Document:

Exhibit
10.33

AMENDED
AND RESTATED PROMISSORY NOTE

	
  U.S. $20,983,089.00

  	
  November 15, 2006

  

 

FOR VALUE RECEIVED, and at the times hereinafter
specified, TRADEPORT DEVELOPMENT II, LLC, a Connecticut limited liability
company (“Maker”), whose address is 204 West Newberry Road, Bloomfield,
Connecticut 06002–1308, hereby promises to pay to the order of FIRST SUNAMERICA
LIFE INSURANCE COMPANY, a New York corporation (hereinafter referred to,
together with each subsequent holder hereof, as “Holder”), at c/o AIG Global
Investment Corp., 1 SunAmerica Center, 38th Floor, Century City, Los Angeles, California
90067-6022, or at such other address as may be designated from time to
time hereafter by any Holder, the principal sum of TWENTY MILLION NINE HUNDRED
EIGHTY–THREE THOUSAND EIGHTY SEVEN AND NINETY-NINE/100THS DOLLARS
($20,983,087.99), together with interest on the principal balance outstanding
from time to time, as hereinafter provided, in lawful money of the United
States of America.

RECITALS

A.                                   On
or about July 6, 2005, Mortgagee made a loan to Mortgagor in the original
principal amount of $12,700,000.00 (the “Original Loan”).

B.                                     The
Original Loan is evidenced by a Promissory Note dated July 6, 2005 (the “Original
Note”), in the original principal amount of the Original Loan executed by
Mortgagor for the benefit of Mortgagee, and is secured by, among other things,
a Mortgage Deed, Security Agreement, Fixture Filing, Financing Statement and
Assignment of Leases and Rents (the “Original Mortgage”) dated as of July 6,
2005, executed by Mortgagor for the benefit of Mortgagee encumbering the real
property and improvements thereon and other property more particular described
in the Original Mortgage.  The Original
Mortgage was recorded on July 7, 2005, in Volume 1508 at Page 433, in the real
property records of the Town of Windsor, Connecticut.

C.                                     The
Original Note, the Original Mortgage, and each other document executed by
Original Mortgagor evidencing or securing the Original Loan, are referred to herein,
collectively, as the “Original Loan Documents.”

D.                                    As
of the date hereof, the outstanding principal balance owing under such Original
Note is $12,483,087.99 (the “Original Loan Principal Balance”).

E.                                      Maker
has requested that Holder make an additional advance to Maker in the amount of
$8,500,000.00 (the “Additional Advance”).

F.                                      The
sum of the Original Loan Principal Balance and the Additional Advance is
$20,983,087.99 (the “New Principal Balance”).

G.                                     This
Amended and Restated Promissory Note (this “Note”) shall be effective as of the
date Holder makes the Additional Advance to Maker (the “Closing Date”),

and upon Holder making
such Additional Advance, (i) this Note shall consolidate the Original Loan and
the Additional Advance, and amend, modify and restate in its entirety the
Original Note, and (ii) the conditions contained in this Note shall supersede
and control the terms, covenants, agreements, rights, obligations and
conditions contained in the Original Note.

AGREEMENT

By its execution and delivery of this amended and
restated promissory note, Maker covenants and agrees as follows:

1.                                       Interest
Rate and Payments.

(a)          The balance of principal
outstanding from time to time under this Note shall bear interest at the rate
of five and seventy-three one-hundredths percent (5.73%) per annum (the “New
Rate”), based on a three hundred sixty (360) day year composed of twelve (12)
months of thirty (30) days each; however, interest for partial months shall be
calculated by multiplying the principal balance of this Note by the applicable
interest rate (i.e., the Original Interest Rate or the Extension Term Rate
(hereinafter defined)), dividing the product by three hundred sixty (360), and
multiplying that result by the actual number of days elapsed.

(b)         Accrued interest (if any)
on the Original Loan Principal Balance, at the interest rate set forth in the
Original Note, shall be payable on the Closing Date, in arrears.  In addition, interest only, at the New Rate,
on the New Principal Balance, shall be payable on the Closing Date, in advance,
for the period from and including the Closing Date through and including
November 30, 2006.

(c)          Commencing on January 1,
2007 and on the first day of each month thereafter through and including July
1, 2015 combined payments of principal and interest shall be payable, in
arrears, in the amount of $123,507.71 each (such amount representing an amount
sufficient to fully amortize the original principal amount of this Note over a
three hundred fifty (350) month period (the “Amortization Period”)).

(d)         The entire outstanding
principal balance of this Note, together with all accrued and unpaid interest
and all other sums due hereunder, shall be due and payable in full on August 1,
2015 (the “Original Maturity Date”).

2.                                       Holder’s
Extension Option; Net Operating Income.

(a)          If Maker shall fail to
pay the outstanding principal balance of this Note and all accrued interest and
other charges due hereon at the Original Maturity Date, Holder shall have the
right, at Holder’s sole option and discretion, to extend the term of the Loan
for an additional period of five (5) years (the “Extension Term”).  If Holder elects to extend the term of the
Loan, Maker shall pay all fees of Holder incurred in connection with such
extension, including, but not limited to, attorneys’ fees and title insurance
premiums.  Maker shall execute all
documents reasonably requested by Holder to evidence and secure the Loan, as
extended, and shall obtain and provide to Holder any title insurance policy or
endorsement requested by Holder.

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(b)         Should Holder elect to
extend the term of the Loan as provided above, Holder shall (i) reset the
interest rate borne by the then-existing principal balance of the Loan to
a rate per annum (the “Extension Term Rate”) equal to the greater of (A) the
Original Interest Rate, or (B) Holder’s (or comparable lenders’, if Holder is
no longer making such loans) then-prevailing interest rate for five (5)
year loans secured by properties similar to the Property (hereinafter defined),
as determined by Holder in its sole discretion; (ii) re-amortize the then-existing
principal balance of the Loan over the remaining portion of the Amortization
Period (the “New Amortization Period”); (iii) have the right to require Maker
to enter into modifications of the non-economic terms of the Loan
Documents as Holder may request (the “Non-Economic Modifications”); and
(iv) notwithstanding any provision set forth in the Loan Documents to the
contrary, have the right to require Maker to make monthly payments into escrow
for insurance premiums and real property taxes, assessments and similar
governmental charges.  Hence, monthly
principal and interest payments during the Extension Term shall be based upon
the Extension Term Rate, and calculated to fully amortize the outstanding
principal balance of the Loan over the New Amortization Period.

