Document:

Declaration of Trust

 Exhibit 10.7 
 DECLARATION OF TRUST 
 This Declaration of Trust is made this 19th day of June, 1997 by Pennsylvania
Real Estate Investment Trust, an unincorporated association in business trust form created in Pennsylvania pursuant to that certain Trust Agreement dated December 27, 1960 as last amended and restated on December 16, 1987, as grantor of
the trust (hereinafter “Grantor”) and Pennsylvania Real Estate Investment Trust, in its capacity as initial trustee (hereinafter the “NCF Trustee”). 
 The Grantor is the record title owner of the real estate described on Exhibit A attached hereto and made a part hereof (the “Real Property”) and desires to create an irrevocable trust with the NCF Trustee,
as trustee, for the purpose of collecting, holding, managing and distributing the Net Cash Flow (as that term is defined hereinafter below in Section 1.01) generated by the Real Property. 
 All rights, title and interest with respect to the Real Property, including without limitation the right to sell, mortgage, lease or otherwise dispose or
encumber any or all of the Real Property shall be and hereby are reserved exclusively to the Grantor. Nothing contained herein shall be construed, interpreted, intended or deemed to convey record title to, or the right to manage and/or operate, all
or any portion of the Real Property. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements herein contained
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Grantor and Trustee hereby agree as follows: 
 ARTICLE I 
 Definitions 
 Section 1.01.  Definitions.    For all purposes of this Declaration of Trust, the capitalized terms set forth below shall have the following meanings: 
 “Beneficiary” shall mean the Person or Persons holding one hundred (100%) percent of the beneficial interest in the Trust at any given
time. 

 “Net Cash Flow” shall mean with respect to any period for which such calculation is made
(a) the sum of the all of the following: (1) all sums received from tenants, licensees or other occupants of the Real Property, or any part thereof, related to use and occupancy of space within any of the Real Property (“Gross
Income”), including without limitation, minimum annual rent; additional rent; late charges; escalation charges; parking fees and/or other license fees; payments for common area maintenance, real estate taxes, insurance, utilities and/or other
operating expenses; payment for repairs, renovations and replacements within tenant spaces or within common areas; sums paid in lieu of rent such as use and occupancy charges payable by a bankrupt or its trustees; damages and expenses recovered from
defaulting tenants, lease termination fees or charges paid to Grantor; any insurance proceeds or taking proceeds to the extent received by Grantor and not applied (or held for application) to repair or reconstruct all or any part of the Real
Property; or the payment of any debt service due in connection with such Real Property; (2) the excess, if any, of the net cash proceeds from the sale, exchange, disposition, financing or refinancing of any or all of the Real Property over the
gain (or loss, as the case may be) recognized from such sale, exchange, disposition, financing or refinancing during such period; and (3) all other cash received by Grantor in connection with the ownership, operation or management of the Real
Property; (b) LESS the sum of the following: (1) expenditures relating to the Real Property (“Expenditures”) including leasing/brokerage commissions, if any, actually paid to licensed real estate brokers, but only to the extent
such commissions do not exceed then prevailing rates for comparable transactions in comparable buildings in the immediate area of the subject Real Property; expenditures reasonably required to make space ready for occupancy by tenants, generally
known as “tenant improvements”; normal and customary building operating expenses, including without limitation, ad valorem real estate taxes (including escrows deposited with any mortgagee or lender), insurance premiums, repairs and
maintenance, utilities, reasonable salaries and fringe benefits paid to employees directly required to operate, maintain and manage any or all of the Real Property, and reasonable legal and accounting expenses directly related to management and
operation of all or any part of the Real Property; capital and non-capital expenditures reasonably required for normal operation, repair, replacement and maintenance of the Real Property, payments of principal or interest on any debt instruments
encumbering any of the Real Property; depreciation or amortization of leasehold improvements or other capital expenditures; depreciation of the Real 

 
Property; any other non-cash items which are deductible for tax or normal accounting purposes; and the amount of any reserves established by the Grantor or
the amount of any increases contributed by Grantor to any then currently existing reserves. 
 “Person” shall mean a natural
person, corporation, limited partnership, general partnership, joint stock company, joint venture, association, company, trust, bank trust company, land trust, real estate investment trust, business trust, limited liability company or other
organization. 
 “NCF Trustee or NCF Trustees” shall mean the person or persons serving from time to time as the trustee or
trustees of the Trust and are referred to collectively as “NCF Trustees” or individually as “NCF Trustee”. 
 “Trust
Corpus” shall mean all right, title and interest of the Trust in and to any property contributed to the Trust by the Grantor or otherwise acquired by the Trust. 
 ARTICLE II 
 Transfer to Initial Trustee 
 Section 2.01.  Initial Transfer. 
 (a) The Grantor has transferred and does hereby transfer to the Trustee on the date hereof the Net Cash Flow and may from time to time transfer additional property to the Trust, it being intended however, that the Trust Corpus shall not
include real estate. The NCF Trustee shall hold the Trust Corpus in trust for the uses and purposes herein contained. 
 (b) Powers of and
Reservations by Grantor.    The Grantor hereby reserves unto itself and its successors and assigns, the absolute and exclusive power and authority to manage the Real Property, exercisable without consent of the NCF Trustee or
Beneficiary hereunder, and to do all such acts and things as in its sole discretion and judgment are necessary or incidental to or desirable for the ownership, management, and operation of the Real Property. The Grantor shall have all the specific
rights and powers required, appropriate or desirable to the ownership, operation and management of the Real Property, which, by way of illustration but not by way of limitation, shall include the following: 

 (i) to acquire, construct, operate, maintain, improve, extend, expand, buy, own, sell, convey, assign,
mortgage, pledge, hypothecate or otherwise encumber, refinance, rent or lease all or any portion of the Real Property; 
 (ii) to borrow
funds and grant mortgages, liens and security interests in all or any portion of the Real Property as security therefor; 
 (iii) to execute
warrants of attorney to confess judgments and to confess judgments in connection with any obligation of Grantor; 
 (iv) to engage in any
kind of activity, and to engage in, perform and execute and carry out contracts and agreements of any kind necessary to, in connection with, or incidental to, the ownership, operation and management of the Real Property; 
 (v) to obtain governmental or other approvals, licenses, permits and authorizations, if any, which may be required for the construction, maintenance,
development, ownership and/or operation of the Real Property; 
 (vi) to negotiate with utility companies concerning contracts or agreement
for utility service to the Real Property; 
 (vii) to establish reasonable reserve funds for any purpose in connection with such Real
Property; 
 (viii) to expend such funds and to employ agents, attorneys, brokers, managing agents, contractors, subcontractors, architects
and accountants provided such expenditures and services are necessary or advisable, in the Grantor’s sole discretion, in connection with the ownership, operation and management of the Real Property and to obtain reimbursement for such
expenditures, costs, fees and expenses from the Real Property and from the NCF Trustee out of the Trust Corpus; 
 (ix) to bring, defend,
pay, collect, compromise, arbitrate, engage legal action or otherwise adjust claims or demands of or against the Real Property; 
 (x) to
purchase and pay for insurance policies insuring the Real Property against any and all risks and insuring the Grantor and its officers, trustees, partners, beneficiaries, shareholders, employees or agents against any and 

