Document:

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                                                                   EXHIBIT 10.48

                     ABSOLUTE ASSIGNMENT OF LEASES AND RENTS

     THIS ASSIGNMENT made the 23 day of August, 2002, between S&W OF LAS VEGAS,
L.L.C., a Delaware limited liability company, having an office at c/o The Smith
& Wollensky Restaurant Group, Inc., 1114 First Avenue, New York, New York 10021
(the "ASSIGNOR") and MORGAN STANLEY DEAN WITTER COMMERCIAL FINANCIAL SERVICES,
INC., a Delaware corporation, having an office at 825 Third Avenue, New York,
New York 10022 (the "ASSIGNEE").

                              W I T N E S S E T H:

     THAT the Assignor for good and valuable consideration, receipt and
sufficiency whereof is hereby acknowledged, hereby absolutely and
unconditionally grants, transfers and assigns to the Assignee the entire
landlord's right, title and interest in and to all existing leases, tenancies
and occupancy agreements (other than the Ground Lease, as hereinafter defined)
covering or affecting all or any part of that certain lot or piece or parcel of
land and building(s), more particularly described in Exhibit A annexed hereto
and made a part hereof (the said premises, together with the buildings and
improvements now or hereafter erected thereon, being hereinafter collectively
referred to as the "PREMISES"). This assignment is absolute in nature and not an
assignment for additional security only. The term "GROUND LEASE" shall mean the
current ground lease pursuant to which the Assignor presently occupies space at
the Premises.

     TOGETHER WITH all leases, tenancies and occupancy agreements hereafter made
(all present and future leases, tenancies and occupancy agreements (other than
the Ground Lease) are hereinafter collectively referred to as the "LEASES");
this assignment of present and future Leases being effective without any further
or supplemental assignment of any nature whatsoever;

     TOGETHER WITH all modifications, extensions and guaranties of all Leases;

     TOGETHER WITH all rents, income and profits arising from the Leases and
renewals thereof and together with all rents, income and profits for the use and
occupation of the Premises.

     THIS Assignment is made in connection with a Term Loan Agreement of even
date herewith among the Assignor, the Assignee and The Smith & Wollensky
Restaurant Group, Inc. (the "LOAN AGREEMENT"). Pursuant to the Loan Agreement,
the Assignee has made an initial loan to the Assignor on the date hereof (and
may make an additional loan pursuant thereto) [collectively, the "LOAN"]. The
Loan made simultaneously herewith is evidenced by a certain Promissory Note and
secured by, among other things, a certain Leasehold Deed of Trust encumbering
the Premises (the "DEED OF TRUST"), both of even date herewith, including all
modifications, extensions, increases, renewals and guaranties thereof now or
hereafter made (the

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Loan Agreement, the Deed of Trust, said Note and the other documents and
instruments executed and delivered in connection therewith are hereinafter
collectively referred to as the "LOAN DOCUMENTS"). All sums payable pursuant to
the Loan Documents and all other sums with interest thereon becoming due and
payable to the Assignee under the provisions of this Assignment or of the Loan
Documents or of any other instrument related thereto are hereinafter
collectively referred to as the "DEBT").

     THE ASSIGNOR WARRANTS AND REPRESENTS to the Assignee, in order to induce
the Assignee to enter into the Loan Agreement and to accept this Assignment and
knowing that the Assignee will rely hereon, that: (i) the Assignor is the sole
owner of the entire landlord's interest in the Leases, (ii) the Leases are valid
and enforceable and in full force and effect and have not been altered, modified
or amended in any manner whatsoever except as herein set forth, (iii) no rent
reserved in the Leases has been assigned, pledged or in any manner transferred
or hypothecated, except pursuant to this Assignment, and (iv) no rent for any
period subsequent to the date of this Assignment has been collected in advance
of the time when the same became due under the terms of the Leases.

     THE ASSIGNOR COVENANTS WITH THE ASSIGNEE to observe and perform all the
obligations imposed upon the landlord under the Leases and not to do or permit
to be done anything to impair the interests granted to the Assignee hereunder;
to promptly send to the Assignee copies of all notices of default which the
Assignor shall send or receive under the Leases; to enforce the performance or
observance of the provisions thereof by the tenants thereunder; not to collect
any of the rents, income and profits arising from the Leases and/or the Premises
(the "RENTS") except as hereinbelow set forth; not to subordinate the Leases to
any deed of trust (other than the Deed of Trust) or other encumbrance or permit,
consent, or agree to such subordination without the prior written consent of the
Assignee; not to alter, modify or change the terms of the Leases nor give any
consent to exercise any option required or permitted by such terms without the
prior written consent of the Assignee, nor cancel or terminate the Leases or
accept a surrender thereof, nor convey or transfer, nor suffer or permit a
conveyance or transfer of, the Premises, or of any interest therein, so as to
effect directly or indirectly, approximately or remotely, a merger of the
estates and rights of, or a termination or diminution of the obligations of the
tenant thereunder; not to alter, modify or change the terms of any guaranty of
the Leases nor cancel or terminate such guaranty, without the prior written
consent of the Assignee; not to consent to any assignment of, or further
subletting under, the Leases, without the prior written consent of the Assignee;
except as expressly provided in Paragraph 7 of the Deed of Trust, not make, or
suffer to be made, any Lease of all or any portion of the Premises, nor
otherwise let all or any portion of the Premises, without the prior written
consent of the Assignee; at the Assignee's request, to execute any documentation
confirming the assignment and transfer to the Assignee of any and all subsequent
Leases upon all or any part of the Premises, and to execute and deliver at the
request of the Assignee all other further assurances, confirmations and
assignments in the Premises as the Assignee shall, from time to time, reasonably
require in connection herewith.

                                       -2-
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     THIS ASSIGNMENT IS MADE ON THE FOLLOWING TERMS, COVENANTS AND CONDITIONS:

     1.   So long as there shall exist no default under any of the Loan
Documents (an "EVENT OF DEFAULT"), nor any default by the Assignor in the
performance of any obligation contained herein and/or in the Leases on the part
of the Assignor to be performed or to cause to be performed, the Assignee waives
the right to enter the Premises for the purpose of collecting the Rents and to
let the Premises or any part thereof, and the Assignor may continue to collect
the Rents at the time of, but not more than one (1) month prior to, the date
provided for the payment thereof, and to retain, use and enjoy the same and to
let the Premises or any part thereof, all subject to the provisions hereof and
of the Loan Documents.

