Document:

Exhibit 10 181  Recourse Guaranty (UPVLoan)  June 30, 2013

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

EXHIBIT 10.181

GUARANTY OF BORROWER’S RECOURSE LIABILITIES

1.    The Guaranty.

The undersigned guarantor, GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (“Guarantor”), having an office at/residing at 180 East Broad Street, Columbus, Ohio 43215, unconditionally and irrevocably, guarantees (the “Guaranty”) to TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, having an office at 730 Third Avenue, New York, New York 10017 (the “Lender”), the due payment and prompt performance of the Liabilities (defined below).  This Guaranty is absolute, independent and continuing under all circumstances, and is a guaranty of payment and performance, not of collection.  Guarantor acknowledges that Lender has given sufficient consideration for this Guaranty by agreeing to make a certain loan (the “Loan”) to UPV Glimcher L.P., a Delaware limited partnership (“Borrower”), as evidenced by that certain Promissory Note from Borrower to Lender in the maximum principal amount of $55,000,000.00 dated  the date of this Guaranty (the “Note”).  The Note is secured by that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, of even date herewith executed by Borrower (the “Deed of Trust”).  Guarantor acknowledges that Lender is making the Loan in reliance on each of the terms of this Guaranty.

2.    Definitions.  The following definitions shall apply to this Guaranty of Borrower’s Recourse Liability:

2.1    “Affiliate” is defined as any person that controls, is under common control with, or is controlled by Borrower or Guarantor.  For purposes of defining an Affiliate, the term “control” (and derivative terms) is defined as the power to direct or cause the direction of the management and policies of the applicable entity through ownership of voting securities or beneficial interests, by contract or otherwise, and persons or entities having control include any general partner, managing member, manager or executive officer of the applicable entity, and any direct or indirect holder of a ten percent (10%) or greater ownership interest in Borrower or Guarantor.

2.2    “Anti-Terrorism Laws” means all laws relating to terrorist acts, acts of war and money-laundering.

TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

2.3    “Liabilities” means (i) any and all matters set forth in Section 15.1(c)(i) through and including (xvii) of the Deed of Trust as “excluded and excepted from the limitation of liability”, and (ii) Borrower’s full recourse liability to Lender as the result of the occurrence of an event set forth in Section 15.1(d) of the Deed of Trust that results in the limitation of liability in Section 15.1(a) of the Deed of Trust becoming null and void and of no further force and effect. The provisions of Section 15.1(c) and 15.1(d) of the Deed of Trust are incorporated by reference in this Guaranty as if fully set forth herein.  Guarantor acknowledges that the amount of the Liabilities and Expenses may exceed the amount necessary to pay in full the Note.

2.4    “Loan Documents” is defined as the Note, the Deed of Trust, the Assignment and all documents now or hereafter executed by Borrower or held by Lender relating to the Loan, including all amendments but excluding any indemnities or guaranties delivered in connection with the Loan.

3.    Representations and Warranties.  Guarantor represents and warrants to Lender as follows:

3.1    Review of Guaranty and Loan Documents.  Guarantor has reviewed with the benefit of its legal counsel the terms of this Guaranty, the Deed of Trust, the Note and each of the other Loan Documents. 

3.2    Financial Benefit to Guarantor.  Guarantor is deriving a material financial benefit from the making of the Loan to Borrower.

3.3    Organization/Authorization/Enforceability.  Guarantor is duly organized, validly existing and in good standing under the laws of the State of its formation, and duly qualified and in good standing under the laws of each other State in which its activities require that it be qualified.  Guarantor has executed and delivered this Guaranty pursuant to proper authority duly granted.  The obligation to pay and perform the Liabilities under this Guaranty is legal, valid, binding and enforceable against Guarantor in accordance with its terms, subject to any applicable provisions of bankruptcy and insolvency laws and laws governing the rights of creditors generally.

3.4    Existing Defaults/Litigation/Violations of Law.  Guarantor is not in default under any agreement, the effect of which could materially adversely affect performance of its obligations under this Guaranty. There are no actions, suits or proceedings pending or, to the best of its knowledge, threatened against Guarantor before any court or any other governmental authority of any kind which could materially adversely affect performance of its obligations under this Guaranty. Neither the execution and delivery of this Guaranty nor compliance with its terms will violate any presently existing law, regulation, order, writ, injunction or decree of any court or other governmental authority of any kind, or result in any default by Guarantor under any other document or agreement of any kind.

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

3.5    ERISA.  Guarantor is not an “employee benefit plan” within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended from time to time (“ERISA”) that is subject to Title I of ERISA or a “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986 and the related Treasury Regulations, as amended from time to time (the “Code”) that is subject to Section 4975 of the Code, and the assets of Guarantor do not constitute “plan assets” of one or more such plans for purposes of Title I of ERISA or Section 4975 of the Code. Guarantor is not a “governmental plan” within the meaning of Section 3(32) of ERISA and transactions by or with Guarantor are not subject to any laws regulating investments of and fiduciary obligations with respect to governmental plans.

3.6    Solvency.  Guarantor (i) is solvent on the date of this Guaranty and will not become insolvent as a result of the obligations incurred under this Guaranty; (ii) is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which the property of such Guarantor is an unreasonably small capital; and (iii) has not intended to incur, does not intend to incur, and does not believe that it is incurring, obligations that would be beyond Guarantor’s ability to pay as such obligations mature.

3.7    Compliance With Anti-Terrorism Laws.  

(a)    None of Guarantor or any of its Affiliates is in violation of any of the Anti-Terrorism Laws, including Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001), the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56), and the Bank Secrecy Act, 31 U.S.C. §5311 et seq.  Guarantor covenants that neither Guarantor nor any of its Affiliates will at any time during the term of the Loan be in violation of any of the Anti-Terrorism Laws.

(b)    None of Guarantor or any of its Affiliates is a Prohibited Person or is in violation of any of the Laws relating to Prohibited Persons. A “Prohibited Person” is (A) a person designated as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website http://www.treas.gov/ofac/t11_sdn.pdf or at any replacement website or other replacement official publication of such list, or any person or entity owned or controlled by or acting for or on behalf of such a person; (B) an agency of the government of a country, or an organization controlled by a country, or a person resident in a country that is subject to trade restrictions or a sanctions program under any of the economic sanctions of the United States administered by the United States Department of the Treasury’s Office of Foreign Assets Control; or (C) a person or entity (including a country or government) with whom Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Laws.  Guarantor and its Affiliates will at all times comply with all laws relating to Prohibited Persons.

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(c)    The Loan proceeds will not be used for any illegal purposes and no portion of the Property (as defined in the Deed of Trust) or Borrower has been acquired with funds derived from illegal activities.
(d)    Guarantor covenants and agrees to deliver to Lender any certification or other evidence requested from time to time by Lender in its sole discretion, confirming Guarantor’s compliance with this Section.
4.    Covenants and Agreements.  Guarantor covenants and agrees as follows:

4.1    Transfers, Sales, Etc.  Guarantor will not violate any of the applicable terms of Article XII of the Deed of Trust.

4.2     Rescinded, Avoided or Returned Payments.  If at any time any part of any payment previously applied by Lender to any of the Liabilities is rescinded, avoided or returned by Lender for any reason, including the insolvency, bankruptcy or reorganization of the Guarantor or any other party, such Liabilities will be deemed to have continued in existence to the extent that such payment is rescinded, avoided or returned, and this Guaranty will be reinstated as to such Liabilities as though such prior application by Lender had not been made.

