Document:

Loan No.:
              502858289	
               Oakview
                Plaza

            

    

     

    PROMISSORY
      NOTE

     

    $27,500,000.00

     

    as
      of
      December 20, 2006

     

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

     

    ARTICLE
      I

     

    TERMS
      AND CONDITIONS

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

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

     

    Section
      1.5 Prepayment;
      Defeasance.

     

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

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      II

     

    DEFAULT

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    GENERAL
      CONDITIONS

     

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

     

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

     

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

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

     

    MISCELLANEOUS
      PROVISIONS

     

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

     

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

     

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

     

    [THE
      BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

    

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	 	 
	 	
              LVP
                OAKVIEW STRIP CENTER LLC, 

              a
                Delaware limited liability company

            
	 
 	 
 	 
 
	 	By:  	/s/ David
              Lichtenstein
	 	
              

              Name:
                David Lichtenstein

              Title:
                President

            

    

    
    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	STATE OF NEBRASKA	)
	 	) ss.
	COUNTY OF _____________	) 

    

                                                                    

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

     

    
      
        
        

      

      
        1-1

        
          

        

      

      
        
        

      

    

     

    ANNEX
      1
      TO $27,500,000.00 PROMISSORY
      NOTE

    BY
      LVP
      OAKVIEW STRIP CENTER LLC

    TO
      WACHOVIA BANK, NATIONAL ASSOCIATION

     

    
      	
              Payment
                Date

            	 	
              Scheduled
                Payment

            
	
              2/11/2007

            	 	
              127,996.80

            
	
              3/11/2007

            	 	
              115,610.02

            
	
              4/11/2007

            	 	
              127,996.80

            
	
              5/11/2007

            	 	
              123,867.88

            
	
              6/11/2007

            	 	
              127,996.80

            
	
              7/11/2007

            	 	
              123,867.88

            
	
              8/11/2007

            	 	
              127,996.80

            
	
              9/11/2007

            	 	
              127,996.80

            
	
              10/11/2007

            	 	
              123,867.88

            
	
              11/11/2007

            	 	
              127,996.80

            
	
              12/11/2007

            	 	
              123,867.88

            
	
              1/11/2008

            	 	
              127,996.80

            
	
              2/11/2008

            	 	
              127,996.80

            
	
              3/11/2008

            	 	
              119,738.95

            
	
              4/11/2008

            	 	
              127,996.80

            
	
              5/11/2008

            	 	
              123,867.88

            
	
              6/11/2008

            	 	
              127,996.80

            
	
              7/11/2008

            	 	
              123,867.88

            
	
              8/11/2008

            	 	
              127,996.80

            
	
              9/11/2008

            	 	
              127,996.80

            
	
              10/11/2008

            	 	
              123,867.88

            
	
              11/11/2008

            	 	
              127,996.80

            
	
              12/11/2008

            	 	
              123,867.88

            
	
              1/11/2009

            	 	
              127,996.80

            
	
              2/11/2009

            	 	
              127,996.80

            
	
              3/11/2009

            	 	
              115,610.02

            
	
              4/11/2009

            	 	
              127,996.80

            
	
              5/11/2009

            	 	
              123,867.88

            
	
              6/11/2009

            	 	
              127,996.80

            
	
              7/11/2009

            	 	
              123,867.88

            
	
              8/11/2009

            	 	
              127,996.80

            
	
              9/11/2009

            	 	
              127,996.80

            
	
              10/11/2009

            	 	
              123,867.88

            
	
              11/11/2009

            	 	
              127,996.80

            
	
              12/11/2009

            	 	
              123,867.88

            
	
              1/11/2010

            	 	
              127,996.80

            
	
              2/11/2010

            	 	
              127,996.80

            
	
              3/11/2010

            	 	
              115,610.02

            
	
              4/11/2010

            	 	
              127,996.80

            
	
              5/11/2010

            	 	
              123,867.88

            
	
              6/11/2010

            	 	
              127,996.80

            
	
