Document:

Exhibit

Exhibit 4.2

	
			
	LAND COURT SYSTEM
	REGULAR SYSTEM

	Return by Mail    Pickup    

PNC BANK, NATIONAL ASSOCIATION
755 West Big Beaver Suite 2400 
Troy, MI 48084
Attention: David C. Drouillard 
Facility #: 0010674168
	Total Pages: 

	Tax Map Key No.: (1) 2-6-022-036, 037, 038, 039 and 043

LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, 
SECURITY AGREEMENT AND FIXTURE FILING
(Hawaii)
 

THIS LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (hereinafter referred to as "Security Instrument"), made as of August 14, 2015, is granted by TRG IMP LLC, a Delaware limited liability company ("Mortgagor"), having an address at c/o The Taubman Company, 200 East Long Lake Road, Suite 300, Bloomfield Hills, MI  48304, for the benefit of PNC BANK, NATIONAL ASSOCIATION, a national association, as Administrative Agent (collectively with its successors or assigns, "Mortgagee"), having an address at 755 West Big Beaver Suite 2400, Troy, MI 48084, for its benefit and the benefit of Lenders.

ARTICLE 1.  GRANT

		
	1.1
	GRANT.  For the purposes of and upon the terms and conditions in this Security Instrument, Mortgagor hereby irrevocably bargains, conveys, mortgages, encumbers, transfers, hypothecates, pledges, sets over, assigns and grants a security interest to Mortgagee, its successors and assigns, with power of sale pursuant to Chapter 667 of the Hawaii Revised Statutes, as may be amended from time to time, and right of entry and possession, all of Mortgagor’s leasehold estate in that real property located in the City and County of Honolulu, Hawaii, described on Exhibit A attached hereto and made a part hereof (the “Real Property”), pursuant to that certain Retail Ground Lease between Mortgagor and Queen Emma Land Company, a Hawaii non-profit corporation, dated August 9, 2013 described in such Exhibit A (“Ground Lease”); together with all rights of Mortgagor as the “Lessee” under the Ground Lease and all credits, deposits (including, without limitation, any deposits of cash, securities or any other property which may be held to secure Mortgagor’s performance of its obligations under the Ground Lease), options (including all options to purchase or extend or renew set forth in the Ground Lease), privileges and rights of Mortgagor under the Ground Lease and all guarantees, if any, of the Ground Lease and any greater estate in the Real Property demised by the Ground Lease as hereafter may be acquired by Mortgagor; together with Collateral (as defined herein); together with all right, title, interest, and privileges of Mortgagor now owned or hereafter acquired in and to all streets, ways, roads, and alleys used in connection with or pertaining to such Real Property, all development rights or credits, licenses and permits, air rights, water, water rights and water stock related to the Real Property, and Mortgagor’s right, title and interest in and to all minerals, oil and gas, and other hydrocarbon substances in, on or under the Real Property, and all appurtenances, easements, estates, tenements, hereditaments, privileges, rights and rights of way appurtenant or related thereto; any and all rights of Mortgagor, as a developer and/or declarant, under any covenants, conditions and restrictions now or hereafter pertaining to the Real Property, provided, however, that Mortgagee shall have no liability under such covenants, conditions and restrictions unless and until Mortgagee acquires title to the Real Property pursuant to a foreclosure or a deed in lieu of foreclosure; together with all buildings and other improvements and fixtures now or hereafter located on the Real Property owned by Mortgagor, including, but not limited to, all apparatus, equipment and appliances owned by Mortgagor used in the operation or occupancy of the Real Property, it being intended by the parties that all such items shall be conclusively considered to be a part of the Real Property, whether or not attached or affixed to the Real 

Property ("Improvements"); together with all interest or estate which Mortgagor may hereafter acquire in the property described above, and all additions and accretions thereto, and the proceeds of any of the foregoing; (all of the foregoing being collectively referred to as the "Property").  The listing of specific rights or property shall not be interpreted as a limit of general terms.  

TO HAVE AND TO HOLD the Property, together with the Collateral (as hereinafter defined), and all the rights, easements, profits and appurtenances and other property described above, together with all proceeds, products, replacements, additions, substitutions and renewals to or of any or all of the foregoing belonging unto and to the use of the Mortgagee, its successors and assigns forever, and Mortgagor does hereby bind itself, its successors and assigns, to WARRANT AND FOREVER DEFEND the title to the Property against every person whomsoever lawfully claiming or to claim the same or any part thereof.

		
	1.2
	ADDRESS. The addresses of the Property (if known) are:  2330 Kalakaua Avenue, Honolulu, HI 96815 and 2345 Kuhio Avenue, Honolulu, HI 96815.  Neither the failure to designate an address nor any inaccuracy in the address designated shall affect the validity or priority of the lien of this Security Instrument on the Property as described on Exhibit A.

		
	1.3
	WARRANTY OF TITLE; USE OF PROPERTY.  Mortgagor represents and warrants (a) that Mortgagor lawfully holds and possesses, without limitation on the right to encumber (other than any condition that has been satisfied prior to the date hereof), (i) good and marketable, leasehold title to the Real Property and (ii) good title to the balance of the Property, and (b) that this Security Instrument is a first and prior lien on the Property subject only to the Permitted Exceptions.  Mortgagor further warrants that the Property is not used principally for agricultural or farming purposes.

ARTICLE 2.  OBLIGATIONS SECURED

		
	2.1
	OBLIGATIONS SECURED.  Mortgagor makes this Security Instrument for the purpose of securing the payment and performance of the following obligations (collectively "Secured Obligations"):

		
	(a)
	Payment to Lenders of all sums at any time owing under one or more Promissory Notes Secured by this Security Instrument dated as of even date herewith (as the same may be amended, restated or replaced from time to time, collectively, the “Note”), in the aggregate principal amount of THREE HUNDRED THIRTY MILLION EIGHT HUNDRED NINETY THOUSAND DOLLARS ($330,890,000) executed by Mortgagor and payable to the order of Lenders; and

		
	(b)
	Payment and performance of all covenants and obligations of Mortgagor under this Security Instrument; and

		
	(c)
	Payment and performance of all covenants and obligations on the part of Mortgagor under that certain Building Loan Agreement (as the same may be amended, restated or replaced form time to time, the "Loan Agreement") dated of even date herewith by and between Mortgagor, Mortgagee and Lenders which Loan Agreement provides for the construction of the Improvements on the Property; and

		
	(d)
	Payment and performance of all covenants and obligations on the part of Mortgagor under the other Loan Documents (as defined the Loan Agreement); and 

		
	(e)
	Payment and performance of all future advances and other obligations Mortgagor may agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of Lenders, when such future advance or obligation is evidenced by an instrument in writing, which recites that it is secured by this Security Instrument including any and all advances or disbursements of Mortgagee or Lenders with respect to the Property for the payment of taxes, assessments, insurance premiums or costs incurred for the protection of the Property; and

		
	(f)
	All modifications, extensions, novations and renewals of any of the obligations secured hereby, however evidenced, including, without limitation:  (i) modifications of the required principal payment dates or interest payment dates or both, as the case may be, deferring or accelerating payment dates wholly or partly; or (ii) modifications, extensions or renewals at a different rate of interest whether or not in the case of a note, the modification, extension or renewal is evidenced by a new or additional promissory note or notes.

		
	2.2
	OBLIGATIONS.  The term "obligations" is used herein in its broadest and most comprehensive sense and shall be deemed to include, without limitation, all interest and charges, prepayment charges (if any), late charges and loan fees at any time accruing or assessed on any of the Secured Obligations together with all costs of collecting or enforcing the Secured Obligations.

		
	2.3
	INCORPORATION.  All terms of the Secured Obligations and the documents evidencing such obligations are incorporated herein by this reference.  All persons who may have or acquire an interest in the Property shall be deemed to have notice of the terms of the Secured Obligations and to have notice, if provided therein, that:  (a) the Note or the Loan Agreement may permit borrowing, repayment and re-borrowing so that repayments shall not reduce the amounts of the Secured Obligations; and (b) the rate of interest on one or more Secured Obligations may vary from time to time. 

		
	2.4
	FUTURE ADVANCE MORTGAGE.  All future advances under the Note, this Security Instrument and the other Loan Documents shall have the same priority as if the future advance was made on the date that this Security Instrument was recorded.  Notice is hereby given that the Loan secured hereby may increase as a result of defaults hereunder by Mortgagor, which may include (but are not limited to) unpaid interest or late charges, unpaid taxes, assessments or insurance premiums, or other costs which Mortgagee elects to advance, defaults under Leases (as hereinafter defined) that Mortgagee elects to cure, attorney fees or costs incurred in enforcing the Loan Documents, or other expenses incurred by Mortgagee in protecting the Property, the security of this Security Instrument or Mortgagee's rights and interests; provided, however, that the aggregate amount of indebtedness secured by this Mortgage (including any future advances) shall not exceed $661,780,000.  The unpaid Loan (inclusive of all such future advances), together with all accrued but unpaid interest thereon as provided in the Note and this Security Instrument, will be paid on the Maturity Date (if not required to be paid prior to that time by any other provisions of the Loan Agreement, this Security Instrument and/or the other Loan Documents).

ARTICLE 3.  ASSIGNMENT OF LEASES AND RENTS

		
	3.1
	ASSIGNMENT.  Mortgagor hereby absolutely and irrevocably assigns and transfers to Mortgagee all of Mortgagor's right, title and interest in, to and under:  (a) all present and future leases, subleases, licenses or occupancy agreements of the Property or any portion thereof and, to the extent assignable, all other agreements of any kind relating to the management, leasing, operation, use or occupancy of the Property or any portion thereof, and shall also include, to the extent assignable, all options, rights of first refusal or guarantees of and security for the tenant’s performance thereunder, the right to exercise any landlord’s liens and other remedies to which the landlord is entitled, and all amendments, extensions, renewals or modifications thereto which are permitted hereunder, whether now existing or entered into after the date hereof ("Leases"); and (b) the rents, revenue, income, receipts, reserves, issues, deposits and profits of the Property, including, without limitation, all amounts payable and all rights and benefits accruing to Mortgagor under the Leases ("Payments").  The term "Leases", as referred to herein, shall also include all of Mortgagor’s right, title and interest in all subleases and other agreements for the use or occupancy of the Property, options, rights of first refusal or guarantees of and security for the tenant's performance thereunder, the right to exercise any landlord's liens and other remedies to which the landlord is entitled, and all amendments, extensions, renewals or modifications thereto which are permitted hereunder.  This assignment is intended to be and constitutes a present, unconditional and absolute assignment, not an assignment for security purposes only, and Mortgagee's right to the Leases and Payments is not contingent upon, and may be exercised without possession of, the Property.

		
	3.2
	GRANT OF LICENSE.  Mortgagee confers upon Mortgagor a revocable license ("License") to collect and retain the Payments as they become due and payable, until the occurrence of a Default (as hereinafter defined).  Upon a Default, the License shall be automatically revoked and Mortgagee may collect and apply the Payments pursuant to Section 6.4 without notice and without taking possession of the Property.  All payments thereafter collected by Mortgagor shall be held by Mortgagor as trustee under a constructive trust for the benefit of Mortgagee.  Mortgagor hereby irrevocably authorizes and directs the tenants under the Leases to rely upon and comply with any notice or demand by Mortgagee for the payment to Mortgagee of any rentals or other sums which may at any time become due under the Leases, or for the performance of any of the tenants' undertakings under the Leases, and the tenants shall have no right or duty to inquire as to whether any Default has actually occurred or is then existing hereunder.  Mortgagor hereby relieves the tenants from any liability 

to Mortgagor by reason of relying upon and complying with any such notice or demand by Mortgagee.  Mortgagee may apply, during the continuance of a Default, in its sole discretion, any Payments so collected by Mortgagee against any Secured Obligation under the Loan Documents (as defined in the Loan Agreement), whether existing on the date hereof or hereafter arising.  Collection of any Payments by Mortgagee shall not cure or waive any Default or notice of Default or invalidate any acts done pursuant to such notice.  If any such Default is cured by Mortgagor, Mortgagee shall thereafter continue to have the right to have Payments made directly to Mortgagee; provided, however, so long as a Default does not then exist, such Payments shall be swept daily to an operating account maintained by Mortgagor.

		
	3.3
	EFFECT OF ASSIGNMENT.  The foregoing irrevocable assignment shall not cause Mortgagee to be:  (a) a mortgagee in possession; (b) responsible or liable for the control, care, management or repair of the Property or for performing any of the terms, agreements, undertakings, obligations, representations, warranties, covenants and conditions of the Leases; or (c) responsible or liable for any waste committed on the Property by the tenants under any of the Leases or any other parties; for any dangerous or defective condition of the Property; or for any negligence in the management, upkeep, repair or control of the Property resulting in loss or injury or death to any tenant, licensee, employee, invitee or other person; or (d) responsible for or under any duty to produce rents or profits.  Neither Mortgagee nor Lenders shall be directly or indirectly liable to Mortgagor or any other person as a consequence of: (i) the exercise or failure to exercise by Mortgagee, or any of its respective employees, agents, contractors or subcontractors, any of the rights, remedies or powers granted to Mortgagee hereunder; or (ii) the failure or refusal of Mortgagee to perform or discharge any obligation, duty or liability of Mortgagor arising under the Leases, except for gross negligence or willful misconduct.

		
	3.4
	REPRESENTATIONS AND WARRANTIES.  Mortgagor represents and warrants, as of the date hereof, that Mortgagor has delivered to Mortgagee a true, accurate and complete list of all Leases, and that, except as disclosed to Mortgagee in writing prior to the date hereof, (a) all existing Leases are in full force and effect and are enforceable in accordance with their respective terms, and no known breach or default, or event which would constitute a breach or default after notice or the passage of time, or both, exists under any existing Leases on the part of any party; (b) no rent or other payment under any existing Lease has been paid by any tenant for more than one (1) month in advance of its accrual, and payment thereof has not otherwise been forgiven, discounted or compromised; and (c) none of the landlord's interests under any of the Leases has been transferred or assigned other than pursuant to an affiliate mortgage that has been satisfied and cancelled prior to the date hereof.

