Document:

Exhibit 10.3

FORM PROMISSORY NOTE

$[_]

February 20, 2015

FOR VALUE RECEIVED, the parties set forth on Schedule I attached hereto, each having an address at c/o GTJ REIT INC., 60 Hempstead Avenue, Suite 718, West Hempstead, New York, 11552 (collectively, “Maker”), hereby jointly and severally promise to pay to the order of [_] (“[_]”, and together with its successors and assigns individually or collectively, as the context may require, “Holder”), having an address at c/o AIG Investments, 777 S. Figueroa Street, 16th Floor, Los Angeles, California 90017-5800, or at such other address as may be designated from time to time hereafter by Holder, the principal sum of [_]together with interest on the principal balance outstanding from time to time, as hereinafter provided, in lawful money of the United States of America in accordance with this Promissory Note (this “[_] Note”) and the other Loan Documents (as defined below).

By its execution and delivery of this [_] Note, Maker covenants and agrees as follows:

1. Interest Rate and Payments.

(a) The balance of principal outstanding from time to time under this [_] Note shall bear interest at the rate of four and five hundredths percent (4.05%) per annum (the “Original Interest Rate”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this [_] Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.

(b) Interest only on this [_] Note shall be payable on the date hereof, in advance, for the period from and including the date hereof through and including February 28, 2015 (the “Stub Interest Period”).

(c) Commencing on April 1, 2015, and on the first day of each month thereafter through and including February 1, 2025, payments of interest only on the outstanding principal balance of this [_] Note shall be payable in arrears.

(d) The entire outstanding principal balance, and all other amounts due under this [_] Note and the other Loan Documents, together with all accrued and unpaid interest thereon, shall be due and payable in full on March 1, 2025 (the “Maturity Date”).

2. Holder’s Extension Option; Net Operating Income.  The provisions of this Section 2 concern the election of Holder to extend the term of the loan evidenced by this [_] 

  

Note (the “Loan”) for the Extension Term (as defined below) and certain obligations of Maker during the Extension Term.

(a) If Maker shall fail to pay the outstanding principal balance of this [_] Note and all accrued interest and other charges due hereon and all other amounts due under the Loan Documents, on or prior to the Maturity Date, Holder shall have the right, at Holder’s sole option and in Holder’s sole discretion, to extend the term of the Loan for an additional period of five (5) years (the “Extension Term”) and require Maker to make additional monthly payments of Net Operating Income (as hereinafter defined).  If Holder elects to extend the term of the Loan pursuant to this Section 2, Maker shall pay all fees of Holder incurred in connection with such extension, including, but not limited to, attorneys’ fees and title insurance premiums.  Maker shall execute all documents reasonably requested by Holder to evidence and secure the Loan, as extended, and shall obtain and provide to Holder any title insurance policy or endorsement to Holder’s title insurance policy requested by Holder.  If Holder elects to extend the term of the Loan for the Extension Term, no “Event of Default” shall be deemed to exist solely by reason of the failure by Maker to pay the then-outstanding principal balance of the Loan, and all other amounts due under this [_] Note and the other Loan Documents, together with all accrued and unpaid interest thereon, on the Maturity Date.

(b) Should Holder elect to extend the term of the Loan as provided above, Holder shall: (i) reset the interest rate borne by the then-outstanding principal balance of the Loan to a rate per annum (the “New Rate”) equal to the greater of (A) the Original Interest Rate, or (B) Holder’s (or comparable lenders’, if Holder is no longer making such loans) then-prevailing interest rate for five (5) year loans secured by properties similar to the Property (as hereinafter defined), as determined by Holder in its sole discretion; (ii) re-amortize the then-outstanding principal balance of the Loan over the then-remaining portion of the Extension Term (the “Amortization Period”), as if such Amortization Period were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; (iii) have the right to require Maker to enter into modifications of the non-economic terms of the Loan Documents as Holder may request (the “Non-Economic Modifications”); and (iv) notwithstanding any provision set forth in the Loan Documents to the contrary, have the right to require Maker to make monthly payments into escrow for insurance premiums and real property taxes, assessments and similar governmental charges.  Hence, monthly interest payments payable under this [_] Note during the Extension Term shall be based upon the New Rate, in an amount that would be sufficient to fully amortize the outstanding principal balance of the Loan over the Amortization Period.

(c) If Holder elects to extend the term of the Loan as provided in this Section 2, Holder shall advise Maker of the New Rate on or prior to the Maturity Date. 

(d) In addition to the required monthly payments of principal and interest set forth above, commencing on the first day of the second month following the Maturity Date and continuing on the first day of each month thereafter during the Extension Term (each an “Additional Payment Date”), Maker shall make monthly payments to Holder in an amount equal to all Net Operating Income (hereinafter defined) attributable to the Property for the calendar month ending on the last day of the month that is two (2) months preceding each such Additional Payment Date.  For example, assuming the Maturity Date is January 1, then Net 

  

Operating Income for the period from January 1 through January 31 shall be payable to Holder on March 1; Net Operating Income for the period from February 1 through February 28 shall be payable to Holder on April 1, and so on.

(e) All such Net Operating Income received from Maker shall be held by, and in the possession of, Holder or Holder’s servicer, and shall be deposited into an account or accounts maintained at a financial institution chosen by Holder or Holder’s servicer in its sole discretion (the “Deposit Account”) and all such funds shall be invested in a manner acceptable to Holder in its sole discretion.  All interest, dividends and earnings credited to the Deposit Account shall be held and applied in accordance with the terms hereof.

(f) On the third Additional Payment Date and on each third Additional Payment Date thereafter, Holder shall apply all Excess Funds (hereinafter defined), if any, (i) first, to the payment of any past-due amounts under this [_] Note or any other Loan Documents, and (ii) then, to the prepayment of any amounts due under this [_] Note and the other Loan Documents in such order and manner as determined by Holder, without premium or penalty. 

(g) As security for the repayment of the Loan and the performance of all other obligations of Maker under the Loan Documents, Maker hereby assigns, pledges, conveys, delivers, transfers and grants to Holder a first priority security interest in and to: (i) all Maker’s right, title and interest in and to the Deposit Account; (ii) all rights to payment from the Deposit Account and the money deposited therein or credited thereto (whether then due or in the future due and whether then or in the future on deposit); (iii) all interest thereon; (iv) any certificates, instruments and securities, if any, representing the Deposit Account; (v) all claims, demands, general intangibles, choses in action and other rights or interests of Maker in respect of the Deposit Account; (vi) any monies then or at any time thereafter deposited therein; and (vii) any increases, renewals, extensions, substitutions and replacements thereof and all proceeds of the foregoing.

(h) From time to time, but not more frequently than monthly, Maker may request a disbursement (a “Disbursement”) from the Deposit Account for capital expenses, furniture, fixtures and equipment, tenant improvement expenses, leasing commissions and special contingency expenses.  Holder may consent to or deny any such Disbursement in its sole discretion.

(i) During the existence of an Event of Default (hereinafter defined), (i) Maker shall not be entitled to any further Disbursement from the Deposit Account and (ii) Holder shall be entitled to take immediate possession and control of the Deposit Account (and all funds contained therein) and to pursue all of its rights and remedies available to Holder under the Loan Documents, at law and in equity.