     2.   Upon, or at any time after, the occurrence of any Event of Default, or
of any default with respect to any obligation contained herein and/or in the
Leases on the part of the Assignor to be performed or to cause to be performed,
the Assignee, without in any way waiving such default or Event of Default or
releasing the Assignor from any obligation hereunder, at its option, without
notice and without regard to the adequacy of the indebtedness secured by the
Deed of Trust, and irrespective of whether the Assignee shall have commenced a
foreclosure of the Deed of Trust, may revoke the right of the Assignor to let
all or any portion of the Premises and collect the Rents and may, either in
person or by agent, with or without bringing any action or proceeding, or by a
receiver appointed by a court, take possession of the Premises and have, hold,
manage, lease and operate the same on such terms and for such period of time as
the Assignee may in its sole discretion deem proper and either with or without
taking possession of the Premises in its own name: (a) make any payment and/or
perform any act which the Assignor has failed to make or perform, in such manner
and to such extent as the Assignee may deem necessary to protect the interests
granted to the Assignee hereunder, or otherwise, including without limitation,
the right to appear in and defend any action or proceeding purporting to affect
the interests granted to the Assignee hereunder, or the rights or powers of the
Assignee; (b) let the Premises or any portion thereof in such manner and for
such Rents as the Assignee shall determine in its sole and absolute discretion;
and/or (c) demand, sue for, or otherwise collect and receive from all persons
(including the Assignor, as provided in the Deed of Trust) all Rents, including
those past due and unpaid, with full power to make from time to time all
alterations, renovations, repairs or replacements thereto or thereof as may seem
proper to the Assignee and to apply the Rents to the payment of: (i) all
expenses of managing the Premises, including, without limitation, the salaries,
fees and wages of a managing agent and such other employees as the Assignee may
deem necessary or desirable, (ii) all taxes, charges, claims, assessments, water
rents, sewer rents, and any other liens, and premiums for all insurance which
the Assignee may deem necessary or desirable, and the cost of all alterations,
renovations, repairs, or replacements, and all expenses incidental to taking and
retaining possession of the Premises, and (iii) all or any portion of the Debt,
together with (iv) all costs and attorneys' fees, in such order of priority as
to any of the items mentioned in this clause 2(c), as the Assignee, in its sole
discretion, may

                                       -3-
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determine, any statute, law, custom or use to the contrary notwithstanding. The
Assignee shall give to the Assignor notice of its revocation, pursuant to this
Paragraph 2, of the right to let and collect the Rents within a reasonable time
thereafter. The exercise by the Assignee of any rights or powers under this
Paragraph 2, including, without limitation, the collection of the Rents and the
application thereof as herein provided, shall not be considered a waiver by the
Assignee of any default by the Assignor under any of the Loan Documents or the
Leases or this Assignment, any statute, law, custom or use to the contrary
notwithstanding.

     3.   The Assignee shall not be liable for any loss sustained by the
Assignor resulting from the Assignee's failure to let the Premises after default
or from any other act or omission of the Assignee in managing the Premises after
default, unless such loss is caused by the willful misconduct or bad faith of
the Assignee. Nor shall the Assignee be obligated to perform or discharge, nor
does the Assignee hereby undertake to perform or discharge, any obligation, duty
or liability under the Leases or under or by reason of this Assignment, and the
Assignor shall, and does hereby agree, to indemnify the Assignee for, and to
hold the Assignee harmless from, any and all liability, loss or damage which may
or might be incurred under the Leases or under or by reason of this Assignment
and from any and all claims and demands whatsoever which may be asserted against
the Assignee by reason of any alleged obligations and undertakings on its part
to perform or discharge any of the terms, covenants or agreements contained in
the Leases, unless resulting from the willful misconduct, gross negligence or
bad faith of the Assignee. Should the Assignee incur any such liability under
the Leases or under or by reason of this Assignment or in defense of any such
claims or demands, the amount thereof, including costs, expenses and attorneys'
fees shall be secured by the Deed of Trust, and the Assignor shall reimburse the
Assignee therefor within five (5) days after written demand and, upon the
failure of the Assignor so to do within such five (5) day period, the Assignee
may, at its option, declare all sums secured by the Deed of Trust immediately
due and payable. It is further understood that this Assignment shall not operate
to place responsibility for the control, care, management or repair of the
Premises upon the Assignee, nor for the carrying out of any of the terms and
conditions of the Leases; nor shall it operate to make the Assignee responsible
or liable for any waste committed on the Premises by the tenants or any other
parties, nor for any dangerous or defective condition of the Premises, nor for
any negligence in the management, upkeep, repair or control of the Premises
resulting in loss, injury or death to any tenant, licensee, employee or
stranger, unless resulting from the willful misconduct, gross negligence or bad
faith of the Assignee.

     4.   Upon payment in full by the Assignor of the Debt, this Assignment
shall become and be void and of no effect, but the affidavit, certificate,
letter or statement of any officer, agent or attorney of the Assignee showing
any part of the Debt to remain unpaid shall be and constitute presumptive
evidence of the validity, effectiveness and continuing force of this Assignment
and any person may, and is hereby authorized to, rely thereon; provided,
however, that the full reconveyance of the Deed of Trust by the Assignee shall
conclusively terminate this Assignment. The Assignor hereby authorizes and
directs the tenants named in the Leases or any other tenants

                                       -4-
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or future tenants or occupants of all or any portion of the Premises, upon
receipt from the Assignee of written notice to the effect that the Assignee is
then the beneficiary of the Deed of Trust and the note(s) secured thereby and
that a default exists thereunder or under this Assignment, to pay over to the
Assignee all rents, income and profits arising or accruing under the Leases or
from the Premises and to continue so to do until otherwise notified by the
Assignee.

     5.   The Assignee may take or release any security for the payment of the
Debt, may release any party primarily or secondarily liable therefor and may
apply any security held by it to the satisfaction of the Debt without prejudice
to any of its rights under this Assignment.

     6.   Anything in this Assignment or in any of the other Loan Documents to
the contrary notwithstanding, the Assignor shall indemnify and hold the Assignee
harmless and defend the Assignee at the Assignor's sole cost and expense against
any loss or liability, cost or expense (including, without limitation,
reasonable attorneys' fees and disbursements of the Assignee's counsel, whether
in-house staff, retained firms or otherwise), and all claims, actions,
procedures and suits arising out of or in connection with (i) any ongoing
matters arising out of the transaction contemplated hereby, the Debt, this
Assignment, any other Loan Document or the Leases, including, but not limited
to, all costs of reappraisal of the Leases, whether required by law, regulation,
the Assignee or any governmental or quasi-governmental authority, (ii) any
amendment to, or restructuring of, the Debt and this Assignment, any of the
other Loan Document or the Leases, and (iii) any and all lawful action that may
be taken by the Assignee in connection with the enforcement of the provisions of
this Assignment, the other Loan Documents or the Leases, whether or not suit is
filed in connection with the same, or in connection with the Assignor, any
guarantor of the Debt or any tenant and/or any partner, joint venturer or
shareholder thereof becoming a party to a voluntary or involuntary federal or
state bankruptcy, insolvency or similar proceeding. The foregoing indemnity
shall not apply to matters resulting from the gross negligence, willful
misconduct or bad faith of the Assignee. All sums expended by the Assignee shall
be payable within five (5) days after written demand and, until reimbursed by
the Assignor pursuant hereto, shall be deemed additional principal of the Debt
and secured by the Deed of Trust and shall bear interest at the Default Rate, as
said term is defined in the Deed of Trust. The obligations of the Assignor under
this paragraph shall, notwithstanding any exculpatory or other provisions of any
nature whatsoever set forth in this Assignment, or any of the other Loan
Documents, constitute the personal recourse undertakings, obligations and
liabilities of the Assignor.

