Document:

exv10w5xhy

 

EXHIBIT 10.5.h

SEVENTH AMENDMENT TO LOAN AGREEMENT

          This SEVENTH AMENDMENT TO LOAN AGREEMENT (hereinafter, the “Seventh Amendment”) is dated as of
October 17, 2007, by and among BANK OF AMERICA, N.A., a national banking association having an
address at IL1-231-10-35, 231 South LaSalle Street, Chicago, Illinois 60697, as Administrative
Agent (hereinafter, the “Administrative Agent”), BANK OF AMERICA, N.A., PB CAPITAL CORPORATION, a
lending institution having an address at 230 Park Avenue, 19th Floor, New York, New York
10169, MANUFACTURERS AND TRADERS TRUST COMPANY, a lending institution having an address at One M &
T Plaza, Buffalo, New York 14240, SOVEREIGN BANK, a lending institution having an address at 75
State Street, Boston, Massachusetts 02109, RAYMOND JAMES BANK, FSB, a lending institution having an
address at 710 Carillon Parkway, St. Petersburg, Florida 33716, CITIZENS BANK OF PENNSYLVANIA, a
lending institution having an address at 3025 Chemical Road 194-0245, Suite 245, Plymouth Meeting,
Pennsylvania 19462, KEYBANK, NATIONAL ASSOCIATION, a lending institution having an address at 225
Franklin Street, 18th Floor, Boston, Massachusetts, 02110, LASALLE BANK NATIONAL ASSOCIATION, a
lending institution having an address at 135 S. LaSalle Street, Chicago, Illinois, 60603, and the
other lending institutions which are or may hereafter become parties to the Loan Agreement (as
defined below), as the Lenders (collectively, the “Lenders”), and CEDAR SHOPPING CENTERS
PARTNERSHIP, L.P., a Delaware limited partnership having an address at 44 South Bayles Avenue, Port
Washington, New York 11050, as the Borrower (hereinafter, the “Borrower”). All capitalized terms
not otherwise defined herein shall have the same meaning ascribed to such terms and set forth under
the Loan Agreement.

BACKGROUND

          WHEREAS, Bank of America, N.A., as Administrative Agent, Bank of America, N.A., Commerzbank AG
New York Branch, PB Capital Corporation, Manufacturers and Traders Trust Company, Sovereign Bank,
Raymond James Bank, FSB, Keybank, National Association, LaSalle Bank National Association and
Citizens Bank of Pennsylvania, as the lenders (hereinafter, the “Original Lenders”), and Borrower
entered into a certain loan arrangement (hereinafter, the “Loan Arrangement”) evidenced by, among
other documents, instruments and agreements, that certain Loan Agreement dated as of January 30,
2004, as amended by that certain First Amendment to Loan Agreement dated as of June 16, 2004, that
certain Second Amendment to Loan Agreement dated as of November 2, 2004, that certain Third
Amendment to Loan Agreement dated as of January 28, 2005, that certain Fourth Amendment to Loan
Agreement dated as of December 16, 2005, that certain Fifth Amendment to Loan Agreement dated as of
June 29, 2006, and that certain Sixth Amendment to Loan Agreement dated as of October 20, 2006
(hereinafter, collectively, the “Loan Agreement”), and those certain promissory notes dated as of
various dates executed by the Borrower in favor of the Lenders in the aggregate principal amount of
up to $300,000,000.00 (hereinafter, individually and collectively, the “Note”); and

          WHEREAS, the Administrative Agent, Lenders and Borrower have agreed to amend the Loan
Agreement as more particularly set forth herein.

 

 

          Accordingly, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, it is hereby agreed by and among the Administrative Agent, Lenders and
Borrower as follows:

	 	1.	 	Notwithstanding Section 3.4.1(a) of the Loan Agreement, for the period
commencing as of the effective date of this Seventh Amendment through January 31, 2008,
the Individual Property known as Trexlertown Plaza (Units 1, 3A and 4) located in
Trexlertown, Pennsylvania (the “Trexlertown Plaza”) shall be deemed a Stabilized Asset
(notwithstanding that the Occupancy Ratio with respect thereto is less than eighty
percent (80%)), provided that the Occupancy Ratio with respect to Trexlertown Plaza
during such period remains equal to or greater than seventy percent (70%).
	 
	 	2.	 	In addition to all other rights of Borrower with respect to Additional
Borrowing Base Properties, Borrower shall be permitted to have the appraised value of
that certain parcel of land adjacent to the Borrowing Base Property known as Swede
Square Shopping Center located in East Norriton, Pennsylvania (the “Swede Square
Shopping Center”) which adjacent parcel is known and referred to herein as the “Penn
Square Tavern” property (the “Penn Square Tavern”) added to the appraised value of the
Swede Square Shopping Center Borrowing Base Property and, following the aforementioned
addition to the Swede Square Shopping Center appraised value, the Penn Square Tavern
and the Swede Square Shopping Center shall be deemed to be one (1) combined property
(the “Combined Swede Square Property”) for the purpose of adding the Combined Swede
Square Property as a Borrowing Base Property (the “Combined Swede Square Transaction”),
and the Combined Swede Square Property shall be added as a Borrowing Base Property in
accordance with the terms and conditions of the Loan Agreement, provided that Swede
Square Associates L.P. (i) enters into and executes such agreements with the
Administrative Agent as may be reasonably required by Administrative Agent to
facilitate the Combined Swede Square Transaction, (ii) is the owner of both the Swede
Square Shopping Center and the Penn Square Tavern, and (iii) performs all other acts,
as are necessary to facilitate the Combined Swede Square Transaction.
	 
