AGREEMENT REGARDING PURCHASE OF PARTNERSHIP INTERESTS
 BY AND BETWEEN
 CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.
 AND
 HOMBURG HOLDINGS (U.S.) INC.
  Premises
 Pennsboro Commons
    
    Spring MeadowEnola, PA
    
    Wyomissing, PAFieldstone Marketplace
    
    Ayr Town CenterNew Bedford, MA
    
    McConnellsburg, PAStone Hedge Square
    
    Aston CenterCarlisle, PA
    
    Aston, PAMeadows Marketplace
    
    Scott Town CenterHershey, PA
    
    Bloomsburg, PAParkway PlazaMechanicsburg, PA




---



##### 



Page1. Certain Definitions
    
    
    22. Conversions and Formations; Consideration; Rental Income Shortfall Amount
    
    
    103. Deposit
    
    
    124. Closing
    
    
    125. Closing Costs
    
    
    136. Due Diligence Reviews
    
    
    167. Indemnification
    
    
    188. Property Information and Confidentiality
    
    
    189. Termination Right
    
    
    2010. Lender Approval
    
    
    2111. Representations and Warranties of Cedar
    
    
    2312. Representations and Warranties of Homburg
    
    
    3113.
Investment Representations, Etc.
    
    
    3214. Interim Covenants of Cedar
    
    
    3315. Deliveries to be made on the Closing Date
    
    
    3616. Conditions to the Closings
    
    
    3817. Apportionments
    
    
    3918. Condemnation or Destruction of the Properties
    
    
    4119. Release
    
    
    4220. Brokers
    
    
    4321. Limitation of Liability
    
    
    4322. Remedies For Default and Disposition of the Deposit
    
    
    4323. Title Reviews
    
    
    45
 i




---



##### 



Page24. Notices
    
    
    4625. Amendments
    
    
    4826. Governing Law; Jurisdiction; Construction
    
    
    4827. Partial Invalidity
    
    
    4928. Counterparts
    
    
    4929. No Third Party Beneficiaries
    
    
    4930. Waiver
    
    
    4931. Assignment
    
    
    4932. Binding Effect
    
    
    4933. Entire Agreement
    
    
    4934. Further Assurances
    
    
    5035. Paragraph Headings
    
    
    5036. Waiver of Trial by Jury
    
    
    5037. Litigation Costs
    
    
    5038. Currency
    
    
    5039. Contract Transactions
    
    
    5040. Board Consent
    
    
    5141. Review of Form of Amended and Restated Partnership Agreement
    
    
    5142. Marketing Fee
    
    
    5143. Press Releases
    
    
    52
 ii




---



##### 



EXHIBITS
 A-1  A-9:
    
    LandB:
    
    Form of Amended and Restated Limited Partnership AgreementC-1  C-2:
    
    Pre-Homburg Property Owner AgreementsD:
    
    Form of Management AgreementE:
    
    Allotted ConsiderationF:
    
    Form of Escrow AgreementG:
    
    Form of Assignment and Assumption AgreementH:
    
    Form of Title AffidavitI:
    
    Deposit Allocation
 SCHEDULES
 
 iii




---



##### 



AGREEMENT REGARDING PURCHASE OF PARTNERSHIP INTERESTS
 Agreement Cedar Homburg
  WHEREAS Schedule 1
 WHEREAS
 WHEREAS
 WHEREAS Formation Formations
 WHEREAS Interests
 WHEREAS
 WHEREAS HP




---



##### 



Syndication
 NOW THEREFORE
 Certain Definitions
 Additional Title Objections
 Agreement
 Allotted Consideration
 Allotted Deposit
 Amended and Restated Partnership Agreement(s) Exhibit B
 Assignment and Assumption Agreement
 Assumption Consents
 Aston Center Loan
 Aston Center Loan Documents
 Ayr Town Center Loan
 Ayr Town Center Loan Documents
 Base Rental Income
 Board Consent
 Buildings
 Business Day
 Cedar
 2




---



##### 



Cedar Deliveries
 Cedar GP(s)
 Cedar Partners
 Cedar Related Parties
 Closing
 Closing Date
 Closing Date Rental Income
 Closing Date Representations
 Commission
 Consent Deadline
 Consideration
 Contract Properties
 Contract Property Owners Schedule 1 Contract Property Owners Property Owner
 3




---



##### 



Contract Transactions
 Conversion
 CSCI
 Current Lenders
 Current Loan Documents
 Current Loans
 Default Notice
 Defaulting Party
 Defeasance Notice
 Defeased Current Loan
 Deposit
 Due Diligence Period
 Equity Sale
 Equity Sale Amendment
 Executive Order 13224
 Existing Cedar Properties
 4




---



##### 



Existing Cedar Property Owner(s) Schedule 1
 Existing Cedar Property Transactions
 Extension Period
 Fieldstone Marketplace Loan
 Fieldstone Marketplace Loan Documents
 First Scheduled Closing Date
 Formation or Formations
 Governmental Authority
 HP
 HPBV
 Homburg
 Homburg Deliveries
 Homburg Related Party
 Homburg Representatives
 Information
 Interests
 Investigations
 Land Exhibits A-1 through A-9
 5




---



##### 



Leases Schedule 3 Lease Exhibit
 Loan Approval Deadline
 Loan Approvals
 Loan Estoppel Statement
 Management Agreements Exhibit D
 Manager
 Mandatory Cure Item
 Marketing Fee
 Meadows Marketplace Loan
 Meadows Marketplace Loan Documents
 Net Consideration
 New Parkway Plaza Application
 New Parkway Plaza Loan
 New Parkway Plaza Loan Documents
 New Stone Hedge Application
 New Stone Hedge Loan
 New Stone Hedge Loan Documents
 Non-Defaulting Party
 Non-U.S. Person
 6




---



##### 



OFAC
 OFAC Lists
 Outside Closing Date
 Parkway Plaza Property
 Pennsboro Loan
 Pennsboro Loan Documents
 Percentage Interest
 Permitted Exceptions
 Person
 7




---



##### 



Personal Property
 Pre-Homburg Property Owner Agreements Exhibit
C-1 Exhibit C-2
 Property or Properties Exhibits A-1 through A-9
 Property Owner or Property Owners
 Purchase Contract or Purchase Contracts
 8




---



##### 



Purchase Contract Closing
 Remaining Scheduled Closing Date(s)
 Rental Income
 Rental Income Shortfall Amount
 Scheduled Closing Date(s)
 Scott Town Center Loan
 Scott Town Center Loan Documents
 Securities Act
 Settlement Statement
 Service Contracts Schedule 2
 Spring Meadow Loan
 Spring Meadow Loan Documents
 Stone Hedge Line of Credit inter alia
 Stone Hedge Property
 Subject Interests
 Subject Lease
 Subject Property
 Subject Transaction(s)
 Syndication
 9




---



##### 



Tenant Estoppels
 Tenant Improvements
 Terminable Service Contracts
 Termination Notice
 Title
Company
 Title Objections
 Title Reports
 Title Objection Letter
 Title Objection Response
 Transaction(s)
 Transfer Taxes
 Unpermitted Exception
 Update Certificate
 Conversions and Formations; Consideration; Rental Income Shortfall Amount
   10




---



##### 



Consideration Exhibit E Allotted
Consideration Net Consideration Exhibit E
   Subject Lease Closing Date Rental Income Rental Income Shortfall Amount Schedule 7 Base Rental Income Schedule 7 11
       Schedule 7
  Deposit Deposit Exhibit I Allotted Deposit Exhibit F
 Closing Closing First Scheduled Closing
Date
 12




---



##### 



Remaining Scheduled Closing Date Scheduled Closing Date(s) Outside Closing Date Closing Date
 Closing Costs
  Transfer Taxes
 13




---



##### 



14




---



##### 



15




---



##### 



Due Diligence Reviews TIME BEING OF THE ESSENCE Due Diligence
Period Investigations
    16
            Purchase Contract Closing
 17




---



##### 



Indemnification
  Property Information and Confidentiality
  18
         19
        Information
    Termination Right Termination
Notice
 20




---



##### 



Lender Approval
 Loan Approvals Loan Estoppel Statement
 Subject
Property Loan Approval Deadline Extension Period Subject Transaction(s) Subject
Interests 21
          Assumption Consents
 Defeased Current Loan Defeasance Notice 22
        Representations and Warranties of Cedar
  Due Authority
 Pre-Homburg Property Owner Agreements; Assets Exhibit C-1 Exhibit C-1
 23




---



##### 



Exhibit C-2
 Interests
 Conflicts
 Taxes
 Leases
 24




---



##### 



Schedule 8
 Service Contracts Schedule 2
 Employees
 Litigation Schedule 5 Schedule
5
 No Insolvency
 Non-Foreign Person
 Pennsboro Loan Pennsboro Loan Schedule
 25




---



##### 



6 Pennsboro Loan Documents Schedule 6
 Fieldstone Marketplace Loan Fieldstone
Marketplace Loan Schedule 6 Fieldstone Marketplace Loan Documents Schedule 6
 Intentionally Deleted
 Meadows Marketplace Loan Meadows Marketplace
Loan Schedule 6
 26




---



##### 



Meadows Marketplace Loan
Documents Schedule 6
 Ayr Town Center Loan Ayr Town Center Loan Schedule 6 Ayr Town Center Loan
Documents Schedule 6
 Aston Center Loan Aston Center Loan Schedule 6 Aston Center Loan Documents Schedule 6
 27




---



##### 



Scott Town Center Loan Scott Town Center Loan Schedule 6 Scott Town
Center Loan Documents Schedule 6
 Spring Meadow Loan Spring Meadow Loan Schedule 6 Spring Meadow Loan Documents Schedule 6
 Current Loan Documents
 Purchase Contracts
 28




---



##### 



Notices of Condemnation, Violations
  Knowledge of Cedar
 Knowledge of Homburg 29
        DISCLAIMER OF REPRESENTATIONS AS
IS WHERE IS WITH ALL FAULTS
 Survival of Representations and Warranties of Cedar 30
        Representations and Warranties of Homburg
  Due Authority
 Litigation
 No Insolvency
 OFAC OFAC Lists
 Conflicts
 31




---



##### 



Investment Representations, Etc
    32




---



##### 



Interim Covenants of Cedar
      33




---



##### 



Equity Sale Amendment Equity Sale
  New Parkway Plaza Loan New Parkway Plaza
Application New Parkway Plaza Loan Documents 34
        New Stone Hedge Loan New Stone Hedge Application New Stone Hedge Loan
Documents 35
        Tenant Estoppels
 Deliveries to be made on the Closing Date
 Cedar Deliveries Cedar Deliveries
  36




---



##### 



Exhibit G Assignment and Assumption Agreement
     Exhibit H
 Update Certificate Closing Date Representations
 Settlement Statement
 Homburg Deliveries Homburg Deliveries
 37




---



##### 



Conditions to the Closings
 Conditions Precedent to Obligations of Homburg
         38




---



##### 



Conditions Precedent to Obligations of Cedar
        Apportionments
     39




---



##### 



40




---



##### 



Schedule 4 Tenant Improvements
  Condemnation or Destruction of the Properties
 41




---



##### 



Release
 HOMBURG
RELATED PARTY
  42




---



##### 



Brokers
 Limitation of Liability
    Remedies For Default and Disposition of the Deposit
 CEDAR DEFAULTS 43
        HOMBURG DEFAULTS
 Non-Defaulting Party Default Notice Defaulting
Party
  44




---



##### 



Title Reviews
 Title Reports Title
Objection Letter Title Objections Title Objection
Response
 Additional Title Objections 45
        Mandatory Cure Item
 Notices
 46




---



##### 



47




---



##### 



i ii
 Amendments
 Governing Law; Jurisdiction; Construction
 48




---



##### 



Partial Invalidity
 Counterparts
 No Third Party Beneficiaries
 Waiver
 Assignment
 Binding Effect
 Entire Agreement
 49




---



##### 



Further Assurances
 Paragraph Headings
 Waiver of Trial by Jury
 Litigation Costs
 Currency
 Contract Transactions
 50




---



##### 



Board Consent Board Consent Consent Deadline
 Review of Form of Amended and Restated Partnership Agreement
 Marketing Fee Marketing Fee
 51




---



##### 



Press Releases
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 52




---



##### 



IN WITNESS WHEREOF,
 CEDAR:CEDAR SHOPPING CENTERSPARTNERSHIP, L.P., a Delaware limitedpartnershipBy:
    
    Cedar Shopping Centers, Inc., a Marylandcorporation, its general partnerBy:
    
    /s/ LEO S. ULLMAN

Leo S. UllmanPresidentHOMBURG:HOMBURG HOLDINGS (U.S.) INC., aColorado corporationBy:
    
    /s/Name:Title:
 53




---



##### 








---



##### 



A1
 
 Commonwealth
 Meadows Marketplace10-898-426
    
    Hershey, PA
    PRO FORMAOwners Policy
    
    Page 2 of 5




---



##### 



MI Commonwealth




---



##### 



Exhibit A continued
 10-898-426
    
    7 r- c
 Hershey Road (S.R. 0039); thence along said Right-of-Way b. curve
to the right said curve having a radius of 1587.02 feet an arc length of 35.49 feet
and a chord of feet to lands N/F of Akbar &
Kathleen Bardlkalale, the place of BEGINNING.
 Containing approximately 15.8730 acres.
 BEING THE SAME PREMISES which Meadows of Hanover Development, Inc., a Pennsylvania
corporation, by Deed dated September 30, 2004, and recorded October 29, 2004, in
the Recorder of Deeds Office in and for Dauphin County, PA, in Book 5739, Page 590,
granted and conveyed unto Cedar Hershey, LLC, a Delaware limited liability company.
 TOGETHER WITH AND UNDER AND SUBJECT to those certain conditions, covenants and
easement rights contained In the Master Declaration of Covenants, Easements and
Restrictions dated October 2, 2003, recorded in Record Book 5202, Page 425, as
amended by Amendment dated October 13, 2004 recorded in Record Book 5739, Page 580.
 TOGETHER WITH AND UNDER AND SUBJECT to Easement Agreement dated October 13, 2004
recorded in Record Book 5739, Page 596.




---



##### 



PRO FORMA




---



##### 



A-2.
 
       1
 1




---



##### 



 This Policy is Invalid unless the cover sheet and Schedule A are attached.
 Polcy 135 Litho In U. S. A. Form No. 1190-74A
    
    ALTA Owners Polcy (10/17/92)




---



##### 



A3
 TW File HL204267CP
5-493; NYN06-001109-C
 Stone Hedge SquarePolicy Number:10 E
    
    Carlisle, PA
    Owners Policy
    
    Page 2 of 6




---



##### 








---



##### 



Policy Number: :
   R/W), - 1)
      Owners Policy
    
    Page 3 of 6




---



##### 



Policy Number: :
     Owners Policy
    
    Page 4 of 6




---



##### 



Policy Number: :
  -
          Owners Policy
    
    Page 5 of 6




---



##### 



A-4
 Pennsboro Commons Enola, PA
    
    policy Number: 10 759 259
 TRACT 1:
 ALL THAT CERTAIN piece, parcel and lot of land situate in the Township of East Pennsboro, County of
Cumberland, Commonwealth of Pennsylvania, being more fully bound and described as follows, to wit:
 BEGINNING at a point on the northern right-of-way line of Wertzville Road at lands now or formerly
PA State Bank; thence by said lands the following two courses and distances: (1) North 17 degrees
32 minutes 33 seconds West a distance of 180.56 feet to a point; (2) South 72 degrees 27 minutes 27
seconds West a distance of 241.55 feet to a point on the eastern right-of-way line of East Penn
Drive; thence by said right-of-way line the following two courses and distances: (1) North 27
degrees 20 minutes 00 seconds West a distance of 138.95 feet to a point; (2) North 17 degrees 15
minutes 30 seconds West a distance of 263.28 feet to a point at Tract 3; thence by said Tract 3
North 04 degrees 10 minutes 00 seconds East a distance of 130.24 feet to a point at lands now or
formerly 1550 Associates, Inc. LLC; thence by said lands north 04 degrees 20 minutes 30 seconds
East a distance of 123.12 feet to a point; thence by same and beyond by lands now or formerly
Members First Federal Credit Union North 13 degrees 30 minutes 00 seconds West a distance of 259.57
feet to a point; thence by same and beyond by lands now or formerly 1550 Associates Inc. LLC North
00 degrees 51 minutes 00 seconds East a distance of 348.14 feet to a point at lands now or formerly
Donald D. & Janice L. Woods; thence by said lands North 80 degrees 59 minutes 42 seconds East a
distance of 102.70 feet to a point at lands now or formerly Michael R. Stambaugh; thence by said
lands and beyond by lands now or formerly Charles E. Baker South 22 degrees 24 minutes 47 seconds
East a distance of 200.31 feet to a point at Tract 2; thence by said Tract 2 the following two
courses and distances: (1) South 22 degrees 31 minutes 32 seconds East a distance of 165.19 feet to
a point; (2) North 81 degrees 05 minutes 07 seconds East a distance of 299.90 feet to a point on
the northern right of way line of Areba Street; thence crossing said street South 22 degrees 51
minutes 00 seconds East a distance of 51.63 feet to a point at lands now or formerly Conservative
Baptist Association; thence by said lands the following three courses and distances: (1) South 81
degrees 24 minutes 00 seconds West a distance of 125.44 feet to a point; (2) South 22 degrees 51
minutes 08 seconds East a distance of 349.95 feet to a (3) North 81 degrees 24
minutes 00 seconds East a distance of 125.44 feet to a point on the northern right of way line of Linden Street; thence crossing said street South 16 degrees 15 minutes 43 seconds East
a distance of 48.34 feet to a point at lands now or formerly Chad E. Runkle; thence by said lands
South 22 degrees 53 minutes 35 seconds East a distance of 152.38 feet to a point at lands now or
formerly Russel J. & Lisa Kay Shutt; thence by said lands and beyond by lands now or formerly
Michael B. Mann South 73 degrees 44 minutes 35 seconds West a distance of 179.42 feet to a point;
thence by said lands of Mann South 17 degrees 35 minutes 35 seconds East a distance of 182.03 feet
to a point at lands now or formerly Uni-Marts Inc.; thence by said lands the following two courses
and distances: (1) South 72 degrees 27 minutes 27 seconds West a distance of 199.80 feet to a
point; (2) South 17 degrees 32 minutes 33 seconds East a distance of 203.00 feet to a point on the
northern right of way line of Wertzville Road; thence by said right-of-way line South 72 degrees 27
minutes 27 seconds West a distance of 59.04 feet to a point, the POINT OF BEGINNING.
 CONTAINING 12.1852 Acres.
 BEING A PART OF THE SAME PREMISES which Theodore E. Sgrignoli and Winifred E. Sgrignoli, his wife,
by Deed dated May 1, 1987 and recorded May 7, 1987 in Cumberland County in Deed Book Q, Volume 32,
Page 522, conveyed untoWilliam F. Rothman, Charles F. Schubert & Samuel L. Reed, co-partners,
tld/b/a Rothman, Schubert & Reed, a partnership, in fee.
 TRACT 2:
 ALL THAT CERTAIN piece, parcel and lot of land in the Township of East Pennsboro,
County of Cumberland, Commonwealth of Pennsylvania, being more fuity bound and described as
follows, to wit:
 BEGINNING at a point at Tract 1; thence by said Tract 1 North 81 degrees 05 minutes 07 seconds East
a distance of 299.90 feet to a point at lands now or formerly Lee F. & Anna M. Comfort; thence by
said lands and beyond by lands now or formerly Edward J. & Kathleen McCormick North 22 degrees 51
minutes 00 seconds West a distance of 165.42 feet to a point at lads now or formerly Charles E.
Baker; thence by said lands South 81 degrees 05 minutes 07 seconds West a distance of 298.94 feet
to a point at Tract 1; thence by said Tract 1 South 22 degrees 31 minutes 32 seconds East a
distance of 165.19 feet to a point, the POINT OF BEGINNING.