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

4.3    Certain Permitted Actions of Lender.  Lender may from time to time, in its sole discretion and without notice to Guarantor, take any of the following actions without in any way affecting the obligations of Guarantor:  (a) obtain a security interest from Borrower or any other third party in any property to secure any of the Liabilities or any obligation hereunder or under any of the Loan Documents; (b) obtain the primary or secondary obligation of any additional obligor or obligors with respect to any of the Liabilities or any obligations under any of the Loan Documents; (c) extend, modify, subordinate, exchange or release any of the Liabilities or any of the obligations under any of the Loan Documents; (d) modify, subordinate, exchange or release its security interest in any part of any property securing any of the Liabilities or any obligation hereunder or any obligation under any of the Loan Documents, or extend, modify, subordinate, exchange or release any obligations of any obligor with respect to any such property; (e) alter the manner or place of payment of the Liabilities; (f) enforce this Guaranty against any Guarantor for payment of any of the Liabilities, whether or not Lender has (A) proceeded against any other Guarantor or any other party primarily or secondarily obligated with respect to any of the Liabilities or (B) resorted to or exhausted any other remedy or any other security or collateral; (g) foreclose on, taken possession of or sold any of the collateral or security for the Liabilities or enforce any other rights under the Note, the Deed of Trust or any of the other Loan Documents; and/or (h) extend, modify, subordinate, exchange or release any of the Loan Documents. Notwithstanding any of the rights set forth above, (i) nothing set forth in this Section 4.3 is intended to evidence Guarantor’s consent to any action by Borrower that would constitute a violation of Section 13.3 of the Deed of Trust and (ii) Lender shall have no right to modify any of the terms of Section 15.1(c) or Section 15.1(d) of the Deed of Trust without Guarantor’s consent, which may be given or withheld in its sole and absolute discretion.

4.4    Lender’s Option to Release Any Guarantor.  Lender may, from time to time  in its sole discretion, release any of the Guarantors from any of its obligations hereunder or release any other obligor from any of the Liabilities without notice to any other Guarantor or any other party and without in any way releasing or affecting the liability of the other Guarantors.
4.5    Application of Payments.  Lender may apply any payment made on account of the Liabilities toward such of the Liabilities, and in such order, as Lender may from time to time elect in its sole discretion.

4.6    Subordination.  Guarantor hereby subordinates, and will cause any Affiliate to subordinate, any claims or liens of Guarantor or such Affiliate against each and every other Guarantor of any kind (including any right of such Guarantor to a return of any capital contributed to any other Guarantor) to all of the Liabilities and to any other claims or liens of Lender against any other Guarantor or its property.  Upon any notice by Lender to Guarantor of the existence or occurrence of any Liabilities, such Guarantor and its Affiliates will enforce any of their claims or liens as trustee for Lender, and will cause any receipts to be paid over to Lender on account of the Liabilities without affecting in any manner the liability of such Guarantor under this Guaranty except to the extent of such payment.

5

TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

4.7    Certain Events Not Affecting Obligations of Guarantors.  The obligations of Guarantor hereunder will not be affected by any of the following:  (a) the release or discharge of any other Guarantor in any creditors’, receivership, bankruptcy, reorganization, insolvency, or other proceeding; (b) the rejection or disaffirmance in any such proceeding of any of the Liabilities or any of the obligations under the Loan Documents; (c) the impairment or modification of any of the Liabilities or any of the obligations under the Loan Documents, or of any remedy for the enforcement thereof, or of the estate of any other Guarantor in bankruptcy, resulting from any present or future federal or state bankruptcy law or any other law of any kind or from the decision or order of any court or other governmental authority; (d) any disability or defense of any other Guarantor; (e) the cessation of the liability of any other Guarantor for any cause whatsoever; (f) any sale, assignment, transfer or other conveyance (including any conveyance in lieu of foreclosure or any collateral sale pursuant to the Uniform Commercial Code) of any of the security for any of the Liabilities or for the Loan, regardless of the amount received by Lender in connection therewith; or (g) any disability or defense of any kind now existing of any Guarantor with respect to any provision of this Guaranty.

4.8    No Obligation of Lender Regarding Security Interest.  Lender will have no obligation to obtain, perfect or retain a security interest in any property to secure any of the Liabilities or this Guaranty, or to protect or insure any such property.

4.9    Filing of Certain Claims.  Guarantor promptly will file in any bankruptcy or other proceeding in which the filing of claims is required by law all claims and proofs of such claims which Guarantor may have against any other Guarantor, and will collaterally assign to Lender or its nominee all rights of such Guarantor thereunder. If any Guarantor does not so file, such Guarantor hereby irrevocably authorizes Lender or its nominee to do so, either (in Lender’s discretion) as attorney-in-fact for such Guarantor, or in the name of Lender or Lender’s nominee.  In all such cases, any party authorized to pay such claim will pay to Lender or its nominee the full amount thereof.

4.10    ERISA.  For so long as this Guaranty is continuing, Guarantor hereby covenants to Lender that, for the duration of the term of this Guaranty, such Guarantor (i) will not be an “employee benefit plan” within the meaning of Section 3(3) of ERISA to which ERISA applies and such Guarantor’s assets will not constitute assets of any such plan, (ii) will not be a “governmental plan” within the meaning of Section 3(32) of ERISA and (iii) transactions by or with Guarantor will not be subject to any laws regulating investments of and fiduciary obligations with respect to governmental plans.
4.11    Financial Statements.  Promptly from time to time upon Lender’s request, Guarantor shall furnish or cause to be furnished to Lender the following:

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(a)    an annual financial statement for Guarantor dated as of the close of the prior or current fiscal year, certified by Guarantor as true and correct and prepared in accordance with generally accepted accounting principles, applied on a consistent basis.  Such financial statement may be unaudited, except that following an Event of Default (as defined in the Deed of Trust), upon request of Lender, such financial statement will be audited and accompanied by a satisfactory opinion from a certified public accountant approved by Lender (Lender hereby acknowledging that as of the date hereof, BDO USA is an approved certified public accountant but reserving the right, upon reasonable cause, to require a replacement certified public accountant); and
(b)    such additional financial statements and financial and other information as Lender shall require, certified as true and correct by Guarantor.
5.    Waivers.  Guarantor hereby expressly waives:

5.1    Notices.  Notice of the acceptance by Lender of this Guaranty, notice of the existence or creation of any of the Liabilities, presentment, demand, notice of dishonor, protest, notice of protest, notice of acceleration, notice of intent to accelerate, under this Guaranty and all other notices except any specifically required by this Guaranty.

5.2    Disclosures About Other Guarantor.  Guarantor hereby waives any obligation Lender may have to disclose to such Guarantor any facts Lender now or hereafter may know or have reasonably available to it regarding any other Guarantor or its financial condition, whether or not Lender has a reasonable opportunity to communicate such facts or has reason to believe that any such facts are unknown to such Guarantor or materially increase the risk to such Guarantor beyond the risk such Guarantor intends to assume hereunder.

5.3    Diligence in Collection.  All diligence in collection of any of the Liabilities except as required by the definition of any of the Liabilities, or any guaranty or other security for any of the foregoing.

5.4    Benefit of Certain Laws.  The benefit of all appraisement, valuation, marshaling, forbearance, stay, extension, redemption, homestead, exemption and moratorium laws now or hereafter in effect.

5.5    Certain Defenses.  Any defense based on the incapacity, lack of authority, death or disability of any other person or entity or the failure of Lender to file or enforce a claim against the estate of any other person or entity in any administrative, bankruptcy or other proceeding.

5.6    Election of Remedies Defense.  Any defense based on an election of remedies by Lender, whether or not such election may affect in any way the recourse, subrogation or other rights of such Guarantor against any other Guarantor or any other person in connection with the Liabilities.

7

TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

5.7    Defenses Relating to Collateral Sale.  Any defense based on the failure of Lender to (a) provide notice to the Guarantor of a sale or other disposition (including any collateral sale pursuant to the Uniform Commercial Code) of any of the security for any of the Liabilities, or (b) conduct such a sale or disposition in a commercially reasonable manner.

5.8    Rights of Subrogation, Contribution, Etc.  Until payment by Guarantor of all amounts claimed under this Guaranty by Lender, any rights arising because of Guarantor’s payment of any of the Liabilities, (a) against any other Guarantor, by way of subrogation of the rights of Lender or otherwise, or (b) against any other Guarantor or any other party obligated to pay any of the Liabilities, by way of contribution or reimbursement or otherwise.  

6.    Miscellaneous.

6.1    Continuing Guaranty.  This Guaranty in all respects will be a continuing guaranty, remaining in full force and effect until all of the following have occurred:  (a) all of the Liabilities, if any, have been satisfied in full, (b) all of Guarantor’s obligations hereunder have been satisfied in full, and (c) all Obligations relating to the Loan have been paid and performed in full.  No notice of discontinuance or revocation will affect any of the obligations of any Guarantor hereunder or any other obligor under any of the Liabilities.  All obligations of (each) Guarantor hereunder will survive any foreclosure, reinstatement, period of redemption or any deed in lieu of foreclosure which Lender may accept, to the extent any of the Liabilities remain unsatisfied or otherwise survive.  Lender will acknowledge that there is no further obligation under this Guaranty when (a) (b) and (c) above have occurred.
 
