Document:

<PAGE>

                 CONDITIONAL ASSIGNMENT OF MANAGEMENT AGREEMENT
                 ----------------------------------------------

         THIS CONDITIONAL ASSIGNMENT OF MANAGEMENT AGREEMENT ("Assignment") is
made as of the 17th day of March, 2004, by Cedar Townfair, LLC, a Delaware
limited liability company, with an address of 44 South Bayles Avenue, Suite 304,
Port Washington, New York 11050 ("Borrower"), Cedar Shopping Centers
Partnership, LP with an address of 44 South Bayles Avenue, Suite 304, Port
Washington, New York 11050 ("Agent") and Wells Fargo Bank N.A. f/k/a Norwest
Bank Minnesota, National Association, as Trustee for the registered holders of
NationsLink Funding Corporation, Commercial Mortgage Pass-Through Certificates,
Series 1998-2 (including its successors, transferees and assigns, "Lender"), c/o
Midland Loan Services, Inc., a Delaware corporation, its Attorney-in-Fact, with
an address of 10851 Mastin, Overland Park, Kansas 66210.

                                    RECITALS:

         A. This Assignment is being executed in connection with Lender's
consent to the assumption by Borrower of a mortgage loan to Townfair Center
Associates, a Pennsylvania general partnership ("Seller") in the original
principal amount of Ten Million Seven Hundred Thousand Dollars ($10,700,000.00)
(the "Loan"). The Loan assumption is incident to Borrower's purchase of the real
property commonly known as Townfair Center (Phase I & II), 475 South Ben
Franklin Road, White Township, Pennsylvania (the "Property").

         B. The Loan is evidenced by a Promissory Note (the "Note") dated as of
February 13, 1998, made by Seller and is secured by, among other things, an
Open-End Mortgage, Assignment of Leases and Rents and Security Agreement (the
"Mortgage"), dated as of February 13, 1998, granting a first lien on the
Property. The Lender's consent to the transfer of the Property to Borrower is
being made pursuant to a Consent and Assumption Agreement with Limited Release
dated of even date herewith (the "Assumption Agreement") (the Note, Mortgage,
Assumption Agreement and other documents executed in connection with the Loan
are collectively referred to herein as the "Loan Documents").

         C. Pursuant to a certain Property Management Agreement, dated on or
about the date hereof, by and between Borrower and Agent, (the "Management
Agreement") (a true and correct copy of which Management Agreement is attached
hereto as Exhibit A), Borrower employed Agent exclusively to rent, lease,
operate and manage the Property.

         D. Lender requires as a condition to giving its consent to the transfer
 of the Property that Borrower assign the Management Agreement as set forth
 below and Borrower and Agent agree to the terms and conditions set forth in
 this Agreement.

         NOW, THEREFORE, in consideration of the above and the mutual promises
contained in this Assignment, the receipt and sufficiency of which are
acknowledged, the parties hereto agree as follows:

         1. Assignment of Management Agreement. As additional collateral
security for the Loan, Borrower hereby conditionally transfers, sets over and
assigns to Lender all of Borrower's right, title and interest in and to the
Management Agreement, said transfer and assignment to automatically become a
present, unconditional assignment, at Lender's option, in the event of a default
by Borrower under the Loan Documents, including but not limited to escrow
agreements, and the failure of Borrower to cure such default within any
applicable grace period.

<PAGE>

         2. Termination. At such time as the Loan is paid in full and the
Mortgage is released of record, this Assignment and all of Lender's right, title
and interest hereunder with respect to the Management Agreement shall terminate.

         3. Borrower's Covenants. Borrower hereby covenants with Lender that
during the term of this Assignment: (a) Borrower shall not transfer the
responsibility for the management of the Property from Agent to any other person
or entity without the prior written consent of Lender, which consent may be
withheld by Lender in Lender's sole discretion; (b) Borrower shall not terminate
or amend any of the terms or provisions of the Management Agreement without the
prior written consent of Lender, which consent may be withheld by Lender in
Lender's sole discretion; and (c) Borrower shall, in the manner provided for in
this Assignment, give notice to Lender of any notice or information that
Borrower receives which indicates that the Agent is terminating the Management
Agreement or that the Agent is otherwise discontinuing its management of the
Property.

