Common use of Affirmation by Guarantor Clause in Contracts

Affirmation by Guarantor. Guarantor hereby acknowledges and affirms its obligations under (i) that certain Guaranty executed in connection with the Loan (the “Guaranty”), (ii) that certain Guaranty (Securities Laws) executed in connection with the Loan (the “Securities Guaranty”) and (iii) the Hazmat Indemnity. Lender agrees that at such time as the REIT maintains a net worth of not less than $10,000,000.00 and assumes the obligations of the Guarantor under its guarantees or indemnity agreements and, executes, without any cost or expense to Lender, a new guarantees and/or indemnity agreements in form and substance satisfactory to Lender, then Lender shall release the Guarantor from all obligations first arising under its guarantees or indemnity agreements after the execution of such new guarantees and/or indemnity agreements.