Document:

Exhibit 10.2

 

 

 

GUARANTY
OF RECOURSE OBLIGATIONS

 

made by

 

NEW YORK CITY REIT, INC.,

as Guarantor,

 

in favor of

 

CAPITAL ONE, NATIONAL ASSOCIATION,

as Administrative Agent on behalf of certain Lenders

Dated as of April 26, 2019

 

 

 

    	 	 	 

     

    

 

GUARANTY OF RECOURSE OBLIGATIONS

 

This GUARANTY OF RECOURSE
OBLIGATIONS (this “Guaranty”), dated as of April 26, 2019, made by NEW YORK CITY REIT, INC., a
Maryland corporation, having an address at c/o AR Global, 405 Park Avenue, 14th Floor New York, NY 10022, Attention: General Counsel
(“Guarantor”), in favor of CAPITAL ONE, NATIONAL ASSOCIATION, as administrative agent on behalf
of certain Lenders (as defined below) (together with its successors and assigns, hereinafter referred to as “Administrative
Agent”).

 

RECITALS:

 

A.            Pursuant
to that certain Term Loan Agreement dated as of the date hereof (as the same may be amended, modified, supplemented or replaced
from time to time, the “Loan Agreement”) between ARC NYC570SEVENTH, LLC, a Delaware limited liability
company (“Borrower”), Administrative Agent and certain lenders party thereto (each, a “Lender”,
and collectively, the “Lenders”), the Lenders have agreed to make a loan or loans (the “Loan”)
to Borrower in an aggregate principal amount not to exceed $55,000,000.00, subject
to the terms and conditions of the Loan Agreement;

 

B.            As
a condition to the Lenders’ making the Loan, Administrative Agent and the Lenders are requiring that Guarantor execute and
deliver to Administrative Agent and the Lenders this Guaranty; and

 

C.            Guarantor
hereby acknowledges that Guarantor will materially benefit from the Lenders’ making the Loan.

 

NOW, THEREFORE,
in consideration of the premises set forth herein and as an inducement for and in consideration of the agreement of the Lenders
to make the Loan pursuant to the Loan Agreement, Guarantor hereby agrees, covenants, represents and warrants to Administrative
Agent and the Lenders as follows:

 

1.           Definitions.

 

(a)       All
capitalized terms used and not defined herein shall have the respective meanings given such terms in the Loan Agreement.

 

(b)       The
term “Guaranteed Obligations” means (i) Borrower’s Recourse Liabilities and (ii) from and after
the date that any Springing Recourse Event occurs, payment of all the Debt as and when the same is due in accordance with the Loan
Documents (and whether accrued prior to, on or after such date) and (iii) any termination fees, breakage costs, expenses, if any,
or other similar amounts payable by Borrower in connection with the early termination of any Secured Swap Agreement or resulting
from the occurrence of any “Termination Event” (as defined in the Secured Swap Agreement) caused by Borrower under
any Secured Swap Agreement (the “Swap Obligations”); provided that any termination fees, breakage
costs, expenses or other similar amounts resulting from an early termination of a Secured Swap Agreement or a Termination Event
caused by a Lender counterparty to any Secured Swap Agreement shall be excluded from the Swap Obligations; provided further,
that the obligations guaranteed by Guarantor shall not include any Excluded Swap Obligations with respect to Guarantor; and provided,
however, that, notwithstanding anything to the contrary contained herein, in the Loan Agreement or in any other Loan Document,
Guarantor shall have no liability for, and the term “Guaranteed Obligations” shall not include any events which would
otherwise give rise to the Guaranteed Obligations first arising and accruing after the transfer of the Property as a result of
a foreclosure or delivery of a deed in lieu of foreclosure by Administrative Agent and/or Lenders or any other Person for acts
or omissions of Administrative Agent or Lenders.

 

    	 	 	 

     

    

 

2.           Guaranty.

 

(a)        Guarantor
hereby irrevocably, absolutely and unconditionally guarantees to Administrative Agent (on behalf of the Lenders) the full, prompt
and complete payment if and when due of the Guaranteed Obligations.

 

(b)        All
sums payable to Administrative Agent (on behalf of the Lenders) under this Guaranty shall be payable on demand and without reduction
for any offset, claim, counterclaim or defense (other than the defense of payment and performance).

 

(c)        Guarantor
hereby agrees to indemnify, defend and save harmless Administrative Agent and the Lenders from and against any and all costs, losses,
liabilities, claims, causes of action, expenses and damages, including reasonable attorneys’ fees and disbursements, which
Administrative Agent or any Lender may suffer or which otherwise may arise by reason of Borrower’s failure to pay any of
the Guaranteed Obligations when due, irrespective of whether such costs, losses, liabilities, claims, causes of action, expenses
or damages are incurred by Administrative Agent or any Lender prior or subsequent to (i) Administrative Agent’s declaring
the Principal, interest and other sums evidenced or secured by the Loan Documents to be due and payable, (ii) the commencement
or completion of a judicial or non-judicial foreclosure of the Mortgage or (iii) the conveyance of all or any portion of the Property
by deed-in-lieu of foreclosure.

 

(d)        Guarantor
agrees that no portion of any sums applied (other than sums received from Guarantor in full or partial satisfaction of its obligations
hereunder), from time to time, in reduction of the Debt shall be deemed to have been applied in reduction of the Guaranteed Obligations
until such time as the Debt (excluding any inchoate or contingent obligations) has been paid in full, or Guarantor shall have made
the full payment required hereunder, it being the intention hereof that the Guaranteed Obligations shall be the last portion of
the Debt to be deemed satisfied.

 

(e)        Notwithstanding
any other provision of this Guaranty to the contrary, Excluded Swap Obligations with respect to Guarantor shall not be paid with
amounts received from Guarantor.

 

    	 	3	 

     

    

 

(f)          Keepwell.
If Guarantor is a Qualified ECP Loan Guarantor, it absolutely, unconditionally and irrevocably undertakes to provide such funds
or other support as may be needed from time to time by Borrower to honor all of its obligations under the Loan Agreement in respect
of Secured Swap Obligations (provided, however, that Guarantor shall only be liable under this Section 2(f) for the maximum amount
of such liability that can be hereby incurred without rendering its obligations under this Section 2(f), or otherwise under this
Guaranty, to be avoidable or unenforceable against Guarantor in such proceeding as a result of applicable Legal Requirements, including,
without limitation, (A) Section 548 of the Bankruptcy Code of the United States and (B) any state fraudulent transfer or fraudulent
conveyance act or statute applied in such proceeding, whether by virtue of Section 544 of the Bankruptcy Code of the United
States or otherwise, and not for any greater amount). The obligations of Guarantor under this Section shall remain in full force
and effect until the later of (i) the Guaranteed Obligations (other than contingent indemnification obligations for which
no demand has been made) shall have been indefeasibly paid, performed and completed in full, and (ii) the Loans, Secured Swap
Obligations and all interests, fees, and other amounts due from the Borrower under the Loan Documents and the Secured Swap Agreement
have been indefeasibly paid in full. Guarantor intends that this Section 2(f) constitute, and this Section 2(f) shall be deemed
to constitute, a “keepwell, support, or other agreement” for the benefit of Borrower for all purposes of Section 1a(18)(A)(v)(II)
of the Commodity Exchange Act.

 

3.            Representations
and Warranties. Guarantor hereby represents and warrants to Administrative Agent and the Lenders as follows (which representations
and warranties shall be given as of the date hereof and shall survive the execution and delivery of this Guaranty):

 

(a)         Organization,
Authority and Execution. Guarantor is a corporation duly organized, validly existing and in good standing under the laws of
the State of Maryland, and has all necessary power and authority to own its properties and to conduct its business as presently
conducted or proposed to be conducted and to enter into and perform this Guaranty and all other agreements and instruments to be
executed by it in connection herewith. This Guaranty has been duly executed and delivered by Guarantor.

 

(b)          Enforceability.
This Guaranty constitutes a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally.

 

(c)          No
Violation. The execution, delivery and performance by Guarantor of its obligations under this Guaranty has been duly authorized
by all necessary action, and does not and will not violate any law, regulation, order, writ, injunction or decree of any court
or governmental body, agency or other instrumentality applicable to Guarantor, or result in a breach of any of the terms, conditions
or provisions of, or constitute a default under, or result in the creation or imposition of any mortgage, lien, charge or encumbrance
of any nature whatsoever upon any of the assets of Guarantor pursuant to the terms of Guarantor’s articles of organization,
or any mortgage, indenture, agreement or instrument to which Guarantor is a party or by which it or any of its properties is bound.
To Guarantor’s knowledge, Guarantor is not in default under any other guaranty which it has provided to Administrative Agent
or any Lender.

 

    	 	4	 

     

    

 

(d)          No
Litigation. There are no actions, suits or proceedings at law or in equity, pending or, to Guarantor’s best knowledge,
threatened in writing against or affecting Guarantor or which involve the validity or enforceability of this Guaranty or which
materially adversely affect the financial condition of Guarantor or the ability of Guarantor to perform any of its obligations
under this Guaranty. To Guarantor’s knowledge, Guarantor is not in default beyond any applicable grace or cure period with
respect to any order, writ, injunction, decree or demand of any Governmental Authority which might materially adversely affect
the financial condition of Guarantor or the ability of Guarantor to perform any of its obligations under this Guaranty.

