Document:

EX-10.3

 Exhibit 10.3 
  

 
  

PAYMENT GUARANTY 
 made by

 GTJ REIT, INC. and GTJ REALTY, LP, 

as guarantors, 
 in favor of 

CAPITAL ONE, NATIONAL ASSOCIATION 

Dated as of April 8, 2014 

 PAYMENT GUARANTY 

This PAYMENT GUARANTY (this “Guaranty”), dated as of April 8, 2014 made by GTJ REIT,
INC., a Maryland corporation (“GTJ Reit”), and GTJ REALTY, LP, a Delaware limited partnership (“GTJ Realty”; together with GTJ Reit, jointly and severally,
individually and collectively, “Guarantor”), each having an address at c/o GTJ REIT, Inc., 60 Hempstead Avenue, Suite 718, West Hempstead, New York 11552, in favor of CAPITAL ONE, NATIONAL ASSOCIATION
(together with its successors and assigns, hereinafter referred to as “Lender”), having an address at 280 Park Avenue, 23rd Floor, New York, New York
10017. 
 R E C I T A L S: 

A. PURSUANT TO THAT CERTAIN LOAN AGREEMENT DATED AS OF THE DATE HEREOF (AS THE SAME MAY BE AMENDED, MODIFIED, SUPPLEMENTED OR REPLACED FROM
TIME TO TIME, THE “LOAN AGREEMENT”) BETWEEN 114-15 GUY BREWER BOULEVARD, LLC, 49-19 ROCKAWAY BEACH BOULEVARD, LLC, 612 WORTMAN AVENUE, LLC AND 23-85 87TH STREET, LLC, EACH A NEW YORK LIMITED LIABILITY COMPANY (TOGETHER WITH EACH OTHER
PERSON (AS DEFINED IN THE LOAN AGREEMENT) WHO FROM TIME TO TIME BECOMES A BORROWER UNDER THE LOAN AGREEMENT, INDIVIDUALLY AND COLLECTIVELY, JOINTLY AND SEVERALLY, “BORROWER”) AND LENDER, LENDER HAS AGREED TO MAKE CERTAIN LOANS
(COLLECTIVELY, THE “LOAN”) TO BORROWER IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $45,000,000.00, SUBJECT TO THE TERMS AND CONDITIONS OF THE LOAN AGREEMENT; 

B. AS A CONDITION TO LENDER’S MAKING THE LOAN, LENDER IS REQUIRING THAT GUARANTOR EXECUTE AND DELIVER TO LENDER THIS GUARANTY; AND 

C. GUARANTOR HEREBY ACKNOWLEDGES THAT GUARANTOR WILL MATERIALLY BENEFIT FROM LENDER’S AGREEING TO MAKE THE LOAN; 

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

1. Definitions. 
 All
capitalized terms used and not defined herein shall have the respective meanings given such terms in the Loan Agreement. 
 The term
“Guaranteed Obligations” means (i) the outstanding principal balance of the Loan (ii) all accrued and unpaid interest (including, any interest payable at the Default Rate and interest before and after any insolvency proceeding)
on the Loan and (iii) any other payment obligations of Borrower to Lender under the Loan Documents, in each case strictly in accordance with the terms of the Loan Documents as the same may hereafter be amended, extended and/or

  
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renewed, whether such obligations are direct or indirect, absolute or contingent, due or to become due, now existing or hereinafter incurred, in each case whether on account of principal,
interest, breakage costs, late charges, fees, costs, expenses, protective advances or otherwise. 
 2. Guaranty. 

