Document:

Exhibit 10.60

 

GUARANTY AGREEMENT 

GUARANTY
AGREEMENT, dated as of November 30, 2006 (as amended, restated, replaced,
supplemented or otherwise modified from time to time, this “Guaranty”),
by DOUGLAS TEITELBAUM, an individual (“Guarantor”), having an address at
20 East 64th Street, New York, New York 10021, for the
benefit of COLUMN FINANCIAL, INC., a Delaware corporation, having an address at
11 Madison Avenue, 9th Floor, New York, New York 10010 (together with
its successors and assigns, “Lender”).

RECITALS

WHEREAS, pursuant to that
certain Promissory Note, dated as of the date hereof (as the same may be
amended, restated, replaced, supplemented, or otherwise modified from time to
time, the “Note”), executed by PH Fee Owner LLC, a Delaware limited
liability company (together with its successors and assigns, “Fee Owner”),
and OpBiz, L.L.C., a Nevada limited liability company (together with its
successors and assigns, “OpBiz” and, together with Fee Owner,
individually or collectively as the context indicates, “Borrower”), and
payable to the order of Lender in the original principal amount of up to
$820,000,000, Borrower is indebted, and may from time to time be further
indebted, to Lender with respect to a loan (the “Loan”) made pursuant to
that certain Loan Agreement, dated as of the date hereof (as may be amended,
restated, replaced, supplemented, or otherwise modified from time to time, the “Loan
Agreement”), between Borrower and Lender, which Loan is secured by, inter alia, that certain Deed of Trust,
Security Agreement, Assignment of Leases and Rents, Financing Statement and
Fixture Filing, dated as of the date hereof, made by Borrower to First American
Title Insurance Company, a New York corporation, as trustee, for the benefit of
Lender, as beneficiary (as may be amended, restated, replaced, supplemented, or
otherwise modified from time to time, collectively, the “Security Instrument”),
and further evidenced, secured or governed by other instruments and documents
executed in connection with the Loan (together with the Note, the Loan
Agreement and the Security Instrument, collectively, the “Loan Documents”).

WHEREAS, Lender is not
willing to make the Loan, to Borrower unless Guarantor unconditionally
guarantees payment and performance to Lender of the Guaranteed Obligations (as
herein defined).

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

NOW, THEREFORE, as an
inducement to Lender to make the Loan to Borrower, and for other good and
valuable consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows:

ARTICLE I
 NATURE AND SCOPE OF GUARANTY

1.1.          Guaranty of Obligation.  Subject to Section 1.2, Guarantor
hereby irrevocably, absolutely and unconditionally guarantees to Lender and its
successors and assigns the payment 

and performance of the Guaranteed Obligations
as and when the same shall be due and payable, whether by lapse of time, by
acceleration of maturity or otherwise. 
Guarantor hereby irrevocably and unconditionally covenants and agrees
that it is liable for the Guaranteed Obligations as a primary obligor and not
merely as a surety.

1.2.          Limitation on Liability.  As used herein, the term “Guaranteed
Obligations” means all the obligations and liabilities of Borrower under Sections 9.4(b)
and (c) of the Loan Agreement.  The
liability of Guarantor hereunder shall be limited to Guaranteed Obligations
that arise from (i) events, acts, or circumstances that are actually committed
by, or voluntarily or willfully brought about by Guarantor, to the full extent
of such Guaranteed Obligations; or (ii) events, acts, or circumstances
(regardless of the cause of same) that provide actual benefit (in cash, cash
equivalent, or other quantifiable amount) to Guarantor, to the full extent of
the actual benefit received by Guarantor; provided, however, that Guarantor
shall have no liability hereunder with respect to the Guaranteed Obligations
arising under Section 9.4(c)(ii)(A) of the Loan Agreement to the extent
the same arise as a result of any of the therein described events occurring
after Guarantor’s resignation as a member of the Board of Managers of MezzCo
and OpBiz and as a manager of BH/RE. 
Notwithstanding any limitation on liability contained herein, no limit
shall apply to any Enforcement Costs (as defined below).  Notwithstanding the foregoing, during any
period in which Borrower obtains and maintains environmental insurance for the
Property which has a term of not less than five (5) years from the date hereof
and a two (2) year tail coverage in amounts not less than $50,000,000 for third
party liability and $25,000,000 for first party clean-up coverage from a
carrier with not less than an “A” rating and otherwise acceptable to Lender in
its reasonable discretion, including, without limitation, naming Lender as an
additional insured thereunder, and such environmental insurance policy is in
full force and effect, then during such period Guarantor shall have no
obligations or liability to Lender hereunder with respect to Borrower’s failure
to comply with Section 9.4(b)(iii) of the Loan Agreement.  For the purposes hereof, Lender hereby
acknowledges and confirms that: (i) that certain Primary Environmental Site
Liability Policy, Policy # 37310075, issued by Chubb Custom Insurance Company,
and (ii) that certain Excess Environmental Liability Policy, Policy # PLS
2104680, issued by American International Specialty (collectively, the “Environmental
Policies”) were delivered to Lender and are in effect on the date hereof
and are acceptable to Lender so long as each of the Environmental Policies
remains in full force and effect. 
Notwithstanding the foregoing, it is hereby expressly agreed that the
obtaining and maintaining of any such environmental insurance for the Property
shall not in any way reduce, amend, modify or otherwise affect any of the
obligations and liabilities of Borrower under any of the  Loan Documents.

1.3.          Nature of Guaranty. 
This Guaranty is an irrevocable, absolute, continuing guaranty of
payment and not a guaranty of collection. 
This Guaranty may not be revoked by Guarantor and shall continue to be
effective with respect to any Guaranteed Obligations arising or created after
any attempted revocation by Guarantor and after (if Guarantor is a natural
person) Guarantor’s death (in which event this Guaranty shall be binding upon
Guarantor’s estate and Guarantor’s legal representatives and heirs).  The fact that at any time or from time to
time the Guaranteed Obligations may be increased or reduced shall not release
or discharge the obligation of Guarantor to Lender with respect to the
Guaranteed Obligations.  This Guaranty
may be enforced by Lender and any subsequent holder of the Note and shall not be
discharged by the assignment or negotiation of all or part of the Note.