 

(e)          Consents.
All consents, approvals, orders or authorizations of, or registrations, declarations or filings with, all Governmental Authorities
(collectively, the “Consents”) that are required in connection with the valid execution, delivery and
performance by Guarantor of this Guaranty have been obtained and Guarantor agrees that all Consents required in connection with
the carrying out or performance of any of Guarantor’s obligations under this Guaranty will be obtained when required.

 

(f)          Financial
Statements and Other Information. All financial statements of Guarantor heretofore delivered to Administrative Agent are true
and correct in all material respects and fairly present the financial condition of Guarantor as of the respective dates thereof,
and no materially adverse change has occurred in the financial conditions reflected therein since the respective dates thereof.
None of the aforesaid financial statements or any certificate or statement furnished to Administrative Agent or any Lender by or
on behalf of Guarantor in connection with the transactions contemplated hereby, and none of the representations and warranties
in this Guaranty contains any untrue statement of a material fact or omits to state a material fact necessary in order to make
the statements contained therein or herein not misleading. Guarantor is not insolvent within the meaning of the United States Bankruptcy
Code or any other applicable Legal Requirements, code or regulation and the execution, delivery and performance of this Guaranty
will not render Guarantor insolvent.

 

(g)          Consideration.
Guarantor is the owner, directly or indirectly, of a portion of the legal and beneficial equity interests in Borrower.

 

4.            Financial
Statements. Guarantor shall deliver to Administrative Agent (for delivery to the Lenders), (a) within one hundred and
twenty (120) days after the end of each fiscal year of Guarantor, a complete copy of Guarantor’s annual financial statements
audited by a “big four” accounting firm or another independent certified public accountant reasonably acceptable to
Administrative Agent, (b) within sixty (60) days following the end of each of the first three (3) calendar quarters of each
calendar year throughout the Term certified by the chief financial officer of Guarantor and in form reasonably satisfactory to
Administrative Agent, and (c) fifteen (15) Business Days after request by Administrative Agent, such other financial information
with respect to Guarantor as Administrative Agent may reasonably request.

 

    	 	5	 

     

    

 

5.           Unconditional
Character of Obligations of Guarantor.

 

(a)          Subject
to Section 22 of this Guaranty, the obligations of Guarantor hereunder shall be irrevocable, absolute and unconditional, irrespective
of the validity, regularity or enforceability, in whole or in part, of the other Loan Documents or any provision thereof, or the
absence of any action to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment
against Borrower, Guarantor or any other Person or any action to enforce the same, any failure or delay in the enforcement of the
obligations of Borrower under the other Loan Documents or Guarantor under this Guaranty, or any setoff or counterclaim, and irrespective
of any other circumstances which might otherwise limit recourse against Guarantor by Administrative Agent or the Lenders or constitute
a legal or equitable discharge or defense of a guarantor or surety. Subject to the terms of the Guaranty, Administrative Agent
on behalf of the Lenders may enforce the obligations of Guarantor under this Guaranty by a proceeding at law, in equity or otherwise,
independent of any loan foreclosure or similar proceeding or any deficiency action against Borrower or any other Person at any
time, either before or after an action against the Property or any part thereof, Borrower or any other Person. This Guaranty
is a guaranty of payment and performance and not merely a guaranty of collection. Subject to applicable law, Guarantor waives
diligence, notice of acceptance of this Guaranty, filing of claims with any court, any proceeding to enforce any provision of any
other Loan Document, against Guarantor, Borrower or any other Person, any right to require a proceeding first against Borrower
or any other Person, or to exhaust any security (including, without limitation, the Property) for the performance of the Guaranteed
Obligations or any other obligations of Borrower or any other Person, or any protest, presentment, notice of default or other notice
or demand whatsoever (except to the extent expressly provided to the contrary in this Guaranty or any other Loan Documents).

 

(b)          Subject
to the terms of this Guaranty, the obligations of Guarantor under this Guaranty, and the rights of Administrative Agent on behalf
of the Lenders to enforce the same by proceedings, whether by action at law, suit in equity or otherwise, shall not be in any way
affected by any of the following:

 

(i)         any
insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, receivership, conservatorship, winding
up or other similar proceeding involving or affecting Borrower, the Property or any part thereof, or Guarantor;

 

(ii)        any
failure by Administrative Agent, any Lender or any other Person, whether or not without fault on its part, to perform or comply
with any of the terms of the Loan Agreement, or any other Loan Documents, or any document or instrument relating thereto;

 

(iii)       the
sale, transfer or conveyance of the Property or any interest therein to any Person, whether now or hereafter having or acquiring
an interest in the Property or any interest therein and whether or not pursuant to any foreclosure, trustee sale or similar proceeding
against Borrower or the Property or any interest therein;

 

(iv)       the
conveyance to Administrative Agent, any Lender, any Affiliate of Administrative Agent or a Lender, or Administrative Agent or a
Lender’s nominee of the Property or any interest therein by a deed-in-lieu of foreclosure;

 

(v)        the
release of Borrower or any other Person from the performance or observance of any of the agreements, covenants, terms or conditions
contained in any of the Loan Documents by operation of law or otherwise; or

 

    	 	6	 

     

    

 

(vi)       the
release in whole or in part of any collateral for any or all Guaranteed Obligations or for the Loan or any portion thereof.

 

(c)          Except
as otherwise specifically provided in this Guaranty, Guarantor hereby expressly and irrevocably waives all defenses (other than
the defense of payment and performance) in an action brought by Administrative Agent or any Lender to enforce this Guaranty based
on claims of waiver, release, surrender, alteration or compromise and all setoffs, reductions, or impairments, whether arising
hereunder or otherwise.

 

(d)          Administrative
Agent may deal with Borrower and Affiliates of Borrower in the same manner and as freely as if this Guaranty did not exist and
shall be entitled, among other things, to grant Borrower or any other Person such extension or extensions of time to perform any
act or acts as may be deemed advisable by Administrative Agent, at any time and from time to time, without terminating, affecting
or impairing the validity of this Guaranty or the obligations of Guarantor hereunder.

 

(e)          No
compromise, alteration, amendment, modification, extension, renewal, release or other change of, or waiver, consent, delay, omission,
failure to act or other action with respect to, any liability or obligation under or with respect to, or of any of the terms, covenants
or conditions of, the Loan Documents shall in any way alter, impair or affect any of the obligations of Guarantor hereunder, unless
agreed to in writing by the Administrative Agent and Guarantor agrees that if any Loan Document is modified with Administrative
Agent’s and Borrower’s consent, the Guaranteed Obligations shall automatically be deemed modified to include such modifications.

 

(f)          Administrative
Agent may proceed to protect and enforce any or all of its and the Lenders' rights under this Guaranty by suit in equity or action
at law, whether for the specific performance of any covenants or agreements contained in this Guaranty or otherwise, or to take
any action authorized or permitted under applicable Legal Requirements, and shall be entitled to require and enforce the performance
of all acts and things required to be performed hereunder by Guarantor. Each and every remedy of Administrative Agent and the Lenders
shall, to the extent permitted by law, be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter
existing at law or in equity.

 

(g)          No
waiver shall be deemed to have been made by Administrative Agent or any Lender of any rights hereunder unless the same shall be
in writing and signed by Administrative Agent or the Lenders, as applicable, and any such waiver shall be a waiver only with respect
to the specific matter involved and shall in no way impair the rights of Administrative Agent and the Lenders or the obligations
of Guarantor to Administrative Agent and the Lenders in any other respect or at any other time.

 

(h)          At
the option of Administrative Agent, Guarantor may be joined in any action or proceeding commenced by Administrative Agent against
Borrower in connection with or based upon an Event of Default beyond notice and cure under any other Loan Documents and recovery
may be had against Guarantor in such action or proceeding or in any independent action or proceeding against Guarantor to the extent
of Guarantor’s liability hereunder, without any requirement that Administrative Agent first assert, prosecute or exhaust
any remedy or claim against Borrower or any other Person, or any security for the obligations of Borrower or any other Person.

 

    	 	7	 

     

    

 

(i)          Guarantor
agrees that this Guaranty shall continue to be effective if at any time any payment is made by Borrower or Guarantor to Administrative
Agent or any Lender and such payment is rescinded or must otherwise be returned by Administrative Agent or such Lender (as determined
by Administrative Agent or such Lender in its sole and absolute discretion) upon insolvency, bankruptcy, liquidation, reorganization,
readjustment, composition, dissolution, receivership, conservatorship, winding up or other similar proceeding involving or affecting
Borrower or Guarantor, all as though such payment had not been made.

