Document:

Exh 10.4 Pacific Center Promissory Note dated 4/19/2006

    
      

    

    Exhibit
      10.4

    
 

    PROMISSORY
      NOTE

     

    
      	
               

              $121,200,000

               

            	
               

              April
                19, 2006

               

            

    

    FOR
      VALUE RECEIVED, MAGUIRE PROPERTIES - PACIFIC CENTER, LLC,
      a
      Delaware limited liability company, having its principal place of business
      at
      333 South Grand Avenue, Suite 400, Los Angeles, California 90071 (“Maker”),
      hereby promises to pay to the order of GREENWICH
      CAPITAL FINANCIAL PRODUCTS, INC.,
      a
      Delaware corporation, at its principal place of business at 600 Steamboat Road,
      Greenwich, Connecticut 06830 (together with its successors and assigns
“Payee”)
      or at
      such place as the holder hereof may from time to time designate in writing,
      the
      principal sum of ONE HUNDRED TWENTY-ONE MILLION TWO HUNDRED THOUSAND and No/00
      Dollars ($121,200,000.00) (the “Principal”),
      in
      lawful money of the United States of America, with interest on the unpaid
      principal balance from time to time outstanding at the Interest Rate, in
      installments as follows:

     

    A. A
      payment
      of $329,629.66 on the date hereof, representing interest from the date of
      funding through May 5, 2006;

     

    B. On
      June
      6, 2006 (which shall be the first Payment Date hereunder) and each Payment
      Date
      thereafter through and including the Maturity Date, the interest on the
      Principal at the Interest Rate shall be payable in monthly installments (each
      such installment, the “Monthly
      Debt Service Payment Amount”);
      each
      of such payments, subject to the provisions of Section 2.2 and Section 3.10
      of
      the Loan Agreement (hereinafter defined), to be applied to the payment of
      interest computed at the Interest Rate; and 

     

    C. The
      balance of the principal sum of this Note together with all accrued and unpaid
      interest thereon shall be due and payable on the Maturity Date.

     

      Section 1. Definitions.
        Capitalized terms used but not otherwise defined herein shall have the meanings
        given that certain Loan Agreement (the “Loan
        Agreement”)dated
        the date hereof between Maker and Payee. The following terms have the meanings
        set forth below:

       

    Business
      Day:
      any day
      other than a Saturday, Sunday or any day on which commercial banks in New York,
      New York are authorized or required to close.

     

    Default
      Rate:
      a rate
      per annum equal to the lesser of (i) the maximum rate permitted by
      applicable law, or (ii) 5% above the Interest Rate.

     

    Interest
      Period: (i) the
      period from the date hereof through the first day thereafter that is the
      5th
      day of a
      calendar month and (ii) each period thereafter from the 6th
      day of
      each calendar month through the 5th
      day of
      the following calendar month; except that the Interest Period, if any, that
      would otherwise commence before and end after the Maturity Date shall end on
      the
      Maturity Date.
      Notwithstanding the foregoing, if Payee exercises its right to change the
      Payment Date to a New Payment Date in accordance with Section 2.2.4 of the
      Loan
      Agreement, 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    then
      from
      and after such election, each Interest Period shall be the period from the
      New
      Payment Date (as defined under Section 2.2.4 of the Loan Agreement) in each
      calendar month through the day in the next succeeding calendar month immediately
      preceding the New Payment Date in such calendar month.

     

    Interest
      Rate:
      a rate
      of interest equal to 5.7594% per annum (or, when applicable pursuant to this
      Note or any other Loan Document, the Default Rate).

     

    Maturity
      Date:
      the date
      on which the final payment of principal of this Note (or the defeased Note,
      if
      applicable) becomes due and payable as therein provided, whether at the Stated
      Maturity Date, by declaration of acceleration, or otherwise.

     

    Payment
      Date:
      the
      6th
      day of
      each calendar month or, upon Payee’s exercise of its right to change the Payment
      Date in accordance with Section 2.2.4 of the Loan Agreement, the New Payment
      Date (as defined in the Loan Agreement) (in either case, if such day is not
      a
      Business Day, the Payment Date shall be the first Business Day thereafter).
      The
      first Payment Date hereunder shall be June 6, 2006.

     

    Stated
      Maturity Date:
      May 6,
      2016, as such date may be changed in accordance with Section 2.2.4 of the Loan
      Agreement.

     

    Yield
      Maintenance Premium:
      an
      amount equal to the greater of (i) one percent of the outstanding principal
      balance of the Loan at the time of prepayment or (ii) an amount which, when
      added to the outstanding Principal, would be sufficient to purchase U.S.
      Obligations which provide payments (a) on or prior to, but as close as
      possible to, all successive scheduled payment dates under this Note through
      the
      Stated Maturity Date and (b) in amounts equal to the Monthly Debt Service
      Payment Amount required under this Note through the Stated Maturity Date
      together with the outstanding principal balance of this Note as of the Stated
      Maturity Date assuming all such Monthly Debt Service Payments are made
      (including any servicing costs associated therewith). In no event shall the
      Yield Maintenance Premium be less than zero.

     

    Section 2. Payments
      and Computations.
      Interest on the unpaid Principal shall be computed on the basis of the actual
      number of days elapsed over a 360-day year. All amounts due under this Note
      shall be payable without setoff, counterclaim or any other deduction whatsoever
      and are payable without relief from valuation and appraisement laws and with
      all
      costs and charges incurred in the collection or enforcement hereof, including,
      attorneys’ fees and court costs.

     

    Section 3. Loan
      Documents.
      This
      Note is evidence of that certain loan made by Payee to Maker contemporaneously
      herewith and is executed pursuant to the terms and conditions of the Loan
      Agreement. This Note is secured by and entitled to the benefits of, among other
      things, the Mortgage and the other Loan Documents. Reference is made to the
      Loan
      Documents for a description of the nature and extent of the security afforded
      thereby, the rights of the holder hereof in respect of such security, the terms
      and conditions upon which this Note is secured and the rights and duties of
      the
      holder of this Note. No reference herein to and no provision of any other Loan
      Document shall alter or impair the obligation of Maker, which is absolute and
      unconditional (except for Section 10.1 of the Loan Agreement and as provided
      

     

    
      
        
        

      

      
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    under
      Section 2.3.3 and elsewhere under the Loan Agreement), to pay the principal
      of
      and interest on this Note at the time and place and at the rates and in the
      monies and funds described herein. All of the agreements, conditions, covenants,
      provisions and stipulations contained in the Loan Documents to be kept and
      performed by Maker are by this reference hereby made part of this Note to the
      same extent and with the same force and effect as if they were fully set forth
      in this Note, and Maker covenants and agrees to keep and perform the same,
      or
      cause the same to be kept and performed, in accordance with their
      terms.

