Document:

<PAGE>

                                                                    EXHIBIT 10.6

                                                           Polaris Fashion Place

                     MEMBERSHIP INTEREST PURCHASE AGREEMENT

         This Membership Interest Purchase Agreement (this "Agreement") is made
by and between the seven (7) sellers (collectively, the "Sellers" and
individually, a "Seller") known as N.P. Limited Partnership, an Ohio limited
partnership ("N.P."); Yogi Development Co., LLC., an Ohio limited liability
company ("Yogi"); Williams-Fair III, LLC, an Ohio limited liability company
("Williams"); LAW Polaris LLC, an Ohio limited liability company ("LAW"); NEK
Polaris LLC, an Ohio limited liability company ("NEK"); TPKFF Polaris LLC, an
Ohio limited liability company ("TPKFF"); and Thomas L. Kaplin, an individual
("Kaplin"); all of the foregoing as Sellers, and Glimcher Properties Limited
Partnership, a Delaware limited partnership, as purchaser (the "Purchaser"), to
be effective as of the last date of execution of this Agreement by Sellers and
Purchaser (the "Effective Date"). Polaris Mall, LLC, a Delaware limited
liability company (the "Company") also joins in the execution of this Agreement
to evidence its consent to the transfer of the limited liability interests
described in this Agreement and to otherwise comply with those specific
obligations expressly imposed on it by the terms of this Agreement. The Sellers
and the Purchaser may be sometimes collectively referred to herein as the
"parties".

                                    RECITALS

         A.       The Sellers collectively own 60.7143% limited liability
                  company membership interests (collectively, the "Interests",
                  and singularly, as to each respective Seller, an "Interest")
                  in the Company. The Sellers' respective percentage ownership
                  of their Interests (the "Percentage Interest") in the Company
                  are as set forth following:

<TABLE>
<CAPTION>
Name of Seller                        Percentage Interest
--------------                        -------------------
<S>                                   <C>
N.P. Limited Partnership               25.0798% (3.6512% Class A Interest
                                                and 21.4286% regular
                                                Interest)

Yogi Development Co., LLC               3.9286%
Williams-Fair III, LLC                  1.9643%
LAW Polaris LLC                       14.47795%
NEK Polaris LLC                       11.61045%
TPKFF Polaris LLC                       2.8675%
Thomas L. Kaplin                        0.7857%
                                      --------

                        Total          60.7143%
</TABLE>

         B.       Purchaser is the only other member (collectively, the
                  "Members" and individually, a "Member") of the Company. The
                  Company's Members entered into a certain Amended and Restated
                  Operating Agreement dated as of August 31, 2000, which
                  agreement was amended pursuant to an amendment dated March 31,
                  2003 (collectively, the "Operating Agreement"). The Operating
                  Agreement has not been
<PAGE>

                  subsequently amended, and that document is the only document
                  evidencing the Sellers' ownership of the Interests and there
                  are no other documents of whatever nature or kind relating to
                  the Members' rights and responsibilities as Members in the
                  Company.

         C.       The Purchaser desires to purchase and the Sellers desire to
                  sell, the Sellers' 60.7143% Interests as Members in the
                  Company on the terms and subject to the conditions set forth
                  in this Agreement.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
promises contained herein, the sufficiency of which is hereby acknowledged, the
parties, intending to be legally bound, agree as follows.

1.       Purchase and Sale of Membership Interest. On the terms and subject to
         the conditions of this Agreement, the Purchaser agrees to purchase from
         the Sellers, and the Sellers agree to sell to the Purchaser, the
         Interests in the Company for the price and on the terms set forth in
         this Agreement. The transfer (the "Transfer") of the Interests in the
         Company shall be completed by each Seller's execution of an Assignment
         of Membership Agreement (the "Assignment Agreement"), the form of which
         is attached hereto as Exhibit A. The Transfer shall be effective upon
         the Closing Date (as that term is defined in Section 3(a) below).

2.       Purchase Price. The total purchase price (the "Purchase Price") to be
         paid by the Purchaser for the Interests shall equal Forty Six Million
         Five Hundred Thousand Dollars ($46,500,000.00) payable according to the
         terms set forth in Section 3 of this Agreement. The Purchase Price
         allocated to each of the Sellers shall be determined by multiplying
         each Seller's respective Percentage Interest set forth in Recital A of
         this Agreement by the amount of the Purchase Price.

3.       Payment Terms. The payment of the Purchase Price shall be paid as
         follows:

         a.       Cash Payment. Simultaneously with the closing and funding (the
                  "Closing" or the "Closing Date") of the purchase and sale of
                  the Interests, the portion of the Purchase Price not paid in
                  the form of limited partnership units in the Purchaser ("OP
                  Units") pursuant to subsection 3(b) below, shall be paid by
                  the Purchaser to the Sellers in immediately available federal
                  funds. The cash portion of the Purchase Price shall be reduced
                  by the dollar amount of the OP Units issued to the Sellers
                  pursuant to Section 3(b) below. Prior to the Closing, the
                  Sellers shall provide the Purchaser with wire transfer
                  instructions so that the total Purchase Price allocated to
                  each of the Sellers as set forth above in Section 2 are wire
                  transferred to the respective Seller.

         b.       OP Units. The Sellers shall have the right to receive a
                  portion of the Purchase Price by causing the Purchaser to
                  issue OP Units to the Sellers, if the Sellers serve written
                  notice (the "OP Notice") to the Purchaser by December 1, 2003,
                  and subject to the following terms and conditions:

                                       2
<PAGE>

         i.       The OP Notice shall specify the amount of the Purchase Price
                  to be paid in OP Units issued to the Sellers, (the "Agreed OP
                  Cap"), which amount shall in no event exceed Fifteen Million
                  Dollars ($15,000,000.00);

         ii.      The OP Notice shall be signed by all the Sellers and shall
                  specify which of the Sellers shall receive OP Units and the
                  percentage of OP Units allocated among each of the Sellers;

         iii.     The OP Units shall be issued by the Purchaser in accordance
                  with the terms and conditions of the Purchaser's limited
                  partnership agreement (the "GPLP Partnership Agreement") and
                  the date of contribution for the OP Units and their date of
                  issuance shall be January 5, 2004 (the "OP Issuance Date");

         iv.      The number of OP Units to be issued shall equal the quotient
                  (rounded to the nearest whole number) arrived at by dividing
                  (i) the Agreed OP Cap, by (ii) the "Current Per Share Market
                  Price", as that term is defined by the GPLP Partnership
                  Agreement, which defines that term as the average of the
                  closing price for Glimcher Realty Trust ("GRT") for the five
                  (5) consecutive trading days prior to the date that the OP
                  Units are issued;

         v.       Pursuant to the terms of the GPLP Partnership Agreement, the
                  holder of any OP Units may cause the Purchaser to redeem the
                  OP Units, and such redemption shall, in the sole and absolute
                  discretion of the Purchaser, be paid in the form of either (1)
                  cash; (2) common shares of GRT stock; or (3) any combination
                  of cash and shares of GRT stock. Redemption of such OP Units
                  shall also be subject to the following restrictions: (x) OP
                  Units may not be redeemed for a period of one (1) year from
                  the OP Issuance Date; (y) in each of the twelve (12) month
                  periods commencing on the first anniversary of the OP Issuance
                  Date, no more than the Annual Redemption Limit Amount (as that
                  term is defined in subsection 3(vii) below), of the total
                  number of issued OP Units held by all of the Sellers in the
                  aggregate may be redeemed in such period; and, (z) GRT stock
                  that is issued for OP Units may not be publicly traded or sold
                  until registered, with the recipient being responsible for all
                  costs of registration; provided, however, a recipient of stock
                  shall have the right to join in (piggyback) with any new
                  registration of GRT stock so long as such recipient shall pay
                  prior to the registration a prorata share for such
                  registration based upon the ratio of the number of shares
                  registered by such recipient bears to the total number of
                  shares being registered.

         vi.      Prior to the issuance of any OP Units, each of the Sellers
                  receiving any such OP Units shall execute and deliver a letter
                  of investment representation to the Purchaser, which letter
                  shall be in the form then used by the Purchaser for such
                  purposes.

                                       3
<PAGE>

         vii.     For purposes of this Agreement, the Annual Redemption Limit
                  Amount shall be the product of (i) the aggregate number of all
                  OP Units issued under the terms of Section 3(b) of this
                  Agreement, multiplied by (ii) a fraction having as its
                  numerator Seven Million Five Hundred Thousand Dollars
                  ($7,500,000.00), and having as its denominator the greater of
                  (A) Seven Million Five Hundred Thousand Dollars
                  ($7,500,000.00) or (B) the Agreed OP Cap. The OP Units shall
                  be redeemed during any twelve (12) month period in the order
                  in which the holders of such OP Units deliver redemption
                  exercise notices to the Purchaser during the respective twelve
                  (12) month period, in accordance with the GPLP Partnership
                  Agreement.

4.       Agreement Relating to Polaris Fashion Place Ring Road. The Company owns
         one hundred percent (100%) of PFP Columbus, LLC, a Delaware limited
         liability company (the "Mall Owner"). The Mall Owner owns the regional
         shopping center ("Center") known as Polaris Fashion Place situated in
         Delaware County, Ohio. The Center was legally formed pursuant to a
         certain Operating and Reciprocal Easement Agreement, as amended
         ("REA"), which was recorded with the Delaware County Recorder's Office.
         Attached to the REA is a certain plot plan (the "Plot Plan"), which
         shows the location of a certain Ring Road ("Ring Road") and related
         access roads (the "Access Roads"). Concurrent with the execution of
         this Agreement, the Company shall cause the Mall Owner to execute and
         deliver, and NP agrees to execute and deliver, the agreement (the "Ring
         Road Agreement") relating to curb cuts on the Ring Road and the Access
         Road that is set forth on Exhibit B attached to this Agreement.

5.       Transfer of the Interests after the Effective Date. After the Effective
         Date of this Agreement, none of the Sellers shall transfer directly or
         indirectly all or any part of their respective Interests in the
         Company, even if those transfers are permitted by the terms of the
         Operating Agreement.

6.       Contingencies to Closing. In connection with the execution of this
         Agreement, Purchaser also entered into an agreement (the "Polaris
         Center Purchase Agreement") to purchase 100% of the membership
         interests owned by N.P. in Polaris Center, LLC, a Delaware limited
         liability company ("Polaris Center"). It is the parties' intentions and
         requirement that the Closing of this Agreement occur simultaneously
         with the closing of the Purchaser's acquisition of all of N.P.'s
         limited liability interests (the "Polaris Center Interests") in Polaris
         Center, and it shall be a condition precedent to this Agreement that
         N.P., in consideration for payment to it as required under the Polaris
         Center Agreement, transfer all of N.P.'s Polaris Center Interests to
         Purchaser under the terms of the Polaris Center Agreement,
         simultaneously with the Closing of this Agreement.

7.       Closing. The Closing shall occur in the Company's offices at 150 East
         Gay Street, Columbus, Ohio on January 5th, 2004 at 2:00 p.m. The
         parties shall execute a closing settlement statement ("Closing
         Settlement Statement") setting forth the allocation of the Purchase
         Price among the Sellers as set forth in this Agreement. At the Closing,
         the parties shall execute and/or deliver the following documents
         (collectively, the "Closing

                                       4
<PAGE>

         Documents") and other deliveries required by the terms of this
         Agreement, all of which are set forth below:

<TABLE>
<CAPTION>
                                                 Referred to in Section 4
       Agreement/Document/Delivery                  Agreement Section                  Delivered By
       ---------------------------                  -----------------                  ------------
<S>                                              <C>                                <C>
(a)      Assignment Agreement                    Section 1                                Sellers

(b)      Cash portion of Purchase Price          Section 3(a)                            Purchaser

(c)      OP Units                                Section 3(b)(iv)                        Purchaser