---



##### 



;
 




---



##### 



A-5
 Policy Number:10-9
    
    Aston Center Aston, PA
    
    FORMA
 
    Owners Policy
    
    Page 2 of 6




---



##### 



Policy Number:
       Tax ID / Parcel No, 02-00-00466-00
    
    PRO FORMAOwners Policy
    
    Page 3 of 6




---



##### 



A-6
 -
 Scott Town CenterPolicy Number:10-9
    
    Bloomsburg, PA
     PARCEL NO. 2:
    
    PRO FORMA
ALL THAT CERTAIN tract or parcel of land with the buildings and improvements thereon erected,
situate in the Township of Scott, County of Columbia and Commonwealth of Pennsylvania, bounded and
described as follows, to wit:
 Owners Policy
    
    Page 2 of 6




---



##### 



PRO FORMAOwners Policy
    
    Page 3 of 6




---



##### 



Policy Number: 
       Tax ID / Parcel No. 31-03-046; 31-03-018.01
    
    PRO FORMAOwners Policy
    
    Page 4 of 6




---



##### 



A-7
 Spring MeadowPolicy Number: 10-9
    
    Wyomissing, PA
            PRO FORMAOwners Policy
    
    Page 2 of 6




---



##### 



Policy Number:
      PRO FORMAOwners Policy
    
    Page 3 of 6




---



##### 



A 8
 n -
 Parkway PlazaPolicy Number
    
    Mechanicsburg, PA
  /
            PRO FORMAOwners Policy




---



##### 








---



##### 



Policy Number:
       PRO FORMAOwners Policy
    
    Page 3 of 6




---



##### 



A-9
 4- - 1
 Ayr Town CenterPolicy Number:
    
    McConnellsburg, PA
       1 .
  Owners Policy
    
    Page 2 of 6




---



##### 



W,




---



##### 



Policy Number:
 02" W,
       PRO FORMAOwners Policy
    
    Page 4 of 6




---



##### 



Policy Number:
 
   PRO FORMAOwners Policy
    
    Page 5 of 6




---



##### 








---



##### 



AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT
OF
CEDAR-HERSHEY, LP
 [___],




---



##### 



TABLE OF CONTENTS
 PageARTICLE I
ORGANIZATIONSECTION 1.1. Continuation
    
    
    1SECTION 1.2. Name and Office
    
    
    2SECTION 1.3. Purpose
    
    
    2SECTION 1.4. Term
    
    
    3SECTION 1.5. Defined Terms
    
    
    3SECTION 1.6. Admission of HHUS; Amendment and Restatement
    
    
    12ARTICLE II
CAPITALSECTION 2.1. Capital Contributions
    
    
    13SECTION 2.2. Shortfalls; Shortfall Loans
    
    
    13ARTICLE III
COMPANY INTERESTSSECTION 3.1. Percentage Interests of General Partner and Limited Partners
    
    
    14SECTION 3.2. Capital Accounts
    
    
    14SECTION 3.3. Return of Capital
    
    
    15ARTICLE IV
DISTRIBUTIONSSECTION 4.1. General
    
    
    15SECTION 4.2. Net Cash Flow
    
    
    15SECTION 4.3. Net Proceeds of a Capital Transaction
    
    
    15SECTION 4.4. Tax Payments
    
    
    16SECTION 4.5. Limitation on Distributions
    
    
    16ARTICLE V
ALLOCATION OF PROFITS AND LOSSESSECTION 5.1. Profits
    
    
    17SECTION 5.2. Losses
    
    
    17SECTION 5.3. Special Allocations
    
    
    18SECTION 5.4. Other Allocation Rules
    
    
    19SECTION 5.5. Tax Allocations
    
    
    20ARTICLE VI
MANAGEMENTSECTION 6.1. Management
    
    
    21SECTION 6.2. Major Decisions
    
    
    23SECTION 6.3. Duties and Conflicts
    
    
    25SECTION 6.4. Companys Counsel
    
    
    25
 -i-




---



##### 



PageSECTION 6.5. Exculpation/Indemnification
    
    
    26SECTION 6.6. Transactions with Related Parties
    
    
    26SECTION 6.7. REIT Status
    
    
    27ARTICLE VII
BOOKS AND RECORDS; RESERVESSECTION 7.1. Bank Accounts
    
    
    27SECTION 7.2. Books of Account
    
    
    28SECTION 7.3. Operating Statements
    
    
    28SECTION 7.4. The Accountant
    
    
    29SECTION 7.5. Tax Matters Partner
    
    
    29SECTION 7.6. Annual Budget
    
    
    29ARTICLE VIII
WITHDRAWALS; TRANSFERS OF COMPANY INTERESTSSECTION 8.1. No Transfer
    
    
    30SECTION 8.2. Succession by Operation of Law/Certain Permitted
Transfers/ Prorations/Cooperation
    
    
    30SECTION 8.3. General Conditions Applicable to Transfers
    
    
    30SECTION 8.4. Buy/Sell Rights
    
    
    32SECTION 8.5. Right of First Refusal
    
    
    36SECTION 8.6. Bankruptcy or Withdrawal of a Partner
    
    
    37SECTION 8.7. Death or Incompetency of an Individual Partner
    
    
    37SECTION 8.8. Withdrawal Rights
    
    
    38SECTION 8.9. Transparent Status
    
    
    38ARTICLE IX
BROKERSSECTION 9.1. Brokers
    
    
    38ARTICLE X
TERMINATIONSECTION 10.1. Dissolution
    
    
    39SECTION 10.2. Termination
    
    
    39SECTION 10.3. Liquidating Partner
    
    
    40SECTION 10.4. No Redemption
    
    
    40SECTION 10.5. Governance
    
    
    40SECTION 10.6. Return of Capital
    
    
    41ARTICLE XI
POWER OF ATTORNEYARTICLE XII
MISCELLANEOUSSECTION 12.1. Further Assurances
    
    
    42SECTION 12.2. Notices
    
    
    42SECTION 12.3. Governing Law
    
    
    44
 -ii-




---



##### 



PageSECTION 12.4. Captions
    
    
    44SECTION 12.5. Pronouns
    
    
    44SECTION 12.6. Successors and Assigns
    
    
    44SECTION 12.7. Extension Not a Waiver
    
    
    44SECTION 12.8. Construction
    
    
    45SECTION 12.9. Severability
    
    
    45SECTION 12.10. Consents
    
    
    45SECTION 12.11. Entire Agreement
    
    
    45SECTION 12.12. Consent to Jurisdiction
    
    
    45SECTION 12.13. Counterparts
    
    
    45SECTION 12.14. Tax Election
    
    
    46SECTION 12.15. Costs
    
    
    46SECTION 12.16. Representations and Warranties
    
    
    46SECTION 12.17. Limitation of Liability
    
    
    48SECTION 12.18. Company Name
    
    
    49SECTION 12.19. Ownership of Company Property
    
    
    49SECTION 12.20. Time of the Essence
    
    
    49SECTION 12.21. Status Reports
    
    
    49SECTION 12.22. Waiver of Partition
    
    
    50SECTION 12.23. Calculation of Days
    
    
    50SECTION 12.24. Disclosure
    
    
    50SECTION 12.25. Dollar Amounts
    
    
    50
 EXHIBIT A
    
    
    
    IRR CalculationEXHIBIT B
    
    
    
    Property DescriptionEXHIBIT C
    
    
    
    Form of Property Management Agreement
 -iii-




---



##### 



AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT
OF
CEDAR-HERSHEY, LP
 THIS AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT Agreement [March] [____] [CEDAR SHOPPING CENTERS PARTNERSHIP, L.P. GP ENTITY] Cedar GP [CEDAR SHOPPING CENTERS PARTNERSHIP, L.P. LP ENTITY] Cedar LP HOMBURG HOLDINGS
(U.S.), INC. HHUS et seq Delaware Act
  Cedar Company
 Original Partnership
Agreement
    ARTICLE I  ORGANIZATION
 SECTION 1.1. Continuation




---



##### 



SECTION 1.2. Name and Office
 SECTION 1.3.
  -2-




---



##### 



SECTION 1.4. Term
 SECTION 1.5. Defined Terms
 9.25% IRR Deficiency Exhibit A
 10.5% IRR Deficiency Exhibit A
 Acceptance Notice
 Accountant
 Adjusted Capital Account
    Affiliate
 Agreement
 -3-




---



##### 



Bankruptcy Event
 Business Day
 Buy Sell Deposit
 Buy Sell Election Date
 Buy Sell Exercise Period
 Buy Sell Notice
 Buy Sell Offeree
 Buy Sell Offeror
 Bull Sell Property
 Buy Sell Purchase Price
 Capital Account
 -4-




---



##### 



Capital Contribution
 Capital Expenditures
 Capital Transaction
 Cedar
 Cedar LP
 Cedar GP
 Certificate
 Code
 Company
 Company Assets
 Company Counsel
 Company Interest
 Company Minimum Gain
 -5-




---



##### 



Consent Notice
 Control Controlling Controlled
 CSCI
 Delaware Act
 Depreciation
 Escrow Agent
 Executive Order 13224
 Fair Market Value
 -6-




---



##### 



Financing Document
 Fiscal Year
 General Partner
 Gross Asset Value
  de minimis de minimis
    -7-




---



##### 



HHUS
 HP
 Impositions
 Indemnified Losses
 Liquidating Partner
 Limited Partner
 Limited Partner TTV
 Liquidating Partner
 Litigation
 Major Decision
 Net Cash Flow
 -8-




---



##### 



Net Proceeds of a Capital Transaction
 Non-Purchasing Partner
 Nonrecourse Deductions
 Nonrecourse Liability
 Non-U.S. Person
 Notices
 OFAC
 OFAC Lists
 Original Certificate
 Original Partnership Agreement
 Partner
 Partner Nonrecourse Debt
 Partner Nonrecourse Debt Minimum Gain
 -9-




---



##### 



Partner Nonrecourse Deductions
 Percentage Interest
 Person
 Profits Losses
      -10-




---



##### 



Property Exhibit B
 Purchase and Sale Agreement
 Purchasing Partner
 Regulations Treasury Regulations
 Regulatory Allocations
 REIT
 Related Party
 Related Party Transaction
 Required Expenses
 Shortfall
 Shortfall Amount
 Shortfall Loan
 -11-




---



##### 



Shortfall Loan Rate
 Shortfall Notice
 Subsidiary TTV
 Tax Matters Partner
 Tax Payments
 Taxed Partner
 Tax Transparent Vehicle
 Transaction Documents
 Transfer
 TTV Partner
 Withdrawal Event
 Withdrawn Partner
 SECTION 1.6. Admission of HHUS; Amendment and Restatement
   -12-




---



##### 



ARTICLE II  CAPITAL
 SECTION 2.1. Capital Contributions
  Cedar LP:
    
    $Cedar GP:
    
    $HHUS:
    
    $
   SECTION 2.2. Shortfalls; Shortfall Loans
 Shortfall Shortfall Notice Shortfall Amount Shortfall Loan
 -13-




---



##### 



ARTICLE III  COMPANY INTERESTS
 SECTION 3.1. Percentage Interests of General Partner and Limited Partners
 SECTION 3.2. Capital Accounts
    -14-




---



##### 



SECTION 3.3. Return of Capital
 ARTICLE IV  DISTRIBUTIONS
 SECTION 4.1. General
 SECTION 4.2. Net Cash Flow
    SECTION 4.3. Net Proceeds of a Capital Transaction
 -15-




---



##### 



SECTION 4.4. Tax Payments Tax Payments Taxed Partner
 SECTION 4.5. Limitation on Distributions
 -16-




---



##### 



ARTICLE V  ALLOCATION OF PROFITS AND LOSSES
 SECTION 5.1. Profits
      SECTION 5.2. Losses
    -17-




---



##### 



SECTION 5.3. Special Allocations
 Minimum Gain Chargeback
 Partner Nonrecourse Debt Minimum Gain
Chargeback
 Qualified Income Offset
 -18-




---



##### 



Nonrecourse Deductions
 Partner Nonrecourse Deductions
 Limitation on Allocation of Losses
 Section 754 Adjustments
 Curative Allocations Regulatory Allocations
 SECTION 5.4. Other Allocation Rules
  -19-




---



##### 



SECTION 5.5. Tax Allocations
    -20-




---



##### 



ARTICLE VI  MANAGEMENT
 SECTION 6.1. Management
        -21-




---



##### 



-22-




---



##### 



SECTION 6.2. Major Decisions Major Decision
     -23-




---



##### 



Litigation
    Consent
Notice
 -24-




---



##### 



SECTION 6.3. Duties and Conflicts
    SECTION 6.4. Companys Counsel Company Counsel
 -25-




---



##### 



SECTION 6.5. Exculpation/Indemnification
  Indemnified Losses
   SECTION 6.6. Transactions with Related Parties Related Party Transaction Related Party Exhibit C
 -26-




---



##### 



SECTION 6.7. REIT Status REIT
 ARTICLE VII  BOOKS AND RECORDS; RESERVES
 SECTION 7.1. Bank Accounts
 -27-




---



##### 



SECTION 7.2. Books of Account
 SECTION 7.3. Operating Statements
          -28-




---



##### 



SECTION 7.4. The Accountant Accountant
 SECTION 7.5. Tax Matters Partner Tax Matters Partner
 SECTION 7.6. Annual Budget
 -29-




---



##### 



ARTICLE VIII  WITHDRAWALS; TRANSFERS OF COMPANY INTERESTS
 SECTION 8.1. No Transfer Transfer
 SECTION 8.2. Succession by Operation of Law/Certain Permitted Transfers/
Prorations/Cooperation HP
 SECTION 8.3. General Conditions Applicable to Transfers
 OFAC Lists
 -30-




---



##### 



-31-




---



##### 



SECTION 8.4. Buy/Sell Rights
 Buy Sell Offeror Buy Sell Notice Buy Sell Offeree Buy Sell
Property Buy Sell Purchase Price
  -32-




---



##### 



Buy Sell Election Date
 Purchasing
Partner Non-Purchasing Partner Buy Sell Deposit
 -33-




---



##### 



-34-




---



##### 



-35-




---



##### 



SECTION 8.5. Right of First Refusal
 Acceptance Notice ROFR Deposit
    -36-




---



##### 



SECTION 8.6. Bankruptcy or Withdrawal of a Partner Withdrawal
Event Withdrawn
Partner
 SECTION 8.7. Death or Incompetency of an Individual Partner
 -37-




---



##### 



SECTION 8.8. Withdrawal Rights
 SECTION 8.9. Transparent Status
 Limited Partner TTV
 Subsidiary TTV
  ARTICLE IX  BROKERS
 SECTION 9.1. Brokers
 -38-




---



##### 



ARTICLE X  TERMINATION
 SECTION 10.1. Dissolution
    SECTION 10.2. Termination
      -39-




---



##### 



SECTION 10.3. Liquidating Partner
 Liquidating Partner
  SECTION 10.4. No Redemption
 SECTION 10.5. Governance
 -40-




---



##### 



SECTION 10.6. Return of Capital
 ARTICLE XI  POWER OF ATTORNEY
        -41-




---



##### 



ARTICLE XII  MISCELLANEOUS
 SECTION 12.1. Further Assurances
 SECTION 12.2. Notices Notices
 (i)
    
    If to the Company, Cedar GP or Cedar LP, to:
Cedar Shopping Centers, Inc.
44 South Bayles Avenue
Port Washington, NY 11050
Attention: Leo S. Ullman
Facsimile: (516) 767-6497
with a copy to:
Steven Moskowitz, Esq.
Stroock & Stroock & Lavan LLP
180 Maiden Lane
 -42-




---



##### 



New York, New York 10038
Fax Number: (212) 806-6006(ii)
    
    If to HHUS, to:
Homburg Invest Inc.
1741 Brunswick Street, Suite 600
Halifax, NS B3J-3X8
Attention: Richard Stolle
Facsimile: 902-468-2457
and to:
Homburg Invest Inc.
11 Akerley Blvd., Suite 200
Dartmouth, NS B3B-1V7
Attention: Gordon Lawlor
Facsimile: 902-469-6776
and to:
Homburg Holdings (U.S.), Inc.
559 East Pikes Place Avenue
Suite 320
Colorado Springs, Colorado 80903
Attention: Robert W. Harris
Facsimile: 719-633-0278
with a copy to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019-6064
Attention: Steven Simkin, Esq.
Facsimile: (212) 492-0073
and to:
The DeCaro Law Firm, PC
47 Aspen Court
Evergreen, CO 80439
Attention: Phillip S. DeCaro, Esq.
Facsimile: (303) 679-3327
 -43-




---



##### 



(iii)
    
    If to HP (to the extent HP shall be a Partner):
Homburg Participates B.V.
Beckeringhstraat 36
3762 EX Soest
Netherlands
Attention: Remco de Louwer
Facsimile: 011 3135609-1630
with a copy to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019-6064
Attention: Steven Simkin, Esq.
Facsimile: (212) 492-0073
  SECTION 12.3. Governing Law
 SECTION 12.4. Captions
 SECTION 12.5. Pronouns
 SECTION 12.6. Successors and Assigns
 SECTION 12.7. Extension Not a Waiver
 -44-




---



##### 



SECTION 12.8. Construction
 SECTION 12.9. Severability
 SECTION 12.10. Consents
 SECTION 12.11. Entire Agreement
 SECTION 12.12. Consent to Jurisdiction
 SECTION 12.13. Counterparts
 -45-




---



##### 



SECTION 12.14. Tax Election
 SECTION 12.15. Intentionally Deleted
 SECTION 12.16. Representations and Warranties
  [limited liability company]
 Transaction Documents
      -46-




---



##### 



-47-




---



##### 



SECTION 12.17. Limitation of Liability
 -48-




---



##### 



SECTION 12.18. Company Name
 SECTION 12.19. Ownership of Company Property
 SECTION 12.20. Time of the Essence
 SECTION 12.21. Status Reports
 -49-




---



##### 



SECTION 12.22. Waiver of Partition
 SECTION 12.23. Calculation of Days
 SECTION 12.24. Disclosure
 SECTION 12.25. Dollar Amounts
 -50-




---



##### 



-51-




---



##### 



HOMBURG HOLDINGS (U.S.) INC.By:Name:Title:[NEW CEDAR GP ENTITY TO BE FORMED BY CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.][NEW CEDAR LP ENTITY TO BE FORMED BY CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.] -52-




---



##### 



EXHIBIT A
 IRR CALCULATION
  CERTAIN DEFINITIONS
 Contributions
 Distributions
 IRR Rate 9.25% IRR Rate 10.5% IRR Rate 9.25% IRR Rate 10.5% IRR Rate
 Time 0
 ASSUMPTIONS
  Periods
 Distributions
 Contributions
 A-1




---



##### 



DEFINITION AND CALCULATION OF IRR DEFICIENCY
 IRR Deficiency 9.25% IRR Deficiency 10.5% IRR
Deficiency
 A-2




---



##### 



SCHEDULE 1
 SAMPLE IRR DEFICIENCY CALCULATION




---



##### 



EXHIBIT B
 PROPERTY DESCRIPTION
  B-1




---



##### 



EXHIBIT C
 FORM OF PROPERTY MANAGEMENT AGREEMENT
  C-1




---



##### 




    
    Limited Liability Company Agreement of Cedar-Fieldstone, LLC, made
by Cedar-Fieldstone SPE, LLC, dated as of November 9, 2005.
 
    
    Amended and Restated Limited Liability Company Agreement of
Cedar-Pennsboro, LLC, made by Cedar Shopping Centers Partnership,
L.P., dated as February 13, 2006.
 
