising out of or related to any circumstances, conditions, actions or events occurring or arising prior to
the date of such repayment and satisfaction, even to the extent the applicable liability, loss, cost or expense does not occur
or the applicable circumstance, condition, action or event is not discovered until after such date.

 

ARTICLE
2 

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTORS’ OBLIGATIONS

 

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

 

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Section
2.1           Modifications.
Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the
Operating Agreement, the Transaction Documents or any other document, instrument, contract or understanding between Class B Member,
any Guarantor or the Company and the Class A Member or any other parties pertaining to the Guaranteed Obligations or any failure
of the Class A Member to notify Guarantors of any such action.

 

Section
2.2           Adjustment.
Any adjustment, indulgence, forbearance or compromise that might be granted or given by the Class A Member to the Class B Member,
the Company or any Guarantor.

 

Section
2.3           Condition of Relevant Entities.
The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of the
Class B Member, the Company or any of its Subsidiaries, any Guarantor or any other Person at any time liable for the payment of
all or part of the Guaranteed Obligations; or, subject to Section 1.10(b) hereof, any sale, lease or transfer of any or
all of the assets of the Class B Member, any Guarantor, the Company or any of the Subsidiaries, or, subject to Section 1.10(b)
hereof, any changes in the direct or indirect shareholders, partners or members, as applicable, of the Class B Member, any Guarantor
or the Company or any of its Subsidiaries; or any reorganization of the Class B Member, any Guarantor or the Company or any of
its Subsidiaries.

 

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

 

Section
2.5           Release of Obligors.
Any full or partial release of the liability of the Class B Member or the Company for the Guaranteed Obligations or any part thereof,
or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or
jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it
being recognized, acknowledged and agreed by each Guarantor that such Guarantor may be required to pay the Guaranteed Obligations
in full

 

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without
assistance or support from any other Person, and no Guarantor has been induced to enter into this Guaranty on the basis of a contemplation,
belief, understanding or agreement that other Persons will be liable to pay or perform the Guaranteed Obligations or that the Class
A Member will look to other Persons to pay or perform the Guaranteed Obligations.

 

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

 

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

 

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

 

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

 

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

 

Section
2.11         Merger. The reorganization,
merger or consolidation of the Class B Member, the Company or any of the Subsidiaries into or with any other Person.

 

Section
2.12         Preference. Any payment
by the Class B Member, the Company or any Person to the Class A Member is held to constitute a preference under the Bankruptcy
Code or for any reason the Class A Member is required to refund such payment or pay such amount to the Class B Member, the Company
or such other Person.

 

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

 

ARTICLE
3 

REPRESENTATIONS AND WARRANTIES

 

To induce the Class
A Member to enter into the Transaction Documents and to invest in the Company, each Guarantor represents and warrants to the Class
A Member as follows:

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
3.6           No Plan Assets.
No Guarantor sponsors, is obligated to contribute to, or is itself an “employee benefit plan,” as defined in Section
3(3) of ERISA, subject to Title I of ERISA, and none of the assets of any Guarantor constitutes or will, until the Redemption Price
has been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), constitute “plan
assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) no Guarantor is a
“governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Guarantor are not
subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans. As of the
date hereof, none of the Guarantors, nor any member of a “controlled group of corporations” (within the meaning of
Section 414 of the Code) maintains, sponsors or contributes to a “defined benefit plan” (within the meaning of Section
3(35) of ERISA) or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of ERISA).

 

Section
3.7           ERISA. No
Guarantor shall engage in any transaction, other than a transaction contemplated hereunder, which would cause any obligation, or
action taken or to be taken, hereunder (or the exercise by the Class A Member of any of its rights under the Operating Agreement
or the other Transaction Documents) to be a non-exempt prohibited transaction under ERISA.

 

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

 

ARTICLE
4 

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

Section
4.1           Subordination of All Guarantor Claims.
As used herein, the term “Guarantor Claims” shall mean all debts and
liabilities of the Class B Member, the Company or any of the Subsidiaries to any one or more of the Guarantors, whether such debts
and liabilities now exist or are hereafter incurred or arise, and whether the obligations of such Person thereon be direct, contingent,
primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced
by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities
may, at their inception, have been, or may hereafter be, created, or the manner in which they have been, or may hereafter be, acquired
by the applicable Guarantor or Guarantors. The Guarantor Claims shall include, without limitation, all rights and claims of any
one or both of the Guarantors against the Class B Member, the Company or any of the Subsidiaries (arising as a result of subrogation
or otherwise) as a result of payment of all or a portion of the Guaranteed Obligations by any Guarantor or the Guarantors. Until
the Redemption Price shall have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this
Guaranty), no Guarantor shall receive or collect, directly or indirectly, from e Class B Member, the Company, any of the Subsidiaries
or any other Person obligated to the Class A Member any amount upon the Guarantor Claims.

 

    	-11-

    	 

    

 

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

 

Section
4.3           Payments Held in Trust.
Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds,
payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for the Class
A Member an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid
to the Class A Member, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or
distributions so received except to pay such funds, payments, claims and/or distributions promptly to the Class A Member, and such
Guarantor covenants promptly to pay the same to the Class A Member.

 

Section
4.4           Liens Subordinate.
Each Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon the assets of the
Class B Member, the Company or any of the Subsidiaries securing payment of the Guarantor Claims shall be and remain inferior and
subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon such Person’s assets securing
payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of any Guarantor or the Class A Member
presently exist or are hereafter created or attach. Without the prior written consent of the Class A Member, until the Redemption
Price shall have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), no Guarantor
shall (i) exercise or enforce any creditor’s rights it may have against the Class B Member, the Company or any of the Subsidiaries,
or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise,
including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor’s
relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments
or other encumbrances on the assets of the Class B Member, the Company or any of the Subsidiaries held by any Guarantor. 

 

    	-12-

    	 

    

 

ARTICLE
5 

COVENANTS

 

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

 

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

 

(b)          “IFRS”
shall mean the International Financial Reporting Standards.

 

(c)          “Liquid
Assets” shall mean any of the following, but only to the extent owned individually, free of all security interests,
liens, pledges, charges or any other encumbrance: (a) cash (excluding proceeds of the Properties that have not been distributed
by the Company), (b) certificates of deposit (with a maturity of two years or less) issued by, or savings account with, any Approved
Bank or other bank or other financial institution reasonably acceptable to the Class A Member, (c) marketable securities listed
on a national or international exchange reasonably acceptable to the Class A Member (it being understood, without limitation of
the foregoing, that the New York Stock Exchange and NASDAQ shall be deemed acceptable to the Class A Member), marked to market,
(d) U.S. Obligations or (e) aggregate availability under unencumbered, unfunded capital commitments that any Guarantor may unconditionally
draw from any of its partners.

 

(d)          “Net
Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date (without regard to the Properties
or any equity therein) less (ii) such Person’s total liabilities as of such date (exclusive of any liability under the Mortgage
Loan Documents and/or the First Mezzanine Loan Documents), determined in accordance with GAAP or IFRS.

 

Section
5.2          Covenants.
Until the Redemption Price and the Guaranteed Obligations have been paid in full (subject to the terms of Section 6.14 regarding
reinstatement of this Guaranty), Guarantors shall collectively and not individually maintain (x) an aggregate Net Worth of not
less than $250,000,000.00 (the “Net Worth Threshold”) and (y) aggregate
Liquid Assets of not less than $20,000,000.00 (the “Liquid Assets Threshold”).

 

Section
5.3          Intentionally Omitted.