		
	3.5
	COVENANTS.  Mortgagor covenants and agrees, at Mortgagor's sole cost and expense, to:  (a) perform all of the obligations of landlord contained in the Leases and enforce by all available remedies performance by the tenants of the material obligations of the tenants contained in the Leases; (b) exercise Mortgagor's commercially reasonable efforts to keep all portions of the Property that are currently subject to Leases leased at all times; (c) deliver to Mortgagee fully executed, copies of each and every Lease and any modifications or amendments thereto if requested to do so; and (d) execute and record such additional assignments of any Lease or specific subordinations (or subordination, attornment and non-disturbance agreements executed by the landlord and tenant) of any Lease to the Security Instrument to the extent required under the Loan Agreement.  Mortgagor shall not, without Mortgagee's prior written consent, in violation of any provision of the Loan Agreement:  (i) enter into any Leases after the date hereof; (ii) execute any other assignment relating to any of the Leases; (iii) discount any rent or other sums due under the Leases or collect the same in advance, other than to collect rentals one (1) month in advance of the time when it becomes due under any of the Leases; (iv) terminate, modify or amend any of the terms of the Leases or in any manner release or discharge the tenants from any obligations thereunder; (v) consent to any assignment or subletting by any tenant under any Lease; or (vi) subordinate or agree to subordinate any of the Leases to any other deed of trust, mortgage, deed to secure debt or encumbrance.  Any such attempted amendment, cancellation, modification or other action in violation of the provisions of this Section without the prior written consent of Mortgagee shall be null and void.  Without in any way limiting the requirement of Mortgagee’s consent hereunder, any sums equal to or greater than $500,000.00 received by Mortgagor in consideration of any termination (or the release or discharge of any tenant, including, without limitation, the termination of a lease in connection with a volume out clause), modification or amendment of any Lease shall be delivered to Mortgagee to be held in a cash collateral account to fund re-leasing costs (such cash collateral to be disbursed by Administrative Agent to fund such re-leasing costs in the same manner for disbursements as set forth in the Loan Agreement, which funds shall be disbursed prior to any Loan proceeds in the Disbursement Budget being disbursed for that line item) and any such sums received by Mortgagor shall be held in trust by Mortgagor for such purpose; provided, however, notwithstanding the foregoing, from and after Second Tier Stabilization, such sums may be retained 

by Mortgagor provided that (1) Mortgagor certifies to Mortgagee that after giving effect to the exclusion of revenue, if any, caused by said termination, release, modification, or amendment of the applicable Lease, Borrower satisfies the Minimum Debt Service Coverage requirement set forth in Section 9.23 of the Loan Agreement, or (2) in the event Mortgagor fails to meet the Minimum Debt Service Coverage requirement pursuant to clause (1) above, Mortgagor delivers to Mortgagee an unconditional letter of credit, in satisfactory form and issued by a bank acceptable to Mortgagee in its reasonable discretion, in an amount equivalent to the principal payment amount necessary to meet the Minimum Debt Service Coverage Ratio.

		
	3.6
	ESTOPPEL CERTIFICATES.  Within thirty (30) days after written request by Mortgagee (but not more frequently than once during the term of the Loan unless a Default exists), Mortgagor shall use commercially reasonable efforts to obtain and deliver to Mortgagee estoppel certificates executed by each of the tenants, in recordable form, certifying (if such be the case) to certain matters relating to the Leases, including, without limitation:  (a) that the foregoing assignment and the Leases are in full force and effect; (b) the date and amount of each tenant's most recent payment of rent and other charges; (c) that there are no uncured defaults, defenses or offsets outstanding, or stating those claimed by Mortgagor or tenants under the foregoing assignment or the Leases, as the case may be; and (d) any other information reasonably requested by Mortgagee.

ARTICLE 4.  SECURITY AGREEMENT AND FIXTURE FILING

		
	4.1
	SECURITY INTEREST.  Mortgagor hereby grants and assigns (to the extent assignable without the consent of any Person unless such consent was obtained) to Mortgagee for its benefit and the benefit of the Lenders as of the Effective Date (as defined in the Loan Agreement) a security interest, to secure payment and performance of all of the Secured Obligations, in all of the following described personal property and fixtures in which Mortgagor now or at any time hereafter has any interest (collectively, the "Collateral"):

All goods, building and other materials, supplies, inventory, work in process, equipment, machinery, fixtures, furniture, furnishings, signs and other personal property and embedded software included therein and supporting information, wherever situated, which are or are to be incorporated into, used in connection with, or appropriated for use on the Property; together with all Payments and other rents and security deposits derived from the Property; all inventory, accounts, cash receipts, deposit accounts (including impound accounts, if any), accounts receivable, contract rights, contracts (including, without limitation, property management agreements, leasing agreements, architects’ agreements, construction agreements, and acquisition agreements), licenses, agreements, general intangibles, payment intangibles, software, chattel paper (whether electronic or tangible), instruments, documents, promissory notes, drafts, letters of credit, letter of credit rights, interest rate swap agreements, interest rate hedge agreements, supporting obligations, insurance policies, insurance and condemnation awards and proceeds, proceeds of the sale of promissory notes, any other rights to the payment of money, trade names, trademarks and service marks arising from or related to the ownership, management, leasing, operation, sale or disposition of the Property or any business now or hereafter conducted thereon by Mortgagor; all development rights and credits, and any and all permits, consents, approvals, licenses, authorizations and other rights granted by, given by or obtained from, any governmental entity with respect to the Property; all water and water rights, wells and well rights, canals and canal rights, ditches and ditch rights, springs and spring rights, and reservoirs and reservoir rights appurtenant to or associated with the Property, whether decreed or undecreed, tributary, non-tributary or not non-tributary, surface or underground or appropriated or unappropriated, and all shares of stock in water, ditch, lateral and canal companies, well permits and all other evidences of any of such rights; all deposits or other security now or hereafter made with or given to utility companies by Mortgagor with respect to the Property; all advance payments of insurance premiums made by Mortgagor with respect to the Property; all plans, drawings and specifications relating to the Property; all loan funds held by Mortgagee, whether or not disbursed; all funds deposited with Mortgagee pursuant to any loan agreement; all reserves, deferred payments, deposits, accounts, refunds, cost savings and payments of any kind related to the Property or any portion thereof; all of Mortgagor's right, title and interest, now or hereafter acquired, to the payment of money from Mortgagee to Mortgagor under any Swap Agreement; together with all replacements and proceeds of, and additions and accessions to, any of the foregoing; together with all books, records and files relating to any of the foregoing.

As to all of the above described personal property which is or which hereafter becomes a "fixture" under applicable law, it is intended by Mortgagor and Mortgagee that this Security Instrument constitutes a fixture filing filed with the real estate records of the Bureau of Conveyances of the State of Hawaii and/or Office of the Assistant Registrar of the Land Court of the State of Hawaii, under the Uniform Commercial Code, as amended or recodified from time to time, from the state wherein the Property is located ("UCC"), and is acknowledged and agreed to be a "construction mortgage" under the UCC.  For purposes of this fixture filing, the "Debtor" is the Mortgagor and the "Secured Party" is the Mortgagee.  A description of the land which relates to the fixtures is set forth in Exhibit A attached hereto.  Mortgagor is the record owner of a one hundred percent (100%) leasehold interest in such land. The filing of a financing statement covering the Collateral shall not be construed to derogate from or impair the lien or provisions of this Security Instrument with respect to any property described herein which is real property or which the parties have agreed to treat as real property.  Similarly, nothing in any financing statement shall be construed to alter any of the rights of Mortgagee under this Security Instrument or the priority of Mortgagee's lien created hereby, and such financing statement is declared to be for the protection of Mortgagee in the event any court shall at any time hold that notice of Mortgagee's priority interest in any property or interests described in this Security Instrument must, in order to be effective against a particular class of persons, including but not limited to the Federal government and any subdivision, agency or entity of the Federal government, be filed in the UCC records.

		
	4.2
	Fixture Filing.  This instrument shall be deemed to be a Fixture Filing within the meaning of the Hawaii Uniform Commercial Code, and for such purpose, the following information is given:

 
(a)    Name and Address of Debtor:
TRG IMP LLC
       200 East Long Lake Road
       Suite 300
       Bloomfield Hills, MI  48304

(b)    Organizational Number of Debtor:
4787445 

(c)    Name and Address of Secured Party: 
PNC BANK, NATIONAL ASSOCIATION
       500 First Avenue
       (P7-PFSC-04-V)
       Pittsburgh, PA 15219 
        

(d)    Description of the types of property covered by this Fixture Filing:  
The Property and Collateral described herein.

(e)    The real estate to which such fixtures are or are to be attached:

See Exhibit A attached hereto, the record owner of a leasehold interest therein is Debtor.

		
	4.3
	REPRESENTATIONS AND WARRANTIES.  Mortgagor represents and warrants that, as of the date hereof: (a) to Mortgagor’s knowledge, Mortgagor has, or will have, good title to the Collateral; (b) Mortgagor has not previously assigned or encumbered the Collateral, and no financing statement covering any of the Collateral has been delivered to any other person or entity; and (c) Mortgagor's principal place of business is located at the address set forth in Section 4.2 above.

		
	4.4
	COVENANTS.  Mortgagor agrees:  (a) to execute and deliver such documents as are reasonably necessary to create, perfect and continue the security interests contemplated hereby; (b) not to change its name, and as applicable, its chief executive office, its principal residence or the jurisdiction in which it is organized and/or registered without giving Mortgagee prior written notice thereof; (c) to cooperate with Mortgagee in perfecting 

all security interests granted herein; and (d) that Mortgagee is authorized to file financing statements in the name of Mortgagor to perfect Mortgagee's security interest in the Collateral.

		
	4.5
	RIGHTS OF MORTGAGEE.  In addition to Mortgagee's rights as a "Secured Party" under the UCC,  Mortgagee may, but shall not be obligated to, at any time without notice and at the expense of Mortgagor, after the occurrence and during the continuance of a Default:  (a) give notice to any person of Mortgagee's rights hereunder and enforce such rights at law or in equity; (b) insure, protect, defend and preserve the Collateral or any rights or interests of Mortgagee therein; (c) inspect the Collateral; and (d) endorse, collect and receive any right to payment of money owing to Mortgagor under or from the Collateral.  Notwithstanding the above, in no event shall Mortgagee be deemed to have accepted any property other than cash in satisfaction of any obligation of Mortgagor to Mortgagee unless Mortgagee shall make an express written election of said remedy under the UCC, or applicable law.

Upon the occurrence and during the continuance of a Default under this Security Instrument, then in addition to all of Mortgagee's rights as a "Secured Party" under the UCC or otherwise at law and in addition to Mortgagee's rights under the Loan Documents:

		
	(a)
	Mortgagee may (i) upon written notice, require Mortgagor to assemble any or all of the Collateral and make it available to Mortgagee at a place designated by Mortgagee; (ii) without prior notice, enter upon the Property or other place where any of the Collateral may be located and take possession of, collect, sell, lease, license or otherwise dispose of any or all of the Collateral, and store the same at locations acceptable to Mortgagee at Mortgagor's expense; (iii) sell, assign and deliver at any place or in any lawful manner all or any part of the Collateral and bid and become the purchaser at any such sales; and

		
	(b)
	Mortgagee may, for the account of Mortgagor and at Mortgagor's expense:  (i) operate, use, consume, sell, lease, license or otherwise dispose of the Collateral as Mortgagee deems appropriate for the purpose of performing any or all of the Secured Obligations; (ii) enter into any agreement, compromise, or settlement, including insurance claims, which Mortgagee may deem desirable or proper with respect to any of the Collateral; and (iii) endorse and deliver evidences of title for, and receive, enforce and collect by legal action or otherwise, all indebtedness and obligations now or hereafter owing to Mortgagor in connection with or on account of any or all of the Collateral; and

		
	(c)
	Mortgagee may apply any proceeds of any disposition of any Collateral to the payment of expenses incurred by Mortgagee in connection with the foregoing, including reasonable attorneys' fees, and the balance of such proceeds may be applied by Mortgagee toward the payment of the Secured Obligations in such order of application as Mortgagee may from time to time elect.

Notwithstanding any other provision hereof, Mortgagee shall not be deemed to have accepted any property other than cash in satisfaction of any obligation of Mortgagor to Mortgagee unless Mortgagor shall make an express written election of said remedy under the UCC or other applicable law.  Mortgagor agrees that Mortgagee shall have no obligation to process or prepare any Collateral for sale or other disposition.  Mortgagor acknowledges and agrees that a disposition of the Collateral in accordance with Mortgagee's rights and remedies as heretofore provided is a disposition thereof in a commercially reasonable manner and that ten (10) days prior notice of such disposition is commercially reasonable notice.

		
	4.6
	POWER OF ATTORNEY.  Mortgagor hereby irrevocably appoints Mortgagee as Mortgagor's attorney-in-fact (such agency being coupled with an interest), and as such attorney-in-fact Mortgagee may, without the obligation to do so, in Mortgagee's name, or in the name of Mortgagor, prepare, execute and file or record financing statements, continuation statements, applications for registration and like papers necessary to create, perfect or preserve any of Mortgagee's security interests and rights in or to any of the Collateral; provided, however, that Mortgagee as such attorney-in-fact shall be accountable only for such funds as are actually received by Mortgagee.

ARTICLE 5.  RIGHTS AND DUTIES OF THE PARTIES

		
	5.1
	PERFORMANCE OF SECURED OBLIGATIONS.  Mortgagor shall promptly pay and perform each Secured Obligation for which it is responsible hereunder or under the Loan Agreement when due.  If Mortgagor fails to timely pay or perform any portion of the Secured Obligations (including taxes, assessments and insurance 

premiums), or if a legal proceeding is commenced that may adversely affect Mortgagee's rights in the Property, and Mortgagor does not take action to protect Mortgagee’s rights in a timely manner upon Mortgagee’s request, then Mortgagee may (but is not obligated to), at Mortgagor's expense, take such action as it considers to be necessary to protect the value of the Property and Mortgagee's rights in the Property, including the retaining of counsel, and any amount so expended by Mortgagee will be added to the Secured Obligations and will be payable by Mortgagor to Mortgagee on demand, together with interest thereon from the date of demand until paid at the default rate provided in the Note.

		
	5.2
	TAXES AND ASSESSMENTS.  Subject to Mortgagor’s rights to contest payment of taxes or assessments as may be provided in the Loan Agreement, Mortgagor shall pay prior to delinquency all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or which may become a lien upon the Property or any interest therein.  Subject to Mortgagor's rights to contest payment of taxes or assessments as provided in Section 13.7 of the Loan Agreement, Mortgagor shall also pay prior to delinquency all taxes, assessments, levies and charges imposed by any public authority upon Mortgagee by reason of its interest in any Secured Obligation or in the Property, or by reason of any payment made to Mortgagee pursuant to any Secured Obligation; provided, however, Mortgagor shall have no obligation to pay taxes which may be imposed from time to time upon Mortgagee and which are measured by and imposed upon Mortgagee's net income.

		
	5.3
	LIENS, ENCUMBRANCES AND CHARGES.  Subject to Mortgagor's rights to contest liens as provided in the Loan Agreement, Mortgagor shall immediately discharge all liens, claims and encumbrances that are not Permitted Exceptions that has or may attain priority over this Security Instrument.  Except as otherwise expressly provided in the Loan Agreement, Mortgagor shall pay when due all obligations secured by, or which may become, liens and encumbrances which shall now or hereafter encumber or appear to encumber all or any part of the Property or Collateral, or any interest therein, whether senior or subordinate hereto.