    
    Limited Liability Company Agreement of Cedar-Stonehedge, LLC made
by Cedar Shopping Centers Partnership, L.P., dated as of July ___,
2006
 
    
    Limited Liability Company Agreement of Cedar Hershey, LLC made by
Cedar Shopping Centers Partnership, L.P., dated as of September
21, 2004




---



##### 








---



##### 



LIMITED PARTNERSHIP AGREEMENT
OF
[_____________________], LP 1
 Agreement Partnership Cedar
GP General Partner Cedar LP Partner
 R E C I T A L S:
 et seq Certificate of Formation
 et seq et seq Delaware Act Certificate of
Conversion Certificate of Limited
Partnership
  Organization and Background
  
 1
    
    Each Limited Partnership Agreement shall be
revised, as necessary, to (a) incorporate different Single Purpose Entity and
related requirements of each specific Lender and/or (b) delete references in
the Recitals, Section 1, Section 2 and elsewhere throughout the Agreement to
the Limited Partnership as having been converted from a limited liability
company.




---



##### 



Prior Entity
   Conversion .
 Name and Principal Place of Business . ,
 2




---



##### 



Registered Agent and Registered Office .
 Term .
 Purpose . Property
 Partners .
 Percentage Interest
  3




---



##### 



Management .
 Officers . Officers
 Initial Capital Contribution .
 Additional Capital Contributions . provided, however
 Tax Matters .
 4




---



##### 



Distributions Distributable Cash
 Dissolution and Termination .
        5




---



##### 



pro rata
  Indemnification . provided
 6




---



##### 



Liability of the Partner .
 Waiver of Partition and Nature of Interest in the Partnership .
 Books Records. Accounting and Reports .
 7




---



##### 



The Partnership Accountant . Partnership Accountant
 Miscellaneous .
 Further Assurances .
 Successors and Assigns .
 Severability .
 Governing Law .
 Special Loan Provisions .
 SPE Requirements Lender Loan
 (i)
    
    Maintain its books and records separate from any other person or
entity;(ii)
    
    Maintain its bank accounts separate from any
other person or entity;(iii)
    
    Not commingle assets with those of any other
entity and shall hold all of its assets in its own name;(iv)
    
    Conduct its own business in its own name;(v)
    
    Pay its own liabilities out of its own funds;(vi)
    
    Maintain an arms length relationship with its
affiliates;
 8




---



##### 



(vii)
    
    Pay the salaries of its own employees and
maintain a sufficient number of employees in light of its contemplated
business operations;(viii)
    
    Not guarantee or become obligated for the debts of any other entity
or hold out its credit as being available to satisfy the obligations of
others;(ix)
    
    Not acquire obligations or securities of its
Partners;(x)
    
    Use separate stationery, invoices and checks;(xi)
    
    Hold itself out as a separate entity;(xii)
    
    Correct any known misunderstanding regarding
its separate identity;(xiii)
    
    Maintain adequate capital in light of its contemplated business
operations;(xiv)
    
    Not identify itself as a division of any other person or entity;(xv)
    
    Not hold, form or acquire any subsidiaries;(xvi)
    
    Observe all limited partnership formalities;(xvii)
    
    File its tax returns separate from any other entity; and(xviii)
    
    Not incur, create, or assume any indebtedness or liabilities,
secured or unsecured, direct or contingent, other than (i) the Loan and
(ii) unsecured indebtedness that represents trade payables or accrued
expenses occurring in the normal course of business of owning and
operating the Property that is not evidenced by a promissory note and
is due and payable within sixty (60) days after the date incurred and
which in no event exceeds two percent (2%) of the original principal
amount of the promissory note evidencing the Loan.
 Bankruptcy Action Board of Directors Bankruptcy Action
 9




---



##### 



SPE Component Entity
     SPE Component Entity; Independent Director
 SPE Component Entity
 10




---



##### 



Non-Compliance
 Certain Terms
 Affiliate
 Constituent Entity
 Independent Director Fiduciary Representative
 11




---



##### 



Person
  12




---



##### 



Address
    
    
    
    PartnerGeneral Partner:c/o Cedar Bay Realty Advisors, Inc.
    
    
    
    [] GP, LLC,44 South Bayles Avenue, Suite 304Port Washington, New York 11050
    
    
    
    By:
    
    CEDAR SHOPPING CENTERSPARTNERSHIP, L.P., sole memberBy:
    
    CEDAR SHOPPING CENTERS, INC.,general partnerBy:Brenda J. Walker, Vice PresidentLimited Partner:c/o Cedar Bay Realty Advisors, Inc.
    
    
    
    [INSERT APPROPRIATE SIGNATURE BLOCK]44 South Bayles Avenue, Suite 304Port Washington, New York 11050
 13




---



##### 








---



##### 



PROPERTY MANAGEMENT AGREEMENT
   BACKGROUND




---



##### 



2




---



##### 



3




---



##### 



4




---



##### 



1
        
 1
    
    Attach with respect to applicable properties only. 5




---



##### 



6




---



##### 



2
 
 2
    
    Revise to the extent Agreement relates to the Parkway Plaza or Stone Hedge properties. 7




---



##### 



8




---



##### 



9




---



##### 



10




---



##### 



11




---



##### 



3
 (a)
    
    this Agreement shall be terminable by Lender or its nominee without penalty or
premium following the occurrence of an Event of Default (as such term is defined in the
Loan Agreement) or by Owner after Lender has notified Owner in writing that Agent is
unsatisfactory to Lender, in each case upon thirty (30) days prior written notice to
Agent;(b)
    
    all payments hereunder shall be subject and subordinate in lien and priority of
payment to the payment of all principal and interest and all other amounts due under
the Loan; and(c)
    
    Agent shall promptly notify Lender with respect to any default hereunder and
promptly deliver to Lender a copy of each notice, report, plan or statement delivered
by Agent to Owner hereunder.
 
 3
    
    Modify as necessary to include the New Parkway Plaza Loan and the New Stone Hedge Loan in the event such loans have
not closed as of the execution date. 12




---



##### 



IN WITNESS WHEREOF,
 AGENTCEDAR SHOPPING CENTERS PARTNERSHIP, L.P.By:
    
    Cedar Shopping Centers, Inc., general partnerBy:Leo S. UllmanPresidentOWNER[___________________], LPBy:
    
    [___________________] GP, LLC, its generalpartnerBy:
    
    Cedar Shopping Centers
Partnership, L.P., its sole memberBy:
    
    Cedar Shopping Centers, Inc., its general partnerBy:Leo S. UllmanPresident
 13




---



##### 



[REVISE TO INCLUDE FOR APPLICABLE PROPERTY ONLY]
 Property
    
    Estimated Tenant Improvement Costs
    
    DescriptionMeadows Marketplace
    
    $
    242,100
    
    
    Unit 104  2,400
sf vacant  In
V-Box condition.
$24,000fitout
Allowance

Unit 109- 3,400 sf
vacant  To be
demised for
Starbucks.
$147,500to demise
and build out
Starbucks

Unit 109a  1,700
sf vacant after
demising  $17,000
fitout allowance.

Electric  $9,000
for primary to 5

Water  $30,000
for meter pit and
service to 5

Gas  $5,000to run
line to 5

Additional Sewer
Capacity  $9,600Pennsboro Commons
    
    $
    35,000
    
    
    Build-out of two
vacant retail
spacesStonehedge Plaza
    
    $
$
$
    15,000
35,000
25,000
    
    
    Build-out of
Citifinancial
space;
Build-out of 4,000
sf vacant retail
space; Grease TrapTOTAL TENANT
IMPROVEMENT
    
    $
    352,100
 14




---



##### 



Cash and Cash Equivalents (Class I)
    
    Dollar amount as of the Closing DateReceivables (Class III)
    
    Tax basis as of the Closing DateSupplies, Prepaid Expenses and Other
Current Assets (Class V)
    
    Tax basis as of the Closing DateEquipment, Furniture and Fixtures (Class V)
    
    Tax basis as of the Closing DateReal Property [Lease] and Improvements,
and Construction of Improvements in
Progress
(Class V)
    
    BalanceGoodwill, Going Concern Value and Other
Section 197 Intangibles (Classes VI and
VII)
    
    None
 Property
    
    Allotted ConsiderationPennsboro Commons
    
    $
    15,680,000Fieldstone Marketplace
    
    $
    22,960,000Stonehedge Square
    
    $
    10,760,000Meadows Marketplace
    
    $
    14,160,000Aston Center
    
    $
    16,800,000Ayr Town Center
    
    $
    9,600,000Parkway Plaza
    
    $
    17,600,000Scott Town Center
    
    $
    12,000,000Spring Meadow Shopping Ctr
    
    $
    16,000,000TOTAL:
    
    $
    135,560,000




---



##### 








---



##### 



ESCROW AGREEMENT
 LAWYERS TITLE INSURANCE CORPORATION th Escrowee CEDAR SHOPPING CENTERS
PARTNERSHIP, L.P. Cedar HOMBURG HOLDINGS (U.S.) INC. Homburg
 W I T N E S S E T H
 Purchase and Sale Agreement
    Appointment of Agent
  Exhibit A
 Disposition of the Required Deposit




---



##### 



Concerning Escrowee




---



##### 



Termination
  Notices




---



##### 








---



##### 



th
 i ii
 Capitalized Terms
  Governing Law
  Successors
  Entire Agreement




---



##### 



Amendments
  Counterparts and/or Facsimile Signatures
  Severability
  EIN




---



##### 



ESCROWEE:
LAWYERS TITLE INSURANCE CORPORATIONBy:Name:Title: CEDAR:CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
a Delaware limited partnershipBy:
    
    Cedar Shopping Centers,
Inc., a Maryland
corporation, its general
partnerBy:Leo S. UllmanPresident
 HOMBURG:
HOMBURG HOLDINGS (U.S.)
INC., a Colorado
corporationBy:Name:Title:




---



##### 



EXHIBIT A
 
 WIRE INSTRUCTIONS      th
 BANK:
    
    CHASE MANHATTAN BANK, N.A.
NEW YORK, NYABA#
    
    021-000-021ACCT. NAME:
    
    Commonwealth Land Title Insurance CompanyACCT. #
    
    036-1218746REFERENCE:
    
    ( NYN06-002988-C; CEDAR CALDWELL)




---



##### 










---



##### 



Exhibit G
 ASSIGNMENT AND ASSUMPTION AGREEMENT
 Agreement) (Assignor)
 WITNESSETH:
 Existing Partnership Agreement),  General Partner)   Partnership);
  Contract), Assigned Partnership Interests),
 Amended
Partnership Agreement);




---



##### 








---



##### 



ASSIGNOR:CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a 
Delaware
limited partnershipBy:
    
    Cedar
Shopping Centers, Inc., a Maryland 
corporation, its
general partnerBy:Leo S. UllmanPresidentASSIGNEE:HOMBURG HOLDINGS (U.S.) INC., a Colorado corporationBy:Name:Title:




---



##### 



CERTIFICATE FOR NON-IMPUTATION ENDORSEMENT
 (Homburg) (Lawyers Title) Endorsement)   Property Owner  Existing Policy  Premises
  1.
    
    The undersigned is a Vice President of Cedar Shopping Centers, Inc., the general partner of
Cedar Shopping Centers Partnership, L.P. (CSCP), which is the sole member of
[], the general partner of [] (the Property Owner).2.
    
    Except as set forth in the Existing Policy, the schedule of leases affecting the Premises
as identified in Schedule A attached hereto and as otherwise disclosed by the public record
of the county in which the Premises is located:
 a.
    
    There are no unrecorded deeds, land contracts, leases, options to purchase, mortgages
agreements or other instruments made or given by CSCP or the Property Owner that
materially and adversely affect title to the Premises.b.
    
    Neither CSCP nor the Property Owner has made or given to any party other than
Homburg any outstanding right (including unrecorded deeds), title or interest in or to the
Premises.c.
    
    There is no material pending or threatened litigation against the
Premises or against the Property Owner other than claims made in the ordinary course of
the business of owning and operating the Premises.
 3.
    
    The assets of the Property Owner are sufficient to satisfy all unrecorded debts created by
the Property Owner and no conveyance or mortgage of the Premises has rendered the Property
Owner insolvent or in fraud of its creditors under the bankruptcy laws of the United States,
or of any insolvency laws of the State of [];
 
 1
    
    With respect to CDC properties only, to the extent that Cedar shall have
purchased interests in the existing property owner instead of the fee interests in the properties,
certifications respecting the Property Owner shall be limited to the period from and after Cedar
shall have acquired said interests.




---



##### 



4.
    
    The undersigned is making this affidavit for the purpose of inducing Lawyers Title issue
the Endorsement, knowing that Lawyers Title will rely on the certifications made herein, and
that without the certifications in this affidavit, Lawyers Title would not issue the
Endorsement.
 WITNESS WHEREOF,
 [ADD SIGNATURE BLOCK]




---



##### 



Property
    
    DepositPennsboro Commons
    
    $
    58,000.00Fieldstone Marketplace
    
    $
    85,000.00Stonehedge Square
    
    $
    39,000.00Meadows Marketplace
    
    $
    52,000.00Aston Center
    
    $
    62,000.00Ayr Town Center
    
    $
    36,000.00Parkway Plaza
    
    $
    65,000.00Scott Town Center
    
    $
    44,000.00Spring Meadow Shopping Center
    
    $
    59,000.00TOTAL:
    
    $
    500,000.00




---



##### 



Existing Cedar Property Owners*
    
    PropertyCedar-Pennsboro, LLC
    
    Pennsboro CommonsCedar-Fieldstone, LLC
    
    Fieldstone MarketplaceCedar-Stonehedge, LLC
    
    Stone Hedge SquareCedar Hershey, LLC
    
    Meadows Marketplace
 Contract Property Owners
    
    PropertyCedar-Spring Meadow, LP
    
    Spring MeadowCedar-Ayr Town Center, LP
    
    Ayr Town CenterCedar-Aston Center, LP
    
    Aston CenterCedar-Scott Town Center, LP
    
    Scott Town CenterCedar-Parkway Plaza, LP
    
    Parkway Plaza
 
 *
    
    Each entity to be converted to a limited partnership per the Agreement.




---



##### 








---



##### 



SERVICE CONTRACTS
 PENNSBORO COMMONS
 VENDOR
    
    SERVICE
    
    CONTACT INFORMATIONCustom Maintenance Services, Inc.
    
    Parking Lot Sweeping
    
    21 State Ave. Ste. 101
Carlisle, PA 17013
Phone: (717)249-6636Fax: (717)249-6637Brickman Group
    
    Landscaping
    
    Brickman Group
925 Lewisberry, PA 17055
Phone: (717)938-5868Fax: (717)938-4472Michael B. Stoner, Inc.
    
    Snow Removal
    
    P.O. Box 725
Mechanicsburg, PA17055
Phone: (717)245-2225Fax: (717)245-2199Ehrlich
    
    Pest Control
    
    10 Lebanon Valley Pkwy
Lebanon, PA 17042-9990
Phone: (717)238-9590




---



##### 



SERVICE CONTRACTS
 Fieldstone Marketplace
500 Kings Highway
 Vendor
    
    Service Type
    
    Contact InformationFarland Enterprises
    
    Snow Removal
    
    32 Gammons Road
Acushnet, MA 02743
508-998-8652Kane Maintenance
    
    Landscaping & Parking lot Cleaning
    
    18 Whittemore Road
Framingham, MA 01701
508-561-2327A-Tech Security
    
    Security
    
    4 Phillips Street
Fairhaven, MA 02719
508-999-7580WS Shepard
    
    Parking Lot Sweeping
    
    PO Box 245
Westport, MA 02790
508-636-8111Fire Systems
    
    Fire & Sprinkler
    
    955 Reed Road
N. Dartmouth, MA 02747
508-999-4444Insta-Brite
    
    Powerwashing Sidewalks
    
    PO Box 148
Whitman, MA 02382
781-447-0022




---



##### 



SERVICE CONTRACTS
 STONEHEDGE SQUARE SHOPPING CENTER
 VENDOR
    
    SERVICE
    
    CONTACT INFORMATIONEnergy Management Systems, Inc.
    
    Sub-Meter Reading
    
    325 W. Central Ave.
Ste. 200
P.O. Box 538
Malvern,PA 19355-0538
Phone: (610)296-2875Fax: (610)889-9909Custom Maintenance Services, Inc.
    
    Parking Lot Sweeping
    
    21 State Ave. Ste. 101
Carlisle, PA 17013
Phone: (717)249-6636Fax: (717)249-6637Republic Services of
Pennsylvania, LLC
(DBA York Waste Disposal)
    
    Trash Disposal
    
    3730 Sandhurst Dr.
Berkshire Business Park
York, PA 17402
Phone: (717)845-1577(800)210-9675
Fax: (717)764-1944Vector Security
    
    Fire Alarm Monitoring
    
    23 Casey Ave.
Wilkes-Barre, PA 18702
Phone: (800)222-6565Michael B. Stoner, Inc.
    
    Snow Removal
    
    P.O. Box 725
Mechanicsburg, PA 17055
Phone: (717)245-2225Fax: (717)245-2199H.B. McClure Co.
    
    HVAC Maintenance
    
    P.O. Box 1745
Harrisburg, PA 17105
Phone: (717)232-4328Fax: (717)234-3730




---



##### 



SERVICE CONTRACTS
 Meadows Marketplace
 VENDOR
    
    SERVICE
    
    CONTACT INFORMATIONCustom Maintenance Services, Inc.
    
    Parking Lot Sweeping
    
    21 State Ave. Ste. 101
Carlisle, PA 17013
Phone: (717)249-6636Fax: (717)249-6637Brickman Group
    
    Landscaping
    
    Brickman Group
925 Lewisberry, PA 17055
Phone: (717)938-5868Fax: (717)938-4472Central Perm Asphalt
    
    Snow Removal
    
    3701 G Deny Street
Harrisburg, PA 17111Ehrlich
    
    Pest Control
    
    10 Lebanon Valley Pkwy
Lebanon, PA 17042-9990
Phone: (717)238-9590Vector Security
    
    Sprinkler Monitoring
    
    3549 Hempland Rd., Suite 1
Lancaster, PA 17601




---



##### 



Spring
Meadow Shopping Center
 Landscaper / Snow Removal / Site Contact (for Some Emergencies)
 Jeff Povilaitis
    
    Landscaping contract has expired.Edwards Landscape & Nursery
    
    Snow removal contract is for517 Monocacy Hill Road
    
    winter season 2006 - 2007 & mayBirdsboro, PA 19508
    
    be cancelled with 30 day notice.610-582-1941 ofc484-256-5658 cell
 Lot Sweeper/Miscellaneous Repairs
 Custom Maintenance Services, Inc.
    
    Month-to-monthMike Nawa
    
    Length of service: 2 years21 State Street, Suite 101
    
    Also provides lot striping & repairsCarlisle, PA 17013
    
    Preferred by Giant717-249-6636717-440-2320 Cell




---



##### 



Ayr Tows Center
 Landscaper / Site InspectionMcConnellsburg Lawn & Landscape
    
    Landscaping contract has expired.Wade
&Carrie Stermer726 Meadown Mt. DriveMcConnellsburg, PA 17233717-485-9290Lot Sweeper/Miscellaneous RepairsCustom Maintenance Services, Inc.
    
    Month-to-monthMike Nawa
    
    Length of service: 2 years21 State Street, Suite 101
    
    Also provides lot striping & repairsCarlisle, PA 17013
    
    Preferred by Giant717-249-6636717-440-2320 CellSnow RemovalDavid H. Martin Excavating
    
    Contract is for 2006-2007 Winter SeasonJerry Love4961 Cumberland HighwayChambersburg, PA 17201717-264-2168Fire
Alarm MonitoringTele-Plus Corporation
    
    Annual Contract from916 Eldridge Drive
    
    04/20/06 - 04/19/07Hagerstown, MD 21740-6842301-797-9500




---



##### 



Aston Giant #278
 NO SERVICE OR MAINTENANCE CONTRACTS




---



##### 



SCOTT
TOWN CENTER
 SERVICE
/ MAINTENANCE CONTRACTS & INFORMATION
 SweepingCustom Maintenance Services, Inc.
    
