Document:

Exhibit 10.28

 

DEPOSIT ACCOUNT CONTROL AGREEMENT

 

This Agreement is entered into as of January 1, 2013, among WU/LH 12 CASCADE L.L.C., WU/LH 25 EXECUTIVE L.L.C., WU/LH 269 LAMBERT L.L.C., WU/LH 103 FAIRVIEW PARK L.L.C., WU/LH 412 FAIRVIEW PARK L.L.C., WU/LH 401 FIELDCREST L.L.C., WU/LH 404 FIELDCREST L.L.C., WU/LH 36 MIDLAND L.L.C., WU/LH 100-110 MIDLAND L.L.C., WU/LH 112 MIDLAND L.L.C., WU/LH 199 RIDGEWOOD L.L.C., W/LH 203 RIDGEWOOD L.L.C., WU/LH 100 AMERICAN L.L.C., WU/LH 200 AMERICAN L.L.C., WU/LH 300 AMERICAN L.L.C., WU/LH 400 AMERICAN L.L.C. and WU/LH 500 AMERICAN L.L.C. (each individually a “Company”, and collectively, “Company”), JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), a Michigan corporation, successor by merger to John Hancock Life Insurance Company, a Massachusetts corporation (“Lender”), and Bank of America, N.A. (“Bank”) with respect to the following:

 

A.                                    Bank has established and maintained for Lighthouse Real Estate Management LLC, as agent for the Company, an address at P.O. Box 24200, Newark, NJ 07189-0001 (the “Lockbox Address”) and deposit account number 483006513312 (the “Account”), which Account was subject to that certain Deposit Account Control Agreement dated February 25, 2008 by and among the Company and certain affiliates of the Company, Lender and the Bank (“Original Agreement”). Company has decided to terminate Lighthouse Real Estate Management LLC as its agent and to name GTJ Management, LLC as its new agent and in that regard the Account has been transferred to, and is now in the name of, GTJ Management, LLC, as agent for the Company (herein referred to in its capacity as agent “GTJ”). It is the intention of the parties hereto that this Agreement shall supersede and replace the Original Agreement.

 

B.                                    The Bank performs the services described in Exhibit A, which include receiving mail at the Lockbox Address, processing it and depositing checks and other payment instructions (“Checks”) into the Account (the “Lockbox Service”).

 

C.                                    GTJ and Company have assigned to Lender a security interest in the Account and in Checks mailed to the Lockbox Address.

 

D.                                    GTJ, Company, Lender and Bank are entering into this Agreement to evidence Lender’s security interest in the Account and such Checks and to provide for the disposition of net proceeds of Checks deposited in the Account.

 

Accordingly, Company, Lender and Bank agree as follows:

 

1.                                      (a)                                 This Agreement evidences Lender’s control over the Account.  Notwithstanding anything to the contrary in the agreement among Bank, GTJ and Company governing the Account, Bank will comply with instructions originated by Lender as set forth herein directing the disposition of funds in the Account without further consent of the GTJ or Company.

 

(b)                                 Each of GTJ and Company represents and warrants to Lender and Bank that it has not assigned or granted a security interest in the Account or any Check deposited in the Account, except to Lender.

 

(c)                                  Each of GTJ and Company will not permit the Account to become subject to any other pledge, assignment, lien, charge or encumbrance of any kind, other than Lender’s security interest referred to herein.

 

(d)                                 The Account may receive merchant card deposits and chargebacks.  Each of GTJ and Company acknowledges and agrees that during the Activation Period (defined below), chargebacks will be blocked from debiting the Account.

 

2.                           During the Activation Period (as defined below), Bank shall prevent GTJ and Company from making any withdrawals from the Account. Prior to the Activation Period, GTJ and Company may operate and transact business through the Account in their normal fashion, including making withdrawals from the Account, but each of GTJ and Company covenants to Lender it will not close the Account.  Bank shall have no liability in the event either GTJ or Company breaches this covenant to Lender.

 

A reasonable period of time following the commencement of the Activation Period, and continuing on each Business Day thereafter, Bank shall transfer all available balances in the Account to Lender at its account specified in the Notice (as defined below).  The “Activation Period” means the period which commences within a reasonable period of time not to exceed two Business Days after Bank’s receipt of a written notice from Lender in the form of Exhibit B (the “Notice”).  A “Business Day” is each day except Saturdays, Sundays and Bank holidays.  Funds are not available if, in the reasonable determination of Bank, they are subject to a hold, dispute or legal process preventing their withdrawal.

 

3.                                      Bank agrees it shall not offset, charge, deduct or otherwise withdraw funds from the Account, except as permitted by Section 4, until it has been advised in writing by Lender that all of GTJ’s and Company’s obligations that are secured by the Checks and the Account are paid in full.  Lender shall notify Bank promptly in writing upon payment in full of GTJ’s and Company’s obligations by means of a letter substantially in the form of the Termination Notice (defined below).

 

4.                                      Bank is permitted to charge the Account:

 

(a)                                 for its fees and charges relating to the Account or associated with the Lockbox Service and this Agreement; and

 

(b)                                 in the event any Check deposited into the Account is returned unpaid for any reason or for any breach of warranty claim; and

 

 

(c)                                  for any ACH credit entries that may have been originated by GTJ or Company but that have not settled at the time of the commencement of the Activation Period, or for any entries, whether debit or credit, that are subsequently returned thereafter.

 

5.                           (a)                   If the balances in the Account are not sufficient to compensate Bank for any fees or charges due Bank in connection with the Account, the Lockbox Service or this Agreement, each of GTJ and Company agrees to pay Bank on demand the amount due Bank.  Each of GTJ and Company will have breached this Agreement if it has not paid Bank, within five days after such demand, the amount due Bank.

 

(b)                    If the balances in the Account are not sufficient to compensate Bank for any returned Check, each of GTJ and Company agrees to pay Bank on demand the amount due Bank.  If each of GTJ and Company fails to so pay Bank immediately upon demand, Lender agrees to pay Bank within five days after Bank’s demand to Lender to pay any amount received by Lender with respect to such returned Check.  The failure to so pay Bank shall constitute a breach of this Agreement.

 

(c)                     Each of GTJ and Company hereby authorizes Bank, without prior notice, from time to time to debit any other account GTJ and Company may have with Bank for the amount or amounts due Bank under subsection 5(a) or 5(b).

