Document:

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                                                                   EXHIBIT 10.4

                                                  FACILITY II TO AMENDMENT NO. 1

                                 AMENDMENT NO. 1
                               TO CREDIT AGREEMENT

     THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (the "Amendment") is made and
entered into as of June 27, 2000, among NEW PLAN EXCEL REALTY TRUST, INC., a
Maryland corporation (the "Borrower"), each lender under the hereinafter defined
Credit Agreement (including each "Designated Lender" existing as of the date
hereof; each a "Lender" and, collectively, the "Lenders"), THE BANK OF NEW YORK,
as administrative agent (in such capacity, the "Administrative Agent"), and BANK
ONE, NA and BANKBOSTON, N.A. (each a "Co-Documentation Agent" and, collectively,
the "Co-Documentation Agents").

                                    RECITALS:

A.   The Borrower, the Lenders, the Administrative Agent and the
Co-Documentation Agents entered into that certain Credit Agreement dated as of
November 17, 1999 (as amended, the "Credit Agreement"; capitalized terms used in
this Amendment which are not otherwise defined herein shall have the meaning
ascribed to such terms in the Credit Agreement).

B.   The Borrower has requested that Section 8.2 of the Credit Agreement be
amended as hereinafter set forth.

C.   The Administrative Agent, the Co-Documentation Agent and the Lenders are
agreeable to such request, subject to the terms of this Amendment.

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

     1.   Amendment of Section 8.2. Section 8.2 of the Credit Agreement is
hereby amended by deleting subsection (b) thereof in its entirety and
substituting in its place the following new subsection (b):

     (b)  Sell, transfer, master lease or dispose of any of its Property, either
     directly or indirectly, except that if at the time thereof and immediately
     after giving effect thereto, no Default shall have occurred, (i) any
     Subsidiary of the Borrower may sell, transfer, master lease or otherwise
     dispose of its assets to the Borrower or to any other Subsidiary, (ii) the
     Borrower may sell, transfer, master lease or otherwise dispose of its
     assets to any Subsidiary Guarantor, (iii) in connection with any
     transaction pursuant to which a Real Property asset of Borrower is or will
     be encumbered with a mortgage (as permitted under Section 8.1(vii)), the
     Borrower may transfer such asset to any Subsidiary, and (iv) the Borrower
     or any Subsidiary

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     of the Borrower may sell Property in an arm's length transaction (or, if
     the transaction involves an Affiliate of the Borrower or a Subsidiary of
     the Borrower, if the transaction complies with Section 8.8) for the fair
     market value thereof, as reasonably determined by the Borrower, provided
     that such sale could not reasonably be expected to have a Material Adverse
     Effect and provided further that for any fiscal year of the Borrower, any
     sale, transfer, master lease or disposition of Property in reliance on this
     clause (iv) which when combined with all other such sales, transfers,
     master leases or dispositions made in such fiscal year shall not exceed 25%
     of the total book value of all Property of the Borrower and its
     Subsidiaries determined as of the first day of such fiscal year.

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

     3.   Effectiveness of Amendment. The effectiveness of this Amendment is
subject to the receipt by the Administrative Agent, on or before June 27, 2000,
of this Amendment duly executed and delivered by the Borrower, the
Administrative Agent, each Co-Documentation Agent and the Required Lenders, in
sufficient copies for each Lender, the Administrative Agent and each
Co-Documentation Agent to receive an original thereof.

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

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

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

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

     8.   Trust Limitation for New Plan Realty Trust. This Amendment and all
documents, agreements, understandings and arrangements relating to this
transaction have been negotiated, executed and delivered on behalf of New Plan
Realty Trust ("NPRT") by the trustees or officers thereof in their
representative capacity under the Declaration of Trust, and not individually,
and bind only the trust estate of NPRT, and no trustee, officer, employee, agent
or shareholder of NPRT shall be bound or held to any

                                      -2-

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personal liability or responsibility in connection with the agreements,
obligations and undertakings of NPRT hereunder, and any person or entity dealing
with NPRT in connection therewith shall look only to the trust estate for the
payment of any claim or for the performance of any agreement, obligation or
undertaking thereunder. The Administrative Agent, the Co-Documentation Agents
and each Lender hereby acknowledge and agree that each agreement and other
document executed by NPRT in accordance with or in respect of this transaction
shall be deemed and treated to include in all respects and for all purposes the
foregoing exculpatory provision.

                                      -3-

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     IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Amendment No.1 to Credit Agreement as of
the date first above written.

                                       NEW PLAN EXCEL REALTY TRUST, INC.

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

                                       THE BANK OF NEW YORK,
                                       as Administrative Agent and a Lender

                                       By: /s/ Frederick Laudisi
                                           -------------------------------------
                                           Frederick Laudisi
                                           Vice President

                                       BANK ONE, NA
                                       as Co-Documentation Agent
                                       and a Lender

                                       By: /s/ Patricia Leung
                                           -------------------------------------
                                           Name:  Patricia Leung
                                           Title: Senior Vice President

                                       FLEET NATIONAL BANK
                                       F/K/A  BANKBOSTON, N.A.
                                       as Co-Documentation Agent
                                       and a Lender

                                       By: /s/ Daniel P. Stegemoeller
                                           -------------------------------------
                                           Name:  Daniel P. Stegemoeller
                                           Title: Vice President

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                                       ARGENTARIA, CAJA POSTAL Y
                                       BANCO HIPOTECARIO S.A.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       BANK OF AMERICA, N. A.