 2
 

1.4.          Guaranteed Obligations Not Reduced by Offset.  The Guaranteed Obligations and the
liabilities and obligations of Guarantor to Lender hereunder, shall not be
reduced, discharged or released because or by reason of any existing or future
offset, claim or defense of Borrower (other than the defense of payment of such
Guaranteed Obligation by Borrower), or any other party, against Lender or
against payment of the Guaranteed Obligations, whether such offset, claim or
defense arises in connection with the Guaranteed Obligations (or the
transactions creating the Guaranteed Obligations) or otherwise.

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

1.6.          No Duty To Pursue Others.  It shall not be necessary for Lender (and
Guarantor hereby waives any rights which Guarantor may have to require Lender),
in order to enforce the obligations of Guarantor hereunder, first to (a)
institute suit or exhaust its remedies against Borrower or others liable on the
Loan or the Guaranteed Obligations or any other person, (b) enforce Lender’s
rights against any collateral which shall ever have been given to secure the
Loan, (c) enforce Lender’s rights against any other guarantors of the
Guaranteed Obligations, (d) join Borrower or any others liable on the
Guaranteed Obligations in any action seeking to enforce this Guaranty, (e)
exhaust any remedies available to Lender against any collateral which shall
ever have been given to secure the Loan, or (f) resort to any other means of
obtaining payment of the Guaranteed Obligations.

1.7.          Waivers. 
Guarantor agrees to the provisions of this Guaranty, and hereby waives
notice of (a) any loans or advances made by Lender to Borrower, (b) acceptance
of this Guaranty, (c) any amendment or extension of the Note, the Loan
Agreement or of any other Loan Documents, (d) the execution and delivery by
Borrower and Lender of any other loan or credit agreement or of Borrower’s
execution and delivery of any promissory notes or other documents arising under
the Loan Documents or in connection with the Property, (e) the occurrence of
any breach by Borrower or an Event of Default, (f) Lender’s transfer or
disposition of the Guaranteed Obligations, or any part thereof, (g) sale or
foreclosure (or posting or advertising for sale or foreclosure) of any
collateral for the Guaranteed Obligations, (h) protest, proof of non-payment or
default by Borrower, and (i) generally, all demands and notices of every kind in
connection with this Guaranty, the Loan Documents, any documents or agreements
evidencing, securing or relating to any of the Guaranteed Obligations.

1.8.          Payment of Expenses. 
In the event that Guarantor should breach or fail to timely perform any
provisions of this Guaranty, Guarantor shall, immediately upon demand by
Lender, pay Lender all costs and expenses (including court costs and reasonable
attorneys’ fees) incurred by Lender in the enforcement hereof or the
preservation of Lender’s rights hereunder (the 

 3
 

foregoing, collectively “Enforcement Costs”).  The covenant contained in this Section 1.8
shall survive the payment and performance of the Guaranteed Obligations.

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

1.10.        Waiver of Subrogation, Reimbursement and Contribution.  Notwithstanding anything to the contrary
contained in this Guaranty, Guarantor hereby unconditionally and irrevocably
waives, releases and abrogates any and all rights it may now or hereafter have
under any agreement, at law or in equity (including, without limitation, any
law subrogating Guarantor to the rights of Lender), to assert any claim against
or seek contribution, indemnification or any other form of reimbursement from
Borrower or any other party liable for payment of any or all of the Guaranteed
Obligations for any payment made by Guarantor under or in connection with this
Guaranty.

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

ARTICLE
II

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTOR’S OBLIGATIONS

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

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

2.2.          Adjustment. 
Any adjustment, indulgence, forbearance or compromise that might be
granted or given by Lender to Borrower, Guarantor or any other party liable for
payment of any or all of the Guaranteed Obligations.

 4
 

2.3.          Condition of Borrower or Guarantor.  The insolvency, bankruptcy, arrangement,
adjustment, composition, liquidation, disability, dissolution or lack of power
of Borrower, or Guarantor or any other party at any time liable for the payment
of all or part of the Guaranteed Obligations; or any dissolution of Borrower or
Guarantor or any sale, lease or transfer of any or all of the assets of
Borrower or Guarantor or any changes in the direct or indirect shareholders,
partners or members of Borrower or Guarantor; or any reorganization of Borrower
or Guarantor.

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

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

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

2.7.          Release of Collateral.  Any release, surrender, exchange,
subordination, deterioration, waste, loss or impairment of any collateral,
property or security at any time existing in connection with, or assuring or
securing payment of, all or any part of the Guaranteed Obligations.

2.8.          Care and Diligence.  The failure of Lender or any other party to
exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or 

 5
 

treatment of all or any part of any
collateral, property or security, including but not limited to any neglect,
delay, omission, failure or refusal of Lender (except to the extent of Lender’s
gross negligence or willful misconduct) (a) to take or prosecute any action for
the collection of any of the Guaranteed Obligations or (b) to foreclose, or
initiate any action to foreclose, or, once commenced, prosecute to completion
any action to foreclose upon any security therefor, or (c) to take or prosecute
any action in connection with any instrument or agreement evidencing or securing
all or any part of the Guaranteed Obligations.

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

2.10.        Offset.  Any
existing or future right of offset, claim or defense of Borrower against
Lender, or any other Person, or against payment of the Guaranteed Obligations,
whether such right of offset, claim or defense (other than the defense of
payment in full) arises in connection with the Guaranteed Obligations (or the
transactions creating the Guaranteed Obligations) or otherwise.

