Document:

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                                                                   Exhibit 10.32

                                    MORTGAGE

                                     MADE BY

                    GLIMCHER PROPERTIES LIMITED PARTNERSHIP,

                                  AS MORTGAGOR

                                       to

                          KEYBANK NATIONAL ASSOCIATION

                                  AS MORTGAGEE

                          Dated as of: October 17, 2003

                   PREPARED BY AND UPON RECORDATION RETURN TO:

                       Sonnenschein Nath & Rosenthal, LLP

                                8000 Sears Tower

                                233 South Wacker

                             Chicago, Illinois 60606

                              Attention: Pat Moran, Esq.

Gratiot Center, Saginaw, Michigan

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                                    MORTGAGE

                             Project Common Known As
                       "Gratiot Center, Saginaw, Michigan"

         THIS MORTGAGE (this "Mortgage") is made as of October 17, 2003, by
Glimcher Properties Limited Partnership, a Delaware limited partnership
("Mortgagor") whose address is 150 East Gay Street, Columbus, Ohio 43215, and
KEYBANK NATIONAL ASSOCIATION, as administrative agent for itself and one or more
Lenders (as defined in that certain Credit Agreement bearing the date October
17, 2003 by and between Glimcher Properties Limited Partnership, a Delaware
limited partnership (the "Borrower"), such Lenders and KEYBANK NATIONAL
ASSOCIATION, as administrative agent, hereinafter the "Credit Agreement"),
(together with its successors and assigns, the "Mortgagee"), whose address is
127 Public Square, Cleveland, Ohio 44114.

1.       GRANT AND SECURED OBLIGATIONS.

         1.1      Grant. Borrower has executed and delivered to the Lenders
certain promissory notes and may in the future execute and deliver to the
Lenders additional promissory notes (the promissory notes, made in favor of the
Lenders, together with any amendments or allonges thereto, or restatements,
replacements or renewals thereof, or new promissory notes to new Lenders under
the Credit Agreement, are collectively referred to herein as the "Notes"), in
and by which the Borrower promises to pay the principal of all Loans under such
Credit Agreement and interest at the rate and in installments as provided in the
Notes, with a final payment of the outstanding principal balance and accrued and
unpaid interest being due on or before October 16, 2006. The maximum aggregate
principal amount of the Loans evidenced by the Notes shall be $150,000,000. The
indebtedness secured hereby shall be governed by the terms and conditions of the
Credit Agreement. Such Notes, as well as any repayment provisions contained in
such Credit Agreement, are hereby incorporated in this Mortgage. To the extent
there may be any inconsistency between the terms and provisions of this Mortgage
and the terms and provisions of the Credit Agreement, the terms and provisions
of the Credit Agreement shall govern and control. All capitalized terms used
herein and not otherwise defined shall have the meanings ascribed to such terms
in the Credit Agreement.

         In consideration of the debt evidenced by the Notes and the Commitments
evidenced by the Credit Agreement and to secure the timely payment of both
principal and interest in accordance with the terms and provisions of the Notes
and in accordance with the terms, provisions and limitations of this Mortgage,
to secure the payment of any and all amounts advanced by the Administrative
Agent or the Lenders with respect to the Premises for the payment of taxes,
assessments, insurance premiums or any other costs incurred in the protection of
the Premises, and to secure the performance of the covenants and agreements
contained herein and in the Notes, the Credit Agreement, the Guaranty, the
Subsidiary Guaranty and any other documents evidencing and securing the loan
secured hereby or delivered to Mortgagee pursuant to the Credit Agreement
(collectively, the "Loan Documents") to be performed by Mortgagor, and to secure
all Rate Management Transactions entered into with the Administrative Agent or
any of the Lenders in connection with the Credit Agreement, and for the purpose
of securing payment and performance of the Secured Obligations defined and
described in Section 1.2

Gratiot Center, Saginaw, Michigan

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below, Mortgagor hereby irrevocably and unconditionally grants, bargains, sells,
conveys, mortgages and warrants to Mortgagee, with power of sale, provided
adequate notice has been provided to Mortgagor prior to pursuit of such power of
sale, and with right of entry and possession, all estate, right, title and
interest which Mortgagor now has or may later acquire in and to the following
property (all or any part of such property, or any interest in all or any part
of it, as the context may require, the "Property"):

                  (a)      The real property located in the County of Saginaw,
         State of Michigan, as described in Exhibit A, together with all
         existing and future easements and rights affording access to it (the
         "Premises"); together with

                  (b)      All buildings, structures and improvements now
         located or later to be constructed on the Premises (the
         "Improvements"); together with

                  (c)      All existing and future appurtenances, privileges,
         easements, franchises and tenements of the Premises, including all
         minerals, oil, gas, other hydrocarbons and associated substances,
         sulphur, nitrogen, carbon dioxide, helium and other commercially
         valuable substances which may be in, under or produced from any part of
         the Premises, all development rights and credits, air rights, water,
         water rights (whether riparian, appropriative or otherwise, and whether
         or not appurtenant) and water stock, and any Premises lying in the
         streets, roads or avenues, open or proposed, in front of or adjoining
         the Premises and Improvements; together with

                  (d)      All existing and future leases, subleases,
         subtenancies, licenses, occupancy agreements and concessions ("leases")
         relating to the use and enjoyment of all or any part of the Premises
         and Improvements, and any and all guaranties and other agreements
         relating to or made in connection with any of such leases; together
         with

                  (e)      All real property and improvements on it, and all
         appurtenances and other property and interests of any kind or
         character, whether described in Exhibit A or not, which may be
         reasonably necessary or desirable to promote the present and any
         reasonable future beneficial use and enjoyment of the Premises and
         Improvements; together with

                  (f)      All goods, materials, supplies, chattels, furniture,
         fixtures, equipment and machinery now or later to be attached to,
         placed in or on, or used in connection with the use, enjoyment,
         occupancy or operation of all or any part of the Premises and
         Improvements, whether stored on the Premises or elsewhere, including
         all pumping plants, engines, pipes, ditches and flumes, and also all
         gas, electric, cooking, heating, cooling, air conditioning, lighting,
         refrigeration and plumbing fixtures and equipment, all of which shall
         be considered to the fullest extent of the law to be real property for
         purposes of this Mortgage and any manufacturer's warranties with
         respect thereto; together with

                  (g)      All building materials, equipment, work in process or
         other personal property of any kind, whether stored on the Premises or
         elsewhere, which have been or later will be acquired for the purpose of
         being delivered to, incorporated into or installed in or about the
         Premises or Improvements; together with

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                  (h)      All of Mortgagor's interest in and to all operating
         accounts pertaining to the Property and the Loan funds, whether
         disbursed or not; together with

                  (i)      All rights to the payment of money, accounts,
         accounts receivable, reserves, deferred payments, refunds, cost
         savings, payments and deposits, whether now or later to be received
         from third parties (including all earnest money sales deposits) or
         deposited by Mortgagor with third parties (including all utility
         deposits), contract rights, development and use rights, governmental
         permits and licenses, applications, architectural and engineering
         plans, specifications and drawings, as-built drawings, chattel paper,
         instruments, documents, notes, drafts and letters of credit (other than
         letters of credit in favor of Mortgagee), which arise from or relate to
         construction on the Premises or to any business now or later to be
         conducted on it, or to the Premises and Improvements generally and any
         builder's or manufacturer's warranties with respect thereto; together
         with

                  (j)      All insurance policies pertaining to the Premises and
         all proceeds, including all claims to and demands for them, of the
         voluntary or involuntary conversion of any of the Premises,
         Improvements or the other property described above into cash or
         liquidated claims, including proceeds of all present and future fire,
         hazard or casualty insurance policies and all condemnation awards or
         payments now or later to be made by any public body or decree by any
         court of competent jurisdiction for any taking or in connection with
         any condemnation or eminent domain proceeding, and all causes of action
         and their proceeds for any damage or injury to the Premises,
         Improvements or the other property described above or any part of them,
         or breach of warranty in connection with the construction of the
         Improvements, including causes of action arising in tort, contract,
         fraud or concealment of a material fact; together with

                  (k)      All of Mortgagor's rights in and to all Rate
         Management Transactions entered into with the Administrative Agent or
         any of the Lenders in connection with the Credit Agreement;

                  (l)      All books and records pertaining to any and all of
         the property described above, including computer-readable memory and
         any computer hardware or software necessary to access and process such
         memory ("Books and Records"); together with

                  (m)      All proceeds of, additions and accretions to,
         substitutions and replacements for, and changes in any of the property
         described above.

         Capitalized terms used above and elsewhere in this Mortgage without
definition have the meanings given them in the Credit Agreement referred to in
Subsection 1.2(a)(iii) below.

         1.2      Secured Obligations.

                  (a)      Mortgagor makes the grant, conveyance, and mortgage
         set forth in Section 1.1 above, and grants the security interest set
         forth in Section 3 below for the purpose of securing the following
         obligations (the "Secured Obligations") in any order of priority that
         Mortgagee may choose:

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                           (i)      Payment of all obligations at any time owing
                  under the Notes under the terms of the Credit Agreement; and

                           (ii)     Payment and performance of all obligations
                  of Mortgagor under this Mortgage; and

                           (iii)    Payment and performance of all obligations
                  of Mortgagor under the Credit Agreement; and

                           (iv)     Payment and performance of any obligations
                  of Mortgagor under any Loan Documents which are executed by
                  Mortgagor; and

                           (v)      Payment and performance of all obligations
                  of Mortgagor arising from any Rate Management Transactions
                  entered into with the Administrative Agent or any of the
                  Lenders in connection with the Credit Agreement. Rate
                  Management Transactions shall mean an interest rate hedging
                  program through the purchase by Mortgagor from the
                  Administrative Agent or any of the Lenders in connection with
                  an interest rate swap, cap or such other interest rate
                  protection product with respect to the Credit Agreement; and

                           (vi)     Payment and performance of all future
                  advances and other obligations that Mortgagor or any successor
                  in ownership of all or part of the Property may agree to pay
                  and/or perform (whether as principal, surety or guarantor) for
                  the benefit of Mortgagee, when a writing evidences the
                  parties' agreement that the advance or obligation be secured
                  by this Mortgage; and

                           (vii)    Payment and performance of all
                  modifications, amendments, extensions, and renewals, however
                  evidenced, of any of the Secured Obligations.

                  (b)      All persons who may have or acquire an interest in
         all or any part of the Property will be considered to have notice of,
         and will be bound by, the terms of the Secured Obligations and each
         other agreement or instrument made or entered into in connection with
         each of the Secured Obligations. Such terms include any provisions in
         the Note or the Credit Agreement which permit borrowing, repayment and
         reborrowing, or which provide that the interest rate on one or more of
         the Secured Obligations may vary from time to time.

2.       ASSIGNMENT OF RENTS.

         2.1      Assignment. Mortgagor hereby irrevocably, absolutely,
presently and unconditionally assigns to Mortgagee all rents, royalties, issues,
profits, revenue, income, accounts, proceeds and other benefits of the Property,
whether now due, past due or to become due, including all prepaid rents and
security deposits (some or all collectively, as the context may require,
"Rents"); provided, however, that such assignment shall be binding upon
Mortgagor only upon an Event of Default, as defined in Section 6.2 below, and
shall operate against and be binding upon occupiers of the Premises from and
after the date of (a) filing by Mortgagee in the office of the register of deeds
of Saginaw County of a notice of default by Mortgagor under the Mortgage, and
(b) service of a copy of such notice of default upon the occupiers of the
Premises.

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         2.2      Collection and Application of Rents. If an Event of Default
has occurred and is continuing, and subject to Mortgagee's compliance with the
provisions of Section 2.1 above, Mortgagee shall have the right, power and
authority to collect any and all Rents. Subject to the preceding sentence, and
in furtherance thereof, Mortgagor hereby appoints Mortgagee its attorney-in-fact
to perform any and all of the following acts, if and at the times when Mortgagee
in its sole discretion may so choose:

                  (a)      Demand, receive and enforce payment of any and all
         Rents; or

                  (b)      Give receipts, releases and satisfactions for any and
         all Rents; or

                  (c)      Sue either in the name of Mortgagor or in the name of
         Mortgagee for any and all Rents.

Mortgagee and Mortgagor agree that Mortgagee's right to the Rents does not
depend on whether or not Mortgagee files foreclosure proceedings, seeks or
obtains the appointment of a receiver, or takes possession of the Property as
permitted under Subsection 6.3(c). In Mortgagee's sole discretion, Mortgagee may
choose to collect Rents either with or without taking possession of the
Property. Mortgagee shall apply all Rents collected by it in the manner provided
under Section 6.6. If an Event of Default occurs while Mortgagee is in
possession of all or part of the Property and is collecting and applying Rents
as permitted under this Mortgage, Mortgagee and any receiver shall nevertheless
be entitled to exercise and invoke every right and remedy afforded any of them
under this Mortgage and at law or in equity.

         2.3      Mortgagee Not Responsible. Under no circumstances shall
Mortgagee have any duty to produce Rents from the Property. Regardless of
whether or not Mortgagee, in person or by agent, takes actual possession of the
Premises and Improvements, unless Mortgagee agrees in writing to the contrary,
Mortgagee is not and shall not be deemed to be:

                  (a)      A "mortgagee in possession" for any purpose; or

                  (b)      Responsible for performing any of the obligations of
         the lessor under any lease; or

                  (c)      Responsible for any waste committed by lessees or any
         other parties, any dangerous or defective condition of the Property, or
         any negligence in the management, upkeep, repair or control of the
         Property, unless caused by the gross negligence, willful misconduct or
         bad faith of Mortgagee; or

                  (d)      Liable in any manner for the Property or the use,
         occupancy, enjoyment or operation of all or any part of it.

         2.4      Leasing. Mortgagor shall not accept any deposit or prepayment
of rents under the leases for any rental period exceeding one (1) month without
Mortgagee's prior written consent. Mortgagor shall not lease the Property or any
part of it except strictly in accordance with the Credit Agreement.

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3.       GRANT OF SECURITY INTEREST.

         3.1      Security Agreement. The parties intend for this Mortgage to
create a lien on the Property, and an absolute assignment of the Rents, all in
favor of Mortgagee. The parties acknowledge that some of the Property and some
or all of the Rents may be determined under applicable law to be personal
property or fixtures. To the extent that any Property or Rents may be or be
determined to be personal property, Mortgagor as debtor hereby grants Mortgagee
as secured party a security interest in all such Property and Rents, to secure
payment and performance of the Secured Obligations. This Mortgage constitutes a
security agreement under the Uniform Commercial Code of the State in which the
Property is located, covering all such Property and Rents.

         3.2      Financing Statements. Mortgagor hereby authorizes Mortgagee to
file one or more financing statements. In addition, Mortgagor shall execute such
other documents as Mortgagee may from time to time require to perfect or
continue the perfection of Mortgagee's security interest in any Property or
Rents. As provided in Section 5.10 below, Mortgagor shall pay all fees and costs
that Mortgagee may incur in filing such documents in public offices and in
obtaining such record searches as Mortgagee may reasonably require. In case
Mortgagor fails to execute any financing statements or other documents for the
perfection or continuation of any security interest, Mortgagor hereby appoints
Mortgagee as its true and lawful attorney-in-fact to execute any such documents
on its behalf. If any financing statement or other document is filed in the
records normally pertaining to personal property, that filing shall never be
construed as in any way derogating from or impairing this Mortgage or the rights
or obligations of the parties under it.

4.       FIXTURE FILING.

         This Mortgage constitutes a financing statement filed as a fixture
filing under Article 9 of the Uniform Commercial Code in the State in which the
Property is located, as amended or recodified from time to time, covering any
Property which now is or later may become fixtures attached to the Premises or
Improvements. For this purpose, the respective addresses of Mortgagor, as
debtor, and Mortgagee, as secured party, are as set forth in the preambles of
this Mortgage.

5.       RIGHTS AND DUTIES OF THE PARTIES.

         5.1      Representations and Warranties. Mortgagor represents and
warrants that:

                  (a)      Mortgagor lawfully possesses and holds fee simple
         title to all of the Premises and Improvements;

                  (b)      Mortgagor has or will have good title to all Property
         other than the Premises and Improvements;

                  (c)      Mortgagor has the full and unlimited power, right and
         authority to encumber the Property and assign the Rents;

                  (d)      This Mortgage creates a first and prior lien on the
         Property;

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                  (e)      The Property includes all property and rights which
         may be reasonably necessary or desirable to promote the present and any
         reasonable future beneficial use and enjoyment of the Premises and
         Improvements;

                  (f)      Mortgagor owns any Property which is personal
         property free and clear of any security agreements, reservations of
         title or conditional sales contracts, and there is no financing
         statement affecting such personal property on file in any public
         office; and

                  (g)      Mortgagor's place of business, or its chief executive
         office if it has more than one place of business, is located at the
         address specified below.

         5.2      Taxes, and Assessments. Mortgagor shall, prior to delinquency,
pay or cause to be paid each installment of all taxes and special assessments of
every kind, now or hereafter levied against the Property or any part thereof,
without notice or demand, and shall provide Mortgagee with evidence of the
payment of same. Mortgagor shall pay all taxes and assessments which may be
levied upon Mortgagee's or the Lenders' interest herein or upon this Mortgage or
the debt secured hereby (excluding any income taxes or similar charges imposed
upon Mortgagee or the Lenders), without regard to any law that may be enacted
imposing payment of the whole or any part thereof upon the Mortgagee or any
Lender. Notwithstanding anything contained in this Section to the contrary,
Mortgagor shall have the right to pay or cause to be paid any such tax or
special assessment under protest or to otherwise contest any such tax or special
assessment but only if (i) such contest has the effect of preventing the
collection of such tax or special assessment so contested and also prevent the
sale or forfeiture of the Property or any part thereof or any interest therein,
(ii) Mortgagor promptly notifies Mortgagee in writing of its intent to contest
such tax or special assessment, and (iii) if so requested in writing by
Mortgagee, Mortgagor has deposited security in form and amount reasonably
satisfactory to Mortgagee, and increases the amount of such security so
deposited promptly after Mortgagee's request therefor. Mortgagor shall prosecute
or cause the prosecution of all such contest actions in good faith and with due
diligence.