                                       By: /s/ Thomas E. Schubert
                                           -------------------------------------
                                           Name:
                                           Title:

                                       CHANG HWA COMMERCIAL
                                       BANK, LTD., NEW YORK BRANCH

                                       By: /s/ Wan-Tu Yeh
                                           -------------------------------------
                                           Name:  Wan-Tu Yeh
                                           Title: VP & General Manager

                                       ERSTE BANK

                                       By: /s/ Paul Judicke
                                           -------------------------------------
                                           Name:  Paul Judicke
                                           Title: Vice President

                                       By: /s/ John Runion
                                           -------------------------------------
                                           Name:  John Runion
                                           Title: First Vice President

                                       ISRAEL DISCOUNT BANK OF NEW YORK

                                       By: /s/ Marc G. Cooper
                                           -------------------------------------
                                           Name:  Marc G. Cooper
                                           Title: Vice President

                                       By: /s/ Chet Davis
                                           -------------------------------------
                                           Name:  Chet Davis
                                           Title: First Vice President

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                                       PNC BANK, N. A.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       KEY BANK

                                       By: /s/ Kenneth A. McIntyre, Jr.
                                           -------------------------------------
                                           Name:  Kenneth A. McIntyre, Jr.
                                           Title: Vice President

 Each of the following Subsidiary
 Guarantors consents and agrees to
 the terms of this Amendment and the
 provisions of Section 2 thereof:

 NEW PLAN REALTY TRUST

 By: /s/ Dean Bernstein
     ----------------------------------
     Name:
     Title:

 EXCEL REALTY - ST, INC.

 By: /s/ Dean Bernstein
     ----------------------------------
     Name:
     Title:<PAGE>   1

                                                                    EXHIBIT 10.5

                               AMENDMENT NO. 1 TO
                               TERM LOAN AGREEMENT

     THIS AMENDMENT NO. 1 TO TERM LOAN AGREEMENT (the "Amendment") is made and
entered into as of June 27, 2000, among NEW PLAN EXCEL REALTY TRUST, INC., a
Maryland corporation (the "Borrower"), each lender under the hereinafter defined
Loan Agreement (each a "Lender" and, collectively, the "Lenders"), and FLEET
NATIONAL BANK, as administrative agent (in such capacity, the "Administrative
Agent").

                                    RECITALS:

1. The Borrower, the Lenders and the Administrative Agent entered into that
certain Term Loan Agreement dated as of March 7, 2000 (as amended, the "Loan
Agreement"; capitalized terms used in this Amendment which are not otherwise
defined herein shall have the meaning ascribed to such terms in the Loan
Agreement).

2. The Borrower has requested that Section 8.2 of the Loan Agreement be amended
as hereinafter set forth.

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

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

     1. Amendment of Section 8.2. Section 8.2 of the Loan Agreement is hereby
amended by deleting subsection (b) thereof in its entirety and substituting in
its place the following new subsection (b);

     (b) Sell, transfer, master lease or dispose of any of its Property, either
     directly or indirectly, except that if at the time thereof and immediately
     after giving effect thereto, no Default shall have occurred, (i) any
     Subsidiary of the Borrower may sell, transfer, master lease or otherwise
     dispose of its assets to the Borrower or to any other Subsidiary, (ii) the
     Borrower may sell, transfer, master lease or otherwise dispose of its
     assets to any Subsidiary Guarantor, (iii) in connection with any
     transaction pursuant to which a Real Property asset of Borrower is or will
     be encumbered with a mortgage (as permitted under Section 8.1(vii)), the
     Borrower may transfer such asset to any Subsidiary, and (iv) the Borrower
     or any Subsidiary of the Borrower may sell Property in an arm's length
     transaction (or, if the transaction involves an Affiliate of the Borrower
     or a Subsidiary of the Borrower, if the transaction complies with Section
     8.8) for the fair market value thereof, as reasonably determined by the
     Borrower, provided that such sale could not reasonably be expected to have
     a Material Adverse Effect and provided further that for any fiscal year of
     the Borrower, any sale, transfer, master lease or disposition of Property
     in reliance on this clause (iv) which when combined with all other such
     sales, transfers,

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     master leases or dispositions made in such fiscal year shall not exceed 25%
     of the total book value of all Property of the Borrower and its
     Subsidiaries determined as of the first day of such fiscal year.

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

     3. Effectiveness of Amendment. The effectiveness of this Amendment is
subject to the receipt by the Administrative Agent, on or before June 27, 2000,
of this Amendment duly executed and delivered by the Borrower, the
Administrative Agent, and the Required Lenders, in sufficient copies for each
Lender and the Administrative Agent to receive an original thereof.

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

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

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

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

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

     IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Amendment No. 1 to Term Loan Agreement as
of the date first above written.

                                       2

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                                       NEW PLAN EXCEL REALTY TRUST, INC.

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

                                       FLEET NATIONAL BANK, as Administrative
                                       Agent and a Lender

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

Each of the following Subsidiary
Guarantors consents and agrees to
the terms of this Amendment and the
provisions of Section 2 thereof:

NEW PLAN REALTY TRUST

By: /s/ Dean Bernstein
    --------------------------------
    Name: Dean Bernstein
    Title: SVP

EXCEL REALTY TRUST - ST, INC.

By: /s/ Dean Bernstein
    --------------------------------
    Name: Dean Bernstein
    Title: SVP

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