	 	3.	 	The Lenders shall agree to the acceptance of the property known as McDonalds
and Waffle House located in Medina, Ohio as an additional Borrowing Base Property only
upon receipt of a current environmental Phase I Site Assessment performed by a firm
reasonably acceptable to the Administrative Agent which indicates the property is free
from recognized hazardous materials or substances apparent from the inspection, or
affected by such environmental matters as may be reasonably acceptable to the
Administrative Agent and each of the Lenders in their sole and absolute discretion,
such acceptance as a Borrowing Base Property being effective as of the date that all
Lenders have approved of the aforesaid Phase I Site Assessment. Administrative Agent
hereby acknowledges that Flynn Environmental, Inc. is an acceptable environmental
inspection firm with respect to the performance of the Phase I Site Assessment for the
above referenced property.

-2-

 

	 	4.	 	Section 15.1 is hereby amended by deleting the name “Thomas J. O’Keeffe” and
replacing with “Lawrence E. Kreider, Jr.”
	 
	 	5.	 	The definition of “Knowledge or knowledge” at Exhibit A to the Loan
Agreement is hereby amended by deleting the name “Thomas J. O’Keeffe” and replacing
with “Lawrence E. Kreider, Jr.”
	 
	 	6.	 	Exhibit D to the Loan Agreement is hereby amended by deleting the name “Thomas
J. O’Keeffe” and replacing it with “Lawrence E. Kreider, Jr.”
	 
	 	7.	 	Exhibit F to the Loan Agreement is hereby deleted in its entirety and shall be
replaced with the Exhibit F attached hereto as Exhibit A.
	 
	 	8.	 	Immediately after the execution hereof, Exhibit J to the Loan Agreement shall
be deemed deleted in its entirety and shall be replaced with the Exhibit J attached
hereto as Exhibit B. The Borrower hereby certifies, warrants and represents
that, to the best of Borrower’s knowledge, the Individual Properties being added as
Borrowing Base Properties satisfy the Borrowing Base Property Requirements and the
related Eligibility Criteria, all as set forth in the Loan Agreement.
	 
	 	9.	 	Immediately after the execution hereof, Schedule 6.14.2(i) to the Loan
Agreement shall be deemed deleted in its entirety and shall be replaced with the
Schedule 6.14.2(i) attached hereto as Exhibit C.
	 
	 	10.	 	The Borrower, the Administrative Agent and the Lenders hereby acknowledge and
agree that the Borrower’s compliance with the Financial Covenants for the period ended
September 30, 2007 shall be calculated as if the terms and conditions of this Seventh
Amendment were in effect as of September 30, 2007.
	 
	 	11.	 	The Borrower hereby ratifies, confirms, and reaffirms all of the terms and
conditions of the Loan Agreement, and all of the other documents, instruments, and
agreements evidencing the Loan Arrangement including, without limitation, the Note.
The Borrower further acknowledges and agrees that all of the terms and conditions of
the Loan Arrangement shall remain in full force and effect except as expressly provided
in this Seventh Amendment. No novation of the indebtedness evidenced by the Note, the
Loan Agreement or any other Loan Document shall occur as a result of the execution of
this Seventh Amendment.
	 
	 	12.	 	Any determination that any provision of this Seventh Amendment or any
application hereof is invalid, illegal or unenforceable in any respect and in any
instance shall not effect the validity, legality, or enforceability of such provision
in any other instance, or the validity, legality or enforceability of any other
provisions of this Seventh Amendment.
	 
	 	13.	 	This Seventh Amendment may be executed in several counterparts and by each
party on a separate counterpart, each of which when so executed and delivered shall be
an original, and all of which together shall constitute one instrument. In proving
this Seventh Amendment, it shall not be necessary to produce or account

-3-

 

	 	 	 	for more than one such counterpart signed by the party against whom enforcement is
sought.

	 	14.	 	The Loan Agreement, as amended by this Seventh Amendment, constitutes the
entire agreement of the parties regarding the matters contained herein and shall not be
modified by any prior oral or written communications.
	 
	 	15.	 	The Borrower acknowledges, confirms and agrees that it has no offsets,
defenses, claims or counterclaims against the Administrative Agent or the Lenders with
respect to any of the Borrower’s liabilities and obligations to the Administrative
Agent or the Lenders under the Loan Arrangement, and to the extent that the Borrower
has any such claims under the Loan Arrangement, the Borrower affirmatively WAIVES and
RENOUNCES such claims as of the date hereof.
	 
	 	16.	 	Conditions Precedent. This Seventh Amendment shall become effective as
of the date first above written, at such time when all of the following conditions are
satisfied:

	 	a.	 	All Required Lenders shall have executed this Seventh
Amendment.
	 
	 	b.	 	The Borrower shall have executed this Seventh Amendment.
	 
	 	c.	 	The Lenders shall have received such executed resolutions,
secretary’s certificates and certificates of legal existence as the
Administrative Agent may specify all in form and substance satisfactory to the
Administrative Agent and its counsel.
	 
	 	d.	 	The Lenders shall have received such legal opinions for the
Borrower and such other parties as the Administrative Agent may require, all in
form and substance satisfactory to the Administrative Agent and its counsel.
	 
	 	e.	 	The Borrower shall have paid the fees, costs and expenses of
the Administrative Agent’s counsel in connection with this Seventh Amendment.

[The balance of this page is intentionally left blank]

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          IN WITNESS WHEREOF, this Seventh Amendment has been executed as a sealed instrument as of the
date first set forth above.