     

    Section 4. Loan
      Acceleration; Prepayment.
      The
      Debt, shall without notice become immediately due and payable at the option
      of
      Payee if any payment required in this Note is not paid on the date on which
      it
      is due or upon the happening and continuance of any other Event of Default.
      Maker shall have no right to prepay or defease all or any portion of the
      Principal except in accordance with Sections 2.3.2, 2.3.3, 2.3.4 and 2.4 of
      the
      Loan Agreement. If prior to the Permitted Prepayment Date (i) Maker shall
      (notwithstanding such prohibition of prepayment) tender, and Payee shall, in
      its
      sole discretion, elect to accept, prepayment of the Debt (except as expressly
      set forth in Section 2.3.2 of the Loan Agreement), or (ii) the Debt is
      accelerated by reason of an Event of Default which is continuing, then the
      Debt
      shall include, and Payee shall be entitled to receive, in addition to the
      outstanding principal and accrued interest and other sums due under the Loan
      Documents, an amount equal to the Yield Maintenance Premium, if any, that would
      be required in connection with a defeasance if a defeasance were to occur
      pursuant to Section 2.3.3 of the Loan Agreement at the time of Payee’s
      acceptance of such tender or other receipt of the Debt (through foreclosure
      or
      otherwise), as the case may be. The principal balance of this Note is subject
      to
      mandatory prepayment, without premium or penalty, in certain instances of
      Insured Casualty or Condemnation, as more particularly set forth in Sections
      2.3.2 and 7.4.2 of the Loan Agreement. Except during the continuance of an
      Event
      of Default, all proceeds of any repayment, including permitted prepayments,
      of
      Principal shall be applied in accordance with Section 2.3.1 of the Loan
      Agreement. During the continuance of an Event of Default, all proceeds of
      repayment, including any payment or recovery on the Property (whether through
      foreclosure, deed-in-lieu of foreclosure, or otherwise) shall, unless otherwise
      provided in the Loan Documents, be applied in such order and in such manner
      as
      Payee shall elect in Payee’s discretion.

     

    Section 5. Default
      Rate.
      After
      the occurrence and during the continuance of an Event of Default, the entire
      unpaid Debt shall bear interest at the Default Rate, and shall be payable,
      to
      the extent permitted by applicable law, within ten (10) days after the date
      Payee makes written demand therefor, and, if not so paid, shall be added to
      the
      Debt.

     

    Section 6. Late
      Payment Charge.
      If any
      Principal, interest or other sum due under any Loan Document is not paid by
      Maker on the date on which it is due, Maker shall pay to Payee, within ten
      (10)
      days after the date Payee makes written demand therefor, an amount equal to
      the
      lesser of 5% of such unpaid sum or the maximum amount permitted by applicable
      law, in order to defray the expense incurred by Payee in handling and processing
      such delinquent payment and to compensate Payee for the loss of the use of
      such
      delinquent payment, and, if not so paid, shall be added to the
      Debt.

     

    Section 7. Amendments.
      This
      Note may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by any act or failure to act on the part of 

     

    
      
        
        

      

      
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    Maker
      or
      Payee, but only by an agreement in writing signed by the party against whom
      enforcement of any modification, amendment, waiver, extension, change, discharge
      or termination is sought. Whenever used, the singular number shall include
      the
      plural, the plural the singular, and the words “Payee” and “Maker” shall include
      their respective successors, assigns, heirs, executors and administrators.
      If
      Maker consists of more than one person or party, the obligations and liabilities
      of each such person or party shall be joint and several.

     

    Section 8. Waiver.
      Maker
      and all others who may become liable for the payment of all or any part of
      the
      Debt do hereby severally waive presentment and demand for payment, notice of
      dishonor, protest, notice of protest, notice of nonpayment, notice of intent
      to
      accelerate the maturity hereof and of acceleration. No release of any security
      for the Debt or any person liable for payment of the Debt, no extension of
      time
      for payment of this Note or any installment hereof, and no alteration, amendment
      or waiver of any provision of the Loan Documents made by agreement between
      Payee
      and any other person or party shall release, modify, amend, waive, extend,
      change, discharge, terminate or affect the liability of Maker, and any other
      person or party who may become liable under the Loan Documents, for the payment
      of all or any part of the Debt.

     

    Section 9. Exculpation.
      It is
      expressly agreed that recourse against Maker for failure to perform and observe
      its obligations contained in this Note shall be limited as and to the extent
      provided in Section 10.1 of the Loan Agreement.

     

    Section 10. Notices.
      All
      notices or other communications required or permitted to be given pursuant
      hereto shall be given in the manner specified in the Loan Agreement directed
      to
      the parties at their respective addresses as provided therein.

     