(c)          If Holder elects to
extend the term of the Loan, Holder shall advise Maker of the Extension Term
Rate within fifteen (15) days following the Original Maturity Date.

(d)         In addition to the
required monthly payments of principal and interest set forth above, commencing
on the first day of the second month following the Original Maturity Date and
continuing on the first day of each month thereafter during the Extension Term
(each an “Additional Payment Date”), Maker shall make monthly payments to
Holder in an amount equal to all Net Operating Income (hereinafter defined)
attributable to the Property for the calendar month ending on the last day of
the month that is two months preceding each such Additional Payment Date.  For example, assuming the Original Maturity
Date is January 1, then Net Operating Income for the period from January 1
through January 31 shall be payable to Holder on March 1; Net Operating Income
for the period from February 1 through February 28 shall be payable to Holder
on April 1, and so on.

(e)          Holder shall deposit all
such Net Operating Income received from Maker into an account or accounts
maintained at a financial institution chosen by Holder or its servicer in its
sole discretion (the “Deposit Account”) and all such funds shall be invested in
a manner acceptable to Holder in its sole discretion.  All interest, dividends and earnings credited
to the Deposit Account shall be held and applied in accordance with the terms
hereof.

(f)            On the third
Additional Payment Date and on each third Additional Payment Date thereafter,
Holder shall apply all Excess Funds (hereinafter defined), if any, to
prepayment of amounts due under this Note, without premium or penalty.

(g)         As security for the
repayment of the Loan and the performance of all other obligations of Maker
under the Loan Documents, Maker hereby assigns, pledges, conveys, delivers,
transfers and grants to Holder a first priority security interest in and to:  all Maker’s right, title and interest in and
to the Deposit Account; all rights to payment from the Deposit Account and the
money deposited therein or credited thereto (whether then due or in the future
due and whether then or in the future on deposit); all interest thereon; any
certificates, instruments and securities, if any, representing the Deposit
Account; all claims, demands, general

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intangibles, choses in
action and other rights or interests of Maker in respect of the Deposit
Account; any monies then or at any time thereafter deposited therein; any
increases, renewals, extensions, substitutions and replacements thereof; and
all proceeds of the foregoing.

(h)         From time to time, but
not more frequently than monthly, Maker may request a disbursement (a “Disbursement”)
from the Deposit Account for capital expenses, tenant improvement expenses,
leasing commissions and special contingency expenses.  Holder may consent to or deny any such
Disbursement in its sole discretion.

(i)             Upon the occurrence
of any Event of Default (hereinafter defined) (i) Maker shall not be entitled
to any further Disbursement from the Deposit Account; and (ii) Holder shall be
entitled to take immediate possession and control of the Deposit Account (and
all funds contained therein) and to pursue all of its rights and remedies
available to Holder under the Loan Documents, at law and in equity.

(j)             All of the terms and
conditions of the Loan shall apply during the Extension Term, except as
expressly set forth above, and except that no further extensions of the Loan
shall be permitted.

(k)          For
the purposes of the foregoing:

(i)                                     “Excess
Funds” shall mean, on any Additional Payment Date, the amount of funds then
existing in the Deposit Account (including any Net Operating Income due on the
applicable Additional Payment Date), less an amount equal to the sum of three
regularly scheduled payments of principal and interest due on this Note;

(ii)                                  “Net
Operating Income” shall mean, for any particular period of time, Gross Revenue
for the relevant period, less Operating Expenses for the relevant period;
provided, however, that if such amount is equal to or less than zero (0), Net
Operating Income shall equal zero (0);

(iii)                               “Gross Revenue” shall
mean all payments and other revenues (exclusive, however, of any payments
attributable to sales taxes) received by or on behalf of Maker from all sources
related to the ownership or operation of the Property, including, but not
limited to, rents, room charges, parking fees, interest, security deposits
(unless required to be held in a segregated account), business interruption
insurance proceeds, operating expense pass-through revenues and common
area maintenance charges, for the relevant period for which the calculation of
Gross Revenue is being made; and

(iv)                              “Operating
Expenses” shall mean the sum of all ordinary and necessary operating expenses
actually paid by Maker in connection with the operation of the Property during
the relevant period for which the calculation of Operating Expenses is being
made, including, but not limited to, (a) payments made by Maker for taxes and
insurance required under the Loan Documents, and (b) monthly debt service
payments as required under this Note.

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3.                                       Budgets
During Extension Term.

(a)          Within fifteen (15) days
following the Original Maturity Date and on or before December 1 of each
subsequent calendar year, Maker shall deliver to Holder a proposed revenue and
expense budget for the Property for the remainder of the calendar year in which
the Original Maturity Date occurs or the immediately succeeding calendar year
(as applicable).  Such budget shall set
forth Maker’s projection of Gross Revenue and Operating Expenses for the
applicable calendar year, which shall be subject to Holder’s reasonable
approval.  Once a proposed budget has
been reviewed and approved by Holder, and Maker has made all revisions
requested by Holder, if any, the revised budget shall be delivered to Holder
and shall thereafter become the budget for the Property hereunder (the “Budget”)
for the applicable calendar year.  If
Maker and Holder are unable to agree upon a Budget for any calendar year, the
budgeted Operating Expenses (excluding extraordinary items) provided in the
Budget for the Property for the preceding calendar year shall be considered the
Budget for the Property for the subject calendar year until Maker and Holder
agree upon a new Budget for such calendar year.

(b)         During the Extension
Term, Maker shall operate the Property in accordance with the Budget for the
applicable calendar year, and the total of expenditures relating to the
Property exceeding one hundred and five percent (105%) of the aggregate of such
expenses set forth in the Budget for the applicable time period shall not be
treated as Operating Expenses for the purposes of calculating “Net Operating
Income,” without the prior written consent of Holder except for emergency
expenditures which, in the Maker’s good faith judgment, are reasonably
necessary to protect, or avoid immediate danger to, life or property.

4.                                       Reports
During Extension Term.

(a)          During the Extension
Term, Maker shall deliver to Holder all financial statements reasonably
required by Holder to calculate Net Operating Income, including, without
limitation, a monthly statement to be delivered to Holder concurrently with
Maker’s payment of Net Operating Income that sets forth the amount of Net
Operating Income accompanying such statement and Maker’s calculation of Net
Operating Income for the relevant calendar month.  Such statements shall be certified by an
executive officer of Maker or Maker’s manager, managing member or general
partner (as applicable) as having been prepared in accordance with the terms
hereof and to be true, accurate and complete in all material respects.

