Document:

Exhibit 10.2

 

PARENT GUARANTY

 

THIS PARENT GUARANTY
(this “Guaranty”) is executed as of May 6, 2021, by Mack-Cali Realty
Corporation, a Maryland corporation (the “Guarantor”), for the benefit of JPMORGAN CHASE BANK, N.A. (“Administrative
Agent”), in its capacity as the administrative agent for the Lenders under the Credit Agreement defined below, for the
benefit of itself and such Lenders. Capitalized terms used herein without definition shall have the meanings assigned to such terms
in the Credit Agreement defined below.

 

RECITALS

 

A.          Mack-Cali
Realty, L.P., a Delaware limited partnership (“Borrower”), Administrative Agent and the Lenders have entered
into that certain Revolving Credit and Term Loan Agreement of even date herewith (the “Credit Agreement”), pursuant
to which the Lenders have agreed to make available to Borrower Loans and certain other financial accommodations on the terms and
conditions set forth in the Credit Agreement;

 

B.          The
Lenders are not willing to make the Loans, or otherwise extend credit, to Borrower unless the Guarantor unconditionally guarantees
payment and performance to Administrative Agent, for the benefit of the Lenders, of the Guaranteed Obligations (as defined below);
and

 

C.           The
Guarantor is the owner of a direct partnership interest in Borrower, and the Guarantor will directly benefit from the Lenders’
making the Loans and other financial accommodations to Borrower.

 

AGREEMENT

 

NOW, THEREFORE, as
an inducement to the Lenders to make the Loans and other financial accommodations to Borrower, and for other good and valuable
consideration, the receipt and legal sufficiency of which are hereby acknowledged, the Guarantor agrees as follows:

 

 Section 1.    Guaranty
of Obligations. The Guarantor hereby absolutely, irrevocably and unconditionally guarantees to Administrative Agent, for the
benefit of the Lenders, the payment and performance of the Obligations (the “Guaranteed Obligations”) as and
when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise. The Guarantor hereby
absolutely, irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary
obligor, and that the Guarantor shall fully perform each and every term and provision hereof. This Guaranty is a guaranty of payment
and not of collection only. Neither Administrative Agent nor any Lender shall be required to exhaust any right or remedy or take
any action against Borrower or any other person or entity. The Guarantor agrees that, as between the Guarantor and Administrative
Agent and the Lenders, the Guaranteed Obligations may be declared to be due and payable for the purposes of this Guaranty notwithstanding
any stay, injunction or other prohibition which may prevent, delay or vitiate any declaration as regards Borrower and that in the
event of a declaration or attempted declaration, the Guaranteed Obligations shall immediately become due and payable by the Guarantor
for the purposes of this Guaranty.

     

     

    

Section 2.     Guaranty
Absolute. The Guarantor guarantees that the Guaranteed Obligations shall be paid strictly in accordance with the terms of the
Loan Documents. The liability of the Guarantor under this Guaranty is absolute, irrevocable and unconditional irrespective of:
(a) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or
any other amendment or waiver of or any consent to departure from any of the terms of any Loan Document, including any increase
or decrease in the rate of interest thereon; (b) any release or amendment or waiver of, or consent to departure from, or failure
to act by Administrative Agent or the Lenders with respect to, or any impairment of any Lien on, any other guaranty or support
document, or any exchange, release or non-perfection of, or failure to act by Administrative Agent or the Lenders with respect
to, any collateral, for all or any of the Guaranteed Obligations; (c) any present or future law, regulation or order of any jurisdiction
(whether of right or in fact) or of any agency thereof purporting to reduce, amend, restructure or otherwise affect any term of
the Guaranteed Obligations or any Loan Document; (d) any change in the corporate existence, structure, or ownership of Borrower;
(e) without being limited by the foregoing, any lack of validity or enforceability of any Loan Document; and (f) any other setoff,
recoupment, defense or counterclaim whatsoever (in any case, whether based on contract, tort or any other theory) with respect
to the Loan Documents or the transactions contemplated thereby which might constitute a legal or equitable defense available to,
or discharge of, Borrower or a guarantor, other than the payment in full of the Guaranteed Obligations (other than indemnities
and other contingent obligations not then due and payable and as to which no claim has been made).

 

Section 3.     Guaranty
Irrevocable. This Guaranty is a continuing guaranty of the payment of all Guaranteed Obligations now or hereafter existing
and shall remain in full force and effect until this Guaranty is terminated pursuant to Section 17 hereof.

 

Section
4.     Waiver of Certain Rights and Notices. To the fullest extent not prohibited by applicable law, except as specifically
provided herein, the Guarantor hereby waives and agrees not to assert or take advantage of (a) any right to require Administrative
Agent or any Lender to proceed against or exhaust its recourse against Borrower, any other guarantor or endorser, or any security
or collateral held by Administrative Agent (for the benefit of Lenders) at any time or to pursue any other remedy in its power
before proceeding against the Guarantor hereunder; (b) the defense of the statute of limitations in any action hereunder; (c) any
defense that may arise by reason of (i) the incapacity, lack of authority, death or disability of Borrower, the Guarantor or any
other or others, (ii) the revocation or repudiation hereof by the Guarantor or the revocation or repudiation of any of the Loan
Documents by Borrower or any other or others, (iii) the failure of Administrative Agent (on behalf of the Lenders) to file or enforce
a claim against the estate (either in administration, bankruptcy or any other proceeding) of Borrower or any other or others, (iv)
the unenforceability in whole or in part of any Loan Document, (v) Administrative Agent’s election (on behalf of the Lenders),
in any proceeding instituted under the federal Bankruptcy Code, of the application of Section 1111(b)(2) of the federal Bankruptcy
Code, or (vi) any borrowing or grant of a security interest under Section 364 of the federal Bankruptcy Code; (d) presentment,
demand for payment, protest, notice of discharge, notice of acceptance of this Guaranty, and indulgences and notices of any other
kind whatsoever; (e) any defense based upon an election of remedies by Administrative Agent (on behalf of the Lenders) which destroys
or otherwise impairs the subrogation rights of the Guarantor or the right of the Guarantor to proceed against Borrower for reimbursement,
or both; (f) any defense based upon any taking, modification or release of any collateral or other guarantees, or any failure to
perfect, or any impairment of, any Lien on, or the taking of or failure to take any other action with respect to, any collateral
securing payment or performance of the Guaranteed Obligations; (g) any right to require marshaling of assets and liabilities, sale
in inverse order of alienation, notice of acceptance of this Guaranty and of any obligations to which it applies or may apply;
and (h) any rights or defenses based upon an offset by the Guarantor against any obligation now or hereafter owed to the Guarantor
by Borrower; provided, however, that this Section 4 shall not constitute a waiver on the part of the Guarantor of any defense of
payment. The Guarantor shall remain liable hereunder to the extent set forth herein, notwithstanding any act, omission or thing
which might otherwise operate as a legal or equitable discharge of the Guarantor, until the termination of this Guaranty under
Section 3.