         5.3      Performance of Secured Obligations. Mortgagor shall promptly
pay and perform each Secured Obligation in accordance with its terms.

         5.4      Liens, Charges and Encumbrances. Mortgagor shall immediately
discharge any lien on the Property which Mortgagee has not consented to in
writing in accordance with the terms of Section 6.16 of the Credit Agreement.

         5.5      Damages, Restoration, and Insurance Proceeds. As long as no
Event of Default has occurred and is then continuing, all insurance proceeds for
losses at the Property of less than $500,000.00 shall be adjusted with and
payable to the Mortgagor. In case of loss, Mortgagee shall have the right (but
not the obligation) to participate in and reasonably approve the settlement of
any insurance claim in excess of $500,000.00 and all claims thereafter, and
Mortgagee is at all times authorized to collect and receive any insurance money
for those claims which Mortgagee is entitled to approve the settlement of
hereunder however, notwithstanding the forgoing, if the Property is damaged and
the Borrower elects to release the Property from the Collateral Pool in
accordance with the terms of Section 2.7(c) of the Credit Agreement, upon such
release, all insurance proceeds for such damage to the Property shall be payable
to the Mortgagor.

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         At the election of Mortgagee, such insurance proceeds may be applied to
reduce the outstanding balance of the indebtedness under the Credit Agreement or
to pay for costs of repair and restoration of the Property; provided, however,
that so long as no Event of Default has occurred and is then continuing,
Mortgagee shall make such insurance proceeds available to pay for such costs of
repair and restoration. If Mortgagee is entitled to and does elect to apply
insurance proceeds in payment or reduction of the indebtedness secured hereby,
then Mortgagee shall reduce the then outstanding balance of the Advances by the
amount of the insurance proceeds received and so applied by Mortgagee. In the
event that Mortgagee does not elect to apply the insurance proceeds to the
indebtedness secured hereby as set forth above, such insurance proceeds shall be
used to reimburse Mortgagor for the cost of rebuilding or restoring the
Premises. The Premises shall be so restored or rebuilt as to be substantially
the same quality and character as the Premises were prior to such damage or
destruction in accordance with the original plans and specifications or to such
other condition as Mortgagee shall reasonably approve in writing.

         If Mortgagee elects to make the proceeds available for repair and
restoration, any request by Mortgagor for a disbursement by Mortgagee of fire or
casualty insurance proceeds and funds deposited by Mortgagor with Mortgagee
pursuant to this Section 5.5 shall be treated by Mortgagee as if such request
were for an Advance under the Credit Agreement, and the disbursement thereof
shall be conditioned upon the Borrower's compliance with and satisfaction of the
same conditions precedent as would be applicable under the Credit Agreement for
such an Advance, and during any such period that funds are available to the
Borrower for application to restore the Property, the amount of the Borrowing
Base attributable to the Property shall be determined in accordance with the
terms of the Credit Agreement. Additionally, such disbursement shall also be
conditioned upon Borrower's providing to Administrative Agent: updated title
insurance, satisfactory evidence, as reasonably determined by Administrative
Agent, that the Premises shall be so restored or rebuilt as to be of at least
equal value and quality and substantially the same character as the Premises
were prior to such damage or destruction in accordance with the original plans
and specifications or to such other condition as Administrative Agent shall
reasonably approve in writing, satisfactory evidence of the estimated cost of
completion thereof and with such architect's certificates, waivers of lien,
contractors' sworn statements and other evidence of cost and of payments as
Administrative Agent may reasonably require and approve. The undisbursed balance
of insurance proceeds shall at all times be sufficient to pay for the cost of
completion of the work free and clear of liens and if such proceeds are
insufficient, Mortgagor shall deposit the amount of such deficiency with
Mortgagee prior to the disbursement by Mortgagee of (i) any insurance proceeds
or (ii) any additional Advances under the Credit Agreement for such purpose.

         5.6      Condemnation Proceeds. Mortgagor hereby assigns, transfers and
sets over unto Mortgagee its entire interest in the proceeds (the "Condemnation
Proceeds") of any award or any claim for damages for any of the Property taken
or damaged under the power of eminent domain or by condemnation or any
transaction in lieu of condemnation ("Condemnation"), unless, notwithstanding
the forgoing, (i) such taking, damage or condemnation does not cause a material
diminution in the value of the Premises or (ii) Mortgagor elects to release the
Property in accordance with the terms of Section 2.7(c) of the Credit Agreement,
in which case, upon such release, all Condemnation Proceeds for damages to the
Property shall be payable to the Mortgagor. Mortgagee shall make available to
Mortgagor the Condemnation Proceeds for the restoration of the Premises if
Mortgagor satisfies all of the conditions set forth in this Section 5.6

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hereof for disbursement of insurance proceeds. In all other cases Mortgagee
shall have the right, at its option, to apply the Condemnation Proceeds upon or
in reduction of the indebtedness secured hereby, whether due or not. If
Mortgagee is entitled to and does elect to apply Condemnation Proceeds upon or
in reduction of the indebtedness secured hereby, then Mortgagee shall reduce the
then outstanding balance of the Advances under the Credit Agreement by the
amount of the Condemnation Proceeds received and so applied by Mortgagee and the
Borrowing Base reduced. If the Condemnation Proceeds are required to be used as
aforesaid to reimburse Mortgagor for the cost of rebuilding or restoring
buildings or improvements on the Property, or if Mortgagee elects that the
Condemnation Proceeds be so used, and the buildings and other improvements shall
be rebuilt or restored, the Condemnation Proceeds shall be paid out in the same
manner as is provided in this Section 5.6 hereof for the payment of insurance
proceeds toward the cost of rebuilding or restoration of such buildings and
other improvements. Any surplus which may remain out of the Condemnation
Proceeds after payment of such cost of rebuilding or restoration shall, at the
option of Mortgagee, be applied on account of the indebtedness secured hereby or
be paid to any other party entitled thereto.

         5.7      Maintenance and Preservation of Property.

                  (a)      Mortgagor shall insure the Property as required by
         Schedule 11 of the Credit Agreement and keep the Property in good
         condition and repair.

                  (b)      Except as required by the terms of any lease approved
         by Administrative Agent, Mortgagor shall not remove or demolish the
         Property or any material part of it in any way, or materially alter,
         restore or add to the Property, or initiate or allow any material
         change or variance in any zoning or other Premises use classification
         which adversly affects the Property or any material part of it, except
         with Mortgagee's express prior written consent in each instance; the
         term "materially" or "material" as used in this Section 5.7(b) shall
         mean having a monetary effect in an amount greater than (i) $500,000
         with respect to any Community Center and (ii) $1,000,000 with respect
         to any Regional Mall.

                  (c)      Mortgagor shall not commit or allow any act upon or
         use of the Property which would violate: (i) any applicable Laws or
         order of any Governmental Authority, whether now existing or later to
         be enacted and whether foreseen or unforeseen; or (ii) any public or
         private covenant, condition, restriction or equitable servitude
         affecting the Property. Mortgagor shall not bring or keep any article
         on the Property or cause or allow any condition to exist on it, if that
         could invalidate or would be prohibited by any insurance coverage
         required to be maintained by Mortgagor on the Property or any part of
         it under the Credit Agreement.

                  (d)      Mortgagor shall not commit or allow waste of the
         Property, including those acts or omissions characterized under the
         Credit Agreement as waste which arises out of Materials of
         Environmental Concern.

                  (e)      Mortgagor shall perform all other acts which from the
         character or use of the Property may be reasonably necessary to
         maintain and preserve its value.

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         5.8      Releases, Extensions, Modifications and Additional Security.
From time to time, Mortgagee may perform any of the following acts without
incurring any liability or giving notice to any person:

                  (a)      Release any person liable for payment of any Secured
         Obligation;

                  (b)      Extend the time for payment, or otherwise alter the
         terms of payment, of any Secured Obligation;

                  (c)      Accept additional real or personal property of any
         kind as security for any Secured Obligation, whether evidenced by deeds
         of trust, mortgages, security agreements or any other instruments of
         security;

                  (d)      Alter, substitute or release any property securing
         the Secured Obligations;

                  (e)      Consent to the making of any plat or map of the
         Property or any part of it;

                  (f)      Join in granting any easement or creating any
         restriction affecting the Property; or

                  (g)      Join in any subordination or other agreement
         affecting this Mortgage or the lien of it; or

                  (h)      Release the Property or any part of it.

         5.9      Release. If (a) Mortgagor shall fully pay all principal and
interest on the Notes, and all other indebtedness secured hereby and comply with
all of the other terms and provisions hereof to be performed and complied with
by Mortgagor, and terminate the obligations of the Lenders to make additional
advances under the Credit Agreement; or (b) Mortgagor shall comply with the
terms and conditions as set forth in Section 2.7(c) of Credit Agreement for
release of this Mortgage, Mortgagee, upon written request of Mortgagor stating
that the requirements of either clause (a) or clause (b) above have been
satisfied, shall release this Mortgage and the lien thereof by proper instrument
upon payment and discharge of the amounts required under the Credit Agreement
and payment of any filing fee in connection with such release. Mortgagor shall
pay any costs of preparation and recordation of such release.

         5.10     Compensation, Exculpation, Indemnification.

                  (a)      Mortgagor agrees to pay fees required by and pursuant
         to the Credit Agreement, for any services that Mortgagee may render in
         connection with this Mortgage, including Mortgagee's providing a
         statement of the Secured Obligations or providing the release pursuant
         to Section 5.9 above. Mortgagor shall also pay or reimburse all of
         Mortgagee's costs and expenses which may be incurred in rendering any
         such services. Mortgagor further agrees to pay or reimburse Mortgagee
         for all costs, expenses and other advances which may be incurred or
         made by Mortgagee in any efforts to enforce any terms of this Mortgage,
         including any rights or remedies afforded to Mortgagee under Section
         6.4, whether any lawsuit is filed or not, or in defending any action or
         proceeding arising under or relating to this Mortgage, including
         attorneys' fees and other legal costs, costs of any Foreclosure Sale
         (as defined in Subsection 6.4(i) below) and any cost of evidence of
         title. If Mortgagee chooses to dispose of Property

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         through more than one Foreclosure Sale, Mortgagor shall pay all costs,
         expenses or other advances that may be incurred or made by Mortgagee in
         each of such Foreclosure Sales. In any suit to foreclose the lien
         hereof or enforce any other remedy of Mortgagee under this Mortgage or
         the Note, there shall be allowed and included as additional
         indebtedness in the decree for sale or other judgment or decree all
         expenditures and expenses which may be paid or incurred by or on behalf
         of Mortgagee for reasonable attorneys' costs and fees (including the
         costs and fees of paralegals), survey charges, appraiser's fees,
         inspecting engineer's and/or architect's fees, fees for environmental
         studies and assessments and all additional expenses incurred by
         Mortgagee with respect to environmental matters, outlays for
         documentary and expert evidence, stenographers' charges, publication
         costs, and costs (which may be estimated as to items to be expended
         after entry of the decree) of procuring all such abstracts of title,
         title searches and examinations, title insurance policies, and similar
         data and assurances with respect to title as Mortgagee may deem
         reasonably necessary either to prosecute such suit or to evidence to
         bidders at any sale which may be had pursuant to such decree the true
         condition of the title to, the value of or the environmental condition
         of the Property. All expenditures and expenses of the nature in this
         Subsection mentioned, and such expenses and fees as may be incurred in
         the protection of the Property and maintenance of the lien of this
         Mortgage, including the fees of any attorney (including the costs and
         fees of paralegals) employed by Mortgagee in any litigation or
         proceeding affecting this Mortgage, the Note or the Property, including
         probate and bankruptcy proceedings, or in preparation for the
         commencement or defense of any proceeding or threatened suit or
         proceeding, shall be immediately due and payable by Mortgagor, with
         interest thereon at the Default Rate and shall be secured by this
         Mortgage.

                  (b)      Mortgagee shall not be directly or indirectly liable
         to Mortgagor or any other person as a consequence of any of the
         following:

                           (i)      Mortgagee's exercise of or failure to
                  exercise any rights, remedies or powers granted to Mortgagee
                  in this Mortgage;

                           (ii)     Mortgagee's failure or refusal to perform or
                  discharge any obligation or liability of Mortgagor under any
                  agreement related to the Property or under this Mortgage; or

                           (iii)    Any loss sustained by Mortgagor or any third
                  party resulting from Mortgagee's failure to lease the
                  Property, or from any other act or omission of Mortgagee in
                  managing the Property, after an Event of Default, unless the
                  loss is caused by the willful misconduct, gross negligence, or
                  bad faith of Mortgagee.

         Mortgagor hereby expressly waives and releases all liability of the
         types described above, and agrees that no such liability shall be
         asserted against or imposed upon Mortgagee.

                  (c)      Mortgagor agrees to indemnify Mortgagee against and
         hold it harmless from all losses, damages, liabilities, claims, causes
         of action, judgments, court costs, attorneys' fees and other legal
         expenses, cost of evidence of title, cost of evidence of value, and
         other costs and expenses which it may suffer or incur, unless caused by
         the gross negligence, willful misconduct or bad faith of the Mortgagee:

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<PAGE>

                           (i)      In performing any act required or permitted
                  by this Mortgage or any of the other Loan Documents or by law;

                           (ii)     Because of any failure of Mortgagor to
                  perform any of its obligations; or

                           (iii)    Because of any alleged obligation of or
                  undertaking by Mortgagee to perform or discharge any of the
                  representations, warranties, conditions, covenants or other
                  obligations in any document relating to the Property other
                  than the Loan Documents.

         This agreement by Mortgagor to indemnify Mortgagee shall survive the
         release and cancellation of any or all of the Secured Obligations and
         the full or partial release of this Mortgage.

                  (d)      Mortgagor shall pay all obligations to pay money
         arising under this Section 5.9 immediately upon demand by Mortgagee.
         Each such obligation shall be added to, and considered to be part of,
         the principal of the Note, and shall bear interest from the date the
         obligation arises at the Default Rate.

         5.11     Defense and Notice of Claims and Actions. At Mortgagor's sole
expense, Mortgagor shall protect, preserve and defend the Property and title to
and right of possession of the Property, and the security of this Mortgage and
the rights and powers of Mortgagee created under it, against all adverse claims.
Mortgagor shall give Mortgagee prompt notice in writing if any claim is asserted
which does or could affect any such matters, or if any action or proceeding is
commenced which alleges or relates to any such claim.

         5.12     Subrogation. Mortgagee shall be subrogated to the liens of all
encumbrances, whether released of record or not, which are discharged in whole
or in part by Mortgagee in accordance with this Mortgage or with the proceeds of
any loan secured by this Mortgage.

         5.13     Site Visits, Observation and Testing. Mortgagee and its agents
and representatives shall have the right at any reasonable time to enter and
visit the Property for the purpose of performing appraisals, observing the
Property, and conducting non-invasive tests (unless Mortgagee has a good faith
reason to believe that the taking and removing soil or groundwater samples is
required, and in such case, conducting such tests) on any part of the Property.
Mortgagee has no duty, however, to visit or observe the Property or to conduct
tests, and no site visit, observation or testing by Mortgagee, its agents or
representatives shall impose any liability on any of Mortgagee, its agents or
representatives. In no event shall any site visit, observation or testing by
Mortgagee, its agents or representatives be a representation that Materials of
Environmental Concern are or are not present in, on or under the Property, or
that there has been or shall be compliance with any law, regulation or ordinance
pertaining to Materials of Environmental Concern or any other applicable
governmental law. Neither Mortgagor nor any other party is entitled to rely on
any site visit, observation or testing by any of Mortgagee, its agents or
representatives. Neither Mortgagee, its agents or representatives owe any duty
of care to protect Mortgagor or any other party against, or to inform Mortgagor
or any other party of, any Materials of Environmental Concern or any other
adverse condition affecting the Property. Mortgagee shall give Mortgagor
reasonable notice before entering the Property. Mortgagee shall make reasonable
efforts to avoid interfering with Mortgagor's use of the

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Property in exercising any rights provided in this Section 5.13. Notwithstanding
the foregoing, all rights granted to Mortgagee under this Section 5.13 are
subject to all rights of tenants to the Property.

         5.14     Notice of Change. Mortgagor shall give Mortgagee prior written
notice of any change in: (a) the location of its place of business or its chief
executive office if it has more than one place of business; (b) the location of
any of the Property, including the Books and Records; and (c) Mortgagor's name
or business structure. Unless otherwise approved by Mortgagee in writing, all
Property that consists of personal property (other than the Books and Records)
will be located on the Premises and all Books and Records will be located at
Mortgagor's place of business or chief executive office if Mortgagor has more
than one place of business.

6.       TRANSFERS, DEFAULT AND REMEDIES.

         6.1      Transfers. Mortgagor acknowledges that Mortgagee is making one
or more advances under the Credit Agreement in reliance on the expertise, skill
and experience of Mortgagor; thus, the Secured Obligations include material
elements similar in nature to a personal service contract. In consideration of
Mortgagee's reliance, Mortgagor agrees that Mortgagor shall not make any
transfer of the Property or transfer of its interests therein, except for leases
in the ordinary course (a "Transfer"), unless the Transfer is preceded by
Mortgagee's express written consent to the particular transaction and
transferee. Mortgagee may withhold such consent in its sole discretion.

         6.2      Events of Default. Mortgagor will be in default under this
Mortgage upon the occurrence of any one or more of the following events (some or
all collectively, "Events of Default;" any one singly, an "Event of Default"):

                  (a)      If a default shall occur with respect to covenants,
agreements and obligations of Mortgagor under this Mortgage involving the
payment of money (other than a default in the payment of principal when due as
provided in Section 7.1 of the Credit Agreement) and shall continue for a period
of five (5) business days after the due date thereof; or

                  (b)      If there is a failure to perform or observe any of
the other covenants, agreements and conditions contained in this Mortgage in
accordance with the terms hereof, and such default continues unremedied for a
period of thirty (30) days after written notice from Mortgagee to defaulting
Mortgagor of the occurrence thereof; or

                  (c)      An "Event of Default" occurs under the Credit
Agreement or any other Loan Document.

