Document:

Exhibit 10.3

 

Loan No. 10202952

 

GUARANTY AGREEMENT

 

THIS GUARANTY AGREEMENT
(this “Guaranty”) is made as of September 12, 2019, by GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P.,
a Delaware limited partnership, having an address at 405 Park Avenue, New York, New York 10022 (“Guarantor”)
in favor of KeyBank National Association,
a national banking association, having an address at 11501 Outlook, Suite 300, Overland Park, Kansas 66211 (together
with its successors and assigns, “Lender”).

 

Recitals

 

The following recitals
are a material part of this Guaranty:

 

A.       Lender
is making a loan in the principal sum of $204,000,000.00 (the “Loan”) to ARG CMGLTWY001, LLC, ARG SSFSRIN001,
LLC, ARG EQWBGPA001, LLC, ARG HCCLHGA001, LLC, ARG UPDBNMI001, LLC, ARG CDNCNOH001, LLC, ARG MT2PKSLB001, LLC, ARG HRTFTGA001,
LLC, ARC FELKCLA001, LLC, ARG EHBIRAL001, LLC, ARC ATSNTTX001, LLC and ARC SLSTCCA001, LLC, each a Delaware limited liability company
(individually and collectively, as the context may require, the “Borrower”), on or about the date of this Guaranty.
Guarantor has a significant financial interest in Lender’s making of the Loan to Borrower, and will realize significant financial
benefit from the Loan. The Loan is evidenced by a Loan Agreement of even date herewith between Borrower and Lender (the “Loan
Agreement”) and each Note (as defined in the Loan Agreement) dated the date hereof and made by Borrower in favor of Lender
in the aggregate aforementioned principal amount, and is secured in part by one or more deeds of trust/mortgages/deeds to secure
debt (individually and collectively, as the context may require, the “Security Instrument”) encumbering Borrower’s
interest in the Property (as defined in the Loan Agreement) and is further evidenced and secured by the Loan Documents (as defined
in the Loan Agreement). The Loan Documents are hereby incorporated by this reference as if fully set forth in this Guaranty. Any
capitalized terms used in this Guaranty and not otherwise defined herein shall have the meaning set forth in the Loan Agreement.

 

B.       Lender
has required that Guarantor guaranty to Lender the payment of Borrower’s liabilities pursuant to Section 9.3 of the Loan
Agreement (the “Recourse Liabilities”).

 

C.       Lender
is unwilling to make the Loan to Borrower absent this Guaranty.

 

Agreement

 

In consideration of
Lender’s agreement to make the Loan to Borrower and other good and valuable consideration, the receipt and legal sufficiency
of which is hereby acknowledged, Guarantor hereby states and agrees as follows:

 

     

     

    

 

1.       Request
to Make Loan. Guarantor hereby requests that Lender make the Loan to Borrower and that Lender extend credit and give financial
accommodations to Borrower, as Borrower may desire and as Lender may grant, from time to time, whether to the Borrower alone or
to the Borrower and others, and specifically to make the Loan described in the Loan Documents.

 

2.       Guaranty
of Liabilities.

 

2.1       Guarantor
hereby absolutely and unconditionally guarantees full payment of the following (collectively, the “Liabilities”):
(i) the Recourse Liabilities (whether arising under the original Loan or any extension, modification, future advance, increase,
amendment or modification thereof); (ii) interest due on amounts owing under any such Recourse Liabilities at the Default Rate,
(iii) all reasonable out-of-pocket expenses, including reasonable out-of-pocket attorneys’ fees, incurred by Lender in connection
with the enforcement of any of Lender’s rights under this Guaranty; and (iv) to the extent the same directly and solely relate
to amounts or obligations owing under Recourse Liabilities, all reimbursement and indemnification obligations of Borrower set forth
in Section 10.13 of the Loan Agreement.

 

2.2       Upon
the request of Lender, Guarantor shall immediately pay or perform the Liabilities when they or any of them become due or are to
be paid or performed under the term of any of the Loan Documents. Any amounts received by Lender from any sources and applied by
Lender towards the payment of the Liabilities shall be applied in such order of application as Lender may from time to time elect.
All Liabilities shall conclusively be presumed to have been created, extended, contracted, or incurred by Lender in reliance upon
this Guaranty and all dealings between Borrower and Lender shall likewise be presumed to be in reliance upon this Guaranty.

 

3.       Additional
Advances, Renewals, Extensions and Releases. Guarantor hereby agrees and consents that, without notice to or further consent
by Guarantor, Lender may make additional advances with respect to the Loan or the Property, and the obligations of Borrower or
any other party in connection with the Loan may be renewed, extended, modified, accelerated or released by Lender as Lender may
deem advisable, and any collateral the Lender may hold or in which the Lender may have an interest may be exchanged, sold, released
or surrendered by it, as it may deem advisable, without impairing or affecting the obligations of Guarantor hereunder in any way
whatsoever.

 

4.       Waivers.

 

4.1       Guarantor
hereby waives each of the following: (a) any and all notice of the acceptance of this Guaranty or of the creation, renewal
or accrual of any Liabilities or the Debt, present or future (including any additional advances made by Lender under the Loan Documents);
(b) the reliance of Lender upon this Guaranty; (c) notice of the existence or creation of any Loan Document or of any
of the Liabilities or the Debt; (d) protest, presentment, demand for payment, notice of default or nonpayment, notice of dishonor
to or upon Guarantor, Borrower or any other party liable for any of the Liabilities or the Debt; (e) any and all other notices
or formalities to which Guarantor may otherwise be entitled, including notice of Lender’s granting the Borrower any indulgences
or extensions of time on the payment of any Liabilities or the Debt; and (f) promptness in making any claim or demand hereunder.

 

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4.2       No
delay or failure on the part of Lender in the exercise of any right or remedy against either Borrower or Guarantor shall operate
as a waiver thereof, and no single or partial exercise by Lender of any right or remedy herein shall preclude other or further
exercise thereof or of any other right or remedy whether contained herein or in the Note or any of the other Loan Documents. No
action of Lender permitted hereunder shall in any way impair or affect this Guaranty.

 

4.3       Guarantor
acknowledges and agrees that Guarantor shall be and remain absolutely and unconditionally liable for the full amount of all Liabilities
notwithstanding any of the following, and Guarantor waives any defense or counterclaims to which Guarantor may be entitled, based
upon any of the following, in any proceeding (without prejudice to assert the same in a separate cause of action at a later time):

 

(a)       Any
or all of the Liabilities being or hereafter becoming invalid or otherwise unenforceable for any reason whatsoever or being or
hereafter becoming released or discharged, in whole or in part, whether pursuant to a proceeding under any bankruptcy or insolvency
laws or otherwise; or

 

(b)       Lender
failing or delaying to properly perfect or continue the perfection of any security interest or lien on any property which secures
any of the Liabilities, or to protect the property covered by such security interest or enforce its rights respecting such property
or security interest; or

 

(c)       Lender
failing to give notice of any disposition of any property serving as collateral for any Liabilities or failing to dispose of such
collateral in a commercially reasonable manner; or

 

(d)       Any
other circumstance that might otherwise constitute a defense other than payment in full of the Liabilities.

 

5.       Guaranty
of Payment. Guarantor agrees that Guarantor’s liability hereunder is primary, absolute and unconditional without regard
to the liability of any other party. This Guaranty shall be construed as an absolute, irrevocable and unconditional guaranty of
payment and performance (and not a guaranty of collection), without regard to the validity, regularity or enforceability of any
of the Liabilities.

 

6.       Guaranty
Effective Regardless of Collateral. This Guaranty is made and shall continue as to any and all Liabilities without regard to
any liens or security interests in any collateral, the validity, effectiveness or enforceability of such liens or security interests,
or the existence or validity of any other guaranties or rights of Lender against any other obligors. Any and all such collateral,
security, guaranties and rights against other obligors, if any, may from time to time without notice to or consent of Guarantor,
be granted, sold, released, surrendered, exchanged, settled, compromised, waived, subordinated or modified, with or without consideration,
on such terms or conditions as may be acceptable to Lender, without in any manner affecting or impairing the liabilities of Guarantor.
Without limiting the generality of the foregoing, it is acknowledged that Guarantor’s liability hereunder shall survive any
foreclosure proceeding, any foreclosure sale, any delivery of a deed in lieu of foreclosure, and any release of record of the Security
Instrument.

 

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7.       Additional
Credit. Credit or financial accommodation may be granted or continued from time to time by Lender to Borrower regardless of
Borrower’s financial or other condition at the time of any such grant or continuation, without notice to or the consent of
Guarantor and without affecting Guarantor’s obligations hereunder. Lender shall have no obligation to disclose or discuss
with Guarantor its assessment of the financial condition of Borrower.

 

8.       Rescission
of Payments. If at any time payment of any of the Liabilities or any part thereof is rescinded or must otherwise be restored
or returned by Lender upon the insolvency, bankruptcy or reorganization of Borrower or under any other circumstances whatsoever,
this Guaranty shall, upon such rescission, restoration or return, continue to be effective or shall (if previously terminated)
be reinstated, as the case may be, as if such payment had not been made.