 

6.                           (a)                   Each Business Day, Bank will send any Checks not processed in accordance with the Lockbox Service set-up documents as well as any other materials, such as invoices, received at the Lockbox Address plus information regarding the deposit for the day to the address specified below for GTJ and Company or as otherwise specified in writing by GTJ and Company to Bank, and will send a copy of the deposit advice to the address specified below for Lender.

 

(b)                    In addition to the original Bank statement provided to GTJ and Company, Bank will provide Lender with a duplicate of such statement.

 

7.                           (a)                   Bank will not be liable to GTJ, Company or Lender for any expense, claim, loss, damage or cost (“Damages”) arising out of or relating to its performance under this Agreement other than those Damages which result directly from its acts or omissions constituting negligence or intentional misconduct.

 

(b)                    In no event will Bank be liable for any special, indirect, exemplary or consequential damages, including but not limited to lost profits.

 

(c)                     Bank will be excused from failing to act or delay in acting, and no such failure or delay shall constitute a breach of this Agreement or otherwise give rise to any liability of Bank, if (i) such failure or delay is caused by circumstances beyond Bank’s reasonable control, including but not limited to legal constraint, emergency conditions, action or inaction of governmental, civil or military authority, fire, strike, lockout or other labor dispute, war, riot, theft, flood, earthquake or other natural disaster, breakdown of public or private or common carrier communications or transmission facilities, equipment failure, or negligence or default of GTJ, Company or Lender or (ii) such failure or delay resulted from Bank’s reasonable belief that the action would have violated any guideline, rule or regulation of any governmental authority.

 

(d)                    Bank shall have no duty to inquire or determine whether GTJ’s or Company’s obligations to Lender are in default or whether Lender is entitled to provide the Notice to Bank.  Bank may rely on notices and communications it believes in good faith to be genuine and given by the appropriate party.

 

(e)                     Notwithstanding any of the other provisions in this Agreement, in the event of the commencement of a case pursuant to Title 11, United States Code, filed by or against GTJ or Company, or in the event of the commencement of any similar case under then applicable federal or state law providing for the relief of debtors or the protection of creditors by or against GTJ or Company, Bank may act as Bank deems necessary to comply with all applicable provisions of governing statutes and shall not be in violation of this Agreement as a result.

 

(f)                      Bank shall be permitted to comply with any writ, levy order or other similar judicial or regulatory order or process concerning the Lockbox Address, the Account or any Check and shall not be in violation of this Agreement for so doing.

 

8.                           (a)                   Each of GTJ and Company shall indemnify Bank against, and hold it harmless from, any and all liabilities, claims, costs, expenses and damages of any nature (including but not limited to allocated costs of staff counsel, other reasonable attorney’s fees and any fees and expenses) in any way arising out of or relating to disputes or legal actions concerning Bank’s provision of the services described in this Agreement.  This section does not apply to any cost or damage attributable to the gross negligence or intentional misconduct of Bank.  Each of GTJ’s and Company’s obligations under this section shall survive termination of this Agreement.

 

(b)                    Lender hereby agrees to indemnify, defend and hold harmless Bank against any loss, liability or expense (including but not limited to allocated costs of staff counsel, other reasonable attorney’s fees and any fees and expenses) arising from Bank complying with any written instructions of Lender pursuant to this Agreement other than if related to Bank’s gross negligence, bad faith, or willful misconduct.  Lender’s obligations under this section shall survive termination of this Agreement.

 

 

 

9.                           (a)                   Each of GTJ and Company shall pay to Bank, upon receipt of Bank’s invoice, all costs, expenses and attorneys’ fees (including allocated costs for in-house legal services) incurred by Bank in connection with the enforcement of this Agreement and any instrument or agreement required hereunder, including but not limited to any such costs, expenses and fees arising out of the resolution of any conflict, dispute, motion regarding entitlement to rights or rights of action, or other action to enforce Bank’s rights in a case arising under Title 11, United States Code.  Each of GTJ and Company agrees to pay Bank, upon receipt of Bank’s invoice, all costs, expenses and attorneys’ fees (including allocated costs for in-house legal services) incurred by Bank in the preparation and administration of this Agreement (including any amendments hereto or instruments or agreements required hereunder).

 

(b)                    Lender shall pay to Bank, upon receipt of Bank’s invoice, all costs, expenses and attorneys’ fees (including allocated costs for in-house legal services) incurred by Bank in connection with the enforcement against Lender of this Agreement and any instrument or agreement required hereunder to the extent that Bank is the prevailing party in such enforcement action.

 

10.                    Termination and Assignment of this Agreement shall be as follows:

 

(a)                    Lender may terminate this Agreement by providing notice to GTJ, Company and Bank that all of GTJ’s and Company’s obligations which are secured by Checks and the Account are paid in full.  Lender may also terminate or it may assign this Agreement upon 30 days’ prior written notice to GTJ, Company, and Bank.  Bank may terminate this Agreement upon 30 days’ prior written notice to GTJ, Company and Lender.  Neither GTJ nor Company may terminate this Agreement or the Lockbox Service except with the written consent of Lender and upon prior written notice to Bank.

 

(b)                    Notwithstanding subsection 10(a), Bank may terminate this Agreement at any time by written notice to GTJ, Company and Lender if either GTJ, Company or Lender breaches any of the terms of this Agreement, or any other agreement with Bank.

 

11.                    (a)                   Each party represents and warrants to the other parties that (i) this Agreement constitutes its duly authorized, legal, valid, binding and enforceable obligation; (ii) the performance of its obligations under this Agreement and the consummation of the transactions contemplated hereunder will not (A) constitute or result in a breach of its certificate or articles of incorporation, by-laws or partnership agreement, as applicable, or the provisions of any material contract to which it is a party or by which it is bound or (B) result in the violation of any law, regulation, judgment, decree or governmental order applicable to it; and (iii) all approvals and authorizations required to permit the execution, delivery, performance and consummation of this Agreement and the transactions contemplated hereunder have been obtained.

 

(b)                    The parties each agree that it shall be deemed to make and renew each representation and warranty in subsection 11(a) on and as of each day on which GTJ and/or Company uses the services set forth in this Agreement.

 

12.                    (a)                   This Agreement may be amended only by a writing signed by GTJ, Company, Lender and Bank; except that Bank’s charges are subject to change by Bank upon 30 days’ prior written notice to GTJ and Company.

 

(b)                    This Agreement may be executed in counterparts; all such counterparts shall constitute but one and the same agreement.

