GUARANTYGuaranty • March 17th, 2003 • Horizon Group Properties Inc • Real estate investment trusts • Illinois
THIS GUARANTY (this “Guaranty”) is made and entered into as of the 14th day of March, 2003, by THE PRIME GROUP, INC., an Illinois corporation (“TPG”), PRIME GROUP LIMITED PARTNERSHIP, an Illinois limited partnership (“PGLP”), PRIME GROUP II, L.P., an Illinois limited partnership (“PG2LP”), PGLP, INC., an Illinois corporation (“PGLPI”) and PRIME INTERNATIONAL, INC., an Illinois corporation (“PII”). TPG, PGLP, PG2LP, PGLPI and PII are sometimes referred to herein, individually, as a “Guarantor”, and, together, as “Guarantors”), in favor of HORIZON GROUP PROPERTIES, INC., a Maryland corporation (“Lender”).
March 13, 2003Horizon Group Properties Inc • March 17th, 2003 • Real estate investment trusts
This letter is to confirm the agreement of Pleasant Lake Apts., Ltd. (“Pleasant Lake”), an affiliate of Howard M. Amster, to purchase up to 261,628 limited partnership units (the “Units”) in Horizon Group Properties, L.P. (the “Partnership”) from Horizon Group Properties, Inc. (“HGPI”) and the agreement of HGPI to sell the Units to Pleasant Lake at a purchase price of $5.16 per Unit for an aggregate purchase price of up to $1,350,000.00, payable in full and in cash within three business days following the receipt of notice from HGPI to Pleasant Lake that the conditions set forth in this letter have been satisfied. Pleasant Lake hereby acknowledges and agrees on behalf of itself and any transferee, assignee or successor (i) that the Units shall not now or at any future time be convertible or exchangeable for securities of HGPI, and (ii) that the certificate representing the Units will bear a legend indicating that they are not convertible or exchangeable.
PLEDGE AND SECURITY AGREEMENTPledge and Security Agreement • March 17th, 2003 • Horizon Group Properties Inc • Real estate investment trusts • Illinois
This PLEDGE AND SECURITY AGREEMENT (this “Agreement”), is made and entered into as of the 14th day of March, 2003, by and between Retail Partners Limited Partnership, an Illinois limited partnership (“RPLP”), and Retail Partners, Inc., an Illinois corporation (“RPI”; RPLP and RPI are sometimes referred to herein, together, as “Pledgors” and, individually, as a “Pledgor”), and Horizon Group Properties, Inc., a Maryland corporation (“Lender”).