(d)      Investment Representation Letter        Section 3(b)(vi)                         Sellers

(e)      Closing Settlement Statement            Section 7                                Company

(f)      Good Standing Certificate               Section 9(a)(v)                          Sellers

(g)      Good Standing Certificates              Section 9(b)(iii)                       Purchaser

(h)      Such other documents                    Section 10                         Any of the parties

(i)      Resolutions                             Section 17                         Each of the Sellers
</TABLE>

8.       Mutual Release. Effective as of the Closing Date and the payment of the
         entire Purchase Price by the Purchaser to the Sellers, the Purchaser,
         each of the Sellers, and the Company, for each of them and their
         respective, as applicable, successors, legal representatives, assigns
         and all persons claiming by, through or under them, and each of their
         respective, as applicable, members, parent, subsidiary and/or
         affiliated companies or entities, shareholders, officers, directors,
         partners, members, employees, agents, representatives and attorneys of
         all of the foregoing, and their respective successors, legal
         representatives, assigns and all persons claiming by, through or under
         any of them (collectively, "Representatives"), do hereby release,
         acquit and forever discharge each other and their respective
         Representatives from and against any and all manner of actions, causes
         of action, suits, debts, dues, sums of money owed to them,
         compensation, commissions, covenants, costs, judgments, damages, and
         claims, demands and actions of whatever nature or kind, in law or in
         equity (collectively, the "Claims") which any of them now have or had
         or may ever have against each other and all of their respective
         Representatives, singularly or in combination, on account of, arising
         out of, or in connection with any matter, transaction, act, omission or
         other involvement of whatever nature or kind from the beginning of time
         through the end of time, which in any way relate to (a) the Sellers'
         investment and membership in the Mall Owner and the Company, (b) any
         and all rights and obligations under the current or any former
         Operating Agreements for the Mall Owner or the Company, (c) any and all
         rights and obligations under any other agreements or understandings
         relating to the Seller's investment in and ownership of the Mall
         Owner's or the Company's business or assets, including without
         limitation any and all financial reporting and accounting matters
         associated therewith, (d) the transfer of the Interests, (e) any other
         matters, directly or indirectly, relating to any of the foregoing, or
         (f) matters relating to this Agreement, except for any obligations set
         forth in this Agreement which are expressly intended to survive the
         Closing Date or expressly intended to occur after the Closing Date.
         Each of the Purchaser, the Sellers and the Company, as of the Closing
         Date agree to indemnify

                                       5
<PAGE>

         and hold the other and all of its respective Representatives harmless,
         including without limitation, the obligation to pay the other's legal
         fees and expenses arising out of any Claims made in violation of the
         release and indemnity provisions contained in this section of the
         Agreement. Not in limitation of the foregoing, but as further
         illustration, each of the Purchaser, the Sellers and the Company
         covenant and agree, as of the Closing Date for and on behalf of each of
         them and their respective Representatives, to forever refrain from
         instituting, prosecuting, asserting or otherwise pursuing or pressing
         against each other any Claims which are released hereby. The terms of
         this section are intended to survive the Closing forever. The foregoing
         mutual release contained in Section 8 of this Agreement is not intended
         to terminate or release any obligations under the following agreements:

         a.       The Ring Road Agreement attached to this Agreement as Exhibit
                  B; and,

         b.       Various declarations of restrictions, curb cut and access
                  maintenance agreements and sign easement agreements relating
                  to real estate adjacent to the Center.

9.       Representations and Warranties.

         a.       Sellers' Representations and Warranties. Each Seller, with
                  respect to itself, hereby represents and warrants to the
                  Purchaser as of the Effective Date and again as of the Closing
                  Date as follows:

                  i.       that such Seller has good and marketable title to
                           their respective Interest, free and clear of any
                           lien, pledge, security interest, claim, option,
                           agreement, encumbrance or other restriction of
                           whatever nature or kind;

                  ii.      that such Seller has not previously transferred any
                           part of their respective Interest sold to Purchaser
                           under the terms of this Agreement;

                  iii.     that such Seller has the full and complete right and
                           power to make the Transfer contemplated by this
                           Agreement;

                  iv.      both the execution and delivery of this Agreement by
                           such Seller and by the undersigned signatory on
                           behalf of the Seller, and the performance of all
                           obligations and delivery of all Closing Documents,
                           have been duly and properly authorized by all proper,
                           legal and duly authorized actions;

                  v.       if such Seller is a limited liability company or
                           limited partnership, such Seller is in good standing
                           under the laws of the State of Ohio, and that each of
                           its nonindividual constituent members or partners, as
                           applicable, is in good standing, and that to the
                           extent that the execution of this Agreement or any
                           actions contemplated hereby must be authorized by
                           such Seller's members or partners, as applicable,
                           such actions have been duly and properly authorized
                           by all proper, legal and duly authorized actions. If
                           such Seller is a limited liability company or limited
                           partnership, such Seller shall order and tender to
                           Purchaser at the Closing,

                                       6
<PAGE>

                           a good standing certificate issued by the Ohio
                           secretary of state to confirm that the Seller is in
                           good standing under the laws of the State of Ohio.
                           The tender of such good standing certificate shall in
                           no way release or excuse a Seller from the
                           representations, warranties and obligations contained
                           in this subsection;

                  vi.      that as to the Seller who is an individual, such
                           Seller has the right and power to enter into this
                           Agreement, and is under no restrictions,
                           disabilities, or subject to any other condition which
                           would in any way prohibit or restrict that individual
                           Seller from executing this Agreement and performing
                           all of that individual Seller's obligations under the
                           terms of this Agreement;

                  vii.     no consents from any person, entity, lender or other
                           third party of whatever nature or kind are required
                           in order to enter into this Agreement and perform all
                           of such Seller's obligations hereunder; and,

                  viii.    the Recitals set forth in this Agreement are true and
                           accurate in every respect.