    Month-to-monthMike Nawa
    
    Length of Service: 3 years21 State Street, Suite 101
    
    Also provides lot striping & repairsCarlisle, PA 17013
    
    Preferred by Giant717-249-6636Snow Removal
    
    Contract is for 2006-2007 winterSokol, Inc.
    
    season  may be cancelled withRay Sokol
    
    30-day noticePO Box 366
    
    Length of Service: 3 yearsBloomsburg, PA 17815570-784-4411Landscape Maintenance
    
    Annual Contract (Jan-Dec 2006)Don A. Ruhmel
    
    terminated by either party with 30 days written noticeCustom Landscaping
    
    Length of Service: 3 years360 Stone Church RoadBerwick, PA 18603570-752-5105HVAC
Maintenance
    
    Annual Contract for LA Weight Loss,H B McClure Company
    
    Jackson Hewitt, Holiday Hair, Subway & NextelGeorge Hoch
    
    (November 1, 2006 - October 31, 2007)P.O. Box 1745
    
    Length of Service: 2 yearsHarrisburg, PA 17105-1745717-232-4328Fire
Sprinkler InspectionPenn Fire Protection, Inc.
    
    Annual Contract (Jan-Dec 2006)Mark Hayes
    
    Year to year135 David Street
    
    Retail SpacesSelinsgrove, PA 17870
    
    Length of Service: 2 years570-374-4508Fire Alarm Inspection & Monitoring
    
    3-year Contract (Dec. 9, 2005-Dec 9, 2008)Security Net, LLC
    
    Length of Service: 2 years411
W. 16th Street
    
    Retail SpacesHazelton, PA 18201570-453-1384
 1




---



##### 



PARKWAY PLAZA
 SERVICE / MAINTENANCE CONTRACTS & INFORMATION
 SweepingCustom Maintenance Services, Inc.
    
    Month-to-monthMike Nawa
    
    Length of Service: 8 years21 State Street, Suite 101
    
    Also provides lot striping & repairsCarlisle, PA 17013
    
    Preferred by Giant717-249-6636Landscape MaintenanceTri-State Fence & Lawn
    
    Annual Contract (Jan-Dec 2006)  may beBrent Decker
15113 Clear Spring Road
    
    terminated by either party with 30
days written noticeWilliamsport, MD 21795
    
    Length of Service: 7 years301-223-8733Snow
RemovalBeckers, Inc.
    
    Contract is for 2006-2007 Winter season.Dave Becker
    
    may be cancelled with 30 day notice3150 Gettysburg RoadCamp Hill, PA 17011Pest
ControlArcher Pest Control
    
    Quarter-to-quarter (No contract)Keith Jones
    
    Length of Service: 6 years5008 Pheasant Hollow RoadMechanicsburg, PA 17050717-737-2724HVAC MaintenanceH B McClure Company
    
    Annual Contract for Brothers Pizza,George Hoch
    
    UPS Store, Holiday Hair & Movie MerchantsP.O. Box 1745
    
    (May 1, 2006 - April 30, 2007)Harrisburg, PA 17105-1745
    
    Length of Service: 8 years717-232-4328Fire Sprinkler InspectionTriangle Fire Protection, Inc.
    
    Annual Contract (Jan-Dec 2006)  may beFrank Herr
    
    terminated by either party with 30 days written notice20 Roadway Drive
    
    Retail SpacesCarlisle, PA 17013
    
    Length of Service: 7 years717-241-9662
 1




---



##### 








---



##### 



Pennsboro Commons
 Americhoice Federal Credit Union  Lease Dated:  Lease Letter Dated:  Letter Agreement Dated:
 Barbarinos Pizza  Lease Dated: ,  Guaranty Dated  Lease Letter Dated:  Estoppel Agreement Dated:
 Brook Investments, Inc.  Lease Dated:  Delivery of Possession Agreement Dated:
 California Fusion  Confirmation of Possession and Lease Term:  Lease Dated:  Lease Letter Dated:  Estoppel Agreement:
 Cellutions, Inc. d/b/a Cingular Wireless  Lease Dated:
 Check n Go  Commencement Letter Dated:  Lease Dated:  Guaranty Dated:  Addendum to Lease Dated:  Estoppel Agreement Dated:  Termination Agreement Dated:
 Class Act Dry Cleaners  Lease Dated:  Commencement Agreement Dated:  Estoppel Agreement Dated:
 Dr. Barbara Christensen  Lease Dated:  Commencement Agreement Dated:  Lessors Agreement Dated:  Estoppel Agreement Dated:




---



##### 



Giant Food Stores, LLC  Lease Dated:  Guaranty Dated:  First Amendment to Lease Agreement Dated:  Second Amendment to Lease Agreement Dated:  Third Amendment to Lease Agreement Dated:  Fourth Amendment to Lease Agreement Dated:  Store Expansion Amendment to Lease Agreement Dated:  Amendment to Store Expansion Amendment to Lease Agreement Dated:  Memorandum of Amendment to Lease Dated:  Supplement to Subordination, Attornment and Nondisturbance Agreement Dated:  SNDA Agreement Dated:
 Giant Food Stores, LLC (Fueling Station Lease)  Lease Dated:  Memorandum of Fueling Station Lease Dated:  Supplement to Subordination, Attornment and Nondisturbance Agreement Dated:  Guaranty Dated:  Renewal Letter Agreement Dated:
 Gingerbread Cafe  Lease Dated:  Commencement Agreement Dated:  Estoppel Agreement Dated:
 Golden Nail  Lease Dated:  Confirmation of Possession and Lease Terms:  Lease Letter:  Guaranty:  Estoppel Agreement:
 Jackson Hewitt  Rent Commencement Dated:  Lease Dated:  Agreement Dated:  Estoppel Dated:
 Lean and Mean Fitness  Lease Dated:  Estoppel Dated:




---



##### 



Mailboxes ETC  Lease Letter Dated:  Lease Dated:  Guaranty Dated:  Addendum Dated:   Assignment Dated:   Estoppel Dated: ,
 Movie Merchants  Lease Dated:  Guaranty Dated:  Renewal Letter Dated:  Estoppel Agreement Dated:
 P&D Discount Tobacco  Lease Letter Dated:  Lease Dated:  Guaranty:  Estoppel Dated:
 Papa Johns Pizza  Lease Dated:  Addendum Dated:  Guaranty Dated:  Renewal Dated:  Estoppel Agreement Dated:
 Pet Valu  Lease Dated:  Estoppel Dated:
 Roly Poly  Lease Dated:  Lease Letter Dated:  Guaranty Dated:  Estoppel Agreement Dated:
 Scott D. Trask, DMD  Lease Dated:  Confirmation of Possession and Lease Terms Dated:  Guaranty Dated:  Estoppel Agreement Dated:
 Subway  Lease Dated:  Rider to Lease Dated:




---



##### 



Success Chinese Restaurant  Lease Dated: ,  Guaranty Dated:  Estoppel Dated:




---



##### 



Fieldstone Marketplace
 A.C. Holdings  Lease Dated:  Guaranty Agreement Dated:  Letter Agreement Dated:
 Citizens Bank  Lease Dated:  First Amendment to Lease Agreement Dated:  Second Amendment to Lease Agreement Dated:  Lease Assignment, Recognition and Consent Agreement Dated:  Renewal Letter Dated:
 CVS  Lease Dated:  Guaranty Dated:  Commencement Letter Dated:
  Memorandum/Notice of Lease Dated:  Lease Renewal Dated:  Lease Renewal Dated:  Estoppel Agreement Dated:
 Carleen, Inc. d/b/a Cost Cutters  Lease Dated:
 Dunkin Donuts  Lease Dated:  Landlords Consent and Waiver Dated:  Letter Agreement Dated:  Letter Agreement Dated:  Rider to Lease Dated:
 Escape to Fitness  Lease Dated:  First Amendment of Lease Dated:  Letter Agreement Dated:  Lease Guaranty Dated:  Second Amendment of Lease Dated:  Estoppel Agreement Dated:




---



##### 



Flagship Cinema  Letter Agreement Dated:  Guaranty of Lease Dated:  Lease Dated:  First Amendment of Lease Dated:  Estoppel Agreement Dated:
 Furniture Place LLC  Lease Dated:
 Golden Star Chinese Restaurant  Lease Dated:  First Amendment of Lease Dated:  Renewal Letter Dated:  Second Amendment of Lease Dated:
 KB Toys  Lease Dated:  First Amendment of Lease Dated:  Second Amendment of Lease Dated:  Third Amendment of Lease Dated:  Fourth Amendment of Lease Dated:  Fifth Amendment of Lease Dated:  Estoppel Agreement Dated:
 Liberty Tax Services  Lease Dated:
 New Bedford Dental Group  Lease Dated:  Assignment and Assumption of Lease and Landlords Consent Dated:  Renewal Letter Dated:  First Amendment of Lease Dated:  Assignment of Lease Dated:  Lease Guaranty Agreement Dated:
 Oceans 18  Lease Dated:  Confirmation of Lease Term Dated:  Estoppel Agreement Dated:  Subordination of Landlords Lien Dated:  Lease Modification Agreement Dated:
 Papa Ginos  Lease Dated:  Estoppel Agreement Dated:




---



##### 



Payless  Lease Dated:  Lease Extension and Modification Agreement Dated:  Assignment of Lease and Consent to Assignment Dated:  Lease Amendment/Extension Agreement Dated:  Lease Amendment/Extension Agreement Dated:  Renewal Letter Dated:  Estoppel Agreement Dated:
 Sally Beauty  Lease Dated:  Lease Rider Dated:  Amendment to Lease Dated:  Letter Agreement Dated:  Relocation Amendment to Lease Dated:  Agreement Setting Lease Term Dated:  Estoppel Agreement Dated:
 Shaws Supermarkets  Subordination, Non-Disturbance and Attornment Agreement Dated:
  Lease Dated:  Memorandum of Amended and Restated Lease for Supermarket Premises Dated:  Subordination, Non-Disturbance and Attornment Agreement Dated:
  Letter Dated:
  Subordination, Non-Disturbance and Attornment Agreement Dated:
  Letter Dated:  Estoppel Agreement Dated:
 Speedee  Lease Dated:  Assignment and Agreement Dated:  Renewal Letter Dated:
 Winthrops Hallmark  Lease Dated:  First Amendment of Lease Dated:  Estoppel Agreement Dated:




---



##### 



Stonehedge Square
 Alfredos Pizza  Lease Dated:  Estoppel Agreement Dated:  Estoppel Agreement Dated:
 Best Nails  Lease Dated: th  Assignment and Assumption Dated: rd  Estoppel Agreement Dated: th
 Brown Optical  Lease Dated: th  Commencement Agreement Dated: th  Letter Re: Lease Renewal Dated: th  Estoppel Agreement Dated: st  Amendment of Lease Dated: th  Estoppel Agreement Dated:  Estoppel Agreement Dated: st  Modification Agreement Dated:
 Carlisle Coffee  Lease Dated: th  Guaranty Dated: th  Commission Agreement Dated: th  Commission Agreement Dated:  Estoppel Agreement Dated: nd
 Dawns&Associates Realty  Guaranty Dated: st  Lease Dated: st  Estoppel Agreement Dated: th
 Great Wall Buffet  Lease Dated: th  Surrender of Premises Agreement Dated:  Estoppel Agreement Dated: th




---



##### 



M&T Bank  Resolution Dated: th  Lease Dated: th  Commencement Agreement Dated: th  SNDA Dated: th  Estoppel Agreement Dated: th  First Amendment of Lease Dated: th  Estoppel Agreement Dated:  Estoppel Agreement Dated: th
 Manpower, Inc.  Lease Dated: st  Estoppel Agreement Dated: th  Second Modification and Extension to Lease Dated: th  Third Modification and Extension of Lease Dated: th  Fourth Modification and Extension of Lease Dated: st  Fifth Modification and Extension of Lease Dated: rd  Estoppel Agreement Dated:  Sixth Modification and Extension of Lease Dated: th  Estoppel Agreement Dated: th
 Monro Muffler  Lease Dated: th  SNDA Dated: th  Memorandum of Lease Dated: st  Letter Re: Grant of Relief Dated: th  Estoppel Agreement Dated: th  Estoppel Agreement Dated:  Estoppel Agreement Dated: th




---



##### 



Nells Market  Title Commitment Dated: th  Lease Dated: th ,  Memorandum of Lease Dated: th ,  Addendum to Lease Agreement Dated: th  Estoppel Agreement Dated: th ,  Subordination Agreement Dated: th  Landlords Waiver Dated: th  Subordination Agreement Dated: th  Addendum to Lease Agreement Dated: th  Estoppel Agreement Dated: th  Letter Re: Correction of Lease Dated: nd  Estoppel Agreement Dated:  Second Amendment of Lease Dated: th  Conditioned Use Application Dated: th  Letter Agreement Dated: th  Estoppel Agreement Dated: th
 Pennsylvania Industries for the Blind and Handicapped  Lease Dated:  Letter Agreement Dated:  Tenant Estoppel Letter Dated:  Renewal Letter Dated:  Tenants Estoppel Certificate Dated:  Renewal Letter Dated:  Estoppel Certificate Dated:  First Amendment to Lease Dated:
 UPS Store  Lease Dated: st  Guaranty Dated: st  Letter Agreement Dated: th  Estoppel Agreement Dated: th  First Amendment of Lease Dated: th  Estoppel Agreement Dated:  Estoppel Agreement Dated: th  Lease Modification Agreement Dated:
 Weight Watchers  Lease Dated: th  Commencement Agreement Dated: st  Real Property Lease Assignment and Assumption: st  Estoppel Agreement Dated:  Estoppel Agreement Dated: th




---



##### 



Wine & Spirits Shoppe  Lease Dated: nd  Subordination Agreement Dated: th  Estoppel Agreement Dated: th  Notice to Exercise Option to Renew Dated: th  Estoppel Agreement Dated:  Notice to Exercise Option to Renew Dated: th  Estoppel Agreement Dated: th




---



##### 



Meadows Marketplace
 Bethany Le & Loan Le (Babylon Nail)  Lease Dated:  Delivery of Possession Agreement Dated:
 Brother Joes Pizza  Lease Dated:  Delivery of Possession Agreement Dated:
 Community Banks  Lease Dated:
 Giant Food Stores, LLC  Lease Dated:  Memorandum of Lease Dated:  Rent Commencement Dated Agreement Dated:
 Jing Sheng Jiang  Lease Dated:
 Jong Sun Park  Lease Dated:  Delivery of Possession Agreement Dated:
 Pet Valu International Inc.  Lease Dated:  Delivery of Possession Agreement Dated:
 Regis Corporation t/a Holiday Hair  Lease Dated:  Delivery of Possession Agreement Dated:  Commencement Date Agreement Dated:
 Subway Real Estate Corp.  Lease Dated:  Rider to Lease Dated:
 Verizon Wireless  Lease Dated:  Delivery of Possession Agreement Dated:




---



##### 



Leases
 Original
    
    Commencement
    
    Amendments/
    
    Amendments/
    
    Amendments/TENANT
    
    Lease Date
    
    Date
    
    Modifications
    
    Modifications
    
    ModificationsWYOMISSINGSpring Meadow Shopping CenterGiant Food Store #289
    
    
    11/06/03
    
    
    
    10/27/04
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aFulton Bank
    
    
    12/15/03
    
    
    
    06/05/04
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a




---



##### 



Leases
 Original
    
    Commencement
    
    Amendments/
    
    Amendments/
    
    Amendments/TENANT
    
    Lease Date
    
    Date
    
    Modifications
    
    Modifications
    
    ModificationsMcCONNELLSBURGGiant Food Store #272
    
    
    04/28/04
    
    
    
    05/11/05
    
    
    
    05/11/05
    
    
    
    11/03/05
    
    
    
    n/a1st Amendment
    
    2nd AmendmentWine & Spkits Shoppe #2901
    
    
    01/14/05
    
    
    
    06/10/05
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aMovie Gallery #3781
    
    
    08/16/04
    
    
    
    05/25/05
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a




---



##### 



Leases
 PROPERTY SUMMARY
 Original
    
    Commencement
    
    Amendments/
    
    Amendments/
    
    Amendments/TENANT
    
    Lease Date
    
    Date
    
    Modifications
    
    Modifications
    
    ModificationsASTONGiant Food Stores #276
    
    
    07/07/04
    
    
    
    11/02/05
    
    
    
    12/22/04
    
    
    
    12/31/05Letter 1st Amendment
    
    2nd Amendment




---



##### 



Leases
 Original
    
    Commencement
    
    Amendments/
    
    Amendments/
    
    Amendments/TENANT
    
    Lease Data
    
    Date
    
    Modifications
    
    Modification
    
    ModificationsBLOOMSBURGGiant Food Store 287
    
    07/25/02
    
    08/01/03
    
    07/25/02
    
    05/15/03
    
    7/31/2003Ground Lease
    
    
    
    1st Addendum to
    
    Amendment to
    
    1st Amendment toGround Lease
    
    Addendum to
    
    Ground LeaseGrand LeaseCitiFinancial Services
    
    01/07/06
    
    03/15/05
    
    n/a
    
    n/a
    
    n/aHoliday Fair
    
    12/19/03
    
    06/10/04
    
    03/29/04
    
    n/a
    
    n/aAssign/Amend ofLease-to-RegisJackson Hewitt Tax Service
    
    03/20/04
    
    10/01/04
    
    n/a
    
    n/a
    
    n/aLA Wright Loss Canton
    
    02/21/06
    
    04/07/06
    
    n/a
    
    n/a
    
    n/aMovie Gallery 343
    
    01/07/05
    
    06/10/04
    
    03/18/04
    
    n/a
    
    n/a1st AmendmentAddress connectionNextel WIP Lease Corp
    
    10/28/06
    
    12/10/06
    
    n/a
    
    n/a
    
    n/aSubway Real Estate Corp
    
    06/10/04
    
    09/10/04
    
    n/a
    
    n/a
    
    n/a




---



##### 



Leases
 Original
    
    Commencement
    
    Amendments/
    
    Amendments/
    
    Amendments/TENANT
    
    Lease Data
    
    Date
    
    Modifications
    
    Modification
    
    ModificationsPARKWAY PLAZABrothers Pizza
    
    08/29/06
    
    08/28/06
    
    06/29/06
Memo of Understanding
    
    n/a
    
    n/aClassic Dry Cleaners
    
    04/27/93
    
    12/14/96
    
    n/a
    
    n/a
    
    n/aFulton Financial Realty
    
    10/21/97
    
    01/01/99
    
    09/28/93
    
    n/a
    
    n/a1st AmendmentGeneral Nutrition Carp
    
    11/26/97
    
    01/18/99
    
    02/11/98
Suttee
    
    10/08/88
1st Amendment
    
    8/25/2004
2nd AmendmentGiant Food Store #120
    
    09/12/87
    
    12/02/98
    
    n/a
    
    n/a
    
    n/aGiant Fueling Station
    
    12/10/08
    
    12/02/98
    
    n/a
    
    n/a
    
    n/aHoliday Hair
    
    09/09/96
    
    02/01/99
    
    03/29/04
    
    n/a
    
    n/aKinderCare Learning Centers
    
    09/02/90
    
    05/01/00
    
    n/a
    
    n/a
    
    n/aMovie Merchants
    
    03/26/98
    
    02/01/99
    
    02/14/02
Letter-Trade name
change to
    
    n/a
    
    n/aRite AW Store #2000
    
    02/12/98
    
    12/02/03
    
    n/a
    
    n/a
    
    n/aThe UPS Store
(Parvin & Khosrow Mehrtash)
    
    05/07/99
    
    06/15/88
    
    n/a
    
    n/a
    
    n/aWendys
(Valenti Mid-Atlante Realty)
    
    01/31/02
    
    10/08/02
    
    n/a
    
    n/a
    
    n/a




---



##### 



Estimated TenantProperty
    
    Improvement Costs
    
    DescriptionMeadows Marketplace
    
    
    
    
    
    Unit 104  2,400 sf vacant -
In V-Box condition. $24,000
fitout AllowanceUnit 109- 3,400 sf vacant -
To be demised for Starbucks.
$147,500to demise and build
out StarbucksUnit 109a- 1,700 sf vacant
after demising  $17,000
fitout allowance.Electric  $9,000for primary
to 5Water  $30,000for meter pit
and service to 5Gas  $5,000to run line to 5$
    242,100
    
    
    Additional Sewer Capacity
-$9,600Pennsboro Commons
    
    $
    35,000
    
    
    Build-out of two vacant
retail spacesStonehedge Plaza
    
    $
$
$
    15,000
35,000
25,000
    
    
    Build-out of Citifinancial
space; Build-out of 4,000 sf
vacant retail space; Grease
TrapTOTAL TENANT IMPROVEMENT
    
    $
    352,100




---



##### 



5




---



##### 



6




---



##### 



Loan Documents
 Pennsboro Commons
 1.
    
