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                                                                   EXHIBIT 10.34

                       HAZARDOUS MATERIALS INDEMNIFICATION

          THIS HAZARDOUS MATERIALS INDEMNIFICATION (this "AGREEMENT") made as of
the 13th day of May, 2002 by NUSSBAUM CENTENNIAL PARTNERS, L.P., and ASHWOOD
AMERICAN PARTNERS MC DALLAS, L.P., both Texas limited partnerships, having an
office at 2001 Ross Avenue, Suite 3160, Dallas, Texas 75201 (collectively,
"INDEMNITOR"), jointly and severally in favor of MACK-CALI PROPERTY TRUST, a
Maryland business trust having an office at 11 Commerce Drive, Cranford, New
Jersey 07016 ("INDEMNITEE") and other Indemnified Parties (defined below).

                                    RECITALS:

          A.   Indemnitee is prepared to make a loan (the "MEZZANINE LOAN") to
Indemnitor in the principal amount of $5,000,000.00 pursuant to a Mezzanine
Agreement of even date herewith between Indemnitor and Indemnitee (as the same
may be amended, restated, replaced, supplemented or otherwise modified from time
to time, the "MEZZANINE LOAN AGREEMENT"). Capitalized terms not otherwise
defined herein shall have the meaning set forth in the Mezzanine Loan Agreement.

          B.   Indemnitee is unwilling to make the Mezzanine Loan unless
Indemnitor agrees to provide the indemnification, representations, warranties,
covenants and other matters described in this Agreement for the benefit of the
Indemnified Parties.

          C.   Indemnitor is entering into this Agreement to induce Indemnitee
to make the Mezzanine Loan.

                                    AGREEMENT

          NOW THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Indemnitor hereby represents, warrants, covenants and agrees for
the benefit of the Indemnified Parties as follows:

          1.   ENVIRONMENTAL COVENANTS. Indemnitor covenants and agrees that:
(a) all uses and operations on or of the Property, whether by Indemnitor or any
other Person, shall be in compliance with all Environmental Laws and permits
issued pursuant thereto; (b) there shall be no Releases of Hazardous Substances
in, on, under or from the Property; (c) Indemnitor shall not permit Hazardous
Substances in, on, or under the Property, except those that are both (i) in
compliance with all Environmental Laws and with permits issued pursuant thereto
and (ii) fully disclosed to Indemnitee in writing; (d) Indemnitor shall keep the
Property free and clear of all liens and other encumbrances imposed pursuant to
any Environmental Law, whether due to any act or omission of Indemnitor or any
other Person (the "ENVIRONMENTAL LIENS"); (e) Indemnitor shall, at its sole cost
and expense, fully and expeditiously cooperate in

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all activities pursuant to PARAGRAPH 2 of this Agreement, including but not
limited to providing all relevant information and making knowledgeable Persons
available for interviews; (f) Indemnitor shall, at its sole cost and expense,
perform any environmental site assessment or other investigation of
environmental conditions in connection with the Property, pursuant to any
reasonable written request of Indemnitee (including but not limited to sampling,
testing and analysis of soil, water, air, building materials, and other
materials and substances whether solid, liquid or gas), and share with
Indemnitee the reports and other results thereof, and Indemnitee and the other
Indemnified Parties shall be entitled to rely on such reports and other results
thereof; (g) Indemnitor shall, at its sole cost and expense, comply with all
reasonable written requests of Indemnitee to (i) effectuate Remediation of any
condition (including but not limited to a Release of a Hazardous Substance) in,
on, under or from the Property; (ii) comply with any Environmental Law; (iii)
comply with any directive from any governmental authority; and (iv) take any
other reasonable action necessary or appropriate for protection of human health
or the environment; (h) Indemnitor shall not do or allow any tenant or other
user of the Property to, with respect to Hazardous Substances, do any act that
materially increases the dangers to human health or the environment, poses an
unreasonable risk of harm to any Person (whether on or off the Property),
impairs or may impair the value of the Property, is contrary to any requirement
of any insurer, constitutes a public or private nuisance, constitutes waste, or
violates any covenant, condition, agreement or easement applicable to the
Property; and (i) Indemnitor shall immediately notify Indemnitee in writing of
(A) any presence or Releases or threatened Releases of Hazardous Substances in,
on, under, from or migrating towards the Property; (B) any non-compliance with
any Environmental Laws related in any way to the Property; (C) any actual or
potential Environmental Lien; (D) any required or proposed Remediation of
environmental conditions relating to the Property; and (E) any written notice or
other communication of which any Indemnitor becomes aware from any source
whatsoever (including but not limited to a governmental entity) relating in any
way to Hazardous Substances or Remediation thereof, possible liability of any
Person pursuant to any Environmental Law, other environmental conditions in
connection with the Property, or any actual or potential administrative or
judicial proceedings in connection with anything referred to in this Agreement.

          2.   INDEMNIFIED RIGHTS/COOPERATION AND ACCESS. In the event the
Indemnified Parties have reason to believe that an environmental hazard exists
on the Property and upon reasonable notice from the Indemnitee, Indemnitor
shall, at Indemnitor's expense, promptly cause an engineer or consultant
reasonably satisfactory to the Indemnified Parties to conduct any environmental
assessment or audit (the scope of which shall be determined in the sole and
absolute discretion of the Indemnified Parties) and take any samples of soil,
groundwater or other water, air, or building materials or any other invasive
testing requested by Indemnitee and promptly deliver the results of any such
assessment, audit, sampling or other testing; provided, however, if such results
are not delivered to the Indemnified Parties within a reasonable period and upon
reasonable notice to Indemnitor, the Indemnified Parties and any other Person
designated by the Indemnified Parties, including but not limited to any
receiver, any representative of a governmental entity, and any environmental
consultant, shall have the right, but not the obligation, to enter upon the
Property at all reasonable times to assess any and all aspects of the
environmental condition of the Property and its use, including but not limited
to conducting any environmental assessment or audit (the scope of which shall be
determined in the sole and absolute discretion of the Indemnified Parties) and
taking samples of soil, groundwater or other water, air, or building materials,
and reasonably conducting other invasive testing.

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Indemnitor shall cooperate with and provide the Indemnified Parties and any such
Person designated by the Indemnified Parties with access to the Property.

          3.   INDEMNIFICATION. Indemnitor covenants and agrees, at its sole
cost and expense, to protect, defend, indemnify, release and hold Indemnified
Parties harmless from and against any and all Losses (defined below) imposed
upon or incurred by or asserted against any Indemnified Parties and directly or
indirectly arising out of or in any way relating to any one or more of the
following, except to the extent that any Losses are caused by the presence,
Release or discharge of Hazardous Substances which occurred on or after the
Closing Date: (a) any presence of any Hazardous Substances in, on, above, or
under the Property; (b) any past, present or threatened Release of Hazardous
Substances in, on, above, under or from the Property; (c) any activity by
Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user
of the Property in connection with any actual, proposed or threatened use,
treatment, storage, holding, existence, disposition or other Release,
generation, production, manufacturing, processing, refining, control,
management, abatement, removal, handling, transfer or transportation to or from
the Property of any Hazardous Substances at any time located in, under, on or
above the Property; (d) any activity by Indemnitor, any Person affiliated with
Indemnitor, and any tenant or other user of the Property in connection with any
actual or proposed Remediation of any Hazardous Substances at any time located
in, under, on or above the Property, whether or not such Remediation is
voluntary or pursuant to court or administrative order, including but not
limited to any removal, remedial or corrective action; (e) any past, present or
threatened non-compliance or violations of any Environmental Laws (or permits
issued pursuant to any Environmental Law) in connection with the Property or
operations thereon, including but not limited to any failure by Indemnitor, any
Person affiliated with Indemnitor, and any tenant or other user of the Property
to comply with any order of any governmental authority in connection with any
Environmental Laws; (f) the imposition, recording or filing or the threatened
imposition, recording or filing of any Environmental Lien encumbering the
Property; (g) any administrative processes or proceedings or judicial
proceedings in any way connected with any matter addressed in this Agreement;
(h) any past, present or threatened injury to, destruction of or loss of natural
resources in any way connected with the Property, including but not limited to
costs to investigate and assess such injury, destruction or loss; (i) any acts
of Indemnitor, any Person affiliated with Indemnitor, and any tenant or other
user of the Property in arranging for disposal or treatment, or arranging with a
transporter for transport for disposal or treatment, of Hazardous Substances at
any facility or incineration vessel containing such or similar Hazardous
Substances; (j) any acts of Indemnitor, any Person affiliated with any
Indemnitor, and any tenant or other user of the Property in accepting any
Hazardous Substances for transport to disposal or treatment facilities,
incineration vessels or sites from which there is a Release, or a threatened
Release of any Hazardous Substance which causes the incurrence of costs for
Remediation; (k) any personal injury, wrongful death, or property or other
damage arising under any statutory or common law or tort law theory, including
but not limited to damages assessed for private or public nuisance or for the
conducting of an abnormally dangerous activity on or near the Property; and (l)
any misrepresentation or inaccuracy in any representation or warranty or
material breach or failure to perform any covenants or other obligations
pursuant to this Agreement or any other Mezzanine Loan Documents. Indemnitor
shall have no liability hereunder for liability arising solely due to the gross
negligence or willful misconduct of any of the Indemnified Parties.

