Exhibit
10.3


SUBSIDIARY
GUARANTOR GUARANTY


GUARANTY
(as the same may be amended, supplemented or otherwise modified from time to
time, this “Guaranty”), dated as of July
31, 2007, by and among each of the Subsidiaries listed on Schedule I hereto
(collectively, the “Subsidiary Guarantors”) and
BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”) on behalf of
the Lenders under and as defined in the Loan Agreement (hereinafter defined).


RECITALS


I.                                         Reference
is made to that certain Amended and Restated Revolving Credit Agreement, dated
as of July 31, 2007, by and among Centro NP LLC, a Maryland limited liability
company (formerly known as Super IntermediateCo LLC) (the “Borrower”),
Bank of America, N.A., individually and as administrative agent, and the
lenders party thereto (as the same may have been otherwise amended, restated,
supplemented or modified from time to time prior to the date hereof, the “Credit Agreement”).


II.                                     The
Administrative Agent and the Lenders have made it a condition precedent to the
effectiveness of the Credit Agreement that each Subsidiary Guarantor execute
and deliver this Guaranty.


III.                                 Each
Subsidiary Guarantor expects to derive substantial benefit from the Credit
Agreement and the transactions contemplated thereby and, in furtherance
thereof, has agreed to execute and deliver this Guaranty.


Therefore,
in consideration of the Recitals, the terms and conditions herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each of the Subsidiary Guarantors and the Administrative
Agent hereby covenant and agree as follows:


1.                                       Defined
Terms


(a)                                  Capitalized
terms used herein which are not otherwise defined herein shall have the
respective meanings ascribed thereto in the Credit Agreement.


(b)                                 When
used in this Guaranty, the following capitalized terms shall have the
respective meanings ascribed thereto as follows:


“Borrower Obligations” means all present and
future obligations and liabilities, whether deemed principal, interest,
additional interest, fees, expenses or otherwise of the Borrower to the
Administrative Agent and the Lenders, including, without limitation, all
obligations under (i) the Credit Agreement, (ii) the Notes (including, without
limitation, the Revolving Credit Notes and the Swing Loan Note), (iii) the
Letters of Credit, and (iv) all other Loan Documents.


“Guarantor Obligations” means, with respect to
each Subsidiary Guarantor, all of the obligations and liabilities of such Subsidiary
Guarantor hereunder, whether fixed, contingent, now existing or hereafter
arising, created, assumed, incurred or acquired.


2.                                       Guarantee


(a)                                  Subject
to Section 2(b), each Subsidiary Guarantor hereby absolutely, irrevocably and
unconditionally guarantees the full and prompt payment when due (whether at
stated maturity, by acceleration or otherwise) of the Borrower
Obligations.  The agreements of each
Subsidiary Guarantor in this Guaranty constitute a guarantee of payment, and no
Credit Party shall have any obligation to enforce any Loan Document or exercise
any right or remedy with respect to any collateral security thereunder by any
action, including making or perfecting any claim against any Person or any
collateral security for any of the Borrower Obligations prior to being entitled
to the benefits of this Guaranty.  The
Administrative Agent may, at its option, proceed against the Subsidiary
Guarantors, or any one or more of them, in the first instance, to enforce the
Guarantor Obligations without first proceeding against the Borrower or any
other Person, and without first resorting to any other rights or remedies, as
the Administrative Agent may deem advisable. 
In furtherance hereof, if any Credit Party is prevented by law from
collecting or otherwise hindered from collecting or otherwise enforcing any
Borrower Obligation in accordance with 











its terms, such
Credit Party shall be entitled to receive hereunder from the Subsidiary
Guarantors after demand therefor, the sums which would have been otherwise due
had such collection or enforcement not been prevented or hindered.