2.11.        Merger.  The
reorganization, merger or consolidation of Borrower into or with any other
Person.

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

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

ARTICLE III
 REPRESENTATIONS AND WARRANTIES

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

3.1.          Benefit.  Guarantor is the owner of a direct or
indirect interest in Borrower, and has received, or will receive, benefit from
the Lender’s making the Loan to Borrower.

 6
 

3.2.          Familiarity and
Reliance.  Guarantor is familiar with
the financial condition of the Borrower and is familiar with the value of any
and all collateral intended to be created as security for the payment of the Note
or Guaranteed Obligations; however, Guarantor is not relying on such financial
condition or the collateral as an inducement to enter into this Guaranty.

3.3.          No Representation
by Lender.  Neither Lender nor any
other party has made any representation, warranty or statement to Guarantor in
order to induce Guarantor to execute this Guaranty.

3.4.          Capacity.  Guarantor
is an adult individual with legal capacity to act.

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

3.6.          Litigation.

There is no action, suit, proceeding or investigation pending or, to
Guarantor’s knowledge, threatened against Guarantor in any court or by or
before any other Governmental Authority, or labor controversy affecting
Guarantor or any of Guarantor’s properties, businesses, assets or revenues,
which would reasonably be expected to materially and adversely affect or impair
Guarantor’s ability to fully fulfill and perform Guarantor’s obligations under
this Guaranty.

3.7.          Financial and other Information.

To Guarantor’s knowledge, all financial data
and other financial information that has been delivered to Lender with respect
to the Guarantor (i) are true, complete and correct in all material
respects, (ii) accurately represent the financial condition of the
Guarantor as of the date of such reports, and (iii) to the extent prepared
or audited by an independent certified public accounting firm, have been
prepared in accordance with Generally Accepted Accounting Principles throughout
the periods covered, except as disclosed therein.  To Guarantor’s knowledge, Guarantor does not
have any material contingent liabilities, liabilities for taxes, unusual
forward or long-term commitments or unrealized or anticipated losses from any
unfavorable commitments that are known to Guarantor and reasonably likely to
have a Material Adverse Effect on Guarantor’s ability to perform its
obligations hereunder, except as referred to or reflected in said financial
statements.  Since the date of such
financial statements, there has been no material adverse change in the financial
condition, operation or business of Guarantor from that set forth in said
financial statements.

3.8.          Tax Filings. 
Guarantor has filed (or has obtained effective extensions for filing)
all federal, state and local tax returns required to be filed and has paid or
made adequate 

 7
 

provision for the payment of all federal,
state and local taxes, charges and assessments payable by Guarantor.  Guarantor believes its tax returns properly
reflect Guarantor’s income and taxes for the periods covered thereby, subject
only to reasonable adjustments required by the Internal Revenue Service or
other applicable tax authority upon audit.

3.9.          Offset. The Loan Documents are not subject to any
right of rescission, set-off, counterclaim or defense by Guarantor, including
the defense of usury, nor would the operation of any of the terms of the Loan
Documents, or the exercise of any right thereunder, render the Loan Documents
unenforceable (subject to principles of equity and bankruptcy, insolvency and
other laws generally affecting creditors’ rights and the enforcement of debtors’
obligations), and Guarantor has not asserted any right of rescission, set-off,
counterclaim or defense with respect thereto.

3.10.        Embargoed Person. 
At all times throughout the term of the Loan, including after giving
effect to any Transfer permitted pursuant to the Loan Documents, (a) none
of the funds or other assets of Guarantor constitute property of, or are
beneficially owned, directly or indirectly, by any person, entity or government
subject to trade restrictions under U.S. law, including, but not limited to,
the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et
seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any
Executive Orders or regulations promulgated thereunder with the result that the
investment in Guarantor (whether directly or indirectly), is prohibited by law
or the Loan made by Lender is in violation of law (“Embargoed Person”);
(b) Guarantor is not an Embargoed Person; and (c) none of the funds
of Guarantor have been derived from any unlawful activity with the result that
the Loan is in violation of law.

3.11.        Survival.  All
representations and warranties made by Guarantor herein shall survive the
execution hereof.

ARTICLE
IV
 COVENANTS

4.1.          Litigation. 
Guarantor shall give prompt notice to Lender of any litigation or
governmental proceedings pending or threatened against such Guarantor of which
such Guarantor has notice and which would reasonably be expected to materially
adversely affect such Guarantor’s ability to perform its obligations hereunder.

4.2.          Notice of Default. 
Guarantor shall promptly advise Lender of any material adverse change in
such Guarantor’s condition, financial or otherwise, of which such Guarantor has
knowledge and which would reasonably be expected to materially adversely affect
Guarantor’s ability to perform its obligations hereunder.

4.3.          Certification. 
Guarantor, at any time and from time to time, within ten (10) Business
Days following the request by Lender, shall execute and deliver to Lender a
statement certifying that this Guaranty is unmodified and in full force and
effect (or if modified, that the same is in full force and effect as modified
and stating such modifications) or, if applicable, that this Guaranty is no longer
in full force and effect.

 8
 

4.4.          Net Worth.   Guarantor
covenants and agrees with Lender that, until the Loan has been indefeasibly
paid and performed in full, Guarantor at all times after the date hereof will
and intends to maintain adequate capital to (i) pay its debts and liabilities
as the same shall become due and (ii) for the normal obligations reasonably
foreseeable for an individual with similar economic resources.

ARTICLE
V

SUBORDINATION OF CERTAIN INDEBTEDNESS

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

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

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

 9
 

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

ARTICLE
VI

MISCELLANEOUS

6.1.          Waiver.  No
failure to exercise, and no delay in exercising, on the part of Lender, any
right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right.  The rights of
Lender hereunder shall be in addition to all other rights provided by law.  No modification or waiver of any provision of
this Guaranty, nor consent to departure therefrom, shall be effective unless in
writing and no such consent or waiver shall extend beyond the particular case
and purpose involved.  No notice or
demand given in any case shall constitute a waiver of the right to take other
action in the same, similar or other instances without such notice or demand.  Pursuant to Nevada Revised Statutes (“NRS”)
Section 40.495(2), Guarantor hereby waives the provisions of NRS Section
40.430.