	 	 	 	 	 
	 	BORROWER:

CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,

a Delaware limited partnership

 	 
	 	By:  	Cedar Shopping Centers, Inc.,
 	 
	 	 	its general partner 	 
	 	 	 	 
	 	By:  	/s/ Brenda J. Walker
 	 
	 	 	Name:  	Brenda J. Walker 	 
	 	 	Title:  	President 	 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Mark Mokelke
 	 
	 	 	Name:  	Mark Mokelke 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	LENDERS:

BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Mark Mokelke
 	 
	 	 	Name:  	Mark Mokelke 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	PB CAPITAL CORPORATION

 	 
	 	By:  	/s/ Michael J. Rodgers
 	 
	 	 	Name:  	Michael J. Rodgers  	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	/s/ Olivia A. Lam
 	 
	 	 	Name:  	Olivia A. Lam 	 
	 	 	Title:  	Vice President 	 

S-1

 

	 	 	 	 	 

	 	 	 	 	 
	 	SOVEREIGN BANK

 	 
	 	By:  	/s/ T. Gregory Donohue
 	 
	 	 	Name:  	T. Gregory Donohue 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	RAYMOND JAMES BANK, FSB

 	 
	 	By:  	/s/ Steven F. Paley
 	 
	 	 	Name:  	Steven F. Paley 	 
	 	 	Title:  	Vice President 	 
	 
	 	CITIZENS BANK OF PENNSYLVANIA

 	 
	 	By:  	/s/ Robert L. Schopf
 	 
	 	 	Name:  	Robert L. Schopf 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	KEYBANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Gregory W. Lane
 	 
	 	 	Name:  	Gregory W. Lane 	 
	 	 	Title:  	Vice President 	 
	 
	 	LASALLE BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Robert E. Goeckel
 	 
	 	 	Name:  	Robert E. Goeckel 	 
	 	 	Title:  	FVP 	 
	 

S-2

 

EXHIBIT A

EXHIBIT F TO LOAN AGREEMENT

OWNERSHIP INTERESTS AND TAXPAYER IDENTIFICATION NUMBERS

	 	 	 	 	 
	 	 	 	 	Tax Identification
	Entity Name	 	Partners/Members	 	Number
	 
	 	 	 	 
	Cedar-South Philadelphia I,
LLC

	 	Cedar-South
Philadelphia II,
LLC (100%)
	 	90-0082050
	 
	 	 	 	 
	Cedar-South Philadelphia II,
LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	90-0082060
	 
	 	 	 	 
	Cedar-Riverview LP

	 	Cedar-Riverview LLC
(1%; general
partner);
CSC-Riverview LLC
(99%; limited
partner)
	 	20-0422200
	 
	 	 	 	 
	Cedar-Riverview LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-0151534
	 
	 	 	 	 
	CSC-Riverview LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-0151125
	 
	 	 	 	 
	Cedar Lender LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-0447171
	 
	 	 	 	 
	Delaware 1851 Associates, LP

	 	Cedar-Columbus LLC
(1%; general
partner);
CSC-Columbus LLC
(99%; limited
partner)
	 	23-2999402
	 
	 	 	 	 
	Cedar-Columbus LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-0151547
	 
	 	 	 	 
	Cedar Sunset Crossing, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-0579586
	 
	 	 	 	 
	CSC-Columbus LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-0151526
	 
	 	 	 	 
	Cedar Dubois, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-0768567
	 
	 	 	 	 
	Swede Square Associates, L.P.

	 	Swede Square, LLC
(0.1%; general
partner); Cedar
Shopping Centers
Partnership, L.P.
(99.9%; limited
partner)
	 	02-0673581
	 
	 	 	 	 
	Swede Square, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	02-0673593
	 
	 	 	 	 
	Cedar Lake Raystown, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-1158059

Ex A-1

 

	 	 	 	 	 
	 	 	 	 	Tax Identification
	Entity Name	 	Partners/Members	 	Number
	 
	 	 	 	 
	Cedar Huntingdon, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-1157929
	 
	 	 	 	 
	Cedar Brickyard, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-2011661
	 
	 	 	 	 
	Cedar St. James, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-2311739
	 
	 	 	 	 
	Cedar Kenley Village, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-2311870
	 
	 	 	 	 
	Cedar-Valley Plaza, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	42-1596164
	 
	 	 	 	 
	Cedar-Glen Allen UK, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-3797757
	 
	 	 	 	 
	Cedar-Fredericksburg UK, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-3797657
	 
	 	 	 	 
	Cedar-Salem Run, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-3797596
	 
	 	 	 	 
	Cedar-VA Commons LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-3797692
	 
	 	 	 	 
	Cedar-Revere LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-3528504
	 
	 	 	 	 
	Cedar-Carlisle, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-3397838
	 
	 	 	 	 
	Cedar-Trexler Plaza 2, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-5065081
	 
	 	 	 	 
	Cedar-Oakhurst, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-5233216
	 
	 	 	 	 
	Cedar-Palmyra, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-3897470
	 
	 	 	 	 
	Cedar-Stadium Plaza, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-2957198
	 
	 	 	 	 
	Cedar-Annie Land, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-5412150
	 
	 	 	 	 
	Cedar-Arlington Road, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-2369571
	 
	 	 	 	 
	Cedar-Zanesville LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-2369724
	 
	 	 	 	 
	Cedar-Cuyahoga, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-5871202
	 
	 	 	 	 
	Cedar-Westfield LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-2371880

Ex A-2

 

	 	 	 	 	 
	 	 	 	 	Tax Identification
	Entity Name	 	Partners/Members	 	Number
	 
	 	 	 	 
	Cedar-Fairview Commons, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-8241755
	 