6.2    Joint and Several Obligations; Successors and Assigns.  If there is more than one Guarantor, all obligations under this Guaranty are joint and several to each of the Guarantors and any other party which hereafter guarantees any portion of the Liabilities.  This Guaranty will bind Guarantor and the successors of Guarantor.  This Guaranty will inure to the benefit of Lender and the successors and assigns of Lender including any participants of Lender with respect to the Loan

6.3    Assignment by Lender.  In connection with the assignment or transfer of an interest in the Loan, Lender may from time to time, without notice to any Guarantor, assign or transfer any interest in any of the Liabilities by loan participation or otherwise, and notwithstanding such assignment or transfer, such Liabilities will remain Liabilities for purposes of this Guaranty and each assignee or transferee of any interest in any of the Liabilities and this Guaranty will, to the extent of such interest, be entitled to the benefits of this Guaranty to the same extent as if such assignee or transferee were Lender.

6.4    Time of Essence.  Time is of the essence of this Guaranty.

8

TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

6.5    Notices.  Any notice or demand provided for in this instrument will be in writing, addressed as provided below, and will be delivered personally, sent by certified mail, return receipt requested or sent by reputable, national overnight delivery service, charges prepaid.  Notice is deemed given on the earlier of (i) actual receipt; or (ii) three calendar days after mailing if mailed or one calendar day after delivery to the overnight service if an overnight service is used.  All notices and demands must include reference to the application number and the mortgage number referred to in this instrument.

		
	If to Guarantor:
	c/o Glimcher Properties Limited Partnership

180 East Broad Street
Columbus, Ohio  43215
Attn:  General Counsel
TIAA Authorization #AAA-7376
Investment ID. #0006950

		
	with a courtesy copy to:
	Glimcher Properties Limited Partnership

180 East Broad Street
Columbus, Ohio  43215
Attn:  Director of Treasury
TIAA Authorization #AAA-7376
Investment ID. #0006950

		
	If to Lender:
	Teachers Insurance and Annuity Association of America

730 Third Avenue
New York, New York  10017
Attn:  Global Real Estate/ Fixed Income
TIAA Authorization #AAA-7376
Investment ID. #0006950

		
	with a courtesy copy to:
	Teachers Insurance and Annuity Association of America

730 Third Avenue
New York, New York  10017
Attn:  Associate General Counsel
Asset Management Law
TIAA Authorization #AAA-7376
Investment ID. #0006950

		
	And: 
	Commercial Loan Services

1500 City West, Suite 200
Houston, Texas  77042
Attention: Chief Legal Officer

9

TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

6.6.    No Modification Without Writing.  This Guaranty may not be terminated or modified in any way nor can any right of Lender or any obligation of any Guarantor be waived or modified, except by a writing signed by Lender and such Guarantor.

6.7.    Severability.  Each provision of this Guaranty will be interpreted so as to be effective and valid under applicable law, but if any provision of this Guaranty will in any respect be ineffective or invalid under such law, such ineffectiveness or invalidity will not affect the remainder of such provision or the remaining provisions of this Guaranty.

6.8.    Cumulative.  The obligations of each Guarantor hereunder are in addition to any other obligations it may now or hereafter have to Lender, and will not be affected in any way by the delivery to Lender by any of the Guarantors or any other guarantor of any other guaranty, or any combination thereof.  All rights and remedies of Lender and all obligations of the Guarantors under this Guaranty are cumulative.  In addition, Lender will have all rights and remedies available to it in law or equity for the enforcement of this Guaranty.

6.9    Effect of Lender’s Delay or Action.  No delay by Lender in the exercise of any right or remedy will operate as a waiver thereof, and no single or partial exercise by Lender of any right or remedy will preclude any other exercise thereof or the exercise of any other right or remedy.  No action of Lender permitted hereunder will in any way impair or otherwise affect any right of Lender or obligation of any Guarantor under this Guaranty.  

6.10    Governing Law.  This Guaranty will be governed by, and construed in accordance with, the laws of the State of Texas, without regard to conflict of law principles.

6.11    Entire Agreement.  This Guaranty and the applicable sections of the Deed of Trust represent the entire final agreement between the parties with respect to the transactions referred to herein and cannot be modified, supplemented, amended, rescinded or contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties, except by an instrument in writing signed by the parties hereto.  There are no unwritten oral agreements between the parties hereto.

6.12    Waiver of Jury Trial.  Guarantor and Lender hereby knowingly, voluntarily and intentionally waive any rights that Guarantor or Lender may have to a trial by jury in any litigation arising in any way in connection with this Guaranty or any of the other Loan Documents executed by Guarantor or in connection with any other statements or actions of Lender or Guarantor.

6.13    No Exculpation.  Subject to the last sentence of Section 4.3 hereof, the obligations of Guarantor under this Guaranty are not limited or impaired by any provisions in the Loan Documents exculpating Borrower or Borrower’s partners from personal liability thereunder or limiting Lender’s recourse against Borrower or Borrower’s partners.

10

TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

6.14    Counterparts.  This Guaranty may be executed in one or more counterparts each of which counterparts shall be an original and all of which together shall constitute a single agreement of Guaranty.  The failure of any party hereto to execute this Guaranty, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

6.15    Construction. The terms “include”, “including” and similar terms are construed as if followed by the phrase “without limitation”.  The singular of any word includes the plural and the plural includes the singular.  The use of any gender includes all genders.  The terms “person”, “party” and “entity” include natural persons, firms, partnerships, limited liability companies and partnerships, corporations and any other public or private legal entity and all heirs, personal representatives, successors and assigns of such person or entity.  The term “provisions” includes terms, covenants, conditions, agreements and requirements.

6.16     No Inference.  No inference in favor of or against a party with respect to any provision in this Guaranty may be drawn from the fact that the party drafted this Guaranty.

6.17.    Certain Agreements and Waivers by Guarantor.  

(a) Real property in the state of Texas described in the Deed of Trust secures the Loan.  Guarantor unconditionally and irrevocably waives any rights, defenses or remedies it may have under (1) Chapter 43 and Section 17.001 of the Texas Civil Practice and Remedies Code and Texas Rule of Civil Procedure 31, including without limitation, notice, discharge, levy and subrogation, and (2) Sections 51.003 through 51.005 of the Texas Property Code, relating to deficiency judgments.

(b) Guarantor hereby agrees that neither Lender's rights or remedies nor Guarantor's obligations under the terms of this Guaranty shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, circumstances or rights, and the liability of Guarantor under this Guaranty shall be absolute and unconditional irrespective of:

(1)    any claim or defense that this Guaranty was made without consideration or is not supported by adequate consideration;

(2)    any homestead exemption or any other exemption under applicable law;

(3)    any surrender, abandonment, alteration, sale or other disposition, subordination, deterioration, waste, failure to protect or preserve, impairment, or loss of, or any other dealings with, any collateral or security at any time existing or purported, believed or expected to exist in connection with any or all of the Liabilities;

11

TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(4)  any failure of Lender to notify Guarantor of any new agreement between Lender and Borrower, it being understood that Lender shall not be required to give Guarantor any notice of any kind under any circumstances with respect to or in connection with the Liabilities, any and all rights to notice Guarantor may have otherwise had being hereby waived by Guarantor, and the Guarantor shall be responsible for obtaining for itself information regarding the Borrower, including, but not limited to, any changes in the business or financial condition of the Borrower, and the Guarantor acknowledges and agrees that the Lender shall have no duty to notify the Guarantor of any information which the Lender may have concerning the Borrower. 

(5)  if for any reason Lender is required to refund any payment by Borrower to any other party liable for the payment or performance of any or all of the Liabilities or pay the amount thereof to someone else; 

(6) the making of advances by Lender to protect its interest in the Property, preserve the value of the Property or for the purpose of performing any term or covenant contained in any of the Loan Documents;

(7)  the existence of any claim, counterclaim, set‐off or other right that Guarantor may at any time have against Borrower, Lender, or any other Person, whether or not arising in connection with this Guaranty, the Note, the Deed of Trust, or any other Loan Document; or

(8) the unenforceability of all or any part of the Liabilities against Borrower, whether because the Liabilities exceed the amount permitted by law or violate any usury law, or because the act of creating the Liabilities, or any part thereof, is ultra vires, or because the officers or Persons creating the Liabilities acted in excess of their authority, or because of a lack of validity or enforceability of or defect or deficiency in any of the Loan Documents, or because Borrower has any valid defense, claim or offset with respect thereto, or because Borrower's obligation ceases to exist by operation of law, or because of any other reason or circumstance, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other Person be found not liable on the Liabilities, or any part thereof, for any reason (and regardless of any joinder of Borrower or any other party in any action to obtain payment or performance of any or all of the Liabilities).

