Exhibit 10.


                                            LINE OF CREDIT NOTE
                                            -------------------
                                                    June 20 , 2002

$14,000,000.00

On July 1, 2004, (the "Maturity  Date"),  for value received,  FIRST REAL ESTATE
INVESTMENT  TRUST OF NEW JERSEY,  a business trust organized in the State of New
Jersey, (the "Borrower") promises to pay to the order of THE PROVIDENT BANK (the
"Bank") at the office of the Bank located at 830 Bergen Avenue, Jersey City, New
Jersey,  or at such  other  place as the  holder  hereof  may from  time to time
appoint  in  writing,  in  lawful  money of the  United  States  of  America  in
immediately  available  funds,  the principal sum of Fourteen Million and 00/100
($14,000,000.00)  Dollars  or such  lesser  amount as may then be the  aggregate
unpaid principal balance of all loans made by the Bank to the Borrower hereunder
(each, a "Loan" and collectively, the "Loans") as shown on the schedule attached
to and made a part of this Note or as maintained on the records of the Bank.

The Borrower promises to pay interest at said office in like money on the unpaid
principal amount of each Loan from time to time outstanding at a rate per annum,
to be elected by the Borrower at the time each Loan is made, equal to either (i)
a fixed  rate of one  hundred  seventy-five  basis  points  above  LIBOR  for an
Interest  Period  of one (1),  two (2),  or three  (3)  months  (a Loan  bearing
interest at this rate is sometimes  hereinafter  called a "LIBOR Loan"), or (ii)
the Prime Rate (a Loan bearing  interest at this rate is  sometimes  hereinafter
called a "Prime Rate Loan");  provided,  however,  that no Interest  Period with
respect to a LIBOR Loan shall extend  beyond the Maturity  Date;  and  provided,
further,  that if prior to the end of any such Interest  Period the Borrower and
the Bank fail to agree upon a new  interest  Period  therefor  so as to maintain
such Loan as a LIBOR  Loan  within  the  pertinent  time set forth in  Section 1
hereof,  such LIBOR Loan shall automatically be converted into a Prime Rate Loan
at the end of such  Interest  Period and shall be maintained as such until a new
fixed rate and a new Interest Period therefor are agreed upon. All  computations
of interest  shall be made on the basis of a 360 day year for the actual  number
of days elapsed.

Interest  on each Loan shall be  payable  monthly on the first day of each month
commencing  on the first such day to occur after a Loan is made  hereunder  and,
together  with  principal,  on the  Maturity  Date  hereof.  If any  payment  of
principal  or  interest  becomes due on a day on which the banks in the State of
New Jersey are required or permitted by law to remain  closed,  such payment may
be made on the next  succeeding  day on which  such  banks  are  open,  and such
extensions  shall be included in  computing  interest  in  connection  with such
payment.

     All payments shall be made by Borrower to Bank at 830 Bergen Avenue, Jersey
City,  New Jersey or such other  place as Bank may from time to time  specify in
writing  in lawful  currency  of the United  States of  America  in  immediately
available  funds,  without  counterclaim  or setoff  and free and clear of,  and
without any deduction or withholding for, any taxes or other payments.

     All payments  shall be applied  first to the payment of all fees,  expenses
and other amounts due to the Bank  (excluding  principal and interest),  then to
accrued interest, and the balance on account of outstanding principal; provided,
however, that: after maturity of this Note or upon the occurrence of an Event of
Default  payments will be applied to the obligations of Borrower to Bank as Bank
determines in its sole discretion.



<PAGE>


     Upon the  occurrence  of an Event of  Default or after the  Maturity  Date,
Borrower's  right to select  interest  rate  options  shall cease and the unpaid
principal of all Loans shall, at the option of the Bank, bear interest at a rate
which is four (4)  percentage  points per annum greater than the Prime Rate (the
Default Rate). In no event shall interest payable  hereunder be in excess of the
maximum rate of interest permitted under applicable law.