(b)                                 Notwithstanding
anything to the contrary contained herein, the maximum aggregate amount of the
obligations of each Subsidiary Guarantor hereunder shall not, as of any date of
determination, exceed the lesser of the greatest amount that is valid and
enforceable against such Subsidiary Guarantor under principles of New York
State contract law and the greatest amount that would not render such
Subsidiary Guarantor’s liability hereunder subject to avoidance as a fraudulent
transfer or conveyance under Section 548 of Title 11 of the United States Code
or any provisions of applicable state law (collectively, the “Fraudulent
Transfer Laws”), in each case after giving effect to all other liabilities of
such Subsidiary Guarantor, contingent or otherwise, that are relevant under the
Fraudulent Transfer Laws (specifically excluding, however, any liability (A) in
respect of intercompany indebtedness to the Borrower or any Affiliate or Subsidiary
of the Borrower, to the extent that such intercompany indebtedness would be
discharged to the extent payment is made by such Subsidiary Guarantor
hereunder, and (B) under any guarantee of (1) senior unsecured indebtedness or
(2) indebtedness subordinated in right of payment to any Borrower Obligation,
in either case which contains a limitation as to maximum liability similar to
that set forth in this Section 2(b) and pursuant to which the liability of such
Subsidiary Guarantor hereunder is included in the liabilities taken into
account in determining such maximum liability) and after giving effect as
assets to the value (as determined under the applicable provisions of the
Fraudulent Transfer Laws) of any rights to subrogation, contribution,
reimbursement, indemnity or similar rights of such Subsidiary Guarantor
pursuant to applicable law or any agreement providing for an equitable
allocation among such Subsidiary Guarantor and other Affiliates or Subsidiaries
of the Borrower of obligations arising under guarantees by such parties.


(c)                                  Each
Subsidiary Guarantor agrees that the Guarantor Obligations may at any time and
from time to time exceed the maximum aggregate amount of the obligations of
such Subsidiary Guarantor hereunder without impairing this Guaranty or
affecting the rights and remedies of any Credit Party hereunder.


3.                                       Absolute
Obligation


Except
as provided by Section 8.2, 10.12 and 11.1 of the Credit Agreement, no
Subsidiary Guarantor shall be released from liability hereunder unless and
until the Commitments of the Lenders have terminated and either (i) the
Borrower shall have paid in full the outstanding principal balance of the
Loans, together with all accrued and unpaid interest thereon, and all other
amounts then due and owing under the Loan Documents, or (ii) the Guarantor
Obligations of such Subsidiary Guarantor shall have been paid in full in
cash.  Each Subsidiary Guarantor
acknowledges and agrees that (a) no Credit Party has made any representation or
warranty to such Subsidiary Guarantor with respect to the Borrower, any of its
Subsidiaries, any Loan Document, or any agreement, instrument or document
executed or delivered in connection therewith, or any other matter whatsoever,
and (b) such Subsidiary Guarantor shall be liable hereunder, and such liability
shall not be affected or impaired, irrespective of (A) the validity or
enforceability of any Loan Document, or any agreement, instrument or document
executed or delivered in connection therewith, or the collectability of any of
the Borrower Obligations, (B) the preference or priority ranking with respect
to any of the Borrower Obligations, (C) the existence, validity, enforceability
or perfection of any security interest or collateral security under any Loan
Document, or the release, exchange, substitution or loss or impairment of any
such security interest or collateral security, (D) any failure, delay, neglect
or omission by any Credit Party to realize upon or protect any direct or
indirect collateral security, indebtedness, liability or obligation, any Loan
Document, or any agreement, instrument or document executed or delivered in
connection therewith, or any of the Borrower Obligations, (E) the existence or
exercise of any right of set-off by any Credit Party, (F) the existence,
validity or enforceability of any other guarantee with respect to any of the
Borrower Obligations, the liability of any other Person in respect of any of
the Borrower Obligations, or the release of any such Person or any other
guarantor of any of the Borrower Obligations, (G) any act or omission of any
Credit Party in connection with the administration of any Loan Document or any
of the Borrower Obligations, (H) the bankruptcy, insolvency, reorganization or
receivership of, or any other proceeding for the relief of debtors commenced by
or against, any Person, (I) the disaffirmance or rejection, or the purported
disaffirmance or purported rejection, of any of the Borrower Obligations, any
Loan Document, or any agreement, instrument or document executed or delivered
in connection therewith, in any bankruptcy, insolvency, reorganization or
receivership, or any other proceeding for the relief of debtor, relating to any
Person, (J) any law, regulation or decree now or hereafter in effect which
might in any manner affect any of the terms or provisions of any Loan Document,
or any agreement, instrument or document executed or delivered in connection
therewith or any of the Borrower Obligations, or which might cause or permit to












be invoked any
alteration in the time, amount, manner or payment or performance of any of the
Borrower’s obligations and liabilities (including the Borrower Obligations),
(K) the merger or consolidation of the Borrower into or with any Person, (L)
the sale by the Borrower of all or any part of its assets, (M) the fact that at
any time and from time to time none of the Borrower Obligations may be
outstanding or owing to any Credit Party, (N) any amendment or modification of,
or supplement to, any Loan Document, or (O) any other reason or circumstance
which might otherwise constitute a defense available to or a discharge of the
Borrower in respect of its obligations or liabilities (including the Borrower
Obligations) or of such Subsidiary Guarantor in respect of any of the Guarantor
Obligations (other than by the performance in full thereof).