 

(j)          In
the event that Guarantor shall advance or become obligated pursuant to the terms of this Guaranty to pay any sums under this Guaranty
or in connection with the Guaranteed Obligations or in the event that for any reason whatsoever Borrower or any subsequent owner
of the Property or any part thereof is now, or shall hereafter become, indebted to Guarantor, Guarantor agrees that (i) the
amount of such sums and of such indebtedness and all interest thereon shall at all times be subordinate as to lien, the time of
payment and in all other respects to all sums, including principal and interest and other amounts, at any time owed to Administrative
Agent or any Lender under the Loan Documents, and (ii) so long as there is an Event of Default beyond applicable notice and
cure under the Loan Documents, Guarantor shall not be entitled to enforce or receive payment thereof until the Debt (excluding
any inchoate or contingent obligations) has been paid in full or such Event of Default has been cured. Nothing herein contained
is intended or shall be construed to give Guarantor any right of subrogation in or under the Loan Documents or any right to participate
in any way therein, or in the right, title or interest of Administrative Agent or any Lender in or to any collateral for the Loan,
notwithstanding any payments made by Guarantor under this Guaranty, until the actual and irrevocable receipt by Administrative
Agent on behalf of the Lenders of payment in full of the Debt (excluding any inchoate or contingent obligations). If any amount
shall be paid to Guarantor on account of such subrogation rights at any time when any such sums due and owing to Administrative
Agent or any Lender shall not have been fully paid, such amount shall be paid by Guarantor to Administrative Agent for credit and
application against such sums due and owing to Administrative Agent or any Lender.

 

(k)          Subject
to Sections 21 and 22 hereof, Guarantor’s obligations hereunder shall survive a foreclosure, deed-in-lieu of foreclosure
or similar proceeding involving the Property and the exercise by Administrative Agent and the Lenders of any of their remedies
pursuant to the Loan Documents.

 

6.           Covenants.

 

(a)          As
used in this Section 6, the following terms shall have the respective meanings set forth below:

 

(i)       “GAAP”
shall mean generally accepted accounting principles, consistently applied.

 

    	 	8	 

     

    

 

(ii)       “Liquid
Assets” shall mean assets in the form of cash, cash equivalents, obligations of (or fully guaranteed as to principal
and interest by) the United States or any agency or instrumentality thereof (provided the full faith and credit of the United States
supports such obligation or guarantee), certificates of deposit issued by a commercial bank having net assets of not less than
$500 million, securities listed and traded on a recognized stock exchange or traded over the counter and listed in the National
Association of Securities Dealers Automatic Quotations, or liquid debt instruments that have a readily ascertainable value and
are regularly traded in a recognized financial market.

 

(iii)       “Net
Worth” shall mean, as of a given date, (x) the total assets of Guarantor as of such date less (y) Guarantor’s
total liabilities as of such date, determined in accordance with GAAP.

 

(b)          Until
the Debt (excluding any inchoate or contingent obligations) has been paid in full, Guarantor (i) shall maintain (A) a Net Worth
in excess of $175,000,000.00 and (B) Liquid Assets having a market value of at least $10,000,000.00 and(ii) shall deliver to Administrative
Agent, concurrently with the delivery of each quarterly or annual financial statement required to be delivered by Guarantor hereunder,
a certificate of the chief financial officer of Guarantor setting forth in reasonable detail Guarantor’s Net Worth and Liquid
Assets, based on such financial statement.

 

7.            Entire
Agreement/Amendments. This Guaranty represents the entire agreement between the parties with respect to the subject matter
hereof. The terms of this Guaranty shall not be waived, altered, modified, amended, supplemented or terminated in any manner whatsoever
except by written instrument signed by Administrative Agent and Guarantor. Delivery of an executed signature page of this Guaranty
by electronic transmission (including facsimile or electronic mail in “PDF” format) shall be effective as delivery
of a manually executed counterpart hereof.

 

8.           Successors
and Assigns. This Guaranty shall be binding upon Guarantor, and Guarantor’s estate, heirs, personal representatives,
successors and assigns, may not be assigned or delegated by Guarantor and shall inure to the benefit of Administrative Agent, the
Lenders and their respective successors and permitted assigns.

 

9.           Applicable
Legal Requirements and Consent to Jurisdiction. This Guaranty shall be governed by, and construed in accordance with, the substantive
laws of the State of New York, in accordance with Section 5.1401 of the State of New York General Obligations Law. Guarantor
and Administrative Agent and Lenders (by their acceptance of this Guaranty) each irrevocably (a) agree that any suit, action
or other legal proceeding arising out of or relating to this Guaranty may be brought in a court of record in the City and County
of New York or in the Courts of the United States of America located in the Southern District of New York, (b) consent to
the jurisdiction of each such court in any such suit, action or proceeding and (c) waive any objection which it may have to
the laying of venue of any such suit, action or proceeding in any of such courts and any claim that any such suit, action or proceeding
has been brought in an inconvenient forum. Guarantor and Administrative Agent and Lender (by their acceptance of this Guaranty)
each irrevocably consent to the service of any and all process in any such suit, action or proceeding by service of copies of such
process to Guarantor, Administrative Agent or Lender, as the case may be, at their respective address provided in Section 14
hereof. Nothing in this Section 9, however, shall affect the right of Administrative Agent or Guarantor to serve legal
process in any other manner permitted by law or affect the right of Administrative Agent or Guarantor to bring any suit, action
or proceeding against Guarantor, Lenders or Administrative Agent or their respective property in the courts of any other jurisdictions.

 

    	 	9	 

     

    

 

10.         Section
Headings. The headings of the sections and paragraphs of this Guaranty have been inserted for convenience of reference only
and shall in no way define, modify, limit or amplify any of the terms or provisions hereof.

 

11.         Severability.
Any provision of this Guaranty which may be determined by any competent authority to be prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. To the extent permitted by applicable Legal Requirements, Guarantor hereby waives any
provision of law which renders any provision hereof prohibited or unenforceable in any respect.

 

12.         WAIVER
OF TRIAL BY JURY. EACH OF ADMINISTRATIVE AGENT, THE LENDERS AND GUARANTOR HEREBY WAIVES THE RIGHT OF TRIAL BY JURY IN ANY LITIGATION,
ACTION OR PROCEEDING ARISING HEREUNDER OR IN CONNECTION THEREWITH.

 

13.          Other
Guaranties. The obligations of Guarantor hereunder are separate and distinct from, and in addition to, the obligations of Guarantor
now or hereafter arising under any other guaranties (if any), pursuant to which Guarantor has guaranteed payment and performance
of certain other obligations of Borrower described therein.

 

14.          Notices.
All notices, consents, approvals and requests required or permitted hereunder (a “Notice”) shall
be given in writing and shall be effective for all purposes if either hand delivered with receipt acknowledged, or by a nationally
recognized overnight delivery service (such as Federal Express), or by certified or registered United States mail, return receipt
requested, postage prepaid, or by facsimile and confirmed by facsimile answer back, in each case addressed as follows (or to such
other address or Person as a party shall designate from time to time by notice to the other party): If to Administrative Agent:
Capital One, National Association, 299 Park Avenue, 29th Floor, New York, New York 10019, Attention: Michael Sleece,
with a copy to: Morrison & Foerster LLP, 250 West 55th Street, New York, New York 10019, Attention: Jeffery J.
Temple, Esq., Telecopier (212-468-7900); if to Guarantor: c/o AR Global, 405 Park Avenue, New York, NY 10022, Attention: Michael
Anderson, Esq., with a copy to: Loeb & Loeb LLP, 345 Park Avenue, 21st Floor, New York, NY 10154, Attention: Christopher L.
Barbaruolo, Esq. 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 overnight
delivery, upon the first attempted delivery on a Business Day.

 

    	 	10	 

     

    

 

15.         Guarantor’s
Receipt of Loan Documents. Guarantor by its execution hereof acknowledges receipt of true copies of all of the Loan Documents,
the terms and conditions of which are hereby incorporated herein by reference.

 

16.         Interest;
Expenses.

   

(a)          If
Guarantor fails to pay all or any sums due hereunder within five (5) Business Days after written notice from Administrative Agent
to Guarantor that the same is due (taking into account any applicable notice and cure periods under the Loan Documents), the amount
of such sums payable by Guarantor to Administrative Agent shall bear interest from the date and after the expiration of the three
(3) day period set forth in this sentence until paid at the Default Rate in effect from time to time.

 

(b)          Guarantor
hereby agrees to pay all reasonable, out-of-pocket costs, charges and expenses, including reasonable attorneys’ fees and
disbursements, that may be actually incurred by Administrative Agent or any Lender in enforcing the covenants, agreements, obligations
and liabilities of Guarantor under this Guaranty.

 

17.         Joint
and Several Obligations. If Guarantor consists of more than one Person, each such Person shall have joint and several liability
for the obligations of Guarantor hereunder.

 

18.         Specific
Limitation on Guaranty and Indemnity Obligations. Guarantor, Administrative Agent and the Lenders hereby confirm that it is
the intention of Guarantor, Administrative Agent and the Lenders that this Guaranty not constitute a fraudulent transfer or fraudulent
conveyance (a "Fraudulent Conveyance") under the Bankruptcy Code, the Uniform Fraudulent Conveyance Act
or any other debtor relief law or insolvency law (whether statutory, common law, case law or otherwise) or any jurisdiction whatsoever
(collectively, the "Bankruptcy Laws"). To give effect to the foregoing intention of Guarantor, Administrative
Agent and the Lenders, each of such parties hereby irrevocably agrees that the Guaranteed Obligations shall be limited to (but
shall not be less than) such maximum amount as will, after giving effect to the maximum amount of such obligations and all other
liabilities (whether contingent or otherwise) of Guarantor that are relevant under such Bankruptcy Laws, result in the Guaranteed
Obligations not constituting a Fraudulent Conveyance under the Bankruptcy Laws, as of the date of execution and delivery of this
Guaranty.

 

19.         Exculpation.
It is expressly agreed that recourse against Guarantor for failure to perform and observe its obligations contained in this Guaranty
shall be limited as and to the extent provided in Section 11.1 of the Loan Agreement.