	 	 	 	 
	Cedar-Medina LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-2369181
	 
	 	 	 	 
	Cedar-Norwood, LLC

	 	Cedar Shopping
Centers
Partnership, L.P.
(100%)
	 	20-5610606

Ex A-3

 

EXHIBIT B

EXHIBIT J TO LOAN AGREEMENT

	 	 	 
	 	 	Adjusted Appraised Value as
	Borrowing Base Property	 	of September 30, 2007
	 
	 	 
	South Philadelphia Shopping Plaza
	 	$36,400,000.00
	Philadelphia, Pennsylvania
	 	 
	 
	 	 
	Riverview Shopping Center
	 	$43,200.000.00
	Philadelphia, Pennsylvania
	 	 
	 
	 	 
	Sunset Crossing Shopping Center
	 	$11,250,000.00
	Dickson, Pennsylvania
	 	 
	 
	 	 
	Columbus Crossing Shopping Center
	 	$23,000,000.00
	Philadelphia, Pennsylvania
	 	 
	 
	 	 
	Dubois Commons Shopping Center
	 	$17,690,000.00
	Sandy, Pennsylvania
	 	 
	 
	 	 
	Swede Square Shopping Center
	 	$11,500,000.00 (subject to
	East Norriton, Pennsylvania
	 	further update to take into
	 
	 	account the appraised value
	 
	 	of the Penn Square Tavern)
	 
	 	 
	Lake Raystown Shopping Center
	 	$6,700,000.00
	Smithfield, Pennsylvania
	 	 
	 
	 	 
	Brickyard Shopping Center
	 	$28,200,000.00
	Berlin, Connecticut
	 	 
	 
	 	 
	Valley Plaza Shopping Center,
Hagerstown,
Maryland
	 	$9,950,000.00
	 
	 	 
	St. James Shopping Center,
Hagerstown,
Maryland
	 	$4,250,000.00
	 
	 	 
	Kenley Village Shopping Center,
 Hagerstown,
Maryland
	 	$3,750,000.00
	 
	 	 
	Ukrop’s Shopping Center,

Fredericksburg, Virginia
	 	$16,000,000.00
	 
	 	 
	Ukrop’s Shopping Center,

Glen Allen, Virginia
	 	$6,300,000.00
	 
	 	 
	Virginia Center Commons

Glen Allen, Virginia
	 	$4,900,000.00
	 
	 	 
	The Shoppes at Salem Run

Fredericksburg, Virginia
	 	$5,300,000.00

Ex B-1

 

	 	 	 
	 	 	Adjusted Appraised Value as
	Borrowing Base Property	 	of September 30, 2007
	 
	 	 
	Unit 2 of The Shops at Suffolk Downs
	 	$19,300,000.00 (As Is)
	Condominium

	 	$20,900,000.00 (At
	Revere, Massachusetts
	 	Completion)
	 
	 	 
	Point at Carlisle Shopping Center

Carlisle, Pennsylvania
	 	$12,900,000.00
	 
	 	 
	Trexlertown Plaza (Units 1, 3A and 4)

Trexlertown, Pennsylvania
	 	$27,500,000.00
	 
	 	 
	Oakhurst Plaza

Harrisburg, Pennsylvania
	 	$22,500,000.00
	 
	 	 
	Palmyra Shopping Center 

Palmyra, Pennsylvania
	 	$7,400,000.00
	 
	 	 
	Stadium Plaza

East Lansing, MI
	 	$11,500,000.00
	 
	 	 
	Annie Land Plaza

	 	$4,200,000.00
	Lovington, Virginia
	 	 
	 
	 	 
	First Merit Bank
	 	$900,000.00
	Akron, Ohio
	 	 
	 
	 	 
	Family Dollar
	 	$700,000.00
	Zanesville, Ohio
	 	 
	 
	 	 
	First Merit Bank
	 	$975,000.00
	Cuyahoga Falls, Ohio
	 	 
	 
	 	 
	CVS Drugstore
	 	$2,250,000.00
	Village of Westfield, New York
	 	 
	 
	 	 
	Fairview Commons
	 	$4,700,000 (As Is)
	Fairview Township, Pennsylvania
	 	$5,200,000 (Upon Stabilization)
	 
	 	 
	McDonalds and Waffle House
	 	$1,100,000.00
	Medina, Ohio
	 	 
	 
	 	 
	Hannaford Plaza
	 	$9,600,000.00
	Norwood, Massachusetts
	 	 

Ex B-2

 