     7.   Nothing herein contained, and no act done or omitted by the Assignee
pursuant to the powers and rights granted to it hereunder, shall be deemed to be
a waiver by the Assignee of its rights and remedies under the Deed of Trust or
the other Loan Documents, and this Assignment is made and accepted without
prejudice to any of the rights and remedies possessed by the Assignee under the
terms thereof. The rights of the Assignee to collect the Debt, and to enforce
any security therefor held by it, may be exercised by the Assignee either prior
to,

                                       -5-
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simultaneously with, or subsequent to any action taken by it hereunder. The
Assignor hereby absolutely, unconditionally and irrevocably waives any and all
right to assert any setoff, counterclaim or crossclaim of any nature whatsoever
with respect to the obligations of the Assignor under this Assignment, the other
Loan Documents or otherwise with respect to the matters covered by the Loan
Agreement in any action or proceeding brought by the Assignee to collect same,
or any portion thereof, or to enforce, foreclose and realize upon the lien and
security interest created by the Deed of Trust or any other Loan Document
securing repayment of same, in whole or in part (provided, however, that the
foregoing shall not be deemed a waiver of the Assignor's right to assert any
compulsory counterclaim maintained in a court of the United States, or of the
State of New York if such counterclaim is compelled under local law or rule of
procedure, nor shall the foregoing be deemed a waiver of the Assignor's right to
assert any claim which would constitute a defense, setoff, counterclaim or
crossclaim of any nature whatsoever against the Assignee in any separate action
or proceeding).

     8.   Nothing herein contained shall be construed as constituting the
Assignee a "mortgagee in possession" (or equivalent) in the absence of the
taking of actual possession of the Premises by the Assignee pursuant to the
provisions herein contained. In the exercise of the powers herein granted to the
Assignee, no liability shall be asserted or enforced against the Assignee, all
such liability being expressly waived and released by the Assignor.

     9.   In case of any inconsistency or conflict between the terms of this
Assignment and the terms of the Deed of Trust, the terms of this Assignment
shall in all cases govern and control.

     10.  The Assignor will, at the cost of the Assignor, and without expense to
the Assignee, do, execute, acknowledge and deliver all and every such further
acts, conveyances, assignments, notices of assignments, transfers and assurances
as the Assignee shall, from time to time, require for the better assuring,
conveying, assigning, transferring and confirming unto the Assignee the property
and rights hereby assigned or intended now or hereafter so to be, or which the
Assignor may be or may hereafter become bound to convey or assign to the
Assignee, or for carrying out the intention or facilitating the performance of
the terms of this Assignment or for filing, registering or recording this
Assignment and, on demand, will execute and deliver and hereby authorizes the
Assignee to execute in the name of the Assignor to the extent the Assignee may
lawfully do so, one or more financing statements or comparable security
instruments, to evidence more effectively the lien hereof upon the Leases.

     11.  All notices given pursuant hereto shall be given (and deemed received)
in the manner set forth in the Loan Agreement.

     12.  This Assignment, together with the covenants, representations and
warranties herein contained, shall inure to the benefit of the Assignee and any
subsequent beneficiary of the Deed of Trust and shall be binding upon the
Assignor, and its successors and assigns and any subsequent owner of the
Premises.

                                       -6-
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     13.  This Assignment may only be modified, amended or changed by an
agreement in writing signed by the Assignor and the Assignee, and may only be
released, discharged or satisfied of record by an agreement in writing signed by
the Assignee. No waiver of any term, covenant or provision of this Assignment
shall be effective unless given in writing by the Assignee and if so given by
the Assignee shall only be effective in the specific instance in which given.
Whenever possible, each provision of this Assignment shall be interpreted in
such a manner as to be effective and valid under applicable law, but if any
provision of this Assignment shall be unenforceable or prohibited by, or invalid
under, applicable law, such provision shall be ineffective to the extent of such
unenforceability, prohibition or invalidity, without invalidating the remaining
provisions of this Assignment. The Assignor acknowledges that this Assignment
and the other Loan Documents set forth the entire agreement and understanding of
the Assignor and the Assignee with respect to the matters covered by the Loan
Agreement and that no oral or other agreement, understanding, representation or
warranty exists with respect thereto other than those set forth in this
Assignment and the other Loan Documents.

     14.  THE ASSIGNOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, AND THE
ASSIGNEE BY ITS ACCEPTANCE OF THE DEED OF TRUST AND THIS ASSIGNMENT IRREVOCABLY
AND UNCONDITIONALLY WAIVES, ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION,
SUIT OR COUNTERCLAIM ARISING IN CONNECTION WITH, OUT OF OR OTHERWISE RELATING TO
THIS ASSIGNMENT AND ANY OTHER LOAN DOCUMENTS HERETOFORE, NOW OR HEREAFTER
EXECUTED AND/OR DELIVERED IN CONNECTION THEREWITH, THE LOAN OR IN ANY WAY
RELATED TO THIS TRANSACTION OR OTHERWISE WITH RESPECT TO THE PREMISES OR THE
LEASES.

     15.  The Assignor acknowledges and agrees that, upon recordation of this
Assignment, the Assignee's interest in the Rents shall be deemed to be fully
perfected, "choate" and enforced as to the Assignor and all third parties,
including without limitation any subsequently appointed trustee in any case
under the Bankruptcy Code (as defined in the Deed of Trust), without the
necessity of (i) commencing a foreclosure action with respect to the Deed of
Trust, (ii) furnishing notice to the Assignor or tenants under the Leases, (iii)
making formal demand for the Rents, (iv) taking possession of the Premises as
mortgagee-in-possession (or equivalent), (v) obtaining the appointment of a
receiver of the rents and profits of the Premises, (vi) sequestering or
impounding the Rents, or (vii) taking any other affirmative action.

     16.  The Assignor acknowledges and agrees that all Rents shall be deemed to
be "Cash Collateral" under Section 363 of the Bankruptcy Code in the event that
the Assignor files a voluntary petition in bankruptcy or is made subject to any
involuntary bankruptcy proceeding. After the filing of such petition, the
Assignor may not use Cash Collateral without the consent of the Assignee and/or
an order of any bankruptcy court pursuant to Section 363(b)(2) of the Bankruptcy
Code.