 

9.       Additional
Waivers. So long as any portion of the Liabilities or Debt remains unpaid or any portion of the Liabilities or Debt (or any
security therefor) that has been paid to Lender remains subject to invalidation, reversal or avoidance as a preference, fraudulent
transfer or for any other reason whatsoever (whether under bankruptcy or non-bankruptcy law) to being set aside or required to
be repaid to Borrower as a debtor in possession or to any trustee in bankruptcy, Guarantor irrevocably waives (a) any rights
which it may acquire against Borrower by way of subrogation under this Guaranty or by virtue of any payment made hereunder (whether
contractual, under the Bankruptcy Code or similar state or federal statute, under common law, or otherwise), (b) all contractual,
common law, statutory or other rights of reimbursement, contribution, exoneration or indemnity (or any similar right) from or against
Borrower that may have arisen in connection with this Guaranty, (c) any right to participate in any way in the Loan Documents
or in the right, title and interest in any collateral securing the payment of Borrower’s obligations to Lender, and (d) all
rights, remedies and claims relating to any of the foregoing. If any amount is paid to Guarantor on account of subrogation rights
or otherwise, such amount shall be held in trust for its benefit and shall forthwith be paid to Lender to be applied to the Debt,
whether matured or unmatured, in such order as Lender shall determine.

 

10.     Independent
Obligations. The obligations of Guarantor are independent of the obligations of Borrower, and a separate action or actions
for payment, damages or performance may be brought and prosecuted against Guarantor, whether or not an action is brought against
Borrower or the security for Borrower’s obligations, and whether or not Borrower is joined in any such action or actions.
Guarantor expressly waives any requirement that Lender institute suit against Borrower or any other persons, or exercise or exhaust
its remedies or rights against Borrower or against any other person, other guarantor, or other collateral securing all or any part
of the Liabilities, prior to enforcing any rights Lender has under this Guaranty or otherwise. Lender may pursue all or any such
remedies at one or more different times without in any way impairing its rights or remedies hereunder. Guarantor hereby further
waives the benefit of any statute of limitations affecting its liability hereunder or the enforcement hereof. If there shall be
more than one guarantor with respect to any of the Liabilities, then the obligations of each such guarantor shall be joint and
several.

 

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11.     Subordination
of Indebtedness of Borrower to Guarantor. Any indebtedness of Borrower to Guarantor now or hereafter existing is hereby subordinated
to the prior payment in full of the Liabilities. Guarantor agrees that following the occurrence and during the continuance of an
Event of Default, until the Liabilities and Debt have been paid in full, Guarantor will not seek, accept or retain for Guarantor’s
own account, any payment (whether for principal, interest, or otherwise) from Borrower for or on account of such subordinated debt.
Following the occurrence and during the continuance of an Event of Default, any payments to Guarantor on account of such subordinated
debt shall be collected and received by Guarantor in trust for Lender and shall be paid over to Lender on account of the Liabilities
or Debt, as Lender determines in its discretion, without impairing or releasing the obligations of Guarantor hereunder. Guarantor
hereby unconditionally and irrevocably agrees that (a) Guarantor will not at any time while the Liabilities remain unpaid,
assert against Borrower (or Borrower’s estate in the event that Borrower becomes the subject of any case or proceeding under
any federal or state bankruptcy or insolvency laws) any right or claim to indemnification, reimbursement, contribution or payment
for or with respect to any and all amounts Guarantor may pay or be obligated to pay Lender, including the Liabilities, and any
and all obligations which Guarantor may perform, satisfy or discharge, under or with respect to the Guaranty, and (b) Guarantor
subordinates to the Debt all such rights and claims to indemnification, reimbursement, contribution or payment that Guarantor may
have now or at any time against Borrower (or Borrower’s estate in the event that Borrower becomes the subject of any case
or proceeding under any federal or state bankruptcy or insolvency laws).

 

12.     Claims
in Bankruptcy. Guarantor shall file all claims against Borrower in any bankruptcy or other proceeding in which the filing of
claims is required by law upon any indebtedness of Borrower to Guarantor and will assign to Lender all right of Guarantor thereunder.
Guarantor hereby irrevocably appoints Lender its attorney-in-fact, which appointment is coupled with an interest, to file any such
claim that Guarantor may fail to file, in the name of Guarantor or, in Lender’s discretion, to assign the claim and to cause
proof of claim to be filed in the name of Lender’s nominee. In all such cases, whether in administration, bankruptcy or otherwise,
the person or persons authorized to pay such claim shall pay to Lender the full amount thereof and, to the full extent necessary
for that purpose, Guarantor hereby assigns to Lender all of Guarantor’s rights to any such payments or distributions to which
Guarantor would otherwise be entitled.

 

13.     Guarantor’s
Representations and Warranties. Guarantor represents, warrants and covenants to and with Lender that:

 

13.1       There
is no action or proceeding pending or, to the actual knowledge of Guarantor, threatened against Guarantor before any court or administrative
agency which would reasonably be expected to result in any material adverse change in the business or financial condition of Guarantor
or in the property of Guarantor;

 

13.2       Guarantor
has filed all Federal and state income tax returns which Guarantor has been required to file, and has paid all taxes as shown on
said returns and on all assessments received by Guarantor to the extent that such taxes have become due;

 

13.3       Neither
the execution nor delivery of this Guaranty nor fulfillment of nor compliance with the terms and provisions hereof will conflict
with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in the creation
of any lien, charge or encumbrance upon any property or assets of Guarantor under any agreement or instrument to which Guarantor
is now a party or by which Guarantor may be bound;

 

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13.4       This
Guaranty is a valid and legally binding agreement of Guarantor and is enforceable against Guarantor in accordance with its terms
subject to the rights of creditors and general principles of equity;

 

13.5       Guarantor
has either (i) examined the Loan Documents or (ii) has had an opportunity to examine the Loan Documents and has waived
the right to examine them; and

 

13.6       Guarantor
has the full power, authority, and legal right to execute and deliver this Guaranty. If Guarantor is not an individual, (i) Guarantor
is duly organized, validly existing and in good standing under the laws of the state of its formation, and (ii) the execution,
delivery and performance of this Guaranty by Guarantor has been duly and validly authorized and the person(s) signing this Guaranty
on Guarantor’s behalf has been validly authorized and directed to sign this Guaranty.

 

14.       Notice
of Litigation. Guarantor shall promptly give Lender notice of all litigation or proceedings before any court or Governmental
Authority affecting Guarantor or its property, except litigation or proceedings which, if adversely determined, would not reasonably
be expected to have a material adverse effect on the financial condition or operations of Guarantor or its ability to perform any
of its obligations hereunder.

 

15.       Access
to Records. Guarantor shall give Lender and its representatives access to, and permit Lender and such representatives to examine,
copy or make extracts from, any and all books, records and documents in the possession of Guarantor relating to the performance
of Guarantor’s obligations hereunder and under any of the Loan Documents, all at such times and as often as Lender may reasonably
request. If Guarantor is not an individual, Guarantor shall continuously maintain its existence and shall not dissolve or permit
its dissolution.

 

16.       Assignment
by Lender. In connection with any sale, assignment or transfer of the Loan, Lender may sell, assign or transfer this Guaranty
and all or any of its rights, privileges, interests and remedies hereunder to any other person or entity whatsoever without notice
to or consent by Guarantor, and in such event the assignee shall be entitled to the benefits of this Guaranty and to exercise all
rights, interests and remedies as fully as Lender.

 

17.       Termination.
This Guaranty shall terminate only when all of the Liabilities and the Debt have been paid in full, including all interest thereon,
late charges and other charges and fees included within the Liabilities and the Debt. When the conditions described above have
been fully met, Lender will, upon request, furnish to Guarantor a written cancellation of this Guaranty.

 

18.       Notices.
All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective
for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested
or (b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery,
or (c) by telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated
from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided
for in this Section):

 

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	If to Lender:	KeyBank National Association
	 	11501 Outlook, Suite 300
	 	Overland Park, Kansas 66211
	 	Facsimile No.: 877-379-1625
	 	Attention: Loan Servicing
	 	 
	with a copy to:	Dan Flanigan
	 	POLSINELLI
	 	900 West 48th Place, Suite 900
	 	Kansas City, Missouri 64112
	 	Facsimile No.:  816-753-1536
	 	 
	If to Guarantor:	Global Net Lease Operating Partnership, L.P.
	 	405 Park Avenue
	 	New York, New York 10022
	 	Attention: GNL Counsel
	 	Facsimile No.:  518-640-6465

  

A notice shall be deemed
to have been given: in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered
or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery
on a Business Day; or in the case of telecopy, upon sender’s receipt of a machine-generated confirmation of successful transmission
after advice by telephone to recipient that a telecopy notice is forthcoming.

 

19.       Waiver
of Jury Trial. TO THE FULLEST EXTENT NOW OR HEREAFTER PERMITTED BY APPLICABLE LAW, GUARANTOR AND LENDER HEREBY AGREE NOT TO
ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY
SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS,
OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY GUARANTOR AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH RIGHT
TO TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER AND GUARANTOR ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER.