         6.3      Remedies. At any time after an Event of Default, Mortgagee
shall be entitled to invoke any and all of the rights and remedies described
below, in addition to all other rights and remedies available to Mortgagee at
law or in equity. All of such rights and remedies shall be cumulative, and the
exercise of any one or more of them shall not constitute an election of
remedies.

                  (a)      Acceleration. Upon the occurrence and continuation of
         any Event of Default above under subsections 6.2 (a) or 6.2 (b) above,
         the Property shall no longer be

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         eligible to be included in the calculation of the Borrowing Base unless
         the Required Lenders consent to its continued inclusion. Upon the
         occurrence of an Event of Default under subsection 6.2 (c) above, or if
         upon removal of the Property from the Borrowing Base, the Borrower does
         not reduce the outstanding balance of the Loans to be less than or
         equal to the recomputed Borrowing Base within the time period allowed
         under Section 2.7(b) of the Credit Agreement, then the whole of said
         principal sum hereby secured shall, at once either automatically or at
         the option of Mortgagee as described in Section 8.1 of the Credit
         Agreement, become immediately due and payable, together with accrued
         interest thereon, without any presentment, demand, protest or notice of
         any kind to Mortgagor.

                  (b)      Receiver. Mortgagee shall, as a matter of right,
         without notice and without giving bond to Mortgagor or anyone claiming
         by, under or through Mortgagor, and without regard for the solvency or
         insolvency of Mortgagor or the then value of the Property, to the
         extent permitted by applicable law, be entitled to have a receiver
         appointed for all or any part of the Property and the Rents, and the
         proceeds, issues and profits thereof, with the rights and powers
         referenced below and such other rights and powers as the court making
         such appointment shall confer, and Mortgagor hereby consents to the
         appointment of such receiver and shall not oppose any such appointment.
         Such receiver shall have all powers and duties prescribed by applicable
         law, all other powers which are necessary or usual in such cases for
         the protection, possession, control, management and operation of the
         Property, and such rights and powers as Mortgagee would have, upon
         entering and taking possession of the Property under subsection (c)
         below.

                  (c)      Entry. Mortgagee, in person, by agent or by
         court-appointed receiver, may enter, take possession of, manage and
         operate all or any part of the Property, and may also do any and all
         other things in connection with those actions that Mortgagee may in its
         sole discretion consider necessary and appropriate to protect the
         security of this Mortgage. Such other things may include: taking and
         possessing all of Mortgagor's or the then owner's Books and Records;
         entering into, enforcing, modifying or canceling leases on such terms
         and conditions as Mortgagee may consider proper; obtaining and evicting
         tenants; fixing or modifying Rents; collecting and receiving any
         payment of money owing to Mortgagee; completing any unfinished
         construction; and/or contracting for and making repairs and
         alterations. If Mortgagee so requests, Mortgagor shall assemble all of
         the Property that has been removed from the Premises and make all of it
         available to Mortgagee at the site of the Premises. Mortgagor hereby
         irrevocably constitutes and appoints Mortgagee as Mortgagor's
         attorney-in-fact to perform such acts and execute such documents as
         Mortgagee in its sole discretion may consider to be appropriate in
         connection with taking these measures, including endorsement of
         Mortgagor's name on any instruments.

                  (d)      Cure; Protection of Security. Mortgagee may cure any
         breach or default of Mortgagor, and if it chooses to do so in
         connection with any such cure, Mortgagee may also enter the Property
         and/or do any and all other things which it may in its sole discretion
         consider necessary and appropriate to protect the security of this
         Mortgage, including, without limitation, completing construction of the
         improvements at the Property contemplated by the Credit Agreement. Such
         other things may include: appearing in and/or defending any action or
         proceeding which purports to affect the

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<PAGE>

         security of, or the rights or powers of Mortgagee under, this Mortgage;
         paying, purchasing, contesting or compromising any encumbrance, charge,
         lien or claim of lien which in Mortgagee's sole judgment is or may be
         senior in priority to this Mortgage, such judgment of Mortgagee or to
         be conclusive as among the parties to this Mortgage; obtaining
         insurance and/or paying any premiums or charges for insurance required
         to be carried under the Credit Agreement; otherwise caring for and
         protecting any and all of the Property; and/or employing counsel,
         accountants, contractors and other appropriate persons to assist
         Mortgagee. Mortgagee may take any of the actions permitted under this
         Subsection 6.3(d) either with or without giving notice to any person.
         Any amounts expended by Mortgagee under this Subsection 6.3(d) shall be
         secured by this Mortgage.

                  (e)      Uniform Commercial Code Remedies. Mortgagee may
         exercise any or all of the remedies granted to a secured party under
         the Uniform Commercial Code in the State in which the Property is
         located.

                  (f)      Foreclosure; Lawsuits. Mortgagee shall have the
         right, in one or several concurrent or consecutive proceedings, to
         foreclose the lien hereof upon the Property or any part thereof, for
         the Secured Obligations, or any part thereof, by any proceedings
         appropriate under applicable law. Mortgagee or its nominee may bid and
         become the purchaser of all or any part of the Property at any
         foreclosure or other sale hereunder, and the amount of Mortgagee's
         successful bid shall be credited on the Secured Obligations. Without
         limiting the foregoing, Mortgagee may proceed by a suit or suits in law
         or equity, whether for specific performance of any covenant or
         agreement herein contained or in aid of the execution of any power
         herein granted, or for any foreclosure under the judgment or decree of
         any court of competent jurisdiction. In addition to the right provided
         in Subsection 6.3(a), upon, or at any time after the filing of a
         complaint to foreclose this Mortgage, Mortgagee shall be entitled to
         the appointment of a receiver of the property by the court in which
         such complaint is filed, and Mortgagor hereby consents to such
         appointment.

                  (g)      Other Remedies. Mortgagee may exercise all rights and
         remedies contained in any other instrument, document, agreement or
         other writing heretofore, concurrently or in the future executed by
         Mortgagor or any other person or entity in favor of Mortgagee in
         connection with the Secured Obligations or any part thereof, without
         prejudice to the right of Mortgagee thereafter to enforce any
         appropriate remedy against Mortgagor. Mortgagee shall have the right to
         pursue all remedies afforded to a mortgagee under applicable law, and
         shall have the benefit of all of the provisions of such applicable law,
         including all amendments thereto which may become effective from time
         to time after the date hereof.

                  (h)      Sale of Personal Property. Mortgagee shall have the
         discretionary right to cause some or all of the Property, which
         constitutes personal property, to be sold or otherwise disposed of in
         any combination and in any manner permitted by applicable law.

                           (i)      For purposes of this power of sale, provided
                  adequate notice has been provided to Mortgagor prior to
                  pursuit of such power of sale, Mortgagee may elect to treat as
                  personal property any Property which is intangible or which
                  can be severed from the Premises or Improvements without
                  causing structural damage. If it chooses to do so, Mortgagee
                  may dispose of any personal property,

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                                      -15-
<PAGE>

                  in any manner permitted by Article 9 of the Uniform Commercial
                  Code of the State in which the Property is located, including
                  any public or private sale, or in any manner permitted by any
                  other applicable law.

                           (ii)     In connection with any sale or other
                  disposition of such Property, Mortgagor agrees that the
                  following procedures constitute a commercially reasonable
                  sale: Mortgagee shall mail written notice of the sale to
                  Mortgagor not later than thirty (30) days prior to such sale.
                  Mortgagee will publish notice of the sale in a local daily
                  newspaper of general circulation. Upon receipt of any written
                  request, Mortgagee will make the Property available to any
                  bona fide prospective purchaser for inspection during
                  reasonable business hours. Notwithstanding, Mortgagee shall be
                  under no obligation to consummate a sale if, in its judgment,
                  none of the offers received by it equals the fair value of the
                  Property offered for sale. The foregoing procedures do not
                  constitute the only procedures that may be commercially
                  reasonable.

                  (i)      Single or Multiple Foreclosure Sales. If the Property
         consists of more than one lot, parcel or item of property, Mortgagee
         may:

                           (i)      Designate the order in which the lots,
                  parcels and/or items shall be sold or disposed of or offered
                  for sale or disposition; and

                           (ii)     Elect to dispose of the lots, parcels and/or
                  items through a single consolidated sale or disposition to be
                  held or made under or in connection with judicial proceedings,
                  or by virtue of a judgment and decree of foreclosure and sale;
                  or through two or more such sales or dispositions; or in any
                  other manner Mortgagee may deem to be in its best interests
                  (any such sale or disposition, a "Foreclosure Sale;" and any
                  two or more, "Foreclosure Sales").

                  If Mortgagee chooses to have more than one Foreclosure Sale,
                  Mortgagee at its option may cause the Foreclosure Sales to be
                  held simultaneously or successively, on the same day, or on
                  such different days and at such different times and in such
                  order as Mortgagee may deem to be in its best interests. No
                  Foreclosure Sale shall terminate or affect the liens of this
                  Mortgage on any part of the Property which has not been sold,
                  until all of the Secured Obligations have been paid in full.

         6.4      Credit Bids. At any Foreclosure Sale, any person, including
Mortgagor or Mortgagee, may bid for and acquire the Property or any part of it
to the extent permitted by then applicable law. Instead of paying cash for such
property, Mortgagee may settle for the purchase price by crediting the sales
price of the property against the following obligations:

                  (a)      First, the portion of the Secured Obligations
         attributable to the expenses of sale, costs of any action and any other
         sums for which Mortgagor is obligated to pay or reimburse Mortgagee
         under Section 5.10 of this Mortgage; and

                  (b)      Second, all other Secured Obligations in any order
         and proportions as Mortgagee in its sole discretion may choose.

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         6.5      Application of Foreclosure Sale Proceeds. Mortgagee shall
apply the proceeds of any Foreclosure Sale in the following manner:

                  (a)      First, to pay the portion of the Secured Obligations
         attributable to the expenses of sale, costs of any action and any other
         sums for which Mortgagor is obligated to reimburse Mortgagee under
         Section 5.10 of this Mortgage;

                  (b)      Second, to pay the portion of the Secured Obligations
         attributable to any sums expended or advanced by Mortgagee under the
         terms of this Mortgage which then remain unpaid;

                  (c)      Third, to pay all other Secured Obligations in any
         order and proportions as Mortgagee in its sole discretion may choose;
         and

                  (d)      Fourth, to remit the remainder, if any, to the person
         or persons entitled to it.

         6.6      Application of Rents and Other Sums. Mortgagee shall apply any
and all Rents collected by it, and any and all sums other than proceeds of a
Foreclosure Sale which Mortgagee may receive or collect under Section 6.3 above,
in the following manner:

                  (a)      First, to pay the portion of the Secured Obligations
         attributable to the costs and expenses of operation and collection that
         may be incurred by Mortgagee or any receiver;

                  (b)      Second, to pay all other Secured Obligations in any
         order and proportions as Mortgagee in its sole discretion may choose;
         and

                  (c)      Third, to remit the remainder, if any, to the person
         or persons entitled to it.

Mortgagee shall have no liability for any funds which it does not actually
receive.

7.       MISCELLANEOUS PROVISIONS.

         7.1      Additional Provisions. The Loan Documents fully state all of
the terms and conditions of the parties' agreement regarding the matters
mentioned in or incidental to this Mortgage. The Loan Documents also grant
further rights to Mortgagee and contain further agreements and affirmative and
negative covenants by Mortgagor which apply to this Mortgage and to the
Property.

         7.2      No Waiver or Cure.

                  (a)      Each waiver by Mortgagee must be in writing, and no
         waiver shall be construed as a continuing waiver. No waiver shall be
         implied from any delay or failure by Mortgagee to take action on
         account of any default of Mortgagor. Consent by Mortgagee to any act or
         omission by Mortgagor shall not be construed as a consent to any other
         or subsequent act or omission or to waive the requirement for
         Mortgagee's consent to be obtained in any future or other instance.

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                                      -17-
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                  (b)      If any of the events described below occurs, that
         event alone shall not: cure or waive any breach, Event of Default or
         notice of default under this Mortgage or invalidate any act performed
         pursuant to any such default or notice; or nullify the effect of any
         notice of default or sale (unless all Secured Obligations then due have
         been paid and performed and all other defaults under the Loan Documents
         have been cured); or impair the security of this Mortgage; or prejudice
         Mortgagee or any receiver in the exercise of any right or remedy
         afforded any of them under this Mortgage; or be construed as an
         affirmation by Mortgagee of any tenancy, lease or option, or a
         subordination of the lien of this Mortgage.

                           (i)      Mortgagee, its agent or a receiver takes
                  possession of all or any part of the Property in the manner
                  provided in Subsection 6.3(c).

                           (ii)     Mortgagee collects and applies Rents as
                  permitted under Sections 2.3 and 6.6 above, either with or
                  without taking possession of all or any part of the Property.

                           (iii)    Mortgagee receives and applies to any
                  Secured Obligation any proceeds of any Property, including any
                  proceeds of insurance policies, condemnation awards, or other
                  claims, property or rights assigned to Mortgagee under Section
                  5.5 and Section 5.6 above.

                           (iv)     Mortgagee makes a site visit, observes the
                  Property and/or conducts tests as permitted under Section 5.13
                  above.

                           (v)      Mortgagee receives any sums under this
                  Mortgage or any proceeds of any collateral held for any of the
                  Secured Obligations, and applies them to one or more Secured
                  Obligations.

                           (vi)     Mortgagee or any receiver invokes any right
                  or remedy provided under this Mortgage.

         7.3      Powers of Mortgagee.

                  (a)      If Mortgagee performs any act which it is empowered
         or authorized to perform under this Mortgage, including any act
         permitted by Section 5.8 or Subsection 6.3(d) of this Mortgage, that
         act alone shall not release or change the personal liability of any
         person for the payment and performance of the Secured Obligations then
         outstanding, or the lien of this Mortgage on all or the remainder of
         the Property for full payment and performance of all outstanding
         Secured Obligations. The liability of the original Mortgagor shall not
         be released or changed if Mortgagee grants any successor in interest to
         Mortgagor any extension of time for payment, or modification of the
         terms of payment, of any Secured Obligation. Mortgagee shall not be
         required to comply with any demand by the original Mortgagor that
         Mortgagee refuse to grant such an extension or modification to, or
         commence proceedings against, any such successor in interest.

                  (b)      Mortgagee may take any of the actions permitted under
         Subsections 6.3(b) and/or 6.3(c) regardless of the adequacy of the
         security for the Secured Obligations, or whether any or all of the
         Secured Obligations have been declared to be immediately due

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                                      -18-
<PAGE>

         and payable, or whether notice of default and election to sell has been
         given under this Mortgage.

                  (c)      From time to time, Mortgagee may apply to any court
         of competent jurisdiction for aid and direction in executing and
         enforcing the rights and remedies created under this Mortgage.
         Mortgagee may from time to time obtain orders or decrees directing,
         confirming or approving acts in executing and enforcing these rights
         and remedies.

         7.4      Merger. No merger shall occur as a result of Mortgagee's
acquiring any other estate in or any other lien on the Property unless Mortgagee
consents to a merger in writing.

         7.5      Joint and Several Liability. If Mortgagor consists of more
than one person, each shall be jointly and severally liable for the faithful
performance of all of Mortgagor's obligations under this Mortgage.

         7.6      Applicable Law. The creation, perfection and enforcement of
the lien of this Mortgage shall be governed by the law of the State in which the
property is located. Subject to the foregoing, in all other respects, this
Mortgage shall be governed by the substantive laws of the State of Michigan.

         7.7      Successors in Interest. The terms, covenants and conditions of
this Mortgage shall be binding upon and inure to the benefit of the heirs,
successors and assigns of the parties. However, this Section 7.7 does not waive
the provisions of Section 6.1 above.

         7.8      Interpretation.

                  (a)      Whenever the context requires, all words used in the
         singular will be construed to have been used in the plural, and vice
         versa, and each gender will include any other gender. The captions of
         the sections of this Mortgage are for convenience only and do not
         define or limit any terms or provisions. The word "include(s)" means
         "include(s), without limitation," and the word "including" means
         "including, but not limited to."

                  (b)      The word "obligations" is used in its broadest and
         most comprehensive sense, and includes all primary, secondary, direct,
         indirect, fixed and contingent obligations. It further includes all
         principal, interest, prepayment charges, late charges, loan fees and
         any other fees and charges accruing or assessed at any time, as well as
         all obligations to perform acts or satisfy conditions.

                  (c)      No listing of specific instances, items or matters in
         any way limits the scope or generality of any language of this
         Mortgage. The Exhibits to this Mortgage are hereby incorporated in this
         Mortgage.

         7.9      In-House Counsel Fees. Whenever Mortgagor is obligated to pay
or reimburse Mortgagee for any attorneys' fees, those fees shall include the
reasonable and customary allocated costs for services of in-house counsel.

         7.10     Waiver of Statutory Rights. To the extent permitted by law,
Mortgagor hereby agrees that it shall not and will not apply for or avail itself
of any appraisement, valuation, stay,

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                                      -19-
<PAGE>

extension or exemption laws, or any so-called "Moratorium Laws," now existing or
hereafter enacted, in order to prevent or hinder the enforcement or foreclosure
of this Mortgage, but hereby waives the benefit of such laws. Mortgagor for
itself and all who may claim through or under it waives any and all right to
have the property and estates comprising the Property marshalled upon any
foreclosure of the lien hereof and agrees that any court having jurisdiction to
foreclose such lien may order the Property sold as an entirety. Mortgagor hereby
waives any and all rights of redemption from sale under any judgment of
foreclosure of this Mortgage on behalf of Mortgagor and on behalf of each and
every person acquiring any interest in or title to the Property of any nature
whatsoever, subsequent to the date of this Mortgage. The foregoing waiver of
right of redemption is made pursuant to the provisions of applicable law.

         7.11     Severability. If any provision of this Mortgage should be held
unenforceable or void, that provision shall be deemed severable from the
remaining provisions and shall in no way affect the validity of this Mortgage
except that if such provision relates to the payment of any monetary sum, then
Mortgagee may, at its option, declare all Secured Obligations immediately due
and payable.