EXHIBIT C

SCHEDULE 6.14.2(i) TO LOAN AGREEMENT

	 	 	 
	Borrowing Base Property	 	Fee or Leasehold Estate Interest
	 
	 	 
	South Philadelphia Shopping Plaza

Philadelphia, Pennsylvania

	 	Leasehold
	 
	 	 
	Riverview Shopping Center

Philadelphia, Pennsylvania

	 	Fee and Leasehold
	 
	 	 
	Sunset Crossing Shopping Center

Dickson, Pennsylvania

	 	Fee
	 
	 	 
	Columbus Crossing Shopping Center

Philadelphia, Pennsylvania

	 	Fee
	 
	 	 
	Dubois Commons Shopping Center

Sandy, Pennsylvania

	 	Fee
	 
	 	 
	Swede Square Shopping Center

East Norriton, Pennsylvania

	 	Fee
	 
	 	 
	Lake Raystown Shopping Center

Smithfield, Pennsylvania

	 	Fee
	 
	 	 
	Brickyard Shopping Center 

Berlin, Connecticut

	 	Fee
	 
	 	 
	Valley Plaza Shopping Center,

Hagerstown, Maryland

	 	Fee
	 
	 	 
	St. James Shopping Center,

Hagerstown, Maryland

	 	Fee
	 
	 	 
	Kenley Village Shopping Center,

Hagerstown, Maryland

	 	Fee
	 
	 	 
	Ukrop’s Shopping Center,

Fredericksburg, Virginia

	 	Fee
	 
	 	 
	Ukrop’s Shopping Center,

Glen Allen, Virginia

	 	Fee
	 
	 	 
	Virginia Center Commons, 

Glen Allen, Virginia

	 	Fee
	 
	 	 
	The Shoppes at Salem Run, 

Fredericksburg, Virginia

	 	Fee
	 
	 	 
	Unit 2 of The Shops at Suffolk
Downs Condominium,

Revere, Massachusetts

	 	Fee
	 
	 	 
	Point at Carlisle Shopping Center

Carlisle, Pennsylvania

	 	Fee
	 
	 	 
	Trexlertown Plaza (Units 1, 3A
and 4)

Trexlertown, Pennsylvania

	 	Fee

Ex C-1

 

	 	 	 
	Borrowing Base Property	 	Fee or Leasehold Estate Interest
	 
	 	 
	Oakhurst Plaza 

Harrisburg, Pennsylvania

	 	Fee
	 
	 	 
	Palmyra Shopping Center

Palmyra, Pennsylvania

	 	Fee and Access Easement
	 
	 	 
	Stadium Plaza 

East Lansing, MI

	 	Fee
	 
	 	 
	Annie Land Plaza 

Lovington, Virginia

	 	Fee
	 
	 	 
	First Merit Bank 

Akron, Ohio

	 	Fee
	 
	 	 
	Family Dollar 

Zanesville, Ohio

	 	Fee
	 
	 	 
	First Merit Bank 

Cuyahoga Falls, Ohio

	 	Fee
	 
	 	 
	CVS Drugstore

Village of Westfield, New York

	 	Fee
	 
	 	 
	Fairview Commons 

Fairview Township, Pennsylvania

	 	Fee
	 
	 	 
	McDonalds and Waffle House

Medina, Ohio

	 	Fee
	 
	 	 
	Hannaford Plaza 

Norwood, Massachusetts

	 	Fee

Ex C-2

 

Rights of First Refusal

Right of First Refusal, executed on October 31, 2003, and effective as of November 3, 2003, granted
by Cedar-Riverview LP, a Pennsylvania limited partnership, to Firehouse Realty Corp., a
Pennsylvania corporation, Reed Development Associates, Inc., a Pennsylvania corporation, South
River View Plaza, Inc., a Pennsylvania corporation, River View Development Corp., a Pennsylvania
corporation, and Riverview Commons, Inc., a Pennsylvania corporation.

Right of First Refusal, executed on November 19, 2003, and effective as of December 9, 2003,
granted by Delaware 1851 Associates, LP, a Pennsylvania limited partnership, to Welsh-Square, Inc.,
a Pennsylvania corporation, Indenture of Trust of Bart Blatstein dated as of June 9, 1998, a
Pennsylvania trust, and Irrevocable Indenture of Trust of Barton Blatstein dated July 13, 1999, a
Pennsylvania trust.

RFR-1exv10w11

 

EXHIBIT 10.11

VOTING AGREEMENT

     VOTING AGREEMENT, dated as of February 13, 2008 (this “Agreement”), among Cedar Shopping
Centers, Inc., a Maryland corporation (“Cedar”), Inland American Real Estate Trust, Inc., a
Maryland corporation (“Inland”) and Inland Investment Advisors, Inc., Inland Real Estate Investment
Corporation and The Inland Group, Inc. (collectively with Inland, the “Group”).

     WHEREAS, as of the date hereof each entity in the Group beneficially owns (as that term is
used in Section 13(d) of the Securities Exchange Act of 1934 and defined by the SEC in Rule 13d-3,
“Beneficially Owns”) 4,334,638 shares of common stock, par value $.06 per share, of Cedar (the
“Common Stock”), representing approximately 9.8% of Cedar’s issued and outstanding Common Stock;

     WHEREAS, each of the entities in the Group filed a Statement on Schedule 13D with the
Securities and Exchange Commission on January 22, 2008;

     WHEREAS, Inland has requested the Board of Directors of Cedar to waive the 9.9% ownership
limit set forth in Cedar’s Articles of Incorporation, as amended (the “Articles of Incorporation”),
and allow the Group to increase its ownership position to an amount not to exceed 14% of Cedar’s
issued and outstanding Common Stock (the “Waiver”);

     WHEREAS, as a condition to the willingness of Cedar’s Board of Directors to grant the Waiver,
Cedar has required that the Group agree, and in order to induce the Board of Directors to allow the
increase, the Group has agreed, to enter into this Agreement.

     NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements
contained in this Agreement, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree
as follows:

Article I.

VOTING OF COMMON STOCK

     Section 1.1 Increase in Ownership. Pursuant to subparagraph (k) of Article IV of the Articles
of Incorporation and subject to the representations, undertakings and provisions contained herein,
the Board of Directors of Cedar has authorized the Waiver and approved the right of the Group, and
pursuant to this authorization and approval Cedar hereby grants to each of the entities in the
Group the right, to acquire up to an additional 1,881,111 shares of Common Stock of Cedar (the
“Additional Common Stock”); provided that after acquisition of the Additional Common Stock the
Group will own not more than 14% of Cedar’s issued and outstanding Common Stock. If at any time
and from time to time after the date hereof, the Group sells, transfers or otherwise disposes of
any shares of Common Stock previously acquired

 

 

by it, then the Group may not reacquire any Common Stock above the greater of (i) its then
existing ownership percentage of Cedar or (ii) the existing 9.9% ownership limit.