		
	5.4
	DAMAGES; INSURANCE AND CONDEMNATION PROCEEDS.

		
	(a)
	The following (whether now existing or hereafter arising) are all assigned by Mortgagor to Mortgagee and, at the request of Mortgagee, shall be paid directly to Mortgagee:  (i) all awards of damages and all other compensation payable directly or indirectly by reason of a condemnation or proposed condemnation for public or private use affecting all or any part of, or any interest in, the Property or Collateral; (ii) all proceeds of any insurance policies (whether or not expressly required by Mortgagee to be maintained by Mortgagor, including, but not limited to, earthquake insurance and terrorism insurance, if any) payable by reason of loss sustained to all or any part of the Property or Collateral; and (iii) all interest which may accrue on any of the foregoing.  Subject to applicable law, and without regard to any requirement contained in this Security Instrument, Mortgagee may at its discretion apply all or any of the proceeds it receives to its reasonable, out-of-pocket, third-party expenses in settling, prosecuting or defending any claim and may apply the balance to the Secured Obligations in such order and amounts as Mortgagee in its sole discretion may choose, and/or Mortgagee may release all or any part of the proceeds to Mortgagor upon any conditions Mortgagee may impose.  Mortgagee may commence, appear in, defend or prosecute any assigned claim or action and may adjust, compromise, settle and collect all claims and awards assigned to Mortgagee; provided, however, in no event shall Mortgagee be responsible for any failure to collect any claim or award, regardless of the cause of the failure, including, without limitation, any malfeasance or nonfeasance by Mortgagee or its employees or agents.  Notwithstanding anything to the contrary contained herein, provided that no Default then exists, Mortgagor may, without the prior written consent of Mortgagee, settle, adjust or compromise any condemnation awards and claims for loss, damage or destruction (including, without limitation, claims under insurance policies) for any award or claim equal to or less than $5,000,000.00; provided, however, that Mortgagee may commence, appear in, defend or prosecute any assigned claim or action and, with respect to claims or actions in excess of $5,000,000.00 or at any time a Default exists, may adjust, compromise, settle and collect all claims and awards assigned to Mortgagee; provided, however, in no event shall Mortgagee be responsible for any failure to collect any claim or award, regardless of the cause of the failure.

		
	(b)
	Notwithstanding anything contained hereto to the contrary, Mortgagee shall permit insurance or condemnation proceeds to be used for repair or restoration but may condition such application upon the following conditions:  (i) the deposit with Mortgagee of such additional funds which Mortgagee reasonably determines are needed to pay all costs of the repair or restoration, (including, without 

limitation, taxes, financing charges, insurance and rent during the repair period); (ii) the establishment of an arrangement for lien releases and disbursement of funds reasonably acceptable to Mortgagee (the arrangement contained in the Loan Agreement for obtaining lien releases and disbursing loan funds shall be deemed reasonable with respect to disbursement of insurance or condemnation proceeds); (iii) the delivery to Mortgagee of plans and specifications for the work, a contract for the work signed by a contractor reasonably acceptable to Mortgagee, a cost breakdown for the work, all of which shall be reasonably acceptable to Mortgagee; and (iv) the delivery to Mortgagee of evidence acceptable to Mortgagee (aa) that after completion of the work the income from the Property will be sufficient to pay all expenses and debt service for the Property; (bb) after completion of the work, the continued occupancy by Anchor and no less than 75% of the Improvements under Approved Leases, which occupancy shall be distributed evenly among the floors and the ends of the Improvements; (cc) that upon completion of the work, the size, capacity and total value of the Property will be at least as great as it was before the damage or condemnation occurred and confirmation that the Property will satisfy the Loan-to-Value Percentage required as a condition to exercise the next occurring extension option under the Loan Agreement (dd) no Default shall have occurred; (ee) such repair or restoration can be completed prior to the Maturity Date; and (ff) of the satisfaction of any additional conditions that Mortgagee may reasonably establish to protect its security and be continuing, including, without limitation, the requirement of either subguard insurance or a payment and performance bond for the work.  Mortgagor hereby acknowledges that the conditions described above are reasonable, and, if such conditions have not been satisfied within ninety (90) days of receipt by Mortgagee of such insurance or condemnation proceeds, then Mortgagee may apply such insurance or condemnation proceeds to pay the Secured Obligations in such order and amounts as Mortgagee in its sole discretion may choose.    

		
	(c)
	Notwithstanding anything contained hereto to the contrary, if the insurance proceeds or condemnation award at issue does not exceed $5,000,000.00, and no Default is in existence hereunder, such proceeds or award shall be paid directly to Mortgagor for use in the restoration of the Property, without any requirement that the conditions set forth and described in Section 5.4(b) above be satisfied.  At Mortgagee’s request, Mortgagor shall deliver to Mortgagee evidence reasonably satisfactory to Mortgagee that such proceeds and/or condemnation awards have been used to comply with Mortgagor’s obligation to repair and restore the Property pursuant to Section 5.5(d) hereof.

		
	(d)
	Notwithstanding the foregoing, to the extent that the provisions regarding application of proceeds in the event of casualty or condemnation set forth in the Ground Lease or Anchor Lease conflict with any provision of this Section 5.4, such provisions of the Ground Lease or Anchor Lease shall control.

		
	5.5
	MAINTENANCE AND PRESERVATION OF THE PROPERTY.  Subject to, and to the extent of, the provisions of the Loan Agreement, Mortgagor covenants:  (a) to insure the Property and Collateral against such risks as Mortgagee may require as set forth in the Loan Agreement and, at Mortgagee's request, to provide evidence of such insurance to Mortgagee, and to comply with the requirements of any insurance companies providing such insurance; (b) to keep the Property and Collateral in good condition and repair; (c) not to remove or demolish the Property or Collateral or any part thereof, not to alter or add to the Property or Collateral; (d) to complete or restore promptly and in good and workmanlike manner the Property and Collateral, or any part thereof which may be damaged or destroyed, provided Mortgagee permits insurance proceeds be used therefor as provided in Section 5.4 above; (e) to comply with all laws, ordinances, regulations and standards, and all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and character which affect the Property or Collateral and pertain to acts committed or conditions existing thereon, including, without limitation, any work, alteration, improvement or demolition mandated by such laws, covenants or requirements; (f) not to commit or permit waste of the Property or Collateral; and (g) to do all other acts which from the character or use of the Property or Collateral may be reasonably necessary to maintain and preserve its value.  

		
	5.6
	DEFENSE AND NOTICE OF LOSSES, CLAIMS AND ACTIONS.  At Mortgagor's sole expense, Mortgagor shall protect, preserve and defend title to and right of possession of the Property and Collateral, the security hereof and the rights and powers of Mortgagee hereunder against all adverse claims.  Mortgagor shall give Mortgagee prompt notice in writing of the assertion in writing of any claim, of the filing of any action or proceeding, of the occurrence of any material damage to the Property or Collateral and of any condemnation offer or action with respect to the Property or Collateral.

		
	5.7
	ACTIONS BY MORTGAGEE.  From time to time, without affecting the personal liability of any person for payment of any indebtedness or performance of any obligations secured hereby, Mortgagee, without liability therefor and without notice, may:  (a) release all or any part of the Property from this Security Instrument; (b) upon request of Mortgagor or if a Default shall then exist, consent to the making of any map or plat thereof; and (c) upon request of Mortgagor or if a Default shall then exist, join in any grant of easement thereon, any declaration of covenants and restrictions, or any extension agreement or any agreement subordinating the lien or charge of this Security Instrument.

		
	5.8
	DUE ON SALE; ENCUMBRANCE.  If, in violation of the terms and conditions of the Loan Agreement, the Property or any interest therein or if any direct or indirect ownership interest in Mortgagor shall be sold, under contract to sell, transferred, mortgaged, assigned, further encumbered or leased, whether directly or indirectly, whether voluntarily, involuntarily or by operation of law, or if there shall be any change in the management of the Property or Mortgagor in violation of the terms and conditions of the Loan Agreement, in each case without the prior written consent of Mortgagee or as expressly permitted by or in accordance with the Loan Agreement, THEN, subject to any applicable notice or cure period, Mortgagee, in its sole discretion, may at any time thereafter declare all Secured Obligations immediately due and payable.

		
	5.9
	RELEASES, EXTENSIONS, MODIFICATIONS AND ADDITIONAL SECURITY.  Without notice to or the consent, approval or agreement of any persons or entities having any interest at any time in the Property and Collateral or in any manner obligated under the Secured Obligations ("Interested Parties"), Mortgagee may, from time to time and without notice to Mortgagor (i) release any person or entity from liability for the payment or performance of any Secured Obligation; (ii) take any action or make any agreement extending the maturity or otherwise altering the terms or increasing the amount of any Secured Obligation; or (iii) accept additional security or release all or a portion of the Property and Collateral and other security for the Secured Obligations.  None of the foregoing actions shall release or reduce the personal liability of any of said Interested Parties under the Guaranties or Indemnity, or release or impair the priority of the lien of and security interests created by this Security Instrument upon the Property, the Collateral or any other security provided herein or in the other Loan Documents.

		
	5.10
	RELEASE OF ASSIGNMENT.  When the Property has been fully released or discharged, the last such release or discharge shall operate as a reassignment of all future rents, issues and profits of the Property to the person or persons legally entitled thereto.

		
	5.11
	SUBROGATION.  Mortgagee shall be subrogated to the lien of all encumbrances, whether released of record or not, paid in whole or in part by Mortgagee pursuant to the Loan Documents or by the proceeds of any loan secured by this Security Instrument.

		
	5.12
	RIGHT OF INSPECTION.  Mortgagee, its agents, representatives and employees, may enter any part of the Property at any reasonable time and upon reasonable prior written notice for the purpose of inspecting the Property and Collateral and ascertaining Mortgagor's compliance with the terms hereof and the other Loan Documents.

		
	5.13
	PRESERVATION OF THE LEASEHOLD ESTATE.

		
	(a)
	Delivery of Ground Lease.  Mortgagor has delivered to Mortgagee a true, correct, and complete copy of the Ground Lease, together with all amendments, supplements, modifications, assignments or transfers thereto, if any, and Mortgagor represents that other than as set forth in Section 1.1 of this Security Instrument, the Ground Lease has not been amended, supplemented, modified, assigned or transferred.  Mortgagor further represents and warrants that (i) Mortgagor holds the sole leasehold estate in the Ground Lease, subject to no subleases of the Ground Lease, (ii) all rent and other charges therein have been paid to the extent they are due and payable to the date hereof, (iii) Mortgagor enjoys the quiet and peaceful possession of the property demised thereby subject to the Ground Lease, (iv) Mortgagor has not executed any prior mortgage, pledge, hypothecation, assignment or other transfer of its right, title and interest under the Ground Lease, other than in favor of Mortgagee, other than pursuant to an affiliate mortgage that has been satisfied and cancelled prior to the date hereof, (v) Mortgagor has not performed any act or executed any instrument with respect to the Ground Lease which might prevent Mortgagee from exercising its rights under this Security Instrument or the Loan Documents with respect thereto, and (vi) Mortgagor has not received written notice of default thereunder that has not been cured.

		
	(b)
	Performance of the Ground Lease.  Mortgagor shall not do any act which would destroy or materially impair the benefits to Mortgagee of this Security Instrument, and without limiting the generality of the foregoing, Mortgagor agrees: (i) to perform promptly all obligations, agreements, covenants, terms, and conditions imposed upon or assumed by it under the Ground Lease; (ii) not to take any action or omit to take any action which would permit the termination of the Ground Lease; and (iii) to pay, when due, all rent and all other payments and charges under the Ground Lease, including, without limitation, insurance, taxes, and assessments thereunder.  Mortgagor agrees to perform all other obligations and agreements under the Ground Lease and Mortgagor agrees not to take any action or omit to take any action which would permit the termination of said leasehold.  Mortgagor agrees not to take any action or omit to take any action under the Ground Lease which requires Mortgagee’s approval and/or consent, without first obtaining such approval and/or consent from Mortgagee, which consent may be granted or withheld in Mortgagee’s sole discretion (unless a different standard for Mortgagee’s consent to action under the Ground Lease is expressly provided herein or in the other Loan Documents).  

		
	(c)
	Further Assurances.  Mortgagor shall, within five (5) days after receipt of written request by Mortgagee, execute and deliver to Mortgagee, or to any person designated by Mortgagee, such further instruments, agreements, powers, assignments, conveyances, or the like as may be necessary to complete or perfect the interests, rights, or powers of Mortgagee under this Section 5.13.

		
	(d)
	Proof of Payment.  Mortgagor shall within five (5) days after receipt of written request by Mortgagee, deliver to Mortgagee proof of payment of all items that are required to be paid by Mortgagor under the Ground Lease. 

		
	(e)
	No Surrender, Termination, Amendment or Sublease.  Mortgagor shall not, without the prior written consent of Mortgagee in Mortgagee’s sole and absolute discretion: (i) surrender Mortgagor’s leasehold estate and interest under the Ground Lease; (ii) terminate or cancel the Ground Lease; (iii) fail to renew or exercise any options to renew the Ground Lease; (iv) assign or transfer all or any portion of Mortgagor’s leasehold estate and interest under the Ground Lease; or (v) subordinate the Ground Lease to any mortgage, deed of trust, deed to secure debt, lease or other interest, either oral or in writing.  Mortgagor shall not, without the prior written consent of Mortgagee in Mortgagee’s sole and absolute discretion (x) consent or refuse to consent to any action that the lessor desires to take under or with respect to any Ground Lease; (y) modify, change, supplement, alter, or amend the Ground Lease, either orally or in writing.  Mortgagee’s consent to one modification, change, supplement, alteration, amendment, or sublease of the Ground Lease shall not be deemed to be a waiver of its right to require consent to other, future, or successive modifications, changes, supplements, alterations, amendments, subleases, assignments, or transfers of the Ground Lease; or (z) waive or release the lessor from any obligations or conditions to be performed by lessor under the Ground Lease.  Mortgagor shall promptly deliver to Mortgagee a true, correct and complete copy of any modification, change, supplement, alteration, or amendment to the Ground Lease.

		
	(f)
	No Subordination.  Mortgagor shall not subordinate or consent to the subordination of its interest in the Ground Lease to any mortgage, deed to secure debt, lease, or other interest in all or any part of the Property without the prior written consent of Mortgagee.

		
	(g)
	Notice of Default.  Mortgagor shall give immediate notice to Mortgagee of any written notice of default or of the exercise of any remedies relating to defaults or breach of the Ground Lease, and shall deliver copies of any and all such notices to Mortgagee within five (5) days after the receipt thereof, and shall deliver prompt notice of any litigation or arbitration with respect to the Ground Lease of which Mortgagor is aware.  Mortgagor also shall furnish Mortgagee any and all information that Mortgagee may reasonably request concerning Mortgagor’s performance under the Ground Lease.

