Document:

<PAGE>
                                                                  Exhibit 10.140

                                 PROMISSORY NOTE

$8,575,000                                                   New York, New York
                                                           As of April 17, 2001

                  FOR VALUE RECEIVED RIVER VALLEY VENTURE, LLC, a Delaware
limited liability company, as maker, having its principal place of business at
20 South Third Street, Columbus, Ohio 43215 ("BORROWER"), hereby unconditionally
promises to pay to the order of LEHMAN BROTHERS BANK, FSB, a federal stock
savings bank, as lender, having an address at Three World Financial Center, New
York, New York 10285 ("LENDER"), or at such other place as the holder hereof may
from time to time designate in writing, the principal sum of Eight Million Five
Hundred Seventy Five Thousand and 00/100 Dollars ($8,575,000), or so much
thereof as may be advanced by Lender to Borrower pursuant to that certain Loan
Agreement of even date herewith between Borrower and Lender (the "LOAN
AGREEMENT") in lawful money of the United States of America with interest
thereon to be computed from the date of this Note at the Applicable Interest
Rate, and to be paid in accordance with the terms of this Note and the Loan
Agreement. All capitalized terms not defined herein shall have the respective
meanings set forth in the Loan Agreement.

                            ARTICLE 1: PAYMENT TERMS

                  Borrower agrees to pay the principal sum of this Note and
interest on the unpaid principal sum of this Note from time to time outstanding
at the rates and at the times specified in Article 2 of the Loan Agreement and
the outstanding balance of the principal sum of this Note and all accrued and
unpaid interest thereon shall be due and payable on the Maturity Date.

                      ARTICLE 2: DEFAULT AND ACCELERATION

                  The Debt shall without notice become immediately due and
payable at the option of Lender if any payment required in this Note is not paid
on or prior to the date when due or on the happening of any other Event of
Default.

                           ARTICLE 3: LOAN DOCUMENTS

                  This Note is secured by the Mortgage and the other Loan
Documents. All of the terms, covenants and conditions contained in the Loan
Agreement, the Mortgage and the other Loan Documents are hereby made part of
this Note to the same extent and with the same force as if they were fully set
forth herein. In the event of a conflict or inconsistency between the terms of
this Note and the Loan Agreement, the terms and provisions of the Loan Agreement
shall govern.

                           ARTICLE 4: SAVINGS CLAUSE

                  Notwithstanding anything to the contrary, (a) all agreements
and communications between Borrower and Lender are hereby and shall
automatically be limited so that, after taking into account all amounts deemed
interest, the interest contracted for, charged or received by

<PAGE>

Lender shall never exceed the maximum lawful rate or amount, (b) in calculating
whether any interest exceeds the lawful maximum, all such interest shall be
amortized, prorated, allocated and spread over the full amount and term of all
principal indebtedness of Borrower to Lender, and (c) if through any contingency
or event, Lender receives or is deemed to receive interest in excess of the
lawful maximum, any such excess shall be deemed to have been applied toward
payment of the principal of any and all then outstanding indebtedness of
Borrower to Lender, or if there is no such indebtedness, shall immediately be
returned to Borrower.

                           ARTICLE 5: NO ORAL CHANGE

                  This Note may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the
part of Borrower or Lender, but only by an agreement in writing signed by the
party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought.