    2 

     

    

Section 5.    Reinstatement.
This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed
Obligations is rescinded or must otherwise be returned by the Lenders on the insolvency, bankruptcy or reorganization of Borrower
or otherwise, all as though the payment had not been made, whether or not Administrative Agent is in possession of the Guaranty.

 

Section 6.    Subrogation.
The Guarantor shall not exercise any rights which it may acquire by way of subrogation, by any payment made under this Guaranty
or otherwise, until all the Guaranteed Obligations have been paid in full (other than indemnities and other contingent obligations
not then due and payable and as to which no claim has been made) and all of the Commitments shall have expired or terminated. If
any amount is paid to the Guarantor on account of subrogation rights under this Guaranty at any time when all the Guaranteed Obligations
have not been paid in full, the amount shall be held in trust for the benefit of the Lenders and shall be promptly paid to Administrative
Agent, for the benefit of the Lenders, to be credited and applied to the Guaranteed Obligations, whether matured or unmatured or
absolute or contingent, in accordance with the terms of the Loan Documents. If the Guarantor makes payment to Administrative Agent,
for the benefit of the Lenders, of all or any part of the Guaranteed Obligations and all the Guaranteed Obligations are paid in
full and all of the Commitments shall have expired or terminated, Administrative Agent shall, at the Guarantor's request and expense,
execute and deliver to the Guarantor appropriate documents, without recourse and without representation or warranty, necessary
to evidence the transfer by subrogation to the Guarantor of the interest in the Guaranteed Obligations resulting from such payment.

 

Section 7.    Subordination.
Without limiting Administrative Agent’s rights under any other agreement, any liabilities owed by Borrower to the Guarantor
in connection with any extension of credit or financial accommodation by the Guarantor to or for the account of Borrower, including
but not limited to interest accruing at the agreed contract rate after the commencement of a bankruptcy or similar proceeding,
are hereby subordinated to the Guaranteed Obligations, and such liabilities of Borrower to the Guarantor, if Administrative Agent
and the Required Lenders so request after the occurrence and during the continuance of any Event of Default, shall be collected,
enforced and received by the Guarantor as trustee for the Lenders and shall be paid over to Administrative Agent, for the benefit
of the Lenders, on account of the Guaranteed Obligations but without reducing or affecting in any manner the liability of the Guarantor
under the other provisions of this Guaranty.

    3 

     

    

Section 8.    Certain
Taxes. The Guarantor further agrees that all payments to be made hereunder shall be made without setoff or counterclaim and
free and clear of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or restrictions
or conditions of any nature whatsoever now or hereafter imposed, levied, collected, withheld or assessed by any country or by any
political subdivision or taxing authority thereof or therein as provided in Section 2.17 of the Credit Agreement.

 

Section 9.    Representations
and Warranties. The Guarantor represents and warrants that:

 

(a) (i) except where
the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the
Guarantor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has
all requisite power and authority to own or lease its properties and to carry on its business as now conducted and is qualified
to do business in, and is in good standing in, every jurisdiction where such qualification is required, (ii) the execution, delivery
and performance of this Guaranty are within the Guarantor’s corporate powers and have been duly authorized by all necessary
corporate action, (iii) this Guaranty has been duly executed and delivered by the Guarantor and constitutes a legal, valid and
binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law, and (iv) the execution, delivery and performance
of this Guaranty by the Guarantor (A) do not require any consent or approval of, registration or filing with, or any other
action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (B) will
not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Guarantor or any
order, decree or judgment of any Governmental Authority, except for any violation of any applicable law or regulation or any violation
of the charter, by-laws or other organizational documents of the Guarantor that would not reasonably be expected to have a Material
Adverse Effect, (C) will not violate or result in a default under any indenture, agreement or other instrument binding upon
the Guarantor or its assets, or give rise to a right thereunder to require any payment to be made by the Guarantor, in each case,
except for any violation or default that would not reasonably be expected to have a Material Adverse Effect, and (D) will
not result in the creation or imposition of any Lien on any asset of the Guarantor (other than Liens arising under the Loan Documents);

 

(b) in executing and
delivering this Guaranty, the Guarantor has (i) without reliance on Administrative Agent or any Lender or any information received
from Administrative Agent or any Lender and based upon such documents and information it deems appropriate, made an independent
investigation of the transactions contemplated hereby and Borrower, Borrower’s business, assets, operations, prospects and
condition, financial or otherwise, and any circumstances which may bear upon such transactions, Borrower or the obligations and
risks undertaken herein with respect to the Guaranteed Obligations; (ii) adequate means to obtain from Borrower on a continuing
basis information concerning Borrower; (iii) full and complete access to the Loan Documents and any other documents executed in
connection with the Loan Documents; and (iv) not relied and will not rely upon any representations or warranties of Administrative
Agent or any Lender not embodied herein or any acts heretofore or hereafter taken by Administrative Agent or any Lender (including
but not limited to any review by Administrative Agent or any Lender of the affairs of Borrower); and

    4 

     

    

(c) each representation
and warranty in the Credit Agreement relating to the Guarantor is true and correct in all material respects (other than any representation
or warranty qualified by “materiality,” which shall be true and correct in all respects).