         7.12     Notices. Any notice, demand, request or other communication
which any party hereto may be required or may desire to give hereunder shall be
in writing and shall be deemed to have been properly given (a) if hand
delivered, when delivered; (b) if mailed by United States Certified Mail
(postage prepaid, return receipt requested), three Business Days after mailing
(c) if by Federal Express or other reliable overnight courier service, on the
next Business Day after delivered to such courier service or (d) if by
telecopier on the day of transmission so long as copy is sent on the same day by
overnight courier as set forth below:

Mortgagor:                 Glimcher Properties Limited Partnership
                           150 East Gay Street
                           Columbus, Ohio 43215
                           Attention: General Counsel
                           Telephone: (614) 887-5619
                           Facsimile: (614) 621-8863

With a copy to:            Squire, Sanders, & Dempsey
                           1300 Huntington Center
                           41 South High Street
                           Columbus, Ohio 43215
                           Attention: Kim A. Rieck, Esq.
                           Telephone: (614) 365-2804
                           Facsimile: (614) 365 2499

Mortgagee:                 KeyBank National Association
                           127 Public Square
                           Cleveland, Ohio 44114
                           Attention: Real Estate Capital

Gratiot Center, Saginaw, Michigan

                                      -20-
<PAGE>

                           Phone:     216-689-4660
                           Facsimile: 216-689-4997

With a copy to:            Sonnenschein Nath & Rosenthal, LLP
                           8000 Sears Tower
                           233 South Wacker
                           Chicago, Illinois 60606
                           Attention: Pat Moran, Esq.
                           Telephone 312-876-8132
                           Facsimile 312-876-7932

or at such other address as the party to be served with notice may have
furnished in writing to the party seeking or desiring to serve notice as a place
for the service of notice.

         Any notice or demand delivered to the person or entity named above to
accept notices and demands for Mortgagor shall constitute notice or demand duly
delivered to Mortgagor, even if delivery is refused.

         7.13     Future Advances. This Mortgage is given to, and the parties
intend that it shall secure indebtedness, exclusive of interest thereon, in a
maximum amount equal to the Aggregate Commitment from time to time under the
Credit Agreement which shall be an amount up to $150,000,000 which indebtedness
may include advances made at the request of Mortgagor or its respective
successor(s) in title after this Mortgage is filed of record to the fullest
extent and with the highest priority contemplated by law (including
disbursements that the Lenders may, but shall not be obligated to, make under
this Mortgage, the Loan Documents or any other document with respect thereto)
plus interest thereon, and any disbursements made for the enforcement of this
Mortgage and any remedies hereunder, payment of taxes, special assessments,
utilities or insurance on the Property and interest on such disbursements and
all disbursements by Mortgagee pursuant to applicable law (all such indebtedness
being hereinafter referred to as the maximum amount secured hereby). This
Mortgage shall be valid and have priority to the extent of the maximum amount
secured hereby over all subsequent liens and encumbrances, including statutory
liens, excepting solely taxes and assessments levied on the Property given
priority by law. All future advances under the Credit Agreement, the Notes, this
Mortgage and the other Loan Documents shall have the same priority as if the
future advance was made on the date that this Mortgage was recorded. This
Mortgage secures future advances and is a future advance mortgage, each as
defined in Act No. 348 of the Michigan Public Acts of 1990 (MCLA 565.901 et.
seq.).

         7.14     Mortgagee's Lien for Service Charge and Expenses. At all
times, regardless of whether any Loan proceeds have been disbursed, this
Mortgage secures the payment of any and all loan commissions, service charges,
liquidated damages, expenses and advances due to or incurred by Mortgagee not to
exceed the maximum amount secured hereby. For purposes hereof, all obligations
of Mortgagor to Mortgagee under all Rate Management Transactions and any
indebtedness or obligation contained therein or evidenced thereby shall be
considered an obligation of Mortgagor secured hereby pursuant to the Credit
Agreement; provided however that in no event shall the total amount secured
hereby exceed $150,000,000.

Gratiot Center, Saginaw, Michigan

                                      -21-
<PAGE>

         7.15     Advances. The loan evidenced by the Notes is a "revolving
credit loan". The lien of the Mortgage shall secure all advances made pursuant
to the terms of the Agreement to the same extent as if such future advances were
made on the date of execution of the Mortgage, provided that such advances are
made within twenty (20) years from the date hereof. Although there may be no
indebtedness outstanding on the Note at the time any such advance is made, the
lien of the Mortgage as to third persons without actual notice thereof, shall be
valid as to all such indebtedness and future advances from the time this
Mortgage is filed for record. The total amount of the indebtedness evidenced by
the Notes and secured by the Mortgage may increase or decrease from time to
time, but the total unpaid balance so secured at any one time shall not exceed
the maximum amount specified in Section 7.14 plus interest thereon and any
disbursements made for the payment of taxes, special assessments, insurance or
other disbursements made pursuant to the terms of this Mortgage, the Credit
Agreement, or the other Loan Documents.

         7.16     WAIVER OF TRIAL BY JURY. MORTGAGOR HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS MORTGAGE, THE
NOTE, OR ANY OF THE OTHER LOAN DOCUMENTS, THE LOAN OR ANY OTHER STATEMENTS OR
ACTIONS OF MORTGAGOR OR MORTGAGEE. MORTGAGOR ACKNOWLEDGES THAT IT HAS BEEN
REPRESENTED IN THE SIGNING OF THIS MORTGAGE AND IN THE MAKING OF THIS WAIVER BY
INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS
DISCUSSED THIS WAIVER WITH SUCH LEGAL COUNSEL. MORTGAGOR FURTHER ACKNOWLEDGES
THAT (i) IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS
WAIVER, (ii) THIS WAIVER IS A MATERIAL INDUCEMENT FOR MORTGAGEE TO MAKE THE
LOAN, ENTER INTO THIS MORTGAGE AND EACH OF THE OTHER LOAN DOCUMENTS, AND (iii)
THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH OTHER LOAN DOCUMENTS AS IF
FULLY INCORPORATED THEREIN.

         7.17     Incorporation of Credit Agreement and Environmental Indemnity
Agreement. The terms and provisions of the Credit Agreement and that certain
Environmental Indemnity Agreement (the "Indemnity") dated as of even date
herewith, are incorporated herein by express reference. All advances and
indebtedness arising and accruing under the Credit Agreement from time to time,
whether or not the resulting indebtedness secured hereby may exceed the face
amount of the Notes, shall be secured hereby to the same extent as though said
Credit Agreement were fully incorporated in this Mortgage, and the occurrence of
any Event of Default under said Credit Agreement shall constitute a Event of
Default under this Mortgage entitling Mortgagee to all of the rights and
remedies conferred upon Mortgagee by the terms of both this Mortgage and the
Credit Agreement. Mortgagor hereby agrees to comply with all covenants and
fulfill all obligations set forth in the Credit Agreement and Indemnity which
pertain to the Premises as if Mortgagor were a party to such documents. In the
event of any conflict or inconsistency between the terms of this Mortgage and
the Credit Agreement or Indemnity, the terms and provisions of the Credit
Agreement or Indemnity as the case may be, shall in each instance govern and
control.

         7.18     Inconsistencies. In the event of any inconsistency between
this Mortgage and the Credit Agreement, the terms hereof shall be controlling as
necessary to create, preserve and/or

Gratiot Center, Saginaw, Michigan

                                      -22-
<PAGE>

maintain a valid security interest upon the Property, otherwise the provisions
of the Credit Agreement shall be controlling.

         7.19     Partial Invalidity; Maximum Allowable Rate of Interest.
Mortgagor and Mortgagee intend and believe that each provision in this Mortgage
and the Notes comports with all applicable local, state and federal laws and
judicial decisions. However, if any provision or provisions, or if any portion
of any provision or provisions, in this Mortgage or the Notes is found by a
court of law to be in violation of any applicable local, state or federal
ordinance, statute, law, administrative or judicial decision, or public policy,
and if such court should declare such portion, provision or provisions of this
Mortgage and the Notes to be illegal, invalid, unlawful, void or unenforceable
as written, then it is the intent both of Mortgagor and Mortgagee that such
portion, provision or provisions shall be given force to the fullest possible
extent that they are legal, valid and enforceable, that the remainder of this
Mortgage and the Notes shall be construed as if such illegal, invalid, unlawful,
void or unenforceable portion, provision or provisions were not contained
therein, and that the rights, obligations and interest of Mortgagor and
Mortgagee under the remainder of this Mortgage and the Notes shall continue in
full force and effect. All agreements herein and in the Notes are expressly
limited so that in no contingency or event whatsoever, whether by reason of
advancement of the proceeds hereof, acceleration of maturity of the unpaid
principal balance of the Notes, or otherwise, shall the amount paid or agreed to
be paid to the Holders for the use, forbearance or detention of the money to be
advanced hereunder exceed the highest lawful rate permissible under applicable
usury laws. If, from any circumstances whatsoever, fulfillment of any provision
hereof or of the Notes or any other agreement referred to herein, at the time
performance of such provision shall be due, shall involve transcending the limit
of validity prescribed by law which a court of competent jurisdiction may deem
applicable hereto, then, ipso facto, the obligation to be fulfilled shall be
reduced to the limit of such validity and if from any circumstance the Holders
shall ever receive as interest an amount which would exceed the highest lawful
rate, such amount which would be excessive interest shall be applied to the
reduction of the unpaid principal balance due under the Notes and not to the
payment of interest.

         7.20     UCC Financing Statements. Mortgagor hereby authorizes
Mortgagee to file UCC financing statements to perfect Mortgagee's security
interest in any part of the Property. In addition, Mortgagor agrees to sign any
and all other documents that Mortgagee deems necessary in its sole discretion to
perfect, protect, and continue Mortgagee's lien and security interest on the
Property.

         7.21     Applicable Law. This Mortgage shall be construed, interpreted
and governed by the laws of the State in which the Premises are located.

Gratiot Center, Saginaw, Michigan

                                      -23-
<PAGE>

         IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the date
first above written.

                           Mortgagor:

                           GLIMCHER PROPERTIES LIMITED PARTNERSHIP,
                           a Delaware limited partnership,

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

                                        By: ____________________________________
                                            George A. Schmidt,
                                            Executive Vice President

Gratiot Center, Saginaw, Michigan

                                      -24-
<PAGE>

STATE OF ______________ )
                     ) SS:
COUNTY OF _____________ )

         Before me, a Notary Public in and for said County and State, personally
appeared George A. Schmidt, with whom I am personally acquainted (or proved to
me on the basis of satisfactory evidence), and who, upon oath, acknowledged
himself to be the Executive Vice President of Glimcher Properties Corporation, a
Delaware corporation, the Sole General Partner of Glimcher Properties Limited
Partnership, a Delaware limited partnership, and that he as such Executive Vice
President, who acknowledged execution of the foregoing Mortgage for and on
behalf of said corporation and who, being first duly sworn, stated that he/she
has been duly empowered by said corporation to execute the same.

         WITNESS my hand and Notarial Seal this ______ day of October, 2003

                                                     ___________________________
                                                     Notary Public

                                                     ___________________________
                                                     (Printed Signature)

My Commission Expires:____________

Gratiot Center, Saginaw, Michigan

                                      -25-
<PAGE>

                                    EXHIBIT A

                             DESCRIPTION OF PREMISES

Gratiot Center, Saginaw, Michigan

                                      -26-<PAGE>

                                                                   EXHIBIT 10.33

December 22, 2003

EM COLUMBUS, LLC
150 East Gay Street
Columbus, Ohio 43215

RE:  FINANCING FOR THE ACQUISITION AND RENOVATION OF THE EASTLAND MALL (THE
     "PROJECT") ON PROPERTY LOCATED AT SOUTH HAMILTON ROAD AND REFUGEE ROAD (THE
     "PROPERTY").

Ladies and Gentlemen:

         The Huntington National Bank ("Huntington") offers and, upon acceptance
by Borrower and Guarantors, commits (respectively this "Offer" and this
"Commitment") to provide a first mortgage loan for the acquisition of the
Property and the development and construction of the Project subject to the
following terms and conditions:

BORROWER:            EM COLUMBUS, LLC, a Delaware limited liability company.

GUARANTORS:          Glimcher Properties Limited Partnership, a Delaware limited
                     partnership and Glimcher Properties Corporation, a Delaware
                     corporation shall jointly and severally guarantee payment
                     and performance.

LOAN AMOUNT:         Thirty Six Million And 00/100 Dollars ($36,000,000.00);
                     Twenty Four Million And 00/100 Dollars ($24,000,000.00) of
                     which will be disbursed to Borrower for the acquisition of
                     the Project. Out of the remaining Twelve Million And 00/100
                     Dollars ($12,000,000.00) of loan proceeds, up to
                     $5,000,000.00 will be disbursed by Borrower to May
                     Department Stores Company as an inducment to it to cause
                     its Kaufmann's division entry into the Project. The
                     remainder will be advanced monthly as construction
                     progresses following receipt and approval by Huntington and
                     it's participant in the loan, National City Bank ("National
                     City") of plans and specifications for the renovation of
                     the Project.

CONDITIONS TO
FUNDING ADDITIONAL
$12,000,000.00 OF
LOAN PROCEEDS:       In addition to any applicable conditions set forth in the
                     General Conditions, the following special conditions, each
                     of which shall survive closing and the execution and
                     delivery of the Loan Documents as hereinafter defined, must
                     be complied within ninety (90) days of initial funding and
                     shall be conditions to Huntington's obligations to advance
                     the additional $12,000,000.0 of loan proceeds:

<PAGE>

                           1.       A cost breakdown satisfactory to Huntington
                                    and National City.

                           2.       An amendment to the existing REA or a new
                                    REA satisfactory in all respects to
                                    Huntington and National City and executed by
                                    the Borrower, Lazarus, Sears, and either May
                                    Department Stores Company or a similar
                                    anchor store.

                           3.       An amendment to the existing ground lease to
                                    Penney's permitting the renovation of the
                                    Mall and the addition of May Department
                                    Stores Company, satisfactory to Huntington
                                    and National City.

                           4.       If new foundations are to be built in
                                    connection with the renovation, a soils
                                    report satisfactory to Huntington and
                                    National City.

                           5.       An updated appraisal to reflect stabilized
                                    value following completion of the
                                    renovations, reflecting a loan to value
                                    ratio not greater than seventy-five percent
                                    (75%) based on full loan disbursement.

                           6.       An income and expense pro forma satisfactory
                                    to Huntington and National City.

LOAN FEE:            One Hundred Twenty Thousand and 00/100 Dollars
                     ($120,000.00), earned in full and non-refundable and
                     payable by Borrower at loan closing and Sixty Thousand And
                     00/100 Dollars ($60,000.00) payable by Borrower when the
                     conditions to the funding of the additional $12,000,000.00
                     of loan proceeds have been complied with by Borrower.

MATURITY:            Thirty Six (36) months after loan closing.

                     Interest on the initial advance of Twenty Four Million And
                     00/100 Dollars ($24,000,000.00) shall be charged at a
                     variable rate equal to the sum of Two percent (2%) per
                     annum plus the one month LIBO Rate. Interest on the
                     remaining balance of Twelve Million And 00/100 Dollars
                     ($12,000,000.00) shall be charged at a variable rate equal
                     to the sum of two percent (2%) per annum plus the Daily
                     LIBO Rate. Following disbursement of the full principal
                     balance of the loan, the LIBO component of the Variable
                     Rate may, at Borrower's option either be at the Daily LIBO
                     Rate or the one month LIBO Rate. Following disbursement of
                     the full principal balance, the Variable Rate shall be
                     further adjusted as follows: If Borrower is not in default
                     and there exists a Debt Service Coverage Ratio of 1.10 to 1
                     the

                                       2
<PAGE>

                     Variable Rate shall equal the sum of 1 and 9/10 percent
                     (1.9%) per annum plus the one month LIBO Rate or Daily LIBO
                     Rate. If Borrower is not in default and there exists a
                     Debt-Service Coverage Ratio of 1.20 to 1, the variable rate
                     shall equal the sum of 1 and 85/100 percent per annum plus
                     the one month LIBO Rate or Daily LIBO Rate. If Borrower is
                     not in default and there exists a Debt Service Coverage
                     Ratio of 1.30 to 1 the variable rate shall equal the sum of
                     1 and -3/4 percent (1.75%) per annum plus the one month
                     LIBO Rate or the Daily LIBO Rate:

PAYMENTS:            Interest shall be due and payable monthly until maturity.
                     Upon Maturity, whether by lapse of time or acceleration,
                     all unrepaid principal and accrued interest shall be due
                     and payable.

PREPAYMENTS:         Borrower may prepay, upon five (5) business days' prior
                     written notice to Huntington, all or any portion of the
                     principal, without premium provided, that if such
                     prepayment follows default and acceleration, then a
                     prepayment premium shall be payable equal to five percent
                     (5%) of the amount then due and provided further that
                     Borrower shall pay any costs incurred by Huntington with
                     respect to prepayment of advances bearing interest at the
                     LIBO Rate.

EQUITY
CONTRIBUTION:        Borrower shall provide equity in form satisfactory to
                     Huntington.

SECURITY:            A first-lien mortgage on the Property and the Project; a
                     first-lien assignment of rents from and leases on the
                     Property or the Project; a senior security interest in
                     Project furnishings, fixtures and equipment and other
                     tangible and intangible personal property; and senior
                     security interests in the architect's agreement, the plans
                     and specifications, the general contractor's agreement, all
                     management agreements, leasing agreements, operating
                     agreements and franchise agreements, and all permits,
                     approvals, agreements and contracts affecting the Property
                     or the Project.