6.2.          Notices.  All
notices, consents, approvals and requests required or permitted hereunder shall
be given in writing and shall be effective for all purposes if (i) hand
delivered, (ii) sent by certified or registered United States mail, postage
prepaid, return receipt requested, (iii) sent by expedited prepaid delivery
service, either commercial or United States Postal Service, with proof of
attempted delivery, or (iv) sent by facsimile (with answer back acknowledged),
in each case 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
notice to the other parties hereto in the manner provided for in this Section
6.2):

If to Lender:                                                                               Column
Financial, Inc.

11 Madison Avenue, 9th Floor

New York, New York 10010

Attention:  Michael May

Facsimile No.:  (212) 352-8106

 10
 

with a copy to:                                                                 Column
Financial, Inc.

One Madison Avenue

New York, New York 10010

Legal and Compliance Department

Attention:  Casey McCutcheon, Esq. 

Facsimile No.:  (917) 326-8433

and a copy to:                                                                    Fried,
Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 

New York, New York 10004 

Attention:  Jonathan L. Mechanic, Esq.

Facsimile No.:  (212) 859-4000

If to Guarantor:                                                               20
East 64th Street

New
York, New York 10021

Attention: 
Douglas Teitelbaum

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

6.3.          Governing Law; Submission to Jurisdiction.  THIS GUARANTY SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK,
EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF ANY SECURITY INTERESTS
HEREUNDER, OR THE REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL
ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW
YORK.  ANY LEGAL SUIT, ACTION OR
PROCEEDING AGAINST LENDER OR GUARANTOR ARISING OUT OF OR RELATING TO THIS
GUARANTY MAY, AT LENDER’S OPTION, BE INSTITUTED IN 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 AND/OR FORUM NON CONVENIENS OF ANY
SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR AND HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.  GUARANTOR DOES HEREBY DESIGNATE AND APPOINT
HIMSELF AS HIS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON HIS BEHALF SERVICE
OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND 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 

 11
 

SERVICE OF PROCESS UPON
GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.

6.4.          Invalid Provisions. 
If any provision of this Guaranty is held to be illegal, invalid, or
unenforceable under present or future laws effective during the term of this
Guaranty, such provision shall be fully severable and this Guaranty shall be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part of this Guaranty, and the remaining provisions of
this Guaranty shall remain in full force and effect and shall not be affected
by the illegal, invalid or unenforceable provision or by its severance from
this Guaranty, unless such continued effectiveness of this Guaranty, as modified,
would be contrary to the basic understandings and intentions of the parties as
expressed herein.

6.5.          Amendments. 
This Guaranty may be amended only by an instrument in writing executed
by the party or an authorized representative of the party against whom such
amendment is sought to be enforced.

6.6.          No Assignment. 
Guarantor may not, without the prior written consent of Lender, assign
any of its rights, powers, duties or obligations hereunder.

6.7.          Successors and Assigns.  Subject to the provisions of Section 6.6,
this Guaranty shall be binding upon and inure to the benefit of the parties
hereto and their respective successors, assigns and legal representatives.

6.8.          Headings. 
Section headings are for convenience of reference only and shall in no
way affect the interpretation of this Guaranty.

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

6.10.        Rights and Remedies. 
If Guarantor becomes liable for any indebtedness owing by Borrower to
Lender, by endorsement or otherwise, other than under this Guaranty, such
liability shall not be in any manner impaired or affected hereby and the rights
of Lender hereunder shall be cumulative of any and all other rights that Lender
may ever have against Guarantor.  The
exercise by Lender of any right or remedy hereunder or under any other
instrument, or at law or in equity, shall not preclude the concurrent or subsequent
exercise of any other right or remedy.

6.11.        Other Defined Terms. 
Any capitalized term utilized herein shall have the meaning as specified
in the Loan Agreement, unless such term is otherwise specifically defined
herein.

6.12.        Entirety.  THIS GUARANTY EMBODIES THE FINAL AND ENTIRE
AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR’S GUARANTY OF THE
GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS,
AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING
TO THE SUBJECT MATTER HEREOF.  THIS
GUARANTY IS INTENDED BY GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION
OF THE TERMS OF THE GUARANTY, 

 12
 

AND NO COURSE OF DEALING
BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND
NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR
DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO
CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT.  THERE ARE NO ORAL AGREEMENTS BETWEEN
GUARANTOR AND LENDER.

6.13.        Waiver of Right To Trial By Jury.  GUARANTOR AND BY ACCEPTANCE HEREOF, LENDER
HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY
JURY, AND EACH WAIVES 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 LOAN AGREEMENT, THE MORTGAGE, 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 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 AND LENDER.

6.14.        USA Patriot Act Notice.  Lender hereby notifies Guarantor that
pursuant to the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it
is required to obtain, verify and record information that identifies Guarantor,
which information includes the name and address of Guarantor and other
information that will allow Lender to identify Guarantor in accordance with the
Patriot Act.

 

REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK

 13

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

	
   

  	
  DOUGLAS TEITELBAUM

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Douglas Teitelbaum, individuallyExhibit 10.61

GUARANTY AGREEMENT 

GUARANTY
AGREEMENT, dated as of November 30, 2006 (as amended, restated, replaced,
supplemented or otherwise modified from time to time, this “Guaranty”),
by ROBERT EARL, an individual (“Guarantor”), having an address at 9754
Chestnut Ridge Drive, Windermere, Florida 34786, for the benefit of COLUMN
FINANCIAL, INC., a Delaware corporation, having an address at 11 Madison
Avenue, 9th Floor, New York, New York 10010 (together with
its successors and assigns, “Lender”).

