|   | 1. | DEFINITIONS: |
|--------|----|--------------|

|   | (a) | Approved Plans:      The plans and specifications prepared by the Design Team as same may be      modified from time to time with the prior approval of the Owner with      respect to material changes to the site plan and to gross leasable area of      any building. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Architect's      Agreement: Dated November 28, 2007, and attached hereto as Exhibit    A. |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (f) | Contractor: A      Contractor is defined to include the general contractor and all site      contractors, building contractors and subcontractors retained by the Owner      in connection with the Project. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (h) | Development      Costs:   “Development      Costs” shall      mean the aggregate amount actually expended by Owner for the construction      of the Project, excluding the acquisition costs of the Property and all      soft costs expended for architectural and other professional fees, but not      to exceed $136,000,000 (the amount reflected in the pro forma construction      cost schedule dated February 2007 submitted to the Owner) unless the Owner      has approved a change in the Project Scope which increases the scope and      size of the Project, in which event the maximum amount of $136,000,000      shall be increased to the extent and in the amount approved by the Owner      in connection with any such change in Project Scope, it being confirmed      that no such change in Project Scope has been approved by the Owner since      February 2007. The term "Development Costs" shall be utilized for the      determination of Agent's Fee and not the ultimate costs of the      Project. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Development      Scope:   Two hundred ninety-seven (297) apartment      units, forty-four (44) residential condominium units (to be constructed by      a third party), 205,331 square feet of new retail space, including a Giant      Supermarket shell building, redevelopment and repositioning of the      existing retail within the property, a hotel (to be constructed by a third      party), 1504 above and below ground parking and a plaza level deck with      amenities and all site work and Buildings as depicted on the (as set forth      in the pro forma dated February2007). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Owner's      Representative:  Donald Barney. If Donald Barney is not      available, the Owner's Representative shall be Ronald Artinian or such      other party that Owner designates as the Owner's      Representative. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | Project:  Project      is defined as all approvals and redevelopment of the Property including      the construction of all improvements, in accordance with the Approved      Plans in effect as of the datehereof. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | Project      Personnel:  Project Personnel shall be deemed to be all      architectural and engineering firms (in addition to the Architect and      Engineer), surveyors, traffic consultants, environmental consultants,      security personnel, marketing and public relations specialists and      lobbyists and any other personnel as are determined by the Agent to be      reasonably necessary for the timely completion of the Project, so long as      retaining such personnel is consistent with this Agreement and any other      written agreement approved by theOwner. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | Property:  The      Property consisting of the Rotunda Center owned by Owner in Baltimore,      Maryland. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (o) | Soft      Costs:  Soft Costs are all fees and expenses paid for      architectural, engineering, accountants, attorneys and other professional      fees. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (p) | Site      Plan:  The plan prepared by STV, Inc. approved by the      City of Baltimore as the same may be modified from time to time with the      prior approval of the Owner with respect to material changes to the      building layout. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | PROJECT      SCOPE:  The Agent      on behalf of Owner shall undertake the following (the “Project      Scope:) in      accordance with this Agreement and Owner's instructions based on the      Approved Plans: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Research      development options through studying various conceptual plans, existing      zoning and comprehensive zoning; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Negotiation      of all requisite contracts for the Project subject to the approval of      Owner and Owner's designated legal counsel, for all contracts which exceed      the dollar amount set forth in Paragraph 3(o)  hereof; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Obtaining      of all approvals for the Project; |
|--------|-----|--------------------------------------------------|

|   | (d) | Phased      demolition of the Project, in accordance with the Project      Plan; |
|--------|-----|----------------------------------------------------------------------------------|

|   | (e) | Construction      of the Project, in accordance with the Approved Plans and the Site      Plan; |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (f) | Oversight      of existing and new lease negotiations with tenants and any      brokers; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (g) | Coordination      of existing tenant relocations within the  Project; |
|--------|-----|-----------------------------------------------------------------------|

|   | (h) | Review      all bidding of contracts for the Project and recommendations to the Owner      for the hiring of Contractors; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Negotiation      of all requisite contracts for the improvements, subject to the approval      of Owner and Owner's legal counsel, for all contracts which exceed the      dollar amount set forth in Paragraph3(o); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Review      change orders, subject to approval of the Owner and Design      Team; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (5) | Oversee      approvals of submittals and Shop drawings with the Design      Team; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (1) | Process      draw requests to Lender pursuant to a written draw request, provided that      the Architect has previously approved suchdraw. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (l) | Exclusions:      The following are excluded from Agent's scope of  services: |
|--------|-----|------------------------------------------------------------------------------|