 

(c)                     This Agreement controls in the event of any conflict between this Agreement and any other document or written or oral statement.  This Agreement supersedes all prior understandings, writings, proposals, representations and communications, oral or written, of any party relating to the subject matter hereof.

 

(d)                    This Agreement shall be interpreted in accordance with New York law without reference to that state’s principles of conflicts of law.

 

(e)                     The obligations and liabilities of GTJ and Company are joint and several.

 

13.                    Any written notice or other written communication to be given under this Agreement shall be addressed to each party at its address set forth on the signature page of this Agreement or to such other address as a party may specify in writing.  Except as otherwise expressly provided herein, any such notice shall be effective upon receipt.

 

14.                    Nothing contained in the Agreement shall create any agency, fiduciary, joint venture or partnership relationship between Bank and GTJ, Company or Lender.  Each of GTJ, Company and Lender agree that nothing contained in this Agreement, nor any course of dealing among the parties to this Agreement, shall constitute a commitment or other obligation on the part of Bank to extend credit to GTJ, Company or Lender.

 

15.                    The parties hereto hereby agree that this Agreement supersedes and replaces the Original Agreement and the Original Agreement is terminated.

 

The remainder of this page is intentionally left blank.

 

 

In Witness Whereof, the parties hereto have executed this Agreement by their duly authorized officers as of the day and year first above written.

 

COMPANY:

 

	
WU/LH   12 CASCADE L.L.C.
    	
 
    	
Address   for Notices:
    
	
 
    	
 
    	
as   to all Customers:
    
	
By:  GTJ Realty, LP,
    	
 
    	
 
    
	
 
    	
a   Delaware limited partnership,
    	
 
    	
Address:
    	
c/o   GTJ Management, LLC,
    
	
 
    	
its   sole manager
    	
 
    	
 
    	
444   Merrick Road, Suite 370
    
	
 
    	
 
    	
 
    	
Lynbrook,   New York 11563
    
	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    	
 
    	
 
    	
With   a copy to:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:   GTJ REIT, Inc., a Maryland corporation, its sole member
    	
 
    	
 
    	
GTJ   REIT, Inc.
   444 Merrick Road, Suite 370
    
	
 
    	
 
    	
 
    	
 
    	
Lynbrook,   New york 11563
    
	
 
    	
 
    	
 
    	
 
    	
Attention:   David Oplanich, CFO
    
	
 
    	
By:
    	
/s/   David Oplanich
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
CFO
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
WU/LH   269 LAMBERT L.L.C.
    	
 
    	
WU/LH   25 EXECUTIVE L.L.C.
    
	
 
    	
 
    	
 
    
	
By:   GTJ Realty, LP,
    	
 
    	
By:   GTJ Realty, LP,
    
	
 
    	
a   Delaware limited partnership,
    	
 
    	
 
    	
a   Delaware limited partnership,
    
	
 
    	
its   sole manager
    	
 
    	
 
    	
its   sole manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    	
 
    	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    	
 
    	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Oplanich
    	
 
    	
 
    	
 
    	
By:
    	
/s/   David Oplanich
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    	
 
    	
 
    	
 
    	
 
    	
Name:
    	
David   Oplanich
    
	
 
    	
 
    	
Title:
    	
CFO
    	
 
    	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
WU/LH 412 FAIRVIEW PARK L.L.C.
    	
 
    	
WU/LH   401 FIELDCREST L.L.C.
    
	
 
    	
 
    	
 
    
	
By:   GTJ Realty, LP,
    	
 
    	
By:   GTJ Realty, LP,
    
	
 
    	
a   Delaware limited partnership,
    	
 
    	
 
    	
a   Delaware limited partnership,
    
	
 
    	
its   sole manager
    	
 
    	
 
    	
its   sole manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    	
 
    	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    	
 
    	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Oplanich
    	
 
    	
 
    	
 
    	
By:
    	
/s/   David Oplanich
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    	
 
    	
 
    	
 
    	
 
    	
Name:
    	
David   Oplanich
    
	
 
    	
 
    	
Title:
    	
CFO
    	
 
    	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
														

 

 

	
WU/LH   404 FIELDCREST L.L.C.
    	
 
    	
WU/LH   36 MIDLAND L.L.C.
    
	
 
    	
 
    	
 
    
	
By:   GTJ Realty, LP,
    	
 
    	
By:   GTJ Realty, LP,
    
	
 
    	
a   Delaware limited partnership,
    	
 
    	
 
    	
a   Delaware limited partnership,
    
	
 
    	
its   sole manager
    	
 
    	
 
    	
its   sole manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    	
 
    	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    	
 
    	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Oplanich
    	
 
    	
 
    	
 
    	
By:
    	
/s/   David Oplanich
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    	
 
    	
 
    	
 
    	
 
    	
Name:
    	
David   Oplanich
    
	
 
    	
 
    	
Title:
    	
CFO
    	
 
    	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
WU/LH   100-110 MIDLAND L.L.C.
    	
 
    	
WU/LH   112 MIDLAND L.L.C.
    
	
 
    	
 
    	
 
    
	
By:   GTJ Realty, LP,
    	
 
    	
By:   GTJ Realty, LP,
    
	
 
    	
a   Delaware limited partnership,
    	
 
    	
 
    	
a   Delaware limited partnership,
    
	
 
    	
its   sole manager
    	
 
    	
 
    	
its   sole manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    	
 
    	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    	
 
    	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Oplanich
    	
 
    	
 
    	
 
    	
By:
    	
/s/   David Oplanich
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    	
 
    	
 
    	
 
    	
 
    	
Name:
    	
David   Oplanich
    
	
 
    	
 
    	
Title:
    	
CFO
    	
 
    	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
WU/LH   199 RIDGEWOOD L.L.C.
    	
 
    	
WU/LH   203 RIDGEWOOD L.L.C.
    
	
 
    	
 
    	
 
    
	
By:   GTJ Realty, LP,
    	
 
    	
By:   GTJ Realty, LP,
    
	
 
    	
a   Delaware limited partnership,
    	
 
    	
 
    	
a   Delaware limited partnership,
    
	
 
    	
its   sole manager
    	
 
    	
 
    	
its   sole manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    	
 
    	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    	
 
    	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Oplanich
    	
 
    	
 
    	
 
    	
By:
    	
/s/   David Oplanich
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    	
 
    	
 
    	
 
    	
 
    	
Name:
    	
David   Oplanich
    
	
 
    	
 
    	
Title:
    	
CFO
    	
 
    	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
												

 

 

	
WU/LH   103 FAIRVIEW PARK L.L.C.
    	