(j) All of the terms and conditions of the Loan Documents shall apply during the Extension Term, except as expressly set forth above, and except that no further extensions of the Loan shall be permitted.

(k) For the purposes of the foregoing:

  

(i) “Excess Funds” shall mean, on any Additional Payment Date, the amount of funds then existing in the Deposit Account (including any Net Operating Income due on the applicable Additional Payment Date), less an amount equal to the sum of three regularly scheduled payments of principal and interest due on this [_] Note and the other Loan Documents;

(ii) “Net Operating Income” shall mean, for any particular period of time, Gross Revenue for the relevant period, less Operating Expenses for the relevant period; provided, however, that if such amount is equal to or less than zero (0), Net Operating Income shall equal zero (0);

(iii) “Gross Revenue” shall have the definition as set forth in the that certain Loan Agreement of even date herewith by and between Maker and Holder (as the same may be amended, restated, modified and/or supplemented from time to time, the “Loan Agreement”); and

(iv) “Operating Expenses” shall mean the sum of all ordinary and necessary operating expenses actually paid by Maker in connection with the operation of the Property during the relevant period for which the calculation of Operating Expenses is being made, including, but not limited to, (a) payments made by Maker for taxes and insurance required under the Loan Documents, and (b) monthly debt service payments as required under this [_] Note and the other Loan Documents.

3. Budgets During Extension Term.

(a) Within fifteen (15) Business Days (as defined below) following the Maturity Date and on or before December 1 of each subsequent calendar year, Maker shall deliver to Holder a proposed revenue and expense budget for the Property for the remainder of the calendar year in which the Maturity Date occurs or the immediately succeeding calendar year (as applicable).  Such budget shall set forth Maker’s projection of Gross Revenue and Operating Expenses for the applicable calendar year, which shall be subject to Holder’s reasonable approval.  Once a proposed budget has been reviewed and approved by Holder, and Maker has made all revisions requested by Holder, if any, the revised budget shall be delivered to Holder and shall thereafter become the budget for the Property hereunder (any such budget referred to as the “Budget”) for the applicable calendar year.  If Maker and Holder are unable to agree upon a Budget for any calendar year, the budgeted Operating Expenses (excluding extraordinary items) provided in the Budget for the Property for the preceding calendar year shall be considered the Budget for the Property for the subject calendar year until Maker and Holder agree upon a new Budget for such calendar year.

(b) During the Extension Term, Maker shall operate the Property in accordance with the applicable Budget for the applicable calendar year, and the total of expenditures relating to the Property exceeding one hundred and five percent (105%) of the aggregate of such expenses set forth in the applicable Budget for the applicable time period shall not be treated as Operating Expenses for the purposes of calculating “Net Operating Income,” without the prior written consent of Holder except for emergency expenditures which, in 

  

Maker’s good faith judgment, are reasonably necessary to protect, or avoid immediate danger to, life or property.

4. Reports During Extension Term.

(a) During the Extension Term, Maker shall deliver to Holder all financial statements reasonably required by Holder to calculate Net Operating Income, including, without limitation, a monthly statement to be delivered to Holder concurrently with Maker’s payment of Net Operating Income that sets forth the amount of Net Operating Income accompanying such statement and Maker’s calculation of Net Operating Income for the relevant calendar month.  Such statements shall be certified by an executive officer of Maker or Maker’s manager, managing member or general partner (as applicable) as having been prepared in accordance with the terms hereof and to be true, accurate and complete in all material respects.

(b) In addition, on or before April 1 of each calendar year during the Extension Term, Maker shall submit to Holder an annual income and expense statement for the Property that shall include the calculation of Gross Revenue, Operating Expenses and Net Operating Income for the preceding calendar year and shall be accompanied by Maker’s reconciliation of any difference between the actual aggregate amount of the Net Operating Income for such calendar year and the aggregate amount of Net Operating Income for such calendar year actually remitted to Holder.  All such statements shall be certified by an executive officer of Maker or Maker’s manager, managing member or general partner (as applicable) as having been prepared in accordance with the terms hereof and to be true, accurate and complete in all material respects.  If any such annual financial statement discloses any inconsistency between the calculation of Net Operating Income and the amount of Net Operating Income actually remitted to Holder, Maker shall, within ten (10) days following receipt by Maker of such annual financial statements, remit to Holder the amount of any underpayment of Net Operating Income for such calendar year or, in the event of an overpayment by Maker (as confirmed in writing by Holder), the amount of such overpayment may be withheld from the immediately subsequent payment of Net Operating Income required hereunder.

(c) Holder may notify Maker within ninety (90) days after receipt of any annual statement or report required under Section 4(b) of this [_] Note that Holder disputes any computation or item contained in any portion of such statement or report.  If Holder so notifies Maker, Holder and Maker shall meet in good faith within twenty (20) days after Holder’s notice to Maker to resolve such disputed items.  If, despite such good faith efforts, the parties are unable to resolve the dispute at such meeting or within ten (10) days thereafter, the items shall be resolved by an independent certified public accountant designated by Holder within fifteen (15) days after the end of such ten (10) day period.  The determination of such accountant shall be final.  All fees of such accountant shall be paid by Maker.  Maker shall remit to Holder any additional amount of Net Operating Income found to be due for such periods within ten (10) days after the resolution of such dispute by the parties or the accountant’s determination, as applicable.  The amount of any overpayment found to have been made for such periods may be withheld from the immediately subsequent payment of Net Operating Income required hereunder.

  

(d) Maker shall at all times keep and maintain full and accurate books of account and records adequate to reflect correctly all items required in order to calculate Gross Revenue, Operating Expenses and Net Operating Income.

5. Prepayment

(a) Maker shall have no right to prepay all or any part of this [_] Note before the date that is thirty-six (36) calendar months from and after the first day immediately following the Stub Interest Period (the “Lockout Expiration Date”). 

(b) At any time on or after the Lockout Expiration Date (but subject to clause (i), clause (ii) and clause (iii) of this Section 5(b)), Maker shall have the right to prepay the full then-outstanding principal amount of the Loan, and all other amounts due under this [_] Note and the other Loan Documents, and all accrued but unpaid interest thereon as of the date of prepayment, provided that (i) Maker gives not less than thirty (30) days’ prior written notice to Holder of Maker’s election to prepay this [_] Note, (ii) Maker pays a prepayment premium to Holder equal to the greater of (A) one percent (1%) of the then-outstanding principal amount of the Loan or (B) the Present Value of this [_] Note (hereinafter defined) (less the amount of principal being prepaid calculated as of the prepayment date), (iii) Maker simultaneously prepays all other amounts (together with all accrued and unpaid interest thereon) outstanding under (A) that certain Promissory Note made by Maker for the benefit of [_] (“[_]”), in the principal amount of $[_] (the “[_] Note”), as provided in the Note; (B) that certain Promissory Note (USL) made by Maker for the benefit of [_] (“[_]”), in the principal amount of $[_] (the “[_] Note”), as provided in the USL Note; (C) that certain Promissory Note made by Maker for the benefit of [_] (“[_]”), in the principal amount of $[_] (the “[_]Note”), as provided in the [_] Note; and (D) that certain Promissory Note made by Maker for the benefit of [_] (“[_]”), in the principal amount of $[_] (the “[_]”), as provided in the Note, and (iv) the Cross-Collateralized Borrowers (as such term is defined in the Loan Agreement) simultaneously prepay the full then-outstanding principal amount of the Cross-Collateralized Loan, and all other amounts (together with all accrued and unpaid interest thereon) outstanding under the Cross-Collateralized Notes and the other Cross-Collateralized Loan Documents, subject to and in accordance with the terms and conditions of the Cross-Collateralized Notes and the other Cross-Collateralized Loan Documents.  Any notice of prepayment delivered by Maker to Holder under this Section 5 may be revoked by delivery of written notice to Holder of such revocation at least ten (10) Business Days (as defined below) prior to the date of such prepayment.