RELEASE
PROVISIONS:          If Borrower is not in default, Huntington shall release a
                     tract to be conveyed to the May Department Stores Company
                     (Kaufmann's) from the operation of its Loan Documents
                     without the payment of any release price, provided that the
                     following conditions are satisfied to Huntington's
                     satisfaction at no cost or expense to Huntington: (a)
                     Huntington has received evidence that a validly created and
                     approved lot split has been obtained of the tract to be
                     released from the mall Property; (b) the size and location
                     of the tract to be released is satisfactory in all respects
                     to Huntington; (c) a satisfactory survey and legal
                     description for the tract to be released have been
                     furnished to Huntington; and (d) reciprocal easement rights
                     (the "Easement Rights")

                                       3
<PAGE>

                     between the tract to be released and the mall property have
                     been created to the satisfaction of Huntington.

COSTS AND
EXPENSES:            Borrower shall be responsible for all out-of-pocket costs
                     and expenses incurred by Huntington in connection with this
                     Loan, whether or not a closing occurs. Such costs and
                     expenses include, without limitation, the fees and expenses
                     of Huntington's outside counsel, charges for title
                     insurance, survey, appraisal and environmental site
                     assessment, fees and expenses of Huntington's independent
                     inspecting architect, and recording fees and taxes.

HUNTINGTON'S OBLIGATIONS UNDER THIS COMMITMENT ARE SUBJECT TO THE ATTACHED
GENERAL CONDITIONS, EACH OF WHICH SHALL BE DEEMED SATISFIED ONLY WHEN THE
DOCUMENT OR EVIDENCE PROVIDED IN SATISFACTION THEREOF HAS BEEN REVIEWED AND
APPROVED BY HUNTINGTON AS TO FORM AND CONTENT.

This letter sets forth the entire agreement between Borrower, Guarantors and
Huntington and supersedes any and all agreements, understandings, statements or
representations, whether oral or written, of Huntington or anyone acting on
behalf of Huntington. Any modification or waiver of any provision of this Offer
or Commitment must be in writing and be signed by Borrower and Huntington and
shall bind Guarantors. To the extent that the terms and conditions of this
Commitment are not contradicted by the terms and conditions of documents later
executed and delivered, the terms and conditions hereof shall survive the
execution and delivery of such later documents.

         Huntington's counsel in this matter will be Porter Wright Morris &
Arthur. Huntington suggests that Borrower or Borrower's counsel contact Robert
C. Kiger, Esq., of that firm at (614)227-2144 regarding Commitment requirements
or loan closing. Our counsel will prepare and send a closing checklist upon your
acceptance of this Offer.

THIS OFFER HAS BEEN ACCEPTED BY BORROWER AND GUARANTORS ONLY WHEN HUNTINGTON HAS
RECEIVED TWO ORIGINALS OF THIS LETTER WITH BORROWER'S AND GUARANTORS'
ACCEPTANCES ENDORSED THEREON AND PAYMENT OF THE COMMITMENT FEE. UNLESS ALREADY
ACCEPTED, THIS OFFER SHALL EXPIRE ON THE TENTH (10TH) DAY AFTER THE DATE HEREOF.
ACCEPTANCE BY BORROWER AND GUARANTORS OF THIS OFFER SHALL CREATE A BINDING
AGREEMENT BETWEEN HUNTINGTON AND BORROWER AND GUARANTORS. IF THE LOAN IS NOT
CLOSED WITHIN FORTY (40) DAYS AFTER THE DATE HEREOF, THEN HUNTINGTON'S
OBLIGATIONS HEREUNDER SHALL TERMINATE.

                                       4
<PAGE>

We thank you for your interest in financing the Project with Huntington and look
forward to a mutually satisfactory business relationship.

Very truly yours,

THE HUNTINGTON NATIONAL BANK

By:________________________________________
Name: Bonnie Birath
Title: Vice President

         The undersigned hereby accept the foregoing Offer this ________ day of
December, 2003, and agree to be bound by the terms and conditions hereof.

BORROWER:

EM COLUMBUS, LLC,
a Delaware limited liability company

By: Glimcher Properties Limited Partnership,
a Delaware limited partnership, its member

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

By:________________________________________
George A. Schmidt, Executive Vice President

GUARANTORS:

Glimcher Properties Limited Partnership,
a Delaware Limited Partnership

By: Glimcher Properties Corporation,
Its General Partner

By:________________________________________

Glimcher Properties Corporation,
a Delaware Corporation

By:________________________________________

                                       5
<PAGE>

                               GENERAL CONDITIONS

1.1      PLANS AND SPECIFICATIONS: Prior to the disbursement of any funds for
the renovation of the Project, Borrower shall provide a complete set of the
final plans and specifications for the development and construction of the
Project. Such plans and specifications shall comply with the requirements of all
governmental authorities having jurisdiction and shall incorporate any
recommendations contained in the geotechnical, environmental or wetlands
reports.

1.2      GEOTECHNICAL REPORT: Prior to the disbursement of any funds for the
renovation of the Project which requires additional foundations, borrower shall
provide a narrative report regarding the condition of soils on the property to
be improved, which report shall include all test results and recommendations
regarding drainage, excavation, fill, compaction and foundations and shall be
certified by a licensed geotechnical engineer acceptable to Huntington. If the
construction on the additional property requires fill, then Huntington reserves
the right to require an updated geotechnical report upon completion of such
fill.

1.3      ENVIRONMENTAL REPORT: Borrower shall provide a current "Phase One"
environmental site assessment regarding hazardous wastes, toxic materials and
other environmental hazards on the Property, which report shall be certified by
an environmental consultant and shall conform in all respects with Huntington's
"Phase One Environmental Site Assessment Requirements," a copy of which is
attached as Exhibit "A" and made a part hereof. If warranted by the Phase One
environmental site assessment, Borrower shall provide a detailed audit of the
same matters. Such consultant must appear on Huntington's list of approved
environmental consultants or be specifically approved in writing by Huntington.

1.4      ZONING: Borrower shall provide evidence that the Property is zoned to
permit the development, construction, use and operation of the Project, that the
referendum or appeal period has expired for any ordinance, resolution, variance
or special permit establishing the zoning and that there is no pending action,
either administrative, legislative or judicial, which could adversely affect the
zoning of the Property or the development, construction, use or operation of the
Project.

1.5      SURVEY: Borrower shall provide a current survey of the Property, which
survey shall be certified by a licensed surveyor acceptable to Huntington and
shall conform in all respects with Huntington's "Survey Requirements," a copy of
which is attached as Exhibit "B" and made a part hereof.

1.6      TAX PARCEL: Borrower shall provide evidence that the Property comprises
one or more separate tax parcels.

1.7      TITLE INSURANCE COMMITMENT: Borrower shall provide a current ALTA title
insurance commitment for the Property and all appurtenant easements, which
commitment shall be issued by an agent and underwriter acceptable to Huntington
and shall conform in all respects with Huntington's "Title Insurance
Requirements," a copy of which is attached as Exhibit "C" and made a part
hereof.

<PAGE>

1.8      CONSTRUCTION LOAN AGREEMENT: Prior to the disbursement of any finds for
the renovation of the Project, Huntington and Borrower shall enter into a
Construction Loan Agreement on the form attached hereto as Exhibit "E".

1.9      OTHER AGREEMENTS AND CONTRACTS: Borrower shall provide copies of all
management agreements, leasing agreements, operating agreements, franchise
agreements and other agreements and contracts affecting the Project and entered
into prior to loan closing.

1.10     INSURANCE: Borrower shall provide evidence of casualty and liability
insurance for the Project and the Property, which insurance shall be issued by
underwriters acceptable to Huntington and shall conform in all respects with
Huntington's "Insurance Requirements," a copy of which is attached as Exhibit
"D" and made a part hereof.

1.11     LEASES: Borrower shall provide originals or certified copies of all
executed leases (including all amendments) of the Property, the Project or any
portion thereof and shall not enter into any new leases of 7,500 square feet or
more unless the identity of the tenant and the form of the lease has been
approved by Huntington. Further, upon Huntington's request, Huntington shall be
provided with a Subordination, Attornment and Non-Disturbance Agreement for each
such tenant.

1.12     ACQUISITION DOCUMENTS: Borrower shall provide a certified copy of the
agreement for the acquisition of the Property and, if the Property is acquired
prior to loan closing, certified copies of the deed and closing statement.

1.13     APPRAISAL: Huntington must be able to procure from an independent
appraiser selected by Huntington an appraisal of the Property and the Project
evidencing a loan to value ratio not greater than seventy-five percent (75%)
and, from its review appraiser, a confirmation of such loan to value ratio. In
the event such appraisal or confirmation cannot be procured, this requirement
shall be deemed unsatisfied and Huntington shall not be obligated to attempt
procurement from a second appraiser. The appraisal shall comply with the most
recent regulations of the Comptroller of the Currency. Prior to the disbursement
of any funds for renovation, an additional appraisal is to be obtained at
Borrower's costs, reflecting a loan to value ratio not greater than
seventy-five percent (75%) of stabilized value based on full loan disbursement
and upon completion of improvements.

1.14     LIMITED PARTNERSHIP DOCUMENTS: Borrower shall provide the following,
including any and all amendments thereto, for Glimcher Properties Limited
Partnership:

         (a)      Limited Partnership agreement;

         (b)      Certificate of limited partnership;

         (c)      Evidence of authority to transact business in Ohio; and

         (d)      Resolution authorizing the loan transaction and designating
                  document signatories.

1.15     CORPORATION DOCUMENTS: Borrower shall provide the following, including
any and all amendments thereto, for Glimcher Properties Corporation:

<PAGE>

         (a)      Articles of incorporation certified by the proper official of
                  the state of incorporation;

         (b)      Evidence of good standing certified by the proper official of
                  the state of incorporation;

         (c)      If incorporated in a state other than Ohio, then evidence of
                  authority to transact business in the State of Ohio certified
                  by the Secretary of State;

         (d)      Code of regulations certified by the corporation's secretary;
                  and

         (e)      Resolution authorizing the loan transaction and designating
                  document signatories, complete with incumbency certificate,
                  certified by the corporation's secretary.

1.16     LIMITED LIABILITY COMPANY DOCUMENTS: Borrower shall provide the
following, including any and all amendments thereto, for EM COLUMBUS, LLC:

         (a)      Articles of organization certified by the proper official of
                  the state of organization;

         (b)      Evidence of good standing certified by the proper official of
                  the state of organization;

         (c)      If organized in a state other than Ohio, then evidence of
                  authority to transact business in the State of Ohio certified
                  by the Secretary of State;

         (d)      Certified copy of the Operating Agreement; and

         (e)      Resolution authorizing the loan transaction and
                  designating document signatories.

2.       CLOSING REQUIREMENTS

2.1      LOAN DOCUMENTS GENERALLY: Borrower's obligation to repay the loan shall
be evidenced by a cognovit promissory note made by Borrower in the loan amount.
The promissory note shall be secured by:

         (a)      An open-end mortgage, assignment of rents and security
                  agreement;

         (b)      At the time of the first disbursement of loan proceeds for
                  renovation, a security agreement and assignment of architect's
                  agreement and plans and specifications, acknowledged by the
                  architect;

         (c)      At the time of the first disbursement of loan proceeds for
                  renovation, a security agreement and assignment of general
                  contractor's agreement acknowledged by the general contractor;

<PAGE>

         (d)      A security agreement and assignment of management agreements
                  leasing agreements, operating agreements and franchise
                  agreements, acknowledged by the other contracting party;

         (e)      A security agreement and assignment of all other agreements
                  and contracts affecting the Property or the Project,
                  engineering drawings, plans, specifications, permits,
                  licenses, consents and approvals; and

         (f)      U.C.C. Financing Statements.

The loan proceeds shall be advanced in accordance with the terms and conditions
of a Construction Loan Agreement. Guarantors' obligations shall be evidenced by
cognovit Unconditional Guaranties of Payment and Performance. Borrower shall
sign a Borrower's Affidavit with regard to off-record matters affecting the
Property and other matters as of the date of loan closing. The above-referenced
loan documents and any other loan documents deemed necessary for the perfection
of the security or for the effective administration of the loan (the "Loan
Documents") shall be in form and content acceptable to Huntington and shall be
governed by Ohio law.

2.2      SPECIFIC PROVISIONS OF THE LOAN DOCUMENTS: The Loan Documents will
provide, among other things, for the following:

         (a)      Late Payment Penalty: If any payment is not paid on or before
                  the fifteenth (15th) day of any month, Borrower shall pay a
                  service charge of five percent (5%) of the payment amount.

         (b)      Default Rate of Interest: In the event of default, interest
                  shall be charged at a rate equal to the sum of two percent
                  (2%) per annum plus the prime commercial rate of The
                  Huntington National Bank.

         (c)      Escrows: Huntington reserves the right, after any instance of
                  failure of timely payment by Borrower or upon any other
                  default, to require Borrower to deposit monthly with
                  Huntington an amount equal to one-twelfth (1/12th) of the
                  annual taxes, insurance premiums, and assessments against the
                  Property and the Project.

         (d)      Cross Default: Default under this obligation or any other
                  obligation of Borrower or any Guarantor held by Huntington
                  shall constitute a default under all such obligations.

         (e)      Conveyance, Etc. as an Event of Default: Borrower shall not
                  sell, assign, mortgage, pledge, lease or otherwise convey or
                  further encumber the Property, the Project or the personal
                  property securing the loan or any legal, equitable or
                  beneficial interest therein, without Huntington's prior
                  written approval, provided, however, that personal property
                  may be disposed of in the ordinary course of business so long
                  as it is replaced by personal property of a like kind or
                  similar personal property. Further, there shall be no
                  conveyance or encumbrance of corporate shares or partnership
                  interests or limited liability company interests, the

<PAGE>

                  effect of which is to violate the foregoing prohibition or to
                  cause a change in the control of Borrower. The foregoing shall
                  not be deemed to prohibit transfers of partnership interests
                  in Glimcher Properties Limited Partnership or the issuance or
                  transfer of shares in Glimcher Realty Trust.

         (f)      Waiver of Trial by Jury: Borrower and Guarantors shall waive
                  any right to have a jury participate in resolving any dispute
                  arising out of the loan transaction.

         (g)      Limitation on Transfer of Assets: Borrower and Guarantors
                  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 approval.

         (h)      Leases: Any lease of 7,500 square feet or more not approved by
                  Huntington prior to loan closing, together with financial
                  statements for the tenant and any lease guarantor and plans,
                  specifications and costs for any tenant finish to be provided
                  by Borrower, shall be submitted to Huntington for prior
                  written approval. Each lease so submitted shall be expressly
                  subordinate to Huntington's first mortgage lien and shall
                  obligate the tenant to attorn, at Huntington's option, to
                  Huntington upon acquisition of title and to execute and
                  deliver documents confirming such subordination and attornment
                  and estoppel certificates as Huntington may, from time to
                  time, request.

The foregoing description of specific provisions shall not be construed as
limiting in any way the requirement that Loan Documents be in form and content
acceptable to Huntington.

2.3      NOTICE OF COMMENCEMENT; NO PRIOR WORK: Borrower shall deliver to the
title insurer a notice of commencement to be filed prior to the commencement of
any renovation work.

2.4      TITLE INSURANCE POLICY: Borrower shall cause the title insurer to issue
within thirty (30) days after closing, the title insurance policy described in
the title insurance commitment, insuring Huntington's mortgage as the first
mortgage lien on the Property subject only to exceptions acceptable to
Huntington.

2.5      LEGAL OPINION: Borrower shall provide the favorable opinion of
Borrower's and Guarantors' counsel regarding the organization, existence,
standing, power and authorization of Borrower and Guarantors; the execution,
delivery and enforceability of the Loan Documents; the absence of conflict with
other obligations; the absence of adverse matters affecting Borrower, Guarantors
or the Property; the conformity of the Loan Documents with the laws of usury;
and the compliance of Borrower with laws and other requirements. A specimen
opinion, acceptable to Huntington, is available upon request.

2.6      DEED AND CLOSING STATEMENT: If not provided in satisfaction of a
Pre-Closing Requirement, Borrower shall provide a certified copy of the deed and
closing statement for the acquisition of the Property.

<PAGE>

3.       GENERAL REQUIREMENTS

3.1      SIGNAGE: Huntington shall have the right, at Huntington's expense, to
erect its own construction sign on the Property in connection with the
renovation work and to otherwise advertise its provision of financing in
appropriate print media.

3.2      DISCLOSURE OF FINANCIAL INFORMATION: Borrower and Guarantors consent to
Huntington's disclosure of financial statements, information or other material
submitted to Huntington to other financial institutions in connection with the
sale of participating interests in the loan and the servicing of the loan on
behalf of loan participants.

3.3      ASSIGNABILITY; NO THIRD PARTY BENEFICIARY: Neither this Commitment nor
the loan proceeds may be assigned by Borrower without Huntington's prior written
consent. This Commitment is a contract between Huntington and Borrower, and
there are no third-party beneficiaries.

3.4      MATERIAL CHANGE: Should any material, adverse change occur in the
creditworthiness of Borrower or any Guarantor or in the Property or should any
of the financial statements, information or other material submitted to
Huntington in connection with the application for and the closing of the loan be
or become materially inaccurate, then Huntington shall have the right to cancel
the Commitment. In such event, the Commitment Fee shall be paid by Borrower and
retained by Huntington as liquidated damages. Borrower agrees to promptly notify
Huntington in writing of any such material, adverse change or material
inaccuracy.

3.5      REGULATORY COMPLIANCE: Should it be determined that the closing of the
loan as contemplated herein would constitute a violation of any requirement
imposed on Huntington by regulatory authorities, then, unless Borrower agrees in
writing to such changes in the Commitment as may be required to conform the loan
to any such requirement, the Commitment Fee and any portion of the Loan Fee
previously paid by Borrower will be refunded and the Commitment shall be
canceled and considered null and void.

3.6      BROKERS: Huntington shall not be required to pay any brokerage fees or
commissions arising through Borrower from the issuance of the Offer or the
Commitment or the making of the loan, and Borrower agrees to defend and
indemnify Huntington against any such claims therefor. Borrower's obligation for
costs and expenses and for defense and indemnity shall survive any expiration or
cancellation of the Commitment, whether arising from a material change or
failure of regulatory compliance.