		
	(h)
	Mortgagee’s Right to Cure.  Mortgagee shall have the right, but not the obligation, to take any actions reasonably necessary to cure any default by Mortgagor under the Ground Lease within the time, if any, provided by the terms of the Ground Lease for such purpose.  Upon receipt by Mortgagee of any written notice of default by Mortgagor under the Ground Lease, Mortgagee may rely thereon and, whether or not such default constitutes a Default under the terms of the Loan Agreement, take any action to cure such default even though the existence of such default or the nature thereof is questioned 

or denied by Mortgagor or by any other party, provided, that if such default does not constitute a Default under the terms of the Loan Agreement, then Mortgagee shall not take any action to cure the default without first providing five (5) days’ prior written notice to Mortgagor.  Mortgagor hereby expressly grants to Mortgagee and agrees that Mortgagee shall have, the absolute and immediate right to enter in and upon the Property or any part thereof to such extent and as often as Mortgagee, in its reasonable discretion, deems necessary or desirable, at reasonable times and subject to the rights of the tenants and occupants of the Property in order to prevent or to cure any such default with respect to the Ground Lease and without becoming a mortgagee in possession.  Mortgagee may pay and expend such sums of money as Mortgagee in its reasonable discretion deems necessary for any such purpose, and Mortgagor hereby agrees to pay to Mortgagee within five (5) days after demand, all such sums so paid and expended by Mortgagee, together with interest thereon from the date of such payment at the Default Rate (as such term is defined in the Note).  All sums so paid and expended by Mortgagee and the interest thereon shall be added to and be secured by the lien of this Security Instrument.

		
	(i)
	Notice of Change in Title.  Mortgagor shall notify Mortgagee of any acquisition by Mortgagor of the fee title in any of the property covered by the Ground Lease.  If Mortgagor obtains any further interest in the property covered by the Ground Lease, including such fee title, such interest shall be covered by this Security Instrument and Mortgagor shall execute and deliver to Mortgagee such additional documents as are reasonably necessary to protect Mortgagee’s interest therein.

		
	(j)
	No Release.  No release or forbearance of any of Mortgagor’s obligations under the Ground Lease, pursuant to the Ground Lease or otherwise, shall, unless consented to in writing by Mortgagee, release Mortgagor from any obligations under this Security Instrument, including release from the obligations with respect to the payment of rent as provided for in the Ground Lease and the performance of any of the terms, provisions, covenants, conditions, and agreements contained in the Ground Lease to be kept, performed and complied with by Mortgagor as provided therein.

		
	(k)
	No Merger.  Unless Mortgagee shall consent in writing, so long as this Security Instrument is in effect, the fee title to the property covered by the Ground Lease and Mortgagor’s leasehold estate created by the Ground Lease shall not merge, but shall always remain separate and distinct, notwithstanding the union of such estates in the Mortgagee or Mortgagor by purchase, operation of law, or otherwise.  If Mortgagee shall acquire such fee title and leasehold estate by foreclosure of this Security Instrument or otherwise, then such estates shall not merge as a result of such acquisition but shall remain separate and distinct for all purposes after such acquisition unless and until Mortgagee elects to merge such estates.

		
	(l)
	No Conflict.  The provisions hereof shall be deemed to be obligations of Mortgagor in addition to Mortgagor’s obligations under the Ground Lease; provided, however, that nothing in this Security Instrument shall be construed as requiring the taking of or the committing to take any action by Mortgagor or Mortgagee that would cause a default under the Ground Lease.  The inclusion in this Security Instrument of any covenants and agreements relating to similar matters under which Mortgagor is obligated under the Ground Lease shall not restrict or limit Mortgagor’s duties and obligations to keep and perform promptly all of its covenants, agreements, and obligations under the Ground Lease.

		
	(m)
	Conditional Assignment of Ground Lease.  To the extent permitted by applicable law and the Ground Lease, Mortgagor does hereby assign, transfer, set, over and deliver to the Mortgagee, all of Mortgagor’s rights, title and interest in, to and under the Ground Lease.  By its acceptance hereof, Mortgagee hereby covenants and agrees that so long as there exists no Default hereunder, Mortgagor shall have the right to possess and enjoy the real property leased pursuant to the Ground Lease, subject to the terms and conditions contained herein.

		
	(n)
	Attorney-in-Fact.  Effective upon the occurrence and during the continuance of a Default, Mortgagor hereby constitutes and appoints Mortgagee the true and lawful attorney-in-fact, coupled with an interest, of Mortgagor, empowered and authorized in the name, place and stead of Mortgagor to exercise all rights of Mortgagor under the Ground Lease.  The foregoing appointment is irrevocable and continuing and such rights, powers and privileges shall be exclusive in Mortgagee, its successors and assigns, so long as such Default remains not cured by Mortgagor.

		
	(o)
	New Ground Lease.  If, after the termination of the Ground Lease for any reason pursuant to the expiration of its term, Mortgagee or its designee shall acquire or obtain a new ground lease covering any portion of the property covered by the Ground Lease (a “New Ground Lease”), then Mortgagor shall have no right, title or interest whatsoever in or to such New Ground Lease, or any proceeds or income arising from the estate arising under such New Ground Lease, including any from any sale or other disposition thereof.  Mortgagee or its designee shall hold such New Ground Lease free and clear of any right or claim of Mortgagor.

		
	(p)
	Bankruptcy Provisions.

(i)Bankruptcy Code.  Mortgagor acknowledges that, pursuant to Section 365 of the Bankruptcy Code (as defined in the Loan Agreement), it is possible that a trustee in bankruptcy of the lessor, its successors and assigns, as a debtor-in-possession, could reject the Ground Lease, in which case Mortgagor, as lessee, would have the election described in Section 365(h) of the Bankruptcy Code (“Election”) to treat the Ground Lease as terminated by such rejection or, in the alternative, to remain in possession for the balance of the term of the Ground Lease and any renewal or extension thereof that is enforceable by lessee under applicable non-bankruptcy law.  Mortgagor covenants that Mortgagor will not suffer or permit the termination of the Ground Lease by exercise of the Election or otherwise without the prior written consent of Mortgagee.  Mortgagor acknowledges that because the Ground Lease is a primary part of Mortgagee’s security for the Secured Obligations, Mortgagee does not anticipate that it would consent to the termination of the Ground Lease and shall not under any circumstances be obligated to give such consent (unless required by law).

(ii)Assignment of Election.  In order to secure the covenant made in Subsection (p) above and as further security for the Secured Obligations, to the extent permitted by applicable law, Mortgagor hereby assigns the Election to Mortgagee.  Mortgagor acknowledges and agrees that the foregoing assignment of the Election is one of the rights which Mortgagee may use at any time in order to protect and preserve the other rights and interests of Mortgagee under this Security Instrument and the other Loan Documents. Mortgagor further acknowledges and agrees that the Election is in the nature of a remedy and is not a property interest which Mortgagor can separate from the Ground Lease.  Therefore, Mortgagor agrees that exercise of the Election in favor of preserving the right to possession under the Ground Lease shall not be deemed a partial or other taking or sale of the Property by Mortgagee and should not entitle Mortgagor to any credit against the Secured Obligations.

(iii)Rejection as Default.  Mortgagor acknowledges and agrees that, in the event that the Election is exercised in favor of Mortgagor remaining in possession, then Mortgagor’s resulting right to possession and use of (and the rents, issues and profits from) the Property, as adjusted by the effect of Section 365 of the Bankruptcy Code, shall then be subject to the lien and encumbrance of this Security Instrument.  However, Mortgagor acknowledges and agrees that such right to possession and use of the Property as so adjusted is not equivalent to Mortgagor’s leasehold estate under the Ground Lease as of the date hereof.  Therefore, Mortgagor agrees that the rejection of the Ground Lease under the Bankruptcy Code shall constitute a Default under this Security Instrument if, in Mortgagee’s sole judgment, such rejection shall result in material impairment to the value of the Property and shall entitle Mortgagee to all rights and remedies provided for in this Security Instrument or the other Loan Documents in the event of the occurrence of a Default. 

(iv)Mortgagor hereby unconditionally assigns, transfers and sets over to Mortgagee all of Mortgagor's claims and rights to the payment of damages arising from any rejection of the Ground Lease by the lessor or any other fee owner of any leasehold parcel or any portion thereof under the Bankruptcy Reform Act.  Subject to the terms of the Loan Agreement, Mortgagee shall have the right to proceed in its own name or in the name of Mortgagor in respect of any claim, suit, action or proceeding relating to the rejection of the Ground Lease, including, without limitation, the right to file and prosecute, without joining or the joinder of Mortgagor, any proofs of claim, complaints, motions, applications, notices and other documents, in any case with respect to the lessor or any fee owner of all or a portion of any leasehold parcel under the Bankruptcy Reform Act.  This assignment constitutes a present, irrevocable and unconditional assignment of the foregoing claims, rights and remedies, and shall continue in effect until all of the Secured Obligations shall have been satisfied and discharged in full.  Subject to the terms of the Loan Agreement, any amounts received by Mortgagee as damages arising out of the rejection of the Ground Lease as aforesaid shall be applied first to all costs and expenses 

of Mortgagee (including, without limitation, reasonable attorneys' fees) incurred in connection with the exercise of any of its rights or remedies under this paragraph.  Mortgagor shall promptly make, execute, acknowledge and deliver, in form and substance satisfactory to Mortgagee, a UCC financing statement (Form UCC-1) and all such additional instruments, agreements and other documents, as may at any time hereafter be reasonably required by Mortgagee to effectuate and carry out the assignment pursuant to this paragraph.

(v)If pursuant to Subsection 365(h)(2) of the Bankruptcy Reform Act, Mortgagor shall seek to offset against the rent reserved in the Ground Lease the amount of any damages caused by the nonperformance by the lessor or any fee owner of any of their respective obligations under such Ground Lease after the rejection by the lessor or any fee owner of such Ground Lease under the Bankruptcy Reform Act, then Mortgagor shall, prior to effecting such offset, notify Mortgagee of its intent to do so, setting forth the amount proposed to be so offset and the basis therefor.  Mortgagee shall have the right to object to all or any part of such offset that, in the reasonable judgment of Mortgagee, would constitute a breach of such Ground Lease, and in the event of such objection, Mortgagor shall not affect any offset of the amounts so objected to by Mortgagee.  Neither Mortgagee's failure to object as aforesaid nor any objection relating to such offset shall constitute an approval of any such offset by Mortgagee.

(vi)Mortgagor shall, after obtaining knowledge thereof, promptly notify Mortgagee of any filing by or against the lessor or fee owner of any leasehold parcel of a petition under the Bankruptcy Reform Act.  Mortgagor shall promptly deliver to Mortgagee, following receipt, copies of any and all notices, summonses, pleadings, applications and other documents received by Mortgagor in connection with any such petition and any proceedings relating thereto.

(vii)If there shall be filed by or against Mortgagor a petition under the Bankruptcy Reform Act and Mortgagor, as lessee under a Ground Lease, shall determine to reject such Ground Lease pursuant to Section 365(a) of the Bankruptcy Reform Act, then Mortgagor shall give Mortgagee not less than fifteen (15) days' prior notice of the date on which Mortgagor shall apply to the Bankruptcy Court for authority to reject such Ground Lease.  Subject to the terms of the Loan Agreement, Mortgagee shall have the right, but not the obligation, to serve upon Mortgagor within such fifteen (15) day period a notice stating that Mortgagee demands that Mortgagor assign the Ground Lease to Mortgagee (which Mortgagee shall assume) pursuant to Section 365 of the Bankruptcy Reform Act.  If Mortgagee shall serve upon Mortgagor the notice described in the preceding sentence, Mortgagor shall not seek to reject such Ground Lease and shall comply with the demand provided for in the preceding sentence.

(viii)Effective upon the entry of an order for relief with respect to Mortgagor under the Bankruptcy Reform Act, Mortgagor hereby assigns and transfers to Mortgagee a non-exclusive right to apply to the Bankruptcy Court under subsection 365(d)(4) of the Bankruptcy Reform Act for an order extending the period during which the Ground Lease may be rejected or assumed.

ARTICLE 6.  DEFAULT PROVISIONS

		
	6.1
	DEFAULT.  For all purposes hereof, the term "Default" shall mean (a) at Mortgagee's option, the failure of Mortgagor or any other person liable to make any payment of principal or interest on the Note or to pay any other amount due hereunder or under the Note when the same is due and payable and the continuance of such failure after the expiration of any applicable grace or cure period, whether at maturity, by acceleration or otherwise; or (b) the occurrence of any Default as defined in any one or more of the Loan Agreement, any other Loan Document or any Other Related Document, which Default is not cured within the applicable grace or cure period, if any.

		
	6.2
	RIGHTS AND REMEDIES.  At any time after and during the continuance of a Default, Mortgagee shall have each and every one of the following rights and remedies in addition to Mortgagee's rights under the other Loan Documents:

		
	(a)
	With or without notice, to declare all Secured Obligations immediately due and payable.  

		
	(b)
	Reserved.

		
	(c)
	With or without notice, and without releasing Mortgagor from any Secured Obligation, and without becoming a mortgagee in possession, to cure any breach or Default of Mortgagor and, in connection therewith, to enter upon the Property and do such acts and things as Mortgagee deems necessary or desirable to protect the security hereof, including, without limitation:  (i) to appear in and defend any action or proceeding purporting to affect the security of this Security Instrument or the rights or powers of Mortgagee under this Security Instrument; (ii) to pay, purchase, contest or compromise any encumbrance, charge, lien or claim of lien which, in the sole judgment of Mortgagee, is or may be senior in priority to this Security Instrument, the judgment of Mortgagee being conclusive as between the parties hereto; (iii) to obtain insurance and to pay any premiums or charges with respect to insurance required to be carried under this Security Instrument; or (iv) to employ counsel, accountants, contractors and other appropriate persons.

		
	(d)
	To foreclose this Security Instrument by judicial action or power of sale pursuant to Chapter 667 of the Hawaii Revised Statutes, as may be amended from time to time, and convey the same to the purchaser and, out of the proceeds arising from such sale, to pay the Secured Obligations secured hereby with interest, and all legal costs and charges of such foreclosure and the maximum attorneys' fees permitted by law, which costs, charges and fees Mortgagor agrees to pay. Mortgagor agrees that such covenants shall be specifically enforceable by injunction or any other appropriate equitable remedy and that for the purposes of any suit brought under this subparagraph, Mortgagor waives the defense of laches and any applicable statute of limitations.