4.                                       Representations
and Warranties


(a)                                  Each
of the Subsidiary Guarantors represents and warrants as to itself that all
representations and warranties relating to it contained in the Credit Agreement
are true and correct.


(b)                                 Each
of the Subsidiary Guarantors represents and warrants as to itself that it has
full legal power and authority to enter into, execute, deliver and perform the
terms of this Guaranty, all of which have been duly authorized by all proper
and necessary corporate or trust action.


(c)                                  Each
of the Subsidiary Guarantors represents and warrants as to itself that this
Guaranty constitutes the valid and legally binding obligations of such
Subsidiary Guarantor, and is enforceable in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, or other similar laws affecting the enforcement of creditors’
rights generally; and that the execution, delivery and performance by such
Subsidiary Guarantor of this Guaranty does not violate the provisions of any
applicable statute, law, rule or regulation of any Governmental Authority.


(d)                                 Each
of the Subsidiary Guarantors represents and warrants as to itself that no
consent, authorization or approval of, filing with, notice to, or exemption by,
stockholders, any Governmental Authority or any other Person not obtained is
required to be obtained by such Subsidiary Guarantor to authorize, or is
required in connection with, the execution, delivery and performance of this
Guaranty or is required to be obtained by such Subsidiary Guarantor as a
condition to the validity or enforceability of this Guaranty.


5.                                       Notices


Except
as otherwise specifically provided herein, all notices, requests, consents,
demands, waivers and other communications hereunder shall be in writing
(including facsimile) and shall be given in the manner set forth in Section
11.2 of the Credit Agreement (a) in the case of the Administrative Agent, to
the address set forth in Section 11.2 of the Credit Agreement, (b) in the case
of a Subsidiary Guarantor, to the address set forth in Schedule I hereto, or
(iii) in the case of each party hereto, to such other addresses as to which the
Administrative Agent may be hereafter notified by the respective parties
hereto.


6.                                       Expenses


Each
Subsidiary Guarantor agrees that it shall, promptly after demand, pay to the
Administrative Agent any and all reasonable out-of-pocket sums,
costs and expenses, which any Credit Party may pay or incur defending,
protecting or enforcing this Guaranty (whether suit is instituted or not),
reasonable attorneys’ fees and disbursements. 
All sums, costs and expenses which are due and payable pursuant to this
Section shall bear interest, payable on demand, at the highest rate then
payable on the Borrower Obligations.


7.                                       Repayment
in Bankruptcy, etc.


If,
at any time or times subsequent to the payment of all or any part of the
Borrower Obligations or the Guarantor Obligations, any Credit Party shall be
required to repay any amounts previously paid by or on behalf of the Borrower
or any Subsidiary Guarantor in reduction thereof by virtue of an order of any
court having jurisdiction in the premises, including as a result of an
adjudication that such amounts constituted preferential payments or fraudulent
conveyances, this Guaranty shall be reinstated with respect to such amounts and
the Subsidiary Guarantors unconditionally agree to pay to the Administrative
Agent, within 10 days after demand, a sum in cash equal to the amount of such repayment,
together with interest on such amount from the date of such repayment by 











such Credit Party
to the date of payment to the Administrative Agent at the applicable after-maturity
rate set forth in the Credit Agreement.


8.                                       Miscellaneous


(a)                                  Except
as otherwise expressly provided in this Guaranty, each Subsidiary Guarantor
hereby waives presentment, demand for payment, notice of default,
nonperformance and dishonor, protest and notice of protest of or in respect of
this Guaranty, the other Loan Documents and the Borrower Obligations, notice of
acceptance of this Guaranty and reliance hereupon by any Credit Party, and the
incurrence of any of the Borrower Obligations, notice of any sale of collateral
security or any default of any sort.


