Document:

ex10-126.htm

    Exhibit
10.126

     

    
      A CREDIT LINE DEED OF TRUST AND SECURITY
AGREEMENT

      

                            THIS DEED OF TRUST AND SECURITY
AGREEMENT (together with all exhibits and schedules hereto and all
extensions, renewals, amendments, substitutions and replacements hereto and
hereof this "Deed of
Trust" is dated January 29, 2009, and effective as of January 30, 2009,
by GRAND CENTRAL LIMITED PARTNERSHIP, a Delaware limited partnership (the "Grantor"), with an office at
180 East Broad Street, 21st Floor, Columbus, OH 43215, in favor of Camden P. Siegrist, a
resident of Kanawha County, West Virginia (the "Trustee") with a principal
address at 600 Quarrier Street, Charleston, West Virginia 25301 for the benefit
of FIRST COMMONWEALTH BANK (the "Beneficiary"), with its
principal office at Philadelphia and Sixth Streets, Indiana, Pennsylvania
157019.

      

      WITNESSETH:

      

                            WHEREAS, the Grantor is the
owner in fee simple of a certain tract or parcel of land located in the City of
Parkersburg, County of Wood, State of West Virginia, and more particularly
described in Exhibit
A attached hereto and made a part hereof, together with the improvements
now or hereafter erected thereon; and

      

                            WHEREAS, the Grantor (in such
capacity, the "Borrower") is indebted to the
Beneficiary in connection with a certain term loan in the aggregate principal
amount not to exceed Forty Seven
Million and 00/100 Dollars ($47,000,000.00) (the "Loan") pursuant to the terms
and conditions of that certain Loan Agreement dated as of January 30, 2009, (the
Loan Agreement, together with all exhibits, schedules, extensions, renewals,
amendments, substitutions and replacements thereto and thereof is referred to
herein as the "Loan
Agreement"); and

      

                            WHEREAS, the Borrower has made
and delivered to the Beneficiary that certain Term Note dated as of even date
herewith in the aggregate principal face amount of $47,000,000.00 (together with
all extensions, renewals, amendments, substitutions and replacements thereto and
thereof, collectively the "Note");

      

                            NOW, THEREFORE, in
consideration of the Loan and for the purpose of securing the payment and
performance by the Borrower to the Beneficiary of the following obligations
(collectively called the "Obligations"):

      

                            (i)           The
Loan, the Note and all other loans, advances, debts, liabilities, obligations,
covenants and duties owing by the Borrower to the Beneficiary under or in
connection with the Loan Agreement, the Note or any of the other Loan Documents
(as such term is defined in the Loan Agreement) of any kind or nature including,
without limitation, all Obligations (as such term is defined in the Loan
Agreement), present or future, whether or not  (i) evidenced by any
note, guaranty or other instrument, (ii) arising under any agreement, instrument
or document, (iii) for the payment of money, (iv) arising by reason of an
extension of credit, opening of a letter of credit, loan, equipment lease or
guarantee, (v) under any interest or currency swap, future, option or other
interest rate protection or similar agreement including, without limitation, any
Rate Management Agreement entered into by and between the Bank and the Borrower
in connection with the Loan, (vi) under or by reason of any foreign currency
transaction, forward, option or other similar transaction providing for the
purchase of one currency in exchange for the sale of another currency, or in any
other manner, or (vii) arising out of overdrafts on deposit or other accounts or
electronic funds transfers (whether by wire transfer or through automated
clearing houses or otherwise) or out of the return unpaid of, or other failure
of the Beneficiary to receive final payment for, any check, item, instrument,
payment order or other deposit or credit to a deposit or other account or out of
the Beneficiary's non-receipt of or inability to collect funds or otherwise not
being made whole in connection with depository or other similar arrangements;
and any amendments, extensions, renewals or increases of or to any of the
foregoing, and all costs and expenses of the Beneficiary incurred in the
documentation, negotiation, modification, enforcement, collection and otherwise
in connection with any of the foregoing, including reasonable attorneys' fees
and expense; and (viii) any sums advanced by the Beneficiary or which may
otherwise become due pursuant to the provisions of this Deed of Trust or
pursuant to any of the other Loan Documents the Grantor, for good and valuable
consideration, receipt of which is hereby acknowledged, and intending to be
legally bound hereby, does hereby give, grant, bargain, sell, convey, assign,
transfer, mortgage, hypothecate, pledge, set over and confirm unto the Trustee,
in trust with the power of sale, and does agree that the Trustee on behalf of
the Beneficiary shall have a security interest in the following described
property, all accessions and additions thereto, all substitutions therefor and
replacements and proceeds thereof, and all reversions and remainders of such
property now owned or held or hereafter acquired (the "Property"), to
wit:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

                            (a)           All
of the Grantor's estate in the premises described in Exhibit A, together
with all of the easements, rights of way, privileges, liberties, hereditaments,
gores, streets, alleys, passages, ways, waters, watercourses, rights and
appurtenances thereunto belonging or appertaining, and all of the estate, right,
title, interest, claim and demand whatsoever of the Grantor therein and in the
public streets and ways adjacent thereto, either in law or in equity (the "Realty");