3.7      NOTICES: Any notice to Huntington that is required or permitted by the
terms and conditions of the Offer, the Commitment or the Loan Documents shall be
directed to The Huntington National Bank, Commercial Real Estate Group, 41 South
High Street, Columbus, Ohio 43215, Attention: Bonnie Birath, Vice President.

<PAGE>

                                  EXHIBIT "A"

          HUNTINGTON BANKS PHASE I ENVIRONMENTAL SITE ASSESSMENT (ESA)
                              REPORT REQUIREMENTS

1.       The Borrower shall select and contract with a Huntington Listed Company
         ("Consultant") to perform the Phase I Environmental Site Assessment
         (ESA) Report ("Report"). The Borrower shall instruct the Consultant to
         complete the Report in accordance with Huntington's current Phase I ESA
         Report Requirements and Phase I ESA Checklist ("Requirements") (NOTE:
         In the event that the subject property is outside the market area of
         Huntington, the Borrower shall instruct the Consultant to contact
         Huntington's representative at its Ohio regional office to acquire the
         Requirements).

2.       The selected Consultant preparing the Report shall provide the Borrower
         with one original Report and Huntington (via the Borrower) with two
         original copies of the report. A letter of Transmittal shall be
         attached to the Report which states "the Report was prepared in
         accordance with the current Huntington Phase I ESA Report
         Requirements". The letter of Transmittal shall state that "the Report
         was prepared for the exclusive use of the `client' and Huntington Banks
         and each may rely on the contents of the Report". The Letter of
         Transmittal shall also instruct the Borrower to transmit two reports to
         the Huntington Account Executive.

3.       The Report shall contain a Title Page, Table of Contents, Executive
         Summary, and Limitations and Exceptions to the Requirements. The Title
         Page shall indicate Huntington as a recipient of the Report.

4.       Section One of the Report shall contain a detailed account of findings
         for publicly available state and local records inclusive of 50 year
         chain of title (or property tax records), aerial photographs, Sanborn
         Fire Insurance Maps, City Directories, and building department records.
         The Consultant shall also report on interviews with past/present
         owners/tenants of the subject property and adjacent properties and on
         any previous investigations.

5.       Section Two of the Report shall contain a detailed account of the site
         inspection inclusive of: name of inspector and date and time of
         inspection, weather conditions at the time of inspection, general
         physical setting of subject property, current use of the subject
         property, intended use of the subject property, public utilities
         available and utility company, water wells (subject and adjacent
         properties), on-site septic systems, interview(s) with current
         tenant(s)/owner(s), building interior (including transformers, floor
         drains, hazardous waste/material storage, etc.), Describe interior
         hazardous waste stream(s), building exterior (including the grounds),
         "exterior" site operations, hazardous waste disposal, solid waste
         stream and disposal, underground storage tanks/above ground storage
         tanks (USTs/ASTs) (state if USTs are in compliance and whether ASTs
         have

<PAGE>

         secondary containment) and any other hazardous materials containers,
         pits, ponds, lagoons and waste disposal areas,
         transformers/capacitors/light ballasts (LOCATION, OWNERSHIP AND
         CONTENT), Electromagnetic Fields, vegetation (condition of, staining,
         anomalies), oil and gas wells, topography, drainage patterns, general
         soil profile, geology, local groundwater flow, legal description of
         subject property (or copy of), and cursory inspection of the adjoining
         property uses.

6.       Section Three of the Report shall contain the findings of an asbestos
         (ACM) inspection. This section shall apply only where the on-site
         structure(s) were constructed prior to 1989. This section shall
         contain: identification of the certified ACM inspector (including name
         and current certification number) and the date the inspection was
         performed; identification of suspect non-friable ACM in good condition
         and amount; identification of suspect non-friable ACM in damaged
         condition and amount; analytical results of representative samples
         acquired from Section 3.3; identification of suspect friable ACM in
         good condition and amount; analytical results of representative samples
         acquired from Section 3.5 (ceiling tiles and textured ceiling material
         only); identification of suspect friable ACM in damaged condition and
         those suspect ACM to be disturbed and amount; and analytical results of
         representative samples acquired from Section 3.7. All samples shall be
         representative in nature but the actual analysis of all samples shall
         be conducted in accordance with the Occupational Safety and Health Act
         (OSHA) protocol in 29 Code of Federal Regulations (CFR) 1910.1001.

7.       Section Four of the Report shall contain a detailed account of federal,
         state and local regulatory agency records. The records to be included
         in this section include: National Priority List (NPL) - subject
         property to 1 mile, Comprehensive Environmental Response Compensation
         and Liability Act (CERCLA) - subject property to 1 mile, state Master
         Sites list - subject property to 1 mile, Treatment Storage and Disposal
         Facilities (TSDF) - subject property to 1 mile, Resource Conservation
         and Recovery Act (RCRA) generators (Large Quantity Generators/Small
         Quantity Generators (LQG/SQG) - subject property to -1/4 mile,
         Emergency Response Notification System (ERNS) - subject property to
         -1/4 mile, Leaking Underground Storage Tanks (LUSTS) - subject property
         to -1/2 mile, Solid Waste Landfills - subject property to 1 mile,
         Underground Storage Tanks (USTS) - subject property and adjacent
         properties, Department of Natural Resources (DNR) - Division of Oil and
         Gas (well logs) - subject property, Natural Heritage Program (i.e.
         endangered species and unique habitats) - subject property only (for
         undeveloped property only), local fire department - subject property
         only, local health department - subject property only, local building
         department - subject property only, and local zoning department -
         subject property only. A map locating all identified sites and their
         actual distance from the subject property shall be located in this
         section.

8.       Section Five of the Report shall contain a lead paint screen by a
         licensed lead inspector. This section of the Report applies only for
         multi-tenant residential sites (4+ units) inclusive of nursing homes
         and day care centers constructed prior to 1978. The screen shall
         include: identification of the certified lead risk assessor (including
         name and current certification number) and the date the inspection was
         performed, narrative of the

<PAGE>

         methods and procedures utilized, findings of the inspection and
         recommendations for further investigation, and analytical results for
         the representative samples acquired and analyzed. Where painted
         surfaces do not meet the definition requiring sampling and analysis
         under the Lead Base Paint Poisoning Prevention Act (LBPPA), samples are
         not required.

9.       Section Six of the Report shall contain a preliminary radon inspection
         by a licensed radon inspector. This section of the Report applies only
         for multi-tenant residential sites (4+ units) with subsurface living
         units. The inspection shall include: identification of the certified
         radon inspector (including name and current certification number) and
         the date the inspection was performed, narrative of the methods land
         procedures utilized, findings of the inspection and recommendations for
         further investigation, and analytical results for all canisters
         analyzed.

10.      Section Seven of the Report shall contain a lead in drinking water
         test. This section of the Report applies only for multi-tenant
         residential sites (4+ units) inclusive of nursing homes and day care
         centers constructed prior to 1978. The test shall include:
         identification of the inspector and the date the inspection was
         performed, narrative of the methods and procedures utilized, findings
         of the inspection and recommendations for further investigation, and
         analytical results for all water samples analyzed. The protocol to be
         followed for this task is the Safe Drinking Water Act (SDWA)
         methodology for National Primary Drinking Water Standards.

11.      Section Eight of the Report shall contain a wetlands evaluation
         performed by a Consultant approved by Huntington to conduct such
         investigations. This section of the Report applies only for undeveloped
         property equal to or greater than one third of one acre in size (and is
         not a mowed maintained lot). The wetlands evaluation shall include:
         identification of Huntington approved wetlands consultant including the
         date the inspection was performed, results of the on-site review of
         United States Geographical Service (USGS) 7.5 Minute Topographic
         Map(s), National Wetlands Inventory Maps (NWI)/State Wetland Maps/local
         wetland maps, Soil Conservation Service (SCS) maps(s), Serial aerial
         photos of the subject property, available site specific information
         (e.g. the proposed development plan), other available sources of
         information including: National Insurance Agency Flood Maps, Land Use
         Maps, National Wetland Plant Database, Soil Drainage Guides, Stream
         Gauge Data, Watershed Projects, Department of Natural Resources Natural
         Heritage Program File, and local expertise. An on-site determination
         which closely adheres to that presented in the "Corps of Engineers
         Wetland Delineation Manual", 1987 shall then be conducted. Should the
         Wetland Evaluation result in the identification of wetland areas and
         that an excess of 1/3 of one acre of said wetlands is to be altered or
         filled, a Wetlands Delineation shall be conducted pursuant to the
         procedure for Routine level wetland determination method described in
         the "Corps of Engineers Wetland Delineation Manual", 1987. The Wetlands
         Delineation Report shall be prepared in accordance with the Corps of
         Engineers "Guidance For Submittal of Wetland Delineation Reports",
         March 1990.

<PAGE>

12.      Section Nine of the Report shall include a multi-media compliance
         inspection. This section applies only when the subject property is a
         Large Quantity Generator (LQG) of hazardous waste as defined by the
         Resource Conservation and Recovery Act (RCRA). As each industry is
         different, the Consultant is asked to contact the Huntington
         Environmental Specialist prior to completing this task to determine the
         scope of service. In the event the subject property is a Small Quantity
         Generator (SQG), the Consultant shall review the on-site regulatory
         compliance documentation for the on-site operations and report on the
         findings. Where the subject property is located in Ohio, the Consultant
         shall make a determination as to whether or not the current or intended
         operations are required to submit an Annual Chemical Inventory Report
         as defined by 3750.08 or the Ohio Revised Code (ORC) (see Section B.4
         page 18).

13.      Section Ten of the Report shall contain: the conclusions of the Phase I
         ESA, Recommendations for the client and a completed Certificate of
         Compliance (see attached) as a separate page following the
         Recommendations.

14.      Section Eleven of the Report shall contain the following appendices in
         the order listed here: Bibliography, subject property location map,
         subject property site drawing, color photos of subject property
         (minimum of 6), USGS 7.5 Quad Map, aerial photos, Sanborn Maps,
         regulatory file review documentation, county soil survey soil map,
         pertinent well log information, legal description of subject property,
         property tax file documentation, city directory documentation, FOIA
         requests/responses, any previous reports, ACM inspector
         certificate/chain of custody/analytical results (where applicable), LBP
         inspector certificate/chain of custody/analytical results (where
         applicable), Radon inspector certificate/chain of custody/analytical
         results (where applicable), Lead in water sample chain of
         custody/analytical results (where applicable), supplemental
         information, and Site Inspector's Resume.

<PAGE>

                    HBI PHASE I ESA CERTIFICATE OF COMPLIANCE

A Phase I Environmental Site Assessment (ESA) was completed by__________________
                                                                (Company Name)

for the property located at _________________________ and published on _________
                               (complete address)                       (Date)

                                                                     YES     NO

1.       Was the Phase I ESA completed by A HBI LISTED COMPANY?      ___     ___

2.        Was the Phase I ESA completed per the "MINIMUM REPORTING
         REQUIREMENTS AND PROCEDURES FOR ENVIRONMENTAL
         INVESTIGATIONS FOR HBI - 1999."?                            ___     ___

3.       During the investigation, were any ACTIONABLE ENVIRONMENTAL
         ITEM(S) (AEI)* identified?                                  ___     ___

Should you have any questions regarding the results of the investigation, please
contact the undersigned at _____________________.
                               (phone number)

         (Consultant Signature)                   (Consultant Signature)

_______________________    ___________________   _______________     ___________
         (Printed Name)            (Date)         (Printed Name)       (Date)

*ACTIONABLE ENVIRONMENTAL ITEM (AEI): is the presence or likely presence of any
hazardous substance or petroleum product on a property under conditions that
indicate an existing release, a past release, or a material threat of a release
into structures on the property or into the ground, ground water, or surface
water of the property. An AEI can include the potential threat of a release on
the property from another property (see section 4.0, Comment #2 of the HBI
Minimum Reporting Requirements). An AEI also includes asbestos, wetlands,
lead-based paint, and radon on the subject property or areas of regulatory
non-compliance (based on a multi-media compliance inspection as defined in
section 9.0 of the HBI Minimum Reporting Requirements) where these specific AEIs
were required to be evaluated in the scope of work because of their
applicability to the subject property. This term is not intended to include de
minimis conditions that generally do not present a material risk of harm to
public health or the environment and that generally would not be the subject of
an enforcement action if brought to the attention of appropriate governmental
agencies as defined by ASTM E 1527, section 3.3.28.

<PAGE>

                                   EXHIBIT "B"

                               SURVEY REQUIREMENTS

           BORROWER SHOULD PROVIDE THESE REQUIREMENTS TO THE SURVEYOR.
           HNB WILL REQUIRE STRICT COMPLIANCE WITH THESE REQUIREMENTS.

A.       PROPERTY SURVEY:

1.       The survey shall be certified to The Huntington National Bank and to
         the title insurance company by a registered land surveyor using the
         attached certification. The survey shall have the surveyor's original
         signature and seal affixed and shall reflect a current date. Older
         surveys are acceptable if updated and recertified. The survey must show
         the North arrow.

2.       The full legal description and street address must be shown. The legal
         description must be identical to that contained in the title insurance
         commitment or any discrepancies explained. The legal description must
         conform to the record legal description or any discrepancies noted on
         the survey and explained. If the premises are described as being on a
         filed plat or map, the survey must contain a legend relating the parcel
         to the map on which it is shown, and the surveyor must certify that any
         land which has been platted or mapped is the same as that described on
         the survey.

3.       If the property consists of more than one parcel, show interior
         property lines and certify that the parcels are contiguous along their
         common lines. If only a portion of a parcel is being surveyed, the
         balance of the parcel must be indicated.

4.       All perimeter property lines must be specifically identified. Show the
         location by courses and distances of the property to be covered by the
         mortgage; clearly designate the point of beginning and the relation (by
         courses and distances) of the point of beginning for the property to
         the monument (i.e., nearest street intersection) from which it is
         fixed; show and label all servient easements; show all building lines,
         whether established by subdivision plat, recorded restrictions or
         zoning or building ordinance; show and label all easements appurtenant
         to said parcel; show all driveways and alleys on or crossing the
         property; show the right of way lines of the street or streets abutting
         the parcel, the names and width of said streets, whether the streets
         are dedicated, whether there are limitations on access, all curb cuts
         from the property to such street or streets, and the distance from the
         nearest intersecting street.

5.       Show the number of square feet or acres contained in the parcel.

6.       All easements, set-back lines and other exceptions in the title
         insurance commitment (except liens) must either: (a) be plotted or (b)
         if not plottable, identified on the face of

<PAGE>

         the survey as not plottable with an explanation as to why they are not
         plottable or (c) if inapplicable, certified as not affecting the
         property.

7.       Locate and identify all utility lines that serve the property
         improvements (sewer, water, gas, electric and telephone). Indicate
         whether the utility lines are above or below grade and show the sizes
         of the respective services.

8.       Show and describe encroachments or make a positive statement that there
         are not encroachments.

9.       State whether or not the property appears on any U.S. Department of
         H.U.D. Flood Insurance Boundary Map or any special flood hazard area
         map published by the Federal Emergency Management Agency and, if so,
         further state the map number and date and whether or not the property
         appears in the "Flood Hazard Area" shown on the map.

10.      State the zoning classification of the property.

11.      Show the location of any underground tanks and of any railroad tracks
         and sidings.

12.      Show the location of rubbish fills, sloughs, springs, filled in wells
         or cisterns and seep holes, if applicable.

13.      For property on which existing improvements are to remain, show (a) all
         structures and improvements including sidewalks, stoops, overhangs, and
         parking areas; (b) the square footage of all structures; (c) horizontal
         lengths of all sides of all structures and improvements and the
         relations thereof by distances to all boundary lines of the parcel, all
         servient easements, all established building lines and all street
         lines; and (d) all parking and paved areas, with the number of vehicles
         that may be parked in each parking area.

B.       FOUNDATION SURVEY:

         The property survey must be updated to show the location of added
building foundations. The survey shall show horizontal lengths of all sides and
the relation thereof by distances to: (a) all boundary lines of the parcel; (b)
servient easements; (c) established building lines; and (d) street lines. The
certification must be updated to the date the foundation survey was made.

C.       FINAL SURVEY:

         The property survey must be updated to show all completed parking
areas, structures and improvements in the same manner as required in item 13(a)
above. The certification must be updated to the date the final survey was made.

<PAGE>

         SURVEYOR'S CERTIFICATE

The undersigned hereby certifies to The Huntington National Bank and to [INSERT
NAME OF TITLE INSURER] as of ____________________, _____ that this survey was
actually made upon the ground; that it and the information, courses and
distances shown thereon are accurate; that the title lines and lines of actual
possession are the same; that the property description "closes" by engineering
calculation; that this survey correctly shows the size, location and type of all
buildings, structures and other improvements on the property and all are within
the boundary lines and applicable set-back lines (whether established by
subdivision plat, recorded restrictions or applicable zoning or building codes)
affecting the property; that there are no easements or uses affecting the
property appearing from a careful physical inspection of the same, other than
those shown thereon; that all utility services necessary for the operation of
the property are present on the property or within adjacent public right of way
or recorded easement; that there are no encroachments on adjoining premises,
streets or alleys by any of said buildings, structures or other improvements or
encroachments upon the property by any building, structure or other improvement
situated upon any adjoining premises; and that the property is in Zone ______
(areas determined to be ____________________________) on Flood Insurance Rate
Map, Panel ________ of ________,  County, ________  and incorporated areas, Map
No. _______ (effective date: ________________). This survey was made in
accordance with the "Minimum Standard Detail Requirements for ALTA/ACSM Land
Title Surveys" jointly established by ALTA, ACSM and NSPS in 1999. Pursuant to
the Accuracy Standards as adopted by ALTA, ACSM and NSPS and in effect on the
date of this certification, the undersigned further certifies that the survey
measurements were made in accordance with the "Minimum Angle, Distance and
Closure Requirements for Survey Measurements Which Control Land Boundaries for
ALTA/ACSM Land Title Surveys."

________________           __________________________________
[Name of Surveyor]         [Registration Number]

________________           __________________________________
[Address}                  [Telephone Number]

<PAGE>

                                   EXHIBIT "C"

                          TITLE INSURANCE REQUIREMENTS

    BORROWER SHOULD PROVIDE THESE REQUIREMENTS TO THE TITLE INSURANCE AGENT.
          HNB WILL REQUIRE STRICT COMPLIANCE WITH THESE REQUIREMENTS.