 

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20.       Miscellaneous.
(a)This Guaranty shall be a continuing guaranty. This Guaranty shall bind the heirs, successors and assigns of Guarantor
(except that Guarantor may not assign his, her, or its liabilities under this Guaranty without the prior written consent of Lender,
which consent Lender may in its discretion withhold), and shall inure to the benefit of Lender, its successors, transferees and
assigns. Each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law.
Neither this Guaranty nor any of the terms hereof, including the provisions of this Section, may be terminated, amended, supplemented,
waived or modified orally, but only by an instrument in writing executed by the party against which enforcement of the termination,
amendment, supplement, waiver or modification is sought, and the parties hereby: (a) expressly agree that it shall not be
reasonable for any of them to rely on any alleged, non-written amendment to this Guaranty; (b) irrevocably waive any and all right
to enforce any alleged, non-written amendment to this Guaranty; and (c) expressly agree that it shall be beyond the scope
of authority (apparent or otherwise) for any of their respective agents to agree to any non-written modification of this Guaranty.
This Guaranty may be executed in several counterparts, each of which counterpart shall be deemed an original instrument and all
of which together shall constitute a single Guaranty. The failure of any party hereto to execute this Guaranty, or any counterpart
hereof, shall not relieve the other signatories from their obligations hereunder. As used in this Guaranty, the term “Borrower”
shall mean individually and collectively, jointly and severally, each Borrower (if more than one) and shall include the successors
(including any subsequent owner or owners of the Property or any part thereof or any interest therein and Borrower in its capacity
as debtor-in-possession after the commencement of any bankruptcy proceeding), assigns, heirs, personal representatives, executors
and administrators of Borrower. Any capitalized terms used in this Guaranty and not otherwise defined herein shall have the meaning
set forth in the Loan Agreement. Section 1.2 of the Loan Agreement is specifically incorporated herein as if fully restated herein.

 

(b)       Notwithstanding
anything herein or in the Loan Documents to the contrary, Guarantor shall have no liability for any portion of any Liabilities
(or for any other indemnity obligations and liabilities hereunder) arising from: (i) any circumstances, conditions, actions or
events taken or caused by any Person from and after a Transfer of (1) the entire Property (or any Individual Property in its entirety)
or (2) all of the direct and indirect equity interests of any Borrower to a Person that is not an Affiliate of Guarantor; provided
that such Transfer has been approved by Lender to the extent required under the terms of the Loan Documents and Lender has received
a replacement guaranty and environmental indemnity, each in form and substance substantially identical to the Guaranty and Environmental
Indemnity or in form otherwise reasonably satisfactory to Lender, with respect only to liabilities arising from and after the date
of such Transfer from one (1) or more substitute guarantors reasonably acceptable to Lender, (ii) any circumstances, conditions,
actions or events taken or caused by any Person (other than Borrower, Guarantor or any of their respective Affiliates, provided
that Guarantor shall have no liability for any circumstances, conditions, actions or events taken or caused by Borrower, Guarantor
or any of their respective Affiliates that is required to comply with applicable law or in connection with orders or directions
received from a receiver, trustee, liquidator, conservator or Lender) from and after the date on which (1) Lender obtains title
to the Property, whether by foreclosure, Lender’s or its designee’s acceptance of a deed-in-lieu of foreclosure or
otherwise, or (2) Lender as a mortgagee-in-possession, takes actual possession and control of the Property or a receiver, trustee,
liquidator or conservator is appointed at Lender’s request, to take possession and control of the Property, or (iii) any
circumstances, conditions, actions or events taken or caused by any Person (other than Borrower, Guarantor or any of their respective
Affiliates) (1) during any period in which any mezzanine lender permitted under Section 9.1.1(c)(i) of the Loan Agreement is in
Control of Borrower and/or the Property, or (2) from and after the date on which such a mezzanine lender completes a mezzanine
foreclosure or any such mezzanine lender’s acceptance of an assignment-in-lieu thereof.

 

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21.       Applicable
Law; Jurisdiction and Venue.

 

(a)       LENDER
HAS OFFICES IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW
YORK (“GOVERNING STATE”), WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO
THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS
OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER
AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES
OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST
CREATED PURSUANT TO THE LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY
IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK
SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR
THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, GUARANTOR AND LENDER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY CLAIM
TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS GUARANTY,
THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT
TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

(b)       ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE OTHER LOAN DOCUMENTS
(“ACTION”) MAY AT LENDER’S OPTION BE INSTITUTED IN (AND IF ANY ACTION IS ORIGINALLY BROUGHT IN ANOTHER
VENUE, THE ACTION SHALL AT THE ELECTION OF LENDER BE TRANSFERRED TO) ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY
OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY
NOW OR HEREAFTER HAVE BASED ON VENUE OR FORUM NON CONVENIENS OF ANY SUCH ACTION, AND GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY ACTION. IN THE EVENT THAT GUARANTOR’S PRINCIPAL OFFICE IS NOT LOCATED IN THE STATE
OF NEW YORK AT ANY TIME IN THE FUTURE, GUARANTOR (I) SHALL PROMPTLY DESIGNATE AND APPOINT AN AUTHORIZED AGENT, REASONABLY ACCEPTABLE
TO LENDER, TO ACCEPT AND ACKNOWLEDGE ON GUARANTOR’S BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH
ACTION IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND IN SUCH CASE, GUARANTOR AGREES THAT SERVICE OF PROCESS UPON SAID
AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE
DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH ACTION IN THE STATE OF NEW YORK, (II) SHALL GIVE
PROMPT NOTICE TO LENDER OF (A) THE NAME AND ADDRESS OF SUCH AGENT, (B) ANY CHANGED ADDRESS THEREAFTER OF ITS AUTHORIZED AGENT HEREUNDER,
(III) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH
SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (IV) SHALL PROMPTLY DESIGNATE
SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

 

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22.       OFAC.
Guarantor hereby represents, warrants and covenants that Guarantor is not (nor will be) a person with whom Lender is restricted
from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the
Treasury of the United States of America (including, those Persons named on OFAC’s Specially Designated and Blocked Persons
list) or under any statute, executive order (including, the September 24, 2001 Executive Order Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall
not engage in any dealings or transactions or otherwise be associated with such persons. In addition, Guarantor hereby covenants
to provide Lender with any additional information that Lender deems necessary from time to time in order to ensure compliance with
all applicable laws concerning money laundering and similar activities.

 

23.       Covenants.

 

23.1         Until
all of the Liabilities and the Debt, including all interest thereon, late charges and other charges and fees included within the
Liabilities and the Debt, have been paid in full, Guarantor (a) shall maintain (1) an aggregate Net Worth in excess of the Net
Worth Threshold and (2) aggregate Liquid Assets having a market value of at least the Liquid Assets Threshold and (b) shall not
sell, pledge, mortgage or otherwise transfer any assets, or any interest therein, which would cause Guarantor’s Net Worth
to fall below the Net Worth Threshold or cause Guarantor’s Liquid Assets to fall below the Liquid Assets Threshold.

 

23.2         Guarantor
shall ensure that the financial information with respect to Guarantor required to be provided to Lender pursuant to Section 5.1.11
of the Loan Agreement is so provided.

 

24.        Local
Law Provisions. In the event of any inconsistencies between the terms and conditions of this Section and any other terms and
conditions of this Guaranty, the terms and conditions of this Section shall be binding.

 

24.1         Pennsylvania
Law Provisions. The following provisions shall apply to this Guaranty to the extent that Pennsylvania law is deemed to govern
this Guaranty, otherwise, the following shall be null and void.

 

    10 

     

    

 

(a)        POWERS
OF ATTORNEY. BORROWER ACKNOWLEDGES AND AGREES (A) THAT ANY POWERS OF ATTORNEY GRANTED HEREIN, AND ANY WARRANT OF ATTORNEY
AUTHORIZING JUDGMENT BY CONFESSION, ARE GIVEN IN CONNECTION WITH A COMMERCIAL TRANSACTION, (B) LENDER’S EXERCISE OF ANY
POWERS OF ATTORNEY AS PROVIDED FOR HEREIN WOULD BE IN ACCORDANCE WITH BORROWER’S REASONABLE EXPECTATIONS, AND (C) LENDER
DOES NOT AND SHALL NOT HAVE ANY OF THE DUTIES TO BORROWER SET FORTH IN 20 PA. C.S.A. §5601.3.

 

24.2         Texas
Law Provisions. The following provisions shall apply to this Guaranty to the extent that Texas law is deemed to govern this
Guaranty, otherwise, the following shall be null and void.

 

(a)        Section
4.1(d) is amended and restated to read as follows: “protest, presentment, demand for payment, notice of acceleration, notice
of intent to accelerate, notice of default or nonpayment, notice of dishonor to or upon Guarantor, Borrower or any other party
liable for any of the Liabilities or the Debt;”

 

(b)        Guarantor
hereby agrees that:

 

(i)        In the
event an interest in any of the Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, notwithstanding
the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time),
and to the extent permitted by law, Lender shall be entitled to seek a deficiency judgment from Borrower, Guarantor and any other
party obligated on the Note equal to the difference between the amount owing on the Note and the amount for which the Property
was sold pursuant to judicial or nonjudicial foreclosure sale. Guarantor expressly recognizes that this paragraph constitutes a
waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Borrower, Guarantor and other persons
against whom recovery of deficiencies is sought (even absent the initiation of deficiency proceedings against them) to present
competent evidence of the fair market value of the Property as of the date of the foreclosure sale and offset against any deficiency
the amount by which the foreclosure sale price is determined to be less than such fair market value. Guarantor further recognizes
and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value
of the Property for purposes of calculating deficiencies owed by Borrower, Guarantor and others against whom recovery of a deficiency
is sought.