(c) Notwithstanding the provisions of this Section 5, no prepayment premium shall be due (i) in connection with any involuntary prepayment due to the application by Holder of any insurance proceeds or condemnation awards to the principal balance of the Loan, provided, that no Default or Event of Default has occurred or is continuing at the time of such application of insurance proceeds or condemnation awards, (ii) in connection with a prepayment that is made during the ninety (90) day period immediately preceding the Maturity Date, or (iii) any prepayment of the Loan made in connection with the release of the Lien (as such term is defined in the Loan Agreement) of the applicable Mortgage and the other Loan Documents in respect of the 401 Fieldcrest Drive Property (as such term is defined in the Loan Agreement) pursuant to and in accordance with Section 8.4 of the Loan Agreement.

  

(d) Holder shall notify Maker in writing of the amount and basis of determination of the prepayment premium.  Holder shall not be obligated to accept any prepayment of the principal balance of this [_] Note unless such prepayment is accompanied by (i) the applicable prepayment premium, if any, (ii) the entire outstanding principal balance of the Loan and (iii) all accrued and unpaid interest and all other amounts due under this [_] Note, the [_] Note, the [_] Note, the [_] Note, the [_] Note and the other Loan Documents.  Maker may not prepay the Loan on a Friday, on any day that is not a Business Day or on any day preceding a public holiday, or the equivalent for banks generally under the laws of the State of New York.

(e) In no event shall Maker be permitted to make any partial prepayments of this [_] Note, except for (i) making payments of Net Operating Income during the Extension Term as required above, (ii) the application of insurance proceeds or condemnation awards to the principal balance of this [_] Note, as provided herein and in the Loan Agreement, and (iii) in connection with payment to Holder of any Release Amount (as such term is defined in the Loan Agreement) in respect of any Released Property (as such term is defined in the Loan Agreement) pursuant to and in accordance with Section 8.4 of the Loan Agreement.

(f) If Holder accelerates this [_] Note for any reason, then in addition to Maker’s obligation to pay the then-outstanding principal balance of the Loan, all accrued but unpaid interest thereon and any other amounts due hereunder and under the other Loan Documents, Maker shall pay to Holder an additional amount equal to the prepayment premium that would be due to Holder if Maker were voluntarily prepaying this [_] Note at the time that such acceleration occurred, or if under the terms hereof no voluntary prepayment would be permissible on the date of such acceleration, Maker shall pay a prepayment premium equal to 150% of the highest prepayment premium set forth in this [_] Note, calculated as of the date of such acceleration as if prepayment were permitted on such date. 

(g) For the purposes of the foregoing:

(i) The “Present Value of this [_] Note” with respect to any prepayment of this [_] Note, as of any date, shall be determined by discounting all scheduled payments of principal and interest remaining to the Maturity Date, attributed to the amount being prepaid, at the Discount Rate.  If prepayment occurs on a date other than a regularly scheduled payment date (each, a “Payment Date”), the actual number of days remaining from the prepayment date to the next Payment Date will be used to calculate such discount within such period;

(ii) The “Discount Rate” is the rate which, when compounded monthly, is equivalent to the Treasury Rate, when compounded semi-annually;

(iii) The “Treasury Rate” is the semi-annual yield on the Treasury Constant Maturity Series with maturity equal to the remaining weighted average life of this [_] Note, for the week prior to the prepayment date, as reported in Federal Reserve Statistical Release H. 15 - Selected Interest Rates, conclusively determined by Holder on the prepayment date, plus twenty-five (25) basis points.  The rate will be 

  

determined by linear interpolation between the yields reported in Release H.15, if necessary.  In the event Release H.15 is no longer published, Holder shall select a comparable publication to determine the Treasury Rate.

(h) Holder shall not be obligated to actually reinvest the amount prepaid in any treasury obligations as a condition precedent to receiving any prepayment premium or for any other reason.

(i) Notwithstanding the foregoing, at any time during the Extension Term, Maker shall have the right to prepay the full then-outstanding principal amount of the Loan, and all other amounts due under this [_] Note and the other Loan Documents, and all accrued but unpaid interest thereon as of the date of prepayment, without prepayment premium thereon.

6. Payments.  Whenever any payment to be made under this [_] Note shall be stated to be due on any day that is not a Business Day (as such term is defined in the Loan Agreement), such payment may be made on the next succeeding Business Day.

7. Default Rate.

(a) The entire outstanding balance of principal, interest, and any other amount due under this [_] Note and the other Loan Documents that are not paid when due (including, without limitation, the payment of the outstanding principal balance of this [_] Note upon the Maturity Date), by acceleration or otherwise, shall bear interest from the date due until the date so paid at an interest rate equal to the greatest of (i) eighteen percent (18%) per annum or (ii) a per annum rate equal to four percent (4%) over the prime rate published in The Wall Street Journal on the first Business Day of each month or (iii) a per annum rate equal to five percent (5%) over the Original Interest Rate (such interest rate, the “Default Rate”); provided, however, that such rate shall not exceed the maximum permitted by applicable state or federal law.  In the event The Wall Street Journal is no longer published or no longer publishes such prime rate, Holder shall select a comparable reference. 

(b) If any payment under this [_] Note is not made when due, interest shall accrue on the entire outstanding principal balance of the Loan at the Default Rate from the date such payment was due until payment is actually made.  If any Event of Default shall occur, then during the continuance of such Event of Default, interest shall accrue on the then-outstanding principal balance of the Loan at the Default Rate.

8. Late Charges.  (a) In addition to interest as set forth herein, Maker shall pay to Holder a late charge equal to four percent (4%) of any amounts due under this [_] Note in the event that any such amount is not paid when due, except for the outstanding principal balance and any other amounts due upon the Maturity Date; provided, however, that with respect to any such late payment, such late charge shall be charged only one time in respect of such late payment.  

(b) Notwithstanding the provisions of Section 8(a), in any period of twelve (12) consecutive months there shall be a single grace period of not more than five (5) days for any one (1) payment due under this [_] Note if such payment is not made on the date 

  

due therefor and no late charge, and no interest in addition to the regularly scheduled interest payable at the Original Interest Rate or, if applicable, the New Rate, shall be required with respect to such one (1) payment, provided, that such payment is made by Maker on or prior to the expiration of such five (5) day period.