1.       The issuing agent and underwriter must be acceptable to HNB. HNB
         reserves the right to require reinsurance of part or all of the
         coverage.

2.       The ALTA form of commitment shall be used.

3.       The insured property shall be the real property securing Borrower's
         loan and all appurtenant easements. The legal description shall be set
         forth in an exhibit attached to the commitment, which exhibit may be
         used as an exhibit to the mortgage.

4.       The commitment shall show "The Huntington National Bank, its successors
         and assigns, as their interests may appear", as proposed insured.

5.       The amount of coverage shall be Thirty Six Million And 00/100 Dollars
         ($36,000,000.00), with a "pending disbursements" clause acceptable to
         HNB.

6.       The commitment shall expressly state that the form of loan title
         insurance policy will be ALTA form (1970 Revision, Amended 10-17-70 and
         10-17-84) and that the same will be issued with ALTA Form 6.0 Variable
         Rate Endorsement and any other endorsement deemed necessary by HNB. A
         specimen of each such endorsement shall be attached to the commitment.

7.       The commitment shall expressly state that upon receipt of a survey and
         title affidavit acceptable to the title insurer, the loan title policy
         shall be issued free from the survey, mechanics' lien and other
         standard exceptions. The title affidavit required for deletion of the
         standard exceptions shall be attached to the commitment.

8.       The commitment shall set forth in full the requirements for issuance of
         the loan title insurance policy.

9.       Each exception to title must be acceptable to HNB. A legible copy of
         the document referenced in each such exception to title and of any
         applicable recorded or unrecorded plat shall be attached to the
         commitment.

10.      The loan title insurance policy shall insure HNB's mortgage as the
         first and best lien, subject only to exceptions to title acceptable to
         HNB.

<PAGE>

                                   EXHIBIT "D"

                             INSURANCE REQUIREMENTS

       BORROWER SHOULD PROVIDE THESE REQUIREMENTS TO THE INSURANCE AGENT.
           HNB WILL REQUIRE STRICT COMPLIANCE WITH THESE REQUIREMENTS.

1.       Borrower shall provide an original binder or policy, or a certificate
         of insurance and a certified copy of the binder and policy, for the
         required coverages, together with a paid receipt, prior to loan
         closing. Certificates of insurance for "builder's risk" and other
         casualty loss coverages must be issued on the Acord 27 form.

2.       The issuing underwriter shall have a Best's Insurance Reports policy
         holders rating of A+ and a financial size category of Class XV or be
         expressly approved by HNB.

3.       Each policy of casualty insurance shall contain a mortgagee clause,
         substantially in the form of the standard New York mortgagee clause,
         and otherwise acceptable to HNB, showing "The Huntington National Bank,
         its successors and assigns, as their interests may appear," as the
         mortgagee and loss payee. Each policy of liability insurance shall show
         "The Huntington National Bank" as an additional insured.

4.       Borrower shall provide a policy of insurance against loss or damage to
         the improvements and the personal property securing Borrower's loan
         caused by fire and any of the risks covered by insurance of the type
         now known as "Special Form" (coverage against physical loss), in an
         amount equal to one hundred percent (100%) of the replacement cost of
         such improvements and personal property and sufficient to prevent
         Borrower and HNB from becoming co-insurers, and otherwise with terms
         and conditions acceptable to HNB.

5.       Borrower shall provide a policy of insurance for "Commercial General
         Liability," insuring against any and all claims for personal injury,
         death or property damage occurring on, in or about the property, the
         improvements and the adjoining streets, sidewalks and passageways,
         subject to a combined single limit of not less than One Million Dollars
         ($1,000,000.00) for personal injury, death or property damage arising
         out of any one accident, a general aggregate limit of not less than Two
         Million Dollars ($2,000,000.00), with excess liability coverage in an
         amount not less than Three Million Dollars ($3,000,000.00), and
         otherwise with terms and conditions acceptable to HNB.

6.       Borrower shall provide worker's compensation insurance (including
         employer's liability insurance, if available and requested by HNB) for
         all employees of Borrower engaged on or with respect to the property
         and the improvements in the limits established by law, or, if limits
         are not so established, in such amounts as are acceptable to HNB.

7.       Borrower shall provide, during the course of any construction,
         builder's completed value risk insurance against physical loss,
         including collapse and transit coverage, in an amount equal to one
         hundred percent (100%) of the replacement cost of the improvements and

<PAGE>

         sufficient to prevent Borrower and HNB from becoming co-insurers, and
         otherwise with terms and conditions acceptable to HNB.

8.       Borrower shall provide, upon obtaining a certificate of occupancy for
         the improvements or any portion thereof, "Business Income" insurance in
         an amount satisfactory to HNB and/or loss of "rental value" insurance
         in an amount not less than the appraised rentals for the improvements
         for a minimum of twelve (12) months, and with terms and conditions
         acceptable to HNB.

9.       If the improvements are located in a federally designated flood hazard
         area, then Borrower shall provide flood hazard coverage in the maximum
         amount available and otherwise with terms and conditions acceptable to
         HNB.

10.      Borrower shall provide such other insurance coverages, and in such
         amounts, as may from time to time be required by HNB against the same
         or other hazards.

11.      Unless the policy expressly so provides, each policy of insurance shall
         contain an endorsement by the insurer that any loss shall be payable in
         accordance with the terms of such policy notwithstanding any act or
         negligence of Borrower which might otherwise result in forfeiture of
         said insurance and that any right of set-off, counterclaim or deduction
         against Borrower is waived.

12.      Unless the policy expressly so provides, each policy of insurance shall
         contain an endorsement by the insurer that such policy shall not be
         canceled or changed except upon not less than thirty (30) days prior
         written notice delivered to HNB.

13.      Nothing contained in these Requirements shall prevent Borrower from
         keeping the property or improvements insured or causing the same to be
         insured against the risks referred to in these Requirements under a
         policy or policies of blanket insurance which may cover other property;
         provided however, that any such policy of blanket insurance (a) shall
         specify therein by "agreed amount" endorsement the amount of the total
         insurance allocated to the property securing Borrower's loan, which
         amount shall be not less than the amount otherwise required to be
         carried under these Requirements; (b) shall not contain any clause
         which would result in the insured thereunder becoming a co-insurer of
         any loss with the insurer under such policy; and (c) shall in all other
         respects comply with the provisions of these Requirements.

<PAGE>

                                  EXHIBIT "E"

                           CONSTRUCTION LOAN AGREEMENT

         THIS CONSTRUCTION LOAN AGREEMENT (the "Loan Agreement"), dated as of
the day of ___, 2004, by and between THE HUNTINGTON NATIONAL BANK, a national
banking association, having an office at 41 South High Street, Columbus, Ohio
43215 ("Huntington") and EM COLUMBUS, LCC, an Ohio limited liability company,
having an office at 150 East Gay Street, Columbus, Ohio 43215 ("Borrower").

                                   WITNESSETH:

         In consideration of the covenants contained herein and other valuable
consideration, Huntington and Borrower agree as follows:

                                 1. DEFINITIONS

         The following terms wherever used in this Loan Agreement shall have the
following meanings:

         1.1      "Change Orders" shall mean any amendments or modifications to
the Plans or General Contract.

         1.2      "Completion" shall mean substantial completion of the Project,
in accordance with the Plans, and of any necessary access and utilities serving
the Project; issuance of all approvals and certificates by Governmental
Authorities required for the permanent use and occupancy of the Project;
issuance of a Certificate of Substantial Completion on AIA Document G704 by the
Project Architect and the General Contractor; verification of substantial
completion by Huntington's architect; and presentation of evidence of acceptance
by all tenants having a right of acceptance as a lease condition.

         1.3      "Completion Date" shall mean ___________ 200__.

         1.4      "Construction Loan Checking Account" shall mean a separate
non-interest-bearing checking account established by Borrower with Huntington.

         1.5      "Cost Breakdown" shall mean a statement setting forth, by line
item and category, the Hard Costs and Soft Costs and the Loan Budget Amounts in
respect of Hard Costs and Soft Costs.

         1.6      "General Contract" shall mean any contract between Borrower
and the General Contractor or any other person which requires the General
Contractor or such other person to

<PAGE>

provide, or supervise or manage the procurement of, substantially all labor and
materials needed for Completion of the Project.

         1.7      "General Contractor" shall mean ____________________________.

         1.8      "Governmental Authorities" shall mean the United States, the
state in which the Property is located and any political subdivision, agency,
department, commission, board, bureau or instrumentality of either of them,
including any local authorities, which exercises jurisdiction over the Project
or the Property.

         1.9      "Guarantor" shall mean Glimcher Properties Limited Partnership
and Glimcher Properties Corporation.

         1.10     "Guaranty" shall mean collectively the Unconditional Guaranty
of Payment and Completion, of even date herewith, made by the Guarantor to
Huntington to guarantee payment and performance in accordance with the terms and
conditions of the Loan Documents.

         1.11     "Hard Costs" shall mean the costs of all labor, materials,
equipment, fixtures and furnishings necessary for Completion of the Project.

         1.12     "Hard Costs Loan" shall mean that portion of the Loan Amount
applicable and equal to the sum of the Loan Budget Amount for Hard Costs shown
on the Cost Breakdown.

         1.13     "Hard Costs Statement" shall mean a statement on AIA Documents
G702 and G703 setting forth, by line item and category, Hard Costs incurred, to
be prepared and certified by the General Contractor, certified and approved as
accurate by Borrower, Project Architect and such others as Huntington shall
reasonably require and submitted to Huntington with each Requisition.

         1.14     "Huntington's Counsel" shall mean Porter, Wright, Morris &
Arthur, 41 South High Street, Columbus, Ohio 43215, Attention: Robert C. Kiger.

         1.15     "Initial Advance" shall mean the first advance of Loan
proceeds for renovations.

         1.16     "Loan" shall mean the aggregate of the Hard Costs Loan and the
Soft Costs Loan, which aggregate is equal to the Loan Amount.

         1.17     "Loan Amount" shall mean Twelve Million And 00/100 Dollars
($12,000,000.00) of a loan in the total principal amount of Thirty Six Million
And 00/100 Dollars ($36,000,000.00) less any amounts disbursed by Borrower to
May Department Stores (not to exceed 5,000,000.00) to induce Kauffmann's to
build and occupy a store at the Project.

         1.18     "Loan Budget Amounts" shall mean the portion of the Loan
Amount set forth in the Cost Breakdown to be advanced for each line item and
category of Hard Costs and Soft Costs.

<PAGE>

         1.19     "Loan Documents" shall mean collectively the Loan Agreement,
the Note, the Mortgage, the Guaranty and any other instrument, document,
certificate or affidavit heretofore, now or hereafter given by Borrower
evidencing or securing or by any of the Guarantor guaranteeing all or any part
of the foregoing.

         1.20     "Major Subcontract" shall mean any contract entered into by
the General Contractor for work to be performed to the Project or work and
materials to be furnished to the Project in an amount of Seven Hundred Fifty
Thousand And 00/100 Dollars ($750,000.00) or greater.

         1.21     "Mortgage" shall mean that certain Open-End Mortgage,
Assignment of Rents and Security Agreement, of even date herewith, granted by
Borrower to Huntington to secure payment and performance by Borrower in
accordance with the terms and conditions of the Loan Documents.

         1.22     "Mortgaged Property" shall mean the Property and other
property comprising "Mortgaged Property", as said term is defined in the
Mortgage.

         1.23     "Note" shall mean that certain Note, dated ________, 2003,
made by Borrower to Huntington in the amount of Thirty Six Million And 00/100
Dollars ($36,000,000.00) to evidence the Loan and any and all renewals,
amendments, modifications, reductions and extensions thereof and substitutions
therefore.

         1.24     "Payment Receipts" shall mean receipts from contractors,
subcontractors and suppliers evidencing payment of Hard Costs.

         1.25     "Plans" shall mean collectively the final plans and
specifications prepared by Borrower, Project Architect or the General
Contractor, and approved by Huntington, which describe and show the labor,
materials, equipment, fixtures and furnishings necessary for the Completion of
the Project, including all amendments thereto and modifications thereof made by
approved Change Orders.

         1.26     "Project" shall mean the renovation of the existing mall known
as Eastland located on the Property.

         1.27     "Project Architect" shall mean _________________________.

         1.28     "Property" shall mean the real property described in the
Mortgage, upon which the Project is to be developed and constructed.

         1.29     "Retained Amounts" shall mean ten percent (10%) of the Hard
Costs incurred, on a contract by contract basis, until the Contractor under a
particular General Contract has performed fifty percent (50%) of the work
required to be performed thereunder. Thereafter there shall be no retainage for
Hard Costs unless the General Contract or General Contracts provide for
retainage in which event retainage from the loan proceeds shall be in that
amount. Such

                                       3
<PAGE>

retainage shall be advanced upon presentation to Huntington of a certificate
from the Project architect that such General Contract has been fully performed
and verification of such performance by Huntington's architect. Notwithstanding
the foregoing, retainage with respect to future tenant improvements shall be
separately retained and advanced on substantially the same basis.

         1.30     "Requisition" shall mean a statement executed by Borrower
which is to be delivered to the Agent setting forth the amount of the Loan
advance requested in each instance and including:

         (a)      the Hard Costs Statement and Soft Costs Statement;

         (b)      Payment Receipts for all Hard Costs covered by a previous
                  Requisition;

         (c)      proof of payment of all Soft Costs covered by a previous
                  Requisition; and

         (d)      a list of proposed payees.

         1.31     "Soft Costs" shall mean all costs, other than Hard Costs,
necessary for Completion of the Project, including without limitation,
architects' and attorneys' fees, ground rents, interest, real estate taxes,
survey costs and insurance premiums.

         1.32     "Soft Costs Loan" shall mean that portion of the Loan Amount
applicable and equal to the sum of the Loan Budget Amount for Soft Costs shown
on the Cost Breakdown.

         1.33     "Soft Costs Statement" shall mean a statement setting forth,
by line item and category, Soft Costs incurred and to be incurred, to be
prepared, certified and approved as accurate by Borrower and submitted to
Huntington with each Requisition.

         1.34     "Title Insurer" shall mean the issuer of the title insurance
policy insuring the lien of the Mortgage.

                              2. BORROWER COVENANTS

         2.1      Borrower shall construct the Project in a good and workmanlike
manner and in accordance with the Plans, using only materials, fixtures,
furnishings and equipment purchased new and not functionally obsolete and shall
cause the Completion of the Project free from defects and in accordance with the
Plans. Upon demand of Huntington, Borrower shall correct any defects in the
Project or any departures from the Plans not approved by Huntington.

         2.2      Borrower shall not enter into any Major Subcontract until
Huntington has received a copy thereof and has approved such subcontractor. Such
approval shall be deemed to have been given unless Huntington responds within
fourteen (14) business days following receipt of such subcontract for review.

                                       4
<PAGE>

         2.3      Borrower shall protect from theft and vandalism all portions
of the Project and all tools and building materials stored on the Property.

         2.4      Borrower shall pay all Hard Costs and Soft Costs required for
Completion of the Project and all costs of completing any work required to be
performed by Borrower under any purchase contract for or lease of all or part or
the Project, or detailed work letter with respect thereto, to permit the lawful
occupancy of space, including public space, in the Project by purchasers or
lessees of such space as contemplated in the purchase contracts or leases for
the same. Borrower shall keep the Project free from mechanics' and materialmen's
liens, except as expressly permitted in the Mortgage.

         2.5      Borrower shall receive and deposit all Loan advances in the
Construction Loan Checking Account and hold the same as a trust fund for the
purpose of paying only Hard Costs and Soft Costs.

         2.6      Borrower shall not enter into any Change Order until
Huntington shall have received a copy thereof. Further, Borrower shall not enter
into any Change Order without Huntington's written consent if such Change Order
(a) will increase or decrease the cost of achieving Completion in excess of Ten
Thousand And 00/100 Dollars ($10,000.00), (b) will, when aggregated with all
previous Change Orders, increase or decrease the cost of achieving Completion in
excess of Fifty Thousand And 00/100 Dollars ($50,000.00), or (c) will change the
character, size, value or utility of the Project. Such consent shall be deemed
to have been given unless Huntington responds within fourteen (14) business days
following receipt of such Change Order for review. The approval of any Change
Order by Huntington shall not be construed as obligating Huntington to increase
or advance any Loan Budget Amount on account of any such Change Order.

         2.7      Borrower shall permit Huntington and its representatives, at
the reasonable expense of Borrower, to enter upon the Property and inspect the
Project and all materials to be used in the construction thereof and examine all
detailed plans and shop drawings which are or may be kept at the construction
site. Borrower will cooperate and cause the General Contractor to cooperate with
Huntington in the performance of such inspections. At the time of each such
inspection, Borrower will make available to Huntington on demand, daily log
sheets covering the period since the immediately preceding inspection, showing
the date, weather, subcontractors on the job, number of workers and status of
construction.

         2.8      Borrower shall comply with all laws, statutes, ordinances,
rules, regulations and orders of Governmental Authorities and shall promptly
furnish Huntington with reports of any official searches and claims of
violations made by Governmental Authorities.

         2.9      Borrower shall comply with all restrictions, covenants and
easements affecting the Project or the Property and shall satisfy and keep
satisfied any conditions to the zoning of the Property and to the approvals of
Public Authorities, including without limitation, conditions to building
permits, curb cut permits, storm water and other discharge permits, operating
permits, licenses and site plan approvals.

                                       5
<PAGE>

         2.10     Borrower shall show Huntington as the source of construction
financing on any construction sign erected on the Property at locations approved
by Borrower and in compliance with local laws and ordinances. Borrower shall
permit Huntington to erect its own construction sign on the Property and
otherwise advertise its provision of construction financing all at Huntington's
expense.

         2.11     Borrower shall promptly provide to Huntington copies of all
contracts, bills of sale, statements, receipted vouchers and agreements under
which title is claimed by Borrower to any materials, furniture, fixtures or
equipment incorporated into the Project or subject to the lien of the Mortgage
and any other data or documents in connection with the Project as Huntington may
from time to time request.