         b.       Purchaser's Representations and Warranties. Purchaser hereby
                  represents and warrants to each Seller as of the Effective
                  Date and again as of the Closing as follows:

                  i.       that it has the full and complete right and power to
                           accept the Transfer contemplated by this Agreement;

                  ii.      both the execution and delivery of this Agreement by
                           the Purchaser and by the undersigned signatory on
                           behalf of the Purchaser, and the performance of all
                           obligations and delivery of all Closing Documents,
                           have been duly and properly authorized by all proper,
                           legal and duly authorized actions;

                  iii.     the Purchaser is a limited partnership in good
                           standing under the laws of the State of Delaware, and
                           that each of its constituent nonindividual partners
                           is in good standing, and that to the extent that the
                           execution of this Agreement or any actions
                           contemplated hereby must be authorized by its
                           partners, such actions have been duly and properly
                           authorized by all proper, legal and duly authorized
                           actions. The Purchaser shall order and tender at the
                           Closing, one (1) good standing certificate issued by
                           the Delaware Secretary of State to confirm that the
                           Purchaser is in good standing under the laws of the
                           State of Delaware. The tender of such good standing
                           certificate shall in no way release or excuse
                           Purchaser from the representations, warranties and
                           obligations contained in the first sentence of this
                           subsection;

                  iv.      no other consents from any person, entity, lender or
                           other third party of whatever nature or kind are
                           required in order to enter into this Agreement and
                           perform all of its obligations hereunder; and,

                                       7
<PAGE>

                  v.       the Recitals set forth in this Agreement are true and
                           accurate in every respect.

         The representations and warranties set forth in this Section shall
         survive the Closing, and all same shall be true and accurate in all
         material respects as of the Effective Date as well as of the Closing
         Date, without the necessity of signing any updated certificate or other
         document reconfirming all said representations and warranties as of the
         date of the Closing.

10.      Further Assurances. The parties agree to execute and deliver such
         instruments and take such further actions as another party may, from
         time to time, reasonably request and are reasonably required in order
         to effectuate the purposes and to carry out the terms of this
         Agreement.

11.      Pre-Closing Covenants. Each of the parties to this Agreement will use
         his or its commercially reasonable efforts to take all action and to do
         all things necessary, proper or advisable in order to consummate and
         make effective the transactions contemplated by this Agreement,
         including without limitation, the delivery of the items set forth in
         Section 7 hereof. The Company will not cause or permit the Company or
         Mall Owner to sell any Outlot(s) (as that term is defined in the REA)
         prior to the Closing.

12.      Broker Fees. Each party hereby represents and warrants to the other
         that it has dealt with no broker, investment broker or agent in
         connection with the transactions contemplated hereby and that no
         commission, finders' fees or other such payments are due any such
         person. Purchaser and Sellers shall indemnify, defend (with counsel
         satisfactory to the indemnified party) and agree to hold the other
         harmless from and against any and all loss, liability, cost or expense
         (including without limitations, court costs and reasonable attorneys'
         fees and expenses) that the one may suffer or sustain should the
         foregoing representations and warranties of the other prove inaccurate.
         The foregoing indemnity shall survive the Closing and/or any
         termination of this Agreement.

13.      Notice Addresses. Any notice required or permitted by or in connection
         with the Agreement, without implying the obligation to provide any such
         notice, shall be in writing sent to the appropriate addresses set forth
         below or to such other addresses as may be hereafter specified by
         written notice by Sellers or Purchaser. Any such notice shall be deemed
         to be effective (a) one (1) day after deposit if sent by a nationally
         recognized overnight courier service, or (b) two (2) days after deposit
         if sent by the U.S. Postal Service, postage prepaid, certified, return
         receipt requested, or (c) upon receipt if hand delivered or sent by
         facsimile with the sender retaining the facsimile confirmation to prove
         delivery.

                                       8
<PAGE>

         a.       If to Sellers:

                  N.P. Limited Partnership
                  8800 Lyra Drive, Suite 550
                  Columbus, Ohio 43240
                  Attn: Franz A. Geiger, Esq.

                  Yogi Development Co., LLC
                  c/o Rockford Homes
                  99 Polaris Parkway
                  Columbus, Ohio 43240
                  Attn: Robert E. Yoakam, Jr.

                  Williams-Fair III, LLC
                  c/o Kirk Williams Co.
                  2734 Home Road
                  Grove City, Ohio 43123
                  Attn: Jim Williams

                  Thomas L. Kaplin
                  207 East Deshler Avenue
                  Columbus, Ohio 43206

                  LAW Polaris LLC
                  c/o Robert Weiler Company
                  41 South High Street
                  Columbus, Ohio 43215
                  Attn: Robert Weiler

                  NEK Polaris LLC
                  c/o Donald W. Kelley & Associates, Inc.
                  250 East Broad Street, Suite 1100
                  Columbus, Ohio 43215
                  Attn: Tim Kelley

                  TPKFF Polaris LLC
                  c/o Donald W. Kelley & Associates, Inc.
                  250 East Broad Street, Suite 1100
                  Columbus, Ohio 43215
                  Attn: Tim Kelley

         b.       If to Purchaser:

                  Glimcher Properties Limited Partnership
                  150 East Gay Street
                  Columbus, Ohio 43215
                  Attn: George A. Schmidt, Esq.
                  Telecopy No. 614-621-8863

                                       9
<PAGE>

                  With a copy to:

                  Frost Brown Todd LLC
                  10 West Broad Street, Suite 1000
                  Columbus, Ohio 43215
                  Attn: John I. Cadwallader, Esq.
                  Telecopy No. 614-464-1737

14.      Choice of Law. The laws of the State of Ohio shall govern the rights
         and obligations of the parties to this Agreement, and the
         interpretation and construction and enforceability thereof, and any and
         all issues relating to the transactions contemplated herein.