9. Application of Payments.  All payments hereunder shall be applied in the following order: (i) first, to the payment of late charges, if any; (ii) second, to the payment of prepayment premiums, if any; (iii) third, to the repayment of any sums advanced by Holder for the payment of any insurance premiums, taxes, assessments or other charges against the Property securing this [_] Note, if any, and any other costs and expenses incurred by Holder in accordance with the Loan Documents (together with interest thereon at the Default Rate from the date of advance until repaid), if any; (iv) fourth, to the payment of accrued and unpaid interest on this [_] Note and other amounts due and payable under the other Loan Documents (other than principal), if any; and (v) fifth, to the reduction of principal of this [_] Note.  Notwithstanding the foregoing, for so long as any Event of Default is continuing, Holder shall have the continuing exclusive right to apply any payments received by Holder from or on behalf of Maker as Holder may elect against the then due and owing obligations of Maker under this [_] Note and the other Loan Documents in such order of priority or in such allocations as Holder may determine in its sole and absolute discretion.  

10. Immediately Available Funds.  All payments under this [_] Note shall be payable in immediately available funds without setoff, counterclaim or deduction of any kind, and shall be made by electronic funds transfer from a bank account established and maintained by Maker for such purpose.

11. Security.  This [_] Note is secured by, among other things, (i) the Mortgages (as such term is defined in the Loan Agreement),  encumbering certain real property and improvements thereon and as more particularly described in such Mortgages (the “Property”), (ii) the Guaranty (as such term is defined in the Loan Agreement) and (iii) the other Security Documents (as such term is defined in the Loan Agreement).

12. Certain Definitions.  Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Loan Agreement.

13. Event of Default.  Each of the following events will constitute an event of default (an “Event of Default”) under this [_] Note, the [_] Note, the [_] Note, the [_] Note, the [_] Note, the Loan Agreement and the Mortgages and each other document evidencing or securing or executed in connection with the Loan (collectively, the “Loan Documents”), and any Event of Default under any Loan Document shall constitute an Event of Default hereunder and under each of the other Loan Documents:

(a) any failure to pay when due any interest, principal or other amount in a sum certain under this [_] Note, the Loan Agreement, the Mortgages or under any of the other Loan Documents for which sum there is a scheduled date for payment or for which there is a date certain for payment; or

  

(b) any failure to pay within ten (10) days following demand by Holder for any amount due and payable by Maker under this [_] Note, the Loan Agreement, the Mortgages or under any other Loan Document other than any amount described in Section 13(a) above; or

(c) any failure to pay the outstanding Secured Obligations (as such term is defined in the Loan Agreement) on the Maturity Date; or

(d) any failure of Maker to perform any of the terms, covenants, obligations or conditions of this [_] Note, the Mortgages or the other Loan Documents or the Affiliate Guaranty (as such term is defined in the Loan Agreement) to which it is a party that are not specifically referred to in other subsections in this definition of “Event of Default,” in each case for ten (10) days after written notice to Maker from Holder, in the case of any failure that can be cured by the payment of a sum of money (other than Events of Default pursuant to Sections 13(a), 13(b) and 13(c) above as to which the grace period set forth in this Section 13(d) shall not be applicable), or for thirty (30) days after written notice from Holder, in the case of any other failure (unless a longer notice period is otherwise provided herein or in such other Loan Document); provided, however, that if such non-monetary failure is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that Maker shall have commenced to cure such failure within such 30‐day period and thereafter diligently and expeditiously proceeds to cure the same, such 30‐day period shall be extended for such time as is reasonably necessary for Maker in the exercise of due diligence to cure such failure but in no event for more than one hundred twenty (120) days; and for the avoidance of doubt, the cure periods set forth in this Section 13(c) shall not be applicable to the Events of Default described in the other subsections of this Section 13 and any “Event of Default” as defined in the Loan Agreement and any other Loan Document is an Event of Default under this [_] Note, and shall not be subject to the cure period set forth in this Section 13(c)); or

(e) if, at any time during the Extension Term, Gross Revenue for any calendar month shall be less than ninety-three percent (93%) of the amount of projected Gross Revenue for such month set forth in the applicable Budget; or 

(f) the occurrence of any event that is deemed to be an “Event of Default” under any provision of this [_] Note, the [_] Note, the [_] Note, the [_] Note, the [_] Note, the Mortgages, the Loan Agreement, the Affiliate Guaranty, any other Loan Document or any Cross-Collateralized Loan Documents (as such term is defined in the Loan Agreement).

14. Acceleration.  If at any time an Event of Default exists, the entire outstanding balance of principal, accrued interest, and other sums owing hereunder shall, at the option of Holder, become at once due and payable without notice or demand.  Upon the occurrence of any Event of Default described in Section 13(d) hereof, Holder shall have the option, in its sole and absolute discretion, to either (a) exercise any remedies available to Holder under the Loan Documents, at law, in equity or otherwise, or (b) require Maker to submit a new proposed budget for Holder’s approval.  If Holder agrees to accept such new proposed budget, then such budget shall become the “Budget” for all purposes hereunder.  If an Event of Default exists, Holder may exercise any right, power or remedy permitted by law or set forth herein or in the Loan Agreement or any other Loan Document.

  

15. Conditions Precedent.  Maker hereby certifies and declares that all acts, conditions and things required to be done or performed or to have happened precedent to the creation and issuance of this [_] Note, and in order to constitute this [_] Note the legal, valid and binding obligation of Maker, enforceable in accordance with the terms hereof, have been done or performed or have happened in due and strict compliance with all applicable laws or have been expressly waived in writing by Holder.

16. Certain Waivers and Consents.  Maker and all parties now or hereafter liable for the payment hereof, primarily or secondarily, directly or indirectly, and whether as endorser, guarantor, surety, or otherwise, hereby severally (a) waive presentment, demand, protest, notice of protest and/or dishonor, and all other demands or notices of any sort whatever with respect to this [_] Note, (b) consent to impairment or release of collateral, extensions of time for payment, and acceptance of partial payments before, at, or after maturity, (c) waive any right to require Holder to proceed against any security for this [_] Note before proceeding hereunder, (d) waive diligence in the collection of this [_] Note or in filing suit on this [_] Note and (e) agree to pay all out-of-pocket costs and expenses, including, without limitation, reasonable attorneys’ fees, which may be actually incurred in the collection of this [_] Note or any part thereof or in preserving, securing possession of and realizing upon any security for this [_] Note.

17. Usury Savings Clause.  The provisions of this [_] Note and of all agreements between Maker and Holder are, whether now existing or hereinafter made, hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof, prepayment, demand for payment or otherwise, shall the amount paid, or agreed to be paid, to Holder for the use, forbearance or detention of the principal hereof or interest hereon, which remains unpaid from time to time, exceed the maximum amount permissible under applicable law.  In particular, it is the intention of the parties hereto to conform strictly to the laws of the State of New York and Federal law, whichever is applicable.  If as a result of any circumstance whatsoever, the performance or fulfillment of any provision hereof or of any other agreement between Maker and Holder pertaining to the subject matter hereof shall, at the time performance or fulfillment of such provision is due, involve or purport to require any payment in excess of the limits then prescribed by applicable law, then the obligation to be performed or fulfilled shall hereby be reduced to such limit as to be valid under such applicable law, and if as a result of any circumstance whatsoever, Holder should receive as interest under this [_] Note an amount which would exceed the then highest lawful rate, the amount by which such interest payment would exceed such highest lawful rate shall be applied to the reduction of the principal balance owing hereunder without prepayment or penalty (or, at Holder’s option, be paid to Maker) and in no event shall be counted as interest.  To the fullest extent permitted by then applicable law, the determination of the legal maximum amount of interest shall at any and all times be made by amortizing, prorating, allocating and spreading in equal parts over the period of the full stated term of this [_] Note, all interest at any time contracted for, charged or received from Maker in connection with this [_] Note and all other agreements between Maker and Holder pertaining to the subject matter hereof, so that the actual rate of interest on account of the indebtedness represented by this [_] Note is uniform throughout the term hereof and complies with all applicable law.

