Document:

Exhibit 10.14

 Exhibit 10.14 
 LOAN AGREEMENT 
 This Loan Agreement is executed and delivered in connection with that
certain loan in the principal amount not to exceed $4,785,000.00 (the “Loan”), from METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation (the “Lender”), to SAN ANDREAS ROAD WATSONVILLE, LLC, a California
limited liability company (the “Borrower”), evidenced by a Promissory Note of even date herewith (the “Note”), and secured by a Deed of Trust, Security Agreement, Assignment of Rents and Leases and Fixture Filing of
even date herewith (the “Deed of Trust”) encumbering certain real and personal property described in the Deed of Trust (the “Property”) and any additional documents required by Lender (the “Security
Documents”). The Loan is guaranteed under that certain Loan Guaranty Agreement dated as of even date herewith executed by Gladstone Land Corporation, a Maryland corporation (“Guarantor”). The purpose of this Loan Agreement
is to set forth certain additional terms and conditions pursuant to which the Loan is granted. 
  

	1.	Continued Operations: Borrower shall continue, in substantially the same manner and degree as at present and as anticipated by and required under the Lease of
the Property, the farming and agricultural operations on the Property. Borrower acknowledges that such continued operations constitute a significant inducement to Lender to make the Loan. 

 

	2.	Notice of Change of Status: Borrower agrees that it shall promptly notify Lender of the following: 

 

	 	a.	if any assets of Borrower are surrendered in satisfaction of a debt or obligation; 

 

	 	b.	if any existing farm operating entity or real estate ownership entity of Borrower or any Guarantor of the Loan, or any manager of Borrower is dissolved or amended;

  

	 	c.	if the lease for any material portion of the Property expires or is terminated; 

 

	 	d.	if the irrigation water supply to the Property is materially interrupted, or subject to material interruption, for any reason; and 

 

	 	e.	upon the commencement of any litigation, including any arbitration or mediation, and of any proceedings before any governmental agency which could materially and
adversely affect the Property, the Borrower, the Guarantor or Lender. 

  

	3.	Representations and Warranties of Borrower: Borrower hereby represents and warrants that, and agrees to furnish Lender on request with evidence confirming that:

  

	 	a.	the Property is taxed and billed separately from real property not subject to the Deed of Trust, and no part of the Property is located within a flood zone, other than
those certain 36 acres in the southeast corner of the Property which are in Flood Zone AE; 

  
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	 	b.	no members of Borrower’s immediate family, if Borrower is an individual; no member of Borrower, if Borrower is a limited liability company; no partner of Borrower,
if Borrower is a partnership; no stockholder of Borrower, if Borrower is a corporation (other than a corporation listed on a recognized, national stock exchange); or no beneficiary of Borrower, if Borrower is a trust, is an officer or director of
Lender or is a relative of an officer or director of Lender within the following categories: a son, daughter, or descendant of either; a stepson, stepdaughter, stepfather, stepmother; father, mother, or ancestor of either; or a spouse;

  

	 	c.	neither Borrower, nor any partner of Borrower, nor any member of Borrower, nor any stockholder of Borrower is, and no legal nor beneficial interest in a partner,
member, stockholder or beneficiary of Borrower is or will be held, directly or indirectly by, a “foreign person” under the International Foreign Investment Survey Act of 1976, the Agricultural Foreign Investment Disclosure Act of 1978, the
Foreign Investments in Real Property Tax Act of 1980, the amendments of such Acts or regulation promulgated pursuant to such Acts; 

  

	 	d.	to the best of Borrower’s knowledge following due inquiry, (i) neither the Property nor any portion thereof has been used for the production, storage,
transportation, release or disposal of any substances defined as “hazardous” or “toxic” under any applicable laws or regulations (“Hazardous Materials”), excepting only the storage and use of those pesticides,
herbicides and other agricultural chemicals reasonably and customarily used in connection with agricultural operations of the type from time to time conducted on the Property (“Agricultural Chemicals”), all of which Agricultural
Chemicals have been used in strict compliance with applicable laws, regulations, and labeling requirements, (ii) there has not been any migration of Hazardous Materials onto or under the Property from any offsite sources, (iii) no
Hazardous Materials have been disposed of, spilled or otherwise released on or under the Property and the Property is not contaminated by any Hazardous Materials, (iv) there are no underground storage tanks on or under the Property, whether
such tanks are in use, out of service, or decommissioned, and (v) Borrower has not received any notice, and is not aware, of any administrative or judicial investigations, proceedings or actions with respect to violations, alleged or proven, of
federal, state or local environmental statutes, regulations or ordinances. Borrower represents and warrants that it and its agents, employees, or tenants (if any) will not generate, store, handle, dispose of or otherwise deal with any Hazardous
Materials on the Property, excepting for Agricultural Chemicals, and that any such Agricultural Chemicals will be used in strict compliance with applicable laws, regulations, and labeling requirements; 