15.      Miscellaneous. This Agreement may be changed, waived or amended only in
         an agreement signed by all parties to this Agreement. Except as
         specifically provided herein, this Agreement contains the entire
         understanding between the parties relating to the subject matter
         hereof, and it supersedes any and all prior oral or written
         understandings or agreements relating to any such matters. This
         Agreement shall be binding upon and inure to the benefit of the parties
         hereto, and their successors, assigns, heirs and personal
         representatives, as applicable. The captions of the several sections of
         this Agreement are not a part hereof, and these captions shall not be
         used to interpret any of the terms of this Agreement. The Recitals are
         intended to be a part of this Agreement and are incorporated into the
         body hereof. All parties signing this Agreement have taken all duly
         authorized action necessary to authorize the execution of this
         Agreement and to execute any and all documents related hereto, and each
         of the parties may rely upon this section of the Agreement without the
         necessity of having further documentation to evidence such authority.
         If either party defaults under its obligations set forth in this
         Agreement, the non-defaulting party shall be entitled to recover
         reasonable attorneys' fees and expenses incurred by the non-defaulting
         party in either defending or initiating any action against the
         defaulting party. The parties specifically acknowledge, represent and
         warrant that all of the terms and conditions of this Agreement are
         adequately and fully supported by consideration. The date of this
         Agreement shall be the date that the last party signs it. In computing
         any period of time under this Agreement, the day of the act or event
         for which the designated period of time begins to run shall not be
         included, but the last day of the period shall be included, unless it
         is a Saturday, Sunday or a legal holiday, in which event, the period
         shall run through the next business day. This Agreement may be executed
         in counterparts and shall be fully enforceable so long as both parties
         have signed either one Agreement or documents in counterpart. This
         Agreement may be executed by facsimile signature and such facsimile
         signatures shall be deemed as originals.

16.      Cooperation for Section 1031 Exchange. The Purchaser and the Company
         shall reasonably cooperate with any Seller in effecting or facilitating
         an exchange (the "Exchange") under Section 1031 of the Internal Revenue
         Code, including causing a distribution of property by the Company to a
         Seller in partial redemption of such Seller's membership interest, all
         on terms and conditions not inconsistent with the terms of this
         Agreement and on terms and conditions mutually agreeable to Seller and
         Purchaser. The

                                       10
<PAGE>

         Sellers requesting the Exchange shall bear all costs and expenses
         incurred by the Sellers and those reasonably incurred by the Purchaser
         in effecting or facilitating any such Exchange.

17.      Authorization. At the Closing, each nonindividual Seller shall tender
         an executed resolution and Officer's certificate evidencing (a)
         ratification of the entity's and the signatory's authority to execute
         this Agreement, and (b) authorization of the entity's and the
         signatory's authority to execute and deliver the Closing Documents and
         to perform any and all actions required to be performed under the terms
         of this Agreement.

          [End of Agreement - Signatures appear on the following pages]

                                       11
<PAGE>

         IN WITNESS WHEREOF, the following signatories, intending to be legally
bound hereby, have executed this Agreement.

                               SELLER:

                               N.P. LIMITED PARTNERSHIP,
                               an Ohio limited partnership

                                  By: KEW Investment Company, an Ohio
                                      general partnership, its General Partner

                                     By: The Robert Christian Echele Trust
                                     U/A October 6, 1988, as amended, its
                                     general partner

November 26, 2003                    By:____________________________________
                                           Robert C. Echele, Trustee

                               YOGI DEVELOPMENT CO., LLC,
                               an Ohio limited liability company

November 26, 2003              By:__________________________________________

                               Its:_________________________________________

                               WILLIAMS-FAIR III, LLC,
                               an Ohio limited liability company

November 26, 2003              By:__________________________________________

                               Its:_________________________________________

                               LAW POLARIS LLC,
                               an Ohio limited liability company

November 26, 2003              By:__________________________________________

                               Its:_________________________________________

                               NEK POLARIS LLC,
                               an Ohio limited liability company

November 26, 2003              By:__________________________________________

                               Its:_________________________________________

                               TPKFF POLARIS LLC,
                               an Ohio limited liability company

November 26, 2003              By:__________________________________________

                               Its:_________________________________________

                                       12
<PAGE>

November 26, 2003              _____________________________________________
                               THOMAS L. KAPLIN, individually

                               PURCHASER:

                               GLIMCHER PROPERTIES LIMITED
                               PARTNERSHIP, a Delaware limited
                               partnership, through its sole and general
                               partner signing below

                               By: GLIMCHER PROPERTIES
                                   CORPORATION, a Delaware corporation

November 26, 2003              By:__________________________________________
                                     Herbert Glimcher, Chairman

                               COMPANY:

                               POLARIS MALL, LLC., a Delaware limited
                               liability company

                                  By: GLIMCHER PROPERTIES LIMITED
                                      PARTNERSHIP, a Delaware limited
                                      partnership, its Managing Member

                                      By: GLIMCHER PROPERTIES
                                          CORPORATION, a Delaware
                                          corporation, its General Partner

November 26, 2003              By:__________________________________________
                                     Herbert Glimcher, Chairman

                               [End of Signatures]

                                       13
<PAGE>

                                    EXHIBIT A

                       ASSIGNMENT OF MEMBERSHIP AGREEMENT

<PAGE>

                                                             _____% LLC Interest

                       ASSIGNMENT OF MEMBERSHIP AGREEMENT

         This Assignment of Membership Interest ("Assignment") is made by and
among _____________________, a __________________________ ("Assignor") and
Glimcher Properties Limited Partnership, a Delaware limited partnership
("Assignee"). The parties intending to be legally bound, hereby agree as
follows:

         Assignor and Assignee have entered into a certain Membership Interest
Purchase Agreement dated as of November ______, 2003 ("Agreement"), and
reference is hereby made to said Agreement. Terms which are capitalized herein
shall have the same meaning as those identically capitalized terms are defined
in the Agreement. Assignor is a Member of the Company, owning an ________
percent (_____%) limited liability membership interest (the "Interest") in the
Company.

         FOR VALUE RECEIVED, Assignor hereby sells, assign and transfers to the
Assignee, the Interest in the Company for the consideration described more
particularly in the Agreement. Assignor hereby remakes all representations and
warranties contained in the Agreement as of the Closing Date.

