Document:

Unassociated Document

    EXHIBIT
10.19

     

    
      	 Loan No.:
      502858289	
               Oakview Plaza

            

    

     

    PROMISSORY
NOTE

     

    $27,500,000.00

     

    as of
December 20, 2006

     

    FOR VALUE
RECEIVED, the undersigned, LVP OAKVIEW STRIP CENTER LLC, a
Delaware limited liability company (Borrower”), having
an address c/o The
Lightstone Group, 326 Third Street, Lakewood, New Jersey 08701,
jointly
and severally promises
to pay to the order of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association (together with its successors and assigns, “Lender”), at
the office of Lender at Commercial Real Estate Services, 8739 Research Drive URP
- 4, NC 1075, Charlotte, North Carolina 28262, or at such other place as Lender
may designate to Borrower in writing from time to time, the principal sum of
TWENTY-SEVEN MILLION FIVE HUNDRED THOUSAND AND 00/100
DOLLARS ($27,500,000.00),
together with interest on so much thereof as is from time to time outstanding
and unpaid, from the date of the advance of the principal evidenced hereby, at
the rate of five and forty-nine hundredths percent (5.49%) (the “Note Rate”),
together with all other amounts due hereunder or under the other Loan Documents
(as defined herein), in lawful money of the United States of America, which
shall at the time of payment be legal tender in payment of all debts and dues,
public and private.

     

    ARTICLE I

     

    TERMS AND
CONDITIONS

     

    Section
1.1 Computation of
Interest.
Interest shall be computed hereunder based on a 360-day year and based on the
actual number of days elapsed for any period in which interest is being
calculated, including, without limitation, the Interest Only Period (hereinafter
defined), as more particularly set forth on Schedule A attached hereto and
incorporated herein by reference. Interest shall accrue from the date on which
funds are advanced hereunder (regardless of the time of day) through and
including the day on which funds are credited pursuant to Section 1.2
hereof.

     

    Section
1.2 Payment of Principal and
Interest.
Payments in federal funds immediately available at the place designated for
payment received by Lender prior to 2:00 p.m. eastern time on a day on which
Lender is open for business at said place of payment shall be credited prior to
close of business, while other payments, at the option of Lender, may not be
credited until immediately available to Lender in federal funds at the place
designated for payment prior to 2:00 p.m. eastern time on the next day on which
Lender is open for business. A payment in interest only, based on the payments
set forth on Schedule A annexed hereto, shall be made beginning on February 11,
2007 (the "First Payment Date"), and continuing on the eleventh day of each and
every calendar month thereafter (each, an "Interest Only Payment Date") through
and including January 11, 2012 (each, an "Interest Only Payment") (such period
being referred to herein as the "Interest Only Period"). Commencing on February
11, 2012 and continuing thereafter on the eleventh day of each and every
calendar month thereafter through and including December 11, 2016 (each,
together with each Interest Only Payment Date is hereinafter collectively a
"Payment Date"), principal and interest shall be payable in equal consecutive
monthly installments of $155,969.48 each. On January 11, 2017 (the "Maturity
Date"), the entire outstanding principal balance hereof, together with all
accrued but unpaid interest thereon, shall be due and payable in
full.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
1.3 Application of
Payments. So long
as no Event of Default (as hereinafter defined) exists hereunder or under any
other Loan Document (as hereinafter defined), each such monthly installment
shall be applied, first, to any amounts hereafter advanced by Lender hereunder
or under any other Loan Document, second, to any late fees and other amounts
payable to Lender, third, to the payment of accrued interest and last to
reduction of principal.

     

    Section
1.4 Payment of “Short
Interest”. If the
advance of the principal amount evidenced by this Note is made on a date other
than a Payment Date, Borrower shall pay to Lender contemporaneously with the
execution hereof interest at the Note Rate for a period from the date hereof
through and including the tenth (10th) day of
either (x) this month, in the event that the date hereof is on or prior to the
11th of the month, and (y) the immediately succeeding month, in the event that
the date hereof is after the 11th of the
month.

     

    Section
1.5 Prepayment;
Defeasance.

     

    (a) This Note
may not be prepaid, in whole or in part (except as otherwise specifically
provided herein), at any time prior to the Payment Date occurring two (2)
Payment Dates immediately prior to the Maturity Date (the “Lockout Expiration
Date”). In
the event that Borrower wishes to have the Property (as defined in the Security
Instrument) released from the lien of the Security Instrument (as hereinafter
defined) prior to the Lockout Expiration Date, Borrower’s sole option shall be a
Defeasance (as hereinafter defined) upon satisfaction of the terms and
conditions set forth in Section
1.5(d) hereof.
Notwithstanding anything contained in this Note or any of the other Loan
Documents to the contrary, this Note may be prepaid in whole but not in part
without premium or penalty on any Payment Date (subject to the proviso below)
occurring from and after the Lockout Expiration Date provided (i) written notice
of such prepayment is received by Lender not more than ninety (90) days and not
less than thirty (30) days prior to the date of such prepayment, and (ii) such
prepayment is accompanied by all interest accrued hereunder through the date of
such prepayment and all other sums due hereunder or under the other Loan
Documents; provided, however, that if such prepayment is received on a day that
is not a Payment Date, Borrower shall pay interest on the outstanding principal
balance hereof immediately preceding such prepayment at the Note Rate for a
period from the date of such payment through and including the tenth (10th) day
of either (x) the month in which the prepayment occurs if such payment is made
prior to the 11th day of such month, and (y) the immediately succeeding month in
which the prepayment occurs if such payment is made after the 11th day of such
month. If, upon any such permitted prepayment on any Payment Date occurring on
or after the Lockout Expiration Date, the aforesaid prior written notice has not
been timely received by Lender, there shall be due a prepayment fee equal to the
lesser of (i) thirty (30) days’ interest computed at the Note Rate on the
outstanding principal balance of this Note so prepaid and (ii) interest computed
at the Note Rate on the outstanding principal balance of this Note so prepaid
that would have been payable for the period from, and including, the date of
prepayment through the Maturity Date, as though such prepayment had not
occurred.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (b) If, prior
to the Lockout Expiration Date, the indebtedness evidenced by this Note shall
have been declared due and payable by Lender pursuant to Article II hereof or
the provisions of any other Loan Document due to an Event of Default by
Borrower, then, in addition to the indebtedness evidenced by this Note being
immediately due and payable, there shall also then be immediately due and
payable a prepayment fee in an amount equal to the Yield Maintenance Premium (as
hereinafter defined) based on the entire indebtedness on the date of such
acceleration. In addition to the amounts described in the preceding sentence, in
the event of any such acceleration or tender of payment of such indebtedness
occurs or is made on or prior to the first (1st) anniversary of the date of this
Note, there shall also then be immediately due and payable an additional
prepayment fee of three percent (3%) of the principal balance of this Note. The
term “Yield Maintenance
Premium” shall
mean an amount equal to the greater of (A) two percent (2.0%) of the principal
amount being prepaid, and (B) the present value of a series of payments each
equal to the Payment Differential (as hereinafter defined) and payable on each
Payment Date over the remaining original term of this Note and on the Maturity
Date, discounted at the Reinvestment Yield (as hereinafter defined) for the
number of months remaining as of the date of such prepayment to each such
Payment Date and the Maturity Date. The term “Payment
Differential” shall
mean an amount equal to (i) the Note Rate less the Reinvestment Yield, divided
by (ii) twelve (12) and multiplied by (iii) the principal sum outstanding under
this Note after application of the constant monthly payment due under this Note
on the date of such prepayment, provided that the Payment Differential shall in
no event be less than zero. The term “Reinvestment
Yield” shall
mean an amount equal to the lesser of (i) the yield on the U.S. Treasury issue
(primary issue) with a maturity date closest to the Maturity Date, or (ii) the
yield on the U.S. Treasury issue (primary issue) with a term equal to the
remaining average life of the indebtedness evidenced by this Note, with each
such yield being based on the bid price for such issue as published in the Wall
Street Journal on the date that is fourteen (14) days prior to the date of such
prepayment (or, if such bid price is not published on that date, the next
preceding date on which such bid price is so published) and converted to a
monthly compounded nominal yield. In the event that any prepayment fee is due
hereunder, Lender shall deliver to Borrower a statement setting forth the amount
and determination of the prepayment fee, and, provided that Lender shall have in
good faith applied the formula described above, Borrower shall not have the
right to challenge the calculation or the method of calculation set forth in any
such statement in the absence of manifest error, which calculation may be made
by Lender on any day during the fifteen (15) day period preceding the date of
such prepayment. Lender shall not be obligated or required to have actually
reinvested the prepaid principal balance at the Reinvestment Yield or otherwise
as a condition to receiving the prepayment fee.