                                       -7-
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     17.  The proceeds of the Loan secured hereby were disbursed from the state
of New York, which state the parties agree has a substantial relationship to the
underlying transaction embodied hereby, and in all respects, including, without
limiting the generality of the foregoing, matters of construction, validity and
performance. This Assignment and the obligations arising hereunder shall be
governed by, and construed in accordance with, the laws of the state of New York
applicable to contracts made and performed in New York State and any applicable
laws of the United States of America, without regard to conflict of law rules
and principles. Notwithstanding such provisions, however, matters respecting
title and the creation, perfection, priority and foreclosure (including the
nature of any interest in property that results therefrom) of the lien
encumbering the collateral covered by this Agreement shall be governed by, and
construed and enforced in accordance with, the internal law of the state of
Nevada without giving effect to the conflicts-of law rules and principals of
such state.

                  [Remainder of page left intentionally blank]

                                       -8-
<Page>

     IN WITNESS WHEREOF, this Assignment has been executed by the Assignor the
day and year first above written.

                                          S&W OF LAS VEGAS, L.L.C.

                                          By: /s/ Alan M. Mandel
                                              ------------------------------
                                              Name: Alan M. Mandel
                                              Title: Chief Financial Officer

STATE OF NEW YORK  )
                   ss.:
COUNTY OF NEW YORK )

          On the 19th day of August in the year 2002 before me, the undersigned,
a Notary Public in and for said State, personally appeared Alan M. Mandel,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his capacity, and that by his
signature on the instrument, the individual, or the person upon behalf of which
the individual acted, executed the instrument.

                                          /s/ Linda Marshall
                                          --------------------------------
                                          Notary Public

                                                      [SEAL]

                                       -9-
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                                    EXHIBIT A

All that real property situated in the County of Clark, State of Nevada,
bounded and described as follows:

The South 120 feet of the West Half (W 1/2) of the Northwest Quarter (NW 1/4)
of the Southwest Quarter (SW 1/4);

AND

The North 10 feet of the West One-Half (W 1/2) of the Southwest Quarter
(SW 1/4) of the Southwest Quarter (SW 1/4) of Section 21, Township 21 South,
Range 61 East, M.D.B. & M.

EXCEPTING THEREFROM all State and County roads and highways.

                                  Follows page.

                                      -10-
<Page>

Assessor's Parcel No. 162-21-301-014

=============================================================================

                            S&W OF LAS VEGAS, L.L.C.

                                       AND

                           MORGAN STANLEY DEAN WITTER
                       COMMERCIAL FINANCIAL SERVICES, INC.

                    ----------------------------------------

                               ABSOLUTE ASSIGNMENT
                               OF LEASES AND RENTS

                    -----------------------------------------

                           Dated:      August 23, 2002

                           Location:   3767 Las Vegas Boulevard
                                       South Las Vegas, Nevada

                           RECORD AND RETURN TO:

                           Esanu Katsky Korins & Siger, LLP
                           605 Third Avenue
                           New York, New York 10158
                           Attention: Stephen D. Brodie, Esq.

=============================================================================

                                      -11-<Page>

                                                                   EXHIBIT 10.49

                                JOINT AND SEVERAL
                               HAZARDOUS MATERIAL
                     GUARANTY AND INDEMNIFICATION AGREEMENT

                                                              New York, New York
                                                                 August 23, 2002

     WHEREAS, MORGAN STANLEY DEAN WITTER COMMERCIAL FINANCIAL SERVICES, INC., a
Delaware corporation, having an office at 825 Third Avenue, New York, New York
10022 (the "LENDER") has agreed to make one or more loans (collectively, the
"LOAN") to S&W OF LAS VEGAS, L.L.C., a Delaware limited liability company,
having an office at c/o The Smith & Wollensky Restaurant Group, Inc., 1114 First
Avenue, New York, New York 10021 (the "BORROWER"), which Loan will be (a)
evidenced by the Note, (b) secured by, among other things, the Deed of Trust and
(c) advanced pursuant to the Loan Agreement, all as defined in Exhibit A
attached hereto; and

     WHEREAS, the Lender is willing to enter into the Loan Agreement and to make
the Loan only if the undersigned executes and delivers this Guaranty and
Indemnification Agreement.

     NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and legal sufficiency of which are hereby
acknowledged, and in order to induce the Lender to enter into the Loan Agreement
and to make the Loan, the undersigned hereby acknowledges, agrees and confirms
that all of the above recitals are true, correct and complete and hereby
covenants and agrees with the Lender as follows:

     1.   For the purposes of this Guaranty and Indemnification Agreement the
following terms shall have the following meanings:

          (a)  the term "HAZARDOUS MATERIAL" shall mean any material or
substance that, whether by its nature or use, is now or hereafter defined as
hazardous waste, hazardous substance, pollutant or contaminant under any
Environmental Requirement, or which is toxic, explosive, corrosive, flammable,
infectious, radioactive, carcinogenic, mutagenic or otherwise hazardous and
which is now or hereafter regulated under any Environmental Requirement, or
which is or contains petroleum, gasoline, diesel fuel or another petroleum
hydrocarbon product;

          (b)  the term "ENVIRONMENTAL REQUIREMENTS" shall collectively mean all
present and future laws, statutes, ordinances, rules, regulations, orders,
codes, licenses, permits, decrees, judgments, directives or the equivalent of or
by any Governmental Authority and relating to or addressing the protection of
the environment or human health;

          (c)  the term "GOVERNMENTAL AUTHORITY" shall mean the Federal
government, or any state or other political subdivision thereof, or any agency,
court or body of the Federal

<Page>

government, any state or other political subdivision thereof, exercising
executive, legislative, judicial, regulatory or administrative functions;

          (d)  the term "TRUST PROPERTY" shall have the meaning given to such
term in the Deed of Trust, and shall include, for purposes of this Guaranty and
Indemnification Agreement, the land comprising the Premises (as defined in the
Deed of Trust); and

          (e)  the term "DEBT" shall mean all principal, interest, additional
interest (including specifically all interest accruing from and after the
commencement of any case, proceeding or action under any existing or future laws
relating to bankruptcy, insolvency or similar matters with respect to the
Borrower) and other sums of any nature whatsoever which may or shall become due
and payable pursuant to the provisions of the Note, the Deed of Trust, the Loan
Agreement, or any other document or instrument now or hereafter executed and/or
delivered in connection therewith or otherwise with respect to the Loan (said
Note, Deed of Trust, Loan Agreement and other documents and instruments,
collectively, the "LOAN DOCUMENTS") [all of the above unaffected by modification
thereof in any bankruptcy or insolvency proceeding], and even though the Lender
may not have an allowed claim for the same against the Borrower as a result of
any bankruptcy or insolvency proceeding.