Guarantor hereby irrevocably, absolutely and unconditionally guarantees to Lender the full, prompt and complete payment when due hereunder of
the Guaranteed Obligations. 
 All sums payable to Lender under this Guaranty shall be payable on demand and without reduction for any
offset, claim, counterclaim or defense. Guarantor hereby further agrees that if Borrower shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, Guarantor will immediately pay
the same upon demand. All payments by Guarantor on account of this Guaranty shall be paid in Dollars. 
 Guarantor hereby agrees to
indemnify, defend and save harmless Lender from and against any and all costs, losses, liabilities, claims, causes of action, expenses and damages (excluding, however consequential and punitive damages other than consequential and/or punitive
damages required to be paid by Lender to a third party in connection with a third party claim against Lender), including reasonable attorneys’ fees and disbursements, which Lender may suffer or which otherwise may arise by reason of
Borrower’s failure to pay any of the Guaranteed Obligations when due, irrespective of whether such costs, losses, liabilities, claims, causes of action, expenses or damages are incurred by Lender prior or subsequent to (i) Lender’s
declaring the Principal, interest and other sums evidenced or secured by the Loan Documents to be due and payable, (ii) the commencement or completion of a judicial or non-judicial foreclosure of any Mortgage or (iii) the conveyance of all
or any portion of any property subject to any Mortgage (individually and collectively, the “Property”) by deed-in-lieu of foreclosure. 

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

3. Representations and Warranties. Each Guarantor hereby represents and warrants to Lender solely with respect to itself as follows
(which representations and warranties shall be given as of the date hereof and shall survive the execution and delivery of this Guaranty): 

a. Organization, Authority and Execution. GTJ Reit is a Maryland corporation, duly organized, validly existing and in
good standing under the laws of the State of Maryland, and GTJ Realty is a Delaware limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware, and each Guarantor has all necessary power and
authority to own its properties and to conduct its business as presently conducted or proposed to be conducted and to enter into and 

  
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perform this Guaranty and all other agreements and instruments to be executed by it in connection herewith. This Guaranty has been duly executed and delivered by Guarantor. 

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

c. No Violation. The execution, delivery and performance by Guarantor of its obligations under this Guaranty has been
duly authorized by all necessary action, and do not and will not violate any law, regulation, order, writ, injunction or decree of any court or governmental body, agency or other instrumentality applicable to Guarantor, or result in a breach of any
of the terms, conditions or provisions of, or constitute a default under, or result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the assets of Guarantor pursuant to the terms of
Guarantor’s articles of organization, or any mortgage, indenture, agreement or instrument to which Guarantor is a party or by which it or any of its properties is bound. Guarantor is not in default under any other guaranty which it has provided
to Lender. 
 d. No Litigation. There are no actions, suits or proceedings at law or at equity, pending or, to
Guarantor’s knowledge, threatened against Guarantor or which involve the validity or enforceability of this Guaranty or which could reasonably be expected to materially adversely affect the financial condition of Guarantor or the ability of
Guarantor to perform any of its obligations under this Guaranty. Guarantor is not in default beyond any applicable grace or cure period with respect to any order, writ, injunction, decree or demand of any Governmental Authority which could
reasonably be expected to materially adversely affect the financial condition of Guarantor or the ability of Guarantor to perform any of its obligations under this Guaranty. 

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

f. Financial Statements and Other Information. All financial statements of Guarantor heretofore delivered to Lender are
true and correct in all material respects and fairly present the financial condition of Guarantor as of the respective dates thereof, and except as disclosed to Lender in writing no materially adverse change has occurred in the financial conditions
reflected therein since the respective dates thereof. None of the aforesaid financial statements or any certificate or statement furnished to Lender by or on behalf of Guarantor in connection with the transactions contemplated hereby, and none of
the representations and warranties in this Guaranty contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements 

  
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contained therein or herein not misleading. Guarantor is not insolvent within the meaning of the United States Bankruptcy Code or any other applicable law, code or regulation and the execution,
delivery and performance of this Guaranty will not render Guarantor insolvent. 
 g. Consideration. Guarantor is the
owner, directly or indirectly, of a portion of the legal and beneficial equity interests in each Borrower. 
 4. Financial
Statements. Guarantor shall deliver to Lender financial statements in accordance with, and at the times required pursuant to, the terms and conditions of the Loan Agreement. Each financial statement delivered pursuant thereto shall be
accompanied by a compliance certificate in form and substance acceptable to Lender demonstrating compliance with the financial covenants set forth in the Loan Agreement applicable to Guarantor.  