         Assignor further covenants and agrees that, consistent with the terms
of the Agreement, from time to time upon the reasonable request of the Assignee
or the Company, Assignor will execute any document reasonably necessary to
complete, document or otherwise implement the Transfer of the Interest assigned
hereby.

         This Assignment is intended to be effective as of the Closing Date set
forth on the signature page hereof.

            [End of Assignment - Signatures Appear on Following Page]

<PAGE>

         IN WITNESS WHEREOF, the Assignor and the Assignee, intending to be
legally bound hereby, have executed this Assignment by their duly authorized
representative signing below.

                               ASSIGNOR:

                               ______________________________,
                               a __________________________________,

                               By:__________________________________
                               Name:________________________________
                               Title:_______________________________

                               ASSIGNEE:

                               GLIMCHER PROPERTIES LIMITED PARTNERSHIP,
                               a Delaware limited partnership

                               By: Glimcher Properties Corporation
                                   a Delaware corporation, its General Partner

                                   By:______________________________________
                                      George A. Schmidt
                                      Executive Vice President

                               Closing Date: January 5, 2004

<PAGE>

                                    EXHIBIT B

                               RING ROAD AGREEMENT<PAGE>

                                                                    EXHIBIT 10.7

                UNCONDITIONAL GUARANTY OF PAYMENT AND PERFORMANCE

         FOR VALUE RECEIVED and for the purpose of inducing THE HUNTINGTON
NATIONAL BANK, a national banking association, having an office at 41 South High
Street, Columbus, Ohio 43215 ("Huntington"), to make a loan in the amount of
Thirty Six Million And 00/100 Dollars ($36,000,000.00) to EM COLUMBUS, LLC, a
Delaware limited liability company, having an office at 150 E. Gay Street,
Columbus, Ohio 43215, ("Borrower"), in which the undersigned owns a beneficial
interest and from which the undersigned expects to derive direct monetary
benefit, the undersigned Glimcher Properties Corporation, a Delaware corporation
("Guarantor"), whose social security number or tax identification number is
_______________________, agrees for the benefit of Huntington as follows:

         1.       Guarantor unconditionally and absolutely guarantees to
Huntington the full and prompt payment, whether at stated or accelerated
maturity or otherwise, of any and all principal, interest, damages, losses,
costs, charges, expenses and liabilities, whether fixed or contingent
(collectively the "Indebtedness") and the complete, faithful and punctual
performance of any and all other obligations (collectively the "Obligations") of
Borrower to Huntington under the terms and conditions of (a) the Loan Commitment
Letter dated December 22, 2003, by and between Borrower and Huntington (the
"Commitment Letter") pertaining to such loan; (b) the Note, of even date
herewith, made by Borrower to Huntington, in the principal amount of Thirty Six
Million And 00/100 Dollars ($36,000,000.00). and any and all renewals,
amendments, modifications, reductions and extensions thereof and substitutions
therefor (collectively the "Note") evidencing such loan; (c) the Open-End
Mortgage, Assignment of Rents and Security Agreement, of even date herewith,
granted by Borrower to Huntington (the "Mortgage") securing such loan; and (d)
any other instrument, document, certificate or affidavit heretofore, now or
hereafter given by Borrower evidencing or securing all or any part of the
foregoing (the same, together with the Commitment Letter, the Note and the
Mortgage, collectively the "Loan Documents").

         2.       Guarantor agrees that, if any of the Indebtedness shall not be
paid or any of the Obligations shall not be performed by Borrower in accordance
with the terms and conditions of the Loan Documents, Guarantor shall immediately
so pay such Indebtedness and so perform such Obligations and the same shall
become the direct and primary indebtedness and obligation of Guarantor.
Guarantor shall be liable for the payment of the Indebtedness and the
performance of the Obligations as fully and to the same effect as if Guarantor
was the maker or principal obligor under the Loan Documents.

         3.       The liability of Guarantor under this Unconditional Guaranty
of Payment and Performance (the "Guaranty") is independent of the Indebtedness
and Obligations of Borrower, and a separate action or actions may be brought and
prosecuted against Guarantor regardless of whether any action is brought against
Borrower or whether Borrower be joined in any such action or actions. There
shall be no duty or obligation of Huntington to exhaust any remedy in law or in
equity against Borrower or any security before bringing suit or instituting
proceedings of any kind against Guarantor.

<PAGE>

         4.       The liability of Guarantor hereunder is joint and several with
all others guaranteeing payment of the Indebtedness and performance of the
Obligations (the "Other Guarantors"), and Guarantor may be sued without first,
contemporaneously or subsequently, suing any or all of the Other Guarantors.
Further, Huntington may compromise with any or all of the Other Guarantors for
less than all of the liability of Guarantor hereunder and release any or all of
the Other Guarantors from all further liability, without impairing the right of
Huntington to enforce the liability hereunder of Guarantor.

         5.       Guarantor represents that, at the time of the execution and
delivery of this Guaranty, nothing exists to impair the liability of Guarantor
hereunder or the immediate effectiveness of this Guaranty.

         6.       The liability of Guarantor hereunder shall continue until full
payment of the Indebtedness and full performance of the Obligations, it being
the intention hereof that Guarantor shall remain liable for the payment of the
Indebtedness and for the performance of the Obligations notwithstanding any act,
omission or event which might, but for the provisions hereof, otherwise operate
as a legal or equitable discharge of Guarantor. Without limiting the generality
of the foregoing, the liability of Guarantor hereunder shall not be affected or
impaired on account of the following events:

         (a)      any execution of any guaranty by any of the Other Guarantors,
         whether now or hereafter, or any invalidity or unenforceability of any
         such guaranty;

         (b)      any impairment, modification, release, discharge or limitation
         of liability of Borrower or any of the Other Guarantors, or any stay of
         lien enforcement proceedings against any of the same or their
         respective property, resulting from any receivership, insolvency,
         bankruptcy, dissolution, merger, reorganization or other similar
         proceeding under any present or future provision of the United States
         Bankruptcy Code or any other similar federal or state law or under the
         decision of any court;

