Document:

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            OMNIBUS AGREEMENT; PUT-CALL OPTION AGREEMENT AMENDMENT;
                   LOAN COMMITMENT AND AGREEMENT TO GUARANTY

         This AGREEMENT (the "AGREEMENT"), dated as of November 24, 2003, is
made by and among THE NEWKIRK MASTER LIMITED PARTNERSHIP, a Delaware limited
partnership (the "MASTER PARTNERSHIP"), NK-CR HOLDINGS LLC, a Delaware limited
liability company ("NK-CR"), HOLDINGS SUBSIDIARY LLC, a Delaware limited
liability company ("HOLDINGS"), and T-TWO PARTNERS, L.P., a Delaware limited
partnership ("T-TWO PARTNERS").

         WHEREAS, NK-CR directly holds a 99.8% membership interest in Holdings
and indirectly, through its 100% ownership of NK-CR Corp., holds a .2%
membership interest in Holdings;

         WHEREAS, (i) NK-CR is the sole limited partner of, and holder of 99% of
the economic interests in, T-Two Partners, and (ii) Holdings is the sole general
partner of, and holder of 1% of the economic interests in, T-Two Partners;

         WHEREAS, T-Two Partners is the sole beneficial and record owner of the
Grantor Trust T-1 Certificate and the Grantor Trust T-2 Certificate (the "TRUST
CERTIFICATES") issued under the Second Amended and Restated Grantor Trust
Agreement, dated as of April 1, 1999, among NK-CR T1 Seller LLC, T-Two Partners,
Midland Loan Services, Inc., as servicer and LaSalle National Bank, as grantor
trust trustee, as amended by that certain Amendment No. 1 thereto, dated of even
date herewith (as amended, the "GRANTOR TRUST AGREEMENT"), which Trust
Certificates represents indirect interests in second mortgages made by those
partnerships listed on Schedule 1 hereto (the "CONTRACT RECEIVABLES");

         WHEREAS, pursuant to that certain Put-Call Option Agreement (the
"PUT-CALL AGREEMENT"), dated as of January 1, 2002, among the Master
Partnership, NK-CR, and Holdings, the Master Partnership was granted a call
option and NK-CR and Holdings were granted a put option with respect to the
ownership interests in T-Two Partners;

         WHEREAS, the Master Partnership, NK-CR and Holdings desire to amend the
Put-Call Agreement in various respects;

         WHEREAS, the Master Partnership has requested that T-Two Partners
provide the Master Partnership with the Line of Credit (as defined below); and

         WHEREAS, as consideration for amending the Put-Call Agreement and the
issuance of the Line of Credit, the Master Partnership has agreed to guaranty
the payment obligations of T-Two Partners under that certain Master Loan
Agreement (the "FLEET LOAN AGREEMENT"), dated as of the date hereof, by and
among the Master Partnership, T-Two Partner, the Lenders which are party
thereto, and Fleet National Bank, as agent for the Lenders ("Fleet");

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         NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                   ARTICLE I.

              AMENDMENT OF PUT-CALL AGREEMENT; GRANT OF CALL OPTION

         Section 1.01 Amendment of Put-Call Agreement. The Master Partnership,
NK-CR and Holdings agree, effectively immediately, to amend the Put-Call
Agreement by terminating the Put Option provided therein, and by amending the
Call Option provided therein to conform to the remaining provisions of this
Article I such that the Put-Call Agreement shall be amended and restated in full
as provided for herein.

         Section 1.02 Amended MLP Call Option. NK-CR, Holdings and T-Two
Partners hereby, jointly and severally, irrevocably grant to the Master
Partnership the right and option (the "MLP CALL OPTION"), exercisable by the
Master Partnership in the manner provided in Section 1.03 below, to acquire
either (i) from NK-CR and Holdings all of their respective partnership interests
in T-Two Partners (whether now owned or hereafter acquired, collectively, the
"OPTION INTERESTS") which comprise 100% of the beneficial ownership interest
therein, including, without limitation, the right of the Master Partnership
and/or its designee(s) to be substituted as sole general partner and sole
limited partner of T-Two Partners or (ii) from T-Two Partners, its ownership
interest in the Trust Certificates and all of its other assets.

         Section 1.03 Method of Exercise of MLP Call Option. The Master
Partnership may exercise the MLP Call Option by giving prior written notice (the
"MLP CALL NOTICE") of such exercise to NK-CR, Holdings and T-Two Partners on any
date following the third anniversary hereof until the "MLP Call Option
Termination Date" (as hereinafter defined). Such notice shall set forth whether
the Master Partnership desires to acquire the Option Interests or the Trust
Certificates (hereinafter, the "CALL ASSET"), and the date on which the Master
Partnership intends to acquire the Call Asset, which date (the "MLP Call Option
Closing Date") shall be no earlier than 150 days and no later than 270 days
after the date of such notice. Any such exercise of the MLP Call Option shall be
effective, and the closing of the acquisition of the Call Asset upon such
exercise (the "MLP CALL OPTION CLOSING") shall occur on the MLP CALL OPTION
CLOSING DATE specified in such notice, which date can be after the MLP Call
Option Termination Date (as hereinafter defined) so long as the MLP Call Notice
is timely given. The MLP Call Option shall expire, without any further action by
the parties, on the sixth anniversary hereof (the "MLP Call Option Termination
Date"), and any MLP Call Notice delivered after that date shall be null and
void.

         Section 1.04 Right to Exclude Other Partnerships Assets.
Notwithstanding anything herein to the contrary, if the Master Partnership
elects to exercise the MLP Call Option, NK-CR, Holdings and T-Two Partners shall
have the right, but not the obligation, to exclude from the Call Asset the
Contract Receivables listed on Schedule 2 hereto (the "EXCLUDED ASSETS"). If
NK-CR, Holdings and T-Two Partners elect to exclude from the Call Asset the
Excluded Assets, NK-CR, Holdings and T-Two Partners shall give written notice to
such effect to the Master Partnership no later than sixty (60) days prior to the
MLP Call Option Closing Date, which notice shall also specify the related
adjustment to the MLP Call Exercise Price

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pursuant to Section 1.06(b), and shall cause the Excluded Assets to be
transferred to NK-CR, Holdings or such other entity such that at the MLP Call
Option Closing Date, the Excluded Assets are not held by, or as part of, the
Call Asset.

         Section 1.05 MLP Call Option Closing. The MLP Call Option Closing shall
be held at the offices of the Master Partnership, at 10:00 a.m. local time, on
the MLP Call Option Closing Date, or at such other place or at such other time
as the parties agree in writing. At the MLP Call Option Closing, (i) NK-CR and
Holdings or T-Two Partners, as the case may be, shall deliver to the Master
Partnership (x) an assignment of the Call Asset in a form and substance mutually
agreeable by the parties pursuant to which the Master Partnership shall acquire,
as applicable, all of the then outstanding limited and general partnership
interests in T-Two Partners or the Trust Certificates, and (y) all such other
documents and instruments as may be reasonably required by one or more of the
parties to effect the transaction contemplated thereby, and (ii) the Master
Partnership shall pay to NK-CR, Holdings or T-Two Partners the MLP Call Option
Exercise Price (as defined below) in immediately available funds; provided,
however, that T-Two Partners may direct the Master Partnership to pay up to the
entire amount of the MLP Call Option Exercise Price directly to Fleet (or to the
lender under any refinancing of the Fleet loan).

         Section 1.06 MLP Call Option Exercise Price. (a) In consideration for
the transfer of the Call Asset to the Master Partnership pursuant to the Master
Partnership's exercise of the MLP Call Option, the Master Partnership shall pay
to NK-CR, Holdings or T-Two Partners, as applicable, on the MLP Call Option
Closing Date an amount (the "MLP CALL OPTION EXERCISE PRICE") equal to (subject
to adjustment as provided in Sections 1.06(b) and (c) hereof):

                  (i) the Initial Amount; plus

                  (ii) the sum of all expenses incurred by T-Two Partners in
         connection with or pursuant to the terms of the Fleet Loan Agreement
         (or any refinancings thereof) and, from and after the date hereof, the
         Grantor Trust Agreement plus interest thereon at the Applicable Rate;
         less

                  (iii) the principal amortization from the date hereof to (but
         not including) the MLP Call Option Closing Date on a hypothetical loan
         made on the date hereof subject to the following terms: (1) original
         principal amount equal to the Initial Amount; (2) interest at the
         Applicable Rate; and (3) payments made thereon equal to all actual
         interest and principal payments made on account of the Contract
         Receivables, including, without limitation, regular payments,
         prepayments and casualty payments, other than the Contract Receivable
         made by Newkirk Sablemart L.P. assuming in the case of each such
         payment that the payment is applied first to current interest (at the
         Applicable Rate) on the hypothetical loan balance and then to principal
         amortization.