  
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	 	e.	(i) As of the date hereof and throughout the term of the Loan, (A) Borrower will not be an employee benefit plan as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to Title I of ERISA, nor a plan as defined in Section 4975(e) (1) of the Internal Revenue Code of 1986, as amended (each of the foregoing
hereinafter referred to collectively as “Plan”), and (B) the assets of the Borrower will not constitute “plan assets” of one or more such Plans within the meaning of Department of Labor (“DOL”)
Regulation Section 2510.3-101; 

 (ii) As of the date hereof and throughout the term of the Loan, if Borrower
is a “governmental plan” as defined in Section 3(32) of ERISA, the closing of the Loan will not constitute or result in a violation of state or local statutes regulating investments of and fiduciary obligations with respect to
governmental plans; 
 (iii) As of the date of the Loan, Borrower will be acting on its own behalf and not on account of or for
the benefit of any Plan; 
 (iv) Borrower has no present intent to transfer the Loan to any entity, person, or Plan which will
cause a violation of ERISA; 
 (v) Borrower shall not assign its interest under the Loan to any entity, person, or Plan which
will cause a violation of ERISA; and 
 (vi) The closing of the Loan and any foreclosures on such Loan will not violate the
provisions of ERISA. 
  

	 	f.	 The membership interests evidenced by the Borrower’s organizational documents have been issued in accordance with all applicable federal and state
securities laws, or authorized exemptions from such securities laws, including, but not limited to, the Securities Act of 1933, as amended, the Securities and Exchange Act of 1934, and the “Blue Sky” laws and regulations in effect in the
state of Borrower’s formation and in the state where the Property is located. The membership interests of Borrower have not been issued in violation of any federal, state or local securities law, and to the extent that these securities have
been issued in reliance on exemptions from such federal or state securities law, all necessary steps have been taken to qualify for such exemptions. The members of Borrower have been properly notified of all applicable securities laws and related
restrictions on their ability to transfer, sell or otherwise dispose of their membership interests in Borrower. The name of Lender is not and will not be in any of the offering materials provided or to be provided to any person, including,

  
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but not limited to, any of the members of Borrower or any shareholders of Guarantor, nor has there been any representation, whether written, oral or otherwise, that Lender in any way has
participated or endorsed the offering of the membership interests in Borrower. 
  

	4.	Default: A default under this Loan Agreement shall constitute a default and an Event of Default under the Note, Deed of Trust and other Security Documents.

  

	5.	Additional Covenants: In addition to any other responsibilities of Borrower, Borrower and/or its subsidiaries or affiliates (where applicable) shall:

  

	 	a.	allow representatives of Lender to visit and inspect the Property, to examine the books of account and other records and files of Borrower, to make copies thereof and
to discuss the affairs, business, finances and accounts of Borrower with Borrower and/or its affiliates or subsidiaries, their respective officers and employees, all at such reasonable times and as often as Lender may reasonably request; and

  

	 	b.	see Exhibit A attached hereto for additional terms and conditions. 

  

	6.	Conflict: In the event of a conflict between the terms of this Note, Deed of Trust and this Loan Agreement, on one hand, and the Agricultural Investments Loan
Application and Summary Outline of Major Business Terms executed by Borrower, as amended, the terms of the Note, Deed of Trust and this Loan Agreement shall prevail. 

 

	7.	Affiliates: Transactions between Borrower on the one hand, and with Affiliates of Borrower on the other hand, shall not be consummated by Borrower on terms
materially more favorable to the Affiliate than would have been obtained in an arm’s length transaction in the ordinary course of business with any Person that is not an Affiliate. For purposes of the foregoing, the term “Affiliate”
shall mean any person which, directly or indirectly, controls or is controlled by or is under common control with Borrower or which beneficially owns or holds or has the power to direct the voting power of five percent (5%) or more of any class
of voting stock or equity interest of Borrower or which has five percent (5%) or more of its voting stock (or in the case of a person which is not a corporation, five percent (5%) or more of its equity interest) beneficially owned or held,
directly or indirectly, by Borrower. For purposes of this definition, “control” means the power to direct the management and policies of a person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

  
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 Dated this 23rd day of May, 2012. 