     If the  entire  amount of any  required  installment  of  principal  and/or
interest  is not paid in full  within ten (10) days  after the same is due,  the
Borrower  shall  pay a late  fee  equal  to five  percent  (5%) of the  required
payment.

     The Borrower hereby expressly  authorizes the Bank to record in its records
or on the  attached  schedule  the  amount  and date of each  Loan,  the rate of
interest  thereon,  Interest  Period  thereof  and the date and  amount  of each
payment  of  principal.  All  such  notations  shall  be  presumptive  as to the
correctness thereof; provided, however, the failure of the Bank to make any such
notation  shall not limit or otherwise  affect the  obligations  of the Borrower
under this Note.

     In  consideration  of the granting of the Loans evidenced by this Note, the
Borrower hereby agrees as follows:

i. Loan  Requests.  Requests  for LIBOR  Loans,  and for  Interest  Periods
   --------------
subsequent to the initial interest Period applicable thereto,  shall be made not
less than three (3) Business Days prior to the first day of each Interest Period
for each such Loan. Requests for Prime Rate Loans may be made up until 1 p.m. on
the date the Loan is to be made.  Any request for a Loan may be written or oral,
but if oral,  written  confirmation  thereof must be received by the bank within
three (3) Business Days thereafter,

   2.  Prepayment; Yield Maintenance Fee.
       ----------------------------------

     The Borrower may prepay each Loan at any time, in whole or in part, without
premium or penalty upon at least three (3) Business Days prior written notice to
Bank.

     3. Alternate Rate of Interest. In the event, and on each occasion,  that on
        --------------------------
the day two Business Days prior to the commencement of any Interest Period for a
LIBOR Loan, the Bank shall have determined  that  reasonable  means do not exist
for  ascertaining  the  LIBOR  Rate,  the  Bank  shall,  as soon as  practicable
thereafter,  give notice of such determination to the Borrower.  In the event of
any such  determination,  until the circumstances  giving rise to such notice no
longer exist, the Bank shall use the applicable thirty, sixty or ninety day U.S.
Treasury  Rate plus  one-hundred  seventy-five  basis  points  for  purposes  of
calculating  the interest rate on a LIBOR Loan (a loan bearing  interest at this
rate  is  sometimes  hereinafter  called  a  "US  Treasury  Rate  Loans").  Each
determination  by the Bank hereunder shall be conclusive  absent manifest error.
Thus, for any such interest rate period that the Bank shall have determined that
reasonable  means do not exist for  ascertaining  the LIBOR Rate,  Borrower  may
elect between the Prime Rate option or the applicable US Treasury Rate option.



<PAGE>


   4. Change in Legality.
   ----------------------

(a) Notwithstanding  anything to the contrary herein contained, if any change in
any law or  regulation  or in the  interpretation  thereof  by any  governmental
authority charged with the administration or interpretations  thereof shall make
it unlawful  for the Bank to make or maintain any LIBOR Loan,  then,  by written
notice to the Borrower, the Bank may:
     (i)  declare  that  LIBOR  Loans  will not  thereafter  be made by the Bank
hereunder,  whereupon the Borrower  shall be prohibited  from  requesting  LIBOR
Loans from the Bank hereunder unless such declaration is subsequently withdrawn;
and
     (ii)  require that all  outstanding  LIBOR Loans made by it be converted at
Borrower's option to either Prime Rate Loans or US Treasury Rate Loans, in which
event (x) all such LIBOR Loans shall be  automatically  converted  to Prime Rate
Loans or US  Treasury  Rate  Loans as of the  effective  date of such  notice as
provided  in  paragraph  (b)  below  and (y) a11  payments  and  prepayments  of
principal  which would  otherwise have been applied to repay the converted LIBOR
Loans shall instead be applied to repay the Prime Rate Loans or US Treasury Rate
Loans resulting from the conversion of such LIBOR Loans.

(b) For  purposes  of this  Section  4, a  notice  to the  Borrower  by the Bank
pursuant to sub-paragraph  (a) above shall be effective,  if Lawful, on the last
day of the then current Interest Period.