     2.   The undersigned hereby represents and warrants to the Lender that to
the best of the undersigned's knowledge:

          (a)  no Hazardous Material is currently located at, on, in, under or
about the Trust Property, except as specifically set forth in the Phase I
Environmental Site Assessment dated October 19, 1994 prepared by Terracon
Consultants Western, Inc. in violation of any Environmental Requirements;

          (b)  no releasing, emitting, discharging, leaching, dumping or
disposing of any Hazardous Material from the Trust Property onto or into any
other property or from any other property onto or into the Trust Property has
occurred or is occurring in violation of any Environmental Requirement;

          (c)  no notice of violation, lien, complaint, suit, order or other
notice with respect to the Trust Property is presently outstanding under any
Environmental Requirement; and

          (d)  the Trust Property and the operation thereof are in full
compliance with all Environmental Requirements.

     3.   The undersigned absolutely and unconditionally guarantees to the
Lender that the Borrower will fully comply with all of the terms, covenants and
provisions of paragraph 9 of the Deed of Trust. If the Borrower does not fully
comply with all of the terms, covenants and provisions of paragraph 9 of the
Deed of Trust, the undersigned shall reimburse the Lender upon
                                       -2-
<Page>

demand for all sums and costs and expenses incurred by the Lender to the extent
not otherwise reimbursed to the Lender by the Borrower pursuant to said
paragraph in the Deed of Trust and/or in connection with the Lender performing
the Borrower's obligations as set forth in paragraph 9 of the Deed of Trust
(including specifically all such sums and interest thereon accruing from and
after the commencement of any case, proceeding or action under any existing or
future laws relating to bankruptcy, insolvency or similar matters with respect
to the Borrower), it being understood and agreed that, the undersigned's
obligations hereunder shall be unaffected by modification of any of the
Borrower's obligations in any bankruptcy or insolvency proceeding, nor by the
fact that the Lender may not have an allowed claim for the same against the
Borrower as a result of any bankruptcy or insolvency proceeding.

     4.   The undersigned will defend, indemnify, and hold harmless the Lender
its employees, agents, officers, and directors, from and against any and all
claims, demands, penalties, causes of action, fines, liabilities, settlements,
damages, costs, or expenses of whatever kind or nature, known or unknown,
foreseen or unforeseen, contingent or otherwise (including, without limitation,
counsel and consultant fees and expenses, investigation and laboratory fees and
expenses, court costs, and litigation expenses) arising out of, or in any way
related to:

          (a)  any breach by the Borrower of any of the provisions of
paragraph 9 of the Deed of Trust;

          (b)  the presence, disposal, spillage, discharge, emission, leakage,
release, or threatened release of any Hazardous Material which is at, in, on,
under, about, from or affecting the Trust Property, including, without
limitation, any damage or injury resulting from any such Hazardous Material to
or affecting the Trust Property or the soil, water, air, vegetation, buildings,
personal property, persons or animals located on the Trust Property or on any
other property or otherwise;

          (c)  any personal injury (including wrongful death) or property damage
(real or personal) arising out of or related to any such Hazardous Material;

          (d)  any lawsuit brought or threatened, settlement reached, or order
or directive of or by any Governmental Authority relating to such Hazardous
Material; or

          (e)  any violation of any Environmental Requirement.

     5.   The undersigned hereby indemnifies and shall hold harmless and defend
the Lender at the undersigned's sole cost and expense against any loss or
liability, cost or expense (including, but not limited to, reasonable attorneys'
fees and disbursements of the Lender's counsel, whether in-house staff, retained
firms or otherwise), and all claims, actions, procedures

                                       -3-
<Page>

and suits arising out of or in connection with:

          (a)  any ongoing matters arising out of this Guaranty and
Indemnification Agreement and any document or instrument now or hereafter
executed and/or delivered in connection herewith (the "INDEMNITY DOCUMENTS");

          (b)  any amendment to, or restructuring of the obligations of the
undersigned hereunder; and

          (c)  any and all lawful action that may be taken by the Lender in
connection with the enforcement of the provisions of this Guaranty and
Indemnification Agreement or any of the other Indemnity Documents and the
obligations of the undersigned thereunder, whether or not suit is filed in
connection with the same, or in connection with the Borrower, either of the
undersigned and/or any partner, joint venturer or shareholder thereof becoming a
party to a voluntary or involuntary federal or state bankruptcy, insolvency or
similar proceeding.

All sums expended by the Lender shall be payable within five (5) days after
written demand and, until reimbursed by the undersigned pursuant hereto, shall
bear interest at the default interest rate set forth in the Note.

     6.   In addition to any right available to the Lender under applicable law
or any other agreement, the undersigned hereby gives to the Lender a continuing
lien on, security interest in and right of set-off against all moneys,
securities and other property of the undersigned and the proceeds thereof, now
on deposit or now or hereafter delivered, remaining with or in transit in any
manner to the Lender, its correspondents, participants or its agents from or for
the undersigned (other than separate accounts maintained exclusively for payroll
or taxes), whether for safekeeping, custody, pledge, transmission, collection or
otherwise or coming into possession of the Lender in any way, and also, any
balance of any deposit account and credits of the undersigned with, and any and
all claims of the undersigned against, the Lender at any time existing, as
collateral security for all of the obligations of the undersigned under this
Guaranty and Indemnification Agreement, including fees, contracted with or
acquired by the Lender, whether joint, several, absolute, contingent, secured,
matured or unmatured (for the purposes of this paragraph 6 and paragraphs 8, 10
and 18 below, collectively, the "LIABILITIES"), hereby authorizing the Lender at
any time or times, without prior notice, to apply such balances, credits or
claims, or any part thereof, to such Liabilities in such amounts as it may
select, whether contingent, unmatured or otherwise and whether any collateral
security therefore is deemed adequate or not. The collateral security described
herein shall be in addition to any collateral security described in any separate
agreement executed by either or both of the undersigned. The Lender, n addition
to any right available to it under applicable law or any other agreement, shall
have the right, at its option, to immediately set off against any Liabilities
all monies owed by the Lender in any capacity to either or both of the
undersigned, whether or not due, and the Lender shall, at its option, be deemed
to have exercised such right to set off and to have made a charge

                                       -4-
<Page>

against any such money immediately upon the occurrence of any events of default
set forth below, even though such charge is made or entered on the books of the
Lender subsequent to those events.