      

                            (b)           All
of the buildings, structures and improvements of every kind and description now
or hereafter erected or placed on the Realty, and all facilities, fixtures,
machinery, apparatus, appliances, installations, machinery and equipment,
including, without limitation, all building materials to be incorporated into
such buildings, all electrical equipment necessary for the operation of such
buildings and heating, air conditioning and plumbing equipment now or hereafter
attached to, located in or used in connection with those buildings, structures
or other improvements (the "Improvements");

      

                            (c)           All
machinery, apparatus, equipment, fittings, appliances and fixtures of every kind
and nature whatsoever, and regardless of whether the same may now or hereafter
be attached or affixed to the Realty or Improvements, including, without
limitation, all electrical, antipollution, heating, lighting, incinerating,
power, air conditioning, plumbing, lifting, cleaning, fire prevention, fire
extinguishing, apparatus, equipment, fittings, appliances and fixtures, and all
engines, pipes, pumps, tanks, motors, conduits, ducts, compressors, elevators
and escalators, and all articles of personal property and goods of every kind
and nature whatsoever now or hereinafter affixed to, attached to, placed upon,
or used or usable in any way in connection with the use, enjoyment, occupancy or
operation of the Realty or Improvements (collectively, the "Equipment");

      

                            (d)           All
rents, issues and profits arising or issuing from the Realty and the
Improvements (the "Rents") including, but not
limited to, the Rents arising or issuing from all leases and subleases now or
hereafter entered into covering all or any part of the Realty and Improvements
(the "Leases"), all of
which Leases and Rents are hereby assigned to the Beneficiary by the
Grantor.  The foregoing assignment shall include, without limitation,
all cash or securities deposited under Leases to secure performance of lessees
of their obligations thereunder, whether such cash or securities are to be held
until the expiration of the terms of such leases or applied to one or more
installments of rent coming due prior to the expiration of such
terms.  The foregoing assignment extends to Rents arising both before
and after the commencement by or against the Grantor of any case or proceeding
under any federal or state bankruptcy, insolvency or similar law.  The
Grantor will execute and deliver to the Beneficiary, on demand, such assignments
and instruments as the Beneficiary may require to implement, confirm, maintain
and continue the assignment hereunder;

      

      
        
          
          

        

        
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                            (e)           All
of the Grantor's rights and interests in all agreements now or hereafter in
existence providing for or relating to the construction, maintenance, operation
or management of the Property or any part thereof, including the plans and
specifications therefor, and all copies thereof (together with the right to
amend or terminate the same or waive the provisions of the foregoing), and any
amendments, renewals and replacements thereof; to the extent permitted by the
relevant authorities, all licenses, permits and approvals for the ownership,
construction, maintenance, operation, use and occupancy of the Property, or any
part thereof and any amendments, renewals and replacements thereof; all of the
Grantor's rights and interests in all warranties and guaranties from
contractors, subcontractors, suppliers and manufacturers to the maximum extent
permissible relating to the Property or any part thereof; all insurance policies
covering or affecting the Property or any part thereof (collectively, the "Other Property");

      

                            (f)           All
proceeds of the conversion, voluntary or involuntary, of any of the foregoing
into cash or liquidated claims; and

      

                            (g)           Without
limiting any of the other provisions of this Deed of Trust, the Grantor, as
debtor, expressly grants unto the Beneficiary, as secured party, a security
interest in all those portions of the Property which may be subject to the
Uniform Commercial Code provisions applicable to secured transactions under the
laws of any state, and the Grantor will execute and deliver to the Beneficiary
on demand such financing statements and other instruments as the Beneficiary may
require in order to perfect and maintain such security interest under the
Uniform Commercial Code on the aforesaid collateral.

      

                            In
trust, nevertheless, unto the Trustee, to secure the performance and observance
of the Borrowers' obligations hereunder and under the other Loan
Documents.

      

                            This
Deed of Trust is a credit line deed of trust for the purposes of West Virginia
Code Section 38-1-14, and secures a maximum principal amount of indebtedness
outstanding at any time equal to $47,000,000.000
and any other advances made pursuant to the terms hereof, plus accrued
and unpaid interest, and this Deed of Trust also is security for taxes,
insurance premiums and other obligations, including interest thereon, undertaken
by the Bank or the Trustee pursuant to the provisions of this Deed of Trust or
the other Loan Documents.  This Deed of Trust secures future advances,
which the Bank has agreed to make to the Grantor in accordance with the terms
and provisions of the Note and the Loan Documents.  Such further
advances are intended to be obligatory within the meaning of West Virginia Code
Section 38-1-14.  All notices to be given to the Bank pursuant to West
Virginia Code Section 38-1-14 shall be given as set forth in Section
24.