     

    (c) Partial
prepayments of this Note shall not be permitted, except for partial prepayments
resulting from Lender’s election to apply insurance or condemnation proceeds to
reduce the outstanding principal balance of this Note as provided in the
Security Instrument, in which event no prepayment fee or premium shall be due
unless, at the time of either Lender’s receipt of such proceeds or the
application of such proceeds to the outstanding principal balance of this Note,
an Event of Default exists, which Event of Default is unrelated to the
applicable casualty or condemnation, in which event the applicable prepayment
fee or premium shall be due and payable based upon the amount of the prepayment.
No notice of prepayment shall be required under the circumstances specified in
the preceding sentence. No principal amount repaid may be reborrowed. Any such
partial prepayments of principal shall be applied to the unpaid principal
balance evidenced hereby but such application shall not reduce the amount of the
fixed monthly installments required to be paid pursuant to Section 1.2 above.
Except as otherwise expressly provided in this Section, the prepayment fees
provided above shall be due, to the extent permitted by applicable law, under
any and all circumstances where all or any portion of this Note is paid prior to
the Maturity Date, whether such prepayment is voluntary or involuntary,
including, without limitation, if such prepayment results from Lender’s exercise
of its rights upon the occurrence of an Event of Default and acceleration of the
Maturity Date of this Note (irrespective of whether foreclosure proceedings have
been commenced), and shall be in addition to any other sums due hereunder or
under any of the other Loan Documents. No tender of a prepayment of this Note
with respect to which a prepayment fee is due shall be effective unless such
prepayment is accompanied by the applicable prepayment fee.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    (d) i) On any
Payment Date on or after the earlier to occur of (x) three (3) years following
the first Payment Date hereunder, and (y) the day immediately following the date
which is two (2) years after the “startup day,” within the meaning of Section
860G(a) (9) of the Internal Revenue Code of 1986, as amended from time to time
or any successor statute (the “Code”), of a
“real estate mortgage investment conduit,” within the meaning of Section 860D of
the Code (a “REMIC
Trust”), that
holds this Note, and provided no Event of Default has occurred and is continuing
hereunder or under any of the other Loan Documents, at Borrower’s option, Lender
shall cause the release of the Property from the lien of the Security Instrument
and the other Loan Documents (a “Defeasance”) upon
the satisfaction of the following conditions:

     

    (A) Borrower
shall give not more than ninety (90) days’ or less than thirty (30) days’ prior
written notice to Lender specifying the date Borrower intends for the Defeasance
to be consummated (the “Release
Date”), which
date shall be a Payment Date.

     

    (B) All
accrued and unpaid interest and all other sums due under this Note and under the
other Loan Documents up to and including the Release Date shall be paid in full
on or prior to the Release Date.

     

    (C) Borrower
shall deliver to Lender on or prior to the Release Date:

     

    (1) a sum of
money in immediately available funds (the “Defeasance
Deposit”) which
shall be sufficient to enable Lender to purchase, through means and sources
customarily employed and available to Lender, or at the election of Borrower to
enable a third party defeasance company selected by Borrower and reasonably
acceptable to Lender to purchase on behalf of Lender, for the account of
Borrower, (x) direct, non-callable, fixed rate obligations of the United States
of America or (y) non-callable, fixed rate obligations, other than U.S. Treasury
Obligations, that are “government securities” within the meaning of Section
2(a)(16) of the Investment Company Act of 1940, as amended, that provide for
payments prior, but as close as possible, to all successive monthly Payment
Dates occurring after the Release Date and to the Lockout Expiration Date, with
each such payment being equal to or greater than the amount of the corresponding
installment of principal and/or interest required to be paid under this Note
(including, but not limited to, the scheduled outstanding principal balance of
the Loan due on the Maturity Date based upon payments of principal and interest
through the Lockout Expiration Date) for the
balance of the
term hereof (the “Defeasance
Collateral”), each
of which shall be duly endorsed by the holder thereof as directed by Lender or
accompanied by a written instrument of transfer in form and substance
satisfactory to Lender in its sole discretion (including, without limitation,
such instruments as may be required by the depository institution holding such
securities or the issuer thereof, as the case may be, to effectuate book-entry
transfers and pledges through the book-entry facilities of such institution) in
order to perfect upon the delivery of the Defeasance Security Agreement (as
hereinafter defined) the first priority security interest in the Defeasance
Collateral in favor of Lender in conformity with all applicable state and
federal laws governing granting of such security interests.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    (2) a pledge
and security agreement, in form and substance reasonably satisfactory to Lender,
creating a first priority security interest in favor of Lender in the Defeasance
Collateral (the “Defeasance Security
Agreement”);

     

    (3) a
certificate of Borrower certifying that all of the requirements set forth in
this subsection 1.5(d)(i) have been satisfied or waived;

     

    (4) one or
more opinions of counsel for Borrower in form and substance and delivered by
counsel which would be reasonably satisfactory to Lender stating, among other
things, that (i) Lender has a perfected first priority security interest in the
Defeasance Collateral and that the Defeasance Security Agreement is enforceable
against Borrower in accordance with its terms (subject to creditors rights and
bankruptcy), (ii) in the event of a bankruptcy proceeding or similar occurrence
with respect to Borrower, none of the Defeasance Collateral nor any proceeds
thereof will be property of Borrower’s estate under Section 541 of the U.S.
Bankruptcy Code, as amended, or any similar statute and the grant of security
interest therein to Lender shall not constitute an avoidable preference under
Section 547 of the U.S. Bankruptcy Code, as amended, or applicable state law,
(iii) the release of the lien of the Security Instrument and the pledge of
Defeasance Collateral will not directly or indirectly result in or cause any
REMIC Trust that then holds this Note to fail to maintain its status as a REMIC
Trust and (iv) the defeasance will not cause any REMIC Trust to be an
“investment company” under the Investment Company Act of 1940;

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    (5) evidence
in writing from any applicable Rating Agency (as defined in the Security
Instrument) to the effect that the Defeasance will not result in a downgrading,
withdrawal or qualification of the respective ratings in effect immediately
prior to such Defeasance for any Securities (as hereinafter defined) issued in
connection with the securitization which are then outstanding; provided,
however, no
evidence from a Rating Agency shall be required if this Note does not meet the
then-current review requirements of such Rating Agency.

     

    (6) a
certificate in form and scope acceptable to Lender in its reasonable discretion
from an independent accountant reasonably acceptable to Lender certifying that
the Defeasance Collateral will generate amounts sufficient to make all payments
of principal and interest due under this Note (including the scheduled
outstanding principal balance of the Loan due on the Maturity
Date);

     

    (7) Borrower
and any guarantor or indemnitor of Borrower’s obligations under the Loan
Documents for which Borrower has personal liability executes and delivers to
Lender such documents and agreements as Lender shall reasonably require to
evidence and effectuate the ratification of such personal liability and guaranty
or indemnity, respectively for any acts, omissions, liabilities or obligations
arising on or prior to the Release Date;

     

    (8) such
other certificates, documents or instruments as Lender may reasonably require;
and

     

    (9) payment
of all reasonable fees, costs, expenses and charges actually incurred by Lender
in connection with the Defeasance of the Property and the purchase of the
Defeasance Collateral, including, without limitation, all reasonable legal fees
and costs and expenses incurred by Lender or its agents in connection with
release of the Property, review of the proposed Defeasance Collateral and
preparation of the Defeasance Security Agreement and related documentation, any
revenue, documentary, stamp, intangible or other taxes, charges or fees due in
connection with transfer of the Note, assumption of the Note, or substitution of
collateral for the Property shall be paid on or before the Release Date. Without
limiting Borrower’s obligations with respect thereto, Lender shall be entitled
to deduct all such fees, costs, expenses and charges from the Defeasance Deposit
to the extent of any portion of the Defeasance Deposit which exceeds the amount
necessary to purchase the Defeasance Collateral.

     

    (D) In
connection with the Defeasance Deposit, unless Borrower shall make satisfactory
arrangements with a third party provider reasonably acceptable to Lender,
Borrower hereby authorizes and directs Lender using the means and sources
customarily employed and available to Lender to use the Defeasance Deposit to
purchase for the account of Borrower the Defeasance Collateral. Furthermore, the
Defeasance Collateral shall be arranged such that payments received from such
Defeasance Collateral shall be paid directly to Lender to be applied on account
of the indebtedness of this Note. Any part of the Defeasance Deposit in excess
of the amount necessary to purchase the Defeasance Collateral and to pay the
other and related costs Borrower is obligated to pay under this Section
1.5 shall be
promptly refunded to Borrower.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    (ii) Upon
compliance with the requirements of subsection 1.5(d)(i), the entire Property,
shall be released from the lien of the Security Instrument and the other Loan
Documents, and the Defeasance Collateral shall constitute collateral which shall
secure this Note, and all other obligations under the Loan Documents. Lender
will, at Borrower’s expense, execute and deliver any agreements reasonably
requested by Borrower to release the lien of the Security Instrument from the
Property.