 

(ii)       Alternatively,
in the event the waiver provided for in subsection (i) above is determined by a court of competent jurisdiction to be unenforceable,
to the fullest extent not prohibited by applicable laws, the following shall be the basis for the finder of fact’s determination
of the fair market value of the Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004
and 51.005 of the Texas Property Code (as amended from time to time):

 

    11 

     

    

 

(a)       the
Property shall be valued in an “as is” condition as of the date of the foreclosure sale, without any assumption or
expectation that the Property will be repaired or improved in any manner before a resale of the Property after foreclosure;

 

(b)       the
valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Property for cash promptly (but
no later than twelve months) following the foreclosure sale;

 

(c)       all
reasonable closing costs customarily borne by the seller in a commercial real estate transaction should be deducted from the gross
fair market value of the Property, including, brokerage commissions, title insurance, a survey of the Property, tax prorations,
seller’s attorneys’ fees and marketing costs;

 

(d)       the
gross fair market value of the Property shall be further discounted to account for any estimated holding costs associated with
maintaining the Property pending sale, including utilities expenses, property management fees, taxes and assessments (to the extent
not accounted for in subsection (c) above) and other maintenance expenses; and

 

(e)       any
expert opinion testimony given or considered in connection with a determination of the fair market value of the Property must be
given by persons having at least five years’ experience in appraising property similar to the Property and who have conducted
and prepared a complete written appraisal of the Property taking into consideration the factors set forth above.

 

(c)        Guarantor
agrees that its obligations hereunder are primary, not secondary, and Lender need not resort to collection against Borrower or
proceed to foreclose its lien against the Property or any other collateral before pursuing Lender’s rights against Guarantor
for the Liabilities. In addition, Guarantor hereby knowingly, voluntarily and intentionally waives, to the extent permitted by
applicable law, any right or remedy it may have or be able to assert by reason of any statute, law or judicial doctrine pertaining
to the rights and remedies of sureties, including Rule 31 of the Texas Rules of Civil Procedure, Section 17.01 of the Texas Civil
Practice and Remedies Code, Chapter 34 of the Texas Business and Commence Code and any successor or supplemental provisions thereto.

 

24.3         Wyoming
Law Provisions. The following provisions shall apply to this Guaranty to the extent that Wyoming law is deemed to govern this
Guaranty, otherwise, the following shall be null and void.

 

NONE.

 

24.4         Indiana
Law Provisions. The following provisions shall apply to this Guaranty to the extent that Indiana law is deemed to govern this
Guaranty, otherwise, the following shall be null and void.

 

    12 

     

    

 

(a)            Guarantor
acknowledges and agrees that all payments required under this Guaranty shall be made without relief from any applicable valuation
and appraisement laws.

 

(b)           Guarantor
hereby waives any right to require Lender to marshal any security or institute suit, or exercise or exhaust its rights or remedies
against Borrower, or against any other person, guarantor, the Security Instrument or other collateral guaranteeing or securing
all or any part of this Guaranty, prior to enforcing any rights Lender has under this Guaranty or otherwise against Guarantor.

 

(c)            Guarantor
hereby waives all suretyship defenses, including, but not limited to, those defenses set forth in I.C. 34-22-1-1, et seq.

 

(d)           All references
to the term “attorneys’ fees” in this Guaranty or any of the other Loan Documents shall be deemed to include,
but shall not be limited to, reasonable out-of-pocket support staff costs, amounts expended in litigation preparation, computerized
research costs, telephone and facsimile expenses, mileage costs, deposition related expenses, postage costs, photocopy costs, process
service fees, and costs of videotapes

 

24.5         Intentionally
Omitted. 

 

24.6         Georgia
Law Provisions. The following provisions shall apply to this Guaranty to the extent that Georgia law is deemed to govern this
Guaranty, otherwise, the following shall be null and void.

 

(a)        This
Guaranty is made under Seal

 

(b)        Guarantor
waives any and all defenses, claims and discharges of Borrower, or any other obligor, pertaining to the Liabilities, including,
but not limited to, any defenses Borrower or Guarantor may have arising under O.C.G.A. § 44-14-161, except the defense of
discharge by payment in full. Without limiting the generality of the foregoing, Guarantor will not assert, plead or enforce against
Lender any defense of waiver, release, statute of limitations, res judicata, statute of frauds, fraud, incapacity, minority, usury,
illegality or unenforceability which may be available to Borrower or any other person liable in respect of any of the Liabilities,
or any setoff available against Lender to Borrower or any such other person, whether or not on account of a related transaction.

 

24.7         Michigan
Law Provisions. The following provisions shall apply to this Guaranty to the extent that Michigan law is deemed to govern this
Guaranty, otherwise, the following shall be null and void.

 

NONE.

 

    13 

     

    

 

24.8         Ohio Law
Provisions. The following provisions shall apply to this Guaranty to the extent that Ohio law is deemed to govern this Guaranty,
otherwise, the following shall be null and void.

 

NONE.

 

24.9         Louisiana
Law Provisions. The following provisions shall apply to this Guaranty to the extent that Louisiana law is deemed to govern
this Guaranty, otherwise, the following shall be null and void.

 

NONE.

 

24.10       Alabama
Law Provisions. The following provisions shall apply to this Guaranty to the extent that Alabama law is deemed to govern this
Guaranty, otherwise, the following shall be null and void.

 

NONE.

 

24.11       California
Law Provisions. The following provisions shall apply to this Guaranty to the extent that California law is deemed to govern
this Guaranty, otherwise, the following shall be null and void.

 

(a)        Additional
Waivers. Without limiting the generality, scope or meaning of any of the foregoing or any other provision of this Guaranty:

 

(i)     Guarantor
hereby waives any and all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so Guarantor
shall be liable even if Borrower had no liability at the time of execution of the Note, the Security Instrument or any other Loan
Document, or thereafter ceases to be liable. Guarantor hereby waives any and all benefits and defenses under California Civil Code
Section 2809 and agrees that by doing so Guarantor’s liability may be larger in amount and more burdensome than that of Borrower.
Guarantor waives all rights to require Lender to pursue any other remedy it may have against Borrower, or any member of Borrower,
including any and all benefits under California Civil Code Section 2845, 2849 and 2850. Guarantor further waives any rights, defenses
and benefits that may be derived from Sections 2787 to 2855, inclusive, of the California Civil Code or comparable provisions of
the laws of any other jurisdiction and further waives all other suretyship defenses Guarantor would otherwise have under the laws
of California or any other jurisdiction.

 

(ii)    Upon an
Event of Default, Lender in its sole discretion, without prior notice to or consent of Guarantor, may elect to (A) foreclose either
judicially or nonjudicially against any real or personal property security it may hold for the Loan, (B) accept a transfer of any
such security in lieu of foreclosure, (C) compromise or adjust the Loan or any part of it or make any other accommodation with
Borrower or (D) exercise any other remedy against Borrower or any security. No such action by Lender shall release or limit the
liability of Guarantor, who shall remain liable under this Guaranty after the action, even if the effect of the action is to deprive
Guarantor of any subrogation rights, rights of indemnity, or other rights to collect reimbursement from Borrower for any sums paid
to Lender, whether contractual or arising by operation of law or otherwise. Guarantor expressly agrees that under no circumstances
shall it be deemed to have any right, title, interest or claim in or to any real or personal property to be held by Lender or any
third party after any foreclosure or transfer in lieu of foreclosure of any security for the Loan.

 

    14 

     

    

 

(iii)   Regardless
of whether Guarantor may have made any payments to Lender, Guarantor hereby waives (A) all rights of subrogation, indemnification,
contribution and any other rights to collect reimbursement from Borrower or any other party for any sums paid to Lender, whether
contractual or arising by operation of law (including the United States Bankruptcy Code or any successor or similar statute) or
otherwise, (B) all rights to enforce any remedy that Lender may have against Borrower and (C) all rights to participate in any
security now or later to be held by Lender for the Loan. The waivers given in this subsection (iii) shall be effective until the
Loan has been paid and performed in full.

 

(iv)   Guarantor
waives all rights and defenses arising out of an election of remedies by Lender, even though that election of remedies, such as
a nonjudicial foreclosure with respect to security for a guarantied obligation, has destroyed Guarantor’s rights of subrogation
and reimbursement against Borrower by operation of Section 580d of the California Code of Civil Procedure or otherwise. Guarantor
further waives any right to a fair value hearing under California Code of Civil Procedure Section 580a, or any other similar law,
to determine the size of any deficiency owing (for which Guarantor would be liable hereunder) following a non-judicial foreclosure
sale.

 

(v)    Without
limiting the foregoing or anything else contained in this Guaranty, Guarantor waives all rights and defenses that Guarantor may
have because the Loan is secured by real property. This means, among other things:

 

(1)       that
Lender may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower; and

 

(2)       if
Lender forecloses on any real property collateral pledged by Borrower: (x) the amount of the Loan may be reduced only by the price
for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and (y)
Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor
may have to collect from Borrower.

 

This subsection
(v) is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because the Loan is secured by real
property. These rights and defenses include, but are not limited to, any rights or defenses based upon Sections 580a, 580b, 580d,
or 726 of the California Code of Civil Procedure.

 

(vi)   Guarantor
waives all rights and defenses arising out of any failure of the Lender to disclose to the Guarantor any information relating to
the financial condition, operations, properties or prospects of Borrower now or in the future known to the Lender (Guarantor waiving
any duty on the part of the Lender to disclose such information).