    Promissory Note made by Pennsboro Borrower in favor of Lender2.
    
    Open-End Mortgage, Assignment of Leases and Rents, Security Agreement, andFixture Filing made by Pennsboro Borrower in favor of Lender3.
    
    Assignment of Leases and Rents made by Pennsboro Borrower in favor of Lender4.
    
    Assignment of Agreements made by Pennsboro Borrower in favor of Lender5.
    
    Borrowers Certificate made by Pennsboro Borrower in favor of Lender6.
    
    Environmental Indemnity Agreement among Pennsboro Borrower and Cedar LP7.
    
    Key Principals Guaranty Agreement made by Cedar LP in favor of Lender8.
    
    Tenant Improvements/Leasing Commissions Escrow and Security Agreementbetween Pennsboro Borrower and Lender9.
    
    Collection and Disbursement Agreement between Pennsboro Borrower andLender10.
    
    Opinion Letters of (i) Strook & Strook & Lavin LLP(ii)
    
    Naka, Huttar & Oldhouser, LLP
 7




---



##### 



Loan Documents
 Fieldstone Marketplace
 Existing Original Borrowers Loan Documents
 1.
    
    Promissory Note in the original principal amount of $19,000,0002.
    
    Mortgage and Security Agreement3.
    
    Assignment of Leases and Rents4.
    
    Environmental Indemnity Agreement5.
    
    Guaranty of Recourse Obligations of Borrower6.
    
    Assignment of Agreements, Permits and Contracts7.
    
    Borrowers Financial Certificate8.
    
    Certificate of Borrower9.
    
    Guarantors Financial Certificate10.
    
    Reserve Deposit Letter
 Loan Assumption Documents
 11.
    
    Lenders Approval of the Loan Assumption and Assumption Application12.
    
    Loan Assumption and Substitution Agreement13.
    
    Allonge to Note14.
    
    UCC-3 Termination Statements (Bristol County, MA)15.
    
    UCC-1 Financing Statements (Bristol County, MA and MA Secretary of State)16.
    
    Request for Taxpayer ID No. (W-9)17.
    
    Consent and Subordination of Property Management Agreement18.
    
    Post-Closing Agreement19.
    
    Certification of Assuming Borrower Regarding Form Lease20.
    
    Legal Opinion Letter from the Sacks Law Group, P.C.21.
    
    Massachusetts Enforceability Legal Opinion from Bowditch & Dewey22.
    
    SPE Legal Opinion Letter from Richards Finger & Layton23.
    
    Bankruptcy Legal Opinion from Richards Finger & Layton




---



##### 



Loan Documents
 Meadows Marketplace
 1.
    
    Promissory Note made by Meadows Marketplace Borrower in favor of Lender2.
    
    Open-End Mortgage, Assignment of Leases and Rents, Security Agreement, and
Fixture Filing made by Meadows Marketplace Borrower in favor of Lender3.
    
    Assignment of Leases and Rents made by Meadows Marketplace Borrower in
favor of Lender4.
    
    Assignment of Agreements made by Meadows Marketplace Borrower in favor of
Lender5.
    
    Borrowers Certificate made by Meadows Marketplace Borrower in favor of
Lender6.
    
    Environmental Indemnity Agreement among Meadows Marketplace Borrower
and Cedar LP7.
    
    Key Principals Guaranty Agreement made by Cedar LP in favor of Lender8.
    
    Holdback Agreement between Meadows Marketplace Borrower and Lender.9.
    
    Tenant Improvements/Leasing Commissions Escrow and Security Agreement
between Meadows Marketplace Borrower and Lender




---



##### 



Loan Documents
 Tab
    
    Item1.
    
    Promissory Note2.
    
    Form of Allonge to Promissory Note from CitiGroup Global Markets Realty
Corp. in blank3.
    
    Open-End Mortgage, Assignment of Rents and Security Agreement4.
    
    Form of Assignment of Note, Mortgage, Assignment of Leases and Rents and
Loan Documents from CitiGroup Global Markets Realty Corp. in Blank5.
    
    Assignment of Leases and Rents6.
    
    UCC-1 Financing Statement (Fixture Filing  Berks County, Pennsylvania)a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank7.
    
    UCC-1 Financing Statement (Secretary of State of Pennsylvania)a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank8.
    
    Guaranty of Recourse Obligations of Borrower9.
    
    Environmental Indemnity Agreement10.
    
    Estoppel and Assignment of Management Agreement11.
    
    Solvency Certificate12.
    
    Closing Certificate13.
    
    Rent Schedule Certification14.
    
    Utility Availability Certification15.
    
    Licenses/Permits Certification16.
    
    Lenders Escrow Instructions (with Title Commitment Attached)17.
    
    W-9 Request for Taxpayer Identification Number18.
    
    Post-Closing Agreement




---



##### 



Loan Documents
 Tab
    
    Item1.
    
    Promissory Note2.
    
    Form of Allonge to Promissory Note from CitiGroup Global Markets Realty Corp. in blank3.
    
    Open-End Mortgage, Assignment of Rents and Security Agreement4.
    
    Form of Assignment of Note, Mortgage, Assignment of Leases and Rents and Loan
Documents from CitiGroup Global Markets Realty Corp. in Blank5.
    
    Assignment of Leases and Rents6.
    
    UCC-1 Financing Statement (Fixture Filing  Fulton County, Pennsylvania)a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank7.
    
    UCC-1 Financing Statement (Secretary of State of Pennsylvania)
    
    a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank8.
    
    Guaranty of Recourse Obligations of Borrower9.
    
    Environmental Indemnity Agreement10.
    
    Estoppel and Assignment of Management Agreement11.
    
    Solvency Certificate12.
    
    Closing Certificate13.
    
    Rent Schedule Certification14.
    
    Utility Availability Certification15.
    
    Licenses/Permits Certification




---



##### 



Loan Documents
 Tab
    
    Item1.
    
    Promissory Note2.
    
    Form of Allonge to Promissory Note from CitiGroup Global Markets Realty
Corp. in blank3.
    
    Open-End Mortgage, Assignment of Rents and Security Agreement4.
    
    Form of Assignment of Note, Mortgage, Assignment of Leases and Rents and
Loan
Documents from CitiGroup Global Markets Realty Corp. in Blank5.
    
    Assignment of Leases and Rents6.
    
    UCC-1 Financing Statement (Fixture Filing  Delaware County, Pennsylvania)a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank7.
    
    UCC-1 Financing Statement (Secretary of State of Pennsylvania)a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank8.
    
    Guaranty of Recourse Obligations of Borrower9.
    
    Environmental Indemnity Agreement10.
    
    Estoppel and Assignment of Management Agreement11.
    
    Reserve and Security Agreement12.
    
    Solvency Certificate13.
    
    Closing Certificate14.
    
    Rent Schedule Certification15.
    
    Utility Availability Certification16.
    
    Licenses/Permits Certification17.
    
    Leaders Escrow Instructions (with Title Commitment Attached)18.
    
    W-9 Request for Taxpayer Identification Number19.
    
    Post-Closing Agreement20.
    
    Lease Summary (Giant Foods)21.
    
    Tenant Estoppel Certificates22.
    
    Tenant Subordination, Nondisturbance and Attornment Agreement23.
    
    Certificate and Authorization of Members24.
    
    Certificate of Manager25.
    
    Good Standing Certificate of Borrower26.
    
    Survey27.
    
    Property Management Agreement




---



##### 



Tab
    
    Item28.
    
    Opinion of Borrowers counsel29.
    
    PZR Zoning Report30.
    
    Settlement Statement31.
    
    Loan Commitment32.
    
    Rate Lock Memorandum




---



##### 



Loan Documents
 1. Loan Commitment Letter
 2. Promissory Note
 3. Assignment of Leases and Rents
 4. Open-End Mortgage, Assignment of Rents and Security Agreement
 5. Guaranty of Recourse Obligations of Borrower
 6. Environmental Indemnity Agreement
 7. Estoppel and Assignment of Management Agreement
 8. Solvency Certificate
 9. Closing Certificate
 10. Rent Schedule Certification
 11. Utility Availability Certificate
 12. Licenses/Permits Certificate
 13. Request for Taxpayer Identification Number
 14. UCC-1  Columbia County
 15. UCC-1  Pennsylvania Department of State
 16. Post-Closing Agreement
 17. Management Agreement
 18. First Amendment to Management Agreement
 19. First Amendment to Limited Liability Company Operating Agreement
 20. Certificate of Manager
 21. Certificate and Authorization by the Members of Bloomsburg Center, LLC
 22. Tenant Estoppel and SNDA  Giant Food Stores, LLC




---



##### 



23. Tenant Estoppel and SNDA  Movie Gallery
 24. Tenant Estoppel and SNDA  Citifinancial Services, Inc.
 25. Tenant Estoppel and SNDA  Regis Corporation
 26. Settlement Statement
 27. Opinion Letter of Counsel
 28. Closing Protection Letter
 29. Marked-Up Title Commitment




---



##### 








---



##### 



Fieldstone Marketplace
  Mar-2007
    
    
    AnnualizedTenant
    
    Sq. Ft
    
    
    Start
    
    
    Expiration
    
    
    Rent
    
    
    RentLiquor Store
    
    
    15,180
    
    
    TBD
    
    
    TBD
    
    
    
    15,180
    
    
    
    182,160CVS
    
    
    8,710
    
    
    
    6/88
    
    
    
    1/09
    
    
    
    9,930
    
    
    
    119,160Winthrops Hallmark
    
    
    4,000
    
    
    
    11/98
    
    
    
    12/08
    
    
    
    5,000
    
    
    
    60,000New Bedford Dental
    
    
    2,184
    
    
    
    1/98
    
    
    
    3/12
    
    
    
    2,719
    
    
    
    32,628Cost Cutters
    
    
    1,570
    
    
    
    7/99
    
    
    
    8/07
    
    
    
    1,897
    
    
    
    22,764Payless Shoesource
    
    
    2,991
    
    
    
    8/88
    
    
    
    7/10
    
    
    
    3,115
    
    
    
    37,380Shaws Supermarket
    
    
    68,000
    
    
    
    8/88
    
    
    
    2/24
    
    
    
    66,583
    
    
    
    798,996Golden Star Restaurant
    
    
    1,440
    
    
    
    8/91
    
    
    
    8/12
    
    
    
    2.157
    
    
    
    25,884Sally Beauty
    
    
    1,795
    
    
    
    5/91
    
    
    
    10/07
    
    
    
    2,244
    
    
    
    26,928Liberty Tax Service
    
    
    1,265
    
    
    
    12/04
    
    
    
    11/09
    
    
    
    1,371
    
    
    
    16,452Escape to Fitness
    
    
    13,445
    
    
    
    9/97
    
    
    
    9/12
    
    
    
    10,584
    
    
    
    127,008Flagship Cinemas
    
    
    41,975
    
    
    
    10/98
    
    
    
    10/23
    
    
    
    17,524
    
    
    
    210,288Furniture Plaza
    
    
    12,577
    
    
    
    11/06
    
    
    
    10/16
    
    
    
    7,860
    
    
    
    94,320Papa Ginos
    
    
    3,325
    
    
    
    6/88
    
    
    
    6/08
    
    
    
    3,885
    
    
    
    46,620Citizens Bank (ATM)
    
    
    534
    
    
    
    11/05
    
    
    
    10/07
    
    
    
    1,040
    
    
    
    12,480Dunkin Donuts
    
    
    525
    
    
    
    1/05
    
    
    
    12/24
    
    
    
    3,750
    
    
    
    45,000A.C. Holdings
    
    
    4,128
    
    
    
    10/02
    
    
    
    10/22
    
    
    
    5,418
    
    
    
    65,016SpeeDee Oil
    
    
    2,226
    
    
    
    3/90
    
    
    
    3/10
    
    
    
    2,083
    
    
    
    24,996Oceans 18
    
    
    8,100
    
    
    
    11/05
    
    
    
    5/10
    
    
    
    4,700
    
    
    
    56,400Total Amount Per Month
    
    
    193,970
    
    
    
    
    
    
    
    
    
    
    
    167,040
    
    
    
    2,004,480
 
 Notes:1
    
    Cedar expects to lease to a liquor store prior to the First Closing date. Cedar will
master-lease until tenant is in occupancy and paying rent.




---



##### 



Meadows Marketplace
  Mar-2007
    
    
    AnnualizedTenant
    
    Sq. Ft.
    
    
    Start
    
    
    Expiration
    
    
    Rent
    
    
    RentGiant Food Stores
    
    
    65,507
    
    
    
    11/05
    
    
    
    11/25
    
    
    
    72,440
    
    
    
    869,280Pax Cleaners, Inc.
    
    
    1,200
    
    
    
    9/06
    
    
    
    9/11
    
    
    
    2,100
    
    
    
    25,200Holiday Hair (Regis Cor
    
    
    1,275
    
    
    
    9/06
    
    
    
    8/11
    
    
    
    2,125
    
    
    
    25,500Brother Joes Pizza
    
    
    1,704
    
    
    
    11/06
    
    
    
    10/11
    
    
    
    2,556
    
    
    
    30,672Babylon Nail
    
    
    1,200
    
    
    
    9/06
    
    
    
    8/11
    
    
    
    2,300
    
    
    
    27,600Subway
    
    
    1,800
    
    
    
    1/07
    
    
    
    12/16
    
    
    
    3,450
    
    
    
    41,400Pet Valu
    
    
    2,500
    
    
    
    9/06
    
    
    
    8/11
    
    
    
    3,750
    
    
    
    45,000Verizon
    
    
    1,649
    
    
    
    8/06
    
    
    
    6/11
    
    
    
    3,436
    
    
    
    41,232Jing Sheng Jiang
    
    
    3,216
    
    
    
    11/06
    
    
    
    10/11
    
    
    
    3,752
    
    
    
    45,024Vacant
    
    
    2,466Starbucks1
    
    
    1,850
    
    
    TBD
    
    
    TBD
    
    
    
    2,852
    
    
    
    34,224Cartridge World2
    
    
    1,563
    
    
    TBD
    
    
    TBD
    
    
    
    2,735
    
    
    
    32,820Community Bank3
    
    
    3,200
    
    
    TBD
    
    
    TBD
    
    
    
    7,917
    
    
    
    95,004Total Amount Per Month
    
    
    89,130
    
    
    
    
    
    
    
    
    
    
    
    109,413
    
    
    
    1,312,956
 
 Notes:1
    
    Cedar expects to lease to Starbucks prior to the First Closing. Cedar will
master-lease until
tenant is in occupancy and paying rent.2
    
    Cedar expects to lease to Cartridge World prior to the First Closing. Cedar will
master-lease until tenant is in occupancy and paying rent.3
    
    Cedar has entered into a lease with Community Bank. Cedar will master-lease until
tenant is
in occupancy and paying rent.




---



##### 



Pennsboro Commons
  Mar-2007
    
    
    AnnualizedTenant
    
    Sq. Ft.
    
    
    Start
    
    
    Expiration
    
    
    Rent
    
    
    RentGiant Gas
    
    
    2,400
    
    
    
    1/02
    
    
    
    9/11
    
    
    
    2,000
    
    
    
    24,000Giant
    
    
    54,524
    
    
    
    8/99
    
    
    
    7/19
    
    
    
    60,976
    
    
    
    731,712Giant Expansion
    
    
    11,700
    
    
    
    5/03
    
    
    
    8/19
    
    
    
    10,774
    
    
    
    129,288Movie Merchants
    
    
    6,000
    
    
    
    8/99
    
    
    
    8/09
    
    
    
    7,425
    
    
    
    89,100Hong Kong Buffet
    
    
    3,000
    
    
    
    10/00
    
    
    
    9/10
    
    
    
    3,898
    
    
    
    46,776Mail Boxes Etc.
    
    
    1,200
    
    
    
    9/99
    
    
    
    6/09
    
    
    
    1,650
    
    
    
    19,800Vacant
    
    
    1,200Subway
    
    
    1,440
    
    
    
    10/02
    
    
    
    9/08
    
    
    
    1,754
    
    
    
    21,048Class Act Dry Cleaners
    
    
    1,200
    
    
    
    1/02
    
    
    
    12/11
    
    
    
    1,696
    
    
    
    20,352Barbarinos Pizza
    
    
    1,800
    
    
    
    6/04
    
    
    
    5/10
    
    
    
    2,250
    
    
    
    27,000Papa Johns
    
    
    1,200
    
    
    
    8/99
    
    
    
    7/09
    
    
    
    1,760
    
    
    
    21,120Americhoice FCU
    
    
    1,200
    
    
    
    1/06
    
    
    
    2/10
    
    
    
    1,840
    
    
    
    22,080Golden Nail
    
    
    1,200
    
    
    
    7/05
    
    
    
    6/15
    
    
    
    1,600
    
    
    
    19,200Scott D. Trask, DMD
    
    
    2,400
    
    
    
    10/05
    
    
    
    9/10
    
    
    
    2,800
    
    
    
    33,600Roly Poly
    
    
    1,200
    
    
    
    3/03
    
    
    
    2/09
    
    
    
    1,600
    
    
    
    19,200P&D Discount Tobacco
    
    
    1,200
    
    
    
    11/04
    
    
    
    10/07
    
    
    
    1,425
    
    
    
    17,100Vacant
    
    
    1,200Gingerbread Cafe
    
    
    1,200
    
    
    
    7/02
    
    
    
    6/07
    
    
    
    1,452
    
    
    
    17,424Dr. Barbara Christensen
    
    
    1,200
    
    
    
    2/04
    
    
    
    1/09
    
    
    
    2,000
    
    
    
    24,000Jackson Hewitt
    
    
    1,200
    
    
    
    12/04
    
    
    
    12/09
    
    
    
    1,600
    
    
    
    19,200Cellutions
    
    
    1,200
    
    
    
    6/06
    
    
    
    10/09
    
    
    
    2,100
    
    
    
    25,200Pet Valu
    
    
    2,460
    
    
    
    7/05
    
    
    
    7/10
    
    
    
    3,690
    
    
    
    44,280Lean & Mean
    
    
    1,895
    
    
    
    5/05
    
    
    
    4/10
    
    
    
    2,526
    
    
    
    30,312California Fusion
    
    
    1,705
    
    
    
    6/05
    
    
    
    6/10
    
    
    
    2,273
    
    
    
    27,276Vacant
    
    
    3,600Brooke Corporation
    
    
    1,260
    
    
    
    8/06
    
    
    
    8/09
    
    
    
    1,700
    
    
    
    20,400Total Amount Per Month
    
    
    109,784
    
    
    
    
    
    
    
    
    
    
    
    120,789
    
    
    
    1,449,468




---



##### 



Stonehedge Square
  Mar-2007
    
    
    AnnualizedTenant
    
    Sq. Ft
    
    
    Start
    
    
    Expiration
    
    
    Rent
    
    
    RentNells Market
    
    
    51,782
    
    
    
    6/90
    
    
    
    5/26
    
    
    
    38,837
    
    
    
    466,044Wine & Spirits
    
    
    5,170
    
    
    
    6/01
    
    
    
    5/11
    
    
    
    6,250
    
    
    
    75,000Monro Muffler
    
    
    4,500
    
    
    
    7/95
    
    
    
    6/10
    
    
    
    3,025
    
    
    
    36,300Great Wall Buffett
    
    
    4,400
    
    
    
    6/01
    
    
    
    3/12
    
    
    
    5,036
    
    
    
    60,432West Coast Video
    
    
    4,080
    
    
    
    1/05
    
    
    
    1/08
    
    
    
    3,968
    
    
    
    47,616PA Ind. Blind & Handicap
    
    
    2,550
    
    
    
    7/94
    
    
    
    6/11
    
    
    
    3,294
    
    
    
    39,528M&T Bank
    
    
    2,250
    
    
    
    6/90
    
    
    
    12/10
    
    
    
    4,828
    
    
    
    57,936Alfredos Pizza
    
    
    2,000
    
    
    
    11/00
    
    
    
    10/10
    
    
    
    2,796
    
    
    
    33,552Carlisle Coffee
    
    
    2,000
    
    
    
    7/04
    
    
    
    10/09
    
    
    
    2,387
    
    
    
    28,644Dawn & Assoc
    
    
    1,750
    
    
    
    9/04
    
    
    
    8/07
    
    
    
    2,089
    
    
    
    25,068Brown Optical
    
    
    1,600
    
    
    
    11/01
    
    
    
    10/11
    
    
    
    2,572
    
    
    
    30,864Weight Watchers
    
    
    1,500
    
    
    
    7/03
    
    
    
    6/07
    
    
    
    1,656
    
    
    
    19,872The UPS Store
    
    
    1,440
    
    
    
    4/01
    
    
    
    3/11
    
    
    
    1,909
    
    
    
    22,908Vacant
    
    
    1,350
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0Nails Perfection
    
    
    1,200
    
    
    
    6/04
    
    
    
    9/07
    
    
    
    1,485
    
    
    
    17,820Manpower, Inc
    
    
    1,200
    
    
    
    6/94
    
    
    
    7/10
    
    
    
    1,450
    
    
    
    17,400Total Amount Per Month
    
    
    88,772
    
    
    
    
    
    
    
    
    
    
    
    81,582
    
    
    
    978,984
  1.
    