     

    (iii) Upon the
release of the Property in accordance with this Section
1.5(d),
Borrower shall assign all its obligations and rights under this Note, together
with the pledged Defeasance Collateral, to a newly created successor entity
which complies with the terms of Section
2.29 of the
Security Instrument designated by
Lender in its sole discretion. Such successor entity shall execute an assumption
agreement in form and substance satisfactory to Lender in its sole discretion
pursuant to which it shall assume Borrower’s obligations under this Note and the
Defeasance Security Agreement. As conditions to such assignment and assumption,
Borrower shall (x) deliver to Lender an opinion of counsel in form and substance
satisfactory to a prudent lender and delivered by counsel satisfactory to a
prudent lender stating, among other things, that such assumption agreement is
enforceable against Borrower and such successor entity in accordance with its
terms and that this Note and the Defeasance Security Agreement as so assumed,
are enforceable against such successor entity in accordance with their
respective terms, and (y) pay all costs and expenses (including, but not limited
to, legal fees) incurred by Lender or its agents in connection with such
assignment and assumption (including, without limitation, the review of the
proposed transferee and the preparation of the assumption agreement and related
documentation). Upon an assumption of the Note in case of full defeasance,
Borrower and any guarantor shall be relieved of its obligations hereunder, under
the other Loan Documents other than as specified in Section
1.5(d)(i)(C)(7) above
and under the Defeasance Security Agreement (or other Defeasance
document).

     

    Section
1.6 Security. The
indebtedness evidenced by this Note and the obligations created hereby are
secured by, among other things, that certain deed of trust of even date herewith
(the “Security Instrument”). The Security Instrument, together with this Note
and all other documents to or of which Lender is a party or beneficiary now or
hereafter evidencing, securing, guarantying, modifying or otherwise relating to
the indebtedness evidenced hereby, are herein referred to collectively as the
“Loan Documents”. All terms not otherwise defined herein shall have the meanings
ascribed to such terms in the Security Instrument. All of the terms and
provisions of the Loan Documents are incorporated herein by reference. Some of
the Loan Documents are to be filed for record on or about the date hereof in the
appropriate public records.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    ARTICLE II

     

    DEFAULT

     

    Section
2.1 Events of
Default. It is
hereby expressly agreed that should any default occur in the payment of
principal or interest as stipulated above and such payment is not made on the
date such payment is due, or should any other default occur under any other Loan
Document and not be cured within any applicable grace, cure or notice period (if
any), then an Event of Default (an “Event of
Default”) shall
exist hereunder, and in such event the indebtedness evidenced hereby, including
all sums advanced or accrued hereunder or under any other Loan Document, and all
unpaid interest accrued thereon, shall, at the option of Lender and without
notice to Borrower, at once become due and payable and may be collected
forthwith, whether or not there has been a prior demand for payment and
regardless of the stipulated date of maturity.

     

    Section
2.2 Late
Charges. In the
event that any payment (other than the final payment due on the Maturity Date)
is not received by Lender on the date when due (subject to any applicable grace
period), then, in addition to any default interest payments due hereunder,
Borrower shall also pay to Lender a late charge in an amount equal to five
percent (5%) of the amount of such overdue payment. 

     

    Section
2.3 Default Interest
Rate. So long
as any Event of Default exists hereunder or under any other Loan Document,
regardless of whether or not there has been an acceleration of the indebtedness
evidenced hereby, and at all times after maturity of the indebtedness evidenced
hereby (whether by acceleration or otherwise), interest shall accrue on the
outstanding principal balance of this Note, from the date due until the date
credited, at a rate per annum equal to five percent (5%) in excess of the Note
Rate, or, if such increased rate of interest may not be collected under
applicable law, then at the maximum rate of interest, if any, which may be
collected from Borrower under applicable law (as applicable, the “Default Interest
Rate”), and
such default interest shall be immediately due and payable.

     

    Section
2.4 Borrower’s
Agreements.
Borrower acknowledges that it would be extremely difficult or impracticable to
determine Lender’s actual damages resulting from any late payment or default,
and such late charges and default interest are reasonable estimates of those
damages and do not constitute a penalty. The remedies of Lender in this Note or
in the Loan Documents, or at law or in equity, shall be cumulative and
concurrent, and to the extent permitted by applicable law may be pursued singly,
successively or together, in Lender’s discretion.

     

    Section
2.5 Borrower to Pay
Costs. In the
event that this Note, or any part hereof, is collected by or through an
attorney-at-law, Borrower agrees to pay all costs of collection, including, but
not limited to, reasonable attorneys’ fees.

     

    Section
2.6 Exculpation.
Notwithstanding anything to the contrary contained in this Note or the other
Loan Documents, the obligations of Borrower hereunder shall be non-recourse
except with respect to the Property and as otherwise provided in Section 18.32
of the Security Instrument, the terms of which are incorporated
herein.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    ARTICLE III

     

    GENERAL
CONDITIONS

     

    Section
3.1 No Waiver;
Amendment. No
failure to accelerate the indebtedness evidenced hereby by reason of default
hereunder, acceptance of a partial or past due payment, or indulgences granted
from time to time shall be construed (i) as a novation of this Note or as a
reinstatement of the indebtedness evidenced hereby or as a waiver of such right
of acceleration or of the right of Lender thereafter to insist upon strict
compliance with the terms of this Note, or (ii) to prevent the exercise of such
right of acceleration or any other right granted hereunder or by any applicable
laws; and to the fullest extent permitted by law, Borrower hereby expressly
waives the benefit of any statute or rule of law or equity now provided, or
which may hereafter be provided, which would produce a result contrary to or in
conflict with the foregoing. No extension of the time for the payment of this
Note or any installment due hereunder made by agreement with any person now or
hereafter liable for the payment of this Note shall operate to release,
discharge, modify, change or affect the original liability of Borrower under
this Note, either in whole or in part, unless Lender agrees otherwise in
writing. This Note may not be changed orally, but only by an agreement in
writing signed by the party against whom enforcement of any waiver, change,
modification or discharge is sought.

     

    Section
3.2 Waivers.
Presentment for payment, demand, protest and notice of demand, protest and
nonpayment and all other notices are hereby waived by Borrower. Borrower hereby
further waives and renounces, to the fullest extent permitted by law, all rights
to the benefits of any moratorium, reinstatement, marshaling, forbearance,
valuation, stay, extension, redemption, appraisement, exemption and homestead
now or hereafter provided by the Constitution and laws of the United States of
America and of each state thereof, both as to itself and in and to all of its
property, real and personal, against the enforcement and collection of the
obligations evidenced by this Note or the other Loan Documents.

     

    Section
3.3 Limit of
Validity. The
provisions of this Note and of all agreements between Borrower and Lender,
whether now existing or hereafter arising and whether written or oral,
including, but not limited to, the Loan Documents, are hereby expressly limited
so that in no contingency or event whatsoever, whether by reason of demand or
acceleration of the maturity of this Note or otherwise, shall the amount
contracted for, charged, taken, reserved, paid or agreed to be paid
(“Interest”) to
Lender for the use, forbearance or detention of the money loaned under this Note
exceed the maximum amount permissible under applicable law. If, from any
circumstance whatsoever, performance or fulfillment of any provision hereof or
of any agreement between Borrower and Lender shall, at the time performance or
fulfillment of such provision shall be due, exceed the limit for Interest
prescribed by law or otherwise transcend the limit of validity prescribed by
applicable law, then, ipso facto, the obligation to be performed or fulfilled
shall be reduced to such limit, and if, from any circumstance whatsoever, Lender
shall ever receive anything of value deemed Interest by applicable law in excess
of the maximum lawful amount, an amount equal to any excessive Interest shall be
applied to the reduction of the principal balance owing under this Note in the
inverse order of its maturity (whether or not then due) or, at the option of
Lender, be paid over to Borrower, and not to the payment of Interest. All
Interest (including any amounts or payments judicially or otherwise under the
law deemed to be Interest) contracted for, charged, taken, reserved, paid or
agreed to be paid to Lender shall, to the extent permitted by applicable law, be
amortized, prorated, allocated and spread throughout the full term of this Note,
including any extensions and renewals hereof until payment in full of the
principal balance of this Note so that the Interest thereon for such full term
will not exceed at any time the maximum amount permitted by applicable law. To
the extent United States federal law permits a greater amount of interest than
is permitted under the law of the State in which the Property is located, Lender
will rely on United States federal law for the purpose of determining the
maximum amount permitted by applicable law. Additionally, to the extent
permitted by applicable law now or hereafter in effect, Lender may, at its
option and from time to time, implement any other method of computing the
maximum lawful rate under the law of the State in which the Property is located
or under other applicable law by giving notice, if required, to Borrower as
provided by applicable law now or hereafter in effect. This Section 3.3 will
control all agreements between Borrower and Lender.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    Section
3.4 Use of
Funds.
Borrower hereby warrants, represents and covenants that no funds disbursed
hereunder shall be used for personal, family or household purposes.

     

    Section
3.5 Unconditional
Payment. Subject
to Section 2.6 above, Borrower is and shall be obligated to pay principal,
interest and any and all other amounts which become payable hereunder or under
the other Loan Documents absolutely and unconditionally and without any
abatement, postponement, diminution or deduction and without any reduction for
counterclaim or setoff. In the event that at any time any payment received by
Lender hereunder shall be deemed by a court of competent jurisdiction to have
been a voidable preference or fraudulent conveyance under any bankruptcy,
insolvency or other debtor relief law, then the obligation to make such payment
shall survive any cancellation or satisfaction of this Note or return thereof to
Borrower and shall not be discharged or satisfied with any prior payment thereof
or cancellation of this Note, but shall remain a valid and binding obligation
enforceable in accordance with the terms and provisions hereof, and such payment
shall be immediately due and payable upon demand.