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          4.   DUTY TO DEFEND AND ATTORNEYS AND OTHER FEES AND EXPENSES. Upon
written request by any Indemnified Party, Indemnitor shall defend same (if
requested by any Indemnified Party, in the name of the Indemnified Party) by
attorneys and other professionals selected by Indemnitor and reasonably approved
by the Indemnified Parties. Notwithstanding the foregoing, any Indemnified
Parties may, if they reasonably believe a conflict of interest exists, in their
sole and absolute discretion, engage their own attorneys and other professionals
to defend or assist them, and, at the option of Indemnified Parties, their
attorneys shall control the resolution of any claim or proceeding, providing
that no compromise or settlement shall be entered without Indemnitor's consent,
which consent shall not be unreasonably withheld. Upon demand, Indemnitor shall
pay or, in the sole and absolute discretion of the Indemnified Parties,
reimburse, the Indemnified Parties for the payment of reasonable fees and
disbursements of attorneys, engineers, environmental consultants, laboratories
and other professionals in connection therewith.

          5.   DEFINITIONS. As used in this Agreement, the following terms shall
have the following meanings:The term "ENVIRONMENTAL LAW" means any present and
future federal, state and local laws, statutes, ordinances, rules, regulations
and the like, as well as common law, relating to protection of human health or
the environment, relating to Hazardous Substances, relating to liability for or
costs of other actual or threatened danger to human health or the environment.
The term "ENVIRONMENTAL LAW" includes, but is not limited to, the following
statutes, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules,
regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning
and Community Right-to-Know Act; the Hazardous Substances Transportation Act;
the Resource Conservation and Recovery Act (including but not limited to
Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act;
the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the
Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal
Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide
Act; the Endangered Species Act; the National Environmental Policy Act; and the
River and Harbors Appropriation Act. The term "ENVIRONMENTAL LAW" also includes,
but is not limited to, any present and future federal, state and local laws,
statutes ordinances, rules, regulations and the like, as well as common law:
conditioning transfer of property upon a negative declaration or other approval
of a governmental authority of the environmental condition of the Property;
requiring notification or disclosure of Releases of Hazardous Substances or
other environmental condition of the Property to any Governmental Authority or
other Person, whether or not in connection with transfer of title to or interest
in property; imposing conditions or requirements in connection with permits or
other authorization for lawful activity; relating to nuisance, trespass or other
causes of action related to the Property; and relating to wrongful death,
personal injury, or property or other damage in connection with any physical
condition or use of the Property.

          The term "HAZARDOUS SUBSTANCES" includes but is not limited to any and
all substances (whether solid, liquid or gas) defined, listed, or otherwise
classified as pollutants, hazardous wastes, hazardous substances, hazardous
materials, extremely hazardous wastes, or words of similar meaning or regulatory
effect under any present or future Environmental Laws or that may have a
negative impact on human health or the environment, including but not limited

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to petroleum and petroleum products, asbestos and asbestos-containing materials,
polychlorinated biphenyls, lead, radon, radioactive materials, flammables and
explosives, but excluding substances of kinds and in amounts ordinarily and
customarily used or stored in similar properties for the purposes of cleaning or
other maintenance or operations and otherwise in compliance with all
Environmental Laws.

          The term "INDEMNIFIED PARTIES" includes Indemnitee, any Person who is
or will have been involved in the origination of the Mezzanine Loan, any Person
who is or will have been involved with the servicing of the Mezzanine Loan,
Persons who may hold or acquire or will have held a full or partial interest in
the Mezzanine Loan (including, but not limited to, Investors (defined below) or
prospective Investors in the Securities (defined below), as well as custodians,
trustees and other fiduciaries who hold or have held a full or partial interest
in the Mezzanine Loan for the benefit of third parties) as well as the
respective directors, officers, shareholders, partners, employees, agents,
servants, representatives, contractors, subcontractors, affiliates,
subsidiaries, participants, successors and assigns of any and all of the
foregoing (including but not limited to any other Person who holds or acquires
or will have held a participation or other full or partial interest in the
Mezzanine Loan or the collateral therefor, whether during the term of the
Mezzanine Loan or as a part of or following a foreclosure of the collateral for
the Mezzanine Loan and including, but not limited to, any successors by merger,
consolidation or acquisition of all or a substantial portion of Indemnitee's
assets and business).

          The term "LEGAL ACTION" means any claim, suit or proceeding, whether
administrative or judicial in nature.

          The term "LOSSES" includes any actual losses, damages, costs, fees,
expenses, claims, suits, judgments, awards, liabilities (including but not
limited to strict liabilities), obligations, debts, diminutions in value, fines,
penalties, charges, costs of Remediation (whether or not performed voluntarily),
amounts paid in settlement, litigation costs, attorneys' fees, engineers' fees,
environmental consultants' fees, and investigation costs (including but not
limited to costs for sampling, testing and analysis of soil, water, air,
building materials, and other materials and substances whether solid, liquid or
gas), of whatever kind or nature, and incurred (but not consequential damages)
in connection with any judicial or administrative proceedings, actions, claims,
suits, judgments or awards.

          The term "RELEASE" with respect to any Hazardous Substance includes
but is not limited to any release, deposit, discharge, emission, leaking,
leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying,
escaping, dumping, disposing or other movement of Hazardous Substances in
violation of Environmental Laws.

          The term "REMEDIATION" includes but is not limited to any response,
remedial, removal, or corrective action; any activity to clean up, detoxify,
decontaminate, contain or otherwise remediate any Hazardous Substance; any
actions to prevent, cure or mitigate any Release of any Hazardous Substance; any
action to comply with any Environmental Laws or with any permits issued pursuant
thereto; any inspection, investigation, study, monitoring, assessment, audit,
sampling and testing, laboratory or other analysis, or evaluation relating to
any Hazardous Substances or to anything referred to herein.

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          6.   UNIMPAIRED LIABILITY. The liability of Indemnitor under this
Agreement shall in no way be limited or impaired by, and Indemnitor hereby
consents to and agrees to be bound by, any amendment or modification of the
provisions of the Note, the Mezzanine Loan Agreement or any other Mezzanine Loan
Documents to or with Indemnitee by Indemnitor or any Person who succeeds
Indemnitor or any Person as owner of the Mezzanine Loan or the collateral
therefor. In addition, the liability of Indemnitor under this Agreement shall in
no way be limited or impaired by (i) any extensions of time for performance
required by the Note, the Mezzanine Loan Agreement or any of the other Mezzanine
Loan Documents, (ii) any sale or transfer of all or part of the Property, (iii)
except as provided herein, any exculpatory provision in the Note, the Mezzanine
Loan Agreement or any of the other Mezzanine Loan Documents limiting
Indemnitee's recourse, or limiting Indemnitee's rights to a deficiency judgment
against Indemnitor, (iv) the accuracy or inaccuracy of the representations and
warranties made by Indemnitor under the Note, the Mezzanine Loan Agreement or
any of the other Mezzanine Loan Documents or herein, (v) the release of
Indemnitor or any other Person from performance or observance of any of the
agreements, covenants, terms or condition contained in any of the other
Mezzanine Loan Documents by operation of law, Indemnitee's voluntary act, or
otherwise, (vi) the release or substitution in whole or in part of any security
for the Note, or (vii) Indemnitee's failure to file any UCC financing statements
(or Indemnitee's improper filing of any thereof) or to otherwise perfect,
protect, secure or insure any security interest or lien given as security for
the Note; and, in any such case, whether with or without notice to Indemnitor
and with or without consideration.