     Section 1.2 Voting Agreement. Until the Expiration Date (as hereinafter defined) and to the
extent the Additional Common Stock is not otherwise voted by proxy granted pursuant to Section 1.3
of this Agreement, at every meeting of the holders of Common Stock called, and at every adjournment
thereof, or in any other circumstances upon which the vote, consent or other approval of the
holders of Common Stock is sought, each entity in the Group shall, and shall cause each of its
respective Affiliates (as such term is defined in Rule 12b-2 of Regulation 12B under the Securities
Exchange Act of 1934, as amended (the “Act”)) to, vote or cause the Additional Common Stock to be
(a) voted in favor of any matters proposed by the Board of Directors and presented to Cedar’s
stockholders; (b) voted for all nominees for directors that have been nominated by the Board of
Directors of Cedar; (c) voted against any matters or nominees for directors not proposed by the
Board of Directors and presented to Cedar’s stockholders; and (d) duly represented, in person or by
proxy, at each meeting of stockholders of Cedar duly called by the Board of Directors of Cedar.

     Section 1.3 Grant of Proxy with Respect to Additional Common Stock. (a) The Group hereby (to
the fullest extent permitted by law) appoints Leo S. Ullman, Brenda Walker and Stuart Widowski, and
each of them, as the Group’s sole and exclusive attorneys-in-fact and proxies, with full power of
substitution and re-substitution, to vote the Additional Common Stock and to exercise all voting,
consent and similar rights of the Group with respect to the Additional Common Stock (including,
without limitation, the power to execute and deliver written consents) at every annual, special or
adjourned meeting of the holders of Common Stock and in every written consent in lieu of such
meeting as provided herein. This proxy shall be valid until the Expiration Date.

     (b) Upon the Group’s execution of this Agreement, any and all prior proxies given by the Group
with respect to the Additional Common Stock are hereby revoked.

     (c) The Group hereby affirms that the proxy set forth in this Section 1.3 is irrevocable (to
the fullest extent permitted by law) until the Expiration Date (in which event the proxy set forth
herein shall terminate and be of no further force or effect), is coupled with an interest and is
granted for the consideration provided herein. The Group hereby ratifies and confirms all that
such irrevocable proxy may lawfully do or cause to be done by virtue hereof. Such irrevocable proxy
is executed and intended to be irrevocable by person’s to the fullest extent permitted by the
Maryland General Corporation Law.

     Section 1.4 Restrictions on Certain Actions. If, and only if, the Cedar Board of Directors
has granted or grants the Waiver, then from the effective date of the Waiver until the Expiration
Date, the Group, without the prior consent of Cedar’s Board of Directors (specifically expressed in
a resolution adopted by a majority of the directors of Cedar), will not, nor will it permit any
Affiliate to:

     (a) Acquire (other than through stock splits or stock dividends), directly or indirectly or in
conjunction with or through any other person or entity, by purchase or otherwise, Beneficial

2

 

Ownership of any additional shares of Common Stock or any other securities of Cedar entitled
to vote generally for the election of directors (“Voting Securities”), if such acquisition would
cause the Group and its Affiliates, directly or indirectly, to Beneficially Own more than 14% of
all Voting Securities outstanding. Notwithstanding the provisions of the preceding sentence, if
the number of outstanding Voting Securities is reduced for any reason, whether by repurchases by
Cedar or otherwise, the Group will not be required to dispose of any of its holdings of Voting
Securities even if such reduction in outstanding shares would result in the Group’s Beneficial
Ownership exceeding 14% of the outstanding Voting Securities;

     (b) Directly or indirectly or through any other person or entity, solicit proxies with respect
to Voting Securities under any circumstance; or become a “participant” in any “election contest”
relating to the election of directors of Cedar (as such terms are used in Rule 14a-11 of Regulation
14A under the Act);

     (c) Deposit any Voting Securities in a voting trust, or subject any Voting Securities to a
voting or similar agreement;

     (d) Directly or indirectly or through or in conjunction with any other person or entity,
engage in a tender or exchange offer for Cedar’s Voting Securities made by any other person or
entity without the prior approval of Cedar, or engage in any proxy solicitation or any other
activity with any other person or entity relating to Cedar without the prior approval of Cedar; or

     (e) Become a member of a Section 13(d) group that is seeking to obtain or take control of the
Company.

Article II.

REPRESENTATIONS AND WARRANTIES

     Section 2.1 Representations and Warranties of the Group. The Group hereby represents and
warrants to Cedar as follows:

     (a) Due Organization, Authorization, etc. The Group has all requisite legal capacity,
power and authority to execute and deliver this Agreement and to consummate the transactions
contemplated hereby. The execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary action on the part of
the Group. This Agreement has been duly executed and delivered by or on behalf of the Group and
constitutes a legal, valid and binding obligation of the Group, enforceable against the Group in
accordance with its terms.

     (b) No Conflicts, Required Filings and Consents.

     (i) The execution and delivery of this Agreement by the Group does not, and the performance of
this Agreement by the Group will not, (i) conflict with or violate any judgment, order, decree,
statute or law applicable to the Group or by which the Group or any of the Group’s assets or
properties is bound or affected or (ii) violate or conflict with any agreement or other instrument
to which the Group is a party or by which any of its assets or properties is bound.

3

 

     (ii) The execution and delivery of this Agreement by the Group does not, and the performance
of this Agreement by the Group will not, require any consent, approval, order or authorization of,
or registration, declaration or filing with, or permit from, any governmental authority, except for
the filing of an amendment to its Schedule 13D.

