Document:

Exhibit 10.2

 

guaranty

 

Dated August 22, 2022

 

This Guaranty (hereinafter,
the “Guaranty”) is given pursuant to the terms and conditions of that certain Loan Agreement, dated as of the date
hereof (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Loan Agreement”),
among Cedar Realty Trust Partnership, L.P. (the “Borrower”), the Lenders from time to time party thereto, and KeyBank
National Association, as Administrative Agent (in such capacity as Administrative Agent, the “Agent”). Capitalized
terms used herein and not otherwise specifically defined shall have the same meaning herein as in the Loan Agreement.

 

FOR VALUE RECEIVED, and to
induce Agent and the Lenders to extend credit to the Borrower as provided for in the Loan Agreement and the other Loan Documents, CEDAR
REALTY TRUST, INC., a Maryland corporation (hereinafter, “Guarantor”), hereby unconditionally agrees with Agent as
follows:

 

1. Guaranty.
Guarantor, as a primary party and not merely as a surety, unconditionally and irrevocably guarantees to Agent, or in the case of any
Swap Contract provided by Agent, any Lender or any Affiliate of any Lender, to the provider of such Swap Contract, the prompt and
full payment (and not merely the collectability), performance, and observance of all of the obligations, terms and conditions to be
paid, performed or observed by Borrower under the Note, Loan Agreement and each other Loan Document and any such Swap Contract, each
as the same may be hereafter amended, modified, extended, renewed or recast, including, without limitation, all of the Obligations
and the payment of all principal, interest, fees, all obligations and other charges when due under the Note, the Loan Agreement and
each other Loan Document and any such Swap Contract (hereinafter, the “Guaranteed Obligations”). Notwithstanding
anything to the contrary herein, the obligations of the Guarantor hereunder shall not include any Excluded Hedging Obligations. For
purposes hereof “Excluded Hedging Obligations” means any Obligation with respect to a Swap Contract if, and to the
extent that, all or a portion of the guarantee by such Guarantor of, or the grant by such Guarantor of a security interest to
secure, such Obligation (or any guarantee thereof) is or becomes impermissible under the Commodity Exchange Act (as hereafter
defined) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as
defined in the Commodity Exchange Act at the time this Guaranty becomes effective with respect to such Hedging Obligation.
“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended or supplemented
from time to time, and any successor statute or any other rule, regulation or order of the Commodity Futures Trading Commission (or
the application or official interpretation of any thereof).

 

Upon the occurrence of and
during the continuance of any Event of Default under the Loan Agreement, or any of the other Loan Documents, or if Agent has accelerated
the Loan pursuant to a right to do so under the Loan Agreement, Agent may at its option proceed directly and at once, without notice (except
as otherwise provided under the Loan Agreement), against Guarantor hereunder, without proceeding against Borrower, any other Guarantor,
or any other person or Collateral for the Obligations or the Guaranteed Obligations.

 

     

     

    

 

If Borrower, or Guarantor
if so required, shall fail or refuse to perform or continue performance of all of the Obligations on the part of Borrower to be kept and
performed, then, if an Event of Default exists on account thereof under the Loan Documents or this Guaranty, in addition to any other
rights and remedies which Agent may have hereunder or elsewhere, and not in limitation thereof, Agent, at its option, may exercise any
or all of its rights and remedies under the Loan Agreement and each other Loan Document.

 

This Guaranty shall survive
and continue in full force and effect beyond and after the payment and satisfaction of the Guaranteed Obligations and the Obligations
in the event Agent or any Lender is required to disgorge or return any payment or property received as a result of any laws pertaining
to preferences, fraudulent transfers or fraudulent conveyances.

 

2. Waivers.
Guarantor hereby waives and relinquishes to the fullest extent now or hereafter not prohibited by applicable law:

 

		(a)	all suretyship defenses and defenses in the nature thereof;

 

		(b)	any right or claim of right to cause a marshaling of the assets of Borrower or of any Collateral, or to
cause Agent to proceed against any of the other security for the Guaranteed Obligations or the Obligations before proceeding under this
Guaranty against Guarantor, or, if there shall be more than one Guarantor, to require Agent to proceed against any other Guarantor or
any of Guarantors in any particular order;

 

		(c)	until satisfaction in full of the Obligations of the Borrower to the Agent and the Lenders, and the satisfaction
in full of the Guaranteed Obligations, all rights of subrogation, contribution, reimbursement, exoneration or indemnification, in each
case from Borrower, WHLR or a Collateral Property Owner (WHLR and each Collateral Property Owner, each an “Other Loan Guarantor”),
pursuant to any agreement, express or implied, or now or hereafter accorded by applicable law to indemnitors, guarantors, sureties or
accommodation parties; provided, however, unless Agent otherwise expressly agrees in writing, such waiver by Guarantor shall not be effective
to the extent that by virtue thereof Guarantor’s liability under this Guaranty or under any other Loan Document is rendered invalid,
voidable, or unenforceable under any applicable state or federal law dealing with the recovery or avoidance of so-called preferences or
fraudulent transfers or conveyances or otherwise;

 

		(d)	notice of the acceptance hereof, presentment, demand for payment, protest, notice of protest, or any and
all notice of nonpayment, nonperformance, nonobservance or default, or other proof or notice of demand whereby to charge Guarantor therefor;

 

		(e)	the pleading of any statute of limitations as a defense to Guarantor’s obligations hereunder;

 

		(f)	the right to a trial by jury in any matter related to this Guaranty; and

 

		(g)	the benefit of all other provisions of law afforded to a Person on account of its being a surety, indemnitor,
guarantor or accommodation party which may be validly waived.

 

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GUARANTOR, AGENT AND LENDERS
MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS
GUARANTY, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE
OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE
OF DEALING, STATEMENTS OR ACTIONS OF AGENT OR ANY LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THE LOAN DOCUMENTS,
AND AGREE THAT NONE OF THE PARTIES WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS
NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, GUARANTOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY
SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. GUARANTOR CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR ANY LENDER WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER IS GIVEN AS A MATERIAL INDUCEMENT TO AGENT AND THE
LENDERS TO ACCEPT THIS GUARANTY AND TO MAKE THE LOAN.

 

3. Cumulative
Rights. Agent’s and any Lender’s rights under this Guaranty shall be in addition to and not in limitation of all of
the rights and remedies of Agent and any Lender under the Loan Documents. All rights and remedies of Agent and any Lender shall be
cumulative and may be exercised in such manner and combination as Agent or any Lender may determine.

 

4. No Impairment.
The liability of Guarantor hereunder shall in no way be limited or impaired by, and Guarantor hereby consents to any amendment or
modification of the provisions of the Loan Documents and any Swap Contract to or with Agent or any Lender or any Affiliate of a
Lender by Borrower or any other Guarantor. In addition, the liability of Guarantor under this Guaranty and the other Loan Documents
and any such Swap Contract shall in no way be limited or impaired by:

 

		(a)	any extensions of time for performance required by any of the Loan Documents and any Swap Contract;

 

		(b)	any amendment to or modification of any of the Loan Documents and any Swap Contract;

 

		(c)	any sale or assignment of the Loan as Permitted under the Loan Agreement (including any such sale or assignment
of the Security Documents), or any foreclosure of the Security Documents, or any sale, transfer or exchange of all or part of the Collateral
Properties (the “Property”);

 

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		(d)	any exculpatory, or nonrecourse, or limited recourse, provision in any of the Loan Documents and any Swap
Contract limiting Agent’s or any Lender’s recourse to the Property secured by any Security Document, or to any other property,
or limiting Agent’s or any Lender’s or its Affiliate’s rights to a deficiency judgment against Borrower or any other
person or entity;