		
	(e)
	To the extent this Security Instrument may encumber more than one property, the Mortgagee at its sole option shall have the right to foreclose any one property or to foreclose en masse.  In any suit to foreclose the lien hereof, there shall be allowed and included as additional indebtedness to the decree for sale all costs, fees and expenses described in Section 6.6 which may be paid or incurred by or on behalf of Mortgagee to prosecute such suit, and such other costs and fees including, but not limited to, appraisers' fees, outlays for documentary and expert evidence, stenographers' charges, publication costs, accounting fees, brokerage commissions, costs of whatever nature or kind to protect and avoid impairment of the Property, and other related costs and fees as shall be necessary.

		
	(f)
	To apply to a court of competent jurisdiction for and obtain ex parte appointment without bond of a receiver of the Property as a matter of strict right and without regard to the adequacy of the security for the repayment of the Secured Obligations, the existence of a declaration that the Secured Obligations are immediately due and payable, or the filing of a notice of default, and Mortgagor hereby consents to such appointment.

		
	(g)
	To enter upon, possess, control, lease, manage and operate the Property or any part thereof, to take and possess all documents, books, records, papers and accounts of Mortgagor or the then owner of the Property, to make, terminate, enforce or modify Leases of the Property upon such terms and conditions as Mortgagee deems proper, to make repairs, alterations and improvements to the Property as necessary, in Mortgagee's sole judgment, to protect or enhance the security hereof and to continue and complete construction of the Improvements of the Property as necessary in Mortgagee's sole judgment.

		
	(h)
	Upon sale of the Property at any foreclosure sale, Mortgagee may credit bid (as determined by Mortgagee in its sole and absolute discretion) all or any portion of the Secured Obligations, and Mortgagee need not make a cash deposit in order to bid at any foreclosure sale. In determining such credit bid, to the extent permitted by law, Mortgagee may, but is not obligated to, take into account all or any of the following:  (i) appraisals of the Property as such appraisals may be discounted or adjusted by Mortgagee in its sole and absolute underwriting discretion; (ii) expenses and costs incurred by Mortgagee with respect to the Property prior to foreclosure; (iii) expenses and costs which Mortgagee anticipates will be incurred with respect to the Property after foreclosure, but prior to resale, including, without limitation, costs of structural reports and other due diligence, costs to carry the Property prior to resale, costs of resale (e.g. commissions, attorneys' fees, and taxes), costs of any hazardous materials clean-up and monitoring, costs of deferred maintenance, repair, refurbishment and retrofit, costs of defending or settling litigation affecting the Property, and lost opportunity costs (if any), including the time value of money during any anticipated holding period by Mortgagee; (iv) declining 

trends in real property values generally and with respect to properties similar to the Property; (v) anticipated discounts upon resale of the Property as a distressed or foreclosed property; (vi) the fact of additional collateral (if any), for the Secured Obligations; and (vii) such other factors or matters that Mortgagee (in its sole and absolute discretion) deems appropriate.  In regard to the above, Mortgagor acknowledges and agrees that:  (w) Mortgagee is not required to use any or all of the foregoing factors to determine the amount of its credit bid; (x) this Section does not impose upon Mortgagee any additional obligations that are not imposed by law at the time the credit bid is made; (y) the amount of Mortgagee's credit bid need not have any relation to any loan-to-value ratios specified in the Loan Documents or previously discussed between Mortgagor and Mortgagee; and (z) Mortgagee's credit bid may be (at Mortgagee's sole and absolute discretion) higher or lower than any appraised value of the Property.  

		
	(i)
	Upon the completion of any foreclosure of all or a portion of the Property, commence an action to recover any of the Secured Obligations that remains unpaid or unsatisfied.

		
	(j)
	Exercise any and all remedies at law, equity, or under the Note, Security Instrument or other Loan Documents for such Default.

		
	6.3
	APPLICATION OF FORECLOSURE SALE PROCEEDS.  Except as may be otherwise required by applicable law, after deducting all fees and expenses of Mortgagee, including, without limitation, cost of evidence of title and reasonable attorneys' fees in connection with sale and costs and expenses of sale and of any judicial proceeding wherein such sale may be made, all proceeds of any foreclosure sale shall be applied:  (a) to payment of all sums expended by Mortgagee under the terms hereof and not then repaid, with accrued interest at the rate of interest specified in the Note to be applicable on or after maturity or acceleration of the Note; (b) to payment of all other Secured Obligations; and (c) the remainder, if any, to the person or persons legally entitled thereto.

		
	6.4
	APPLICATION OF OTHER SUMS.  All sums received by Mortgagee under this Security Instrument after a Default other than those described in Section 6.3 or Section 3.2 hereof, less all costs and expenses incurred by Mortgagee or any receiver, including, without limitation, attorneys' fees, shall be applied in payment of the Secured Obligations in such order as Mortgagee shall determine in its sole discretion; provided, however, Mortgagee shall have no liability for funds not actually received by Mortgagee.

		
	6.5
	NO CURE OR WAIVER.  Neither Mortgagee's nor any receiver's entry upon and taking possession of all or any part of the Property and Collateral, nor any collection of rents, issues, profits, insurance proceeds, condemnation proceeds or damages, other security or proceeds of other security, or other sums, nor the application of any collected sum to any Secured Obligation, nor the exercise or failure to exercise of any other right or remedy by Mortgagee or any receiver shall cure or waive any breach, Default or notice of default under this Security Instrument, or nullify the effect of any notice of default or sale (unless all Secured Obligations then due have been paid and performed and Mortgagor has cured all other defaults), or limit or impair the status of the security, or prejudice Mortgagee in the exercise of any right or remedy, or be construed as an affirmation by Mortgagee of any tenancy, lease or option or a subordination of the lien of or security interests created by this Security Instrument.

		
	6.6
	PAYMENT OF COSTS, EXPENSES AND ATTORNEYS' FEES.  Mortgagor agrees to pay to Mortgagee promptly upon demand all costs and expenses of any kind incurred by Mortgagee pursuant to this Article (including, without limitation, court costs and attorneys' fees, whether incurred in litigation or not, including, without limitation, at trial, on appeal or in any bankruptcy or other proceeding, or not and the costs of any appraisals obtained in connection with a determination of the fair value of the Property) with interest from the date of expenditure until said sums have been paid at the rate of interest then applicable to the principal balance of the Note as specified therein or as allowed by applicable law.

		
	6.7
	POWER TO FILE NOTICES AND CURE DEFAULTS.  Mortgagor hereby irrevocably appoints Mortgagee and its successors and assigns, as its attorney-in-fact, which agency is coupled with an interest, (a) to execute and/or record any notices of cessation of labor, commencement or completion of construction of the Improvements or any other notices that Mortgagee deems appropriate to protect Mortgagee's interest to the extent Mortgagor fails to timely act upon request by Mortgagee, (b) upon the issuance of a deed pursuant to the foreclosure of the lien of this Security Instrument or the delivery of a deed in lieu of foreclosure, to execute 

all instruments of assignment or further assurance with respect to the Property and Collateral, Leases and Payments in favor of the grantee of any such deed, as may be necessary or desirable for such purpose, (c) to prepare, execute and file or record financing statements, continuation statements, applications for registration and like papers necessary to create, perfect or preserve Mortgagee's security interests and rights in or to any of the Property and Collateral, and (d) upon the occurrence of an event, act or omission which, with notice or passage of time or both, would constitute a Default, Mortgagee may perform any obligation of Mortgagor hereunder; provided, however, that:  (i) Mortgagee as such attorney-in-fact shall only be accountable for such funds as are actually received by Mortgagee; and (ii) Mortgagee shall not be liable to Mortgagor or any other person or entity for any failure to act (whether such failure constitutes negligence) by Mortgagee under this Section.

		
	6.8
	REMEDIES CUMULATIVE.  All rights and remedies of Mortgagee provided hereunder are cumulative and are in addition to all rights and remedies provided by applicable law (including specifically that of foreclosure of this instrument as though it were a mortgage) or in any other agreements between Mortgagor and Mortgagee.  No failure on the part of Mortgagee to exercise any of its rights hereunder arising upon any Default shall be construed to prejudice its rights upon the occurrence of any other or subsequent Default.  No delay on the part of Mortgagee in exercising any such rights shall be construed to preclude it from the exercise thereof at any time while that Default is continuing.  Mortgagee may enforce any one or more remedies or rights hereunder successively or concurrently.  By accepting payment or performance of any of the Secured Obligations after its due date, Mortgagee shall not waive the agreement contained herein that time is of the essence, nor shall Mortgagee waive either its right to require prompt payment or performance when due of the remainder of the Secured Obligations or its right to consider the failure to so pay or perform a Default.

ARTICLE 7.  HAWAII PROVISIONS

		
	7.1
	INSURANCE.  Notice is hereby given that Mortgagor may purchase the insurance required by this Security Instrument or the other Loan Documents from an insurer of Mortgagor's choice, subject to Mortgagee's right to reject a given insurer based on reasonable standards, uniformly applied, relating to the extent of coverage required and the financial soundness and services of the insurer.  

		
	7.2
	CONSTRUCTION MORTGAGE.  This Security Instrument secures money to be advanced from time to time subsequent to the date of this Security Instrument, which future advances are for the purpose of paying, in whole or in part, for construction of improvements on the Property.

		
	7.3
	SPECIAL RECORDING FEES.  The Secured Obligations of Mortgagor shall include, without limitation, the obligation to pay the Special Recording or any recording or similar fees assessed for the Hawaii Hurricane Relief Fund pursuant to Chapter 431P of the Hawaii Revised Statutes, if any, as well as all recording fees payable for the recording of this Security Instrument.

		
	7.4
	COMMISSIONER.  Any reference to the “receiver”, “receivers”, “trustee” and/or “trustees” of the Property in this Security Instrument shall also be deemed to include any “commissioner” or “commissioners” of the Property.

ARTICLE 8.  MISCELLANEOUS PROVISIONS

		
	8.1
	NOTICES.  All notices, demands, or other communications under this Security Instrument and the other Loan Documents shall be in writing and shall be delivered to the appropriate party at the address set forth below (subject to change from time to time by written notice to all other parties to this Security Instrument).  All notices, demands or other communications shall be considered as properly given if delivered personally or sent by first class United States Postal Service mail, postage prepaid, or by Overnight Express Mail or by overnight commercial courier service, charges prepaid, except that notice of Default may be sent by certified mail, return receipt requested, charges prepaid.  Notices so sent shall be effective three (3) days after mailing, if mailed by first class mail, and otherwise upon delivery or refusal; provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.  For purposes of notice, the address of the parties shall be:

	
		
	Mortgagor:
	TRG IMP LLC
c/o The Taubman Company
200 East Long Lake Road, Suite 300
Bloomfield Hills, MI  48304
Attention:  Treasurer

	With a copy to: 
	TRG IMP LLC
c/o The Taubman Company
200 East Long Lake Road, Suite 300
Bloomfield Hills, MI  48304
Attention:  General Counsel

	With a copy to:
	Honigman Miller Schwartz and Cohn LLP
39400 Woodard Avenue, Suite 101
Bloomfield Hills, MI 48304
Attention:  Martin L. Katz

	Agent:
	PNC BANK, NATIONAL ASSOCIATION
755 West Big Beaver Suite 2400 
Troy, MI 48084
Attention: David C. Drouillard
Facility #: 0010674168

	With a copy to:
	PNC Real Estate 
500 First Avenue 4th Fl
Pittsburgh, PA 15219
Attention:  Kate Lorenzato
Facility #: 0010674168

Any party shall have the right to change its address for notice hereunder to any other location within the continental United States by the giving of thirty (30) days notice to the other party in the manner set forth hereinabove.  Mortgagor shall forward to Mortgagee, without delay, any notices, letters or other communications delivered to the Property or to Mortgagor naming Mortgagee or the "Construction Lender" or any similar designation as addressee, or which could reasonably be deemed to affect the construction of the Improvements or the ability of Mortgagor to perform its obligations to Mortgagee under the Loan Documents.

		
	8.2
	ATTORNEYS' FEES AND EXPENSES; ENFORCEMENT.  If the Note is placed with an attorney for collection or if an attorney is engaged by Mortgagee to exercise rights or remedies or otherwise take actions to collect thereunder or under any other Loan Document, or if suit be instituted for collection, reinforcement of rights and remedies, then in all events, Mortgagor agrees to pay to Mortgagee all reasonable costs of collection, exercise of remedies or rights or other assertion of claims, including, but not limited to, reasonable attorneys' fees, whether or not court proceedings are instituted, and, where instituted, whether in district court, appellate court, or bankruptcy court.  

		
	8.3
	NO WAIVER.  No previous waiver and no failure or delay by Mortgagee in acting with respect to the terms of the Note or this Security Instrument shall constitute a waiver of any breach, default, or failure of condition under the Note, this Security Instrument or the obligations secured thereby.  A waiver of any term of the Note, this Security Instrument or of any of the obligations secured thereby must be made in writing and shall be limited to the express written terms of such waiver. 

		
	8.4
	SEVERABILITY.  If any provision or obligation under this Security Instrument shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed from this Security Instrument and the validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of this Security Instrument.

		
	8.5
	HEIRS, SUCCESSORS AND ASSIGNS.  Except as otherwise expressly provided under the terms and conditions herein, the terms of this Security Instrument shall bind and inure to the benefit of the heirs, executors, administrators, nominees, successors and assigns of the parties hereto, subject to, and in accordance with, the terms and conditions of the Loan Agreement; provided, however, that this Section does not waive or modify the provisions of Section 5.8.

		
	8.6
	INTENTIONALLY DELETED.  

		
	8.7
	TIME.  Time is of the essence of each and every term herein.

		
	8.8
	GOVERNING LAW AND CONSENT TO JURISDICTION.  With respect to matters relating to the creation, perfection and procedures relating to the enforcement of the liens created pursuant to this Security Instrument, this Security Instrument shall be governed by, and construed in accordance with, the laws of the State of Hawaii, it being understood that, except as expressly set forth above in this paragraph and to the fullest extent permitted by the laws of the State of Hawaii, the laws of the State of New York shall govern any and all matters, claims, controversies or disputes arising under or related to this Security Instrument, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties relating to this Security Instrument, the Loan Agreement and the other Loan Documents and all of the indebtedness or obligations arising thereunder or hereunder.  Mortgagor hereby consents to the jurisdiction of any federal or state court within the State of New York having proper venue and also consents to service of process by any means authorized by the State of New York or federal law.

		
	8.9
	INTENTIONALLY DELETED.

		
	8.10
	HEADINGS.  All article, section or other headings appearing in this Security Instrument are for convenience of reference only and shall be disregarded in construing this Security Instrument.

		
	8.11
	COUNTERPARTS.  To facilitate execution, this document may be executed in as many counterparts as may be convenient or required.  It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart.  All counterparts shall collectively constitute a single document.  It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.  Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages.