 

Section
5.4          Financial Statements. Each
Guarantor shall deliver to the Class A Member:

 

(a)          within
120 days after the end of each fiscal year of such Guarantor, a complete copy of such Guarantor’s annual financial statements
in the form delivered to such guarantor’s limited partners, together with a certificate of the general partner of such Guarantor
certifying that, to the best of the signer’s knowledge, such annual financial statements fairly present the financial condition
and results of the operations of such Guarantor;

 

(b)          within
90 days after the end of each fiscal quarter of such Guarantor, financial statements in the form delivered to such Guarantor’s
limited partners, together with a certificate of the general partner of such Guarantor certifying that, to the best of the signer’s

 

    	-13-

    	 

    

 

knowledge, such quarterly
financial statements fairly present the financial condition and results of the operations of such Guarantor in a manner consistent
with GAAP (subject to year-end adjustments) or IFRS; and

 

(c)          20
days after request by the Class A Member, such other financial information with respect to such Guarantor as the Class A Member
may reasonably request.

 

(d)          No
individual Guarantor shall have any obligation to deliver financial statements under this Guaranty.

 

ARTICLE
6 

MISCELLANEOUS

 

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

 

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

 

	If to the Class A	 
	Member:	c/o Goldman Sachs Realty Management, L.P.
	 	6011 Connection Drive
	 	Irving, Texas 75039
	 	Attn:  Greg Fay
	 	Facsimile No.:  (972) 368-3699
	 	Telephone No.:  (972) 368-2743

 

    	-14-

    	 

    

 

	with copies to:	Whitehall Street Global Real Estate Limited Partnership 2007
	 	c/o Goldman, Sachs & Co.
	 	200 West Street
	 	New York, New York 10282
	 	Attn:  Chief Financial Officer
	 	Facsimile No.:  (212) 357-5505
	 	Telephone No.: (212) 902-5520
	 	 
	and:	Sullivan & Cromwell LLP
	 	125 Broad Street
	 	New York, New York 10004
	 	Attention:  Anthony J. Colletta, Esq.
	 	Facsimile No. (212) 291-9029
	 	 
	If to Guarantors:	c/o American Realty Capital
	 	405 Park Avenue
	 	New York, New York 10022
	 	Attn: Jon Mehlman
	 	Facsimile No.:  (212) 421-5799 
	 	Telephone No.: (646) 626-8857
	 	 
	with a copy to:	c/o American Realty Capital
	 	405 Park Avenue
	 	New York, New York 10022
	 	Attn: Michael Ead
	 	Facsimile No.:  (212) 421-5799
	 	Telephone No.: (646) 381-0604

 

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

 

Section
6.3           Governing Law; Jurisdiction; Service of Process.
(a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH GUARANTOR AND ACCEPTED BY THE CLASS A MEMBER IN THE
STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION
RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS) AND ANY APPLICABLE LAW OF THE

 

    	-15-

    	 

    

 

UNITED STATES OF
AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT
THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER TRANSACTION DOCUMENTS, AND THIS GUARANTY AND THE
OTHER TRANSACTION DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT
TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

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

 

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

 

    	-16-

    	 

    

 

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

 

Section
6.6           Parties Bound; Assignment.
This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted
assigns, heirs and legal representatives. Any assignee or transferee of the Class A Member shall be entitled to all the benefits
afforded to the Class A Member under this Guaranty. No Guarantor shall have the right to assign or transfer its rights or obligations
under this Guaranty without the prior written consent of the Class A Member, and any attempted assignment without such consent
shall be null and void.

 

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

 

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

 

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

 

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

 

Section
6.11         Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT
OF GUARANTORS AND THE CLASS A MEMBER WITH RESPECT TO GUARANTORS’ GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY
AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER
HEREOF. THIS GUARANTY IS INTENDED BY GUARANTORS AND THE CLASS A MEMBER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY,
AND NO COURSE OF DEALING BETWEEN GUARANTORS AND THE CLASS A MEMBER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE
OF

 

    	-17-

    	 

    

 

PRIOR, CONTEMPORANEOUS
OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT
OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTORS AND THE CLASS A MEMBER.

 

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

 

Section
6.13         Cooperation. Each Guarantor
acknowledges that the Class A Member and its successors and assigns may (subject to Section 9.2 of the Operating Agreement) (i) sell
this Guaranty and the other Transaction Documents and/or the Class A Member’s Interest to one or more investors, (ii) deposit
this Guaranty and the other Transaction Documents with a trust, which trust may sell certificates to investors evidencing an ownership
interest in the trust assets, or (iii) otherwise sell the Class A Member’s Interest or one or more interests therein
to investors (the transactions referred to in clauses (i) through (iii) are hereinafter each referred to as “Secondary
Market Transaction”). Each Guarantor shall
at no cost to any Guarantor, cooperate with the Class A Member in effecting any such Secondary Market Transaction and shall provide
(or cause the Class B Member, the Company and/or the Subsidiaries to provide) such information and materials as may be reasonably
requested by the Class A Member in connection with such Secondary Market Transaction.

 

Section
6.14         Reinstatement in Certain Circumstances.
If at any time any payment of the Class A Return, the Unrecovered Capital or any other amount payable by the Company or the Class
B Member under the Operating Agreement or the other Transaction Documents is rescinded or must be otherwise restored or returned
upon the insolvency, bankruptcy or reorganization of the Company or the Class B Member or otherwise, Guarantors’ obligations
hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

 

Section
6.15         Exculpation of Certain Persons.
Notwithstanding anything to the contrary contained in this Guaranty or any other Transaction Document, no direct or indirect shareholder,
partner, member, principal, Affiliate (other than the Class B Member and the Company), employee, officer, trustee, director, agent
or other representative of a Guarantor and/or of any of its Affiliates (each, a “Related Party”)
shall have any personal liability for, nor

 

    	-18-

    	 

    

 

be
joined as party to, any action with respect to payment, performance or discharge of any covenants, obligations, or undertakings
of any Guarantor under this Guaranty, and by acceptance hereof, the Class A Member for itself and its successors and assigns irrevocably
waives any and all right to sue for, seek or demand any such damages, money judgment, deficiency judgment or personal judgment
against any Related Party under or by reason of or in connection with this Guaranty; except that any Related Party that is a party
to any Transaction Document or any other separate written guaranty, indemnity or other agreement given by such Related Party in
connection with the Investment shall remain fully liable therefor and the foregoing provisions shall not operate to limit or impair
the liabilities and obligations of such Related Parties or the rights and remedies of the Class A Member thereunder.

 

Section
6.16        Gender; Number; General Definitions.
Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, (a) words used in
this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, (c) the word “the Class A Member”
shall mean “the Class A Member and any subsequent holder of the Class A Member’s Interest”, (d) the word
“Properties” shall include any portion of any of the Properties and
any interest therein, and (e) the phrases “attorneys’ fees”, “legal fees” and “counsel
fees” shall include any and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited
to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by the Class A Member in protecting its
interest in the Company (including any Protective Capital advances by the Class A Member) and/or in enforcing its rights hereunder.

 

Section
6.17        Joint and Several. The
obligations of each Guarantor hereunder are joint and several.

 

Section
6.18        Certain California State Specific Provisions.

 

(a)          To
the extent California law applies, nothing herein shall be deemed to limit the right of the Class A Member to recover in accordance
with California Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any costs, expenses,
liabilities or damages, including reasonable attorneys’ fees and costs, incurred by the Class A Member and arising from any
covenant, obligation, liability, representation or warranty contained in any indemnity agreement given to the Class A Member, or
any order, consent decree or settlement relating to the cleanup of Hazardous Substances (as defined in the Environmental Indemnity
Agreement) or any other “environmental provision” (as defined in such Section 736) relating to any Property or
any portion thereof.