 

Section 10.  Covenants.
The Guarantor will perform and comply with all covenants applicable to the Guarantor, or which Borrower is required to cause the
Guarantor to comply with, under the terms of the Credit Agreement or any of the other Loan Documents as if the same were more fully
set forth herein.

  

Section 11.   Remedies
Generally. The remedies provided in this Guaranty are cumulative and not exclusive of any remedies provided by law.

 

Section 12.  Setoff.
If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any
time and from time to time, to the fullest extent permitted by law, and to the extent permitted under Section 9.08 of the
Credit Agreement, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time
held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Guarantor against
any of and all the obligations of the Guarantor now or hereafter existing under this Guaranty held by such Lender, irrespective
of whether or not such Lender shall have made any demand under this Guaranty and although such obligations may be unmatured. The
rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which
any such Lender may have.

 

Section 13.   [Reserved].

 

Section 14.   Amendments
and Waivers. No amendment or waiver of any provision of this Guaranty, or consent to any departure by the Guarantor therefrom,
shall in any event be effective unless it is in writing entered into by the Guarantor and the Administrative Agent (acting with
the requisite consent of the Lenders as provided in the Credit Agreement), and then the waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No failure on the part of Administrative Agent to exercise,
and no delay in exercising, any right under this Guaranty shall operate as a waiver or preclude any other or further exercise thereof
or the exercise of any other right.

 

Section 15.  Expenses.
The Guarantor shall reimburse Administrative Agent and the Lenders on demand for all out-of-pocket expenses incurred by Administrative
Agent and the Lenders in connection with the performance or enforcement of this Guaranty, subject, in each case, to the terms and
limitations set forth in Section 9.03 of the Credit Agreement. The obligations of the Guarantor under this Section shall survive
the termination of this Guaranty.

    5 

     

    

Section 16.  Assignment.
The provisions of this Guaranty shall be binding upon, and shall inure to the benefit of the Guarantor, Administrative Agent, the
Lenders and their respective permitted successors and assigns; provided that the Guarantor may not assign or transfer its
rights or obligations under this Guaranty without the prior written consent of the Administrative Agent and each Lender (and any
attempted such assignment or transfer by the Guarantor without such consent shall be null and void). Without limiting the generality
of the foregoing, Administrative Agent and each Lender may assign, sell participations in or otherwise transfer its rights under
the Loan Documents to any other person or entity in accordance with the terms of the Credit Agreement, and the other person or
entity shall then become vested with all the rights granted to Administrative Agent or such Lender, as applicable, in this Guaranty
or otherwise.

 

 Section 17.   Termination.
This Guaranty and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and
the Guarantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party upon the
payment in full of the obligations and other amounts payable under this Guaranty and the Loan Documents (other than indemnities
and other contingent obligations not then due and payable and as to which no claim has been made) and the termination of all Commitments.

 

Section 18.   Headings.
The headings and captions in this Guaranty are for convenience of reference only, are not part of this Guaranty and shall not affect
the construction of, or be taken into consideration in interpreting, this Guaranty.

 

Section 19.   Notices.
All notices or other communications hereunder shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopy or email, as follows:

 

(a)       if
to the Guarantor, to it at Mack-Cali Realty Corporation, Harborside 3, 210 Hudson Street, Suite 400, Jersey City, New Jersey 07311,
Attention: Gary Wagner, Esq., General Counsel, and David Smetana, Chief Financial Officer, with a copy to Blake Hornick, Esq.,
Seyfarth Shaw LLP, 620 Eighth Avenue, Suite 3200, New York, NY 10018; and

 

(b)       if
to Administrative Agent, to JPMorgan Chase Bank, N.A., JPMorgan Loan Services, 500 Stanton Christiana Road, Ops 2, 3rd Floor
Newark, DE 19713, Attention of Loan and Agency Services Group (Fax No. 1 (302) 634-3301).

 

The Guarantor and Administrative Agent
may change its address or telecopy number or email address for notices and other communications hereunder by notice to the other
party. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been
given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the
recipient). Notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement).

    6 

     

    

Section 20.   Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)       This
Guaranty shall be construed in accordance with and governed by the law of the State of New York.

 

(b)       The
Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court for the
Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Guaranty, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Guaranty shall affect any right that Administrative Agent or any Lender may otherwise have to bring any action
or proceeding relating to this Guaranty against the Guarantor or its properties in the courts of any jurisdiction.

 

(c)       The
Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Guaranty in any court referred to in subsection (b) above. Each of the parties hereby irrevocably waives, to the fullest extent
permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)       The
Guarantor irrevocably consents to service of process in the manner provided for notices herein. Nothing in this Guaranty will affect
the right of any party to this Guaranty to serve process in any other manner permitted by law.

 

Section 21.   Severability.
Any provision of this Guaranty held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

Section 22.  ENTIRETY.
THIS GUARANTY AND THE OTHER LOAN DOCUMENTS EXECUTED BY THE GUARANTOR EMBODY THE FINAL, ENTIRE AGREEMENT OF THE GUARANTOR, ADMINISTRATIVE
AGENT AND THE LENDERS WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF. THIS GUARANTY
AND THE OTHER LOAN DOCUMENTS EXECUTED BY THE GUARANTOR ARE INTENDED BY THE GUARANTOR, ADMINISTRATIVE AGENT AND THE LENDERS AS A
FINAL AND COMPLETE EXPRESSION OF THE TERMS HEREOF AND THEREOF, AND NO COURSE OF DEALING AMONG THE GUARANTOR, ADMINISTRATIVE AGENT
AND THE LENDERS, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS
GUARANTY OR ANY OTHER LOAN DOCUMENT EXECUTED BY THE GUARANTOR. THERE ARE NO ORAL AGREEMENTS BETWEEN THE GUARANTOR, ADMINISTRATIVE
AGENT AND THE LENDERS.