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    Section 11. Special
      Prepayment Provision.
      Except
      as otherwise expressly provided in Section 4 hereof or in Section 2.3.2, 2.3.3
      or 2.3.4 of the Loan Agreement, the Yield Maintenance Premium shall be due,
      to
      the extent permitted by applicable law, under any and all circumstances where
      all or any portion of the Loan is paid prior to the Permitted Prepayment Date
      as
      a result of an involuntary prepayment or a voluntary prepayment, and if such
      prepayment occurs during the continuance of an Event of Default (irrespective
      of
      whether foreclosure proceedings have been commenced), and shall be in addition
      to any other fees or sums due hereunder or under any of the other Loan
      Documents. THE
      YIELD MAINTENANCE PREMIUM REQUIRED BY THIS SECTION 11 IS ACKNOWLEDGED BY MAKER
      TO BE PARTIAL COMPENSATION TO LENDER FOR THE COST OF REINVESTING THE LOAN
      PROCEEDS AND FOR THE LOSS OF THE CONTRACTED RATE OF RETURN ON THE LOAN.
      FURTHERMORE, MAKER ACKNOWLEDGES THAT THE LOSS THAT MAY BE SUSTAINED BY LENDER
      AS
      A RESULT OF SUCH PREPAYMENT BY MAKER IS NOT SUSCEPTIBLE OF PRECISE CALCULATION
      AND THE YIELD MAINTENANCE PREMIUM REPRESENTS THE GOOD FAITH EFFORT OF MAKER
      AND
      LENDER TO COMPENSATE LENDER FOR SUCH LOSS. EXCEPT AS EXPRESSLY PERMITTED IN
      THIS
      SECTION 11, MAKER EXPRESSLY WAIVES ALL RIGHTS IT MAY HAVE UNDER CALIFORNIA
      CIVIL
      CODE SECTION 2954.10 (OR OTHERWISE) TO PREPAY THE LOAN PRIOR TO THE LOCK OUT
      RELEASE DATE, IN WHOLE OR IN PART, WITHOUT PENALTY, WHETHER VOLUNTARILY OR
      UPON
      ACCELERATION OF THE MATURITY DATE OF THE LOAN, AND AGREES THAT IF, FOR ANY
      REASON A PREPAYMENT OF ALL OR ANY OF THE LOAN IS MADE PRIOR TO THE LOCK OUT
      RELEASE DATE, WHETHER VOLUNTARILY OR UPON OR FOLLOWING ANY ACCELERATION OF
      THE
      MATURITY DATE OF THE LOAN BY LENDER ON ACCOUNT OF ANY DEFAULT BY MAKER UNDER
      ANY
      LOAN DOCUMENT, THEN MAKER SHALL BE OBLIGATED TO PAY (EXCEPT AS PROVIDED UNDER
      SECTION 2.3.2 OF THE LOAN AGREEMENT), CONCURRENTLY THEREWITH, THE YIELD
      MAINTENANCE PREMIUM OR DEFAULT YIELD MAINTENANCE PREMIUM, AS APPLICABLE,
      SPECIFIED ABOVE. BY INITIALING THIS PROVISION IN THE SPACE PROVIDED BELOW,
      MAKER
      DECLARES THAT LENDER’S AGREEMENT TO MAKE THE LOAN AT THE INTEREST RATE AND ON
      THE OTHER TERMS SET FORTH HEREIN CONSTITUTES ADEQUATE AND VALUABLE
      CONSIDERATION, GIVEN INDIVIDUAL WEIGHT BY MAKER, FOR THIS WAIVER AND
      AGREEMENT.

     

        
      MTL     

     

    Initials

     

    Section 12. Governing
      Law.
      THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND THE
      APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

     

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    IN
      WITNESS WHEREOF, Maker has executed this Promissory Note as of the day and
      year
      first written. 

     

    
 

    
      	
              MAKER:

            
	 	 	 
	
              MAGUIRE
                PROPERTIES - PACIFIC CENTER,

            
	
              LLC,
                a
                Delaware limited liability company

            
	 	 	 
	
              By:

            	
              /s/
                Mark T. Lammas

            
	 	
              Name:
                Mark T. Lammas

            
	 	
              Title:
                V.P. and SecretaryExh 10.5 Pacific Center Guaranty dated 4/19/2006

    
      

    

    Exhibit
      10.5

    NON-RECOURSE
      GUARANTY

     

    

     

    This
      NON-RECOURSE GUARANTY (“Guaranty”)
      is
      executed as of April 19, 2006, by MAGUIRE
      PROPERTIES, L.P.,
      a
      Maryland limited partnership, having an address at 333 South Grand Avenue,
      Suite
      400, Los Angeles, California 90071 (whether one or more collectively referred
      to
      as “Guarantor”),
      for
      the benefit of GREENWICH
      CAPITAL FINANCIAL PRODUCTS, INC.,
      a
      Delaware corporation, having its principal office at 600 Steamboat Road,
      Greenwich, Connecticut 06830 (“Lender”).

     

     

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      pursuant to that certain Promissory Note dated of even date herewith, executed
      by MAGUIRE PROPERTIES - PACIFIC CENTER, LLC, a Delaware limited liability
      company (“Borrower”),
      and
      payable to the order of Lender in the original principal amount of $121,200,000
      (together with all renewals, modifications, increases and extensions thereof,
      the “Note”),
      Borrower has become indebted, and may from time to time be further indebted,
      to
      Lender with respect to a loan (the “Loan”)
      which
      is evidenced by, among other things, that certain Loan Agreement of even date
      herewith (the “Loan
      Agreement”)
      between Borrower and Lender, and further evidenced, secured or governed by
      other
      instruments and documents executed in connection with the Loan (together with
      the Note and Mortgage, the “Loan
      Documents”);
      and

     

    WHEREAS,
      Lender is not willing to make the Loan, or otherwise extend credit, to Borrower
      unless Guarantor unconditionally guarantees payment and performance to Lender
      of
      the Guaranteed Obligations (as herein defined); and

     

    WHEREAS,
      Guarantor is the owner of a direct or indirect interest in Borrower, and
      Guarantor will directly benefit from Lender’s making the Loan to
      Borrower.

     

    NOW,
      THEREFORE, as an inducement to Lender to make the Loan to Borrower, and to
      extend such additional credit as Lender may from time to time agree to extend
      under the Loan Documents, 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
      I

     

    

     

    NATURE
      AND SCOPE OF GUARANTY

     

    1.1 Guaranty
      of Obligation.
      Guarantor hereby irrevocably and unconditionally guarantees to Lender and its
      successors and assigns the payment of the Guaranteed Obligations as and when
      the
      same shall be due and payable, whether by lapse of time, by acceleration of
      maturity or otherwise. Guarantor hereby irrevocably and 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    unconditionally
      covenants and agrees that it is liable for the Guaranteed Obligations as a
      primary obligor.