 all claims and liabilities of every nature asserted by any Person arising by any reason of any action alleged to have
been taken or omitted by the Grantor, and its officers, directors, partners, beneficiaries, trustees, shareholders, employees or agents; and 
 (xi) to execute, acknowledge and deliver any and all instruments and/or documents necessary to effectuate the foregoing. 
 ARTICLE III 
 Formation of the Trust 
 Section 3.01.  Name.    The Trust created hereby shall be known as The NCF Trust. 
 Section 3.02.  Office.    The principal office of the Trust shall be care of the NCF Trustee at 455 Pennsylvania Avenue, Suite 135, Fort Washington, Pennsylvania 19034. 
 Section 3.03.  Term.    The Trust shall be in full force and effect until the date which is twenty-one (21) years
from the date of death of the last survivor of the present Trustees of the Pennsylvania Real Estate Investment Trust, Scott Richard Silberman and Darius James Copland upon which date the Trust shall terminate and be at an end and of no further force
and effect, unless sooner terminated by a unanimous decision of the Beneficiary of the Trust. 
 Section 3.04.  Continuation of
Trust.    The death, insolvency, or incompetency of an individual Beneficiary, the dissolution, merger, or insolvency of any other Beneficiary which is a corporation, partnership, trust, limited liability company or
partnership or other entity or the transfer of beneficial interest shall not terminate the Trust or entitle the legal representative of the Beneficiary, or any transferee, to any accounting or to any legal action against the Trust Corpus or the NCF
Trustee. Upon the death, insolvency, or incompetency of any individual Beneficiary, the legal representative of such Beneficiary shall succeed as a Beneficiary and shall be bound by the provisions of this Trust. 

 ARTICLE IV 
 Trustees 
 Section 4.01.  Appointment of Initial Trustee; Number of Trustees.

 (a) The Grantor hereby appoints Pennsylvania Real Estate Investment Trust as the initial NCF Trustee under this instrument to serve as NCF
Trustee. 
 Section 4.02.  Resignation and Successors. 
 (a) The Grantor hereby retains and reserves the right at any time and from time to time: (1) to remove any NCF Trustee acting hereunder, and
(2) to appoint a successor to any NCF Trustee who for any reason ceases to act as NCF Trustee. 
 (b) The NCF Trustee or any successor
may resign at any time without cause by giving at least sixty (60) days prior written notice to the Beneficiary, and the holders of one hundred (100%) percent of the beneficial interest may, at any time, remove any NCF Trustee without
cause by written notice to said NCF Trustee, such resignation or removal to be effective upon the acceptance of appointment by a successor trustee as hereinafter provided. In the case of the resignation or removal of a NCF Trustee, a successor may
be appointed by written instrument executed by the Beneficiary. If a successor trustee shall not have been appointed within sixty (60) days after the giving of such notice by all of the Beneficiaries to the then current NCF Trustee, said NCF
Trustee or the Beneficiary may apply to any court of competent jurisdiction in the United States to appoint a successor trustee to act until such time, if any, as a successor trustee shall have been appointed as provided hereinabove. Any successor
so appointed by such court shall immediately and without further act be superseded by any successor appointed as provided above within one year from the date of the appointment by such court. Any successor, however appointed, shall execute and
deliver to its predecessor trustee an instrument accepting such appointment, and thereupon such successor without further act shall become vested with all the estates, properties, rights, powers, duties and trusts of the predecessor trustee as if
originally named NCF Trustee herein. 
 Section 4.03.  Compensation.    Any NCF Trustee hereunder shall not
be entitled to any compensation in connection with the NCF Trustee’s performance of its duties and powers hereunder. However, notwithstanding the foregoing, the Beneficiary shall 

 
pay or reimburse, as appropriate, the NCF Trustee for all reasonable fees, costs and expenses of the NCF Trustee incurred in connection with the NCF
Trustee’s performance of said duties and powers. 
 Section 4.04.  Liability of Trustee.    No NCF
Trustee when acting in such capacity shall be personally liable to any third party for any act, omission or obligation of the Trust. The liability of the NCF Trustee hereunder and the trustees of Grantor shall be restricted and limited solely to the
Trust Corpus. No trustee, officer, agent or shareholder of the Grantor or Beneficiary shall be personally liable for any obligations of the Trust. 
 Section 4.05.  Indemnification of NCF Trustee. 
 (a) The Beneficiary hereunder shall pay (or reimburse
the NCF Trustee) for all fees and expenses of the NCF Trustee hereunder, including without limitation, the reasonable compensation, expenses and disbursements of such agents, representatives, accountants and counsel as the NCF Trustee may employ in
connection with the exercise and performance of its duties and powers under this Declaration of Trust, whether or not the transactions contemplated hereby or thereby are consummated. The Beneficiary and its successors and/or assigns hereby agree to
assume all liability for, and to indemnify and hold harmless the NCF Trustee, from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions, suits, costs, expenses and disbursements (including attorneys’ fees
and disbursements) of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the NCF Trustee at any time and which in any way relate to or arise from or out of the Trust Corpus, the administration of the Trust Corpus
or any action or inaction of the NCF Trustee hereunder. The liabilities of the Beneficiary hereunder shall be joint and several, in the event there are more than one Beneficiary hereunder at any time during the term of the Trust. 
 (b) The NCF Trustee shall be entitled to payment from the Net Cash Flow for any payments, reimbursement and/or indemnification owing to the NCF Trustee
pursuant to the terms of this Declaration of Trust, but only to the extent such monies are not promptly paid by the Beneficiary or others, and without releasing said Beneficiary from its respective obligations of payment, reimbursement and
indemnification. 

 Section 4.06.  Exculpation of NCF Trustee.    No NCF Trustee shall be
personally liable to the Trust or any Beneficiary for any act or omission except for its own willful misfeasance, bad faith, gross negligence or reckless disregard of duty. 
 Section 4.07.  Persons Dealing with the NCF Trustee.    Any act of the NCF Trustee purporting to be done in its capacity as such, shall, as to any Person dealing with
such NCF Trustee, be deemed conclusively within the purposes of this Trust and the powers of the NCF Trustee. 
 ARTICLE V 

Duties and Powers of the NCF Trustee 
 Section 5.01.  Acceptance of Duties.    The NCF Trustee hereby accepts the trusts hereby created and agrees to perform the same but only upon and to the extent of the terms of this
Declaration of Trust. 
 Section 5.02.  Powers of the NCF Trustee.    The NCF Trustee shall have the
absolute and exclusive power and authority to manage the Trust Corpus, exercisable without consent of the Beneficiary or Grantor, to the same extent as if the NCF Trustee were the owner of the Trust Corpus and to do all such acts and things as in
its sole discretion and judgment are necessary or incidental to or desirable for the carrying out the purposes of this Trust. The concurrence of all the NCF Trustees shall be necessary to the validity of any action taken by them, provided that
(a) if there is only one NCF Trustee serving, such NCF Trustee may act alone until a co-trustee is appointed, if ever, in which event the two NCF Trustees must act together, and (b) if, at any time there are more than two NCF Trustees
serving, the concurrence of a majority of the NCF Trustees shall be necessary to the validity of any action taken by them. The NCF Trustee shall have all the specific rights and powers required, appropriate or desirable to collect, manage and
distribute the Trust Corpus and the Net Cash Flow in accordance with the terms of this Declaration of Trust, which shall include, but not be limited to, the following: 
 (i) to open separate bank accounts for the Trust with such bank or banks as the NCF Trustee may from time to time select, in its sole discretion, and to designate and change signatories on such accounts; 