    7 

     

    

Section 23.  WAIVER
OF RIGHT TO TRIAL BY JURY. THE GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, ADMINISTRATIVE AGENT, ON BEHALF OF THE LENDERS, EACH
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). THE GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, ADMINISTRATIVE AGENT, ON BEHALF OF THE LENDERS, EACH (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND SUCH OTHER PARTY HAVE
BEEN INDUCED TO EXECUTE OR ACCEPT THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 24.  Limitation
of Liability. To the extent permitted by applicable law, no party hereto shall assert, and each party hereto waives, any claim
against any other party hereto on any theory of liability for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of, this Guaranty or any agreement or instrument
contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

 

Section 25.  Electronic Execution.
Delivery of an executed counterpart of a signature page of this Guaranty that is an Electronic Signature transmitted by telecopy,
emailed .pdf or any other electronic means that reproduces an image of an actual executed signature page shall be effective as
delivery of a manually executed counterpart of this Guaranty in accordance with Section 9.06(b) of the Credit Agreement.

 

[SIGNATURE PAGE FOLLOWS]

    8 

     

    

IN WITNESS WHEREOF,
the Guarantor has caused this Guaranty to be duly executed and delivered by its duly authorized officer as of the date first above
written.

 

	 	MACK-CALI REALTY CORPORATION
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	 	Name: 	Gary T. Wagner
	 	 	Title: 	General Counsel and Secretary

 

[Signature
Page – Parent Guaranty]

     

     

    

	 	Accepted and Agreed:
	 	 
	 	JPMORGAN CHASE BANK, N.A.,
    as Administrative Agent
	 	 	 
	 	By:	/s/ Paul Choi
	 	 	Name: 	Paul Choi
	 	 	Title: 	Authorized Signer

 

[Signature
Page – Parent Guaranty]Exhibit 10.3

 

SUBSIDIARY GUARANTY

 

THIS SUBSIDIARY GUARANTY
(this “Guaranty”) is executed as of May 6, 2021, by each of the parties that is a signatory to this Guaranty
(together with any other entity that may hereafter become a party hereto as provided herein, individually, a “Guarantor”
and, collectively, the “Guarantors”), for the benefit of JPMORGAN CHASE BANK, N.A. (“Administrative
Agent”), in its capacity as the administrative agent for the Lenders under the Credit Agreement defined below, for the
benefit of itself and such Lenders. Capitalized terms used herein without definition shall have the meanings assigned to such terms
in the Credit Agreement defined below.

 

RECITALS

 

A.          Mack-Cali
Realty, L.P., a Delaware limited partnership (“Borrower”), Administrative Agent and the Lenders have entered
into that certain Revolving Credit and Term Loan Agreement of even date herewith (the “Credit Agreement”), pursuant
to which the Lenders have agreed to make available to Borrower Loans and certain other financial accommodations on the terms and
conditions set forth in the Credit Agreement;

 

B.          The
Lenders are not willing to make the Loans, or otherwise extend credit, to Borrower unless each of the Guarantors unconditionally
guarantees payment and performance to Administrative Agent, for the benefit of the Lenders, of the Guaranteed Obligations (as defined
below); and

 

C.          Each
of the Guarantors is a subsidiary of Borrower, and each of the Guarantors will directly benefit from the Lenders’ making
the Loans and other financial accommodations to Borrower.

 

AGREEMENT

 

NOW, THEREFORE, as
an inducement to the Lenders to make the Loans and other financial accommodations to Borrower, and for other good and valuable
consideration, the receipt and legal sufficiency of which are hereby acknowledged, each Guarantor party to this Guaranty agrees
as follows:

     

     

    

 Section 1.    Guaranty
of Obligations. Each of the Guarantors hereby absolutely, irrevocably and unconditionally, and jointly and severally, guarantees
to Administrative Agent, for the benefit of the Lenders, the payment and performance of the Obligations (the “Guaranteed
Obligations”) as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or
otherwise. Each of the Guarantors hereby absolutely, irrevocably and unconditionally covenants and agrees that it is liable, jointly
and severally, for the Guaranteed Obligations as a primary obligor, and that each Guarantor shall fully perform each and every
term and provision hereof. This Guaranty is a guaranty of payment and not of collection only. Neither Administrative Agent nor
any Lender shall be required to exhaust any right or remedy or take any action against Borrower or any other person or entity.
Each Guarantor agrees that, as between such Guarantor and Administrative Agent and the Lenders, the Guaranteed Obligations may
be declared to be due and payable for the purposes of this Guaranty notwithstanding any stay, injunction or other prohibition which
may prevent, delay or vitiate any declaration as regards Borrower and that in the event of a declaration or attempted declaration,
the Guaranteed Obligations shall immediately become due and payable by each of the Guarantors for the purposes of this Guaranty.
Without limiting the generality of the foregoing, each Guarantor, and by its acceptance of this Guaranty, Administrative Agent,
for the benefit of the Lenders, hereby confirms that the parties intend that this Guaranty not constitute a fraudulent transfer
or conveyance for purposes of the Bankruptcy Law (as defined below), the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal, state or foreign law to the extent applicable to this Guaranty. In furtherance of that intention,
the liabilities of each Guarantor under this Guaranty (the “Liabilities”) shall be limited to the maximum amount
that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are
relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made
by or on behalf of any other Person with respect to the Liabilities, result in the Liabilities of such Guarantor under this Guaranty
not constituting a fraudulent transfer or conveyance. For purposes hereof, “Bankruptcy Law” means Title 11, U.S. Code,
or any similar federal, state or foreign law for the relief of debtors. This paragraph with respect to the maximum liability of
each Guarantor is intended solely to preserve the rights of the Administrative Agent, for the benefit of the Lenders, to the maximum
extent not subject to avoidance under applicable law, and neither a Guarantor nor any other Person shall have any right or claim
under this paragraph with respect to such maximum liability, except to the extent necessary so that the obligations of a Guarantor
hereunder shall not be rendered voidable under applicable law. Each Guarantor agrees that the Guaranteed Obligations may at any
time and from time to time exceed the maximum liability of such Guarantor without impairing this Guaranty or affecting the rights
and remedies of the Administrative Agent on behalf of the Lenders, hereunder, provided that, nothing in this sentence shall
be construed to increase such Guarantor’s obligations hereunder beyond its maximum liability.