          7.   ENFORCEMENT. Indemnified Parties may enforce the obligations of
Indemnitor without first resorting to or exhausting any security or collateral
or without first having recourse to the Note, the Mezzanine Loan Agreement or
any other Mezzanine Loan Documents or any of the collateral therefor, through
foreclosure proceedings or otherwise, provided, however, that nothing herein
shall inhibit or prevent Indemnitee from suing on the Note, foreclosing, or
exercising any power of sale under, the Pledge Agreement, or exercising any
other rights and remedies thereunder. This Agreement is not collateral or
security for the debt of Indemnitor pursuant to the Mezzanine Loan, unless
Indemnitee expressly elects in writing to make this Agreement additional
collateral or security for the debt of Indemnitor pursuant to the Mezzanine
Loan, which Indemnitee is entitled to do in its sole and absolute discretion. It
is not necessary for an Event of Default to have occurred pursuant to and as
defined in the Mezzanine Loan Agreement for Indemnified Parties to exercise
their rights pursuant to this Agreement. Notwithstanding any provision of the
Mezzanine Loan Agreement, the obligations pursuant to this Agreement are
exceptions to any non-recourse or exculpation provision of the Mezzanine Loan
Agreement; Indemnitor is fully and personally liable for such obligations, and
such liability is not limited to the original or amortized principal balance of
the Mezzanine Loan or the value of the collateral therefor.

          8.   SURVIVAL. The obligations and liabilities of Indemnitor under
this Agreement shall fully survive indefinitely notwithstanding any termination,
satisfaction, assignment, entry of a judgment of foreclosure or exercise of any
power of sale.

          9.   INTEREST. Any amounts payable to any Indemnified Parties under
this Agreement shall become immediately due and payable on demand and, if not
paid within five (5) days of such demand therefor, shall bear interest at the
Default Rate.

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          10.  WAIVERS. (a) Indemnitor hereby waives (i) any right or claim of
right to cause a marshaling of Indemnitor's assets or to cause Indemnitee or
other Indemnified Parties to proceed against any of the security for the
Mezzanine Loan before proceeding under this Agreement against Indemnitor; (ii)
and relinquishes all rights and remedies accorded by applicable law to
indemnitors or guarantors, except any rights of subrogation which Indemnitor may
have, provided that the indemnity provided for hereunder shall neither be
contingent upon the existence of any such rights of subrogation nor subject to
any claims or defenses whatsoever which may be asserted in connection with the
enforcement or attempted enforcement of such subrogation rights including,
without limitation, any claim that such subrogation rights were abrogated by any
acts of Indemnitee or other Indemnified Parties; (iii) the right to assert a
counterclaim, other than a mandatory or compulsory counterclaim, in any action
or proceeding brought against or by Indemnitee or other Indemnified Parties;
(iv) notice of acceptance hereof and of any action taken or omitted in reliance
hereon; (v) presentment for payment, demand of payment, protest or notice of
nonpayment or failure to perform or observe, or other proof, or notice or
demand; and (vi) all homestead exemption rights against the obligations
hereunder and the benefits of any statutes of limitations or repose.
Notwithstanding anything to the contrary contained herein, Indemnitor hereby
agrees to postpone the exercise of any rights of subrogation with respect to any
collateral securing the Mezzanine Loan until the Mezzanine Loan shall have been
paid in full.

          (b)  INDEMNITOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW,
THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE MEZZANINE
LOAN EVIDENCED BY THE NOTE, THE APPLICATION FOR THE MEZZANINE LOAN EVIDENCED BY
THE NOTE, THIS AGREEMENT OR THE OTHER MEZZANINE LOAN DOCUMENTS OR ANY ACTS OR
OMISSIONS OF ANY INDEMNIFIED PARTIES IN CONNECTION THEREWITH.

          11.  SUBROGATION. Indemnitor shall take any and all reasonable
actions, including institution of legal action against third parties, necessary
or appropriate to obtain reimbursement, payment or compensation from such
Persons responsible for the presence of any Hazardous Substances at, in, on,
under or near the Property or otherwise obligated by law to bear the cost.
Indemnified Parties shall be and hereby are subrogated to all of Indemnitor's
rights now or hereafter in such claims.

          12.  INDEMNITOR'S REPRESENTATIONS AND WARRANTIES. Indemnitor
represents and warrants that:

               (a)  it has the full power and authority to execute and deliver
          this Agreement and to perform its obligations hereunder; the
          execution, delivery and performance of this Agreement by Indemnitor
          has been duly and validly authorized; and all requisite action has
          been taken by Indemnitor to make this Agreement valid and binding upon
          Indemnitor, enforceable in accordance with its terms;

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               (b)  its execution of, and compliance with, this Agreement is in
          the ordinary course of business of Indemnitor and will not result in
          the breach of any term or provision of the charter, by-laws,
          partnership or trust agreement, or other governing instrument of
          Indemnitor or result in the breach of any term or provision of, or
          conflict with or constitute a default under, or result in the
          acceleration of any obligation under, any agreement, indenture or
          mezzanine loan or credit agreement or other instrument to which
          Indemnitor or the Property is subject, or result in the violation of
          any law, rule, regulation, order, judgment or decree to which
          Indemnitor or the Property is subject;

               (c)  to the best of Indemnitor's knowledge, there is no action,
          suit, proceeding or investigation pending or threatened against it
          which, either in any one instance or in the aggregate, may result in
          any material adverse change in the business, operations, financial
          condition, properties or assets of Indemnitor, or in any material
          impairment of the right or ability of Indemnitor to carry on its
          business substantially as now conducted, or in any material liability
          on the part of Indemnitor, or which would draw into question the
          validity of this Agreement or of any action taken or to be taken in
          connection with the obligations of Indemnitor contemplated herein, or
          which would be likely to impair materially the ability of Indemnitor
          to perform under the terms of this Agreement;

               (d)  it does not believe, nor does it have any reason or cause to
          believe, that it cannot perform each and every covenant contained in
          this Agreement;

               (e)  to the best of Indemnitor's knowledge, no approval,
          authorization, order, license or consent of, or registration or filing
          with, any governmental authority or other person, and no approval,
          authorization or consent of any other party is required in connection
          with this Agreement; and

               (f) this Agreement constitutes a valid, legal and binding
          obligation of Indemnitor, enforceable against it in accordance with
          the terms hereof.

          13.  NO WAIVER. No delay by any Indemnified Party in exercising any
right, power or privilege under this Agreement shall operate as a waiver of any
such privilege, power or right.

          14.  NOTICE OF LEGAL ACTIONS. Each party hereto shall, within ten (10)
business days of receipt thereof, give written notice to the other party hereto
of (i) any notice, advice or other communication from any governmental entity or
any source whatsoever with respect to Hazardous Substances on, from or affecting
the Property, and (ii) any legal action brought against such party or related to
the Property, with respect to which Indemnitor may have liability under this
Agreement. Such notice shall comply with the provisions of SECTION 18 hereof.

          15.  EXAMINATION OF BOOKS AND RECORDS. Indemnified Parties and their
accountants shall have the right to examine the records, books, management and
other papers of Indemnitor which reflect upon its financial condition, at the
Property or at the office regularly

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maintained by Indemnitor where the books and records are located. Indemnified
Parties and their accountants shall have the right to make copies and extracts
from the foregoing records and other papers. In addition, at reasonable times
and upon reasonable notice, Indemnified Parties and their accountants shall have
the right to examine and audit the books and records of Indemnitor pertaining to
the income, expenses and operation of the Property during reasonable business
hours at the office of Indemnitor where the books and records are located.