 

20.         Conflict
with Loan Agreement. Notwithstanding anything contained in this Guaranty, the parties hereto acknowledge and agree that in
the event of any conflict, inconsistency or ambiguity between any of the terms covenants conditions or obligations set forth in
this Guaranty and the terms, covenants, conditions or obligations in the Loan Agreement, then, in any such event, the terms covenants
conditions and obligations set forth in the Loan Agreement shall govern and control.

 

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21.         Replacement
Guaranty. Notwithstanding anything to the contrary contained herein, Guarantor shall have the right to replace this Guaranty
(or cause Borrower to do so) with a replacement guaranty from a replacement guarantor as and when provided in, and subject to,
the applicable terms and conditions of the Loan Agreement and subject to Administrative Agent’s sole and absolute discretion.

 

22.        Termination.
This Guaranty shall be automatically discharged as of the date on which the Debt (excluding any inchoate or contingent obligations)
has been indefeasibly paid in full or as otherwise expressly set forth in this Guaranty; provided that, notwithstanding
the foregoing, any outstanding Swap Obligations and any amounts payable under Section 16 hereof shall survive termination of this
Guaranty.

 

[No further text on this
page. Signatures follow.]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF,
Guarantor has executed this Guaranty as of the date first above written.

 

	 	NEW YORK CITY REIT, INC., 
	 	a Maryland corporation
	 	 	 
	 	By:	/s/ Michael R. Anderson
	 	 	Name: Michael R. Anderson
	 	 	Title: Authorized Signatory

 

    	 	13Exhibit 10.3

 

 

 

ENVIRONMENTAL INDEMNITY

 

made by

 

ARC NYC570SEVENTH, LLC,

as Borrower

 

and

 

NEW YORK CITY REIT, INC.,

as Guarantor,

 

in favor of

 

CAPITAL ONE, NATIONAL ASSOCIATION,

as Administrative Agent on behalf of certain Lenders

Dated as of April 26, 2019

 

    	 	 	 

     

    

 

ENVIRONMENTAL INDEMNITY

 

This ENVIRONMENTAL
INDEMNITY (“Indemnity”), dated as of April 26, 2019, is made jointly and severally by ARC NYC570SEVENTH,
LLC, a Delaware limited liability company, having an address at c/o AR Global, 405 Park Avenue, 14th Floor New York, NY 10022,
Attention: General Counsel (“Borrower”), and NEW YORK CITY REIT, INC., a Maryland corporation,
having an address at c/o AR Global, 405 Park Avenue, New York, NY 10022, Attention: Michael Anderson, Esq. (“Guarantor”;
together with Borrower, individually and collectively, “Indemnitor”), in favor of CAPITAL ONE, NATIONAL
ASSOCIATION, as administrative agent on behalf of the Lenders (as defined below) (together with its successors and assigns,
hereinafter referred to as “Administrative Agent”).

 

RECITALS:

 

A.          Pursuant
to that certain Loan Agreement dated as of the date hereof (as the same may be amended, modified, supplemented or replaced from
time to time, the “Loan Agreement”) by and among Borrower, Administrative Agent, and the lenders party
thereto (the “Lenders”), Lenders have agreed to make a loan (the “Loan”) to
Borrower in an aggregate principal amount of up to $55,000,000.00, subject to the terms and conditions of the Loan Agreement;

 

B.          As
a condition to the Lenders’ making the Loan, Administrative Agent and the Lenders are requiring that Indemnitor execute and
deliver to Administrative Agent and the Lenders this Indemnity; and

 

C.          Guarantor
hereby acknowledges that Guarantor will materially benefit from the Lenders’ making the Loan;

 

NOW, THEREFORE,
in consideration of the premises set forth herein and as an inducement for and in consideration of the agreement of the Lenders
to make the Loan pursuant to the Loan Agreement, Indemnitor hereby agrees, covenants, represents and warrants to Administrative
Agent and the Lenders as follows:

 

1.          Definitions.

 

“Administrative
Agent’s Belief of a Release or Violation” shall mean Administrative Agent’s good faith judgment that
(a) there has been or there is a threatened Hazardous Substance Release on or from the Property or (b) Borrower or the Property
is in violation of any applicable Environmental Law.

 

“Environmental
Activity” shall mean any treatment, manufacturing, refining, storage, existence, release, generation, production,
processing, abatement, removal, disposal, handling or transportation of any Hazardous Substances from, into or on the Property.

 

    	 	 	 

     

    

 

“Environmental
Law(s)” shall mean all Legal Requirement pertaining to or imposing liability or standards of conduct concerning environmental
regulation, contamination, pollution, or clean-up, including, without limitation, the Comprehensive Environmental Response, Compensation
and Liability Act, the Resource Conservation and Recovery Act, the Emergency Planning and Community Right-to-Know Act of 1986,
the Hazardous Substances Transportation Act, the Solid Waste Disposal Act, the Clean Water Act, the Clean Air Act, the Toxic Substance
Control Act, the Safe Drinking Water Act, the Occupational Safety and Health Act, any state super-lien and environmental clean-up
statutes (including with respect to Toxic Mold), any local law requiring related permits and licenses and all amendments to and
regulations in respect of the foregoing laws.

 

“Environmental
Report” shall mean that certain Phase I Environmental Assessment dated as of March 7, 2019, prepared by Nova Consulting
Group, Inc.

 

“Hazardous
Substances” shall mean any hazardous, toxic and/or dangerous substances (including Toxic Mold), in each case which
are regulated by Environmental Laws, and any other substances or materials which are included under or regulated by Environmental
Laws.

 

“Hazardous
Substances Release” shall mean any release, spill, leak, pumping, pouring, emitting, emptying, discharge, injection,
escaping, leaching, dumping or disposing into the environment (air, land or water) of any Hazardous Substances, including, without
limitation, by means of any contamination, leaking, corrosion or rupture of or from any Tank(s), which is in violation of Environmental
Laws.

 

“Indemnified
Persons” or “Indemnified Parties” shall mean Administrative Agent, the Lenders, and their
respective parents, subsidiaries and Affiliates, attorneys, participants and each of their officers, directors, members, managers,
partners, agents, employees, trustees, receivers, executors and administrators, and the heirs, successors and assigns of all of
the foregoing.

 

“Losses”
shall mean any and all losses, liabilities, damages, obligations, claims, actions, suits, proceedings, disbursements, settlement
payments, penalties, reasonable, out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees,
disbursements and costs and all other reasonable fees and expenses of any other professionals or consultants actually paid) (but
excluding punitive, special, speculative, or consequential damages) in connection with or arising out of or relating to (a) any
Regulatory Actions, whether or not any suit, action or proceeding is commenced or threatened, (b) the preparation of all feasibility
studies and the obtaining of all permits and licenses required for the Property and required by, or undertaken in order to comply
with, the requirements of any Governmental Authority or quasi-Governmental Authority, (c) the existence of a Hazardous Substance
Release from the Property and/or the Property’s violation of any applicable Environmental Law, and (d) the removal, discharge
and satisfaction of all liens, encumbrances, restrictions on the Property relating to the foregoing.

 

“Regulatory
Actions” shall mean any notice, summons, citation, directive, investigation, litigation, proceeding, inquiry, lien,
encumbrance or restriction, settlement, remedial response, clean-up or closure arrangement or any other remedial obligations by
or with any Governmental Authority in relation to Environmental Activity related to the Property.

 

    	 	2	 

     

    

 

“Tank(s)”
shall mean any underground or above-ground storage tanks, pipes or pipelines under or on the Property for the storage or transportation
of Hazardous Substances, including, without limitation, heating oil, fuel oil, gasoline and/or other petroleum products, whether
such tanks, pipes or pipelines are in operation, not operational, closed or abandoned.

 

“Toxic Mold”
shall mean toxic mold or fungus of a type that may pose a risk to human health or the environment or would negatively impact the
value of the Property.

 

“Use”
shall mean ownership, use, development, construction, maintenance, management, operation or occupancy.

 

All capitalized terms
used in this Indemnity and not otherwise defined herein shall have the respective meanings ascribed thereto in the Loan Agreement.