 

Section 2.    Guaranty
Absolute. Each Guarantor guarantees that the Guaranteed Obligations shall be paid strictly in accordance with the terms of
the Loan Documents. The liability of each Guarantor under this Guaranty is absolute, irrevocable and unconditional irrespective
of: (a) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations,
or any other amendment or waiver of or any consent to departure from any of the terms of any Loan Document, including any increase
or decrease in the rate of interest thereon; (b) any release or amendment or waiver of, or consent to departure from, or failure
to act by Administrative Agent or the Lenders with respect to, or any impairment of any Lien on, any other guaranty or support
document, or any exchange, release or non-perfection of, or failure to act by Administrative Agent or the Lenders with respect
to, any collateral, for all or any of the Guaranteed Obligations; (c) any present or future law, regulation or order of any jurisdiction
(whether of right or in fact) or of any agency thereof purporting to reduce, amend, restructure or otherwise affect any term of
the Guaranteed Obligations or any Loan Document; (d) any change in the corporate existence, structure, or ownership of Borrower;
(e) without being limited by the foregoing, any lack of validity or enforceability of any Loan Document; and (f) any other setoff,
recoupment, defense or counterclaim whatsoever (in any case, whether based on contract, tort or any other theory) with respect
to the Loan Documents or the transactions contemplated thereby which might constitute a legal or equitable defense available to,
or discharge of, Borrower or a guarantor, other than the payment in full of the Guaranteed Obligations (other than indemnities
and other contingent obligations not then due and payable and as to which no claim has been made).

    2 

     

    

Section 3.    Guaranty
Irrevocable. This Guaranty is a continuing guaranty of the payment of all Guaranteed Obligations now or hereafter existing
and shall remain in full force and effect until this Guaranty is terminated pursuant to Section 17 hereof.

 

Section
4.    Waiver of Certain Rights and Notices. To the fullest extent not prohibited by applicable law, except as specifically
provided herein, each Guarantor hereby waives and agrees not to assert or take advantage of (a) any right to require Administrative
Agent or any Lender to proceed against or exhaust its recourse against Borrower, any other guarantor or endorser, or any security
or collateral held by Administrative Agent (for the benefit of Lenders) at any time or to pursue any other remedy in its power
before proceeding against such Guarantor hereunder; (b) the defense of the statute of limitations in any action hereunder; (c)
any defense that may arise by reason of (i) the incapacity, lack of authority, death or disability of Borrower, any Guarantor or
any other or others, (ii) the revocation or repudiation hereof by any Guarantor or the revocation or repudiation of any of the
Loan Documents by Borrower or any other or others, (iii) the failure of Administrative Agent (on behalf of the Lenders) to file
or enforce a claim against the estate (either in administration, bankruptcy or any other proceeding) of Borrower or any other or
others, (iv) the unenforceability in whole or in part of any Loan Document, (v) Administrative Agent’s election (on behalf of the
Lenders), in any proceeding instituted under the federal Bankruptcy Code, of the application of Section 1111(b)(2) of the federal
Bankruptcy Code, or (vi) any borrowing or grant of a security interest under Section 364 of the federal Bankruptcy Code; (d) presentment,
demand for payment, protest, notice of discharge, notice of acceptance of this Guaranty, and indulgences and notices of any other
kind whatsoever; (e) any defense based upon an election of remedies by Administrative Agent (on behalf of the Lenders) which destroys
or otherwise impairs the subrogation rights of any Guarantor or the right of such Guarantor to proceed against Borrower for reimbursement,
or both; (f) any defense based upon any taking, modification or release of any collateral or other guarantees, or any failure to
perfect, or any impairment of, any Lien on, or the taking of or failure to take any other action with respect to, any collateral
securing payment or performance of the Guaranteed Obligations; (g) any right to require marshaling of assets and liabilities, sale
in inverse order of alienation, notice of acceptance of this Guaranty and of any obligations to which it applies or may apply;
and (h) any rights or defenses based upon an offset by any Guarantor against any obligation now or hereafter owed to such Guarantor
by Borrower; provided, however, that this Section 4 shall not constitute a waiver on the part of any Guarantor of any defense of
payment. Each Guarantor shall remain liable hereunder to the extent set forth herein, notwithstanding any act, omission or thing
which might otherwise operate as a legal or equitable discharge of such Guarantor, until the termination of this Guaranty under
Section 3.

 

Section 5.    Reinstatement.
This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed
Obligations is rescinded or must otherwise be returned by the Lenders on the insolvency, bankruptcy or reorganization of Borrower
or otherwise, all as though the payment had not been made, whether or not Administrative Agent is in possession of the Guaranty;
provided, however, that no such reinstatement shall occur if this Guaranty has terminated pursuant to Section 17(b) hereof.

    3 

     

    

Section 6.   Subrogation.
No Guarantor shall exercise any rights which it may acquire by way of subrogation, by any payment made under this Guaranty or otherwise,
until all the Guaranteed Obligations have been paid in full (other than indemnities and other contingent obligations not then due
and payable and as to which no claim has been made) and all of the Commitments shall have expired or terminated. If any amount
is paid to a Guarantor on account of subrogation rights under this Guaranty at any time when all the Guaranteed Obligations have
not been paid in full, the amount shall be held in trust for the benefit of the Lenders and shall be promptly paid to Administrative
Agent, for the benefit of the Lenders, to be credited and applied to the Guaranteed Obligations, whether matured or unmatured or
absolute or contingent, in accordance with the terms of the Loan Documents. If any Guarantor makes payment to Administrative Agent,
for the benefit of the Lenders, of all or any part of the Guaranteed Obligations and all the Guaranteed Obligations are paid in
full and all of the Commitments shall have expired or terminated, Administrative Agent shall, at such Guarantor’s request and expense,
execute and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty, necessary
to evidence the transfer by subrogation to such Guarantor of the interest in the Guaranteed Obligations resulting from such payment.