     7.   The obligations and liabilities of the undersigned under this Guaranty
and Indemnification Agreement shall survive and continue in full force and
effect and shall not be terminated, discharged or released, in whole or in part,
irrespective of whether the Debt has been paid in full and irrespective of any
foreclosure of the Deed of Trust, sale of the Trust Property pursuant to the
provisions of the Deed of Trust or acceptance by the Lender, its nominee or
wholly owned subsidiary of a deed or assignment in lieu of foreclosure or sale
and irrespective of any other fact or circumstance of any nature whatsoever.

     8.   The undersigned hereby expressly agrees that this Guaranty and
Indemnification Agreement is independent of, and in addition to, all collateral
granted, pledged or assigned under the Loan Documents, and the undersigned
hereby consents that from time to time, before or after any default by the
Borrower, with or without further notice to or assent from either of the
undersigned:

          (a)  any security at any time held by or available to the Lender for
any obligation of the Borrower, or any security at any time held by or available
to the Lender for any obligation of any other person or party primarily,
secondarily or otherwise liable for all or any portion of the Debt, any other
Liabilities and/or any other obligations of the Borrower or any other person or
party, other than the Lender, under any of the Loan Documents ("OTHER
OBLIGATIONS"), including any guarantor of the Debt, the Liabilities and/or of
any of such Other Obligations, may be accelerated, settled, exchanged,
surrendered or released and the Lender may fail to set off and may release, in
whole or in part, any balance of any deposit account or credit on its books in
favor of the Borrower, or any such other person or party;

          (b)  any obligation of the Borrower, or of any such other person or
party, may be changed, altered, renewed, extended, continued, accelerated,
surrendered, compromised, settled, waived or released in whole or in part, or
any default with respect thereto waived; and

          (c)  the Lender may extend further credit in any manner whatsoever to
the Borrower, and generally deal with the Borrower or any of the abovementioned
security, deposit account, credit on its books or other person or party as the
Lender may see fit;

and the undersigned shall remain bound under this Guaranty and Indemnification
Agreement, without any loss of rights by the Lender and without affecting the
liability of the undersigned, notwithstanding any such exchange, surrender,
release, change, alteration, renewal, extension, continuance, compromise,
waiver, inaction, extension of further credit or other dealing. In addition, all
moneys available to the Lender for application in payment or reduction of the
Debt, the Liabilities and/or any Other Obligations may be applied by the Lender
in such manner and in

                                       -5-
<Page>

such amounts and at such time or times and in such order, priority and
proportions as the Lender may see fit.

     9.   The undersigned hereby waives:

          (a)  notice of acceptance of this Guaranty and Indemnification
Agreement;

          (b)  protest and notice of dishonor or default to either or both of
the undersigned or to any other person or party with respect to any obligations
hereby guaranteed;

          (c)  all other notices to which either or both of the undersigned
might otherwise be entitled; and

          (d)  any demand under this Guaranty and Indemnification Agreement.

     10.  If any of the following events should occur:

          (a)  either or both of the undersigned defaults under any of the Loan
Documents and its continuance beyond any applicable notice and/or grace period
therein contained; or

          (b)  either or both of the undersigned violates any provision of this
Guaranty and Indemnification Agreement or any other guaranty or other agreement
executed by them with respect to the Loan or this Guaranty and Indemnification
Agreement;

then, and in such event, the Lender may declare the Liabilities to be, and the
same shall become, immediately due and payable and/or may exercise any or all of
its remedies as set forth herein or at law or in equity.

     11.  This is a guaranty of payment and not of collection and the
undersigned further waives any right to require that any action be brought
against the Borrower or any other person or party or to require that resort be
had to any security or to any balance of any deposit account or credit on the
books of the Lender in favor of the Borrower or any other person or party. Any
payment on account of or reacknowledgement of the Debt by the Borrower, or any
other party liable therefor or action taken, payment or reacknowledgement made,
of any of the obligations of the Borrower under paragraph 9 of the Deed of Trust
or otherwise with respect to any Environmental Requirements or to the Lender in
connection therewith, shall be deemed to be taken or made on behalf of the
undersigned and shall serve to start anew the statutory period of limitations
applicable to the obligations of the Borrower and/or the undersigned pursuant to
said paragraph 9 of the Deed of Trust hereunder or otherwise with respect to any
Environmental Requirement or to the Lender in connection therewith or herewith.

                                       -6-
<Page>

     12.  Each reference herein to the Lender shall be deemed to include its
successors and assigns, in whose favor the provisions of this Guaranty and
Indemnification Agreement shall also inure. Each reference herein to the
undersigned shall be deemed to include the heirs, executors, administrators,
legal representatives, successors and assigns of the undersigned, all of whom
shall be bound by the provisions of this Guaranty and Indemnification Agreement,
provided, however, that the undersigned shall in no event nor under any
circumstance have the right, without obtaining the prior written consent of the
Lender, to assign or transfer the undersigned's obligations and liabilities
under this Guaranty and Indemnification Agreement, in whole or in part, to any
other person, party or entity.

     13.  The term "UNDERSIGNED" as used herein shall, if this Guaranty and
Indemnification Agreement is signed by more than one party, unless otherwise
stated herein, mean the "undersigned and each of them" and each undertaking
herein contained shall be their joint and several undertaking. If the Guaranty
is signed by more than one party, all singular references to the undersigned
shall be deemed to be plural. The Lender may proceed against none, one or more
of the undersigned at one time or from time to time as it sees fit in its sole
and absolute discretion. If any party hereto shall be a partnership, the
agreements and obligations on the part of the undersigned herein contained shall
remain in force and application notwithstanding any changes in the individuals
composing the partnership and the term "undersigned" shall include any altered
or successive partnerships but the predecessor partnerships and their partners
shall not thereby be released from any obligations or liability hereunder. If
any party hereto shall be a corporation, the agreements and obligations on the
part of the undersigned herein contained shall remain in force and application
notwithstanding the merger, consolidation, reorganization or absorption thereof,
and the term "undersigned" shall include such new entity, but the old entity
shall not thereby be released from any obligations or liabilities hereunder. The
Borrower is executing this Guaranty and Indemnification Agreement as a further
assurance that its obligations set forth herein will remain in full force and
effect, notwithstanding the assignment or discharge of record of the Deed of
Trust or any other fact or circumstances whatsoever.

     14.  No delay on the part of the Lender in exercising any right or remedy
under this Guaranty and Indemnification Agreement or failure to exercise the
same shall operate as a waiver in whole or in part of any such right or remedy.
No notice to or demand on either or both of the undersigned shall be deemed to
be a waiver of the obligation of either or both of the undersigned or of the
right of the Lender to take further action without notice or demand as provided
in this Guaranty and Indemnification Agreement. No course of dealing between
either of the undersigned and the Lender shall change, modify or discharge, in
whole or in part, this Guaranty and Indemnification Agreement or any obligations
of the undersigned hereunder.

