Document:

Unassociated Document

    EXHIBIT 4.12

    
 

    UNSECURED
PROMISSORY NOTE

     

    
      
        
          	
                  $334,072.60

                	
                  New
      York, New York

                  June
      22, 2010

                  (the
      “Note
      Date”)

                

        

      

    

    

    FOR VALUE RECEIVED, AMERICAN
REALTY CAPITAL NEW YORK RECOVERY REIT, INC., a Maryland corporation , both
having an address at 405 Park Avenue, 15th Floor,
New York, New York 10022 (“Obligor”) promises to
pay to the order of ALLAN C. SCHWARTZ, having an address at 119 East 71st Street,
New York, New York 10023 (with its successors and assigns, “Payee”) the principal
sum of $334,072.60 (the “Note Amount”), or so
much of the Note Amount as remains outstanding, with interest as this Note
provides, as follows:

     

    1.           Interest.  So long
as Obligor makes all payments under this Note when due, no interest shall be due
or payable under this Note.  Nothing in the previous sentence limits
Obligor’s obligation to pay interest after any Event of Default or
Acceleration.

     

    2.           Amortization.  Obligor
shall repay the principal amount of this Note in three equal installments on
each of the following dates (a “Payment Date”), as
follows:

     

    
      	
               
      

            	
              (i)

            	
              On
      July 22, 2010, the sum of
$111,357.53;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              On
      August 22, 2010, the sum of $111,357.53;
and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              On
      September 22, 2010, the sum of
$111,357.54.

            

    

     

    3.           Maturity and
Acceleration.  Obligor shall repay the entire unpaid principal
balance of this Note without notice (an “Acceleration” of this
Note) if on any Payment Date Obligor fails to make the payment required on such
Payment Date within five (5) days after notice of such failure from Payee, TIME
BEING OF THE ESSENCE (an “Event of
Default”).  From and after the date of any Acceleration, the
outstanding principal amount due and payable under this Note, together with all
late charges, costs, expenses, attorneys’ fees, and other sums then due under
this Note (collectively, the “Obligations”) shall
bear interest at the rate of one percent (1%) per month, compounded monthly (the
“Default Rate”)
until such time as such Event of Default has been cured.

     

    4.           Prepayment.  Obligor
may prepay this Note at any time, in whole or in part, without notice, penalty,
premium or discount.

     

    5.           Payments.  Obligor
shall pay all Obligations in lawful money of the United States in immediately
available funds, free and clear of, and without deduction or offset for, any
present or future taxes, levies, imposts, charges, withholdings, or liabilities
with respect thereto; or any other defenses, offsets, set-offs, claims,
counterclaims, credits, or deductions of any kind.  Obligor’s
obligations under this Note are completely independent of all circumstances
whatsoever.  The parties acknowledge that Payee accepted this Note in
connection with the closing under that certain Agreement for Purchase and Sale
of Real Property, dated as of January 21, 2010 (the “Contract”) between an
affiliate of Obligor, American Realty Capital II, LLC and Urban Development
Partners (61), LLC.  This Note is, however, absolutely independent of
the following (collectively, the “Contract Matters”):
the Contract, the real property conveyed pursuant to the Contract, and any
claims, defenses, or disputes that may arise under the Contract, whether or not
valid.  Obligor acknowledges that any Contract Matters shall not
entitle Obligor to reduce, defer, limit, or offset against any payment this Note
requires.  Obligor is absolutely, irrevocably and unconditionally
obligated to pay this Note in accordance with its terms notwithstanding any
Contract Matters or otherwise.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    6.           No Security; Joint and
Several.  This Note is not secured.  This Note
represents the personal unsecured obligation of Obligor.  Obligor
shall have full personal liability under this Note.  Payee may enforce
this Note against Obligor directly with no obligation to pursue any other
person.

     

    7.           Usury
Savings.  Nothing in this Note shall require Obligor to pay or
permit Payee to collect from Obligor interest exceeding the maximum amount
permitted by law in commercial loan transactions between parties of the
character of the parties to this Note.  Obligor shall not be obligated
to pay any interest in excess of such maximum amount.  The interest
payable under this Note by Obligor shall in no event exceed such maximum
amount.

     

    8.           Event of
Default.  If any uncured Event of Default exists, then with no
further notice to Obligor, Obligor shall pay Payee’s costs of collection,
including reasonable attorneys’ fees and expenses, whether or not Payee files
suit.  The Default Rate shall apply both before and after Payee
obtains any judgment on this Note.

     

    9.           Late Charge.  If
any payment this Note requires becomes more than five (5) days overdue, then
without limiting Payee’s other remedies, Obligor shall immediately pay Payee a
late charge of 5% of the overdue amount, not to be applied to principal or
interest, but as liquidated damages for Payee’s costs because of Obligor’s
failure to make prompt payment.  The previous sentence does not limit
Payee’s rights on account of any Acceleration.

     

    10.         Notices.  Any
notices under this Note shall be given by personal delivery or by nationally
recognized overnight courier service.  Notices shall be effective upon
receipt or upon affirmative refusal to accept delivery.