         4. Agent's Covenants. Agent warrants and represents to Lender, as of
the date hereof that (a) Agent has agreed to act as manager of the Property
pursuant to the Management Agreement, (b) the entire agreement between Agent and
Borrower for the management of the Property is evidenced by the Management
Agreement, (c) the Management Agreement constitutes the valid and binding
agreement of Agent, enforceable in accordance with its terms, and Agent has full
authority under all state and local laws and regulations, to perform all of its
obligations under the Management Agreement and (d) Borrower is not in default in
the performance of any of its obligations under the Management Agreement and all
payments and fees required to be paid by Borrower to Manager thereunder have
been paid to the date hereof.

         5. Agreement by Borrower and Agent. Borrower and Agent hereby agree
that, if an Event of Default (as defined in the Loan Documents) occurs (beyond
any applicable notice, cure and/or grace period) under any of the Loan Documents
during the term of this Assignment, at the option of Lender exercised by written
notice to Borrower and Agent: (a) all rents, security deposits, issues, proceeds
and profits of the Property collected by Agent, after payment of all costs and
expenses of operating the Property (including, without limitation, operating
expenses, real estate taxes, insurance premiums, repairs and maintenance and the
fees and commissions payable under the Management Agreement), shall be applied
in accordance with Lender's written directions to Agent; (b) Lender may exercise
its rights under this Assignment and may immediately terminate the Management
Agreement and require Agent to transfer its responsibility for the management of
the Property to a management company selected by Lender in Lender's reasonable
discretion; and (c) Agent shall, if requested by Lender, or its successors or
assigns, continue performance, on behalf of Lender, or its successors or
assigns, of all of Agent*s obligations under the terms of the Management
Agreement with respect to the Property, provided Lender sends to Agent the
notice set forth in Paragraph 12 hereof and performs or causes to be performed
the obligations of Borrower to Agent under the Management Agreement accruing or
arising from and after, and with respect to the period commencing upon, the
effective date of such notice.

         6. Lender's Right to Replace Agent. In addition to the foregoing, in
the event that Lender, in Lender's reasonable discretion, at any time during the
term of this Assignment, determines that the Property is not being managed in
accordance with generally accepted management practices for similarly situated

                                        2

<PAGE>

properties, Lender shall deliver written notice thereof to Borrower and Agent,
which notice shall specify with particularity the grounds for Lender's
determination. If Lender reasonably determines that the conditions specified in
Lender's notice are not remedied to Lender's reasonable satisfaction by Borrower
or Agent within thirty (30) days from receipt of such notice or that Borrower or
Agent have failed to diligently undertake correcting such conditions within such
thirty (30) day period, Lender may direct Borrower to terminate the Management
Agreement and to replace Agent with a management company reasonably acceptable
to Lender in Lender's sole discretion.

         7. Subordination of Management Agreement and Fees. Borrower and Agent
hereby agree that the Management Agreement and any and all liens, rights and
interests (whether choate or inchoate and including, without limitation, all
mechanic's and materialmen's liens under applicable law) owed, claimed or held,
by Agent in and to the Property, are and shall be in all respects subordinate
and inferior to the liens and security interests created or to be created for
the benefit of Lender, its successors and assigns, and securing the repayment of
the Note including, without limitation, those created under the Mortgage
covering, among other things, the Property, and filed or to be filed of record
in the public records maintained for the recording of mortgages in the
jurisdiction where the Property is located, and all renewals, extensions,
increases, supplements, amendments, modifications and replacements thereof.
Borrower and Agent further agree that Agent shall not be entitled to receive any
fee, commission or other amount payable to Agent under the Management Agreement
for and during any period of time that any amount due and owing Lender under the
Note and the Mortgage is due.