     15.  This Guaranty and Indemnification Agreement may only be modified,
amended, changed or terminated by an agreement in writing signed by the Lender
and the undersigned. No waiver of any term, covenant or provision of this
Guaranty and Indemnification Agreement shall

                                       -7-
<Page>

be effective unless given in writing by the Lender and if so given by the Lender
shall only be effective in the specific instance in which given. The execution
and delivery hereafter to the Lender by either or both of the undersigned of a
new instrument of guaranty or any reaffirmation of guaranty, of whatever nature,
shall not terminate, supersede or cancel this instrument, unless expressly so
provided therein, and all rights and remedies of the Lender hereunder or under
any instrument of guaranty hereafter executed and delivered to the Lender by
either or both of the undersigned shall be cumulative and may be exercised
singly or concurrently.

     16.  The undersigned acknowledges that this Guaranty and Indemnification
Agreement and the undersigned's obligations under this Guaranty and
Indemnification Agreement are and shall at all times continue to be absolute,
irrevocable and unconditional in all respects, and shall at all times be valid
and enforceable irrespective of any other agreements or circumstances of any
nature whatsoever which might otherwise constitute a defense to this Guaranty
and Indemnification Agreement and the obligations of either or both of the
undersigned under this Guaranty and Indemnification Agreement or the obligations
of any other person or party (including, without limitation, the Borrower)
relating to this Guaranty and Indemnification Agreement or the obligations of
either or both of the undersigned hereunder or otherwise with respect to the
Debt, including, but not limited to, a foreclosure of the Deed of Trust or the
realization upon any other collateral given, pledged or assigned as security for
all or any portion of the Debt, or the filing of a petition under Title 11 of
the United States Code with regard to the Borrower or either or both of the
undersigned, or the commencement of an action or proceeding for the benefit of
the creditors of the Borrower or the undersigned, or the obtaining by the Lender
of title to, respectively, the Trust Property or to any collateral given,
pledged or assigned as security for the Debt by reason of the foreclosure or
enforcement of the Deed of Trust or any other pledge or security agreement, the
acceptance of a deed or assignment in lieu of foreclosure or sale, or otherwise.
This Guaranty and Indemnification Agreement sets forth the entire agreement and
understanding of the Lender and the undersigned with respect to the matters
covered by this Guaranty and Indemnification Agreement, and the undersigned
acknowledges that no oral or other agreements, understandings, representations
or warranties exist with respect to this Guaranty and Indemnification Agreement
or with respect to the obligations of the undersigned under this Guaranty and
Indemnification Agreement, except those specifically set forth in this Guaranty
and Indemnification Agreement.

     17.  This Guaranty and Indemnification Agreement has been validly
authorized, executed and delivered by the undersigned. The undersigned
represents and warrants to the Lender that it has the corporate or other
organizational power to do so and to perform its obligations under this Guaranty
and Indemnification Agreement. The undersigned represents and warrants to the
Lender that this Guaranty and Indemnification Agreement constitutes the legally
binding obligation of the undersigned fully enforceable against the undersigned
in

                                       -8-
<Page>

accordance with the terms hereof. The undersigned further represents and
warrants to the Lender that:

          (a)  neither the execution and delivery of this Guaranty and
Indemnification Agreement nor the consummation of the transactions contemplated
hereby nor compliance with the terms and provisions hereof will violate any
applicable provision of law or any applicable regulation or other manifestation
of governmental action; and

          (b)  all necessary approvals, consents, licenses, registrations and
validations of any governmental regulatory body, including, without limitation,
approvals required to permit the undersigned to execute and carry out the
provisions of this Guaranty and Indemnification Agreement, for the validity of
the obligations of the undersigned hereunder and for the making of any payment
or remittance of any funds required to be made by the undersigned under this
Guaranty and Indemnification Agreement, have been obtained and are in full force
and effect.

     18.  Notwithstanding any payments made by either or both of the undersigned
pursuant to the provisions of this Guaranty and Indemnification Agreement, the
undersigned irrevocably waives all rights to enforce or collect upon any rights
which it now has or may acquire against the Borrower either by way of
subrogation, indemnity, reimbursement or contribution for any amount paid under
this Guaranty and Indemnification Agreement or by way of any other obligations
whatsoever of the Borrower to either or both of the undersigned, nor shall
either or both of the undersigned file, assert or receive payment on any claim,
whether now existing or hereafter arising, against the Borrower in the event of
the commencement of a case by or against the Borrower under Title 11 of the
United States Code. In the event either a petition is filed under said Title 11
of the United States Code with regard to the Borrower or an action or proceeding
is commenced for the benefit of the creditors of the Borrower, this Guaranty and
Indemnification Agreement shall at all times thereafter remain effective in
regard to any payments or other transfers of assets to the Lender received from
or on behalf of the Borrower prior to notice of termination of this Guaranty and
Indemnification Agreement and which are or may be held voidable on the grounds
of preference or fraud, whether or not the Debt has been paid in full. Any
payment on account of or reacknowledgment of the Debt by the Borrower, or any
other party liable therefor, or action taken, or payment or reacknowledgment
made, of any of the obligations of the Borrower to take and complete the actions
specified in paragraph 9 of the Deed of Trust shall serve to start anew the
statutory period of limitations applicable to the Borrower with respect to said
paragraph 9 and the undersigned hereunder. The provisions of this paragraph 18
shall survive the term of this Guaranty and the payment in full of the Debt and
all other Liabilities.

     19.  Any notice, request or demand given or made under this Guaranty and
Indemnification Agreement shall be in writing and shall be given in the manner
and to the notice parties set forth in the Loan Agreement.

                                       -9-
<Page>

     20.  This Guaranty and Indemnification Agreement is, and shall be deemed to
be, a contract entered into under and pursuant to the laws of the State of New
York and shall be in all respects governed, construed, applied and enforced in
accordance with the laws of the State of New York without regard to principles
of conflicts of laws. The undersigned acknowledges and agrees that this Guaranty
and Indemnification Agreement is, and is intended to be, an instrument for the
payment of money only, as such phrase is used in Section 3213 of the Civil
Practice Law and Rules of the State of New York, and the undersigned has been
fully advised by its counsel of the Lender's rights and remedies pursuant to
said Section 3213.

     21.  The undersigned agrees to submit to personal jurisdiction in the State
of New York in any action or proceeding arising out of this Guaranty and
Indemnification Agreement. In furtherance of such agreement, the undersigned
hereby agrees and consents that without limiting other methods of obtaining
jurisdiction, personal jurisdiction over the undersigned in any such action or
proceeding may be obtained within or without the jurisdiction of any court
located in New York and that any process or notice of motion or other
application to any such court in connection with any such action or proceeding
may be served upon the undersigned by registered or certified mail to, or by
personal service at, the last known address of the undersigned, whether such
address be within or without the jurisdiction of any such court. The undersigned
hereby further agrees that the venue of any litigation arising in connection
with the Debt or in respect of any of the obligations of the undersigned under
this Guaranty and Indemnification Agreement, shall, to the extent permitted by
law, be in New York County. Nothing in this paragraph shall limit the right of
the Lender to bring an action or proceeding arising out of this Guaranty and
Indemnification Agreement in any other jurisdiction.