(b)         In addition, on or before
February 1 of each calendar year during the Extension Term, Maker shall submit
to Holder an annual income and expense statement for the Property which shall
include the calculation of Gross Revenue, Operating Expenses and Net Operating
Income for the preceding calendar year and shall be accompanied by Maker’s
reconciliation of any difference between the actual aggregate amount of the Net
Operating Income for such calendar year and the aggregate amount of Net
Operating Income for such calendar year actually remitted to Holder.  All such statements shall be certified by an
executive officer of Maker or Maker’s manager, managing member or general
partner (as applicable) as having been prepared in accordance with the terms
hereof and to be true, accurate and complete in all material respects.  If any such annual financial statement
discloses any inconsistency between the calculation of Net Operating Income and
the amount of Net Operating Income

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actually remitted to
Holder, Maker shall immediately remit to Holder the amount of any underpayment
of Net Operating Income for such calendar year or, in the event of an
overpayment by Maker, such amount may be withheld from any subsequent payment
of Net Operating Income required hereunder.

(c)          Holder may notify Maker
within ninety (90) days after receipt of any statement or report required
hereunder that Holder disputes any computation or item contained in any portion
of such statement or report.  If Holder
so notifies Maker, Holder and Maker shall meet in good faith within twenty (20)
days after Holder’s notice to Maker to resolve such disputed items.  If, despite such good faith efforts, the
parties are unable to resolve the dispute at such meeting or within ten (10)
days thereafter, the items shall be resolved by an independent certified public
accountant designated by Holder within fifteen (15) days after such ten (10)
day period.  The determination of such
accountant shall be final.  All fees of
such accountant shall be paid by Maker. 
Maker shall remit to Holder any additional amount of Net Operating
Income found to be due for such periods within ten (10) days after the
resolution of such dispute by the parties or the accountant’s determination, as
applicable.  The amount of any
overpayment found to have been made for such periods may be withheld from any
required future remittance of Net Operating Income.

(d)         Maker shall at all times
keep and maintain full and accurate books of account and records adequate to
reflect correctly all items required in order to calculate Net Operating Income.

5.                                       Prepayment.

(a)          Until July 5, 2010,
Maker shall have no right to prepay all or any part of this Note.

(b)         At any time after July 5,
2010, Maker shall have the right to prepay the full principal amount of this
Note and all accrued but unpaid interest hereon as of the date of prepayment,
provided that (i) Maker gives not less than thirty (30) days’ prior written
notice to Holder of Maker’s election to prepay this Note, and (ii) Maker pays a
prepayment premium to Holder equal to the greater of (A) one percent (1%) of
the outstanding principal amount of this Note or (B) the Present Value of this
Note (hereinafter defined), less the amount of principal being prepaid,
calculated as of the prepayment date.

(c)          Holder shall notify
Maker of the amount and basis of determination of the prepayment premium.  Holder shall not be obligated to accept any
prepayment of the principal balance of this Note unless such prepayment is
accompanied by the applicable prepayment premium and all accrued interest and
other sums due under this Note.  Maker
may not prepay the Loan on a Friday or on any day preceding a public holiday,
or the equivalent for banks generally under the laws of the State in which the
Property is located (the “State”).

(d)         Except for making
payments of Net Operating Income as required above, and except for the
application of insurance proceeds or condemnation awards to the principal
balance of this Note, as provided in the Mortgage (hereinafter defined), in no
event shall Maker be permitted to make any partial prepayments of this Note.

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(e)          If Holder accelerates
this Note for any reason, then in addition to Maker’s obligation to pay the
then outstanding principal balance of this Note and all accrued but unpaid
interest thereon, Maker shall pay an additional amount equal to the prepayment
premium that would be due to Holder if Maker were voluntarily prepaying this
Note at the time that such acceleration occurred, or if under the terms hereof
no voluntary prepayment would be permissible on the date of such acceleration,
Maker shall pay a prepayment premium calculated as set forth in the Mortgage.

(f)            For
the purposes of the foregoing:

(i)                                     The
“Present Value of this Note” with respect to any prepayment of this Note, as of
any date, shall be determined by discounting all scheduled payments of
principal and interest remaining to maturity of this Note, attributed to the
amount being prepaid, at the Discount Rate. 
If prepayment occurs on a date other than a regularly scheduled payment
date, the actual number of days remaining from the prepayment date to the next
regularly scheduled payment date will be used to discount within such period;

(ii)                                  The
“Discount Rate” is the rate which, when compounded monthly, is equivalent to
the Treasury Rate, when compounded semi-annually;

(iii)                               The “Treasury Rate” is
the semi-annual yield on the Treasury Constant Maturity Series with
maturity equal to the remaining weighted average life of this Note, for the
week prior to the prepayment date, as reported in Federal Reserve Statistical Release
H.15 - Selected Interest Rates, conclusively determined by Holder on the
prepayment date.  The rate will be
determined by linear interpolation between the yields reported in Release H.15,
if necessary.  In the event Release H.15
is no longer published, Holder shall select a comparable publication to
determine the Treasury Rate.

(g)         Holder shall not be
obligated actually to reinvest the amount prepaid in any treasury obligations
as a condition precedent to receiving any prepayment premium.

(h)         Notwithstanding the
foregoing, (i) at any time during the Extension Term, Maker shall have the
right to prepay the full principal amount of this Note and all accrued but
unpaid interest thereon as of the date of prepayment, without prepayment
premium thereon, and (ii) no prepayment premium shall be due in connection with
the application of any insurance proceeds or condemnation awards to the
principal balance of this Note, as provided in the Mortgage.

6.                                       Payments.  Whenever any payment to be made under this
Note shall be stated to be due on a Saturday, Sunday or public holiday or the
equivalent for banks generally under the laws of the State (any other day being
a “Business Day”), such payment may be made on the next succeeding Business
Day.

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7.                                       Default
Rate.

(a)          The entire balance of
principal, interest, and other sums due upon the maturity hereof, by
acceleration or otherwise, shall bear interest from the date due until paid at
the greater of (i) eighteen percent (18%) per annum and (ii) a per annum rate
equal to five percent (5%) over the prime rate (for corporate loans at large
United States money center commercial banks) published in The Wall Street Journal on the first
business day of each month (the “Default Rate”); provided, however, that such
rate shall not exceed the maximum permitted by applicable state or federal
law.  In the event The Wall Street Journal is no longer
published or no longer publishes such prime rate, Holder shall select a
comparable reference.