 (ii) to confess a judgment against the Trust or Trust Corpus; 
 (iii) to bring, defend, pay, collect, compromise, arbitrate, engage legal action or otherwise adjust claims or demands of or against the Trust;

 (iv) to incur and pay out any charges or expenses and disburse any of the Net Cash Flow which are, in the opinion of the NCF Trustee
necessary or incidental to or desirable for the carrying out of any of the purposes of the Trust; 
 (v) to receive, collect and deposit
monies to be held by the Trust and which comprise all or a portion of the Net Cash Flow into banks, trust companies, savings and loan association or other investment institutions or vehicles, whether or not such deposits will draw interest, and the
same shall be subject to withdrawal on such terms and in such manner and by such Persons or Person as the NCF Trustee may determine; 
 (vi)
to make any distributions of the Net Cash Flow as required hereunder in cash or in kind; 
 (vii) to employ agents, attorneys, and
accountants on behalf of the Trust, provided such services are necessary or advisable in connection with the collection, management and distribution of the Trust Corpus and the Net Cash Flow and to pay out from such Net Cash Flow the reasonable
compensation, costs and expenses therefor as the same is determined by the NCF Trustee in its sole business judgment; 
 (viii) to purchase
and pay for insurance policies insuring the Trust, Trust Corpus, NCF Trustee and Beneficiary, and their respective partners, officers, trustees, directors, shareholders, employees and agents against any and all risks and insuring and against any and
all claims and liabilities of every nature asserted by any Person arising by any reason of any action alleged to have been taken or omitted by the NCF Trustee or Beneficiary, and their respective partners, officers, directors, trustees,
shareholders, employees or agents; 
 (ix) to execute and cause the Beneficiary hereunder to execute any agreement, document or instrument
necessary to confirm, evidence and effectuate the provisions set forth in Section 11.03 hereof; 

 (x) to do all other acts and things as are incident to the foregoing and to exercise all powers which are
necessary or useful to carry out the purpose of the Trust and the provisions of the Declaration of Trust; and 
 (xi) to execute, acknowledge
and deliver any and all instruments and/or documents necessary to effectuate the foregoing. 
 ARTICLE VI 
 Transfer of Beneficial Interest 
 Section 6.01.  Beneficial Interest.    The initial sole beneficiary of the Trust shall hold one hundred percent (100%) of the beneficial interest in the Trust (“Beneficial
Interest”) as set forth in the Schedule of Beneficiaries. 
 Section 6.02.  Transfers.    All or any
portion of the beneficial interest of any Beneficiary may be assigned or transferred without the prior written consent of any other Beneficiary. Upon the occurrence of an assignment or transfer of all of a Beneficiary’s interest in the Trust,
the Beneficiary shall be released from any and all liability or obligations hereunder arising out of or caused by any event occurring after the effective date of such transfer. 
 Section 6.03.  Procedures for Transfer.    Any assignee shall become a Beneficiary upon the assignor and the assignee executing and delivering such instruments as any
other Beneficiary and the NCF Trustee may reasonably deem necessary or desirable in order to effectuate the assignment, and which shall include, without limitation, a written acceptance and adoption of the terms and provisions of this Trust together
with an assumption or all reimbursement and indemnification obligations of the Trust by the assignee and delivery to the NCF Trustee of an Assignment of Beneficial Interest fully executed and acknowledged by the assignor and assignee. 
 Section 6.04.  Allocation of Beneficial Interests.    The Beneficiary may, from time to time, elect to allocate among
themselves differing pro rata percentage interests (from 0% to 100%) in the Trust Corpus and the NCF Trustee shall take such actions and execute such documents as the Beneficiary shall direct to reflect such allocation, including without limitation
an Amended Schedule of Beneficiaries, executed by the NCF Trustee and all of the then current Beneficiary. 

 Section 6.05.  Legal Ownership of the Trust Corpus.    The legal title
to and ownership of the Trust Corpus is vested exclusively in the NCF Trustee. 
 Section 6.06.  Nature of Beneficial
Interest.    The Beneficial Interest shall be personal property and shall confer upon the Beneficiary only the interest and rights specifically set forth in this Declaration of Trust and as provided by applicable law.

 Section 6.07.  Evidence of Interest.    The Beneficial Interest shall be evidenced solely by reference
thereto in this Declaration of Trust and as set forth in the Schedule of Beneficiaries and not by certificate or otherwise. 
 ARTICLE VII

 Termination of Trust 
 Section 7.01.  Termination in General. 
 (a) This Declaration of Trust shall remain in existence,
except as otherwise provided for in Section 3.03 hereof. 
 Section 7.02.  Evidence of
Termination.    After termination of the Trust and distribution of the Trust Corpus and Net Cash Flow, the NCF Trustee shall execute, acknowledge and record (if this Declaration of Trust has been recorded) an instrument
evidencing such termination and shall file a copy of such instrument with the records of the Trust. Upon completion of the foregoing, the NCF Trustee shall thereupon be discharged from all further liabilities and duties hereunder and the rights and
interests of the Beneficiary hereunder shall thereupon cease. 
 ARTICLE VIII 
 Accounting and Fiscal Matters 
 Section 8.01.  Fiscal
Year.    The fiscal year of the Trust shall end on each August 31. 
 Section 8.02.  Method of
Accounting.    The NCF Trustee shall utilize the cash method of accounting for the Trust and shall keep, or cause to be kept, full and accurate records of all transactions of the Trust and/or involving the Trust Corpus and
Net Cash Flow in accordance with generally accepted accounting principles consistently applied. 

 Section 8.03.  Financial Books and Records.    All books of account
shall, at all times, be maintained at the principal office of the Trust or at such other location as specified by the NCF Trustee and notice of same shall be given to the Beneficiary hereunder. All determinations by the NCF Trustee with respect to
the treatment of any portion of the Net Cash Flow or its respective allocation for federal, state or local tax purposes shall be binding upon the Beneficiary. Any Beneficiary shall have the right upon reasonable advanced notice to the NCF Trustee,
during normal business hours and at its own cost and expense to have its accountants and/or representatives examine and/or audit the books and records of the Trust and the NCF Trustee shall make such books and record available for same. 