 
    	
WU/LH   100 AMERICAN L.L.C.
    
	
 
    	
 
    	
 
    
	
By:   GTJ Realty, LP,
    	
 
    	
By:   GTJ Realty, LP,
    
	
 
    	
a   Delaware limited partnership,
    	
 
    	
 
    	
a   Delaware limited partnership,
    
	
 
    	
its   sole manager
    	
 
    	
 
    	
its   sole manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    	
 
    	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    	
 
    	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Oplanich
    	
 
    	
 
    	
 
    	
By:
    	
/s/   David Oplanich
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    	
 
    	
 
    	
 
    	
 
    	
Name:
    	
David   Oplanich
    
	
 
    	
 
    	
Title:
    	
CFO
    	
 
    	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
WU/LH   200 AMERICAN L.L.C.
    	
 
    	
WU/LH   300 AMERICAN L.L.C.
    
	
 
    	
 
    	
 
    
	
By:   GTJ Realty, LP,
    	
 
    	
By:   GTJ Realty, LP,
    
	
 
    	
a   Delaware limited partnership,
    	
 
    	
 
    	
a   Delaware limited partnership,
    
	
 
    	
its   sole manager
    	
 
    	
 
    	
its   sole manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    	
 
    	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    	
 
    	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Oplanich
    	
 
    	
 
    	
 
    	
By:
    	
/s/   David Oplanich
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    	
 
    	
 
    	
 
    	
 
    	
Name:
    	
David   Oplanich
    
	
 
    	
 
    	
Title:
    	
CFO
    	
 
    	
 
    	
 
    	
 
    	
Title
    	
CFO
    
	
 
    	
 
    	
 
    
	
WU/LH   400 AMERICAN L.L.C.
    	
 
    	
WU/LH   500 AMERICAN L.L.C.
    
	
 
    	
 
    	
 
    
	
By:   GTJ Realty, LP,
    	
 
    	
By:   GTJ Realty, LP,
    
	
 
    	
a   Delaware limited partnership,
    	
 
    	
 
    	
a   Delaware limited partnership,
    
	
 
    	
its   sole manager
    	
 
    	
 
    	
its   sole manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    	
 
    	
 
    	
By:
    	
GTJ   GP, LLC, a Maryland limited liability company, its sole general partner
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    	
 
    	
 
    	
By: GTJ REIT, Inc., a Maryland   corporation, its sole member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Oplanich
    	
 
    	
 
    	
 
    	
By:
    	
/s/   David Oplanich
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    	
 
    	
 
    	
 
    	
 
    	
Name:
    	
David   Oplanich
    
	
 
    	
 
    	
Title
    	
CFO
    	
 
    	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
												

 

 

LENDER:

 

	
JOHN   HANCOCK LIFE INSURANCE COMPANY
    	
 
    	
Address:
    	
197   Clarendon Street
    
	
(U.S.A.),   a Michigan corporation doing its mortgage
    	
 
    	
Boston,   MA 02116
    
	
business in New York as Manulife Financial,   successor by merger
    	
Attention:   Loan Nos. 522917:11, 523062:11
    
	
to   John Hancock Life Insurance Company
    	
 
    	
 
    

 

 

	
By:
    	
/s/   Patricia C. Coyne
    	
 
    	
 
    
	
 
    	
Name:
    	
Patricia   C. Coyne
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Credit Officer
    	
 
    	
 
    

 

 

	
Bank   of America, N.A.
    	
 
    	
 
    
	
(“BANK”)
    	
 
    	
Address   for Notices:
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Jennifer Nieves
    	
 
    	
Bank   of America, N. A.
    
	
 
    	
(Signature)
    	
 
    	
Blocked   Account Support
    
	
Name:
    	
Jennifer Nieves
    	
 
    	
800-5th Avenue
    
	
 
    	
(Print or Type)
    	
 
    	
Mail   Code: WA1-501-08-21
    
	
Title:
    	
Vice President
    	
 
    	
Seattle,   WA 98104
    
	
 
    	
(Print or Type)
    	
 
    	
Phone:   206-358-3490
    
	
 
    	
 
    	
Facsimile:   877-207-2524
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Susan   Oberto, VP
    
	
 
    	
 
    	
Bank   of America, N. A.
    
	
 
    	
 
    	
Blocked   Account Support
    
	
 
    	
 
    	
800-5th Avenue
    
	
 
    	
 
    	
Mail   Code: WA1-501-08-21
    
	
 
    	
 
    	
Seattle,   WA 98104
    
	
 
    	
 
    	
Facsimile:   877-207-2524
    

 

The undersigned hereby executes this Agreement to consent and agree to be bound by this Agreement in the same manner as Company in connection with the performance of its duties as agent for Company in holding the Account in its name on behalf of and as agent for Company.

 

 

	
 
    	
GTJ   MANAGEMENT, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Oplanich
    
	
 
    	
 
    	
Name:
    	
David   Oplanich
    
	
 
    	
 
    	
Title:
    	
CFO
    

 

 

EXHIBIT A

TO DEPOSIT ACCOUNT CONTROL AGREEMENT

 

STANDARD TERMS AND CONDITIONS

 

The Lockbox Service involves processing Checks that are received at a Lockbox Address.  With this Service, Company instructs its customers to mail checks it wants to have processed under the Service to the Lockbox Address.  Bank picks up mail at the Lockbox Address according to its mail pick-up schedule.  Bank will have unrestricted and exclusive access to the mail directed to the Lockbox Address.  Bank will provide Company with the Lockbox Service for a Lockbox Address when Company has completed and Bank has received Bank’s then current set-up documents for the Lockbox Address.

 

If Bank receives any mail containing Company’s lockbox number at Bank’s lockbox operations location (instead of the Lockbox Address), Bank may handle the mail as if it had been received at the Lockbox Address.

 

PROCESSING

 

Bank will handle Checks received at the Lockbox Address according to the applicable deposit account agreement, as if the Checks were delivered by Company to Bank for deposit to the Account, except as modified by these Terms and Conditions.