		
	8.12
	POWERS OF ATTORNEY.  The powers of attorney granted by Mortgagor to Mortgagee in this Security Instrument shall be unaffected by the disability of the principal so long as any portion of the Loan remains unpaid or unperformed.  Mortgagee shall have no obligation to exercise any of the foregoing rights and powers in any event.  Mortgagee hereby discloses that it may exercise the foregoing powers of attorney for Mortgagee's benefit, and such authority need not be exercised for Mortgagor's best interest. 

		
	8.13
	DEFINED TERMS.  Unless otherwise defined herein, capitalized terms used in this Security Instrument shall have the meanings attributed to such terms in the Loan Agreement.

		
	8.14
	RULES OF CONSTRUCTION.  The word "Mortgagor" as used herein shall include both the named Mortgagor and any other person at any time assuming all or any part of the obligations of the named Mortgagor under the Note and the other Loan Documents.  The term "person" as used herein shall include any individual, company, trust or other legal entity of any kind whatsoever.  If this Security Instrument is executed by more than one person, the term "Mortgagor" shall include all such persons.  The word "Mortgagee" or “Lender” as used herein shall include Mortgagee or Lender, as applicable, and their respective successors and assigns in accordance with, and subject to, the terms and conditions of the Loan Agreement.  The term "Property" and "Collateral" means all and any part of the Property and Collateral, respectively, and any interest in the Property and Collateral, respectively.

		
	8.15
	USE OF SINGULAR AND PLURAL; GENDER.  When the identity of the parties or other circumstances make it appropriate, the singular number includes the plural, and the masculine gender includes the feminine and/or neuter.

		
	8.16
	EXHIBITS, SCHEDULES AND RIDERS.  All exhibits, schedules, riders and other items attached hereto are incorporated into this Security Instrument by such attachment for all purposes.

		
	8.17
	INCONSISTENCIES.  In the event of any inconsistencies between the terms of this Security Instrument and the terms of the Loan Agreement or Note, including without limitation, provisions regarding collection and application of Property revenue, required insurance, tax impounds, and transfers of the Property, the terms of the Loan Agreement or Note, as applicable, shall prevail.

		
	8.18
	MERGER.  No merger shall occur as a result of Mortgagee's acquiring any other estate in, or any other lien on, the Property unless Mortgagee consents to a merger in writing and in accordance with the terms of the Loan Agreement.

		
	8.19
	WAIVER OF MARSHALLING RIGHTS.  Mortgagor, for itself and for all parties claiming through or under Mortgagor, and for all parties who may acquire a lien on or interest in the Property and Collateral, hereby waives all rights to have the Property and Collateral and/or any other property, which is now or later may be security for any Secured Obligation marshalled upon any foreclosure of the lien of this Security Instrument or on a foreclosure of any other lien or security interest against any security for any of the Secured Obligations.  Mortgagee shall have the right, after the occurrence and during the continuance of a Default, to sell, and any court in which foreclosure proceedings may be brought shall have the right to order a sale of, the Property and any or all of the Collateral or other property as a whole or in separate parcels, in any order that Mortgagee may designate. 

		
	8.20
	ADVERTISING.  In connection with the Loan, Mortgagor hereby agrees that Mortgagee and its subsidiaries ("PNC Bank") may, subject to Mortgagor’s prior approval, not to be unreasonably withheld, conditioned or delayed, publicly identify details of the Loan in PNC Bank advertising and public communications of all kinds, including, but not limited to, press releases, direct mail, newspapers, magazines, journals, e-mail, or internet advertising or communications.  Such details may include the name of the Property, the address of the Property, the amount of the Loan, the date of the closing and a description of the size/location of the Property.

		
	8.21
	INTEGRATION; INTERPRETATION.  The Loan Documents contain or expressly incorporate by reference the entire agreement of the parties with respect to the matters contemplated therein and supersede all prior negotiations or agreements, written or oral.  The Loan Documents shall not be modified except by written instrument executed by all parties.  Any reference to the Loan Documents includes any amendments, renewals or extensions now or hereafter approved by Mortgagee in writing.  The Loan Documents grant further rights to Mortgagee and contain further agreements and affirmative and negative covenants by Mortgagor which apply to this Security Instrument and to the Property and Collateral and such further rights and agreements are incorporated herein by this reference.

		
	8.22
	NON-RECOURSE.  No recourse shall be had under this Security Interest against any constituent partners, members, or shareholders (direct or indirect) in Mortgagor except as and to the extent set forth in Section 2.15 of the Loan Agreement.

    

IN WITNESS WHEREOF, Mortgagor has executed this Security Instrument as of the date first above written.
	
		
	 
	

MORTGAGOR:

	

/s/ Mindy M. Lind Rumpl                    
WITNESS #1  Mindy M. Lind Rumpl 

 
/s/ Michelle Puricelli                           
WITNESS #2  Michelle Puricelli 
	TRG IMP LLC, 
a Delaware limited liability company

By: /s/ Simon Leopold      
Name: Simon Leopold
Its: Authorized Signatory

ACKNOWLEDGEMENT
STATE OF Michigan    )
)  ss.:
COUNTY OF Oakland    )

The foregoing instrument was acknowledged before me this 11th day of August, 2015, by Simon Leopold in his capacity as Authorized Signatory of TRG IMP LLC, a Delaware limited liability company, on behalf of the company.  He is personally known to me or has produced ___ as identification and acknowledged to me that he executed the same as the free act and deed of such person, in his authorized capacity and that by his signature on the instrument, the person, or the entity, in its capacity above noted, upon behalf of which the person acted, executed the instrument.

/s/ Susan K. Link          
Notary Public
My Commission Expires: ________________
SUSAN K. LINK
NOTARY PUBLIC, STATE OF MI
COUNTY OF OAKLAND
MY COMMISSION EXPIRES OCT 10, 2018
ACTING IN COUNTY OF OAKLAND    

EXHIBIT A - DESCRIPTION OF PROPERTY
Exhibit A to Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing between TRG IMP LLC, a limited liability company organized under the laws of Delaware as Mortgagor and PNC Bank, National Association, as "Mortgagee", dated as of August 14, 2015.

All that certain real property located in the County of Honolulu, State of Hawaii, described as follows:

ITEM I: TAX KEY:  (1) 2-6-022-036, 038, 043, 037 & 039

RETAIL GROUND LEASE

LESSOR:    QUEEN EMMA LAND COMPANY, a Hawaii non-profit corporation
LESSEE:    TRG IMP LLC, a Delaware limited company
DATED:    August 9, 2013
RECORDED:    Unrecorded
TERM:    the period commencing on the day after the end of the Construction
Period and ending on the expiration of the 65th full Lease Year after
the Rent Commencement Date, with Extension Option, more
particularly defined therein

A MEMORANDUM OF RETAIL GROUND LEASE dated August 9, 2013, recorded August 9, 2013 in the Office of Assistant Registrar of the Land Court of the State of Hawaii as Document No. T-8621110. 

Said Lease demising the following described premises:

FIRST:

All of that certain parcel of land situate at Waikiki, Honolulu, City and County of Honolulu, State of Hawaii, described as follows:

LOT 27, area 7,120 square feet, more or less, as shown on Map 17, filed in the Office of the Assistant Registrar
of the Land Court of the State of Hawaii with Land Court Application No. 324 of Bruce Cartwright, Trustee under the Will and of the Estate of Emma Kaleleonalani, deceased.

SECOND:

All of that certain parcel of land situate at Waikiki, Honolulu, City and County of Honolulu, State of Hawaii, described as follows:

LOT 29, area 124,917 square feet, more or less, as shown on Map 17, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No. 324 of Bruce Cartwright, Trustee under the Will and of the Estate of Emma Kaleleonalani, deceased

THIRD:

All of that certain parcel of land situate at Waikiki, Honolulu, City and County of Honolulu, State of Hawaii, described as follows:

LOT 30-B, area 71,111 square feet, more or less, as shown on Map 34, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No. 324 of Bruce Cartwright, Trustee under the Will and of the Estate of Emma Kaleleonalani, deceased.

FOURTH:

All of that certain parcel of land situate at Waikiki, Honolulu, City and County of Honolulu, State of Hawaii,
described as follows:

LOT 28, area 7,120 square feet, more or less, as shown on Map 17, filed in the Office of the Assistant Registrar
of the Land Court of the State of Hawaii with Land Court Application No. 324 of Bruce Cartwright, Trustee under the Will and of the Estate of Emma Kaleleonalani, deceased.

AS TO FIRST, SECOND, THIRD AND FOURTH:

Being all of the property described in and covered by Transfer Certificate of Title No. 991,054, issued to QUEEN EMMA LAND COMPANY, a Hawaii nonprofit corporation.

 FIFTH:
All of that certain parcel of land situate at Waikiki, Honolulu, City and County of Honolulu, State of Hawaii, described as follows:

LOT 48, area 50,323 square feet, more or less, as shown on Map 25, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No. 324 of Bruce Cartwright, Trustee under the Will and of the Estate of Emma Kaleleonalani, deceased

Being all of the property described in and covered by Transfer Certificate of Title No. 220,622, issued to QUEEN EMMA LAND COMPANY, a Hawaii nonprofit corporation. 

ITEM II:
Non-exclusive easements affecting the Land more particularly described therein, as granted by RECIPROCAL GRANTS OF EASEMENTS (OEH GRANT), dated as of August 9, 2013, recorded August 9, 2013 in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document Nos. T-8621112A through T-8621112E, affecting Land(s) covered by Transfer Certificate of Title Nos. 991,052, 220,621, 210,980. 210,981 and 210,985; and subject to the terms and provisions contained therein. 

ITEM III:

Non-exclusive easements affecting Lot 54 as granted by RECIPROCAL GRANTS OF EASEMENTS (Duke's Lane), dated as of August 9, 2013, recorded August 9, 2013 in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document Nos. T-8621113A through T-8621113D, affecting land(s) covered by Transfer Certificate of Title No. 991,062; and subject to the terms and provisions contained therein:

ITEM IV: AS TO LOT 29, TAX KEY (1) 2-6-022-038:

Non-exclusive easement appurtenant to Lot 29, for pedestrian and vehicular ingress and egress, roadway, storm and sanitary sewers and underground utility purposes on, over, under, across and through Easement "Y" and the portion of Easement "H" affecting and encumbering Lot 30-A, as granted by GRANT OF EASEMENTS dated as of August 9, 2013, recorded August 9, 2013 in the Office of the Assistant Registrar of the Land Court as Document No. T-8621118, affecting land(s) covered by Transfer Certificate of Title No. 991,055; and subject to the terms and provisions contained therein.

ITEM V: AS TO LOT 29, TAX KEY (1) 2-6-022-038:

Grant of easement as set forth by RECIPROCAL GRANTS OF EASEMENTS (Lot 29 - Lot - 30-A) dated as of August 9, 2013, recorded August 9, 2013 in the Office of the Assistant Registrar of the Land Court of the State of Hawaii  as Document No, T-8621115A through T-8621115B, affecting land(s) covered by Transfer Certificate of Title No. 991,055; and subject to the terms and provisions contained therein.
    
ITEM VI: AS TO LOT 48, TAX KEY (1) 2-6-022-039:
Non-exclusive easement for sanitary sewer purposes under and within Easement "R' within Lot 49, as shown on Map 25, and Easement "1" within Lot 4-A, as shown on Map 4, of Land Court Application No. 1004, as set forth by Land Court Order No. 18840, filed March 23, 1961, noted on Transfer Certificate of Title 220,622.Exhibit

Exhibit 4.3

COMPLETION GUARANTY

THIS COMPLETION GUARANTY ("Guaranty") is made as of August 14, 2015, by THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP, a Delaware limited partnership ("Guarantor”) in favor of PNC BANK, NATIONAL ASSOCIATION ("Administrative Agent"), for itself and for the benefit of the lenders from time to time party to the Loan Agreement (as defined below) (each a "Lender" and collectively, "Lenders").

R E C I T A L S

		
	A.
	Pursuant to the terms of that certain Building Loan Agreement, of even date herewith, by and among TRG IMP LLC, a Delaware limited liability company ("Borrower"), Administrative Agent and Lenders  (as the same may be amended, modified, supplemented or replaced from time to time, the "Loan Agreement"), Lenders have agreed to loan to Borrower the principal sum of Three Hundred Thirty Million Eight Hundred Ninety Thousand and 00/100 Dollars ($330,890,000.00) ("Loan") for the purposes specified in the Loan Agreement.

		
	B.
	The Loan Agreement provides that the Loan is evidenced by one or more promissory notes, executed by Borrower, one payable to the order of each Lender, in the aggregate principal amount of the Loan (as each may be amended, modified, supplemented or replaced from time to time, "Note").  The Loan is further evidenced and secured by certain other documents described in the Loan Agreement as Loan Documents.  

		
	C.
	The Note is secured by, among other things, a Leasehold Mortgage. Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of even date herewith, executed by Borrower, as Mortgagor, for the benefit of Administrative Agent, for itself and for the benefit of Lenders, as Mortgagee (as the same may be amended, modified, supplemented or replaced from time to time, "Security Instrument").

		
	D.
	The real property which is the subject of the Security Instrument is referred to hereinafter as the "Property".

		
	E.
	The Loan Agreement, the Security Instrument, the Note, and those other documents described in the Loan Agreement as Loan Documents, together with all modifications, extensions, renewals and amendments thereto, are collectively referred to hereinafter as the "Loan Documents".  This Guaranty is not one of the Loan Documents.

		
	F.
	Guarantor is an indirect owner of Borrower and/or will benefit from the Loan to be made by Lender to Borrower.

THEREFORE, to induce Administrative Agent and Lenders to enter into the Loan Agreement and to induce the Lenders to make the Loan, and in consideration thereof, Guarantor unconditionally, absolutely and irrevocably guarantees and agrees as follows:

		
	1.
	GUARANTY.  Guarantor hereby unconditionally, absolutely and irrevocably guarantees:

		
	1.1
	the full, complete and punctual observance, performance and satisfaction of all of the obligations, duties, covenants and agreements of Borrower under the Loan Agreement and the other Loan Documents with respect to the construction of the Improvements for the Project (excluding improvements to be constructed by Anchor or other tenants) and related improvements which are required to be either constructed or installed by Borrower, free of any claim for mechanics’, materialmen’s or any other liens, substantially in accordance with (1) all Requirements of Law, (2) the Plans and Specifications, the Property Documents and the Construction Agreement and (3) the time period and other requirements set forth in the Loan Documents, including, without limitation, the following:

(i) To perform, complete and pay for (or cause to be performed, completed and paid for) the construction of the Improvements and to pay all costs of said construction of the Improvements (including any and all cost overruns and interest on the Loan during construction) and all other costs associated with the Project (including, without limitation, the costs of any Architect’s and engineers’ fees and amounts payable under the Construction Agreement and 

related subcontracts) if Borrower shall fail beyond any applicable notice and cure periods to perform, complete or pay for such work, including any sums expended in excess of the amount of indebtedness incurred by Borrower under the Loan Agreement or with respect to the Loan, whether or not the construction of the Improvements is actually completed;

ii) If Administrative Agent exercises its right under Section 11.4 of the Loan Agreement to take possession of the Project and complete the construction of the Improvements, to reimburse Lenders and Administrative Agent for all costs and expenses incurred by Lenders and Administrative Agent in excess of the applicable Disbursement Budget line items therefor (if any) in so taking possession of the Project and completing the construction of the Improvements pursuant to the Plans and Specifications;

(iii) If any mechanics’ or materialmen’s liens should be filed, or should attach, with respect to the Project by reason of the construction of the Improvements, to immediately cause the removal of such liens, or post security against the consequences of their possible foreclosure or procure an endorsement(s) to the title policy insuring Lenders against the consequences of the foreclosure or enforcement of such lien(s); and

(iv) To pay the premiums for all policies of insurance required to be furnished by Borrower pursuant to the Loan Agreement during the construction of the Improvements if such premiums are not paid by Borrower in the time periods (plus any grace period) when such payments are required to be made.