 

(b)          To
the extent California law applies, in addition to and not in lieu of any other provisions of this Guaranty (provided, however,
that in the case of any conflict or inconsistency between the provisions of this Section 6.18(b) and the other provisions
of this Guaranty as to any subject matter described in this Section 6.18(b), such other provisions shall control), each
Guarantor represents, warrants and covenants as follows:

 

(c)          The
obligations of each Guarantor under this Guaranty shall be performed without demand by the Class A Member and shall be unconditional
irrespective of the genuineness, validity, regularity or enforceability of any of the Operating Agreement or any of

 

    	-19-

    	 

    

 

the other Transaction
Documents, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a surety
or a guarantor. Each Guarantor hereby waives any and all benefits and defenses under California Civil Code Section 2810 and
agrees that by doing so such Guarantor shall be liable even if neither the Company nor the Class B Member had no liability at the
time of execution of the Transaction Documents, or thereafter ceases to be liable. Each Guarantor hereby waives any and all benefits
and defenses under California Civil Code Section 2809 and agrees that by doing so such Guarantor’s liability may be
larger in amount and more burdensome than that of the Company or any of its Subsidiaries. Each Guarantor hereby waives the benefit
of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty
and agrees that such Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to in this
Guaranty which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Guarantor hereby waives
the benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other
rights of sureties and guarantors thereunder.

 

(d)          In
accordance with Section 2856 of the California Civil Code, each Guarantor hereby waives all rights and defenses arising out
of an election of remedies by the Class A Member even though that election of remedies, such as a nonjudicial foreclosure with
respect to security for guaranteed obligations, has destroyed or otherwise impaired such Guarantor’s rights of subrogation
and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise.
Each Guarantor hereby authorizes and empowers the Class A Member to exercise, in its sole and absolute discretion, any right or
remedy, or any combination thereof, which may then be available, since it is the intent and purpose of each Guarantor that the
obligations under this Guaranty shall be absolute, independent and unconditional under any and all circumstances. Specifically,
and without in any way limiting the foregoing, each Guarantor hereby waives any rights of subrogation, indemnification, contribution
or reimbursement arising under Sections 2846, 2847, 2848 and 2849 of the California Civil Code or any other right of recourse
to or with respect to the Company or any of its Subsidiaries, any general partner, member or other constituent of the Company or
any of its Subsidiaries, any other person obligated to the Class A Member with respect to the matters set forth herein, or the
assets or property of any of the foregoing until the Redemption Price has been paid in full and all obligations of the Company
and its Affiliates under the Transaction Documents have been fully performed, and there has expired the maximum possible period
thereafter during which any payment made by the Company or others to the Class A Member with respect to such obligations could
be deemed a preference under the United States Bankruptcy Code. In connection with the foregoing, subject to the foregoing limitations,
each Guarantor expressly waives any and all rights of subrogation against the Company and each of its Subsidiaries, and each Guarantor
hereby waives any rights to enforce any remedy which the Class A Member may have against the Company or any of its Subsidiaries.

 

(e)          In
addition to and without in any way limiting the foregoing, each Guarantor hereby subordinates any and all indebtedness of the Company
and each Subsidiary now or hereafter owed to any Guarantor to all the indebtedness of the Company or any Subsidiary to the Class
A Member and agrees with the Class A Member that until the Redemption Price has been paid in full and all obligations owed to the
Class A Member under

 

    	-20-

    	 

    

 

the Transaction Documents
have been fully performed, and there has expired the maximum possible period thereafter during which any payment made by the Company
or others to the Class A Member with respect to such obligations could be deemed a preference under the United States Bankruptcy
Code, no Guarantor shall demand or accept any payment of principal or interest from the Company or any of its Subsidiaries or claim
any offset or other reduction of any Guarantor’s obligations hereunder because of any such indebtedness. If any amount shall
nevertheless be paid to an Guarantor by the Company or any Subsidiary or another guarantor prior to payment in full of the Redemption
Price, such amount shall be held in trust for the benefit of the Class A Member and shall forthwith be paid to the Class A Member
to be credited and applied to the Unrecovered Capital. Further, no Guarantor shall have any right of recourse against the Class
A Member by reason of any action the Class A Member may take or omit to take under the provisions of this Guaranty or under the
provisions of any of the Transaction Documents. Without limiting the generality of the foregoing, each Guarantor hereby waives,
to the fullest extent permitted by law, diligence in collecting the obligations owed to the Class A Member under the Transaction
Documents, presentment, demand for payment, protest, all notices with respect to the Operating Agreement, this Guaranty, or any
other Transaction Document which may be required by statute, rule of law or otherwise to preserve the Class A Member’s rights
against such Guarantor under this Guaranty, including, but not limited to, notice of acceptance, notice of any amendment of the
Transaction Documents, notice of the occurrence of any default, notice of intent to accelerate, notice of acceleration, notice
of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by the Company or any of its Subsidiaries of
any obligation or indebtedness.

 

(f)          Without
limiting the foregoing, but subject to the same limitations set forth above, each Guarantor waives (i) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any Guarantor
by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such Guarantor may
have by reason of protection afforded to the Company or any of its Subsidiaries with respect to any of the obligations of any Guarantor
under this Guaranty by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other laws of the State of California
limiting or discharging the obligations of the Company or any of its Subsidiaries. Without limiting the generality of the foregoing,
each Guarantor hereby expressly waives any and all benefits under California Code of Civil Procedure Section 726 (which Section,
if such Guarantor had not given this waiver, among other things, would otherwise require the Class A Member to exhaust all of its
security before a personal judgment could be obtained for a deficiency).

 

(g)          Likewise,
each Guarantor waives (i) any and all rights and defenses available to such Guarantor under California Civil Code Sections 2899
and 3433; and (ii) any rights or defenses such Guarantor may have with respect to its obligations as a guarantor by reason
of any election of remedies by the Class A Member. These rights and defenses include, but are not limited to, any rights or defenses
based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

[NO FURTHER TEXT ON THIS PAGE.]

 

    	-21-

    	 

    

 

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

 

	 	GUARANTORS:
	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P.
	 	 	 	 
	 	By:	American Realty Capital Hospitality Trust, Inc., its general partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:  Jonathan Mehlman
	 	 	 	Title: CEO and President
	 	 	 	 
	 	American Realty Capital Hospitality Trust, Inc.
	 	 	 	 
	 	By:	 
	 	 	Name:  Jonathan Mehlman
	 	 	Title: CEO and President

 

[Signatures continue on next page]

 

Signature Page to Bad Boy Guaranty

 

    	 

    	 

    

 

	 	NICHOLAS S. SCHORCSH
	 	 
	 	 
	 	Name: Nicholas S. Schorsch  

 

[Signatures continue on next page]

 

Signature Page to Bad Boy Guaranty

 

    	 

    	 

    

 

	 	WILLIAM M. KAHANE
	 	 
	 	 
	 	Name: William M. Kahane  

 

[Signatures continue on next page]

 

Signature Page to Bad Boy Guaranty

 

    	 

    	 

    

  

	 	EDWARD M. WEIL, JR.
	 	 
	 	 
	 	Name:  Edward M. Weil, Jr.