Section 8.04.  Accounting to the Beneficiaries.    Within 90 days of (i) the end of the Fiscal Year,
(ii) the distribution of any of the Net Cash Flow in accordance with Article IX hereof, or (iii) the date of receipt by the NCF Trustee of a written request by any Beneficiary for an accounting, the NCF Trustee shall provide to all the
then current Beneficiaries a detailed written accounting of all transactions, distributions and other activity involving the Net Cash Flow as of (a) the end of the Fiscal Year, (b) the date of such distribution, or (c) the date such
written request is received by the NCF Trustee, as the case may be. 
 ARTICLE IX 
 Distributions 
 Section 9.01.  Distributions of Net Cash Flow .    The NCF Trustee shall distribute to the Beneficiary or Beneficiaries in accordance with their respective Beneficial Interest hereunder on a
quarterly basis commencing on the first day of October, 1997 or as required or permitted by applicable law, all of the Net Cash Flow as is then being held in trust by the NCF Trustee hereunder. 
 ARTICLE X 
 Amendment 

Section 10.01.  Amendment.    This Declaration of Trust may be amended in any particular, by consent of the holders
of one hundred (100%) percent of Beneficial Interest hereunder. Such amendment shall be in writing and executed by all such holders and the NCF Trustee hereunder. 

 ARTICLE XI 
 No Conflict with Mortgagees/Joinder in Documents 
 Section 11.01.  No Conflict with
Mortgagees.    Notwithstanding anything to the contrary contained herein, none of the terms and provision, duties or powers shall be deemed to be in derogation of or in conflict with the rights of any mortgage holder under
any mortgage, deed of trust or like instrument effecting a lien on any of the Real Property, Trust Corpus or Net Cash Flow, now or hereinafter encumbering any of the Real Property, the Trust Corpus or Net Cash Flow. This Section 11.01 shall
further confirm that the Grantor hereunder is possessed of all the right, power and authority to grant and/or create any mortgage, lien or other encumbrance upon such Real Property. 
 Section 11.02.  Subordination of Financing.    All of the NCF Trustee’s and Beneficiary’s right, title and interest in the Trust Corpus, Net Cash Flow and the
Trust itself, is subject and subordinate in all respects to any mortgage, deed of trust, installment sale agreement, sale-leaseback or other like documents utilized to secure any financing or refinancing of the Real Property (collectively the
“Security Documents”) now or hereafter existing, and any and all extensions, replacements, amendments and modifications thereto, and any and all present and future advances thereunder under any such Security Documents and the NCF Trustee
and the Beneficiary hereby agree to the subordination this Trust, the Trust Corpus and the Net Cash Flow to any such mortgage, deed or trust or other such encumbrance required in connection with such financing or refinancing. 
 Section 11.03.  Joinder by NCF Trustee and Beneficiary.    Upon the written request of Grantor, the NCF Trustee and the
then current Beneficiary shall join in the execution of any agreement, document or instrument (including, but not limited to any note, mortgage, deed, lease or like document involving the Real Property), necessary to confirm, evidence and effectuate
the following: 
 (a) the Grantor holds record, legal and equitable title to all or any portion of the Real Property, and 

 (b) the Grantor has the right, power and authority to acquire, construct, maintain, operate, manage,
improve, extend, expand, own, sell, grant, convey, assign, mortgage, pledge, hypothecate or otherwise encumber, finance, refinance, rent, lease or dispose of all or any portion of the Real Property. 
 ARTICLE XII 
 Miscellaneous

 Section 12.01.  No legal title to Trust Corpus or Net Cash Flow in the Beneficiary.    The
Beneficiary shall not have legal title to any part of the Trust Corpus or the Net Cash Flow. Except as expressly set forth herein, the Beneficiary shall not be liable for any liabilities or obligations of the Trust or NCF Trustee or for the
performance of terms and the provisions of this Declaration of Trust. 
 Section 12.02.  Unanimous Consent of
Beneficiary.    Except as otherwise expressly provided herein, any and all actions or consents of the Beneficiary referred to in this Declaration of Trust shall require the unanimous written consent of the then current
holders of one hundred percent (100%) of the Beneficial Interests hereunder. 
 Section 12.03.  Separate
Counterparts.    This Declaration of Trust may executed by the parties hereto in separate counterparts, each of which when so executed, acknowledged and delivered shall be an original, but all such counterparts together shall
constitute but one and the same instrument. 
 Section 12.04.  Severability.    Any provision of this
Declaration of Trust which is prohibited or unenforceable in any jurisdiction shall, as such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provisions in any other jurisdiction. 
 Section 12.05.  Successors and Assigns.    All covenants and agreements contained herein shall be binding upon and inure to the benefit of the NCF Trustee and its successors and assigns and
the Beneficiary and their respective successors and assigns, all as herein provided. Any request, notice, direction, consent, waiver or other writing or action by any of the Beneficiary shall bind each of their successors and assigns. 

 Section 12.07.  Headings.    The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 12.08.  Governing Law.    This Declaration of Trust shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania without reference to conflict
of laws principles. 
 Section 12.09.  Gender, etc.    Words used herein, regardless of the number and
gender specifically used, shall be deemed and construed to include any other number singular or plural, any other gender, masculine, feminine or neuter, as the context requires. 
 ARTICLE XIII 
 Irrevocability 
 Section 13.01.  Irrevocability.    This Declaration of Trust shall be irrevocable. 

 IN WITNESS WHEREOF, the parties hereto have executed and sealed this Declaration of Trust the date first above written.

 This Declaration is executed by or on behalf of the Trustees of the Pennsylvania Real Estate Investment Trust, an unincorporated
association in business trust form created in Pennsylvania pursuant to a Trust Agreement dated December 27, 1960, as last amended and restated on December 18, 1987 and shall not constitute the personal obligation of the Trustees either
jointly or severally in their individual capacities. 
 GRANTOR: Pennsylvania Real Estate Investment Trust 
  

					
			
	By:	 	/s/ Sylvan M. Cohen	 	 
		 	Trustee	 	
			
	By:	 	/s/ Jonathan B. Weller	 	 
		 	Trustee	 	

 NCF TRUSTEE: Pennsylvania Real Estate Investment Trust 
  

					
			
	By:	 	/s/ Sylvan M. Cohen	 	 
		 	Trustee	 	
			
	By:	 	/s/ Jonathan B. Weller	 	 
		 	Trustee	 	

 COMMONWEALTH OF PENNSYLVANIA 
 COUNTY OF PHILADELPHIA 
 On this 19th day of June, 1997, before me, a Notary Public in and for the Commonwealth of Pennsylvania,
the undersigned officer, personally appeared Sylvan M. Cohen, who acknowledged himself to be a Trustee of the Pennsylvania Real Estate Investment Trust, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within
instrument and acknowledged that he executed the same on behalf of said Trust for the purposes therein contained. 
 IN WITNESS WHEREOF, I hereunto set my
hand and official seal. 
  