 

		(e)	the accuracy or inaccuracy of any of the representations or warranties made by or on behalf of Borrower,
any general partner, owner, principal, or agent of Borrower, or Guarantor, under any Loan Document or otherwise;

 

		(f)	the release of Borrower, any general partner, owner, principal, or agent of Borrower, or any other person
or entity, from performance or observance of any of the agreements, covenants, terms or conditions contained in any of the Loan Documents
and any Swap Contract by operation of law, Agent’s or any Lender’s or its Affiliate’s voluntary act, or otherwise;

 

		(g)	the filing of any bankruptcy or reorganization proceeding by or against Borrower, any general partner,
owner, principal, or agent of Borrower, Guarantor, or any subsequent owner of the Property;

 

		(h)	the release or substitution in whole or part of any collateral or security for the Obligations or the
Guaranteed Obligations;

 

		(i)	Agent’s failure to record any Security Document or file any UCC financing statements, or Agent’s
improper recording or filing of any thereof, or Agent’s failure to otherwise perfect, protect, secure, or insure any security interest
or lien given as security for the Obligations or the Guaranteed Obligations;

 

		(j)	the release of any other party now or hereafter liable upon or in respect of this Guaranty or any of the
other Loan Documents and any Swap Contract; or

 

		(k)	the invalidity or unenforceability of all or any portion of any of the Loan Documents and any Swap Contract
as to Borrower, any Guarantor, or any other person or entity.

 

Any of the foregoing may be
accomplished with or without notice to Borrower, any general partner, owner, principal, or agent of Borrower, or Guarantor, and with or
without consideration.

 

5. Delay Not
Waiver. No delay on Agent’s or any Lender’s part in exercising any right, power or privilege hereunder or under any
of the Loan Documents shall operate as a waiver of any such privilege, power or right. No waiver by Agent or any Lender in any
instance shall constitute a waiver in any other instance.

 

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6. Warranties and
Representations. Guarantor warrants and represents to Agent and each of the Lenders for the express purpose of inducing Agent
and the Lenders to enter into the Loan Agreement, to advance the Loan, to accept this Guaranty, and to otherwise complete the
transactions contemplated by the Loan Agreement, that as of the date of this Guaranty, as follows:

 

		(a)	Incorporation by Reference. Each warranty and representation made by Guarantor in the Environmental
Indemnity Agreement is true, accurate and complete (subject to any qualifications therein set forth) and is incorporated herein by reference.

 

		(b)	Financial Information. Copies of the financial statements of Guarantor have been delivered to Agent
and each of the same fairly present Guarantor’s financial condition as of the dates thereof and no change has occurred in Guarantor’s
financial condition since the respective dates thereof that would reasonably be expected to have a Material Adverse Effect; and each financial
statement of Guarantor submitted in the future shall fairly present Guarantor’s financial condition as of the dates thereof.

 

		(c)	No Violation. The payment and performance by Guarantor of the Guaranteed Obligations and Guarantor’s
obligations under this Guaranty, the Security Documents to which it is a party, the Environmental Indemnity Agreement, and any other Loan
Documents to which it is a party, does not and shall not constitute a violation of any law, order, regulation, contract or agreement to
which Guarantor is a party or by which Guarantor or Guarantor’s property may be bound that would reasonably be expected to have
a Material Adverse Effect.

 

		(d)	No Litigation. There is no material litigation now pending or, to the best of Guarantor’s
Knowledge threatened in writing, against Guarantor which, if adversely decided would reasonably be expected to have a Material Adverse
Effect.

 

		(e)	Entity Matters. The Guarantor is a duly organized, validly existing entity organized and in good
standing under the laws of the State of Maryland, and has all requisite power and authority to conduct its business and to own its property
as now conducted or owned, and is qualified to do business in all jurisdictions where the nature and extent of its business is such that
such qualification is required by law.

 

		(f)	Valid and Binding. Each of the Loan Documents to which Guarantor is a party constitutes Guarantor’s
legal, valid and binding obligation in accordance with the respective terms thereof, subject to bankruptcy, insolvency and similar laws
of general application affecting the rights and remedies of creditors and with respect to the availability of remedies of specific enforcement
subject to the discretion of the court before which proceedings therefor may be brought.

 

		(g)	Solvency. Guarantor is solvent and is not rendered insolvent by the obligations undertaken in this
Guaranty. Guarantor is not contemplating either the filing of a petition or proceeding under any state or federal bankruptcy or insolvency
or reorganization laws or the liquidating of all or a major portion of Guarantor’s property.

 

		(h)	Material Economic Benefit. The granting of the Loan to Borrower will constitute a material economic
benefit to Guarantor.

 

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7. Notices.

 

		(a)	Any notice or other communication in connection with this Guaranty shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail as follows:

 

If to Guarantor:

 

Cedar Realty Trust, Inc.

c/o Wheeler REIT, L.P.

2529 Virginia Beach Boulevard

Virginia Beach, VA 23452

Attention: M. Andrew Franklin

Electronic Mail: afranklin@whlr.us

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

650 South Tryon Street, Suite 1400

Charlotte, NC 28202

Attention: Kevin Sholette, Esquire

Electronic Mail: kevin.sholette@cwt.com

 

If to Agent:

 

KeyBank National Association

1200 Abernathy Road NE, Suite 1550

Atlanta, Georgia 30328

Attention: Tom Z. Schmitt

Electronic Mail: tom_schmitt@keybank.com

 

with a copy to:

 

Riemer & Braunstein LLP

100 Cambridge Street, 22nd Floor

Boston, Massachusetts 02114

Attention: Kevin J. Lyons, Esquire

Electronic Mail: klyons@riemerlaw.com

 

Notices and other
communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given
when received. Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below,
shall be effective as provided in such subsection (b).

 

		(b)	Electronic Communications. The Agent or the Guarantor may, in their discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval
of such procedures may be limited to particular notices or communications.

 

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Unless the Agent or
the Guarantor otherwise prescribe, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business
day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the
deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address therefor.

 

		(c)	Change of Address, Etc. Guarantor and the Agent may change its address, telecopier number or email
address for notices and other communications hereunder by notice to the other parties hereto.

 

8. No Oral
Change. No provision of this Guaranty may be changed, waived, discharged, or terminated orally (in person or by telephone) or by
any other means except by an instrument in writing signed by the party against whom enforcement of the change, waiver or discharge
or termination is sought.

 

9. Parties Bound;
Benefit. This Guaranty shall be binding upon Guarantor and Guarantor’s respective successors, assigns, heirs and personal
representatives and shall be for the benefit of Agent, and of any subsequent Agent permitted under the Loan Agreement.

 

10. Joint and
Several. If there is more than one (1) Guarantor, the obligations of each Guarantor, and such Guarantor’s respective
successors, assigns, heirs and personal representatives, shall be and remain joint and several.

 

11. Partial
Invalidity. Each of the provisions hereof shall be enforceable against Guarantor to the fullest extent now or hereafter not
prohibited by applicable law. The invalidity or unenforceability of any provision hereof shall not limit the validity or
enforceability of each other provision hereof.

 

12. Governing
Law. This Guaranty and the rights and obligations of the parties hereunder shall in all respects be governed by and construed
and enforced in accordance with the internal laws of the State of New York. Agent may enforce its rights hereunder and under the
other Loan Documents to which Guarantor is a party, including, but not limited to, its rights to sue Guarantor or to collect any
outstanding indebtedness in accordance with applicable law.