 

(vii)  Without
limiting the generality of the foregoing or any other provision of this Guaranty, Guarantor hereby expressly waives any and all
benefits under California Civil Code sections 2815, 2819, 2822, 2839, 2846, 2847. 2899 and 3433, California Code of Civil Procedures
sections 580a, 580b, 580c, 580d and 726, and Chapter 2 of Title 14 of the California Civil Code.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    15 

     

    

 

(b)        Trial
by Jury.          TO THE EXTENT PERMITTED BY APPLICABLE LAW, GUARANTOR
HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY
TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR
OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR,
AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY
GUARANTOR.

 

_____/s/ MA______

Guarantor’s Initials

 

NOTWITHSTANDING
THE FOREGOING TO THE CONTRARY, IN THE EVENT THAT THE JURY TRIAL WAIVER CONTAINED IN THIS GUARANTY IS HELD OR DEEMED TO BE UNENFORCEABLE,
GUARANTOR HEREBY EXPRESSLY AGREES TO SUBMIT TO JUDICIAL REFERENCE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH
645.1 ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS GUARANTY FOR WHICH A JURY TRIAL WOULD OTHERWISE BE APPLICABLE
OR AVAILABLE. PURSUANT TO SUCH JUDICIAL REFERENCE, THE PARTIES TO THIS GUARANTY AGREE TO THE APPOINTMENT OF A SINGLE REFEREE AND
WILL USE THEIR BEST EFFORTS TO AGREE ON THE SELECTION OF A REFEREE. IF THE PARTIES TO THIS GUARANTY ARE UNABLE TO AGREE ON A SINGLE
REFEREE, A REFEREE WILL BE APPOINTED BY THE COURT UNDER CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 AND 640 TO HEAR ANY DISPUTES
UNDER THIS GUARANTY IN LIEU OF ANY SUCH JURY TRIAL. GUARANTOR ACKNOWLEDGES AND AGREES THAT THE APPOINTED REFEREE WILL HAVE THE
POWER TO DECIDE ALL ISSUES IN THE APPLICABLE ACTION OR PROCEEDING, WHETHER OF FACT OR LAW, AND WILL REPORT A STATEMENT OF DECISION
THEREON; PROVIDED, HOWEVER, THAT ANY MATTERS WHICH WOULD NOT OTHERWISE BE THE SUBJECT OF A JURY TRIAL WILL BE UNAFFECTED BY THIS
WAIVER. GUARANTOR HEREBY AGREES THAT THE PROVISIONS CONTAINED IN THIS GUARANTY HAVE BEEN FAIRLY NEGOTIATED ON AN ARMS-LENGTH BASIS,
WITH GUARANTOR AGREEING TO THE SAME KNOWINGLY AND BEING AFFORDED THE OPPORTUNITY TO HAVE ITS LEGAL COUNSEL CONSENT TO THE MATTERS
CONTAINED IN THIS GUARANTY.

 

[NO FURTHER TEXT ON
THIS PAGE]

 

INITIAL
PAGE TO
GUARANTY AGREEMENT

 

    

     

    

 

IN WITNESS WHEREOF,
Guarantor has executed or caused this Guaranty to be executed as of the day and year first above written.

 

	 	GUARANTOR:
	 	 
	 	GLOBAL
    NET LEASE OPERATING PARTNERSHIP, L.P.,
	 	a
    Delaware limited partnership
	 	 
	 	 
	 	By:	 /s/ Michael Anderson
	 	 	Michael
    Anderson, Authorized Signatory

 

Signature
Page to Guaranty AgreementExhibit 10.4

 

Loan No. 10202952

 

ENVIRONMENTAL INDEMNITY AGREEMENT

 

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (this “Agreement”) is made as of September 12, 2019, by ARG CMGLTWY001, LLC,
ARG SSFSRIN001, LLC, ARG EQWBGPA001, LLC, ARG HCCLHGA001, LLC, ARG UPDBNMI001, LLC, ARG CDNCNOH001,
LLC, ARG MT2PKSLB001, LLC, ARG HRTFTGA001, LLC, ARC FELKCLA001, LLC, ARG EHBIRAL001, LLC, ARC
ATSNTTX001, LLC and ARC SLSTCCA001, LLC, each a Delaware limited liability company (individually and collectively, as
the context may require, the “Borrower”), each having an address at 405 Park Avenue, New York, New York 10022,
and GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, having an address at 405 Park Avenue,
New York, New York 10022 (“Guarantor”); Borrower and Guarantor hereinafter referred to, individually and collectively,
as the context may require, as “Indemnitor”), in favor of KEYBANK NATIONAL ASSOCIATION, a national banking
association, having an address at 11501 Outlook, Suite 300, Overland Park, Kansas 66211 (together with its successors
and assigns, “Indemnitee”) and the other Indemnified Parties (as defined in the Loan Agreement).

 

RECITALS:

 

The following recitals
are a material part of this Agreement.

 

A.       Borrower
is the owner of the Property.

 

B.       Indemnitee
is prepared to make a loan (the “Loan”) to Borrower in the original principal amount of $204,000,000.00 pursuant
to a Loan Agreement of even date herewith between Indemnitee and Borrower (the “Loan Agreement”), which Loan
shall be evidenced by each Note (as defined in the Loan Agreement) dated the date hereof and made by Borrower in favor of Indemnitee
in the aggregate aforementioned principal amount, and secured by, among other things one or more mortgages/deeds of trust/deeds
to secure debt, dated as of the date hereof, given by Borrower to or for the benefit of Indemnitee and encumbering the Property
(individually and collectively, as the context may require, the “Security Instrument”). Capitalized terms not
otherwise defined herein shall have the meaning set forth in the Loan Agreement.

 

C.       Indemnitee
is unwilling to make the Loan unless Indemnitor agrees to provide the indemnification, representations, warranties, covenants and
other matters described in this Agreement for the benefit of the Indemnified Parties.

 

D.       Indemnitor
is entering into this Agreement to induce Indemnitee to make the Loan.

 

    

     

    

 

AGREEMENT:

 

NOW THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitor hereby agrees for
the benefit of the Indemnified Parties as follows:

 

1.     Indemnification.
Indemnitor covenants and agrees, at its sole cost and expense, to protect, defend, indemnify, release and hold the Indemnified
Parties harmless from and against any and all Losses (defined below) imposed upon or incurred by or asserted against any Indemnified
Parties and directly or indirectly arising out of or in any way relating to any one or more of the following: (a) any presence
of any Hazardous Substances in, on, above, or under the Property in violation of Environmental Law; (b) any past, present or threatened
Release of Hazardous Substances in, on, above, under or from the Property in violation of Environmental Law; (c) any activity by
Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in connection with any actual,
proposed or threatened use, treatment, storage, holding, existence, disposition or other Release, generation, production, manufacturing,
processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from the Property of
any Hazardous Substances at any time located in, under, on or above the Property; (d) any activity by Indemnitor, any Person affiliated
with Indemnitor, and any tenant or other user of the Property in connection with any actual or proposed Remediation of any Hazardous
Substances at any time located in, under, on or above the Property, whether or not such Remediation is voluntary or pursuant to
court or administrative order, including any removal, remedial or corrective action; (e) any past, present or threatened non-compliance
or violations of any Environmental Laws (or permits issued pursuant to any Environmental Law) in connection with the Property or
operations thereon, including any failure by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of
the Property to comply with any order of any Governmental Authority in connection with any Environmental Laws with respect to the
Property; (f) the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien encumbering
the Property; (g) any administrative processes or proceedings or judicial proceedings in any way connected with the environmental
condition of the Property; (h) any past, present or threatened injury to, destruction of or loss of natural resources in any way
connected with the Property, including costs to investigate and assess such injury, destruction or loss; (i) any acts of Indemnitor,
any Person affiliated with Indemnitor, and any tenant or other user of the Property in arranging for disposal or treatment, or
arranging with a transporter for transport for disposal or treatment, of Hazardous Substances from the Property at any facility
or incineration vessel containing such or similar Hazardous Substances; (j) any acts of Indemnitor, any Person affiliated with
any Indemnitor, and any tenant or other user of the Property in accepting any Hazardous Substances for transport to disposal or
treatment facilities, incineration vessels or sites from which there is a Release, or a threatened Release of any Hazardous Substance
which causes the incurrence of costs for Remediation; and (k) any misrepresentation or inaccuracy in any representation or
warranty relating to the environmental condition of the Property or material breach or failure to perform any covenants or other
obligations relating to the environmental condition of the Property pursuant to this Agreement or the Loan Agreement.

 

2.     Duty
to Defend and Attorneys and Other Fees and Expenses. Upon written request by any Indemnified Party, Indemnitor shall defend
same (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals reasonably
approved by the Indemnified Parties. Notwithstanding the foregoing, any Indemnified Parties may, in their sole and absolute discretion,
engage their own attorneys and other professionals to defend or assist them, and, at the option of such Indemnified Parties, their
attorneys shall control the resolution of any claim or proceeding, providing that no compromise or settlement shall be entered
without Indemnitor’s written consent, which consent shall not be unreasonably withheld. Upon demand, Indemnitor shall pay
or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable,
out-of-pocket fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in
connection therewith; provided, however, that Indemnitor shall not be liable for, and shall not have to pay or reimburse the Indemnified
Parties for, the fees and expenses of more than one (1) general counsel, and one (1) separate local counsel for the state in which
the Property is located.

 

    2

     

    

 

3.     Definitions.
Capitalized terms used herein and not specifically defined herein shall have the respective meanings ascribed to such terms in
the Loan Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

The term “Legal
Action” means any claim, suit or proceeding, whether administrative or judicial in nature.