 

							
	 “BORROWER”
  

SAN ANDREAS ROAD WATSONVILLE, LLC,
 a California
limited liability company

		
	By:	 	 Gladstone Land Limited Partnership, a
 Delaware limited partnership, its Manager

			
		 	By:	 	 Gladstone Land Corporation,
 a Maryland corporation,
 its General Partner

				
		 		 	By:	 	/s/ David Gladstone
		 		 		 	David Gladstone
		 		 		 	Its Chief Executive Officer

 (signatures continue on next page) 

  
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 Guarantor executes this Loan Agreement to signify its consent to the terms hereof and its agreement with the
terms, conditions and obligations applicable to Guarantor as set forth herein or related to the subsequent disbursement of the Loan. 
  

			
	 “GUARANTOR”
  

GLADSTONE LAND CORPORATION,
 a Maryland
corporation

		
	By:	 	/s/ David Gladstone
		 	David Gladstone
		 	Its Chief Executive Officer

 [The remainder of page intentionally left blank] 

  
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 EXHIBIT A 

ADDITIONAL TERMS AND CONDITIONS TO LOAN AGREEMENT 

 

	(1)	FINANCIAL INFORMATION: Borrower shall furnish Lender, annually within one hundred twenty (120) days after the end of each fiscal year of Borrower and
Guarantor, the following financial information, certified to be true and correct: 

  

	 	a.	Income Statement of Borrower and Statement of Cash Flows; 

  

	 	b.	Consolidated financial statements and related reports of Borrower and of Guarantor; and 

 

	 	c.	Tax Returns of Borrower and Guarantor, provided, however, that Borrower and Guarantor shall have the later of (i) September 15th of each year during the term
of the Loan and (ii) two hundred fifty five (255) days after its fiscal year end to provide said tax returns. 

 Said financial statements, including the related schedules and notes, shall be complete and correct and fairly present (i) the financial condition of Borrower and Guarantor as at the respective dates
of said balance sheets and (ii) the results of the operations and changes in financial position of Borrower and Guarantor for the fiscal years ended on said dates, all in conformity with generally accepted accounting principles applied on a
consistent basis (except as otherwise stated therein or in the notes thereto) throughout the periods involved. 
  

	(2)	FINANCING STATEMENTS: Borrower hereby authorizes Lender to prepare and file Uniform Commercial Code financing statements, and Borrower shall execute security
agreements naming Lender as secured party on all of the following, now or hereafter acquired and which are owned by Borrower: 

  

	 	a.	frost protection equipment, irrigation equipment and drip system, including pumps, motors, pipes, pivots, and related assets; 

 

	 	b.	crops grown on the Property and all governmental payments or entitlements relating to the property; 

 

	 	c.	all water agreements and related water delivery contracts, easements, permits and licenses; and 

 

	 	d.	Borrower’s interest as lessor in any leases of the Property. 

  
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	(3)	OBLIGATIONS OF BORROWER: Borrower acknowledges that Borrower’s and Guarantor’s present financial condition, as represented by Borrower and Guarantor,
constitutes a significant inducement to Lender to make the Loan and Borrower further agrees that it shall not, without the prior written consent of Lender, do any of the following: 

 

	 	a.	cause or suffer to be placed, any liens (other than for real estate taxes not yet due and payable) or other encumbrances upon the Property or any portion thereof
without obtaining the prior written consent of Lender, which may be withheld in Lender’s sole discretion; 

  

	 	b.	become a guarantor or endorser for the indebtedness of another party other than the Loan; 

 

	 	c.	make any contributions, dividends, loans or other cash advances directly or indirectly, if Borrower is or becomes a subsidiary or affiliate of another company, or
create a subsidiary or affiliate of its own, to any such parent, subsidiary or affiliate if the Loan is in default or if any interest and/or principal payments currently due and payable are outstanding or if the Borrower will not be able to make
loan payments during the following twelve (12) months; or 

  

	 	d.	pay any dividends (cash, stock or other forms) or net stock purchases, directly or indirectly, if the Loan is in default or if any interest and/or principal payments
currently due and payable are outstanding. 

  

	(4)	NO SECONDARY FINANCING. Borrower shall not encumber, or allow the encumbrance of, any of the Property or other security for the Loan without obtaining the prior
written consent of Lender, which may be withheld in Lender’s sole discretion. 

  

	(5)	CROSS-DEFAULT. The Loan is cross-defaulted with Loan No. 194552 made by the Lender to West Gonzales Road Oxnard, LLC, West Beach Street Watsonville, LLC,
Dalton Lane Watsonville, LLC and Keysville Road Plant City, LLC, collectively as borrower, and guaranteed by Guarantor, as such loan may be amended, modified or disbursed from time to time (the “Existing Loan”). Accordingly, a
default under the Loan or any of the Loan Documents or Security Documents shall constitute a default under the Existing Loan, and likewise, a default under the Existing Loan shall constitute a default and Event of Default under the Note and the
Security Documents. 