    Tenant is in defaul and vacated. Cedar will master lease until the end of the tenants term.




---



##### 








---



##### 



Database: CEDARSHOPCTR Aged Delinquencies Page: 1 Cedar Shopping Centers Date: 3/9/2007
ENTITY: 1320 CEDAR FIELDSTONE Time: 02:27 PM Date: 2/28/2007 Invoice Date Category Source Amount
Current 30 60 90 120 1320-001283 1 Delq-Day5 Last Payment 2/9/2007 14.574.00 (508)995-966 2/16/2007
TXY Annual Real Estate faxes CH 10,318.75 10,318.75 0.000.000.000.00 TXY Annual Real Estate Taxes
10,318.75 10,318.75 0.000.000.000.00 KB TOYS Total: 10,318.75 10,318.75 0.000.000.000.00
1320-001284 CVS 12/1/2006 ESC Cam estimates CH 0.01 0.000.000.01 0.000.00 1/1/2007 . ESC Cam
estimates CH 0.01 0.000.01 0.000.00 . 0.00 2/1/2007 ESC Cam estimates CH 0.01 0.01 0.000.000.000.00
2/16/2007 TXY Annual Real Estate Taxes CH 5,920.70 5,920.700.000.000.000.00 ESC Cam estimates 0.03
0.01 0.01 . 0.01 0,000.00 TXY Annual Real Estate Taxes  5,920.70 5,920.700.000.000.000.00 CVS
PHARMACY Total: 5,920.73 5,920.71 0.01 0.01 0.000.00 1320-00286 lBRISTO DR PEYMAN 3,556.17
508-995-9493 3/2/2006 WAT WATER/SEWER CR -186.400.000.000.000.00 -186.40 12/19/2006 TXY Annual Real
Estate Taxes NC -296.17 0.000.00 -296.17 0.000.00 TXY Annual Real Estate Taxes -296.17 0.000.00
-296.17 0.000.00 WAT WATER/SEWER -186.400.000.000.000.00 -186.40 BRISTOL DENTAL Total: -482.57
0.000.00 -296.17 0.00 -186.40 1320-001287 11/3/2006 OCR PAYMENT TO OPEN CREDI CR -3.000.000.000.00
-3.000.00 12/19/2006 TXY Annual Real Estate Taxes CH 431.68 0.000.00 431.68 0.000.00 OCR PAYMENT TO
OPEN CREDIT -3.000.000.000.00 -3.000.00 TXY Annual Real Estate Taxes 431.68 0.000.00 431.68
0.000.00 COST CUTTERS FAMILYHAIR Total: 428.68 0.000.00 431.68 -3.000.00 1320-001288 JOYCE BRIGDA
508-998-8677 2/16/2007 TXY Annual Real Estate faxes CH 2,033.16 2.033.13 0.00 0.000.000.00 TXY
Annual Real Estate Taxes 2,033.16 2,033.16 0.000.000.000.00 PAYLESS SHOESOURCE Total: 2,033.16
2,033.16 0.0) 0.000.000.00 2/16/2007 TXY Annual Real Estate Taxes CH 1,220.17 1,220.17
0.000.000.000.00




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##### 



Database: CEDARSHOPCTR Aged Delinquencies Page: 2 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1320 CEDAR RELDSTONE Time: 02:27 PM Date: 2/28/2007 Invoice Date Category Source Amount Current 30
60 90 120 TXY Annual Real Estate Taxes 1,220.17 1,220.17 0.000.000.000.00 SALLY BEAUTY Total:
1,220.17 1,220.17 0.000.000.000.00 1320-00129 ESCAPE TO FITNlSS. 0001211-1Day Due 1Delq Day 5 TOM
SHERDEN12 Current Last Payment 3/1/2007 14,700:00 (508) 998-7933 6/21/2006 OCR PAYMENT TO OPEN
CREDI CR -116.51 0.000.000.000.00 -116.51  7/25/2006 OCR PAYMENT TO OPEN CREDI CR -129.41
0.000.000.000.00 -129.41 8/1/2006 LAT LATE CHARGES CH 700.000.000.000.000.00 700.00 8/23/2008 OCR
PAYMENT TO OPEN CREDI CR -537.52 0.000.000.000.00 -537.52 9/22/2006 OCR PAYMENT TO OPEN CREDI CR
-138.52 0.000.000.000.00 -138.52 10/1/2006 ESC Cam estimates CH 94.48 0.000.000.000.00 94.48
10/13/2006 LAT LATE CHARGES CH 750.000.000.000.000.00 750.00 12/1/2006 ESC Cam estimates CH 961.48
0.000.00 961.48 0.000.00 12/14/2006 LAT LATE CHARGES CH 700.000.000.00 700.000.000.00 12/19/2006
TXY Annual Real Estate Taxes NIC -1,244.11 0.000.00 -1,244.11 0.000.00 1/1/2007 ESC Cam estimates
CH 61.48 0.00 61.48 0.000.000.00, 1/22/2007 LAT LATE CHARGES CH 750.000.00 750.000.000.000:00 
2/1/2007 ESC Cam estimates CH T 1,872.73 1,872.73 0.000.000.000.00 2/1/2007 INS INSURANCE CH 280.00
280.000.000.000.000.00 2/1/2007 RNT  Base Rent CH 10,083.75 10,083.75 0.000.000.000.00 2/1/2007
TXS Real estate tax estimate CH 2,412.00 2.41ZOO 0.000.000.000.00 ESC Cam estimates 2,990.17
1,872.73 61.48 961.48 0.00 94.48 INS INSURANCE 280.00 280.000.000.000.00 Q.OO LAT LATE CHARGES
2,900.000.00 750.00 700.000.00 1,450.00 OCR PAYMENT TO OPEN CREDIT -921.96 0.000.000.000.00 -921.96
RNT Base Rent 10,083.75 10,033.75 0.000.000.000.00 TXS Real estate tax estimate 2,412.00
2,412.000.000.000.000.00 TXY Annual Real Estate Taxes -1,244.11 0.000.00 -1,244.11 0.000.00 ESCAPE
TO FITNESS Total: , 16,499.85 14,348.48 .811.48 417.37 0.00 622.52 1320-001292 PAPA GINOS
2/16/2007 TXY Annual Real Estate Taxes CH 2,260.20 2,260.200.000.000.000.00 TXY Annual Real Estate
Taxes 2,260.20 2,260.200.000.000.000.00 PAPA GINOS Total: 2,260.20 2,260.200.000.000.000-00
1320-001293 EON GRIND/DUNKIN Day 5 Payment 2/13/2007 508-989-3497 12/19/2006 TXY Annual Real Estate
Taxes NC -99.14 0.000.00 -99.14 0.000.00 TXY Annual Real Estate Taxes -99.14 0.000.00 -99.14
0.000.00 EON GRIND/DUNKIN DONUTS Total: -99.14 0.000.00 -99.14 0.000.00 1320-001294 A.C. HOLDINGS
FIELDSTONE 6/12/2006 OCR PAYMENT TO OPEN CREDI CR -6.960.76 0.000.000.000.00 -6,960.76 10/24/2006
PPR Prepaid Rent CR -6,960.79 0.000.000.000.00 -6,960.79




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##### 



Database: CEDARSHOPCTR Aged Delinquencies Page: 2 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1320 CEDAR RELDSTONE Time: 02:27 PM Date: 2/28/2007 Invoice Date Category Source Amount Current 30
60 90 120 TXY Annual Real Estate Taxes 1,220.17 1,220.17 0.000.000.000.00 SALLY BEAUTY Total:
1,220.17 1,220.17 0.000.000.000.00 1320-00129 ESCAPE TO FITNlSS. 0001211-1Day Due 1Delq Day 5 TOM
SHERDEN12 Current Last Payment 3/1/2007 14,700:00 (508) 998-7933 6/21/2006 OCR PAYMENT TO OPEN
CREDI CR -116.51 0.000.000.000.00 -116.51  7/25/2006 OCR PAYMENT TO OPEN CREDI CR -129.41
0.000.000.000.00 -129.41 8/1/2006 LAT LATE CHARGES CH 700.000.000.000.000.00 700.00 8/23/2008 OCR
PAYMENT TO OPEN CREDI CR -537.52 0.000.000.000.00 -537.52 9/22/2006 OCR PAYMENT TO OPEN CREDI CR
-138.52 0.000.000.000.00 -138.52 10/1/2006 ESC Cam estimates CH 94.48 0.000.000.000.00 94.48
10/13/2006 LAT LATE CHARGES CH 750.000.000.000.000.00 750.00 12/1/2006 ESC Cam estimates CH 961.48
0.000.00 961.48 0.000.00 12/14/2006 LAT LATE CHARGES CH 700.000.000.00 700.000.000.00 12/19/2006
TXY Annual Real Estate Taxes NIC -1,244.11 0.000.00 -1,244.11 0.000.00 1/1/2007 ESC Cam estimates
CH 61.48 0.00 61.48 0.000.000.00, 1/22/2007 LAT LATE CHARGES CH 750.000.00 750.000.000.000:00 
2/1/2007 ESC Cam estimates CH T 1,872.73 1,872.73 0.000.000.000.00 2/1/2007 INS INSURANCE CH 280.00
280.000.000.000.000.00 2/1/2007 RNT  Base Rent CH 10,083.75 10,083.75 0.000.000.000.00 2/1/2007
TXS Real estate tax estimate CH 2,412.00 2.41ZOO 0.000.000.000.00 ESC Cam estimates 2,990.17
1,872.73 61.48 961.48 0.00 94.48 INS INSURANCE 280.00 280.000.000.000.00 Q.OO LAT LATE CHARGES
2,900.000.00 750.00 700.000.00 1,450.00 OCR PAYMENT TO OPEN CREDIT -921.96 0.000.000.000.00 -921.96
RNT Base Rent 10,083.75 10,033.75 0.000.000.000.00 TXS Real estate tax estimate 2,412.00
2,412.000.000.000.000.00 TXY Annual Real Estate Taxes -1,244.11 0.000.00 -1,244.11 0.000.00 ESCAPE
TO FITNESS Total: , 16,499.85 14,348.48 .811.48 417.37 0.00 622.52 1320-001292 PAPA GINOS
2/16/2007 TXY Annual Real Estate Taxes CH 2,260.20 2,260.200.000.000.000.00 TXY Annual Real Estate
Taxes 2,260.20 2,260.200.000.000.000.00 PAPA GINOS Total: 2,260.20 2,260.200.000.000.000-00
1320-001293 EON GRIND/DUNKIN Day 5 Payment 2/13/2007 508-989-3497 12/19/2006 TXY Annual Real Estate
Taxes NC -99.14 0.000.00 -99.14 0.000.00 TXY Annual Real Estate Taxes -99.14 0.000.00 -99.14
0.000.00 EON GRIND/DUNKIN DONUTS Total: -99.14 0.000.00 -99.14 0.000.00 1320-001294 A.C. HOLDINGS
FIELDSTONE 6/12/2006 OCR PAYMENT TO OPEN CREDI CR -6.960.76 0.000.000.000.00 -6,960.76 10/24/2006
PPR Prepaid Rent CR -6,960.79 0.000.000.000.00 -6,960.79




---



##### 



Database: CEDARSHOPCTR Aged Delinquencies Page: 4 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1320 CEDAR FIELDSTONE Time: 02:27 PM Date: 2/28/2007 Invoice Date Category Source Amount Current 30
60 90 120 1320-001314 CITIZENS BANK-ATM Master Occupant id 0001228-1 Day Due: 1 Delq Day 5 Amy 18
Current 412-234-6910 8/1/2006 ESC Cam estimates CH 16.000.000.000.000.00 16.00 10/1/2006 ESC Cam
estimates CH 75.000.000.000.000.00 75.00 10/1/2006 INS INSURANCE CH 11.000.00 . 0.000.000.00 11.00
2/16/2007 TXY Annual Real Estate Taxes CH 362.99 362.99 0.000.000.000.00 2/28/2007 PPR Prepaid Rent
CR -1,126.00 -1,126.000.000.000.000.00 ESC Cam estimates 91.000,000.000.000.00 91.00 INS INSURANCE
11.000.000.000.000.00 11.00 PPR Prepaid Rent -1,126.00 -1,126.000.000.000.000.00 TXY Annual Real
Estate Taxes 362.99 362.99 0.000.000.000.00 CITIZENS BANK-ATM Total: -661.01 -763.01 0.000.000,00
102.00 1320-001569 FURNITURE PLACE LLC LAILA MUSHTAQ 12/14/2006 ELC ELECTRIC CHARGE CH 285.89
0.000.00 285.69 0.000.00 12/19/2006 TXY Annual Real Estate Taxes CH 1,475.61 0.000.00 1,475.61
0.000.00 1/1/2007 RNT Base Rent CH 0.63 0.000.63 0.000.000.00 2/1/2007 RNT Base Rent CH 0.63 0.63
0.000.000.000.00 ELC ELECTRIC CHARGE 285.89 0.000.00 285.89  0.000.00 RNT Base Rent 1.26 0.63 0.63
0.000.000.00 TXY Annual Real Estate Taxes 1,475.61 0.000.00 1,475.61 0.000.00 FURNITURE PLACE LLC
Total: 1,762.76 0.63 0.63 1,761.500.000.00 CMM Annual Cam Expenses 553.45 0.000.000.000.00 553.45
ELC ELECTRIC CHARGE 285.89 0.000.00 285.89 0.000.00 ESC Cam estimates -2a-.562.05 -13,857.83. 61.49
-3,016.68 0.00 -11,749.03 INS INSURANCE 291.00 280.000.000.000.00 11.00 LAT LATE CHARGES
2,900.000.00 750.00 700.000.00 1,450.00 OCR PAYMENT TO OPEN CREDIT -35,732.91 0.000.000.00 -3.00
-35,729.91 PPR Prepaid Rent -82,633.13 -67,716.000.000.00 -3,978.17 -10,938.95 RNT Base Rent
10,085.01 10,084.38 0.63 0.000.000.00 TXS Real estate tax estimate 2,412.15 2,412.15
0.000.000.000.00 TXY Annual Real Estate Taxes 70,860.48 70,831.59 0.00 28.89 0.000.00 WAT
WATER/SEWER -186.400.000.000.000.00 -186.40 ENTITY 1320 Total: -59,726.51 2,034.29 812.12 -2,001.90
-3,981.17 -56,589.85 CMM Annual Cam Expenses 553.45 0.000.000.000.00 553.45 ELC ELECTRIC CHARGE
285.89 0.000.00 285.89 0.000.00 ESC Cam estimates -28,562.05 -13,857.83 61.49 -3,016.68 0.00
-11,749.03 INS INSURANCE 291.00 280.000.000.000.00 11.00 LAT LATE CHARGES 2,900,000,00 750.00
700.000.00 1,450.00 OCR PAYMENT TO OPEN CREDIT -35,732.91 0.000.000.00 -3.00 -35,729.91 PPR Prepaid
Rent -82,633.13 -67,716.000.000.00 -3,978.17 -10,938.96 RNT Bass Rent 10,085.01 10,084.38 0.63
0.000.000.00 TXS Real estate tax estimate 2,412.15 2,412.15 0.000.000.000.00 TXY Annual Real Estate
Taxes 70,860.48 70,831.59 0.00 28.89 0.000.00 WAT WATER/SEWER -186.400.000.000.000.00 -186.40 Grand
Total: -59,726.51 2,034.29 812.12 -2,001.90 -3,981.17 -56,589.35




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##### 



Database: CEDARSHOPCTR Aged Delinquencies Page: 1 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1285 CEDAR PENNSBORO Time: 02:28 PM Date: 2/23/2007 Invoice Date Category Source Amount Current 30
60 90 120 1285-001385 GlANT-FUEL STA 10/06 #263 Master Occupant Id: 000011172 Day Due 1 Delq Day: 5
DEB ALLEMAN Current Last Payment 2/27/2007 2,208.35 (717) 240-7557 2/27/2007 PPR Prepaid Rent CR
-2,208.35 -2,208.35 0.000.000.000.00 PPR Prepaid Rent -2,208.35 -2,208.35 0.000.000.000.00
GIANT-FUEL STA 10/06 #263 Total: -2,208.35 -2,208.35 0.000.000.000.00 1285-001177 GIANT FOOD
STORES, INC #263 DEB ALLEMAN LastPayment: 2/27/2007 67,531.25 (717) 240 7557 8/1/2006 OCR PAYMENT
TO OPEN CREDI CR -2,109.33 0.000.000.000.00 -2,109.33 1/25/2007 RNT Base Rent NC -1.174.46. 0.00
-1,174,46 0.000.00  0.00 2/27/2007 PPR Prepaid Rent CR -67,531.25 -67,531.25 0.000.000.000.00 OCR
PAYMENT TO OPEN CREDIT -2,109.33 0.000.000.000.00 -2,109.33 PPR Prepaid Rent -67,531.25 -67,531.25
0.000,000.000.00 RNT Base Rent 1,174.46 0.00 -1,174.46 0.000.000.00 GIANT FOOD STORES, INC. #263
Total: -70,815.04 -67,531.25 -1,174.46 0.000.00 -2,109.33 1285-001178 AMERICHOICE FEDERAL CREDIT
UNI Master occupation ^^ 2,169.00 (717) 591-12612/27/2006 OCR PAYMENT TO OPEN CREDI CR
-175.000.000.000.000.00 -175.00 3/9/2006 PPR Prepaid Rent CR -2,090.000.000.000.000.00 -2,090.00
2/20/2007 TXY Annual Real Estate Taxes NC -122.00 -122.000.000.000.000.00 2/27/2007 PPR Prepaid
Rent CR -2,169.00 -2,169.000.000.000.000.00 OCR PAYMENT TO OPEN CREDIT -175.000.000.000.000.00
-175.00 PPR Prepaid Rent -4,259.00 -2,169.000.000.000.00 -2,090.00 TXY Annual Real Estate Taxes
-122.00 -122.000.000.000.000.00 AMERICHOICE FEDERAL CREDIT UNI Tota -4,556.00 -2,291.000.000.000.00
-2,265.00 1285-001179 BARBARINOS PIZZA 5 12/18/2006 TXY Annual Real Estate Taxes CH 882.37
0.000.00 882.37 0.000.00 1/1/2007 ESC Cam estimates CH 50.000.00 50.000.000.000.00 2/1/2007 ESC Cam
estimates CH 50.00 50.000.000.000.000.00 ESC ,,Cam estimates 100.00 50.00 50.000.000.000.00 TXY
Annual Real Estate Taxes 882.37 0.000.00 882.37 0.000.00 BARBARINOS PIZZA Total: 982.37 50.00
50.00 882.37 0.000.00 .1285-001180 Day Due: 1 Delq Day: 5 12/1/2006 ESC Cam estimates CH 0.03
0.000.000.03 0.000.00 12/18/2006 TXY Annual Real Estate Taxes CH 551.68 0.000.00 551.68 0.000.00
1/1/2007 TXS Real estate tax estimate CH 0.05 0.00 . 0.05 0.000.000.00 1/24/2007 LAT LATE CHARGES
CH 150.000.00 150.000.000.000.00 2/1/2007 ESC Cam estimates CH 2T3.12 213.12 0.000.000.000.00
2/1/2007 INS INSURANCE CH 35.52 35.52 0.000.000.000.00