         8. Consent and Agreement by Agent. Agent hereby acknowledges and
consents to this Assignment and agrees that Agent will act in conformity with
the provisions of this Assignment and Lender's rights hereunder or otherwise
related to the Management Agreement. In the event that the responsibility for
the management of the Property is transferred from Agent in accordance with the
provisions hereof, Agent shall, and hereby agrees to, fully cooperate in
transferring its responsibility to a new management company and effectuate such
transfer no later than thirty (30) days from the date the Management Agreement
is terminated. Further, Agent hereby agrees (a) not to contest or impede the
exercise by Lender of any right it has under or in connection with this
Assignment; and (b) that it shall, in the manner provided for in this
Assignment, give at least thirty (30) days prior written notice to Lender of its
intention to terminate the Management Agreement or otherwise discontinue its
management of the Property.

         9. Lender's Agreement. So long as there does not exist an Event of
Default under any of the Loan Documents, Lender agrees to permit any sums due to
Borrower under the Management Agreement to be paid directly to Borrower.

         10. No Joint Venture. Lender has no obligation to Agent with respect to
the Mortgage or Loan Documents and Agent shall not be a third party beneficiary
with respect to any of Lender's obligations to Borrower set forth in the Loan
Documents. The relationship of Lender to Borrower, is one of a creditor to a
debtor, and Lender is not a joint venturer or partner of Borrower.

         11. Lender's Reliance on Representations. Agent has executed this
Agreement in order to induce Lender to consent to an assumption of the Loan
Documents and with full knowledge that Lender shall rely upon the
representations, warranties and agreements herein contained, and that but for
this instrument and the representations, warranties and agreements herein
contained, Lender would not take such actions.

                                        3

<PAGE>

         12. Notice. All notices given hereunder shall be in writing and shall
be either hand delivered or mailed, by registered U.S. mail, Return Receipt
Requested, first class postage prepaid, to the parties at their respective
addresses below or at such other address for any party as such party may
designate by notice to the other parties hereto:

         To Borrower:

         Cedar Townfair, LLC
         44 South Bayles Avenue, Suite 304
         Port Washington, New York 11050

         To Lender:

         Wells Fargo Bank N.A. f/k/a Norwest Bank Minnesota, National
         Association, as Trustee for the registered holders of NationsLink
         Funding Corporation, Commercial Mortgage Pass-Through Certificates,
         Series 1998-2
         c/o Midland Loan Services, Inc.
         10851 Mastin
         Overland Park, Kansas 66210

         To Agent:

         Cedar Shopping Centers Partnership, LP
         44 South Bayles Avenue, Suite 304
         Port Washington, New York 11050

         13. Binding Nature of Assignment. This Assignment shall be binding upon
and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

         14. Counterparts. This Assignment may be executed in any number of
counterparts all of which taken together shall constitute one and the same
instrument.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                        4

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Assignment to
be executed by their duly authorized representatives as of the day, month and
year first above written.

WITNESS/ATTEST:                 BORROWER:

                                Cedar Townfair, LLC,
                                a Delaware limited liability company

                                By:  Cedar Shopping Centers Partnership, L.P.
                                     a Delaware limited partnership
                                     its Sole Member

                                     By: Cedar Shopping Centers, Inc.
                                         a Maryland corporation
                                         its Sole General Partner

_______________________                  By:____________________________________
                                         Print Name: Leo S. Ullman
                                         Title: President

WITNESS/ATTEST:                 AGENT:
                                Cedar Shopping Centers Partnership, L.P.
                                a Delaware limited partnership

                                By:  Cedar Shopping Centers, Inc.
                                     a Maryland corporation
                                     its Sole General Partner

_______________________              By:________________________________________
                                     Print Name: Leo S. Ullman
                                     Title: President