 

[Signatures continue on next page]

 

Signature Page to Bad Boy Guaranty

 

    	 

    	 

    

 

	 	PETER M. BUDKO
	 	 
	 	 
	 	Name:  Peter M. Budko

 

Signature Page to Bad Boy GuarantyExhibit 10.29

 

BAD BOY GUARANTY

 

This BAD BOY
GUARANTY (this “Guaranty”) is executed as of February 27, 2015, by American
Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership, AMERICAN REALTY CAPITAL HOSPITALITY
TRUST, INC., a Maryland corporation, having an office at c/o American Realty Capital, 405 Park Avenue, New York, New York 10022,
Nicholas S. Schorsch, an individual, William M. Kahane, an individual, Edward M. Weil, Jr., an individual, and Peter M. Budko,
an individual (each of the foregoing, a “Guarantor”, and collectively, “Guarantors”),
for the benefit of W2007 EQUITY INNS PARTNERSHIP, L.P., a Tennessee limited partnership, and W2007 EQUITY INNS TRUST, a Maryland
trust, each having an office at c/o Goldman Sachs Realty Management, L.P., 6011 Connection Drive, Irving, Texas 75039 (collectively,
and together with their respective successors and/or assigns, the “Class A Member”).

 

WITNESSETH:

 

WHEREAS, the Class
A Member is prepared to make an investment (the “Investment”) in ARC Hospitality Portfolio II Holdco,
LLC, a Delaware limited liability company (the “Company”), in the amount of $99,799,180.00 as described
in the Amended and Restated Limited Liability Company Agreement of the Company, of even date herewith, among the Class A Member,
American Realty Capital Hospitality Portfolio Member LP, a Delaware limited partnership (the “Class B Member”),
and William G. Popeo, as special member (as the same may be amended, modified or supplemented from time to time, the “Operating
Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms
in the Operating Agreement;

 

WHEREAS, each Guarantor
acknowledges receipt and approval of copies of the Operating Agreement and the other Transaction Documents;

 

WHEREAS, each Guarantor
acknowledges that it owns, either directly or indirectly, a beneficial interest in the Class B Member and, as a result of such
beneficial interest, will receive substantial economic and other benefits from the Class A Member making the Investment in the
Company; and

 

WHEREAS, the Class
A Member is unwilling to make the Investment or to enter into the Operating Agreement unless Guarantors agree to provide the indemnification,
representations, warranties, covenants and other matters described in this Guaranty for the benefit of the Class A Member.

 

NOW, THEREFORE, as
an inducement to the Class A Member to make the Investment, enter into the Operating Agreement and become a Member of the Company,
and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties
do hereby agree as follows:

 

    	 

    	 

    

 

ARTICLE
1 

NATURE AND SCOPE OF GUARANTY

 

Section
1.1          Guaranty of Obligation.

 

(a)          Subject
to Section 1.10 hereof, each Guarantor hereby irrevocably and unconditionally guarantees to the Class A Member and its successors
and assigns the payment and performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and
payable, whether by lapse of time, by acceleration of maturity or otherwise. Each Guarantor hereby irrevocably and unconditionally
covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

(b)          As
used herein, the term “Guaranteed Obligations” means (i) the Recourse Liabilities and (ii) from
and after the date that any Springing Recourse Event occurs, payment of the Redemption Price.

 

(c)          For
purposes hereof, the “Recourse Liabilities” shall mean any actual loss, damage, out-of-pocket cost or
expense, liability, claim or other obligation incurred by the Class A Member (including reasonable outside attorneys’ fees
and costs reasonably incurred) arising out of or in connection with the following:

 

(i)          fraud
or intentional misrepresentation committed by the Company, the Class B Member, any Guarantor or any of their respective Affiliates
in connection with the Investment;

 

(ii)         wrongful
removal of personal property from the Properties after a Changeover Event by the Company, the Class B Member, any Guarantor or
any of their respective Affiliates, unless replaced with personal property of substantially the same or greater utility and of
the same or greater value;

 

(iii)        any
intentional physical waste at any Property committed by the Company, the Class B Member, any Guarantor or any of their respective
Affiliates;

 

(iv)        the
misappropriation by the Company, the Class B Member, any Guarantor or any of their respective Affiliates of any proceeds (including
proceeds of Capital Contributions, Capital Event Proceeds and Protective Capital) or other funds (including any proceeds paid by
reason of any Casualty to any Property and any awards in connection with the Condemnation of any Property), revenues, rents, income,
security deposits or other amounts;

 

(v)         failure
to obtain and maintain the fully paid for insurance policies in accordance with Section 5.7 of the Operating Agreement to the extent
that adequate funds were available to the Company and its Subsidiaries from the income of the Properties for the payment of the
premiums thereof;

 

(vi)        if
the Class B Member, the Company or any of the Subsidiaries fails to maintain its status as a single purpose entity in accordance
with the terms of Section 5.15(a) of the Operating Agreement and such failure does not result in the substantive

 

    	-2-

    	 

    

 

consolidation of the
assets and liabilities of the Class B Member, the Company or any of the Subsidiaries with any other Person as a result of such
breach; and/or

 

(vii)       the
modification of any ground lease affecting any Property if such modification is prohibited under the Operating Agreement or any
of the other Transaction Documents and such modification has a material adverse effect on the related Property or the leasehold
interest therein (including the value or operation thereof) or the Class A Member’s ability to exercise its rights and remedies
under the Transaction Documents.

 

(d)          For
purposes hereof, each of the following shall constitute a Springing Recourse Event:

 

(i)          if
the Company fails to obtain the Class A Member’s prior written consent to any financing for borrowed money, whether secured
or unsecured, in violation of the terms of the Operating Agreement or any of the other Transaction Documents;

 

(ii)         if
the Class B Member, the Company or any of the Subsidiaries fails to obtain the Class A Member’s prior written consent to
any voluntary mortgage, deed of trust, security deed, security agreement or similar grant by the Company or any of its Subsidiaries
of a voluntary Lien upon any Property, or any voluntary granting of a security interest in, voluntary pledge of or other voluntary
Lien upon any direct or indirect equity interest in the Company or any of the Subsidiaries, in each case, as security for any obligations
or liabilities that is not permitted under the Operating Agreement or any of the other Transaction Documents;

 

(iii)        if
the Class B Member, the Company or any of the Subsidiaries fails to obtain the Class A Member’s prior written consent to
any voluntary transfer of any Property or any of the equity interests in the Subsidiaries that is not permitted under the Operating
Agreement or any of the other Transaction Documents;

 

(iv)        if
the Class B Member ceases to be Controlled, directly or indirectly, by ARC OP, or if ARC OP ceases to be Controlled, directly or
indirectly by the REIT, or if the REIT ceases to be Controlled, directly or indirectly, by AR Capital, LLC;

 

(v)         the
Class B Member, the Company or any of the Subsidiaries files a voluntary petition under the Bankruptcy Code or any other Federal
or state bankruptcy or insolvency law;

 

(vi)        the
filing of an involuntary petition against the Class B Member, the Company or any of the Subsidiaries under the Bankruptcy Code
or any other Federal or state bankruptcy or insolvency law by any other Person in which the Class B Member, the Company, any Subsidiary
or any of their respective Affiliates colludes with or otherwise assists such Person, and/or the Class B Member, the Company, any
Subsidiary or any of their respective Affiliates solicits or causes to be solicited petitioning creditors for any involuntary petition
against the Class B Member, the Company or any of the Subsidiaries by any Person;

 

    	-3-

    	 

    

 

(vii)       if
the Class B Member, the Company or any of the Subsidiaries files an answer consenting to, or joining in, any involuntary petition
filed against it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law;

 

(viii)      if
the Class B Member, the Company, any Subsidiary or any of their respective Affiliates consents to, or joins in, an application
for the appointment of a custodian, receiver, trustee or examiner for the Class B Member, the Company or any of the Subsidiaries
and/or any portion of any Property;

 

(ix)         if
the Class B Member, the Company or any of the Subsidiaries makes an assignment for the benefit of creditors or admits, in any legal
proceeding, its insolvency or inability to pay its debts as they become due; or

 

(x)          if
the Class B Member, the Company or any of the Subsidiaries fails to maintain its status as a single purpose entity in accordance
with the terms of Section 5.15(a) of the Operating Agreement and such failure results in the substantive consolidation of the assets
and liabilities of the Class B Member, the Company or any of the Subsidiaries with any other Person in a bankruptcy or similar
proceeding under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law.