	
	
	/s/ Honor B. Mahoney
	
	 Notary Public

	 My Commission Expires: 9/17/98

 COMMONWEALTH OF PENNSYLVANIA 
 COUNTY OF PHILADELPHIA 
 On this 19th day of June, 1997, before me, a Notary Public in and for the
Commonwealth of Pennsylvania, the undersigned officer, personally appeared Jonathan B. Weller, who acknowledged himself to be a Trustee of the Pennsylvania Real Estate Investment Trust, known to me (or satisfactorily proven) to be the person whose
name is subscribed to the within instrument and acknowledged that he executed the same on behalf of said Trust for the purposes therein contained. 
 IN
WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

	
	
	/s/ Honor B. Mahoney
	
	 Notary Public

	 My Commission Expires: 9/17/98

 EXHIBIT A 
  

	1.	An apartment complex known as Camp Hill Plaza, Camp Hill, Cumberland County, Pennsylvania 

  

	2.	A shopping center known as Crest Plaza Shopping Center, Allentown, Lehigh County, Pennsylvania 

  

	3.	An apartment complex known as Lakewood Hills, Harrisburg, Dauphin County, Pennsylvania (Lower Paxton Township) 

  

	4.	Warehouse, Allentown, Lehigh County, Pennsylvania 

  

	5.	135 Commerce Drive, Fort Washington, Montgomery County, PennsylvaniaBinding Memorandum of Understanding

 Exhibit 10.8 
 BINDING MEMORANDUM OF UNDERSTANDING 
 THIS BINDING MEMORANDUM OF UNDERSTANDING
(“MOU”) is entered into by and between Valley View Downs, LP, a Pennsylvania limited partnership (the “Partnership”), Centaur Pennsylvania, LLC, an Indiana limited liability company (“Centaur”), and
PR Valley View Downs, L.P., a Pennsylvania limited partnership (“PREIT”). Subject to the limitations set forth below, the parties hereto intending to be legally bound hereby, and each having received good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, agree as follows: 
 1. Binding Nature. This MOU is LEGALLY BINDING AND
ENFORCEABLE on the Partnership, Centaur and PREIT. The parties acknowledge that this MOU contains the material business terms of the transaction described herein and that they will use their respective good faith business efforts to enter into one
or more mutually satisfactory formal written agreements embodying the terms of this MOU (“Definitive Agreements”), which may also contain additional customary terms and conditions regarding the subject matter hereof. 
 2. Background. The Partnership has acquired options (the “Property Options”) on land in Beaver County, Pennsylvania (the
“Property”) and made an application for a Harness Racing License (the “Racing License”) in the Commonwealth of Pennsylvania (the facility at which such activities will be conducted, the “Track”). A
list of the Property Options, and the material terms of each, is attached hereto as Exhibit “A”. If the Racing License is awarded, the Partnership intends to build the Track on the Property. In addition, if the Partnership is awarded a
license to conduct alternative gaming (“Alternative Gaming”) at the Track, the Partnership intends to construct facilities for the operation of Alternative Gaming on the Property (the construction of the Track and the construction
of Alternative Gaming facilities on the Property, the “Improvements”). The Partnership hereby represents and warrants to PREIT that all of the Property Options are held (whether through assignment or otherwise) in the name of the
Partnership, and that the real property subject to the Property Options comprise all of the land necessary for construction of the Improvements. 
 3. Initial PREIT Payment. 
 (a) Upon the execution and delivery of this MOU, PREIT shall pay to the
Partnership $982,988 which is an amount equal to 20% of (i) the Current Total Equity (as hereinafter defined) less all Property Costs, divided by (ii) 0.80 (the “Initial PREIT Payment”). 
 (b) For purposes of this MOU: 
 (i) “Current Total Equity” means, as of the date hereof, the total cash amount contributed to the Partnership or paid for or on behalf of the Partnership by (A) Centaur or any of its affiliates,
including, without limitation, all Property Costs, and (B) all other limited partners of or investors in the Partnership, which is equal to $4,519,199; and 

 (ii) “Property Costs” means, as of the date hereof, the sum of all
amounts paid by or on behalf of the Partnership (A) to acquire and/or extend the Property Options, (B) in respect of Property related due diligence costs such as environmental studies, soil tests, zoning, title, surveys, and legal fees, or
(C) to rezone the Property, which is equal to $587,247. 
 The actual amounts of Current Total Equity and Property Costs are set forth
with specificity in Exhibit “B” attached hereto and made a part hereof. 
 (c) The Partnership shall distribute the
proceeds of the Initial PREIT Payment to Centaur in an amount not to exceed the Property Costs. 
 (d) Neither the Initial
PREIT Payment, nor any advances by PREIT of the Improvement Allowance, shall be deemed to be a loan to the Partnership. 
 4. Acquisition
of the Property. 
 (a) If, prior to receipt by the Partnership of the Racing License, it is necessary for the Partnership
to acquire the Property (for example, because of the expiration of the Property Options or because it is not possible to extend the Property Options, it being agreed that the Partnership shall use commercially reasonable efforts to extend any
Property Options expiring prior to the date on which it is anticipated the Partnership will receive the Racing License), the Partnership may exercise such options and acquire the Property. In such case, subject to Section 5(d) below,
PREIT shall pay the Partnership 20% of all costs incurred by the Partnership in exercising the Property Options and acquiring the Property (the “Property Acquisition Costs”). Thereafter, once the Partnership acquires the Racing
License, the Partnership shall transfer the Property to PREIT and PREIT shall reimburse the Partnership for all Property Acquisition Costs paid by the Partnership and not previously reimbursed by PREIT. 
 (b) If, after receipt by the Partnership of the Racing License, the Partnership has not yet acquired the Property, the Partnership shall
assign the Property Options to PREIT and PREIT shall (at the direction of the Partnership) exercise such options and acquire the Property. In such case, subject to Section 5(d) below, PREIT shall pay all Property Acquisition Costs.

 (c) The Partnership shall not select a site in lieu of the Property for the Track or the conduct of Alternative Gaming
activities unless the Property is unacceptable to regulatory authorities for the conduct of horse racing and Alternative Gaming. In the event that the Partnership selects an alternative site, PREIT shall have the same rights and obligations as those
described herein with respect to such other property (and such other property shall be considered the “Property” hereunder) and PREIT shall be given credit for all amounts expended by PREIT with respect to the original Property or
Property Options. 
  