 

2.          Representations
of Indemnitor. Indemnitor represents and warrants to Administrative Agent and the Lenders that as of the date hereof and ,
except as may otherwise be disclosed in any Environmental Report: (a) to the best of Indemnitor’s knowledge, Borrower
has not used Hazardous Substances at or affecting the Property in any manner which violates any Environmental Laws; (b) to
the best of Indemnitor’s knowledge, after due inquiry, no current owner, tenant, subtenant, occupant or operator of the Property
has engaged in any Environmental Activity which violates any Environmental Laws; (c) to the best of Indemnitor’s knowledge,
the Use of the Property for its intended purpose will not result in any Environmental Activity in violation of any Environmental
Laws; (d) to the best of Indemnitor’s knowledge, Borrower has not otherwise engaged and does not intend to engage in
any Environmental Activity in relation to the Property in violation of Environmental Laws; and (e) (i) to the best of
Indemnitor’s knowledge, no Environmental Activity has occurred at any time in relation to the Property, in violation of Environmental
Laws, (ii) to the best of Indemnitor’s knowledge, no notice, order, directive, complaint or other communication has
been made or issued by any governmental authority or any other person to any person alleging the occurrence of any Environmental
Activity in violation of any Environmental Laws, and to the best of Indemnitor’s knowledge, no investigations, inquiries,
orders, hearings, actions or other proceedings by or before any governmental authority are pending or threatened in writing in
connection with any Environmental Activity or alleged Environmental Activity, and (iii) to the best of Indemnitor’s
knowledge, there are no judgments and no actions or proceedings pending by or against Borrower before any court or administrative
agency in connection with any Environmental Activity; (f) intentionally omitted; (g) to the best of Indemnitor’s
knowledge, no Hazardous Substances are present in, on or under any nearby real property which could migrate to or otherwise affect
the Property and there has not been any Hazardous Substances Release in violation of Environmental Laws on, from or affecting the
Property which has not heretofore been fully remediated to the extent required by Environmental Laws; (h) to the best of Indemnitor’s
knowledge, neither the Property nor Borrower, with respect to the Property, is subject to any past, existing, pending or, to the
best of Indemnitor’s knowledge, threatened in writing Regulatory Actions under, or in violation of, any Environmental Laws
or in connection with any Environmental Activity; (i) intentionally omitted; (j) to the best of Indemnitor’s knowledge,
the Property does not contain any Tanks; (k) no Person has given any written notice to Borrower or Indemnitor (or to the best
of Indemnitor’s knowledge any of their respective agents, contractors or representatives) or, to the best of Indemnitor’s
knowledge, asserted any claim, cause of action, penalty, cost or demand for payment or compensation or Losses against Borrower,
or Indemnitor with respect to the Property, involving any injury or threatened injury to human health, the environment or natural
resources, or resulting or allegedly resulting from any Environmental Activity and, to the best of Indemnitor’s knowledge,
no basis for such a claim exists; (l) intentionally omitted; (m) to the best of Indemnitor’s knowledge, the Environmental
Report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make any statement
contained therein or herein, in light of the circumstances under which such statements were made, not misleading; (n) there
are no judgments and no actions or proceedings pending by or against Borrower before any court or administrative agency, in connection
with any Environmental Activity; and (o) Indemnitor does not know of any facts or circumstances which would make any of the
representations and warranties contained herein (the “Environmental Representations”) untrue or misleading
in any material respect.

 

    	 	3	 

     

    

 

3.          Covenants
of Indemnitor.

 

(a)          Indemnitor
covenants and agrees that so long as Borrower owns the Property: (i) Indemnitor shall use commercially reasonable efforts
to keep or cause the Property to be kept free of Hazardous Substances and not cause or permit the Property to be used to generate,
manufacture, refine, transport, treat, store, handle, dispose, produce or process Hazardous Substances except, in each case, in
compliance with all Environmental Laws; (ii) Indemnitor shall use commercially reasonable efforts to ensure compliance by all tenants,
owners, operators and occupants, if any, of the Property with all Environmental Laws and will use commercially reasonable diligent
efforts to ensure that all such tenants, owners, operators and occupants obtain and comply with any and all required approvals,
registration or permits in connection with Environmental Laws for the Property; (iii) Indemnitor shall not store, utilize,
generate, treat, transport or dispose (or acquiesce in the storage, utilization, generation, transportation, treatment or disposal
of) any Hazardous Substances on, at, or from the Property except in accordance with all Environmental Laws; (iv) Indemnitor
shall within thirty (30) days, notify Administrative Agent in writing of (A) the storage, presence, utilization, generation,
transportation or disposal of any Hazardous Substances in violation of Environmental Laws on, under, or emanating from the Property
other than in the ordinary course of business of Borrower or tenants under the Leases and in accordance with all applicable Environmental
Laws, upon obtaining knowledge thereof, (B) intentionally omitted and (C) the occurrence of any Hazardous Substances
Release, or any pending or threatened in writing Regulatory Actions, or any written claims made by any Governmental Authority or
third party, relating to any Hazardous Substances or Hazardous Substances Release on or from the Property; (v) upon Administrative
Agent’s reasonable request, at any time and from time to time (but not more than once per year), Indemnitor shall provide
Administrative Agent, without any liability on the part of Administrative Agent or any Lender, with an environmental site inspection
or environmental audit report, or an update of such assessment or report, of the Property prepared by a licensed hydrogeologist,
licensed environmental engineer or qualified environmental engineering firm reasonably approved by Administrative Agent at Administrative
Agent’s cost and expense, in scope, form and content reasonably satisfactory to Administrative Agent, assessing the presence
or absence of Hazardous Substances on, in or near the Property and the potential cost in connection with any Remediation (it being
understood that such inspections may include soil gas monitoring, if Indemnitor fails to provide any such inspection or audit within
thirty (30) days after such request, Administrative Agent (for the account of the Lenders) may order same, and Borrower hereby
grants to Administrative Agent and its employees access to the Property and a license to undertake such inspection or audit), and
if the report or inspection determines that a Release or Violation exists, such environmental inspection or audit, then the cost
and expense of such audit or inspection shall be paid by Indemnitor; (vi) Indemnitor shall reasonably promptly furnish Administrative
Agent with copies of any correspondence or legal pleadings or documents in connection with any matter referenced in subdivision
(iv) above, and keep Administrative Agent or cause Administrative Agent to be kept apprised of the status of, and any material
developments in connection with, such matters;; (vii) Indemnitor shall not, without Administrative Agent’s prior written
consent, which consent shall not be unreasonably withheld, delayed or conditioned, enter into any settlement agreement, consent
decree or other compromise with respect to any Regulatory Action or other claim, action or proceeding relating to Hazardous Substances
in relation to the Property for which Indemnitor does not have the funds available to pay or which may adversely affect the lien
of the Loan Documents on the Property; and (viii) in the event of any storage, presence, utilization, generation, transportation,
treatment or disposal of Hazardous Substances on or at the Property in a manner which violates any Environmental Laws, or in the
event of any Hazardous Substances Release on or from the Property, Indemnitor shall take all reasonable actions to Remediate the
Property (A) at the direction of any Governmental Authority, (B) as required to cause the Property to be in compliance with
Environmental Laws, or (C) as shall otherwise be required by Administrative Agent in response to the report of a licensed hydrogeologist,
licensed environmental engineer or other qualified environmental consulting firm engaged by Administrative Agent confirming that
there has been a Hazardous Substances Release or violation of Environmental Law (any such party, the “Administrative
Agent’s Consultant”).

 

    	 	4	 

     

    

 

(b)          Upon
becoming aware of the presence of mold or fungus at the Property, Indemnitor shall (i) promptly undertake a commercially reasonable
investigation to identify the source(s) of such mold or fungus and shall develop and implement an appropriate remediation plan
to reduce or eliminate the presence of any Toxic Mold, (ii) perform or cause to be performed all acts reasonably necessary
for the remediation of any Toxic Mold (including taking any action necessary to clean and disinfect any portions of the Property
affected by Toxic Mold, including providing any necessary moisture control systems at the Property), and (iii) provide evidence
of the same to Administrative Agent of the foregoing. Indemnitor shall permit Administrative Agent and the Lenders to join and
participate in, as a party if it so elects, any legal or administrative proceedings or other actions initiated with respect to
the Property in connection with any violation of any Environmental Law or Hazardous Substances Release, and Indemnitor shall pay
all reasonable attorneys’ fees and disbursements incurred by Administrative Agent and the Lenders in connection therewith.

 

(c)          The
terms “Remediate” and “Remediation”, as used herein, shall include, without limitation, the
investigation of the environmental condition of the Property, the preparation of any feasibility studies, reports or remedial plans,
and the performance of any cleanup, abatement, removal, remediation, containment, operation, maintenance, monitoring or restoration
work relating to the presence or suspected presence of Hazardous Substances on, under, or emanating from the Property in violation
of Environmental Laws. All such work shall be performed by one or more contractors selected by Indemnitor and approved in advance
and in writing by Administrative Agent, which approval shall not be unreasonably withheld, delayed or conditioned. Indemnitor shall
proceed with any required investigatory and remedial actions, in accordance with all applicable requirements of all Environmental
Laws. Any such actions shall be performed in a good, safe and workmanlike manner and Indemnitor shall use commercially reasonable
efforts to minimize any impact on the business at the Property. Indemnitor shall promptly provide to Administrative Agent copies
of testing results and reports that are generated in connection with the Remediation. If Indemnitor shall fail to proceed with
such Remediation in accordance with any Environmental Laws or to otherwise comply with all applicable Environmental Laws and the
rules, regulations, orders and directives promulgated or issued pursuant thereto within the applicable cure periods (subject to
additional period(s) of time within which to cure such failure to complete such Remediation, if any, which are available pursuant
to applicable Environmental Laws, rules, regulations, orders or directions promulgated or issued pursuant thereto) the same shall
constitute an Event of Default hereunder and under the Loan Agreement entitling Administrative Agent and the Lenders to all rights
and remedies under the Loan Documents. Without limiting the foregoing, upon an Event of Default beyond notice and cure, Administrative
Agent may, but shall not be obligated to, do whatever is commercially reasonably necessary to eliminate such Hazardous Substances
from the Property, to the extent required by Environmental Laws, or otherwise comply with applicable Environmental Laws and the
rules, regulations, orders and directives, acting either in its own name or in the name of Indemnitor pursuant to this Section,
and the actual cost thereof shall be part of the indebtedness secured by the Loan Documents and shall become immediately due and
payable after ten (10) Business Days’ written notice thereof. In addition to and without limiting Administrative Agent’s
and the Lenders’ rights pursuant to the Loan Documents, Borrower shall give to Administrative Agent, the Lenders, and their
respective agents and employees reasonable access to the Property, on reasonable advance notice, for such purposes and hereby specifically
grants to Administrative Agent a license to remove the Hazardous Substances to the extent required by Environmental Laws and the
rules, regulations, orders, and directives, acting either in its own name or in the name of Borrower pursuant to this Section.