RECITALS

WHEREAS, pursuant to that
certain Note, dated as of the date hereof (as the same may be amended,
restated, replaced, supplemented, or otherwise modified from time to time, the “Note”),
executed by PH Fee Owner LLC, a Delaware limited liability company (together
with its successors and assigns, “Fee Owner”), and OpBiz, L.L.C., a
Nevada limited liability company (together with its successors and assigns, “OpBiz”
and, together with Fee Owner, individually or collectively as the context
indicates, “Borrower”), and payable to the order of Lender in the
original principal amount of up to $820,000,000, Borrower is indebted, and may
from time to time be further indebted, to Lender with respect to a loan (the “Loan”)
made pursuant to that certain Loan Agreement, dated as of the date hereof (as
may be amended, restated, replaced, supplemented, or otherwise modified from
time to time, the “Loan Agreement”), between Borrower and Lender, which
Loan is secured by, inter alia,
that certain Deed of Trust, Security Agreement, Assignment of Leases and Rents,
Financing Statement and Fixture Filing, dated as of the date hereof, made by
Borrower to First American Title Insurance Company, a New York corporation, as
trustee, for the benefit of Lender, as beneficiary (as may be amended,
restated, replaced, supplemented, or otherwise modified from time to time,
collectively, the “Security Instrument”), and further evidenced, secured
or governed by other instruments and documents executed in connection with the
Loan (together with the Note, the Loan Agreement and the Security Instrument,
collectively, the “Loan Documents”).

WHEREAS, Lender is not
willing to make the Loan, to Borrower unless Guarantor unconditionally
guarantees payment and performance to Lender of the Guaranteed Obligations (as
herein defined).

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

NOW, THEREFORE, as an
inducement to Lender to make the Loan to Borrower, and for other good and
valuable consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows:

ARTICLE I
 NATURE AND SCOPE OF GUARANTY

1.1.          Guaranty of Obligation.  Subject to Section 1.2, Guarantor
hereby irrevocably, absolutely and unconditionally guarantees to Lender and its
successors and assigns the payment

of the Guaranteed Obligations as and when the
same shall be due and payable, whether by lapse of time, by acceleration of
maturity or otherwise.  Guarantor hereby
irrevocably and unconditionally covenants and agrees that it is liable for the
Guaranteed Obligations as a primary obligor and not merely as a surety.

1.2.          Limitation on Liability.  As used herein, the term “Guaranteed
Obligations” means all the obligations and liabilities of Borrower under Sections 9.4(b)
and (c) of the Loan Agreement.  The
liability of Guarantor hereunder shall be limited to Guaranteed Obligations
that arise from (i) events, acts, or circumstances that are actually committed
by, or voluntarily or willfully brought about by Guarantor, to the full extent
of such Guaranteed Obligations; or (ii) events, acts, or circumstances
(regardless of the cause of same) that provide actual benefit (in cash, cash
equivalent, or other quantifiable amount) to Guarantor, to the full extent of
the actual benefit received by Guarantor. 
Notwithstanding any limitation on liability contained herein, no limit
shall apply to any Enforcement Costs (as defined below).  Notwithstanding the foregoing, during any
period in which Borrower obtains and maintains environmental insurance for the
Property which has a term of not less than five (5) years from the date hereof
and a two (2) year tail coverage in amounts not less than $50,000,000 for third
party liability and $25,000,000 for first party clean-up coverage from a
carrier with not less than an “A” rating and otherwise acceptable to Lender in
its reasonable discretion, including, without limitation, naming Lender as an
additional insured thereunder, and such environmental insurance policy is in
full force and effect, then during such period Guarantor shall have no
obligations or liability to Lender hereunder with respect to Borrower’s failure
to comply with Section 9.4(b)(iii) of the Loan Agreement.  For the purposes hereof, Lender hereby
acknowledges and confirms that: (i) that certain Primary Environmental Site
Liability Policy, Policy # 37310075, issued by Chubb Custom Insurance Company,
and (ii) that certain Excess Environmental Liability Policy, Policy # PLS
2104680, issued by American International Specialty (collectively, the “Environmental
Policies”) were delivered to Lender and are in effect on the date hereof
and are acceptable to Lender so long as each of the Environmental Policies
remains in full force and effect. 
Notwithstanding the foregoing, it is hereby expressly agreed that the
obtaining and maintaining of any such environmental insurance for the Property
shall not in any way reduce, amend, modify or otherwise affect any of the
obligations and liabilities of Borrower under any of the  Loan Documents.

1.3.          Nature of Guaranty. 
This Guaranty is an irrevocable, absolute, continuing guaranty of
payment and not a guaranty of collection. 
This Guaranty may not be revoked by Guarantor and shall continue to be
effective with respect to any Guaranteed Obligations arising or created after
any attempted revocation by Guarantor and after (if Guarantor is a natural
person) Guarantor’s death (in which event this Guaranty shall be binding upon
Guarantor’s estate and Guarantor’s legal representatives and heirs).  The fact that at any time or from time to
time the Guaranteed Obligations may be increased or reduced shall not release
or discharge the obligation of Guarantor to Lender with respect to the Guaranteed
Obligations.  This Guaranty may be
enforced by Lender and any subsequent holder of the Note and shall not be
discharged by the assignment or negotiation of all or part of the Note.

1.4.          Guaranteed Obligations Not Reduced by Offset.  The Guaranteed Obligations and the
liabilities and obligations of Guarantor to Lender hereunder, shall not be
reduced, discharged or released because or by reason of any existing or future
offset, claim or defense of Borrower

 2
 

(other than the defense of payment of such
Guaranteed Obligation by Borrower), or any other party, against Lender or
against payment of the Guaranteed Obligations, whether such offset, claim or
defense arises in connection with the Guaranteed Obligations (or the
transactions creating the Guaranteed Obligations) or otherwise.