  
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	(6)	PROVISIONS RELATING TO REVOLVING LINE OF CREDIT. The following provisions apply to the revolving line of credit evidenced by the Note: 

 

	 	a.	The Borrower may request and receive loan disbursements under the Note up to a maximum aggregate principal amount of Four Million Seven Hundred Eighty-Five Thousand
Dollars ($4,785,000) (the “Maximum Available Amount”), provided that: 

  

	 	(1)	Each-disbursement shall be in an amount of One Hundred Thousand Dollars ($100,000) or more, and must be in even increments of One Thousand Dollars ($1,000);

  

	 	(2)	The initial disbursement shall be no less than the minimum amount of One Hundred Thousand Dollars ($100,000); 

 

	 	(3)	Disbursements are limited to two (2) disbursements per calendar month; 

 

	 	(4)	No default shall exist at the time of any disbursement under the Note, Deed of Trust, the Loan Agreement or any other Security Document, nor shall any circumstance
exist which, under the passage of time or notice or both, would constitute a default; 

  

	 	(5)	Written request for a disbursement must be received by Lender no later than 12:00 p.m., Pacific Prevailing Time, on the business day prior to the business day on which
funds are desired (such notice may be made by telephone with a written confirmation to follow within twenty-four (24) hours by overnight courier or facsimile); 

 

	 	(6)	The written request must be in the form approved by Lender and must include each of the following: 

 

	 	(a)	The written request must be on the letterhead of the Borrower and signed by one of the Authorized Persons identified herein; 

 

	 	(b)	Indicate the Lender’s loan number and the Borrower name; 

  

	 	(c)	Indicate the day and date funds are to be wired; 

  

	 	(d)	Indicate the dollar amount to be wired; 

  

	 	(e)	Include the physical address, ABA routing number and account number(s) of the recipient bank; 

 

	 	(f)	Name of the account where the funds are to be deposited; 

  

	 	(g)	Identify the type of account; and 

  

	 	(h)	Include a contact name and phone number at the recipient bank. 

  
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	 	(7)	Lender shall have received such additional information and documentation, in a form and substance satisfactory to Lender, as Lender may reasonably request, confirming
compliance with any and all of the covenants representatives and warranties contained in the Note, Deed of Trust, the Loan Agreement and Security Documents; 

 

	 	(8)	No disbursement under the Note shall be made after April 5, 2017. 

  

	 	b.	In the event that the outstanding principal balance under the Note shall at any time prior to April 5, 2017, be less than $100,000, then the entire outstanding
principal balance of the Note, together with accrued interest thereon at the Default Rate, shall, at Lender’s option, become due and payable ten (10) days after receipt of written notice from Lender. After such notice from Lender,
Borrower’s rights to draw under the Note shall cease, and Lender shall have no further obligation to make disbursements under the Note. 

  

	 	c.	In the event that the outstanding principal balance under the Note shall at any time exceed the Maximum Available Amount as set forth above, Borrower shall immediately,
without the requirement of any oral or written notice by Lender, prepay the principal of this Note in an aggregate amount at least equal to such excess. 

  

	 	d.	The principal balance outstanding at any time under the Note may be evidenced by Lender’s internal records, including computer printouts, or endorsements to the
Note or a schedule attached thereto (none of which need to be signed or initialed) and absent manifest error, such evidence shall be conclusive as to the outstanding principal balance under the Note. If such endorsements are used, the failure to
make such notation with respect to any advance or payment shall not limit or otherwise affect the Borrower’s obligations under the Note, this Loan Agreement, the Deed of Trust or other Security Documents. 

 

	 	e.	 Borrower shall designate an individual (the “Authorized Person”) as having authority to request disbursements under the Note, and any person
so designated shall remain an Authorized Person until Lender receives written notice to the contrary. A request by an Authorized Person for a disbursement shall constitute a representation and and warranty by Borrower to Lender as of that date that
all of the conditions herein have been satisfied, and that Borrower is in full compliance with all of the covenants, representations and warranties contained in the Note, Deed of Trust and other Security Documents. Borrower recognizes and agrees
that Lender cannot effectively determine whether a specific request purportedly made by or on behalf of Borrower is actually authorized or authentic. As it is in Borrower’s best interest that Lender advance funds in response to a request,
Borrower assumes all 

  
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risks regarding the validity, authenticity and due authorization of any request purporting to be made by or on behalf of Borrower. Borrower promises to repay any sums, with interest, that are
advanced by Lender pursuant to any request which Lender in good faith believes to be authorized. As of the date of this Loan Agreement, the following persons are Authorized Persons, any of whom, acting alone, is authorized to request disbursements
under the Revolving Note on behalf of Borrower: 

  

									
					
		 	 Danielle Jones
	 		 	 Bill Frisbie
	 	
		 		 		 		 	

  

	 	f.	The outstanding principal balance of the Note shall bear interest at the rate specified in the Note. Borrower shall pay interest on the outstanding principal balance of
the Note quarterly, on the fifth (5th) day of each January, April, July and October. 