 

The term “Losses”
means any actual out-of-pocket losses, damages (excluding in all events any consequential, exemplary, punitive, indirect and special
damages), costs, fees, expenses, claims, suits, judgments, awards, liabilities (including strict liabilities), obligations, debts,
fines, penalties, charges, costs of Remediation (whether or not performed voluntarily), amounts paid in settlement, litigation
costs, reasonable attorneys’ fees, engineers’ fees, environmental consultants’ fees, and investigation costs
(including costs for sampling, testing and analysis of soil, water, air, building materials, and other materials and substances
whether solid, liquid or gas), whether or not incurred in connection with any judicial or administrative proceedings, actions,
claims, suits, judgments or awards but in no event shall “Losses” include any sums incurred as a result of the gross
negligence, fraud or willful misconduct of Indemnitee or its agents.

 

4.     Unimpaired
Liability. The liability of Indemnitor under this Agreement shall in no way be limited or impaired by any amendment or
modification of the provisions of the Note, the Loan Agreement, the Security Instrument or any other Loan Document to or with Indemnitee
by Indemnitor or any Person who succeeds Indemnitor or any Person as owner of the Property. In addition, the liability of Indemnitor
under this Agreement shall in no way be limited or impaired by (i) any extensions of time for performance required by the Note,
the Loan Agreement, the Security Instrument or any of the other Loan Documents, (ii) any sale or transfer of all or part of the
Property, except as expressly permitted in the Loan Documents, (iii) except as provided herein, any exculpatory provision in the
Note, the Loan Agreement, the Security Instrument, or any of the other Loan Documents limiting Indemnitee’s recourse to the
Property or to any other security for the Note, or limiting Indemnitee’s rights to a deficiency judgment against Indemnitor,
(iv) the accuracy or inaccuracy of the representations and warranties made by Indemnitor under the Note, the Loan Agreement, the
Security Instrument or any of the other Loan Documents or herein, (v) the release of Indemnitor or any other Person from performance
or observance of any of the agreements, covenants, terms or conditions contained in any of the other Loan Documents by operation
of law, Indemnitee’s voluntary act, or otherwise, (vi) the release or substitution in whole or in part of any security for
the Loan, or (vii) Indemnitee’s failure to record the Security Instrument or file any UCC financing statements (or Indemnitee’s
improper recording or filing of any thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given
as security for the Loan; and, in any such case, whether with or without notice to Indemnitor and with or without consideration.

 

    3

     

    

 

5.     Enforcement.
The Indemnified Parties may enforce the obligations of Indemnitor without first resorting to or exhausting any security or collateral
or without first having recourse to the Note, the Loan Agreement, the Security Instrument, or any other Loan Documents or any of
the Property, through foreclosure proceedings or otherwise, provided, however, that nothing herein shall inhibit or prevent Indemnitee
from suing on the Note, foreclosing, or exercising any power of sale under, the Security Instrument, or exercising any other rights
and remedies thereunder. This Agreement is not collateral or security for the Debt, unless Indemnitee expressly elects in writing
to make this Agreement additional collateral or security for the Debt, which Indemnitee is entitled to do in its discretion. It
is not necessary for an Event of Default to have occurred for the Indemnified Parties to exercise their rights pursuant to this
Agreement. Notwithstanding any provision of the Loan Agreement, the obligations pursuant to this Agreement are exceptions to any
non-recourse or exculpation provision of the Loan Agreement; Indemnitor is fully and personally liable for such obligations, and
such liability is not limited to the original or amortized principal balance of the Loan or the value of the Property.

 

6.     Survival.
(a)     The indemnity obligations and liabilities of Indemnitor under this Agreement shall fully survive indefinitely notwithstanding
any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a
deed in lieu of foreclosure of the Security Instrument. Notwithstanding the foregoing, the liabilities and obligations of Indemnitor
hereunder shall not apply to the extent that any such liability or obligation has been adjudicated as final (and is not subject
to appeal) to have arisen from, or that Indemnitor can prove arose solely from, Hazardous Substances that: (a) were not present
on the Property prior to the date (the “Foreclosure Date”) that Indemnitee or its nominee acquired title to
the Property, whether by foreclosure, exercise of power of sale or otherwise (including a deed in lieu that has been accepted by
Indemnitee or its nominee) and (b) were not the result of any act or negligence of Indemnitor or any of Indemnitor’s affiliates,
agents or contractors. Notwithstanding the foregoing, the continuing liability of Indemnitors hereunder shall terminate (other
than with respect to any outstanding unfulfilled obligations or claims that have been made pursuant thereto) on the date which
is one (1) year after, as applicable, the Foreclosure Date or the date on which the obligations of Borrower under the Loan Documents
have been paid in full (the “Satisfaction Date”), provided that such termination shall be further conditioned
upon Indemnitee’s receipt and reasonable approval of (i) with respect to each Individual Property other than the Individual
Property located at 4343 Wyoming Ave., Dearborn, Michigan 48126 and owned by ARG UPDBNMI001, LLC (the “UP Central Leasing
Property”), an updated Phase I environmental assessment report (and a follow up Phase II environmental assessment report
if required by the Phase I), which report shall be dated, or last updated, to a date which is not earlier than the Satisfaction
Date, showing no recognized environmental conditions or other materially adverse environmental conditions that were not disclosed
in the Environmental Report and (ii) with respect to the UP Central Leasing Property, both (x) an updated Phase I environmental
assessment report, which report shall be dated, or last updated, to a date which is not earlier than the Satisfaction Date, showing
no recognized environmental conditions or other materially adverse environmental conditions and no other conditions that could
reasonably be expected to result in liability hereunder or otherwise violate any Environmental Law, in each case, whether or not
disclosed in the Environmental Report and (y) evidence reasonably satisfactory to Lender that Borrower has complied in all respects
with the terms and provisions of 5.1.19 of the Loan Agreement.

 

    4

     

    

 

(b)   Notwithstanding
anything herein or in the Loan Documents to the contrary, Indemnitor shall have no liability for any portion of any Losses (or
for any other indemnity obligations and liabilities hereunder) arising from: (i) any circumstances, conditions, actions or events
taken or caused by any Person from and after a Transfer of (1) the entire Property (or any Individual Property in its entirety)
or (2) all of the direct and indirect equity interests of any Borrower to a Person that is not an Affiliate of Indemnitor; provided
that such Transfer has been approved by Indemnitee to the extent required under the terms of the Loan Documents and Indemnitee
has received a replacement guaranty and environmental indemnity, each in form and substance substantially identical to the Guaranty
and Environmental Indemnity or in form otherwise reasonably satisfactory to Indemnitee, with respect to liabilities arising from
and after the date of such Transfer from one (1) or more substitute Indemnitor s reasonably acceptable to Indemnitee, (ii) any
circumstances, conditions, actions or events taken or caused by any Person (other than Borrower, Indemnitor or any of their respective
Affiliates, provided that Indemnitor shall have no liability for any circumstances, conditions, actions or events taken or caused
by Borrower, Indemnitor or any of their respective Affiliates that is required to comply with applicable law or in connection with
orders or directions received from a receiver, trustee, liquidator, conservator or Indemnitee) from and after the date on which
(1) Indemnitee obtains title to the Property, whether by foreclosure, Indemnitee’s or its designee’s acceptance of
a deed-in-lieu of foreclosure or otherwise, or (2) Indemnitee as a mortgagee-in-possession, takes actual possession and control
of the Property or a receiver, trustee, liquidator or conservator is appointed at Indemnitee’s request, to take possession
and control of the Property, or (iii) any circumstances, conditions, actions or events taken or caused by any Person (other than
Borrower, Indemnitor or any of their respective Affiliates) (1) during any period in which any mezzanine lender permitted under
Section 9.1.1(c)(i) of the Loan Agreement is in Control of Borrower and/or the Property, or (2) from and after the date on which
such a mezzanine lender completes a mezzanine foreclosure or any such mezzanine lender’s acceptance of an assignment-in-lieu
thereof.

 

7.     Interest.
Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand and, if
not paid within thirty (30) days of such demand therefor, shall bear interest at the lesser of (a) the Default Rate or (b) the
maximum interest rate which Indemnitor may by law pay or the Indemnified Parties may charge and collect, from the date payment
was due, provided that the foregoing shall be subject to the provisions of Section 10 of the Note.

 

8.     Waivers.
(a) Indemnitor hereby waives (i) any right or claim of right to cause a marshaling of Indemnitor’s assets or to cause Indemnitee
or other Indemnified Parties to proceed against any of the security for the Loan before proceeding under this Agreement against
Indemnitor; (ii) and relinquishes all rights and remedies accorded by applicable law to indemnitors or guarantors, except any rights
of subrogation which Indemnitor may have, provided that the indemnity provided for hereunder shall neither be contingent upon the
existence of any such rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in connection
with the enforcement or attempted enforcement of such subrogation rights including any claim that such subrogation rights were
abrogated by any acts of Indemnitee or other Indemnified Parties; (iii) the right to assert a counterclaim, other than a mandatory
or compulsory counterclaim, in any action or proceeding brought against or by Indemnitee or other Indemnified Parties; (iv) notice
of acceptance hereof and of any action taken or omitted in reliance hereon; (v) presentment for payment, demand of payment, protest
or notice of nonpayment or failure to perform or observe, or other proof, or notice or demand; and (vi) all homestead exemption
rights against the obligations hereunder and the benefits of any statutes of limitations or repose. Notwithstanding anything to
the contrary contained herein, Indemnitor hereby agrees to postpone the exercise of any rights of subrogation with respect to any
collateral securing the Loan until the Loan shall have been paid in full.