(b)         If any payment under this
Note is not made when due, interest shall accrue at the Default Rate from the
date such payment was due until payment is actually made.

8.                                       Late
Charges.  In addition to interest as
set forth herein, Maker shall pay to Holder a late charge equal to four percent
(4%) of any amounts due under this Note in the event any such amount is not
paid when due.  Notwithstanding the
foregoing, Maker shall be permitted to make one such payment within five (5)
days following its due date in any consecutive twelve-month period without incurring
a late charge.

9.                                       Application
of Payments.  All payments hereunder
shall be applied first to the payment of late charges, if any, then to the
payment of prepayment premiums, if any, then to the repayment of any sums
advanced by Holder for the payment of any insurance premiums, taxes,
assessments, or other charges against the property securing this Note (together
with interest thereon at the Default Rate from the date of advance until
repaid), then to the payment of accrued and unpaid interest, and then to the
reduction of principal.

10.                                 Immediately
Available Funds.  Payments under this
Note shall be payable in immediately available funds without setoff,
counterclaim or deduction of any kind, and shall be made by electronic funds
transfer from a bank account established and maintained by Maker for such
purpose.

11.                                 Security.  This Note is secured by a Mortgage Deed,
Security Agreement, Fixture Filing, Financing Statement and Assignment of
Leases and Rents of even date herewith granted by Maker for the benefit of the
named Holder hereof (the “Mortgage”) encumbering certain real property and
improvements thereon commonly known as 75 International Drive, 754 Rainbow Road
and 758 Rainbow Road, Windsor, Connecticut, as more particularly described in
such Mortgage (the “Property”).

12.                                 Certain
Definitions.  Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the
Mortgage.

13.                                 Event
of Default.  Each of the following
events will constitute an event of default (an “Event of Default”) under this
Note and under the Mortgage and each other Loan Document, and any Event of
Default under any Loan Document shall constitute an Event of Default hereunder
and under each of the other Loan Documents:

(a)          any failure to pay when
due any sum hereunder;

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(b)         any failure of Maker to
properly perform any obligation contained herein or in any of the other Loan
Documents (other than the obligation to make payments under this Note or the
other Loan Documents) and the continuance of such failure for a period of ten
(10) days following written notice thereof from Holder to Maker; provided,
however, that if such failure is not curable within such ten (10) day period,
then, so long as Maker commences to cure such failure within such ten (10) day period
and is continually and diligently attempting to cure to completion, such
failure shall not be an Event of Default unless such failure remains uncured
for thirty (30) days after such written notice to Maker; or

(c)          if, at any time during
the Extension Term, Gross Revenue for any calendar month shall be less than
ninety-three percent (93%) of the amount of projected Gross Revenue for
such month set forth in the applicable Budget.

14.                                 Acceleration.  Upon the occurrence of any Event of Default,
the entire balance of principal, accrued interest, and other sums owing
hereunder shall, at the option of Holder, become at once due and payable
without notice or demand.  Upon the
occurrence of an Event of Default described in Section 13(c) hereof, Holder
shall have the option, in its sole discretion, to either (a) exercise any
remedies available to it under the Loan Documents, at law or in equity, or (b)
require Maker to submit a new proposed budget for Holder’s approval.  If Holder agrees to accept such new proposed
budget, then such budget shall become the Budget for all purposes hereunder.

15.                                 Conditions
Precedent.  Maker hereby certifies
and declares that all acts, conditions and things required to be done and
performed and to have happened precedent to the creation and issuance of this
Note, and to constitute this Note the legal, valid and binding obligation of
Maker, enforceable in accordance with the terms hereof, have been done and
performed and happened in due and strict compliance with all applicable laws.

16.                                 Certain
Waivers and Consents.  Maker and all
parties now or hereafter liable for the payment hereof, primarily or
secondarily, directly or indirectly, and whether as endorser, guarantor,
surety, or otherwise, hereby severally (a) waive presentment, demand, protest,
notice of protest and/or dishonor, and all other demands or notices of any sort
whatever with respect to this Note, (b) consent to impairment or release of
collateral, extensions of time for payment, and acceptance of partial payments
before, at, or after maturity, (c) waive any right to require Holder to proceed
against any security for this Note before proceeding hereunder, (d) waive
diligence in the collection of this Note or in filing suit on this Note, and
(e) agree to pay all costs and expenses, including reasonable attorneys’ fees,
which may be incurred in the collection of this Note or any part thereof or in
preserving, securing possession of, and realizing upon any security for this
Note.

17.                                 Usury
Savings Clause.  The provisions of
this Note and of all agreements between Maker and Holder are, whether now
existing or hereinafter made, hereby expressly limited so that in no
contingency or event whatever, whether by reason of acceleration of the
maturity hereof, prepayment, demand for payment or otherwise, shall the amount
paid, or agreed to be paid, to Holder for the use, forbearance, or detention of
the principal hereof or interest hereon, which remains unpaid from time to
time, exceed the maximum amount permissible under applicable law, it
particularly being the intention of the parties hereto to conform strictly to

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the laws of the State and
Federal law, whichever is applicable.  If
from any circumstance whatever, the performance or fulfillment of any provision
hereof or of any other agreement between Maker and Holder shall, at the time
performance or fulfillment of such provision is due, involve or purport to
require any payment in excess of the limits prescribed by law, then the
obligation to be performed or fulfilled is hereby reduced to the limit of such
validity, and if from any circumstance whatever Holder should ever receive as
interest an amount which would exceed the highest lawful rate, the amount which
would be excessive interest shall be applied to the reduction of the principal
balance owing hereunder (or, at Holder’s option, be paid over to Maker) and
shall not be counted as interest.  To the
extent permitted by applicable law, determination of the legal maximum amount
of interest shall at all times be made by amortizing, prorating, allocating and
spreading in equal parts during the period of the full stated term of this
Note, all interest at any time contracted for, charged, or received from Maker
in connection with this Note and all other agreements between Maker and Holder,
so that the actual rate of interest on account of the indebtedness represented
by this Note is uniform throughout the term hereof.