5. Unconditional Character of Obligations of Guarantor. 

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

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

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

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

d. the conveyance to Lender, any Affiliate of Lender or Lender’s nominee of the Property or any interest therein by a
deed-in-lieu of foreclosure; 
 e. the release of Borrower or any other Person from the performance or observance of any of
the agreements, covenants, terms or conditions contained in any of the Loan Documents by operation of law or otherwise; or 

f. the release in whole or in part of any collateral for any or all Guaranteed Obligations or for the Loan or any portion
thereof. 
 Except as otherwise specifically provided in this Guaranty, Guarantor hereby expressly and irrevocably waives all defenses in an action brought
by Lender to enforce this Guaranty based on claims of waiver, release, surrender, alteration or compromise and all setoffs, reductions, or impairments, whether arising hereunder or otherwise. 

Lender may deal with Borrower, and Affiliates of Borrower in the same manner and as freely as if this Guaranty did not exist and shall be
entitled, among other things, to grant Borrower or any other Person such extension or extensions of time to perform any act or acts as may be deemed advisable by Lender, at any time and from time to time, without terminating, affecting or impairing
the validity of this Guaranty or the obligations of Guarantor hereunder. 
 No compromise, alteration, amendment, modification, extension,
renewal, release or other change of, or waiver, consent, delay, omission, failure to act or other action with respect to, any liability or obligation under or with respect to, or of any of the terms, covenants or conditions of, the Loan Documents
shall in any way alter, impair or affect any of the obligations of Guarantor hereunder, and Guarantor agrees that if any Loan Document is modified with Lender’s and Borrower’s consent, the Guaranteed Obligations shall automatically be
deemed modified to include such modifications. 
 Lender may proceed to protect and enforce any or all of its rights under this Guaranty by
suit in equity or action at law, whether for the specific performance of any covenants or agreements contained in this Guaranty or otherwise, or to take any action authorized or permitted under applicable law, and shall be entitled to require and
enforce the performance of all acts and things required to be performed hereunder by Guarantor. Each and every remedy of Lender shall, to the extent permitted by law, be cumulative and shall be in addition to any other remedy given hereunder or now
or hereafter existing at law or in equity. 
 No waiver shall be deemed to have been made by Lender of any rights hereunder unless the same
shall be in writing and signed by Lender, and any such waiver shall be a waiver only with respect to the specific matter involved and shall in no way impair the rights of Lender or the obligations of Guarantor to Lender in any other respect or at
any other time. 

  
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 At the option of Lender, Guarantor may be joined in any action or proceeding commenced by Lender
against Borrower in connection with or based upon any other Loan Documents and recovery may be had against Guarantor in such action or proceeding or in any independent action or proceeding against Guarantor to the extent of Guarantor’s
liability hereunder, without any requirement that Lender first assert, prosecute or exhaust any remedy or claim against Borrower or any other Person, or any security for the obligations of Borrower or any other Person. 

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

In the event that Guarantor shall advance or become obligated to pay any sums under this Guaranty or in connection with the Guaranteed
Obligations or in the event that for any reason whatsoever Borrower or any subsequent owner of the Property or any part thereof is now, or shall hereafter become, indebted to Guarantor, Guarantor agrees that (i) the amount of such sums and of
such indebtedness and all interest thereon shall at all times be subordinate as to lien, the time of payment and in all other respects to all sums, including principal and interest and other amounts, at any time owed to Lender under the Loan
Documents, and (ii) Guarantor shall not be entitled to enforce or receive payment thereof until all principal, Interest and other sums due pursuant to the Loan Documents have been paid in full. Nothing herein contained is intended or shall be
construed to give Guarantor any right of subrogation in or under the Loan Documents or any right to participate in any way therein, or in the right, title or interest of Lender in or to any collateral for the Loan, notwithstanding any payments made
by Guarantor under this Guaranty, until the actual and irrevocable receipt by Lender of payment in full of all principal, Interest and other sums due with respect to the Loan or otherwise payable under the Loan Documents. If any amount shall be paid
to Guarantor on account of such subrogation rights at any time when any such sums due and owing to Lender shall not have been fully paid, such amount shall be paid by Guarantor to Lender for credit and application against such sums due and owing to
Lender. 
 Guarantor’s obligations hereunder shall survive a foreclosure, deed-in-lieu of foreclosure or similar proceeding involving
the Property and the exercise by Lender of any of all of its remedies pursuant to the Loan Documents. 
 6. Covenants. Until
all of the Guaranteed Obligations have been paid in full, Guarantor shall comply with any and all covenants applicable to Guarantor set forth in the Loan Agreement.  