Nothing in this Section 6.17 shall be interpreted to modify the definition of the term “Liabilities” contained in Section 2.3 above.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE ON FOLLOWING PAGE]

12

TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

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

GUARANTOR:

GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership

		
	By:
	Glimcher Properties Corporation, a Delaware corporation, its sole general partner

By: /s/ Mark E. Yale
Name: Mark E. Yale
		
	Title: 
	Executive Vice President, Chief Financial Officer and Treasurer    

STATE OF OHIO            § 
                    § 
COUNTY OF     FRANKLIN        §

BEFORE ME, the undersigned authority, on this day personally appeared Mark E. Yale, known to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of the said limited partnership, and that (s)he executed the same as the act of such limited partnership for the purposes and consideration therein expressed, and in the capacity therein stated.

GIVEN UNDER MY HAND AND SEAL OF OFFICE this 4th day of April, 2013.
Rochelle J. Reed     
Notary Public
Print Name: Rochelle J. Reed    
My Commission Expires:

October 24, 2017                    Seal:

13

TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Recourse Guaranty
15377682v.2 / 73828-000098Exhibit 10 182  Environmental Indemnity (UPV Loan)  June 30, 2013

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

EXHIBIT 10.182

ENVIRONMENTAL INDEMNITY

This ENVIRONMENTAL INDEMNITY (this “Indemnity”) is made as of April 8, 2013, by GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership, having an office at 180 East Broad Street, Columbus, Ohio 43215 (hereinafter called “Indemnitor”) to TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York corporation having an office at 730 Third Avenue, New York, New York 10017 (“Lender”).

Preliminary Statement

A.    Lender is about to make a loan (the “Loan”) to UPV Glimcher L.P., a Delaware limited partnership (“Borrower”), in the maximum principal amount of $55,000,000.00 as evidenced by a promissory note (the “Note”) dated the date of this Indemnity in the principal amount of the Loan.

B.      Borrower owns the fee interest in the real property (the “Land”) described in Exhibit “A”.

C.    Borrower’s obligations under the Note are secured by, among other things, a Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (either of the foregoing being defined as the “Mortgage”), dated the date of the Note, that encumbers the Land, the improvements located on the Land and certain other property, rights and interests of Borrower, all as more particularly described in the Mortgage (collectively, the “Property”).

D.      To induce Lender to make the Loan and in consideration of the Loan, Indemnitor has agreed to provide certain indemnities.

NOW THEREFORE, in consideration of the matters described above and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Indemnitor agrees as follows:

1.    Definitions and Rules of Construction:

(a)    Capitalized terms used in this Indemnity and not specifically defined in this Indemnity are defined in Exhibit B of the Mortgage.

(b)    This Indemnity will be interpreted in accordance with the rules of construction set forth in Exhibit C of the Mortgage.

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(c)    “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, and by the Small Business Liability Relief and Brownfields Revitalization Act and by the Asset Conservation, Lender Liability and Deposit Insurance Protection Act of 1996 and as further amended from time to time.

(d)    “Environmental Laws” is defined as all Laws pertaining to health, safety, protection of the environment, natural resources, conservation, wildlife, waste management, Hazardous Materials and pollution, including CERCLA.

(e)    “Environmental Problem” means any of the following:

(I)    the presence, reasonably suspected presence, or alleged presence of any Hazardous Materials on, in, under, or above all or any portion of the Property or any surrounding areas; 

(II)    the release, reasonably suspected release, threatened release, or alleged release of any Hazardous Materials from or onto the Property;

(III)    the violation, reasonably suspected violation, threatened violation, or alleged violation of any Environmental Law with respect to the Property; 

(IV)    the failure, reasonably suspected failure, threatened failure, or alleged failure to obtain or to abide by the terms or conditions of any permit or approval required under any Environmental Law with respect to the Property.

A condition described in clauses (I)-(IV) will be deemed to be an Environmental Problem regardless of whether or not any Government has taken any action in connection with the condition.

(f)    “Environmental Report” means a report that complies with the requirements set forth in Exhibit “B” as those requirements may be amended from time to time by Lender in Lender’s sole discretion and that is otherwise in form satisfactory to Lender, that is prepared by a person or entity with expertise in identifying and analyzing Environmental Problems that is selected by Lender (and, at Lender’s option, retained by Lender or by Indemnitor, but in either case at Indemnitor’s expense), that reports or describes, based on an assessment performed by or on behalf of that person or entity, Environmental Problems that are or may be in existence with respect to the Property.

(g)    “Government” means any federal, state or municipal governmental or quasi-governmental authority including any executive, legislative or judicial branch and any division, subdivision or agency of any of them and any entity to which any of them has delegated authority.

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(h)    “Hazardous Materials” is defined as (i) any by-product, chemical, compound, contaminant, pollutant, product, substance, waste or other material that is hazardous or toxic under any Environmental Law and (ii) any by-product, chemical, compound, contaminant, pollutant, product, substance, waste or other material, the abatement, cleanup, discharge, disposal, emission, exposure to, generation, handling, manufacture, possession, presence, release, removal, remediation, storage, transportation, treatment or use of which is controlled, prohibited or regulated by any Environmental Laws, including asbestos, petroleum, petroleum products and polychlorinated biphenyls and (iii) mold, mildew, fungi, bacteria, viruses and other microbial matter.

(i)    “Release” of any Hazardous Materials includes but is not limited to any release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Materials in violation of Environmental Laws.

2.    Indemnity.

(a)    Indemnitor will, at its sole cost and expense, indemnify, defend (with counsel approved by Lender), protect, and hold harmless Lender and Lender’s officers, trustees, directors, shareholders, employees, and agents (collectively, “Lender’s Representatives”) against and from any and all damages, losses, liabilities, obligations, penalties, claims, sums paid in settlement of claims, litigation, demands, defenses, judgments, suits, proceedings, costs, disbursements, fines, encumbrances, liens, and expenses of any kind or of any nature whatsoever (collectively, the “Indemnified Expenses”) that may at any time (including after the repayment of the Loan or after foreclosure of the Mortgage, exercise of power of sale under the Mortgage, or conveyance of the Property in lieu of foreclosure) be imposed upon, incurred by, or asserted or awarded against, Lender or any Lender Representative and that arise directly or indirectly from or out of any Environmental Problem, regardless of whether that Environmental Problem arises before or after the date of this Indemnity or before or after any repayment of the Loan or any conveyance of the Property by foreclosure of the Mortgage, exercise of power of sale under the Mortgage, or conveyance in lieu of foreclosure, regardless (except as provided below) of whether or not that Environmental Problem is the fault of Borrower, Indemnitor, or any other person or entity, and regardless of whether or not the Environmental Problem was disclosed in any Environmental Report performed for, or on behalf of, Lender in connection with the Loan or whether or not Lender has actual constructive knowledge of the Environmental Problem from any other source. 

3
TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(b)    Indemnified Expenses include, but are not limited to the following: (i) costs incurred in the removal of Hazardous Materials, costs incurred in the investigation, monitoring, clean-up and containment of Hazardous Materials, costs incurred to mitigate damages, closure costs, costs incurred for remediation and restoration and other response costs in connection with an Environmental Problem; (ii) costs incurred to cure any violations of Environmental Laws; (iii) damages for personal injury or death, property loss, or other loss; (iv) civil and criminal fines and penalties in connection with an Environmental Problem; (v) costs incurred to remove any liens imposed by law in favor of the Government in connection with an Environmental Problem; (vi) attorneys’, accountants’, consultants’, and experts’ fees and disbursements, administrative costs, and other out-of-pocket expenses (including any such fees, disbursements, costs, and expenses incurred as a result of groundless, false, or fraudulent claims or proceedings) in connection with an Environmental Problem; (vii) diminution in the market value of the Property resulting from an Environmental Problem, to the extent actually realized; (viii) damages for injury to, destruction of, or loss of, natural resources; (ix) sums paid to tenants and other third parties (or offset against rents or other sums payable by such tenants and other third parties) for indemnification pursuant to leases or other agreements wherein such tenants or other third parties are entitled to indemnification or payment on account of Environmental Problems or pursuant to statutory or common law; (x) [intentionally omitted]; (xi) sums paid and any other liability to the Government, or any other person or entity for any costs in connection with an Environmental Problem; (xii) sums paid in satisfaction of judgments; (xiii) settlement costs in connection with an Environmental Problem; and (xiv) all other costs and expenses of any kind or nature in connection with an Environmental Problem.  