(b)                                 No
Subsidiary Guarantor is relying upon any Credit Party to provide to such
Subsidiary Guarantor any information concerning the Borrower or any of its
Subsidiaries, and each Subsidiary Guarantor has made arrangements satisfactory
to such Subsidiary Guarantor to obtain from the Borrower on a continuing basis
such information concerning the Borrower and its Subsidiaries as such
Subsidiary Guarantor may desire.


(c)                                  Each
Subsidiary Guarantor agrees that any statement of account with respect to the
Borrower Obligations from any Credit Party to the Borrower which binds the
Borrower shall also be binding upon such Subsidiary Guarantor, and that copies
of said statements of account maintained in the regular course of or such
Credit Party’s business may be used in evidence against such Subsidiary
Guarantor in order to establish its Guarantor Obligations.


(d)                                 Each
Subsidiary Guarantor acknowledges that it has received a copy of the Loan
Documents and has approved of the same. 
In addition, each Subsidiary Guarantor acknowledges having read each
Loan Document and having had the advice of counsel in connection with all
matters concerning its execution and delivery of this Guaranty.


(e)                                  This
Guaranty shall be binding upon each Subsidiary Guarantor and its successors and
inure to the benefit of, and be enforceable by the Administrative Agent,
Lenders and their respective successors, transferees and assigns.  No Subsidiary Guarantor may assign any right,
or delegate any duty, it may have under this Guaranty.


(f)                                    Subject
to the limitations set forth in Section 2(b), the Guarantor Obligations shall
be joint and several.


(g)                                 This
Guaranty is the “Guaranty” referred to in the Credit Agreement, and is subject
to, and should be construed in accordance with, the provisions thereof.  Each of the parties hereto acknowledges and
agrees that the following provisions of the Credit Agreement are made
applicable to this Guaranty and all such provisions are incorporated by
reference herein as if fully set forth herein, including Sections 1 (Definitions), 2.11 (Taxes; Net Payments),
9.1 (Events of Default), 11.1 (Amendments and Waivers), 11.3 (No Waiver;
Cumulative Remedies), 11.5 (Payment of Expenses and
Taxes), 11.7 (Successors and Assigns),
11.9 (Counterparts), 11.12 (Indemnity), 11.13 (Governing Law),
11.14, (Headings Descriptive), 11.15 (Severability), 11.16 (Integration),
11.17 (Consent to Jurisdiction), 11.18 (Service of Process), 11.19 (No
Limitation on Service or Suit) and 11.20 (WAIVER OF
TRIAL BY JURY) thereof.


(h)                                 Each
Subsidiary Guarantor agrees that (i) the execution and delivery of a Guaranty
by any Required Additional Guarantor after the date hereof shall not affect the
obligations of the Subsidiary Guarantors hereunder, and (ii) the Subsidiary
Guarantors and each such Required Additional Guarantor shall, subject to
Section 2(b), be jointly and severally liable for all of the Borrower
Obligations.


(i)                                     [intentionally omitted].


(j)                                     If,
notwithstanding the provisions of Section 8(g) above, this Guaranty is deemed
to be governed by California law, then the following shall apply but shall not
in any way limit the generality of any other provisions contained in this
Guaranty.











The
Subsidiary Guarantors hereby waive (a) any defense of the Subsidiary Guarantors
based upon a Credit Party’s election of any remedy against the Subsidiary
Guarantors or Borrower or both; (b) any defense based upon a Credit Party’s
failure to disclose to the Subsidiary Guarantors any information concerning
Borrower’s financial condition or any other circumstances bearing on Borrower’s
ability to pay all sums payable under the Loan Documents; (c) any defense
based upon any statute or rule of law which provides that the obligation of a
surety must be neither larger in amount nor in any other respects more
burdensome than that of a principal; (d) any defense based upon a Credit
Party’s election, in any proceeding instituted under Title 11, U.S.C.A., as
amended from time to time or any successor thereto (the “Bankruptcy Code”), of
the application of Section 1111(b)(2) of the Bankruptcy Code or any successor
statute; (e) any right of subrogation, any right to enforce any remedy
which a Credit Party may have against Borrower and any right to participate in,
or benefit from, any security for any of the Loan Documents now or hereafter held
by the Credit Parties; and (f) benefit of any statute of limitations
affecting the liability of the Subsidiary Guarantors hereunder or the
enforcement hereof.  Without limiting the
generality of the foregoing or any other provision hereof, the Subsidiary
Guarantors expressly waive any and all benefits which might otherwise be
available to the Subsidiary Guarantors under Sections 2787 to 2855, inclusive,
of the California Civil Code, including without limitation, Sections 2809,
2810, 2819, 2839, 2845, 2849 and 2850, and all benefits which might otherwise
be available to the Subsidiary Guarantors under Sections 2899 and 3433 of the
California Civil Code and the California Code of Civil Procedure Sections 580a,
580b, 580d and 726, or any of such sections. 
Furthermore, without limitation of any waiver otherwise set forth
herein, the Subsidiary Guarantors waive all rights and defenses arising out of
an election of remedies by the Credit Parties even though that election of
remedies, such as a nonjudicial foreclosure with respect to the security for a
guaranteed obligation, has destroyed the Subsidiary Guarantors’ rights of
subrogation and reimbursement against the principal by operation of Section
580d of the California Code of Civil Procedure or otherwise.