 

Bank will open the envelopes picked up from the Lockbox Address and remove the contents.  For the Lockbox Address, Checks and other documents contained in the envelopes will be inspected and handled in the manner specified in the Company’s set-up documents.  Bank captures and reports information related to the lockbox processing, where available, if Company has specified this option in the set-up documents.  Bank will endorse all Checks Bank processes on Company’s behalf.

 

If Bank processes an unsigned check as instructed in the set-up documents, and the check is paid, but the account owner does not authorize payment, Company agrees to indemnify Bank, the drawee bank (which may include Bank) and any intervening collecting bank for any liability or expense incurred by such indemnitee due to the payment and collection of the check.

 

If Company instructs Bank not to process a check bearing a handwritten or typed notation “Payment in Full” or words of similar import on the face of the check, Company understands that Bank has adopted procedures designed to detect Checks bearing such notations; however, Bank will not be liable to Company or any other party for losses suffered if Bank fails to detect Checks bearing such notations.

 

RETURNED CHECK

 

Unless Company and Bank agree to another processing procedure, Bank will reclear a Check once which has been returned and marked “Refer to Maker,” “Not Sufficient Funds” or “Uncollected Funds.”  If the Check is returned for any other reason or if the Check is returned a second time, Bank will debit the Account and return the Check to Company.  Company agrees that Bank will not send a returned item notice to Company for a returned Check unless Company and Bank have agreed otherwise.

 

ACCEPTABLE PAYEES

 

For the Lockbox Address, Company will provide to Bank the names of Acceptable Payees (“Acceptable Payee” means Company’s name and any other payee name provided to Bank by Company as an acceptable payee for Checks to be processed under the Lockbox Service).  Bank will process a check only if it is made payable to an Acceptable Payee and if the check is otherwise processable.  Company warrants that each Acceptable Payee is either (i) a variation of Company’s name or (ii) is an affiliate of Company which has authorized Checks payable to it to be credited to the Account.  Bank may treat as an Acceptable Payee any variation of any Acceptable Payee’s name that Bank deems to be reasonable.

 

CHANGES TO PROCESSING INSTRUCTIONS

 

Company may request Bank orally or in writing to make changes to the processing instructions (including changes to Acceptable Payees) for any Lockbox Address by contacting its Bank representative, so long as such changes do not conflict with the terms of the Deposit Account Control Agreement.  Bank will not be obligated to implement any requested changes until Bank has actually received the requests and had a reasonable opportunity to act upon them.  In making changes, Bank is entitled to rely on instructions purporting to be from Company.

 

 

EXHIBIT B

DEPOSIT ACCOUNT CONTROL AGREEMENT

 

Letterhead of Lender

 

To:                             Bank of America, N.A.

Address

 

Re:  Name of Company

Account No.

 

Ladies and Gentlemen:

 

Reference is made to the Deposit Account Control Agreement dated     (the “Agreement”) among Company Name, us and you regarding the above-described account (the “Account”). In accordance with Section 2 of the Agreement, we hereby give you notice of our exercise of control of the Account and we hereby instruct you to transfer funds to our account as follows:

 

Bank Name:

Bank Address:

ABA No.:

Account Name:

Account No.:

Beneficiary’s Name:

 

Very truly yours,

 

as Lender

 

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

 

ATTACHMENT I

DEPOSIT ACCOUNT CONTROL AGREEMENT

 

Letterhead of Lender

 

, 20

 

Bank of America, N.A.

 

Attn:

 

Re:  Termination of Deposit Account Control Agreement

Account(s):

 

Ladies and Gentlemen:

 

Reference is made to that certain      dated as of     , 20   (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Agreement”) among you,      (the “Company”), and us as (‘Lender”). You are hereby notified that the Agreement is terminated with respect to the undersigned, and you have no further obligations to the undersigned thereunder. Notwithstanding any previous instructions to you, you are hereby instructed to accept all future directions with respect to the Account from the Company. This notice terminates any obligations you may have to the undersigned with respect to the Account.

 

Very truly yours,

 

as Lender

 

 

	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

 

Acknowledged and Agreed:

 

Bank of America, N.A., as Bank

 

	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Title:Exhibit 10.29

 

Loan No. 523035:11

 

GUARANTY AGREEMENT

 

THIS GUARANTY AGREEMENT (“Guaranty”), is entered into effective as of January 1, 2013 by GTJ REIT, INC., a Maryland corporation, GTJ GP, LLC,  a Maryland limited liability company and GTJ REALTY, LP, a Delaware limited partnership (hereinafter, together “Guarantor”), in favor of JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), a Michigan corporation, successor by merger to John Hancock Life Insurance Company, a Massachusetts corporation (“Lender”), and the subsequent owners and holders of the herein below defined Note.

 

RECITALS:

 

A.            Lender is the holder of a loan in the original aggregate principal amount of $21,765,000.00 (the “Loan”) to WU/LH 12 CASCADE L.L.C., WU/LH 25 EXECUTIVE L.L.C., WU/LH 269 LAMBERT L.L.C., WU/LH 103 FAIRVIEW PARK L.L.C., WU/LH 412 FAIRVIEW PARK L.L.C., WU/LH 401 FIELDCREST L.L.C., WU/LH 404 FIELDCREST L.L.C., WU/LH 36 MIDLAND L.L.C., WU/LH 100-110 MIDLAND L.L.C., WU/LH 112 MIDLAND L.L.C., WU/LH 199 RIDGEWOOD L.L.C., WU/LH 203 RIDGEWOOD L.L.C., WU/LH 100 AMERICAN L.L.C., WU/LH 200 AMERICAN L.L.C., WU/LH 300 AMERICAN L.L.C., WU/LH 400 AMERICAN L.L.C. and WU/LH 500 AMERICAN L.L.C. (collectively, the “Borrower”), which Loan was evidenced by multiple notes and certain of the individual notes have been repaid in full so that the Loan is presently evidenced by one (1) Mortgage Note dated February 25, 2008, in the original principal amount of $9,765,000.00 (as amended, restated, renewed, extended or modified from time to time, the “Note”), to Lender from Borrower and WU/LH 470 BRIDGEPORT L.L.C., WU/LH 950 BRIDGEPORT L.L.C., WU/LH 15 EXECUTIVE L.L.C., WU/LH 22 MARSH HILL L.L.C., and WU/LH 8 SLATER L.L.C. (collectively the “Released Borrower”, and collectively with Borrower, the “Original Borrower”). The Loan is one of three (3) separate loans made by Lender to Original Borrower pursuant to that certain Loan Agreement dated February 25, 2008 among Original Borrower and Lender (the “Original Loan Agreement”), which Original Loan Agreement is being simultaneously herewith amended and modified pursuant to that certain Amendment and Modification of Loan Agreement by and among Borrower and Lender dated of even date herewith (the “Amendment” and collectively with the Original Loan Agreement as it may be amended, restated, supplemented or modified from time to time, the “Loan Agreement”).  Released Borrower has been released by Lender from certain obligations under the Note and Original Loan Agreement pursuant to the Amendment.