          (b) If NK-CR, Holdings or T-Two Partners elects to retain ownership of
the Excluded Assets, the MLP Call Option Exercise Price shall be reduced by an
amount equal to the minimum amount for which the Contract Receivables
represented by the Excluded Assets could be satisfied in full on the MLP Call
Option Closing Date pursuant to and in accordance with their existing terms.

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          (c) If the Master Partnership elects to acquire all of the interests
in T-Two Partners in connection with its exercise of the MLP Call Option and the
Master Partnership agrees to assume the obligations, if any, of T-Two Partners
under the Applicable Loan, and the lender under any such Applicable Loan agrees
to permit such assumption and release all then existing guarantors of the
Applicable Loan from their guarantees, if any, the MLP Call Option Exercise
Price shall be reduced (but not below zero) by the outstanding amount due on the
Applicable Loan. If the Master Partnership elects to not assume the Applicable
Loan or the lender under the Applicable Loan does not permit the Master
Partnership to assume the Applicable Loan or release the existing guarantors of
the Applicable Loan from their obligations, then T-Two Partners shall cause such
Applicable Loan to be satisfied prior to or simultaneously with the MLP Call
Option Closing.

          (d) As used herein, the following terms shall have the following
meanings:

                  (i) "Applicable Loan" shall mean any loan or loans payable by
         T-Two Partners to a third party lender from time to time during the
         term hereof secured by the assets of T-Two Partners, including, without
         limitation, the loan made to T-Two Partners pursuant to the Fleet Loan
         Agreement.

                  (ii) "Applicable Rate" means the net rate of interest from
         time to time paid by T-Two Partners under any Applicable Loan based on
         the actual out-of-pocket interest payments by T-Two Partners
         thereunder, after taking into account all interest rate swap or hedge
         agreements, if any. For example purposes only, if the principal amount
         owed by T-Two on a Applicable Loan was $200,000,000 and the annual
         interest payment due thereon was $15,000,000 (7.5%) but T-Two Partners
         paid a fixed rate of 7% for the same period pursuant to an interest
         rate swap or hedge agreement, then the Adjusted Applicable Rate for
         such period would be 7%.

                  (iii) "Initial Amount" shall mean $316,526,572.73.

                                  ARTICLE II.

                                 LINE OF CREDIT

         Section 2.01 Line of Credit T-Two Partners hereby grants to the Master
Partnership a line of credit (the "LINE OF CREDIT") on the terms and conditions
set forth in that certain Revolving Credit Agreement (the "REVOLVING CREDIT
AGREEMENT"), dated as of the date hereof, between T-Two Partners, as lender, and
the Master Partnership, as borrower, a copy of which is annexed hereto as
Exhibit A.

                                  ARTICLE III.

                                    GUARANTY

         Section 3.01 Guaranty of T-Two Obligations. In consideration for
amending the Put-Call Agreement and issuing the Line of Credit, the Master
Partnership agrees to guaranty

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to Fleet the payment obligations of T-Two Partners under the Fleet Loan
Agreement pursuant to a Guaranty in the form annexed hereto as Exhibit B (the
"GUARANTY").

         Section 3.02 Reimbursement Agreement. In consideration for the
Guaranty, the Master Partnership and T-Two Partners shall enter into a
Reimbursement Agreement, specifying the rights and obligations of the parties in
the event that the Master Partnership is required to make any payments on
account of the Guaranty, in the form annexed hereto as Exhibit C (the
"Reimbursement Agreement").

                                  ARTICLE IV.

      REPRESENTATIONS AND WARRANTIES OF NK-CR, HOLDINGS AND T-TWO PARTNERS

         Each of NK-CR, Holdings and T-Two Partners hereby represents and
warrants, jointly and severally, to the Master Partnership as follows:

         Section 4.01 Organization, Good Standing and Qualification. Each of
NK-CR, Holdings and T-Two Partners is a limited liability company (in the case
of NK-CR and Holdings) or a limited partnership (in the case of T-Two Partners)
duly organized, validly existing and in good standing under the laws of the
State of Delaware and each has all requisite power and authority to carry on its
business as now conducted and as proposed to be conducted and to own or lease
all of the assets owned or leased by it. Each of NK-CR, Holdings and T-Two
Partners is duly qualified to transact business and is in good standing in each
jurisdiction in which the failure to so qualify would have a material adverse
effect on its respective assets or businesses.

         Section 4.02 Organizational Documents; Ownership of T-Two Partners.
NK-CR, Holdings and T-Two Partners have provided to the Master Partnership true
and complete copies of the Certificate of Limited Partnership and Limited
Partnership Agreement of T-Two Partners as currently in effect. NK-CR is the
record and beneficial owner of a 99% interest in T-Two Partners, and Holdings is
the record and beneficial owner of a 1% interest in T-Two Partners, and T-Two
Partners is the record and beneficial owner of a 100% interest in the Trust
Certificates, in each case, free and clear of all liens other than the liens
granted to (i) Fleet under an Ownership Pledge and Security Agreement, dated of
even date herewith, by NK-CR in favor of Fleet, (ii) Fleet under an Ownership
Pledge and Security Agreement, dated of even date herewith, Holdings in favor of
Fleet, and (iii) Fleet under a Security Agreement, dated of even date herewith,
and a Collateral Assignment, dated of even date herewith, each by T-Two Partners
in favor of Fleet. NK-CR is the sole limited partner of T-Two Partners and
Holdings is the sole general partner of T-Two Partners.

         Section 4.03 Options or Other Rights. There is no outstanding right,
subscription, warrant, call, unsatisfied preemptive right, option or other
agreement of any kind to purchase or otherwise to receive from T-Two Partners or
from NK-CR or Holdings any voting or economic interests in T-Two Partners or any
interest in the Trust Certificates, except for this Agreement.

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         Section 4.04 No Other Business or Assets. The sole business activity of
T-Two Partners is to act as an investment vehicle to own the Trust Certificates.
T-Two Partners does not conduct any other business activity and does not own or
have any beneficial interest in any asset other than the Trust Certificates.
T-Two Partners has no employees.

         Section 4.05 Authority; Enforceability. Each of NK-CR, Holdings and
T-Two Partners has full power and authority to enter into this Agreement and all
of the other documents contemplated hereby and to consummate the transactions
contemplated hereby, including, without limitation, the ability to transfer the
Call Asset to the Master Partnership. The execution, delivery and performance by
each of NK-CR, Holdings and T-Two Partners of this Agreement and all of the
other documents contemplated hereby have been duly authorized by all requisite
company or partnership action. This Agreement has been duly executed and
delivered by each of NK-CR, Holdings and T-Two Partners and constitutes a valid
and binding obligation of each of NK-CR, Holdings and T-Two Partners,
enforceable against each of them in accordance with its terms.

         Section 4.06 No Violation; Consents. Neither NK-CR, Holdings nor T-Two
Partners is subject to or bound by any portion of:

         (i)      any law, statute, rule, regulation or judicial or
                  administrative decisions,

         (ii)     any certificate of limited partnership, certificate of
                  formation, limited liability company agreement or limited
                  partnership agreement,

         (iii)    any mortgage, deed of trust, lease, note, bond, indenture,
                  other instrument or agreement, license, permit, trust,
                  custodianship or other restriction, or

         (iv)     any judgment, order, writ, injunction or decree,

that would prevent or be violated by or that would result in the creation of any
Lien as a result of, or under which there would be a default or right of
termination as a result of, the execution, delivery and performance by either
NK-CR, Holdings or T-Two Partners of this Agreement or the consummation of the
transactions contemplated hereby. No consent, approval or authorization of or
declaration or filing with any person or entity or any governmental or
regulatory body is required for the valid execution, delivery and performance by
NK-CR, Holdings or T-Two Partners of this Agreement or the consummation of the
transactions contemplated hereby.

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                                   ARTICLE V.

            REPRESENTATIONS AND WARRANTIES OF THE MASTER PARTNERSHIP

         The Master Partnership represents and warrants to NK-CR, Holdings and
T-Two Partners as follows:

         Section 5.01 Organization, Good Standing and Qualification. The Master
Partnership is a limited partnership duly organized, validly existing and in
good standing under the laws of the State of Delaware and has all requisite
limited partnership power and authority to carry on its business as now
conducted and as proposed to be conducted and to own or lease all of the assets
owned or leased by it. The Master Partnership is duly qualified to transact
business and is in good standing in each jurisdiction in which the failure to so
qualify would have a material adverse effect on its assets or business.

         Section 5.02 Organizational Documents. The Master Partnership has
provided NK-CR, Holdings and T-Two Partners true and complete copies of the
Certificate of Limited Partnership and the Limited Partnership Agreement of the
Master Partnership as currently in effect.