 

(e)          Notwithstanding
anything to the contrary in this Guaranty or in any of the other Transaction Documents, then Class A Member shall not be deemed
to have waived any right which the Class A Member may have under Section 506(a), 506(b), 1111(b) or any other provisions of the
Bankruptcy Code to file a claim for the full amount of the Redemption Price or to require that all collateral shall continue to
secure all of the obligations owed to the Class A Member in accordance with the Transaction Documents.

 

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

 

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

 

    	-4-

    	 

    

 

Section
1.4           Payment By Guarantors.
If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration
or otherwise, Guarantors shall, immediately upon demand by the Class A Member 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 on the Guaranteed Obligations to the Class A Member
at the Class A Member’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the
time for payment of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different
items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions
hereof.

 

Section
1.5           No Duty To Pursue Others.
It shall not be necessary for the Class A Member (and each Guarantor hereby waives any rights which such Guarantor may have to
require the Class A Member), in order to enforce the obligations of Guarantors hereunder, first to (i) institute suit or exhaust
its remedies against the Company or others liable for the Guaranteed Obligations or any other Person, including, without limitation,
any general partner of any of the foregoing which is a partnership, (ii) declare a Changeover Event, (iii) enforce the
Class A Member’s rights against any collateral which shall ever have been given to secure the obligations owed to the Class
A Member under the Operating Agreement or the other Transaction Documents, (iv) enforce the Class A Member’s rights
against any other guarantors of the Guaranteed Obligations, including, without limitation, any general partner of any of the foregoing
which is a partnership, (v) join the Class B Member, the Company or any others liable on the Guaranteed Obligations in any
action seeking to enforce this Guaranty, (vi) exhaust any remedies available to the Class A Member under the Transaction Documents,
or (vii) resort to any other means of obtaining payment of the Guaranteed Obligations, including, to the extent California
law is deemed to apply notwithstanding the choice of law set forth herein, any of the foregoing which may be available to the Class
A Member by virtue of California Civil Code Sections 2845, 2849, and 2850. The Class A Member shall not be required to mitigate
damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 

Section
1.6           Waivers. Each
Guarantor acknowledges receipt of copies of the Operating Agreement and the other Transaction Documents and hereby waives notice
of (i) any loans or advances (including advances of Protective Capital) made by the Class A Member to the Company, (ii) acceptance
of this Guaranty, (iii) any amendment of any Transaction Document or extension of the Mandatory Redemption Date, (iv) the
occurrence of any breach by the Class B Member or the Company under the Operating Agreement or the other Transaction Documents
or the declaration of a Changeover Event, (v) the Class A Member’s transfer or disposition of the Guaranteed Obligations,
or any part thereof, (vi) protest, proof of non-payment or default by the Class B Member or the Company, or (vii) any
other action at any time taken or omitted by the Class A Member and, generally, all demands and notices of every kind in connection
with this Guaranty, the Transaction Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed
Obligations and/or the obligations hereby guaranteed.

 

Section
1.7           Payment of Expenses.
In the event that any Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantors shall, immediately
upon demand by the Class A Member, pay the Class A Member all reasonable out-of-pocket costs and

 

    	-5-

    	 

    

 

expenses
(including court costs and reasonable attorneys’ fees) incurred by the Class A Member in the enforcement hereof or the preservation
of the Class A Member’s rights hereunder. The covenant contained in this Section shall survive the payment and performance
of the Guaranteed Obligations.

 

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

 

Section
1.9          Waiver and Postponement of Subrogation, Reimbursement
and Contribution. Notwithstanding anything to the contrary contained in this Guaranty, each
Guarantor hereby unconditionally and irrevocably agrees to postpone the exercise of and, until the Redemption Price has been paid
in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), does hereby irrevocably waive and
defer any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation,
any law subrogating Guarantors’ rights to the rights of the Class A Member), to assert any claim against or seek contribution,
indemnification or any other form of reimbursement from the Company or any of its Subsidiaries or any other party liable to the
Class A Member for the payment of any or all of the Guaranteed Obligations for any payment made by Guarantors under or in connection
with this Guaranty or otherwise; provided that, for clarity, such postponement and waiver shall only be in effect until the Redemption
Price has been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty).

 

Section
1.10        Limitations on Liability of Guarantors.

 

(a)          As
used herein, a “Guarantor Affiliate” shall mean any Guarantor, the Class B Member and/or any other Person
that either (or both) (a) is in Control of, is Controlled by or is under common Control with (i) any Guarantor or (ii) any
general partner or managing member of, or other Person or Persons Controlling, any Guarantor (each a “Clause (a) Person”),
or (b) is either (1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity
interests in any Guarantor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination) of the
Guarantors directly or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person,
or (3) a Person with respect to which any combination of Guarantors and Clause (a) Persons own, directly or indirectly, fifty-one
percent (51%) or more of the direct or indirect voting equity interests in such Person. In addition to, and without limiting, the
foregoing, if a direct or indirect interest in a loan secured by direct or indirect interests in the Company or any of its Subsidiaries
is held by a Guarantor Affiliate, the related lender will be deemed a Guarantor Affiliate unless such Guarantor Affiliate is a
Disabled Participant (as defined below) and one or more other holders of substantial interests in such loan that are not Guarantor
Affiliates control the administration of such loan and the enforcement of the rights and remedies of such lender. A

 

    	-6-

    	 

    

 

Guarantor Affiliate is
a “Disabled Participant” with respect to a loan if it has no right to exercise any voting or other control
rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

 

(b)          Notwithstanding
anything to the contrary herein or in the other Transaction Documents, in the event of the declaration of a Changeover Event, then
Guarantors shall not have any liability hereunder for any Losses arising from any circumstance, condition, action or event first
occurring after the date of the declaration of a Changeover Event and not caused by the acts of either of the Guarantors or any
other Guarantor Affiliate; provided that (i) Guarantors shall remain liable hereunder that arise from any action or event
prior to the date of the declaration of a Changeover Event and (ii) if, following the declaration of a Changeover Event, an arbitration
panel appointed pursuant to Section 12.10 of the Operating Agreement determines that such Changeover Event has not occurred pursuant
to Section 3.5 of the Operating Agreement, then the Guarantors shall continue to be fully liable for all of its obligations hereunder
(other than any liabilities caused solely by the actions of the Class A Member taken on behalf of the Company or any of its Subsidiaries
following such declaration of a Changeover Event).

 

(c)          At
any time prior to the declaration of a Changeover Event, Guarantors shall be entitled to request and Class A Member agrees to grant
the release of any Guarantor from its obligations hereunder so long as, following such release, the remaining Guarantor(s) collectively
and not individually continue(s) to satisfy the Net Worth Threshold and Liquid Assets Threshold requirements set forth in Section
5.2 hereof. In connection with any release of a Guarantor pursuant to this Section 1.10(c), the Class A Member shall
execute and deliver a release of such Guarantor from all liability in respect of the Guaranteed Obligations.