 

    5

     

    

 

(b)   Indemnitor
and Indemnitee hereby waive, to the fullest extent permitted by law, the right to trial by jury in any action, proceeding or counterclaim,
whether in contract, tort or otherwise, relating to this Agreement or any acts or omissions of any Indemnified Parties in connection
therewith.

 

9.     Subrogation.
Indemnitor shall take any and all reasonable actions, including institution of Legal Action against third parties, necessary or
appropriate to obtain reimbursement, payment or compensation from such Person responsible for the presence of any Hazardous Substances
at, in, on, under or migrating onto the Property or otherwise obligated by law to bear the cost. The Indemnified Parties shall
be and hereby are subrogated to all of Indemnitor’s rights now or hereafter in such claims.

 

10.   Indemnitor’s
Representations and Warranties. Indemnitor represents and warrants that:

 

(a)   if
Indemnitor is a corporation, a limited liability company, a trust or partnership, it has the full corporate/ limited liability
company/ partnership/ trust power and authority to execute and deliver this Agreement and to perform its obligations hereunder;
the execution, delivery and performance of this Agreement by Indemnitor has been duly and validly authorized; and all requisite
corporate/ limited liability company/ partnership/ trust action has been taken by Indemnitor to make this Agreement valid and binding
upon Indemnitor;

 

(b)   if
Indemnitor is a corporation, a limited liability company, a trust or partnership, its execution of, and compliance with, this Agreement
is in the ordinary course of business of Indemnitor and will not result in the breach of any term or provision of the charter,
by-laws, partnership, operating or trust agreement, or other governing instrument of Indemnitor or result in the breach of any
term or provision of, or conflict with or constitute a default under, or result in the acceleration of any obligation under, any
agreement, indenture or loan or credit agreement or other instrument to which Indemnitor or the Property is subject, or result
in the violation of any law, rule, regulation, order, judgment or decree to which Indemnitor or the Property is subject;

 

(c)   to
Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against it which, either
in any one instance or in the aggregate, would reasonably be expected to result in any material adverse change in the business,
operations, financial condition, properties or assets of Indemnitor, or in any material impairment of the right or ability of Indemnitor
to carry on its business substantially as now conducted, or in any material liability on the part of Indemnitor, or which would
draw into question the validity of this Agreement or of any action taken or to be taken in connection with the obligations of Indemnitor
contemplated herein, or which would be likely to impair materially the ability of Indemnitor to perform under the terms of this
Agreement;

 

    6

     

    

 

(d)   it
does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in
this Agreement;

 

(e)   to
the best of Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing with,
any governmental authority or other person, and no approval, authorization or consent of any other party is required in connection
with this Agreement; and

 

(f)    subject
to general principles of equity and creditors’ rights, this Agreement constitutes a valid, legal and binding obligation of
Indemnitor, enforceable against it in accordance with the terms hereof.

 

11.   No
Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement shall operate
as a waiver of any such privilege, power or right.

 

12.   Notice
of Legal Actions. Each party hereto shall, within five (5) Business Days of receipt thereof, give written notice to the
other party hereto of (i) any notice, advice or other written communication from any Governmental Authority or any source whatsoever
with respect to Hazardous Substances on, from or related to the Property which could reasonably be expected to materially and adversely
affect the Property, and (ii) any Legal Action brought against such party or so related to the Property, with respect to which
Indemnitor may have liability under this Agreement. Such notice shall comply with the provisions of Section 14 hereof.

 

13.   Intentionally
Omitted.

 

14.   Notices.
All notices or other written communications hereunder shall be made in accordance with (a) Section 10.6 of the Loan Agreement
in the case of Indemnitee and Borrower, and (b) the respective Guaranty Agreement executed by any Indemnitor other than Borrower
in the case of any such Indemnitor.

 

15.   Counterparts.
This Agreement may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all
of which together shall constitute a single Agreement.

 

16.   No
Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of Indemnitor or any Indemnified Party, 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.

 

17.   Headings,
Etc. The headings and captions of various paragraphs of this Agreement 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.

 

    7

     

    

 

18.   Number
and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the Person referred to may require. Without limiting the effect of specific references
in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to each and every Person
comprising an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs, executors,
administrators, legal representatives, successors and assigns of Indemnitor, all of whom shall be bound by the provisions of this
Agreement, provided that no obligation of Indemnitor may be assigned except with the written consent of Indemnitee. Each reference
herein to Indemnitee shall be deemed to include its successors and assigns. This Agreement shall inure to the benefit of the Indemnified
Parties and their respective successors and assigns.

 

19.   Release
of Liability. Any one or more parties liable upon or in respect of this Agreement may be released without affecting the
liability of any party not so released.

 

20.   Rights
Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee
has under the Note, the Security Instrument, the Loan Agreement or the other Loan Documents or would otherwise have at law or in
equity.

 

21.   Inapplicable
Provisions. If any term, condition or covenant of this Agreement shall be held to be invalid, illegal or unenforceable
in any respect, this Agreement shall be construed without such provision.

 

22.   Governing
Law. The governing law and related provisions set forth in Section 10.3 of the Loan Agreement (including, any authorized
agent provisions thereof) are hereby incorporated by reference as if fully set forth herein (with Indemnitor substituted in all
places where Borrower appears thereunder) and shall be deemed fully applicable to Indemnitor hereunder. Indemnitor hereby certifies
that it has received and reviewed the Loan Agreement (including, Section 10.3 thereof).

 

23.   Miscellaneous.
(a) Wherever pursuant to this Agreement (i) Indemnitee exercises any right given to it to approve or disapprove, (ii) any arrangement
or term is to be satisfactory to Indemnitee, or (iii) any other decision or determination is to be made by Indemnitee, the decision
of Indemnitee to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other
decisions and determinations made by Indemnitee, shall be in the sole and absolute discretion of Indemnitee, except as may be otherwise
expressly and specifically provided herein.

 

(b)   Wherever
pursuant to this Agreement it is provided that Indemnitor pay any costs and expenses, such costs and expenses shall include reasonable
out-of-pocket legal fees and disbursements of Indemnitee, whether retained firms, and the reimbursements for the expenses of the
in-house staff.

 

(c)   If
Indemnitor consists of more than one person or party, the obligations and liabilities of each such person or party hereunder shall
be joint and several.

 

    8

     

    

 

(d)       The
following rules of construction shall be applicable for all purposes of this Agreement and all documents or instruments supplemental
hereto, unless the context otherwise clearly requires:

 

		(i)	The terms “include,” “including” and similar terms shall be construed as
if followed by the phrase “without being limited to”;

 

		(ii)	The term “or” has, except where otherwise indicated, the inclusive meaning represented
by the phrase “and/or”;

 

		(iii)	The words “hereof,” “herein,” “hereby,” “hereunder,”
and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision or section of this Agreement;

 

		(iv)	An Event of Default shall “continue” or be “continuing” until such Event
of Default has been waived in writing by Indemnitee; and

 

		(v)	No inference in favor of or against any party shall be drawn from the fact that such party has
drafted any portion hereof or any other Loan Document.

 

24.       State
Specific Provisions. In the event of any inconsistencies between the other terms and conditions of this Agreement and this
Section, the terms and conditions of this Section shall control and be binding.

 

24.1      Pennsylvania
Law Provisions. The following provisions shall apply to this Agreement to the extent that Pennsylvania law is deemed to govern
this Agreement, otherwise, the following shall be null and void.

 

NONE.

 

24.2     Texas
Law Provisions. The following provisions shall apply to this Agreement to the extent that Texas law is deemed to govern this
Agreement, otherwise, the following shall be null and void.

 

(i) It
is the express intention of Borrower and Borrower hereby agrees that the indemnities set forth in this Agreement will apply to
and fully protect each indemnified party even though any claims, demands, liabilities, losses, damages, causes of action, judgments,
penalties, costs and expenses (including reasonable attorneys’ fees) then the subject of indemnification may have been caused
by, arise out of, or are otherwise attributable to, directly or indirectly, the negligence (excluding gross negligence) in whole
or in part of such indemnified party and/or any other party.

 

(ii) THIS
AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN BORROWER, INDEMNITEE, AND BANK
AS TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN SUCH PARTIES.

 

    9

     

    

 

24.3       Wyoming
Law Provisions. The following provisions shall apply to this Agreement to the extent that Wyoming law is deemed to govern this
Agreement, otherwise, the following shall be null and void.

 

NONE.

 

24.4       Indiana
Law Provisions. The following provisions shall apply to this Agreement to the extent that Indiana law is deemed to govern this
Agreement, otherwise, the following shall be null and void.

 

(i)       All references
to the term “attorneys’ fees” in this Agreement or any of the other Loan Documents shall be deemed to include,
but shall not be limited to, reasonable, out-of-pocket support staff costs, amounts expended in litigation preparation, computerized
research costs, telephone and facsimile expenses, mileage costs, deposition related expenses, postage costs, photocopy costs, process
service fees, and costs of videotapes.

 

24.5       Intentionally
Omitted. 

 

24.6       Georgia
Law Provisions. The following provisions shall apply to this Agreement to the extent that Georgia law is deemed to govern this
Agreement, otherwise, the following shall be null and void.