[SIGNATURES
COMMENCE ON FOLLOWING PAGE]











IN EVIDENCE of the
agreement by the parties hereto to the terms and conditions herein contained,
each such party has caused this Guaranty to be duly executed on its behalf.


	
  SUBSIDIARY GUARANTORS:

  	
  NEW PLAN REALTY TRUST, LLC a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
  EXCEL REALTY TRUST - ST, LLC, a Delaware Limited

  Liability Company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN FLORIDA HOLDINGS, LLC, a Delaware

  Limited Liability Company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CA NEW PLAN ASSET PARTNERSHIP IV, L.P., a
  Delaware

  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  CA New Plan Asset, Inc., a Delaware corporation, its
  sole

  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXCEL REALTY TRUST-NC, a North Carolina general

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NC Properties #1 Inc., a Delaware corporation, its
  managing

  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
									



 


[Signature page to
follow.]











 


	
  

  	
  NP OF TENNESSEE, L.P., a Delaware limited
  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  New Plan of Tennessee, Inc., a Delaware corporation,
  its

  sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  POINTE ORLANDO DEVELOPMENT COMPANY, a

  California general partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ERT Development Corporation, a Delaware corporation,

  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ERT Pointe Orlando, Inc., a New York Corporation, a
  New

  York corporation, general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CA NEW PLAN TEXAS ASSETS, L.P., a Delaware
  limited

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  CA New Plan Floating Rate SPE, Inc., a Delaware

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HK NEW PLAN EXCHANGE PROPERTY OWNER I, LLC, a

  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
									



 











 


	
  

  	
  HK NEW PLAN EXCHANGE PROPERTY OWNER II, L.P.,

  a Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  HK New Plan Lower Tier OH, LLC, a Delaware limited

  liability company, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN OF ILLINOIS, LLC, a Delaware limited
  liability

  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN PROPERTY HOLDING COMPANY, a Maryland

  real estate investment trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN OF MICHIGAN, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN EXCEL REALTY TRUST, INC., a Maryland

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven F. Siegel

  	
   

  
	
   

  	
  Name:

  	
   Steven F. Siegel

  	
   

  
	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
									



 











SCHEDULE I
 TO GUARANTY


SUBSIDIARY
GUARANTORS


UNDER GUARANTY
DATED AS OF JULY      , 2007


	
  Name

  	
   

  	
  Jurisdiction of 

  Incorporation or Formation

  	
   

  	
  Address for Notices

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Realty
  Trust, LLC

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Excel Realty
  Trust-ST, LLC

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Florida
  Holdings, LLC

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CA New Plan
  Asset Partnership IV, L.P.

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Excel Realty
  Trust – NC

  	
   

  	
  North Carolina

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NP of Tennessee,
  L.P.

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pointe Orlando
  Development Company

  	
   

  	
  California

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CA New Plan
  Texas Assets, L.P.

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HK New Plan
  Exchange Property Owner I, LLC

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HK New Plan
  Exchange Property Owner II, LP

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan of
  Illinois, LLC

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC

  



 











 


	
  Name

  	
   

  	
  Jurisdiction of 

  Incorporation or Formation

  	
   

  	
  Address for Notices

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan
  Property Holding Company

  	
   

  	
  Maryland

  	
   

  	
  c/o Centro NP LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan of
  Michigan, LLC

  	
   

  	
  Delaware

  	
   

  	
  c/o Centro NP LLC