SEC Contract Filing

Filing Date: 2015-02-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>v401440_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>WMLM </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Execution Copy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CARVEOUT GUARANTY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS CARVEOUT GUARANTY
(this &ldquo;<B>Guaranty</B>&rdquo;) is made as of February 9, 2015, by <FONT STYLE="text-transform: uppercase"><B>Trinity place
holdings inc.</B></FONT>, a Delaware corporation having an address at 717 Fifth Avenue, New York, New York 10022 (the &ldquo;<B>Guarantor</B>&rdquo;)
for the benefit of <B>STERLING NATIONAL BANK</B>, having a place of business at 400 Rella Boulevard, Montebello, New York 10901,
in its capacity as Administrative Agent (in such capacity, the &ldquo;<B>Administrative Agent</B>&rdquo;) for the ratable benefit
of the Lenders specified in the Term Loan Agreement described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">W I T N E S S E T H:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHEREAS,
concurrently herewith TPHGREENWICH OWNER LLC, a Delaware limited liability company (the &ldquo;<B>Borrower</B>&rdquo;), the Lenders
named therein and the Administrative Agent are entering into a Term Loan Agreement of even date herewith (as it may be amended,
restated, supplemented or modified from time to time, herein called the &ldquo;<B>Loan Agreement</B>&rdquo;), providing, among
other things, for first mortgage loans to be made by the Lenders to the Borrower in the initial aggregate principal amount of <FONT STYLE="text-transform: uppercase; color: gray">$40,000,000,
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: gray">which amount may be increased to $50,000,000
on the terms and subject to the conditions set forth in the Loan Agreement</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(such
loans will be referred to herein collectively as the &ldquo;<B>Loans</B>&rdquo; and individually as a &ldquo;<B>Loan</B>&rdquo;)
to be evidenced by promissory notes of even date herewith (each, a &ldquo;<B>Note</B>&rdquo; and, collectively, the &ldquo;<B>Notes</B>&rdquo;),
and secured by, among other things, (i) a mortgage of even date herewith (the &ldquo;<B>Mortgage</B>&rdquo;), encumbering certain
land and improvements located at 38-42 Trinity Place and 67 Greenwich Street, New York, New York 10006 (collectively the &ldquo;<B>Property</B>&rdquo;),
as more fully described in the Mortgage, and (ii) various other documents executed in connection with the Loan Agreement, the Notes
and the Mortgage (the Loan Agreement, the Notes, the Mortgage, and any other instruments, documents or agreements executed in connection
therewith, as the same may be amended, restated, supplemented or modified from time to time, are hereinafter collectively referred
to as the &ldquo;<B>Loan Documents</B>&rdquo; and each as a &ldquo;<B>Loan Document</B>&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Guarantor
is the direct, legal and beneficial owner of 100% of the equity interests in Borrower, and Guarantor will directly or indirectly
and substantially benefit from the Lenders making the Loans to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, as
an inducement to the Lenders to make the Loans to Borrower and to the Administrative Agent to act as such under the Loan Agreement,
and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties
do hereby agree as follows:</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE I<U><BR>
DEFINITIONS</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U></B>. All capitalized terms that are defined in the Loan Agreement and are not otherwise defined herein
shall have the respective meanings assigned to them in the Loan Agreement and, in addition, the following terms shall have the
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