(c)    Without limiting Indemnitor’s obligations under this Indemnity, in the event of any Environmental Problem, Lender may, in Lender’s sole discretion:  (i) by notice to Indemnitor, obligate Indemnitor to take appropriate action to correct or ameliorate the Environmental Problem, in which event Indemnitor will take such action at Indemnitor’s sole expense; (ii) itself take appropriate action to correct or ameliorate the Environmental Problem, to the extent permitted under the Loan Documents and under the law, in which event Indemnitor will cooperate with Lender and will indemnify Lender for the costs incurred in taking such action in accordance with this Indemnity; and/or (iii) exercise any other rights or remedies that Lender may have; but Lender will have no obligation to do any of the foregoing.  Lender will have the options described above whether or not action to correct or ameliorate the Environmental Problem is ordered by any court, Government, or other person or entity.  For so long as (a)  “UPV Glimcher L.P.” owns the Property, (b) neither Lender nor any other party is operating the Property under a mortgagee-in-possession or receivership arrangement, and (c) there is no outstanding default under the documents evidencing and securing the Loan, Lender will not be entitled to take the actions described in clause (ii) above unless Indemnitor fails to commence the actions required pursuant to (i) above within a reasonable period of time following receipt of Lender’s notice or Indemnitor fails at any time thereafter to diligently pursue such actions.

4
TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(d)    If the Property is conveyed by foreclosure of the Mortgage, exercise of power of the sale under the Mortgage, or conveyance in lieu of foreclosure (any such conveyance being a “Foreclosure Conveyance”), then the indemnity provided for under this Indemnity will not apply to any Environmental Problem that arises solely after and not on or before the date of the conveyance unless the Environmental Problem results in whole or in part from acts or omissions by Indemnitor or Borrower or from acts or omissions prior to the date of the Foreclosure Conveyance by any other person or entity.  The indemnity provided for under this Indemnity will apply, however,  to Indemnified Expenses incurred after the date of the Foreclosure Conveyance (INCLUDING ANY INDEMNIFIED EXPENSES ATTRIBUTABLE TO THE SIMPLE, CONTRIBUTORY, OR COMPARATIVE NEGLIGENCE OR STRICT LIABILITY OF ANY PERSON OR ENTITY IN THE HANDLING AFTER THE DATE OF THE FORECLOSURE CONVEYANCE OF ANY ENVIRONMENTAL PROBLEM THAT EXISTED OR AROSE PRIOR TO THE FORECLOSURE CONVEYANCE, BUT EXCLUDING, HOWEVER, ANY INDEMNIFIED EXPENSES ATTRIBUTABLE TO OR ARISING OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH PERSONS OR ENTITIES) that arise from any Environmental Problem in existence on or before the date of the Foreclosure Conveyance or any Environmental Problem otherwise not excluded from coverage under the immediately preceding sentence, even if that Environmental Problem is not discovered until after the date of the Foreclosure Conveyance.  For purposes of this clause, a condition in existence on or before the date of the Foreclosure Conveyance will be deemed to be an Environmental Problem on or before that date even if the condition becomes an Environmental Problem as a result of a change in Environmental Laws that becomes effective after that date.  Indemnitor will have the burden of proving that any Environmental Problem arises after the date of the Foreclosure Conveyance, and if Indemnitor is unable to satisfy that burden of proof, then Indemnitor’s obligations hereunder with respect to that Environmental Problem will be effective and will not be reduced or diminished.

(e)    Notwithstanding anything in this Indemnity to the contrary, the indemnity provided under this Indemnity will not apply to any Indemnified Expenses to the extent that they result from the gross negligence, willful misconduct or bad faith of Lender.

3.    Termination of Agreement upon Repayment.  Lender will terminate this Indemnity effective as of the first anniversary (the “Repayment Anniversary”) of the repayment of the Loan provided that the following conditions are met:

(i)    The repayment is made at a time and in a manner permitted under the Loan Documents;

(ii)    Indemnitor pays to Lender all sums due under this Indemnity and Indemnitor is not in default under this Indemnity;

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(iii)    On the Repayment Anniversary, neither Lender nor Indemnitor is aware of any Environmental Problem and Indemnitor provides a certification to Lender, in form satisfactory to Lender, to that effect;

		
	(iv)
	If either Lender or any affiliate or subsidiary of Lender has, at any time or in any manner, participated in the management or control of, or taken possession of or title to, the Property or any portion thereof whether as mortgagee in possession or otherwise, or Lender has taken any action or exercised such dominion and control over the Property that, in Lender’s sole discretion, could cause Lender to be considered an “owner” or “operator” under CERCLA or to have similar status under any other Environmental Laws, or any receiver has at any time or in any manner participated in the management or control of, or taken possession of or title to, the Property or any portion thereof then, on the Repayment Anniversary, Lender receives an Environmental Report stating that as of the date of the assessment referred to in the Environmental Report (which date will be no earlier than 90 days prior to the Repayment Anniversary), no Environmental Problem is in existence; and 

(v)    There have been no changes in Environmental Laws between the date of this Indemnity and the Repayment Anniversary that, in Lender’s sole judgment, increase the risk that, notwithstanding the satisfaction of the conditions described above, expenses of the nature described above as “Indemnified Expenses” will thereafter be imposed upon, incurred by, or asserted or awarded against, Lender or any of Lender’s Representatives.

If all of the conditions are satisfied, then Lender will execute and deliver to Indemnitor an instrument effecting such termination.  No such termination will affect any rights or remedies, not derived from this Indemnity, that Lender may have against Indemnitor or Borrower with respect to Environmental Problems.

4.    Termination of Agreement upon Conveyance.  Lender will terminate this Indemnity effective as of the fifth (5th) anniversary (the “Conveyance Anniversary”) of any Foreclosure Conveyance provided that the following conditions are met:

(i)    Indemnitor pays to Lender all sums due under this Indemnity and Indemnitor is not in default under this Indemnity;

(ii)    Lender receives an Environmental Report stating that as of the date of the assessment referred to in the Environmental Report (which date will be no earlier than 90 days prior to the Conveyance Anniversary), no Environmental Problem is in existence;

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(iii)    On the Conveyance Anniversary, neither Lender nor Indemnitor is aware of any Environmental Problem and Indemnitor provides a certification to Lender, in form satisfactory to Lender, to that effect; and

(iv)    There have been no changes in Environmental Laws between the date of this Indemnity and the Conveyance Anniversary that, in Lender’s sole judgment, increase the risk that, notwithstanding the satisfaction of the conditions described above, expenses of the nature described above as “Indemnified Expenses” will thereafter be imposed upon, incurred by, or asserted or awarded against, Lender or any of Lender’s officers, trustees, directors, shareholders, employees, or agents.

If all of the conditions are satisfied, then Lender will execute and deliver to Indemnitor an instrument effecting such termination.  No such termination will affect any rights or remedies, not derived from this Indemnity, that Lender may have against Indemnitor or Borrower with respect to Environmental Problems.

5.    Indemnitor’s Obligations Independent.  Indemnitor’s obligations under this Indemnity are independent of Borrower’s obligations under the Loan Documents.  A separate action may be brought and prosecuted against Indemnitor under this Indemnity, whether or not an action is brought against Borrower under the Loan Documents and whether or not Borrower is joined in any action against Indemnitor.   

6.    No Additional Security.  This Indemnity is not given as additional security for the Loan, is entirely independent of the Loan and will not be measured or affected by any amounts at any time owing under the Loan Documents, the sufficiency or insufficiency of any collateral (including the Property) given to Lender to secure repayment of the Loan or the consideration given by Lender or any other party in order to acquire the Property.  None of the obligations of Indemnitor will be in any way secured by the lien of the Mortgage or any other Loan Document.