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##### 



Database: ENTITY: CEDARSHOPCTR 1285 Aged Delinquencies Cedar Shopping Centers CEDAR PENNSBORO Date:
2/28/2007 Page: Date: Time: 2 3/9/2007 02:28 PM Invoice Date Category Source Amount Current 30 60
90 120 2/1/2007 2/1/2007 2/20/2007 RNT TXS TXY Base Rent Real estate tax estimate Annual Real
Estate Taxes CH CH CH 2,273.33 142.08 142.08 2,273.33 142.08 142.08 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 ESC Cam estimates 213.15 213.12 0.00 0.03 0.00 0.00 INS INSURANCE
35.52 35.52 0.00 0.00 0.00 0.00 LAT LATE CHARGES 150.00 0.00 150.00 0.00 0.00 0.00 RNT Base Rent
2,273.33 2,273.33 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 142.13 142.08 0.05 0.00 0.00
0.00 TXY Annual Real Estate Taxes 693.76 142.08 0.00 551.68 0.00 0.00 CALIFORNIA FUSION Total:
3,507.89 2,806.13 150.05 551.71 0.00 0.00 1285-001 1 81 Day Due: 3/17/2006 OCR PAYMENT TO OPEN
CREDI CR 2/1/2007 ESC Cam estimates CH 2/1/2007 INS INSURANCE CH 2/1/2007 RNT Base Rent CH 2/1/2007
TXS Real estate tax estimate CH -121.90 165.00 15.00 684.00 1OO.OO 0.00 165.00 15.00 684.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -121.90 0.00 0.00 0.00
0.00 ESC Cam estimates 165.00 165.00 o.oo 0.00 0.00 0.00 INS INSURANCE 15.00 15.00 0.00 0.00 0.00
0.00 OCR PAYMENT TO OPEN CREDIT -121.90 0.00 0.00 0.00 0.00 -121.90 RNT Base Rent 684.00 684.00
0.00 0.00 0.00 0.00 TXS Real estate tax estimate 100.00 100.00 0.00 0.00 0.00 0.00 CHECK N GO
Total: 842.10 964.00 0.00 0.00 0.00 -121.90 2/20/2007 TXY Annual Real Estate Taxes NC -100.00
-100.00 0.00 0.00 2/13/2007 2,280.00 0.00 0.00 TXY Annual Real Estate Taxes -100 00 -100.00 0.00
0.00 0.00 0.00 DR. BARBARA CHRISTENSEN Total: 1285-001184 -100.00 -100.00 0.00 0.00 Last Payment:
0.00 0.00 2,961.25 3/21/2006 2/20/2007 OCR PAYMENT TO OPEN CREDI CR TXY Annual Real Estate Taxes NC
-92.75 -61.00 0.00 -61.00 0.00 0.00 0.00 0.00 0.00 0,00 -92.75 0.00 OCR PAYMENT TO OPEN CREDIT TXY
Annual Real Estate Taxes -92.75 -61.00 0.00 -61.00 0.00 0.00 0.00 0.00 0.00 0.00 -92.75 0.00 CLASS
ACT DRYCLEANERS Total: -153.75 -61.00 0.00 0.00 0.00 -92.75 -0.50 -8.00 0.15 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.50 -8.00 0.15 3/9/2006 TXS Real estate tax estimate CR
5/4/2006 OCR PAYMENT TO OPEN CREDI CR 5/4/2006 WAT WATER/SEWER CH Database: CEDARSHOPCTR ENTITY:
1285




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##### 



Aged Delinquencies Cedar Shopping Centers CEDAR PENNSBORO Date: 2/28/2007 Page: Date: Time: 3
3/9/2007 02:28 PM Invoice Date Category Source Amount Current . 30 60 90 120 OCR PAYMENT TO OPEN
CREDIT -8.00 0.00 0.00 0.00 0.00 -8.00 TXS Real estate tax estimate -0.50 0.00 0.00 0.00 0.00 -0.50
WAT WATER/SEWER 0.15 0.00 0.00 0.00 0.00 0.15 HAL S. FINEBURG, MD Total: -8.35 0.00 0.00 0.00 0.00
-8.35 1285-OO1187 Last Payment 2/15/2007 1,781.00 Occupant Id: 00001126-1 Current (717) 732-6740
3/17/2006 PPR Prepaid Rent CR -1,570.00 0.00 0.00 0.00 0.00 -1,570.00 7/24/2006 CMM Annual Cam
Expenses CH 225.25 0.00 0.00 0.00 0.00 225.25 12/18/2006 TXY Annual Real Estate Taxes CH 956.25
0.00 0.00 956.25 0.00 0.00 CMM Annual Cam Expenses 225.25 0.00 0.00 0.00 0.00  225.25 PPR Prepaid
Rent -1,570.00 0.00 0.00 0.00 0.00 -1,570.00 TXY Annual Real Estate Taxes 956.25 0.00 0.00 956.25
0.00 0.00 GINGERBREAD CAFE Total: -388.50 0.00 0.00 956.25 0.00 -1,344.75 1285-001188 GOLDEN NAIL:
Master Occupant id:0000112 7-1 Day Due: 1 Delq Day: 5 BAN C0 DANG 13 Current Last Payment: 2/6/2007
1,934.00.  717-732-1090 11/10/2005 RNT Base Rent CR -82.00 0.00 0.00 0.00 0.00 -82.00 12/18/2006
TXY Annual Real Estate Taxes CH 728.25 0.00 0.00 728.25 0.00 0.00 RNT Base Rent TXY Annual Real
Estate Taxes -82.00 728.25 0.00 0.00 0.00 0.00 0.00 728.25 0.00 0.00 -82.00 0.00 GOLDEN NAIL Total:
646.25 0.00 0.00 728.25 0.00 -82.00 -100.00 0.00 2/20/2007 TXY Annual Real Estate Taxes -100.00
0.00 0.00 0.00 TXY Annual Real Estate Taxes -100.00 -100.00 0.00 0.00 0.00 0.00 JACKSON HEWITT
Total: -100.00 -100.00 0.00 0.00 Day Due 1 0.00 0.00 11/10/2005 RNT Base Rent 12/18/2006 TXY Annual
Real Estate Taxes CR CH -5.00 830.99 0.00 0.00 0.00 0.00 0.00 830.99 0.00 0.00 -5.00 0.00 RNT Base
Rent TXY Annual Real Estate Taxes -5.00 830.99 0.00 0.00 0.00 0.00 0.00 830.99 0.00 0.00 -5.00 0.00
LEAN & MEAN FITNESS Total: 825.99 0.00 0.00 830.99 0.00 -5.00 2/20/2007 TXY Annual Real Estate
Taxes NC -135.00 -135.00 0.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes -135.00 -135.00 0.00 0.00
0.00 0.00




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Database: CEDARSHOPCTR Aged Delinquencies Page: 4 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1285 CEDAR PENNSBORO Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source Amount Current 30
        . 50 90 120 MAILBOXES, ETC. Total: 1285-001193 MOVIE MERCHA -135.00 -135.00 Master Occupant id:0000
0.00 0.00 0.00 0.00 Day Due: 1 Delq Day 5 Last Payment: 3/8/2007 8,462.50 2/10/2006 RNT Base Rent
NC -337.50 0.00 0.00 0.00 0.00 -337.50 2/10/2006 RNT Base Rent NC -337.50 0.00 0.00 0.00 0.00
-337.50 3/7/2006 OCR PAYMENT TO OPEN CREDI CR -437.25 .0,00 0.00 0.00 0.00 -437.25 OCR PAYMENT TO
OPEN CREDIT RNT Base Rent 437.25 -675.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -437.25 -675.00
MOVIE MERCHANTS Total: -1,112.25 0.00 0.00 0.00 0.00 -1,112.25 1285-001194 PAPA JOHNS PIZZA Master
Occupant Id: 00001133-1 Delq Day 5 BOBBY NICKLESS 11 Cur Tent Last Payment 3/8/2007 2010.00
7/24/2006 CMM Annual Cam Expenses NC -63.18 0.00 0.00 0.00 0.00 -63.18 2/20/2007 TXY Annual Real
Estate Taxes NC -100.00 -100.00 0.00 0.00 0.00 0.00 CMM Annual Cam Expenses -63.18 0.00 0.00 0.00
0.00 -63.18 | TXY Annual Real Estate Taxes -100.00 -100.00 0.00 0.00 0.00 0.00 PAPA JOHNS PIZZA
Total: -163.18 -100.00 0.00 0.00 0.00 -63.18 12 85 Master Occupant Id: 00001134-1 Day PAUL MAHONEY
or THERESA or D 16 Cur Tent Last Payment 3/2/2007 1,833.00 (570) 893-0459 11/10/2005 RNT Base Rent
CR -42.00 0.00 0.00 0.00 0.00 42.00 12/6/2005 OCR PAYMENT TO OPEN CREDI CR -42.00 0.00 0.00 0.00
0.00 42.00 1/1 1/2006 OCR PAYMENT TO OPEN CREDI CR -100.00 0.00 0.00 0.00 0.00 -100.00 2/6/2006 CMM
Annual Cam Expenses CR -116.11 0.00 0.00 0.00 0.00 -116.11 3/3/2006 OCR PAYMENT TO OPEN CREDI CR
-85.50 0.00 0.00 0.00 0.00 -85.50 3/3/2006 OCR PAYMENT TO OPEN CREDI CR -42.00 0.00 0.00 0.00 0.00
42.00 12/18/2006 TXY Annual Real Estate Taxes CH 200.00 0.00 0.00 200.00 0.00 0.00 CMM Annual Cam
Expenses -116.11 0.00 0.00 0.00 0.00 -116.11 OCR PAYMENT TO OPEN CREDIT -269.50 0.00 0.00 0.00 0.00
-269.50 RNT Base Rent -42.00 0.00 0.00 0.00 0.00 42.00 TXY Annual Real Estate Taxes 200.00 0.00
0.00 200.00 0.00 0.00 P&D DISCOUNT TOBACCO Total: -227.61 0.00 0.00 200.00 0.00 427.61 1285-001196
PET VALU ant Id: 00001135-1 Day Due 1 Delq Day 5 MIKE GUKOFF 22 Cur Last Payment 3/2/2007 4,253.75
(610) 585-1568 . 7/24/2006 CMM Annual Cam Expenses NC -1,445.70 0.00 0.00 0.00 0.00 -1,445.70
12/18/2006 TXY Annual Real Estate Taxes CH 1,000.91 0.00 0.00 1,000.91 0.00 0.00 1/1/2007 ESC Cam
estimates CH 83.00 0.00 83.00 0.00 0.00 0.00 2/1/2007 ESC Cam estimates CH 83.00 83.00 0.00 0.00
0.00 0.00 CMM Annual Cam Expenses -1,445.70 0.00 0.00 0.00 0.00 -1,445.70 ESC Cam estimates 166.00
83.00 83.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes 1,000.91 0.00 0.00 1,000.91 0.00 0.00 PET
VALU Total: -278.79 83.00 83.00 1,000.91 0.00 -1,445.70 Database: ENTITY: CEDARSHOPCTR 1285 Aged
Delinquencies Cedar Shopping Centers




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##### 



CEDAR PENNSBORO Date: 2/28/2007 Page: Data: Time: 5 3/9/2007 02:28 PM Invoice Date Category Source
Amount Current 30 60 90 120 -35.00 -35.00 0.00 0.00 0.00 0.00 0.00 1285-001 197 11/10/2005
11/30/2005 12/18/2006 2/1/2007 2/1/2007 2/1/2007 2/1/2007 RNT PPR TXY ESC INS RNT TXS Base Rent CR
Prepaid Rent CR Annual Real Estate Taxes CH Cam estimates CH INSURANCE CH Base Rent CH Real estate
tax estimate CH 16 -35.00 -35.00 488.25 100.00 15.00 1,600.00 100.00 Current 0.00 0.00 0.00 100.00
15.00 1,600.00 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Day Due 1 Delq Day 5 Last Payment 1/3/2007
1,815.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 488.25 0.00 0.00 0.00 0.00 ESC Cam estimates
100.00 100.00 0.00 0.00 0.00 0.00 INS INSURANCE 15.00 15.00 0.00 0.00 0.00 0.00 PPR RNT Prepaid
Rent Base Rent -35.00 1,565.00 0.00 1,600.00 0.00 0.00 0.00 0.00 0.00 0.00 -35.00 -35.00 TXS Real
estate tax estimate 100.00 100.00 0.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes 488.25 0.00 0.00
488.25 0.00 0.00 ROLY POLY Total: 2,233.25 1,815.00 0.00 488.25 0.00 -70.00 1285-001198 SUBWAY
Master Obcupant Id: 00001137-1 Day Due 1 Delq Day: Last Payment 2/27/2007 5 1,952.00 11/10/2005 RNT
Base Rent CR 3/3/2006 OCR PAYMENT TO OPEN CREDI CR 8/29/2006 PPR Prepaid Rent CR 2/20/2007 TXY
Annual Real Estate Taxes NC 2/27/2007 PPR Prepaid Rent CR -36.32 -185.50 -47.18 -120.00 -1,952.00
0.00 0.00 0.00 -120.00 -1,952.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 -36.32 -185,50 -47.18 0.00 0.00 OCR PAYMENT TO OPEN CREDIT PPR Prepaid Rent RNT Base Rent
TXY Annual Real Estate Taxes -185.50 -1,999.18 -36.32 -120.00 0.00 -1,952.00 0.00 -120.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -185.50 -47.18 -36.32 0.00 SUBWAY Total:
-2,341.00 -2,072.00 0.00 0.00 0.00 -269.00 1285-001199 HONG KONG BUFFET Master Occupant 5 pant Id:
000011 38-1 Last Payment 3 Day: 8/2007 4,622.50 2/27/2006 OCR PAYMENT TO OPEN CREDI CR 2/20/2007
TXY Annual Real Estate Taxes NC -675.76 -250.00 0.00 -250.00 0.00 0.00 0.00 0.00 0.00 0.00 -675.76
0.00 OCR PAYMENT TO OPEN CREDIT TXY Annual Real Estate Taxes -675.76 -250.00 0.00 -250.00 0.00 0.00
0.00 0.00 0.00 0.00 -675.76 0.00. HONG KONG BUFFET Total: -925.76. -250.00 0.00 0.00 0.00 -675.76
12/18/2006 TXY Annual Real Estate Taxes CH 1,001.00 0.00 0.00 1,001.00 0.00- 0.00 TXY Annual Real
Estate Taxes 1,001.00 0.00 0.00 1,001.00 0.00 0.00 SCOTT D. TRASK, DMD Total: 1,001.00 0.00 0.00
1,001.00 0.00 0.00 Database: ENTITY: CEDARSHOPCTR 1285 Aged Delinquencies Cedar Shopping Centers
CEDAR PENNSBORO




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##### 



Date: 2/28/2007 Page: Date: Time: 6 3/9/2007 02:28 PM Invoice Date Category Source Amount Current
30 60 90 120 1285-001201 GIANT EXPANSION #263 Day Due 1 Delq Day 5 Last Payment 2/27/2007 8,341.88
2/27/2007 PPR Prepaid Rent CR -8,341.88 -8,341.88 0.00 0.00 0.00 0.00 PPR Prepaid Rent -8,341.88
-8,341.88 0.00 0.00 0.00 0.00 GIANT EXPANSION #263 Total: -8,341.88 -8,341.88 0.00 0.00 0.00 0.00
1285-001415 CELLUTIONS, INC Master Occupant Id: 00001278 Last Payment Delq Day 5 2/5/2007 2,24
40.00 1/22/2007 OCR PAYMENT TO OPEN CREDI CR -160.00 0.00 -160.00 0.00 0.00 0.00 OCR PAYMENT TO
OPEN CREDIT -160.00 0.00 -160.00 0.00 0.00 0.00 0.00 0.00 CELLUTIONS, INC Total: 1285-001446
1/1/2007 TXS Real estate tax estimate CH -160.00 100.00 0.00 0.00 -160.00 100.00 0.00 0.00 Day
Due: 1 Delq Day 5 last Payment: 2/8/2007 2,100.00 0.00 0.00 TXS Real estate tax estimate 100.00
0.00 100.00 0.00 0.00 0.00 BROOKE CORPORATION Total: 100.00 0.00 100.00 0.00 0.00 0.00 CMM Annual
Cam Expenses -1,399.74 0.00 0.00 0.00 0.00 -1,399.74 ESC Cam estimates 744.15 611.12 133.00 0.03
0.00 0.00 INS INSURANCE 65.52 65.52 0.00 0.00 0.00 0.00 LAT LATE CHARGES 150.00 0.00 150.00 0.00
0.00 0.00 OCR PAYMENT TO OPEN CREDIT -4,234.99 0.00 -160.00 0.00 0.00 -4,074.99 PPR Prepaid Rent
-85,944.66 -82,202.48 0.00 0.00 0.00 -3,742.18 RNT Base Rent 2,507.55 4.557.33 -1,174.46 0.00 0.00
-875.32 TXS Real estate tax estimate 441.63 342.08 100.05 0.00 0.00 -0.50 TXY Annual Real Estate
Taxes 5,793.78 -845.92 0.00 6,639.70 0.00 0.00 WAT WATER/SEWER 0.15 0.00 0.00 0.00 0.00 0.15 ENTITY
1285 Total: -81,876.61 -77,472.35 -951.41 6,639.73 0.00 -10,092.58 CMM Annual Cam Expenses
-1,399.74 0.00 0.00 0.00 0.00 -1,399.74 ESC Cam estimates 744.15 611.12 133.00 0.03 0.00 0.00 INS
INSURANCE 65.52 65.52 0.00 0.00 0.00 0.00 LAT LATE CHARGES 150.00 0.00 150.00 0.00 0.00 0.00 OCR
PAYMENT TO OPEN CREDIT -4,234.99 0.00 -160.00 0.00 0.00 -4,074.99 PPR Prepaid Rent -85,944.66
-82,202.48 0.00 0.00 0.00 -3,742.18 RNT Base Rent 2,507.55 4,557.33 -1,174.46 0.00 0.00 -875.32 TXS
Real estate tax estimate 441.63 342.08 100.05 0.00 0.00 -0.50 TXY Annual Real Estate Taxes 5,793.78
-845.92 0.00 6,639.70 0:00 0.00 WAT WATER/SEWER 0.15 0.00 0.00 0.00 0.00 0.15 Grand Total:
-81,876.61 -77,472.35 -951.41 8,639.73 0.00 -10,092.58