 

(i)         This Agreement
is made under Seal.

 

24.7       Michigan
Law Provisions. The following provisions shall apply to this Agreement to the extent that Michigan law is deemed to govern
this Agreement, otherwise, the following shall be null and void.

 

NONE.

 

24.8       Ohio
Law Provisions. The following provisions shall apply to this Agreement to the extent that Ohio law is deemed to govern this
Agreement, otherwise, the following shall be null and void.

 

NONE.

 

24.9       Louisiana
Law Provisions. The following provisions shall apply to this Agreement to the extent that Louisiana law is deemed to govern
this Agreement, otherwise, the following shall be null and void.

 

NONE.

 

24.10       Alabama
Law Provisions. The following provisions shall apply to this Agreement to the extent that Alabama law is deemed to govern this
Agreement, otherwise, the following shall be null and void.

 

NONE.

 

    10

     

    

 

24.11       California
Law Provisions. The following provisions shall apply to this Agreement to the extent that California law is deemed to govern
this Agreement, otherwise, the following shall be null and void.

 

(a) Without limiting the generality,
scope or meaning of any of the foregoing or any other provision of this Agreement:

 

(1)       Indemnitor
hereby waives any and all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so Indemnitor
shall be liable even if Borrower had no liability at the time of execution of the Note, the Security Instrument or any other Loan
Document or thereafter ceases to be liable. Indemnitor hereby waives any and all benefits and defenses under California Civil Code
Section 2809 and agrees that by doing so Indemnitor’s liability may be larger in amount and more burdensome than that of
Borrower. Indemnitor waives all rights to require Indemnitee to pursue any other remedy it may have against Borrower, or any member
of Borrower, including any and all benefits under California Civil Code Section 2845, 2849 and 2850. Indemnitor further waives
any rights, defenses and benefits that may be derived from Sections 2787 to 2855, inclusive, of the California Civil Code or comparable
provisions of the laws of any other jurisdiction and further waives all other suretyship defenses Indemnitor would otherwise have
under the laws of California or any other jurisdiction.

 

(2)       Upon
a default by Borrower, Indemnitee in its sole discretion, without prior notice to or consent of Indemnitor, may elect to (A) foreclose
either judicially or nonjudicially against any real or personal property security it may hold for the Loan, (B) accept a transfer
of any such security in lieu of foreclosure, (C) compromise or adjust the Loan or any part of it or make any other accommodation
with Borrower or (D) exercise any other remedy against Borrower or any security. No such action by Indemnitee shall release or
limit the liability of Indemnitor, who shall remain liable under this Agreement after the action, even if the effect of the action
is to deprive Indemnitor of any subrogation rights, rights of indemnity, or other rights to collect reimbursement from Borrower
for any sums paid to Indemnitee, whether contractual or arising by operation of law or otherwise. Indemnitor expressly agrees that
under no circumstances shall it be deemed to have any right, title, interest or claim in or to any real or personal property to
be held by Indemnitee or any third party after any foreclosure or transfer in lieu of foreclosure of any security for the Loan.

 

(3)       Regardless
of whether Indemnitor may have made any payments to Indemnitee, Indemnitor hereby waives (A) all rights of subrogation, indemnification,
contribution and any other rights to collect reimbursement from Borrower or any other party for any sums paid to Indemnitee, whether
contractual or arising by operation of law (including the United States Bankruptcy Code or any successor or similar statute) or
otherwise, (B) all rights to enforce any remedy that Indemnitee may have against Borrower and (C) all rights to participate in
any security now or later to be held by Indemnitee for the Loan. The waivers given in this subsection (3) shall be effective until
the Loan has been paid and performed in full.

 

    11

     

    

 

(4)       Indemnitor
waives all rights and defenses arising out of an election of remedies by Indemnitee, even though that election of remedies, such
as a nonjudicial foreclosure with respect to security for a guarantied obligation, has destroyed Indemnitor’s rights of subrogation
and reimbursement against Borrower by operation of Section 580d of the California Code of Civil Procedure or otherwise. Indemnitor
further waives any right to a fair value hearing under California Code of Civil Procedure Section 580a, or any other similar law,
to determine the size of any deficiency owing (for which Indemnitor would be liable hereunder) following a non-judicial foreclosure
sale.

 

(5)       Without
limiting the foregoing or anything else contained in this Agreement, Indemnitor waives all rights and defenses that Indemnitor
may have because the Loan is secured by real property. This means, among other things:

 

(a)       that
Indemnitee may collect from Indemnitor without first foreclosing on any real or personal property collateral pledged by Borrower;
and

 

(b)       if
Indemnitee forecloses on any real property collateral pledged by Borrower: (x) the amount of the Loan may be reduced only by the
price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and
(y) Indemnitee may collect from Indemnitor even if Indemnitee, by foreclosing on the real property collateral, has destroyed any
right Indemnitor may have to collect from Borrower. This subsection (5) is an unconditional and irrevocable waiver of any rights
and defenses Indemnitor may have because the Loan is secured by real property. These rights and defenses include, but are not limited
to, any rights or defenses based upon Sections 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

(6)       Indemnitor
waives all rights and defenses arising out of any failure of the Indemnitee to disclose to the Indemnitor any information relating
to the financial condition, operations, properties or prospects of Borrower now or in the future known to the Indemnitee (Indemnitor
waiving any duty on the part of the Indemnitee to disclose such information).

 

(7)       
Without limiting the generality of the foregoing or any other provision of this Agreement, Indemnitor hereby expressly waives any
and all benefits under California Civil Code sections 2815, 2819, 2822, 2839, 2846, 2847, 2899 and 3433, California Code of Civil
Procedures sections 580a, 580b, 580c, 580d and 726, and Chapter 2 of Title 14 of the California Civil Code.

 

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    12

     

    

 

(b) Trial by Jury.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, INDEMNITOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT
BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD
TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL
BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY INDEMNITOR, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE
AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. INDEMNITEE IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH
IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY INDEMNITOR.

 

	            /s/
    JT                  	         /s/
    JT                   
	Indemnitor’s Initials	 Indemnitor’s Initials

 

NOTWITHSTANDING THE FOREGOING
TO THE CONTRARY, IN THE EVENT THAT THE JURY TRIAL WAIVER CONTAINED IN THIS AGREEMENT IS HELD OR DEEMED TO BE UNENFORCEABLE, INDEMNITOR
HEREBY EXPRESSLY AGREES TO SUBMIT TO JUDICIAL REFERENCE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1
ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT FOR WHICH A JURY TRIAL WOULD OTHERWISE BE APPLICABLE
OR AVAILABLE. PURSUANT TO SUCH JUDICIAL REFERENCE, THE PARTIES TO THIS AGREEMENT AGREE TO THE APPOINTMENT OF A SINGLE REFEREE AND
WILL USE THEIR BEST EFFORTS TO AGREE ON THE SELECTION OF A REFEREE. IF THE PARTIES TO THIS AGREEMENT ARE UNABLE TO AGREE ON A SINGLE
REFEREE, A REFEREE WILL BE APPOINTED BY THE COURT UNDER CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 AND 640 TO HEAR ANY DISPUTES
UNDER THIS AGREEMENT IN LIEU OF ANY SUCH JURY TRIAL. INDEMNITOR ACKNOWLEDGES AND AGREES THAT THE APPOINTED REFEREE WILL HAVE THE
POWER TO DECIDE ALL ISSUES IN THE APPLICABLE ACTION OR PROCEEDING, WHETHER OF FACT OR LAW, AND WILL REPORT A STATEMENT OF DECISION
THEREON; PROVIDED, HOWEVER, THAT ANY MATTERS WHICH WOULD NOT OTHERWISE BE THE SUBJECT OF A JURY TRIAL WILL BE UNAFFECTED BY THIS
WAIVER. INDEMNITOR HEREBY AGREES THAT THE PROVISIONS CONTAINED IN THIS AGREEMENT HAVE BEEN FAIRLY NEGOTIATED ON AN ARMS-LENGTH
BASIS, WITH INDEMNITOR AGREEING TO THE SAME KNOWINGLY AND BEING AFFORDED THE OPPORTUNITY TO HAVE ITS LEGAL COUNSEL CONSENT TO THE
MATTERS CONTAINED IN THIS AGREEMENT.

 

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IN WITNESS WHEREOF,
this Agreement has been executed by Indemnitor as of the day and year first above written.

 

 

	INDEMNITOR:
	 
	ARG CMGLTWY001, LLC,
	ARG SSFSRIN001, LLC,
	ARG EQWBGPA001, LLC,
	ARG HCCLHGA001, LLC,
	ARG UPDBNMI001, LLC,
	ARG CDNCNOH001, LLC,
	ARG MT2PKSLB001, LLC,
	ARG HRTFTGA001, LLC,
	ARC FELKCLA001, LLC,
	ARG EHBIRAL001, LLC,
	ARC ATSNTTX001, LLC and
	ARC SLSTCCA001, LLC,
	each a Delaware limited liability company
	 
	 
	By: /s/ James A. Tanaka                                                                     
	       James A. Tanaka, Authorized Signatory for each such Limited

       Liability Company
	 
	 
	INDEMNITOR:
	 
	GLOBAL NET LEASE OPERATING PARTNERSHIP,
    L.P.,
	a Delaware limited partnership
	 
	 
	By: /s/ James A. Tanaka,                                                                     
	       James A. Tanaka, Authorized Signatory

 

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