		
	1.2
	Borrower’s obligation to keep the Loan In Balance and the full and prompt payment of all cost overruns and other sums incurred in the construction of the Project or otherwise; and

		
	1.3
	the full and prompt payment of any enforcement costs as hereinafter described in Section 11.2 hereof.

All obligations described in subsections 1.1, 1.2 and 1.3 of this Section 1 are referred to herein as the “Obligations.”

		
	2.
	OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER; REMEDIES.  In the event of any default by Borrower in the performance of the Obligations and the expiration of any applicable cure or grace period, Guarantor agrees, on demand by Administrative Agent (which demand may be made concurrently with notice to Borrower that Borrower is in default of its obligations), to perform all the Obligations. Guarantor may request and receive Loan proceeds which are available for such purpose upon complying with all conditions precedent to borrowing required by the Loan Agreement. Administrative Agent shall have the right, at its option, either before, during or after commencing foreclosure or sale proceedings, as the case may be, and before, during or after pursuing any other right or remedy against Borrower or Guarantor, to perform any and all of the Obligations by or through any agent, contractor or subcontractor of its selection, all as Administrative Agent in its sole discretion deems proper, and Guarantor shall indemnify and hold Administrative Agent and Lenders free and harmless from and against any and all loss, damage, cost, expense, injury, or liability Administrative Agent and Lenders may suffer or incur in connection with the exercise of their rights under this Guaranty or the performance of the Obligations. Furthermore, neither Administrative Agent nor Lenders shall have any obligation to protect or insure any collateral for the Loan, nor shall Lenders have any obligation to perfect its security interest in any collateral for the Loan.

During the course of any construction of the Improvements undertaken by Administrative Agent, Lenders or any other party on behalf of Administrative Agent or Lenders in accordance with the terms of this Guaranty, Guarantor shall pay on demand any amounts due to contractors, subcontractors, and material suppliers and for permits and licenses necessary in connection therewith (subject to Guarantor’s right to receive Loan proceeds for such purpose upon complying with all conditions precedent for borrowing contained in the Loan Agreement). Guarantor’s obligations in connection with such work shall not be affected by any errors or omissions of Contractor or Architect, Lenders’ or Administrative Agent’s consulting architect, or any 

subcontractor or agent or employee of any of the foregoing in the design, supervision, and performance of the work; it being understood that such risk is assumed by Guarantor. Neither the completion of the construction of the Improvements nor failure of said party to complete the construction of the Improvements shall relieve Guarantor of any liabilities hereunder; rather, such liability shall be continuing and may be enforced by Administrative Agent and/or Lenders to the end that the construction of the Improvements shall be timely completed, lien-free, without loss, cost, expense, injury or liability of any kind to Administrative Agent or Lenders.

All of the remedies set forth herein and/or provided for in any of the Loan Documents or at law or in equity shall be available to Administrative Agent and Lenders, and the choice by Administrative Agent or Lenders of one such alternative over another shall not be subject to question or challenge by Guarantor or any other person, nor shall any such choice be asserted as a defense, setoff, or failure to mitigate damages in any action, proceeding, or counteraction by Lenders to recover or seeking any other remedy under this Guaranty, nor shall such choice preclude Administrative Agent or Lenders from subsequently electing to exercise a different remedy. The parties have agreed to the alternative remedies hereinabove specified in part because they recognize that the choice of remedies in the event of a failure hereunder will necessarily be and should properly be a matter of good faith business judgment, which the passage of time and events may or may not prove to have been the best choice to maximize recovery by Lenders at the lowest cost to Borrower and/or Guarantor. It is the intention of the parties that such good faith choice by Administrative Agent or Lenders be given conclusive effect regardless of such subsequent developments.

		
	3.
	RIGHTS OF ADMINISTRATIVE AGENT AND LENDERS.  Guarantor authorizes Administrative Agent and Lenders, as applicable, without giving notice to Guarantor or obtaining Guarantor's consent and without affecting the liability of Guarantor, from time to time to:  (a) approve modifications to the Plans and Specifications so long as such modifications do not materially increase the cost of constructing the Improvements nor materially increase the time necessary to complete the Improvements; (b) change the terms or conditions of disbursement of the Loan so long as such changes do not materially interfere with Borrower's ability to construct the Improvements as and when required under the Loan Agreement; (c) renew, modify or extend all or any portion of Borrower's obligations under the Note or any of the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender; (d) declare all sums owing to Administrative Agent or any Lender under the Note or any of the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender, due and payable upon the occurrence and during the continuance of a Default under the Loan Documents or an Event of Default as defined in any Swap Agreement between Borrower and Administrative Agent or any Lender; (e) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (f) otherwise modify the terms of any of the Loan Documents or any Swap Agreement between Borrower and Administrative Agent or any Lender; (g) take and hold security for the performance of Borrower's obligations under the Note or the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender, and exchange, enforce, waive, subordinate and release any such security in whole or part; (h) apply such security and direct the order or manner of sale thereof as Administrative Agent in its discretion may determine; (i) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower's obligations under the Note or the other Loan Documents or any obligations under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender; (j) apply payments received by Administrative Agent, for its benefit and the benefit of Lenders, from Borrower to any obligations of Borrower to Administrative Agent or any Lender, in such order as Administrative Agent shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (k) assign this Guaranty in whole or in part in connection with an assignment of the other Loan Documents pursuant to the terms and conditions of the Loan Agreement; and (l) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty in connection with an assignment of the other Loan Documents pursuant to the terms and conditions of the Loan Agreement.

		
	4.
	GUARANTOR'S WAIVERS.  Guarantor waives:  (a) any defense based upon any legal disability or other defense of Borrower, any other guarantor or other person, or by reason of the cessation or limitation of the liability of Borrower from any cause other than full payment and performance of those obligations of Borrower which are guaranteed hereunder; (b) any defense based upon any lack of authority of the officers, directors, partners, managers, members or agents acting or purporting to act on behalf of Borrower, Guarantor or any principal of Borrower or Guarantor, any defect in the formation of Borrower, Guarantor or any principal of Borrower or Guarantor; (c) any defense based upon the application by Borrower of the proceeds of the Loan 

for purposes other than the purposes represented by Borrower to Administrative Agent and Lenders or intended or understood by Administrative Agent and Lenders or Guarantor; (d) any and all rights and defenses arising out of an election of remedies by Administrative Agent and Lenders, even though that election of remedies (such as a nonjudicial foreclosure, if available and/or permitted, with respect to security for a guaranteed obligation) has or may have destroyed Guarantor's rights of subrogation and reimbursement against the principal by the operation of any applicable state law or otherwise; (e) any defense based upon Administrative Agent’s or any Lender's failure to disclose to Guarantor any information concerning Borrower's financial condition or any other circumstances bearing on Borrower's ability to pay and perform its obligations under the Note or any of the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender, or upon the failure of any other principals of Borrower to guaranty the Loan or any obligations under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender; (f) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; (g) any defense based upon Administrative Agent’s or any Lender's election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Federal Bankruptcy Code or any successor statute; (h) any defense based upon any borrowing or any grant of a security interest under Section 364 of the Federal Bankruptcy Code; (i) any right of subrogation, any right to enforce any remedy which Administrative Agent or any Lender may have against Borrower and any right to participate in, or benefit from, any security for the Note or the other Loan Documents or any obligations under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender now or hereafter held by any Lender, until the Loan is repaid; (j) presentment, demand, protest and notice of any kind; (k) the benefit of any statute of limitations affecting the liability of Guarantor hereunder or the enforcement hereof; (l) any right or claim of right to cause a marshalling of any of the Borrower's assets or the assets of any other party now or hereafter held as security for Borrower's obligations; and (m) any exemption of disposable earnings from attachment or garnishment under any applicable law.  Guarantor further waives any and all rights and defenses that Guarantor may have because Borrower's debt is secured by real property; this means, among other things, that:  (1) Administrative Agent and Lenders may collect from Guarantor and enforce this Guaranty without first foreclosing on any real or personal property collateral pledged by Borrower; (2) if Administrative Agent forecloses on any real property collateral pledged by Borrower, then (A) the amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) Administrative Agent and Lenders may collect from Guarantor even if Administrative Agent, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from Borrower.  The foregoing sentence is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because Borrower's debt is secured by real property.  These rights and defenses being waived by Guarantor include, but are not limited to, any rights or defenses based upon deficiency limitation or anti-deficiency, redemption or other similar rights, if any.  Without limiting the generality of the foregoing or any other provision hereof, Guarantor further expressly waives, to the extent permitted by law, any and all rights and defenses, including without limitation any rights of subrogation, reimbursement, indemnification and contribution, which might otherwise be available to Guarantor under applicable law, until the Loan is repaid.  Finally, Guarantor agrees that the payment or performance of any act which tolls any statute of limitations applicable to the Note or any of the other Loan Documents shall similarly operate to toll the statute of limitations applicable to Guarantor's liability hereunder.  

		
	5.
	GUARANTOR'S WARRANTIES.  Guarantor warrants, represents, covenants and acknowledges to Administrative Agent and Lenders that, as of the date hereof:  (a) Lenders would not make the Loan nor enter into any Swap Agreement with the Borrower but for this Guaranty; (b) Guarantor has reviewed all of the terms and provisions of the Loan Agreement, any Swap Agreement between Borrower and Administrative Agent or any Lender, Plans and Specifications and the other Loan Documents; (c) there are no conditions precedent to the effectiveness of this Guaranty and this Guaranty shall be in full force and effect and binding on Guarantor regardless of whether Administrative Agent or any Lender obtains other collateral or any other guaranties or takes any other action contemplated by Guarantor; and (d) Guarantor has established adequate means of obtaining from sources other than Administrative Agent and Lenders, on a continuing basis, financial and other information pertaining to Borrower's financial condition, the Property and Borrower's activities relating thereto and the status of Borrower's performance of obligations under the Loan Documents and any Swap Agreement with Administrative Agent or any Lender, and Guarantor agrees to keep adequately informed from such means of any facts, events or circumstances which might in any way affect Guarantor's risks hereunder, and neither Administrative Agent nor any Lender has made a representation to Guarantor as to any such matters.  Guarantor further warrants, represents, covenants and acknowledges to Administrative Agent and Lenders that:  (1) the most recent financial statements of Guarantor heretofore or hereafter delivered to Administrative Agent are 

true and correct in all material respects, have been prepared in accordance with generally accepted accounting principles consistently applied (or otherwise in form consistent with the financial statements required to be delivered under the Taubman Credit Facility), fairly and accurately represent the financial condition of Guarantor as of the respective dates thereof, and no Material Adverse Change has occurred in the financial condition of Guarantor since the respective dates thereof; (2) Guarantor has not and will not, without the prior written consent of Administrative Agent, sell, lease, assign, encumber, pledge, hypothecate, mortgage, transfer or otherwise dispose of all or substantially all of Guarantor's assets, other than in the ordinary course of Guarantor's business; and (3) Guarantor is not and will not be, as a consequence of the execution and delivery of this Guaranty, impaired or rendered "insolvent", as that term is defined in Section 101 of the Federal Bankruptcy Code, or otherwise rendered unable to pay Guarantor's debts as the same mature and will not have thereby undertaken liabilities in excess of the present fair value of Guarantor's assets.  Notwithstanding the foregoing, the calculation of liabilities shall NOT include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities.  Therefore, the amount of liabilities shall be the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount.

		
	6.
	SUBORDINATION.  Guarantor subordinates all present and future indebtedness owing by Borrower or, following the occurrence of a Default, by any other guarantor under any guaranty or indemnity of the Loan or an Event of Default under, and defined in, any Swap Agreement between Borrower and Administrative Agent or any Lender, to Guarantor to the obligations at any time owing by Borrower to Administrative Agent and Lenders under the Note and the other Loan Documents and the Other Related Documents or under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender until the Loan is repaid; provided, however, the foregoing shall not be deemed to prohibit any distribution or any payments on such indebtedness made by Borrower to Guarantor while no  Default exists under the Loan.  Guarantor agrees to make no claim for such indebtedness until all obligations of Borrower under the Note and the other Loan Documents and under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender have been fully discharged.  Guarantor further agrees not to assign all or any part of such indebtedness unless Administrative Agent is given prior notice and such assignment is expressly made subject to the terms of this Guaranty.

		
	7.
	BANKRUPTCY OF BORROWER.  In any bankruptcy or other proceeding in which the filing of claims is required by law, Guarantor shall file all claims which Guarantor may have against Borrower relating to any indebtedness of Borrower to Guarantor and shall assign to Administrative Agent all rights of Guarantor thereunder.  Administrative Agent or Administrative Agent’s nominee shall have the right, in its reasonable discretion, to accept or reject any plan proposed in such proceeding and to take any other action which a party filing a claim is entitled to do.  In all such cases, whether in administration, bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to Administrative Agent, for its benefit and the benefit of Lenders, the amount payable on such claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to Administrative Agent all of Guarantor's rights to any such payments or distributions; provided, however, Guarantor's obligations hereunder shall not be satisfied except to the extent that Administrative Agent receives cash by reason of any such payment or distribution.  If Administrative Agent receives anything hereunder other than cash, the same shall be held as collateral for amounts due under this Guaranty.  If all or any portion of the obligations guaranteed hereunder are paid or performed, the obligations of Guarantor hereunder shall continue and shall remain in full force and effect in the event that all or any part of such payment or performance is avoided or recovered directly or indirectly from Administrative Agent as a preference, fraudulent transfer or otherwise under the Bankruptcy Code or other similar laws, irrespective of (a) any notice of revocation given by Guarantor prior to such avoidance or recovery, or (b) full payment and performance of all of the indebtedness and obligations evidenced and secured by the Loan Documents and under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender.