     22.  The undersigned absolutely, unconditionally and irrevocably waives any
and all right to assert or interpose any defense, setoff, counterclaim or
crossclaim of any nature whatsoever with respect to this Guaranty and
Indemnification Agreement or the obligations of the undersigned under this
Guaranty and Indemnification Agreement, or the obligations of any other person
or party (including, without limitation, the Borrower) relating to this Guaranty
and Indemnification Agreement, or the obligations of the undersigned hereunder
or otherwise with respect to the Loan in any action or proceeding brought by the
Lender to collect the Debt, or any portion thereof, or to enforce the
obligations of the undersigned under this Guaranty and Indemnification Agreement
(provided, however, that the foregoing shall not be deemed a waiver of the right
of the undersigned to assert any compulsory counterclaim maintained in a court
of the United States, or of the State of New York if such counterclaim is
compelled under local law or rule of procedure, nor shall the foregoing be
deemed a waiver of the right of the undersigned to assert any claim which would
constitute a defense, setoff, counterclaim or crossclaim of any nature
whatsoever against the Lender in any separate action or proceeding). The
undersigned hereby undertakes and agrees that this Guaranty shall remain in full
force and effect for all of the obligations and liabilities of the undersigned
hereunder, notwithstanding the maturity of the Loan, whether by acceleration,
scheduled maturity or otherwise.

                                      -10-
<Page>

     23.  No exculpatory provisions which may be contained in any Loan Document
shall in any event or under any circumstances be deemed or construed to modify,
qualify, or affect in any manner whatsoever the obligations and liabilities of
the undersigned under this Guaranty and Indemnification Agreement.

     24.  The obligations and liabilities of the undersigned under this Guaranty
and Indemnification Agreement are in addition to the obligations and liabilities
of the undersigned under the Other Guaranties (as hereinafter defined). The
discharge of either or both of the undersigned's obligations and liabilities
under any one or more of the Other Guaranties by the undersigned or by reason of
operation of law or otherwise shall in no event or under any circumstance
constitute or be deemed to constitute a discharge, in whole or in part, of the
undersigned's obligations and liabilities under this Guaranty and
Indemnification Agreement. Conversely, the discharge of either or both of the
undersigned's obligations and liabilities under this Guaranty and
Indemnification Agreement by the undersigned or by reason of operation of law or
otherwise shall in no event or under any circumstance constitute or be deemed to
constitute a discharge, in whole or in part, of the undersigned's obligations
and liabilities under any of the Other Guaranties. The term "OTHER GUARANTIES"
as used herein shall mean any other guaranty of payment, guaranty of
performance, completion guaranty, indemnification agreement or other guaranty or
instrument creating any obligation or undertaking of any nature whatsoever
(other than this Guaranty and Indemnification Agreement) now or hereafter
executed and delivered by either or both of the undersigned to the Lender in
connection with the Loan.

     25.  This Guaranty and Indemnification Agreement may be executed in one or
more counterparts by some or all of the parties hereto, 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 listed below to execute
this Guaranty and Indemnification Agreement, or any counterpart hereof, or the
ineffectiveness for any reason of any such execution, shall not relieve the
other signatories from their obligations hereunder.

     26.  THE UNDERSIGNED HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, AND THE
LENDER BY ITS ACCEPTANCE OF THIS GUARANTY AND INDEMNIFICATION AGREEMENT
IRREVOCABLY AND UNCONDITIONALLY WAIVES, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, SUIT OR COUNTERCLAIM ARISING IN CONNECTION WITH, OUT OF OR OTHERWISE
RELATING TO THIS GUARANTY AND INDEMNIFICATION AGREEMENT.

                                      -11-
<Page>

     IN WITNESS WHEREOF, the undersigned has duly executed this Guaranty and
Indemnification Agreement the day and year first above set forth.

                                        S&W OF LAS VEGAS, L.L.C.

                                        By: /s/ Alan M. Mandel
                                           -------------------------------
                                           Name: Alan M. Mandel
                                           Title: Chief Financial Officer

                                        THE SMITH & WOLLENSKY
                                        RESTAURANT GROUP, INC.

                                        By: /s/ Alan M. Mandel
                                           -------------------------------
                                           Name: Alan M. Mandel
                                           Title: Chief Financial Officer

                                      -12-
<Page>

STATE OF NEW YORK  )
                   ss.:
COUNTY OF NEW YORK )

          On the 19th day of August in the year 2002 before me, the undersigned,
a Notary Public in and for said State, personally appeared Alan M. Mandel,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his capacity, and that by his
signature on the instrument, the individual, or the person upon behalf of which
the individual acted, executed the instrument.

                                        /s/ Linda Marshall
                                        ------------------------------
                                        Notary Public

                                                   [SEAL]

STATE OF NEW YORK  )
                   ss.:
COUNTY OF NEW YORK )

          On the __ day of August in the year 2002 before me, the undersigned, a
Notary Public in and for said State, personally appeared ______________________,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his capacity, and that by his
signature on the instrument, the individual, or the person upon behalf of which
the individual acted, executed the instrument.

                                        ------------------------------
                                        Notary Public

                                      -13-
<Page>

                                    EXHIBIT A

     NOTE: The term "NOTE" as used in this Guaranty and Indemnification
Agreement shall mean a certain Promissory Note of even date herewith in the
principal sum of $4,000,000.00 to be given by the Borrower to the Lender,
together with any and all modifications, supplements, extensions, replacements
or substitutions therefor as may exist from time to time.

     DEED OF TRUST: The term "DEED OF TRUST" as used in this Guaranty and
Indemnification Agreement shall mean a certain Leasehold Deed of Trust of even
date herewith to be given by the Borrower to the trustee thereunder for the
benefit of the Lender, constituting a first lien on the leasehold estate of the
Borrower in certain premises located in Clark County, Nevada, as more
particularly described therein, and intended to be duly recorded in said County,
together with any and all modifications, supplements, extensions, replacement or
substitutions therefor as may exist from time to time.

     LOAN AGREEMENT: The term "LOAN AGREEMENT" as used in this Guaranty and
Indemnification Agreement shall mean a certain Term Loan Agreement of even date
herewith to be entered into among the Borrower, The Smith & Wollensky Restaurant
Group, Inc. and the Lender, together with any and all modifications,
supplements, replacement or substitutions therefor as may exist from time to
time.

                                      -14-

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