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

1.6.          No Duty To Pursue Others.  It shall not be necessary for Lender (and
Guarantor hereby waives any rights which Guarantor may have to require Lender),
in order to enforce the obligations of Guarantor hereunder, first to (a)
institute suit or exhaust its remedies against Borrower or others liable on the
Loan or the Guaranteed Obligations or any other person, (b) enforce Lender’s
rights against any collateral which shall ever have been given to secure the
Loan, (c) enforce Lender’s rights against any other guarantors of the
Guaranteed Obligations, (d) join Borrower or any others liable on the
Guaranteed Obligations in any action seeking to enforce this Guaranty, (e)
exhaust any remedies available to Lender against any collateral which shall
ever have been given to secure the Loan, or (f) resort to any other means of
obtaining payment of the Guaranteed Obligations.

1.7.          Waivers. 
Guarantor agrees to the provisions of this Guaranty, and hereby waives
notice of (a) any loans or advances made by Lender to Borrower, (b) acceptance
of this Guaranty, (c) any amendment or extension of the Note, the Loan
Agreement or of any other Loan Documents, (d) the execution and delivery by
Borrower and Lender of any other loan or credit agreement or of Borrower’s
execution and delivery of any promissory notes or other documents arising under
the Loan Documents or in connection with the Property, (e) the occurrence of
any breach by Borrower or an Event of Default, (f) Lender’s transfer or
disposition of the Guaranteed Obligations, or any part thereof, (g) sale or
foreclosure (or posting or advertising for sale or foreclosure) of any
collateral for the Guaranteed Obligations, (h) protest, proof of non-payment or
default by Borrower, and (i) generally, all demands and notices of every kind
in connection with this Guaranty, the Loan Documents, any documents or
agreements evidencing, securing or relating to any of the Guaranteed Obligations.

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

 3
 

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

1.10.        Waiver of Subrogation, Reimbursement and Contribution.  Notwithstanding anything to the contrary
contained in this Guaranty, Guarantor hereby unconditionally and irrevocably
waives, releases and abrogates any and all rights it may now or hereafter have
under any agreement, at law or in equity (including, without limitation, any
law subrogating Guarantor to the rights of Lender), to assert any claim against
or seek contribution, indemnification or any other form of reimbursement from
Borrower or any other party liable for payment of any or all of the Guaranteed
Obligations for any payment made by Guarantor under or in connection with this
Guaranty.

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

ARTICLE
II

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTOR’S OBLIGATIONS

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

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

2.2.          Adjustment. 
Any adjustment, indulgence, forbearance or compromise that might be
granted or given by Lender to Borrower, Guarantor or any other party liable for
payment of any or all of the Guaranteed Obligations.

2.3.          Condition of Borrower or Guarantor.  The insolvency, bankruptcy, arrangement, adjustment,
composition, liquidation, disability, dissolution or lack of power of Borrower,
or Guarantor or any other party at any time liable for the payment of all or
part of the Guaranteed

 4
 

Obligations; or any dissolution of Borrower
or Guarantor or any sale, lease or transfer of any or all of the assets of
Borrower or Guarantor or any changes in the direct or indirect shareholders,
partners or members of Borrower or Guarantor; or any reorganization of Borrower
or Guarantor.

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

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

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

2.7.          Release of
Collateral.  Any release, surrender,
exchange, subordination, deterioration, waste, loss or impairment of any
collateral, property or security at any time existing in connection with, or
assuring or securing payment of, all or any part of the Guaranteed Obligations.

2.8.          Care and Diligence.  The failure of Lender or any other party to
exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of any
collateral, property or security, including but not limited to any neglect,
delay, omission, failure or refusal of Lender (except to the extent of Lender’s
gross negligence or willful misconduct) (a) to take or prosecute any action for
the collection of any of

 5
 

the Guaranteed Obligations or (b) to
foreclose, or initiate any action to foreclose, or, once commenced, prosecute
to completion any action to foreclose upon any security therefor, or (c) to
take or prosecute any action in connection with any instrument or agreement
evidencing or securing all or any part of the Guaranteed Obligations.

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

2.10.        Offset.  Any
existing or future right of offset, claim or defense of Borrower against
Lender, or any other Person, or against payment of the Guaranteed Obligations,
whether such right of offset, claim or defense (other than the defense of payment
in full) arises in connection with the Guaranteed Obligations (or the
transactions creating the Guaranteed Obligations) or otherwise.

2.11.        Merger.  The
reorganization, merger or consolidation of Borrower into or with any other
Person.

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

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

ARTICLE III
 REPRESENTATIONS AND WARRANTIES

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

3.1.          Benefit.  Guarantor is the owner of a direct or
indirect interest in Borrower, and has received, or will receive, benefit from
the Lender’s making the Loan to Borrower.

3.2.          Familiarity and
Reliance.  Guarantor is familiar with
the financial condition of the Borrower and is familiar with the value of any
and all collateral intended to be created as

 6
 

security for the payment of the Note or Guaranteed
Obligations; however, Guarantor is not relying on such financial condition or
the collateral as an inducement to enter into this Guaranty.

3.3.          No Representation
by Lender.  Neither Lender nor any
other party has made any representation, warranty or statement to Guarantor in
order to induce Guarantor to execute this Guaranty.

3.4.          Capacity.

Guarantor is an adult
individual with legal capacity to act.

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

3.6.          Litigation.

There is no action, suit, proceeding or investigation pending or, to
Guarantor’s knowledge, threatened against Guarantor in any court or by or
before any other Governmental Authority, or labor controversy affecting
Guarantor or any of Guarantor’s properties, businesses, assets or revenues,
which would reasonably be expected to materially and adversely affect or impair
Guarantor’s ability to fully fulfill and perform Guarantor’s obligations under
this Guaranty.