     

    11.         Waivers.  Obligor
and any endorsers and guarantors of this Note, and all others who may become
liable for all or any part of the obligations evidenced by this Note, severally
waive presentment for payment, protest, notice of protest, dishonor, notice of
dishonor, demand, notice of non-payment, and the benefit of all statutes,
ordinances, judicial rulings, and other legal principles of any kind, now or
hereafter enacted or in force, affording any right of cure or any right to a
stay of execution or extension of time for payment or exempting any property of
such person from levy and sale upon execution of any judgment obtained by the
holder in respect of this Note.  THE PARTIES WAIVE JURY TRIAL IN ANY
ACTION TO ENFORCE OR INTERPRET, OR OTHERWISE ARISING FROM, THIS NOTE OR THE
SECURITY INSTRUMENT.

     

    12.         GOVERNING
LAW.  THIS NOTE AND THE PARTIES’ RIGHTS UNDER THIS NOTE SHALL
BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK NOTWITHSTANDING ANY PRINCIPLES OF CONFLICTS OF
LAW.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    13.         Severability.  If
any provision of this
Note is invalid or unenforceable, then the other provisions shall remain in full
force and effect and shall be liberally construed in favor of Payee.

     

    14.         Further
Assurances.  Obligor shall execute, acknowledge, and deliver to
Payee such additional documentation as Payee shall reasonably require to further
evidence and confirm the Obligations and this Note.

    [End
of text this
page]

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Obligor
has executed and delivered this Note as of the Note Date.

     

    
      
        	
                AMERICAN
      REALTY CAPITAL NEW YORK

              
	
                RECOVERY
      REIT, INC., a Maryland corporation

              
	 
      
	
                By:

              	
                /s/ William M. Kahane

              
	 
      	
                William
      M. Kahane, President

              

      

    

    

    State of
New York

    

    County of
New York

    

    On the
21st
day of June in the year 2010 before me, the undersigned, personally appeared
William M. Kahane, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his
capacity, and that by his signature on the instrument, the individual, or the
person upon behalf of which the individual acted, executed the
instrument.

     

    
      
        
          	
                  /s/ Julie Oberhand

                	 
      
	
                  Signature
      and Office of Individual taking
acknowledgement

                

        

      

    

    

    JULIE
OBERHAND

    Notary
Public, State of New York

    No,
01OB6219862

    Qualified
in Queens County

    Commission
Expires April 5, 2014

    
      
         

      

      
        4Unassociated Document

    EXHIBIT 4.13

    
 

    UNSECURED
PROMISSORY NOTE

     

    
      
        
          	
                  $334,072.60

                	
                  New
      York, New York

                  June
      22, 2010

                  (the
      “Note
      Date”)

                

        

      

    

    

    FOR VALUE RECEIVED, AMERICAN
REALTY CAPITAL NEW YORK RECOVERY REIT, INC., a Maryland corporation , both
having an address at 405 Park Avenue, 15th Floor,
New York, New York 10022 (“Obligor”) promises to
pay to the order of PHILIP R. CARTER, having an address at 188 East 78th Street,
New York, New York 10075 (with its successors and assigns, “Payee”) the principal
sum of $334,072.60 (the “Note Amount”), or so
much of the Note Amount as remains outstanding, with interest as this Note
provides, as follows:

     

    1.           Interest. So long as Obligor makes
all payments under this Note when due, no interest shall be due or payable under
this Note.  Nothing in the previous sentence limits Obligor’s
obligation to pay interest after any Event of Default or
Acceleration.

     

    2.           Amortization.  Obligor
shall repay the principal amount of this Note in three equal installments on
each of the following dates (a “Payment Date”), as
follows:

     

    
      	
               
      

            	
              (i)

            	
              On
      July 22, 2010, the sum of
$111,357.53;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              On
      August 22, 2010, the sum of $111,357.53;
and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              On
      September 22, 2010, the sum of
$111,357.54.

            

    

     

    3.           Maturity and
Acceleration.  Obligor shall repay the entire unpaid principal
balance of this Note without notice (an “Acceleration” of this
Note) if on any Payment Date Obligor fails to make the payment required on such
Payment Date within five (5) days after notice of such failure from Payee, TIME
BEING OF THE ESSENCE (an “Event of
Default”).  From and after the date of any Acceleration, the
outstanding principal amount due and payable under this Note, together with all
late charges, costs, expenses, attorneys’ fees, and other sums then due under
this Note (collectively, the “Obligations”) shall
bear interest at the rate of one percent (1%) per month, compounded monthly (the
“Default Rate”)
until such time as such Event of Default has been cured.

     

    4.           Prepayment.  Obligor
may prepay this Note at any time, in whole or in part, without notice, penalty,
premium or discount.