18.                                 Non-Recourse;
Exceptions to Non-Recourse. 
Nothing contained in this Note or any of the other Loan Documents shall
be deemed to impair or limit Holder’s rights: 
in foreclosure proceedings or in any ancillary proceedings brought to
facilitate Holder’s foreclosure on the Property or any portion thereof or to
exercise any specific rights or remedies afforded Holder under any other
provisions of the Loan Documents or by law or in equity, subject to the non-recourse
provisions set forth below; to recover in accordance with the terms of any
guarantee given in connection with the Loan; or to pursue any personal
liability of Maker or any Guarantor under the Environmental Indemnity Agreement
or Section 5.10 of the Mortgage.  Except
as expressly set forth in this Section 18, the recourse of Holder with respect
to the obligations evidenced by the Loan Documents shall be solely to the Property,
Chattels and Intangible Personalty (as defined in the Mortgage) and any other
collateral given as security for the Loan:

(a)          Notwithstanding anything
to the contrary contained in this Note or in any Loan Document, nothing shall
be deemed in any way to impair, limit or prejudice the rights of Holder to
collect or recover from Maker and Guarantor (as defined in the Mortgage):  (i) damages or costs (including without
limitation reasonable attorneys’ fees) incurred by Holder as a result of waste
by Maker; (ii) any condemnation or insurance proceeds attributable to the
Property which were not paid to Holder or used to restore the Property in
accordance with the terms of the Mortgage; (iii) any rents, profits, advances,
rebates, prepaid rents or other similar sums attributable to the Property
collected by or for Maker following an Event of Default (as defined in the
Mortgage) and not properly applied to the reasonable fixed and operating
expenses of the Property, including payments of this Note and other sums due
under the Loan Documents; (iv) any security deposits collected by or for
Borrower and not applied in accordance with applicable leases; (v) the amount
of any accrued taxes, assessments, and/or utility charges affecting the
Property (whether or not the same have been billed to Maker) that are either
unpaid by Maker or advanced by Holder under the Mortgage, but excluding any
amounts then in escrow with Holder for any such taxes or assessments; provided,
however, that Maker shall not be obligated for those taxes, assessments and/or
utility charges accruing after the date that is the earlier of (A) Maker’s
tender of a deed—in—lieu of foreclosure to Holder, subject to no title
exceptions other than the Permitted Exceptions or those otherwise acceptable to
Holder in its sole discretion (provided the Property is free of any
environmental contamination), or (B) the

 10
 

date Holder takes title
to the Property in connection with the foreclosure of the Mortgage; (vi) any
sums expended by Holder in fulfilling the obligations of Maker, as lessor,
under any leases affecting the Property; provided, however, that Maker shall
not be obligated for those sums expended by Holder in fulfilling the
obligations of Maker accruing after the date that is the earlier of (A) Maker’s
tender of a deed–in–lieu of foreclosure to Holder, subject to no title
exceptions other than the Permitted Exceptions or those otherwise acceptable to
Holder in its sole discretion (provided the Property is free of any
environmental contamination), or (B) the date Holder takes title to the
Property in connection with the foreclosure of the Mortgage; (vii) the amount
of any loss suffered by Holder (that would otherwise be covered by insurance)
as a result of Maker’s failure to maintain the insurance required under the
terms of any Loan Document; (viii) damages or costs (including without
limitation reasonable attorneys’ fees) incurred by Holder as a result of the
Property, or any part thereof or any interest therein, or any interest in
Maker, being further encumbered by a voluntary lien securing any obligation
upon which Maker, any direct or indirect general partner, manager or managing
member of Maker, any guarantor of the Loan, or any principal or affiliate of
Maker shall be personally liable for repayment, either as obligor or guarantor;
(ix) damages or costs (including without limitation reasonable attorneys’ fees)
incurred by Holder as a result of any breach or violation of Section 5.4, 5.5
or 5.7 of the Mortgage; (x) damages or costs (including without limitation
reasonable attorneys’ fees) incurred by Holder as a result of any intentional
fraud or material misrepresentation by Maker in connection with the Property,
the Loan Documents, or the Application (as defined in the Mortgage); (xi)
damages or costs (including without limitation reasonable attorneys’ fees)
incurred by Holder as a result of Maker forfeiting the Property or Chattels or
any portion of the Property or Chattels due to criminal activity; and (xii)
damages or costs (including without limitation reasonable attorneys’ fees)
incurred by Holder as a result of any amendment, modification or Maker
termination of any lease to Velux America, Inc., AAR Parts Trading, Inc.,Excel Inc., Matheson Flight Extenders,
Inc., or FedEx Ground Package System, Inc. (individually, a Major Tenant) or
execution or subsequent amendment, modification or termination of any lease for
any space currently occupied by any Major Tenant without the prior written
consent of Holder, which consent shall not be unreasonably held.  For purposes of the foregoing, “affiliate”
shall mean any individual, corporation, trust, partnership or any other person
or entity controlled by, controlling or under common control with Maker.  A person or entity of any nature shall be
presumed to have control when it possesses the power, directly or indirectly,
to direct, or cause the direction of, the management or policies of another
person or entity, whether through ownership of voting securities, by contract,
or otherwise.

(b)         The agreement set forth
in the introductory paragraph of this Section 18 to limit the personal
liability of Maker shall become null and void and be of no further force and
effect, and Maker and each Guarantor shall be personally liable for the
obligations evidenced by this Note, in the event of any attempt, without a good
faith defense, by Maker, any Guarantor, or any other person directly or
indirectly responsible for the management of Maker or liable for repayment of
Maker’s obligations under the Loan (whether as maker, endorser, guarantor,
surety, general partner or otherwise) to materially delay foreclosure against
the Property, Chattels and/or Intangible Personalty, which attempts shall
include, without limitation (i) any claim that any Loan Document is invalid or
unenforceable to an extent that would preclude any such foreclosure or other
exercise of remedies by Holder to obtain possession of any collateral for the
Loan; (ii) Maker filing a petition in bankruptcy, Maker failing to oppose in
good faith the entry of an order for relief pursuant to any involuntary
bankruptcy petition filed against it, or Maker

 11
 

seeking any
reorganization, liquidation, dissolution or similar relief under the bankruptcy
laws of the United States or under any other similar federal, state or other statute
relating to relief from indebtedness; or (iii) Maker consenting to, or failing
to oppose in good faith, the appointment of a receiver, trustee or liquidator
with respect to Maker or the Property or any part thereof.

19.                                 Severability.  If any provision hereof or of any other
document securing or related to the indebtedness evidenced hereby is, for any
reason and to any extent, invalid or unenforceable, then neither the remainder
of the document in which such provision is contained, nor the application of
the provision to other persons, entities, or circumstances, nor any other
document referred to herein, shall be affected thereby, but instead shall be
enforceable to the maximum extent permitted by law.