          16.  TRANSFER OF MEZZANINE LOAN. (a) Indemnitee may, at any time,
sell, transfer or assign the Note, the Mezzanine Loan Agreement, this Agreement
and the other Mezzanine Loan Documents, and any or all servicing rights with
respect thereto, or grant participations therein or issue securities evidencing
a beneficial interest in a rated or unrated public offering or private placement
(the "SECURITIES"). Indemnitee may forward to each purchaser, transferee,
assignee, servicer, participant or investor in such Securities or any credit
rating agency rating such Securities (the foregoing entities hereinafter
collectively referred to as the "INVESTOR") and each prospective Investor, all
documents and information which Indemnitee now has or may hereafter acquire
relating to Indemnitor and the Property, whether furnished by Indemnitor, any
guarantor or otherwise, as Indemnitee determines necessary or desirable.
Indemnitor and any guarantor agree to cooperate with Indemnitee in connection
with any transfer made or any Securities created pursuant to this Section,
including, without limitation, the delivery of an estoppel certificate required
in accordance with the Mezzanine Loan Agreement and such other documents as may
be reasonably requested by Indemnitee. Indemnitor shall also furnish, and
Indemnitor and any guarantor hereby consent to Indemnitee furnishing to such
Investors or such prospective Investors, any and all information concerning the
financial condition of the Indemnitor and any guarantor and any and all
information concerning the Property and the Leases as may be reasonably
requested by Indemnitee or as may be requested by any Investor or any
prospective Investor in connection with any sale, transfer or participation
interest.

          (b)  Upon any transfer or proposed transfer contemplated above or by
the Mezzanine Loan Agreement, at Indemnitee's request, Indemnitor shall provide
an estoppel certificate to the Investor or any prospective Investor in such
form, substance and detail as Indemnitee, such Investor or prospective Investor
may require.

          17.  TAXES. Indemnitor has filed all federal, state, county,
municipal, and city income and other tax returns required to have been filed by
it and has paid all taxes and related liabilities which have become due pursuant
to such returns or pursuant to any assessments received by it. Indemnitor has no
knowledge of any basis for any additional assessment in respect of any such
taxes and related liabilities for prior years.

          18.  NOTICES. All notices or other written communications hereunder
shall be made in accordance the Mezzanine Loan Agreement.

          19.  DUPLICATE ORIGINALS; COUNTERPARTS. This Agreement may be executed
in any number of duplicate originals and each duplicate original shall be deemed
to be an original. This Agreement may be executed in several counterparts, each
of which counterparts shall be deemed an original instrument and all of which
together shall constitute a

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single Agreement. The failure of any party hereto to execute this Agreement, or
any counterpart hereof, shall not relieve the other signatories from their
obligations hereunder.

          20.  NO ORAL CHANGE. This Agreement, and any provisions hereof, may
not be modified, amended, waived, extended, changed, discharged or terminated
orally or by any act or failure to act on the part of Indemnitor or any
Indemnified Party, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

          21.  HEADINGS, ETC. The headings and captions of various paragraphs of
this Agreement are for convenience of reference only and are not to be construed
as defining or limiting, in any way, the scope or intent of the provisions
hereof.

          22.  NUMBER AND GENDER/SUCCESSORS AND ASSIGNS. All pronouns and any
variations thereof shall be deemed to refer to the masculine, feminine, neuter,
singular or plural as the identity of the Person or Persons referred to may
require. Without limiting the effect of specific references in any provision of
this Agreement, the term "INDEMNITOR" shall be deemed to refer to each and every
Person comprising an Indemnitor from time to time, as the sense of a particular
provision may require, and to include the heirs, executors, administrators,
legal representatives, successors and assigns of Indemnitor, all of whom shall
be bound by the provisions of this Agreement, provided that no obligation of
Indemnitor may be assigned except with the written consent of Indemnitee. Each
reference herein to Indemnitee shall be deemed to include its successors and
assigns. This Agreement shall inure to the benefit of Indemnified Parties and
their respective successors and assigns forever.

          23.  RELEASE OF LIABILITY. Any one or more parties liable upon or in
respect of this Agreement may be released without affecting the liability of any
party not so released.

          24.  RIGHTS CUMULATIVE. The rights and remedies herein provided are
cumulative and not exclusive of any rights or remedies which Indemnitee has
under the Note, the Mezzanine Loan Agreement or the other Mezzanine Loan
Documents or would otherwise have at law or in equity.

          25.  INAPPLICABLE PROVISIONS. If any term, condition or covenant of
this Agreement shall be held to be invalid, illegal or unenforceable in any
respect, this Agreement shall be construed without such provision.

          26.  GOVERNING LAW. A. THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF
NEW JERSEY, AND MADE BY INDEMNITOR AND ACCEPTED BY INDEMNITEE IN THE STATE OF
NEW JERSEY, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE
PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS,
INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW JERSEY APPLICABLE TO CONTRACTS MADE AND PERFORMED

                                      -10-
<Page>

IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE
LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW,
INDEMNITOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT
THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND
THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW JERSEY.

          B.   ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST INDEMNITEE OR
INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT INDEMNITEE'S
OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEWARK, COUNTY
OF ESSEX, STATE OF NEW JERSEY, AND INDEMNITOR WAIVES ANY OBJECTIONS WHICH IT MAY
NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH
SUIT, ACTION OR PROCEEDING, AND INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. INDEMNITOR
DOES HEREBY DESIGNATE AND APPOINT:

                          THE CORPORATION TRUST COMPANY
                              820 BEAR TAVERN ROAD
                         WEST TRENTON, NEW JERSEY 08628

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY
AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN
ANY FEDERAL OR STATE COURT IN NEWARK, NEW JERSEY, AND AGREES THAT SERVICE OF
PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE
MAILED OR DELIVERED TO INDEMNITOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON INDEMNITOR IN ANY SUCH SUIT,
ACTION OR PROCEEDING IN THE STATE OF NEW YORK. INDEMNITOR (I) SHALL GIVE PROMPT
NOTICE TO INDEMNITEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER,
(II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED
AGENT WITH AN OFFICE IN NEWARK, NEW JERSEY (WHICH SUBSTITUTE AGENT AND OFFICE
SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III)
SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO
HAVE AN OFFICE IN NEWARK, NEW JERSEY OR IS DISSOLVED WITHOUT LEAVING A
SUCCESSOR.

          27.  MISCELLANEOUS. (a) Wherever pursuant to this Agreement (i)
Indemnitee exercises any right given to it approve or disapprove, (ii) any
arrangement or term is to be satisfactory to Indemnitee, or (iii) any other
decision or determination is to be made by Indemnitee, the decision of
Indemnitee to approve or disapprove, all decisions that arrangements or terms
are satisfactory or not satisfactory and all other decisions and determinations
made by

                                      -11-
<Page>

Indemnitee, shall be in the sole and absolute discretion of Indemnitee and shall
be final and conclusive, except as may be otherwise expressly and specifically
provided herein.

          (b)  Wherever pursuant to this Agreement it is provided that
Indemnitor pay any costs and expenses, such costs and expenses shall include,
but not be limited to, reasonable legal fees and disbursements of Indemnitee,
whether retained firms, the reimbursements for the expenses of the in-house
staff or otherwise.

                         [NO FURTHER TEXT ON THIS PAGE]

                                      -12-
<Page>

          IN WITNESS WHEREOF, this Agreement has been executed by Indemnitor and
is effective as of the day and year first above written.

                                             INDEMNITOR:

                                             NUSSBAUM CENTENNIAL PARTNERS, L.P.

                                             By: NUSSBAUM CENTENNIAL, LLC,
                                                 its general partner

                                                     By: Steven H. Levin
                                                        ---------------------
                                                     Name: Steven H. Levin
                                                     Title:

                                             ASHWOOD AMERICAN PARTNERS
                                             MC DALLAS, L.P.

                                             By: A/A INVESTORS - MC DALLAS
                                                 L.L.C., its general partner

                                                      By: /s/ David S. Gruber
                                                         ---------------------
                                                         Name: David S. Gruber
                                                         Title:<Page>

                                                                   EXHIBIT 10.35

                          PLEDGE AND SECURITY AGREEMENT
                             (MEMBERSHIP INTERESTS)

          PLEDGE AND SECURITY AGREEMENT ("PLEDGE AGREEMENT"), dated as of May
13, 2002, made by ASHWOOD AMERICAN PARTNERS MC DALLAS, a Texas limited
partnership (the "PLEDGOR") in favor of MACK-CALI PROPERTY TRUST, a Maryland
business trust (together with its successors and assigns the "MEZZANINE
LENDER").