 

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13. Consent to
Jurisdiction. Each of Guarantor and Agent (by its acceptance of this Guaranty) irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York located in New York County and of
the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Guaranty or any other Loan Document, or for recognition or enforcement of any
judgment, and each of said parties irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such
Federal Court. Each of said parties agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Guaranty or in any
other Loan Document shall affect any right that the Agent may otherwise have to bring any action or proceeding relating to this
Guaranty or any other Loan Document against Guarantor or any other Loan Party or its properties in the courts of any jurisdiction.
Guarantor hereby agrees and consents that in addition to any methods of service of process provided for under applicable law, all
service of process in any such suit, action or proceeding in any New York State or Federal Court located within the Southern
District of the State of New York may be made in the manner provided for in Section 7.

 

14. Additional
Covenant of the Guarantor. Guarantor shall pay, perform, observe and comply with all of the obligations, terms, covenants and
conditions set forth in this Guaranty, the Environmental Indemnity Agreement, and any other Loan Documents to which Guarantor is a
party.

 

15. Subordination.

 

		(a)	Except as may be otherwise specifically provided for in the Loan Agreement with respect to Permitted Distributions,
any indebtedness of Borrower to Guarantor, now or hereafter existing together with any interest thereon shall be, and such indebtedness
is, hereby deferred, postponed and subordinated to the prior, full payment and satisfaction of all Obligations of Borrower to the Agent
and the Lenders.

 

		(b)	Except as may be otherwise specifically provided for in the Loan Agreement with respect to Permitted Distributions,
at all times until the full payment and satisfaction of the Obligations of Borrower to Agent and the Lenders with respect to the Loan
and other Obligations (and including interest accruing on the Loan after the commencement of a case by or against Borrower under any Debtor
Relief Laws now or hereafter in effect, which interest the parties agree shall remain a claim that is prior and superior to any claim
of Guarantor or any affiliated entity notwithstanding any contrary practice, custom or ruling in cases under the Debtor Relief Laws, as
now or hereafter in effect, generally), Guarantor agrees not to accept any payment or satisfaction for any kind of indebtedness of Borrower
to Guarantor while any Event of Default is in existence, and hereby assigns such indebtedness to Agent to secure the Guaranteed Obligations,
on behalf of the Lenders, including, but not limited to, the right to file proofs of claim and to vote thereon in connection with any
such case under any Debtor Relief Laws in which Borrower is the debtor, as now or hereafter in effect, and the right to vote on any plan
of reorganization of Borrower.

 

		(c)	Any mortgage, security interest, lien or charge on the Collateral, all rights therein and thereto, and
on the revenue and income to be realized therefrom, which Guarantor, or any affiliated entity, may have or obtain as security for any
loans, advances, indebtedness or costs, shall be, and such mortgage, security interest, lien or charge hereby is, subordinated to the
full and payment satisfaction of all Obligations of Borrower to Agent and the Lenders.

 

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16. Legal Fees, Costs
and Expenses. Guarantor further agrees to pay within thirty (30) days after demand all costs and expenses reasonably incurred by
Agent, or its successors or permitted assigns, in connection with enforcing any of the rights or remedies of Agent, or such
successors or permitted assigns, under or with respect to this Guaranty including, but not limited to, attorneys’ fees and the
out-of-pocket expenses and disbursements of such attorneys. Any such amounts which are not paid within thirty (30) days of demand
therefor shall bear interest at the Default Rate from the date of demand until paid.

 

17. Setoff.
Subject to the terms of this paragraph, Guarantor hereby grants to Agent and each of the Lenders, a lien, security interest and
right of setoff as security for all liabilities and obligations to Agent and the Lenders, whether now existing or hereafter arising,
upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control
of Agent or any Lender or any entity under the control of Agent or Lender, or in transit to any of them. At any time, from and after
the occurrence of and during the continuance of an Event of Default, Agent or any Lender may set off the same or any part thereof
and apply the same to the Obligations of Guarantor that are then due and payable. Within five (5) Business Days of making any such
set-off, Agent agrees to notify Guarantor thereof, provided that the failure by Agent to give such notice shall not affect the
validity of such set-off. ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY
OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER
PROPERTY OF THE GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

 

18. Eligible Contract
Participant Status. Guarantor, in its own capacity and in its capacity as guarantor for and on behalf of Borrower, represents
and warrants to the Agent, Lenders and any Affiliate of any Lender party to a Swap Contract that, on and as of each date on which a
“Swap Transaction Event” (as defined in the ISDA August 2012 DF Supplement, as published on August 13, 2012) occurs
between the Agent, any Lender or any Affiliate of any Lender and Borrower, it will be an “eligible contract participant”
within the meaning of Section 1a(18) of the Commodity Exchange Act as amended from time to time, and applicable regulations
thereunder.

 

19. Counterparts.
Delivery of executed counterparts of this Guaranty by telecopy or other electronic means shall be effective as an original.

 

20. ISDA ECP
Guarantor Keepwell Terms. Guarantor hereby agrees to the provisions of Section 23 of that certain Guaranty, of even date
herewith, made by the Collateral Property Owners in favor of Agent.

 

[Signature page to follow]

 

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Witness the execution and
delivery hereof as of the date first written above.

 

	 	GUARANTOR:
	 	 
	 	CEDAR REALTY TRUST, INC., a Maryland corporation
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name: 	Jennifer Bitterman
	 	Title:	Chief Financial Officer

 

[Signature Page to Guaranty (Cedar Realty Trust,
Inc.)]Exhibit 10.3

 

environmental
compliance and

indemnity agreement

 

This Environmental Compliance
and Indemnity Agreement (hereinafter, the “Environmental Indemnity Agreement” or “Agreement”) is
given pursuant to the terms and conditions of a certain Loan Agreement, dated as of August 22, 2022 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Loan Agreement”), among CEDAR REALTY TRUST PARTNERSHIP, L.P.,
a Delaware limited partnership (the “Borrower”), the Lenders from time to time party thereto, and KEYBANK NATIONAL
ASSOCIATION, as Administrative Agent (in such capacity as Administrative Agent, the “Agent”). Capitalized terms used
herein and not otherwise specifically defined shall have the same meaning herein as in the Loan Agreement.

 

As used herein:

 

(A) The
term “Environmental Legal Requirements” shall mean all applicable present or future federal, state, county and local laws,
by-laws, rules, regulations, codes and ordinances, or any judicial or administrative interpretations thereof, and the requirements of
any governmental agency or authority having or claiming jurisdiction with respect thereto, applicable to the regulation or protection
of the environment and all other environmental matters and shall include, but not be limited to, all orders, decrees, judgments and rulings
imposed through any public or private enforcement proceedings, relating to Hazardous Materials or the existence, use, discharge, release,
containment, transportation, generation, storage, management or disposal thereof, or otherwise regulating or providing for the protection
of the environment applicable to the Property and relating to Hazardous Materials, or to the existence, use, discharge, release or disposal
thereof. Environmental Legal Requirements presently include, but are not limited to, the following laws: Comprehensive Environmental Response
Compensation and Liability Act (42 U.S.C. §9601 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. §1801
et seq.), the Pollution Prevention Act (42 U.S.C. §13101 et seq.), the Federal Insecticide, Fungicide and Rodenticide
Act (7 U.S.C. §136 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. §6901 et seq.), the Federal
Clean Water Act (33 U.S.C. §1251 et seq.), the Federal Clean Air Act (42 U.S.C. §7401 et seq.), and the applicable
environmental laws and regulations of the State in which the applicable Property is located.