7. Entire Agreement/Amendments. This instrument represents the entire agreement between the parties with respect to the subject
matter hereof. The terms of this Guaranty shall not be waived, altered, modified, amended, supplemented or terminated in any manner whatsoever except by written instrument signed by Lender and Guarantor. 

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

9. Applicable Law and Consent to Jurisdiction. This Guaranty shall be governed by, and construed in accordance with, the
substantive laws of the State of New York. Guarantor irrevocably agrees that any suit, action or other legal proceeding arising out of or relating to this Guaranty may be brought in any United States Federal or State court sitting in New York
County, New York, consents to the jurisdiction of each such court in any such suit, action or proceeding and waives any objection which it may have to the laying of venue of any such suit, action or proceeding in any of such courts and any claim
that any such suit, action or proceeding has been brought in an inconvenient forum. Guarantor irrevocably consents to the service of any and all process in any such suit, action or proceeding by service of copies of such process to Guarantor at its
address provided in Section 14 hereof. Nothing in this Section 9, however, shall affect the right of Lender to serve legal process in any other manner permitted by law or affect the right of Lender to bring any suit, action
or proceeding against Guarantor or its property in the courts of any other jurisdictions. 
 10. Section Headings. The
headings of the sections and paragraphs of this Guaranty have been inserted for convenience of reference only and shall in no way define, modify, limit or amplify any of the terms or provisions hereof 

11. Severability. Any provision of this Guaranty which may be determined by any competent authority to be prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, Guarantor hereby waives any provision of law which renders any provision hereof prohibited or
unenforceable in any respect. 
 12. WAIVER OF TRIAL BY JURY. EACH OF GUARANTOR, AND BY ITS ACCEPTANCE HEREOF, LENDER,
HEREBY WAIVES THE RIGHT OF TRIAL BY JURY IN ANY LITIGATION, ACTION OR PROCEEDING ARISING HEREUNDER OR IN CONNECTION THEREWITH. 

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

14. Notices. All notices, consents, approvals and requests required or permitted hereunder (a “Notice”) shall be given in
writing and shall be effective for all purposes if delivered by a nationally recognized overnight delivery service (such as Federal Express), addressed as follows (or to such other address or Person as a party shall designate from time to

  
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time by notice to the other party): If to Lender: Capital One, National Association, 280 Park Avenue, 23rd Floor, New York, New York 10017,
Attention: Mr. Michael J. Sleece, with a copy to: Riemer & Braunstein LLP, 3 Center Plaza, Boston, Massachusetts 02108, Attention: Kevin J. Lyons, Esq.; if to Guarantor: c/o GTJ REIT, Inc., 60 Hempstead Avenue, Suite 718, West
Hempstead, New York 11552, Attention: Mr. Paul Cooper, with a copy to: Schiff Hardin LLP, 666 Fifth Avenue, Suite 1700, New York, New York 10103, Attention: Christine A. McGuinness, Esq. A notice shall be deemed to have been given: in the case
of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of overnight delivery, upon the first attempted delivery on a Business Day. 

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

If Guarantor fails to pay all or any sums due hereunder upon demand by Lender, the amount of such sums payable by Guarantor to Lender shall
bear interest from the date of demand until paid at the Default Rate in effect from time to time. 
 Guarantor hereby agrees to pay all
actual out-of-pocket costs, charges and expenses, including reasonable attorneys’ fees and disbursements, that may be incurred by Lender in enforcing the covenants, agreements, obligations and liabilities of Guarantor under this Guaranty. 