         Section 5.03 Authority; Enforceability. The Master Partnership has full
limited partnership power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby. The execution, delivery and
performance by the Master Partnership of this Agreement and all of the other
documents contemplated hereby has been duly authorized by all requisite limited
partnership action. This Agreement has been duly executed and delivered by the
Master Partnership and constitutes a valid and binding obligation of the Master
Partnership, enforceable against it in accordance with its terms.

         Section 5.04 No Violation; Consents. The Master Partnership is not
subject to or bound by any provision of:

         (i)      any law, statute, rule, regulation or judicial or
                  administrative decision,

         (ii)     any certificate of limited partnership or limited partnership
                  agreement,

         (iii)    any mortgage, deed of trust, lease, note, bond, indenture,
                  other instrument or agreement, license, permit, trust,
                  custodianship or other restriction, or

         (iv)     any judgment, order, writ, injunction or decree,

that would prevent or be violated by or that would result in the creation of any
Lien as a result of, or under which there would be a default or right of
termination as a result of, the execution, delivery and performance by the
Master Partnership of this Agreement or the consummation of the transactions
contemplated hereby. No consent, approval or authorization of or declaration or
filing with any person or entity or any governmental or regulatory body is
required for the valid

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execution, delivery and performance by the Master Partnership of this Agreement
or the consummation of the transactions contemplated hereby.

                                  ARTICLE VI.

                 COVENANTS OF NK-CR, HOLDINGS AND T-TWO PARTNERS

         Section 6.01 Fulfillment of Conditions. NK-CR, Holdings and T-Two
Partners shall cause (i) all of the representations and warranties of NK-CR,
Holdings and T-Two Partners contained in Article IV hereof to be true and
correct at and as of the time of the MLP Call Option Closing as though such
representations and warranties were made at and as of such time (except as
otherwise set forth in the proviso contained in Section 8.01) and (ii) all of
the conditions to the Master Partnership's obligations set forth in Article VIII
of this Agreement to be fulfilled; provided, however, that neither NK-CR,
Holdings nor T-Two Partners shall be deemed to be in breach of this Section 6.01
for failing to cause any such representation or warranty to be true and correct
at and as of the time of the MLP Call Option Closing or for any such condition
to be so fulfilled if to do so would violate applicable law.

                                  ARTICLE VII.

                       COVENANTS OF THE MASTER PARTNERSHIP

         Section 7.01 Fulfillment of Conditions. The Master Partnership shall
cause (i) all of its representations and warranties contained in Article V
hereof to be true and correct at and as of the time of the MLP Call Option
Closing as though such representations and warranties were made at and as of
such time and (ii) all of the conditions to NK-CR's, Holdings' and T-Two
Partner's obligations set forth in Article IX of this Agreement to be fulfilled;
provided, however, that the Master Partnership shall not be deemed to be in
breach of this Section 7.01 for failing to cause any such representation or
warranty to be true and correct at and as of the time of the Closing or for any
such condition to be so fulfilled if to do so would violate applicable law.

                                 ARTICLE VIII.

               CONDITIONS TO THE MASTER PARTNERSHIP'S OBLIGATIONS

         All obligations of the Master Partnership under this Agreement to
effect the MLP Call Option Closing are subject to the fulfillment of each of the
following conditions, any or all of which may be waived in whole or in part by
the Master Partnership in its sole discretion:

         Section 8.01 Representations and Warranties True at the Closing Date.
The representations and warranties of NK-CR, Holdings and T-Two Partners
contained in Article IV hereof shall be true in all respects at and as of the
time of the Closing as though such representations and warranties were made at
and as of such time; provided, however, that (i) unless the Master Partnership
is assuming the Applicable Loan, the Call Asset shall be free and clear of all
liens and (ii) the assets of T-Two Partners at the time of the Closing may
consist of

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the Trust Certificates, cash and properties foreclosed on by the Grantor Trust
or T-Two Partners which had previously secured any Contract Receivables.

         Section 8.02 NK-CR's, Holdings' and T-Two Partners' Performance. NK-CR,
Holdings and T-Two Partners shall have performed and complied with all covenants
and agreements on their part required by this Agreement to be performed or
complied with by them prior to or at the time of the Closing.

         Section 8.03 Certificates. The Master Partnership shall have received
(1) a certificate of the managing member of each of NK-CR and Holdings and a
certificate of the general partner of T-Two Partners, dated as of the date of
the MLP Call Option Closing, certifying to the fulfillment on the part of NK-CR,
Holdings and T-Two Partners of the conditions specified in Sections 8.01 and
8.02 and (2) a certificate of the managing member of each of NK-CR and Holdings
and a certificate of the general partner of T-Two Partners, dated as of the date
of the MLP Call Option Closing, setting forth the resolutions approving this
Agreement and all other documents required hereby and authorizing the
transactions contemplated hereby.

         Section 8.04 Removal of Restrictions. NK-CR, Holdings and T-Two
Partners shall have caused the termination or elimination of all prohibitions,
restrictions or limitations contained in any agreement to which either is a
party which prohibits or adversely affects either the transferability of the
Option Interests or the Trust Certificates or the ability of NK-CR, Holdings or
T-Two Partners to effect the MLP Call Option Closing.

                                  ARTICLE IX.

        CONDITIONS TO NK-CR'S, HOLDINGS' AND T-TWO PARTNERS' OBLIGATIONS

         All obligations of NK-CR, Holdings and T-Two Partners under this
Agreement to effect the MLP Call Option Closing are subject to the fulfillment
of each of the following conditions, any or all of which may be waived in whole
or in part by NK-CR, Holdings and T-Two Partners in their sole discretion:

         Section 9.01 The Master Partnership's Performance. The Master
Partnership shall have performed and complied with all covenants and agreements
on its part required by this Agreement to be performed or complied with by them
prior to or at the time of the MLP Call Option Closing.

         Section 9.02 Certificates. NK-CR, Holdings and T-Two Partners shall
have received (1) a certificate of the general partner of the Master
Partnership, dated as of the date of the MLP Call Option Closing, certifying to
the fulfillment of the conditions specified in Section 9.01, and (2) a
certificate of the general partner of the Master Partnership, dated as of the
date of the MLP Call Option Closing, setting forth the resolutions approving
this Agreement and all other documents required hereby and authorizing the
transactions contemplated hereby.

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         Section 9.03 Satisfaction of Amounts Due under the Line of Credit. The
Master Partnership shall have satisfied on or before the MLP Option Closing Date
all amounts outstanding under the Line of Credit.

         Section 9.04 Guaranty in Effect. The Guaranty shall not have been
terminated by the Master Partnership (unless Fleet and T-Two Partners shall have
consented thereto).

                                   ARTICLE X.

                              RESTRICTED SECURITIES

         Section 10.01 Call Assets. The Master Partnership acknowledges and
agrees that:

                  (a) the offer and sale of the Call Asset to be acquired by the
         Master Partnership hereunder upon exercise of the MLP Call Option have
         not been registered under the United States Securities Act of 1933, as
         amended, or the securities laws of any other jurisdiction;

                  (b) the Call Asset will be acquired by the Master Partnership
         for its own account and not on behalf of any other person or entity in
         a manner that would violate, or cause the violation of, the securities
         laws of any jurisdiction;

                  (c) the Call Asset will be acquired solely for investment and
         without any present view to, or for sale in connection with, any
         distribution thereof to any other person or entity; and

                  (d) the Master Partnership has knowledge and experience in
         financial and business matters and is capable of evaluating the merits
         and risks of its acquisition of the Call Asset.

                                  ARTICLE XI.

                                   TERMINATION

              This Agreement and the transactions contemplated hereby may be
terminated at any time prior to the Closing by prompt notice given in accordance
with the terms of Section 12.11 hereof:

                  (a) by the unanimous written consent of NK-CR, Holdings, T-Two
         Partners and the Master Partnership; or

                  (b) by any of such parties if the MLP Call Option Closing
         shall not have occurred on or before June 30, 2009; provided, however,
         that the right to terminate this Agreement under this paragraph (b)
         shall not be available to any party whose failure to fulfill any
         material obligation under this Agreement has been the cause of or
         resulted in the failure of the MLP Call Option Closing to occur on or
         prior to the aforesaid date.

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                                  ARTICLE XII.

                                  MISCELLANEOUS

         Section 12.01 No Other Relationship; No Alteration of Contracts
Receivables. This Agreement shall not constitute any party as the legal
representative or agent of any other, nor shall any party have the right or
authority to assume, create or incur any liability or obligation, express or
implied, in the name of, or on behalf of, any other party. This Agreement is not
intended to create and shall not be construed to create, a relationship of
partnership, joint venture or association for profit between any of the parties.
This Agreement is not in any way intended to alter, and shall not be construed
to alter, the terms of the Contract Receivables, which shall remain in full
force and effect.