20.                                 Transfer
of Note.  Each provision of this Note
shall be and remain in full force and effect notwithstanding any negotiation or
transfer hereof and any interest herein to any other Holder or participant.

21.                                 Governing
Law.  Regardless of the place of its
execution, this Note shall be construed and enforced in accordance with the
laws of the State.

22.                                 Time
of Essence.  Time is of the essence
with respect to all of Maker’s obligations under this Note.

23.                                 Remedies
Cumulative.  The remedies provided to
Holder in this Note, the Mortgage and the other Loan Documents are cumulative
and concurrent and may be exercised singly, successively or together against
Maker, the Property, and other security, or any guarantor of this Note, at the
sole and absolute discretion of the Holder.

24.                                 No
Waiver.  Holder shall not by any act
or omission be deemed to waive any of its rights or remedies hereunder unless
such waiver is in writing and signed by the Holder and then only to the extent
specifically set forth therein.  A waiver
of one event shall not be construed as continuing or as a bar to or waiver of
any right or remedy granted to Holder hereunder in connection with a subsequent
event.

25.                                 Joint
and Several Obligation.  If Maker is
more than one person or entity, then (a) all persons or entities comprising
Maker are jointly and severally liable for all of the Maker’s obligations
hereunder; (b) all representations, warranties, and covenants made by Maker
shall be deemed representations, warranties, and covenants of each of the
persons or entities comprising Maker; (c) any breach, Default or Event of
Default by any of the persons or entities comprising Maker hereunder shall be
deemed to be a breach, Default, or Event of Default of Maker; and (d) any
reference herein contained to the knowledge or awareness of Maker shall mean
the knowledge or awareness of any of the persons or entities comprising Maker.

26.                                 WAIVER
OF JURY TRIAL.  MAKER AND HOLDER
KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT EITHER
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR
COUNTERCLAIM BASED ON THIS NOTE, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS NOTE, THE MORTGAGE, OR ANY OTHER LOAN DOCUMENTS OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENT

 12
 

(WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF ANY PARTY HERETO OR TO ANY LOAN DOCUMENT.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR
MAKER AND HOLDER TO ENTER INTO THE LOAN.

27.                                 WAIVER
OF PREPAYMENT RIGHT WITHOUT PREMIUM. 
MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY HAVE UNDER APPLICABLE LAW
TO PREPAY THIS NOTE, IN WHOLE OR IN PART, WITHOUT PREPAYMENT PREMIUM, UPON
ACCELERATION OF THE MATURITY DATE OF THIS NOTE, AND AGREES THAT, IF FOR ANY
REASON A PREPAYMENT OF ALL OR ANY PART OF THIS NOTE IS MADE, WHETHER
VOLUNTARILY OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY
HOLDER ON ACCOUNT OF THE OCCURRENCE OF ANY EVENT OF DEFAULT ARISING FOR ANY
REASON, INCLUDING, WITHOUT LIMITATION, AS A RESULT OF ANY PROHIBITED OR
RESTRICTED TRANSFER, FURTHER ENCUMBRANCE OR DISPOSITION OF THE PROPERTY OR ANY PART
THEREOF SECURING THIS NOTE, THEN MAKER SHALL BE OBLIGATED TO PAY, CONCURRENTLY
WITH SUCH PREPAYMENT, THE PREPAYMENT PREMIUM PROVIDED FOR IN THIS NOTE OR, IN
THE EVENT OF PREPAYMENT FOLLOWING ACCELERATION OF THE MATURITY DATE HEREOF WHEN
THIS NOTE IS CLOSED TO PREPAYMENT, AS PROVIDED IN THE MORTGAGE.  MAKER HEREBY DECLARES THAT HOLDER’S AGREEMENT
TO MAKE THE LOAN AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THIS NOTE
CONSTITUTES ADEQUATE CONSIDERATION, GIVEN INDIVIDUAL WEIGHT BY MAKER, FOR THIS
WAIVER AND AGREEMENT.

[Balance of Page Intentionally Left Blank]

 13

IN WITNESS WHEREOF and
intending to be legally bound, Maker has duly executed this Note as of the date
first above written.

	
   

  	
  MAKER:

  
	
   

  	
   

  
	
   

  	
  TRADEPORT DEVELOPMENT II, LLC, a

  Connecticut limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  River Bend Associates, Inc., a Connecticut
  corporation, its Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /S/ Anthony Galici

  
	
   

  	
   

  	
  Name:

  	
  Anthony Galici

  
	
   

  	
   

  	
  Title:

  	
  Vice PresidentExhibit
10.34

GUARANTY AGREEMENT

[TENANT IMPROVEMENTS AND LEASING COMMISSIONS]

 

This GUARANTY AGREEMENT (this “Guaranty”) is made as
of November 15, 2006, by GRIFFIN LAND & NURSERIES, INC., a Delaware
corporation (“Guarantor”), in favor of FIRST SUNAMERICA LIFE INSURANCE COMPANY,
a New York corporation (“Lender”).

1.                                       Loan
and Note.  This Guaranty is executed
in connection with a $20,983,087.99 loan (“Loan”) made by Lender to Tradeport
Development II, LLC, a Connecticut limited liability company (“Borrower”).  The Loan is (a) evidenced by an Amended and
Restated Promissory Note of even date herewith in the original principal amount
of the Loan (“Note”), and (b) secured by, among other things, an Amended and
Restated Mortgage Deed, Security Agreement, Fixture Filing, Financing Statement
and Assignment of Leases and Rents of even date herewith granted by Borrower
for the benefit of Lender (“Mortgage,” and, together with the Note and all
other documents executed by Borrower evidencing and/or securing the Loan, “Loan
Documents”) covering certain real property commonly known as 75 International
Drive, 754 Rainbow Road and 758 Rainbow Road, Windsor, Connecticut, and more
particularly described in the Mortgage (the “Property”).  All capitalized terms used herein without
definition shall have the meanings given to such terms in the Mortgage.

2.                                       Purpose
and Consideration.  The execution and
delivery of this Guaranty by Guarantor is a condition to Lender’s willingness
to make the Loan to Borrower, is made in order to induce Lender to make the
Loan, and is made in recognition that Lender will be relying upon this Guaranty
in making the Loan and performing any other obligations it may have under the
Loan Documents.  Guarantor has a significant
ownership interest in Borrower, and, accordingly, acknowledges that Guarantor
will receive material direct and indirect benefit from Lender making the Loan
to Borrower.