 

(d)          Subject
to the reinstatement of the Guarantors’ obligations hereunder pursuant to Section 6.14 hereof, this Guaranty shall
terminate and be of no further force and effect upon the date of the payment in full of the Redemption Price; provided,
however, that the Guaranteed Obligations shall survive such termination with respect to any and all such Guaranteed Obligations
accruing prior to or arising out of or related to any circumstances, conditions, actions or events occurring or arising prior to
the date of such repayment and satisfaction, even to the extent the applicable liability, loss, cost or expense does not occur
or the applicable circumstance, condition, action or event is not discovered until after such date.

 

ARTICLE
2 

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTORS’ OBLIGATIONS

 

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

 

    	-7-

    	 

    

 

Section
2.1           Modifications.
Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the
Operating Agreement, the Transaction Documents or any other document, instrument, contract or understanding between Class B Member,
any Guarantor or the Company and the Class A Member or any other parties pertaining to the Guaranteed Obligations or any failure
of the Class A Member to notify Guarantors of any such action.

 

Section
2.2           Adjustment.
Any adjustment, indulgence, forbearance or compromise that might be granted or given by the Class A Member to the Class B Member,
the Company or any Guarantor.

 

Section
2.3           Condition of Relevant Entities.
The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of the
Class B Member, the Company or any of its Subsidiaries, any Guarantor or any other Person at any time liable for the payment of
all or part of the Guaranteed Obligations; or, subject to Section 1.10(b) hereof, any sale, lease or transfer of any or
all of the assets of the Class B Member, any Guarantor, the Company or any of the Subsidiaries, or, subject to Section 1.10(b)
hereof, any changes in the direct or indirect shareholders, partners or members, as applicable, of the Class B Member, any Guarantor
or the Company or any of its Subsidiaries; or any reorganization of the Class B Member, any Guarantor or the Company or any of
its Subsidiaries.

 

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

 

Section
2.5           Release of Obligors.
Any full or partial release of the liability of the Class B Member or the Company for the Guaranteed Obligations or any part thereof,
or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or
jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it
being recognized, acknowledged and agreed by each Guarantor that such Guarantor may be required to pay the Guaranteed Obligations
in full

 

    	-8-

    	 

    

 

without
assistance or support from any other Person, and no Guarantor has been induced to enter into this Guaranty on the basis of a contemplation,
belief, understanding or agreement that other Persons will be liable to pay or perform the Guaranteed Obligations or that the Class
A Member will look to other Persons to pay or perform the Guaranteed Obligations.

 

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

 

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

 

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

 

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

 

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

 

Section
2.11         Merger. The reorganization,
merger or consolidation of the Class B Member, the Company or any of the Subsidiaries into or with any other Person.

 

Section
2.12         Preference. Any payment
by the Class B Member, the Company or any Person to the Class A Member is held to constitute a preference under the Bankruptcy
Code or for any reason the Class A Member is required to refund such payment or pay such amount to the Class B Member, the Company
or such other Person.

 

    	-9-

    	 

    

 

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

 

ARTICLE
3 

REPRESENTATIONS AND WARRANTIES

 

To induce the Class
A Member to enter into the Transaction Documents and to invest in the Company, each Guarantor represents and warrants to the Class
A Member as follows:

 

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

 

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

 

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

 

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

 

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

 

    	-10-

    	 

    

 

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

 

Section
3.6           No Plan Assets.
No Guarantor sponsors, is obligated to contribute to, or is itself an “employee benefit plan,” as defined in Section
3(3) of ERISA, subject to Title I of ERISA, and none of the assets of any Guarantor constitutes or will, until the Redemption Price
has been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), constitute “plan
assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) no Guarantor is a
“governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Guarantor are not
subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans. As of the
date hereof, none of the Guarantors, nor any member of a “controlled group of corporations” (within the meaning of
Section 414 of the Code) maintains, sponsors or contributes to a “defined benefit plan” (within the meaning of Section
3(35) of ERISA) or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of ERISA).

 

Section
3.7           ERISA. No
Guarantor shall engage in any transaction, other than a transaction contemplated hereunder, which would cause any obligation, or
action taken or to be taken, hereunder (or the exercise by the Class A Member of any of its rights under the Operating Agreement
or the other Transaction Documents) to be a non-exempt prohibited transaction under ERISA.

 

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

 

ARTICLE
4 

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

Section
4.1           Subordination of All Guarantor Claims.
As used herein, the term “Guarantor Claims” shall mean all debts and
liabilities of the Class B Member, the Company or any of the Subsidiaries to any one or more of the Guarantors, whether such debts
and liabilities now exist or are hereafter incurred or arise, and whether the obligations of such Person thereon be direct, contingent,
primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced
by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities
may, at their inception, have been, or may hereafter be, created, or the manner in which they have been, or may hereafter be, acquired
by the applicable Guarantor or Guarantors. The Guarantor Claims shall include, without limitation, all rights and claims of any
one or both of the Guarantors against the Class B Member, the Company or any of the Subsidiaries (arising as a result of subrogation
or otherwise) as a result of payment of all or a portion of the Guaranteed Obligations by any Guarantor or the Guarantors. Until
the Redemption Price shall have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this
Guaranty), no Guarantor shall receive or collect, directly or indirectly, from e Class B Member, the Company, any of the Subsidiaries
or any other Person obligated to the Class A Member any amount upon the Guarantor Claims.

 

    	-11-

    	 

    

 

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

 

Section
4.3           Payments Held in Trust.
Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds,
payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for the Class
A Member an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid
to the Class A Member, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or
distributions so received except to pay such funds, payments, claims and/or distributions promptly to the Class A Member, and such
Guarantor covenants promptly to pay the same to the Class A Member.

 

Section
4.4           Liens Subordinate.
Each Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon the assets of the
Class B Member, the Company or any of the Subsidiaries securing payment of the Guarantor Claims shall be and remain inferior and
subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon such Person’s assets securing
payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of any Guarantor or the Class A Member
presently exist or are hereafter created or attach. Without the prior written consent of the Class A Member, until the Redemption
Price shall have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), no Guarantor
shall (i) exercise or enforce any creditor’s rights it may have against the Class B Member, the Company or any of the Subsidiaries,
or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise,
including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor’s
relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments
or other encumbrances on the assets of the Class B Member, the Company or any of the Subsidiaries held by any Guarantor. 

 

    	-12-

    	 

    

 

ARTICLE
5 

COVENANTS

 

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

 

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

 

(b)          “IFRS”
shall mean the International Financial Reporting Standards.

 

(c)          “Liquid
Assets” shall mean any of the following, but only to the extent owned individually, free of all security interests,
liens, pledges, charges or any other encumbrance: (a) cash (excluding proceeds of the Properties that have not been distributed
by the Company), (b) certificates of deposit (with a maturity of two years or less) issued by, or savings account with, any Approved
Bank or other bank or other financial institution reasonably acceptable to the Class A Member, (c) marketable securities listed
on a national or international exchange reasonably acceptable to the Class A Member (it being understood, without limitation of
the foregoing, that the New York Stock Exchange and NASDAQ shall be deemed acceptable to the Class A Member), marked to market,
(d) U.S. Obligations or (e) aggregate availability under unencumbered, unfunded capital commitments that any Guarantor may unconditionally
draw from any of its partners.

 

(d)          “Net
Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date (without regard to the
Properties or any equity therein) less (ii) such Person’s total liabilities as of such date (exclusive of any liability under
the Mortgage Loan Documents), determined in accordance with GAAP or IFRS.

 

Section
5.2          Covenants.
Until the Redemption Price and the Guaranteed Obligations have been paid in full (subject to the terms of Section 6.14 regarding
reinstatement of this Guaranty), Guarantors shall collectively and not individually maintain (x) an aggregate Net Worth of not
less than $250,000,000.00 (the “Net Worth Threshold”) and (y) aggregate
Liquid Assets of not less than $20,000,000.00 (the “Liquid Assets Threshold”).