     

    Section
3.6 Governing
Law. This
Note shall be governed by and construed in accordance with the laws of the State
of Nebraska and the applicable laws of the United States of America. Borrower
hereby irrevocably submits to the jurisdiction of any court of competent
jurisdiction located in the State of Nebraska in connection with any proceeding
out of or relating to this Note.

     

    Section
3.7 Waiver of Jury
Trial.
BORROWER, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY
AND VOLUNTARILY, AFTER CONSULTATION WITH COMPETENT COUNSEL, WAIVES, RELINQUISHES
AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE DEBT EVIDENCED BY THIS
NOTE OR ANY CONDUCT, ACT OR OMISSION OF LENDER OR BORROWER, OR ANY OF THEIR
RESPECTIVE DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR
ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH LENDER OR BORROWER, IN EACH OF
THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    ARTICLE IV

     

    MISCELLANEOUS
PROVISIONS

     

    Section
4.1 Successors and Assigns;
Joint and Several; Interpretation. The
terms and provisions hereof shall be binding upon and inure to the benefit of
Borrower and Lender and their respective heirs, executors, legal
representatives, successors, successors in title and assigns, whether by
voluntary action of the parties or by operation of law. As used herein, the
terms “Borrower” and “Lender” shall be deemed to include their respective heirs,
executors, legal representatives, successors, successors in title and assigns,
whether by voluntary action of the parties or by operation of law. If Borrower
consists of more than one person or entity, each shall be jointly and severally
liable to perform the obligations of Borrower under this Note. All personal
pronouns used herein, whether used in the masculine, feminine or neuter gender,
shall include all other genders; the singular shall include the plural and vice
versa. Titles of articles and sections are for convenience only and in no way
define, limit, amplify or describe the scope or intent of any provisions hereof.
Time is of the essence with respect to all provisions of this Note. This Note
and the other Loan Documents contain the entire agreements between the parties
hereto relating to the subject matter hereof and thereof and all prior
agreements relative hereto and thereto which are not contained herein or therein
are terminated.

     

    Section
4.2 Taxpayer
Identification.
Borrower’s Tax Identification Number is 20-5956155.

     

    Section
4.3 State Specific
Provisions. A
credit agreement must be in writing to be enforceable under Nebraska law. To
protect the Borrower and the Lender from any misunderstandings or
disappointments, any contract, promise, undertaking, or offer to forbear
repayment of money or to make any other financial accommodation in connection
with this loan of money or grant or extension of credit, or any amendment of,
cancellation of, waiver of, or substitution for any or all of the terms or
provisions of any instrument or document executed in connection with this loan
of money or grant or extension of credit, must be in writing to be
effective.

     

    [THE
BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

    

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, Borrower has executed this Note under seal as of the date first
written above. 

     

    
      	 	 	 
	 	
              LVP
      OAKVIEW STRIP CENTER LLC, 

              a
      Delaware limited liability company

            
	 
 	 
 	 
 
	 	By:  	/s/ David
      Lichtenstein
	 	
              

              Name:
      David Lichtenstein

              Title:
      President

            

    

    
    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	STATE OF NEBRASKA	)
	 	) ss.
	COUNTY OF _____________	) 

    

                                                                    

    The
foregoing instrument was acknowledged before me this ______ day of December,
2006 by David Lichtenstein as President of LVP OAKVIEW STRIP CENTER LLC, a
Delaware limited liability company, on behalf of the limited liability
company.

     

    
      
        
        

      

      
        1-1

        
          

        

      

      
        
        

      

    

     

    ANNEX 1
TO $27,500,000.00 PROMISSORY
NOTE

    BY LVP
OAKVIEW STRIP CENTER LLC

    TO
WACHOVIA BANK, NATIONAL ASSOCIATION

     

    
      	
              Payment
    Date

            	 	
              Scheduled
      Payment

            
	
              2/11/2007

            	 	
              127,996.80

            
	
              3/11/2007

            	 	
              115,610.02

            
	
              4/11/2007

            	 	
              127,996.80

            
	
              5/11/2007

            	 	
              123,867.88

            
	
              6/11/2007

            	 	
              127,996.80

            
	
              7/11/2007

            	 	
              123,867.88

            
	
              8/11/2007

            	 	
              127,996.80

            
	
              9/11/2007

            	 	
              127,996.80

            
	
              10/11/2007

            	 	
              123,867.88

            
	
              11/11/2007

            	 	
              127,996.80

            
	
              12/11/2007

            	 	
              123,867.88

            
	
              1/11/2008

            	 	
              127,996.80

            
	
              2/11/2008

            	 	
              127,996.80

            
	
              3/11/2008

            	 	
              119,738.95

            
	
              4/11/2008

            	 	
              127,996.80

            
	
              5/11/2008

            	 	
              123,867.88

            
	
              6/11/2008

            	 	
              127,996.80

            
	
              7/11/2008

            	 	
              123,867.88

            
	
              8/11/2008

            	 	
              127,996.80

            
	
              9/11/2008

            	 	
              127,996.80

            
	
              10/11/2008

            	 	
              123,867.88

            
	
              11/11/2008

            	 	
              127,996.80

            
	
              12/11/2008

            	 	
              123,867.88

            
	
              1/11/2009

            	 	
              127,996.80

            
	
              2/11/2009

            	 	
              127,996.80

            
	
              3/11/2009

            	 	
              115,610.02

            
	
              4/11/2009

            	 	
              127,996.80

            
	
              5/11/2009

            	 	
              123,867.88

            
	
              6/11/2009

            	 	
              127,996.80

            
	
              7/11/2009

            	 	
              123,867.88

            
	
              8/11/2009

            	 	
              127,996.80

            
	
              9/11/2009

            	 	
              127,996.80

            
	
              10/11/2009

            	 	
              123,867.88

            
	
              11/11/2009

            	 	
              127,996.80

            
	
              12/11/2009

            	 	
              123,867.88

            
	
              1/11/2010

            	 	
              127,996.80

            
	
              2/11/2010

            	 	
              127,996.80

            
	
              3/11/2010

            	 	
              115,610.02

            
	
              4/11/2010

            	 	
              127,996.80

            
	
              5/11/2010

            	 	
              123,867.88

            
	
              6/11/2010

            	 	
              127,996.80

            
	
              7/11/2010

            	 	
              123,867.88

            
	
              8/11/2010

            	 	
              127,996.80

            
	
              9/11/2010

            	 	
              127,996.80

            
	
              10/11/2010

            	 	
              123,867.88

            
	
              11/11/2010

            	 	
              127,996.80

            
	
              12/11/2010

            	 	
              123,867.88

            
	
              1/11/2011

            	 	
              127,996.80

            
	
              2/11/2011

            	 	
              127,996.80

            
	
              3/11/2011

            	 	
              115,610.02

            
	
              4/11/2011

            	 	
              127,996.80

            
	
              5/11/2011

            	 	
              123,867.88

            
	
              6/11/2011

            	 	
              127,996.80

            
	
              7/11/2011

            	 	
              123,867.88

            
	
              8/11/2011

            	 	
              127,996.80

            
	
              9/11/2011

            	 	
              127,996.80

            
	
              10/11/2011

            	 	
              123,867.88

            
	
              11/11/2011

            	 	
              127,996.80

            
	
              12/11/2011

            	 	
              123,867.88

            
	
              1/11/2012

            	 	
              127,996.80Unassociated Document

    EXHIBIT
10.20

    
 

    GUARANTY

     

    THIS
GUARANTY (“Guaranty”) is
executed as of December 20, 2006, by LIGHTSTONE VALUE PLUS REAL ESTATE
INVESTMENT TRUST, INC., a Maryland corporation (“Guarantor”) for
the benefit of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association, and its successors and assigns (“Lender”).

     

    A. LVP
OAKVIEW STRIP CENTER LLC, a Delaware limited liability company (the
“Borrower”) is
indebted to Lender with respect to a loan (“Loan”)
pursuant to that certain promissory note dated of even date herewith, payable to
the order of Lender in the original principal amount of TWENTY-SEVEN MILLION
FIVE HUNDRED THOUSAND AND 00/100
DOLLARS ($27,500,000.00)
(together with all renewals, modifications, increases and extensions thereof,
collectively, the “Note”), which
is secured by the liens and security interests created by that certain Deed of
Trust, Security Agreement, Assignment of Rents and Fixture Filing (the
“Security
Instrument”), from
the Borrower, to the trustee named therein, for the benefit of the Lender dated
of even date herewith and further evidenced, secured or governed by the other
Loan Documents (as defined in the Security Instrument); and

     

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

     

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

     

    NOW,
THEREFORE, as an inducement to Lender to make the Loan to Borrower thereunder,
and to extend such additional credit as Lender may from time to time agree to
extend under the Loan Documents, and for other good and valuable consideration,
the receipt and legal sufficiency of which are hereby acknowledged, the parties
do hereby agree as follows:

     

    ARTICLE I

    NATURE AND SCOPE OF
GUARANTY

     

    Section 1.1
GUARANTY OF
OBLIGATION.
Guarantor hereby absolutely, irrevocably and unconditionally guarantees to
Lender (and its successors and assigns) the payment and performance of the
Guaranteed Obligations as and when the same shall be due and payable, whether
upon demand by Lender or by lapse of time, by acceleration of maturity or
otherwise. Guarantor hereby absolutely, irrevocably and unconditionally
covenants and agrees that Guarantor is liable for the Guaranteed Obligations as
a primary obligor, and that Guarantor shall fully perform each and every term
and provision hereof.