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                        5

<PAGE>

WITNESS/ATTEST:                 LENDER:

                                Wells Fargo Bank N.A. f/k/a Norwest Bank
                                Minnesota, National Association, as Trustee for
                                the registered holders of NationsLink Funding
                                Corporation, Commercial Mortgage Pass-Through
                                Certificates, Series 1998-2

                                By:      Midland Loan Services, Inc.,
                                         a Delaware corporation,
                                         Its Attorney-in-Fact

_________________________       By:_____________________________________________
                                Name:___________________________________________
                                Title:__________________________________________

                                        6

<PAGE>

                                    EXHIBIT A
                                    ---------

                              MANAGEMENT AGREEMENT

                                        7<PAGE>

                                    THIS DEED

         MADE the 5th day of March, 2004

         BETWEEN DuBOIS REALTY PARTNERS, L.P., a Pennsylvania limited
partnership having an address at c/o Michael Joseph Acquisition Corporation,
2500 Brooktree Road, Suite 300, Wexford, Pennsylvania 15090 ("Grantor"),

                                       AND

         CEDAR DUBOIS, LLC, a Delaware limited liability company having an
address at 44 South Bayles Avenue, Port Washington, New York 11050 ("Grantee"),

         WITNESSETH, that in consideration of $17,400,000.00 paid by Grantee,
the receipt of which is hereby acknowledged, Grantor hereby grants and conveys
to Grantee the following:

         ALL that certain piece, parcel or lot of land located in Sandy
Township, Clearfield County, Pennsylvania, more particularly identified and
described on Exhibit A attached hereto (the "Property").

         TOGETHER WITH all and singular the buildings, improvements, ways,
streets, alleys, driveways, passages, waters, water-courses, rights, liberties,
privileges, hereditaments and appurtenances, whatsoever belonging to the
Property or in any way pertaining to the Property, and the reversions and
remainders, rents, issues, and profits thereof; and all the estate, right,
title, interest, property, claim and demand whatsoever of Grantor, as well at
law as in equity, of, in, and to the same.

         TOGETHER WITH all of Grantor's rights and interests as Declarant under
that certain Declaration of Easements, Covenants, Conditions and Restrictions
made by DuBois Realty Partners, L.P. dated October 28, 1999, recorded as
Instrument No. 199918030; as amended and restated by Amended and Restated
Declaration of Easements, Covenants, Conditions and Restrictions dated December
16, 1999, recorded as Instrument No. 200004444; as amended by Amendment No. 1 to
Amended and Restated Declaration of Easements, Covenants, Conditions and
Restrictions dated March 21, 2001, recorded as Instrument No. 200104384; as
amended by Amendment No. 2 to Amended and Restated Declaration of Easements,
Covenants, Conditions and Restrictions dated October 11, 2001, recorded as
Instrument No. 200118409.

         UNDER AND SUBJECT TO all prior instruments of record.

<PAGE>

with the appurtenances: To Have and To Hold the same to and for the use of
Grantee, its successors and assigns forever, and Grantor, for its successors and
assigns, hereby covenants and agrees that it will WARRANT SPECIALLY the
properties hereby conveyed.

NOTICE -- THIS DOCUMENT MAY NOT / DOES NOT SELL, CONVEY, TRANSFER, INCLUDE OR
INSURE THE TITLE TO THE COAL AND RIGHT OF SUPPORT UNDERNEATH THE SURFACE LAND
DESCRIBED OR REFERRED TO HEREIN, AND THE OWNER OR OWNERS OF SUCH COAL MAY HAVE /
HAVE, THE COMPLETE LEGAL RIGHT TO REMOVE ALL OF SUCH COAL AND, IN THAT
CONNECTION, DAMAGE MAY RESULT TO THE SURFACE OF THE LAND AND ANY HOUSE, BUILDING
OR OTHER STRUCTURE ON OR IN SUCH LAND, THE INCLUSION OF THIS NOTICE DOES NOT
ENLARGE, RESTRICT OR MODIFY ANY LEGAL RIGHTS OR ESTATES OTHERWISE CREATED,
TRANSFERRED, EXCEPTED OR RESERVED BY THIS INSTRUMENT. [This notice is set forth
in the manner provided in Section 1 of the Act of July 17, 1957, P.L. 984, as
amended, and is not intended as notice of unrecorded instruments, if any.]