     

    1.2 Definition
      of Guaranteed Obligations.
      As used
      herein, the term “Guaranteed
      Obligations”
means
      

     

    (a) the
      obligations or liabilities of Borrower to Lender for any loss, damage, cost,
      expense, liability, claim or other obligation (but excluding any punitive,
      consequential or speculative damages) incurred by Lender (including attorneys’
fees and costs reasonably incurred) arising out of or in connection with the
      occurrence of any of the following during the period which Guarantor owns any
      direct or indirect interest in Borrower and Borrower owns the
      Property:

     

    (i) fraud
      or
      intentional misrepresentation by Borrower or Guarantor in connection with the
      Loan;

     

    (ii) intentional
      physical waste of the Property (including, but not limited to, waste due to
      gross negligence) by Borrower or any affiliate thereof; provided,
      however,
      such
      physical waste shall exclude wear and tear of the Property that occurs in the
      ordinary course of business of the Property by Borrower or any affiliate
      thereof;

     

    (iii) the
      material breach of any representation, warranty, covenant or indemnification
      provision in that certain Environmental and Hazardous Substance Indemnification
      Agreement of even date herewith given by Borrower to Lender or in the Loan
      Agreement concerning environmental laws, hazardous substances or
      asbestos;

     

    (iv) the
      removal or disposal by Borrower or any affiliate thereof of any portion of
      the
      Property after an Event of Default has occurred and while it is continuing,
      unless such portion of the Property is replaced by an item of equal or greater
      value as determined by Lender in its reasonable discretion;

     

    (v) the
      misapplication or conversion by Borrower or any affiliate thereof of
      (A) any insurance proceeds paid by reason of any loss, damage or
      destruction to the Property, (B) any awards or other amounts received in
      connection with the condemnation of all or a portion of the Property,
      (C) any Rents following an Event of Default, or (D) any Rents paid
      more than one month in advance;

     

    (vi) failure
      to pay charges for labor or materials or taxes or other charges that can create
      liens superior to the lien of the Mortgage on any portion of the Property,
      unless such taxes or other charges are being contested in accordance with the
      Loan Documents or such taxes or charges have been delivered to Lender in
      accordance with Section 3.4 of the Loan Agreement or Borrower has complied
      with Section 5.2 of the Loan Agreement; 

     

    (vii) any
      security deposits collected by Borrower or any affiliate thereof with respect
      to
      the Property which are not delivered to Lender upon a foreclosure of the
      Property or other action in lieu thereof, except to the extent any such security
      deposits were applied in accordance with the terms and conditions of any of
      the
      Leases prior to the 

     

    
      
        
        

      

      
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    occurrence
      of the Event of Default that gave rise to such sale or foreclosure or action
      in
      lieu thereof; and 

     

    (viii) Any
      of
      the representations contained in Section 4.33 of the Loan Agreement shall have
      been untrue when made on the date hereof.

     

    (b) the
      full
      amount of the Debt in the event that: (i) the first full Monthly Debt
      Service Payment Amount (as defined in the Note) under the Note is not paid
      when
      due; (ii) other than in connection with a default under subsection (x)
      of the definition of Special Purpose Bankruptcy Remote Entity set forth in
      Schedule 5 of the Loan Agreement, Borrower fails to maintain its status as
      a Special Purpose Bankruptcy Remote Entity, as required by, and in accordance
      with the terms and provisions of, the Loan Agreement and such failure results
      in
      the substantive consolidation of Borrower with another Person; (iii) except
      as otherwise permitted pursuant to the Loan Documents, Borrower fails to obtain
      Lender’s prior written consent to any subordinate financing or other voluntary
      lien encumbering the Property; (iv) except as otherwise permitted pursuant
      to the Loan Documents, Borrower fails to obtain Lender’s prior written consent
      to any assignment, transfer, or conveyance of the Property or any interest
      therein as required by the Loan Agreement or the Mortgage; or
      (v) (A) if any petition for bankruptcy, reorganization or arrangement
      pursuant to federal bankruptcy law, or any similar federal or state law, shall
      be filed by Borrower or Guarantor, or (B) if Borrower or Guarantor files an
      answer consenting to, or otherwise joining in, any involuntary petition for
      bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law,
      or
      any similar federal or state law filed against it by any other Person, or is
      found pursuant to a final, unappealable order of a court of competent
      jurisdiction to have solicited or caused to be solicited creditors to file
      any
      involuntary petition for bankruptcy, reorganization or arrangement pursuant
      to
      federal bankruptcy law, or any similar federal or state law against Borrower
      or
      Guarantor, or (C) if Borrower or Guarantor are found, pursuant to a final
      unappealable order of a court of competent jurisdiction, to have been in
      collusion with creditors that initiate a bankruptcy action or proceeding against
      Borrower or Guarantor.

     

    1.3 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 Guarantor and shall continue to be effective with respect to any Guaranteed
      Obligations arising or created after any attempted revocation by Guarantor
      and
      after (if Guarantor is a natural person) Guarantor’s death (in which event this
      Guaranty shall be binding upon Guarantor’s estate and 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 Guarantor to Lender with respect to the Guaranteed
      Obligations. This Guaranty may be enforced by Lender and any subsequent holder
      of the Note and shall not be discharged by the assignment or negotiation of
      all
      or part of the Note.

     

    1.4 Guaranteed
      Obligations Not Reduced by Offset.
      The
      Guaranteed Obligations and the liabilities and obligations of Guarantor to
      Lender hereunder, shall not be reduced, discharged or released because or by
      reason of any existing or future offset, claim or defense of Borrower, or any
      other party, against Lender (other than defenses based on the actual performance
      of the Guaranteed Obligations sought to be enforced hereunder), or against
      payment of the Guaranteed Obligations, whether such offset, claim or defense
      arises in connection with 

     

    
      
        
        

      

      
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    the
      Guaranteed Obligations (or the transactions creating the Guaranteed Obligations)
      or otherwise, other than defenses based on the actual performance of the
      Guaranteed Obligations sought to be enforced hereunder.

     

    1.5 Payment
      By Guarantor.
      If all
      or any part of the Guaranteed Obligations shall not be punctually paid when
      due,
      whether at demand, maturity, acceleration or otherwise, Guarantor shall, within
      five (5) Business Days after written request by Lender, 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 Lender at Lender’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.

     

    1.6 No
      Duty To Pursue Others.
      It
      shall not be necessary for Lender (and Guarantor hereby waives any rights which
      Guarantor may have to require Lender), in order to enforce the obligations
      of
      Guarantor hereunder, first to (i) institute suit or exhaust its remedies
      against Borrower or others liable on the Loan or the Guaranteed Obligations
      or
      any other person, (ii) enforce Lender’s rights against any collateral which
      shall ever have been given to secure the Loan, (iii) enforce Lender’s
      rights against any other guarantors of the Guaranteed Obligations,
      (iv) join Borrower or any others liable on the Guaranteed Obligations in
      any action seeking to enforce this Guaranty, (v) exhaust any remedies
      available to Lender against any collateral which shall ever have been given
      to
      secure the Loan, or (vi) resort to any other means of obtaining payment of
      the Guaranteed Obligations. Lender shall not be required to mitigate damages
      or
      take any other action to reduce, collect or enforce the Guaranteed
      Obligations.