  

	 	g.	The entire principal balance of the Note shall be due and payable on April 5, 2017 (unless accelerated as provided in the Note, Deed of Trust or Security
Documents). The Note shall be interest-only until maturity, at which time, the entire pricipal balance outstanding shall be due. 

  

	 	h.	Borrower shall pay to Lender quarterly on the fifth (5th) day of each January, April, July and October (the period between each such payment date, a
“Quarter”), an unused facility fee equal to (i) 25 basis points (0.25%) per annum, times (ii) $4,785,000 less the average weighted principal balance of the Note during the Quarter then ended (the “Facility Fee”). The
Facility Fee shall be prorated for partial Quarters. 

  
 11Exhibit 10.15

 Exhibit 10.15 
 LOAN GUARANTY AGREEMENT 
 This Loan Guaranty Agreement
(“Guaranty”), dated as of the 23rd day of May, 2012, is made by GLADSTONE LAND CORPORATION, a Delaware corporation (“Guarantor”), to and for the benefit of METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation, its
successors and assigns (“Lender”). 
 RECITALS 

A. SAN ANDREAS ROAD WATSONVILLE, LLC, a California limited liability company (the “Debtor”), is obtaining from Lender a
loan in the original principal amount of up to $4,785,000.00 (the “Loan”), pursuant to the terms of that certain Loan Agreement dated as of the date hereof (the “Loan Agreement”). The Loan is evidenced by a
Promissory Note made by Debtor to the order of Lender in the principal amount of up to $4,785,000.00, dated as of the date hereof (the “Note”), and is secured and supported by the following (referred to herein collectively with the
Loan Agreement as the “Loan Documents”): (i) a Deed of Trust, Security Agreement, Assignment of Rents and Leases and Fixture Filing dated as of even date herewith encumbering certain real property situated in the State of
California as more particularly described in the Loan Agreement, (ii) an Unsecured Indemnity Agreement dated as of even date herewith (the “Indemnity Agreement”), and (iii) such additional documents and instruments
evidencing, securing or otherwise relating to said Loan, including, without limitation, such other documents and instruments as Lender shall reasonably request to further evidence or perfect its security interest in the Collateral defined in the
Loan Agreement. 
 B. As a condition to granting the Loan, Lender has required Guarantor to personally guarantee the Loan.

 C. Guarantor is the direct or indirect majority owner of the Debtor and involved in the business of Debtor and will be
benefited by the Loan to Debtor. 
 NOW THEREFORE FOR VALUE RECEIVED and to enable Debtor to obtain the Loan from Lender,
GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY GUARANTEES the Loan, on the terms set forth below: 
 1. Liability.
Guarantor hereby unconditionally and irrevocably guaranties and promises to pay the Loan, including all interest, reasonable attorneys’ fees, expenses, and charges thereunder (collectively the “Indebtedness”) to Lender, or
order, whether at maturity, by acceleration, or otherwise, and to pay and perform the obligations of Debtor under the Loan Documents and the Indemnity Agreement. The foregoing guarantee is not a guarantee of collection, but rather is an irrevocable,
absolute and unconditional, continuing guarantee of payment and performance. In this regard, the Guarantor hereby waives any rights afforded by California Civil Code Section 2815 and acknowledges that the guarantee set forth in this Guaranty
may not be revoked as to any present or future advances to or existing or additional liability incurred by the Debtor under the terms of the Loan Documents. 

  
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 2. Nature of Guaranty. The obligations hereunder are independent of the obligations
of Debtor, or of any other person whomsoever, and a separate action or actions may from time to time be brought and prosecuted against Guarantor or any other guarantor, whether action is or has been brought against Debtor or any other person, or
whether Debtor or such other person is joined in any such action or actions. Guarantor agrees that its liability hereunder shall not be affected or impaired nor shall Guarantor be discharged in whole or in part, by any of the following-described
occurrences, or any combination thereof with respect to Debtor or any other guarantor, or any partner or affiliate of Debtor: death, incompetency, dissolution, insolvency, bankruptcy (whether or not Debtor or such other guarantor was granted a
discharge with respect to the Loan or this or any other Loan Guaranty Agreement), litigation, or withdrawal; nor shall any action or inaction by Lender with respect to any such event affect Guarantor’s liability in any manner. In the event of
the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to Guarantor or to the property of Guarantor, Lender shall be entitled and empowered,
by intervention in such proceedings or otherwise: (a) to file and prove a claim for the whole amount of the indebtedness guaranteed hereby and to file such other papers or documents as may be necessary or advisable in order to have the claims
of Lender (including any claims for the reasonable compensation, expenses, disbursements and advances of Lender and Lender’s agents and counsel) allowed in such judicial proceedings; and (b) to collect and receive any monies or other
property payable or deliverable on any such claims. 
 3. Waivers of Notice Lender shall be under no obligation
whatsoever to make or to give to Debtor or to Guarantor, and Guarantor hereby waives, any demand, protest, or notice of any other kind, including presentment for payment, notice of nonpayment or dishonor, protest, notice of acceptance of this
Guaranty, notice of existence, creation of incurring of new or additional indebtedness or of any action or nonaction on the part of Debtor or any other person whomsoever in connection with any obligation or evidence of indebtedness held by Lender,
notice of any adverse change in the financial condition of Debtor or any other guarantor, and notice of any other fact that might materially increase the risk of Guarantor hereunder. 