         IN WITNESS WHEREOF, Grantor has signed and sealed this Deed on the day
and year first above written.

                                DuBOIS REALTY PARTNERS, L.P.,
                                a Pennsylvania limited partnership

Attest:                             By: Michael Joseph Acquisition Corporation,
                                    a Pennsylvania corporation, General Partner

/s/ [graphic of signature]              By: /s/ Guy J. DiRienzo
-----------------------------               ------------------------------------
                                            Guy J. DiRienzo, Vice President

                                       2

<PAGE>

NOTICE THE UNDERSIGNED, AS EVIDENCED BY THE SIGNATURE TO THIS NOTICE AND THE
ACCEPTANCE AND RECORDING OF THIS DEED, IS FULLY COGNIZANT OF THE FACT THAT THE
UNDERSIGNED MAY NOT BE OBTAINING THE RIGHT OF PROTECTION AGAINST SUBSIDENCE, AS
TO THE PROPERTY HEREIN CONVEYED, RESULTING FROM COAL MINING OPERATIONS AND THAT
THE PURCHASED PROPERTY, HEREIN CONVEYED, MAY BE PROTECTED FROM DAMAGE DUE TO
MINE SUBSIDENCE BY A PRIVATE CONTRACT WITH THE OWNERS OF THE ECONOMIC INTEREST
IN THE COAL. THIS NOTICE IS INSERTED HEREIN TO COMPLY WITH THE BITUMINOUS MINE
SUBSIDENCE AND LAND CONSERVATION ACT OF 1966, AS AMENDED 1980, OCT. 10, P.L.
874, NO. 156 ss.1.

                                CEDAR DUBOIS, LLC
                                a Delaware limited liability company

                                By: Cedar Shopping Centers Partnership, L.P.,
                                    a Delaware limited partnership, Member

                                By: CEDAR SHOPPING CENTERS, INC.

                                    By:  /s/ Brenda J. Walker
                                         ---------------------------------------
                                         Brenda J. Walker, Vice President

                            CERTIFICATE OF RESIDENCE

         I hereby certify that Grantee's precise residence is 44 South Bayles
Avenue, Port Washington, NY 11050.

                                        /s/ Mary E. Fersch
                                        ----------------------------------------
                                        Attorney or Agent for Grantee

                                       3

<PAGE>

Commonwealth of Pennsylvania   )
                               ) ss.
County of Allegheny            )

         On this, the 5th day of March, 2004, before me, the undersigned
officer, personally appeared Guy J. DiRienzo, who acknowledged himself to be the
Vice President of Michael Joseph Acquisition Corporation, a Pennsylvania
corporation and the General Partner of DuBois Realty Partners, L.P., a
Pennsylvania limited partnership, and that he as such officer, being authorized
to do so, executed the foregoing instrument for the purpose therein contained by
signing the name of the corporation by himself as such officer.

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

                                         /s/ Mary E. Fersch
                                         ---------------------------------------
                                         Notary Public

My Commission Expires:

                                    COMMONWEALTH OF PENNSYLVANIA

                                          [graphic omitted]

                            Member: Pennsylvania Association of Notaries

<PAGE>

                                    Exhibit A

PARCEL No. 1:
-------------

         ALL that certain piece, parcel or tract of land lying and being situate
in Sandy Township, Clearfield County, Pennsylvania, bounded and described as
follows to wit:

         BEGINNING at an existing 3/4" rebar set by previous survey on the
northern right-of-way for a 16 foot unopened alley as shown on the Harriet Bogle
Plan of Lots and surveyed by George Kirk, CE in 1916, said rebar being N 74
degrees 15 minutes 46 seconds W a distance of 694.45 feet from a 3/4" rebar set
by previous survey at the intersection of the rights-of-way of said unopened 16
foot alley and Shaffer Road, and being the southeast corner of the herein
described parcel,

         THENCE; N 74 degrees 15 minutes 46 seconds W along the northern
right-of-way line of a 16 foot unopened alley a distance of 1021.21 feet to an
existing 3/4" rebar set by previous survey at the southeast corner of land now
or formerly Ida Mae Lockhart & Alberta G. Larson,

         THENCE; N 15 degrees 44 minutes 14 seconds E along lands now or
formerly Ida Mae Lockhart & Alberta G. Larson a distance of 150,00 feet to an
existing 3/4"' rebar set by previous survey,

         THENCE; N 74 degrees 15 minutes 29 seconds W along lands now or
formerly Ida Mae Lockhart & Alberta G, Larson a distance of 200.00 feet to an
existing 3/4" rebar set by previous survey,

         THENCE; S 15 degrees 44 minutes 14 seconds W along lands now or
formerly Ida Mae Lockhart & Alberta G. Larson a distance of 150,00 feet to an
existing 3/4" rebar set by previous survey on the northern line of an unopened
16 foot alley,

<PAGE>

         THENCE; N 74 degrees 15 minutes 46 seconds W along the northern line of
a 16 foot unopened alley a distance of 124.17 feet to an existing 3/4" rebar set
by previous survey, and being the southwest corner of the herein described
parcel,

         THENCE; N 16 degrees 05 minutes 56 seconds E along lands now or
formerly Nedza Real Estate Development Corporation a distance of 758.96 feet to
an existing 3/4" rebar set by previous survey, and being the northwest corner of
the herein described parcel,

         THENCE; S 74 degrees 21 minutes 30 seconds E along lands now or
formerly Nedza Real Estate Development Corporation a distance of 1365.50 feet to
an existing W rebar set by previous survey, and being the northeast corner of
the herein described parcel,

         THENCE; S 16 degrees 04 minutes 09 seconds W along lands now or
formerly Lowe's Home Improvement Warehouse a distance of 406.81 feet to a P.K.
nail set by this survey,

         THENCE; S 54 degrees 25 minutes 38 seconds W along lands now or
formerly Lowe's Home Improvement Warehouse a distance of 33.03 feet to a P.K.
nail set by this survey,

         THENCE; S 16 degrees 04 minutes 09 seconds W along lands now or
formerly Lowe's Home Improvement Warehouse a distance of 328.66 feet to the
place of beginning.

         CONTAINING 999,266 square feet or 22.94 Acres.

         TOGETHER WITH the free and common use, right, liberty and privilege of
a perpetual easement for ingress and egress over lands now or formerly of DuBois
Realty Partners, L.P., Nedza Real Estate Development Corporation and Developac,
Inc. pursuant to and as set forth and more particularly described in (a) that
certain Industrial Drive Easement among DuBois Realty Partners, L.P., Nedza Real
Estate Development Corporation and Developac, Inc. dated October 28,1999 and
recorded in the Office of the Recorder of Deeds of Clearfield County as
Instrument No. 199918027, and (b) that certain Agreement dated March 27, 1992
between David C. DuBois and Nedza Real Estate Development Corporation recorded
in the Office of the Recorder of Deeds of Clearfield County in Volume 1451, page
426, as modified by that certain Modification of Easement dated October 28,1999
and recorded in the Office of the Recorder of Deeds of Clearfield County as
Instrument No. 199918024.