  

18. Non-Recourse; Exceptions to Non-Recourse.  Maker’s obligations hereunder are subject to and limited by the terms of Section 10.31 of the Loan Agreement, which terms are incorporated herein by reference.

19. Severability.  If any provision hereof or of any other document securing or otherwise related to the indebtedness evidenced hereby is, for any reason and to any extent, deemed invalid or unenforceable in any jurisdiction or with respect to any person, entity or circumstances, then neither the remainder of the document in which such provision is contained, nor the application of such provision in respect of other persons, entities, or circumstances, nor any other document referred to herein, shall be affected by such invalidity or lack of enforceability, but, instead, shall be enforceable to the maximum extent permitted by law.

20. Transfer of Note.  Each provision of this [_] Note shall be and remain in full force and effect notwithstanding any negotiation or transfer hereof and any interest herein to any other Holder or participant.

21. Security Interest.  Maker hereby pledges and grants to Holder a security interest in and to any money or other property which Holder may at any time have or hold on deposit for Maker.

22. Governing Law.  Regardless of the place of its execution, this Note shall be construed and enforced in accordance with the substantive laws of the State of New York, without reference to conflicts of law principles.

23. Time of Essence.  Time is of the essence in respect of each of the terms and provisions of this [_] Note.

24. Remedies Cumulative.  The remedies provided to Holder in this [_] Note, the Loan Agreement, the Mortgages and the other Loan Documents are cumulative and concurrent and may be exercised singly, successively or jointly against Maker, the Property, the Chattels, the Intangible Property and the other Collateral and other security, or against Guarantor or any obligor under, or guarantor of, this [_] Note or the other Loan Documents, at the sole and absolute discretion of Holder.

25. No Waiver.  Holder shall not by any act or omission be deemed to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by Holder and then only to the extent specifically set forth therein.  A waiver of any singular right or remedy granted to Holder hereunder shall not be construed as continuing or as a bar to or waiver of (i) any other right or remedy granted to Holder hereunder, or (ii) such waived right or remedy granted to Holder hereunder in connection with any subsequent event.

26. Joint and Several Obligation.  If Maker is more than one Person, then: (a) all Persons comprising Maker are jointly and severally liable for all of Maker’s obligations hereunder; (b) all representations, warranties and covenants made by Maker shall be deemed representations, warranties and covenants of each of the Persons comprising Maker; (c) any breach, Default or Event of Default by any of the Persons comprising Maker hereunder shall be deemed to be a breach, Default or Event of Default of each of the Persons comprising Maker; 

  

and (d) any reference herein contained to the knowledge or awareness of Maker shall mean the knowledge or awareness of any of the Persons comprising Maker.

27. WAIVER OF JURY TRIAL.  MAKER AND HOLDER KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT EITHER MAKER OR HOLDER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS [_] NOTE, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS [_] NOTE, THE LOAN AGREEMENT, THE MORTGAGES, OR ANY OTHER LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO OR TO ANY LOAN DOCUMENT.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR MAKER AND HOLDER TO ENTER INTO THE LOAN TRANSACTION EVIDENCED BY THIS [_] NOTE.

28. WAIVER OF PREPAYMENT RIGHT WITHOUT PREMIUM.  EXCEPT AS EXPLICITLY SET FORTH HEREIN, MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY HAVE UNDER APPLICABLE LAW IN EQUITY OR OTHERWISE TO PREPAY THIS [_] NOTE, IN WHOLE OR IN PART, WITHOUT PREPAYMENT PREMIUM, UPON ACCELERATION OF THE MATURITY DATE OF THIS [_] NOTE OR OTHERWISE, AND AGREES THAT, IF FOR ANY REASON A PREPAYMENT OF ALL OR ANY PART OF THIS [_] NOTE IS MADE, WHETHER VOLUNTARILY OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THIS [_] NOTE BY HOLDER ON ACCOUNT OF THE OCCURRENCE OF ANY EVENT OF DEFAULT ARISING FOR ANY REASON, INCLUDING, WITHOUT LIMITATION, AS A RESULT OF ANY PROHIBITED OR RESTRICTED TRANSFER, PROHIBITED OR RESTRICTED FURTHER ENCUMBRANCE OR PROHIBITED OR RESTRICTED DISPOSITION OF THE PROPERTY OR ANY PART THEREOF SECURING THIS [_] NOTE, THEN MAKER SHALL BE OBLIGATED TO PAY, CONCURRENTLY WITH SUCH PREPAYMENT, THE PREPAYMENT PREMIUM AS PROVIDED FOR IN THIS [_] NOTE OR, IN THE EVENT OF PREPAYMENT FOLLOWING ACCELERATION OF THE MATURITY DATE HEREOF WHEN THIS [_] NOTE IS CLOSED TO PREPAYMENT, AS PROVIDED HEREIN AND IN THE LOAN AGREEMENT.  MAKER HEREBY DECLARES THAT HOLDER’S AGREEMENT TO MAKE THE LOAN AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THIS [_] NOTE CONSTITUTES ADEQUATE CONSIDERATION, GIVEN INDIVIDUAL WEIGHT BY MAKER, FOR THIS WAIVER AND AGREEMENT.

29. Acceptance of Cures for Events of Default.  Notwithstanding anything to the contrary contained in this [_] Note or the other Loan Documents (including, without limitation, any reference to the “continuance” of an Event of Default or to any Event of Default that is “continuing”), Holder shall in no event or under any circumstance be obligated or required to accept a cure by Maker or by any other Person of an Event of Default unless Holder agrees to do so in the exercise of its sole and absolute discretion, it being agreed that once an Event of Default has occurred and so long as Holder has not determined to accept a cure of such Event of Default in writing, Holder shall be absolutely and unconditionally entitled to pursue all rights and remedies available to it under the Loan Documents, at law or in equity or otherwise. 

  

IN WITNESS WHEREOF and intending to be legally bound, Maker has duly executed this Note as of the date first above written.