     

    Section
1.2 DEFINITION OF
GUARANTEED
OBLIGATIONS. As used
herein, the term “Guaranteed
Obligations” shall
be deemed to include, and Guarantor shall be liable for, and shall indemnify,
defend and hold Lender harmless from and against, any and all Losses (as
hereinafter defined) incurred or suffered by Lender and/or any of its affiliates
and arising out of or in connection with the matters listed below:

    
       

      (a) fraud or
intentional misrepresentation or failure to disclose a material fact or any
untrue statement of a material fact or omission to state a material fact in any
the written materials and/or information provided to Lender or any of its
affiliates in all cases by or on behalf of Borrower or Guarantor or any of their
Affiliates in connection with the Security Instrument, the Note or the other
Loan Documents;

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) the
misappropriation by Borrower, Guarantor or any of their Affiliates of any tenant
security deposits or Rent received by Borrower (or received by its Partners) (i)
more than one (1) month in advance of the due date thereof (other than Rents
deemed to be "additional rents" under Leases) or (ii) after the occurrence of an
Event of Default and not either delivered to Lender (or Lender's agent) or
applied to ordinary and necessary expenses of owning and operating the Property;

     

    (c) the
misapplication or conversion by Borrower, Guarantor or any of their Affiliates
of Loss Proceeds to the extent actually paid by the insurer;

     

    (d) any arson
or physical waste to or of the Property or damage to the Property in each case
resulting from the intentional acts or intentional omissions of Borrower or any
Affiliate of Borrower;

     

    (e) Borrower’s
failure to comply with the provisions of Sections 2.02(g), 16.01 or
16.02,
inclusive, of the Security Instrument;

     

    (f) the
exercise of any right or remedy under any federal, state or local forfeiture
laws resulting in the loss or impairment of the lien of the Security Instrument,
or the priority thereof, against the Property;

     

    (g) any
claims, actions or proceedings initiated by Borrower (or any Affiliate of
Borrower) alleging that the relationship of Borrower and Lender is that of joint
venturers, partners, tenants in common, joint tenants or any relationship other
than that of debtor and creditor; or

     

    (h) Borrower's
failure to pay any valid taxes, assessments, construction or mechanic's liens or
other liens which could create liens on any portion of the Property superior to
the lien or security title of the Security Instrument or the other Loan
Documents, except, (1) with respect to any such taxes or assessments, to the
extent that funds have been deposited with Lender pursuant to the terms of the
Security Instrument specifically for the applicable taxes or assessments and not
applied by Lender to pay such taxes and (2) to the extent that there is
insufficient available cash flow at any time to enable Borrower to pay all
operating expenses (including taxes and assessments) then due and
payable,
necessary property improvement expenditures and amounts due and payable under
the Loan Documents (as demonstrated to the reasonable satisfaction of Lender)
and Borrower applies all available cash flow to the payment of any one or more
of the foregoing items.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    In
addition, in the event (i) any proceeding, action, petition or filing under
the Bankruptcy Code, or any similar state or federal law now or hereafter in
effect relating to bankruptcy, reorganization or insolvency, or the arrangement
or adjustment of debts of Borrower shall be filed by, consented to or acquiesced
in by Borrower or Guarantor, or filed against Borrower by any Affiliate (as
defined in the Security Instrument) of either Borrower or Guarantor, or if
Borrower or Guarantor or any Affiliate of either of them shall institute any
proceeding for Borrower’s dissolution or liquidation, or Borrower shall make an
assignment for the benefit of creditors, (ii) of a Transfer in violation of the
provisions of Article IX of the Security Instrument, or (iii) Borrower or any
Affiliate contests or interferes with Lender’s enforcement of its rights and
remedies hereunder or under the Loan documents by asserting any defense (x) as
to the validity of the obligations under the Loan Documents or in any way
relating to the structure of the Company or the enforceability of Lender’s
rights and remedies under the Loan Documents, or (y) for the purpose of
delaying, hindering or impairing Lender’s rights and remedies under the Loan
Documents (provided that if any such Person obtains a non-appealable order
successfully asserting a Contest, Guarantor shall have no liability under this
clause (iii)), then the Guaranteed Obligations shall also include the unpaid
balance of the Debt.

     

    For
purposes of this Guaranty, the term “Losses”
includes any and all claims, suits, liabilities (including, without limitation,
strict liabilities), actions, proceedings, obligations, debts, actual damages,
actual losses, actual costs, actual expenses, diminutions in value, fines,
penalties, charges, fees, expenses, judgments, awards, amounts paid in
settlement, punitive damages of whatever kind or nature (including but not
limited to reasonable attorneys’ fees and other costs of defense).

     

    Section
1.3 NATURE OF GUARANTY. This
Guaranty is an irrevocable, absolute, continuing unlimited guaranty of payment
and performance, is joint and several and is not a guaranty of collection. This
Guaranty shall continue to be effective with respect to any Guaranteed
Obligations arising or created after any attempted revocation by Guarantor and
after (if Guarantor is a natural Person) Guarantor’s death (in which event this
Guaranty shall be binding upon Guarantor’s estate and Guarantor’s legal
representatives and heirs). The obligations of Guarantor under this Guaranty
shall survive any foreclosure proceeding, any foreclosure sale and delivery of
any deed in lieu of foreclosure, and any release of record of the Security
Instrument. The fact that at any time or from time to time the Guaranteed
Obligations may be increased or reduced shall not release or discharge the
obligation of Guarantor to Lender with respect to the Guaranteed Obligations.
This Guaranty may be enforced by Lender and any subsequent holder of the Note
and shall not be discharged by the assignment or negotiation of all or part of
the Note.

     

    Section
1.4 GUARANTEED
OBLIGATIONS
NOT REDUCED BY
OFFSET. The
Guaranteed Obligations and the liabilities and obligations of Guarantor to
Lender hereunder shall not be reduced, discharged or released because or by
reason of any existing or future offset, claim or defense of Borrower, or any
other Person, against Lender or against payment of the Guaranteed Obligations,
whether such offset, claim or defense arises in connection with the Guaranteed
Obligations (or the transactions creating the Guaranteed Obligations) or
otherwise.

     

    Section
1.5 PAYMENT BY
GUARANTOR. If all
or any part of the Guaranteed Obligations shall not be punctually paid when due,
whether at maturity or earlier by acceleration or otherwise, Guarantor shall,
immediately upon demand by Lender, and without presentment, protest, notice of
protest, notice of non-payment, notice of intention to accelerate the maturity,
notice of acceleration of the maturity, or any other notice whatsoever, pay in
lawful money of the United States of America, the amount due on the Guaranteed
Obligations to Lender at Lender’s address as set forth herein. Such demand(s)
may be made at any time coincident with or after the time for payment of all or
part of the Guaranteed Obligations, and may be made from time to time with
respect to the same or different items of Guaranteed Obligations. Such demand
shall be deemed made, given and received in accordance with the notice
provisions hereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Section
1.8 PAYMENT OF
EXPENSES. In the
event that Guarantor should breach or fail to timely perform any provisions of
this Guaranty, Guarantor shall, immediately upon demand by Lender, pay Lender
all costs and expenses (including court costs and reasonable attorneys’ fees)
incurred by Lender in the enforcement hereof or the preservation of Lender’s
rights hereunder. The covenant contained in this section shall survive the
payment and performance of the Guaranteed Obligations.

     

    Section
1.9 EFFECT OF BANKRUPTCY. In the
event that, pursuant to any insolvency, bankruptcy, reorganization, receivership
or other debtor relief law, or any judgment, order or decision thereunder,
Lender must rescind or restore any payment, or any part thereof, received by
Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any
prior release or discharge from the terms of this Guaranty given to Guarantor by
Lender shall be without effect, and this Guaranty shall remain in full force and
effect. It is the intention of Borrower and Guarantor that Guarantor’s
obligations hereunder shall not be discharged except by Guarantor’s performance
of such obligations and then only to the extent of such
performance.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Section
1.10 DEFERRAL OF
RIGHTS OF SUBROGATION, REIMBURSEMENT AND
CONTRIBUTION.