 

Section
5.3          Intentionally Omitted.

 

Section
5.4          Financial Statements. Each
Guarantor shall deliver to the Class A Member:

 

(a)          within
120 days after the end of each fiscal year of such Guarantor, a complete copy of such Guarantor’s annual financial statements
in the form delivered to such guarantor’s limited partners, together with a certificate of the general partner of such Guarantor
certifying that, to the best of the signer’s knowledge, such annual financial statements fairly present the financial condition
and results of the operations of such Guarantor;

 

(b)          within
90 days after the end of each fiscal quarter of such Guarantor, financial statements in the form delivered to such Guarantor’s
limited partners, together with a certificate of the general partner of such Guarantor certifying that, to the best of the signer’s

 

    	-13-

    	 

    

 

knowledge, such quarterly
financial statements fairly present the financial condition and results of the operations of such Guarantor in a manner consistent
with GAAP (subject to year-end adjustments) or IFRS; and

 

(c)          20
days after request by the Class A Member, such other financial information with respect to such Guarantor as the Class A Member
may reasonably request.

 

(d)          No
individual Guarantor shall have any obligation to deliver financial statements under this Guaranty.

 

ARTICLE
6 

MISCELLANEOUS

 

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

 

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

 

	If to the Class A	 
	Member:	c/o Goldman Sachs Realty Management, L.P.
	 	6011 Connection Drive
	 	Irving, Texas 75039
	 	Attn:  Greg Fay
	 	Facsimile No.:  (972) 368-3699
	 	Telephone No.:  (972) 368-2743

 

    	-14-

    	 

    

 

	with copies to:	Whitehall Street Global Real Estate Limited Partnership 2007
	 	c/o Goldman, Sachs & Co.
	 	200 West Street
	 	New York, New York 10282
	 	Attn:  Chief Financial Officer
	 	Facsimile No.:  (212) 357-5505
	 	Telephone No.: (212) 902-5520
	 	 
	and:	Sullivan & Cromwell LLP
	 	125 Broad Street
	 	New York, New York 10004
	 	Attention:  Anthony J. Colletta, Esq.
	 	Facsimile No. (212) 291-9029
	 	 
	If to Guarantors:	c/o American Realty Capital
	 	405 Park Avenue
	 	New York, New York 10022
	 	Attn: Jon Mehlman
	 	Facsimile No.:  (212) 421-5799 
	 	Telephone No.: (646) 626-8857
	 	 
	with a copy to:	c/o American Realty Capital
	 	405 Park Avenue
	 	New York, New York 10022
	 	Attn: Michael Ead
	 	Facsimile No.:  (212) 421-5799
	 	Telephone No.: (646) 381-0604

 

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

 

Section
6.3           Governing Law; Jurisdiction; Service of Process.
(a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH GUARANTOR AND ACCEPTED BY THE CLASS A MEMBER IN THE
STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION
RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS) AND ANY APPLICABLE LAW OF THE

 

    	-15-

    	 

    

 

UNITED STATES OF
AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT
THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER TRANSACTION DOCUMENTS, AND THIS GUARANTY AND THE
OTHER TRANSACTION DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT
TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

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

 

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

 

    	-16-

    	 

    

 

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

 

Section
6.6           Parties Bound; Assignment.
This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted
assigns, heirs and legal representatives. Any assignee or transferee of the Class A Member shall be entitled to all the benefits
afforded to the Class A Member under this Guaranty. No Guarantor shall have the right to assign or transfer its rights or obligations
under this Guaranty without the prior written consent of the Class A Member, and any attempted assignment without such consent
shall be null and void.

 

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

 

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

 

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

 

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

 

Section
6.11         Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT
OF GUARANTORS AND THE CLASS A MEMBER WITH RESPECT TO GUARANTORS’ GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY
AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER
HEREOF. THIS GUARANTY IS INTENDED BY GUARANTORS AND THE CLASS A MEMBER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY,
AND NO COURSE OF DEALING BETWEEN GUARANTORS AND THE CLASS A MEMBER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE
OF

 

    	-17-

    	 

    

 

PRIOR, CONTEMPORANEOUS
OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT
OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTORS AND THE CLASS A MEMBER.

 

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

 

Section
6.13         Cooperation. Each Guarantor
acknowledges that the Class A Member and its successors and assigns may (subject to Section 9.2 of the Operating Agreement) (i) sell
this Guaranty and the other Transaction Documents and/or the Class A Member’s Interest to one or more investors, (ii) deposit
this Guaranty and the other Transaction Documents with a trust, which trust may sell certificates to investors evidencing an ownership
interest in the trust assets, or (iii) otherwise sell the Class A Member’s Interest or one or more interests therein
to investors (the transactions referred to in clauses (i) through (iii) are hereinafter each referred to as “Secondary
Market Transaction”). Each Guarantor shall
at no cost to any Guarantor, cooperate with the Class A Member in effecting any such Secondary Market Transaction and shall provide
(or cause the Class B Member, the Company and/or the Subsidiaries to provide) such information and materials as may be reasonably
requested by the Class A Member in connection with such Secondary Market Transaction.

 

Section
6.14         Reinstatement in Certain Circumstances.
If at any time any payment of the Class A Return, the Unrecovered Capital or any other amount payable by the Company or the Class
B Member under the Operating Agreement or the other Transaction Documents is rescinded or must be otherwise restored or returned
upon the insolvency, bankruptcy or reorganization of the Company or the Class B Member or otherwise, Guarantors’ obligations
hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

 

Section
6.15         Exculpation of Certain Persons.
Notwithstanding anything to the contrary contained in this Guaranty or any other Transaction Document, no direct or indirect shareholder,
partner, member, principal, Affiliate (other than the Class B Member and the Company), employee, officer, trustee, director, agent
or other representative of a Guarantor and/or of any of its Affiliates (each, a “Related Party”)
shall have any personal liability for, nor

 

    	-18-

    	 

    

 

be
joined as party to, any action with respect to payment, performance or discharge of any covenants, obligations, or undertakings
of any Guarantor under this Guaranty, and by acceptance hereof, the Class A Member for itself and its successors and assigns irrevocably
waives any and all right to sue for, seek or demand any such damages, money judgment, deficiency judgment or personal judgment
against any Related Party under or by reason of or in connection with this Guaranty; except that any Related Party that is a party
to any Transaction Document or any other separate written guaranty, indemnity or other agreement given by such Related Party in
connection with the Investment shall remain fully liable therefor and the foregoing provisions shall not operate to limit or impair
the liabilities and obligations of such Related Parties or the rights and remedies of the Class A Member thereunder.

 

Section
6.16        Gender; Number; General Definitions.
Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, (a) words used in
this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, (c) the word “the Class A Member”
shall mean “the Class A Member and any subsequent holder of the Class A Member’s Interest”, (d) the word
“Properties” shall include any portion of any of the Properties and
any interest therein, and (e) the phrases “attorneys’ fees”, “legal fees” and “counsel
fees” shall include any and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited
to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by the Class A Member in protecting its
interest in the Company (including any Protective Capital advances by the Class A Member) and/or in enforcing its rights hereunder.

 

Section
6.17        Joint and Several. The
obligations of each Guarantor hereunder are joint and several.

 

Section
6.18        Certain California State Specific Provisions.

 

(a)          To
the extent California law applies, nothing herein shall be deemed to limit the right of the Class A Member to recover in accordance
with California Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any costs, expenses,
liabilities or damages, including reasonable attorneys’ fees and costs, incurred by the Class A Member and arising from any
covenant, obligation, liability, representation or warranty contained in any indemnity agreement given to the Class A Member, or
any order, consent decree or settlement relating to the cleanup of Hazardous Substances (as defined in the Environmental Indemnity
Agreement) or any other “environmental provision” (as defined in such Section 736) relating to any Property or
any portion thereof.