7.    Survival of Obligations.  Except as otherwise provided herein, Indemnitor’s obligations will survive repayment of the Loan and will survive any conveyance of the Property (including any Foreclosure Conveyance).

8.    Binding Obligation.  This Indemnity will bind Indemnitor and the successors of Indemnitor.  This Indemnity will inure to the benefit of Lender and the successors and assigns of Lender (including (a) any participants of Lender with respect to the Loan and any person or entity to which the Loan is transferred, (b) any person or entity to which the Property is conveyed by Foreclosure Conveyance (a “Foreclosure Transferee”), and (c) the successors and assigns of Lender or any other Foreclosure Transferee as owner of the Property). 

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

9.    No Exculpation.  The obligations of Indemnitor under this Indemnity are not limited or impaired by any provisions in the Loan Documents exculpating Borrower or Borrower’s partners, members, shareholders or principals from personal liability thereunder or limiting Lender’s recourse against Borrower or Borrower’s partners, members, shareholders or principals.

10.    Obligations Not Limited.  The obligations of Indemnitor under this Indemnity are not limited or impaired by the accuracy or inaccuracy of the representations and warranties made by Borrower under the Loan Documents. 

11.    Lender’s Right to Inspect Property.  Upon Lender’s reasonable belief that an Environmental Problem exists or any time after the occurrence of an Event of Default, Lender will at all times be free to inspect the Property and to perform such other investigations and tests as Lender deems necessary in connection with this Indemnity (upon not less than 24 hours notice except in the event of an emergency), subject to the terms of any tenant lease, but Lender will not be obligated to do so.

12.    Waiver of Immunity.  Indemnitor’s obligations under this Indemnity will apply to and include claims or actions brought by or on behalf of employees of Borrower and Indemnitor and Indemnitor waives any immunity to which Indemnitor may otherwise be entitled under any industrial or worker’s compensation laws.

13.    Subrogation.  If Indemnitor fails to indemnify Lender as provided herein, Lender will be subrogated to any rights Indemnitor may have against third parties relating to the matters covered by this Indemnity.

14.    Lender’s Rights Not Limited.  The rights of Lender under this Indemnity will be in addition to any other rights and remedies of Lender against Indemnitor under any other document or instrument now or hereafter executed by Indemnitor or at law or in equity (including any right of reimbursement or contribution pursuant to CERCLA) and will not in any way be deemed a waiver of any of such rights.

15.    Settlements.  Indemnitor may settle any action or proceeding relating to an Environmental Problem only with Lender’s prior written consent.

16.    Defense of Lender.  Indemnitor will conduct any defense of Lender by attorneys satisfactory to Lender.  If Lender determines that the interests of Lender and Indemnitor in any action or proceeding conflict in such a manner and to such an extent as to require, consistent with applicable standards of professional responsibility, the retention of separate counsel for Lender and Indemnitor, then Lender may retain Lender’s own counsel at Indemnitor’s expense.

8
TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

17.    Interest on Payments Due.  Indemnitor will pay to Lender, upon ten (10) business days’ notice any payment due from Indemnitor to Lender under this Indemnity and thereafter, Lender may charge interest at the Default Interest Rate for any unpaid amounts due hereunder.

18.    Fees and Expenses.  Indemnitor will pay Lender’s reasonable attorneys’ fees and all other costs and expenses incurred by Lender in the enforcement of this Indemnity or in the collection of any sums due under this Indemnity.

19.    Access to Policies.  Indemnitor will, at Lender’s request from time to time, provide Lender with copies of any general liability, environmental impairment, and other insurance policies held by Indemnitor that may cover any of Indemnitor’s obligations under this Indemnity.  Without limiting in any manner Indemnitor’s obligations or Lender’s remedies under this Indemnity, if Indemnitor fails to pay any amounts due under this Indemnity within ten (10) business days of Lender’s request, at Lender’s request, Indemnitor diligently will pursue any claims under such policies for sums payable to Lender under this Indemnity and, if permitted under such policies, assign such claims to the extent of such sums to Lender.

20.    Governing Law.  This Indemnity and the rights and obligations of the parties hereunder will in all respects be governed by, and construed and enforced in accordance with, the laws of the state or commonwealth in which the Property is located.  

21.    Notices.  All acceptances, approvals, consents, demands, notices, requests, waivers and other communications required or permitted to be given under this Indemnity must be in writing and (a) delivered personally by a process server providing a sworn declaration evidencing the date of service, the individual served, and the address where the service was made; (b) sent by certified mail, return receipt requested; or (c) delivered by nationally recognized overnight delivery service that provides evidence of the date of delivery (for next morning delivery if sent by overnight delivery service), in all cases with charges prepaid, addressed to the appropriate party at its address listed below:

		
	If to Lender:
	Teachers Insurance and Annuity Association of America

730 Third Avenue
New York, New York  10017
Attention:  Director Global Real Estate/ 
Fixed Income
TIAA Authorization #AAA-7376
Investment ID. #0006950

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

with a 
		
	copy to:
	Teachers Insurance and Annuity

Association of America
730 Third Avenue
New York, New York  10017
Attention:  Associate General Counsel, Director
Asset Management Law
TIAA Authorization #AAA-7376
Investment ID. #0006950

And                Commercial Loan Services
1500 City West, Suite 200
Houston, Texas 77042
Attention: Chief Legal Officer

		
	If to Borrower:
	Glimcher Properties Limited Partnership

180 East Broad Street
Columbus, Ohio 43215
Attn:  General Counsel
TIAA Authorization #AAA-7376
Investment ID. #0006950

with a 
		
	copy to:
	Glimcher Properties Limited Partnership

180 East Broad Street
Columbus, Ohio 43215
Attn:  Director of Treasury
TIAA Authorization #AAA-7376
Investment ID. #0006950

Lender and Indemnitor each may change from time to time the address to which notices must be sent, by notice given in accordance with the provisions of this Section.  All notices given in accordance with the provisions of this Section will be deemed to have been received on the earliest of (i) actual receipt; (ii) Indemnitor’s rejection of delivery; or (iii) 3 Business Days after having been deposited in any mail depository regularly maintained by the United States postal service, if sent by certified mail, or 1 Business Day after having been deposited with a nationally recognized overnight delivery service, if sent by overnight delivery or on the date of personal service, if served by a process server.

Indemnitor will notify Lender prior to any change in Indemnitor’s legal name, place of business or state or commonwealth of organization, formation or incorporation.

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
15389795v.3 / 73828-000098

TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

22.    No Environmental Problem.  Indemnitor represents to Lender that Indemnitor is unaware of any Environmental Problem and promptly will notify Lender of any Environmental Problem of which Indemnitor becomes aware.

23.    Joint and Several Liability.  If there is more than one Indemnitor:  (i) the obligations of each Indemnitor are joint and several; (ii) a release of any one or more Indemnitor or any limitation of this Indemnity in favor of or for the benefit of one or more Indemnitors will not in any way be deemed a release of or limitation in favor of or for the benefit of any other Indemnitor; (iii) the unenforceability for any reason of this Indemnity against one or more Indemnitors will not affect or impair the obligations hereunder of any remaining Indemnitor; and (iv) a separate action hereunder may be brought and prosecuted against one or more Indemnitors.  Each Indemnitor will have no right of contribution (including any right of contribution under CERCLA) or subrogation against any other Indemnitor unless and until all obligations of such Indemnitor have been satisfied.  To the extent that any waiver of an Indemnitor’s rights of subrogation and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, then those rights of subrogation or contribution will in any event be junior and subordinate to the rights of Lender against any Indemnitor under this Indemnity.

24.    Lender’s Right to Modify Loan.  Indemnitor authorizes Lender without notice or demand and without affecting Indemnitor’s liability hereunder from time to time to:  (a) change any of the terms of the Loan Documents or release Borrower from any obligations thereunder; (b) take and hold additional security for the payment of the indebtedness evidenced by the Loan Documents, and exchange, enforce, waive and release any such security; (c) release from the lien of the Mortgage all or part of the Property; or (d) apply the proceeds of the sale of the Property and direct the order or manner of a sale of the Property as Lender in its discretion may determine.  Indemnitor’s liability hereunder will also not be affected by any such change, release, or application that arises by operation of law.