     

    (a) Notwithstanding
any payment or payments made by Guarantor hereunder, unless and until payment in
full of the Debt (and including interest accruing on the Note after the
commencement of a proceeding by or against Borrower under the Bankruptcy Code
which interest the parties agree shall remain a claim that is prior and superior
to any claim of Guarantor notwithstanding any contrary practice, custom or
ruling in cases under the Bankruptcy Code) Guarantor will not assert or exercise
any right of Lender or of Guarantor against Borrower to recover the amount of
any payment made by Guarantor to Lender by way of subrogation, reimbursement,
contribution, indemnity, or otherwise arising by contract or operation of law,
and Guarantor shall not have any right of recourse to or any claim against
assets or property of Borrower.

     

    (b) Until
payment in full of the Debt (and including interest accruing on the Note after
the commencement of a proceeding by or against Borrower under the Bankruptcy
Code which interest the parties agree shall remain a claim that is prior and
superior to any claim of Guarantor notwithstanding any contrary practice, custom
or ruling in cases under the Bankruptcy Code), Guarantor agrees not to accept
any payment or satisfaction of any kind of indebtedness of Borrower to Guarantor
and hereby assigns such indebtedness to Lender, including the right to file
proof of claim and to vote thereon in connection with any such proceeding under
the Bankruptcy Code, including the right to vote on any plan of reorganization.
If any amount of the type more particularly described in the first sentence of
this Section 1.10(b) shall nevertheless be paid to Guarantor by Borrower prior
to payment in full of all sums owed to Lender under the Loan Documents (the
“Obligations”), such
amount shall be held in trust for the benefit of Lender and shall forthwith be
paid to Lender to be credited and applied to the Guaranteed Obligations, whether
matured or unmatured.

     

    (c) The
provisions of this Section 1.10 shall survive the termination of this Guaranty,
and any satisfaction and discharge of Borrower by virtue of any payment, court
order or any applicable law.

     

    Section
1.11 INTENTIONALLY
OMITTED.

     

    Section
1.12 “BORROWER”. The
term “Borrower” as used
herein shall include any new or successor corporation, association, partnership
(general or limited), joint venture, limited liability company, trust or other
individual or organization formed as a result of any merger, reorganization,
sale, transfer, devise, gift or bequest of Borrower or any interest in
Borrower.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    ARTICLE 2

    EVENTS AND CIRCUMSTANCES NOT REDUCING
OR DISCHARGING GUARANTOR’S OBLIGATIONS

     

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

     

    Section
2.1 MODIFICATIONS. Any
renewal, extension, increase, modification, alteration or rearrangement of all
or any part of the Guaranteed Obligations, Note, Loan Documents, or other
document, instrument, contract or understanding between Borrower and Lender, or
any other parties, pertaining to the Guaranteed Obligations or any failure of
Lender to notify Guarantor of any such action.

     

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

     

    Section
2.3 CONDITION OF
BORROWER OR
GUARANTOR. The
insolvency, bankruptcy, arrangement, adjustment, composition, liquidation,
disability, dissolution or lack of power of Borrower, Guarantor or any other
Person at any time liable for the payment of all or part of the Guaranteed
Obligations; or any dissolution of Borrower or Guarantor, or any sale, lease or
transfer of any or all of the assets of Borrower or Guarantor, or any changes in
the shareholders, partners or members of Borrower or Guarantor; or any
reorganization of Borrower or Guarantor.

     

    Section
2.4 INVALIDITY OF
GUARANTEED
OBLIGATIONS. The
invalidity, illegality or unenforceability of all or any part of the Guaranteed
Obligations, or any document or agreement executed in connection with the
Guaranteed Obligations, for any reason whatsoever, including without limitation
the fact that (i) the Guaranteed Obligations, or any part thereof, exceed the
amount permitted by law, (ii) the act of creating the Guaranteed Obligations or
any part thereof, is ultra vires, (iii) the officers or representatives
executing the Note or the other Loan Documents or otherwise creating the
Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed
Obligations violate applicable usury laws, (v) Borrower has valid defenses,
claims or offsets (whether at law, in equity or by agreement) which render the
Guaranteed Obligations wholly or partially uncollectible from Borrower, (vi) the
creation, performance or repayment of the Guaranteed Obligations (or the
execution, delivery and performance of any document or instrument representing
part of the Guaranteed Obligations or executed in connection with the Guaranteed
Obligations, or given to secure the repayment of the Guaranteed Obligations) is
illegal, uncollectible or unenforceable, or (vii) the Note or any of the other
Loan Documents have been forged or otherwise are irregular or not genuine or
authentic, it being agreed that Guarantor shall remain liable hereon regardless
of whether Borrower or any other Person be found not liable on the Guaranteed
Obligations or any part thereof for any reason.

     

    Section
2.5 RELEASE OF
OBLIGORS. Any
full or partial release of the liability of Borrower on the Guaranteed
Obligations, or any part thereof, or of any co-guarantors, or any other Person
or entity now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the
payment of the Guaranteed Obligations, or any part thereof, it being recognized,
acknowledged and agreed by Guarantor that Guarantor may be required to pay the
Guaranteed Obligations in full without assistance or support of any other
Person, and Guarantor has not been induced to enter into this Guaranty on the
basis of a contemplation, belief, understanding or agreement that other parties
will be liable to pay or perform the Guaranteed Obligations, or that Lender will
look to other parties to pay or perform the Guaranteed Obligations.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Section
2.6 OTHER COLLATERAL. The
taking or accepting of any other security, collateral or guaranty, or other
assurance of payment, for all or any part of the Guaranteed
Obligations.

     

    Section
2.7 RELEASE OF
COLLATERAL. Any
release, surrender, exchange, subordination, deterioration, waste, loss or
impairment (including without limitation negligent, willful, unreasonable or
unjustifiable impairment) of any collateral, property or security, at any time
existing in connection with, or assuring or securing payment of, all or any part
of the Guaranteed Obligations.

     

    Section
2.8 CARE AND DILIGENCE. The
failure of Lender or any other Person to exercise diligence or reasonable care
in the preservation, protection, enforcement, sale or other handling or
treatment of all or any part of such collateral, property or security, including
but not limited to any neglect, delay, omission, failure or refusal of Lender
(i) to take or prosecute any action for the collection of any of the Guaranteed
Obligations, (ii) to foreclose, or initiate any action to foreclose, or, once
commenced, prosecute to completion any action to foreclose upon any security
therefor, or (iii) to take or prosecute any action in connection with any
instrument or agreement evidencing or securing all or any part of the Guaranteed
Obligations.

     

    Section
2.9 UNENFORCEABILITY. The
fact that any collateral, security, security interest or lien contemplated or
intended to be given, created or granted as security for the repayment of the
Guaranteed Obligations, or any part thereof, shall not be properly perfected or
created, or shall prove to be unenforceable or subordinate to any other security
interest or lien, it being recognized and agreed by Guarantor that Guarantor is
not entering into this Guaranty in reliance on, or in contemplation of the
benefits of, the validity, enforceability, collectibility or value of any of the
collateral for the Guaranteed Obligations.

     

    Section
2.10 OFFSET. The
Note, the Guaranteed Obligations and the liabilities and obligations of
Guarantor to Lender hereunder, shall not be reduced, discharged or released
because of or by reason of any existing or future right of offset, claim or
defense of Borrower against Lender, or any other Person, or against payment of
the Guaranteed Obligations, whether such right of offset, claim or defense
arises in connection with the Guaranteed Obligations (or the transactions
creating the Guaranteed Obligations) or otherwise.

     

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

     

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

     

    Section
2.13 OTHER ACTIONS TAKEN OR OMITTED. Any
other action taken or omitted to be taken with respect to the Loan Documents,
the Guaranteed Obligations, or the security and collateral therefor, whether or
not such action or omission prejudices Guarantor or increases the likelihood
that Guarantor will be required to pay the Guaranteed Obligations pursuant to
the terms hereof, it is the unambiguous and unequivocal intention of Guarantor
that Guarantor shall be obligated to pay the Guaranteed Obligations when due,
notwithstanding any occurrence, circumstance, event, action, or omission
whatsoever, whether or not contemplated, and whether or not otherwise or
particularly described herein, which obligation shall be deemed satisfied only
upon the full and final payment and satisfaction of the Guaranteed
Obligations.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    ARTICLE 3

    REPRESENTATIONS AND
WARRANTIES

     

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

     

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

     

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

     

    Section
3.3 NO REPRESENTATION
BY LENDER. Neither
Lender nor any other Person has made any representation, warranty or statement
to Guarantor in order to induce Guarantor to execute this Guaranty.

     

    Section
3.4 GUARANTOR’S
FINANCIAL CONDITION. As of
the date hereof, and after giving effect to this Guaranty and the contingent
obligation evidenced hereby, Guarantor is, and will be, Solvent.

     

    Section
3.5 LEGALITY. The
execution, delivery and performance by Guarantor of this Guaranty and the
consummation of the transactions contemplated hereunder do not, and will not,
contravene or conflict with any law, statute or regulation whatsoever to which
Guarantor is subject or constitute a default (or an event which with notice or
lapse of time or both would constitute a default) under, or result in the breach
of, any indenture, mortgage, deed of trust, charge, lien, or any contract,
agreement or other instrument to which Guarantor is a party or which may be
applicable to Guarantor. This Guaranty is a legal and binding obligation of
Guarantor and is enforceable in accordance with its terms, except as limited by
bankruptcy, insolvency or other laws of general application relating to the
enforcement of creditors’ rights.