 

(b)          To
the extent California law applies, in addition to and not in lieu of any other provisions of this Guaranty (provided, however,
that in the case of any conflict or inconsistency between the provisions of this Section 6.18(b) and the other provisions
of this Guaranty as to any subject matter described in this Section 6.18(b), such other provisions shall control), each
Guarantor represents, warrants and covenants as follows:

 

(c)          The
obligations of each Guarantor under this Guaranty shall be performed without demand by the Class A Member and shall be unconditional
irrespective of the genuineness, validity, regularity or enforceability of any of the Operating Agreement or any of

 

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the other Transaction
Documents, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a surety
or a guarantor. Each Guarantor hereby waives any and all benefits and defenses under California Civil Code Section 2810 and
agrees that by doing so such Guarantor shall be liable even if neither the Company nor the Class B Member had no liability at the
time of execution of the Transaction Documents, or thereafter ceases to be liable. Each Guarantor hereby waives any and all benefits
and defenses under California Civil Code Section 2809 and agrees that by doing so such Guarantor’s liability may be
larger in amount and more burdensome than that of the Company or any of its Subsidiaries. Each Guarantor hereby waives the benefit
of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty
and agrees that such Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to in this
Guaranty which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Guarantor hereby waives
the benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other
rights of sureties and guarantors thereunder.

 

(d)          In
accordance with Section 2856 of the California Civil Code, each Guarantor hereby waives all rights and defenses arising out
of an election of remedies by the Class A Member even though that election of remedies, such as a nonjudicial foreclosure with
respect to security for guaranteed obligations, has destroyed or otherwise impaired such Guarantor’s rights of subrogation
and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise.
Each Guarantor hereby authorizes and empowers the Class A Member to exercise, in its sole and absolute discretion, any right or
remedy, or any combination thereof, which may then be available, since it is the intent and purpose of each Guarantor that the
obligations under this Guaranty shall be absolute, independent and unconditional under any and all circumstances. Specifically,
and without in any way limiting the foregoing, each Guarantor hereby waives any rights of subrogation, indemnification, contribution
or reimbursement arising under Sections 2846, 2847, 2848 and 2849 of the California Civil Code or any other right of recourse
to or with respect to the Company or any of its Subsidiaries, any general partner, member or other constituent of the Company or
any of its Subsidiaries, any other person obligated to the Class A Member with respect to the matters set forth herein, or the
assets or property of any of the foregoing until the Redemption Price has been paid in full and all obligations of the Company
and its Affiliates under the Transaction Documents have been fully performed, and there has expired the maximum possible period
thereafter during which any payment made by the Company or others to the Class A Member with respect to such obligations could
be deemed a preference under the United States Bankruptcy Code. In connection with the foregoing, subject to the foregoing limitations,
each Guarantor expressly waives any and all rights of subrogation against the Company and each of its Subsidiaries, and each Guarantor
hereby waives any rights to enforce any remedy which the Class A Member may have against the Company or any of its Subsidiaries.

 

(e)          In
addition to and without in any way limiting the foregoing, each Guarantor hereby subordinates any and all indebtedness of the Company
and each Subsidiary now or hereafter owed to any Guarantor to all the indebtedness of the Company or any Subsidiary to the Class
A Member and agrees with the Class A Member that until the Redemption Price has been paid in full and all obligations owed to the
Class A Member under

 

    	-20-

    	 

    

 

the Transaction Documents
have been fully performed, and there has expired the maximum possible period thereafter during which any payment made by the Company
or others to the Class A Member with respect to such obligations could be deemed a preference under the United States Bankruptcy
Code, no Guarantor shall demand or accept any payment of principal or interest from the Company or any of its Subsidiaries or claim
any offset or other reduction of any Guarantor’s obligations hereunder because of any such indebtedness. If any amount shall
nevertheless be paid to an Guarantor by the Company or any Subsidiary or another guarantor prior to payment in full of the Redemption
Price, such amount shall be held in trust for the benefit of the Class A Member and shall forthwith be paid to the Class A Member
to be credited and applied to the Unrecovered Capital. Further, no Guarantor shall have any right of recourse against the Class
A Member by reason of any action the Class A Member may take or omit to take under the provisions of this Guaranty or under the
provisions of any of the Transaction Documents. Without limiting the generality of the foregoing, each Guarantor hereby waives,
to the fullest extent permitted by law, diligence in collecting the obligations owed to the Class A Member under the Transaction
Documents, presentment, demand for payment, protest, all notices with respect to the Operating Agreement, this Guaranty, or any
other Transaction Document which may be required by statute, rule of law or otherwise to preserve the Class A Member’s rights
against such Guarantor under this Guaranty, including, but not limited to, notice of acceptance, notice of any amendment of the
Transaction Documents, notice of the occurrence of any default, notice of intent to accelerate, notice of acceleration, notice
of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by the Company or any of its Subsidiaries of
any obligation or indebtedness.

 

(f)          Without
limiting the foregoing, but subject to the same limitations set forth above, each Guarantor waives (i) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any Guarantor
by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such Guarantor may
have by reason of protection afforded to the Company or any of its Subsidiaries with respect to any of the obligations of any Guarantor
under this Guaranty by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other laws of the State of California
limiting or discharging the obligations of the Company or any of its Subsidiaries. Without limiting the generality of the foregoing,
each Guarantor hereby expressly waives any and all benefits under California Code of Civil Procedure Section 726 (which Section,
if such Guarantor had not given this waiver, among other things, would otherwise require the Class A Member to exhaust all of its
security before a personal judgment could be obtained for a deficiency).

 

(g)          Likewise,
each Guarantor waives (i) any and all rights and defenses available to such Guarantor under California Civil Code Sections 2899
and 3433; and (ii) any rights or defenses such Guarantor may have with respect to its obligations as a guarantor by reason
of any election of remedies by the Class A Member. These rights and defenses include, but are not limited to, any rights or defenses
based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

[NO FURTHER TEXT ON THIS PAGE.]

 

    	-21-

    	 

    

 

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

 

	 	GUARANTORS:
	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P.
	 	 	 	 
	 	By:	American Realty Capital Hospitality Trust, Inc., its general partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:  Jonathan Mehlman
	 	 	 	Title: CEO and President
	 	 	 	 
	 	American Realty Capital Hospitality Trust, Inc.
	 	 	 	 
	 	By:	 
	 	 	Name:  Jonathan Mehlman
	 	 	Title: CEO and President

 

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Signature Page to Bad Boy Guaranty –
Portfolio II

 

    	 

    	 

    

 

	 	NICHOLAS S. SCHORCSH
	 	 
	 	 
	 	Name: Nicholas S. Schorsch  

 

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Signature Page to Bad Boy Guaranty –
Portfolio II

 

    	 

    	 

    

 

	 	WILLIAM M. KAHANE
	 	 
	 	 
	 	Name: William M. Kahane  

 

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Signature Page to Bad Boy Guaranty –
Portfolio II

 

    	 

    	 

    

  

	 	EDWARD M. WEIL, JR.
	 	 
	 	 
	 	Name:  Edward M. Weil, Jr.

 

[Signatures continue on next page]

 

Signature Page to Bad Boy Guaranty –
Portfolio II

 

    	 

    	 

    

 

	 	PETER M. BUDKO
	 	 
	 	 
	 	Name:  Peter M. Budko

 

Signature Page to Bad Boy Guaranty –
Portfolio II

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