 

(B) The
term “Hazardous Materials” shall mean asbestos, mold, flammable materials, explosives, radioactive or nuclear substances,
polychlorinated biphenyls, other carcinogens, oil and other petroleum products, radon gas, urea formaldehyde, chemicals, gases, solvents,
pollutants, contaminants, and any other hazardous or toxic materials, wastes and substances which are defined, determined or identified
as such in any present or future federal, state or local laws, by-laws, rules, regulations, codes or ordinances or any judicial or administrative
interpretation thereof, but excluding substances of kinds and in amounts ordinarily and customarily used or stored in properties similar
to the Property for the purposes of cleaning or other maintenance or operations and otherwise in compliance with all Environmental Legal
Requirements.

 

(C) The
term “Property” shall mean the land owned by each Subsidiary Guarantor and identified on Schedule 1 attached hereto.

 

     

     

    

 

(D) The
term “Surrounding Property” shall mean any property located within one hundred (100) feet of the perimeter of each Property.

 

(E) The
term “Guarantor” shall mean, jointly and severally, Cedar Realty Trust, Inc., a Maryland corporation, Wheeler Real Estate
Investment Trust, Inc., a Maryland corporation, and each Subsidiary Guarantor listed on Schedule 2 attached hereto.

 

(F) The
term “Indemnitors” shall mean Borrower and Guarantor.

 

(G) The
term “Indemnified Party” shall mean: (i) Agent and each of the Lenders; (ii) any subsequent holder of the Loan and any
present or future owner of a participation interest therein; (iii) any party or entity formed by or under common control with Agent or
any Lender or any affiliate thereof to acquire title to the Property from any holder of any portion of the Obligations whether by right
of foreclosure or by deed in lieu thereof; and (iv) as to each of the foregoing, their respective affiliate, parent and subsidiary
corporations, and, as applicable, the respective officers, directors, stockholders, agents and employees of any one or more of them, and
any person, firm or entity which Controls, is Controlled by, or is under common Control with, any Agent or Lender.

 

(H) The
term “Environmental Enforcement Action” shall mean all actions, orders, requirements or liens instituted, threatened in writing,
required, completed, imposed or placed by any governmental authority and all claims made or threatened in writing by any other person
against or with respect to the Property, or any present or past owner or occupant thereof, arising out of or in connection with any of
the Environmental Legal Requirements, any environmental condition, or the assessment, monitoring, clean-up, containment, remediation or
removal of, or damages caused or alleged to be caused by, any Hazardous Materials (i) located on or under the Property, or (ii) emanating
from the Property.

 

(I) The
terms “generated,” “stored,” “transported,” “utilized,” “disposed,” “managed,”
“released” and “threat of release,” and all conjugates thereof, shall have the meanings and definitions set forth
in the Environmental Legal Requirements.

 

(J) The
term “Environmental Reports” shall mean those written reports with respect to environmental matters affecting the Property
furnished to the Agent prior to the execution of this Agreement.

 

FOR VALUE RECEIVED, and to
induce Agent and the Lenders to grant the Loan and extend credit to the Borrower as provided for in the Loan Agreement and the other Loan
Documents, Indemnitors hereby unconditionally agree as follows:

 

1. Compliance
with Environmental Legal Requirements.

 

1.1 Compliance.
Until the full satisfaction of the Obligations, and full satisfaction of the Guaranteed Obligations (as defined in the Guaranty executed
by the Guarantor), as applicable, the Indemnitors hereby guaranty that the Indemnitors shall comply in all materials respects with all
Environmental Legal Requirements applicable to the Property, and that the Indemnitors shall take all remedial action necessary to avoid
any liability of the Indemnitors or any Indemnified Party, and to avoid the imposition of, or to discharge (by payment, bonding, or otherwise),
any liens on the Property, as a result of any failure to comply with Environmental Legal Requirements applicable to the Property.

 

    -2-

     

    

 

1.2 Prohibitions.
Without limitation upon the generality of foregoing, Indemnitors and each of them agree that they:

 

(a) shall
not release, and shall use commercially reasonable efforts not to permit any other Person to release, any Hazardous Materials on the Property;

 

(b) shall
not generate, and shall use commercially reasonable efforts not to permit any other Person to generate, any Hazardous Materials on the
Property;

 

(c) except
in compliance with all Environmental Legal Requirements, (i) shall not store or utilize and Hazardous Materials on the Property, and (ii)
shall use commercially reasonable efforts not to permit any other Person to permit any Hazardous Materials to be stored or utilized on
the Property;

 

(d) shall
not dispose of, and shall use commercially reasonable efforts not to permit any other Person to dispose of, any Hazardous Materials on
the Property;

 

(e) shall
not fail to operate, maintain, repair and use the Property in accordance with all Environmental Legal Requirements; or

 

(f) shall
use commercially reasonable efforts not to allow, permit or suffer any other person or entity to operate, maintain, repair and use the
Property except in accordance with Environmental Legal Requirements.

 

2. Notice
of Conditions. Except for any condition described in any Environmental Report, Indemnitors shall provide Agent with prompt written
notice, but in no event later than ten (10) Business Days after obtaining any actual knowledge or actual notice thereof, of any of the
following conditions: (i) the presence, or any release or threat of release, of any Hazardous Materials on, under or from the Property,
whether or not caused by any of the Indemnitors; (ii) any Environmental Enforcement Action instituted or threatened in writing with respect
to the Property; or (iii) any condition or occurrence on the Property that constitutes a violation of any of the Environmental Legal Requirements
with respect to the Property.

 

3. Indemnitors’
Agreement to Take Remedial Actions.

 

3.1 Remedial
Actions. Upon any of the Indemnitors becoming aware of the violation of any Environmental Legal Requirement related to the Property,
or the presence, or any release, of any Hazardous Materials on, under, or from the Property, whether or not caused by any of the Indemnitors,
Indemnitors shall, subject to the rights to contest set forth in Section 6, promptly take all actions to cure or eliminate any such violation
of any such Environmental Legal Requirement and, where required by any such Environmental Legal Requirement, to arrange for the assessment,
monitoring, clean-up, containment, removal, remediation, or restoration of the Property.

 

    -3-

     

    

 

3.2 Intentionally
Omitted.

 

3.3 Environmental
Assessments. Agent shall have the right to require the Indemnitors, at their own cost and expense, to obtain a professional environmental
assessment of the affected Property in accordance with Agent’s then standard environmental assessment requirements and sufficient
in scope to comply with the requirements of Section 4 upon the occurrence of any one or more of the following events: (i) an Event of
Default, or (ii) upon receipt of any notice of any of the conditions specified in Section 2 of this Agreement.

 

4. Agent’s
Rights to Inspect the Property and Take Remedial Actions.

 

4.1 Agent’s
Rights. So long as any of the Loan Documents shall remain in force and effect, Agent shall have the right, but not the obligation,
through such representatives or independent contractors as it may designate, to enter upon the Property, at reasonable times and upon
reasonable notice to the Indemnitors and subject to the rights of any tenants at the Property, and to expend funds to:

 

(a) Assessments.
Cause one (1) or more environmental assessments of the Property to be undertaken, if Agent reasonably determines in good faith that any
of the conditions set forth in Section 2 exists. Such environmental assessments may include, without limitation, (A) detailed visual inspections
of the Property, including without limitation all storage areas, storage tanks, drains, drywells and leaching areas; (B) if determined
to be reasonably necessary by Agent’s qualified environmental consultant, the taking of soils and surface and sub-surface water
samples; (C) if determined to be reasonably necessary by Agent’s qualified environmental consultant, the performance of soils
and ground water analysis; and (D) the performance of such other investigations or analysis as are reasonably necessary and consistent
with sound professional environmental engineering practice in order for Agent to obtain a complete assessment of the compliance of the
applicable Property and the use thereof with all Environmental Legal Requirements and to make a determination as to whether or not any
of the conditions set forth in Section 2 exists;