 

	
 
	
 
	
MAKER:

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
WU/LH 950 BRIDGEPORT L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
GWL 4 MEADOW LLC,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

 

 

  

	
 
	
 
	
WU/LH 12 CASCADE L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
WU/LH 15 EXECUTIVE L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

 

 

  

	
 
	
 
	
WU/LH 25 EXECUTIVE L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
WU/LH 35 EXECUTIVE L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

 

  

	
 
	
 
	
WU/LH 269 LAMBERT L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
WU/LH 22 MARSH HILL L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

 

 

  

	
 
	
 
	
GWL 777 BROOK LLC,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
WU/LH 470 BRIDGEPORT L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

 

  

	
 
	
 
	
GWL PLATT LLC,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
WU/LH 100 AMERICAN L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

 

  

	
 
	
 
	
WU/LH 200 AMERICAN L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEO

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
WU/LH 400 AMERICAN L.L.C.,

a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
GTJ Realty, LP,

a Delaware limited partnership

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
GTJ GP, LLC,

a Maryland limited liability company

	
 
	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
GTJ REIT, Inc.

a Maryland real estate investment trust

	
 
	
 
	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
By:
	
/s/ Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
Paul A. Cooper

	
 
	
 
	
 
	
 
	
 
	
 
	
CEOExhibit 10.4

GUARANTY AGREEMENT

This GUARANTY AGREEMENT (this “Guaranty”) is made as of February 20, 2015, by GTJ REIT, INC., a Maryland corporation (“Guarantor”), in favor of AMERICAN GENERAL LIFE INSURANCE COMPANY, a Texas corporation (“AGLIC”), THE VARIABLE ANNUITY LIFE INSURANCE COMPANY, a Texas corporation (“VALIC”), THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK, a New York corporation (“USLIC”), AMERICAN HOME ASSURANCE COMPANY, a New York corporation (“AHAC”), and COMMERCE AND INDUSTRY INSURANCE COMPANY, a New York corporation (“CIIC” and together with AGLIC, VALIC, USL and AHAC, individually or collectively as the case may be, and their successors and assigns, “Lender”), each having an address at c/o AIG Investments, 777 S. Figueroa Street, 16th Floor, Los Angeles, California 90017-5800.

1.Loan and Note.  This Guaranty is executed in connection with a mortgage loan in the aggregate original principal amount of $158,750,000.00 (the “Loan”) made by Lender to the parties set forth on Schedule I hereto (jointly, severally and collectively, “Borrower”).  The Loan is (a) evidenced by (i) that certain Promissory Note (AGLIC) made by Borrower in favor of AGLIC, of even date herewith (as the same may be amended, restated, modified and/or supplemented from time to time, the “AGLIC Note”), (ii) that certain Promissory Note (VALIC) made by Borrower in favor of VALIC, of even date herewith (as the same may be amended, restated, modified and/or supplemented from time to time, the “VALIC Note”), (iii) that certain Promissory Note (USLIC), of even date herewith, made by Borrower to the order of USLIC (as the same may be amended, modified, and/or supplemented from time to time, the “USLIC Note”), (iv) that certain Promissory Note (AHAC) of even date herewith, made by Borrower to the order of AHAC (as the same may be amended, modified, and/or supplemented from time to time, the “AHAC Note”), and (v) that certain Promissory Note (CICC) of even date herewith, made by Borrower to the order of CICC (as the same may be amended, modified, and/or supplemented from time to time, the “CICC Note”; and collectively with the AGLIC Note, the VALIC Note, the USLIC Note, and the AHAC Note, collectively, the “Notes”), (b) governed by, among other things, a Loan Agreement of even date herewith, between Borrower and Lender (as the same may be amended, restated, modified and/or supplemented from time to time, the “Loan Agreement”), and (c) secured by, among other things, the Mortgages (as defined in the Loan Agreement), encumbering certain real property as more particularly described in each Mortgage (collectively, the “Property”). All capitalized terms used herein without definition shall have the meanings given to such terms in the Loan Agreement.  

2.Purpose and Consideration.  The execution and delivery of this Guaranty by Guarantor is (i) a condition to Lender’s willingness to make the Loan to Borrower, (ii) made in order to induce Lender to make the Loan and (iii) made in recognition that Lender will be relying upon this Guaranty in making the Loan and performing any other obligations Lender may have under the Loan Documents.  Guarantor owns a direct and/or indirect ownership interest in Borrower.  Accordingly, Guarantor acknowledges that Guarantor will receive a material direct and/or indirect benefit from Lender making the Loan to Borrower.

 

 

3.Guaranty.  Guarantor hereby guarantees, and becomes a surety for, absolutely, primarily, unconditionally and irrevocably, the full and prompt payment and performance of all obligations of Borrower under the exceptions to the non-recourse provisions described in Section 10.31.1 and Section 10.31.2 of the Loan Agreement for which Borrower has or may incur personal liability to Lender (collectively, the “Obligations”).  The liability of Guarantor with respect to the Obligations shall be joint and several, primary, direct and immediate, and not conditional or contingent upon pursuit by Lender of any remedies Lender may have against Borrower or any other Person, whether pursuant to the Notes, the Loan Agreement, the Mortgages or any other Loan Document in connection therewith or any other document or agreement or at law or in equity.  Guarantor acknowledges that this Guaranty is a guarantee of payment and not just of collection in respect of the Obligations that may accrue to Lender from Guarantor.  The liability of Guarantor under this Guaranty shall continue after any assignment or transfer of the interests of Lender under this Guaranty made in conjunction with an assignment of the Loan.  

4.Guaranty is Independent and Absolute.  The obligations of Guarantor hereunder are independent of the obligations of Borrower and of any other Person that may become liable with respect to the Obligations.  Guarantor is jointly and severally liable with Borrower and with any other guarantor for the full and timely payment and performance of all of the Obligations.  Guarantor expressly agrees that a separate action or actions may be brought and prosecuted against Guarantor (or any other guarantor), whether or not any action is brought against Borrower, any other guarantor or any other Person for any Obligations guaranteed hereby and whether or not Borrower, any other guarantor or any other Persons are joined in any action against Guarantor.  Guarantor further agrees that Lender shall have no obligation to proceed against any security for the Obligations prior to enforcing this Guaranty against Guarantor, and that Lender may pursue or omit to pursue any and all rights and remedies Lender has against any Person or with respect to any security in any order or simultaneously or in any other manner.  All rights of Lender and all obligations of Guarantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Notes, the Mortgages, the Loan Agreement or any other Loan Document and (b) any other circumstances which might otherwise constitute a defense available to, or a discharge of, Borrower in respect of the Obligations.  

5.Authorizations to Lender.  Guarantor authorizes Lender, without notice or demand and without affecting Guarantor’s liability hereunder, from time to time, (a) to renew, extend, accelerate or otherwise change the time for payment of, change, amend, alter, cancel, compromise or otherwise modify the terms of the Notes, including increasing the rate or rates of interest thereunder agreed to by Borrower, and to grant any indulgences, forbearances, or extensions of time, (b) to renew, extend, change, amend, alter, cancel, compromise or otherwise modify any of the terms, covenants, conditions or provisions of any of the other Loan Documents or any of the obligations thereunder, (c) to apply any security and direct the order or manner of sale thereof as Lender, in Lender’s sole discretion, may determine, (d) to proceed against (x) Borrower with respect to any or all of the obligations under the Loan Documents or (y) Guarantor or any other guarantor with respect to any or all of the Obligations, in each case, without first foreclosing against any security therefor, (e) to exchange, release, surrender, impair or otherwise deal in any manner with, or waive, release or subordinate any security interest in, any security for the obligations under the Loan Documents, (f) to release or substitute Borrower any other guarantors, endorsers, or other parties that may be or become liable with respect to the 

2

 

 

obligations under the Loan Documents, without any release being deemed made of Guarantor or any other such Person and (g) to accept a conveyance or transfer to Lender of all or any part of any security in partial satisfaction of the obligations under the Loan Documents, or any of them, without releasing Borrower, Guarantor, or any other guarantor, endorser or other party that may be or become liable with respect to the Obligations, from any liability for the balance of the obligations under the Loan Documents.

6.Application of Payments Received by Lender.  Any sums of money Lender receives from or for the account of Borrower may be applied by Lender to reduce any of the Obligations or any other liability of Borrower to Lender, as Lender in Lender’s sole discretion deems appropriate.