 

    	 	5	 

     

    

 

(d)          Borrower
shall commence all Remediation required under this Indemnity or the Loan Agreement within thirty (30) days after written demand
by Administrative Agent and thereafter diligently prosecute to completion all such Remediation within such period of time as may
be required under applicable Legal Requirements. All Remediation shall be performed by licensed contractors approved in advance
by Administrative Agent, which approval shall not be unreasonably withheld, delayed, or conditioned, and under the supervision
of a consulting engineer approved by Administrative Agent, which approval shall not be unreasonably withheld, delayed, or conditioned.
All costs of such Remediation shall be paid by Indemnitor, including Administrative Agent’s reasonable attorneys’ fees
and disbursements incurred in connection with the monitoring or review of such Remediation. If Borrower does not timely commence
and diligently prosecute to completion the Remediation, Administrative Agent may (but shall not be obligated to) cause such Remediation
to be performed at Indemnitor’s expense. Notwithstanding the foregoing, Borrower shall not be required to commence such Remediation
within the above specified time period: (i) if prevented from doing so by any Governmental Authority, (ii) if commencing
such Remediation within such time period would result in Indemnitor or such Remediation violating any Environmental Law, or (iii) if
Indemnitor, at its expense and after prior written notice to Administrative Agent, is contesting by appropriate legal, administrative
or other proceedings, conducted in good faith and with due diligence, the need to perform Remediation. Borrower shall have the
right to contest the need to perform such Remediation, provided that, (A) Borrower is permitted by the applicable Environmental
Laws to delay performance of the Remediation pending such proceedings, (B) neither the Property nor any part thereof or interest
therein will be sold, forfeited or lost if Borrower fails to promptly perform the Remediation being contested, and if Borrower
fails to prevail in contest, Borrower would thereafter have the opportunity to perform such Remediation, and (C) Administrative
Agent would not, by virtue of such permitted contest, be exposed to any risk of any civil liability for which Indemnitor has not
furnished additional security, or to any risk of criminal liability, and neither the Property nor any interest therein would be
subject to the imposition of any Lien for which Indemnitor has not furnished additional security, as a result of the failure to
perform such Remediation.

 

(e)          Indemnitor
shall not install or permit to be installed on the Property any Tank.

 

    	 	6	 

     

    

 

4.          Indemnity
by Indemnitor. Indemnitor hereby jointly and severally indemnifies, protects, defends (with counsel reasonably satisfactory
to Administrative Agent) and holds the Indemnified Persons harmless from and against the full amount of any and all Losses actually
suffered or incurred by an Indemnified Person arising from, in respect of, as a consequence of (whether foreseeable or unforeseeable)
or in connection with any Environmental Activity on the Property or with the presence, use, storage, disposal, generation, transportation
or treatment of any Hazardous Substance in violation of any Environmental Laws at, on, under or related to the Property, whether
or not originating or emanating from the Property, including, without limitation, the following: (a) the occurrence of any
Environmental Activity or any failure of Indemnitor to comply with all Environmental Laws relating to the Property; (b) any
failure of any Environmental Representation to be true and correct as of the date of this Indemnity; (c) any failure of Indemnitor
to perform any covenant set forth in Section 3 hereof; (d) violation of any Environmental Law in relation to the
Property; and (e) claims asserted by any Person (including, without limitation, any Governmental Authority or quasi-Governmental
Authority, board, bureau, commission, department, instrumentality or public body, court or administrative tribunal), including,
without limitation, claims under common law causes of action, in connection with the presence of Hazardous Substances or allegations
of violation of Environmental Laws located at the Property. Indemnitor shall not settle any claim or matter which is the subject
of the foregoing agreement of Indemnitor without Administrative Agent’s prior written consent, which consent shall not be
unreasonably withheld, delayed or conditioned. The indemnifications set forth in this Indemnity shall not be applicable to any
Losses to the extent (i) occasioned by, arising from or caused by the gross negligence or willful misconduct of such Indemnified
Person, its nominee or wholly owned subsidiary or their respective employees or agents and irrespective of whether occurring prior
to or subsequent to the date upon which Administrative Agent, its nominee or wholly owned subsidiary acquires possession of the
Property by foreclosure of the Mortgage, a sale of the Property pursuant to the provisions of the Mortgage, acceptance of one of
more deeds or assignments in lieu of foreclosure or sale or otherwise, or (ii) occasioned, arising and/or caused solely as
the result of any event or condition that first arises on or after the date on which (A) Administrative Agent or a Lender
(or the transferee of Administrative or a Lender) acquires title or control of the Property (whether at foreclosure, sale, conveyance
in lieu of foreclosure or similar transfer), (B) a receiver has been appointed for, and has taken possession of, the Property,
or (C) the Loan has been repaid in full.

 

    	 	7	 

     

    

 

5.          Costs
and Expenses. Indemnitor shall pay all actual and reasonable costs, expenses and charges (including reasonable attorneys’
fees and disbursements) incurred by any Indemnified Person in connection with the enforcement of the terms of this Indemnity. The
terms of Section 5.29 of the Loan Agreement are incorporated herein by reference and all references therein to Borrower shall mean
Indemnitor herein for purposes of this Indemnity.

 

6.          Defense
of Indemnified Persons. Upon demand by Administrative Agent or any assignee on behalf of any Indemnified Person, Indemnitor
shall defend any investigation, action or proceeding involving any Losses which is brought or commenced against any Indemnified
Person related to the Property, whether alone or together with Indemnitor, all at Indemnitor’s own cost and by counsel to
be reasonably approved by the Indemnified Person. Subject to the professional and ethical obligations of counsel, Indemnitor shall
not be obligated to pay for fees and disbursements of more than one counsel regardless of the number of Indemnified Parties and
regardless of the number of Indemnified Parties who may elect to be represented by their own counsel unless such Indemnified Parties
have adversity or separate defenses that would be materially compromised if they were to retain the same counsel.

 

7.          Site
Visits, Observations and Testing. Subject to the limitations in this Section 7, Administrative Agent, the Lenders
and any assignee and their respective agents and representatives shall have the right at any reasonable time, on reasonable advance
notice, to enter and visit the Property for the purposes of observing the Property, taking and removing soil or groundwater samples,
and conducting non-invasive tests on any part of the Property upon Administrative Agent’s Belief of a Release or Violation.
Such parties shall have no duty, however, to visit or observe the Property or to conduct tests, and no site visit, observation
or testing by any such party shall impose any liability on any such party unless such party was grossly negligent in conducting
such observation or testing. In no event shall any site visit, observation or testing by any such party be a representation that
Hazardous Substances are or are not present in, on or under the Property, or that there has been or shall be compliance with any
Environmental Laws. Neither Indemnitor nor any other Person is entitled to rely on any site visit, observation or testing by any
such party. Any such party shall give Indemnitor reasonable notice before entering the Property and such site visits, observations,
testing shall be limited to once per calendar year, subject to Administrative Agent’s Belief of a Release or Violation. Any
such party shall make reasonable efforts to avoid any unreasonable interference with Borrower’s use or enjoyment of the Property
in exercising any rights provided in this Section.

 

8.          Survival
of Indemnity. The provisions of this Indemnity shall continue in effect and shall survive (among other events) any payment
and satisfaction of the Loan and the obligations under the Loan Documents, any termination or discharge of the Mortgage, foreclosure,
a deed-in-lieu transaction, or release of any collateral for the Loan; provided, however, that if Indemnitors have satisfied the
obligations of the Loan and the obligations under the Loan Documents (the date on which Indemnitors fully and finally satisfy such
obligations being referred to herein as the "Satisfaction Date") and neither Lender nor any affiliate of Lender
has ever taken actual or constructive possession of the Property (or any portion thereof) through either: (i) the appointment of
a receiver, or (ii) any other exercise of Lender's rights and remedies following an Event of Default, then the obligations and
liabilities of Indemnitors and the rights of Lender and the Indemnified Parties under this Agreement shall terminate on (x) in
respect of the Borrowers, on the Satisfaction Date and (y) in respect of the Guarantor, on the third (3rd) anniversary
of the Satisfaction Date (the “Termination Date”); provided that, at any time on or following the Satisfaction
Date but prior to the Termination Date, the Indemnitors shall have delivered to Administrative Agent a Phase I environmental report
prepared by a hydrogeologist or environmental engineer or other appropriate consultant reasonably approved by Administrative Agent
confirming that there are no Hazardous Substances on, in, under or affecting all or any portion of the Property or any surrounding
areas related to the Property requiring remediation or that constitute a violation of Environmental Laws.