4. Waiver of Subrogation and Subordination of Rights against Debtor. Guarantor hereby waives any right it may have against Debtor
now or in the future for subrogation, indemnity, reimbursement, or contribution (collectively “Subrogation Rights”) in any way related to or arising from the obligations hereby guaranteed until 367 days after the obligations hereby
guaranteed have been satisfied in full. Guarantor agrees that the payment of any amount or amounts by Guarantor pursuant to this Loan Guaranty Agreement shall not in any way entitle Guarantor, whether at law, in equity, or otherwise, to any right to
(i) participate in any security held by Lender for the payment of the obligations guaranteed hereunder, or (ii) direct the application or disposition of any such security, or (iii) direct the enforcement of any such security.
Guarantor further agrees that all other indebtedness and liabilities now or at any time hereafter owing by 

  
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Debtor to Guarantor are hereby subordinated to the obligations guaranteed hereunder, and that, upon request of Lender during a continuance of a default under the Loan Documents, any payment of
indebtedness owed by Debtor to Guarantor shall be received by Guarantor as trustee for Lender on account of the obligations guaranteed hereunder. 
 5. Application of Payments. Lender is hereby authorized to apply, with or without notice to Guarantor, any and all payments from Debtor or Guarantor or any other guarantor and any proceeds from any
security for the Indebtedness to any obligation or obligations owed to Lender by Debtor, in such manner and order of priority as Lender sees fit, whether or not such obligation is due at the time of such application. Lender may, at any time
appropriate during the continuance of a default under the Loan Documents, apply toward payment of Guarantor’s obligations hereunder any moneys, credits or other property belonging to Guarantor in the possession or control of Lender (including
all balances, credits, deposits and moneys), and Lender is hereby granted a first priority lien and security interest thereon. 

6. Waivers of Surety Rights and Defenses. 
 a. General Waiver. Guarantor hereby waives any benefit of and any right to participate in any security for the Loan. Lender, at its sole discretion and without any notice to Guarantor whatsoever,
may exercise any right or remedy which Lender may have, and Guarantor agrees to pay the Indebtedness despite the loss of any rights that Guarantor may suffer or the accrual of any defenses that Guarantor may acquire as a result of any action,
inaction, or election on the part of Lender or its agents, all of which rights and defenses are hereby waived by Guarantor. Guarantor acknowledges that Lender’s elections in the manner and timing of pursuing collection of the indebtedness and
in foreclosing upon some or all of the security for the Loan may limit or destroy Guarantor’s rights and remedies (including Subrogation Rights) against Debtor, and Guarantor waives any rights Guarantor may have to require Lender to protect or
preserve any of Guarantor’s rights and remedies as against Debtor and waive any defenses that Guarantor may have, whether based on estoppel or otherwise or on the loss of any right or remedy against Debtor (including Subrogation Rights).
Without limiting the foregoing, Guarantor waives any rights and defenses arising out of any of the following: 
  

	 	(1)	the operation of Civil Code Sections 2845 and 2849, and Guarantor agrees to pay the Indebtedness despite Lender’s failure to proceed against Debtor or any other
person, firm or corporation and despite Lender’s failure to exercise any right or remedy not otherwise available to Guarantor; 

  

	 	(2)	the failure of Lender to exercise diligence in collection or enforcement of the Loan; 

 

	 	(3)	 the operation of any doctrine of laches or any statute of limitations affecting enforcement of the indebtedness against Debtor or affecting
Guarantor’s liability hereunder, and Guarantor agrees to pay the Indebtedness without regard to the 

  
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running of time; to the extent that such defenses are deemed not fully waivable, Guarantor agrees that payment of any portion of the Indebtedness or other act which tolls or defeats any defense
of laches or defense under any statute of limitations applicable to Debtor shall similarly operate to toll and defeat such defenses applicable to the liability of Guarantor; 