                               W I T N E S S E T H

          WHEREAS, John Hancock Life Insurance Company as lender ("SENIOR
LENDER") is making 3 loans in the aggregate principal amount of $27,200,000 (the
"SENIOR LOAN") evidenced by 3 Promissory Notes dated as of the date hereof
(collectively, the "SENIOR NOTE"), made by Brookview Partners, L.P., a Texas
limited partnership (the "PROPERTY OWNER"), which Senior Note is secured by,
among other things, the Mortgage Loan Documents (as such term is defined in the
Mezzanine Loan Agreement);

          WHEREAS, pursuant to that certain Mezzanine Loan Agreement of even
date herewith (as amended, supplemented or otherwise modified from time to time
the "MEZZANINE LOAN AGREEMENT"), by and between the Pledgor, NUSSBAUM CENTENNIAL
PARTNERS, L.P., a Texas limited partnership and Mezzanine Lender, Mezzanine
Lender has agreed to make a loan in the aggregate principal amount of FIVE
MILLION AND 00/100 DOLLARS ($5,000,000) (the "MEZZANINE LOAN") to Mezzanine
Borrower upon the terms and subject to the conditions set forth therein,
evidenced by the Promissory Note executed by Mezzanine Borrower thereunder (the
"NOTE") and secured by this Pledge Agreement and the other Mezzanine Loan
Documents (as such term is defined in the Mezzanine Loan Agreement);

          WHEREAS, it is a condition precedent to the obligation of Mezzanine
Lender to make the Mezzanine Loan that Pledgor shall have executed and delivered
this Pledge Agreement to Mezzanine Lender; and

          WHEREAS, Pledgor is the legal and beneficial owner of 50% of the
membership interests in Brookview Associates, LLC, a Texas limited liability
company which is the sole general partner of Property Owner ("COMPANY").

          NOW, THEREFORE, in consideration of the premises and to induce
Mezzanine Lender to make the Mezzanine Loan, Pledgor hereby agrees with
Mezzanine Lender as follows:

<Page>

     1.   DEFINED TERMS. Unless otherwise defined herein, capitalized terms
shall have the meanings given to them in the Mezzanine Loan Agreement. As used
herein the following terms shall have the following meanings:

          "CERTIFICATE OF FORMATION": means the certificate of formation of
Company filed on May 2, 2002 with the Secretary of State of Texas.

          "CODE": shall have the meaning given to the term "UCC" in the
Mezzanine Loan Agreement.

          "COMPANY": as defined in the Recitals of this Agreement.

          "MEZZANINE BORROWER": as defined in the Recitals of this Agreement.

          "MEZZANINE LENDER": as defined in the first paragraph hereto.

          "MEZZANINE LOAN": as defined in the Recitals of this Agreement.

          "MEZZANINE LOAN AGREEMENT": as defined in the Recitals of this
Agreement.

          "NOTE": as defined in the Recitals of this Agreement.

          "OBLIGATIONS": means the unpaid principal of and interest and
additional interest on the Note and all other obligations and liabilities of
Mezzanine Borrower to Mezzanine Lender, whether direct or indirect, absolute or
contingent, due or to become due, or now existing or hereafter incurred, which
may arise under, out of, or in connection with, the Mezzanine Loan Agreement,
the Note, this Pledge Agreement and any other Mezzanine Loan Document made,
delivered or given in connection therewith or herewith, whether on account of
principal, interest, additional interest, reimbursement obligations, fees,
indemnities, costs, expenses (including, without limitation, all reasonable fees
and disbursements of outside counsel to Mezzanine Lender) or otherwise.

          "OPERATING AGREEMENT": means the Limited Liability Company Agreement
of Company dated as of May 2, 2002.

          "PERMITTED DISTRIBUTIONS": as defined in Paragraph 4(a) herein.

          "PLEDGE AGREEMENT": means this Pledge and Security Agreement, as
amended, supplemented or otherwise modified from time to time.

          "PLEDGE COLLATERAL": means the Pledged Interests and all Proceeds.

          "PLEDGED INTERESTS": means the Pledged Membership Interests, together
with all interest certificates, options or rights of any nature whatsoever which
may be issued or granted by Company to the Pledgor while this Pledge Agreement
is in effect.

                                        2
<Page>

          "PLEDGED MEMBERSHIP INTERESTS": means the membership interests of
Pledgor in Company listed on SCHEDULE 1 hereto, together with all membership
interest certificates, shares, claims, powers, privileges, benefits, remedies,
options or rights of any nature whatsoever which may currently exist or be
issued or granted by Company to Pledgor with respect to or on account of such
membership interests while this Agreement is in effect.

          "PLEDGOR": as defined in the first paragraph hereto.

          "PROCEEDS": means (i) Pledgor's share, right, title and interest in
and to all distributions, monies, fees, payments, compensations and proceeds now
or hereafter becoming due and payable to Pledgor by Company whether payable as
profits, distributions, asset distributions, repayment of loans or capital or
otherwise and including all "proceeds" as such term is defined in Section
9-102(64) of the Code; (ii) all contract rights, general intangibles, claims,
powers, privileges, benefits and remedies of Pledgor relating to the foregoing;
and (iii) all cash or non-cash proceeds of any of the foregoing; PROVIDED,
HOWEVER, that in no event shall Permitted Distributions be deemed included in
this definition.

          "PROPERTY OWNER": as defined in the Recitals of this Agreement.

          "SENIOR LENDER": as defined in the Recitals of this Agreement.

          "SENIOR LOAN": as defined in the Recitals of this Agreement.

          "SENIOR NOTE": as defined in the Recitals of this Agreement.

     2.   PLEDGE; GRANT OF SECURITY INTEREST. Pledgor hereby pledges and grants
to Mezzanine Lender a first priority continuing security interest in the Pledged
Interests and other Pledge Collateral, as security for the complete payment and
performance when due (whether at the stated maturity, by acceleration or
otherwise) of the Obligations. Company has evidenced its acknowledgment and
consent to the pledge and grant given hereby, by the execution and delivery of
the Acknowledgment and Consent attached hereto as EXHIBIT A.

     3.   REPRESENTATIONS AND WARRANTIES. Pledgor represents and warrants as of
the date hereof as follows:

     (a) no consent which has not been obtained of any Person (including,
     without limitation, any owner or creditor of Pledgor or Company) is
     required in connection with the execution, delivery, performance, validity
     or enforceability of this Pledge Agreement;

     (b) all of the Pledged Membership Interests have been duly and validly
     issued and are fully paid and nonassessable;

                                        3
<Page>

     (c) the membership interests listed on SCHEDULE 1 hereto constitute all the
     issued and outstanding limited liability company membership interests in
     Company. SCHEDULE 1 sets forth a complete and accurate list of all the
     interests of all of the members of Company;

     (d) Pledgor is the record and beneficial owner of, and has good and
     marketable title to, the Pledged Membership Interests, in each case free of
     any and all liens or options in favor of, or claims of, any other Person,
     except the lien created by this Agreement;

     (e) upon the filing of all required UCC financing statements referred to in
     Section 10, the lien granted pursuant to this Pledge Agreement in the
     Pledged Membership Interests and other Pledge Collateral will constitute a
     valid, perfected first priority security interest in the Pledged Membership
     Interests and Pledge Collateral, enforceable as such against all creditors
     of Pledgor and any Persons purporting to purchase any Pledged Membership
     Interests or other Pledge Collateral from Pledgor, subject to bankruptcy,
     insolvency, and other limitations on creditors' rights generally and to
     general equitable principles;

     (f) Pledgor is duly organized and validly existing and in good standing
     under the laws of the state of its formation and has all requisite power
     and authority under the laws of such state and under its organizational and
     charter documents to enter into and perform its obligations under this
     Pledge Agreement;

     (g) Pledgor has taken all necessary legal and other action to authorize the
     execution, delivery and performance of this Pledge Agreement, and this
     Pledge Agreement constitutes the valid and binding obligation and agreement
     of Pledgor, enforceable in accordance with its terms subject to bankruptcy,
     insolvency, and other limitations on creditors' rights generally and to
     general equitable principles;

     (h) Pledgor has not received any written notice of material default which
     is still outstanding under any agreement or instrument to which it is a
     party or by which it or Company may be bound which alleges a default that
     would have a materially adverse effect on its business, assets, property or
     financial or other condition, except for such matters in respect of the
     Property as to which Mezzanine Lender's Affiliate has given the Property
     Owner or its Affiliate written notice. Pledgor is not in material default
     under any order, judgment, award or decree of any court, arbitrator or
     other governmental authority binding upon or affecting it or by which it or
     Company may be bound or affected, which alleges a default that would have a
     materially adverse effect on its business, assets, property or financial or
     other condition;