 

B.            Borrower’s obligations under the Note and the Loan Agreement are further evidenced and secured by the Security Documents (as defined in the Loan Agreement), which include the CT Mortgages (as defined in the Loan Agreement) covering certain property located in the Town of Orange, Connecticut and more particularly described in the CT Mortgages (the “CT Property”), and which also include the NJ Mortgages (as defined in the Loan Agreement) covering certain property in Morris Plains, New Jersey and more particularly described in the NJ Mortgages (the “NJ Property”).

 

 

C.            As set forth in the Amendment, each Guarantor is an owner of a direct or indirect ownership interest in Borrower, and each Guarantor will directly benefit from Lender consenting to the transactions contemplated in the Amendment.

 

D.            Section 19 of the Note sets forth certain amounts, obligations and other liabilities for which Borrower is fully liable to Lender (the “Non-Recourse Carveout Obligations”), notwithstanding limitations on Borrower’s liability pursuant to said Section 19 of the Note;

 

E.            As a condition to consenting to the transaction contemplated in the Amendment, Lender has required that Guarantor guarantee the payment of the Non-Recourse Carveout Obligations and performance of the obligations set forth in Section 1 below (the “Guaranteed Obligations”).

 

AGREEMENT:

 

NOW, THEREFORE, as a material inducement to Lender to consent to the transaction contemplated in the Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor hereby does irrevocably and unconditionally warrant and represent unto and covenant with Lender as follows:

 

1.             Guaranty.  Guarantor hereby (a) guarantees unto Lender the full and timely payment of the amounts due, or to become due, to Lender under the Non-Recourse Carveout Obligations and (b) agrees with Lender to pay to Lender (i) the amounts due under the Non-Recourse Carveout Obligations within five (5) days from the date Lender notifies Guarantor of Borrower’s failure to pay the same, if and when the same becomes due, and at the place specified in the Note for payment and (ii) Lender’s reasonable attorneys’ fees and all court costs incurred by Lender in enforcing or protecting any of Lender’s rights, remedies or recourses hereunder.  Guarantor is not hereby guaranteeing payment of any portion of the indebtedness or performance of any portion of the obligations under the Loan Documents, as defined in the Loan Agreement (the “Loan Documents”), other than the Non-Recourse Carveout Obligations.

 

2.             Guarantor’s Representations and Warranties.  Guarantor hereby warrants and represents unto Lender as follows:

 

(a)           that this Guaranty constitutes the legal, valid and binding obligation of Guarantor and is fully enforceable against Guarantor in accordance with its terms;

 

(b)           Guarantor is solvent and the execution of this Guaranty does not render Guarantor insolvent.  Any and all financial statements, balance sheets, net worth statements and other financial data which have heretofore been furnished to Lender with respect to Guarantor fairly and accurately present the financial condition of Guarantor as of the date they were furnished to Lender and, since that date, there has been no material adverse change in the financial condition of Guarantor;

 

(c)           that there are no legal proceedings or material claims or demands pending against or, to the best of Guarantor’s knowledge threatened against, Guarantor or any of its assets, which could affect Guarantor’s ability to perform under this Guaranty;

 

2

 

(d)           that the execution and delivery of this Guaranty and the assumption of liability hereunder have been in all respects authorized and approved by Guarantor; Guarantor has full authority and power to execute this Guaranty and to perform its obligations hereunder;

 

(e)           that neither the execution nor the delivery of this Guaranty nor the fulfillment and compliance with the provisions hereof will conflict with, result in a breach of, constitute a default under or result in the creation of any lien, charge, or encumbrance upon any property or assets of Guarantor under any Loan Document or any agreement or instrument to which Guarantor is now a party or by which it may be bound; and

 

(f)            all of the Recitals set forth above are true, correct and complete.

 

3.             Waiver.  Guarantor hereby waives (a) all notices of acceptance hereof, protest, demand and dishonor, presentment, notice of nonpayment, notice of intention to accelerate maturity, notice of acceleration of maturity and all notices and demands of any kind now or hereafter provided for by any statute or rule of law other than the five (5) day notice referred to in Paragraph 1 above, (b) any and all requirements that Lender institute any action or proceeding, or exhaust or attempt to enforce any or all of Lender’s right, remedies or recourses against Borrower or anyone else or in respect of any mortgaged property or collateral covered by any Loan Documents, or join Borrower or any other persons liable on the Non-Recourse Carveout Obligations in any action to enforce this Guaranty as a condition precedent to bringing an action against Guarantor upon this Guaranty, it being expressly agreed that the liability of Guarantor hereunder shall be primary and not secondary, (c) any defense arising by reason of any disability, insolvency, lack of authority or power, death, insanity, minority, dissolution or any other defense of Borrower, or any other surety, co-maker, endorser or guarantor of the Non-Recourse Carveout Obligations (even though rendering same void, unenforceable or otherwise uncollectible), it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other such person be found not liable thereon for any reason, (d) all suretyship defenses of every kind and nature and (e) any claim Guarantor might otherwise have against Lender by virtue of Lender’s invocation of any right, remedy or recourse permitted it hereunder or under the Loan Documents.  This is a guaranty of payment and not a guaranty of collection.

 

4.             Subsequent Acts.  Guarantor hereby agrees with Lender that (a) the payments called for and provisions contained in the Loan Documents, including specifically (but without limitation) the Note, may be renewed, extended, rearranged, modified, released or canceled, (b) all or any part of any mortgaged property and collateral for the indebtedness may be released from, and any new or additional security may be added to, the lien and security interest of the Loan Documents, (c) any additional parties who may become personally liable for repayment of the Note may hereafter be released from their liability hereunder and thereon and (d) Lender may take, or delay in taking or refuse to take, any and all action with reference to the Note and the other Loan Documents (regardless of whether same might vary the risk or alter the rights, remedies or recourses of Guarantor), including specifically (but without limitation) the settlement or compromise of any amount allegedly due thereunder, all without notice or consideration to or the consent of Guarantor, and no such acts shall in any way release, diminish or affect the absolute nature of Guarantor’s obligations and liabilities hereunder.  