     

    5.           Payments.  Obligor
shall pay all Obligations in lawful money of the United States in immediately
available funds, free and clear of, and without deduction or offset for, any
present or future taxes, levies, imposts, charges, withholdings, or liabilities
with respect thereto; or any other defenses, offsets, set-offs, claims,
counterclaims, credits, or deductions of any kind. Obligor’s obligations under
this Note are completely independent of all circumstances
whatsoever.  The parties acknowledge that Payee accepted this Note in
connection with the closing under that certain Agreement for Purchase and Sale
of Real Property, dated as of January 21, 2010 (the “Contract”) between an
affiliate of Obligor, American Realty Capital II, LLC and Urban Development
Partners (61), LLC.  This Note is, however, absolutely independent of
the following (collectively, the “Contract
Matters”):  the Contract, the real property conveyed pursuant
to the Contract, and any claims, defenses, or disputes that may arise under the
Contract, whether or not valid.  Obligor acknowledges that any
Contract Matters shall not entitle Obligor to reduce, defer, limit, or offset
against any payment this Note requires. Obligor is absolutely, irrevocably and
unconditionally obligated to pay this Note in accordance with its terms
notwithstanding any Contract Matters or otherwise.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    6.           No Security, Joint and
Several.  This Note is not secured.  This Note
represents the personal unsecured obligation of Obligor. Obligor shall have full
personal liability under this Note.  Payee may enforce this Note
against Obligor directly with no obligation to pursue any other
person.

     

    7.           Usury
Savings.  Nothing in this Note shall require Obligor to pay or
permit Payee to collect from Obligor interest exceeding the maximum amount
permitted by law in commercial loan transactions between parties of the
character of the parties to this Note.  Obligor shall not be obligated
to pay any interest in excess of such maximum amount.  The interest
payable under this Note by Obligor shall in no event exceed such maximum
amount.

     

    8.           Event of
Default.  If any uncured Event of Default exists, then with no
further notice to Obligor, Obligor shall pay Payee’s costs of collection,
including reasonable attorneys’ fees and expenses, whether or not Payee files
suit.  The Default Rate shall apply both before and after Payee
obtains any judgment on this Note.

     

    9.           Late Charge.  If
any payment this Note requires becomes more than five (5) days overdue, then
without limiting Payee’s other remedies, Obligor shall immediately pay Payee a
late charge of 5% of the overdue amount, not to be applied to principal or
interest, but as liquidated damages for Payee’s costs because of Obligor’s
failure to make prompt payment.  The previous sentence does not limit
Payee’s rights on account of any Acceleration.

     

    10.         Notices.  Any
notices under this Note shall be given by personal delivery or by nationally
recognized overnight courier service.  Notices shall be effective upon
receipt or upon affirmative refusal to accept delivery.

     

    11.         Waivers.  Obligor
and any endorsers and guarantors of this Note, and all others who may become
liable for all or any part of the obligations evidenced by this Note, severally
waive presentment for payment, protest, notice of protest, dishonor, notice of
dishonor, demand, notice of non-payment, and the benefit of all statutes,
ordinances, judicial rulings, and other legal principles of any kind, now or
hereafter enacted or in force, affording any right of cure or any right to a
stay of execution or extension of time for payment or exempting any property of
such person from levy and sale upon execution of any judgment obtained by the
holder in respect of this Note.  THE PARTIES WAIVE JURY TRIAL IN ANY
ACTION TO ENFORCE OR INTERPRET, OR OTHERWISE ARISING FROM, THIS NOTE OR THE
SECURITY INSTRUMENT.

     

    12.         GOVERNING
LAW.  THIS NOTE AND THE PARTIES’ RIGHTS UNDER THIS NOTE SHALL
BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK NOTWITHSTANDING ANY PRINCIPLES OF CONFLICTS OF
LAW.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    13.         Severability.  If
any provision of this Note is invalid or unenforceable, then the other
provisions shall remain in full force and effect and shall be liberally
construed in favor of Payee.

     

    14.         Further
Assurances.  Obligor shall execute, acknowledge, and deliver to
Payee such additional documentation as Payee shall reasonably require to further
evidence and confirm the Obligations and this Note.

     

    [End of
text this page]

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Obligor
has executed and delivered this Note as of the Note Date.

     

    
      
        	
                AMERICAN
      REALTY CAPITAL NEW YORK

              
	
                RECOVERY
      IT, INC., a Maryland corporation

              
	 
      
	
                By:  

              	
                /s/ William M. Kahane

              
	 
      	
                William
      M. Kahane, President

              

      

    

    

    State of
New York

    

    County of
New York

    

    On the
21st
day of June in the year 2010 before me, the undersigned, personally appeared
William M. Kahane, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his
capacity, and that by his signature on the instrument, the individual, or the
person upon behalf of which the individual acted, executed the
instrument.

     

    
      
        	
                /s/ Julie Oberhand

              	 
      
	
                Signature
      and Office of Individual taking
acknowledgement

              

      

    

    

    JULIE
OBERHAND

    Notary
Public, State of New York

    No.  01OB6219862

    Qualified
In Queens County

    Commission
Expires April 5,
2014

    
      
         

      

      
        4

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