         Section 12.02 Expenses. Each of the parties hereto shall bear its own
expenses associated with the negotiation and execution of the Agreement and the
consummation of the transactions contemplated hereby including, without
limitation, legal and accounting fees and expenses.

         Section 12.03 Amendments; Waivers. The provisions of this Agreement may
be amended and each of the parties may take any action herein prohibited, or
omit to perform any act herein required to be performed by it, only if each of
the other parties has consented in writing to such amendment, action or
omission. No such consent with respect to any such action or omission shall
operate as a consent to, waiver of, or estoppel with respect to, any other or
subsequent action or omission. No failure to exercise and no delay in exercising
any right, remedy or power hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy or power hereunder
preclude any other or further exercise thereof or the exercise of any other
right, remedy or power provided herein or by law or at equity.

         Section 12.04 Survival of Representations and Warranties. Regardless of
any examinations, inspections or investigations which the parties or their
authorized representatives shall have made prior to or on the date of this
Agreement or prior to or on the date of the MLP Call Option Closing Date, the
representations, warranties and covenants set forth in this Agreement shall
survive the exercise of the MLP Call Option for the period of the applicable
statue of limitations.

         Section 12.05 No Assignment; Successors and Assigns. No party shall
assign any of its rights or obligations under this Agreement without prior
written consent of each of the other parties hereto, except that the parties
hereto may assign their respective rights under this Agreement to Fleet as
security for their respective obligations under the Fleet Loan Agreement and the
documents entered into in connection therewith. All agreements contained in this
Agreement by or on behalf of any of the parties hereto shall bind and inure to
the benefit of the respective successors and permitted assigns of the parties
hereto.

         Section 12.06 Severability. Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law,

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such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this Agreement.

         Section 12.07 Descriptive Headings and Construction. The descriptive
headings of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. Unless otherwise indicated, references to
Articles and Sections herein are references to Articles and Sections of this
Agreement.

         Section 12.08 Governing Law. This Agreement and the rights and duties
of the parties to this Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to its
conflicts of law principles.

         Section 12.09 Arbitration. Any dispute arising out of, or relating to,
this Agreement or the breach thereof, or regarding the interpretation thereof,
shall be finally settled by arbitration conducted in New York City in accordance
with the rules of the American Arbitration Association then in effect before a
single arbitrator appointed in accordance with such rules. Judgment upon any
award rendered therein may be entered in any court having jurisdiction and
enforcement may be obtained thereon in any such court. The arbitrator shall have
authority to grant any form of appropriate relief, whether legal or equitable in
nature, including specific performance. For the purpose of any judicial
proceeding to enforce such award or incidental to such arbitration or to compel
arbitration, the parties hereby submit to the non-exclusive jurisdiction of the
Supreme Court of the State of New York, New York County, or the United States
District Court for the Southern District of New York, and agree that service of
process in such arbitration or court proceedings shall be satisfactorily made
upon it if sent by registered mail addressed to it at the address referred to in
Section 11.11.

         Section 12.10 Waiver of Trial by Jury. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER.

         Section 12.11 Notices. Any notice pursuant to the terms and conditions
of this Agreement shall be in writing and either (a) delivered personally; (b)
sent by certified mail, return receipt requested; (c) sent by a recognized
overnight mail or courier service with delivery receipt required; or (d) sent by
facsimile transfer and acknowledged by recipient, and will be deemed to have
been given when received by the party to whom addressed. Notices shall be
directed as follows:

If to the Master Partnership:          The Newkirk Master Limited Partnership
                                       7 Bulfinch Place
                                       Suite 500
                                       Boston, MA  02114
                                       Facsimile No.: (617) 470-4710

                                       12
<PAGE>

If to NK-CR, Holdings or T-Two Partners:       NK-CR Holdings LLC
                                               Holdings Subsidiary LLC
                                               T-Two Partners, L.P.
                                               7 Bulfinch Place
                                               Suite 500
                                               Boston, MA  02114
                                               Facsimile No.: (617) 570-4710

Any party may change its address or the person to notify by a notice delivered
in accordance with this Section 12.11.

         Section 12.12 Costs of Enforcement. In any action brought to enforce
any right of any party to this Agreement, the prevailing party shall be entitled
to recover all of its reasonable costs and expenses (including, without
limitation, reasonable attorneys' fees).

         Section 12.13 Entire Agreement. This Agreement contains the entire
agreement among the parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings, written or oral, among the
parties with respect thereto.

         Section 12.14 Counterparts. This Agreement may be executed in two or
more counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts taken together shall constitute one and the
same instrument.

                                       13
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date first above written.

                                 THE NEWKIRK MASTER LIMITED PARTNERSHIP

                                 By:     MLP GP LLC,
                                         its general partner

                                         By:      Newkirk MLP Corp.,
                                                  its manager

                                                  By:
                                                     ---------------------------
                                                       Peter Braverman
                                                       Executive Vice President

                                 NK-CR HOLDINGS LLC

                                 By:     Newkirk Manager Corp.,
                                         its manager

                                         By:
                                            ------------------------------------
                                              Peter Braverman
                                              Executive Vice President

                                 HOLDINGS SUBSIDIARY LLC

                                 By:     Newkirk Manager Corp.,
                                         its manager

                                         By:
                                            ------------------------------------
                                               Peter Braverman
                                               Executive Vice President

                                 T-TWO PARTNERS, L.P.

                                 By:     Holdings Subsidiary LLC,
                                         its general partner

                                         By:      Newkirk Manager Corp.,
                                                  its manager

                                                  By:
                                                     ---------------------------
                                                       Peter Braverman
                                                       Executive Vice President

                                       14

<PAGE>

                                                                      Schedule 1

                              CONTRACT RECEIVABLES

Autolane Associates Limited Partnership
Caroldale Associates Limited Partnership
Cenland Associates Limited Partnership
Eastgar Associates Limited Partnership
Gamma Associates Limited Partnership
Gocar Associates Limited Partnership
Harpard Associates Limited Partnership
Jayal Associates Limited Partnership
Newkirk 21AT L.P.
Newkirk Alake L.P.
Newkirk Albeau L.P.
Newkirk Allia L.P.
Newkirk Altenn L.P.
Newkirk Alwood L.P.
Newkirk Ateb L.P.
Newkirk Avrem L.P.
Newkirk Basot L.P.
Newkirk Bedcar L.P.
Newkirk Bethplain L.P.
Newkirk Bluff L.P.
Newkirk Boford L.P.
Newkirk Calane L.P.
Newkirk Carlane L.P.
Newkirk Carolion L.P.
Newkirk Clifmar L.P.
Newkirk Colane L.P.
Newkirk Dautec L.P.
Newkirk Daytower L.P.
Newkirk Denport L.P.
Newkirk Elport L.P.
Newkirk Flamont L.P.
Newkirk Gersant L.P.
Newkirk Hazelport L.P.
Newkirk Jackson Street L.P.
Newkirk Jaclane L.P.
Newkirk Jacway L.P.
Newkirk Jameslane L.P.
Newkirk JLE Way L.P.
Newkirk Johab L.P.
Newkirk JVF L.P.
Newkirk Larloosa L.P.
Newkirk Leyden L.P.

                                       15
<PAGE>

Newkirk Liroc L.P.
Newkirk Lybster L.P.
Newkirk Martall L.P.
Newkirk Merday L.P.
Newkirk Mesa L.P.
Newkirk Midlem L.P.
Newkirk Montal L.P.
Newkirk Nevit L.P.
Newkirk Newal L.P.
Newkirk Orper L.P.
Newkirk Pinmar L.P.
Newkirk Pinole L.P.
Newkirk Plecar L.P.
Newkirk Porto L.P.
Newkirk Renlake L.P.
Newkirk Salistown L.P.
Newkirk Sandnord L.P.
Newkirk Seguine L.P.
Newkirk Silward L.P.
Newkirk Simval L.P.
Newkirk Skoob L.P.
Newkirk Spokmont L.P.
Newkirk Sunway L.P.
Newkirk Supergar L.P.
Newkirk Superline L.P.
Newkirk Superwest L.P.
Newkirk Suteret L.P.
Newkirk Texford L.P.
Newkirk Vegpow L.P.
Newkirk Vegrouge L.P.
Newkirk Vengar L.P.
Newkirk Washtex L.P.
Newkirk Wybanco L.P.
Renex Associates Limited Partnership
Taber Associates Limited Partnership

                                       16

<PAGE>

                                                                      Schedule 2

                                 EXCLUDED ASSETS

Autolane Associates Limited Partnership
Caroldale Associates Limited Partnership
Cenland Associates Limited Partnership
Eastgar Associates Limited Partnership
Gamma Associates Limited Partnership
Gocar Associates Limited Partnership
Harpard Associates Limited Partnership
Jayal Associates Limited Partnership
Renex Associates Limited Partnership
Taber Associates Limited Partnership

                                       17

<PAGE>

                                                                       Exhibit A

                           REVOLVING CREDIT AGREEMENT

                                       18

<PAGE>

                                                                       Exhibit B

                                    GUARANTY

                                       19

<PAGE>

                                                                       Exhibit C

                             REIMBURSEMENT AGREEMENT

                                       20<PAGE>

                            REVOLVING LOAN AGREEMENT

         REVOLVING LOAN AGREEMENT (the "Agreement"), made as of this 24th day of
November, 2003, by and between T-TWO PARTNERS, L.P., a Delaware limited
partnership (the "Lender"), and THE NEWKIRK MASTER LIMITED PARTNERSHIP
("Borrower").