3.                                       Guaranty.

(a)                                  Guarantor
hereby guarantees absolutely, primarily, and irrevocably, payment and
performance of all obligations of Borrower prior to delinquency for
construction work, tenant improvements and leasing commissions in connection
with the leasing of a portion of the Property to FedEx Ground Package System,
Inc., free and clear of any and all liens, charges, security interests and
claims of any kind and nature whatsoever other than the lien of the Mortgage
(collectively, the “Obligations”). 
Guarantor agrees that this is a guaranty of payment and performance, and
not of collection.  Without limiting the
foregoing, Guarantor acknowledges that the Obligations include approximately
$323,000.00 of construction costs due on or around November 30, 2006,
approximately $64,000.00 of construction retainage due on or around December
31, 2006 and approximately $65,000.00 of leasing commissions due on or around
December 1, 2006.

(b)                                 The
failure of Guarantor to timely fulfill the Obligations as set forth herein
shall constitute an Event of Default hereunder, and Guarantor shall be liable

to Lender
hereunder, jointly and severally, for the cost to pay and/or complete the
Obligations.  The failure of Guarantor to
timely fulfill the Obligations as set forth herein shall also constitute an
Event of Default under Section 6.3 of the Mortgage.

4.                                       Guaranty
is Independent and Absolute.  The
obligations of Guarantor hereunder are independent of the obligations of
Borrower and of any other person who may become liable with respect to the
Obligations.  Guarantor is jointly and
severally liable with Borrower and with any other guarantor for the full and
timely payment and performance of all of the Obligations.  Guarantor expressly agrees that a separate
action or actions may be brought and prosecuted against Guarantor (or any other
guarantor), whether or not any action is brought against Borrower, any other
guarantor or any other person for any Obligations guaranteed hereby and whether
or not Borrower, any other guarantor or any other persons are joined in any
action against Guarantor.  Guarantor
further agrees that Lender shall have no obligation to proceed against any
security for the Obligations prior to enforcing this Guaranty against
Guarantor, and that Lender may pursue or omit to pursue any and all rights and
remedies Lender has against any person or with respect to any security in any order
or simultaneously or in any other manner. 
All rights of Lender and all obligations of Guarantor hereunder shall be
absolute and unconditional irrespective of (a) any lack of validity or
enforceability of the Note or any other Loan Document, and (b) any other
circumstances which might otherwise constitute a defense available to, or a
discharge of Borrower in respect of, the Obligations.

5.                                       Authorizations
to Lender.  Guarantor authorizes
Lender, without notice or demand and without affecting Guarantor’s liability
hereunder, from time to time (a) to renew, extend, accelerate or otherwise
change the time for payment of, change, amend, alter, cancel, compromise or
otherwise modify the terms of the Note, including increasing the rate or rates
of interest thereunder agreed to by Borrower, and to grant any indulgences,
forbearances, or extensions of time; (b) to renew, extend, change, amend,
alter, cancel, compromise or otherwise modify any of the terms, covenants,
conditions or provisions of any of the Loan Documents or any of the
Obligations; (c) to apply any security and direct the order or manner of sale
thereof as Lender, in Lender’s discretion, may determine; (d) to proceed
against Borrower, Guarantor or any other guarantor with respect to any or all
of the Obligations without first foreclosing against any security therefor; (e)
to exchange, release, surrender, impair or otherwise deal in any manner with,
or waive, release or subordinate any security interest in, any security for the
Obligations; (f) to release or substitute Borrower, any other guarantors,
endorsers, or other parties who may be or become liable with respect to the
Obligations, without any release being deemed made of Guarantor or any other
such person; and (g) to accept a conveyance or transfer to Lender of all or any
part of any security in partial satisfaction of the Obligations, or any of
them, without releasing Borrower, Guarantor, or any other guarantor, endorser
or other party who may be or become liable with respect to the Obligations,
from any liability for the balance of the Obligations.

6.                                       Application
of Payments Received by Lender.  Any
sums of money Lender receives from or for the account of Borrower may be
applied by Lender to reduce any of the Obligations or any other liability of
Borrower to Lender, as Lender in Lender’s discretion deems appropriate;
provided, however, if Lender receives any amounts from Guarantor in response to
Lender’s demand for payment of any of the Obligations, the Obligations will be

 2
 

deemed to have been reduced
(or eliminated, as the case may be, but subject to Section 15 below) by the amount paid by Guarantor, regardless
of how Lender applies such Funds.

7.                                       Waivers
by Guarantor.  In addition to all
waivers expressed in any of the Loan Documents, all of which are incorporated
herein by Guarantor, Guarantor hereby waives (a) presentment, demand, protest
and notice of protest, notice of dishonor and of non-payment, notice of
acceptance of this Guaranty, and diligence in collection; (b) notice of the
existence, creation, or incurring of any new or additional Obligations under or
pursuant to any of the Loan Documents; (c) any right to require Lender to
proceed against, give notice to, or make demand upon Borrower; (d) any right to
require Lender to proceed against or exhaust any security or to proceed against
or exhaust any security in any particular order; (e) any right to require
Lender to pursue any remedy of Lender; (f) any right to direct the application
of any security held by Lender; (g) any right of subrogation, any right to
enforce any remedy which Lender may have against Borrower, any right to
participate in any security now or hereafter held by Lender and any right to
reimbursement from the Borrower for amounts paid to Lender by Guarantor until
all of the Secured Obligations (as defined in the Mortgage) have been
satisfied; (h) benefits, if any, of Guarantor under any anti-deficiency
statutes or single-action legislation; (i) any defense arising out of any
disability or other defense of Borrower, including bankruptcy, dissolution,
liquidation, cessation, impairment, modification, or limitation, from any
cause, of any liability of Borrower, or of any remedy for the enforcement of
such liability; (j) any statute of limitations affecting the liability of Guarantor
hereunder; (k) any right to plead or assert any election of remedies by Lender;
and (l) any other defenses available to a surety under applicable law.

8.                                       Subordination
by Guarantor.  Guarantor hereby
agrees that any indebtedness of Borrower to Guarantor, whether now existing or
hereafter created, shall be and is hereby subordinated to the indebtedness of
Borrower to Lender under the Loan Documents. 
At any time during which a Default or Event of Default shall exist,
Guarantor shall not accept or seek to receive any amounts from Borrower on
account of any indebtedness of Borrower to Guarantor.