   5. Security For The Note.
      ---------------------
     This  Note is  secured  by the  following  (all of  which  are  hereinafter
collectively referred to as the "Collateral"):

(i) first mortgage lien encumbering certain real property located at 830 and 864
Franklin  Avenue (Lot 2 in Block 1513, Lot 1 in Block 1410 and Lot 1.01 in Block
1400)

Franklin  Lakes,  N.J., 208 Rock Road (Lot 19 Block 115),  Glen Rock,  N.J., 160
Terrace Avenue (Lot 22 Block 175),  Hasbrouck Heights,  N.J., 205-231 8th Street
(Lot 9, 3 and 4 Block 114), Lakewood, N.J. and 340 Grand Avenue (Lots 11, 12 and
12.01 Block 203) Palisades Park, N.J.  (collectively the "Mortgaged  Premises"),
pursuant to the terms,  covenants and  conditions  of those  certain  Commercial
Mortgages,  Security  Agreements  and  Fixture  Filings  of even  date  herewith
executed and delivered by Borrower to the Bank (collectively the "Mortgage";
(ii) an  assignment  of any and all present and future  leases of the  Mortgaged
Premises or any part thereof pursuant to the terms,  covenants and conditions of
those certain Assignments of Leases of even date herewith executed and delivered
by Borrower to the Bank (the "Assignment");
(iii)  a  first  priority  security  interest  in all  furniture,  fixtures  and
equipment  owned by Borrower  and now or hereafter  installed  in the  Mortgaged
Premises pursuant to the terms, covenants and conditions of the Mortgage;
(iv) An  Environmental  Indemnity  Agreement dated as of even date herewith from
Borrower in favor of Bank.

     This Note,  the  Mortgage,  the  Assignment,  the  Environmental  Indemnity
Agreement and any and all other documents and  instruments  executed by Borrower
in  connection  with this Note and the loans  evidenced  hereby are  hereinafter
collectively referred to as the "Loan Documents".

     In addition to the above Collateral, the Borrower hereby grants to the Bank
a continuing security interest in all property of the Borrower, now or hereafter
in  the  possession  of the  Bank  or any  of  its  affiliates  in any  capacity
whatsoever,  including,  but not limited to, any balance or share of any deposit
excluding  trust or rent security  account,  as security for the payment of this
Note and other  liabilities of the Borrower to the Bank, which security interest
shall be enforceable  and subject to all the provisions of this Note, as if such
property were  specifically  pledged  hereunder  and after the  occurrence of an
uncured  Event of Default,  the proceeds of such  property may be applied at any
time and without notice to any of the  Borrower's  liabilities to the Bank under
this Note.



<PAGE>


6. Warranties and  Representations.  The Borrower  represents and warrants that:
   -------------------------------
(a) it is a business trust duly  organized,  validly  existing under the laws of
the State of New Jersey;  (b) the execution,  issuance and delivery of this Note
by the Borrower are within its trust powers and have been duly  authorized,  and
the Note is valid,  binding and enforceable in accordance with its terms, and is
not in violation of law or of the terms of the  Borrower's  Declaration of Trust
and does  not  result  in the  breach  of or  constitute  a  default  under  any
indenture, agreement or undertaking to which the Borrower is a party or by which
it or its property may be bound or affected; (c) no authorization or approval or
other action by, and no notice to or filing with, any governmental  authority or
regulatory  body is required for the due execution,  delivery and performance by
the Borrower of this Note;  (d) it has  delivered or caused to be delivered  its
most recent balance sheet,  income  statement and statement of cash flows to the
Bank which are complete and correct and fairly represent the financial condition
of the Borrower and its subsidiaries as of the dates thereof and for the periods
covered  thereby,  which  financial  condition  has not  materially,  adversely,
changed  since the date of the most  recently  dated  balance  sheet  heretofore
furnished  to the Bank;  (e) no Event of Default (as  hereinafter  defined)  has
occurred and no event has occurred  which with the giving of notice or the lapse
of time or both would constitute an Event of Default; (f) the Borrower shall not
use any part of the  proceeds of any Loan to purchase or carry any margin  stock
within the  meaning of  Regulation  U of the Board of  Governors  of the Federal
Reserve  System or to extend  credit to others for the purpose of  purchasing or
carrying any margin  stock;  (g) there is no pending or, to the knowledge of the
Borrower,  threatened  action or proceeding  affecting  the Borrower  before any
court,  governmental agency or arbitrator which, if determined  adversely to the
Borrower would have a materially  adverse  effect on the financial  condition or
operations of the Borrower  except as described in the  financial  statements of
the Borrower  heretofore  furnished to the Bank;  and (h) on the occasion of the
granting of each Loan all representations and warranties  contained herein shall
be true  and  correct  and with  the  same  force  and  effect  as  though  such
representations and warranties had been made on and as of the date of the making
of each such Loan.