 

(b) Cure.
Upon the occurrence and during the continuance of any Event of Default, cure any breach of the representations, warranties, covenants
and conditions made by or imposed upon Indemnitors under this Agreement, including without limitation any violation by any of Indemnitors,
or by the Property, or by any other occupant, prior occupant or prior owner thereof, of any of the Environmental Legal Requirements applicable
to the Property;

 

(c) Prevention
and Precaution. Upon the occurrence and during the continuance of any Event of Default, to the extent required by applicable Environmental
Legal Requirements or to avoid any Material Adverse Effect, take all actions as are necessary to (i) prevent the migration of Hazardous
Materials on, under, or from the Property to any other property; (ii) clean-up, contain, remediate or remove any Hazardous Materials on,
under, or from any other property which Hazardous Materials originated on, under, or from the Property; or (iii) prevent the migration
of any Hazardous Materials on, under, or from any other property to the Property;

 

    -4-

     

    

 

(d) Environmental
Enforcement Actions. Comply with, settle, or otherwise satisfy any Environmental Enforcement Action instituted by a governmental authority
including, but not limited to, the payment of any fines or penalties imposed by any governmental authority and the payment of all amounts
required to remove any lien or threat of lien on or affecting the Property; provided, however, that the Agent shall not be permitted to
take any such action so long as (i) the Borrower, or any other Indemnitor, is exercising its rights under Section 6 of this Agreement,
and (ii) no Event of Default has occurred and is continuing; and

 

(e) General.
Comply with or otherwise satisfy any Environmental Legal Requirement and correct or abate any environmental condition on, or which threatens,
the Property and which could cause material damage or injury to the Property or to any person; provided, however, that the Agent shall
not be permitted to take any such action so long as (i) the Borrower, or any other Indemnitor, is exercising its rights under Section
6 of this Agreement, and (ii) no Event of Default has occurred and is continuing.

 

4.2 Recovery
of Costs. Any amounts paid or advanced by Agent or any Lender and all costs and expenditures incurred in connection with any action
taken pursuant to the terms of this Agreement, including but not limited to reasonable environmental consultants’ and experts’
fees and expenses, reasonable attorneys’ fees and expenses, court costs and all costs of assessment monitoring clean-up, containment,
remediation, removal and restoration, with interest thereon at the Default Rate, shall be an obligation of Indemnitors to Agent payable
within thirty (30) days after demand and, to the extent not prohibited by law, and so long as the Borrower’s Obligations and the
Guaranteed Obligations are outstanding, shall be added to the obligations secured by the Security Documents when paid by Agent or any
Lender and shall be secured by the lien on the Collateral and the other Security Documents as fully and as effectively and with the same
priority as every other obligation secured thereby.

 

4.3 Agent
and the Lenders Not Responsible. The exercise by Agent or any Lender of any one or more of the rights and remedies set forth in this
Section 4 shall not operate or be deemed (i) to place upon Agent or any Lender any responsibility for the operation, control, care, service,
management, maintenance or repair of the Property, or (ii) make Agent or any Lender the “owner” or “operator”
of the Property or a “responsible party” within the meaning of any of the Environmental Legal Requirements.

 

4.4 Agent’s
and the Lenders’ Subrogation. Furthermore, Agent and/or any Lender by making any such payment or incurring any such costs shall
be subrogated to all rights of each of Indemnitors or any other occupant of the Property to seek reimbursement from any other person including,
without limitation, any predecessor, owner or occupant of the Property who may be a “responsible party” under any of the Environmental
Legal Requirements in connection with the presence of Hazardous Materials on or under or which emanated from, the Property.

 

4.5 Agent/Lender
May Stop. Without limiting the generality of the other provisions of this Agreement, any partial exercise by Agent or any Lender of
any one or more rights and remedies set forth in this Section 4 including, without limitation, any partial undertaking on the part of
Agent or any Lender to cure any failure by any of the Indemnitors, or of the Property, or any other occupant, prior occupant or prior
owner thereof, to comply with any of the Environmental Legal Requirements shall not obligate Agent or any Lender to complete such actions
taken or require Agent or any Lender to expend further sums to cure such non-compliance.

 

    -5-

     

    

 

5. Indemnification.
At all times, both before and after the repayment of the Loan (but subject to Section 19) Indemnitors hereby jointly and severally
agree that they shall at their sole cost and expense indemnify, defend, exonerate, protect and save harmless each Indemnified Party against
and from any and all damages, losses, liabilities, obligations, penalties, claims, litigation, demands, defenses, judgment, suits, proceedings,
costs, disbursements or expenses of any kind or nature whatsoever, including, without limitation, reasonable attorneys’ and experts’
fees and disbursements, which may at any time be imposed upon, incurred by or asserted or awarded against any Indemnified Party (collectively,
“Losses”) and arising from or out of:

 

5.1 Hazardous
Materials. Any Hazardous Materials on, in, under, affecting or emanating from all or any portion of the Property on or before the
date hereof, or which may hereafter affect all or any portion of the Property, whenever discovered;

 

5.2 Environmental
Legal Requirements. The violation of any Environmental Legal Requirement by any Indemnitor, or with respect to the Property, existing
on or before the date hereof or which may so exist in the future, whenever discovered;

 

5.3 Breach
of Warranty, Representation or Covenant. Any breach of warranty or representation or covenant made by any Indemnitor under or pursuant
to this Agreement; and

 

5.4 General.
The enforcement of this Agreement or the assertion by any Indemnitor of any defense to the obligations of any Indemnitor hereunder, whether
any of such matters arise before or after foreclosure of the Mortgage or other taking of title to or possession of all or any portion
of the Property (and in the case of the Individual Property known as Fieldstone Market Place and located at 500/900 Kings Highway, New
Bedford, MA (the “Fieldstone Property”) the foreclosure of the pledge of the equity interests in the owner of the Fieldstone
Property (the “Fieldstone Pledge”) or other taking of ownership of such equity interests or of title to the Fieldstone
Property) by Agent or any other Indemnified Party, and specifically including therein, without limitation, the following: (i) reasonable
out-of-pocket costs incurred for any of the matters set forth in Section 4 of this Agreement; and (ii) reasonable out-of-pocket costs
and expenses incurred in ascertaining the existence or extent of any asserted violation of any Environmental Legal Requirements relating
to the Property and any remedial action taken on account thereof including, without limitation, the reasonable costs, fees and expenses
of engineers, geologists, chemists, other scientists, attorneys, surveyors, and other professionals, or testing and analyses performed
in connection therewith.

 

5.5 Limitation.
Notwithstanding the foregoing provisions of this Section 5, the obligation of the Indemnitors to indemnify, defend, exonerate, protect
and save harmless each Indemnified Party, as more particularly set forth herein, shall not be applicable to any damages, losses, liabilities,
obligations, penalties, claims, litigation, demands, defenses, judgments, suits, proceedings, costs, disbursements or expenses of any
kind which (i) are a direct result of the willful misconduct or gross negligence of any Indemnified Party, or (ii) first arise
after a transfer of the applicable Property resulting from a foreclosure of the Mortgage, exercise of a power of sale or deed-in-lieu
of foreclosure or any other transfer permitted under the Loan Documents (and in the case of the Fieldstone Property, a transfer of the
equity interest in the owner thereof pursuant to a foreclosure of the Fieldstone Pledge or assignment in lieu thereof or the exercise
by Agent of any control rights under the Loan Documents over the owner of the Fieldstone Property or the transfer of title to the Fieldstone
Property in lieu of such equity foreclosure or any other transfer of such equity interests or Individual Property permitted under the
Loan Documents). In addition, the Indemnitors shall have no liability hereunder for any diminution in value of the Property or for any
special, indirect, consequential or punitive damages, as opposed to direct or actual damages, except to the extent actually payable by
an Indemnified Party to a third party.