 

Section 7.   Subordination.
Without limiting Administrative Agent’s rights under any other agreement, any liabilities owed by Borrower to a Guarantor
in connection with any extension of credit or financial accommodation by such Guarantor to or for the account of Borrower, including
but not limited to interest accruing at the agreed contract rate after the commencement of a bankruptcy or similar proceeding,
are hereby subordinated to the Guaranteed Obligations, and such liabilities of Borrower to such Guarantor, if Administrative Agent
and the Required Lenders so request after the occurrence and during the continuance of any Event of Default, shall be collected,
enforced and received by such Guarantor as trustee for the Lenders and shall be paid over to Administrative Agent, for the benefit
of the Lenders, on account of the Guaranteed Obligations but without reducing or affecting in any manner the liability of such
Guarantor under the other provisions of this Guaranty.

 

Section 8.  Certain
Taxes. Each Guarantor further agrees that all payments to be made hereunder shall be made without setoff or counterclaim and
free and clear of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or restrictions
or conditions of any nature whatsoever now or hereafter imposed, levied, collected, withheld or assessed by any country or by any
political subdivision or taxing authority thereof or therein as provided in Section 2.17 of the Credit Agreement.

    4 

     

    

Section 9.   Representations
and Warranties. Each Guarantor represents and warrants that:

 

(a) (i) except where
the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, such
Guarantor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has
all requisite power and authority to own or lease its properties and to carry on its business as now conducted and is qualified
to do business in, and is in good standing in, every jurisdiction where such qualification is required, (ii) the execution, delivery
and performance of this Guaranty are within such Guarantor’s corporate, limited liability company or other organizational
powers and have been duly authorized by all necessary corporate, limited liability company or other organizational action, (iii)
this Guaranty has been duly executed and delivered by such Guarantor and constitutes a legal, valid and binding obligation of such
Guarantor, enforceable against such Guarantor in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law, and (iv) the execution, delivery and performance of this Guaranty by such
Guarantor (A) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except such as have been obtained or made and are in full force and effect, (B) will not violate any applicable
law or regulation or the charter, by-laws or other organizational documents of such Guarantor or any order, decree or judgment
of any Governmental Authority, except for any violation of any applicable law or regulation or any violation of the charter, by-laws
or other organizational documents of each Guarantor that would not reasonably be expected to have a Material Adverse Effect, (C) will
not violate or result in a default under any indenture, agreement or other instrument binding upon such Guarantor or its assets,
or give rise to a right thereunder to require any payment to be made by such Guarantor, in each case, except for any violation
or default that would not reasonably be expected to have a Material Adverse Effect, and (D) will not result in the creation
or imposition of any Lien on any asset of such Guarantor (other than Liens arising under the Loan Documents);

 

(b) in executing and
delivering this Guaranty, such Guarantor has (i) without reliance on Administrative Agent or any Lender or any information received
from Administrative Agent or any Lender and based upon such documents and information it deems appropriate, made an independent
investigation of the transactions contemplated hereby and Borrower, Borrower’s business, assets, operations, prospects and
condition, financial or otherwise, and any circumstances which may bear upon such transactions, Borrower or the obligations and
risks undertaken herein with respect to the Guaranteed Obligations; (ii) adequate means to obtain from Borrower on a continuing
basis information concerning Borrower; (iii) full and complete access to the Loan Documents and any other documents executed in
connection with the Loan Documents; and (iv) not relied and will not rely upon any representations or warranties of Administrative
Agent or any Lender not embodied herein or any acts heretofore or hereafter taken by Administrative Agent or any Lender (including
but not limited to any review by Administrative Agent or any Lender of the affairs of Borrower); and

 

(c) each representation
and warranty in the Credit Agreement relating to such Guarantor is true and correct in all material respects (other than any representation
or warranty qualified by “materiality,” which shall be true and correct in all respects).

 

Section 10. Covenants.
Each Guarantor will perform and comply with all covenants applicable to such Guarantor, or which Borrower is required to cause
such Guarantor to comply with, under the terms of the Credit Agreement or any of the other Loan Documents as if the same were more
fully set forth herein.

    5 

     

    

Section 11.  Remedies
Generally. The remedies provided in this Guaranty are cumulative and not exclusive of any remedies provided by law.

 

Section 12.  Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, and to the extent permitted under Section
9.08 of the Credit Agreement, to set off and apply any and all deposits (general or special, time or demand, provisional or
final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of
any Guarantor against any of and all the obligations of any Guarantor now or hereafter existing under this Guaranty held by such
Lender, irrespective of whether or not such Lender shall have made any demand under this Guaranty and although such obligations may
be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of
setoff) which any such Lender may have.

 

Section 13.  [Reserved].

 

Section 14. Amendments
and Waivers. No amendment or waiver of any provision of this Guaranty, or consent to any departure by any Guarantor therefrom,
shall in any event be effective unless it is in writing entered into by each Guarantor and the Administrative Agent (acting with
the requisite consent of the Lenders as provided in the Credit Agreement), and then the waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No failure on the part of Administrative Agent to exercise,
and no delay in exercising, any right under this Guaranty shall operate as a waiver or preclude any other or further exercise thereof
or the exercise of any other right.

 

Section 15. Expenses.
Each of the Guarantors shall reimburse Administrative Agent and the Lenders on demand for all out-of-pocket expenses incurred by
Administrative Agent and the Lenders in connection with the performance or enforcement of this Guaranty, subject, in each case,
to the terms and limitations set forth in Section 9.03 of the Credit Agreement. The obligations of the Guarantors under this Section
shall survive the termination of this Guaranty.