<PAGE>


        7. Future Loans And Advances.
           -------------------------

     The Bank may make additional  loans in the future to the Borrower,  and may
advance  sums in the future on behalf of the Borrower or to protect and preserve
the Collateral,  at any time before the  satisfaction of this Note, and all such
sums shall be evidenced and secured by this Note and the Collateral.

       8. Default; Default Rate Of Interest.
          ---------------------------------

Upon the occurrence of any of the following specified events of default (each an
Event of Default):  (a) any payment hereunder shall not be made when due, or (b)
if the  Borrower  defaults  in the  performance  of any of the  other  terms  or
provisions  of this  Note,  the  Mortgage,  the  Assignment,  or any other  Loan
Documents,  or; (c) if Borrower defaults in the performance of any obligation of
Borrower  to Bank  pursuant  to any other  present or future  agreement  between
Borrower and Bank,  related to the Loans  evidenced by this Note;  and following
(i) notice and a ten (10) day right to cure in the event of a monetary  default;
or  (ii)  notice  and a  thirty  (30)  day  right  to  cure  in the  event  of a
nonmonetary,  non-bankruptcy default, then this Note shall be in default and the
entire  principal  sum or so much of the  principal  remaining  unpaid  with all
interest  accrued  thereon,  together with any other sums due the Bank under the
Loan Documents,  shall, at the option of the Bank and without notice, become due
and payable  immediately,  and interest on the principal sum shall thereafter be
computed at the  Default  Rate.  Payment of the  foregoing  may be enforced  and
recovered  at any time by one or more of the  remedies  provided  to the Bank in
this Note, the Mortgage,  the Assignment or any other Loan  Documents,  it being
specifically  understood and agreed that the default provisions set forth in the
Mortgage  shall  govern in the event of any conflict in such  provisions  in the
aforesaid instruments.

9.       No Waiver By Bank.
         -----------------

     Any failure by the Bank to insist upon strict  performance  by the Borrower
of any of the terms and provisions of this Note, the Mortgage, the Assignment or
any other Loan Documents  shall not be deemed to be a waiver of any of the terms
or provisions  thereof,  and the Bank shall have the right  thereafter to insist
upon strict performance by the Borrower of any and all of them.

10.      Definitions. As used herein:
         -----------
(a)  "Business  Day"  means any day other  than a  Saturday,  Sunday or day
     which  shall be in the State of New  Jersey a legal  Holiday or day on
     which banking institutions are required or authorized to close.



<PAGE>


(b)  The term "LIBOR" or "LIBOR  Rate" shall mean,  as  applicable  to any LIBOR
     Loan,  the rate per annum as  determined  on the basis of the offered rates
     for deposits in U.S. Dollars, for a period of time comparable to such LIBOR
     Loan which is reported in the Wall Street  Journal  Money Rates  section as
     the  London.  interbank  Offered  Rate  on the day  that is two (2)  London
     Banking  Days  preceding  the  first  day of  such  LIBOR  Loan;  provided,
     however,if  the rate  described  above does not  appear in the Wall  Street
     Journal on any applicable interest determination date, the LIBOR rate shall
     be  the  rate  (rounded   upward,   if   necessary,   to  the  nearest  one
     hundred-thousandth  of a percentage point),  determined on the basis of the
     offered rates for deposits in U.S.  dollars for a period of time comparable
     to such  LIBOR  Loan  which are  offered  by any major  banks in the London
     Interbank market at  approximately  11:00 a.m. London time, on the day that
     is two (2) London  Banking Days  preceding the first day of such LIBOR Loan
     as selected by Bank.