     (i) neither the execution and delivery of this Pledge Agreement nor the
     compliance by Pledgor with the terms and provisions hereof are events which
     of themselves, or with the giving of notice or the passage of time, or
     both, would

                                        4
<Page>

     constitute, on the part of Pledgor, a violation of or conflict with, or
     result in any material breach of, or material default under, the terms,
     conditions or provisions of, or require any consent, permit, approval,
     authorization, declaration or filing which has not been made or obtained
     under or pursuant to, any statute, law, judgment, decree, order, rule or
     regulation applicable to Pledgor, the organizational and charter documents
     of Pledgor, or any other agreement or instrument to which Pledgor is a
     party or by which Pledgor or Company is bound, or result in the creation or
     imposition of any lien, charge or encumbrance of any nature whatsoever on
     any of the assets of Pledgor, in each case which could have a materially
     adverse effect on its business, assets, property or financial or other
     condition;

     (j) there are no judgments presently outstanding and unsatisfied against
     Pledgor or Company, and neither Pledgor nor Company is a party to or the
     subject of any actions or suits or proceedings in equity or by any
     governmental authorities, and no such litigation or proceeding has been
     threatened in writing against any Pledgor or against Company, and nor has
     Pledgor received written notice that any investigation in contemplation of
     such litigation or proceeding has begun or is pending; and

     (k) the exact legal name of Pledgor is as set forth on page one hereof; the
     state of formation of Pledgor is as set forth on page one hereof; and the
     principal place of business of Pledgor is 2001 Ross Avenue, Suite 3160,
     Dallas, Texas 75201.

     4.   COVENANTS. Pledgor covenants and agrees with Mezzanine Lender that,
from and after the date of this Pledge Agreement and until the Obligations are
paid in full:

     (a) If Pledgor shall, as a result of its ownership of the Pledged
     Interests, become entitled to receive or shall receive any equity or other
     ownership interest, option or rights, whether in addition to, in
     substitution of, as a conversion of, or in exchange for any of the Pledged
     Interests, or otherwise in respect thereof, Pledgor shall accept the same
     as Mezzanine Lender's agent, hold the same in trust for Mezzanine Lender
     and deliver the same forthwith to Mezzanine Lender in the exact form
     received, duly endorsed by Pledgor to Mezzanine Lender, if required,
     together with an undated assignment or power covering such certificate,
     duly executed in blank and with, if Mezzanine Lender so requests, signature
     guaranteed, to be held by Mezzanine Lender hereunder as additional Pledge
     Collateral security for the Obligations. Any sums paid upon or in respect
     of the Pledged Interests upon the liquidation or dissolution of Company
     shall be paid over to Mezzanine Lender to be applied against the
     Obligations in such order and priority as may be determined by Mezzanine
     Lender (and otherwise subject to the terms of the Mezzanine Loan
     Agreement), and in case any distribution of capital shall be made on or in
     respect of the Pledged Interests or any property shall be

                                        5
<Page>

     distributed upon or with respect to the Pledged Interests pursuant to the
     recapitalization or reclassification of the capital of Company or pursuant
     to the reorganization of Company, the property so distributed shall be
     delivered to Mezzanine Lender to be held by it, subject to the terms
     hereof, as additional Pledge Collateral security for the Obligations. If
     any sums of money or property so paid or distributed in respect of the
     Pledged Interests shall be received by Pledgor, then Pledgor shall, until
     such money or property is paid or delivered to Mezzanine Lender, hold such
     money or property in trust for Mezzanine Lender, segregated from other
     funds of Pledgor as additional Pledge Collateral security for the
     Obligations. Notwithstanding anything in this Pledge Agreement to the
     contrary, as long as no Event of Default shall have occurred and be
     continuing, Mezzanine Borrower shall be permitted to make cash
     distributions (collectively, "PERMITTED DISTRIBUTIONS") permitted by the
     Mezzanine Loan Agreement.

     (b) Without the prior written consent of Mezzanine Lender and except for
     the Permitted Transfers under the Mezzanine Loan Agreement, Pledgor will
     not, directly or indirectly (i) vote to enable, or take any other
     affirmative action to permit, Company to issue any interests or shares, as
     applicable, or to issue any other securities convertible into or granting
     the right to purchase or exchange for any interests of Company, or (ii)
     Transfer, exchange or otherwise dispose of, or grant any option with
     respect to, the Pledge Collateral, or (iii) affirmatively create, incur or
     permit to exist any Lien or option in favor of, or any claim of any Person
     with respect to, any of the Pledge Collateral, or any interest therein,
     except for the lien provided for by this Pledge Agreement. Pledgor will
     defend the right, title and interest of Mezzanine Lender in and to the
     Pledge Collateral against the claims and demands of all Persons whomsoever.

     (c) At any time and from time to time, upon the written request of
     Mezzanine Lender, Pledgor will promptly and duly execute and deliver such
     further instruments and documents and take such further actions as
     Mezzanine Lender may reasonably request for the purposes of obtaining,
     maintaining or preserving the full benefits of this Pledge Agreement and of
     the rights and powers herein granted. If any amount payable under or in
     connection with any of the Pledge Collateral shall be or become evidenced
     by any promissory note, other instrument or chattel paper, such note,
     instrument or chattel paper shall be immediately delivered to Mezzanine
     Lender, duly endorsed in a manner satisfactory to Mezzanine Lender, to be
     held as Pledge Collateral pursuant to this Pledge Agreement.

     (d) Pledgor agrees to pay, and to indemnify and save Mezzanine Lender
     harmless from, any and all losses, costs and liabilities (including,
     without limitation, attorneys' fees and costs) with respect to, or
     resulting from any delay in paying, any and all stamp, excise, sales or
     other taxes which may be payable or

                                        6
<Page>

     determined to be payable with respect to any of the Pledge Collateral or in
     connection with any of the transactions contemplated by this Pledge
     Agreement.

     (e) Pledgor shall not (and Mezzanine Lender does not authorize Pledgor to)
     make any sales, leases or licenses of any of the Pledge Collateral or grant
     any other security interest in any of the Pledge Collateral.

     (f) Pledgor shall not be permitted to amend the Operating Agreement or the
     Certificate of Formation of Pledgor or the Company except as otherwise set
     forth in Section 6.1(a) of the Mezzanine Loan Agreement.

     (g) Pledgor shall perform all of its obligations under the Operating
     Agreement in all material respects.

     5.   CASH DIVIDENDS; VOTING RIGHTS. (a) Unless an Event of Default shall
have occurred and be continuing, Pledgor shall be permitted to exercise all
voting rights with respect to the Pledged Interests, PROVIDED, HOWEVER, that no
vote shall be cast or other action taken which would result in a material
violation of any provision of this Pledge Agreement or the Mortgage Loan
Documents.

     (b)  Unless an Event of Default shall have occurred and be continuing,
Pledgor shall be permitted to receive and use (including making distribution of)
Permitted Distributions. Any and all cash dividends or distributions received by
Pledgor after Mezzanine Lender delivers to Pledgor written notice of an Event of
Default, shall be held in trust for Mezzanine Lender as provided herein and,
unless Mezzanine Lender shall otherwise agree in writing, shall be paid to
Mezzanine Lender for application to the Obligations within one (1) Business Day
after receipt of such written notice by Pledgor.