     

    1.7 Waivers.
      Guarantor agrees to the provisions of the Loan Documents and, except for notices
      expressly required under this Guaranty or the other Loan Documents, hereby
      waives notice of (i) any loans or advances made by Lender to Borrower,
      (ii) acceptance of this Guaranty, (iii) any amendment or extension of
      the Note, the Loan Agreement or of any other Loan Documents, (iv) the
      execution and delivery by Borrower and Lender of any other loan or credit
      agreement or of Borrower’s execution and delivery of any promissory notes or
      other documents arising under the Loan Documents or in connection with the
      Property, (v) the occurrence of any breach by Borrower or an Event of
      Default, (vi) Lender’s transfer or disposition of the Guaranteed
      Obligations, or any part thereof, (vii) sale or foreclosure (or posting or
      advertising for sale or foreclosure) of any collateral for the Guaranteed
      Obligations, (viii) protest, proof of non-payment or default by Borrower,
      or (ix) any other action at any time taken or omitted by Lender, and,
      generally, all demands and notices of every kind in connection with this
      Guaranty, the Loan Documents, any documents or agreements evidencing, securing
      or relating to any of the Guaranteed Obligations and the obligations hereby
      guaranteed.

     

    1.8 Payment
      of Expenses.
      In the
      event that Guarantor should breach or fail to timely perform any provisions
      of
      this Guaranty, Guarantor shall, within five (5) Business Days after demand
      by
      Lender, pay Lender all costs and expenses (including court costs and attorneys’
fees) incurred by Lender in the enforcement hereof or the preservation of
      Lender’s rights 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

     

    hereunder.
      The covenant contained in this Section shall survive the payment and performance
      of the Guaranteed Obligations.

     

    1.9 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,
      Lender must rescind or restore any payment, or any part thereof, received by
      Lender in satisfaction of the Guaranteed Obligations, as set forth herein,
      any
      prior release or discharge from the terms of this Guaranty given to Guarantor
      by
      Lender shall be without effect, and this Guaranty shall remain in full force
      and
      effect. It is the intention of Borrower and Guarantor that Guarantor’s
      obligations hereunder shall not be discharged except by Guarantor’s performance
      of such obligations and then only to the extent of such
      performance.

     

    1.10 Waiver
      of Subrogation, Reimbursement and Contribution.
      Notwith-standing anything to the contrary contained in this Guaranty, Guarantor
      hereby unconditionally and irrevocably waives, releases and abrogates (unless
      and until the Debt has been fully paid and the Guaranteed Obligations have
      been
      fully satisfied or the Note is defeased in accordance with the terms of the
      Loan
      Agreement) any and all rights it may now or hereafter have under any agreement,
      at law or in equity (including, without limitation, any law subrogating the
      Guarantor to the rights of Lender), to assert any claim against or seek
      contribution, indemnification or any other form of reimbursement from Borrower
      or any other party liable for payment of any or all of the Guaranteed
      Obligations for any payment made by Guarantor under or in connection with this
      Guaranty or otherwise.

     

    1.11 Borrower.
      The
      term “Borrower”
as
      used
      herein shall include any new or successor corporation, association, partnership
      (general or limited), joint venture, trust or other individual or organization
      formed as a result of any merger, reorganization, sale, transfer, devise, gift
      or bequest of Borrower or any interest in Borrower, provided that Guarantor’s
      obligations under this Guaranty shall be released in accordance with Section
      5.26 of the Loan Agreement.

     

    ARTICLE
      II

     

    

     

    EVENTS
      AND CIRCUMSTANCES NOT REDUCING

     

    OR
      DISCHARGING GUARANTOR’S OBLIGATIONS

     

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

     

    2.1 Modifications.
      Any
      renewal, extension, increase, modification, alteration or rearrangement of
      all
      or any part of the Debt, the Note, the Loan Agreement, the other Loan Documents
      (other than this Guaranty), or any other document, instrument, contract or
      understanding between Borrower and Lender, or any other parties, pertaining
      to
      the Loan or any failure of Lender to notify Guarantor of any such
      action.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     

    2.2 Adjustment.
      Any
      adjustment, indulgence, forbearance or compromise that might be granted or
      given
      by Lender to Borrower or any Guarantor.

     

    2.3 Condition
      of Borrower or Guarantor.
      Except
      as otherwise provided under applicable law, the insolvency, bankruptcy,
      arrangement, adjustment, composition, liquidation, disability, dissolution
      or
      lack of power of Borrower, Guarantor or any other party at any time liable
      for
      the payment of all or part of the Guaranteed Obligations; or any dissolution
      of
      Borrower or Guarantor, or, except as provided in the Loan Agreement, any sale,
      lease or transfer of any or all of the assets of Borrower or Guarantor, or,
      except as provided in the Loan Agreement, any changes in the shareholders,
      partners or members of Borrower or Guarantor; or any reorganization of Borrower
      or Guarantor.

     

    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 Note, the Mortgage or the other Loan Documents
      or
      otherwise creating the Guaranteed Obligations acted in excess of their
      authority, (iv) the Guaranteed Obligations violate applicable usury laws,
      (v) the Borrower has valid defenses, claims or offsets (whether at law, in
      equity or by agreement), other than a defense based on the actual performance
      of
      the Guaranteed Obligations sought to be enforced hereunder, which render the
      Guaranteed Obligations wholly or partially uncollectible from Borrower,
      (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 Note,
      the Loan Agreement or any of the other Loan Documents have been forged or
      otherwise are irregular or not genuine or authentic, it being agreed that
      Guarantor shall remain liable hereon regardless of whether Borrower or any
      other
      person be found not liable on the Guaranteed Obligations or any part thereof
      for
      any reason, other than a finding based on actual performance of the Guaranteed
      Obligations sought to be enforced hereunder.