 

Section 16. Assignment.
The provisions of this Guaranty shall be binding upon, and shall inure to the benefit of each Guarantor, Administrative Agent,
the Lenders and their respective permitted successors and assigns; provided that no Guarantor may assign or transfer its
rights or obligations under this Guaranty without the prior written consent of the Administrative Agent and each Lender (and any
attempted such assignment or transfer by any Guarantor without such consent shall be null and void). Without limiting the generality
of the foregoing, Administrative Agent and each Lender may assign, sell participations in or otherwise transfer its rights under
the Loan Documents to any other person or entity in accordance with the terms of the Credit Agreement, and the other person or
entity shall then become vested with all the rights granted to Administrative Agent or such Lender, as applicable, in this Guaranty
or otherwise.

 

 Section 17. Termination.
This Guaranty and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent
and each Guarantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party
upon (a) the payment in full of the obligations and other amounts payable under this Guaranty and the Loan Documents (other
than indemnities and other contingent obligations not then due and payable and as to which no claim has been made) and the
termination of all Commitments, or (b) the release of such Guarantor pursuant to Section 4A.06 of the Credit Agreement;
provided, however, Administrative Agent shall, at the request and expense of Borrower and without the need for any consent or
approval by the Lenders, execute and deliver an instrument to evidence any such release pursuant to Section 4A.06 of the
Credit Agreement in a form reasonably acceptable to Borrower and Administrative Agent.

    6 

     

    

Section 18.  Headings.
The headings and captions in this Guaranty are for convenience of reference only, are not part of this Guaranty and shall not affect
the construction of, or be taken into consideration in interpreting, this Guaranty.

 

Section 19.  Notices.
All notices or other communications hereunder shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopy or email, as follows:

 

(a)       if
to any Guarantor, to it at Mack-Cali Realty Corporation, Harborside 3, 210 Hudson Street, Suite 400, Jersey City, New Jersey 07311,
Attention: Gary Wagner, Esq., General Counsel, and David Smetana, Chief Financial Officer, with a copy to Blake Hornick, Esq.,
Seyfarth Shaw LLP, 620 Eighth Avenue, Suite 3200, New York, NY 10018; and

 

(b)       if
to Administrative Agent, to JPMorgan Chase Bank, N.A., JPMorgan Loan Services, 500 Stanton Christiana Road, Ops 2, 3rd Floor
Newark, DE 19713, Attention of Loan and Agency Services Group (Fax No. 1 (302) 634-3301).

 

Each Guarantor and Administrative Agent
may change its address or telecopy number or email address for notices and other communications hereunder by notice to the other
party. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been
given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the
recipient). Notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement).

 

Section 20.   Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)       This
Guaranty shall be construed in accordance with and governed by the law of the State of New York.

 

(b)       Each
Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court for the
Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Guaranty, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Guaranty shall affect any right that Administrative Agent or any Lender may otherwise have to bring any action
or proceeding relating to this Guaranty against any Guarantor or its properties in the courts of any jurisdiction.

    7 

     

    

(c)       Each
Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Guaranty in any court referred to in subsection (b) above. Each of the parties hereby irrevocably waives, to the fullest extent
permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)       Each
Guarantor irrevocably consents to service of process in the manner provided for notices herein. Nothing in this Guaranty will affect
the right of any party to this Guaranty to serve process in any other manner permitted by law.

 

Section 21.   Severability.
Any provision of this Guaranty held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

Section 22.  ENTIRETY.
THIS GUARANTY AND THE OTHER LOAN DOCUMENTS EXECUTED BY ANY GUARANTOR EMBODY THE FINAL, ENTIRE AGREEMENT OF SUCH GUARANTOR, ADMINISTRATIVE
AGENT AND THE LENDERS WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF. THIS GUARANTY
AND THE OTHER LOAN DOCUMENTS EXECUTED BY EACH GUARANTOR ARE INTENDED BY EACH GUARANTOR, ADMINISTRATIVE AGENT AND THE LENDERS AS
A FINAL AND COMPLETE EXPRESSION OF THE TERMS HEREOF AND THEREOF, AND NO COURSE OF DEALING AMONG ANY GUARANTOR, ADMINISTRATIVE AGENT
AND THE LENDERS, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS
GUARANTY OR ANY OTHER LOAN DOCUMENT EXECUTED BY ANY GUARANTOR. THERE ARE NO ORAL AGREEMENTS BETWEEN ANY GUARANTOR, ADMINISTRATIVE
AGENT AND THE LENDERS.

    8 

     

    

Section 23. WAIVER
OF RIGHT TO TRIAL BY JURY. EACH GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, ADMINISTRATIVE AGENT, ON BEHALF OF THE LENDERS, EACH
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, ADMINISTRATIVE AGENT, ON BEHALF OF THE LENDERS, EACH (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND SUCH OTHER PARTY HAVE
BEEN INDUCED TO EXECUTE OR ACCEPT THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 24.  Additional
Guarantors. Each Subsidiary of the Borrower that is required to become a party to this Guaranty pursuant to Section 4A.05 of
the Credit Agreement shall become a Guarantor for all purposes of this Guaranty upon execution and delivery by such Subsidiary
of a Joinder Agreement in the form of Annex I hereto.

 

Section 25.  Limitation
of Liability. To the extent permitted by applicable law, no party hereto shall assert, and each party hereto waives, any claim
against any other party hereto on any theory of liability for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of, this Guaranty or any agreement or instrument
contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

 

Section 26.  Electronic
Execution. Delivery of an executed counterpart of a signature page of this Guaranty that is an Electronic Signature transmitted
by telecopy, emailed .pdf or any other electronic means that reproduces an image of an actual executed signature page shall be
effective as delivery of a manually executed counterpart of this Guaranty in accordance with Section 9.06(b) of the Credit Agreement.