9.                                       Bankruptcy
Reimbursements.  Guarantor hereby
agrees that if all or any part of the Obligations paid to Lender by Borrower or
any other party liable for payment and satisfaction of the Obligations (other
than Guarantor) are recovered from Lender in any bankruptcy proceeding,
Guarantor shall reimburse Lender immediately on demand for all amounts of such
Obligations so recovered from Lender, together with interest thereon at the
default rate set forth in the Note from the date such amounts are so recovered
until repaid in full to Lender, and, for this purpose, this Guaranty shall
survive repayment of the Loan.

10.                                 Jurisdiction
and Venue.  Guarantor hereby submits
itself to the jurisdiction and venue of any federal court located in the State
of Connecticut or any state court located in Hartford County, Connecticut in
connection with any action or proceeding brought for enforcement of Guarantor’s
obligations hereunder, and hereby waives any and all personal or other rights
under the law of any other country or state to object to jurisdiction within
such locations for purposes of litigation to enforce such obligations.  Guarantor agrees that service of process upon
Guarantor shall be complete upon delivery thereof in any manner permitted by
law.

 3
 

11.                                 Financial
Statements.  For so long as any of
the Obligations remain unsatisfied, Guarantor shall furnish to Lender such
financial information required to be furnished by Guarantor pursuant to Section
4.12 of the Mortgage.

12.                                 Assignability.  This Guaranty shall be binding upon Guarantor
and Guarantor’s heirs, representatives, successors, and assigns and shall inure
to the benefit of Lender and Lender’s successors and assigns.  This Guaranty shall follow the Note and other
Loan Documents which are for the benefit of Lender, and, in the event the Note
and other Loan Documents are negotiated, sold, transferred, assigned, or
conveyed by Lender in whole or in part, this Guaranty shall be deemed to have
been sold, transferred, assigned, or conveyed by Lender to the holder or
holders of the Note and other Loan Documents, with respect to the Obligations
contained therein, and such holder or holders may enforce this Guaranty as if
such holder or holders had been originally named as Lender hereunder.

13.                                 Payment
of Costs of Enforcement.  In the
event any action or proceeding is brought to enforce this Guaranty, Guarantor
shall pay all actual, out-of-pocket costs and expenses of Lender in connection
with such action or proceeding, including, without limitation, all attorneys’
fees incurred by Lender.

14.                                 Notices.  Any notice required or permitted to be given
by Guarantor or Lender under this Guaranty shall be in writing and will be
deemed given (a) upon personal delivery, (b) on the first business day after
receipted delivery to a courier service which guarantees next-business day
delivery, or (c) on the third business day after mailing, by registered or
certified United States mail, postage prepaid, in any case to the appropriate
party at its address set forth below:

If to Guarantor:

Griffin Land &
Nurseries, Inc.

90 Salmon Brook
Street

Granby,
Connecticut 06035

Attention: Mr. Frederick Danziger

If to Lender:

First SunAmerica
Life Insurance Company

c/o AIG Global
Investment Corp.

1 SunAmerica
Center, 38th Floor

Century City

Los Angeles,
California 90067-6022

Attn: 
Director-Mortgage Lending and Real Estate

Either party may change
such party’s address for notices or copies of notices by giving notice to the
other party in accordance with this Section
14.

15.                                 Reinstatement
of Obligations.  If at any time all
or any part of any payment made by Guarantor or received by Lender from
Guarantor under or with respect to this Guaranty is or must be rescinded or
returned for any reason whatsoever (including, but not

 4
 

limited to, the
insolvency, bankruptcy or reorganization of any Guarantor), then the
obligations of Guarantor hereunder shall, to the extent of the payment
rescinded or returned, and to the extent permitted by law, be deemed to have
continued in existence, notwithstanding such previous payment made by
Guarantor, or receipt of payment by Lender, and the obligations of Guarantor
hereunder shall continue to be effective or be reinstated, as the case may be,
as to such payment, all as though such previous payment by Guarantor had never
been made.

16.                                 Severability
of Provisions.  If any provision
hereof or of any other Loan Document shall, for any reason and to any extent,
be invalid or unenforceable, then the remainder of the document in which such
provision is set forth, the application of the provision to other persons,
entities or circumstances, and any other document referred to herein shall not
be affected thereby but instead shall be enforceable to the maximum extent
permitted by law.

17.                                 Joint
and Several Obligation.  If Guarantor
is more than one person or entity, then (a) all persons or entities comprising
Guarantor are jointly and severally liable for all of the Obligations; (b) all
representations, warranties, and covenants made by Guarantor shall be deemed
representations, warranties, and covenants of each of the persons or entities
comprising Guarantor; (c) any breach, default or Event of Default by any of the
persons or entities comprising Guarantor hereunder shall be deemed to be a
breach, default, or Event of Default of Guarantor; and (d) any reference herein
contained to the knowledge or awareness of Guarantor shall mean the knowledge
or awareness of any of the persons or entities comprising Guarantor.

18.                                 Waiver.  Neither the failure of Lender to exercise any
right or power given hereunder or to insist upon strict compliance by Borrower,
Guarantor, any other guarantor, or any other person with any of its obligations
set forth herein or in any of the Loan Documents, nor any practice of Borrower
or Guarantor at variance with the terms hereof or of any Loan Documents, shall
constitute a waiver of Lender’s right to demand strict compliance with the
terms and provisions of this Guaranty.

19.                                 Certain
Waivers.  GUARANTOR, BY SIGNING THIS
GUARANTY, AND LENDER, BY ACCEPTING IT, EACH KNOWINGLY, IRREVOCABLY, VOLUNTARILY
AND INTENTIONALLY WAIVE ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS GUARANTY, OR ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY OR ANY LOAN DOCUMENT, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY HERETO.  THIS
PROVISION IS A MATERIAL INDUCEMENT FOR LENDER AND GUARANTOR ENTERING INTO THE
LOAN.

20.                                 Applicable
Law.  This Guaranty and the rights
and obligations of the parties hereunder shall be governed by and interpreted
in accordance with the laws of the State of Connecticut.

[Balance of Page Intentionally Left Blank]

 5

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

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  GRIFFIN LAND & NURSERIES, INC., a

  Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
    /S/
  Anthony Galici

  
	
   

  	
  Name: 

  	
    Anthony Galici

  
	
   

  	
  Title: 

  	
    Vice President

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