     

    2.5 Release
      of Obligors.
      Any
      full or partial release of the liability of Borrower on the Guaranteed
      Obligations, or any part thereof, or of any co-guarantors, or any other person
      or entity (other than Guarantor) 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 Guarantor that
      Guarantor may be required to pay the Guaranteed Obligations in full without
      assistance or support of any other party, and Guarantor has not been induced
      to
      enter into this Guaranty on the basis of a contemplation, belief, understanding
      or agreement that other parties will be liable to pay or perform the Guaranteed
      Obligations, or that Lender will look to other parties to pay or perform the
      Guaranteed Obligations.

     

    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.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

     

    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.

     

    2.8 Care
      and Diligence.
      The
      failure of Lender 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 such collateral, property or security, other than any
      loss, damage, liability or cost arising from Lender’s or its agent’s gross
      negligence or willful misconduct following Lender’s or its agent’s taking title
      to, or actual possession of, the Property, and any neglect, delay, omission,
      failure or refusal of Lender (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.

     

    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 Guarantor that Guarantor
      is
      not entering into this Guaranty in reliance on, or in contemplation of the
      benefits of, the validity, enforceability, collectibility or value of any of
      the
      collateral for the Guaranteed Obligations.

     

    2.10 Offset.
      The
      Note, the Guaranteed Obligations and the liabilities and obligations of the
      Guarantor to Lender hereunder shall not be reduced, discharged or released
      because of or by reason of any existing or future right of offset, claim or
      defense of Borrower against Lender, 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, other than a defense based
      on
      actual performance of the Guaranteed Obligations sought to be enforced
      hereunder.

     

    2.11 Merger.
      The
      reorganization, merger or consolidation of Borrower into or with any other
      corporation or entity.

     

    2.12 Preference.
      Any
      payment by Borrower to Lender is held to constitute a preference under
      bankruptcy laws, or for any reason Lender is required to refund such payment
      or
      pay such amount to Borrower or someone else.

     

    2.13 Other
      Actions Taken or Omitted.
      Any
      other action taken or omitted to be taken with respect to the Loan Documents,
      the Guaranteed Obligations, or the security and collateral therefor, other
      than
      the gross negligence or willful misconduct of Lender after Lender takes title
      to, or actual possession of, the Property, whether or not such action or
      omission prejudices Guarantor or increases the likelihood that Guarantor will
      be
      required to pay the Guaranteed Obligations pursuant to the terms hereof, it
      is
      the unambiguous and unequivocal intention of Guarantor that Guarantor shall
      be
      obligated to pay the Guaranteed Obligations when 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

     

    due,
      notwithstanding any occurrence, circumstance, event, action, or omission
      whatsoever, whether contemplated or uncontemplated, and whether or not otherwise
      or particularly described herein, other than the gross negligence or willful
      misconduct of Lender after Lender takes title to, or actual possession of,
      the
      Property, which obligation shall be deemed satisfied only upon the full and
      final payment and satisfaction of the Guaranteed Obligations.

     

    ARTICLE
      III

     

    

     

    REPRESENTATIONS
      AND WARRANTIES

     

    To
      induce
      Lender to enter into the Loan Documents and extend credit to Borrower, Guarantor
      represents and warrants to Lender as follows:

     

    3.1 Benefit.
      Guarantor is an affiliate of Borrower, is the owner of a direct or indirect
      interest in Borrower, and has received, or will receive, direct or indirect
      benefit from the making of this Guaranty with respect to the Guaranteed
      Obligations.

     

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

     

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

     

    3.4 Guarantor’s
      Financial Condition.
      As of
      the date hereof, and after giving effect to this Guaranty and the contingent
      obligation evidenced hereby, Guarantor is, and will be, solvent, and has and
      will have assets which, fairly valued, exceed its obligations, liabilities
      (including contingent liabilities) and debts, and has and will have property
      and
      assets sufficient to satisfy and repay its obligations and
      liabilities.

     

    3.5 Legality.
      The
      execution, delivery and performance by 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
      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, charge, lien, or any contract, agreement or other instrument
      to which Guarantor is a party or which may be applicable to Guarantor, in each
      case which would have a material adverse effect on Guarantor’s financial
      condition. This Guaranty is a legal and binding obligation of Guarantor and
      is
      enforceable in accordance with its terms, except as limited by general
      principles of equity and by bankruptcy, insolvency, reorganization, arrangement,
      moratorium, receivership or other laws of general application relating to or
      affecting the enforcement of creditors’ rights.

     

    3.6 Survival.
      All
      representations and warranties made by Guarantor herein shall survive the
      execution hereof.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      IV

     

    

     

    SUBORDINATION
      OF CERTAIN INDEBTEDNESS

     

    4.1 Subordination
      of All Guarantor Claims.
      As used
      herein, the term “Guarantor
      Claims”
shall
      mean all debts and liabilities of Borrower to Guarantor, whether such debts
      and
      liabilities now exist or are hereafter incurred or arise, or whether the
      obligations of Borrower 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 Guarantor. The Guarantor
      Claims shall include without limitation all rights and claims of Guarantor
      against Borrower (arising as a result of subrogation or otherwise) as a result
      of Guarantor’s payment of all or a portion of the Guaranteed Obligations. Upon
      the occurrence of an Event of Default or the occurrence of an event which would,
      with the giving of notice or the passage of time, or both, constitute an Event
      of Default, and in each case while such Event of Default or event is continuing,
      Guarantor shall not receive or collect, directly or indirectly, from Borrower
      any amount upon the Guarantor Claims.

     

    4.2 Claims
      in Bankruptcy.
      In the
      event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief,
      or other insolvency proceedings involving Guarantor as debtor, Lender 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. Guarantor hereby assigns such dividends and payments to Lender. Should
      Lender receive, for application upon the Guaranteed Obligations, any such
      dividend or payment which is otherwise payable to Guarantor, and which, as
      between Borrower and Guarantor, shall constitute a credit upon the Guarantor
      Claims, then upon payment to Lender in full of the Guaranteed Obligations,
      Guarantor shall become subrogated to the rights of Lender to the extent that
      such payments to Lender 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 Lender had not received dividends or payments upon the Guarantor
      Claims.

     

    4.3 Payments
      Held in Trust.
      In the
      event that, notwithstanding anything to the contrary in this Guaranty, Guarantor
      should receive any funds, payment, claim or distribution which is prohibited
      by
      this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal
      to
      the amount of all funds, payments, claims or distributions so received, and
      agrees that it shall have absolutely no dominion over the amount of such funds,
      payments, claims or distributions so received except to pay them promptly to
      Lender, and Guarantor covenants promptly to pay the same to Lender.