<PAGE>

PARCEL "B":
-----------

         ALL that certain piece, parcel or tract of land lying and being situate
in Sandy Township, Clearfield County, Pennsylvania, bounded and described as
follows to wit:

         BEGINNING at a existing rebar, said rebar being along the eastern
right-of-way for Commons Drive and along the southern right-of-way for First
Street (T-811; 60-foot R/W) and also being the northwest corner of the herein
described parcel;

         THENCE, S 77 Degrees 49 Minutes 25 Seconds E along the southern
right-of-way for First Street a distance of 300.13 feet to a existing rebar,
said rebar being along the western right-of-way for an unopened 16-foot alley
and also being the northeast corner of the herein described parcel;

         THENCE, S 12 Degrees 10 Minutes 35 Seconds W along said unopened
16-foot alley a distance of 150.00 feet to a existing rebar, said rebar being
along the northern right-of-way for an unopened 12-foot alley and also being the
southeast corner of the herein described parcel;

         THENCE, N 77 Degrees 49 Minutes 25 Seconds W along said unopened
12-foot alley a distance of 302,88 feet to a existing rebar, said rebar being
along the eastern right-of-way for Commons Drive and also being the southwest
corner of the herein described parcel;

         THENCE, along the eastern right-of-way for Commons Drive by a curve to
the left, said curve having a radius of 275.00 feet and an arc distance of 37.27
feet, said arc having a chord bearing of N 16 Degrees 08 Minutes 51 Seconds E
and a chord distance of 37.24 feet, to a existing rebar;

         THENCE, N 12 Degrees 15 Minutes 54 Seconds E along the eastern
right-of-way for Commons Drive a distance of 112.85 feet to a existing rebar,
the point of beginning.

         CONTAINING 45,067.58 square feet or 1.03 acres.

<PAGE>

PARCEL "C":
-----------

         ALL that certain piece, parcel or tract of land lying and being situate
in Sandy Township, Clearfield County, Pennsylvania, bounded and described as
follows to wit:

         BEGINNING at a existing rebar, said rebar being along the southern
right-of-way for First Street (T-811; 60-foot R/W) and also being the northwest
corner of lands now or formerly of Varischetti & Sons, Inc, (Instrument No.
200000767, Parcel 29 on Clearfield County Assessment Map 128-C3-653) and the
northeast corner of the herein described parcel;

         THENCE, S 12 Degrees 10 Minutes 35 Seconds W along said lands of
Varischetti & Sons, Inc. a distance of 150.00 feet to a existing rebar, said
rebar being along the northern right-of-way for a 12-foot unopened alley and
also being the southwest corner of said lands of Varischetti & Sons, Inc. and
the southeast corner of the herein described parcel;

         THENCE, N 77 Degrees 49 Minutes 25 Seconds W along said 12-foot
unopened alley a distance of 100.00 feet to a existing rebar, said rebar being
along the eastern right-of-way for a 16-foot unopened alley and being the
southwest corner of the herein described parcel;

         THENCE, N 12 Degrees 10 Minutes 35 Seconds E along said 16-foot
unopened alley a distance of 150.00 feet to a existing rebar, said rebar being
along the southern right-of-way for First Street and also being the northwest
corner of the herein described parcel;

         THENCE, S 77 Degrees 49 Minutes 25 Seconds E along the southern
right-of-way for First Street a distance of 100.00 feet to a existing rebar, the
point of beginning.

         CONTAINING 15,000 square feet or 0.34 acres.

<PAGE>

PARCEL "D":
-----------

         ALL that certain piece, parcel or tract of land lying and being situate
in Sandy Township, Clearfield County, Pennsylvania, bounded and described as
follows to wit:

         BEGINNING at a existing rebar, said rebar being along the southern
right-of-way for First Street (T-811; 60-foot R/W) and also being the northeast
corner of lands now or formerly of Nancy J. and Thomas A. Geist (Deed Book 1047
Page 232, Parcel 18 on Clearfield County Assessment Map 128-C3-653) and the
northwest corner of the herein described parcel;

