Document:

<PAGE>   1
                                                                   Exhibit 10.51

            FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
            --------------------------------------------------------

         This FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"Amendment") is made and entered into as of this 9th day of August, 2000 by and
among FOREST CITY RENTAL PROPERTIES CORPORATION, an Ohio corporation (the
"Borrower"), KEYBANK NATIONAL ASSOCIATION, as Administrative Agent (the
"Administrative Agent"), NATIONAL CITY BANK, as Syndication Agent (the
"Syndication Agent" and, together with the Administrative Agent, the "Agents")
and the banks from time to time party hereto (collectively, the "Banks" and
individually a "Bank"). Capitalized terms not otherwise defined herein shall
have the meaning attributed to them in the Amended Credit Agreement, as
hereinafter defined.

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

         WHEREAS, the Borrower, the Banks, other than LaSalle Bank N.A. (the
"Original Banks"), and the Agents have previously entered into a certain Amended
and Restated Credit Agreement dated as of June 25, 1999 (the "Amended Credit
Agreement"); and

         WHEREAS, in connection with the Amended Credit Agreement, Forest City
Enterprises, Inc. (the "Parent") made and entered into a certain Amended and
Restated Guaranty of Payment of Debt in favor of the Original Banks, dated as of
June 25, 1999 (the "Guaranty"); and

         WHEREAS, the Borrower, the Banks and the Agents desire to make certain
amendments to the Amended Credit Agreement to, among other things, (i) increase
the aggregate Revolving Loan Commitment from $200,000,000 to $265,000,000, (ii)
extend the Termination Date from December 10, 2001 to March 31, 2003 and (iii)
add LaSalle Bank N.A. as a Bank for all purposes, all on the terms and
conditions set forth herein; and

         WHEREAS, the Banks and the Agents are willing to amend the Amended
Credit Agreement and the Guaranty, on the respective terms and conditions set
forth herein and in the First Amendment to Amended and Restated Guaranty of
Payment of Debt (the "First Amendment to Guaranty") of even date herewith,
respectively, and such terms and conditions are agreeable to the Borrower and to
the Parent.

         NOW, THEREFORE, it is mutually agreed as follows:

         1.       AMENDMENT TO ARTICLE I OF THE AMENDED CREDIT AGREEMENT.
                  -------------------------------------------------------

                  (a) AMENDMENT OF DEFINITION OF "INDENTURE". Article I of the
Amended Credit Agreement is hereby amended by deleting the blank contained in
the definition of "Indenture" and replacing it with the date March 16, 1998, but
leaving such definition the same in all other respects.

                  (b) AMENDMENT OF DEFINITION OF "TERMINATION DATE". Article I
of the Amended Credit Agreement is hereby amended by deleting the date of
December 10, 2001 contained in the definition of "Termination Date" and
replacing it with the date of March 31, 2003, but leaving such definition the
same in all other respects.

<PAGE>   2

         2.       AMENDMENT TO SECTION 2.02(b) OF THE AMENDED CREDIT AGREEMENT.
Section 2.02(b) of the Amended Credit Agreement shall be amended by deleting it
in its entirety and replacing it with the following:

                  SECTION 2.02(b). REPAYMENT OF TERM LOANS. The principal of the
         Term Loans shall be payable in consecutive quarterly installments, each
         in an amount equal to one fifteenth (1/15th) of the principal balance
         of the Term Loans outstanding on the Termination Date, provided, that,
         the total annual principal payments in each of the first three (3)
         years following the Termination Date shall not exceed $26,500,000, such
         payments to commence on the first Quarterly Date next following the
         date on which the Term Loans were made and continuing until the
         earliest of (i) payment in full of the Term Loans, (ii) the sixteenth
         (16th) Quarterly Date following the date on which the Term Loans were
         made and (iii) March 31, 2007, at which time all remaining principal of
         the Term Loans shall be due and payable in full, unless such principal
         becomes due and payable earlier pursuant to the provisions of Article
         XI. Notwithstanding any other provision of this Amended Credit
         Agreement, any regularly scheduled installment of principal paid by the
         Borrower on a Quarterly Date pursuant to this Section 2.02(b) that
         results in a prepayment of the Term Loans shall not be subject to the
         payment of the prepayment premium set forth in Section 5.05 of this
         Amended Credit Agreement.

         3.       AMENDMENT TO SECTION 3.05(a) OF THE AMENDED CREDIT AGREEMENT.
Section 3.05(a) of the Amended Credit Agreement shall be amended by deleting the
parenthetical contained therein and replacing it with the following
parenthetical:

         (each such promissory note, as it may be from time to time amended,
         restated or otherwise modified, a "Revolving Loan Note" and,
         collectively, "Revolving Loan Notes").

         4.       AMENDMENT TO SECTION 3.06 OF THE AMENDED CREDIT AGREEMENT.
Section 3.06 of the Amended Credit Agreement shall be amended as follows:

                  a. Section 3.06(a)(iii) of the Amended Credit Agreement shall
         be amended by deleting the phrase "two percent (2%)" contained in such
         Section 3.06(a)(iii) and replacing it with the phrase "the Indicated
         Spread then in effect for Revolving Loans under the LIBOR Rate Option"
         but leaving it the same in all other respects.

                  b. Section 3.06(b) of the Amended Credit Agreement shall be
         amended by deleting the second sentence contained in such Section
         3.06(b) and replacing it with the following sentence:

                  The Agent shall notify each Bank of the occurrence and payment
                  of a Draw no later than 12:00 p.m. on the date of such notice
                  and, not later than 1:00 p.m. on the date of such notice, each
                  Bank will make available to the Agent its Pro rata portion of
                  the Draw deemed to be a Revolving Loan.