 

[SIGNATURE PAGE FOLLOWS]

    9 

     

    

IN WITNESS WHEREOF,
each Guarantor has caused this Guaranty to be duly executed and delivered by its duly authorized officer as of the date first above
written.

 

	 	MACK-CALI PLAZA I L.L.C., a New Jersey limited liability company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership, its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:  	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	M-C HARBORSIDE PROMENADE LLC,
	 	a New Jersey limited liability company
	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware  limited partnership, its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:  	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	M-C PLAZA II & III LLC, a New Jersey limited liability company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership, its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:  	Gary T. Wagner
	 	Title:	General Counsel and Secretary

 

[Signature
Page – Subsidiary Guaranty]

     

     

    

	 	M-C PLAZA v LLC, a New Jersey limited liability company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership, its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	cali harborside (fee) associates l.p., a New Jersey limited partnership
	 	 	 
	 	By:	MACK-CALI SUB X, INC., a Delaware corporation, its general partner
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its sole stockholder
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	cal-HARBOR V URBAN RENEWAL ASSOCIATES L.P., a New Jersey limited partnership
	 	 
	 	By:	MACK-CALI SUB X, INC., a Delaware corporation, its general partner
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its sole stockholder
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 

[Signature
Page – Subsidiary Guaranty]

     

     

    

	 	CAL-HARBOR V LEASING ASSOCIATES L.L.C., a New Jersey limited liability company
	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership, its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	cal-HARBOR Vii URBAN RENEWAL ASSOCIATES L.P., a New Jersey limited partnership
	 	 	 
	 	By:	MACK-CALI SUB XI, INC., a Delaware corporation, its general
    partner
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its sole stockholder
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	CAL-HARBOR VII LEASING ASSOCIATES L.L.C., a New Jersey limited liability company
	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware  limited partnership, its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 

[Signature
Page – Subsidiary Guaranty]

     

     

    

	 	M-C PLAZA Iv LLC, a New Jersey limited liability company
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware  limited partnership, its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary
	 	 	 
	 	CAL-HARBOR IV URBAN RENEWAL ASSOCIATES L.P., a New Jersey limited partnership
	 	 	 
	 	By:	MACK-CALI REALTY, L.P., a Delaware limited partnership, its sole member
	 	 	 
	 	By:	MACK-CALI REALTY CORPORATION, a Maryland corporation, its general partner
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary

 

[Signature
Page – Subsidiary Guaranty]

     

     

    

	 	ROSELAND RESIDENTIAL TRUST,
    a Maryland real estate investment trust
	 	 	 
	 	By:	/s/ Gary T. Wagner
	 	Name:	Gary T. Wagner
	 	Title:	General Counsel and Secretary

 

[Signature
Page – Subsidiary Guaranty]

     

     

    

	 	Accepted and Agreed:
	 	 
	 	JPMORGAN CHASE BANK, N.A.,
    as
Administrative Agent
	 	 	 
	 	By:	/s/ Paul Choi
	 	 	Name: Paul
    Choi
	 	 	Title:   Authorized
    Signer

 

[Signature
Page – Subsidiary Guaranty]

     

     

    

ANNEX I to

Subsidiary Guaranty

 

THIS JOINDER AGREEMENT
(“Joinder Agreement”) dated as of ________, 202_, made by __________________ (the “Additional Guarantor”),
in favor of JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”)
for the banks and other financial institutions (the “Lenders”) parties to the Credit Agreement referred to below.
All capitalized terms not defined herein shall have the meanings ascribed to them in such Credit Agreement.

 

W I T N E S E T H:

 

WHEREAS, Mack-Cali
Realty, L.P. (the “Borrower”), the Lenders and the Administrative Agent have entered into an Revolving Credit
and Term Loan Agreement, dated as of May 6, 2021 (as amended, restated, extended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), pursuant to which the Lenders have made Loans and other financial accommodations
available to the Borrower that will benefit the Borrower and its Subsidiaries (including the Guarantors);

 

WHEREAS, in connection
with the Credit Agreement, certain Subsidiaries of the Borrower have entered into a Subsidiary Guaranty, dated as of May 6, 2021
(as amended, restated, extended, supplemented or otherwise modified from time to time, the “Guaranty”) in favor
of the Administrative Agent for the benefit of the Lenders, pursuant to which such Subsidiaries guaranteed the Obligations of the
Borrower under the Credit Agreement;

 

WHEREAS, the Credit
Agreement requires the Additional Guarantor to become a party to the Guaranty, and the Additional Guarantor’s failure to
do so shall constitute a breach of the Credit Agreement; and

 

WHEREAS, the Additional
Guarantor has agreed to execute and deliver this Joinder Agreement in order to become a party to the Guaranty;

 

NOW, THEREFORE, IN
CONSIDERATION OF THE FOREGOING AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED,
IT IS AGREED:

 

1. Joinder to Guaranty.
By executing and delivering this Joinder Agreement, the Additional Guarantor, as provided in Section 24 of the Guaranty, hereby
becomes a party to the Guaranty as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor,
and, without limiting the generality of the foregoing, hereby expressly assumes and agrees to be bound by all obligations and liabilities
of a Guarantor thereunder and shall jointly and severally guaranty the payment and performance of the Obligations as set forth
therein. From and after the date hereof, all references in the Guaranty and the other Loan Documents to the “Subsidiary Guarantors”
or the “Guarantors” shall include the Additional Guarantor for all purposes. The Additional Guarantor hereby represents
and warrants that each of the representations and warranties contained in Section 9 of the Guaranty is true and correct on
and as the date hereof (after giving effect to this Joinder Agreement) as if made on and as of such date.

     

     

    

2. Governing
Law. THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

[signature pages follow]

     

     

    

IN WITNESS WHEREOF,
the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date first above written.

 

	 	[ADDITIONAL GUARANTOR], as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Accepted and Agreed:
	 	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 	
	 	By:	 
	 	 	Name:
	 	 	Title:

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