|   | (1) | Means      and Methods of Construction; |
|--------|-----|-----------------------------------------|

|   | (2) | Defects      or deficiencies in the work of the Contractors or delays in any of the      work performed; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (3) | Errors      and/or omissions of the DesignTeam; |
|--------|-----|-------------------------------------------------|

|   | (4) | Cost      overruns; |
|--------|-----|---------------------|

|   | (5) | Oversight      of various trades subcontractors; |
|--------|-----|--------------------------------------------------|

|   | (6) | Arbitration      or litigation preparation and arbitration or court appearances on behalf      of Owner; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (7) | Brokerage      Services. |
|--------|-----|--------------------------|

| 3. | SCOPE      OF SERVICES:  So long as      Agent's actions are consistent with this Agreement and any other written      agreement which the Owner has formally approved in writing, the Agent      shall be responsible to perform the following in a timely manner, on      behalf of Owner and at Owner's expense and subject to the provision of      Paragraph 5 thereof: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Engage      the Design Team, Contractors, consultants, on-site staff and such other      personnel as Agent deems commercially reasonable and necessary in order to      complete the Project; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Recommend      to Owner the hiring of Project Personnel as the Agent deems appropriate      for the Project; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (c) | Recommend      to Owner the retaining of marketing and public relations consultants      and/or firms, lobbyists and such other consultants of Owner and Agent deem      necessary to complete and lease up theProject; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Undertake      the necessary actions to implement the Project  Scope; |
|--------|-----|-----------------------------------------------------------------------|

|   | (e) | Use      commercially reasonable efforts to assist in negotiating fair and complete      agreements with Contractors and material suppliers and to obtain      satisfactory performance from each of the Project Personnel, subject to      Owner's approval and the approval of Owner's legal counsel as designated      by Owner and further subject to Paragraph3(o); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Monitor      construction costs and provide the Owner with reports on actual costs for      the Project and estimates for the Project completion as the same are      adjusted from time to time; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Administer      the contracts of the Project for compliance with the terms and conditions      of each contract; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (h) | At      the direction of the Design Team, require additional inspections and      testing of the work, and reject work which does not conform to the      requirements of the Approved Plans and the Site  Plan; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | Solicit      bids from all prospective contractors and material suppliers and assist      the Owner in the determination of the most qualified and cost efficient      Contractor or material suppliers; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Coordinate      with the Design Team to obtain final approvals for the Project and verify      that interim inspections are performed in order to obtain such      certificates of occupancies as may be required by applicable governmental      authorities having jurisdiction over the  Project; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Maintain      a copy of all plans, specifications, contracts, invoices and financial      matters related to the Project and supply a copy thereof to Owner and upon      the completion of the Project, Agent shall provide a complete copy of the      foregoing to the Owner upon Owner'srequest; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | Use      commercially reasonable efforts to secure lien waivers from Contractors      and material suppliers; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (m) | Submit      to Owner, for Owner's prior approval, any change order whose cost may      reasonably be anticipated to exceed Fifty Thousand ($50,000) Dollars to      the Owner; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | When      the aggregate cost of all change orders for any phase of the Project      exceeds seven (7%) percent of the Development Costs allocated to such      phase, Agent shall report all change orders to Owner's Representative and      thereafter, provide Owner's Representative with a monthly status report      relative to the construction of theProject; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | Submit      to Owner, for Owner's prior approval, any individual contract whose cost      may reasonably be anticipated to exceed One Hundred Thousand ($100,000)      Dollars. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | OWNER'S      RESPONSIBILITIES:  In order      for Agent to undertake its duties pursuant to this Agreement, the Owner      shall be responsible to perform the following, in a timely      manner: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Based      upon the reasonable recommendations of the Agent, to purchase and provide      written evidence it has obtained the appropriate type and amount of      insurance, including, but not limited to builders all risk insurance for      the Project pursuant to which the Agent is named as an additional      insured; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Following      the approval of work by the Architect, the Design Team and the Lender      where applicable of the requisition for such work, Owner shall pay all      Project bills and invoices necessary to comply with contract obligations      for all Contractors, Project Personnel and Fees due  Agent; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | Pay      all Project bills, invoices andFee. |
|--------|-----|----------------------------------------------|

|   | 5. | AGENT      FEES. |
|--------|----|------------------|

|   | (1) | All      services rendered by Agent up to the date of this    Agreement; |
|--------|-----|--------------------------------------------------------------------------|

