THIS GUARANTY (this " Guaranty ") is executed as of June 30, 2010 by GLIMCHER
PROPERTIES LIMITED PARTNERSHIP , a Delaware limited partnership (together with any permitted
successors and assigns, " Guarantor "), for the benefit of GOLDMAN SACHS COMMERCIAL
MORTGAGE CAPITAL, L.P. , a Delaware limited partnership (together with its successors and assigns, "
W I T N E S S E T H
WHEREAS, Lender has agreed to make a loan (the " Loan ") to GRAND CENTRAL
PARKERSBURG LLC , a Delaware limited liability company (" Borrower "), in the original principal amount
of $45,000,000.00 (the " Loan Amount "), pursuant to that certain Loan Agreement, dated as of the date hereof,
by and between Borrower and Lender (the " Loan Agreement ");
WHEREAS, Lender requires as a condition to making the Loan that Guarantor agrees to unconditionally
guaranty for the benefit of Lender and its successors and assigns, the full and timely payment and performance of
the Guaranteed Obligations (as hereinafter defined) and as also set forth in the Loan Agreement;
WHEREAS, Guarantor directly and/or indirectly owns an interest in Borrower and will derive substantial
economic benefit from the making of the Loan by Lender to Borrower; and
WHEREAS, Guarantor has agreed to execute and deliver this Guaranty in order to induce Lender to
make the Loan.
NOW, THEREFORE, to induce Lender to make the Loan to Borrower and in consideration for the
substantial benefit Guarantor will derive from the making of the Loan and for other good and valuable
consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree as
NATURE AND SCOPE OF GUARANTY
1.1 Definitions of Guaranteed Obligations . As used herein, the term " Guaranteed Obligations "
means the following (any defined terms not specifically defined herein shall have the meaning set forth in the Loan