25.    Waivers.  Indemnitor waives:

(a)    Presentment, demand, protest, notice of protest, notice of dishonor and notice of non-payment, non-performance or non-observance, and notice of acceptance of this Indemnity.

(b)    The right, if any, to the benefit of, or to direct the application of, any security held by Lender, including the Property; and, until all of the indebtedness evidenced by the Note has been paid in full, all rights of subrogation, any right to enforce any remedy which Lender now has or hereafter may have against Borrower, and any right to participate in any security now or hereafter held by Lender;

(c)    The right to require Lender to proceed against Borrower or to proceed against any security now or hereafter held by Lender or to pursue any other remedy in Lender’s power;

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TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950
University Park Village
Environmental Indemnity
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TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

(d)    The benefits, if Indemnitor is entitled to any benefits, of any or all anti-deficiency statutes or suretyship laws, including any rights, defenses or remedies it may have under (1) Chapter 43 and Section 17.001 of the Texas Civil Practice and Remedies Code and Texas Rule of Civil Procedure 31, including without limitation, notice, discharge, levy and subrogation, and (2) Sections 51.003 through 51.005 of the Texas Property Code, relating to deficiency judgments;

(e)    Any defense arising out of the absence, impairment, or loss of any right of reimbursement or subrogation or other right or remedy of Indemnitor against Borrower or against any security resulting from the exercise of election of any remedies by Lender, including a judicial foreclosure or the exercise of the power of sale under the Mortgage, and any defense arising by reason of any disability or other defense of Borrower or by reason of the cessation, from any cause, of the liability of Borrower;

(f)    The benefit of or right to assert any statute of limitations affecting Indemnitor’s liability hereunder or the enforcement thereof to the extent permitted by law; 

(g)    Any homestead exemption rights;

(h)    Any right to deferral or modification of Indemnitor’s obligations hereunder by reason of any bankruptcy, reorganization, arrangement, moratorium, or other debtor relief proceeding regarding Indemnitor;

(i)    Any defense arising out of any bankruptcy, reorganization, arrangement, moratorium, or other debtor relief proceeding regarding Borrower, or the death of Borrower; and

(j)    Any other rights and remedies afforded by applicable law.

26.    No Third-Party Beneficiary.  Subject to paragraph 8 hereof, no party will be a third-party beneficiary under this Indemnity and no provision of this Indemnity will operate or inure to the use and benefit of a third party.

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TIAA Inv. ID # 0006950

27.    Waiver of Jury Trial.  Indemnitor and Lender expressly hereby waive all rights to a trial by jury in any Proceeding in connection with this Indemnity against each other.  This waiver is knowingly, intentionally and voluntarily made by Indemnitor and Lender and Indemnitor and Lender each expressly acknowledge that no party or person acting on behalf of either party has made any representations of fact to induce this waiver of trial by jury or in any way to modify or nullify its effect.  Indemnitor further acknowledges that Indemnitor has been represented (or has had the opportunity to be represented) in the signing of this Indemnity and in the making of this waiver by independent legal counsel, selected of Indemnitor’s own free will, and that Indemnitor has had the opportunity to discuss this waiver with counsel.  Lender, by accepting this Indemnity acknowledges that Lender has been represented (or has had the opportunity to be represented) in the signing of this Indemnity and in the making of this waiver by independent legal counsel, selected of Lender’s own free will, and that Lender has had the opportunity to discuss this waiver with counsel.  Indemnitor and Lender further acknowledges that each has read and understands the meaning and ramifications of this Indemnity and, specifically, this waiver provision.

28.    Subordination.  Any (a) rights and claims that Indemnitor may now have or hereafter acquire against Borrower or any other guarantor of all or any of the Loan that arise from the existence or performance of Indemnitor’s obligations under this Indemnity, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of Lender against Borrower or any collateral which Lender now has or hereafter acquires (all such claims and rights are referred to as “Indemnitor’s Conditional Rights”), and (b) any other indebtedness of Borrower now or hereafter owed to or held by Indemnitor (all such other indebtedness is referred to as “Indemnitor-Borrower Indebtedness”) will be subordinate to Lender’s right to full payment and performance of the Loan and will not be enforced unless and until the Loan is fully paid and performed.  If, notwithstanding the foregoing provisions, any amount will be paid to any Indemnitor on account of any such Indemnitor’s Conditional Rights or Indemnitor-Borrower Indebtedness and either (i) such amount is paid to such Indemnitor at any time when the Loan is unpaid or Borrower is not in full compliance with all of the terms, covenants and provisions of the Loan Documents, or (ii) regardless of when such amount is paid to such Indemnitor, any payment made by Borrower to Lender is at any time determined to be a Preferential Payment (defined below), then such amount paid to such Indemnitor will be held in trust for the benefit of Lender and will forthwith be paid to Lender to be credited and applied upon the Loan, whether matured or unmatured, in such order as Lender, in its sole and absolute discretion, will determine.  The term “Preferential Payment” means any payment all or any part of which is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by Lender or paid over to a trustee, receiver or any other entity, whether pursuant to any bankruptcy act or otherwise.

29.    Obligation Not Diminished.  If Borrower pays any sum otherwise payable by Indemnitor under this Indemnity and  such sum must be repaid to Borrower pursuant to any bankruptcy or insolvency law, then Indemnitor’s obligation to pay such sum under this Indemnity will not be diminished and will continue in full force and effect.

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TIAA Authorization ID # AAA-7376
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30.    No Duty to Disclose.  Lender will have no duty to disclose or report to Indemnitor any information now or hereafter known to Lender regarding the Property or the Borrower including information regarding any Environmental Problem or circumstances that could result in an Environmental Problem.

31.    Severability.  If any term of this Indemnity or any application of any such term is deemed invalid, illegal, or unenforceable, the remainder of this Indemnity and any other application of such term remains effective.

32.    No Waiver.  No delay in exercising any right or power hereunder will operate as a waiver, and no waiver of any right or power or consent by Lender will be valid unless in writing.  The failure of Lender to insist upon strict compliance with any of the terms of this Indemnity will not be considered to be a waiver of any such terms, nor will it prevent Lender from insisting upon strict compliance with this Indemnity at any time thereafter.

33.    No Oral Amendment.  No provision of this Indemnity may be changed, waived, discharged or terminated except by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge, or termination is sought.

34.    Counterparts.  This Indemnity may be executed in two or more counterparts which together will constitute a single original document. 

35.    Captions.  Captions used in this Indemnity are for reference only and do not describe or limit the substance, scope or intent of this Indemnity or of the individual section.

36.    Certain Agreements and Waivers by Indemnitor.  

(a) Real property in the state of Texas described in the Deed of Trust secures the Loan.  Indemnitor unconditionally and irrevocably waives any rights, defenses or remedies it may have under (1) Chapter 43 and Section 17.001 of the Texas Civil Practice and Remedies Code and Texas Rule of Civil Procedure 31, including without limitation, notice, discharge, levy and subrogation, and (2) Sections 51.003 through 51.005 of the Texas Property Code, relating to deficiency judgments.

(b) Indemnitor hereby agrees that neither Lender's rights or remedies nor Indemnitor's obligations under the terms of this Indemnity shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, circumstances or rights, and the liability of Indemnitor under this Indemnity shall be absolute and unconditional irrespective of:

(1)    any claim or defense that this Indemnity was made without consideration or is not supported by adequate consideration;

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(2)    any homestead exemption or any other exemption under applicable law;

(3)    any surrender, abandonment, alteration, sale or other disposition, subordination, deterioration, waste, failure to protect or preserve, impairment, or loss of, or any other dealings with, any collateral or security at any time existing or purported, believed or expected to exist in connection with any or all of the Indemnified Expenses;

(4)    any failure of Lender to notify Indemnitor of any new agreement between Lender and Borrower, it being understood that Lender shall not be required to give Indemnitor any notice of any kind under any circumstances with respect to or in connection with the Indemnified Expenses, any and all rights to notice Indemnitor may have otherwise had being hereby waived by Indemnitor, and the Indemnitor shall be responsible for obtaining for itself information regarding the Borrower, including, but not limited to, any changes in the business or financial condition of the Borrower, and the Indemnitor acknowledges and agrees that the Lender shall have no duty to notify the Indemnitor of any information which the Lender may have concerning the Borrower. 