|   | (2) | Any      and all future contacts and meetings with governmental authorities      relating to the Project Scope; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (3) | Any      and all future dealings with the Architect, Engineer and attorneys engaged      in obtaining the necessary government approvals up to and including the      obtaining of Project building permits. Thereafter, Agent shall not be      entitled to receive any additional portion of the Fee, except as provided      in Subparagraphs 5.2, 5.3 and 5.4hereof. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | Upon      Owner's written direction to Agent to obtain a building permit for any of      the apartments, retail space or the garage and the issuance of a building      permit therefore, fifty (50%) percent of the      Fee as modified if there is a change in project scope, less $3,000,000.00      shall be due and payable. Example: If there has been no change in the      Project Scope at time of      issuance of the building permit, Agent shall be paid ($136,000,000      X .06375 / 2= $4,335,000 - less $3,000,000)  $1,335,000 |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Balance      of fifty (50%) percent of the      Fee shall thereafter be paid in monthly installments, based upon the      percentage of completion of the Project as reflected In the general      contractor's requisition and approved by the Architect, less a hold back      of ten (10%) percent, in accordance with the following formula,      wherein: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (3) | The      ten percent (10%) hold-back portion of the Fee shall be paid within thirty      (30) days after issuance of an unconditional certificate of occupancy for      the entire Project (or equivalent jurisdictional approval) (the `CO").      Notwithstanding anything herein to the contrary, the total fee shall not      exceed 6 3/8% of the actual Development Cost. If at any time, it is      determined that actual Development Cost will be less than $136,000,000,      the schedule for payment of the balance of the Fee shall be reduced to      insure that the aforementioned ten (10%) percent hold-back shall be held      back until issuance of CO. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6. | INDEMNIFICATION: |
|--------|----|------------------|