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Database: CEDARSHOPCTR Aged Delinquencies Page: 1 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1370 CEDAR STONEHEDGE LLC Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source Amount
Current 30 60 90 120 1370 001502 DON S DRYCLEANER 12/20/2000 5,000.00 10/17/2006 CSCS60 Tenant
account info forwarded to Steve Schiffman. Li/Tenant complaint filed, awaiting hearing date.
9/15/2006 CSCS60 Spoke to tenant In person about delinquent rent 9/11/2006 CSCS60 Sent a letter of
default to tenant 9/8/2006 CSCS60 Called Don 09/08/2006 regarding delinquent rent, left a message.
8/1/2006 ESC Cam estimates CH 274.42 0.00 0.00 0.00 0.00 274.42 8/29/2006 IAT LATE CHARGES CH
100.00 0.00 0.00 0.00 0.00 100.00 9/1/2006 ESC Cam estimates CH 274.42 0.00 0.00 0.00 0.00 274.42
9/20/2006 TXS Real estate tax estimate CH 267.08 0.00 0.00 . 0.00 0.00 267.06 10/1/2006 ESC Cam
estimates CH 274.42 0.00 0.00 0.00 0.00 274.42 10/1/2006 RNT Base Rent CH 1,055.12 0.00 0.00 0.00
0.00 1,055.12 : 10/1/2006 TXS Real estate tax estimate CH 133.53 0.00 0.00 0.00 0.00 133.53
10/13/2006 LAT LATE CHARGES CH 250.00 0.00 0.00 0.00 0.00 250.00 11/1/2006 ESC Cam estimates CH
274.42 0.00 0.00 0.00 274.42 0.00 11/1/2006 RNT Base Rent CH 2,058.34 0.00 0.00 0.00 2,058.34 0.00
11/1/2006 TXS Real estate tax estimate CH 133.53 0.00 0.00 0.00 133.53 0.00 12/1/2006 ESC Cam
estimates CH 274.42 *? . 0.00 0.00 274.42 0.00 0.00 12/1/2006 RNT Base Rent CH 2,058.34 0.00 0.00
2,058.34 0.00 0.00 12/1/2006 TXS Real estate tax estimate CH 133.53 0.00 0.00 133.53 0.00 0.00
1/26/2007 TER TERMINATION FEE CH . 5,000.00 0.00 5,000.00 0.00 0.00 0.00 ESC Cam estimates 1,372.10
0.00 0.00 274.42 274.42 823.26 LAT LATE CHARGES 350.00 0.00 0.00 0.00 0.00 350.00 RNT Base Rent
5,171.80 0.00 0.00 2,058.34 2,058.34 1,055.12 TER TERMINATION FEE 5,000.00 0.00 5,000.00 0.00 0.00
0.00 TXS Real estate tax estimate 667.65 Q.OQ 0.00 133.53 133.53 400.59 DON S DRYCLEANER Total:
12,561.55 0.00 5,000.00 2,466.29 2,466.29 2,628.97 1370 001505 BUFFET . 2/1/2007 TXS Real estate
tax estimate CH 0.18 0. l8 0.00 0.66 * 6.00 0.00 TXS Real estate tax estimate 0.18 0.18 0.00 0.00
0.00 0.00 ] GREAT WALL BUFFET Total: 0.18 0.18 0.00 0.00 0.00 0.00 8/3/2006 OCR PAYMENT TO OPEN
CREDI CR 0.02 0.00 0.00 0.00 0.00 0.02 8/31/2006 PPR Prepaid Rent CR 0.02 0.00 0.00 0.00 0.00 0.02
OCR PAYMENT TO OPEN CREDIT 0.02 0.00 0.00 0.00 0.00 0.02 PPR Prepaid Rent . 0.02 0.00 0.00 0.00
0.00 0.02 BEST NAILS OF CARLISLfrTotal: 0.04 0.00 0.00 0.00 0.00 0.04 10/4/2006 CSCS60 West Coast
Video has liquidated everything per Steve Schiffman. Took back possession of the space 10/19/2006.
        . 8/1/2006 ESC Cam estimates CH 785.42 0.00 0.00 0;00 0.00 785.42




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Database: CEDARSHOPCTR Aged Delinquencies Page: 2 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1370 CEDAR STONEHEDGE LLC Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source . Amount
Current 30 60 30 120 a/1/2006 MGT 8/1/2006 RNT 8/1/2006 TXS 8/10/2006 LAT 9/1/2006 ESC 9/1/2006 MGT
9/1/2006 RNT 9/1/2006 TXS 10/1/2006 ESC 10/1/2006 MGT 10/1/2006 RNT 10/1/2006 TXS MANAGEMENT FEE .
CH 154.09 Base Rent CH 3,852.20 Real estate tax estimate CH 401.75 LATE CHARGES CH 250.00 Cam
estimates CH 785.42 MANAGEMENT FEE CH 154.09 Base Rent CH 3.852.20 Real estate tax estimate CH
401.75 Cam estimates CH 735.42 MANAGEMENT FEE CH 154.09 Base Rent CH 3,852.20 Real estate tax
estimate CH 401.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 154.09 0.00 3,852.20 0.00 401.75 0.00 250.00 0.00 785.42 0.00 154.09 0.00 3,852.20 0.00 401.75
o.bo 785.42 0.00 154.09 0.00 3,852.20 0.00 401.75 ESC Cam estimates 2,356.26 0.00 0.00 0.00 0.00
2,356.26 LAT LATE CHARGES 250.00 0.00 0.00 0.00 0.00 . 250.00 MGT MANAGEMENT FEE 462.27 0.00 0.00
Q.OO 0.00 462.27 RNT Base Rent 11,556.60 0.00 0.00 0.00 0.00 11,556.60 TXS Real estate tax estimate
1,205.25 0.00 0.00 0.00 0.00 1,205.25 WEST COAST VIDEO Total: 1370 001.510; , NELL S.MARKET,.>
8/24/2006 ESC Cam estimates CR 0.00 15,830.38 . Master Occupant Id;. 00001363 1.: ,45/ ;; :Current.
        . : . 0.00 0.06 0,00 0.00 0.00 0.00 15,830.38 Day Due: . .1 Delq Day: . 10 LastPaymerit : . :
3/1/2007: 49,064.28 0.00 0.00 0.06 ESC Cam estimates 0.06 0.00 0.00 0.00 0.00 0.06 NELL S MARK ET
Total: .1370 0015:1ZS j 0.06 0.00 0.00 0.00 0.00 0. 06 2/1/2007 TXS Real estate tax estimate CH
0.02 0.02 0.00 0.00 0.00 0.00 TXS Real estate ta x estimate 0.02 0.02 0.00 0.00 0.00 0.00 CARLISLE
COFFEE COMPANY Total: 0.02 0.02 0.00 0.00 Q.OO 0.00 .1370 . ;. * ; : / .: .? ; : M. . 2 :r* i . ! ,
f !I : ) i !S i /i.~rt :; .3S!°Qi: Ii:fe> jv SS OfitS y!CuTOntJ:. %.v ;:i:::r .;S : :J ; st.
;S?:iv 9/2007?i? 3;383i07fii; i:i . > vXVv :ni V K*: iiife 8 9/15/2006 CSCS60 Never received
August rent payment, emailed Mindi Collom, reissuing a check. 2/1/2.007 TXS Real estate tax
estimate CH 0.02 0.02 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 0.02 0.02 0.00 0.00 0.00
0.00 IHONRO MUFFLER BRAKE Total: 0.02 0.02 0.00 0.00 0.00 0.00 10/16/2006 CSCS60 Received check,
emailed Meana to Issue a check payable to Kimco for July s rent. 9/18/2006 CSCS60 Called Kristy,
sending check in the amount of $12,500.00 for August and September rent The payment currently
applied to August rent was for July s charges. Illeana is cutting a check payable to Kimco for July
s rent 10/5/2006 OCR PAYMENT TO OPEN CREDI CR 6,250.00 0.00 0.00 0.00 0.00 2/1/2007 RNT Base Rent
CH 6,250.00 6,250.00 0.00 0.00 0.00 6,250.00 0.00




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Database: CEDARSHOPCTR Aged Delinquencies Page: 3 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1370 CEDAR STONEHEDGE LLC Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source Amount
Current 30 60 90 120 OCR PAYMENT TO OPEN CREDIT 6,250.00 0.00 0.00 0,00 0.00 6,250.00 RNT Base Rent
6,250.00 6,250.00 0.00 0.00 0.00 0.00 PENN LIQUOR CONT. BOARD #2110 Total: 0.00 . 6,250.00 0.00
0.00 0.00 6,250.00 1370 OJ315i9£ .f DAWN:& ASSOCIATE REM : %? paypiie : ? i:: DelqDay ;. tS > .
        . . . . v..;: ;.: . . \*. 10/16/2006 CSCS60 Called Dawn about September payment (short $63.20),
sending check. 9/15/2006 CSCS60 Want to property and picked up rent check from tenant for September
rent 2/1/2007 ESC Cam estimates CH 238.50 238.50 0.00 0.00 0.00 0.00 2/1/2007 MGT MANAGEMENT FEE CH
83.55 83.55 0.00 0.00 0.00 0.00 2/1/2007 RNT Base Rent CH 2,038.65 2,088.65 0.00 0.00 0.00 0.00
2/1/2007 TXS Real estate tax estimate CH 173.03 173.08 0.00 0.00 0.00 Q.OO ESC Cam estimates 238.50
238.50 0.00 0.00 0.00 0.00 MGT MANAGEMENT FEE 83.55 83.55 0.00 0.00 0.00 0.00 RNT Base Rent
2,088.65 .2,088.65 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 173.08 173.08 O.QO 0.00 0.00
0.00 DAWN & ASSOCIATES REALTY Total: 2,583.78 2,583.78 0.00 0.00 0.00 0.00 : 137JW.piKt?£J . / , V
& £:; = &%; S :: M $fy jS llSliilHffitK ,: : ; 5; ;i? K v ; 10/17/2006 CSCS60 Per Joseph Macri a
renewal agreement Is being negotiated and account must be current before executing. 9/1/2006 OCR
PAYMENT TO OPEN CREDI CR 408.39 0.00 0.00 . 0.00 0.00 408.39 | OCR PAYMENT TO OPEN CREDIT 408.39
0.00 0.00 0.00 O.QO 408.39 | PA IND. BLIND & HANDICAPPED Total: 408.39 0.00 0.00 0.00 0.00 408.39
ESC Cam estimates 3,966.80 238.50 0.00 274.42 274.42 3,179.46 LAT LATE CHARGES 600.00 0.00 0.00
0.00 0.00 600.00 MGT MANAGEMENT FEE 545.82 83.55 0.00 0.00 0.00 462.27 OCR PAYMENT TO OPEN CREDIT
6,658.41 0.00 0.00 0.00 0.00 6,658.41 PPR Prepaid Rent 0.02 0.00 0.00 0.00 0.00 0.02 RNT Bass Rent
25,067.05 8,338.65 0.00 2,058.34 2,058.34 12,611.72 TER TERMINATION FEE 5,000.00 0.00 5,000.00 0.00
0.00 0.00 TXS Real estate tax estimate 2,046.20 173.30 0.00 133.53 133,53 1,605.84 ENJITY1370
Total: 30,567.44 8,834.00 5,000.00 2,466.29 2,466.29 11,800.86 ESC Cam estimates 3,966.80 238.50
0.00 274.42 274.42 3,179.46 LAT LATE CHARGES 600.00 0.00 0.00 0.00 0.00 600.00 MGT MANAGEMENT FEE
545.82 83.55 0.00 0.00 0.00 462.27 OCR PAYMENT TO OPEN CREDIT 6,658.41 : . 0.00 0.00 0.00 0.00
6,658.41 PPR Prepaid Rent 0,02 0.00 0.00 0.00 0.00 0.02 RNT Base Rent 25,067.05 8,338.65 0.00
2,058.34 2,058.34 12,611.72 TER TERMINATION FEE 5,000.00 0.00 5,000.00 0.00 0.00 0.00 TXS Real
estate tax estimate 2,046.20 173.30 0.00 133.53 133.53 1,605.84 Grand Total: 30,567.44 8,834.00
5,000.00 2,466.29 11,800.86




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Database: CEDARSHOPCTR Aged Delinquencies Page: 1 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
0620 CEDAR HERSHEY, LLC Time: 02:28 PM Data: 2/28/2007 Invoice Data Category . Source Amount
Current 30 60 90 120 . 0620 000963: v JOE Nrai.SyiNCEN SCHWKiq; :: . / MasterX3ccup n(ld:;
OOOOJ:)93f IV . .. . Da Due::,r ;, i: ,Delq0ayr:u ..;:. ... . . .,. . : . . ; .;., i; \
        .JOEJMARlif. v,;;:. : ? . . . 1t ::tasl Paynieite/ 2/14/2007:: 2 ,84a.00:: :. . ..;,, ,< ;.,.
7i7):54 92q2: ;x;::; g:;; o; ;i i : : ; * : .: ? /: : : V SiSf *:; t! / :. . 2/12/2007 TXS Real
estate tax estimate CH 114.12 114.12 0.00 6.00 0.00 0.00 2/12/2007 TXY Annual Real Estate Taxes CH
39.49 39.49 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 114.12 114.12 0.00 0.00 0.00 0.00 TXY
Annual Real Estate Taxes 39.49 39.49 0.00 0.00 0.00 0.00 JOE MARI & VINCENT SCHIANO Total: 153.61
153.61 0.00 0.00 0.00 0.00 \.062b q00964ft|$::: ;H :: 7; K;V :;\ . .v V .... /: f;.~ i;. /:
:(8B8V88ff777#v;;%: . i;: 10/19/2006 WAT WATER/SEWER CH 20.33 o.oo ~ o.oo o.oo o.bo 20.33 2/12/2007
TXS Real estate tax estimate CH 155.90 155.90 0.00 0.00 0.00 0.00 2/12/2007 TXY Annual Real Estate
Taxes CH 355.13 355.13 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 155.90 : 155.90 0.00 . 0.00
0.00 0.00 TXY Annual Real Estate Taxes 355.13 355.13 0.00 0.00 0.00 0.00 WAT WATER/SEWER 20.33 O.OQ
0.00 0.00 0 00 20.33 HOLIDAY HAIR #006 Total: 531.36 511.03 0.00 0.00 0.00 20.33 0626 6o09Z7:
}l?:;;;C1BEt :V 4: f A; : BETTHANY J, l lift S / >: i ufent * iH VdV fS r f 3 i y: 20 , 9] . .
VlSil A r 2/12/2007 TXS Real estate tax estimate CH 80.38 80.38 0.00 0.00 0.00 0.00 2/12/2007 TXY
Annusl Real Estate Taxes CH 187.18 187.18 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 80.38
80.38 0.00 0.00 0.00 0.00 _. TXY Annual Real Estate Taxes 167.18 187.18 0.00 0.00 0.00 Q.OO BETHANY
LE AND LOAN LE Total: 267.56 267.56 0.00 0.00 0.00 0.00 V ;:.0620r001t9¥gK:W .. . .. ; . V V rX
riDEBOI K;$£iftS <: 2J27/20Q7. .77,898.75 ;; :;v.:!;; f;:./::D} i Mps?s» : 12/28/2006 OCR
PAYMENT TO OPEN CREDI CR 0.05 0.00 0.00 0.05 0.00 0.00 1/4/2007 OCR PAYMENT TO OPEN CREDI CR 42.25
0.00 42.25 0.00 0.00 0.00 2/7/2007 OCR PAYMENT TO OPEN CREDI CR 42.25 42.25 0.00 0.00 0.00 0.00
2/27/2007 ESC Cam estimates CR 42.25 42.25 0.00 0.00 0.00 0.00 2/27/2007 ESC Cam estimates CR
5,416.67 5,416.67 0.00 0.00 0.00 0.00 2/27/2007 PPR Prepaid Rent CR 72,439.83 72,439.83 0.00 0.00
0.00 0.00 ESC Cam estimates 5,458.92 5,458.92 0.00 0.00 0.00 0.00 OCR PAYMENT TO OPEN CREDIT 84.55
42.25 42.25 0.05 0.00 0,00 PPR Prepaid Rent 72,439.83 72,439.83 0.00 Q.QQ 0.00 0.00 GIANT FOOD
STORES, LLC #279 Total: 77,983.30 77,941.00 42.25 0.05 0.00 6.00 £: Offid opi26|s.;! : . : ..
;,,;.:. : ::;;;; wvjl;Jwt||it|R| ; 11/22/2005 RNT Base Rent CR 3,750.00 0.00 0.00 0.00 3,750.00




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Database: CEDARSHOPCTR Aged Delinquencies Page: 2 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
0620 CEDAR HERSHEY. LLC Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source Amount Current
30 50 90 120 RNT Base Rent 3,750.00 0.00 0.00 0.00 0.00 3,750.00 TB SANDALWOOD INC. QUIZNOS Total:
3,750.00 0.00 . 0.00 0.00 0.00 3,750.00 0620 0012§5>:;V/ £ DelqDay: . 5 . . ; ; :. \; :;S iy;
l«|ja // L|st Payment: : 3/1/2007 4,102.50 ; :: ;. ifii : <905}£ 12 ; :>::. :: ,. : 2/12/2007
TXS Real estate tax estimate CH 188.12 188.12 0.00 0.00 0.00 0.00 2/12/2007 TXY Annual Real Estate
Taxes CH 364.41 364.41 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 188.12 188.12 0.00 0.00
0.00 0.00 TXY Annual Real Estate Taxes 364.41 364.41 0.00 0.00 0.00 0.00 PET VALU INTERNATIONAL,
INC. Total: 552.53 552.53 0.00 0.00 0.00 0.00 . 0620 0014£b ,f;PjiN 2/27/2007: : 375:70:.. Z
27/2007 TXS Real estate tax estimate CF? ~ 3Y.97 : 33.97 0.00 oioo 0.00 0.00 | TXS Real estate tax
estimate 31.97 31.97 .0.00 0.00 0.00 0.00 j JING SHENG JIANG/CHAO LIN Total: 31.97 31.97 0.00 0.00
0.00 0.00 .. 01320 141$ ... ; : . :: :..:: ?;;?;:::v: JIM tHOMA5 ||;f?SI5:5S: |ESSSllSl
i>7Curfenf;*iL : ;; >l :?,71Qi26 .. . : ..,::. ; U te sial frSJ IlllllPlf; I r . i : 7 ~ : :
;; :. 2/12/2007 TXS Real estate tax estimate CH~ m44 110.44 0.00 0.00 0.00 0.00 2/12/2007 TXY
Annual Real Estate Taxes CH 288.92 288.92 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 110.44
110.44 0.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes 288.92 288.92 0.00 0.00 0.00 0.00 CELLCO
PARTNERS VERIZON Total: 399.36 399.36 0.00 0.00 0.00 0.00 ESC Cam estimates 5,458.92 5,458.92 0.00
0.00 0.00 0.00 OCR PAYMENT TO OPEN CREDIT 84.55 42.25 12.25 0.05 0.00 0.00 PPR Prepaid Rent
72,439.83 72,439.83 0.00 0.00 0.00 O.OQ RNT Base Rent 3,750.00 0.00 0.00 0.00 0.00 3,750.00 TXS
Real estate tax estimate 616.99 616.99 0.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes 1,235.13
1,235.13 0.00 0.00 0.00 0.00 WAT WATER/SEWER 20.33 0.00 0.00 0.00 Q.OQ 20.33 ENTITY 0620 Total:
79,860.85 76,088.88 42.25 0.05 0.00 3,729.67 ESC Cam estimates 5,458.92 5,458.92 0.00 0.00 0.00
O.OQ OCR PAYMENT TO OPEN CREDIT 84.55 42.25 42.25 0.05 0.00 0.00 PPR Prepaid Rent 72,439.83
72,439.83 0.00 0.00 0.00 0.00 RNT Base Rent 3,750.00 0.00 0.00 0.00 0.00 3,750.00 TXS Real estate
tax estimate 616.99 616.99 0.00 0.00 .0.00 0.00 TXY Annual Real Estate Taxes 1,235.13 1,235.13
0.00. 0.00 0.00 0,00 WAT WATER/SEWER 20.33 O.QQ 0.00 OOO OOP 20.33 Grand Total: 79,860.85 76,088.88
42.25 0.05 0.00 3,729.67