(5)    if for any reason Lender is required to refund any payment by Borrower to any other party liable for the payment or performance of any or all of the Indemnified Expenses or pay the amount thereof to someone else; 

(6)    the making of advances by Lender to protect its interest in the Property, preserve the value of the Property or for the purpose of performing any term or covenant contained in any of the Loan Documents;

(7)    the existence of any claim, counterclaim, set‐off or other right that Indemnitor may at any time have against Borrower, Lender, or any other Person, whether or not arising in connection with this Indemnity, the Note, the Deed of Trust, or any other Loan Document; or

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TIAA Authorization ID # AAA-7376
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(8)    the unenforceability of all or any part of the Indemnified Expenses against Borrower, whether because the Indemnified Expenses exceed the amount permitted by law or violate any usury law, or because the act of creating the Indemnified Expenses, or any part thereof, is ultra vires, or because the officers or Persons creating the Indemnified Expenses acted in excess of their authority, or because of a lack of validity or enforceability of or defect or deficiency in any of the Loan Documents, or because Borrower has any valid defense, claim or offset with respect thereto, or because Borrower's obligation ceases to exist by operation of law, or because of any other reason or circumstance, it being agreed that Indemnitor shall remain liable hereon regardless of whether Borrower or any other Person be found not liable on the Indemnified Expenses, or any part thereof, for any reason (and regardless of any joinder of Borrower or any other party in any action to obtain payment or performance of any or all of the Indemnified Expenses).

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE ON FOLLOWING PAGE]

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

INDEMNITOR:

GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership

		
	By:
	Glimcher Properties Corporation, a Delaware corporation, its sole general partner

By: /s/ Mark E. Yale
       Mark E. Yale, Executive Vice
       President, Chief Financial
       Officer and Treasurer

STATE OF OHIO            § 
                    § 
COUNTY OF     FRANKLIN        §
BEFORE ME, the undersigned authority, on this day personally appeared Mark E. Yale, known to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of the said limited partnership, and that (s)he executed the same as the act of such limited partnership for the purposes and consideration therein expressed, and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this 4th day of April, 2013.
Rochelle J. Reed     
Notary Public
Print Name: Rochelle J. Reed    
My Commission Expires:     

SEAL:    
	
		
	October 24, 2017
	 

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University Park Village
Environmental Indemnity
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TIAA Authorization ID # AAA-7376
TIAA Inv. ID # 0006950

Exhibit “A”

Description of Property

 BEING a tract of land situated in the Wm. D. Conner Survey, Abstract Number 288, the Adam Vogt Survey, Abstract Number 1585 and the Thomas White Survey, Abstract Number 1636 and being all of Lot A-R-1, Block 2 of Michael Hughes Estates, an addition to the City of Fort Worth, Tarrant County, Texas, recorded in Volume 388-211, Page 50, Plat Records, Tarrant County, Texas, and all of Lot 5R-4, Block 2 recorded in Cabinet “A”, Slide Number 2186 and Plat Records and being the same as that tract of land described by deed to UPV Corporation as recorded in Volume 14993, page 334, Deed Records of said county, and being more particularly described by metes and bounds as follows:
BEGINNING at a 5/8 inch iron rod found in the west right-of-way of South University Drive (a variable width right-of-way) and being the most easterly southeast corner of said Lot 5R-4, said rod being the northeast corner of a tract of land to FW Investments, LTD as recorded in Volume 12526, Page 1915 said Deed Records of said County;
THENCE N 89°40’07”W, 406.88 feet, along the north line of said FW Investments tract to a 5/8 inch iron rod found being the northwest corner of said FW Investments tract; 
THENCE S 00°26’48”E, 133.65 feet to a 1/2 inch iron rod found being the most westerly southwest corner of said FW Investments tract, said rod being along the east right-of-way of Wabash Avenue (50 foot right-of-way);
THENCE S 89°47’01”W, 50.06 feet to an “X” cut set along the westerly right-of-way of said Wabash Avenue;
THENCE S 00°25’14”E, 56.41 feet, along the said westerly right-of-way of Wabash Avenue to a 5/8 inch iron rod found capped “Dunaway”, said rod being the northeast corner of Block 2, Michael Hughes Estates as recorded in Volume 388-X, Page 142 said Plat Records;
THENCE S 89°35’08”W, 274.50 feet with the north line of said Block 2, and the north line of Lot 6-J-R, Block 2, Michael Hughes Estates as recorded in Volume 388-48, Page 591 said Plat Records, to a 3/4 inch iron rod found at the northwest corner of said Lot 6-J-R;
THENCE N 00°18’12”W, 234.18 feet to a 5/8 inch iron rod found, said rod being the northeast corner of Lot 6A, Block 2 Michael Hughes Estates as recorded in Volume 388-K, Page 271 said Plat Records;

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TIAA Authorization ID # AAA-7376
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THENCE S 89°35’03”W, along the north line of said Lot 6A, block 2, a distance of 309.96 feet to a  1/2 inch iron rod found in the easterly right-of-way of Rogers Road (a 60 foot right-of-way), said rod being the southwest corner of said Lot 5R-4;
THENCE along the said easterly right-of-way of Rogers Road the following courses and distances;
N 00°16’35”W, 170.24 feet to a 5/8 inch iron rod capped “PELOTON” set at the beginning of a curve to the right
With said curve to the right, an arc distance of 47.78 feet, through a central angle of 41°37’14”, having a radius of 65.78 feet, the long chord which bears N 20°31’55”E, 46.74 feet to a 5/8 inch iron rod capped “PELOTON” set;
N 41°20’25”E, 72.40 feet to a 5/8 inch iron rod found capped “Dunaway”;
S 89°58’36”W, 13.32 feet to a 5/8 inch iron rod found capped “Dunaway”;
N 41°20’01”E, 772.43 feet to a 5/8 inch iron rod found;
N 51°47’23”E, 136.81 feet to a 1/2 inch iron rod found, said rod being the west corner of that certain tract of land conveyed by deed to Engineer Business Center, LLC as recorded in Volume 15543, page 96 of County Records Tarrant County, Texas;
THENCE S 37°32’28”E, 105.10 feet to a 5/8 inch iron rod capped “PELOTON” set, said rod being in the northwesterly line of said Lot A-R-1;
THENCE N 52°01’39”E, 187.67 feet to a fence corner post, from which a 1/2 inch iron rod found bears S 03°10’12”W, a distance of 0.81 feet;
THENCE S 04°21’19”E, 98.90 feet to an “X” cut found, said “X” being the southwest corner of that certain tract of land conveyed by deed to Victron Stores, LP, as recorded in instrument Number D205130557, said County Records;
THENCE N 89°47’59”E, 107.44 feet to a 5/8 inch iron rod capped “PELOTON” set, from which a 5/8 inch iron rod bound bears N 89°52’11”E, 1.29 feet, said iron rod being in the westerly right-of-way of said South University Drive;
THENCE along the said westerly right-of-way of South University Drive the following courses and distances;
S 04°02’49”E, 50.24 feet to a 5/8 inch iron rod found capped “Dunaway”;
S 03°36’19”E, 485.75 feet to a 5/8 inch iron rod found;

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TIAA Authorization ID # AAA-7376
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S 03°40’59”E, 59.98 feet to a  5/8 inch iron rod capped “PELOTON” set;
N 89°11’20”E, 2.57 feet to a 5/8 inch iron rod capped “PELOTON” set, from which a 5/8 inch iron rod found bears S 25°11’16”W, 0.55 feet;
S 03°26’40”E, 38.56 feet to a 5/8 inch iron rod found for the beginning of a curve to the right;
With said curve to the right, an arc distance of 90.79 feet, through a central angle of 01°50’53”, having a radius of 2814.79 feet, the long chord which bears S 02°24’29”E, 90.79 feet to a 5/8 inch iron rod capped “PELOTON” set;
THENCE S 00°02’28”W, 185.01 feet to the Point of Beginning and containing 795,094 square feet or 18.253 acres of land more or less.

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TIAA Authorization ID # AAA-7376
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Exhibit “B”

Environmental Report

An Environmental Report will consist of the following:  

(i)    a Phase 1 environmental assessment conducted by an environmental consultant in accordance with ASTM Standard E 1527 (Standard Practice for Environmental Site Assessment Process); and

(ii)    if requested by Lender, a Phase 2 environmental assessment conducted by the environmental consultant consisting of physical tests of the Property (such as tests of the soil, water, air and building material samples).

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