                              W I T N E S S E T H:
                              --------------------

         WHEREAS, pursuant to that certain Omnibus Agreement, Termination of
Put-Call Option Agreement; Loan Commitment and Agreement to Guaranty (the
"Omnibus Agreement"), the Lender has agreed to provide Borrower with the ability
to borrow sums from the Lender in the form of a revolving credit loan facility;

         NOW, THEREFORE, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         As used in this Agreement, the following terms shall have the following
meanings (all terms defined in this Article I or other provisions in the
singular shall have the same meanings when used in the plural and vice versa):

         "Credit Period" - shall mean the time period between the date hereof
and the earlier to occur of (i) the date that is six months prior to the
Maturity Date or (ii) the date on which all of the obligations of the Lender
under the Fleet Loan have been satisfied.

         "Fleet Loan" - that certain loan being made pursuant to the Fleet Loan
Agreement.

         "Fleet Loan Agreement" - that certain Master Loan Agreement, dated of
even date herewith among Borrower, Lender, Fleet National Bank, as Agent, and
certain other lenders identified therein.

         "Interest Period" - means, each one (1) consecutive month period during
the term of each Loan. Each such Interest Period shall commence on the last day
of the expiring Interest Period and ending one month thereafter; provided,
however: (i) if there is no such numerically corresponding day, such Interest
Period shall end on the last Business Day of the applicable month, (ii) if the
last day of such an Interest Period would otherwise occur on a day which is not
a Business Day, such Interest Period shall be extended to the next succeeding
Business Day; but (iii) if such extension would otherwise cause such last day to
occur in a

<PAGE>

new calendar month, then such last day shall occur on the next preceding
Business Day.

         "Interest Rate" - LIBOR plus 450 basis points.

         "Loan Documents" - This Agreement, the Note and all other documents
entered into in connection herewith or therewith.

         "LIBO Rate" - with respect to any Interest Period, the rate per annum
as determined on the basis of the offered rates for deposits in Dollars, for a
30 day period which appears on the "Telerate Page 3750" as of 11:00 a.m. London
time on the day that is two (2) London Banking Days preceding such Interest
Period; provided, however, if the rate described above does not appear on the
Telerate System on any applicable interest determination date, the LIBO Rate
shall be the rate (rounded upward, if necessary, to the nearest one
hundred-thousandth of a percentage point), determined on the basis of the
offered rates for deposits in Dollars for a period of time comparable to the
Interest Period which are offered by four major banks in the London interbank
market at approximately 11:00 a.m. London time, on the day that is two (2)
London Banking Days preceding the first day of such Interest Period as selected
by Lender. The principal London office of each of the four major London banks
will be requested to provide a quotation of its Dollar deposit offered rate as
described in the preceding sentence. If at least two (2) such quotations are
provided, the rate for that date will be the arithmetic mean of the quotations.
If fewer than two (2) quotations are provided as requested, the rate for that
date will be determined on the basis of the rates quoted for loans in Dollars to
leading European banks for a period of time comparable to such Interest Period
offered by major banks in New York City at approximately 11:00 a.m. New York
City time, on the day that is two (2) London Banking Days preceding the first
day of the Interest Period.

         "Maturity Date" - The maturity date of the Fleet Loan, as the same may
be extended from time to time, but in no event later than the fifth anniversary
of the date hereof.

         "Maximum Revolving Facility" - An amount equal to the difference, if
any, between (i) all payments made on account of the Contract Receivables (as
defined in the Omnibus Agreement) and (ii) the sum of (w) the principal and
amortization actually paid by the Lender under the Fleet Loan Agreement, (x) the
projected principal payments required to be made by the Lender under the Fleet
Loan Agreement (assuming an annual principal payment equal to at least the
minimum annual principal payment required to be made under the Fleet Loan
Agreement) for the succeeding 12 month period, (y) to the extent deemed
advisable by

                                       2
<PAGE>

the Lender, the projected interest payments required to be made by the Lender
under the Fleet Loan Agreement for a period not to exceed the succeeding 12
month period, and (z) such reserves as the Lender deems are reasonably necessary
in its good faith judgment to enable it to satisfy its debt obligations and
operating expenses.

         "Note" - as defined in Section 2.6.

         "Obligations" - all of the indebtedness, liabilities and obligations of
the Borrower to the Lender, whether now existing or hereafter arising, whether
or not currently contemplated, direct or indirect, joint or several, certain or
contingent, matured or unmatured, liquidated or unliquidated, secured or
unsecured, arising by contract, operation of law or otherwise, arising out of or
incurred under this Agreement or the Note, including, without limitation,
Revolving Credit Loans, and including in every case interest thereon and all
other amounts payable in respect thereof pursuant to this Agreement.

         "Omnibus Agreement" - as defined in the Recitals.

         "Organizational Documents" - As applicable, the Certificate of Limited
Partnership, Certificate of Incorporation, Certificate of Formation, Agreement
of Limited Partnership, By-laws and Limited Liability Company Agreement.

         "Person" - An individual, trust, estate, partnership, joint venture,
association, company, corporation, limited liability company or other entity.

         "Revolving Credit Loan" - as defined in Section 2.1.

                                   ARTICLE II
                                      LOANS

         Section 2.1 Revolving Credit Loans. (a) The Lender hereby agrees, on
the terms and subject to the conditions of this Agreement, to make revolving
credit loans (each a "Revolving Credit Loan" and collectively, the "Revolving
Credit Loans") during the Credit Period to the Borrower in an aggregate
principal amount at any one time outstanding not to exceed the then Maximum
Revolving Facility.

              (b) On the terms and subject to the conditions of this Agreement,
and within the limits set forth in paragraph (a) above, during the Credit Period
the Borrower may borrow, repay and reborrow Revolving Credit Loans.

                                       3
<PAGE>

         Section 2.2 Notices. At such time as the Borrower shall determine that
it desires to make a borrowing hereunder, the Borrower shall give the Lender
written notice of each borrowing of each Revolving Credit Loan (a "Borrowing
Notice") substantially in the form of Exhibit A hereto. Each Borrowing Notice
shall specify the amount to be borrowed.

         Section 2.3 Disbursement of Loan Proceeds. So long as (i) the amount to
be borrowed under the Borrowing Notice does not cause the aggregate principal
amount of Revolving Credit Loans outstanding at such time to exceed the Maximum
Revolving Facility, and (ii) no Event of Default (as hereinafter defined) has
occurred and is continuing, the Lender will make available to the Borrower the
principal amount of the borrowing in immediately available funds and shall be
payable to such account as shall be specified by the Borrower in its Borrowing
Notice. All advances of Revolving Credit Loans shall be made on the first
business day of a month. All Revolving Credit Loans to be made pursuant to a
Borrowing Notice received prior to the 25th day of a month shall be made, to the
extent the Lender is required to make such Revolving Credit Loan, on the first
day of the month following the receipt of such Borrowing Notice. All Revolving
Credit Loans to be made pursuant to a Borrowing Notice received on or after the
25th day of a month shall be made, to the extent the Lender is required to make
such Revolving Credit Loan, on the first day of the second month following the
receipt of such Borrowing Notice.

         Section 2.4 Interest. (a) The Borrower shall pay to the Lender with
respect to the Revolving Credit Loans interest (on the basis of a 360-day year
and actual days elapsed) on the unpaid principal amount of such Revolving Credit
Loans for the period commencing on the date such Revolving Credit Loan is
borrowed until such Revolving Credit Loan shall be paid in full, at a rate per
annum equal to the Interest Rate.

              (b) Anything in this Agreement or the Note to the contrary
notwithstanding, the obligation of the Borrower to make payments of interest
shall be subject to the limitation that payments of interest shall not be
required to be made to the Lender to the extent that the Lender's receipt
thereof would not be permissible under the law or laws applicable to the Lender
limiting rates of interest which may be charged or collected by the Lender. Any
such payments of interest which are not made as a result of the limitation
referred to in the preceding sentence shall be made by the Borrower to the
Lender on the earliest interest payment date or dates on which the receipt
thereof would be permissible under the laws applicable to the Lender limiting

                                       4
<PAGE>

rates of interest which may be charged or collected by the Lender. Such deferred
interest shall not bear interest.