     6.   RIGHTS OF MEZZANINE LENDER. (a) If an Event of Default shall occur and
be continuing, Mezzanine Lender shall have the right to receive any and all
distributions of property and any and all amounts paid in respect of the Pledged
Interests, in each case, from and after the occurrence of such Event of Default,
and make application thereof to the Obligations, in such order as Mezzanine
Lender, in its sole discretion, may elect. If an Event of Default shall occur
and be continuing, then all such Pledged Interests at Mezzanine Lender's option
shall be registered in the name of Mezzanine Lender or its nominee, and
Mezzanine Lender or its nominee may thereafter exercise (x) all voting and other
rights pertaining to such Pledged Interests and (y) any and all rights of
conversion, exchange, subscription and any other rights, privileges or options
pertaining to such Pledged Interests as if it were the absolute owner thereof
(including, without limitation, the right to exchange at its discretion any and
all of the Pledged Interests upon the merger, consolidation, reorganization,
recapitalization or other fundamental change in the organizational structure of
Company, or upon the exercise by Pledgor or Mezzanine Lender of any right,
privilege or option pertaining to such Pledged Interests, and in connection
therewith, the right to deposit and deliver any and all of the Pledged Interests
with any committee, depositary, transfer agent, registrar or other designated
agency upon

                                        7
<Page>

such terms and conditions as it may determine), all without liability except to
account for property actually received by it, but Mezzanine Lender shall have no
duty to exercise any such right, privilege or option and shall not be
responsible for any failure to do so or delay in so doing.

     (b)  The rights of Mezzanine Lender hereunder shall not be conditioned or
contingent upon the pursuit by Mezzanine Lender of any right or remedy against
Company or against any other Person which may be or become liable in respect of
all or any part of the Obligations or against any other Pledge Collateral
security therefor, guarantee thereof or right of offset with respect thereto.
Mezzanine Lender shall not be liable for any failure to demand, collect or
realize upon all or any part of the Pledge Collateral or for any delay in doing
so, nor shall it be under any obligation to sell or otherwise dispose of any
Pledge Collateral upon the request of Company or any other Person or to take any
other action whatsoever with regard to the Pledge Collateral or any part
thereof. Pledgor waives any right it may have to require Mezzanine Lender to
pursue any third party for any of the Obligations.

     7.   REMEDIES. If an Event of Default shall occur and be continuing,
Mezzanine Lender may exercise, in addition to all other rights and remedies
granted in this Pledge Agreement, the other Mezzanine Loan Documents and in any
other instrument or agreement securing, evidencing or relating to the
Obligations, all rights and remedies of a secured party under the Code. Without
limiting the generality of the foregoing, Mezzanine Lender, without demand of
performance or other demand, presentment, protest, advertisement or notice of
any kind (except any notice required by the Mezzanine Loan Agreement or
applicable law or referred to herein) to or upon Pledgor, Company or any other
Person (all and each of which demands, presentments, protests, advertisements or
notices or other defenses, are hereby waived), may in such circumstances
forthwith collect, receive, appropriate and realize upon the Pledge Collateral,
or any part thereof, and/or may forthwith sell, assign, give option or options
to purchase or otherwise dispose of and deliver the Pledge Collateral or any
part thereof (or contract to do any of the foregoing), in one or more parcels at
public or private sale or sales, in the over-the-counter market, at any
exchange, broker's board or office of Mezzanine Lender or elsewhere upon such
terms and conditions as it may deem advisable and at such prices as it may deem
best, for cash or on credit or for future delivery without assumption of any
credit risk. Mezzanine Lender shall have the right upon any such public sale or
sales, and, to the extent permitted by law, upon any such private sale or sales,
to purchase the whole or any part of the Pledge Collateral so sold, free of any
right or equity of redemption in Company, which right or equity is hereby waived
or released. Mezzanine Lender shall apply any Proceeds from time to time held by
it and the net proceeds of any such collection, recovery, receipt,
appropriation, realization or sale, after deducting all reasonable costs and
expenses of every kind incurred therein or incidental to the care or safekeeping
of any of the Pledge Collateral or in any way relating to the Pledge Collateral
or the rights of Mezzanine Lender hereunder, including, without limitation,
reasonable attorneys' fees and costs, to the payment in

                                        8
<Page>

whole or in part of the Obligations, in such order as Mezzanine Lender may
elect, and only after such application and after the payment by Mezzanine Lender
of any other amount required by any provision of applicable law, including,
without limitation, the Code, need Mezzanine Lender account for the surplus, if
any, to Pledgor. To the extent permitted by applicable law, Pledgor waives all
claims, damages and demands it may acquire against Mezzanine Lender arising out
of the exercise by Mezzanine Lender of any of its rights hereunder, except for
any claims, damages and demands it may have against Mezzanine Lender arising
from the gross negligence or willful misconduct of Mezzanine Lender. Notice of a
proposed sale or other disposition of Pledge Collateral shall be deemed to be a
reasonable notification if given at least ten (10) days before such sale or
other disposition. Mezzanine Borrower shall remain liable for any deficiency if
the proceeds of any sale or other disposition of Pledge Collateral are
insufficient to pay the Obligations and the reasonable fees and costs of any
attorneys employed by Mezzanine Lender to enforce its rights and remedies
hereunder. Mezzanine Lender may comply with any applicable state or federal law
requirements in connection with a disposition of the Pledge Collateral and
compliance therewith will not be considered adversely to affect the commercial
reasonableness of any sale of the Pledge Collateral. Mezzanine Lender may sell
the Pledge Collateral without giving any warranties as to the Pledge Collateral.
Mezzanine Lender may specifically disclaim any warranties of title or the like,
and such disclaimer shall not be deemed adversely to affect the commercial
reasonableness of any sale of the Pledge Collateral. If Mezzanine Lender sells
any of the Pledge Collateral upon credit, Pledgor will be credited only with
payments actually made by the purchaser received by Pledgor and applied to the
indebtedness of the purchaser. In the event the purchaser fails to pay for the
Pledge Collateral, Mezzanine Lender may recall the Pledge Collateral and Pledgor
shall be credited with the proceeds of any resale thereof following payment by
the new purchaser. In the event Mezzanine Lender purchases any of the Pledge
Collateral being sold, Mezzanine Lender may pay for the Pledge Collateral by
crediting some or all of the Obligations.

     8.   PRIVATE SALES. If an Event of Default shall have occurred and be
continuing:

     (a) Company and Pledgor recognize that Mezzanine Lender may be unable to
     effect a public sale of any or all the Pledged Interests, by reason of
     certain prohibitions contained in the Securities Act of 1933, as amended
     and applicable state securities laws or otherwise, and may be compelled to
     resort to one or more private sales thereof to a restricted group of
     purchasers which will be obliged to agree, among other things, to acquire
     such securities for their own account for investment and not with a view to
     the distribution or resale thereof. Company and Pledgor acknowledge and
     agree that any such private sale may result in prices and other terms less
     favorable to Mezzanine Lender than if such sale were a public sale and,
     notwithstanding such circumstances, agrees that any such private sale shall
     be deemed to have been made in a commercially reasonable manner. Mezzanine
     Lender shall be under no obligation to delay a sale of any of the

                                        9
<Page>

     Pledged Interests for the period of time necessary to permit Company to
     register such securities for public sale under the Securities Act of 1933,
     as amended, or under applicable state securities laws, even if Company
     would agree to do so.

     (b) If an Event of Default shall have occurred and be continuing, Pledgor
     further agrees to use reasonable efforts to do or cause to be done all such
     other acts as may be reasonably requested to make any sale or sales of all
     or any portion of the Pledged Interests pursuant to this paragraph 8 valid
     and binding and in compliance with any and all other applicable
     requirements of law. Pledgor further agrees that a breach of any of the
     covenants contained in this paragraph 8 will cause irreparable injury to
     Mezzanine Lender, that Mezzanine Lender has no adequate remedy at law in
     respect of such breach and, as a consequence, that each and every covenant
     contained in this paragraph 8 shall be specifically enforceable against
     Pledgor, and to the maximum extent permitted by applicable law, Pledgor
     hereby waives and agrees not to assert any defenses against an action for
     specific performance of such covenants except for a defense that no default
     has occurred under the Mezzanine Loan Agreement.

     9.   LIMITATION ON DUTIES REGARDING PLEDGE COLLATERAL. Pledgor has the risk
of loss of the Pledge Collateral. Mezzanine Lender's sole duty with respect to
the custody, safekeeping and physical preservation of the Pledge Collateral in
its possession shall be to deal with it in the same manner as Mezzanine Lender
deals with similar securities and property for its own account. Neither
Mezzanine Lender nor any of its directors, officers, employees or agents shall
be liable for failure to demand, collect or realize upon any of the Pledge
Collateral or for any delay in doing so or shall be under any obligation to sell
or otherwise dispose of any Pledge Collateral upon the request of Pledgor or
otherwise.