         (c)      any voluntary or involuntary liquidation, sale or other
         disposition of all or substantially all of the assets of Borrower;

         (d)      any determination that Borrower is not liable for the payment
         of the Indebtedness or the performance of the Obligations because the
         act creating the Indebtedness or Obligations is ultra vires, because
         the officers or persons creating the Indebtedness or Obligations acted
         in excess of their authority, because of any exculpatory provision in
         the Loan Documents, because of any federal or state law or decision of
         any court, because of any illegality, irregularity, invalidity or
         unenforceability, in whole or in part, of the Loan Documents, or
         otherwise; or

         (e)      any failure of Huntington to accelerate the maturity of the
         Indebtedness or the Obligations upon default thereon, to preserve the
         liability of any person for payment of the Indebtedness or performance
         of the Obligations, to take security therefor, to perfect

                                       2
<PAGE>

         its interest in any security taken or to exercise or enforce, by legal
         proceedings or otherwise, its rights against Borrower, any other person
         or any security taken;

whether or not Guarantor shall have any notice or knowledge of any of the
foregoing. Further, no delay in exercising any right, power or privilege under
this Guaranty or the Loan Documents shall operate as a waiver of such right,
power or privilege.

         7.       Guarantor authorizes Huntington to deal in any manner with the
Indebtedness and the Obligations and with the security of every kind and
character given to secure the payment and performance thereof, provided that the
principal portion of the Indebtedness shall not be increased above the amount
aforesaid without the written consent of Guarantor, and consents to each action
or omission of Huntington pursuant to such authority. Without limiting the
generality of the foregoing, Guarantor authorizes Huntington, from time to time
and whether one or more times, to amend, modify or supplement any or all of the
Loan Documents; accept one or more replacement promissory notes; extend the time
of payment or maturity of or renew the Indebtedness or the Obligations; waive or
compromise any term or condition contained in the Loan Documents or any right,
remedy or power thereunder, including without limitation, any condition
precedent to loan advances or any right with respect to requiring additional
security; accept additional or replacement security; or release or surrender
security.

         8.       The liability of Guarantor hereunder and the rights of
Huntington hereunder shall be reinstated and revived with respect to any amount
at any time paid against the Indebtedness that thereafter is required to be
restored or returned by Huntington as a result of insolvency, bankruptcy,
reorganization or other similar proceedings affecting Borrower, Guarantor, any
of the Other Guarantors or any other person, or any of the assets of the same,
or as a result of any other fact or circumstance, all as though such amount had
not been paid.

         9.       Guarantor waives:

         (a)      notice of acceptance of this Guaranty by Huntington, of loan
         advances by Huntington and of presentment for payment, nonpayment or
         dishonor or protest of any of the Indebtedness, or any of the
         indebtedness of any person or entity pledged to Huntington as security
         for the Indebtedness or the Obligations;

         (b)      any and all defenses, offsets and counterclaims of Borrower to
         liability under the Loan Documents or of Guarantor under this Guaranty,
         whether now existing or hereafter arising, it being understood and
         agreed that the guarantee of Guarantor hereunder is absolute and
         unconditional under any and all circumstances;

         (c)      any duty on the part of Huntington to disclose to Guarantor
         any fact or facts it may now or hereafter know about Borrower,
         regardless of whether Huntington has reason to believe that any such
         facts materially increase the risk beyond that which Guarantor intends
         to assume, has reason to believe that such facts are unknown to
         Guarantor or has a reasonable opportunity to communicate such facts to
         Guarantor, it being understood and agreed that Guarantor is fully
         responsible for being and remaining informed of the

                                       3
<PAGE>

         financial condition of Borrower and of all circumstances bearing on the
         risk of nonpayment of the Indebtedness or nonperformance of the
         Obligations; and

         (d)      until the Indebtedness has been repaid and the Obligations
         have been performed, any and all rights of subrogation, contribution,
         reimbursement, indemnity, exoneration, implied contract, recourse to
         security or any other claim, including without limitation, any claim,
         as that term is defined in the United States Bankruptcy Code and any
         amendments, which Guarantor may now have or later acquire against
         Borrower, against any other entity directly or contingently liable for
         the payment of the Indebtedness or performance of the Obligations or
         against the security for the Indebtedness or the Obligations, arising
         from the existence or payment of the Indebtedness or existence or
         performance of the Obligations under this Guaranty.

         10.      Whether or not due Huntington from Borrower, Guarantor agrees
to pay to Huntington all damages, losses, costs, charges, expenses and
liabilities of every kind, nature and description suffered or incurred by
Huntington, including without limitation reasonable attorneys' fees, arising in
any manner out of, growing out of or connected in any way with the enforcement
of the Loan Documents or the protection of any security created thereby,
including the priority thereof, or the enforcement of this Guaranty.

         11.      Guarantor subordinates any and all indebtedness of Borrower
now or hereafter owed to Guarantor to the Indebtedness and agrees that Guarantor
shall not claim any offset or other reduction of Guarantor's liability hereunder
because of any such indebtedness and that, until the Indebtedness has been
repaid and the Obligations have been performed, Guarantor shall not demand or
accept any payment of principal or interest from Borrower and shall not take any
action to obtain any of the security for the Indebtedness or the Obligations.

         12.      Guarantor warrants and represents to Huntington that all
financial statements heretofore delivered by Guarantor to Huntington are true
and correct and that there have been no material, adverse changes as of the date
hereof. Guarantor shall deliver to Huntington then current balance sheets,
income and expense statements and such other financial information as Huntington
may require, within ninety (90) days after the end of each fiscal year of
Guarantor and when otherwise requested by Huntington, and tax returns, within
thirty (30) days after the last date that the same can be filed without
imposition of a penalty for late filing. All financial statements shall be
prepared in accordance with generally accepted accounting principles or
otherwise in form acceptable to Huntington. Huntington reserves the right to
require not more often than annually audited or certified financial information
by a certified public accountant acceptable to Huntington.

         13.      Guarantor shall not transfer assets to others that would
constitute fraudulent transfers under Ohio law or under the United States
Bankruptcy Code, or in other than the ordinary course of business, without
Huntington's prior written consent.