		
	8.
	ADDITIONAL, INDEPENDENT AND UNSECURED OBLIGATIONS.  This Guaranty is a continuing guaranty of payment and performance and not of collection.  This Guaranty cannot be revoked by Guarantor and shall continue to be effective with respect to any indebtedness referenced in Section 1 hereof arising or created after any attempted revocation hereof or after the death of Guarantor (if Guarantor is a natural person, in which event this Guaranty shall be binding upon Guarantor's estate and Guarantor's legal representatives and heirs).  The obligations of Guarantor hereunder shall be in addition to and shall not limit or in any way affect the obligations of Guarantor under any other existing or future guaranties unless said other guaranties are expressly 

modified or revoked in writing.  This Guaranty is independent of the obligations of Borrower under the Note, the other Loan Documents and under or in connection with any Swap Agreement between Borrower and Administrative Agent or any Lender, and the Security Instrument.  Administrative Agent may bring a separate action to enforce the provisions hereof against Guarantor without taking action against Borrower or any other party or joining Borrower or any other party as a party to such action.  Except as otherwise provided in this Guaranty, this Guaranty is not secured and shall not be deemed to be secured by any security instrument unless such security instrument expressly recites that it secures this Guaranty.

		
	9.
	CREDIT REPORTS.  Each legal entity and individual obligated on this Guaranty hereby authorizes Administrative Agent or any Lender to order and obtain, from a credit reporting agency of Administrative Agent’s or such Lender's choice, a third party credit report on such legal entity and individual.

		
	10.
	ENFORCEABILITY.  Guarantor hereby acknowledges that:  (a) the obligations undertaken by Guarantor in this Guaranty are complex in nature, and (b) numerous possible defenses to the enforceability of these obligations may presently exist and/or may arise hereafter, and (c) as part of Lenders’ consideration for entering into this transaction and any Swap Agreement between Borrower and Administrative Agent or any Lender, Lenders have specifically bargained for the waiver and relinquishment by Guarantor of all such defenses, and (d) Guarantor has had the opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type contemplated herein.  Given all of the above, Guarantor does hereby represent and confirm to Administrative Agent and Lenders that Guarantor is fully informed regarding, and that Guarantor does thoroughly understand:  (i) the nature of all such possible defenses, and (ii) the circumstances under which such defenses may arise, and (iii) the benefits which such defenses might confer upon Guarantor, and (iv) the legal consequences to Guarantor of waiving such defenses.  Guarantor acknowledges that Guarantor makes this Guaranty with the intent that this Guaranty and all of the informed waivers herein shall each and all be fully enforceable by Lenders, and that Lenders are induced to enter into this transaction in material reliance upon the presumed full enforceability thereof.

		
	11.
	MISCELLANEOUS.  

		
	11.1
	Notices.  All notices, demands, or other communications under this Guaranty and the other Loan Documents shall be in writing and shall be delivered to the appropriate party at the address set forth below (subject to change from time to time by written notice to all other parties to this Guaranty).  All notices, demands or other communications shall be considered as properly given if delivered personally or sent by first class United States Postal Service mail, postage prepaid, or by Overnight Express Mail or by overnight commercial courier service, charges prepaid, except that notice of Default may be sent by certified mail, return receipt requested, charges prepaid.  Notices so sent shall be effective three (3) days after mailing, if mailed by first class mail, and otherwise upon delivery or refusal; provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.  For purposes of notice, the address of the parties shall be:

                     	
		
	Guarantor:
	THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
c/o The Taubman Company
200 East Long Lake Road
Suite 300
Bloomfield Hills, MI  48304
Attention:  Treasurer

200 East Long Lake Road
Suite 300
Bloomfield Hills, MI  48304
Attention:  General Counsel

	With a copy to:
	Honigman Miller Schwartz and Cohn LLP
39400 Woodard Avenue, Suite 101
Bloomfield Hills, MI 48304
Attention:  Martin L. Katz

	Administrative                                                                                              Agent:
	PNC Bank, National Association
755 West Big Beaver Suite 2400 
Troy, Michigan  48084
Attention: David C. Drouillard
Facility #: 0010674168

	With a copy to:
	PNC Real Estate 
500 First Avenue 4th Fl
Pittsburgh, PA 15219
Attention:  Kate Lorenzato
Facility #: 0010674168

Any party shall have the right to change its address for notice hereunder to any other location within the continental United States by the giving of thirty (30) days notice to the other party in the manner set forth hereinabove.  Guarantor shall forward to Administrative Agent, without delay, any notices, letters or other communications delivered to Guarantor naming Administrative Agent or any Lender or the "Construction Lender" or any similar designation as addressee.

		
	11.2
	Attorneys' Fees and Expenses; Enforcement.  If any attorney is engaged by Administrative Agent or any Lender to enforce or defend any provision of this Guaranty, with or without the filing of any legal action or proceeding, and including, without limitation, any fees and expenses incurred in any bankruptcy proceeding or in connection with any appeal of a lower court decision, then Guarantor shall promptly pay to Administrative Agent, for its benefit and the benefit of Lenders, upon demand, the amount of all reasonable attorneys' fees and expenses and all reasonable costs incurred in connection therewith, including all trial and appellate proceedings in any legal action, suit, bankruptcy or other proceeding, together with interest thereon from the date of such demand until paid at the rate of interest applicable to the principal balance of the Note as specified therein; provided, however, notwithstanding the foregoing, Guarantor’s obligation to pay attorneys’ fees shall be limited to the reasonable fees, charges and disbursements of (A) one external counsel for the Administrative Agent, (B) one external counsel for all of the Lenders, and (C) any local counsel and/or foreign counsel if appropriate in Administrative Agent’s reasonable discretion.  Notwithstanding anything contained in this Guaranty to the contrary, (i) Administrative Agent shall act on behalf of all Lenders with respect to the enforcement of any and all rights and remedies of Administrative Agent and Lenders under this Guaranty and the other Loan Documents, and (ii) Guarantor shall not be responsible for any enforcement costs or expenses under this Section 11.2 in the event Guarantor is the prevailing party in any such action.

		
	11.3
	Taxes.  Taxes on account of payments made pursuant to this Guaranty shall be paid by Guarantor as required by Section 13.15 of the Loan Agreement (with the understanding and agreement of Guarantor that, for purposes hereof, Guarantor shall have the same payment and reimbursement obligations as the Borrower under Section 13.15 even though Guarantor is not specifically referenced in Section 13.15, and by accepting the benefits hereof, each Lender agrees that it will comply with Section 13.15 of the Loan Agreement); provided, however, Guarantor is not obligated to pay (i) gross up Taxes as contemplated by  13.15 of the Loan Agreement to the extent a Lender becomes a Lender 

without Borrower consent or (ii) duplicate Taxes if such Taxes are already paid by Guarantor pursuant to another provision of this Guaranty.

		
	11.4
	No Waiver.  No previous waiver and no failure or delay by Administrative Agent or any Lender in acting with respect to the terms of the Note or this Guaranty shall constitute a waiver of any breach, default, or failure of condition under the Note or this Guaranty or the obligations secured thereby.  A waiver of any term of the Note or this Guaranty or of any of the obligations secured thereby must be made in writing and shall be limited to the express written terms of such waiver.

		
	11.5
	Loan Sales and Participation; Disclosure of Information.  Subject to, and in accordance with, the terms and conditions of the Loan Agreement, Guarantor agrees that Lenders may elect, at any time, to sell, assign or grant participation in all or any portion of Lenders’ rights and obligations under the Loan Documents and this Guaranty, and that any such sale, assignment or participation may be to one or more financial institutions, private investors, and/or other entities ("Participant").  Guarantor further agrees that Lenders may disseminate (on a confidential basis) to any such actual or potential purchaser(s), assignee(s) or participant(s) all documents and information (including, without limitation, all financial information) which has been or is hereafter provided to or known to Lenders with respect to:  (a) the Property and Improvements and their operation; (b) any party connected with the Loan including, without limitation, Borrower, any partner, shareholder, joint venturer, manager or member of Borrower, any constituent partner, shareholder, joint venturer, manager or member of Borrower, any Guarantor, and any other guarantor); and/or (c) any lending relationship other than the Loan which Lenders may have with any party connected with the Loan.  In the event of any such sale, assignment or participation, Lenders and the parties to such transaction shall share in the rights and obligations of Lenders as set forth in the Loan Documents only as and to the extent they agree among themselves.  In connection with any such sale, assignment or participation, Guarantor further agrees that this Guaranty shall be sufficient evidence of the obligations of Guarantor to each purchaser, assignee, or participant, and upon written request by Lenders, Guarantor shall consent to such amendments or modifications to the Loan Documents as may be reasonably required in order to evidence any such sale, assignment or participation; provided, however, none of the foregoing shall increase any obligations or liabilities, or decrease any rights, of Guarantor.

Anything in this Guaranty to the contrary notwithstanding, and without the need to comply with any of the formal or procedural requirements of this Guaranty, including this Section, any Lender may at any time and from time to time pledge and assign all or any portion of its rights under all or any of the Loan Documents to a Federal Reserve Bank; provided that no such pledge or assignment shall release such lender from its obligations thereunder.

		
	11.6
	Waiver of Right to Trial by Jury.  TO THE EXTENT PERMITTED BY APPLICABLE STATE LAW, EACH PARTY TO THIS GUARANTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN DOCUMENTS OR OTHER RELATED DOCUMENTS (IN EACH CASE, AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS GUARANTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY.  THIS PROVISION IS A MATERIAL INDUCEMENT OF LENDERS TO MAKE THE LOAN TO BORROWER.

		
	11.7
	Severability.  If any provision or obligation under this Guaranty shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed from this Guaranty and the validity, legality and enforceability of the remaining provisions or obligations 

shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of this Guaranty.

		
	11.8
	Heirs, Successors and Assigns.  Except as otherwise expressly provided under the terms and conditions herein, the terms of this Guaranty shall bind and inure to the benefit of the heirs, executors, administrators, nominees, successors and assigns of the parties hereto.

		
	11.9
	Time.  Time is of the essence of each and every term herein.

		
	11.10
	Governing Law And Consent To Jurisdiction.  This Guaranty and any claim, controversy or dispute arising under or related to this Guaranty, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties will be governed by, and construed and enforced in accordance with, the laws of New York without regard to any conflicts of law principles, except to the extent preempted by federal laws.  Guarantor and all persons and entities in any manner obligated to Lenders under the Loan Documents or Other Related Documents consent to the jurisdiction of any federal or state court within New York having proper venue and also consent to service of process by any means authorized by New York or federal law.

		
	11.11
	Survival.  This Guaranty shall be deemed to be continuing in nature and shall remain in full force and effect and shall survive the exercise of any remedy by Administrative Agent or any Lender under the Security Instrument or any of the other Loan Documents, including without limitation any foreclosure or deed in lieu thereof.

		
	11.12
	Joint and Several Liability.  THE LIABILITY OF THE GUARANTOR HEREUNDER SHALL BE JOINT AND SEVERAL WITH THE BORROWER.  

		
	11.13
	Headings.  All article, section or other headings appearing in this Guaranty are for convenience of reference only and shall be disregarded in construing this Guaranty.

		
	11.14
	Defined Terms.  Unless otherwise defined herein, capitalized terms used in this Guaranty shall have the meanings attributed to such terms in the Loan Agreement.

		
	11.15
	Rules Of Construction.  The word "Borrower" as used herein shall include both the named Borrower and any other person at any time assuming or otherwise becoming primarily liable for all or any part of the obligations of the named Borrower under the Note and the other Loan Documents.  The term "person" as used herein shall include any individual, company, trust or other legal entity of any kind whatsoever.  If this Guaranty is executed by more than one person, the term "Guarantor" shall include all such persons.  The words “Administrative Agent” and "Lender" as used herein shall include Administrative Agent, and Lender and their respective successors, assigns and affiliates, as applicable. 

		
	11.16
	Use Of Singular And Plural; Gender.  When the identity of the parties or other circumstances make it appropriate, the singular number includes the plural, and the masculine gender includes the feminine and/or neuter.

		
	11.17
	Exhibits, Schedules And Riders.  All exhibits, schedules, riders and other items attached hereto are incorporated into this Guaranty by such attachment for all purposes.

		
	11.18
	Integration; Interpretation.  This Guaranty contains the entire agreement of the parties with respect to the matters contemplated hereby and supersedes all prior negotiations or agreements, written or oral.  This Guaranty shall not be modified except by written instrument executed by all parties.  Without limiting the waivers and authorizations set forth in Sections 3 and 4 of this Guaranty, such waivers and authorizations do not limit or affect any rights or obligations of Borrower under the Loan Documents.

		
	11.19
	Electronic Document Deliveries.  Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the Lender has not notified the Administrative Agent or Borrower that it cannot or does not want to receive electronic 

communications. The Administrative Agent or Guarantor may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications.  Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the Administrative Agent or Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next business day for the recipient.  Notwithstanding anything contained herein, Guarantor shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender.  The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Guarantor with any such request for delivery.  Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.  For avoidance of doubt, this provision doesn’t apply to any notices required to be delivered from Guarantor to Administrative Agent or a Lender or from Administrative Agent or a Lender to Guarantor pursuant to this Guaranty unless otherwise agreed to by Guarantor and Administrative Agent (provided, however, except as otherwise set forth in clause (B) above, the foregoing shall not limit Administrative Agent from delivering to a Borrower or Lender copies of any such notices by electronic communication and delivery in accordance with this Section 11.19 to the extent such notices are required to be delivered to a Borrower or Lender).

		
	11.20
	Limitation of Liability.  Except to the extent any guaranteed obligations set forth herein are special, indirect, consequential or punitive damages, to the extent permitted by applicable law, no party hereto shall assert, and each such party hereby waives, any claim against any other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Guaranty or any of the Loan Documents, or any of the transactions contemplated by this Guaranty, the Loan Agreement or any of the other Loan Documents.

		
	11.21
	Partner Exculpation.  Notwithstanding anything hereinabove or in any of the other Loan Documents executed by Guarantor to the contrary, no constituent partner, shareholder or member in Guarantor (referred to together with its successors and assigns as “Constituent Partners”) shall have any liability for any of Borrower’s or Guarantor’s indebtedness, representations, warranties, promises or any other matters whatsoever under this Guaranty or any of the other Loan Documents so long as such Constituent Partners are not a Guarantor or Borrower.

[REMAINDER OF PAGE INTENTIALLY LEFT BLANK]

IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the date appearing on the first page of this Guaranty.

GUARANTOR:

THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP, a Delaware limited partnership 

By: /s/ Simon Leopold                                         
Name:  Simon Leopold                                       
Title:  Authorized Signatory

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