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Section
3.7 REVIEW OF DOCUMENTS.
Guarantor has had the opportunity to examine the Note and all of the Loan
Documents.

     

    Section
3.8 LITIGATION. Except
as otherwise disclosed to Lender, there are no proceedings pending or, so far as
Guarantor knows, threatened before any court or administrative agency which, if
decided adversely to Guarantor, would materially adversely affect the financial
condition of Guarantor or the authority of Guarantor to enter into, or the
validity or enforceability of, this Guaranty.

     

    Section
3.9 TAX RETURNS.
Guarantor
has filed all required federal, state and local tax returns and has paid all
taxes as shown on such returns as they have become due. No claims have been
assessed and are unpaid with respect to such taxes.

     

    Section
3.10. REPRESENTATIONS
AND WARRANTY.
Guarantor hereby represents, warrants and covenants that Guarantor's net worth
is, and at all times while this Agreement shall be in effect, shall be not less
than $10,000,000.00.

     

    ARTICLE 4

    SUBORDINATION OF CERTAIN
INDEBTEDNESS

     

    Section
4.1 SUBORDINATION
OF ALL GUARANTOR CLAIMS.
As used
herein, the term “Guarantor
Claims” shall
mean all debts and liabilities of Borrower to Guarantor, whether such debts and
liabilities now exist or are hereafter incurred or arise, or whether the
obligations of Borrower thereon are direct, contingent, primary, secondary,
several, joint and several, or otherwise, and irrespective of whether such debts
or liabilities be evidenced by note, contract, open account, or otherwise, and
irrespective of the Person or Persons in whose favor such debts or liabilities
may, at their inception, have been, or may hereafter be created, or the manner
in which they have been or may hereafter be acquired by Guarantor. The Guarantor
Claims shall include, without limitation, all rights and claims of Guarantor
against Borrower (arising as a result of subrogation or otherwise) as a result
of Guarantor’s payment of all or a portion of the Guaranteed Obligations to the
extent the provisions of Section
1.10 hereof
are unenforceable. Upon the occurrence and during the continuance of a Default,
Guarantor shall not receive or collect, directly or indirectly, from Borrower or
any other Person any amount upon the Guarantor Claims.

     

    Section
4.2 CLAIMS IN BANKRUPTCY.
In the
event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief,
or other insolvency proceedings involving Guarantor as debtor, Lender shall have
the right to prove its claim in any such proceeding so as to establish its
rights hereunder and receive directly from the receiver, trustee or other court
custodian dividends and payments which would otherwise be payable upon Guarantor
Claims. Guarantor hereby assigns such dividends and payments to Lender. Should
Lender receive, for application upon the Guaranteed Obligations, any such
dividend or payment which is otherwise payable to Guarantor, and which, as
between Borrower and Guarantor, shall constitute a credit upon the Guarantor
Claims, then upon payment to Lender in full of the Guaranteed Obligations,
Guarantor shall become subrogated to the rights of Lender to the extent that
such payments to Lender on the Guarantor Claims have contributed toward the
liquidation of the Guaranteed Obligations, and such subrogation shall be with
respect to that portion of the Guaranteed Obligations which would have been
unpaid if Lender had not received dividends or payments upon the Guarantor
Claims.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

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

     

    Section
4.4 LIENS SUBORDINATE.
Guarantor
agrees that any liens, security interests, judgment liens, charges or other
encumbrances upon Borrower’s assets securing payment of the Guarantor Claims
shall be and remain inferior and subordinate to any liens, security interests,
judgment liens, charges or other encumbrances upon Borrower’s assets securing
payment of the Guaranteed Obligations, regardless of whether such encumbrances
in favor of Guarantor or Lender presently exist or are hereafter created or
attach. Without the prior written consent of Lender, Guarantor shall not (i)
exercise or enforce any creditor’s right it may have against Borrower, or (ii)
foreclose, repossess, sequester or otherwise take steps or institute any action
or proceedings (judicial or otherwise, including without limitation the
commencement of, or joinder in, any liquidation, bankruptcy, rearrangement,
debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds
of trust, security interests, collateral rights, judgments or other encumbrances
on assets of Borrower held by Guarantor.

     

    ARTICLE 5

    MISCELLANEOUS

     

    Section
5.1 NO WAIVER; REMEDIES CUMULATIVE. No
failure or delay on the part of Lender in exercising any right, remedy, power or
privilege hereunder or under the other Loan Documents and no course of dealing
between Guarantor and Lender shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder or
under the other Loan Documents preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege hereunder or
thereunder. The rights and remedies provided herein and in the other Loan
Documents are cumulative and not exclusive of any rights or remedies provided by
law. The giving of notice to or demand on Guarantor which notice or demand is
not required hereunder or under the other Loan Documents shall not entitle
Guarantor to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights, remedies, powers or
privileges of Lender in any circumstances not requiring notice or
demand.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Section
5.2 NOTICES. All
notices, requests and other communications to any party hereunder or under the
Note shall be given in the manner set forth in Article XI of the Security
Instrument, and to each addressee at the address set forth below:

    

      
        	
                Guarantor:

              	 	
                c/o
      The Lightstone Group

              
	 	 	
                326
      Third Street

              
	 	 	
                Lakewood,
      New Jersey 08701

              
	 	 	
                Attention:
      David Lichtenstein

              
	 	 	
                Facsimile
      No.: 

              
	 	 	 
	
                With
      a copy to:

              	 	
                Hirschler
      Fleischer

              
	 	 	
                2100
      E. Cary Street

              
	 	 	
                Richmond,
      Virginia 23223

              
	 	 	
                Attention:
      David F. Belkowitz, Esq.

              
	 	 	
                Fax
      No.: (804-644-0957

              
	 	 	 
	
                Lender:
      

              	 	
                Wachovia
      Bank, National Association

              
	 	 	
                Commercial
      Real Estate Services

              
	 	 	
                8739
      Research Drive URP - 4, NC 1075

              
	 	 	
                Charlotte,
      North Carolina 28262

              
	 	 	
                Facsimile
      No.: (704) 374-6435

              
	 	 	 
	
                With
      a copy to: 

              	 	
                Winston
      & Strawn LLP

              
	 	 	
                200
      Park Avenue

              
	 	 	
                New
      York, New York 10166 

              
	 	 	
                Attn:
      Corey A. Tessler, Esq.

              
	 	 	
                Facsimile
      No.: (212) 294-4700

              

      

    

     

    or such
other address as Guarantor or Lender shall hereafter specify by not less than
ten (10) days prior written notice as provided herein; provided, however, that
notwithstanding any provision of this Section to the contrary, such notice of
change of address shall be deemed given only upon actual receipt thereof.
Rejection or other refusal to accept or the inability to deliver because of
changed addresses of which no notice was given as herein required shall be
deemed to be receipt of the notice, demand, statement, request or
consent.

     

    Section
5.3 GOVERNING LAW; JURISDICTION. This
Guaranty shall be governed by and construed in accordance with the laws of the
State of Nebraska and the applicable laws of the United States of America.
Guarantor hereby irrevocably submits to the jurisdiction of any court of
competent jurisdiction located in the State of Nebraska in connection with any
proceeding out of or relating to this Guaranty.

     

    Section
5.4 INVALID PROVISIONS. If any
provision of this Guaranty is held to be invalid, illegal or unenforceable in
any respect, this Guaranty shall be construed without such
provision.

     

    Section
5.5 AMENDMENTS. The
terms of this Guaranty, together with the terms of the other Loan Documents,
constitute the entire understanding and agreement of the parties hereto and
supersede all prior agreements, understandings and negotiations between
Guarantor and Lender with respect to the Guaranteed Obligations. This Guaranty,
and any provisions hereof, may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act on the part of Guarantor
or Lender, but only by an agreement in writing signed by the party against whom
enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Section
5.6 PARTIES BOUND; ASSIGNMENT. This
Guaranty shall be binding upon and inure to the benefit of the parties hereto
and their respective successors, assigns and legal representatives; provided,
however, that Guarantor may not, without the prior written consent of Lender,
assign any of its rights, powers, duties or obligations hereunder.

     

    Section
5.7 HEADINGS; CONSTRUCTION
OF DOCUMENTS; DEFINITIONS.
The
headings and captions of various sections of this Guaranty are for convenience
of reference only and are not to be construed as defining or limiting, in any
way, the scope or intent of the provisions hereof. Guarantor acknowledges that
it was represented by competent counsel in connection with the negotiation and
drafting of this Guaranty and the other Loan Documents and that neither this
Guaranty nor the other Loan Documents shall be subject to the principle of
construing the meaning against the Person who drafted same. All capitalized
terms not otherwise defined herein shall have the meanings set forth in the
Security Instrument.

