FIFTH AMENDMENT TO LOAN AGREEMENT

This FIFTH AMENDMENT TO LOAN AGREEMENT (hereinafter, the “Fifth Amendment”) is
dated as of June 29, 2006, by and among BANK OF AMERICA, N.A., a national
banking association having an address at IL1-231-10-35, 231 South LaSalle
Street, Chicago, Illinois 60697, as Administrative Agent (hereinafter, the
“Administrative Agent”), BANK OF AMERICA, N.A., COMMERZBANK AG NEW YORK BRANCH,
a lending institution having an address at 2 World Financial Center, New York,
New York 10281, PB CAPITAL CORPORATION, a lending institution having an address
at 230 Park Avenue, 19th Floor, New York, New York 10169, MANUFACTURERS AND
TRADERS TRUST COMPANY, a lending institution having an address at One M & T
Plaza, Buffalo, New York 14240, SOVEREIGN BANK, a lending institution having an
address at 75 State Street, Boston, Massachusetts 02109, RAYMOND JAMES BANK,
FSB, a lending institution having an address at 710 Carillon Parkway, St.
Petersburg, Florida 33716, CITIZENS BANK OF PENNSYLVANIA, a lending institution
having an address at 3025 Chemical Road 194-0245, Suite 245, Plymouth Meeting,
Pennsylvania 19462, KEYBANK, NATIONAL ASSOCIATION, a lending institution having
an address at 225 Franklin Street, 18th Floor, Boston, Massachusetts, 02110,
LASALLE BANK NATIONAL ASSOCIATION, a lending institution having an address at
135 S. LaSalle Street, Chicago, Illinois, 60603, and the other lending
institutions which are or may hereafter become parties to the Loan Agreement (as
defined below), as the Lenders (collectively, the “Lenders”), and CEDAR SHOPPING
CENTERS PARTNERSHIP, L.P., a Delaware limited partnership having an address at
44 South Bayles Avenue, Port Washington, New York 11050, as the Borrower
(hereinafter, the “Borrower”). All capitalized terms not otherwise defined
herein shall have the same meaning ascribed to such terms and set forth under
the Loan Agreement.

BACKGROUND

WHEREAS, Bank of America, N.A., as Administrative Agent, Bank of America, N.A.,
Commerzbank AG New York Branch, PB Capital Corporation, Manufacturers and
Traders Trust Company, Sovereign Bank, Raymond James Bank, FSB and Citizens Bank
of Pennsylvania, as the lenders (hereinafter, the “Original Lenders”), and
Borrower entered into a certain loan arrangement (hereinafter, the “Loan
Arrangement”) evidenced by, among other documents, instruments and agreements,
that certain Loan Agreement dated as of January 30, 2004, as amended by that
certain First Amendment to Loan Agreement dated as of June 16, 2004, that
certain Second Amendment to Loan Agreement dated as of November 2, 2004, that
certain Third Amendment to Loan Agreement dated as of January 28, 2005, and that
certain Fourth Amendment to Loan Agreement dated as of December 16, 2005
(hereinafter, collectively, the “Loan Agreement”), and those certain promissory
notes dated as of December 16, 2005 executed by the Borrower in favor of the
Lenders in the original aggregate principal amount of $200,000,000.00
(hereinafter, individually and collectively, the “Note”);

WHEREAS, the Administrative Agent, Lenders and Borrower have agreed to amend the
Loan Agreement as more particularly set forth herein.

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Accordingly, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, it is hereby agreed by and among the
Administrative Agent, Lenders and Borrower as follows:

 

1.

The definition of the term “Established Loan Amount” is hereby deleted in its
entirety and shall be replaced by the following:

“Established Loan Amount shall mean, as of June 29, 2006, Two Hundred Twenty
Five Million Dollars ($225,000,000.00).”

 

2.

The definition of the term “Implied Loan Amount” is hereby amended by deleting
the reference therein to “1.50 to 1.00” and replacing same with “1.35 to 1.00”.

 

3.

The definition of the term “Note” is hereby deleted in its entirety and shall be
replaced with the following:

“Note shall mean, collectively, the Amended and Restated Promissory Notes and
the Promissory Notes dated December 16, 2005, and June 29, 2006, as applicable,
payable to each Lender in the aggregate original principal amount of the
Established Loan Amount.”

 

4.

The Loan Agreement is hereby amended by inserting new section 15.18 as follows:

“15.18 No Advisory or Fiduciary Responsibility. In connection with all aspects
of each transaction completed hereby, the Borrower and each other Loan Party
acknowledges and agrees that: (i) the credit facility provided for hereunder and
any related arranging or other services in connection therewith (including in
connection with any amendment, waiver or other modification hereof or of any
other Loan Document) are arm’s-length commercial transactions between the
Borrower, each other Loan Party and their respective Affiliates, on the one
hand, and the Administrative Agent and Banc of America Securities LLC (the
“Arranger”), on the other hand, and the Borrower and each other Loan Party is
capable of evaluating and understanding and understands and accepts the terms,
risks and conditions of the transactions contemplated hereby and by the other
Loan Documents (including any amendment, waiver or other modification hereof or
thereof); and (ii) the Administrative Agent and the Arranger have not provided
and will not provide any legal, accounting, regulatory or tax advice with
respect to any of the transactions contemplated hereby (including any amendment,
waiver or other modification hereof or of any other Loan Document) and each of
the Borrower and the other Loan Parties has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate. Each of the
Borrower and the other Loan Parties hereby waives and releases, to the fullest
extent permitted by law, any claims that it may have against the Administrative
Agent and the Arranger with respect to any breach or alleged breach of agency or
fiduciary duty.”