7.Waivers by Guarantor.  In addition to all waivers expressed in any of the Loan Documents, all of which are incorporated herein by Guarantor, Guarantor hereby waives: (a) presentment, demand, protest and notice of protest, notice of dishonor and of non-payment, notice of acceptance of this Guaranty, and diligence in collection; (b) notice of the existence, creation or incurring of any new or additional obligations under or pursuant to any of the Loan Documents; (c) any right to require Lender to proceed against, give notice to or make demand upon Borrower; (d) any right to require Lender to proceed against or exhaust any security, or to proceed against or exhaust any security in any particular order; (e) any right to require Lender to pursue any remedy of Lender; (f) any right to direct the application of any security held by Lender; (g) any right of subrogation, any right to enforce any remedy, which Lender may have against Borrower, any right to participate in any security now or hereafter held by Lender and any right to reimbursement from Borrower for amounts paid to Lender by Guarantor, until all of the Secured Obligations have been satisfied; (h) benefits, if any, of Guarantor under any anti-deficiency statutes or single-action legislation; (i) any defense arising out of any disability or other defense of Borrower, including bankruptcy, dissolution, liquidation, cessation, impairment, modification, or limitation, from any cause, of any liability of Borrower, or of any remedy for the enforcement of such liability; (j) any statute of limitations affecting the liability of Guarantor hereunder; (k) any right to plead or assert any election of remedies by Lender; and (1) any other defenses available to a surety under applicable law.

8.Subordination by Guarantor.  Guarantor hereby agrees that any indebtedness of Borrower to Guarantor, whether now existing or hereafter created, shall be, and is hereby, subordinated to the outstanding indebtedness of Borrower to Lender under the Loan Documents.  At any time during which a Default or an Event of Default shall exist and is continuing, Guarantor shall not accept or seek to receive any amounts from Borrower on account of any indebtedness of Borrower to Guarantor.  

9.Bankruptcy Reimbursements.  Guarantor hereby agrees that if all or any part of the Obligations paid to Lender by Borrower or any other party liable for payment and satisfaction of the Obligations are recovered from Lender in any bankruptcy proceeding, Guarantor shall reimburse Lender immediately on demand for all amounts of such Obligations so recovered from Lender, together with interest thereon at the Default Rate (as such term is defined in the Notes) from the date such amounts are so recovered until repaid in full to Lender.  For purposes of the reimbursement of Lender by Guarantor under this Section 9, the provisions of this Guaranty shall survive repayment of the Secured Obligations until all amounts recovered 

3

 

 

from Lender, and any other amounts due thereon under this Guaranty, shall have been reimbursed in full.

10.Jurisdiction and Venue.  Guarantor hereby submits itself to the jurisdiction and venue of any federal or state court located in or serving the City of New York, County of New York, in the State of New York, in connection with any action or proceeding brought for enforcement of Guarantor’s obligations hereunder, and hereby waives any and all personal or other rights under the law of any other country or state to object to jurisdiction within such locations for purposes of litigation to enforce such obligations.  Guarantor agrees that service of process upon Guarantor shall be complete upon delivery thereof in any manner permitted by law to Guarantor’s agent for service of process as designated in Section 11 below.

11.Service of Process.  

(a)Guarantor hereby appoints Schiff Hardin LLP, 666 Fifth Avenue, 17th Floor, New York, New York  10103, c/o Christine McGuinness Esq., as its lawfully designated agent for service of process and hereby consent to such service for purposes of submitting to the jurisdiction and venue of any federal or state court located in or serving the City of New York, County of New York, in the State of New York, as provided in Section 10 hereof.  Guarantor hereby agrees that Guarantor shall not change Guarantor’s designated agent without giving prior written notice thereof to Lender and without having received Lender’s prior express written consent to such redesignation.  In the event that service of process in accordance with the foregoing is not possible after two (2) weeks’ reasonable effort by Lender, Guarantor hereby consents to service by publication in a newspaper of general circulation in or serving the City of New York, County of New York, in the of State of New York.

(b)Guarantor hereby further acknowledges and agrees that delivery to Guarantor, at the address, and in any manner provided for in Section 16 hereof, of any summons and complaint or any other documents in any action, as evidenced by regular or customary receipt or statement of the delivery firm or United States Post Office, as may be applicable, shall constitute, for all purposes in any such action, service of process for purposes of submitting to the jurisdiction and venue of any federal or state court located in or serving the City of New York, County of New York, in the State of New York, as provided in Section 10 above, and Guarantor hereby consents to any such service. Guarantor hereby agrees that Guarantor shall not change any such address without giving prior written notice thereof to Lender and having received Lender’s written receipt of such change of address notice.

12.Minimum Net Worth and Liquidity.  At all times until repayment in full of the Secured Obligations, Guarantor shall satisfy the Minimum Guarantor Net Worth Requirement and the Guarantor Minimum Available Liquidity Requirement.”

13.Financial Statements.  Each Guarantor shall (x) furnish to Lender the balance sheets, profit and loss statements and other financial statements required by and in the manner set forth in Section 5.1.12 of the Loan Agreement that relate to the Guarantors and (y) otherwise comply with the terms and provisions set forth in Section 5.1.12 of the Loan Agreement that relate to the Guarantors in all respects.  

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14.Assignability.  This Guaranty shall be binding upon Guarantor and Guarantor’s heirs, representatives, successors and assigns and shall inure to the benefit of Lender and Lender’s successors and assigns.  This Guaranty shall follow the Notes and other Loan Documents, which are for the benefit of Lender, and, in the event any of the Notes and other Loan Documents are negotiated, sold, transferred, assigned or conveyed by Lender in whole or in part, this Guaranty shall be deemed to have been sold, transferred, assigned or conveyed by Lender to the holder or holders of the applicable Note or Notes and other Loan Documents, with respect to the Obligations contained therein, and such holder or holders may enforce this Guaranty as if such holder or holders had been originally named as Lender hereunder.

15.Payment of Costs of Enforcement.  In the event any action or proceeding is brought to enforce this Guaranty, Guarantor shall pay all costs and expenses of Lender in connection with such action or proceeding, including, without limitation, all reasonable attorneys’ fees incurred by Lender.

16.Notices.  Any notice, consent or approval required or permitted to be given by Guarantor or Lender under this Guaranty shall be in writing and will be deemed given (a) upon personal delivery, (b) on the first Business Day after receipted delivery to a courier service which guarantees next-business day delivery or (c) on the third Business Day after mailing, by registered or certified United States mail, postage prepaid, in any case to the appropriate party at its address set forth below:

If to Guarantor:

GTJ REIT, Inc.

60 Hempstead Avenue, Suite 718

West Hempstead, New York  11552

Attention:  Paul Cooper

 

with copies to:

 

Schiff Hardin LLP

666 Fifth Avenue, 17th Floor

New York, New York  10103

Attention:  Christine A. McGuinness

 

If to Lender:

American General Life Insurance Company

The Variable Annuity Life Insurance Company

The United States Life Insurance Company in the City of New York 

American Home Assurance Company

Commerce and Industry Insurance Company

c/o AIG Asset Management

777 S. Figueroa Street, 16th Floor 

Los Angeles, California 90017-5800

Attention:  Director-Mortgage Lending and Real Estate

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with a copy to:

 

Katten Muchin Rosenman LLP

2929 Century Park East, Suite 2600

Los Angeles, California  90067

Attention:  Adam J. Engel, Esq.