     

    Section
5.8 RECITALS. The
recital and introductory paragraphs hereof are a part hereof, form a basis for
this Guaranty and shall be considered prima
facie evidence
of the facts and documents referred to therein.

     

    Section
5.9 COUNTERPARTS. To
facilitate execution, this Guaranty may be executed in as many counterparts as
may be convenient or required. It shall not be necessary that the signature or
acknowledgment of, or on behalf of, each party, or that the signature of all
Persons required to bind any party, or the acknowledgment of such party, appear
on each counterpart. All counterparts shall collectively constitute a single
instrument. It shall not be necessary in making proof of this Guaranty to
produce or account for more than a single counterpart containing the respective
signatures of, or on behalf of, and the respective acknowledgments of, each of
the parties hereto. Any signature or acknowledgment page to any counterpart may
be detached from such counterpart without impairing the legal effect of the
signatures or acknowledgments thereon and thereafter attached to another
counterpart identical thereto except having attached to it additional signature
or acknowledgment pages.

     

    Section
5.10 CUMULATIVE
RIGHTS. The
rights of Lender under this Guaranty shall be separate, distinct and cumulative
and none shall be given effect to the exclusion of the others. No act of Lender
shall be construed as an election to proceed under any one provision herein to
the exclusion of any other provision. Lender shall not be limited exclusively to
the rights and remedies herein stated but shall be entitled, subject to the
terms of this Guaranty, to every right and remedy now or hereafter afforded by
law.

     

    Section
5.11 WAIVER OF COUNTERCLAIM
AND RIGHT TO TRIAL BY JURY.
GUARANTOR HEREBY WAIVES THE RIGHT TO ASSERT A COUNTERCLAIM, OTHER THAN A
COMPULSORY COUNTERCLAIM, IN ANY ACTION OR PROCEEDING BROUGHT AGAINST IT BY
LENDER OR ITS AGENTS, AND WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BROUGHT BY EITHER PARTY HERETO AGAINST THE OTHER OR IN ANY COUNTERCLAIM
GUARANTOR MAY BE PERMITTED TO ASSERT HEREUNDER OR WHICH MAY BE ASSERTED BY
LENDER OR ITS AGENTS AGAINST GUARANTOR, OR IN ANY MATTERS WHATSOEVER ARISING OUT
OF OR IN ANY WAY CONNECTED WITH THIS GUARANTY, THE DEBT OR THE GUARANTEED
OBLIGATIONS.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

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

    
      	 	 	 
	 	
              GUARANTOR:

            
	 	 
	 	LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT
      TRUST, INC., a Maryland corporation
	 
 	 
 	 
 
	
            	By:  	David
      Lichtenstein 
	 	
              

              Name:
      David Lichtenstein

              Title:
      President

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	STATE OF NEBRASKA 	)
	 	
              )
      ss.

            
	COUNTY OF ___________________	)

    

     

    The
foregoing instrument was acknowledged before me this ______ day of December,
2006 by _________________ as ____________________ of LIGHSTONE VALUE PLUS REAL
ESTATE INVESTMENT TRUST, INC., a Maryland corporation, on behalf of the
corporation.

     

    
      	
            	 	 	
            
	
            	 	 	
              

              Signature
      of Notary Public

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    EXHIBIT
A

     

    (Legal
Description)

     

    Attached
to and forming a part of file number: CRS22144

     

    Parcel
1:

     

    Lots 1,
2, 13 and 14, Oak View Plaza 3rd Platting, an Addition to the City of Omaha, as
surveyed, platted and recorded in Douglas County, Nebraska, EXCEPT that part of
said Lot 13 dedicated for street widening as filed within Book 1280 at Page 429
of the Miscellaneous Records of Douglas County, Nebraska.

     

    Together
with Reciprocal Access, Parking and Utility rights as set forth in Declaration
of Protective Covenants recorded in Book 815 at Page 326 and Amendment to
Declaration of Protective Covenants recorded in Book 1019 at Page 142 and in
Declaration of Covenants, Easements and Restrictions recorded in Book 1030 at
Page 603 and First Amendment to Declaration of Covenants, Easements and
Restrictions recorded in Book 1049 at Page 336, and Second Amendment to
Declaration of Covenants recorded May 17, 2006 as Instrument
No.2005056364;

     

    And also
together with rights of ingress and egress as set forth upon the Plat of Oak
View Plaza (3rd Platting), filed September 19,1996 in Book 2043 at Page 318 of
the Deed Records; And also together with Beneficial RIGHT-OF-WAY EASEMENT,
recorded June 25,1987 in Book 818 at Page 626 of the Miscellaneous
Records

     

    And
together with SANITARY, STORM SEWER AND UTILITY EASEMENT recorded September 11,
1992 in Book 1030 at Page 645 of the Miscellaneous Records;

     

    And also
Together with SANITARY, STORM SEWER AND UTILITY EASEMENT and recorded November
23, 1992 in Book 1043 at Page 701 of the Miscellaneous Records; And also
together with Permanent Building Encroachment Easement set forth by instrument
filed August 22, 2000 in Book 1348 at Page 702

     

    all of
the Records of Douglas County, Nebraska; subject to all liens and encumbrances
affecting the same.

     

    Parcel
2:

     

    Lot 1,
Oak View Plaza (3rd Platting) Replat Three, an Addition to the City of Omaha, as
surveyed, platted and recorded in Douglas County, Nebraska.

     

    Together
with Reciprocal Access, Parking and Utility rights as set forth In Declaration
of Protective Covenants recorded in Book 815 at Page 326 and Amendment to
Declaration of Protective Covenants recorded in Book 1019 at Page 142 and in
Declaration of Covenants, Easements and Restrictions recorded In Book 1030 at
Page 603 and First Amendment to Declaration of Covenants, Easements and
Restrictions recorded in Book 1049 at Page 336, and Second Amendment to
Declaration of Covenants recorded May 17, 2006 as Instrument
No.2005056364;

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    And
together with rights of ingress and egress as set forth upon the Plat of Oak
View Plaza (3rd Platting), filed September 19, 1996 in Book 2043 at Page 318 of
the Deed Records; and also together with Reciprocal Access, Parking and rights
of ingress/egress as set forth within the Reciprocal Easement Agreement recorded
September 19,1997 in Book 1222 at Page 699;

     

    and also
together with Beneficial RIGHT-OF-WAY EASEMENT recorded June 25,1987 in Book 818
at Page 626 of the Miscellaneous Records;

     

    and also
together with SANITARY, STORM SEWER AND UTILITY EASEMENT recorded September 11,
1992 in Book 1030 at Page 645 of the Miscellaneous Records; and also Together
with SANITARY, STORM SEWER AND UTILITY EASEMENT recorded November 23, 1992 in
Book 1043 at Page 701 of the Miscellaneous Records;

     

    and also
together with non-exclusive easement rights set forth within Deed of Easement
for Subsurface Construction Elements set forth within the instrument filed
September 14, 2004 as instrument number 2004122176 all of the Records of Douglas
County, Nebraska; subject to all liens and encumbrances affecting the
same.

     

    Parcel
3:

     

    Lot 1,
Oak View Plaza (3rd Platting) Replat Four, an Addition to the City of Omaha, as
surveyed, platted and recorded in Douglas County, Nebraska.

     

    Together
with Reciprocal Access, Parking and Utility rights as set forth in Declaration
of Protective Covenants recorded in Book 815 at Page 326 and Amendment to
Declaration of Protective Covenants recorded in Book 1019 at Page 142 and in
Declaration of Covenants, Easements and Restrictions recorded in Book 1030 at
Page 603 and First Amendment to Declaration of Covenants, Easements and
Restrictions recorded in Book 1049 at Page 336,

     

    and
Second Amendment to Declaration of Covenants recorded May 17, 2006 as Instrument
No.2005056364;

     

    and also
together with rights of ingress and egress as set forth upon the Plat of Oak
View Plaza (3rd Platting), filed September 19,1996 in Book 2043 at Page 318 of
the Deed Records;

     

    and also
together with Reciprocal Access, Parking and rights of ingress/egress as set
forth within the Reciprocal Easement Agreement recorded September 19, 1997 in
Book 1222 at Page 699;

     

    and also
together with Beneficial RIGHT-OF-WAY EASEMENT, recorded June 25,1987 in Book
818 at Page 626 of the Miscellaneous Records;

     

    and also
together with SANITARY, STORM SEWER AND UTILITY EASEMENT recorded September 11,
1992 in Book 1030 at rage 645 of the Miscellaneous Records;

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    and also
Together with SANITARY, STORM SEWER AND UTILITY EASEMENT recorded November 23,
1992 in Book 1043 at Page 701 of the Miscellaneous Records;

     

    and also
together with non-exclusive easement rights set forth within Deed of Easement
for Subsurface Construction Elements set forth within the instrument filed May
17, 2005 as instrument number 2005056363, as further amended pursuant to the
Amended Deed of Easement for Subsurface Construction Elements filed July 1, 2005
as instrument number 2005076870, all of the Records of Douglas County, Nebraska;
subject to all liens and encumbrances affecting the same.

     

    
      
        
        

      

      
        17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]