                                       2
<PAGE>   3

         5.       AMENDMENT TO SECTION 4.01(d) OF THE AMENDED CREDIT AGREEMENT.
Section 4.01(d) of the Amended Credit Agreement shall be amended by deleting it
in its entirety and replacing it with the following:

                  SECTION 4.01(d). INDICATED SPREAD. The Indicated Spread is
         measured in basis points and shall be determined as follows:

                                 REVOLVING LOANS
                                 ---------------
<TABLE>
<CAPTION>
                                                                                Indicated Spread
                                                                                 (Basis Points)
                                                                                 --------------

                                                                 Prime Rate Option              LIBOR Rate Option
                                                                 -----------------              -----------------
<S>                                                                     <C>                          <C>
         From and including the Amendment Date
         to the Termination Date, on the aggregate                      50                           212.5
         outstanding principal amount of the Loans
         that is less than or equal to the difference
         of (A) the Aggregate Revolving Loan Commitments
         MINUS (B) the outstanding LC Obligations MINUS
         (C) $25,0000,000

         From and including the Amendment Date                          75                           285
         to the Termination Date, on the aggregate
         outstanding principal amount of the Loans
         that is greater than the difference of
         (A) the Aggregate Revolving Loan Commitments
         MINUS (B) the outstanding LC Obligations MINUS
         (C) $25,000,000

<CAPTION>
                                   TERM LOANS
                                   ----------

                                                                                Indicated Spread
               Period                                                            (Basis Points)
               ------                                                            --------------

                                                                 Prime Rate Option              LIBOR Rate Option
                                                                 -----------------              -----------------

<S>                                                                     <C>                          <C>
         From and including the Termination
         Date until payment in full                                     75                           250
</TABLE>

         6.       AMENDMENT TO SECTION 8.04 OF THE AMENDED CREDIT AGREEMENT.
Section 8.04 of the Amended Credit Agreement shall be amended as follows:

                  a. The beginning of the sentence up to the first proviso shall
         be deleted and replaced with the following:

                  The Borrower will not and will not permit any Subsidiary to
         create, assume or suffer to exist any indebtedness for borrowed money,
         any Funded Indebtedness of any kind or any reimbursement obligation or
         other similar liabilities with respect to letters of

                                       3
<PAGE>   4

         credit issued for the Borrower's or any Subsidiary's account (other
         than non-recourse letters of credit or surety bonds issued as credit
         enhancement); . . .

                  b. Subsection (a) shall be amended by deleting it in its
         entirety and replacing it with the following:

                  (a) any Loans obtained hereunder or LC Obligations incurred
         hereunder.

         7.       AMENDMENT TO SECTION 8.11 OF THE AMENDED CREDIT AGREEMENT.
Section 8.11 of the Amended Credit Agreement shall be amended by deleting it in
its entirety and replacing it with the following:

                  SECTION 8.11 NO PLEDGE. The Borrower will not, and will not
         permit any of its Subsidiaries to, sell, assign, pledge or otherwise
         dispose of or encumber any of its or their partnership interests or
         other equity interests in any of its or their Subsidiaries, except as
         permitted under Section 8.02, and except that the Borrower and each
         Subsidiary shall be permitted to pledge its stock or other ownership
         interests in any of its Subsidiaries to secure (a) additional or
         mezzanine indebtedness incurred with respect to a project encumbered by
         a first mortgage at the time such additional or mezzanine indebtedness
         is incurred, so long as such additional or mezzanine indebtedness is
         permitted under Section 8.04 of this Agreement, or (b) primary
         indebtedness incurred solely with respect to the acquisition of real
         property or for construction purposes, provided that (i) with respect
         to the indebtedness described in subsection (a) above, the sum of the
         then existing indebtedness PLUS such additional or mezzanine
         indebtedness does not exceed eighty percent (80%) of the appraised
         value of the project at the time such additional or mezzanine
         indebtedness is incurred, (ii) with respect to the indebtedness
         described in subsection (b) above, such primary indebtedness does not
         exceed one hundred percent (100%) of the appraised value of the
         acquired property at the time of such financing, (iii) such pledges of
         stock or other ownership interests may be made with respect to no more
         than fifteen (15) individual properties collectively with the Borrower,
         all Subsidiaries and all Restricted Companies (as defined in the
         Guaranty), at any one time, exclusive of the properties set forth on
         Schedule 9.9A to the Guaranty, and (iv) the aggregate of all such
         additional, mezzanine or primary indebtedness for which such a pledge
         will be provided by the Borrower or such Subsidiary does not exceed Two
         Hundred Million Dollars ($200,000,000) in the aggregate for all pledges
         provided by the Borrower, its Subsidiaries and all Restricted Companies
         (as defined in the Guaranty), taken together.

         Borrower will deliver to the Agents and the Banks a schedule in the
         form of Schedule 9.9 to the Guaranty listing all of the properties as
         to which a pledge of stock or other ownership interest has been
         provided to a lender in accordance with this Section 8.11, within
         twenty (20) days of any property being added or deleted from such
         schedule.

         8.       AMENDMENT TO SECTION 8.13(a) OF THE AMENDED CREDIT AGREEMENT.
Section 8.13(a) of the Amended Credit Agreement shall be amended by deleting the
ratio of 1.20:1.00 contained therein and replacing it with the ratio of
1.30:1.00, but leaving it the same in all other respects.

                                       4
<PAGE>   5

         9.       AMENDMENT TO EXHIBIT A TO THE AMENDED CREDIT AGREEMENT.
Exhibit A to the Amended Credit Agreement shall be amended by deleting it in its
entirety and replacing it with the Exhibit A attached to this Amendment.

         10.      REPRESENTATIONS AND WARRANTIES.  The Borrower represents and
warrants to the Agents and each of the Banks as follows:

                  (a) INCORPORATION OF REPRESENTATIONS AND WARRANTIES. Each and
every representation and warranty made by the Borrower in Article IX of the
Amended Credit Agreement is incorporated herein as if fully rewritten herein at
length and is true, correct and complete as of the date hereof;

                  (b) REQUISITE AUTHORITY. The Borrower has all requisite power
and authority to execute and deliver and to perform its obligations in respect
of this Amendment and each and every other agreement, certificate, or document
required by this Amendment;

                  (c) DUE AUTHORIZATION; VALIDITY. The Borrower has taken all
necessary action to authorize the execution, delivery, and performance by it of
this Amendment and every other instrument, document, and certificate relating
thereto. This Amendment has been duly executed and delivered by the Borrower and
is the legal, valid, and binding obligation of the Borrower enforceable against
it in accordance with its terms;

                  (d) NO CONSENT. No consent, approval, or authorization of, or
registration with, any governmental authority or other Person is required in
connection with the execution, delivery and performance of this Amendment and
the transactions contemplated hereby; and

                  (e) NO DEFAULTS. No event has occurred and no condition exists
which, with the giving of notice or the lapse of time, or both, would constitute
an Event of Default or Possible Default under the Amended Credit Agreement.

         11.      CONDITIONS TO CLOSING OF AMENDMENT.

                  (a) CLOSING CONDITIONS. Except as otherwise expressly provided
in this Amendment, prior to or concurrently with the Amendment Closing Date (as
hereinafter defined), and as conditions precedent to the effectiveness of the
amendments to the Amended Credit Agreement provided for herein, the following
actions shall be taken, all in form and substance satisfactory to the Agents and
the Banks and their respective counsel:

                      (i) LOAN DOCUMENTS AND CORPORATE DOCUMENTS. The Borrower
shall deliver or cause to be delivered to the Agents and the Banks the following
documents, in all cases duly executed, and delivered by the Borrower and/or the
Parent, and/or certified, as the case may be:

                          (1) Certified copy of the resolutions of the board of
         directors of the Borrower evidencing approval of the execution,
         delivery and performance of this Amendment and the Amended and Restated
         Revolving Loan Notes in the form attached hereto as Exhibit B;

                                       5
<PAGE>   6

                          (2) Certified copy of the resolutions of the board of
         directors of the Parent evidencing approval of the execution, delivery
         and performance of the First Amendment to Guaranty;

                          (3) Copy of the Articles of Incorporation of the
         Borrower, certified by the Ohio Secretary of State as of a recent date;

                          (4) Copy of the Articles of Incorporation of the
         Parent, certified by the Ohio Secretary of State as of a recent date;

                          (5) Copy of the Code of Regulations of the Borrower,
         certified as true and complete as of the Amendment Closing Date by the
         secretary of the Borrower;

                          (6) Copy of the Code of Regulations of the Parent,
         certified as true and complete as of the Amendment Closing Date by the
         secretary of the Parent;

                          (7) A good standing certificate from the State of Ohio
         for the Borrower;

                          (8) A good standing certificate from the State of Ohio
         for the Parent;

                          (9) A certificate of the secretary or assistant
         secretary of the Borrower certifying the names of the officers of the
         Borrower authorized to sign this Amendment, together with the true
         signatures of such officers;

                          (10) A certificate of the secretary or assistant
         secretary of the Parent certifying the names of the officers of the
         Parent authorized to sign the First Amendment to Guaranty, together
         with the true signatures of such officers;

                          (11) Counterparts of this Amendment, executed and
         delivered by the Borrower, the Agent, and the Banks and the Parent's
         Acknowledgement of this Amendment;

                          (12) Revolving Loan Notes duly executed and delivered
         by the Borrower in favor of each Bank;

                          (13) Counterparts of the First Amendment to Guaranty,
         executed and delivered by the Parent, the Agents and the Banks; and

                          (14) A certificate of the secretary or assistant
         secretary of the Borrower and the Parent certifying that as of the date
         of this Amendment no Event of Default or Possible Default exists under
         the Amended Credit Agreement.

                                       6
<PAGE>   7

                       (ii) OPINION OF COUNSEL FOR PARENT. The Borrower shall
deliver or caused to be delivered to the Agents and the Banks a favorable
opinion of counsel for the Parent as to the due authorization, execution, and
delivery, and legality, validity and enforceability of the First Amendment to
Guaranty and such other matters as the Agent or the Banks may request.

                       (iii) OPINION OF COUNSEL FOR BORROWER. The Borrower shall
deliver or caused to be delivered to the Agents and the Banks a favorable
opinion of counsel for the Borrower as to the due authorization, execution, and
delivery, and legality, validity and enforceability of this Amendment and the
Revolving Loan Notes and such other matters as the Agent or the Banks may
request.

                       (iv) PAYMENT OF FEES TO BANKS. On or before the Amendment
Closing Date, the Borrower shall have paid to the Agents and the Banks all
costs, fees and expenses incurred by them through the Amendment Closing Date in
the preparation, negotiation and execution of this Amendment and the First
Amendment to Guaranty (including, without limitation, legal fees and expenses of
Thompson Hine & Flory LLP). The Borrower shall pay a commitment fee to the
Administrative Agent for distribution to the Banks in an amount equal to
$362,500, of which $200,000 will be distributed to the Original Banks Pro rata
with respect to the Revolving Loan Commitments in effect prior to the
effectiveness of this Amendment and $162,500 will be distributed to all of the
Banks Pro rata on the basis of the increase in the Revolving Loan Commitment of
each Bank.

                  (b) DEFINITION. The "Amendment Closing Date" shall mean the
date this Amendment is executed and delivered by the Borrower, the Banks and the
Agents and all the conditions set forth in subsection (a) above have been
satisfied or waived in writing by the Agents.

         12.     NO WAIVER. Except as otherwise expressly provided herein,
the execution and delivery of this Amendment by the Agents and the Banks shall
not constitute a waiver or release of any obligation or liability of the
Borrower under the Amended Credit Agreement as in effect prior to the
effectiveness of this Amendment or as amended hereby or waive or release any
Event of Default or Possible Default existing at any time.

         13.     EFFECT ON OTHER PROVISIONS. Except as expressly amended by
this Amendment, all provisions of the Amended Credit Agreement continue
unchanged and in full force and effect and are hereby confirmed and ratified.
All provisions of the Credit Agreement shall be applicable to this Amendment.

                                       7
<PAGE>   8

         IN WITNESS WHEREOF, the parties hereto, each by an officer thereunto
duly authorized, have caused this First Amendment to Amended and Restated Credit
Agreement to be executed and delivered as of the date first above written.

Address:                                FOREST CITY RENTAL PROPERTIES
1100 Terminal Tower                     CORPORATION
50 Public Square
Cleveland, Ohio  44113-2267
                                        BY:  Thomas G. Smith
                                            TITLE:  Vice President

Address:                                KEYBANK NATIONAL ASSOCIATION,
127 Public Square                       Individually and as Administrative Agent
Cleveland, Ohio  44114
                                        BY:  Scott Childs
                                            TITLE:  Assistant Vice President

Address:                                NATIONAL CITY BANK, Individually and
1900 East Ninth Street                  as Syndication Agent
Cleveland, Ohio  44114
                                        BY:  Anthony J. DiMare
                                            TITLE:  Senior Vice President

Address:                                THE HUNTINGTON NATIONAL BANK
917 Euclid Avenue
Cleveland, Ohio  44114                  BY:  M.W. Stachur
                                            TITLE:  Vice President

Address:                                COMERICA BANK
Overnight Mail:
500 Woodward Avenue                     BY:  Charles L. Weddell
7th Floor                                   TITLE:  Vice President
Detroit, Michigan  48226

U.S.  Mail:
PO Box 75000
Detroit, Michigan  48275-3256

                       (Signatures continued on next page)

<PAGE>   9

                    (Signatures continued from previous page)

Address:                                FIRST MERIT BANK
123 West Prospect Avenue
Cleveland, Ohio  44115                  BY:  John F. Neumann
                                             TITLE:  Senior Vice President

Address:                                CREDIT LYONNAIS, NEW YORK BRANCH
1301 Avenue of the Americas
New York, New York  10019               BY:  Greg Nuber
                                             TITLE:  Vice President

Address:                                FIRSTAR BANK NATIONAL ASSOCIATION
1350 Euclid Avenue
Suite 211                               BY: Samuel J. Russo
Cleveland, Ohio  44115                     TITLE:  Vice President

Address:                                MANUFACTURERS AND TRADERS
One Fountain Plaza                      TRUST COMPANY
Buffalo, New York  14203-1495
                                        BY: Kevin B. Quinn
                                           TITLE:  Assistant Vice President

Address:                                U.S. BANK NATIONAL ASSOCIATION
U.S. Bank Place (M.S. MPFP-0802)
601 Second Avenue South                 BY: Thomas Schroeder
Minneapolis, Minnesota  55402              TITLE:  Vice President

Address:                                LASALLE BANK N.A.
135 South LaSalle St.
Chicago, Illinois  60603                BY: David Patchin
                                           TITLE:  Senior Vice President

<PAGE>   10

                              CONSENT OF GUARANTOR
                              --------------------

         FOREST CITY ENTERPRISES, INC., an Ohio corporation, Guarantor under
that certain Amended and Restated Guaranty of Payment of Debt issued on or about
June 25, 1999, as amended (the "Guaranty of Payment of Debt") to and in favor of
the Agents and the Banks in respect of, INTER ALIA., the indebtedness of FOREST
CITY RENTAL PROPERTIES CORPORATION under the Amended Credit Agreement referenced
in the foregoing First Amendment to Amended and Restated Credit Agreement,
hereby acknowledges that it consents to the foregoing First Amendment to Amended
and Restated Credit Agreement and confirms and agrees that its Guaranty of
Payment of Debt, as amended to the date hereof, is and shall remain in full
force and effect with respect to the Amended Credit Agreement as in effect prior
to, and from and after, the amendment thereof pursuant to the foregoing First
Amendment to Amended and Restated Credit Agreement.

Dated:  August __, 2000                  FOREST CITY ENTERPRISES, INC.

                                         BY:  Thomas G. Smith
                                             TITLE:  Senior Vice President

<PAGE>   11

                                    EXHIBIT A
                                    ---------

                 Bank                                    Maximum Amount
                 ----                                    --------------

KeyBank National Association                              $40,000,000
National City Bank                                        $40,000,000
The Huntington National Bank                              $35,000,000
First Merit Bank                                          $22,500,000
Comerica Bank                                             $21,250,000
Credit Lyonnais New York Branch                           $21,250,000
Firstar Bank National Association                         $21,250,000
Manufacturers and Traders Trust Company                   $21,250,000
U.S. Bank National Association                            $21,250,000
LaSalle Bank N.A.                                         $21,250,000

         TOTAL                                            $265,000,000<PAGE>   1
                                                                   Exhibit 10.52

                     FIRST AMENDMENT TO AMENDED AND RESTATED
                     ---------------------------------------
                           GUARANTY OF PAYMENT OF DEBT
                           ---------------------------

         This FIRST AMENDMENT TO AMENDED AND RESTATED GUARANTY OF PAYMENT OF
DEBT (this "First Amendment to Guaranty") is made and entered into as of this
9th day of August, 2000 by and among FOREST CITY ENTERPRISES, INC., an Ohio
corporation (the "Guarantor"), KEYBANK NATIONAL ASSOCIATION, as Administrative
Agent (the "Administrative Agent"), NATIONAL CITY BANK, as Syndication Agent
(the "Syndication Agent" and, together with the Administrative Agent, the
"Agents") and the banks from time to time party hereto (the "Banks"),

                              W I T N E S S E T H;

         WHEREAS, Forest City Rental Properties Corporation (the "Borrower"),
the Banks, other than LaSalle Bank N.A. (the "Original Banks"), and the Agents
previously entered into a certain Amended and Restated Credit Agreement dated as
of June 25, 1999 (the "Original Credit Agreement"); and

         WHEREAS, the Banks required, as a condition to entering into the
Original Credit Agreement, that the Guarantor execute and deliver to the Agents
and the Original Banks a certain Amended and Restated Guaranty of Payment of
Debt, dated June 25, 1999 (the "Guaranty") and the Guarantor agreed to and did
execute and deliver the Guaranty to the Agents and the Original Banks; and

         WHEREAS, the Borrower and the Guarantor have requested that the Banks
and the Agents agree to certain amendments to the Original Credit Agreement and
to the Guaranty; and

         WHEREAS, the Borrower, the Banks and the Agents have entered into a
First Amendment to Amended and Restated Credit Agreement dated as of the date
hereof (together with the Original Credit Agreement, the "Credit Agreement"),
that requires as one its conditions that the Guarantor enter into this First
Amendment to Guaranty.

         NOW, THEREFORE, it is mutually agreed as follows:

         1. AMENDMENT TO SECTION 9.8 OF THE GUARANTY. Section 9.8 of the
Guaranty shall be amended by deleting it in its entirety and replacing it with
the following:

            9.8 EBDT. The Guarantor will not suffer or permit its EBDT in each
         case for the four (4) consecutive quarters ending on each January 31,
         April 30, July 31 and October 31 to be less than the amount set forth
         below for the respective period set forth below:

<PAGE>   2

                      Period                                        EBDT
                      ------                                        ----

             From July 31, 2000 through
             the remainder of fiscal year 2000                 $105,000,000

             Fiscal year 2001                                  $110,000,000

             Fiscal year 2002                                  $115,000,000

             Fiscal year 2003                                  $120,000,000

             Fiscal year 2004                                  $125,000,000

             Fiscal year 2005                                  $130,000,000

             Fiscal year 2006                                  $135,000,000

             Fiscal year 2007                                  $140,000,000

         2. AMENDMENT TO SECTION 9.9 OF THE GUARANTY. Section 9.9 of the
Guaranty shall be amended by deleting it in its entirety and replacing it with
the following:

            9.9 COMBINATIONS, BULK TRANSFERS; NO PLEDGE. No Restricted Company
         will be a party to any consolidation or merger or lease, sell or
         otherwise transfer all or any substantial part of its assets or sell,
         pledge, hypothecate or transfer its stock or other ownership interests
         in any Subsidiary; PROVIDED that this Section 9.9 shall not apply to
         any transfer (as opposed to a pledge) effected in the normal course of
         business on commercially reasonable terms and PROVIDED, FURTHER, that a
         Restricted Company shall only be permitted to pledge its stock or other
         ownership interests in any of its Subsidiaries to secure (a) additional
         or mezzanine indebtedness incurred with respect to a project encumbered
         by a first mortgage at the time such additional or mezzanine
         indebtedness is incurred, so long as such additional or mezzanine
         indebtedness is permitted under Section 9.10 of this Guaranty, or (b)
         primary indebtedness incurred solely for the purpose of acquiring real
         property or for construction, PROVIDED, that (i) with respect to the
         indebtedness described in subsection (a) above, the sum of the then
         existing indebtedness PLUS such additional or mezzanine indebtedness
         does not exceed eighty percent (80%) of the appraised value of the
         project at the time such additional or mezzanine indebtedness is
         incurred, (ii) with respect to the indebtedness described in subsection
         (b) above, such primary indebtedness does not exceed one hundred
         percent (100%) of the appraised value of the property being acquired at
         the time of such financing, (iii) such pledges of stock or other
         ownership interests may be made with respect to no more than fifteen
         (15) individual properties, collectively with the Borrower, all its
         Subsidiaries and all Restricted Companies at any one time, exclusive of
         the properties set forth on Schedule 9.9A of this Guaranty, and (iv)
         the aggregate of all such additional, mezzanine or primary indebtedness
         for which such a pledge will be provided by a Restricted Company does
         not exceed Two Hundred Million Dollars

                                       2
<PAGE>   3

         ($200,000,000) in the aggregate for all pledges provided by the
         Restricted Companies, the Borrower and its Subsidiaries, taken
         together.

         Guarantor will deliver to the Agents a schedule, in the form of
         Schedule 9.9 attached hereto, listing all of the properties as to which
         a pledge of stock or other ownership interests has been provided to a
         lender in accordance with this Section 9.9 within twenty (20) days of
         any property being added or deleted from such Schedule 9.9.

         3. AMENDMENT TO SECTION 9.10 OF THE GUARANTY. Section 9.10 of the
Guaranty shall be amended by deleting the beginning of the sentence up to the
first proviso and replacing it with the following:

            No Restricted Company will create, assume or suffer to exist any
         indebtedness for borrowed money, any Funded Indebtedness of any kind
         including, but not limited to, leases required to be capitalized under
         Financial Accounting Standards Board Standard No. 13 or any
         reimbursement obligations or other liabilities with respect to letters
         of credit issued for any Restricted Company's account; . . .

         4. AMENDMENT TO SECTION 9.12 OF THE GUARANTY. Section 9.12 of the
Guaranty shall be amended by:

            a. deleting the word "or" at the end of subsection (h);

            b. deleting the period at the end of subsection (i) and adding a
         comma at the end of subsection (i);

            c. adding the following subsection (j):

                   (j) the guaranty by Guarantor of the obligations of Forest
               City Southpark II, Inc. located in Los Angeles, California, with
               respect to the issuance of Multifamily Housing Revenue Refunding
               Tax-Exempt Bond Series 2000 in the original principal amount of
               Twenty Eight Million Four Hundred Thousand Dollars ($28,400,000),
               PROVIDED that such guaranty obligations shall be fully
               subordinated by written agreement, in form and substance
               satisfactory to the Banks, to the obligations of Guarantor under
               this Guaranty, which written agreements shall include, among
               other things, terms providing that such subordinated guaranty
               obligations (A) shall be unsecured, (B) shall have a maturity
               date of at least four (4) years beyond the maturity date of the
               Revolving Loans, including all extensions thereof and including
               the term of any Term Loans made upon the Termination Date, (C)
               shall be subject to a payment blockage for so long as an Event of
               Default caused by a violation of Section 3 of this Guaranty has
               occurred and is continuing and a payment blockage period of at
               least one hundred seventy nine (179) days if any other Event of
               Default has occurred and is continuing under this Guaranty; (D)
               shall

                                       3
<PAGE>   4

               consist solely of a covenant to pay such subordinated guaranty
               obligations and no other material covenants, financial or
               otherwise; or

               and

            d. adding the following subsection (k):

                   (k) the guaranty by Guarantor of the obligations of Franklin
               Town Towers Associates located in Philadelphia, Pennsylvania,
               with respect to Museum Towers, in the original principal amount
               of Twenty Million Four Hundred Thousand Dollars ($20,400,000),
               PROVIDED that such guaranty obligations shall be fully
               subordinated by written agreement, in form and substance
               satisfactory to the Banks, to the obligations of Guarantor under
               this Guaranty, which written agreements shall include, among
               other things, terms providing that such subordinated guaranty
               obligations (A) shall be unsecured, (B) shall have a maturity
               date of at least four (4) years beyond the maturity date of the
               Revolving Loans, including all extensions thereof and including
               the term of any Term Loans made upon the Termination Date, (C)
               shall be subject to a payment blockage for so long as an Event of
               Default caused by a violation of Section 3 of this Guaranty has
               occurred and is continuing and a payment blockage period of at
               least one hundred seventy nine (179) days if any other Event of
               Default has occurred and is continuing under this Guaranty; (D)
               shall consist solely of a covenant to pay such subordinated
               guaranty obligations and no other material covenants, financial
               or otherwise.

         5. AMENDMENT TO SECTION 9.13(a) OF THE GUARANTY. Section 9.13(a) of the
Guaranty shall be amended by deleting it in its entirety and replacing it with
the following:

            (a) The Guarantor will not directly or indirectly purchase, acquire,
         redeem or retire any shares of its capital stock at any time
         outstanding or set aside funds for any such purpose, except that, from
         and after the Amendment Closing Date, so long as no Event of Default or
         violation of Section 9.14 shall have occurred or will result after
         giving effect to such purchase, acquisition, redemption or retirement,
         the Guarantor may purchase, acquire, redeem or retire shares of its
         outstanding capital stock in an aggregate amount not to exceed Fifteen
         Million Dollars ($15,000,000) in any yearly period measured by the
         anniversary dates of the Original Closing Date of the Agreement.

         6. AMENDMENT TO SECTION 9.13(c) OF THE GUARANTY. Section 9.13(c) of the
Guaranty shall be amended by deleting it in its entirety and replacing it with
the following:

            (c) The Guarantor will not directly or indirectly declare or pay any
         Dividends, except that, from and after the Amendment Closing Date, so
         long as no Event of Default shall have

                                       4
<PAGE>   5

         occurred and be continuing hereunder and no Event of Default shall have
         occurred and be continuing under the Agreement, Guarantor may pay
         Dividends in aggregate amounts not exceeding Fifteen Million Dollars
         ($15,000,000), including any amounts paid as permitted by Section
         9.13(a), in any yearly period measured by the anniversary dates of the
         Original Closing Date of the Agreement.

         7. AMENDMENT TO SECTION 9.14(a) OF THE GUARANTY. Section 9.14(a) of the
Guaranty shall be amended by deleting it in its entirety and replacing it with
the following:

            (a) The Guarantor will not permit the Cash Flow Coverage Ratio (i)
         for any fiscal year to be less than 1.90:1.00 and (ii) subject to
         subsection (i) hereof, for any four (4) consecutive quarters to be less
         than 1.65:1.00

         8. AMENDMENT TO SECTION 9.15 OF THE GUARANTY. Section 9.15 of the
Guaranty shall be amended by deleting it in its entirety and replacing it with
the following:

            9.15  CONSOLIDATED GAAP SHAREHOLDERS' EQUITY. The Guarantor will not
                  permit at any time, the Consolidated GAAP Shareholders' Equity
                  to be less than (a) on the Amendment Closing Date, Three
                  Hundred Thirty Five Million Dollars ($335,000,000), (b) on
                  each Fiscal Quarterly Date thereafter (other than a January 31
                  Fiscal Quarterly Date), the sum of (i) the computed minimum
                  Consolidated GAAP Shareholders' Equity for the immediately
                  preceding January 31 Fiscal Quarterly Date as calculated
                  pursuant to subsection (c) below, PLUS (ii) one hundred
                  percent (100%) of the cash proceeds from any sale or issuance
                  of equity, PLUS (iii) twenty-five percent (25%) of the
                  Guarantor's consolidated GAAP net income for the year-to-date
                  period ended on such Fiscal Quarterly Date, PLUS (iv) Fifteen
                  Million Dollars ($15,000,000) and (c) on each January 31
                  Fiscal Quarterly Date, the sum of (i) the computed minimum
                  Consolidated GAAP Shareholders' Equity for the immediately
                  preceding January 31 Fiscal Quarterly Date, PLUS (ii) one
                  hundred percent (100%) of the cash proceeds from any sale or
                  issuance of equity, PLUS (iii) fifty percent (50%) of the
                  Guarantor's consolidated GAAP net income for the fiscal year
                  then ended, PLUS (iv) Fifteen Million Dollars. As a model of
                  this calculation, and in order to clarify this Section 9.15,
                  the minimum Consolidated GAAP Shareholders' Equity calculation
                  as of January 31, 2000, which evidences a consolidated GAAP
                  Shareholders' Equity requirement of $323,000,000, is attached
                  hereto as Exhibit "A".

         9. AMENDMENT TO SECTION 9.19 OF THE GUARANTY. Section 9.19 of the
Guaranty shall be amended by deleting the second paragraph contained therein in
its entirety and replacing it with the following:

            Notwithstanding the foregoing clauses of this Section 9.19, (i) with
         respect to construction projects which are constructed in multiple
         phases and/or stabilized properties, Guarantor shall be permitted to
         cross-default and/or cross-collateralize any

                                       5
<PAGE>   6

         indebtedness permitted under this Guaranty, but only if the phases to
         be cross-collateralized and/or cross-defaulted consist of a single
         identifiable project; and (ii) in the event of a completion guaranty of
         a construction loan, Guarantor shall be permitted to (a) cross-default
         any indebtedness with respect to construction loans permitted under
         this Guaranty with this Guaranty or the Debt or (b) agree to a
         financial covenant solely with respect to the Guarantor's net worth,
         but only if (i) the indebtedness related to such completion guaranty is
         in excess of Seventy Five Million Dollars ($75,000,000), (ii) the
         indebtedness related to such completion guaranty has a maturity of
         greater than two (2) years, not including extensions, (iii) such net
         worth financial covenant is calculated in substantially the same manner
         as the covenant set forth in Section 9.15 of this Guaranty and requires
         a net worth for the Guarantor of not more than One Hundred Million
         Dollars ($100,000,000) and (iv) the aggregate of all indebtedness
         subject to such completion guaranties shall not exceed Four Hundred
         Million Dollars ($400,000,000), exclusive of the indebtedness incurred
         in connection with the projects set forth on Schedule 9.19 to this
         Guaranty; PROVIDED, FURTHER, that the completion guaranty and any other
         relevant documents relating to such construction loan must provide that
         if the construction project is performing (i.e. construction is on
         schedule and/or budget) and otherwise the construction loan is not in
         default (after any required notice and the lapse of any applicable cure
         period), an Event of Default under this Guaranty shall not permit the
         construction lender to call upon its completion guaranty to fund
         construction costs. In order for a construction lender to call a
         default due to an Event of Default under this Guaranty, the Banks must
         have provided a written notice of the Event of Default to the Guarantor
         and all applicable cure periods shall have lapsed without remedy.

         10. REPRESENTATIONS AND WARRANTIES. The Guarantor represents and
warrants to the Agents and each of the Banks as follows:

             (a) INCORPORATION OF REPRESENTATIONS AND WARRANTIES. Each and every
         representation and warranty made by the Guarantor in Section 7 of the
         Guaranty is incorporated herein as if fully rewritten herein at length
         and is true, correct and complete as of the date hereof and no Event of
         Default or Possible Default exists on such date;

             (b) REQUISITE AUTHORITY. The Guarantor has all requisite power and
         authority to execute and deliver and to perform its obligations in
         respect of this First Amendment to Guaranty and each and every other
         agreement, certificate, or document required to be delivered as a
         condition precedent to this First Amendment to Guaranty or to the First
         Amendment to Amended and Restated Credit Agreement;

             (c) DUE AUTHORIZATION; VALIDITY. The Guarantor has taken all
         necessary action to authorize the execution, delivery, and performance
         by it of this First Amendment to Guaranty and every other instrument,
         document, and certificate relating thereto. This First Amendment to
         Guaranty has been duly executed and delivered by the Guarantor and is
         the legal, valid, and binding obligation of the Guarantor enforceable
         against it in accordance with its terms; and

                                       6
<PAGE>   7

             (d) NO CONSENT. No consent, approval, or authorization of, or
         registration with, any governmental authority or other Person is
         required in connection with the execution, delivery, and performance of
         this First Amendment to Guaranty and the transactions contemplated
         hereby.

             (e) SCHEDULE 9.9. Schedule 9.9 attached hereto is true and correct
         in all material respects and sets forth a complete and accurate listing
         of all properties as to which a pledge of stock or other ownership
         interest has been provided by a Restricted Company to a lender.

         11. NO WAIVER. Except as otherwise expressly provided herein, the
acceptance, execution, and/or delivery of this First Amendment to Guaranty by
the Agents and the Banks shall not constitute a waiver or release of any
obligation or liability of the Guarantor under the Guaranty as in effect prior
to the effectiveness of this First Amendment to Guaranty or as amended hereby or
waive or release any Event of Default or Possible Default existing at any time.

12. CONDITIONS TO CLOSING. Except as otherwise expressly provided in this First
Amendment to Guaranty, prior to or concurrently with the execution and delivery
of this First Amendment to Guaranty, and as conditions precedent to the
effectiveness of the amendments to the Guaranty provided for herein, the Agents
and the Banks and their respective counsel shall have received such opinions of
counsel to the Guarantor, certified copies of resolutions of the Board of
Directors of the Guarantor, and such other documents as shall be required by the
Agents, the Banks, or their respective counsel to evidence and confirm the due
authorization, execution, and delivery of this First Amendment to Guaranty, all
in form and substance satisfactory to the Agents and the Banks and their
respective counsel; all conditions to the First Amendment to Amended and
Restated Credit Agreement shall have been satisfied; and all costs, fees, and
expenses required by the First Amendment to Amended and Restated Credit
Agreement to have been paid by the Borrower in connection with the First
Amendment to Amended and Restated Credit Agreement and/or this First Amendment
to Guaranty shall have been paid.

13. CONFIRMATION OF GUARANTY. The Guarantor hereby confirms that the Guaranty is
in full force and effect on the date hereof and that, upon the amendments herein
provided becoming effective, the Guaranty will continue in full force and effect
in accordance with its terms, as hereby amended.

                                      * * *

                                       7
<PAGE>   8

         IN WITNESS WHEREOF, the parties hereto, each by an officer thereunto
duly authorized, have caused this First Amendment to Amended and Restated
Guaranty of Payment of Debt to be executed and delivered as of the date first
above written.

                                      FOREST CITY ENTERPRISES, INC.

                                      BY:  Thomas G. Smith
                                          TITLE:  Senior Vice President

                                      KEYBANK NATIONAL ASSOCIATION,
                                      Individually and as Administrative Agent

                                      BY:  Scott Childs
                                          TITLE:  Assistant Vice President

                                      NATIONAL CITY BANK, Individually and as
                                      Syndication Agent

                                      BY:  Anthony J. DiMare
                                          TITLE:  Senior Vice President

                                      THE HUNTINGTON NATIONAL BANK

                                      BY:  M.W. Stachur
                                          TITLE: Vice President

                                      FIRST MERIT BANK

                                      BY:  John F. Neumann
                                          TITLE:  Senior Vice President

                                      COMERICA BANK

                                      BY:  Charles L. Weddell
                                          TITLE: Vice President

                                        (Signatures continued on next page.)

<PAGE>   9

                   (Signatures continued from previous page.)

                                      CREDIT LYONNAIS, NEW YORK BRANCH

                                      BY:  Greg Nuber
                                          TITLE: Vice President

                                      FIRSTAR BANK NATIONAL ASSOCIATION

                                      BY:  Samuel J. Russo
                                          TITLE: Vice President

                                      MANUFACTURERS AND TRADERS
                                      TRUST COMPANY

                                      BY:  Kevin B. Quinn
                                          TITLE:  Assistant Vice President

                                      U.S. BANK NATIONAL ASSOCIATION

                                      BY:  Thomas Schroeder
                                          TITLE: Vice President

                                      LASALLE BANK N.A.

                                      BY:  David Patchin
                                          TITLE:  Senior Vice President

<PAGE>   10

                                        SCHEDULE 9.19

                               Excluded Properties
                               -------------------

          Property to be known as the Emporium located in San Francisco,
          California

          New York Times Building in Manhattan

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