                               ARTICLE 6: WAIVERS

                  Borrower and all others who may become liable for the payment
of all or any part of the Debt do hereby severally waive presentment and demand
for payment, notice of dishonor, notice of intention to accelerate, notice of
acceleration, protest and notice of protest and non-payment and all other
notices of any kind. No release of any security for the Debt or extension of
time for payment of this Note or any installment hereof, and no alteration,
amendment or waiver of any provision of this Note, the Loan Agreement or the
other Loan Documents made by agreement between Lender or any other Person shall
release, modify, amend, waive, extend, change, discharge, terminate or affect
the liability of Borrower, and any other Person who may become liable for the
payment of all or any part of the Debt, under this Note, the Loan Agreement or
the other Loan Documents. No notice to or demand on Borrower shall be deemed to
be a waiver of the obligation of Borrower or of the right of Lender to take
further action without further notice or demand as provided for in this Note,
the Loan Agreement or the other Loan Documents. If Borrower is a partnership,
the agreements herein contained shall remain in force and applicable,
notwithstanding any changes in the individuals comprising the partnership, and
the term "Borrower," as used herein, shall include any alternate or successor
partnership, but any predecessor partnership and their partners shall not
thereby be released from any liability. If Borrower is a corporation, the
agreements contained herein shall remain in full force and applicable
notwithstanding any changes in the shareholders comprising, or the officers and
directors relating to, the corporation, and the term "Borrower" as used herein,
shall include any alternative or successor corporation, but any predecessor
corporation shall not be relieved of liability hereunder. (Nothing in the
foregoing sentence shall be construed as a consent to, or a waiver of, any
prohibition or restriction on transfers of interests in such partnership which
may be set forth in the Loan Agreement, the Mortgage or any other Loan
Document.)

                              ARTICLE 7: TRANSFER

                  Upon the transfer of this Note, Borrower hereby waiving notice
of any such transfer, Lender may deliver all the collateral mortgaged, granted,
pledged or assigned pursuant to the Loan Documents, or any part thereof, to the
transferee who shall thereupon become vested

                                       2
<PAGE>

with all the rights herein or under applicable law given to Lender with respect
thereto, and Lender shall thereafter forever be relieved and fully discharged
from any liability or responsibility in the matter; but Lender shall retain all
rights hereby given to it with respect to any liabilities and the collateral not
so transferred.

                             ARTICLE 8: EXCULPATION

                  The provisions of Section 9.4 of the Loan Agreement are hereby
incorporated by reference into this Note to the same extent and with the same
force as if fully set forth herein.

                            ARTICLE 9: GOVERNING LAW

         (A) THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY
BORROWER AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF
THIS NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES
AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING
TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING
THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO
PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF
AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY
AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER
JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW.

         (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER
ARISING OUT OF OR RELATING TO THIS NOTE MAY AT LENDER'S OPTION BE INSTITUTED IN
ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT
TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND BORROWER WAIVES
ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM
NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR
PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

                  CT CORPORATION SYSTEM, INC.
                  1633 BROADWAY, 23RD FLOOR

                                       3
<PAGE>

                  NEW YORK, NEW YORK 10019
                  ATTENTION: SERVICE OF PROCESS DEPARTMENT

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY
AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN
ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF
PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE
MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN
EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT,
ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT
NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II)
MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT
WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE
DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL
PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN
OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

                              ARTICLE 10: NOTICES

                  All notices or other written communications hereunder shall be
delivered in accordance with Section 10.6 of the Loan Agreement.

                         [NO FURTHER TEXT ON THIS PAGE]

                                       4
<PAGE>

         IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day
and year first above written.

                      RIVER VALLEY VENTURE, LLC
                      a Delaware limited liability company

                         By:  GLIMCHER RIVER VALLEY, INC., a
                              Delaware corporation, its managing member

                               By: /s/ George A. Schmidt
                                   -------------------------
                                   Name:
                                   Title:

                                       5
<PAGE>

                                 ACKNOWLEDGMENT

State of Ohio              )
                           ) ss.
County of ________         )

The foregoing instrument was acknowledged before me this 13th day of April,
2001, by George A. Schmidt, the Executive Vice President of Glimcher River
Valley, Inc., a Delaware corporation, the managing member of River Valley
Venture, LLC, a Delaware limited liability company, on behalf of the company.

                  IN WITNESS WHEREOF, I have hereunto set my hand and official
seal.

                                                   /s/ Joyce D. Hunter
                                                   -------------------
                                                   Notary Public

Commission
Expiration: 3/22/05

                                       6<PAGE>
                                                                  Exhibit 10.141

                                 FIRST AMENDMENT
                                 ---------------
                                       TO
                                       --
                    THIRD AMENDED AND RESTATED LOAN AGREEMENT
                    -----------------------------------------

          This First Amendment to Third Amended and Restated Loan Agreement
(this "Amendment") is entered into at Columbus, Ohio, by and among The
Huntington National Bank, KeyBank National Association, those banks that are
parties to the Third Amended and Restated Loan Agreement hereinafter described,
and LaSalle Bank N.A. (the "New Bank"), as lenders (collectively, the "Banks");
The Huntington National Bank and KeyBank National Association, as co-agents (the
"Co-Agents"); The Huntington National Bank, as administrative agent (the
"Administrative Agent"); Glimcher Properties Limited Partnership, as borrower
(the "Company"); and Glimcher Realty Trust and Glimcher Properties Corporation,
as guarantors (collectively the "Guarantor"), as of the 1st day of August, 2001,
in order to amend the Third Amended and Restated Loan Agreement entered into by
and among The Huntington National Bank, KeyBank National Association (in each
case in their respective roles as lenders and agents), the Banks (other than the
New Bank), the Company, the Guarantor and certain affiliates of Glimcher Realty
Trust as additional guarantors (the "Additional Guarantors") as of the 31st day
of January, 2001 (the "Loan Agreement").

          Whereas, the parties to this Amendment desire for the New Bank to
become a Bank under the terms of the Loan Agreement, the Loan Agreement is
hereby amended as follows:

          1. The New Bank shall become a Bank as defined in the Loan Agreement
effective as of the date of this Amendment, entitled to all the benefits and
subject to all the obligations of a Bank under the terms of the Loan Agreement.
The New Bank agrees to be bound by all those provisions of the Loan Agreement
binding upon a Bank.

          2. The Commitment Limit (as defined in the Loan Agreement) of the New
Bank shall be Twenty-Million Dollars ($20,000,000). In connection with the
establishment of such Commitment Limit, the respective Commitment Limits of The
Huntington National Bank and KeyBank National Association shall each be reduced
by $7,500,000 and the Commitment Limit of Bankers Trust Company shall be reduced
by $5,000,000.

          3. All communications directed to the New Bank under the Loan
Agreement or the promissory note executed and delivered to the New Bank in
connection therewith shall be mailed to:

                             LaSalle Bank N.A.
                             135 South LaSalle Street
                             Chicago, Illinois 60603-3499
                             Attention: Eric Ogden

          4. The parties agree that Section 1.1 of the Loan Agreement shall be
deleted and a new Section 1.1 substituted therefor, to read in its entirety as
follows:

<PAGE>

          1.1 COMMITMENT TO LEND.

               The Banks agree to lend to the Company sums and issue letters of
          credit in face amounts totaling an aggregate amount of up to
          $170,000,000.00 (hereinafter referred to as the "Loan"), as co-lenders
          subject to the terms and conditions of this Agreement. The "Commitment
          Limit" of each Bank shall be the amount set forth opposite its
          signature on this Agreement, as that amount may be increased or
          decreased in any subsequent written amendment to this Agreement, as
          hereinafter provided in this section. Any other provision of this
          Agreement notwithstanding, no Bank shall be required to fund any
          advance or undertake any obligation with respect to letters of credit
          issued hereunder in an aggregate amount that exceeds its Pro Rata
          Share of all advances made on the same date or that exceeds the amount
          of its Commitment Limit. In addition, no Advances shall be made or
          letters of credit issued at any time if, after giving effect thereto,
          the sum of the outstanding principal amount of the Loan and the
          aggregate of the face amounts of outstanding letters of credit (the
          "Total Outstandings") would exceed the lesser of (a) 65% of the fair
          market value of the properties then in the Collateral Pool, as
          determined on the basis of the most recent Evidence of Value (as
          hereinafter defined) accepted by the Banks; provided, however, that
          until April 30, 2001, the Total Outstandings may exceed 65% of the
          fair market value of such properties so long as Total Outstandings do
          not exceed 68% of such fair market value; and provided further, that
          until the earlier of such time as (i) the Company shall substitute
          property for or obtain the release of any part of any property in the
          Collateral Pool or (ii) the Majority Banks shall obtain new Evidence
          of Value pursuant to the terms of Section 10.21 of this Agreement, the
          Total Outstandings may exceed 65% of the fair market value of such
          properties so long as Total Outstandings do not exceed 65.18% of such
          fair market value; and (b) the Aggregate Borrowing Base, as determined
          as of the end of the most recently completed fiscal quarter based upon
          the financial information required to be provided by the Company
          within the time period permitted for delivery of quarterly statements
          pursuant to Section 11(a) (such lesser amount, the "Maximum
          Availability"). "Aggregate Borrowing Base" shall mean, on any date of
          determination, the sum of the Borrowing Bases for each property in the
          Collateral Pool. "Borrowing Base" shall mean the value ascribed to a
          property in the Collateral Pool for the purpose of this Section 1.1,
          calculated as follows: the Net Operating Income for such property
          shall be divided by the product of the Market Constant, 12 and 1.30.
          "Market Constant" shall mean the factor determined by the
          Administrative Agent by reference to a standard level constant payment
          table for a fully amortizing loan with a maturity of 25 years'
          duration based upon an assumed per annum interest rate equal to the
          greater of (i) the ten-year U.S. Treasury constant maturities interest
          rate average, as announced weekly in Federal Reserve Statistical
          Release H.15, plus one and three-quarters percentage points (1.75%),
          or (ii) seven percent (7%). In the event that the Total

                                       2
<PAGE>

          Outstandings shall at any time exceed the Maximum Availability, the
          Company agrees to provide within 30 days sufficient additional
          collateral (subject to all the requirements of Sections 7 and 9
          hereof) such as to cause the Total Outstandings not to exceed the
          Maximum Availability or to make such repayment of the Loan as may be
          required to reduce the Total Outstandings to not more than the Maximum
          Availability. The parties agree that the Company's compliance with the
          65.18% ratio temporarily permitted by the terms of this Section 1.1
          shall also constitute compliance during the same time period with the
          65% ratio otherwise required by the terms of Sections 9.8(c) and
          9.9(e) of this Agreement.

          4. The parties agree that, as of the date of this Amendment, the
Collateral Pool consists of the following properties: The Mall at Fairfield
Commons in Beavercreek, Ohio; NewTowne Mall in New Philadelphia, Ohio; Indian
Mound Mall in Heath, Ohio; Ohio River Plaza in Gallipolis, Ohio; and Cherry Hill
Plaza in Galax, Virginia. The parties agree that, based upon the fair market
value of the properties in the Collateral Pool, the Maximum Availability shall
be $169,740,000.

          5. Section 9.9(d) of the Loan Agreement is hereby deleted. Glimcher
Realty Trust shall remain a guarantor under the terms and conditions of the
guarantees delivered in connection with the closing of the Loan Agreement and
pursuant to the terms and conditions of any guarantees executed and delivered in
substitution therefor in connection with this Amendment or otherwise. Glimcher
Realty Trust hereby confirms and represents that each of the guarantees that it
executed and delivered to the Banks in connection with the execution of the Loan
Agreement remains in full force and effect. The guarantees executed and
delivered by the Additional Guarantors in connection with the closing of the
Loan Agreement are hereby released and terminated by the Banks.

          6. The Company and the Guarantor hereby represent and warrant to the
Banks that, on the date of this Amendment, there exists no Event of Default nor
any event that would become an Event of Default upon the giving of notice or
lapse of time, or both. The Company further represents that, to the best of its
knowledge, there exists no default by the Co-Agents or the Banks in the
performance of any of their obligations under the Loan Agreement.

          7. The parties agree that Section 14.11 of the Loan Agreement shall be
deleted and a new Section 14.11 substituted therefor, to read in its entirety as
follows:

          14.11 FUNDING OF ADVANCES.

               On the date of the closing of the Loan or any later date when
          funds are to be disbursed to the Company pursuant to the Loan, each
          Bank shall pay to the Administrative Agent its Pro Rata Share, of the
          amount of the disbursement, in funds available for immediate use, by
          1:00 p.m. Columbus, Ohio, time on the same banking day on which the
          Advance is made, provided, however, that the Administrative Agent
          shall give each Bank notice of a LIBO Rate Advance

                                       3
<PAGE>

          promptly after notice is received from the Company pursuant to Section
          2.3 and shall use its best efforts to give each Bank notice of the
          funding of a Prime Interest Rate Advance no later than 4:00 p.m.,
          Columbus, Ohio time on the banking day immediately preceding the day
          of the advance. In the event any Bank fails or refuses to make payment
          to the Administrative Agent as required herein, then the
          Administrative Agent, without limitation, shall be entitled to pursue
          all remedies and rights permitted by this Agreement, law, or equity
          and further shall be entitled to, but not be required to, do all or
          any of the following: (a) fund such Bank's Pro Rata Share of the
          disbursement, (b) accrue interest on any unpaid amount at the Federal
          Funds Rate (as defined below), (c) withhold from such Bank all
          interest, principal, fees and late charges attributable to such Bank's
          Pro Rata Share thereof through the date such Bank funds its Pro Rata
          Share thereof and pays the interest due thereon, plus any additional
          cost or expense, including without limitation, reasonable attorneys
          fees, incurred by the Co-Agents or the Administrative Agent as a
          result of such Bank's failure to pay, and (d) offset against such
          Bank's Pro Rata Share all sums received by the Co-Agents or the
          Administrative Agent in connection with the Loan until reimbursed by
          the Bank that failed or refused to make such payment. All payments
          received by the Administrative Agent in respect of the Loan shall be
          distributed pro rata to the Banks promptly after the Administrative
          Agent shall have collected such payment in immediately available
          funds. The Administrative Agent agrees that all payments of principal
          and interest received from the Company, in funds available for
          immediate use, by 1:00 p.m. Columbus, Ohio, time, shall be disbursed
          to the Banks on the same banking day. In the event the Administrative
          Agent fails to make payment to any one or more of the Banks on such
          date, then the Administrative Agent shall pay interest on the amount
          of any such late payment at the Federal Funds Rate (as defined below).
          As used herein, "Federal Funds Rate" shall mean for any day, the
          weighted average of the rates on overnight Federal funds transactions
          with members of the Federal Reserve System arranged by Federal funds
          brokers, as published for such day (for if such day is not a Business
          Day, the next preceding Business Day) by the Federal Reserve Bank of
          New York, of if such rate is not so published for any day which is a
          Business Day, the average of quotations for such day and such
          transactions received by the Administrative Agent from three Federal
          funds brokers of recognized standing selected by the Administrative
          Agent.

          8. Each reference to the Loan Agreement, whether by use of the phrase
"Loan Agreement," "Agreement," the prefix "herein" (when used in any provision
of this Amendment wherein a section of the Loan Agreement is deleted and a new
section substituted therefor), or any other term, and whether contained in the
Loan Agreement itself, in this Amendment, in any document executed concurrently
herewith or in any loan documents executed hereafter, shall be construed as a
reference to the Loan Agreement as previously amended and as amended by this
Amendment.

                                       4
<PAGE>

          9. Except as previously amended and as modified herein, the Loan
Agreement and the Loan Documents shall remain as written originally and in full
force and effect in all respects, and nothing herein shall affect, modify, limit
or impair any of the rights and powers which the Banks may have thereunder. Each
of the Company and the Guarantor agrees to perform and observe all the
covenants, agreements, stipulations, and conditions to be performed on its part
under the Loan Agreement, the promissory notes and guarantees executed and
delivered in connection herewith, the Loan Documents, and all other related
agreements, as amended by this Amendment.

          10. The Company and the Guarantor hereby represent and warrant to the
Co-Agents and the Banks that (a) the Company and the Guarantor have legal power
and authority to execute and deliver the within Amendment; (b) the respective
officers executing the within Amendment on behalf of the Company and the
Guarantor have been duly authorized to execute and deliver the same and bind the
Company and the Guarantor with respect to the provisions provided for herein and
therein; (c) the execution by the Company and Guarantor and the performance and
observance by the Company and the Guarantor of the provisions hereof do not
violate or conflict with the articles of incorporation, regulations or by-laws
of the Company or the Guarantor or any law applicable to the Company or the
Guarantor or result in the breach of any provision of or constitute a default
under any agreement, instrument or document binding upon or enforceable against
the Company or the Guarantor; and (d) this Amendment constitutes a valid and
legally binding obligation upon the Company and the Guarantor, subject to
applicable bankruptcy, insolvency, reorganization or other similar laws
affecting creditors' rights generally, to general equitable principles and to
applicable doctrines of commercial reasonableness.

          11. This Amendment shall become effective only upon (a) its execution
by all parties hereto, which execution may be in any number of counterparts, but
all of which when taken together shall constitute one and the same document; (b)
execution and delivery by the Company to each of The Huntington National Bank,
KeyBank National Association, Bankers Trust Company and LaSalle Bank N.A. of
promissory notes in the form of Exhibit B to the Loan Agreement in the amount of
each such bank's respective Commitment Limit; and (c) execution and delivery by
the Guarantor to each of The Huntington National Bank, KeyBank National
Association, Bankers Trust Company and LaSalle Bank N.A. of guarantees in the
form of Exhibits C and D to the Loan Agreement, in substitution for the
guarantees previously executed and delivered.

          12. The capitalized terms used herein shall have the same meanings as
the capitalized terms used in the Loan Agreement.

                                       5
<PAGE>

                             GLIMCHER PROPERTIES LIMITED PARTNERSHIP

                             By: Glimcher Properties Corporation
                             Its: Sole General Partner

                             By: /s/ George C. Schmidt
                                ------------------------------------------------
                                   George C. Schmidt
                             Its:  Executive Vice President

                             GLIMCHER REALTY TRUST

                             By: /s/ George C. Schmidt
                                ------------------------------------------------
                                   George C. Schmidt
                             Its:  Executive Vice President

                             GLIMCHER PROPERTIES CORPORATION

                             By: /s/ George C. Schmidt
                                ------------------------------------------------
                                   George C. Schmidt
                             Its:  Executive Vice President

                             THE HUNTINGTON NATIONAL BANK, as
                             Co-Agent and Administrative Agent

                             By: /s/ Bonnie Briath
                                ------------------------------------------------
                             Its: Vice President
                                 -----------------------------------------------

                             KEYBANK NATIONAL ASSOCIATION , as Co-Agent
                             and Syndication Agent

                             By: /s/ Dan Heller
                                -----------------------------------------------=
                             Its: V. P.
                                 -----------------------------------------------

                                       6
<PAGE>
                             THE HUNTINGTON NATIONAL BANK

                             By: /s/ Bonnie Briath
                                ------------------------------------------------
                             Its: Vice President
                                  ----------------------------------------------

                             KEYBANK NATIONAL ASSOCIATION

                             By: /s/ Dan Heller
                                ------------------------------------------------
                             Its: V. P.
                                 -----------------------------------------------

                             BANKERS TRUST COMPANY

                             By: /s/ Steven P. Lapham
                                ------------------------------------------------
                             Its: Director
                                 -----------------------------------------------

                             FIRSTAR BANK, NATIONAL ASSOCIATION

                             By: /s/ Marilyn K. Miller
                                ------------------------------------------------
                             Its: Vice President
                                 -----------------------------------------------

                             FIRSTMERIT BANK, NATIONAL  ASSOCIATION

                             By: /s/ William G. Randolph
                                ------------------------------------------------
                             Its: Executive Vice President
                                 -----------------------------------------------

                             NATIONAL CITY BANK

                             By: /s/ Steven P. Lapham
                                ------------------------------------------------
                             Its: S.V.P.
                                 -----------------------------------------------

                                       7
<PAGE>
                             PNC BANK, NATIONAL ASSOCIATION

                             By: /s/ Wayne Redman
                                ------------------------------------------------
                             Its: Vice President
                                  ----------------------------------------------

                             THE PROVIDENT BANK

                             By: /s/ Brent Johnson
                                ------------------------------------------------
                             Its: Vice President
                                  ----------------------------------------------

                             LASALLE BANK N.A.

                             By: /s/ William G. Randolph
                                ------------------------------------------------

                             Its: EXP
                                 -----------------------------------------------

                                       8

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