 

3

 

It is the intent of Guarantor and Lender that such obligations and liabilities hereunder are primary, absolute and unconditional under any and all circumstances and that, until the Non-Recourse Carveout Obligations are fully and finally satisfied, such obligations and liabilities shall not be discharged or released, in whole or in part, by any act or occurrence which, but for this Paragraph 4, might be deemed a legal or equitable discharge or release of Guarantor.

 

5.             Remedies Cumulative.  Guarantor hereby agrees with Lender that all rights, remedies and recourses afforded to Lender by reason of this Guaranty or otherwise are (a) separate and cumulative and may be pursued separately, successively or concurrently, as occasion therefor shall arise, and (b) non-exclusive and shall in no way limit or prejudice any other legal or equitable right, remedy or recourse which Lender may have.

 

6.             Subordination and No Subrogation.  If, for any reason whatsoever, Borrower now is or hereafter becomes indebted to Guarantor, such indebtedness and all interest thereon, shall, at all times, be subordinate in all respects to the Loan Documents, and Guarantor shall not be entitled to enforce or receive payment thereof until the Non-Recourse Carveout Obligations have been fully satisfied.  Notwithstanding anything to the contrary contained in this Guaranty or any payments made by Guarantor hereunder, Guarantor shall not have any right of subrogation in or under the Loan Documents or to participate in any way therein or in any right, title or interest in and to any mortgaged property or any collateral for the Loan, all such rights of subrogation and participation, together with any other contractual, statutory or common law right which Guarantor may have to be reimbursed for any payments Guarantor may make to Lender pursuant to this Guaranty, being hereby expressly waived and released.

 

7.             Severability.  If any provision of this Guaranty or the application thereof to any person or circumstance, for any reason and to any extent, shall be invalid or unenforceable, neither the remainder of this Guaranty nor the application of such provision to any other persons or circumstances shall be affected thereby, but rather the same shall be enforced to the greatest extent permitted by law.

 

8.             Successors and Assigns.  This Guaranty and all the terms, provisions and conditions hereof shall be binding upon Guarantor and the Guarantor’s heirs, legal representatives, successors and assigns and shall inure to the benefit of Lender, its successors and assigns and all subsequent holders of the Note.

 

9.             Paragraph Headings.  The paragraph headings inserted in this Guaranty have been included for convenience only and are not intended, and shall not be construed, to limit or define in any way the substance of any paragraph contained herein.

 

10.          Effect of Bankruptcy.  This Guaranty shall continue to be effective or reinstated, as the case may be, if at any time payment to Lender of all or any part of the Non-Recourse Carveout Obligations is rescinded or must otherwise be restored or refunded by Lender pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief proceeding involving Borrower.  In the event that Lender must rescind or restore any payment received by Lender in satisfaction of the Non-Recourse Carveout Obligations, as set forth herein, any prior release or discharge of the terms of this Guaranty given to Guarantor by Lender shall be without effect and this Guaranty shall remain in full force and effect.

 

4

 

11.          Notices.  All notices hereunder shall be given at the following address:

 

If to Guarantor: GTJ REIT, Inc., 444 Merrick Road, Suite 370, Lynbrook, New York 11563, with a copies to GTJ REIT, Inc., 444 Merrick Road, Suite 370, Lynbrook, New York 11563, Attention: David Oplanich, CFO and Ruskin Moscou Faltischek, P.C., East Tower, 15th Floor, 1425 RXR Plaza, Uniondale, New York 11556, Attention: Adam P. Silvers, Esq.; and

 

If to Lender:  John Hancock Life Insurance Company (U.S.A.), 197 Clarendon Street, C-3, Boston, Massachusetts 02116, Re: Loan No. 523035:11 with a copy to Edwards Wildman Palmer LLP, 20 Church Street, 20th Floor, Hartford, Connecticut  06103, Attention:  John B. D’Agostino, Esq.

 

All notices given hereunder shall be in writing and shall be considered properly given if delivered either personally to such other party, or sent by nationally recognized overnight courier delivery service or by certified mail of the United States Postal Service, postage prepaid return receipt requested, addressed to the other party as set forth above (or to such other address or person as either party entitled to notice may by notice to the other party specify). Unless otherwise specified, notices shall be deemed given as follows:  (i) if delivered personally, when delivered, (ii) if delivered by nationally recognized overnight courier delivery service, on the day following the day such material is sent or (iii) if delivered by certified mail, on the third day after the same is deposited in the United States Postal Service as provided above.

 

12.          Benefit.  Guarantor warrants and represents that Guarantor has received, or will receive, direct or indirect benefit from the execution and delivery of this Guaranty.

 

13.          No Representations by Lender.  Neither Lender nor anyone acting on behalf of Lender has made any representation, warranty or statement to Guarantor to induce Guarantor to execute and deliver this Guaranty.

 

14.          Application of Foreclosure Proceeds.  In the event of any foreclosure sales of the mortgaged property and collateral covered by the Loan Documents, the proceeds of such sales shall be applied first to the discharge of that portion of the indebtedness then remaining unpaid as to which Guarantor is not fully personally liable pursuant to this Guaranty, it being the express intention of the parties that the application of the proceeds of such foreclosure sales shall be in such a manner as not to extinguish or reduce Guarantor’s personal liability hereunder until all of the indebtedness as to which Guarantor is not personally liable hereunder has been paid in full.  Nothing contained in this Paragraph 14 shall be construed to require that Lender foreclose the liens and security interests created in the Loan Documents as a condition precedent to bringing an action against Guarantor upon this Guaranty, or as an agreement that Guarantor’s liability is limited to any deficiency remaining after such a foreclosure.

 

15.          Joint and Several Liability.  If more than one person is included in the definition of Guarantor, the liability of all such persons hereunder shall be joint and several.

 

5

 

16.          Special State Provisions.  IN CONNECTION WITH ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY, GUARANTOR WAIVES ANY RIGHT TO NOTICE AND HEARING UNDER CHAPTER 903(a) OF THE CONNECTICUT GENERAL STATUTES, AS NOW OR HEREAFTER AMENDED, OR ANY SUCCESSOR ACT THERETO, AND AUTHORIZES THE ATTORNEY OF LENDER TO ISSUE A WRIT FOR THE PREJUDGMENT REMEDY WITHOUT COURT ORDER.