         2.12     Borrower shall indemnify and hold Huntington harmless from all
claims of every person, including, without limitation, employees, contractors
and tenants of Borrower, subcontractors, subtenants or concessionaires of any
contractors or tenants, and employees and business invitees of any contractors,
subcontractors, tenants, subtenants or concessionaires, arising from or out of
the acquisition, development, construction, use, occupancy or possession of the
Project or the Property, excluding however, any claim arising solely from the
gross negligence or willful misconduct of Huntington, its officers, employees,
agents or contractors.

                           3. LOAN ADVANCES GENERALLY

         3.1      Subject to the provisions of this Loan Agreement, Huntington
will advance and Borrower will accept the Loan Amount in installments. The
amount of advances shall not exceed the amount set forth in the separate Cost
Breakdown to be furnished. The Initial Advance and all subsequent advances shall
be made upon satisfaction of the applicable conditions precedent set forth in
Section 4 hereof, in amounts which shall be equal to the aggregate of the Hard
Costs and Soft Costs incurred by Borrower through the end of the period covered
by the Requisition less:

         (a)      the Retained Amounts; and

         (b)      the total of the Loan advances theretofore made; and

         (c)      at the election of Huntington, any combination of the
                  following further amounts:

                  (i)      all or a portion of the amount by which any Hard
                           Costs or Soft Costs are or are reasonably estimated
                           by Huntington to be greater than the respective Loan
                           Budget Amounts for such costs; and

                  (ii)     any costs covered by the Requisition not approved or
                           certified by Borrower, Project Architect or General
                           Contractor, as the case may be, any Hard Costs
                           covered by a previous Requisition for which Payment

                                       6
<PAGE>

                           Receipts have not been received by Huntington and any
                           Soft Costs covered by a previous Requisition for
                           which proof of payment has not been received by
                           Huntington; and

                  (iii)    any costs covered by the Requisition and payable to a
                           major subcontractor or prime contractor not approved
                           by Huntington.

         3.2      Borrower shall submit a Requisition for the Initial Advance
and for subsequent advances, not more frequently than monthly thereafter, and
for a final advance (except for advances for tenant improvements, soft costs and
accrued interest after completion) promptly upon Completion. Requisitions shall
conform to the Cost Breakdown and shall be received by Agent at least ten (10)
business days prior to the date of the requested advance. All advances to
Borrower are to be made at Huntington's principal office or at such other place
as Agent may designate and shall be deposited in the Construction Loan Checking
Account.

         3.3      Borrower's Requisition, the progress of construction and the
conformity of the construction with the Plans is subject to Huntington's
verification and approval, which shall not be unreasonably withheld or delayed.
Huntington shall engage the services of an independent outside architect for
such verification and approval to review plans, specifications and engineering
reports.

         3.4      Retained Amounts shall be advanced upon the satisfaction of
the conditions set forth in Section 4.2 hereof, provided that Retained Amounts
with respect to future tenant improvements, if any, shall be separately retained
and advanced on a tenant by tenant basis.

         3.5      Huntington may, in its sole discretion, advance all or any
portion of the amounts to be advanced hereunder, without regard to Borrower's
satisfaction of the conditions precedent to its entitlement to Loan proceeds,
and no person dealing with Borrower or the General Contractor or any other
person shall have standing to demand any different performance from Huntington.

         3.6      Huntington may require that Loan advances be disbursed through
a disbursing agent selected by Huntington and that disbursements be made
directly to General Contractor, subcontractors and materialmen. In such event,
interest shall accrue to Huntington from the time the Loan proceeds are advanced
to the disbursing agent. Further, Huntington may, in lieu of the presentation of
proofs of payment and Payment Receipts with the Requisition for the succeeding
month, require the immediate presentation of proofs of payment, Payment
Receipts, lien waivers and releases against the advance of Loan proceeds.

         3.7      Huntington shall not make Loan advances for materials or
furnishings which are stored on the Property, but not yet affixed to or
incorporated into the Project, except in the case of major materials approved by
Huntington and intended to be incorporated into the Project pursuant to the
Plans, and then not until Huntington shall have received: (a) bills of sale and
other documentation evidencing payment in full for such materials, Borrower's
ownership thereof and the release of any right, title or lien in respect thereof
by any vendor; (b) evidence

                                       7
<PAGE>

that such materials are covered by the insurance policies required by the Loan
Documents and are identified and protected against loss, theft and damage in a
manner acceptable to Huntington; and (c) evidence that advances made by
Huntington for said materials do not, at any one time, exceed in the aggregate
Five Hundred Thousand And 00/100 Dollars ($500,000.00), inclusive of the amount
requested.

           4. CONDITIONS PRECEDENT TO OBLIGATION TO MAKE LOAN ADVANCES

         4.1      Huntington shall not be obligated to make the Initial Advance
or subsequent advances unless the following conditions precedent shall have been
and remain satisfied:

                  (a)      Huntington shall have received a Requisition for the
                           Initial Advance or subsequent advance, as the case
                           may be;

                  (b)      Huntington shall have received an endorsement to the
                           title insurance policy insuring the lien of the
                           Mortgage, which endorsement shall (i) modify the
                           effective date of such title insurance policy to or
                           immediately prior to the date of the advance, (ii)
                           show no additional exceptions, except those approved
                           by Huntington's Counsel and (iii) acknowledge the
                           aggregate amount of Loan proceeds then advanced;

                  (c)      For the advance immediately after any foundations
                           have been constructed, Huntington shall have received
                           and approved a survey of the perimeter of such
                           foundation, certified to within ten (10) days of the
                           advance to Huntington and the Title Insurer, and
                           otherwise conforming to Huntington's Survey
                           Requirements, a copy of which is attached to the Loan
                           Commitment;

                  (d)      Existing improvements on the Property, if any, shall
                           not have been materially injured or damaged by fire
                           or other casualty, unless Huntington shall have
                           received insurance proceeds sufficient in the
                           reasonable judgment of Huntington to effect the
                           satisfactory restoration of the said improvements and
                           to permit completion of said improvements prior to
                           the Completion Date pursuant to terms of disbursement
                           satisfactory to Huntington;

                  (e)      The representations made in Section 6 hereof shall be
                           true and correct on and as of the date of the advance
                           with the same effect as if made on such date; and

                  (f)      There shall exist no Event of Default under the Note
                           or Mortgage, as therein defined, or any event or
                           state of facts which after notice or the passage of
                           time, or both, could give rise to such an Event of
                           Default.

                                       8
<PAGE>

                  (g)      Huntington shall have received copies of all Major
                           Subcontracts for the construction of the Project,
                           which subcontractors shall have been approved by
                           Huntington.

         4.2      Huntington shall not be obligated to advance Retained Amounts
unless the following conditions precedent shall have been and remain satisfied:

                  (a)      Huntington shall have received and approved evidence
                           that Completion has been achieved; and

                  (b)      Huntington shall have received and approved an "as
                           built" survey of the Project and the Property,
                           certified to within ten (10) days of the advance to
                           Huntington and the Title Insurer, and otherwise
                           conforming to Huntington's Survey Requirements, a
                           copy of which has heretofore been furnished to
                           Borrower.

Notwithstanding the foregoing provision, Retained Amounts with respect to future
tenant improvements shall be separately retained and advanced on a tenant by
tenant basis.

         4.3      Borrower shall cause the satisfaction of each and every of the
foregoing conditions precedent, whether precedent to the obligation to make the
Initial Advance, a subsequent advance or the advance of Retained Amounts.

                        5. ADJUSTMENTS TO COST BREAKDOWN

         5.1      Borrower shall prepare, certify and provide to Huntington a
revised Cost Breakdown on AIA Document G703 with any Change Order provided to
Huntington as required under Section 2.8 hereof in addition to separate Cost
Breakdown.

         5.2      If at any time Huntington gives notice to Borrower that, in
Huntington's sole discretion, the undisbursed balance of the Loan Budget Amount
for any line item or category of cost shown on the Cost Breakdown is
insufficient to achieve Completion and to pay the Hard Costs and Soft Costs, as
the case may be, remaining unpaid, then Huntington may reallocate to such Loan
Budget Amount any excess in any other Loan Budget Amount balance that
Huntington, in its sole discretion, deems to be excessive. In such event,
Borrower shall prepare, certify and provide to Huntington a revised Cost
Breakdown on AIA Document G703.

         5.3      Borrower may elect to reallocate any contingency line item(s)
to increases in Hard Costs, so long as the percentage of the original
contingency line item which has been reallocated to date does not exceed the
percentage of completion of construction of the Project. Final

                                       9
<PAGE>

documented cost savings in one line item may be reallocated to another line item
with the approval of Huntington in its reasonable discretion.

         5.4      If at any time Huntington gives notice to Borrower that, in
Huntington's sole discretion, the undisbursed balance of the Loan, including
Retained Amounts, is insufficient to achieve Completion and to pay the Hard
Costs and Soft Costs remaining unpaid, Borrower, at its option, shall either:
(a) deposit with Huntington an amount equal to such deficiency, which Huntington
shall from time to time apply, or allow Borrower to apply, to such Hard Costs or
Soft Costs; or (b) make a payment against such Hard Costs or Soft Costs in the
amount of such deficiency so that the undisbursed balance of the Loan, including
Retained Amounts, shall be sufficient to achieve Completion and to pay the Hard
Costs and Soft Costs remaining unpaid, and shall furnish Huntington with such
evidence thereof as Huntington may require. In such event, Borrower shall
prepare, certify and provide to Huntington a revised Cost Breakdown on AIA
Document G703. Huntington shall have a lien on and security interest in any sums
deposited pursuant to clause (a) above. Borrower shall have no right to withdraw
any such sums, except for the payment of Hard Costs or Soft Costs approved by
Huntington. Any such sums not so used shall be released to Borrower upon
Completion. If prior to Completion, an Event of Default shall occur under the
Note or Mortgage, as defined therein, or any event or state of facts which after
notice or the passage of time, or both, would constitute such an Event of
Default, Huntington shall have all of the rights and remedies of a secured party
under the Uniform Commercial Code, as enacted in the State of Ohio, and may, at
its option, apply such sums either to the costs of completing the Project or to
the immediate reduction of outstanding principal or interest or both under the
Note.

                           6. BORROWER REPRESENTATIONS

         6.1      Borrower represents that the Plans (to the extent the same
have been completed) are satisfactory to Borrower, have been reviewed and
approved by Guarantors, the General Contractor, Project Architect; by all
Governmental Authorities, to the extent required by applicable law; by each
beneficiary under any effective restrictive covenant; and by each tenant under
any lease covenant requiring plan approval. Further, that all construction, if
any, already performed on the Project has been performed in accordance with the
Plans approved by the persons named above and with any restrictive covenants
applicable thereto; there are no structural defects in the Project or violations
of any requirement of any Governmental Authorities with respect thereto; that
the planned use of the Project complies with applicable zoning ordinances,
regulations and restrictive covenants affecting the Property as well as all
environmental, ecological, landmark and other applicable laws and regulations;
and that all requirements for such use have been satisfied.

                                       10
<PAGE>

                                   7. DEFAULT

         7.1      Upon the occurrence of any Event of Default under the Note or
Mortgage, as defined therein, Borrower does hereby irrevocably authorize
Huntington to complete the acquisition, development, construction and equipping
of the Project and Property, with such changes as Huntington may, in its sole
discretion, deem appropriate, all at the risk, cost and expense of Borrower, but
Huntington is not obligated to do so. In the event that Huntington elects to
proceed under such authorization, Huntington may assume or reject any contract
entered into by Borrower in connection with the acquisition, development,
construction or equipping of the Project or the Property, may enter into
additional or different contracts for services, labor and materials required in
the judgment of Huntington to complete such acquisition, development,
construction or equipping, and may make, compromise and settle all claims in
connection with such acquisition, development, construction or equipping.

         7.2      All sums expended by Huntington in completing the acquisition,
development, construction and equipping of the Project and the Property shall be
deemed advances made by Huntington to Borrower secured by the Mortgage and, to
the extent such advances exceed the Loan Amount, such advances shall be deemed
to be for the protection of the Mortgaged Property and Borrower shall repay such
sums upon demand together with interest from the date of each advance at the
Default Rate of Interest, as defined in the Note.

         7.3      Huntington may at any time abandon acquisition, development,
construction and equipping of the Project and Property, after having commenced
it, and may recommence such acquisition, development, construction and equipping
of the Project and Property, upon Huntington's election to do so.

         7.4      For the purposes of completing the acquisition, development,
construction and equipping of the Project and Property after an Event of Default
under the Note or Mortgage, as defined therein, Borrower does hereby irrevocably
appoint Huntington its attorney-in-fact with full power to take such action as
may be desirable in the judgment of Huntington to complete such acquisition,
development, construction and equipping, all in the name of Borrower.

         7.5      Notwithstanding the foregoing, upon the occurrence of any
Event of Default under the Note or Mortgage, as defined therein, Borrower does
hereby irrevocably authorize Huntington to advance any undisbursed Loan proceeds
directly to the General Contractor, subcontractors, materialmen and other
persons to pay for Completion of the Project, but Huntington is under no
obligation to do so. No further direction or authorization from Borrower shall
be necessary to warrant such direct advances and all such advances shall satisfy
pro tanto the obligations of Huntington hereunder and shall be secured by the
Loan Documents as fully as if made to Borrower, regardless of the disposition
thereof by the General Contractor or other person.

                                       11
<PAGE>

                                    8. OTHER

         8.1      All documentation required or deemed by Huntington to be
necessary in connection with this Loan Agreement shall be acceptable to and
subject to the approval of Huntington as to form and content.

         8.2      Borrower acknowledges that Borrower has selected all
architects, engineers, contractors, subcontractors, materialmen, and others
furnishing services or materials for the Project and that Huntington shall have
no responsibility whatsoever for them or for any inspection reports or for the
quality of their materials or workmanship. It is understood that Huntington's
sole function is that of lender and that the only consideration passing from
Huntington to Borrower are the Loan proceeds in accordance with and subject to
the terms of this Loan Agreement. Neither Borrower, nor any other person, shall
have any right to rely on any approvals or procedures required by Huntington
herein, such approvals and procedures being solely for the benefit and
protection of Huntington.

         8.3      Any advance by Huntington of Loan proceeds hereunder made
prior to or without the fulfillment by Borrower of all of the conditions
precedent thereto, whether or not known to Huntington, shall not constitute a
waiver by Huntington of the requirement that all conditions precedent, including
the non-performed conditions precedent, shall be required with respect to all
future advances.

         8.4      No provision of the Loan Documents may be changed, waived,
discharged or terminated orally, by telephone or by any other means, except an
instrument in writing signed by the party against whom enforcement of the
change, waiver, discharge or termination is sought.

         8.5      All conditions precedent to Huntington's obligation to make
advances hereunder are imposed solely and exclusively for the benefit of
Huntington and may be freely waived or modified in whole or in part by
Huntington at any time, if in its sole discretion Huntington deems it advisable
to do so. Upon satisfaction or waiver of all such conditions precedent, no
person other than Borrower shall have standing to require Huntington to make any
Loan advances or to be a beneficiary of this Loan Agreement or any advances to
be made hereunder.

         8.6      (a)      All notices, demands, requests and other
communications (collectively, hereinafter "Notices") to Borrower shall be in
writing and shall be deemed to have been sufficiently given for all purposes
when sent by certified mail, return receipt requested, by telecopy or by
personal delivery to Borrower at 150 East Gay Street, Columbus, Ohio 43215 Attn:
George A. Schmidt, Executive Vice President. Any Notice sent by certified mail,
return receipt requested, by personal delivery or by telecopy shall be deemed to
have been given two (2) business days following the date it is sent in
accordance with the foregoing provisions. Any Notice sent by personal delivery
shall be deemed to have been given the business day actually received.

                  (b)      All Notices to Lender shall be in writing and shall
be deemed to have been sufficiently given for all purposes when sent by
certified mail, return receipt requested, telecopy

                                       12
<PAGE>

or personal delivery to Lender at The Huntington National Bank, Commercial Real
Estate Group, 8th Floor, 41 South High Street, Columbus, Ohio 43215 (Attention:
Bonnie Birath, Vice President) or to such other address or addresses of which
Lender shall have notified Guarantor in writing. Any Notice sent by certified
mail, return receipt requested or by telecopy, shall be deemed to have been
given two (2) business days following the date it is sent. Any Notice sent by
personal delivery shall be deemed to have been given the business day actually
received.

         8.7      Except as herein provided, this Loan Agreement shall be
binding upon and inure to the benefit of Borrower and Huntington and their
respective heirs, personal representatives, successors and assigns.
Notwithstanding the foregoing, Borrower may not assign, transfer or set over to
another, in whole or in part, all or any part of its benefits, rights, duties
and obligations hereunder, including, without limitation, performance of and
compliance with conditions hereof and the right to receive the proceeds of
current or future advances.

         8.8      HUNTINGTON AND BORROWER 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 THE LOAN DOCUMENTS, THE TRANSACTIONS RELATED THERETO OR THE
RELATIONSHIP ESTABLISHED THEREBY. THIS PROVISION IS A MATERIAL INDUCEMENT TO
HUNTINGTON AND BORROWER 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 THE LOAN DOCUMENTS.

                                       13
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Loan Agreement as of
the day and year first above written, the execution hereof by Borrower
constituting: (a) a certification that the representations made in Section 6
hereof are true and correct as of the date hereof; and (b) the undertaking of
Borrower that each Requisition shall constitute personal affirmation that at the
time thereof said representations are true and correct.

THE HUNTINGTON NATIONAL BANK,

By: ________________________________

Borrower:

EM Columbus, LLC,
a Delaware limited liability company

By: Glimcher Properties Limited Partnership,
a Delaware limited partnership, its member

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

By: ________________________________
    George A. Schmidt, Executive Vice
    President

The Huntington National Bank
Commercial Real Estate Group Base Form
January 3, 1994 Revision

Columbus/

                                       14

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