|   | (a) | The      parties acknowledge that Agent is acting in an agency capacity on behalf      of the Owner in accordance with this Agreement and in such capacity Agent      shall have the right to undertake such action on behalf of the Owner, but      only in strict accordance with this Agreement, subject, however, to      modification of such authority by written Agreement between the Owner and      the Agent. In connection with such agency, the Owner covenants and agrees      that it shall indemnify, defend and hold harmless the Agent as well as the      Agent's officers, employees, agents, attorneys and members (hereinafter      referred to collectively as the “Agent      Indemnified Parties” and      individually as an “Agent      Indemnified Party”)      from and against any and all losses, damages, expenses or      liabilities of any kind or nature and from any suits, claims, or demands,      including reasonable counsel fees incurred in investigating or defending      such claim, suffered by any of them if caused by, relating to, arising out      of, resulting from, or in any way connected with the Agent's actions      contemplated herein; provided, however, the Owner shall not be obligated      to indemnify, defend and hold harmless an Agent Indemnified Party, if the      loss, damage, expense or liability was caused by or resulted from an Agent      Indemnified Party's: (I) own gross negligence; (2) willful misconduct; (3)      a material breach of the terms of this Agreement; and (4) any act or      omission which exceeds the authority granted to the Agent by the terms of      this Agreement which results in monetary loss to the Owner. In case any      action shall be brought against an Agent Indemnified Party based upon any      of the above and in respect to which indemnity may be sought against the      Owner, the Agent Indemnified Party against whom such action was brought,      shall promptly notify the Owner in writing, and the Owner shall assume the      defense thereof, including the retainer of counsel selected by the Owner      and reasonably satisfactory to said Agent Indemnified Party and the      payment of all costs incurred in connection therewith. Owner shall retain      the exclusive right to negotiate and consent to any      settlement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Agent covenants and agrees that it shall indemnify, defend and hold      harmless the Owner as well as the Owner's officers, employees, agents,      attorneys and members (hereinafter referred to collectively as the “Owner      Indemnified Parties” and individually      as an “Owner      Indemnified Party”) from      and against any and all losses, damages, expenses or liabilities of any      kind or nature and from any suits, claims, or demands, including      reasonable counsel fees incurred investigating or defending such claim,      suffered by any of them if caused by, relating to, arising out of,      resulting from, or in any way connected with the Agent's material breach      of the terms and conditions of this Agreement, its gross negligence or      willful misconduct, or any act or omission which exceeds the authority      granted to the Agent by the terms of this agreement which results in      monetary loss to the Owner, however, the Agent shall not be obligated to      indemnify, defend and hold harmless an Owner indemnified Party if the      loss, damage, expense or liability was caused by or resulted from an Owner      Indemnified Party's (1) own negligence; (2) willful misconduct; (3)      material breach f the terms of this Agreement; and (4) any act or omission      arising out of the Owner's obligations hereunder. In case any action shall      be brought against an Owner Indemnified Party based upon any of the above      and in respect to which indemnity may he sought against the Agent, the      Owner Indemnified Party against whom such action shall be brought, shall      promptly notify the Agent in writing, and the Agent shall assume the      defense thereof, including the retainer of counsel selected by the Agent      and reasonably satisfactory to the Owner, and the payment of all costs      incurred in connection therewith. Agent shall retain the exclusive right      to negotiate and consent to any settlement wherein Agent is paying the      settlement amount. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | TERMINATION      BY THE OWNER FOR CAUSE:  Should the      Agent fail in the performance of its duties hereunder (excepting delays      occasioned by strikes, floods, fires, accidents, the negligence of the      Owner and other natural disasters which are beyond the control of the      Agent), the Owner shall notify the Agent in writing of the Owner's intent      to declare the Agent in default under this Agreement. Within twenty (20)      days from the date Owner sends this notice to Agent, Agent shall cure the      default or, if such default cannot reasonably be cured during such twenty      (20) day period, Agent shall commence curing and diligently prosecute      curing the default until such default is cured. Failure by the Agent to      cure or diligently prosecute curing the default within such twenty (20)      day period shall constitute a material breach of this Agreement on the      part of the Agent. In such event, the Owner shall have the right to      terminate this Agreement. In such case, the Owner shall pay the Agent the      unpaid balance of the amount due Agent to be paid under this Agreement as      of the date of termination hereof and neither party shall be further      obligated to the other and there should be no obligation or Liability      going forward. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | TERMINATION      BY AGENT: The Agent may      terminate this Agreement only if the Owner shall fail to pay the Fee in      accordance with the terms of this Agreement, or as set forth in Paragraph      9 below. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | SUSPENSION      OF WORK:  Should      Owner desire to suspend the Project, then the Owner must notify Agent in      writing of its desire to suspend the Project. If Owner suspends      construction of the Project for a period of ninety (90) consecutive days,      Agent may upon written notice to the Owner state that it is seeking      additional compensation for expenses caused by such suspension. Within 15      days of receipt of such notice, Owner may at its option either (a) agree      to accept a claim for additional compensation; or (b) permit Agent to      terminate this Agreement without additional compensation. For the purposes      of this Agreement, the period of suspension shall commence on the date      when Owner gives notice to the Agent that suspension has commenced. In the      event the Project is suspended for any reason by the Owner, then only the      Owner shall be liable for any claims by Contractors and the Design Team      for suspension of the Project and the Owner shall indemnify the Agent for      all claims made by the foregoing pursuant to Paragraph 6 of this      Agreement. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10. | ENTIRE      AGREEMENT:  This      Agreement contains the final and entire agreement between the parties      hereto and each shall not be bound by any terms, conditions, statements,      warranties or representations, oral or written, not contained herein. All      understandings and agreements heretofore made between the parties are      merged in this Agreement, which alone fully and completely expresses the      agreement of the parties and which may not be changed, modified or      terminated except by a written instrument signed by the parties or their      respective counsel. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | CHOICE      OF LAW:  This      Agreement shall be interpreted in accordance with the laws and enforced in      the Courts of the State of New Jersey without regard to principles of      conflicts of laws. Any disputes shall be litigated in the Superior Court      of New Jersey, Bergen County. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | COUNTERPARTS:  This      Agreement may be executed in any number of counterparts,      each of which counterparts shall be deemed to be an original and all of      which counterparts shall constitute the same Agreement, at such time as      each party shall have executed and delivered to the other at least one (1)      copy of this Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | BINDING      EFFECT:  This      Agreement shall be binding upon and shall inure to the benefit of Owner      and Agent and their respective successors and permitted      assigns. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | NOTICES:  All      notices, requests, consents and other communications hereunder shall be in      writing and shall be either: (i) mailed in a United States Post Office      depository by certified mail, return receipt requested, postage prepaid;      or (ii) delivered by an overnight courier delivery service, with a receipt      provided therefore and charges prepaid, addressed to the parties at the      address set forth above and notices shall be deemed given on the date of      receipt or refusal. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | PREPARATION      OF AGREEMENT.  This      Agreement shall not be construed more strongly against either party      regardless of who is responsible for its  preparation. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| OWNER:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | AGENT:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  GRANDE      ROTUNDA, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|      By:  FIRST      REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, ManagingMember                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | HEKEMIAN      DEVELOPMENT RESOURCES, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                   By: /s/ Donald      Barney                                                                                    |   | By:      /s/ Bryan      Hekemian                                                                                                                       |
|                          Donald Barney, President                                                                                                                                                                                                                                                                                                                                                                                                               |   |        Bryan      Hekemian, Managing Member                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |