Document:

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                                                                   EXHIBIT 10.44

                                          AGREEMENT

        AGREEMENT ("Agreement"), dated as of December 19, 2000 ("Effective
Date"), by and between New Plan Excel Realty Trust, Inc., a Maryland corporation
("Company"), and James DeCicco ("DeCicco").

                                    RECITALS

        A.      DeCicco is currently Executive Vice President of the Company.

        B.      The Company and DeCicco entered into an employment agreement
dated as of September 25, 1998, which provides for, among other things,
DeCicco's employment by the Company (the "Employment Agreement").

        C.      DeCicco desires to, among other things, resign from his position
as Executive Vice President of the Company.

                                    AGREEMENT

        IN CONSIDERATION of the premises and the mutual covenants set forth
below, the parties hereby agree as follows:

1.      Resignation. DeCicco hereby resigns effective as of December 29, 2000
(the "Resignation Date") as (a) an employee, officer, director and member of any
committee (Board or otherwise) of the Company, including, but not limited to,
his position as Executive Vice President of the Company, (b) a representative,
agent, signatory and other similar positions in connection with or for the
benefit of the Company and (c) an employee, officer, director, member of any
committee (Board or otherwise), trustee, representative, agent, signatory and
other similar position of any and all subsidiaries, affiliates (including
without limitation, ERT Development Corporation and its subsidiaries and
affiliates) and benefit plans of the Company. DeCicco agrees to execute all
documents that the Company reasonably determines are necessary or desirable to
effectuate or reflect the foregoing.

2.      Payments and Benefits. In consideration of the resignations set forth in
Section 1 above, the Company shall provide DeCicco with the payments and
benefits set forth below:

(a)     the Company shall pay DeCicco, upon the terms set forth below, the sum
        of $476,000 (the "Gross Amount"), subject to the remaining provisions of
        this clause (a). As of the date hereof, DeCicco has certain demand loans
        outstanding to the Company (or its subsidiaries) in the aggregate amount
        of $9,845.50 (inclusive of accrued interest thereon from October 1, 2000
        through the Resignation Date) (the "Loan Balance"). It is agreed that
        the Gross Amount shall be reduced by the Loan Balance. The Gross Amount
        (after

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        deduction of the Loan Amount) shall be paid to DeCicco in four equal
        yearly installments of $116,538.62 each (each, an "Installment"), with
        the first Installment being paid not earlier than January 1, 2001 and
        not later than January 14, 2001 and the other three Installments being
        paid between January 1 and January 14 of 2002, 2003 and 2004,
        respectively. It is further agreed that each Installment subsequent to
        the January, 2001 Installment shall accrue interest at the annual rate
        of 7% per annum, simple and shall be paid together with the applicable
        Installment payment.

(b)     the Company shall pay DeCicco not earlier than January 1, 2001 and not
        later than January 14, 2001 the sum of $20,451.27 for all accrued
        vacation to which he is entitled as of the Resignation Date. DeCicco
        acknowledges that this amount is the aggregate amount of accrued
        vacation to which he is entitled as of the Resignation Date;

(c)     all stock options held by DeCicco shall be cancelled as of the
        Resignation Date;

(d)     the Company shall provide DeCicco, his spouse and dependents, until
        December 31, 2003, those benefits set forth in Section 8(a)(ii) of the
        Employment Agreement in accordance with the terms of said Section
        8(a)(ii), subject, however, to the provisos contained in said Section
        8(a)(ii), which Section 8(a)(ii) shall survive the termination of the
        Employment Agreement;

(e)     the Company shall allow DeCicco to keep the Company car currently being
        used by DeCicco and shall transfer title of the car to DeCicco, except
        that DeCicco shall, from and after the Resignation Date, be responsible
        for all costs and insurance with respect to the car; and

(f)     the provisions of Sections 8(a)(iii) and (vii) of the Employment
        Agreement shall survive the termination of the Employment Agreement.

3.      Consulting Period. During the period from the Resignation Date through
the first anniversary of the Resignation Date ("Consulting Period"), DeCicco
shall provide such consulting services (the "Consulting Services") to the
Company as the Company may reasonably request with respect to development and
redevelopment opportunities in the greater New York metropolitan area. DeCicco
shall devote such time and energy on said Consulting Services as is necessary
for DeCicco to provide the Company with such Consulting Services as the Company
reasonably requires. In connection therewith, DeCicco shall provide the Company
with written documentation and status updates (in form and substance reasonably
required by the Company) relative to any projects on which DeCicco is providing
said Consulting Services. During the Consulting Period, the Company shall pay
DeCicco for such Consulting Services at the annual rate of $50,000, with
payments being made in equal monthly installments not later than the 15th day of
each month

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during the Consulting Period ("Consulting Payments"). Other than as provided in
paragraphs 2(d) and 2(e) of this Agreement, DeCicco shall not be entitled to any
benefits or perquisites during the Consulting Period.

4.      Retention of Items and Documents. Except as otherwise provided in
section 2(e) regarding the Company car, DeCicco will return to the Company on or
prior to the Resignation Date all items related to the Company including, but
without limitation, all originals and all copies of documents, notes, computer
discs, tapes or other tangible information of any sort which he has in his
possession or under his custody or control that is the property of Company or is
confidential information and will not retain any copies of such items. In
addition, on or prior to the Resignation Date, DeCicco shall return to the
Company the Company credit card and phone currently being used by DeCicco.

5.      Release.

                (a)     DeCicco. In consideration of the promises made by the
parties in this Agreement and the payments to be made by Company under this
Agreement, the receipt and sufficiency of which are hereby acknowledged, DeCicco
hereby releases and forever discharges, except as expressly provided herein, the
Company and its subsidiaries and affiliates and their shareholders, directors,
officers, agents, representatives, and employees and successors and assigns,
past and present ("Employer Released Parties"), jointly and individually, from
any and all claims, obligations, demands, damages, causes of action or
liabilities of any nature or kind whatsoever, known or unknown, which DeCicco,
his heirs, successors or assigns ever had or now have arising out of or in any
way connected with his employment and/or separation from Company or its
subsidiaries and affiliates including, but not limited to, claims arising under
or relating to the Employment Agreement and DeCicco's services in any of the
capacities described in Section 1; provided, however, that this release does not
include, and specifically excludes, any and all claims, obligations, demands,
damages, causes of action or liabilities relating to or arising out of (i) this
Agreement and (ii) indemnification under the Company's articles of incorporation
or by-laws or indemnification obligations under this Agreement. Without limiting
the generality of the foregoing or the excluded items contained in the proviso
in the immediately preceding sentence, this release applies to any right which
DeCicco, his heirs, successors or assigns have or may have to commence or
maintain a charge or action alleging discrimination under any federal, state, or
local statute (whether before a court or an administrative agency), including,
but not limited to, Title VII of the Civil Rights Act of 1964, the Employee
Retirement Income Security Act of 1974, the Americans with Disabilities Act, the
Family and Medical Leave Act, the Fair Labor Standards Act, all as amended from
time to time, and to any right which DeCicco, his heirs, successors or assigns
have or may have to commence or maintain a claim for attorneys' fees, wrongful
discharge, estoppel, breach of contract, damage to personal or professional
reputation, misrepresentation, and/or intentional or negligent infliction of
emotional distress.

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DeCicco warrants and represents he has not directly or indirectly transferred or
assigned rights or causes of action against the Employer Released Parties.
DeCicco agrees not to make, assert or maintain any charge, claim, demand or
action which would be covered by this release. If DeCicco breaches this
provision, he agrees to indemnify the Employer Released Parties against all
liability, costs and expenses. including reasonable attorneys' fees, related to
such breach and in addition, DeCicco shall forfeit and waive any rights or
claims to the payment of any Installment or Consulting Payment not yet paid to
DeCicco by the Company and DeCicco shall further be required to return the
Company car to the Company.

                (b)     Company. In consideration for the promises made by the
parties in this Agreement, the receipt and sufficiency of which are hereby
acknowledged, the Company (which for purposes of this paragraph shall be deemed
to include all Employer Released Parties) hereby releases and forever
discharges, except as hereinafter expressly provided, DeCicco and his successors
and assigns, past and present ("DeCicco Released Parties"), jointly and
individually, from any and all claims, obligations, demands, damages, causes of
action or liabilities of any nature or kind whatsoever, known or unknown which
the Company and/or a subsidiary or affiliate of the Company ever had or now has
arising out of or in any way connected with DeCicco's employment and/or
separation from Company or its subsidiaries and affiliates including, but not
limited to, claims arising under or relating to the Employment Agreement and
DeCicco's services in any capacities described in Section 1; provided, however,
that this release does not include, and specifically excludes, any and all
claims, obligations, demands, damages, causes of action or liabilities relating
to or arising from (i) any claims as to which indemnification of a director or
officer of the Company would be unavailable under Maryland law and (ii) any
breach by DeCicco of the provisions of this Agreement. The Company warrants and
represents that neither it, nor a subsidiary, nor an affiliate of the Company
has directly or indirectly transferred or assigned rights or causes of action
against the DeCicco Released Parties. The Company agrees not to make, assert or
maintain (either directly or indirectly through a subsidiary or an affiliate of
the Company) any charge, claim, demand or action which would be covered by this
release. If the Company breaches this provision, it agrees to indemnify the
DeCicco Released Parties against all liability, costs and expenses, including
reasonable attorneys' fees, related to such breach.

6.      Non-Disparagement.

        (a)     DeCicco agrees that he will not, directly or indirectly,
        individually or in concert with others, intentionally engage in any
        conduct or make any statement that is calculated or likely to have the
        effect of undermining or disparaging the reputation of the Company or
        any entity in control of, controlled by or under common control with the
        Company or in which the Company owns any material amount of common or
        preferred stock or interest or any entity in control of, controlled by
        or under common control with such

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        entity ("Affiliate"), or their good will, products, or business
        opportunities or that is calculated or likely to have the effect of
        undermining or disparaging the reputation of any officer, director,
        agent, representative, or employee, past or present, of the Company
        and/or its Affiliates.; provided, however, that DeCicco will be able to
        respond to any statement made or published by the Company in breach of
        its obligations under Section 6(b) below (and/or a statement made by a
        current or former director or officer of the Company that would have
        been in violation of this provision had such person been a party to this
        Agreement).

        (b)     The Company agrees that it will not, directly or indirectly,
        individually or in concert with others, intentionally engage in any
        conduct or make any statement that is calculated or likely to have the
        effect of undermining or disparaging the reputation of DeCicco;
        provided, however, that the Company will be able to respond to any
        statement made or published by DeCicco in breach of his obligations
        under Section 6(a) above. The Company will inform its directors and
        executive officers of this requirement and will take reasonable measures
        to cause its directors and officers to comply with it. In the event that
        the Company breaches the provisions of this Section and DeCicco, as a
        result of said breach by the Company, brings legal action against the
        Company, then in such event the Company shall not be entitled to
        withhold or offset any payment to DeCicco of any unpaid Installment or
        Consulting Payment.

7.      ADEA Waiver. DeCicco acknowledges that this Agreement includes a waiver
of any rights and claims arising under the Age Discrimination in Employment Act
("ADEA"). DeCicco understands he is not waiving rights or claims that may arise
after the date this Agreement is executed. DeCicco acknowledges that the
consideration he is receiving in exchange for his waiver of the rights and
claims specified herein exceeds anything of value to which he already is
entitled. DeCicco acknowledges that he was advised in writing on or prior to the
Effective Date, to consult with an attorney prior to executing this Agreement.
DeCicco acknowledges that he has entered into this Agreement knowingly and
voluntarily with full understanding of its terms and after having had the
opportunity to seek and receive advice and counsel from his attorney. DeCicco
acknowledges that he was given a period of at least twenty-one (21) days within
which to consider this Agreement and was so advised in writing on or prior to
the Effective Date. DeCicco understands that he may revoke this ADEA waiver
during the seven (7) days following the execution of this Agreement and that the
ADEA waiver shall not become effective or enforceable until that seven-day
revocation period has expired.

8.      Mitigation. DeCicco shall not be required to mitigate amounts payable
under this Agreement by seeking other employment or otherwise, and there shall
be no offset against amounts due DeCicco under Section 2 of this Agreement on
account of subsequent employment. In the event that DeCicco accepts employment
on a full

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time basis at any time during the Consulting Period such that DeCicco is
thereafter in the Company's reasonable opinion unable in any material respect to
provide the Company with the Consulting Services set forth in Section 3 of this
Agreement, then the Company at its option shall have the right upon written
notice to DeCicco to terminate the Consulting Services being provided by
DeCicco, in which event from and after the date of such written termination
notice the Company shall have no further obligation under this Agreement to make
the Consulting Payments to DeCicco.

9.      Confidential Information, Ownership of Documents, Indemnification and
        Insurance.

        (a)     The provisions of Sections 10(a), 10(b), 10(d), 10(e) and 11 of
        the Employment Agreement shall apply as if set forth herein. For
        purposes of incorporating Section 11 of the Employment Agreement in this
        Agreement, the term Company shall be deemed to include affiliates of the
        Company.

        (b)     From the Resignation Date through the sixth anniversary of the
        Resignation Date, the Company agrees that DeCicco shall be covered under
        any director's and officer's liability insurance policy maintained by
        the Company with respect to senior executive officers as in effect from
        time to time but the Company shall have no requirement or obligation to
        continue to maintain any director's and officer's liability insurance
        policy.

        (c)     In consideration of the payments being made by the Company to
        DeCicco as provided in this Agreement, DeCicco agrees that he will not,
        either directly or indirectly, alone or in association or concert with,
        or as a shareholder, joint venturer, member, principal, agent,
        consultant, broker, employee, officer, director or partner of or to, any
        corporation, partnership, organization or other person or entity,
        pursue, broker, divert or attempt to develop any project or transaction
        which the Company (or any of its affiliated entities) is considering,
        pursuing, developing or attempting to develop as of the Resignation
        Date. In addition, DeCicco agrees not to solicit or initiate contact
        with any then existing tenant in a shopping center owned or leased by
        the Company if the purpose of such solicitation or initiation is to have
        said tenant relocate its store premises to another location within a
        radius of ten (10) miles from the Company shopping center. Except as
        provided in this paragraph 9(c), the provisions of Section 10(c) of the
        Employment Agreement shall not survive the termination of the Employment
        Agreement. In the event that DeCicco breaches the provisions of this
        paragraph 9 (c), DeCicco agrees that the Company shall be entitled to
        injunction relief against DeCicco as a result of such breach and in
        addition thereto DeCicco shall forfeit and waive any rights or claims to
        the payment of any Installment or Consulting Payment not yet paid to
        DeCicco by the Company and DeCicco shall further be required to return
        the Company car to the Company.

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10.     Successors; Binding Agreement.

                (a)     Company's Successors. No rights or obligations of the
        Company under this Agreement may be assigned or transferred except that
        the Company will require any successor (whether direct or indirect, by
        purchase, merger, consolidation or otherwise) to all or substantially
        all of the business and/or assets of the Company to expressly assume and
        agree to perform this Agreement in the same manner and to the same
        extent that the Company would be required to perform it if no such
        succession had taken place. As used in this Agreement, "Company" shall
        mean the Company as hereinbefore defined and any successor to its
        business and/or assets (by merger, purchase or otherwise) which executes
        and delivers the agreement provided for in this Section 10 or which
        otherwise becomes bound by all the terms and provisions of this
        Agreement by operation of law.

                (b)     DeCicco's Successors. No rights or obligations of
        DeCicco under the Agreement may be assigned or transferred by DeCicco
        other than his rights to payments or benefits hereunder, which may be
        transferred only by will or the laws of descent and distribution. Upon
        DeCicco's death, this Agreement and all rights of DeCicco hereunder
        shall inure to the benefit of and be enforceable by DeCicco's
        beneficiary or beneficiaries, personal or legal representatives, or
        estate. In the event of DeCicco's death or a judicial determination of
        his incompetence, reference in this Agreement to DeCicco shall be
        deemed, where appropriate, to refer to his beneficiary(ies), estate or
        other legal representative(s). If DeCicco should die after the
        Resignation Date while any amounts would still be payable to him
        hereunder if he had continued to live, all such amounts unless otherwise
        provided herein shall be paid in accordance with the terms of this
        Agreement to such person or persons so appointed in writing by DeCicco,
        or otherwise to his legal representatives or estate and the provisions
        of Section 2(d) relating to medical, dental and hospitalization benefits
        shall continue to apply with respect to DeCicco's surviving spouse
        and/or dependents.

11.     Notice. For the purposes of this Agreement, notices, demands and all
other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered either personally or by
United States certified or registered mail, return receipt requested, postage
prepaid, addressed as follows:

If to DeCicco:

        James DeCicco
        19 Schoolhouse Lane
        Lakewood, NJ 08701

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If to the Company:

        New Plan Excel Realty Trust, Inc.
        1120 Avenue of the Americas
        New York, New York 10036
        Attn: General Counsel

or to such other address as any party may have furnished to the other in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.

12.     Miscellaneous. No provisions of this Agreement may be amended, modified,
or waived unless such amendment or modification is agreed to in writing signed
by DeCicco and by a duly authorized officer of the Company, and such waiver is
set forth in writing and signed by the party to be charged. No waiver by either
party hereto at any time of any breach by the other party hereto of any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. The respective rights and
obligations of the parties hereunder of this Agreement shall survive DeCicco's
termination of employment and the termination of this Agreement to the extent
necessary for the intended preservation of such rights and obligations. The
validity, interpretation, construction and performance of this Agreement shall
be governed by the laws of the State of New York without regard to its conflicts
of law principles.

13.     Validity. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of the Agreement, which shall remain in full force and
effect.

14.     Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

15.     Entire Agreement. Except as otherwise expressly provided herein, this
Agreement sets forth the entire agreement of the parties hereto in respect of
the subject matter contained herein and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or
warranties, whether oral or written, by any officer, employee or representative
of any party hereto in respect of such subject matter. Any prior agreement of
the parties hereto in respect of the subject matter contained herein, including
without limitation, the Employment Agreement, is hereby terminated and canceled
with no rights or claim to any payment or benefits thereunder (including without
limitation any payments or benefits under the Employment Agreement for
termination by the Company without Cause or by DeCicco for Good Reason).

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16.     Withholding. All payments or benefits under this Agreement (including,
without limitation, the Gross Amount and the Consulting Payment) shall be
subject to any required withholding of Federal, state and local taxes pursuant
to any applicable law or regulation and the Company shall be permitted to take
any other action required to comply with withholding obligations.

17.     Press Release. The Company and DeCicco will mutually agree upon the text
of a statement concerning the circumstances of DeCicco's resignation from the
Company, and the Company will inform DeCicco reasonably in advance of the making
of such statement. All subsequent announcements and communications to be made by
the Company in relation to DeCicco's resignation shall be based upon and
consistent with such statement. The Company will inform its directors and
executive officers of this requirement and will take reasonable measures to
cause its directors and officers to comply with it at the Company's sole
discretion.

18.     Noncontravention. The Company represents that the Company is not
prevented from entering into, or performing this Agreement by the terms of any
law, order, rule or regulation, its by-laws or certificate of incorporation, or
any agreement to which it is a party, other than which would not have a material
adverse effect on the Company's ability to enter into or perform this Agreement.

19.     Section Headings. The section headings in this Agreement are for
convenience of reference only, and they form no part of this Agreement and shall
not affect its interpretation.

20.     Cooperation. For one (1) year after the Resignation Date, DeCicco agrees
upon request of the Company to make himself available at reasonable times during
normal business hours and upon reasonable notice for the purpose of assisting
the Company with responding to questions, depositions, administrative
proceedings and court hearings, executing documents, and cooperating with
Company and its accountants and legal counsel with respect to claims and
litigation of which he has personal or corporate knowledge. The Company agrees
to reimburse DeCicco for all reasonable expenses, including, without limitation,
travel expenses, incurred in connection with such service upon the presentation
of reasonable itemized statements of such expenses in accordance with the
Company's policies and procedures now in force or as such policies and
procedures may be modified with respect to all senior executive officers. The
services to be provided by DeCicco pursuant to the provisions of this Section 20
are in addition to the services to be provided by DeCicco pursuant to the
provisions of Section 3 hereof. In the event that DeCicco is required to spend
in excess of 10 days pursuant to the provisions of this Section 20, then for
each day thereafter that DeCicco spends providing such services to the Company
DeCicco shall be paid a per diem rate of $500.00 per day, in addition to the
expense reimbursement provided for herein.

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21.     Shareholder Approval. The Company represents and warrants to DeCicco
that no shareholder approval is required for the Company to enter into this
Agreement and provide the benefits hereunder.

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22.     ACKNOWLEDGMENT. DECICCO REPRESENTS AND AGREES THAT HE FULLY UNDERSTANDS
HIS RIGHT TO DISCUSS ALL ASPECTS OF THIS AGREEMENT WITH LEGAL COUNSEL AND, TO
THE EXTENT HE DEEMS APPROPRIATE, HE HAS FULLY AVAILED HIMSELF OF THIS RIGHT, AND
HE HAS CAREFULLY READ AND FULLY UNDERSTANDS ALL THE PROVISIONS OF THIS AGREEMENT
AND IS VOLUNTARILY ENTERING INTO THEM.

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.

                                                  NEW PLAN EXCEL REALTY TRUST,
                                                  INC., a Maryland corporation

                                                  By:  /s/  Steven F. Siegel
                                                       -------------------------
                                                  Name:  Steven F. Siegel
                                                         -----------------------
                                                  Title:  Senior VP
                                                          ----------------------

                                                  JAMES DECICCO

                                                  /s/  James DeCicco
                                                  ------------------------------

                                       11<PAGE>   1
                                                                   EXHIBIT 10.50

                               AMENDMENT NO. 2 TO
                               TERM LOAN AGREEMENT

        THIS AMENDMENT NO. 2 TO TERM LOAN AGREEMENT (the "Amendment") is made
and entered into as of November 3, 2000, among NEW PLAN EXCEL REALTY TRUST,
INC., a Maryland corporation (the "Borrower"), each lender under the hereinafter
defined Loan Agreement (each a "Lender" and, collectively, the "Lenders"), and
FLEET NATIONAL BANK, as administrative agent (in such capacity, the
"Administrative Agent").

                                    RECITALS:

1.      The Borrower, the Lenders and the Administrative Agent entered into that
certain Term Loan Agreement dated as of March 7, 2000, as amended by Amendment
No. 1 to Term Loan Agreement dated as of June 27, 2000 (as amended, the "Loan
Agreement"; capitalized terms used in this Amendment which are not otherwise
defined herein shall have the meaning ascribed to such terms in the Loan
Agreement).

2.      The Borrower has requested that Sections 8.11 and 8.15 of the Loan
Agreement be amended as hereinafter set forth.

3.      The Administrative Agent and the Lenders are agreeable to such request,
subject to the terms of this Amendment.

        NOW THEREFORE, for and in consideration of the mutual promises and
mutual agreements contained herein, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
do hereby agree as follows:

        1.      Amendment of Section 8.11 (Restricted Payments). Section 8.11 of
the Loan Agreement is hereby amended in the following respects:

        The following non-recurring charges shall not be included in the
        calculation of "Funds from Operations": (i) payments made to Mr. Arnold
        Laubich in February 2000 in connection with his retirement from his
        position as President and Chief Executive Officer and (ii) payments made
        to Mr. James Steuterman in May 2000 in connection with his resignation
        from his position as Chief Operating Officer. Such exclusion of such
        non-recurring charges from the definition of "Funds from Operations"
        shall apply only with respect to the covenant calculation in Section
        8.11(a)(i).

        Section 8.11(a)(i) of the Loan Agreement is hereby amended by deleting
        clause (A) thereof in its entirety and substituting in its place the
        following new Clause (A): "(A) ninety- five percent (95%) of its Funds
        from Operations for the four fiscal quarters ending prior to the quarter
        in which such dividend is paid or".

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        2.      Amendment of Section 8.15 (Maximum Total Indebtedness). Section
8.15 of the Loan Agreement is hereby amended by deleting Section 8.15 in its
entirety and substituting the following new Section 8.15 in its place:

                8.15    Maximum Total Indebtedness.

                8.15.1  Permit at any time Consolidated Total Indebtedness to be
        more than 55% of Total Capital at such time, provided that for any
        fiscal quarter in which Restricted Payments made during such quarter and
        permitted by Section 8.11(a)(i), when added to the amount of Restricted
        Payments made during the preceding three fiscal quarters, exceed 90% of
        Funds from Operations for the four consecutive fiscal quarters ending
        prior to the quarter in which such Restricted Payment is made, the
        Borrower shall not permit Consolidated Total Indebtedness to be more
        than 52.5% of Total Capital at any time from and after the time such
        Restricted Payment is made; or

                8.15.2  Permit at any time the Consolidated Total Indebtedness
        secured by mortgages on Real Property owned by the Borrower and its
        Subsidiaries at such time to exceed 40% of Total Capital at such time.

        3.      Reaffirmation of Guaranty. Each Subsidiary Guarantor is
executing this Amendment to evidence its consent and agreement to the terms
hereof. Each Subsidiary Guarantor confirms that the Subsidiary Guaranty is in
full force and effect in accordance with the terms thereof and continues to be
the binding obligation of each Subsidiary Guarantor.

        4.      Effectiveness of Amendment. The effectiveness of this Amendment
is subject to (i) the receipt by the Administrative Agent, on or before November
3, 2000, of this Amendment duly executed and delivered by the Borrower, the
Administrative Agent, and the Required Lenders, in sufficient copies for each
Lender and the Administrative Agent to receive an original thereof, and (ii) the
effectiveness of corresponding amendments to the Existing Credit Agreements.

        5.      No Other Amendments. Except to the extent amended hereby, all
terms, provisions and conditions of the Loan Agreement shall continue in full
force and effect and shall remain enforceable and binding in accordance with its
terms.

        6.      Governing Law. This Amendment shall be governed by and construed
in accordance with the laws of the State of New York.

        7.      Counterparts. This Amendment may be executed in any number of
counterparts, all of which when taken together shall constitute one and the same
document, and each party hereto may execute this Amendment by signing any of
such counterparts.

        8.      Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

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<PAGE>   3

        9.      Trust Limitation for New Plan Realty Trust. This Amendment and
all documents, agreements, understandings and arrangements relating to this
transaction have been negotiated, executed and delivered on behalf of New Plan
Realty Trust ("NPRT") by the trustees or officers thereof in their respective
capacity under the Declaration of Trust, and not individually, and bind only the
trust estate of NPRT, and no trustee, officer, employee, agent or shareholder of
NPRT shall be bound or held to any personal liability or responsibility in
connection with the agreements, obligations and undertakings of NPRT hereunder,
and any person or entity dealing with NPRT in connection therewith shall look
only to the trust estate for the payment of any claim or for the performance of
any agreement, obligation or undertaking thereunder. The Administrative Agent
and each Lender hereby acknowledge and agree that each agreement and other
document executed by NPRT in accordance with or in respect of this transaction
shall be deemed and treated to include in all respects and for all purposes the
foregoing exculpatory provision.

                                       3
<PAGE>   4

        IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Amendment No. 2 to Term Loan Agreement as
of the date first above written.

                                         NEW PLAN EXCEL REALTY TRUST, INC.

                                         By: /s/ DEAN BERNSTEIN
                                            ------------------------------------
                                            Dean Bernstein
                                            Senior Vice President

                                         FLEET NATIONAL BANK, as Administrative
                                         Agent and a Lender

                                         By: /s/ DANIEL P. STEGEMOELLER
                                            ------------------------------------
                                            Daniel P. Stegemoeller,
                                            Vice President

Each of the following Subsidiary
Guarantors consents and agrees to
the terms of this Amendment and the
provisions of Section 3 thereof:

NEW PLAN REALTY TRUST

By: /s/ DEAN BERNSTEIN
   ---------------------------------
    Name:
    Title:

EXCEL REALTY TRUST -- ST, INC.

By: /s/ DEAN BERNSTEIN
   ---------------------------------
    Name:
    Title:

                                       4

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