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5.

The Borrower hereby ratifies, confirms, and reaffirms all of the terms and
conditions of the Loan Agreement, and all of the other documents, instruments,
and agreements evidencing the Loan Arrangement including, without limitation,
the Note. The Borrower further acknowledges and agrees that all of the terms and
conditions of the Loan Arrangement shall remain in full force and effect except
as expressly provided in this Fifth Amendment. No novation of the indebtedness
evidenced by the Note, the Loan Agreement or any other Loan Document shall occur
as a result of the execution of this Fifth Amendment.

 

6.

Any determination that any provision of this Fifth Amendment or any application
hereof is invalid, illegal or unenforceable in any respect and in any instance
shall not effect the validity, legality, or enforceability of such provision in
any other instance, or the validity, legality or enforceability of any other
provisions of this Fifth Amendment.

 

7.

This Fifth Amendment may be executed in several counterparts and by each party
on a separate counterpart, each of which when so executed and delivered shall be
an original, and all of which together shall constitute one instrument. In
proving this Fifth Amendment, it shall not be necessary to produce or account
for more than one such counterpart signed by the party against whom enforcement
is sought.

 

8.

The Loan Agreement, as amended by this Fifth Amendment, constitutes the entire
agreement of the parties regarding the matters contained herein and shall not be
modified by any prior oral or written communications.    

 

9.

The Borrower acknowledges, confirms and agrees that it has no offsets, defenses,
claims or counterclaims against the Administrative Agent or the Lenders with
respect to any of the Borrower’s liabilities and obligations to the
Administrative Agent or the Lenders under the Loan Arrangement, and to the
extent that the Borrower has any such claims under the Loan Arrangement, the
Borrower affirmatively WAIVES and RENOUNCES such claims as of the date hereof.

 

10.

Conditions Precedent. This Fifth Amendment shall become effective as of the date
first above written, as such time when all of the following conditions are
satisfied:

 

a.

All Lenders shall have executed this Fifth Amendment.

 

b.

The Borrower shall have executed this Fifth Amendment.

 

c.

The Lenders shall have received such executed resolutions, secretary’s
certificates and certificates of legal existence as the Administrative Agent may
specify all in form and substance satisfactory to the Administrative Agent and
its counsel.

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d.

The Lenders shall have received such legal opinions for the Borrower and such
other parties as the Administrative Agent may require, all in form and substance
satisfactory to the Administrative Agent and its counsel.

 

e.

The Borrower shall have paid the fees, costs and expenses of the Administrative
Agent’s counsel in connection with this Fifth Amendment.

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IN WITNESS WHEREOF, this Fifth Amendment has been executed as a sealed
instrument as of the date first set forth above.

 

 

 

BORROWER:

 

 

 

 

 

CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
a Delaware limited partnership

 

 

By: 

Cedar Shopping Centers, Inc.,

 

 

 

its general partner

 

 

 

By:

/s/ Brenda J. Walker

   

 

 

 

 

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Name:

Brenda J. Walker

   

 

 

 

Title:

Vice President

   

 

 

 

ADMINISTRATIVE AGENT:

 

 

 

 

 

BANK OF AMERICA, N.A.

 

 

By:

/s/ Mark A. Mokelke

     

 

 

 

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Name:

Mark A. Mokelke

     

 

 

Title:

Vice President

     

 

 

 

LENDERS:

 

 

 

 

 

BANK OF AMERICA, N.A.

 

 

By:

/s/ Mark A. Mokelke

     

 

 

 

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Name:

Mark A. Mokelke

     

 

 

Title:

Vice President

     

 

 

 

COMMERZBANK AG NEW YORK BRANCH

 

 

By:

/s/ Terrence P. Sweeney

     

 

 

 

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Name:

Terrence P. Sweeney

     

 

 

Title:

Senior Vice President

     

 

 

 

 

     

 

 

By:

/s/ Jürgen Boysen

     

 

 

 

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Name:

Jürgen Boysen

     

 

 

Title:

Senior Vice President

     

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PB CAPITAL CORPORATION

 

 

By:

/s/ Olivia Lam

 

By:

/s/ Michael J. Rodgers

 

 

 

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Name:

Olivia Lam

 

Name:

Michael J. Rodgers

 

 

Title:

Assistant Vice President

 

Title:

Vice President

 

 

 

MANUFACTURERS AND TRADERS TRUST COMPANY

 

 

By:

/s/ Peter J. Ostrowski

     

 

 

 

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Name:

Peter J. Ostrowski

     

 

 

Title:

Vice President

     

 

 

 

SOVEREIGN BANK

 

 

By:

/s/ T. Gregory Donohue

     

 

 

 

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Name:

T. Gregory Donohue

     

 

 

Title:

Senior Vice President

     

 

 

 

RAYMOND JAMES BANK, FSB

 

 

By:

/s/ Thomas Macina

     

 

 

 

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Name:

Thomas Macina

     

 

 

Title:

Senior Vice President

     

 

 

 

CITIZENS BANK OF PENNSYLVANIA

 

 

By:

/s/ Robert L. Schopf

     

 

 

 

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Name:

Robert L. Schopf

     

 

 

Title:

Vice President

     

 

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KEYBANK, NATIONAL ASSOCIATION

 

 

By:

/s/ Gregory W. Lane

     

 

 

 

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Name:

Gregory W. Lane

     

 

 

Title:

Vice President

     

 

 

 

LASALLE BANK NATIONAL ASSOCIATION

 

 

By:

/s/ Robert E. Goeckel

     

 

 

 

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Name:

Robert E. Goeckel

     

 

 

Title:

Vice President

     

 

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