3.7.          Financial and other Information.

To Guarantor’s knowledge, all financial data
and other financial information that has been delivered to Lender with respect
to the Guarantor (i) are true, complete and correct in all material
respects, (ii) accurately represent the financial condition of the
Guarantor as of the date of such reports, and (iii) to the extent prepared
or audited by an independent certified public accounting firm, have been
prepared in accordance with Generally Accepted Accounting Principles throughout
the periods covered, except as disclosed therein.  To Guarantor’s knowledge, Guarantor does not
have any material contingent liabilities, liabilities for taxes, unusual
forward or long-term commitments or unrealized or anticipated losses from
any unfavorable commitments that are known to Guarantor and reasonably likely
to have a Material Adverse Effect on Guarantor’s ability to perform its
obligations hereunder, except as referred to or reflected in said financial
statements.  Since the date of such
financial statements, there has been no material adverse change in the
financial condition, operation or business of Guarantor from that set forth in
said financial statements.

3.8.          Tax Filings. 
Guarantor has filed (or has obtained effective extensions for filing)
all federal, state and local tax returns required to be filed and has paid or
made adequate provision for the payment of all federal, state and local taxes,
charges and assessments payable by Guarantor. 
Guarantor believes its tax returns properly reflect Guarantor’s income
and taxes

 7
 

for the periods covered thereby, subject only
to reasonable adjustments required by the Internal Revenue Service or other
applicable tax authority upon audit.

3.9.          Offset. The Loan Documents are not subject to any
right of rescission, set-off, counterclaim or defense by Guarantor,
including the defense of usury, nor would the operation of any of the terms of
the Loan Documents, or the exercise of any right thereunder, render the Loan
Documents unenforceable (subject to principles of equity and bankruptcy,
insolvency and other laws generally affecting creditors’ rights and the
enforcement of debtors’ obligations), and Guarantor has not asserted any right
of rescission, set-off, counterclaim or defense with respect thereto.

3.10.        Embargoed Person. 
At all times throughout the term of the Loan, including after giving
effect to any Transfer permitted pursuant to the Loan Documents, (a) none
of the funds or other assets of Guarantor constitute property of, or are beneficially
owned, directly or indirectly, by any person, entity or government subject to
trade restrictions under U.S. law, including, but not limited to, the
International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq.,
The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive
Orders or regulations promulgated thereunder with the result that the
investment in Guarantor (whether directly or indirectly), is prohibited by law
or the Loan made by Lender is in violation of law (“Embargoed Person”);
(b) Guarantor is not an Embargoed Person; and (c) none of the funds
of Guarantor have been derived from any unlawful activity with the result that
the Loan is in violation of law.

3.11.        Survival.  All
representations and warranties made by Guarantor herein shall survive the
execution hereof.

ARTICLE IV

COVENANTS

4.1.          Litigation. 
Guarantor shall give prompt notice to Lender of any litigation or
governmental proceedings pending or threatened against such Guarantor of which
such Guarantor has notice and which would reasonably be expected to materially
adversely affect such Guarantor’s ability to perform its obligations hereunder.

4.2.          Notice of Default. 
Guarantor shall promptly advise Lender of any material adverse change in
such Guarantor’s condition, financial or otherwise, of which such Guarantor has
knowledge and which would reasonably be expected to materially adversely affect
Guarantor’s ability to perform its obligations hereunder.

4.3.          Certification.         Guarantor,
at any time and from time to time, within ten (10) Business Days following the
request by Lender, shall execute and deliver to Lender a statement certifying
that this Guaranty is unmodified and in full force and effect (or if modified,
that the same is in full force and effect as modified and stating such
modifications) or, if applicable, that this Guaranty is no longer in full force
and effect.

4.4.          Net Worth.            Guarantor
covenants and agrees with Lender that, until the Loan has been indefeasibly
paid and performed in full, Guarantor at all times after the date hereof will

 8
 

and intends to maintain adequate capital to
(i) pay its debts and liabilities as the same shall become due and (ii) for the
normal obligations reasonably foreseeable for an individual with similar
economic resources.

ARTICLE
V

SUBORDINATION OF CERTAIN INDEBTEDNESS

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

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

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

5.4.          Liens Subordinate.  Guarantor agrees that any liens, security
interests, judgment liens, charges or other encumbrances upon Borrower’s assets
securing payment of the Guarantor Claims shall be and remain inferior and
subordinate to any liens, security interests, judgment

 9
 

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

ARTICLE
VI

MISCELLANEOUS

6.1.          Waiver.  No failure to exercise, and no delay in
exercising, on the part of Lender, any right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right.  The rights of Lender hereunder shall be in
addition to all other rights provided by law. 
No modification or waiver of any provision of this Guaranty, nor consent
to departure therefrom, shall be effective unless in writing and no such
consent or waiver shall extend beyond the particular case and purpose
involved.  No notice or demand given in
any case shall constitute a waiver of the right to take other action in the same,
similar or other instances without such notice or demand.  No notice or demand given in any case shall
constitute a waiver of the right to take other action in the same, similar or
other instances without such notice or demand.  
No notice or demand given in any case shall constitute a waiver of the
right to take other action in the same, similar or other instances without such
notice or demand.  Pursuant to Nevada
Revised Statutes (“NRS”) Section 40.495(2), Guarantor hereby waives the
provisions of NRS Section 40.430.

6.2.          Notices.  All notices, consents, approvals and requests
required or permitted hereunder shall be given in writing and shall be
effective for all purposes if (i) hand delivered, (ii) sent by certified or
registered United States mail, postage prepaid, return receipt requested, (iii)
sent by expedited prepaid delivery service, either commercial or United States
Postal Service, with proof of attempted delivery, or (iv) sent by facsimile
(with answer back acknowledged), in each case 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 notice to the other parties hereto in the
manner provided for in this Section 6.2):

	
  If to Lender:

  	
   

  	
  Column Financial, Inc.

  
	
   

  	
   

  	
  11 Madison
  Avenue, 9th Floor

  
	
   

  	
   

  	
  New York, New
  York 10010

  
	
   

  	
   

  	
  Attention:
  Michael May

  
	
   

  	
   

  	
  Facsimile No.:
  (212) 352-8106

  

 

 10
 

 

	
  with a copy to:

  	
   

  	
  Column Financial, Inc.