         14.      Nothing herein contained, nor contained in any of the other
Loan Documents, shall be construed or so operate as to require Guarantor to pay
interest in an amount or at a rate

                                       4
<PAGE>

greater than the highest rate permissible under applicable law. Should any
interest or other charges paid by Guarantor result in the computation or earning
of interest in excess of the highest rate permissible under applicable law, then
any and all such excess shall be and the same is waived by Huntington, and all
such excess shall be automatically credited against and in reduction of the
principal sum, and any portion of said excess which exceeds the principal sum
shall be paid by Huntington to Guarantor, it being the intent of the parties
hereto that under no circumstances shall Guarantor be required to pay interest
in excess of the highest rate permissible under applicable law. All interest
paid or agreed to be paid to Huntington shall, to the extent permitted under
applicable law, be amortized, prorated, allocated and spread throughout the full
period until payment in full of the Indebtedness, including the period of any
renewal or extensions thereof, so that interest thereon for such full period
shall not exceed the maximum amount permitted by applicable law. Notwithstanding
anything to the contrary herein contained, in the event that the interest rate
to be charged hereunder ever exceeds the highest rate permissible under
applicable law, thereby causing the interest accruing to be limited to such
rate, then any subsequent reduction in the interest rate to which Guarantor
would otherwise be entitled shall be held in abeyance until the total amount of
interest accrued equals the amount of interest which would have accrued had the
interest rate not been limited to the highest rate permissible under applicable
law.

         15.      Any notice required or permitted to be given hereunder shall
be in writing. If mailed by first class United States mail, postage prepaid,
registered or certified with return receipt requested, then such notice shall be
effective upon its deposit in the mails. Notice given in any other manner shall
be effective only if and when received by the addressee. For purposes of notice,
the addresses of Guarantor and Huntington shall be as set forth below; provided
however, that either party shall have the right to change such party's address
for notice hereunder to any other location within the continental United States
by the giving of thirty (30) days' written notice to the other party.

         If to Guarantor:           Glimcher Properties Corporation
                                    150 East Gay Street
                                    Columbus, Ohio 43215

         If to Huntington:          The Huntington National Bank
                                    Commercial Real Estate Group
                                    41 South High Street
                                    Columbus, Ohio 43215
                                    Attention: Bonnie Birath

         16.      All rights and remedies of Huntington are cumulative and not
alternative. If any provision or any part of any provision contained in this
Guaranty shall for any reason be held or deemed to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision or remaining part of the affected provision
of this Guaranty, and this Guaranty shall be construed as if such invalid,
illegal or unenforceable provision or part thereof had never been contained
herein, and the remaining provisions of this Guaranty shall remain in full force
and effect.

                                       5
<PAGE>

         17.      Guarantor agrees that this Guaranty shall inure to the benefit
of and may be enforced by Huntington or its endorsees, transferees, successors
and assigns, and shall be binding upon and enforceable against Guarantor and
Guarantor's legal representatives, heirs, successors and assigns. This Guaranty
may be assigned by Huntington in whole or in part.

         18.      This Guaranty is executed and delivered by Guarantor at
Columbus, Franklin County, Ohio and is to be governed by and construed in
accordance with the laws of the State of Ohio. Guarantor consents to, and by
execution of this Guaranty submits to, the personal jurisdiction of the Court of
Common Pleas of Franklin County, Ohio and the United States District Court
sitting in Columbus, Ohio for the purposes of any judicial proceedings which are
instituted for the enforcement of this Guaranty. Guarantor agrees that venue is
proper in either of said courts.

         19.      This is the entire agreement and there are no other oral or
written agreements and no understandings affecting the terms hereof. This
Guaranty may be modified only by subsequent written agreement executed by
Guarantor and Huntington.

         20.      This Guaranty is a "contract of indebtedness" pursuant to
Section 1301.21, O.R.C. The loan guaranteed by this Guaranty is a business loan
and is not incurred for purposes that are primarily "personal, family or
household", as defined in Section 1301.21, O.R.C.

         21.      Guarantor authorizes any attorney-at-law to appear in any
court of record in the State of Ohio or in any other state or territory of the
United States at any time after this Guaranty or the payment of the Indebtedness
or the performance of the Obligations becomes due, whether at stated maturity,
accelerated maturity or otherwise, to waive the issuing and service of process
and to confess judgment against Guarantor in favor of Huntington for the amount
due, together with interest, expenses, the costs of suit and reasonable
attorneys fees, and thereupon to release and waive all errors, rights of appeal
and stays of execution. Such authority shall not be exhausted by one exercise,
but judgment may be confessed from time to time as any sums and/or costs,
expenses or reasonable attorneys fees shall be due, by filing an original or a
photostatic copy of this Guaranty.

         HUNTINGTON, BY ACCEPTANCE OF THIS GUARANTY, AND GUARANTOR HEREBY
MUTUALLY, VOLUNTARILY, IRREVOCABLY AND UNCONDITIONALLY WAIVE FOR THE BENEFIT OF
THE OTHER ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER
SOUNDING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, IN CONNECTION WITH,
RELATED TO, OR INCIDENTAL TO THIS GUARANTY OR THE LOAN DOCUMENTS, THE
TRANSACTIONS RELATED THERETO OR THE RELATIONSHIP ESTABLISHED THEREBY. THIS
PROVISION IS A MATERIAL INDUCEMENT TO HUNTINGTON AND GUARANTOR TO ENTER INTO
THIS TRANSACTION. IT SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY
HUNTINGTON'S ABILITY TO PURSUE ITS REMEDIES INCLUDING, BUT NOT LIMITED TO, ANY
CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN THIS GUARANTY OR THE
LOAN DOCUMENTS.

                                       6
<PAGE>

         IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed
as of the ______ day of ________________, 2003.

WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
OR ANY OTHER CAUSE.

                                       Glimcher Properties Corporation,
                                       a Delaware corporation

                                       By:______________________________________

                                       7

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