     

    4.4 Liens
      Subordinate.
      Guarantor agrees that any liens, security interests, judgment liens, charges
      or
      other encumbrances upon Borrower’s assets 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 Borrower’s assets
      securing payment of the 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

     

    Guaranteed
      Obligations, regardless of whether such encumbrances in favor of Guarantor
      or
      Lender presently exist or are hereafter created or attach. Until the Debt shall
      have been fully paid and the Guaranteed Obligations fully satisfied or this
      Guaranty is otherwise released, without the prior written consent of Lender,
      Guarantor shall not (i) exercise or enforce any creditor’s right it may
      have against Borrower, or (ii) foreclose, repossess, sequester or otherwise
      take steps or institute any action or proceedings (judicial or otherwise,
      including without limitation the commencement of, or joinder in, any
      liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency
      proceeding) to enforce any liens, mortgages, deeds of trust, security interests,
      collateral rights, judgments or other encumbrances on assets of Borrower held
      by
      Guarantor.

     

    ARTICLE
      V

     

    

     

    MISCELLANEOUS

     

    5.1 Waiver.
      No
      failure to exercise, and no delay in exercising, on the part of Lender, 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 Lender hereunder shall be in addition
      to all other rights provided by law. No modification or waiver of any provision
      of this Guaranty, nor consent to 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.

     

    5.2 Notices.
      Any
      notice, demand, statement, request or consent made hereunder shall be in writing
      and shall be deemed to be received by the addressee on the third day following
      the day such notice is deposited with the United States Postal Service first
      class certified mail, return receipt requested, addressed to the address, as
      set
      forth below, of the party to whom such notice is to be given, or to such other
      addressee as either party shall in like manner designate in writing. The
      addresses of the parties hereto are as follows:

     

    Guarantor:

     

    Maguire
      Properties, L.P. 

    333
      South
      Grand Avenue, Suite 409

    Los
      Angeles, California 90071

    Attention: Mr.
      Robert F. Maguire III and

    Mark
      T.
      Lammas, Esq.

     

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

     

    with
      a
      copy to:

     

    Munger,
      Tolles & Olson LLP

    355
      South
      Grand Avenue, Suite 3500

    Los
      Angeles, California 90071

    Attention:
      Jeffrey A. Heintz, Esq.

    Telecopier:
      (213) 638-5185

     

    Lender:

     

    Greenwich
      Capital Financial Products, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

    Attention:
      Mortgage Loan Department

    Telecopier:
      (203) 618-2052

     

    with
      a
      copy to: 

     

    Kaye
      Scholer LLP

    425
      Park
      Avenue

    New
      York,
      New York 10022-3598

    Attention:
      Stephen Gliatta, Esq.

    Telecopier:
      (212) 836-8689

     

    5.3 Governing
      Law.
      This
      Guaranty shall be governed by and construed in accordance with the laws of
      the
      State of New York and the applicable laws of the United States of America.
      Any
      legal suit, action or proceeding against Guarantor arising out of or relating
      to
      this Guaranty may at Lender’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 Guarantor waives any objections which
      it
      may have now or hereafter based on venue and/or forum non conveniens of any
      such
      suit, action or proceeding, and Guarantor hereby irrevocably submits to the
      jurisdiction of any such court in any suit, action or proceeding.

     

    5.4 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.

     

    5.5 Amendments.
      This
      Guaranty may be amended only by an instrument in writing executed by the party
      or an authorized representative of the party against whom such amendment is
      sought to be enforced.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

     

    5.6 Parties
      Bound; Assignment; Joint and Several.
      This
      Guaranty shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors, assigns and legal representatives; provided,
      however,
      that
      Guarantor may not, without the prior written consent of Lender, assign any
      of
      its rights, powers, duties or obligations hereunder, except as provided in
      the
      Loan Agreement. If Guarantor consists of more than one person or party, the
      obligations and liabilities of each such person or party shall be joint and
      several.

     

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

     

    5.8 Recitals.
      The
      recital 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.

     

    5.9 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.

     

    5.10 Rights
      and Remedies.
      If
      Guarantor becomes liable for any indebtedness owing by Borrower to Lender,
      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 Lender
      hereunder shall be cumulative of any and all other rights that Lender may ever
      have against Guarantor. The exercise by Lender of any right or remedy hereunder
      or under any other instrument, or at law or in equity, shall not preclude the
      concurrent or subsequent exercise of any other right or remedy.

     

    5.11 Other
      Defined Terms.
      Any
      capitalized term utilized herein shall have the meaning as specified in the
      Loan
      Agreement, unless such term is otherwise specifically defined
      herein.

     

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

     

    
      
        
        

      

      
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    OR
      OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY,
      SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL
      AGREEMENTS BETWEEN GUARANTOR AND LENDER RELATING TO THE SUBJECT MATTER
      HEREOF.

     

    5.13 Waiver
      of Right To Trial By Jury.
      GUARANTOR 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
      NOTE, THE MORTGAGE, OR THE OTHER LOAN 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 GUARANTOR, AND IS INTENDED TO
      ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO
      A
      TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A
      COPY
      OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY
      GUARANTOR.

     