 

	 	(4)	the unenforceability of any document or instrument executed by Lender or by Debtor; 

 

	 	(5)	all rights of subrogation, reimbursement, indemnification and contribution and any other rights and defenses that are or may become available to the Guarantor or other
surety by reason of California Civil Code Sections 2787 to 2855, inclusive 

 b. Modifications of
Indebtedness. Lender is authorized to modify or waive any terms of the Loan Documents, to refinance the Loan, to accept partial payments, to modify, accelerate, extend, renew or change the time or manner for the payment of the Indebtedness or
any installments payable thereon, to increase or decrease the rate of interest thereon, to release, substitute or add any one or more makers or endorsers on the Loan. Lender is hereby authorized to do any of the foregoing without notice to or
additional consent by Guarantor, and Guarantor agrees that any such action by Lender shall not affect Guarantor’s liability in any manner, and Guarantor waives the provisions of California Civil Code §2819. 

c. Waivers with Respect to Security. Lender may subordinate the priority of any of its security interests securing the
Indebtedness or this Guaranty and may release, surrender, sell, exchange, or substitute any rights or property interests now or hereafter held to secure the Loan or this Guaranty or accept any additional security to secure the Loan or this Guaranty,
without notice to or additional consent by Guarantor. Lender may proceed against Guarantor for any amount hereby guaranteed without proceeding against or applying any security it now or hereafter holds, and the obligations of Guarantor hereunder
shall be without regard to the value of any security for the Loan. Guarantor specifically agrees that in the event of any deficiency resulting after the foreclosure of the Deed of Trust, Guarantor shall be and hereby is expressly made liable to
Lender for the full amount of such deficiency, notwithstanding any provision of California law which may prevent Lender from enforcing such deficiency against Debtor or Debtor’s successors and assigns. Without limiting the foregoing, Guarantor
waives: 
  

	 	(1)	the operation of California Code of Civil Procedures Section 580d, and Guarantor agrees to pay any deficiency arising by reason of the Lender’s exercise of a
power of sale of collateral or security rather than pursuing judicial foreclosure, and Guarantor waives any defense under the rule of the case of Union Bank v Gradsky (1968) (265 C.A.2d 40); 

 

	 	(2)	the operation of California Code of Civil Procedure Section 580b, and Guarantor agrees to pay any deficiency arising by reason of Lender’s private or judicial
sale of any security given to Lender to secure the indebtedness, whether or not such credit was extended for the purchase price of said collateral; 

  
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	 	(3)	the operation of California Code of Civil Procedure Sections 580a and 726 and Civil Code Sections 2849 and 2850, and Guarantor agrees to pay the Indebtedness without
Lender first being required to pursue any or all of the security for the Indebtedness and agree to pay any deficiency arising by reason of a foreclosure (whether judicial or nonjudicial) without regard to the fair value of the security sold; and

  

	 	(4)	the failure of Lender to perfect or maintain the perfection of any security interest in the collateral for the Loan or to record or register any lien or encumbrance
thereon. 

 Also without limiting the generality of the foregoing, and pursuant to Section 2856 of the
California Civil Code, Guarantor waives all rights and defenses that Guarantor may have because the Loan is secured by real property. This means, among other things: 
 (a) Lender may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Debtor or any other party; 

(b) if Lender forecloses on any real property collateral pledged by Debtor or any other party: 

(i) the amount of the debt may be reduced only by the price for which the collateral is sold at the foreclosure sale, even if the
collateral is worth more than the sale price; and 
 (ii) Lender may collect from Guarantor even if Lender, by foreclosing on
the real property collateral has destroyed any right the Guarantor may have to collect from the Debtor or any other party. 
 This is an
unconditional and irrevocable waiver of any rights and defenses Guarantor may have because the Debtor’s debt is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon
Section 580a, 580b, 580d, or 726 of the Code of Civil Procedure and any rights or defenses available under California law. 

7. Preferences. If any payment by Guarantor to Lender under this Guaranty is held to constitute a preference under any applicable
bankruptcy laws, or if under applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws of general application with respect to creditors, Lender is required to refund part or all of any payment by
Guarantor or pay the amount thereof to any other party, such payment to Lender shall not constitute a release from any liability hereunder, and Guarantor’s liability hereunder shall be reinstated to such extent. This Guaranty shall continue to
be effective, or reinstated, as the case 