 - 2 - 

 (d) For purposes of this MOU, “Total Equity” means, as of any date of
determination, (i) the aggregate amount theretofore paid to or for the benefit of the Partnership by PREIT (including, without limitation, all amounts paid under Sections 3(a), 4(a) and 4(b) above), and (ii) any
and all cash capital contributions of the partners of the Partnership (or their affiliates), including, without limitation, Centaur made prior to or on such date. A list of such cash capital contributions as of the date hereof is attached as Exhibit
“C” hereto. 
 5. Lease of the Property. Simultaneously with the acquisition of the Property by PREIT as described in
Section 4 above, PREIT and the Partnership shall enter into a ground lease for the Property (the “PREIT Lease”) containing the following principal terms: 
 (a) Triple Net Ground Lease. The PREIT Lease will be a triple net ground lease pursuant to which PREIT, as lessor, will lease the
Property to the Partnership, as lessee, and thereafter, the Partnership, as lessee, shall be responsible for all costs and expenses of the ownership and operation of the Property, including, without limitation, all costs of the construction of
Improvements (subject to the Improvements Allowance, as hereinafter defined) and the payment of taxes, insurance, utilities, maintenance, repair and other costs of the ownership and operation of the Property; it being the intent of the parties that
all Rent (as hereinafter defined) shall be payable to PREIT net of all costs associated with the Property. 
 (b)
Improvements; Use. The PREIT Lease will obligate the Partnership, as lessee, to make all site improvements, construct on the Property at its sole cost and expense, subject to the Improvements Allowance, the Track, an Alternate Gaming facility
and ancillary parking and facilities. The Property must be used and operated by the Partnership solely as a Track and an Alternative Gaming facility. 
 (c) Improvements Allowance. PREIT shall contribute toward the cost of the Improvements an amount (the “Improvements Allowance”) equal to 20% of the costs of such Improvements which amount shall
be paid to the Partnership at the same times and in the same proportion as the remaining 80% of such costs are paid by the Partnership; provided, however, that if at any time after the Partnership has obtained funding of the first
tranche of the Senior Debt and/or Mezzanine Financing, an Improvements Allowance payment is required to be made by PREIT, and the aggregate amount theretofore paid to or for the benefit of the Partnership by PREIT (including, without limitation, all
amounts paid under Sections 3(a), 4(a) and 4(b) above, such as the Initial PREIT Payment or in respect of Property Acquisition Costs, or in respect of Improvements Allowances) (the “Aggregate PREIT Payments”) is
greater than 20% of Total Equity, PREIT would not be required to make any Improvement Allowance payments until the Aggregate PREIT Payments represent only 20% of Total Equity, after which PREIT would be obligated to make Improvements Allowance
payments as set forth above. 
 (d) Limitations on Aggregate PREIT Payments. Notwithstanding anything to the contrary
herein set forth, in no event shall PREIT have any obligation to make any payments to or for the benefit of the Partnership (whether under Sections 3(a), 4(a) or 4(b) above, such as the Initial PREIT Payment or in respect of
Property Acquisition Costs, in respect of Improvements Allowances, or otherwise) to the extent that making any such payment would cause the Aggregate PREIT Payments to exceed $10 million. 
  

 - 3 - 

 (e) Rent. Rent (“Rent”) under the PREIT Lease
shall consist of minimum rent (“Minimum Rent”) and additional rent in amounts required to be paid by the Partnership under the PREIT Lease for real estate taxes, insurance and other expenses of the operation of the Property. Until
three (3) months following the commencement of Alternative Gaming activities at the Property (the “Alternative Gaming Commencement Date”), Minimum Rent shall accrue at ten percent (10%) per annum on all Aggregate PREIT
Payments and Improvements Allowance advanced by PREIT. Beginning three (3) months following the commencement of Alternative Gaming at the Property (the “Minimum Rent Trigger Date”), Minimum Rent shall be Three Million Dollars
($3,000,000) per annum for the next twenty-four (24) months, then Four Million Dollars ($4,000,000) per annum for the next twelve (12) months, then Five Million Dollars ($5,000,000) per annum for the next twelve months and thereafter for
the remainder of the term, as the term may be extended, Five Million Dollars ($5,000,000) plus an annual CPI escalation from the end of the 4th lease year. Except as otherwise set forth herein, Minimum Rent shall be paid monthly in advance without set off, deduction,
abatement or adjustment. One One Hundred Seventeenth (1/117th) of the Minimum
Rent which has accrued prior to the Minimum Rent Trigger Date, plus interest thereon at ten percent (10%) per annum from the date accrued to the date paid, shall be paid monthly on the same date as Minimum Rent is payable beginning on the
Minimum Rent Trigger Date and continuing on the first day of the next following one hundred sixteen (116) months until all such accrued Minimum Rent, plus interest thereon, has been paid. 
 (f) Term. The term of the PREIT Lease shall continue for a period of 29 years and 11 months. The Partnership shall have options to
extend such term in 10 year increments, with a maximum term of 99 years. 
 (g) Purchase/Call
Option. The Partnership will have the continuing right at any time beginning ten (10) years after the Alternative Gaming Commencement Date to purchase all but not less than all of PREIT’s interest in the Property (including its fee
simple and landlord interests) for an amount equal to ten (10) times the average Rent paid or accrued for the preceding two (2) calendar years but excluding for such purposes 50% of the amount by which the average Rent exceeded $5 Million
(the “Buyout Amount”). PREIT shall have a parallel right at any time during the 90-day periods immediately following the tenth (10th), fifteenth (15th), twentieth (20th) and twenty-fifth (25th) anniversaries of the Alternative Gaming Commencement Date, and on each successive 5th year anniversary of the Alternative Gaming Commencement Date, to put the Property to the Partnership for an amount
equal to the Buyout Amount. All costs and expenses of any such purchase and sale shall be paid by the purchaser. The Buyout Amount, in the case of a call, shall be paid by wire transfer of immediately available funds at closing, which shall be held
on the later of ninety (90) days following the exercise of the call, or 5 days following regulatory approval. The Buyout Amount, in the case of a put, shall be paid in equal installments of principal and interest over two (2) years with
interest at 2% per annum in excess of the prime rate. In such case, PREIT shall convey to Property to the Partnership at the closing, which shall occur on the same schedule as a closing would occur in a call, and the Partnership shall grant
PREIT a first priority mortgage lien on the Property to secure such payments. 
  

 - 4 - 

 (h) Leasehold Mortgages. The PREIT Lease will permit the Partnership to grant
leasehold mortgages in connection with its “Senior Debt” or “Mezzanine Financing”, and will provide usual and customary rights to permitted leasehold mortgagees (the “Leasehold Mortgagees”) of notice and the
right to cure an event of default and the right to enter into a replacement lease (subject to regulatory approval). Leasehold Mortgagees will be limited to recognized banks, insurance companies, pension funds and similar institutional investors.

 (i) Subordination. Neither the fee title to the Property nor the Minimum Rent will be subordinate to the
Partnership’s Leasehold Mortgages. 
 (j) Casualty/Condemnation. The PREIT Lease will contain customary casualty
and condemnation provisions with the Partnership being required to rebuild the Improvements in the case of a partial condemnation or casualty. Proceeds not used for rebuilding shall be paid first to the leasehold mortgagees, next to PREIT to the
value of its interest, and any excess will be paid to the Partnership. 
 (k) Assignment. The PREIT Lease may be
assigned by the lessee without PREIT’s consent to a licensed Track and Alternative Gaming facility operator which assumes all of the lessee’s obligations thereunder. The PREIT Lease may be assigned by PREIT without lessee’s consent to
an affiliate of PREIT, to any entity in connection with a merger or sale of substantially all of its assets of Pennsylvania Real Estate Investment Trust and to any other financially qualified and reputable owner and operator of real estate. Any such
assignment by PREIT shall be subject to any required approval by the Track and Alternative Gaming regulators. 
 (l)
Defaults. The PREIT Lease shall contain usual and customary rights and remedies of a lessor upon the default of a lessee. 
 (m) Restriction. The PREIT Lease will prohibit the Partnership, any partner in the Partnership, any principal in the Partnership or any affiliate of any thereof (collectively, a “Related Party”) from acquiring any
property adjacent to or in the vicinity of the Property and operating Alternative Gaming facilities thereon. The PREIT Lease will also prohibit PREIT, the Partnership or any Related Party from owning or operating any other facility for any use
within a two (2) mile radius of the Property. 
 (n) Lease Form. The initial draft of the PREIT Lease will be
prepared by PREIT, but it shall be consistent with the provisions of this MOU and otherwise satisfactory in form and substance to PREIT and the Partnership. 
 6. Development Fee. The Partnership shall pay to PREIT-Rubin, Inc. or an affiliate thereof (the “Developer”) a development fee (the “Development Fee”) of Three Million Dollars
($3,000,000). If the development of the Property is phased, the Development Fee shall be divided between the phases in proportion to the estimated capital costs of each phase. The Development Fee for the first phase shall be paid in equal quarterly
installments in arrears based upon the estimated time between the award of the Racing License and the Alternative Gaming Commencement Date, commencing in the calendar quarter in which the Racing License is awarded. The Development Fee for the second
phase will be paid in equal quarterly installments 