         Section 2.5 Payment of Revolving Credit Loans. (a) Borrower shall be
required to make payments of interest on the Revolving Credit Loans on a monthly
basis on the first day of each month. Borrower shall not be required to make any
payments of principal on the Revolving Credit Loans until the Maturity Date.

              (b) Borrower may, upon prior written notice to the Lender, prepay
the Revolving Credit Loans on the first of any month, in whole or in part,
without premium or penalty, in integral multiples of $1,000, by paying such
principal amount to be prepaid together with accrued and unpaid interest thereon
to the date of prepayment.

              (c) The principal balance of the Note, and all accrued interest
thereon, shall be due and payable on the Maturity Date.

         Section 2.6 Note. (a) The Revolving Credit Loans made by the Lender
shall be evidenced by a promissory note made by the Borrower in substantially
the form of Exhibit B annexed hereto (the "Note"). The Note shall be dated as of
the date hereof, shall be payable to the order of the Lender in a principal
amount equal to the amount actually borrowed hereunder and shall otherwise be
duly completed.

              (b) The Lender is authorized to enter on the schedule attached to
the Note a notation with respect to each Revolving Credit Loan made hereunder
setting forth: (i) the date and principal amount thereof, and (ii) each payment
and prepayment of principal thereof. Such notations shall be presumed correct,
absent manifest error. The failure of the Lender to make a notation on a
schedule to the Note as aforesaid shall not affect the Obligations hereunder or
under the Note in any respect.

         Section 2.7 Use of Proceeds of Loans. The proceeds of the Loans
hereunder may be used for any purpose deemed advisable by the Borrower.

                                       5
<PAGE>

                                   ARTICLE III
                    REPRESENTATION, WARRANTIES AND COVENANTS

         Section 3.1 Representations and Warranties. Borrower warrants and
represents to the Lender for the express purpose of inducing Lender to enter
into this Agreement, to make the Revolving Credit Loans, and to otherwise
complete all of the transactions contemplated hereby that as of the date hereof,
and at all times thereafter until the Revolving Credit Loans have been repaid
and all Obligations have been satisfied as follows:

              (a) Formation. The Borrower has been duly formed and is validly
existing and in good standing as a limited partnership under the laws of the
State of Delaware. The Borrower has the requisite partnership power and
authority to own its assets and conduct its businesses and to enter into and
perform its obligations hereunder each Loan Document to which it is a party. The
Borrower is in good standing and authorized to do business in each jurisdiction
where the ownership of its assets and/or the conduct of its business requires
such qualification except where the failure to be so qualified would not have a
material adverse effect on the business of the Borrower.

              (b) Proceedings; Enforceability. The Borrower has taken all
requisite partnership action to authorize the execution, delivery and
performance by the Borrower of the Loan Documents to which it is a party. Each
Loan Document to which it is a party which is required to be executed and
delivered on or prior to the date on which this representation and warranty is
being made has been duly authorized, executed and delivered and constitutes the
legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its respective terms except to the extent that the
enforceability thereof may be limited by applicable bankruptcy, insolvency and
similar laws affecting rights of creditors generally and to general principles
of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law).

              (c) Conflicts. Neither the execution, delivery and performance of
the Loan Documents by the Borrower or compliance by the Borrower with the terms
and provisions thereof, (i) will contravene any provision of any law, statute,
rule or regulation or any order, writ, injunction or decree of any court or
governmental instrumentality, (ii) will conflict with or result in any breach of
any of the terms, covenants, conditions of, or constitute a default under, or
result in the creation or imposition (or the obligation to create or impose) of
any Lien (except pursuant to the Security Agreement) upon any of the property or
assets of the Borrower pursuant to the terms of any indenture, mortgage, deed of
trust, credit agreement or loan

                                       6
<PAGE>

agreement or any other agreement, contract or instrument to which the Borrower
is a party or by which it or any of its properties or assets is bound or to
which it may be subject or (iii) will violate any provision of any of the
Organizational Documents of the Borrower.

              (d) Litigation. Except for that certain lawsuit captioned Albert
McCall, et. al. v. Newkirk Capital, LLC, et. al, in the Connecticut Superior
Court, there are no actions, suits or proceedings at law or in equity or by or
before any governmental instrumentality or other agency or regulatory authority
by any entity (private or governmental) pending or, to the best of Borrower's
knowledge, threatened with respect to the Revolving Credit Loans, the
transactions contemplated in the Loan Documents or any documentation executed in
connection therewith, or the Borrower which could reasonably be expected to have
a material adverse effect on the business of the Borrower.

              (e) Taxes. The Borrower has made all required tax filings and has
paid all federal, state and local taxes applicable to the Borrower and the
Borrower's assets.

              (f) Control Provisions. There are no provisions in the Borrower's
Organizational Documents, or any other agreement or instrument to which the
Borrower is party, under which any Person (other than the Borrower) has the
right to exercise the management or control rights, powers or authority
currently belonging to the Borrower.

              (g) Bankruptcy Filings. The Borrower is not contemplating either a
filing of a petition under any state or federal bankruptcy or insolvency laws or
the liquidation of all or a major portion of its assets or property, and the
Borrower has no knowledge of any Person contemplating the filing of any such
petition against the Borrower.

              (h) Investment Company. The Borrower is not an "investment
company" or a company "controlled" by an "investment company," within the
meaning of the Investment Company Act of 1940, as amended.

              (i) Holding Company. The Borrower is not a "holding company," or a
"subsidiary company" of a "holding company," or an "affiliate" of a "holding
company" or of a "subsidiary company" of a "holding company," within the meaning
of the Public Utility Holding Company Act of 1935, as amended.

              (j) No Default. There is no Event of Default on the part of
Borrower under this Agreement or any of the other Loan

                                       7
<PAGE>

Documents and no event has occurred and is continuing which would constitute an
Event of Default under any Loan Document.

         Section 3.2 Covenants. The Borrower covenants and agrees as follows:

              (a) Books and Records. The Borrower shall keep and maintain proper
and accurate books, records and accounts reflecting all of the financial affairs
of the Borrower and all items of income and expense in connection with its
business and operations and in connection with any services, equipment or
furnishings provided in connection with the operation of the business of the
Borrower, whether such income or expense is realized thereby or by any other
Person.

              (b) Tax Returns. The Borrower shall cause all tax returns required
to be filed by it to be filed on a timely basis and any taxes due on account
thereof to be paid on a timely basis.

              (c) Organizational Documents. Except with the prior written
consent of the Lender, the Borrower shall not permit to be modified, amended,
supplemented or terminated in any material respect, its Organizational
Documents, or any of them.

              (d) Legal Existence. The Borrower will do or cause to be done all
things necessary to preserve and keep in full force and effect its legal
existence, rights and franchises.

              (e) Insurance. The Borrower will maintain with financially sound
and reputable insurers insurance with respect to its properties and business
against such casualties and contingencies as shall be in accordance with the
general practices of businesses engaged in similar activities in similar
geographic areas and in amounts, containing such terms, in such forms and for
such periods as may be reasonable and prudent.

              (f) Compliance with Laws. The Borrower will comply with (a) the
applicable laws and regulations wherever its business is conducted, (b) the
provisions of its Organizational Documents, (c) all agreements and instruments
by which it or any of its properties may be bound, and (d) all applicable
decrees, orders, and judgments. If any authorization, consent, approval, permit
or license from any officer, agency or instrumentality of any government shall
become necessary or required in order that the Borrower may fulfill any of its
obligations hereunder or any of the other Loan Documents to which the Borrower
is a party, the Borrower will promptly take or cause to be taken all reasonable
steps within the power of the Borrower to obtain such

                                       8
<PAGE>

authorization, consent, approval, permit or license and furnish the Lender with
evidence thereof.

              (g) Indemnification. Borrowers shall at all times, both before and
after repayment of the Revolving Credit Loan, at its sole cost and expense
defend, indemnify, exonerate and save harmless Lender and all those claiming by,
through or under Lender ("Indemnified Party") (to the extent not paid by
Borrowers in this Section 3.2(g) or under the applicable provisions of this or
any other Loan Document) against and from all damages, losses, liabilities,
obligations, penalties, claims, litigation, demands, defenses, judgments, suits,
proceedings, costs, disbursements or expenses of any kind whatsoever, including,
without limitation, attorneys' fees and experts' fees and disbursements, which
may at any time (including, without limitation, before or after discharge or
foreclosure of the Security Agreement) be imposed upon, incurred by or asserted
or awarded against the Indemnified Party and arising from or out of:

                   (i) any liability for damage to person or property arising
     out of any violation of any legal requirement with respect to the Borrower,

                   (ii) as a result of litigation that may arise in connection
     with the Borrower's activities, or

                   (iii) any and all liabilities, damages, penalties, costs, and
     expenses, relating in any manner to any brokerage or finder's fees in
     respect of the Revolving Credit Loan.