 

    	 	8	 

     

    

 

9.          Report
Updates. Administrative Agent reserves the right at any time during the Term to conduct or require Indemnitor to conduct, at
Indemnitor’s reasonable cost and expense, such environmental inspections, audits and tests of the Property as Administrative
Agent shall deem reasonably necessary or advisable from time to time, utilizing a company reasonably acceptable to Administrative
Agent; provided, however, that Indemnitor shall not be required to pay for such environmental inspections, audits and tests so
long as: (a) no Event of Default exists under any Loan Document, and (b) such inspection, audit or test is not required
by applicable Environmental Laws and (c) Administrative Agent has no cause to believe, in Administrative Agent’s sole
but good faith judgment, that there has been or there is threatened a Hazardous Substance Release on or from the Property or that
Borrower or the Property is in violation of any applicable Environmental Law.

 

10.         Joint
and Several Liability. The liability of the entities comprising Indemnitor under this Indemnity shall be joint and several.
In addition, the obligations of Indemnitor shall be in addition to, and shall in no manner whatsoever limit, the obligations and
liabilities of Indemnitor, or any of the parties comprising the Indemnitor, under any of the Loan Documents.

 

11.         Unconditional
Character of Obligations of Indemnitor.

 

(a)          Subject
to Section 8 hereof, the obligations of Indemnitor hereunder shall be irrevocable, absolute and unconditional, irrespective of
the validity, regularity or enforceability, in whole or in part, of the other Loan Documents or any provision thereof, or the absence
of any action to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against
Borrower or Indemnitor or any action to enforce the same, any failure or delay in the enforcement of the obligations of Borrower
under the other Loan Documents or Indemnitor under this Indemnity, or any setoff, counterclaim, and irrespective of any other circumstances
which might otherwise limit recourse against Indemnitor by Administrative Agent or the Lenders or constitute a legal or equitable
discharge or defense of a guarantor or surety. After an Event of Default beyond notice and cure, Administrative Agent may enforce
the obligations of Indemnitor under this Indemnity by a proceeding at law, in equity or otherwise, independent of any loan foreclosure
or similar proceeding or any deficiency action against Borrower at any time, either before or after an action against the Property
or any part thereof.

 

(b)          The
obligations of Indemnitor under this Indemnity, and the rights of Administrative Agent, the Lenders and the other Indemnified Persons
to enforce the same after an Event of Default beyond notice and cure by proceedings, whether by action at law, suit in equity or
otherwise, shall not be in any way affected by any of the following:

 

    	 	9	 

     

    

 

(i)       any
insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, receivership, conservatorship, winding
up or other similar proceeding involving or affecting Borrower, the Property or any part thereof, or Indemnitor;

 

(ii)       intentionally
omitted;

 

(iii)       Subject
to the terms of the Loan Documents, the sale, transfer or conveyance of the Property or any interest therein to any Person, whether
now or hereafter having or acquiring an interest in the Property or any interest therein and whether or not pursuant to any foreclosure,
trustee sale or similar proceeding against Borrower or the Property or any interest therein;

 

(iv)       the
conveyance to Administrative Agent, any Lender, any Affiliate of Administrative Agent or a Lender, or Administrative Agent or a
Lender’s nominee of the Property or any interest therein by a deed-in-lieu of foreclosure;

 

(v)        the
release of Borrower or any other Person from the performance or observance of any of the agreements, covenants, terms or conditions
contained in any of the Loan Documents by operation of law or otherwise; or

 

(vi)       the
release in whole or in part of any collateral for any or all of the obligations of Indemnitor hereunder or for the Loan or any
portion thereof.

 

(c)          Except
as otherwise specifically provided in this Indemnity, Indemnitor hereby expressly and irrevocably waives all defenses in an action
brought by Administrative Agent to enforce this Indemnity based on claims of waiver.

 

(d)          Administrative
Agent may deal with Borrower and Affiliates of Borrower in the same manner and as freely as if this Indemnity did not exist and
shall be entitled, among other things, to grant Borrower or any other Person such extension or extensions of time to perform any
act or acts as may be deemed advisable by Administrative Agent, at any time and from time to time, without terminating, affecting
or impairing the validity of this Indemnity or the obligations of Indemnitor hereunder.

 

(e)          No
compromise, alteration, extension, renewal, release or other change of, or waiver, consent, delay, omission, failure to act or
other action with respect to, any liability or obligation under or with respect to, or of any of the terms, covenants or conditions
of, the Loan Documents shall in any way alter, impair or affect any of the obligations of Indemnitor hereunder unless agreed to
in writing by the Administrative Agent, and Indemnitor agrees that if any Loan Document is modified with Administrative Agent’s
consent the obligations of Indemnitor hereunder shall automatically be deemed modified to include such modifications.

 

(f)          Upon
an Event of Default beyond notice and cure, Administrative Agent may proceed to protect and enforce any or all of its and the Lenders’
rights under this Indemnity by suit in equity or action at law, whether for the specific performance of any covenants or agreements
contained in this Indemnity or otherwise, or to take any action authorized or permitted under applicable Legal Requirements, and
shall be entitled to require and enforce the performance of all acts and things required to be performed hereunder by Indemnitor.
Each and every remedy of Administrative Agent and the Lenders shall, to the extent permitted by law, be cumulative and shall be
in addition to any other remedy given hereunder or now or hereafter existing at law or in equity.

 

    	 	10	 

     

    

 

(g)          No
waiver shall be deemed to have been made by Administrative Agent or any Lender of any rights hereunder unless the same shall be
in writing and signed by Lender and any such waiver shall be a waiver only with respect to the specific matter involved and shall
in no way impair the rights of Administrative Agent or any Lender or the obligations of Indemnitor to Administrative Agent and
the Lenders in any other respect or at any other time. Without limiting the generality of the foregoing sentence but subject to
applicable laws and the terms of the Loan Documents, Indemnitor hereby waives: (a) any defense based upon any legal disability;
(b) any defense based upon any lack of authority of the officers, directors, partners or agents acting or purporting to act
on behalf of Borrower or any principal of Borrower or any defect in the formation of Borrower or any principal of Borrower; (c) any
defense based upon the application by Borrower of the proceeds of the Loan for purposes other than the purposes represented by
Borrower to Administrative Agent or any Lender or intended or understood by Administrative Agent or any Lender or Indemnitor; (d) all
rights and defenses that Indemnitor may have because the Debt is secured by real property; this means, among other things: (1) that
Administrative Agent (on behalf of the Lenders) may collect from Indemnitor without first foreclosing on any real or personal property
collateral pledged by Borrower, (2) if Administrative Agent (for the benefit of the Lenders) forecloses on any real property
collateral pledged by Borrower, (A) the amount of the debt 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 (B) Administrative Agent (for the benefit
of the Lenders) may collect from Indemnitor even if Administrative Agent, by foreclosing on the real property collateral, has destroyed
any right Indemnitor may have to collect from Borrower; this is an unconditional and irrevocable waiver of any rights and defenses
Indemnitor may have because Borrower’s debt is secured by real property; these rights and defenses include, but are not limited
to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the Code of Civil intentionally omitted; (e) any
defense based upon Administrative Agent’s or any Lender’s failure to disclose to Indemnitor any information concerning
Borrower’s financial condition or any other circumstances bearing on Borrower’s ability to pay all sums payable under
the Loan Documents; (f) any defense based upon any statute or rule of law which provides that the obligation of a surety must
be neither larger in amount nor in any other respects more burdensome than that of a principal; (g) any defense based upon
Administrative Agent’s or any Lender’s election, in any proceeding instituted under the Federal Bankruptcy Code, of
the application of Section 1111(b)(2) of the United States Federal Bankruptcy Code or any successor statute; (h) any defense
based upon any borrowing or any grant of a security interest under Section 364 of the United States Federal Bankruptcy Code or
any successor statute; (i) any right of subrogation, indemnity, contribution or reimbursement, or any right to enforce any
remedy which Administrative Agent or any Lender may have against Borrower and any right to participate in, or benefit from, any
security for the Loan Documents, now or hereafter held by Administrative Agent or any Lender; (j) presentment, demand, protest
and notice of any kind; and (k) the benefit of any statute of limitations affecting the liability of Indemnitor hereunder or the
enforcement hereof. Indemnitor agrees that the payment of all sums payable under the Loan Documents or any part thereof or other
act which tolls any statute of limitations applicable to the Loan Documents shall similarly operate to toll the statute of limitations
applicable to Indemnitor’s liability hereunder.

 

    	 	11	 

     

    

 

(h)         Intentionally
omitted.

 

(i)          Indemnitor
agrees that this Indemnity shall continue to be effective if at any time any payment is made by Borrower or Indemnitor to Administrative
Agent or any Lender and such payment is rescinded or must otherwise be returned by Administrative Agent or any Lender (as determined
by Administrative Agent in its sole and absolute discretion) upon insolvency, bankruptcy, liquidation, reorganization, readjustment,
composition, dissolution, receivership, conservatorship, winding up or other similar proceeding involving or affecting Borrower
or Indemnitor, all as though such payment had not been made.