         THENCE, S 77 Degrees 49 Minutes 25 Seconds E along the southern
right-of-way for First Street a distance of 100.00 feet to a existing rebar,
said rebar being along the western right-of-way for Commons Drive (50-foot R/W)
and also being the northeast corner of the herein described parcel;

         THENCE, S 12 Degrees 15 Minutes 54 Seconds W along the western
right-of-way for Commons Drive a distance of 112.77 feet to a existing rebar,
said rebar being the PC of a curve to the right;

         THENCE, along the western right-of-way for Commons Drive by a curve to
the right, said curve having a radius of 225.00 feet and an arc length of 37.41
feet, said arc having a chord bearing of S 17 Degrees 01 Minutes 40 Seconds W
and a chord distance of 37.36 feet to a existing rebar, said rebar being along
the northern right-of-way for a 12-foot unopened alley and being the southeast
corner of the herein described parcel;

         THENCE, N 77 degrees 49 Minutes 25 Seconds W along the northern
right-of-way for said 12-foot unopened alley a distance of 96.67 feet to a
existing rebar, said rebar being the southwest corner of the herein described
parcel;

         THENCE, N 12 Degrees 10 Minutes 35 Seconds E along said lands of Geist
a distance of 150.00 feet to a existing rebar, the point of beginning.

         CONTAINING 14,944.22 square feet or 0.34 acres.

<PAGE>

PARCEL "E":
-----------

         ALL that certain piece, parcel or tract of land lying and being situate
in Sandy Township, Clearfield County, Pennsylvania, bounded and described as
follows to wit:

         BEGINNING at a existing rebar, said rebar being along the northern
right-of-way for S.R.255 (30-foot R/W) and also being the southeast corner of
lands now or formerly of Nancy J. and Thomas Geist (Deed Book 1047 Page 232,
Parcel 18 on Clearfield County Assessment Map 128-C3-653) and the southwest
corner of the herein described parcel;

         THENCE, N 15 Degrees 32 Minutes 02 Seconds E along said lands of Geist
a distance of 250.52 feet to a existing rebar, said rebar being the northwest
corner of the herein described parcel;

         THENCE, S 77 Degrees 49 Minutes 25 Seconds E along the southern
right-of-way for a 12-foot unopened alley a distance of 86.02 feet to a existing
rebar, said rebar being along the western right-of-way for Commons Drive
(50-foot R/W) and also being the northeast corner of the herein described
parcel;

         THENCE, along the western right-of-way for Commons Drive by a curve to
the right, said curve having a radius of 225.00 feet and an arc length of 36.45
feet, said arc having a chord bearing of S 29 Degrees 32 Minutes 50 Seconds W
and a chord distance of 36.42 feet, to a existing rebar, said rebar being the PT
of said curve;

         THENCE, S 34 Degrees 11 Minutes 19 Seconds W along the western
right-of-way for Commons Drive a distance of 39.92 feet to a existing rebar,
said rebar being the PC of a curve to the left;

         THENCE, along the western right-of-way for Commons Drive by a curve to
the left, said curve having a radius of 275.00 feet and an arc length of 89.54
feet, said arc having a chord bearing of S 24 Degrees 51 Minutes 41 Seconds W
and a chord distance of 89.14 feet to a existing rebar, said rebar being the PT
of said curve;

<PAGE>

         THENCE, S 15 Degrees 32 Minutes 02 Seconds W along the western
right-of-way for Commons Drive a distance of 44.44 feet to a existing rebar,
said rebar being the PC of a curve to the right;

         THENCE, along the western right-of-way for Commons Drive and along the
northern right-of-way for S.R.255 by a curve to the right, said curve having a
radius of 50.00 feet and an arc length of 78.37 feet, said arc having a chord
bearing of S 60 Degree 26 Minutes 21 Seconds W and a chord distance of 70.59
feet to a existing rebar, the point of beginning.

         CONTAINING 14,325.18 square feet or 033 acres.

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