17. Joint and Several Obligations. If Guarantor consists of more than one Person, each such Person shall have joint and several
liability for the obligations of Guarantor hereunder. 
 [Remainder of Page Intentionally Left Blank; Signature Page Follows] 

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

					
	GTJ REIT, INC.,
	a Maryland corporation
		
	By:	 	

		 	  

		 	Name:	 	Paul Cooper
		 	Title:	 	Chief Executive Officer

  

									
	 GTJ REALTY, LP,
 a Delaware
limited partnership

		
	By: 	 	 GTJ GP, LLC, a Maryland limited

liability company, its general partner

			
		 	By: 	 	 GTJ REIT Inc., a Maryland

corporation, its manager

				
		 		 	By:	 	

		 		 		 	  

		 		 		 	Name:	 	Paul Cooper
		 		 		 	Title:	 	Chief Executive Officer

 [Signature Page to Payment Guaranty]EX-10.4

 Exhibit 10.4 

PROMISSORY NOTE 
  

			
	$45,000,000.00	 	April 8, 2014

 FOR VALUE RECEIVED, 114-15 GUY BREWER BOULEVARD, LLC, a New York limited liability company,
49-19 ROCKAWAY BEACH BOULEVARD, LLC, a New York limited liability company, 612 WORTMAN AVENUE, LLC, a New York limited liability company, and 23-85 87TH STREET, LLC, a New York limited liability company, each having an address
at c/o GTJ REIT, Inc., 60 Hempstead Avenue, Suite 718, West Hempstead, New York 11552 (together with each other Person (as defined in the Loan Agreement (as hereinafter defined)) who from time to time becomes a borrower under the Loan Agreement,
individually and collectively, jointly and severally, “Maker”), promise to pay to the order of CAPITAL ONE, NATIONAL ASSOCIATION, at its principal place of business at 280 Park Avenue, 23rd Floor, New York, New York 10017 (together with its successors and assigns “Payee”), or at such place as the holder hereof may from time to time designate in
writing, the principal sum of FORTY FIVE MILLION DOLLARS ($45,000,000.00), or so much thereof as may be outstanding pursuant to the Loan Agreement (as hereinafter defined), in lawful money of the United States of America, with interest on the unpaid
principal balance from time to time outstanding to be computed in the manner, at the times and, subject to the provisions of Section 2.11 of the Loan Agreement, at the interest rate provided in that certain Loan Agreement (as amended, modified,
restated, consolidated, replaced or supplemented from time to time, the “Loan Agreement”) dated as of the date hereof between Maker and Payee. Capitalized terms used but not defined herein shall have the
respective meanings given such terms in the Loan Agreement. 
 1. Payment Terms. Maker shall pay to Payee the monthly
interest on the unpaid Principal in the manner and at the times specified in Article 2 of the Loan Agreement, which payments shall be applied in the order of priority set forth in said Article 2. Maker shall also pay to Payee interest at the Default
Rate, Late Payment Charges, Letter of Credit Fees, the Unused Fee and all other amounts due and payable as and when provided for in the Loan Agreement. The balance of the Principal, together with all accrued and unpaid interest thereon, and all
other amounts payable to Payee hereunder, under the Loan Agreement and under the other Loan Documents shall be due and payable on the Maturity Date. 

2. Loan Documents. This Note is evidence of the loans made by Payee to Maker pursuant to the terms and conditions of the Loan
Agreement and is executed pursuant to the terms and conditions of the Loan Agreement. This Note is secured by and entitled to the benefits of, among other things, the Loan Documents. Reference is made to the Loan Documents for a description of the
nature and extent of the security afforded thereby, the rights of the holder hereof in respect of such security, the terms and conditions upon which this Note is secured and the rights and duties of the holder of this Note. All of the agreements,
conditions, covenants, provisions and stipulations contained in the Loan Documents to be kept and performed by Maker are by this reference hereby made part of this Note to the same extent and with the same force and effect as if they were fully set
forth in this Note, and Maker covenants and agrees to keep and perform the same, or cause the same to be kept and performed, in accordance with their terms. 