  
 5 

 
may be, if at any time payment, or any part hereof due under the Loans, is rescinded or must otherwise be restored or returned by Lender upon the insolvency, bankruptcy, dissolution, liquidation
or reorganization of Debtor, or upon or as a result of the appointment of a receiver, intervener or conservator of, or trustee or similar officer for, Debtor or any substantial part of its property, or otherwise, all as though such payments had not
been made. 
 8. Rights Cumulative. All rights, powers and remedies of Lender hereunder and under any other agreement now
or at any time hereafter in force between Lender and Guarantor, or some of them, shall be cumulative and not alternative and shall be in addition to all rights, powers and remedies given to Lender by law. This Guaranty is in addition to such other
security as Lender now or hereafter may have. 
 9. Representations and Warranties. Guarantor hereby represents and
warrants to Lender that (a) Guarantor is a corporation duly formed and validly existing under the laws of the State of Maryland, and is qualified to transact business in each jurisdiction as may be necessary or required for it to conduct its
business, (b) the sole shareholder of Guarantor is David Gladstone, (c) it is in compliance with each of the covenants set forth in the Loan Agreement and the Unsecured Indemnity, all of which are reaffirmed herein, (d) Guarantor is
currently, and at all times from and after the date of this Agreement has been, informed of the financial condition of Debtor and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment or
nonperformance of the Loan or the Loan Documents, and (e) Guarantor has read and understands the terms of the Loan Agreement, the Unsecured Indemnity Agreement and the other Loan Documents. Guarantor hereby makes and confirms to and for the
benefit of Lender each of the representations and warranties of the Debtor set forth in the Loan Agreement. 
 10.
Miscellaneous. 
 a. Construction. This Guaranty shall be construed in light of its reasonable meaning, without
regard to California Civil Code §1654, and it shall not be strictly construed against or in favor or either party. The headings of Sections and Subsections are for the convenience of the reader only and shall not be used to construe the meaning
of any provision of this Guaranty. Except as the context otherwise requires, the term “including” (and all variations of that word) will be construed as though immediately followed by the words “without limitation.” Except as the
context otherwise requires, any masculine or neutral pronoun shall be interpreted to include the other, both shall include the female, and the singular shall include the plural, and vice versa. 

b. Severability. In the event that any provision of this Guaranty is determined to be invalid or unenforceable, such
determination shall not affect the validity or enforceability of any other provision of this Guaranty. 

  
 6 

 c. Governing Law This Guaranty shall be interpreted and enforced under the laws of
the State of California applicable with respect to contracts made and to be performed in said State. 
 d. Attorneys’
Fees and Costs. Guarantor agrees without demand to pay to and reimburse Lender for all costs, reasonable attorneys’ fees and other expenses which it expends or incurs in the collection or enforcement of any obligation hereby guaranteed or
in the enforcement of this Guaranty against Guarantor, including those incurred in any proceedings or actions in bankruptcy and those incurred in enforcement of any judgment. 
 e. Binding Upon Successors. This Guaranty shall inure to the benefit of the Lender, its successors and assigns, including the assignees of any obligations guaranteed hereby, and shall bind the
successors and personal representatives of Guarantor. 
 f. Entire Agreement. This Guaranty contains the sole and entire
understanding and agreement of the parties hereto with respect to its subject matter, notwithstanding any prior negotiations, discussions, commitments, representations, agreements or understandings. This Guaranty cannot be terminated or otherwise
amended, changed or modified except by written instrument signed by the parties to be bound. 
 g. Notices. Any notices
to be provided under this Guaranty shall be given in accordance with and governed by the notice provisions set forth in the Loan Agreement. 
 h. Financial Information. Guarantor agrees to submit consolidated financial statements, tax returns and related reports with one hundred twenty (120) days after the end of each fiscal year of
Guarantor, certified to be true and correct; provided, however, that Guarantor shall have the later of (i) September 15th of each year during the term of the Loan and (ii) two hundred fifty five (255) days after its fiscal year
end to provide its tax returns. Said financial statements, including the related schedules and notes, shall be complete and correct and fairly present (i) the financial condition of Guarantor as at the respective dates of said balance sheets,
and (ii) the results of the operations and changes in financial position of Guarantor for the fiscal years ended on said dates, all in conformity with generally accepted accounting principles applied on a consistent basis (except as otherwise
stated therein or in the notes thereto) throughout the periods involved. 
 THE UNDERSIGNED REPRESENTS THAT IT HAS READ AND
UNDERSTANDS ALL OF THE PROVISIONS OF THIS LOAN GUARANTY AGREEMENT AND IS PREPARED TO PAY AND PERFORM ALL OF THE INDEBTEDNESS TO LENDER. 

Signatures appear on following page. 

  
 7 

 IN WITNESS WHEREOF, this Guaranty is executed by Guarantor as of the date first set forth
above. 
  

			
	“Guarantor”
	
	 GLADSTONE LAND CORPORATION, a
 Maryland corporation

		
	By:	 	/s/ David Gladstone
		 	David Gladstone
		 	Its Chief Executive Officer

  
 8

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