 

Any party may change such party’s address for notices or copies of notices by giving notice to the other party in accordance with this Section 16.

17.Reinstatement of Obligations.  If at any time all or any part of any payment made by Guarantor or Borrower or received by Lender from Guarantor or Borrower under or with respect to this Guaranty or the other Loan Documents is, or must be, rescinded or returned for any reason whatsoever (including, but not limited to, the insolvency, bankruptcy or reorganization of Guarantor or Borrower), then the Obligations shall, to the extent of the payment rescinded or returned, and to the extent permitted by law, be deemed to have continued in existence, notwithstanding such previous payment made by Guarantor or Borrower, as applicable, or receipt of payment by Lender, and the Obligations shall continue to be effective or be reinstated, as the case may be, as to such payment, all as though such previous payment by Guarantor or Borrower had never been made.  For purposes of this Section 17, the provisions of this Guaranty shall survive repayment of the Secured Obligations until all amounts rescinded or returned, and any other amounts due under this Section, shall have been reimbursed in full.

18.Severability of 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, the legality, validity, and enforceability of the remaining provisions of this Guaranty shall not be affected thereby, and in lieu of each such illegal, invalid or unenforceable provision there shall be added automatically as a part of this Guaranty a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable.  

19.Joint and Several Obligation.  If Guarantor is more than one Person, then: (a) all Persons comprising Guarantor are jointly and severally liable for all of the Obligations; (b) all representations, warranties, and covenants made by Guarantor shall be deemed representations, warranties, and covenants of each of the Persons comprising Guarantor; (c) any breach, Default or Event of Default by any of the Persons comprising Guarantor hereunder shall be deemed to be a breach, Default, or Event of Default of Guarantor; and (d) any reference herein contained to the knowledge or awareness of Guarantor shall mean the knowledge or awareness, of any Person comprising Guarantor.

20.Waiver.  Neither the failure of Lender to exercise any right or power given hereunder or to insist upon strict compliance by Borrower, Guarantor, any other guarantor or any other Person with any of its obligations set forth herein or in any of the Loan Documents to which it is a party, nor any practice of Borrower or Guarantor at variance with the terms hereof or of any Loan Documents to which it is a party, shall constitute a waiver of Lender’s right to demand strict compliance with the terms and provisions of this Guaranty.

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21.Certain Waivers.  GUARANTOR, BY SIGNING THIS GUARANTY, AND LENDER, BY ACCEPTING THIS GUARANTY, EACH KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS GUARANTY, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY OR ANY LOAN DOCUMENT TO WHICH IT IS A PARTY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR PURPOSES OF LENDER AND GUARANTOR ENTERING INTO THE SUBJECT LOAN TRANSACTION.

22.Applicable Law. This Guaranty and the rights and obligations of the parties hereunder shall be governed by and interpreted in accordance with the laws of the State of New York, without reference to conflicts of law principles.

23.New York Provisions. Guarantor acknowledges and agrees that this Guaranty is, and is intended to be, an instrument for the payment of money only, as such phrase is used in Section 3213 of the Civil Practice Law and Rules of the State of New York, that Guarantor has been fully advised by its counsel of Lender’s rights and remedies pursuant to such Section 3213 and that Guarantor expressly waives any right, and hereby agrees not, to assert that this Guaranty is not such an instrument.

24.Acceptance of Cures for Event of Default.  Notwithstanding anything to the contrary contained in this Guaranty or the other Loan Documents (including, without limitation, any reference to the “continuance” of an Event of Default or that an Event of Default is “continuing”), Lender shall in no event or under any circumstance be obligated or required to accept a cure by Borrower, Guarantor or any other Person of an Event of Default unless Lender agrees to do so in the exercise of its sole and absolute discretion, it being agreed that once an Event of Default has occurred and so long as Lender has not determined to accept a cure of such Event of Default in writing, Lender shall be absolutely and unconditionally entitled to pursue all rights and remedies available to it under the Loan Documents, at law or in equity or otherwise.

25.Representations and Warranties.  Guarantor represents and warrants as of the date hereof to Lender as follows:

(a)Guarantor is a direct and/or indirect owner of ownership interests in Borrower, as set forth in the Organizational Certificate,

(b)The execution, delivery and performance by Guarantor of the Loan Documents to which it is a party are within the power and authority of Guarantor and have been duly authorized by all necessary action and will not violate any provision of the organizational documents of Guarantor.

(c)This Guaranty and the other Loan Documents to which Guarantor is a party will, when delivered hereunder, be valid and binding obligations of Guarantor, enforceable against Guarantor in accordance with their respective terms, except as 

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limited by equitable principles and bankruptcy, insolvency and similar laws affecting creditors’ rights.

(d)The execution, delivery and performance by Guarantor of the Loan Documents to which Guarantor is a party will not contravene any contractual or other restriction binding on or affecting Guarantor, and will not result in or require the creation of any lien, security interest, other charge or encumbrance (other than pursuant hereto) upon or with respect to any of its respective properties. 

 (e)The execution, delivery and performance by Guarantor of the Loan Documents to which Guarantor is a party does not contravene any applicable law or regulation.  

(f)No authorization, approval, consent or other action by, and no notice to or filing with, any court, governmental authority or regulatory body is required for the due execution, delivery and performance by Guarantor of any of the Loan Documents to which Guarantor is a party or the effectiveness of any assignment of any of Guarantor’s rights and interests of any kind to Lender.   

(g)Guarantor has not made any assignment for the benefit of creditors, nor has Guarantor filed, or had filed against Guarantor, any petition in bankruptcy.  

(h)There is no pending or to the knowledge of Guarantor threatened litigation, action, proceeding or investigation, including, without limitation, any condemnation proceeding, against Guarantor before any court, governmental or quasi-governmental, arbitrator or other authority.  

(i)Guarantor is a “non-foreign person” within the meaning of Sections 1445 and 7701 of the United States Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.  

(j)Guarantor has filed or has obtained extensions to file all tax returns which are required to be filed by Guarantor.  

(k)Guarantor has independently and without reliance upon Lender and based on such documents and information as Guarantor has deemed appropriate, made Guarantor’s own credit analysis and decision to enter into this Guaranty.

(l)No statement of fact made by or on behalf of Guarantor in this Guaranty or in any of the other Loan Documents to which Guarantor is a party contains any untrue statement of material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading.

(m)Guarantor is not (i) a Prohibited Person, or (ii) subject to any other Legal Requirement the purpose of which is to restrict or regulate Guarantor’s ability to comply with this Guaranty.

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(n)Guarantor is not contemplating either the filing or a petition by Guarantor under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of its assets or property.  To Guarantor’s knowledge, no Person is contemplating the filing of any such petition against Guarantor.

(o)Guarantor does not receive more than five percent (5%) of its revenue from business conducted in or with countries sanctioned by the U.S. Treasury Department of Foreign Assets Control, except in connection with “Country Sanction Programs” promulgated thereby.

 [Remainder of the Page Intentionally Left Blank]

 

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

GUARANTOR:

 

 

GTJ REIT, INC., 
a Maryland real estate investment trust

 

 

 

By: /s/ Paul A. Cooper   

      Paul A. Cooper

      CEO

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