 

(j)          In
the event that Indemnitor shall advance or become obligated to pay any sums under this Indemnity or in connection with the obligations
hereunder or in the event that for any reason whatsoever Borrower or any subsequent owner of the Property or any part thereof is
now, or shall hereafter become, indebted to Indemnitor, Indemnitor agrees that the amount of such sums and of such indebtedness
and all interest thereon shall at all times be subordinate as to the lien, the time of payment and in all other respects to all
sums, including principal and interest and other amounts, at any time owed to Administrative Agent or any Lender under the Loan
Documents. Nothing herein contained is intended or shall be construed to give Indemnitor any right of subrogation in or under the
Loan Documents or any right to participate in any way therein, or in the right, title or interest of Administrative Agent or any
Lender in or to any collateral for the Loan, notwithstanding any payments made by Indemnitor under this Indemnity, until the actual
and irrevocable receipt by Administrative Agent and the Lenders of payment in full of the Debt. If any amount shall be paid to
Indemnitor on account of such subrogation rights at any time when any such sums due and owing to Administrative Agent or any Lender
shall not have been fully paid, upon an Event of Default beyond notice and cure, such amount shall be paid by Indemnitor to Administrative
Agent for credit and application against such sums due and owing to Administrative Agent or any Lender under the Loan Documents.

  

(k)         Indemnitor’s
obligations hereunder shall survive a foreclosure, deed-in-lieu of foreclosure or similar proceeding involving the Property and
the exercise by Administrative Agent and the Lenders of any of all of their remedies pursuant to the Loan Documents.

 

(l)          Notwithstanding
the foregoing, Indemnitors shall have no obligation to the Indemnified Parties hereunder to the extent such Losses arise from the
gross negligence, illegal acts, fraud or willful misconduct of any of the Indemnified Parties after (y) a foreclosure or acceptance
by any of the Indemnified Parties (or their designees or transferees) of a deed in lieu of foreclosure, or (z) any of the Indemnified
Parities (or their designees or transferees) has taken possession of the Property.

 

12.         Entire
Agreement/Amendments. This Indemnity represents the entire agreement between the parties with respect to the subject matter
hereof. The terms of this Indemnity shall not be waived, altered, modified, amended, supplemented or terminated in any manner whatsoever
except by written instrument signed by Administrative Agent and Indemnitor. Delivery of an executed signature page of this Indemnity
by electronic transmission (including facsimile or electronic mail in “PDF” format) shall be effective as delivery
of a manually executed counterpart hereof.

 

    	 	12	 

     

    

 

13.           Successors
and Assigns. Subject to the terms of the Loan Agreement, this Indemnity shall be binding upon Indemnitor, and Indemnitor’s
estate, heirs, personal representatives, successors and assigns, may not be assigned or delegated by Indemnitor and shall inure
to the benefit of Administrative Agent, each Lender, and their respective successors and assigns.

 

14.          Applicable
Legal Requirements and Consent to Jurisdiction. This Indemnity shall be governed by, and construed in accordance with, the
substantive laws of the State of New York. Indemnitor irrevocably (a) agrees that any suit, action or other legal proceeding
arising out of or relating to this Indemnity may be brought in a court of record in the City and County of New York or in the Courts
of the United States of America located in the New York, (b) consents to the jurisdiction of each such court in any such suit,
action or proceeding and (c) waives any objection which it may have to the laying of venue of any such suit, action or proceeding
in any of such courts and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. Indemnitor
irrevocably consents to the service of any and all process in any such suit, action or proceeding by service of copies of such
process to Indemnitor at its address provided in Section 19 hereof. Nothing in this Section 14, however,
shall affect the right of Administrative Agent to serve legal process in any other manner permitted by law.

 

15.          Section
Headings. The headings of the sections and paragraphs of this Indemnity have been inserted for convenience of reference only
and shall in no way define, modify, limit or amplify any of the terms or provisions hereof.

 

16.          Severability.
Any provision of this Indemnity which may be determined by any competent authority to be prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. To the extent permitted by applicable Legal Requirements, Indemnitor hereby waives any
provision of law which renders any provision hereof prohibited or unenforceable in any respect.

 

17.          WAIVER
OF TRIAL BY JURY. INDEMNITOR (AND THE INDEMNIFIED PARTIES BY ACCEPTANCE OF THIS INDEMNITY) HEREBY WAIVES THE RIGHT OF TRIAL
BY JURY IN ANY LITIGATION, ACTION OR PROCEEDING ARISING HEREUNDER OR IN CONNECTION THEREWITH.

 

18.          Independent
Obligations. The obligations of the Indemnitor under this Indemnity are separate and apart from, and in addition to, the other
obligations under the Loan Documents; provided that to the extent that the Loan Agreement imposes any obligations in addition to
those contained herein, the Loan Agreement shall govern and take precedence. The liability of Indemnitor under this Indemnity shall
not be limited to or measured by the amount of the other obligations under the Loan Documents or any part thereof or the value
of the Property. Indemnitor shall be liable for all obligations of Indemnitor under this Indemnity and a separate action may be
brought and prosecuted against the Indemnitor or any of them under this Indemnity.

 

    	 	13	 

     

    

 

19.         Notices.
All notices, consents, approvals and requests required or permitted hereunder (a “Notice”) shall
be given in writing and shall be effective for all purposes if either hand delivered with receipt acknowledged, or by a nationally
recognized overnight delivery service (such as Federal Express), or by certified or registered United States mail, return receipt
requested, postage prepaid, or by facsimile and confirmed by facsimile answer back, in each case addressed as follows (or to such
other address or Person as a party shall designate from time to time by notice to the other party): If to Administrative Agent
or any Indemnified Person: Capital One, National Association, 299 Park Avenue, 29th Floor, New York, New York 10019, Attention:
Michael Sleece, with a copy to: Morrison & Foerster LLP, 250 West 55th Street, New York, New York 10019, Attention: Jeffery
J. Temple, Esq., Telecopier (212-468-7900); if to Indemnitor: New York City REIT, Inc., c/o AR Global, 405 Park Avenue, New York,
NY 10022, Attention: Michael Anderson, Esq., with a copy to: Loeb & Loeb LLP, 345 Park Avenue, New York, NY 10054, Attention:
Chris Barbaruolo, Esq. 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 overnight
delivery, upon the first attempted delivery on a Business Day.

 

20.         Indemnitor’s
Receipt of Loan Documents. Indemnitor by its execution hereof acknowledges receipt of true copies of all of the Loan Documents,
the terms and conditions of which are hereby incorporated herein by reference.

 

21.         Interest;
Expenses.

 

(a)       If
Indemnitor fails to pay all or any sums due hereunder upon demand (but subject to the notice provisions herein and in the Loan
Agreement) by Administrative Agent, the amount of such sums payable by Indemnitor shall bear interest from the date of demand until
paid at the Default Rate in effect from time to time.

 

(b)       Indemnitor
hereby agrees to pay all actual and reasonable costs, charges and expenses, including reasonable attorneys’ fees and disbursements,
that may be incurred by Administrative Agent, any Lender or any other Indemnified Person in enforcing the covenants, agreements,
obligations and liabilities of Indemnitor under this Indemnity.

 

22.         Joint
and Several Obligations. If Indemnitor consists of more than one Person, each such Person shall have joint and several liability
for the obligations of Indemnitor hereunder.

 

23.         Specific
Limitation on Indemnity and Indemnity Obligations. Indemnitor, Administrative Agent and the Lenders hereby confirm that it
is the intention of Indemnitor, Administrative Agent and the Lenders that this Indemnity not constitute a fraudulent transfer or
fraudulent conveyance (a “Fraudulent Conveyance”) under the Bankruptcy Code, the Uniform Fraudulent Conveyance
Act or any other debtor relief law or insolvency law (whether statutory, common law, case law or otherwise) or any jurisdiction
whatsoever (collectively, the “Bankruptcy Laws”). To give effect to the foregoing intention of Indemnitor,
Administrative Agent and the Lenders, each of such parties hereby irrevocably agrees that the obligations hereunder shall be limited
to (but shall not be less than) such maximum amount as will, after giving effect to the maximum amount of such obligations and
all other liabilities (whether contingent or otherwise) of Indemnitor that are relevant under such Bankruptcy Laws, result in the
obligations of Indemnitor hereunder not constituting a Fraudulent Conveyance under the Bankruptcy Laws, as of the date of execution
and delivery of this Indemnity.

 

    	 	14	 

     

    

 

24.         Counterparts.
This Indemnity may be executed in any number of counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument. This Indemnity shall become effective when it shall have
been executed by Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Indemnity
by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually
executed counterpart of this Indemnity.

 

25.         Exculpation.
It is expressly agreed that recourse against Indemnitor for failure to perform and observe its obligations contained in this Indemnity
shall be limited as and to the extent provided in Section 11.1 of the Loan Agreement.

 

[No further text on this page. Signatures
follow.]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF,
Indemnitor has executed this Indemnity as of the date first above written.

 

	 	ARC NYC570SEVENTH, LLC, a Delaware limited liability Company
	 	 	 	 	 
	 	By:	New York City Operating Partnership,
	 	 	L.P., a Delaware limited partnership,
	 	 	its sole member
	 	 	 	 	 
	 	 	By:	New York City REIT, Inc., a Maryland Corporation, its General Partner
	 	 	 	 	 
	 	 	 	By:	/s/ Michael R. Anderson
	 	 	 	 	Name: Michael R. Anderson
	 	 	 	 	Title: Authorized Signatory

 

[Signatures continue on following page.]

 

	 	NEW YORK CITY REIT, INC., a Maryland corporation
	 	 	 
	 	By:	/s/ Michael R. Anderson
	 	 	Name: Michael R. Anderson
	 	 	Title: Authorized Signatory

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