              7/11/2010

            	 	
              123,867.88

            
	
              8/11/2010

            	 	
              127,996.80

            
	
              9/11/2010

            	 	
              127,996.80

            
	
              10/11/2010

            	 	
              123,867.88

            
	
              11/11/2010

            	 	
              127,996.80

            
	
              12/11/2010

            	 	
              123,867.88

            
	
              1/11/2011

            	 	
              127,996.80

            
	
              2/11/2011

            	 	
              127,996.80

            
	
              3/11/2011

            	 	
              115,610.02

            
	
              4/11/2011

            	 	
              127,996.80

            
	
              5/11/2011

            	 	
              123,867.88

            
	
              6/11/2011

            	 	
              127,996.80

            
	
              7/11/2011

            	 	
              123,867.88

            
	
              8/11/2011

            	 	
              127,996.80

            
	
              9/11/2011

            	 	
              127,996.80

            
	
              10/11/2011

            	 	
              123,867.88

            
	
              11/11/2011

            	 	
              127,996.80

            
	
              12/11/2011

            	 	
              123,867.88

            
	
              1/11/2012

            	 	
              127,996.80GUARANTY

     

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

     

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

     

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

     

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

     

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

     

    ARTICLE
      I

    NATURE
      AND SCOPE OF GUARANTY

     

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

     

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

    
       

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

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    Section
      1.11 INTENTIONALLY
      OMITTED.

     

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

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      2

    EVENTS
      AND CIRCUMSTANCES NOT REDUCING OR DISCHARGING GUARANTOR’S
      OBLIGATIONS

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      3

    REPRESENTATIONS
      AND WARRANTIES

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    ARTICLE
      4

    SUBORDINATION
      OF CERTAIN INDEBTEDNESS

     

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

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    ARTICLE
      5

    MISCELLANEOUS

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

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

    

      
        	
                Guarantor:

              	 	
                c/o
                  The Lightstone Group

              
	 	 	
                326
                  Third Street

              
	 	 	
                Lakewood,
                  New Jersey 08701

              
	 	 	
                Attention:
                  David Lichtenstein

              
	 	 	
                Facsimile
                  No.: 

              
	 	 	 
	
                With
                  a copy to:

              	 	
                Hirschler
                  Fleischer

              
	 	 	
                2100
                  E. Cary Street

              
	 	 	
                Richmond,
                  Virginia 23223

              
	 	 	
                Attention:
                  David F. Belkowitz, Esq.

              
	 	 	
                Fax
                  No.: (804-644-0957

              
	 	 	 
	
                Lender:
                  

              	 	
                Wachovia
                  Bank, National Association

              
	 	 	
                Commercial
                  Real Estate Services

              
	 	 	
                8739
                  Research Drive URP - 4, NC 1075

              
	 	 	
                Charlotte,
                  North Carolina 28262

              
	 	 	
                Facsimile
                  No.: (704) 374-6435

              
	 	 	 
	
                With
                  a copy to: 

              	 	
                Winston
                  & Strawn LLP

              
	 	 	
                200
                  Park Avenue

              
	 	 	
                New
                  York, New York 10166 

              
	 	 	
                Attn:
                  Corey A. Tessler, Esq.

              
	 	 	
                Facsimile
                  No.: (212) 294-4700

              

      

    

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

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

    
      	 	 	 
	 	
              GUARANTOR:

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

              Name:
                David Lichtenstein

              Title:
                President

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	STATE OF NEBRASKA 	)
	 	
              )
                ss.

            
	COUNTY OF ___________________	)

    

     

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

     

    
      	
            	 	 	
            
	
            	 	 	
              

              Signature
                of Notary Public

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    (Legal
      Description)

     

    Attached
      to and forming a part of file number: CRS22144

     

    Parcel
      1:

     

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

     

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

     

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

     

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

     

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

     

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

     

    Parcel
      2:

     

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

     

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

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    Parcel
      3:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    
      
        
        

      

      
        17

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