  
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 3. Loan Acceleration; Prepayment. The Debt shall, without notice, become
immediately due and payable at the option of Payee upon the occurrence and during the continuance of any Event of Default. This Note may not be prepaid except as otherwise expressly provided in, and subject to the terms and conditions of the Loan
Agreement. 
 4. Revival. To the extent that Maker makes a payment or Payee receives any payment or proceeds for
Maker’s benefit, which are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party under the Bankruptcy Code or any other
bankruptcy law, common law or equitable cause, then, to such extent, the obligations of Maker hereunder intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by Payee. 

5. Amendments. This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act
or failure to act on the part of Maker or Payee, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. Whenever used, the
singular number shall include the plural, the plural the singular, and the words “Payee” and “Maker” shall include their respective successors, assigns, heirs, executors and administrators. 

6. Waiver. Maker and all others who may become liable for the payment of all or any part of the Debt do hereby severally waive
presentment and demand for payment, notice of dishonor, protest, notice of protest, notice of nonpayment, notice of intent to accelerate the maturity hereof and of acceleration except as otherwise expressly provided in the Loan Documents. No release
of any security for the Debt or any person liable for payment of the Debt, no extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of the Loan Documents made by agreement
between Payee and any other person or party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Maker, and any other person or party who may become liable under the Loan Documents, for the payment of
all or any part of the Debt. 
 7. Notices. All notices or other communications required or permitted to be given
pursuant hereto shall be given in the manner specified in the Loan Agreement directed to the parties at their respective addresses as provided therein. 

8. Joint and Several. If more than one Person constitutes Maker, each Person constituting Maker hereunder shall have joint and
several liability for the obligations of Maker hereunder. 
 9. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA, WHICH LAWS OF THE UNITED STATES OF AMERICA SHALL, TO THE EXTENT THE SAME PREEMPT SUCH STATE LAWS, GOVERN AND BE CONTROLLING. 

  
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 [Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the undersigned have executed and delivered this Promissory Note under seal
as of the date written above. 
  

											
	MAKER:
	
	114-15 GUY BREWER BOULEVARD, LLC, a
New York limited liability company
		
	By: 	 	GTJ Realty, LP, a Delaware limited
partnership, its sole member
			
		 	By: 	 	GTJ GP, LLC, a Maryland limited liability
company, its general partner
				
		 		 	By: 	 	GTJ REIT Inc., a Maryland corporation,
its manager
					
		 		 		 	By:	 	

		 		 		 		 	  

		 		 		 		 	Name:	 	Paul Cooper
		 		 		 		 	Title:	 	Chief Executive Officer

  

											
	49-19 ROCKAWAY BEACH BOULEVARD, LLC, a New York limited liability company
		
	By: 	 	GTJ Realty, LP, a Delaware limited
partnership, its sole member
			
		 	By: 	 	GTJ GP, LLC, a Maryland limited liability
company, its general partner
				
		 		 	By: 	 	GTJ REIT Inc., a Maryland corporation,
its manager
					
		 		 		 	By:	 	

		 		 		 		 	  

		 		 		 		 	Name:	 	Paul Cooper
		 		 		 		 	Title:	 	Chief Executive Officer

  
 [Signature Page to
Promissory Note] 

 
											
	612 WORTMAN AVENUE, LLC, a New York limited liability company
		
	By: 	 	GTJ Realty, LP, a Delaware limited
partnership, its sole member
			
		 	By: 	 	GTJ GP, LLC, a Maryland limited liability
company, its general partner
				
		 		 	By: 	 	GTJ REIT Inc., a Maryland corporation,
its manager
					
		 		 		 	By:	 	

		 		 		 		 	  

		 		 		 		 	Name:	 	Paul Cooper
		 		 		 		 	Title:	 	Chief Executive Officer

  

											
	23-85 87TH STREET, LLC, a New York limited
liability company
		
	By: 	 	GTJ Realty, LP, a Delaware limited
partnership, its sole member
			
		 	By: 	 	GTJ GP, LLC, a Maryland limited liability
company, its general partner
				
		 		 	By: 	 	GTJ REIT Inc., a Maryland corporation,
its manager
					
		 		 		 	By:	 	

		 		 		 		 	  

		 		 		 		 	Name:	 	Paul Cooper
		 		 		 		 	Title:	 	Chief Executive Officer

  
 [Signature Page to
Promissory Note, continued]

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