  

 - 5 - 

 
in arrears based on the estimated length of the second phase, from the date on which the Developer commences to spend considerable time on the planning of
the second phase to the projected date for the completion of construction of the second phase. If the second phase is not commenced by the end of the third anniversary of the Alternative Gaming Commencement Date, the balance of the Development Fee
shall be paid to the Developer in 81 equal monthly installments until such balance of the Development Fee plus interest thereon has been paid in full. The Partnership and the Developer will enter into a Development Agreement pursuant to which the
Developer shall agree to provide customary management services for all aspects of the development and construction phases, as reasonably directed by the Partnership, including, without limitation, conducting all bid processes, selecting contractors,
negotiating contractor agreements and bonds, procuring insurance, bonding and licensing, architectural and engineering planning, design and approval, monitoring and authorizing contractor progress payments and services, on-site supervision of all
construction activities, reporting to the Partnership and the applicable regulatory authorities as directed by the Partnership. The Development Agreement will also provide that all contracts will be in the name and for the account of the
Partnership, all project personnel will be employees of the Partnership, the Partnership will purchase liability insurance (naming the Developer, PREIT and the lessee as additional insureds) and builders’risk insurance and the liability of the
Developer shall be limited to its fees. Notwithstanding the foregoing, the Development Fee for the first phase will accrue, and not be paid, until the closing of the first tranche of Senior Debt and/or Mezzanine Financing, at which time such accrued
Development Fee shall be paid. 
 7. Cooperation. PREIT will upon written request promptly file and submit (a) all applications
and information as Centaur advises are reasonably necessary to enable the Partnership to obtain the Racing License and all other licenses and permits necessary for it to lease and operate the Track in the Commonwealth of Pennsylvania and to operate
Alternative Gaming facilities; and (b) all information reasonably requested by Centaur in order for it to comply with the requirements of any regulatory authority to which it or any of its affiliates is or are subject in any other jurisdiction.
Centaur agrees to keep PREIT’s information confidential, unless and to the extent disclosure is required by law or any regulatory authority having jurisdiction over Centaur or any of its affiliates. 
 8. Unsuitability. 
 (a) PREIT. In the event that PREIT is subject to regulatory investigation and fails to participate in such investigatory process or is otherwise deemed unsuitable by any applicable regulatory authority at any time, and if PREIT
cannot cure such unsuitability to the satisfaction of such regulatory authority within any applicable cure period given therefor, the Partnership shall have the right to purchase PREIT’s entire interest in the Property for a price equal to:
(i) if such unsuitability condition occurs prior to the Alternative Gaming Commencement Date, an amount equal to the sum of (x) the Aggregate PREIT Payments as of such date, and (y) accrued and unpaid Rent; and (ii) if such
unsuitability condition occurs on or after the Alternative Gaming Commencement Date, an amount equal to 90% of the fair market value of PREIT’s fee simple interest in the Property, taking into account its interest as landlord under the PREIT
Lease, but not less than the sum of (x) the Aggregate PREIT Payments as of such date, plus (y) accrued and unpaid Rent. 
  

 - 6 - 

 (b) The Partnership. In the event the Partnership is subject to regulatory
investigation and is deemed unsuitable by any applicable regulatory authority at any time to operate the Track and/or the Alternative Gaming facility, and if the Partnership cannot cure such unsuitability to the satisfaction of such regulatory
authority within any applicable cure period given therefor, the Partnership shall sell its entire interest in the PREIT Lease, transfer its Racing License and its license to conduct Alternative Gaming, assign the Management Agreement, and sell all
other interests it has or may have in the businesses conducted at the Property to a purchaser which is deemed suitable by the applicable regulatory authorities for a price not in excess of (i) if such unsuitability condition occurs prior to the
Alternative Gaming Commencement Date, an amount equal to the sum of (x) any partner of the Partnership’s capital contributions which have not been reimbursed by PREIT, plus (y) all accrued and unpaid management fees owed to Centaur or
any of its affiliates; and (ii) if such unsuitability condition occurs on or after the Alternative Gaming Commencement Date, an amount equal to 90% of the fair market value of the Partnership, but not less than the sum of (x) any partner
of the Partnership’s capital contributions which have not been reimbursed by PREIT, plus (y) all accrued and unpaid management fees owed to Centaur or any of its affiliates. 
 (c) Determination of Fair Market Value. For the purposes of this Section 8, the fair market value of the Property or of
the Partnership, as the case may be, shall be determined pursuant to the agreement of PREIT and the Partnership or, to the extent that such agreement could not be reached, pursuant to an appraisal process whereby each of the parties selects an
appraiser. If the results of the parties’ appraisers are within 5% of each other, then the average of such appraisals shall be final; however, if the results differ more than 5%, then the parties’ appraisers shall select a third
independent appraiser whose result shall be final on the parties. 
 9. Centaur’s Matters. To induce PREIT to enter into this
MOU, Centaur represents and warrants to PREIT that: 
 (a) Centaur is in good standing (where such concept is meaningful)
under all licenses currently held by Centaur or any affiliate of Centaur to conduct racing, gaming or other regulated business, and that neither Centaur nor any affiliate of Centaur presently is the subject of a proceeding by a regulatory authority
seeking the suspension or revocation of its license to conduct racing, gaming or other regulated business, or seeking any other sanction for the violation of the laws or regulations governing such racing, gaming or other regulated business.

 (b) Centaur shall cause the Partnership to raise sufficient capital to pay its obligations under this MOU and if and to the
extent the Partnership is unable to raise such capital from third parties, Centaur shall contribute the necessary amounts to cause the Partnership to pay the amount of its obligations hereunder in full. 
 10. Confidentiality; Permitted Disclosure; Securities Laws. 
 (a) Confidentiality. Without the prior consent of the other parties hereto, each party hereto agrees to keep confidential and not
to disclose to third parties the existence of this MOU, the negotiations and terms of the Definitive Agreements or any of the terms, conditions or other facts concerning the subject matter of the MOU. 
  