    5.14 Cooperation.
      Guarantor acknowledges that Lender and its successors and assigns may
      (i) sell this Guaranty, the Note and other Loan Documents to one or more
      investors as a whole loan, (ii) participate the Loan secured by this
      Guaranty to one or more investors, (iii) deposit this Guaranty, the Note
      and other Loan Documents with a trust, which trust may sell certificates to
      investors evidencing an ownership interest in the trust assets, or
      (iv) otherwise sell the Loan or interest therein to investors (the
      transactions referred to in clauses (i) through (iv) are hereinafter each
      referred to as “Secondary
      Market Transaction”).
      Guarantor shall cooperate with Lender in effecting any such Secondary Market
      Transaction and shall cooperate to implement all requirements imposed by any
      Rating Agency involved in any Secondary Market Transaction; provided,
      however,
      that
      Guarantor shall not be required to bear any increased risk or incur any
      liability or cost as a result of such cooperation and shall not be required
      to
      modify or amend this Guaranty if such modification or amendment would
      (i) have a material adverse economic effect on Guarantor, (ii) modify
      or amend any other material economic term of this Guaranty, or
      (iii) otherwise materially increase the obligations or materially decrease
      the rights of Guarantor pursuant to this Guaranty and the other Loan Documents.
      Guarantor shall provide such information and documents relating to Guarantor,
      Borrower, the Property and, to the extent available using commercially
      reasonable efforts, any tenants of the Improvements as Lender may reasonably
      request in connection with such Secondary Market Transaction. In addition,
      Guarantor shall make available to Lender all information concerning its business
      and operations that Lender may reasonably request; provided that Guarantor
      shall
      not be required to incur any material cost with respect to such request. Lender
      shall be permitted to share all such information with the investment banking
      firms, Rating Agencies, accounting firms, law firms and other third-party
      advisory firms involved with the Loan and the Loan Documents or the applicable
      Secondary Market Transaction; provided that if Lender discloses the personal
      financial statements of Guarantor to any investor in connection with a Secondary
      Market Transaction, Lender shall cause such investor to execute a
      confidentiality agreement reasonably acceptable to Guarantor. It is understood
      that the information provided by Guarantor to Lender may ultimately be
      incorporated into the offering documents for the Secondary Market 

     

    
      
        
        

      

      
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    Transaction
      and thus various investors may also see some or all of the information. Lender
      and all of the aforesaid third-party advisors and professional firms shall
      be
      entitled to rely on the information supplied by, or on behalf of, Guarantor
      in
      the form as provided by Guarantor. Lender may publicize the existence of the
      Loan in connection with its marketing for a Secondary Market Transaction or
      otherwise as part of its business development.

     

    5.15 Reinstatement
      in Certain Circumstances.
      If at
      any time any payment of the principal of or interest under the Note or any
      other
      amount payable by the Borrower under the Loan Documents is rescinded or must
      be
      otherwise restored or returned upon the insolvency, bankruptcy or reorganization
      of the Borrower or otherwise, if and to the extent such payment is in
      satisfaction of a Guaranteed Obligation, the Guarantor’s obligations hereunder
      with respect to such payment of the Guaranteed Obligation shall be reinstated
      as
      though such payment has been due but not made at such time.

     

    5.16 Intentionally
      Omitted.
      

     

    5.17 Special
      California Provisions.
      Guarantor waives:

     

    (a) all
      rights and defenses arising out of an election of remedies by Lender even though
      the election of remedies, such as nonjudicial foreclosure with respect to
      security for the Loan or any other amounts owing under the Loan Documents,
      has
      destroyed the Guarantor’s rights of subrogation and reimbursement against the
      Borrower by operation of Section 580d of the California Code of Civil Procedure
      or otherwise;

     

    (b) all
      rights and defenses that Guarantor may have because any of the Borrower’s debt
      is secured by real property. This means, among other things: (i) Lender may
      collect from Guarantor without first foreclosing on any real or personal
      property collateral pledged by Borrower and (ii) if Lender forecloses on
      any real property collateral pledged by Borrower: (A) the amount of the
      debt may be reduced only by the price for which that collateral is sold at
      the
      foreclosure sale, even if the collateral is worth more than the sale price,
      and
      (B) Lender may collect from Guarantor even if Lender, by foreclosing on the
      real property collateral, has destroyed any right Guarantor may have to collect
      from Borrower;

     

    (c) all
      benefits and defenses it may have under California Civil Code Section 2809
      with
      respect to its obligations under this Guaranty and agrees that Lender’s rights
      under the Loan Documents will remain enforceable even if the amount secured
      by
      the Loan Documents is larger in amount and more burdensome than that for which
      Borrower is responsible. Except as otherwise expressly provided herein, the
      enforceability of this Guaranty against Guarantor shall continue until all
      sums
      due under the Loan Documents have been paid in full and shall not be limited
      or
      affected in any way by any impairment or any diminution or loss of value of
      any
      security or collateral for Borrower’s obligations under the Loan Documents, from
      whatever cause, the failure of any security interest in any such security or
      collateral or any disability or other defense of Borrower, any other guarantor
      of Borrower’s obligations under the Loan Documents, any other pledgor of
      collateral for any person’s obligations to Lender or any other person in
      connection with the Loan;

     

     

    
      
        
        

      

      
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    (d) all
      benefits and defenses it may have under California Civil Code Sections 2845,
      2849 and 2850 with respect to its obligations under this Guaranty, including,
      without limitation, the right to require Lender to (A) proceed against
      Borrower, any other guarantor of Borrower’s obligations under the Loan Documents
      or any other person in connection with the Loan, (B) proceed against or
      exhaust any other security or collateral Lender may hold or (C) pursue any
      other right or remedy for Guarantor’s benefit, and agrees that Lender may
      exercise its rights under this Guaranty without taking any action against
      Borrower, any other guarantor of Borrower’s obligations under the Loan Documents
      or any other Person in connection with the Loan, and without proceeding against
      or exhausting any security or collateral Lender holds;

     

    (e) all
      rights and defenses that are or may become available to Guarantor or other
      surety by reason of California Civil Code Sections 2787 to 2855, inclusive;
      and

     

    (f) its
      rights under California Civil Code Sections 2847, 2848 and 2349 as they relate
      to Guarantor’s obligations under this Guaranty to the extent inconsistent with
      Section 1.10 hereof in each case until the Debt has been fully paid and the
      Guaranteed Obligations fully satisfied.

     

    This
      is
      an unconditional and irrevocable waiver of any rights and defenses Guarantor
      may
      have because any of the Guaranteed Obligations are secured by real property.
      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]

     

    
      
        
        

      

      
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    EXECUTED
      as of the day and year first above written.

     

    

     

    

     

    
      	
              GUARANTOR:

            
	 	 	 
	
              MAGUIRE
                PROPERTIES, L.P.,

            
	
              a
                Maryland limited partnership

            
	 	 	 
	
              By:

            	
              MAGUIRE
                PROPERTIES, INC.,

            
	 	
              a
                Maryland corporation

            
	 	
              its
                sole general partner

            
	 	 	 
	 	
              By:

            	
              /s/
                Mark T. Lammas

            
	 	 	
              Name:
                Mark T. Lammas

            
	 	 	
              Title:
                SVP

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