     (iii) Except for this Agreement and any agreements that have been filed with the U.S.
Securities and Exchange Commission, there are no voting trusts or other agreements or
understandings, including, without limitation, any proxies, in effect governing the voting of the
Common Stock owned by the Group.

     (c) Title to Common Stock. Each of the entities in the Group is the Beneficial Owner
of the Common Stock of Cedar as set forth herein and holds the voting rights disclosed on its
Schedule 13D with respect thereto. Other than as set forth in Article 1 hereof, the Group does not
Beneficially Own any other Common Stock. To the best of the knowledge of the Group, no other
person has any voting rights with respect to the Common Stock owned by the Group. In addition, to
the best of the knowledge of the Group the Common Stock held by the Group is free and clear of any
liens and encumbrances.

     (d) Tax Representations. (Capitalized terms used in this subsection (d) but not
otherwise defined in this Agreement shall have the meanings assigned to such terms in the Articles
of Incorporation.)

     (i) No “individual” who Beneficially Owns for Tax Purposes any of the outstanding Common Stock
of Cedar held by the Group does or will Beneficially Own for Tax Purposes in the aggregate,
including by reason of a direct or indirect ownership interest in the Group (or any member
thereof), a direct or indirect ownership interest in any entity to which the Group provides
investment advice, or otherwise, more than 9.9% of the value of the outstanding Common Stock of
Cedar.

     (ii) Neither the Group nor any person on behalf of whom the Group owns Common Stock will
actually own or Constructively Own an interest in a tenant of Cedar (or a tenant of an entity owned
or controlled by Cedar) that would cause Cedar to Constructively Own in the aggregate more than a
9.9% interest (as set forth in Section 856(d)(2)(B) of the Internal Revenue Code of 1986, as
amended (the “Code”)) in such tenant.

     (iii) The Group will perform a periodic review to ascertain that the representations contained
in this Agreement remain accurate.

     (iv) For purposes of these tax representations, “individual” has the same meaning provided in
Section 542(a)(2) of the Code, “Beneficially Owns for Tax Purposes” means direct, indirect, or
constructive ownership through the application of Section 544 of the Code, as modified by Section
856(h)(1) of the Code, and “Constructively Own” means direct, indirect, or constructive ownership
through the application of Section 318 of the Code, as modified by Section 856(d)(5) of the Code.

4

 

     (v) Each member of the Group agrees that any violation or attempted violation of the
representations set forth in this subsection (d) will result in all or a portion of the shares of
Common Stock of Cedar owned by the Group, on its own behalf, on behalf of the entities to which it
provides investment advice, and on behalf of its clients and customers, being automatically
transferred to a Charitable Trust in accordance with Section B (4)(c)(i) of Article IV of the
Articles of Incorporation.

     (vi) The Group expressly permits Cedar and Stroock & Stroock & Lavan LLP, as counsel to Cedar,
to rely on the representations set forth in this subsection (d) as if the Group made such
representations directly to both Cedar and Stroock & Stroock & Lavan LLP.

     (vii) The Group agrees and acknowledges that the continued truth and accuracy of the
representations set forth in this subsection (d) is a condition precedent to the validity and
effectiveness of the waiver granted herein and that the Group will, upon request by Cedar, promptly
deliver written confirmation of such representations.

     Section 2.2 Representations and Warranties of Cedar. Cedar hereby represents and warrants to
each entity in the Group as follows:

     (a) Due Organization, Authorization, etc. Cedar has all requisite legal capacity,
power and authority to execute and delivery this Agreement and to consummate the transactions
contemplated hereby. The execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary action on the part of
Cedar, including without limitation the due authorization and granting by the Cedar Board of
Directors of the Waiver and the right of the Group to acquire the Additional Common Stock, subject
to the proviso that after acquisition of the Additional Common Stock the Group will own not more
than 14% of Cedar’s issued and outstanding Common Stock. This Agreement has been duly executed and
delivered by or on behalf of Cedar and constitutes a legal, valid and binding obligation of Cedar,
enforceable against Cedar in accordance with its terms.

     (b) No Conflicts, Required Filings and Consents.

     (i) The execution and delivery of this Agreement by Cedar does not, and the performance of
this Agreement by Cedar will not, (i) conflict with or violate any judgment, order, decree, statute
or law applicable to Cedar or by which Cedar or any of Cedar’s assets or properties is bound or
affected or (ii) violate or conflict with any agreement or other instrument to which Cedar is a
party or by which any of its assets or properties is bound.

     (ii) The execution and delivery of this Agreement by Cedar does not, and the performance of
this Agreement by Cedar will not, require any consent, approval, order or authorization of, or
registration, declaration or filing with, or permit from, any governmental authority.

5

 

Article III.

MISCELLANEOUS

     Section 3.1 Expenses. All costs and expenses incurred in connection with the transactions
contemplated by this Agreement shall be paid by the party incurring such costs and expenses.

     Section 3.2 Notices. Any notice or other communication required or permitted hereunder shall
be in writing (including facsimile transmission) and shall be given,

	 	(i)	 	if to Cedar to:
	 
	 	 	 	Cedar Shopping Centers, Inc.

44 South Bayles Avenue

Port Washington, NY 11050

Attention: Leo S. Ullman

Fax: (516) 767-6497
	 
	 	 	 	with a copy to:
	 
	 	 	 	Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, NY 10038

Attention: Martin H. Neidell

Fax: (212) 806-7836
	 
	 	(ii)	 	if to the Group or Inland to:
	 
	 	 	 	Inland Investment Advisors, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attention: Roberta Matlin

Fax: (630)-218-4955
	 
	 	 	 	with a copy to:
	 
	 	 	 	Shefsky and Froelich Ltd.