 - 7 - 

 (b) Permitted Disclosure. Notwithstanding the foregoing: Centaur may disclose this
MOU to: (i) regulatory authorities in connection with the application for the Racing License or any license for Alternative Gaming, and may file a copy of this MOU as a part of such application if required by law or regulation, or to any other
regulatory authorities having jurisdiction over Centaur or any of its affiliates, and (ii) proposed lenders or equity investors, provided such proposed lenders or equity investors agree to keep the same confidential; and PREIT and its
affiliates may disclose this MOU, including the making of press releases or other public announcements, and may file a copy of this MOU, to the extent that PREIT or any affiliate reasonably believes such disclosure or filing is required by law or by
the applicable rules of any securities exchange. 
 (c) Securities Laws. PREIT’s ultimate parent, Pennsylvania
Real Estate Investment Trust (“Parent”), is a public company whose stock is traded on the New York Stock Exchange. Centaur acknowledges that it is aware, and shall advise its employees, officers, consultants and agents who receive a
copy of this MOU or are informed as to the subject matters contained herein, that the securities laws of the United States prohibit any person who has received material non-public information from purchasing or selling securities of the Parent, or
from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, so long as such information has not been disclosed to the public.

 11. Failure to Execute Definitive Agreements. This MOU is intended to be legally binding upon the parties hereto as to the terms
and provisions set forth herein. If the parties hereto fail to enter into the Definitive Agreements by reason of their inability to agree on material business or legal provisions not dealt with herein, no party shall have liability to another party
on account thereof. 
 12. No Partnership or Joint Venture. PREIT’s rights and obligations hereunder shall be as a landlord.
PREIT shall not be deemed to be a partner in the Partnership and the provisions hereof shall not be construed in such a fashion as to treat PREIT as a partner in, or joint venturer with, the Partnership. 
 13. Severability. If any provision contained in this MOU shall, to any extent, be invalid or unenforceable, the remainder of this MOU (and the
application of such provision to persons or circumstances, if any, other than those in respect of which it is invalid or unenforceable) shall not be affected thereby, and each and every provision of this MOU shall be valid and enforceable to the
fullest extent permitted by law. 
 14. Construction. The parties agree that each and every provision of this MOU has been mutually
negotiated, prepared and drafted, each party has been represented by counsel, and in connection with the construction of any provisions hereof or deletions herefrom, no consideration shall be given to the issue of which party actually prepared,
drafted, requested or negotiated any provision or deletion. 
  

 - 8 - 

 15. Counterpart Copies. This MOU may be signed in counterpart copies which shall be taken together
as one and the same instrument. 
 16. Entire Agreement; Amendment. This MOU supersedes all previous written agreements, all proposals
and drafts and all oral agreements and discussions with respect to the subject matter hereof. This MOU cannot be amended or modified except in a writing signed by all parties hereto. Any purported oral amendment or modification of this MOU shall be
null and void, and shall have no effect unless and until reduced to writing and signed by all parties hereto. 
 17. Contribution
Agreement. After the execution of this MOU and the payment by PREIT of the Initial PREIT Payment, but prior to the advance by PREIT of any further funds, PREIT and the Partnership shall enter into a Contribution Agreement consistent with the
provisions hereof which, inter alia, shall have a definitive form of the Ground Lease attached thereto as an exhibit. 
 [signature page follows] 
  

 - 9 - 

 This Binding Memorandum of Understanding is entered into on this 7th day of October 2004, intending to be
legally bound. 
  

			
	VALLEY VIEW DOWNS, LP
	By:	 	 Centaur Pennsylvania, LLC,
 its general
partner

		
	By:	 	/s/ John J. McLaughlin

			
	Name:	 	John J. McLaughlin
	Title:	 	Manager
	
	CENTAUR PENNSYLVANIA, LLC
		
	By:	 	/s/ John J. McLaughlin
	Name:	 	John J. McLaughlin
	Title:	 	Manager

			
	
	PR VALLEY VIEW DOWNS, L.P.
	By:	 	 PR Valley View Downs LLC,
 its general
partner

		
	By:	 	/s/ Douglas S. Grayson

			
	Name:	 	Douglas S. Grayson
	Title:	 	Executive Vice President

 Exhibit A 
 Property Options 
  

			
	Owner:	  	Paul H. Stitt and wife, Loretta Stitt
	Parcel No.:	  	77-122-0143
	Acres:	  	52.7 (approx.)
	Purchase Price:	  	$733,500
	Deposits Made (Applied Toward Purchase Price):	  	$40,000
	Original Contract Date:	  	November 4, 2002
	Closing Deadline:	  	December 3, 2004
	
	  

	Owner:	  	Paul H. Stitt
	Parcel No.:	  	77-122-0144
	Acres:	  	90.85 (approx.)
	Purchase Price:	  	$1,266,500
	Deposits Made (Applied Toward Purchase Price):	  	$60,000
	Original Contract Date:	  	November 4, 2002
	Closing Deadline:	  	December 3, 2004
	
	  

	Owner:	  	Paul D. and Karen S. Hunter
	Parcel No.:	  	77-122-0139
	Acres:	  	45.26 (approx.)
	Purchase Price:	  	$450,000
	Deposits Made (Applied Toward Purchase Price):	  	$37,500
	Original Contract Date:	  	January 6, 2003
	Closing Deadline:	  	February 5, 2005
	
	  

	Owner:	  	Brian R. and Kimberly A. Main
	Parcel No.:	  	77-122-0155
	Acres:	  	13.9-14.78 (approx.)
	Purchase Price:	  	$200,000
	Deposits Made (Applied Toward Purchase Price):	  	$25,000
	Original Contract Date:	  	January 6, 2003
	Closing Deadline:	  	February 3, 2005
	
	  

	Owner:	  	Dave and Peggy Taylor
	Parcel No.:	  	77-122-0156
	Acres:	  	1.4-1.5 (approx.)
	Purchase Price:	  	$290,000
	Deposits Made (Applied Toward Purchase Price):	  	$20,500
	Original Contract Date:	  	January 10, 2003
	Closing Deadline:	  	February 7, 2005
	
	  

	Owner:	  	Joseph S. Jurasko
	Parcel No.:	  	58-112-0214
	Acres:	  	11.225 (approx.)
	Purchase Price:	  	$208,500
	Deposits Made (Applied Toward Purchase Price):	  	$21,000
	Original Contract Date:	  	January 27, 2003
	Closing Deadline:	  	February 25, 2005

 Exhibit B 
 Current Total Equity and Property Costs 
  

				
	 	  	Current Total Equity
	 Centaur
	  	$	3,929,407
	 Joseph and Linda Sweeney
	  	$	314,556
	 Michael C. Forman
	  	$	275,236
		  	 	 
	 Total
	  	$	4,519,199
		  	 	 
		
	 	  	Property Costs
	 Baker Environmentals
	  	$	160,575.46
	 GeoMechanics, Inc.
	  	$	23,428.20
	 American Consulting
	  	$	64,666.05
	 Legal Fees
	  	$	83,577.56
	 Land Rights
	  	$	155,000.00
	 Land Options 9/30/04
	  	$	100,000.00
		  	 	 
	 Total
	  	$	587,247.27
		  	 	 

 Exhibit C 
  

				
	 	  	Cash Capital Contributions
	 Centaur
	  	$	3,929.407
	 Joseph and Linda Sweeney
	  	$	314,556
	 Michael C. Forman
	  	$	275,236
		  	 	 
	 Total
	  	$	4,519,199
		  	 	 

  

 - 3 -

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