 

    -6-

     

    

 

6. Right
to Contest. Borrower, or any other Indemnitor, may contest in good faith any claim, demand, levy or assessment under any Environmental
Legal Requirements, including, but not limited to, any claim with respect to Hazardous Materials, by any person or entity if:

 

6.1 Material
Question in Good Faith. The contest is based upon a material question of law or fact raised by Borrower or such other Indemnitor in
good faith;

 

6.2 Diligent
Pursuit. Borrower or such other Indemnitor properly commences and thereafter diligently pursues the contest;

 

6.3 No
Impairment. The contest will not materially impair the taking of any required remedial action with respect to such claim, demand,
levy or assessment;

 

6.4 Adequate
Resources. Borrower, or such other Indemnitor, demonstrates to Agent’s reasonable satisfaction that Borrower, or such other
Indemnitor, has the financial capability to undertake and pay for such contest and any remedial action then or thereafter necessary;

 

6.5 No
Event of Default. No Event of Default exists under the Loan Documents.

 

7. Waivers.
Until the full satisfaction of the Obligations and full satisfaction of the Guaranteed Obligations, Indemnitors each hereby waive and
relinquish to the fullest extent now or hereafter not prohibited by applicable law:

 

7.1 Suretyship
Defenses. All suretyship defenses and defenses in the nature thereof;

 

7.2 Marshalling.
Any right or claim of right to cause a marshalling of any Indemnitor’s assets or to cause Agent to proceed against any of the Collateral
for the Loan before proceeding under this Agreement against any Indemnitor, or to require Agent to proceed against Indemnitors in any
particular order;

 

7.3 Contribution.
All rights and remedies against any other Indemnitor, including, but not limited to, any rights of subrogation, contribution, reimbursement,
exoneration or indemnification pursuant to any express or implied agreement, or now or hereafter accorded by applicable law to indemnitors,
guarantors, sureties or accommodation parties; provided, however, unless Agent otherwise expressly agrees in writing, such waiver by any
particular Indemnitor shall not be effective to the extent that by virtue thereof such Indemnitor’s liability under this Indemnity
Agreement or under any other Loan Document is rendered invalid, voidable, or unenforceable under any applicable state or federal law dealing
with the recovery or avoidance of so-called preferences or fraudulent transfers or conveyances or otherwise;

 

    -7-

     

    

 

7.4 Notice.
Notice of the acceptance hereof, presentment, demand for payment, protest, notice of protest, or any and all notice of nonpayment, nonperformance,
nonobservance or default or other proof or notice of demand whereby to charge Indemnitors therefor;

 

7.5 Statute
of Limitations. The pleading of any statute of limitations as a defense to such Indemnitor’s obligations hereunder; and

 

7.6 Jury
Trial. The right to a trial by jury in any matter related to this Environmental Indemnity Agreement.

 

EACH INDEMNITOR, AGENT AND
THE LENDERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON,
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH
OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTIES; THIS WAIVER BEING A MATERIAL
INDUCEMENT FOR AGENT AND THE LENDERS TO ACCEPT THIS AGREEMENT AND TO MAKE THE LOAN;

 

8. Cumulative
Rights. Agent’s rights under this Agreement shall be in addition to and not in limitation of all of the rights and remedies
of Agent under the other Loan Documents. All rights and remedies of Agent shall be cumulative and may be exercised in such manner and
combination as Agent may determine.

 

9. No
Impairment. The liability of Indemnitors hereunder shall in no way be limited or impaired by, and each Indemnitor hereby consents
to, any amendment or modification of the provisions of the Loan Documents to or with Agent and the Lenders by Borrower or any Indemnitor.
In addition, the liability of Indemnitors under this Agreement shall in no way be limited or impaired by:

 

9.1 Extensions.
Any extensions of time for performance required by any of the Loan Documents;

 

9.2 Amendments.
Any amendment to or modification of any of the Loan Documents;

 

9.3 Transfer.
Any sale or assignment of the Loan, or any sale, assignment or foreclosure of the Mortgage (except as otherwise expressly set forth in
Section 5.5 above), or any sale or transfer of all or part of the Property;

 

9.4 Exculpatory
Language. Any exculpatory, or nonrecourse, or limited recourse, provision in any of the Loan Documents limiting Agent’s or any
Lenders’ recourse to the Property encumbered by the Security Documents or to any other property or limiting Agent’s or any
Lenders’ rights to a deficiency judgment against Borrower or any other party;

 

9.5 Inaccuracies.
The accuracy or inaccuracy of any of the representations or warranties made by or on behalf of any Indemnitor under the Loan Documents
or otherwise;

 

    -8-

     

    

 

9.6 Release.
The release of any Indemnitor, or of any other person or entity, from performance or observance of any of the agreements, covenants, terms
or conditions contained in this Agreement or any of the other Loan Documents by operation of law, Agent’s or any Lenders’
voluntary act, or otherwise;

 

9.7 Bankruptcy
or Reorganization. The filing of any bankruptcy or reorganization proceeding by or against any Indemnitor, any general partner or
owner of any Indemnitor, or any subsequent owner of the Property;

 

9.8 Substitution.
The release or substitution in whole or part of any collateral or security for the Loan;

 

9.9 Failure
To Perfect. Agent’s failure to record any Security Document or file any UCC financing statements (or Agent’s improper
recording or filing of any thereof) or to otherwise perfect, protect, secure, or insure any security interest or lien given as security
for the Loan; or

 

9.10 Invalidity.
The invalidity or unenforceability of all or any portion of any of the Loan Documents as to any Indemnitor or to any other person or entity.

 

Any of the foregoing may be
accomplished with or without notice to Borrower or any Indemnitor (except as otherwise required pursuant to the terms and conditions of
the Loan Agreement) or with or without consideration.

 

10. Delay
Not Waiver. No delay on Agent’s part in exercising any right, power or privilege hereunder or under any of the Loan Documents
shall operate as a waiver of any such privilege, power or right. No waiver by Agent in any instance shall constitute a waiver in any other
instance.

 

11. Warranties
and Representations. To Indemnitor’s Knowledge, except to the extent (i) the failure of the following to be true would not reasonably
be expected to have a Material Adverse Effect or (ii) disclosed in an Environmental Report or otherwise disclosed in writing to Administrative
Agent prior to the Closing Date, the Indemnitors each represent and warrant to Agent that as of the date hereof:

 

11.1 No
Hazardous Materials at Property. No Hazardous Materials have been or are currently generated, stored, transported, utilized, disposed
of, managed, released or located on, under or from the Property in violation of applicable Environmental Legal Requirements, whether or
not in reportable quantities, or in any manner introduced onto the Property including without limitation any septic, sewage or other waste
disposal systems servicing the Property, in each case, which have not been fully remediated in accordance with Environmental Legal Requirements
(to the extent such remediation is required pursuant to applicable Environmental Legal Requirements);

 

11.2 No
Violations Claimed Regarding Property or Indemnitors. None of the Indemnitors has received any written notice from the Environmental
Protection Agency of any state in which any Property is located, the United States Environmental Protection Agency or any other governmental
authority claiming that (i) the Property or any use thereof violates any of the Environmental Legal Requirements or (ii) any of the Indemnitors
or any of their respective employees or agents have violated any of the Environmental Legal Requirements with respect to the Property
or any Surrounding Property;