 

17.          Waiver of Trial by Jury.  GUARANTOR WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR THE OTHER LOAN DOCUMENTS OR TRANSACTIONS EVIDENCED HEREBY OR THEREBY AND AGREES THAT NO SUCH ACTION WITH RESPECT TO WHICH A JURY TRIAL HAS BEEN WAIVED SHALL BE SOUGHT TO BE CONSOLIDATED WITH ANY OTHER ACTION WITH RESPECT TO WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED.

 

18.          Governing Law; Consent to Jurisdiction.  THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF CONNECTICUT WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.  GUARANTOR HEREBY SUBMITS TO PERSONAL JURISDICTION IN SAID STATE AND ANY OTHER STATE WHERE ANY COLLATERAL (AS DEFINED IN THE LOAN AGREEMENT) IS LOCATED AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN SAID STATE (AND ANY APPELLATE COURTS TAKING APPEALS THEREFROM) FOR THE ENFORCEMENT OF GUARANTOR’S OBLIGATIONS HEREUNDER, AND WAIVES ANY AND ALL PERSONAL RIGHTS UNDER THE LAW OF ANY OTHER STATE OR COUNTRY TO OBJECT TO JURISDICTION WITHIN SUCH STATE FOR THE PURPOSES OF SUCH ACTION, SUIT, PROCEEDING OR LITIGATION TO ENFORCE SUCH OBLIGATIONS OF GUARANTOR.  GUARANTOR HEREBY WAIVES AND AGREES NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY, (A) THAT IT IS NOT SUBJECT TO SUCH JURISDICTION OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN THOSE COURTS OR THAT THIS GUARANTY MAY NOT BE ENFORCED IN OR BY THOSE COURTS OR THAT IT IS EXEMPT OR IMMUNE FROM EXECUTION, (B) THAT THE ACTION, SUIT OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR (C) THAT THE VENUE OF THE ACTION, SUIT OR PROCEEDING IS IMPROPER.  IN THE EVENT ANY SUCH ACTION, SUIT, PROCEEDING OR LITIGATION IS COMMENCED, GUARANTOR AGREES THAT, IN ADDITION TO ANY METHOD PERMITTED UNDER APPLICABLE LAW, SERVICE OF PROCESS MAY BE MADE, AND PERSONAL JURISDICTION OVER GUARANTOR OBTAINED WITH RESPECT TO THIS GUARANTY AND ANY OTHER LOAN DOCUMENT, BY SERVICE OF A COPY OF THE SUMMONS, COMPLAINT AND OTHER PLEADINGS REQUIRED TO COMMENCE SUCH LITIGATION ADDRESSED TO GUARANTOR DELIVERED TO GTJ REIT, INC., 444 MERRICK ROAD, SUITE 370, LYNBROOK, NEW YORK 11563.

 

[Remainder of page intentionally left blank; signature page follows.]

 

6

 

EXECUTED under seal effective as of the date first above written.

 

	
 
    	
GUARANTOR:
    
	
 
    	
 
    
	
 
    	
GTJ REIT, INC.,

a Maryland corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Oplanich
    
	
 
    	
 
    	
Name:
    	
David Oplanich
    
	
 
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GTJ GP, LLC,
    
	
 
    	
a Maryland limited liability company,
    
	
 
    	
 
    
	
 
    	
By:
    	
GTJ REIT, Inc.,
    
	
 
    	
 
    	
a Maryland corporation,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/  David   Oplanich
    
	
 
    	
 
    	
 
    	
Name:
    	
David Oplanich
    
	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    
	
 
    	
GTJ REALTY, LP,
    
	
 
    	
a Delaware limited partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
GTJ GP, LLC,
    
	
 
    	
 
    	
a Maryland limited liability company,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
GTJ REIT, Inc.,
    
	
 
    	
 
    	
 
    	
a Maryland corporation,
    
	
 
    	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/ David Oplanich
    
	
 
    	
 
    	
 
    	
Name:
    	
David Oplanich
    
	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
											

 

[Signature Page to Guaranty Agreement —CT]

 

 

	
STATE OF                
    	
:
    
	
 
    	
:SS.
    
	
COUNTY OF                
    	
:
    

 

On this            day of                 , 2012, before me,                                                   , the undersigned officer personally appeared                      who acknowledged himself to be the                                of GTJ REIT, Inc., a Maryland corporation, and that he, as such                       , being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as                                   .

 

IN WITNESS WHEREOF, I hereunto set my hand.

 

	
 
    	
/s/ Paula Corazza
    
	
 
    	
Notary Public
    
	
 
    	
Commission expires:                     
    
	
 
    	
 
    

 

	
STATE OF                     
    	
:
    
	
 
    	
:SS.
    
	
COUNTY OF                     
    	
:
    

 

On this            day of                 , 2012, before me,                                                   , the undersigned officer, personally appeared                                 , who acknowledged himself to be the                                of GTJ REIT, Inc., a Maryland corporation, which is the sole member of GTJ GP, LLC, a Maryland (member managed or manager managed) limited liability company, and that he as such                       , being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation as the sole member of the limited liability company by himself as                           .

 

IN WITNESS WHEREOF, I hereunto set my hand.

 

	
 
    	
/s/ Paula Corazza
    
	
 
    	
Notary Public
    
	
 
    	
Commission expires:                     
    

 

[Acknowledgment Page to Guaranty Agreement — CT]

 

 

	
STATE OF                     
    	
:
    
	
 
    	
:SS.
    
	
COUNTY OF                     
    	
:
    

 

On this            day of                 , 2012, before me,                                                   , the undersigned officer, personally appeared                                 , who acknowledged himself to be the                                of GTJ REIT, Inc., a Maryland corporation, which is the sole member of GTJ GP, LLC, a Maryland (member managed or manager managed) limited liability company, which is the general partner of GTJ Realty, LP, a Delaware limited partnership and that he as such                       , being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation as the sole member of the limited liability company as the general partner of the limited partnership by himself as                           .

 

IN WITNESS WHEREOF, I hereunto set my hand.

 

	
 
    	
/s/ Paula Corazza
    
	
 
    	
Notary Public
    
	
 
    	
Commission expires:                        
    

 

[Acknowledgment Page to Guaranty Agreement — CT]

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