(c)  "Interest  Period" means that period  selected by the Borrower,  within the
     limitations of the second paragraph of this Note, during which a LIBOR Loan
     may bear interest at the applicable fixed rate.

(d)  "Prime Rate" means the  variable  per annum rate of interest so  designated
     from time to time as the prime rate  publishedin the Wall Street Journal as
     its prime rate The  determination  and publication of such Prime Rate shall
     not in any way  preclude  or limit Bank from  lending to certain  borrowers
     from time to time at a rate of interest less than such Prime Rate.

(e)  "U.S. Treasury Rate" means the applicable thirty, sixty or ninetyday United
     States Treasury Note rate as published in the Wall Street Journal.

11.Payment of Fees and  Expenses.  Borrower  shall pay on demand all  reasonable
   -----------------------------
     expenses  of Bank  in  connection  with  the  preparation,  administration,
     default,  collection,  waiver or amendment of Loan terms,  or in connection
     with Bank's  exercise,  preservation  or  enforcement of any of its rights,
     remedies or options hereunder,  including,  without limitation,  reasonable
     fees of outside  legal  counsel or the  allocated  costs of in-house  legal
     counsel,  accounting,  consulting,  brokerage or other similar professional
     fees or expenses,  and any fees or expenses  relating to any  appraisals or
     examinations  conducted  in  connection  with  any  Loan or any  collateral
     therefor  (required to be made by applicable laws or regulations),  and the
     amount of all such expenses  shall,  until paid, bear interest at the Prime
     Rate applicable to principal hereunder  (including any default rate) and be
     an obligation secured by any collateral.



<PAGE>


12,  Waiver Of Notice By Borrower.
     ----------------------------

     Presentment,  demand of payment, notice of dishonor or nonpayment, protest,
notice of  protest  on this  Note,  and the giving of notice of default or other
notice  to any  party  liable  on this  Note  are  hereby  waived,  jointly  and
severally,  by the  Borrower  and by any and all such other  parties,  including
without  limitation  any  guarantors who at any time may be liable hereon in any
capacity.  It is expressly  agreed by the  Borrower and all such other  parties,
that the maturity of this Note, any payment hereunder,  or any term or condition
hereof, may be extended,  modified,  waived or renewed from time to time without
in any way affecting  the  liability of the Borrower.  The Borrower and all such
other  parties  consent  to the  release  of any  collateral,  with  or  without
substitution,  and to the  release  or  addition,  without  notice  and  without
affecting  their  liability  hereunder of any makers,  endorsers,  guarantors or
sureties.

13.  Change Of Interest Rate After Maturity.
     --------------------------------------

     After the  Maturity  Date,  any  unpaid  balance  of this  Note  (including
principal and interest) shall bear interest at the Default Rate.

14.  No Usurious Amounts.
     -------------------

     Anything  herein  contained to the contrary  notwithstanding,  the Borrower
does not agree and shall not be obligated  to pay  interest  hereunder at a rate
which is in excess of the maximum rate permitted by law. If by the terms of this
Note,  the Borrower is at any time  required to pay interest at a rate in excess
of such maximum rate, the rate of interest under this Note shall be deemed to be
immediately  reduced to such maximum rate and the portion of all prior  interest
payments in excess of such  maximum rate shall be applied to and shall be deemed
to have been payments in reduction of the outstanding principal balance.

15.  Partial Invalidity.
     ------------------

     The  unenforceability or invalidity of any one or more provisions shall not
render any other provisions herein contained unenforceable or invalid.

16.  Binding Effect.
     --------------
     The covenants,  conditions and agreements contained in this Note shall bind
and the benefits thereof shall inure to, the respective parties hereto and their
respective heirs, executors,  administrators,  successors and assigns;  provided
that this Note  cannot be  assigned by the  Borrower  without the prior  express
written consent of the Bank.