         Notwithstanding the foregoing, an Indemnified Party shall not be
entitled to indemnification in respect of claims arising from acts of its own
gross negligence or willful misconduct to the extent that such gross negligence
or willful misconduct is determined by the final judgment of a court of
competent jurisdiction, not subject to further appeal, in proceedings to which
such Indemnified Party is a proper party.

              (h) Costs and Expenses. Borrower shall pay all costs and expenses
(excluding salaries or wages of employees of Lender) reasonably incurred by
Lender in connection with the implementation of the Revolving Credit Loans and
the administration of the Revolving Credit Loans, and reasonably incurred by the
Lender in connection with the enforcement of the Lender's rights under the Loan
Documents, including, without limitation, legal fees and disbursements, and
out-of-pocket costs of consultants. Borrowers' obligations to pay such costs and
expenses shall include, without limitation, all attorneys' fees and other costs
and expenses for preparing and conducting litigation or dispute resolution
arising from any breach by

                                       9
<PAGE>

Borrower of any covenant, warranty, representation or agreement under any one or
more of the Loan Documents. Unless an Event of Default has occurred and is then
continuing, the Lender shall use its good faith efforts to notify the Borrower
prior to the incurrence of any such cost or expense if the aggregate amount of
such costs and expenses in any one calendar year will exceed $25,000.00;
provided, however, that the failure to provide such notice shall not affect in
any manner whatsoever on the Borrowers' obligations hereunder

         3.2.9 Further Assurances. The Borrower will cooperate with the Lender
and execute such further instruments and documents as the Lender shall
reasonably request to carry out to their satisfaction the transactions
contemplated by this Agreement and the other Loan Documents.

                                   ARTICLE IV

                             [INTENTIONALLY OMITTED]

                                    ARTICLE V
                                EVENTS OF DEFAULT

         Section 5.1 Default. If any one or more of the following events
("Events of Default") shall occur and be continuing with respect to the
Borrower, the Lender's obligation to make Revolving Credit Loans shall terminate
and the entire unpaid balance of principal of and interest on the Note
outstanding shall immediately become due and payable upon written notice to that
effect given to the Borrower by the Lender (except that in the case of the
occurrence of any Event of Default described in subparagraph (d) hereof, no such
notice shall be required), without presentment or demand for payment, notice of
non-payment, protest or further notice or demand of any kind, all of which are
expressly waived by the Borrower:

                    (a) Payments. Failure by the Borrower to make any payment of
principal or interest upon the Note, and such failure shall continue for a
period of more than five (5) days after written notice thereof shall have been
given to the Borrower by the Lender; or

              (b) Covenants. Failure by a Borrower to perform or observe any of
the covenants or agreements contained in Section 3.2 hereof; or

              (c) Representations and Warranties. Any representation or warranty
made by the Borrower to the Lender

                                       10
<PAGE>

hereunder or in connection with the making of the Revolving Credit Loans shall
have been false or misleading in any material respect when made or delivered; or

              (d) Bankruptcy. The Borrower shall make an assignment for the
benefit of creditors, file a petition in bankruptcy, be adjudicated insolvent,
petition or apply to any tribunal for the appointment of a receiver, custodian,
or any trustee for it or a substantial part of his assets, or shall commence any
proceeding under any bankruptcy, arrangement, readjustment of debt, dissolution
or liquidation law or statute of any jurisdiction, whether now or hereafter in
effect, or the Borrower shall take any action to authorize any of the foregoing
actions; or there shall have been filed any such petition or application, or any
such proceeding shall have been commenced against him, which remains undismissed
for a period of thirty (30) days or more; or any order for relief shall be
entered in any such proceeding; or the Borrower by any act or omission shall
indicate his consent to, approval of or acquiescence in any such petition,
application or proceeding or the appointment of a custodian, receiver or any
trustee for him or any substantial part of any of his properties, or shall
suffer any custodianship, receivership or trusteeship to continue undischarged
for a period of thirty (30) days or more; or

              (e) Other Loan Defaults. The Borrower shall be in default under
the Fleet Loan Agreement.

         Section 5.2 Remedies. In case any one or more of the Events of Default
shall have occurred and be continuing, and whether or not the Lender shall have
accelerated the maturity of the Revolving Credit Loans, the Lender, if owed any
amount with respect to the Revolving Credit Loan, may proceed to protect and
enforce its rights by suit in equity, action at law or other appropriate
proceeding, whether for the specific performance of any covenant or agreement
contained in this Loan Agreement and the other documents entered into in
connection herewith or any instrument pursuant to which the Obligations to the
Lender are evidenced, including as permitted by applicable law the obtaining of
the ex parte appointment of a receiver, and, if such amount shall have become
due, by declaration or otherwise, proceed to enforce the payment thereof or any
other legal or equitable right of the Lender. No remedy herein conferred upon
the Lender is intended to be exclusive of any other remedy and each and every
remedy shall be cumulative and shall be in addition to every other remedy given
hereunder or now or hereafter existing at law or in equity or by statute or any
other provision of law.

         Section 5.3 Remedies of the Essence. The various rights and remedies of
the Lender under this Agreement are of the essence

                                       11
<PAGE>

of the Agreement, and the Lender shall be entitled to obtain a decree requiring
specific performance of each such right and remedy.

         Section 5.4 Recourse. The Revolving Credit Loans shall be fully
recourse to the Borrower and all of its assets but shall not be recourse to the
Borrower's partners.

                                   ARTICLE VI
                                  MISCELLANEOUS

         Section 6.1 Notices. Any notices, elections or demands permitted or
required to be made under this Agreement shall be in writing, signed by the
party giving such notice, election or demand and shall be deemed to have been
given (i) when personally delivered with signed delivery receipt obtained or
(ii) three business days after such notice has been deposited in the United
States first class mail if sent postage prepaid by registered or certified mail,
return receipt requested, and addressed as follows: (i) if to Lender, to it at 7
Bulfinch Place, Suite 500, P.O. Box 9507, Boston, Massachusetts 02114, Attn:
Carolyn Tiffany; or (ii) if to a Borrower, to it at 7 Bulfinch Place, Suite 500,
P.O. Box 9507, Boston, Massachusetts 02114, Attn: Thomas Staples, as the same
may be modified by giving written notice in accordance with the provisions of
this Section 6.1.

         Section 6.2 Lender's Right to Perform on a Borrower's Behalf. If the
Borrower shall fail to observe or perform any of the terms, conditions,
covenants and agreements to be observed or performed by him hereunder or under
the Note, the Lender may (but shall not be obligated to) do the same or cause it
to be done or performed or observed, either in its name or in the name and on
behalf of the Borrower, and the Borrower hereby authorizes the Lender so to do.

         Section 6.3 Lender's Right to Use Agents and to Act in Name of
Borrower. The Lender may exercise its rights and remedies hereunder or under the
Note through an agent or other designee and, in the exercise thereof, the Lender
or any such other Person may act in its own name or in the name and on behalf of
the Borrower.

         Section 6.4 Power of Attorney. (a) In addition to the other powers
granted the Lender by the Borrowers hereunder, the Borrower hereby appoints the
Lender, and any other Person that the Lender may designate, as the Borrower's
attorney-in-fact to act, in the name, place and stead of the Borrower in any way
in which the Borrower himself could do, with respect to each of the following:
(i) endorsing the Borrower's name on (A) any checks, notes, acceptances, money
orders, drafts or other forms of payment

                                       12
<PAGE>

and (B) notices of assignment, financing statements and other public records;
(ii) taking any actions or exercising any rights, powers or privileges that the
Borrower is entitled to take or exercise and that, under the terms of this
Agreement or the Note, the Lender is authorized to take or exercise; and (iii)
doing or causing to be done any or all things necessary or, in the determination
of the Lender, desirable to observe or perform the terms, conditions, covenants
and agreements to be observed or performed by the Borrowers hereunder or under
the Note and otherwise to carry out the provisions of this Agreement and the
Note; provided, however, that the Lender will not exercise any of the
above-referenced rights other than to the extent necessary to maintain the
priority and perfection of the security interest granted hereunder prior to an
Event of Default. The Borrower hereby ratifies and approves all acts of the
attorney.