 

    -9-

     

    

 

11.3 No
Liability to Governmental Authorities. None of the Indemnitors has received any written notice from any Governmental Authority that
any Indemnitor has incurred any material liability to the state where any Property is located, the United States of America or any other
governmental authority under any of the Environmental Legal Requirements;

 

11.4 No
Lien on Property. No lien against the Property has arisen under or related to any of the Environmental Legal Requirements;

 

11.5 No
Enforcement Actions. There are no Environmental Enforcement Actions pending, or to Indemnitors’ actual Knowledge, threatened
in writing;

 

11.6 No
Knowledge of Hazardous Materials at Surrounding Property. None of the Indemnitors has any Knowledge that any Hazardous Materials have
been or are currently generated, stored, transported, utilized, disposed of, managed, released or located on, under or from the Surrounding
Property in violation of any of the Environmental Legal Requirements;

 

11.7 No
Knowledge of Violations Regarding Surrounding Property. None of the Indemnitors has any Knowledge of any action or order instituted
or threatened by any person or governmental authority arising out of or in connection with the Environmental Legal Requirements involving
the assessment, monitoring, cleanup, containment, remediation or removal of or damages caused or alleged to be caused by any Hazardous
Materials generated, stored, transported, utilized, disposed of, managed, released or located on, under or from any Surrounding Property;

 

11.8 No
Underground Storage Tanks. There are no underground storage tanks on or under the Property, except those that are in material compliance
with all applicable Environmental Legal Requirements;

 

11.9 No
Dangerous Conditions. No environmental condition exists on the Property which could cause any damage or injury to the Property or
to any person;

 

11.10 Valid
and Binding. This Agreement constitutes the legal, valid and binding obligation of each of the Indemnitors in accordance with the
respective terms hereof, subject to bankruptcy, insolvency and similar laws of general application affecting the rights and remedies of
creditors, and with respect to the availability of the remedy of specific enforcement subject to the discretion of the court before which
proceedings therefor may be brought;

 

11.11 Entity
Matters. That each Indemnitor is a duly organized validly existing entity in good standing under the laws of its organization and
has all requisite power and authority to conduct its business and to own its properties as now conducted or owned;

 

11.12 No
Violations. To the Knowledge of the Indemnitors, the performance of the obligations evidenced hereby will not constitute a violation
of any law, order, regulation, contract, organizational document or agreement to which the Indemnitors or any of them is a party or by
which any one or more of them or their property is or may be bound;

 

    -10-

     

    

 

11.13 No
Litigation. There is no material litigation or administrative proceeding now pending or threatened in writing against the Indemnitors
or any of them which if adversely decided would reasonably be expected to materially impair the ability of the Indemnitors to pay or perform
their obligations hereunder; and

 

11.14 Material
Economic Benefit. The granting of the Loan to Borrower will constitute a material economic benefit to each Indemnitor.

 

12. Multiple
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original. Each of the counterparts
shall constitute but one in the same instrument and shall be binding upon each of the parties individually as fully and completely as
if all had signed but one instrument so that the joint and several liability of each of the Indemnitors hereunder shall be unaffected
by the failure of any of the undersigned to execute any or all of said counterparts.

 

13. Notices.
Any notice or other communication in connection with this Agreement shall be given in accordance with Section 15.1 of the Loan Agreement,
and in the case of Indemnitors other than Borrower, at their respective notice addresses set forth in the Guaranty.

 

14. No
Oral Change. No provision of this Agreement may be changed, waived, discharged, or terminated orally by telephone or by any other
means except by an instrument in writing signed by the party against whom enforcement of the change, waiver or discharge or termination
is sought.

 

15. Parties
Bound; Benefit. This Agreement shall be binding upon the Indemnitors and their respective successors, assigns, heirs and personal
representatives and shall be for the benefit of Agent and the Lenders, and of any subsequent holder of the Loan as permitted under the
Loan Agreement. In the event the Loan is sold or transferred as permitted under the Loan Agreement, then the liability of the Indemnitors
to Agent and the Lenders shall then be in favor of both Agent and the Lenders originally named herein and each subsequent holder of the
Loan or any portion thereof.

 

16. Joint
and Several. The obligations of each of the Indemnitors and their respective successors, assigns, heirs and personal representatives
shall be joint and several.

 

17. Partial
Invalidity. Each of the provisions hereof shall be enforceable against each Indemnitor to the fullest extent now or hereafter permitted
by law. The invalidity or unenforceability of any provision hereof shall not limit the validity or enforceability of each other provision
hereof.

 

18. Governing
Law and Consent to Jurisdiction. This Agreement and the rights and obligations of the parties hereunder shall in all respects be governed
by and construed and enforced, with respect to each Property, in accordance with the laws of the State of New York without giving effect
to its principles of conflicts of law, and insofar as Environmental Legal Requirements are concerned, in accordance with applicable federal
law as well; provided, however, insofar as formation of the parties hereunder requires the law of the jurisdiction of the state of formation
to apply with respect to matters of authorization to enter into the transaction contemplated by this Agreement, such state law shall govern.
The parties further agree that Agent may enforce its rights under this Agreement and the other Loan Documents including, but not limited
to, the rights to sue any Indemnitor in accordance with applicable law.

 

    -11-

     

    

 

Each party hereto irrevocably
and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the courts of the State of New York located
in New York County or any Federal Court located within the Southern District of the State of New York, in any action or proceeding arising
out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State
Court or, to the fullest extent permitted by applicable law, in such Federal Court. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.

 

19. Right
of Indemnitors to Terminate Obligations. Indemnitors shall have the right to terminate their continuing liability hereunder, either
generally or as to one or more Individual Properties, upon fulfillment of each of the following conditions to the reasonable satisfaction
of Agent:

 

19.1 Except
if Section 19.4(ii) or Section 19.4(iii) below is applicable, Agent and all Lenders shall have received repayment and satisfaction of
the Obligations in full.

 

19.2 The
Indemnitors shall have delivered to Agent and the Lenders an environmental report with respect to the applicable Individual Property reasonably
satisfactory to Agent, prepared by an environmental engineering firm reasonably acceptable to Agent, which such report does not disclose
the existence of any violation of any Environmental Legal Requirements applicable to such Individual Property, or the lawful assertion
by any governmental authority or third party of any violation of any Environmental Legal Requirements which has not been cured, on or
with respect to such Individual Property, and which report shall be dated, or last updated, as of date which is not more than forty-five
(45) days prior to the Trigger Date (as defined below) (provided that if Borrower has transferred the Property to a third party as of
the Trigger Date, such report shall be dated, or last updated, no earlier than forty-five (45) days prior to the date on which Borrower
transfers the Property to such third party).

 

19.3 No
Environmental Enforcement Action or liability with respect to any Hazardous Materials shall be pending or threatened in writing with respect
to the applicable Individual Property.

 

19.4 At
least twenty-four (24) months (such twenty-four (24) month period, the “Sunset Period”) have passed since the earlier
of (i) the date the principal, interest and fees due Agent and the Lenders in respect of the Loan were paid in full, (ii) the applicable
Individual Property or the equity interests in the owner thereof is sold or otherwise conveyed by an Indemnitor to an unrelated third
party or the applicable Mortgage is discharged pursuant to the terms of the Loan Agreement (or in the case of the Fieldstone Property,
the Fieldstone Pledge is discharged pursuant to the terms of the Loan Agreement), or (iii) transfer of title to the applicable Individual
Property following foreclosure of the applicable Mortgage or acceptance of a deed in lieu of such foreclosure (or in the case of the Fieldstone
Property, transfer of the ownership of the equity interests in the owner of the Fieldstone Property by foreclosure of the Fieldstone Pledge
or by assignment in lieu thereof, or by transfer of title to the Fieldstone Property in lieu of such equity foreclosure), in each case
described in the foregoing subsections (i)-(iii), without the Agent, any Lender or any Affiliate of either taking actual or constructive
possession of the applicable Individual Property through appointment of a receiver or any other exercise of Agent’s or Lenders’
rights and remedies following an Event of Default under the Loan Documents. The date on which the event described in clause (i), (ii)
or (iii) of the immediately preceding sentence, as applicable, occurs is referred to herein as the “Trigger Date”.