111 East Wacker Drive, Suite 2800

Chicago, IL 60601

Attention: Michael Choate

Fax: (312) 275-7554

or such other address or facsimile number as such party may hereafter specify for the purpose by
notice to the other parties hereto. All notices and other communications hereunder shall be in
writing and shall be deemed duly given upon due receipt if delivered personally, by facsimile, by a
recognized next-day courier service or by registered or certified mail, return receipt requested,
postage prepaid.

6

 

     Section 3.3 Termination. Unless terminated earlier upon the written agreement of Cedar and
the Group, this Agreement and the proxies provided herein shall terminate (the “Expiration Date”)
and be of no further force and effect, automatically and without any required action of the parties
hereto, upon the earlier to occur of (i) the sale or other disposition by the Group of all the
Additional Common Stock, (ii) ten years after the date hereof or (iii) any action by the Cedar
Board of Directors to revoke the Waiver; provided that no such termination shall relieve any party
of liability for a breach hereof prior to termination, including without limitation an action that
constitutes a breach of this Agreement by Cedar under Section 3.4 below and thereby causes a
termination under clause (iii) of this Section 3.3. Notwithstanding the foregoing, Section 3.1 and
Section 2.1(d) hereof shall survive the Expiration Date in accordance with their terms.

     Section 3.4 No Inconsistent Actions by the Group or Cedar. Prior to the Expiration Date, (a)
the Group shall not revoke or rescind, or purport to revoke or rescind, the proxies granted hereby
and (b) Cedar shall not revoke or rescind, or purport to revoke or rescind, the Waiver. Any such
revocation or rescission, or purported revocation or rescission, by the Group or Cedar,
respectively, will be considered a breach of this Agreement (provided, however, that nothing in
this Section 3.4 is intended to impact the effect of Section 1.1 on the Group’s ability to
reacquire Common Stock).

     Section 3.5 Amendment. This Agreement may not be amended, modified or rescinded except by an
instrument in writing signed by each of the parties hereto.

     Section 3.6 Governing Law. This Agreement shall be governed by, and construed in accordance
with, the General Corporation Law of the State of Maryland, regardless of the laws that might
otherwise govern under applicable principles of conflicts of laws thereof.

     Section 3.7 Severability. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any rule of law, or public policy, all other conditions
and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.

     Section 3.8 Entire Agreement; Assignment. This Agreement constitutes the entire agreement
among the parties with respect to the subject matter hereof and supersedes all prior agreements and
undertakings, both written and oral, among the parties, or any of them, with respect to the subject
matter hereof and thereof. This Agreement shall not be assigned by the Group by operation of law
or otherwise.

     Section 3.9 Parties in Interest. This Agreement shall be binding upon and inure solely to the
benefit of each party hereto, and nothing in this Agreement, express or implied, is

7

 

intended to or shall confer upon any other person or entity any right, benefit or remedy of
any nature whatsoever under or by reason of this Agreement.

     Section 3.10 Specific Performance. Without limiting or waiving any rights or remedies of any
of the parties hereto, the parties hereto agree that irreparable damage would occur in the event
any provisions of this Agreement were not performed by the parties in accordance with the terms
hereof and that each of the parties hereto shall be entitled to an injunction or injunctions to
prevent breaches of this Agreement by any party and to seek specific performance of the obligations
of the parties under this Agreement in any court of the United States or any state having
jurisdiction, this being in addition to any other remedy to which they are entitled at law or in
equity.

     Section 3.11 Waiver of Jury Trial. Each of the parties hereto hereby waives to the fullest
extent permitted by applicable law any right it may have to a trial by jury with respect to any
litigation directly or indirectly arising out of, under or in connection with this Agreement or the
transactions contemplated hereby. Each of the parties hereto (a) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce that foregoing waiver and (b) acknowledges
that it and the other parties hereto have been induced to enter into this Agreement and the
transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and
certifications in this Section 3.11.

     Section 3.12 Headings. The descriptive headings contained in this Agreement are included for
convenience of reference only and shall not affect in any way the meaning or interpretation of this
Agreement.

     Section 3.13 Mutual Drafting. Each party hereto has participated in the drafting of this
Agreement, which each party acknowledges is the result of negotiations among the parties.

     Section 3.14 Counterparts. For the convenience of the parties, this Agreement may be executed
in counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

8

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, all as of the date first written above.

	 	 	 	 	 
	 	Cedar Shopping Centers, Inc.

 	 
	 	By:  	/s/ LEO S. ULLMAN
 	 
	 	 	Name:  	Leo S. Ullman 	 
	 	 	Title:  	President 	 
	 
	 	Inland American Real Estate Trust, Inc.

 	 
	 	By:  	/s/ BRENDA GAY GUJRAL
 	 
	 	 	Name:  	Brenda Gay Gujral 	 
	 	 	Title:  	President 	 
	 
	 	Inland Investment Advisors, Inc.

 	 
	 	By:  	/s/ ROBERTA S. MATLIN
 	 
	 	 	Name:  	Roberta S. Matlin 	 
	 	 	Title:  	President 	 
	 
	 	Inland Real Estate Investment Corporation

 	 
	 	By:  	/s/ ROBERT D. PARKS
 	 
	 	 	Name:  	Robert D. Parks 	 
	 	 	Title:  	Chairman 	 
	 
	 	The Inland Group, Inc.

 	 
	 	By:  	/s/ DAN GOODWIN
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

9

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