              (b) To induce any third party to act under this Section 6.4, the
Borrower hereby agrees that any third party receiving a duly executed copy or
facsimile of this Agreement may act under this Section 6.4, and that the
termination of this Section 6.4 shall be ineffective as to such third Person
unless and until actual notice or knowledge of such termination shall have been
received by such third party, and the Borrower, on behalf of himself and his
successors and assigns, hereby agrees to indemnify and hold harmless any such
third party from and against any and all claims that may arise against such
third party by reason of such third Person having relied on the provisions of
this Section 6.4.

         Section 6.5 Governing Law. This Agreement shall be construed in
accordance with and governed by the laws of the Commonwealth of Massachusetts.

         Section 6.6 Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto were upon the same instrument.

         Section 6.7 Entire Agreement.This Agreement embodies the entire
agreement among the Borrowers and the Lender relating to the subject matter
hereof and supersedes all prior agreements, representations and understandings,
if any, relating to the subject matter hereof.

         Section 6.8 Successors and Assigns. All of the provisions of this
Agreement shall be binding and inure to the benefit of the Borrower and the
Lender and their respective successors and assigns; provided, however, that the
Borrower is not permitted to make any assignment except with the prior written
consent of Lender.

                                       13
<PAGE>

         Section 6.9 Captions. Captions to Articles, Sections and subsections
of, and Schedules and Exhibits to, this Agreement are included for convenience
of reference only and shall not constitute a part of this Agreement for any
other purpose or in any way affect the meaning or construction of any provision
of this Agreement.

         Section 6.10 Pronouns and Gender. All pronouns and variations thereof
used herein shall, regardless of the pronoun actually used, be deemed to refer
to the masculine, feminine, neuter, singular or plural as the identity of the
person or persons may, in the context in which such pronoun is used, require.

         IN WITNESS WHEREOF, this Agreement has been executed as of the date and
year first set forth above.

                                  THE NEWKIRK MASTER LIMITED PARTNERSHIP

                                  By: MLP GP LLC,
                                      its general partner

                                      By: Newkirk MLP Corp.,
                                          its manager

                                          By:
                                             ----------------------------------
                                             Peter Braverman
                                             Executive Vice President

                                  T-TWO PARTNERS, L.P.

                                      By: Holdings Subsidiary LLC,
                                          its general partner

                                          By: Newkirk Manager Corp.,
                                              its manager

                                              By:
                                                 -------------------------------
                                                 Peter Braverman
                                                 Executive Vice President

                                       14
<PAGE>

                                                                       Exhibit A

                            FORM OF BORROWING NOTICE

                                                           ______________, 200__

T-Two Partners, L.P.
7 Bulfinch Place, Suite 500
P.O. Box 9507
Boston, Massachusetts 02114

         This Borrowing Notice is delivered to you under Section 2.2 of the
Revolving Loan Agreement, dated as of November __, 2003 (as such Revolving Loan
Agreement may be amended, modified or supplemented, the "Loan Agreement"),
between T-Two Partners, L.P. (the "Lender") and The Newkirk Master Limited
Partnership (the "Borrower").

         Unless otherwise defined herein, capitalized terms used herein have the
meanings ascribed thereto in the Loan Agreement.

         The Borrower hereby requests that Revolving Credit Loans be made to it
in the aggregate principal amount of $__________ on __________________, ____.
The principal amount of the Revolving Credit Loans currently outstanding to the
Borrower is $___________. The Revolving Credit Loans requested to be made hereby
shall be in the principal amount of $_____________. Please transfer the proceeds
of the Revolving Credit Loans into the following account of the Borrower:

         The undersigned hereby represents and warrants that:

              (i) There exists no Event of Default under the Loan Agreement as
to any of the Revolving Credit Loans as of the date hereof, and no Event of
Default will exist after giving effect to the action intended to be taken by the
Borrower as described herein;

                                       15
<PAGE>

              (ii) The Borrower has complied, and as of the date hereof is in
compliance, with all the terms, covenants and conditions of the Loan Agreement
and the Note;

              (iii) The representations and warranties of the Borrower contained
in the Loan Agreement are true and correct as to the Borrower as of the date
hereof with the same effect as if such representations and warranties had been
made on the date hereof.

         IN WITNESS WHEREOF, the Borrower has authorized this request to be
executed and delivered, as of this _________ day of ________, 200_.

                                       THE NEWKIRK MASTER LIMITED PARTNERSHIP

                                       By: MLP GP LLC,
                                           its general partner

                                           By: Newkirk MLP Corp.,
                                               its manager

                                               By:
                                                  -----------------------------

                                       16
<PAGE>

                                                                       Exhibit B

                            REVOLVING PROMISSORY NOTE

                                                           Boston, Massachusetts
                                                           November __, 2003

         FOR VALUE RECEIVED, THE NEWKIRK MASTER LIMTIED PARTNERSHIP, a Delaware
limited partnership (the "Borrower"), hereby promise to pay to the order of
T-TWO PARTNERS, L.P., a Delaware limited partnership (the "Lender"), the
aggregate unpaid principal amount of the Revolving Credit Loans (the "Loans")
made by the Lender to the Borrower pursuant to the Revolving Loan Agreement, of
even date herewith among the Lender and the Borrower (such Revolving Loan
Agreement, as amended, modified or supplemented from time to time, being
referred to as the "Loan Agreement"), together with interest thereon at the
Interest Rate at such time and times as set forth in the Loan Agreement.
Capitalized terms used but not defined herein shall have the meanings ascribed
to them in the Loan Agreement.

         Anything in the Loan Agreement or herein to the contrary
notwithstanding, the obligations of the Borrower to make payments of interest
shall be subject to the limitation that payments of interest shall not be
required to be made to the Lender to the extent that the Lender's receipt
thereof would not be permissible under the law or laws applicable to the Lender
limiting rates of interest which may be charged or collected by the Lender. Any
such payments of interest which are not made as a result of the limitation
referred to in the preceding sentence shall be made by the Borrower on the
earliest interest payment date or dates on which the receipt thereof would be
permissible under the laws applicable to the Lender limiting rates of interest
which may be charged or collected by the Lender. Such deferred interest shall
not bear interest.

         Payment of both principal and interest on this Note are to be made at
the office of the Lender at 7 Bulfinch Place, Suite 500, P.O. Box 9507, Boston,
Massachusetts 02114, or such other place as the Lender shall designate to the
Borrowers in writing, in lawful money of the United States of America in
immediately available funds.

         This Note is the Note referred to in Section 2.6 of the Loan Agreement.
This Note is secured in the manner provided for in the Loan Agreement, is
subject to the terms and conditions thereof and is entitled to the benefits
thereof.

                                       17
<PAGE>

         The Lender is authorized to enter on the schedules attached hereto a
notation with respect to each Loan made under the Loan Agreement setting forth:
(i) the date and principal amount thereof and (ii) each payment and prepayment
of principal thereof. Such notations shall be presumed correct, absent manifest
error. The failure by the Lender to make a notation on the schedule hereto as
aforesaid shall not affect the obligations of the Borrower hereunder or under
the Loan Agreement in any respect.

         The Borrower expressly waives presentment for payment, demand for
payment, notice of dishonor, protest, notice of protest, notice of nonpayment,
and all lack of diligence or delays in collection or enforcement of this Note,
but such waiver shall not waive the notices provided for in the Loan Agreement.

         Upon the occurrence of any Event of Default, the principal amount of
and accrued interest on this Note attributable to the Defaulting Borrower may be
declared due and payable in the manner and with the effect provided in the Loan
Agreement.

         The Borrower agrees to pay costs and expenses of collection, including,
without limitation, attorneys' fees and disbursements in the event that any
action, suit or proceeding is brought by the holder hereof to collect this Note.

         This Note shall be governed by, and construed and enforced in
accordance with, the laws of the Commonwealth of Massachusetts applicable to
contracts entered into and to be performed entirely within such Commonwealth.
This Note may not be changed, modified or terminated orally.

         IN WITNESS WHEREOF, the undersigned have executed this Note as of the
day and year first above written.

                                       THE NEWKIRK MASTER LIMITED PARTNERSHIP

                                       By: MLP GP LLC,
                                           its general partner

                                           By: Newkirk MLP Corp.,
                                               its manager

                                               By:
                                                  ------------------------------

                                       18
<PAGE>

                                   SCHEDULE 1

                                     TO NOTE

         This Note evidences the Loans made under the Loan Agreement in the
principal amounts, and on the dates set forth below, subject to the payments or
prepayments of principal set forth below:

<TABLE>
<CAPTION>
                  Principal   Principal    Date of
                  Amount      Amount Paid  Payment or   Balance
Date Made         of Loan     or Prepaid   Prepayment   Outstanding   Initials
---------         -------     ----------   ----------   -----------   --------
<S>               <C>         <C>          <C>          <C>           <C>

</TABLE>

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