 

    -12-

     

    

 

19.5 No
change shall have occurred in applicable Environmental Legal Requirements or in any official interpretation thereof (including governmental,
judicial, or administrative) which would reasonably be expected to result in any Indemnified Party being held responsible for causing
the Property to be in compliance with Environmental Legal Requirements due to specific environmental matters with respect to the applicable
Individual Property.

 

Such termination of Indemnitors’
liability hereunder shall become effective (a) if the Trigger Date is determined as such date set forth in Section 19.4(i) or 19.4(ii),
automatically upon the expiration of the Sunset Period unless Agent provides written notice to Borrower prior thereto of its reasonable,
good faith determination that any of the foregoing conditions are not satisfied, which notice shall set forth in reasonable detail the
basis of Agent’s determination, it being agreed that any environmental report delivered to Agent (including, without limitation,
if the Trigger Date is determined as such date set forth in Section 19.4(iii) shall be deemed to satisfy the requirements of Section 19.2
unless Agent delivers to Borrower, within thirty (30) days after Agent’s receipt thereof, notice that it does not satisfy such requirements,
which notice shall set forth in reasonable detail the basis of Agent’s determination, and (b) if the Trigger Date is determined
as such date set forth in Section 19.4(iii)), upon the delivery by Agent to the Indemnitors of a specific written acknowledgment (or deemed
acknowledgement pursuant to the terms hereinbelow) of the satisfaction of the foregoing conditions and the termination of such obligations,
which Agent agrees to promptly provide after request by any Indemnitor, unless Agent makes the reasonable, good faith determination that
the conditions to such termination have not been satisfied, in which case Agent shall promptly notify Indemnitors that such conditions
have not been satisfied, which notice shall set forth in reasonable detail the basis of Agent’s determination; provided, that (i)
in the case of clause (a) above, the foregoing conditions shall be deemed satisfied and the Indemnitors’ obligations hereunder shall
be deemed terminated if Agent fails to provide such written acknowledgement within thirty (30) days after request by Borrower, and (ii)
in the case of clauses (a) and (b) above, Indemnitors shall have the right in any action brought by any party hereto relating to this
Environmental Indemnity Agreement, to contend that the foregoing conditions were in fact satisfied, and if the applicable court rules
in Indemnitor’s favor, Indemnitors’ liability hereunder shall be deemed to have terminated as of the date of the expiration
of the Sunset Period with respect to the applicable Individual Property.

 

For the avoidance of doubt,
in the event that the Indemnitors shall satisfy the conditions of this Section 19 with respect to any one or more, but less than all,
of the Individual Properties, then the continuing liability of Indemnitors hereunder shall terminate with respect to all Individual Properties
with respect to which such conditions have been satisfied, and shall remain in effect with respect to each Individual Property for which
such conditions shall not have been satisfied, and shall thereafter terminate with respect to additional Individual Properties if and
when such conditions are satisfied with respect to the applicable Individual Properties.

 

20. Survival.
Except as set forth in Section 19 of this Agreement, the provisions of this Agreement shall continue in effect and shall survive (among
other events) any payment and satisfaction of the Loan and the Obligations, any termination or discharge of the security documents granted
to the Agent on the Property, foreclosure, a deed-in-lieu transaction, or release of the Property.

 

21. Counterparts.
Delivery of executed counterparts of this Agreement by telecopy or other electronic means shall be effective as an original.

 

22. Limitation.
Notwithstanding anything herein or in any other Loan Document to the contrary, by its acceptance of this Environmental Indemnity Agreement,
Agent for itself and on behalf of the Lenders, agrees that upon the occurrence of an Event of Default, Agent shall use reasonable efforts
to pursue its rights and remedies against the other Indemnitors and/or the Collateral prior to exercising its rights and remedies hereunder
against WHLR, provided, however that such agreement to first exercise rights and remedies with respect to the other Indemnitors, and/or
the Collateral, shall be null and void if (i) there is any bankruptcy or similar filing by any of the other Indemnitors, (ii) any of the
other Indemnitors shall bring any other legal action which seeks to prevent or interfere with the exercise of the rights and remedies
under the Loan Documents by Agent, or (iii) any action or claim is filed by any third party that challenges the validity or enforceability
of the Loan Documents or the liens and rights and remedies of the Agent thereunder with respect to the other Indemnitors and/or the Collateral.

 

[The balance of this page is intentionally left
blank]

 

    -13-

     

    

 

Witness the execution and delivery hereof as an
instrument under seal as of the date first above written.

 

INDEMNITORS:

 

	 	CEDAR REALTY TRUST PARTNERSHIP, L.P., a Delaware limited partnership
	 	 
	 	By:	Cedar Realty Trust, Inc., a Maryland corporation, its general partner
	 	 
	 	 	By:	/s/ Jennifer Bitterman
	 	 	Name: 	Jennifer Bitterman
	 	 	Title:	Chief Financial Officer
	 	 
	 	CEDAR REALTY TRUST, INC., a Maryland corporation
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name: 	Jennifer Bitterman
	 	Title:	Chief Financial Officer
	 	 
	 	WHEELER REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation
	 	 
	 	By:	/s/ M. Andrew Franklin
	 	Name:	M. Andrew Franklin
	 	Title:	Chief Executive Officer and President

 

     

     

    

 

	 	CEDAR-SOUTH PHILADELPHIA I, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name: 	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	CEDAR BRICKYARD, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	CEDAR-FAIRVIEW COMMONS, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	CEDAR-BRISTOL, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	CEDAR- PC PLAZA, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory

 

     

     

    

 

	 	Washington Center L.L.C. 1,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	Cedar-Timpany, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	COLISEUM FF, LLC,
	 	a Virginia limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	CEDAR-KINGS, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	CEDAR-TREXLER, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	PINE GROVE PLAZA ASSOCIATES, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory

 

     

     

    

 

	 	CEDAR SOUTHINGTON PLAZA, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	GOLD STAR PLAZA ASSOCIATES,
	 	a Pennsylvania limited partnership
	 	 
	 	By:	 Gold Star Realty, Inc., a Pennsylvania corporation, its general partner
	 	 
	 	 	By:	/s/ Jennifer Bitterman
	 	 	Name:	Jennifer Bitterman
	 	 	Title:	Authorized Signatory
	 	 
	 	CEDAR HAMBURG, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name: 	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	CEDAR GOLDEN TRIANGLE, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	CEDAR 2129 OREGON AVENUE, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory
	 	 
	 	CEDAR PCP-SAN SOUCI, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jennifer Bitterman
	 	Name:	Jennifer Bitterman
	 	Title:	Authorized Signatory

 

	 	CEDAR-FIELDSTONE MARKETPLACE, LP,
	 	a Delaware limited partnership
	 	 
	 	By:	Cedar-Fieldstone SPE, LLC,
	 	 	a Delaware limited liability company,
	 	 	its general partner

 

	 		By:	/s/ Jennifer Bitterman
	 	 	Name: 	Jennifer Bitterman
	 	 	Title:	Authorized Signatory

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