  
	
   

  	
   

  	
  One Madison
  Avenue

  
	
   

  	
   

  	
  New York, New
  York 10010

  
	
   

  	
   

  	
  Legal and
  Compliance Department

  
	
   

  	
   

  	
  Attention: Casey
  McCutcheon, Esq.

  
	
   

  	
   

  	
  Facsimile No.:
  (917) 326-8433

  
	
   

  	
   

  	
   

  
	
  and a copy to:

  	
   

  	
  Fried, Frank, Harris, Shriver & Jacobson LLP

  
	
   

  	
   

  	
  One New York
  Plaza

  
	
   

  	
   

  	
  New York, New
  York 10004

  
	
   

  	
   

  	
  Attention:
  Jonathan L. Mechanic, Esq.

  
	
   

  	
   

  	
  Facsimile No.:
  (212) 859-4000

  
	
   

  	
   

  	
   

  
	
  If to Guarantor:

  	
   

  	
  9754 Chestnut Ridge Drive

  
	
   

  	
   

  	
  Windermere,
  Florida 34786

  
	
   

  	
   

  	
  Attention:
  Robert Earl

  
	
   

  	
   

  	
  Facsimile No.:
  (407) 351-4350

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  Executive Vice President & Chief Financial
  Officer

  
	
   

  	
   

  	
  Planet Hollywood
  International, Inc.

  
	
   

  	
   

  	
  7598 West Sand
  Lake Road

  
	
   

  	
   

  	
  Orlando, Florida
  32819

  
	
   

  	
   

  	
  Attention:
  Thomas Avallone

  
	
   

  	
   

  	
  Facsimile No.:
  (407) 352-7310

  
	
   

  	
   

  	
   

  
	
  and a copy to:

  	
   

  	
  Gray Robinson, P.A.

  
	
   

  	
   

  	
  301 East Pine
  Street, Suite 1400

  
	
   

  	
   

  	
  Orlando, Florida
  32801

  
	
   

  	
   

  	
  Attention:
  Michael E. Neukmann, Esq.

  
	
   

  	
   

  	
  Facsimile No.:
  (407) 244-5690

  

 

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

6.3.          Governing Law;
Submission to Jurisdiction.  THIS
GUARANTY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT THE VALIDITY
OR PERFECTION OF ANY SECURITY INTERESTS HEREUNDER, OR THE REMEDIES HEREUNDER,
IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A
JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR GUARANTOR ARISING
OUT OF OR RELATING TO THIS GUARANTY MAY, AT

 11
 

LENDER’S OPTION, BE INSTITUTED IN 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 AND/OR FORUM NON
CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR AND HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION
OR PROCEEDING.  GUARANTOR DOES HEREBY
DESIGNATE AND APPOINT HIMSELF AS HIS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE
ON HIS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH
SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK,
AND 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 SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.

6.4.          Invalid Provisions.  If any provision of this Guaranty is held to
be illegal, invalid, or unenforceable under present or future laws effective
during the term of this Guaranty, such provision shall be fully severable and
this Guaranty shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part of this Guaranty, and the
remaining provisions of this Guaranty shall remain in full force and effect and
shall not be affected by the illegal, invalid or unenforceable provision or by
its severance from this Guaranty, unless such continued effectiveness of this
Guaranty, as modified, would be contrary to the basic understandings and
intentions of the parties as expressed herein.

6.5.          Amendments.  This Guaranty may be amended only by an
instrument in writing executed by the party or an authorized representative of
the party against whom such amendment is sought to be enforced.

6.6.          No Assignment.  Guarantor may not, without the prior written
consent of Lender, assign any of its rights, powers, duties or obligations
hereunder.

6.7.          Successors and
Assigns.  Subject to the provisions
of Section 6.6, this Guaranty shall be binding upon and inure to the
benefit of the parties hereto and their respective successors, assigns and
legal representatives.

6.8.          Headings.  Section headings are for convenience of
reference only and shall in no way affect the interpretation of this Guaranty.

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

6.10.        Rights and Remedies. 
If Guarantor becomes liable for any indebtedness owing by Borrower to
Lender, by endorsement or otherwise, other than under this Guaranty, such
liability shall not be in any manner impaired or affected hereby and the rights
of Lender hereunder shall

 12
 

be cumulative of any and all other rights
that Lender may ever have against Guarantor. 
The exercise by Lender of any right or remedy hereunder or under any
other instrument, or at law or in equity, shall not preclude the concurrent or
subsequent exercise of any other right or remedy.

6.11.        Other Defined Terms. 
Any capitalized term utilized herein shall have the meaning as specified
in the Loan Agreement, unless such term is otherwise specifically defined
herein.

6.12.        Entirety.  THIS
GUARANTY EMBODIES THE FINAL AND ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH
RESPECT TO GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES
ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS,
WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF.  THIS GUARANTY IS INTENDED BY GUARANTOR AND
LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO
COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO
TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE
USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY
AGREEMENT.  THERE ARE NO ORAL AGREEMENTS
BETWEEN GUARANTOR AND LENDER.

6.13.        Waiver of Right To Trial By Jury.  GUARANTOR AND BY ACCEPTANCE HEREOF, LENDER
HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY
JURY, AND EACH WAIVES 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 LOAN AGREEMENT, THE MORTGAGE, 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 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 AND LENDER.

6.14.        Joint and Several Liability.  If Guarantor consists of more than one
Person, the obligations and liabilities of each such Person shall be joint and
several.

6.15.        USA Patriot Act Notice.  Lender hereby notifies Guarantor that
pursuant to the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it
is required to obtain, verify and record information that identifies Guarantor,
which information includes the name and address of Guarantor and other
information that will allow Lender to identify Guarantor in accordance with the
Patriot Act.

 13
 

REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK

 14

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

	
   

  	
  ROBERT EARL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Robert Earl, individually

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]