<PAGE>


17.  No Oral Modifications.
      ---------------------

     This Note may not be changed or terminated orally, but only by an agreement
in writing signed by the party against whom  enforcement of any waiver,  change,
modification or discharge is sought.

18.  Disclosure Of Financial Information.
     -----------------------------------

     The  Bank  is  hereby   authorized  to  disclose  any  financial  or  other
information  about  the  Borrower  to  any  regulatory  body  or  agency  having
jurisdiction over the Bank or to any present,  future or prospective participant
or successor in interest in any Loan or other  financial  accommodation  made by
the Bank to the Borrower.

19.  Completion Of The Note.
     ----------------------

     The Bank is authorized by the Borrower,  without notice,  to date this Note
as of the day when the first  disbursement of the Loan evidenced  hereby is made
and to fill in any blank  spaces to  conform to the terms upon which the Loan is
made.

20.  Remedies Of Bank.
     ----------------

     The  remedies of the Bank,  as provided  herein,  shall be  cumulative  and
concurrent  and may be pursued  singly,  successively  or together,  at the sole
discretion of the Bank, and may be exercised as often as occasion therefor shall
occur, and the failure to exercise any such right or remedy shall in no event be
construed as a waiver or release thereof.  The Bank shall have the right to take
any action it deems  appropriate  without  the  necessity  of  resorting  to any
Collateral securing this Note.

21.  Right Of Setoff By The Bank.
     ---------------------------

     For so long as the Bank is the holder of this Note,  upon the occurrence of
any Event of Default hereunder, in addition to any other remedy provided by law,
the Bank shall have the right  immediately  and without  notice or other acts to
setoff against any of the Borrower's obligations under this Note any sum owed by
the Bank or any of its affiliates in any capacity to the Borrower whether due or
not, or any property of the  undersigned in the possession of the Bank or any of
its  affiliates,  and the Bank shall be deemed to have  exercised  such right of
setoff and to have made a charge  against any such sum or  property  immediately
upon the occurrence of an Event of Default,  even though the actual book entries
may be made at some time subsequent.

 22. Captions
     --------

     The  captions  preceding  the text of the  sections  of this  Note are used
solely for the  convenience  of  reference  and shall not affect the  meaning or
construction of this Note.

 23. New Jersey Law Governs.
     ----------------------

     This Note shall be governed and  construed in  accordance  with the laws of
the State of New Jersey.



<PAGE>


 24. Singular; Plural; Gender.
     ------------------------

     The words "Borrower" and "Bank" include singular and plural,  individual or
corporation, and the respective heirs, executors, administrators, successors and
assigns of the  Borrower or the Bank,  as the case may be. The use of any gender
applies to all  genders.  If more than one party is named as the  Borrower,  the
obligation hereunder of each such party is joint and several.

 25. Waiver Of Jury Trial.
     --------------------

     IN  ANY  LITIGATION  BASED  ON,  OR  ARISING  OUT OF OR  RELATING  TO OR IN
CONNECTION WITH ANY OF THE MATTERS CONTAINED IN THIS NOTE IN WHIG-i THE BORROWER
OR ANY PARTY LIABLE HEREON AND THE BANK ARE ADVERSE PARTIES,  THE BORROWER,  ANY
AND ALL SUCH OTHER PARTIES AND THE BANK EACH VOLUNTARILY AND INTENTIONALLY WAIVE
TRIAL BY JURY. THIS PROVISION IS A MATERIAL  INDUCEMENT FOR THE BANK TO MAKE THE
LOAN TO BORROWER.

     IN WITNESS  WHEREOF,  the Borrower has executed this instrument the day and
year first above mentioned.

                                          BORROWER:
Attest:                                   FIRST REAL ESTATE INVESTMENT TRUST
                                          OF NEW JERSEY, a business trust
                                          Organized in the State of New Jersey
/s/Christopher W. McGarry                             By: /S/ Robert S. Hekemian
-------------------------                                 ----------------------
Executive Secretary                                        Chairman of the Board



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