     10.  UCC FINANCING STATEMENTS. Pledgor authorizes Mezzanine Lender from
time to time to file UCC financing statements, continuation statements and any
and all other financing statements necessary or desirable to evidence, perfect
or continue the lien and security interest in the Pledge Collateral granted by
Pledgor to Mezzanine Lender pursuant to this Pledge Agreement. Such filings
shall be made in any and all jurisdictions required by Mezzanine Lender.

     11.  CERTAIN UNDERSTANDINGS OF PARTIES; REGISTRATION OF PLEDGE; CONTROL OF
PLEDGED PLEDGE COLLATERAL, ETC. (a) (i) The parties acknowledge and agree that
the Pledged Membership Interests constitute "general intangibles" (as defined in
Section 9-102 of the Code); and (ii) Pledgor therefore covenants and agrees that
(A) the Pledged Membership Interests are not and will not be traded, dealt in or
traded on securities exchanges or securities markets, (B) the terms of the
Pledged Membership Interests do not and will not provide that they are
securities governed by the Code, and (C) the Pledged Membership Interests are
not and will not be investment company securities within the meaning of
Section 8-103 of the Code as in effect in any jurisdiction.

                                       10
<Page>

     (b) REGISTRATION OF PLEDGE; CONTROL OF PLEDGE COLLATERAL. Notwithstanding
the foregoing, to better assure the perfection of the security interest of
Mezzanine Lender in the Pledged Membership Interests, concurrently with the
execution and delivery of this Agreement, Pledgor shall send written
instructions in the form of EXHIBIT B hereto to each issuer thereof (the
"ISSUER"), and shall cause the Issuer to, and the Issuer shall, deliver to
Mezzanine Lender the Confirmation Statement and Instruction Agreement in the
form of EXHIBIT C hereto pursuant to which the Issuer will confirm that it has
registered the pledge effected by this Agreement on its books and agrees to
comply with the instructions of Mezzanine Lender in respect of the Pledged
Membership Interests without further consent of Pledgor or any other Person.
Notwithstanding anything in this paragraph neither the written instructions nor
the Confirmation Statement and Instruction Agreement shall be construed as
expanding the rights of Mezzanine Lender to give instructions with respect to
the Pledge Collateral beyond such rights set forth in this Agreement. From time
to time, Pledgor shall promptly provide replacement written instructions in the
form of EXHIBIT B hereto to each Issuer and shall cause the Issuer to, and the
Issuer shall, deliver to Mezzanine Lender the Confirmation Statement and
Instruction Agreement in the form of EXHIBIT C to each assignee or Pledge
Collateral assignee of Mezzanine Lender, as reasonably requested by Mezzanine
Lender.

     12.  POWERS COUPLED WITH AN INTEREST. All authorizations and agencies and
powers herein contained with respect to the Pledge Collateral are irrevocable
and coupled with an interest.

     13.  SEVERABILITY. Any provision of this Pledge Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     14.  PARAGRAPH HEADINGS. The paragraph headings used in this Pledge
Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

     15.  NO WAIVER; CUMULATIVE REMEDIES. Mezzanine Lender shall not by any act
(except by a written instrument pursuant to paragraph 16 hereof) be deemed to
have waived any right or remedy hereunder or to have acquiesced in any default
or in any breach of any of the terms and conditions hereof or granted any right
of indulgence or any right of delay. No failure to exercise, nor any delay in
exercising, on the part of Mezzanine Lender, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of
any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A
waiver by Mezzanine Lender of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which Mezzanine Lender
would otherwise have on any future occasion. The rights and remedies herein
provided

                                       11
<Page>

are cumulative, may be exercised singly or concurrently and are not exclusive of
any rights or remedies provided by law.

     16.  WAIVERS AND AMENDMENTS; SUCCESSORS AND ASSIGNS; GOVERNING LAW; VENUE.
This Pledge Agreement shall be binding upon the respective successors and
assigns of Pledgor and all Persons who become bound as a debtor (within the
meaning of the Code) to this Pledge Agreement and shall inure to the benefit of
Mezzanine Lender, its successors and assigns. The rights of Mezzanine Lender
under this Pledge Agreement shall automatically be transferred to any transferee
to which Mezzanine Lender transfers the Note and Mezzanine Loan Agreement
pursuant to the terms thereof. The construction, interpretation, validity,
enforceability and effect of all provisions of this Pledge Agreement including,
but not limited to, the payment of the Indebtedness and the legality of the
interest rate and other charges shall be construed and enforced in accordance
with the internal laws of the State of New Jersey (without regard to conflict of
laws principles) except to the extent that the Code requires the application of
the law of another jurisdiction with respect to the perfection, priority or
enforcement of the security interest granted hereby. Pledgor agrees to submit to
non-exclusive personal jurisdiction in Essex County, in the State of New Jersey
and in any action or proceeding arising out of this Pledge Agreement and, in
furtherance of such agreement, Pledgor hereby agrees and consents that without
limiting other methods of obtaining jurisdiction, personal jurisdiction over
Pledgor in any such action or proceeding may be obtained within or without the
jurisdiction of any court located in the State of New Jersey and that any
process or notice of motion or other application to any such court in connection
with any such action or proceeding may be served upon Pledgor by registered or
certified mail to or by personal service at the last known address of Pledgor,
whether such address be within or without the jurisdiction of any such court.

     17.  EXECUTIVE OFFICES. Pledgor shall not change (i) its limited
partnership existence whether by merger, consolidation or otherwise, or (ii) its
name, in any case, unless it shall have given Mezzanine Lender at least thirty
(30) days prior written notice thereof. Under no circumstances shall Pledgor
change its state of formation.

     18.  NOTICES. Notices by Mezzanine Lender to Company or Pledgor to be
effective shall be given in accordance with the provisions of the Mezzanine Loan
Agreement, and if given to Company shall be addressed to the address set forth
in the Acknowledgment and Consent attached hereto.

     19.  IRREVOCABLE AUTHORIZATION AND INSTRUCTION. Pledgor hereby authorizes
and instructs Company and any servicer to comply with any instruction received
by it from Mezzanine Lender in writing that (a) states that an Event of Default
has occurred and is continuing and (b) is otherwise in accordance with the terms
of this Pledge Agreement, without any other or further instructions from
Pledgor, and Pledgor agrees that Company shall be fully protected in so
complying.

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<Page>

     20.  SPECIAL PURPOSE ENTITY. Mezzanine Borrower hereby represents and
warrants to and covenants and agrees with Mezzanine Lender that it shall observe
and perform with respect to itself all of the representations, warranties and
covenants with respect to Mezzanine Borrower set forth in Sections 5.1(o) and
6.1 of the Mezzanine Loan Agreement, all with the same force and effect as if
fully set forth herein.

     21.  NO ORAL CHANGE; ENTIRE UNDERSTANDING. This Agreement may be modified,
amended or changed only by an agreement in writing signed by the party against
whom enforcement of any modification, amendment, waiver, extension, change,
discharge or termination is sought. No waiver of any term, covenant or provision
of this Agreement shall be effective unless given in writing by Mezzanine Lender
and if so given by Mezzanine Lender shall be effective only in the specific
instance in which given. Mezzanine Lender acknowledges that this Pledge
Agreement, the Note, and the other Mezzanine Loan Documents set forth the entire
agreement and understanding of Mezzanine Lender and Mezzanine Borrower with
respect to the Mezzanine Loan and that no oral or other agreements,
understanding, representation or warranties exist with respect to the Mezzanine
Loan, other than those set forth in this Pledge Agreement, the Note, and the
other Mezzanine Loan Documents.

     22.  NON-RECOURSE. The obligations of Mezzanine Borrower under this
Agreement, and the rights of Mezzanine Lender against Mezzanine Borrower's
constituents and other Persons, shall be limited by the provisions of Section
8.15 of the Mezzanine Loan Agreement, the provisions of which are incorporated
herein by reference as if fully set forth herein.

          IN WITNESS WHEREOF, the undersigned have caused this Pledge Agreement
to be duly executed and delivered as of the date first above written.

                                     PLEDGOR:  ASHWOOD AMERICAN PARTNERS
                                               MC DALLAS, L.P.

                                               By: A/A INVESTORS-MC DALLAS,
                                                   L.L.C., its general partner

                                               By: /s/ David S. Gruber
                                                   ----------------------------
                                                   Name: David S. Gruber
                                                   Title:

                                       13

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