      

      
        
          
          

        

        
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                            THE
NAME AND RESIDENCE OF THE BENEFICIAL OWNER OF THE NOTE IS FIRST COMMONWEALTH
BANK, PHILADELPHIA AND 6TH
STREETS, P.O. BOX 400, INDIANA, PENNSYLVANIA 15701.

      

                            Provided,
however, that if the Grantor shall pay to the Beneficiary the Obligations, and
if the Grantor shall keep and perform each of their other covenants, conditions
and agreements set forth herein and in the other Loan Documents, then, upon the
termination of all obligations, duties and commitments of the Grantor under the
Obligations and this Deed of Trust, the estate hereby granted and conveyed shall
become null and void.

      

                            AND
GRANTOR hereby warrants, covenants and agrees as follows:

      

                            1.           Warranty
of Title.  The Grantor
represents and warrants to the Beneficiary that the Grantor has good and
marketable title to an estate in fee simple absolute in the Realty and the
Improvements and has all right, title and interest in all other property
constituting a part of the Property, in each case free and clear of all Liens
(as defined in the Loan Agreement), except for Permitted Liens (as defined in
the Loan Agreement).  This Deed of Trust is a valid and enforceable
first Lien on the Property (except for Permitted Liens), and the Beneficiary
shall, subject to the Grantor's right of possession prior to an Event of Default
(as defined below), quietly enjoy and possess the Property.  The
Grantor shall preserve such title as it warrants herein and the validity and
priority of the Lien hereof and shall forever warrant and defend the same to the
Beneficiary against the claims of all Persons.  All of the
representations and warranties of the Grantor set forth in the Environmental
Indemnity Agreement (as defined in the Loan Agreement) are incorporated herein
by reference as if set forth herein.

      

                            2.           Payment
and Performance of Obligations.  Until all of the
Obligations shall have been fully paid, satisfied and discharged the Grantor
shall pay or cause to be paid and perform all Obligations when due as provided
in the Loan Documents.

      

                            3.           Legal
Requirements.
Until all of the Obligations shall have been fully paid, satisfied and
discharged the Grantor shall promptly comply with and conform to all present and
future Governmental Rules which may be applicable to the Grantor or to any of
the Property.
 

                            4.           Impositions.

      

                            (a)           Before
interest or penalties are due thereon and otherwise when due, the Grantor shall
pay all taxes of every kind and nature, all charges for any easement or
agreement maintained for the benefit of any of the Property, all general and
special assessments (including, without limitation, any condominium or planned
unit development assessments, if any), levies, permits, inspection and license
fees, all water and sewer rents and charges, and all other charges and Liens,
whether of a like or different nature, even if unforeseen or extraordinary,
imposed upon or assessed against the Grantor or any of the
Property.  The Grantor shall comply in all respects with all
agreements, mortgages, covenants, and restrictions now or hereafter affecting
the Realty or Improvements.  The obligations referred to in this
Section are hereinafter collectively referred to as the "Impositions".  Within
thirty (30) days after the payment of any Imposition, the Grantor shall deliver
to the Beneficiary evidence acceptable to the Beneficiary of such
payment.  The Grantor's obligations to pay the Impositions shall
survive the Beneficiary's taking title to the Property through foreclosure,
deed-in-lieu or otherwise.  The Grantor shall also deliver to the
Beneficiary, within ten (10) days of receipt thereof, copies of all settlements
and notices pertaining to the Impositions which may be issued by any
Governmental Authority.

      

      
        
          
          

        

        
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                            (b)           Subject
to the right of the Grantor to contest the payment of an Imposition as provided
in Section 7 hereof, the Beneficiary may pay or perform any Imposition and add
the amount so paid or the cost incurred to the Obligations, and all such amounts
shall on demand be due and payable, together with interest thereon from the date
of such demand at the Default Rate (as such term is defined in the
Note).

      

                            5.           Insurance.

      

                            (a)           The
Grantor shall maintain commercial general liability insurance, special perils
property insurance, loss of income insurance, contractual liability insurance
for all indemnification obligations of the Grantor under all leases, and such
other insurance as may be required from time to time by the
Beneficiary.  The amounts, coverages and other terms and conditions of
the insurance policies shall at all times be satisfactory to the Beneficiary and
shall satisfy any co-insurance requirements of the Beneficiary.  The
Grantor shall pay as they become due all premiums for such insurance, shall keep
each policy in full force and effect, shall deliver to the Beneficiary evidence
of the payment of the full premium therefor at least twenty (20) days prior to
the expiration date of each policy, and shall deliver to the Beneficiary the
original policies of insurance or acceptable evidence thereof, with
noncontributory mortgagee clauses in favor of and acceptable to the
Beneficiary.  The Grantor's liability insurance and property policies
shall specifically name the Beneficiary as an additional insured and as lender
loss payee respectively.  Each policy shall provide for written notice
to be received by the Beneficiary at least thirty (30) days prior to any
cancellation, non-renewal or amendment of such insurance.

      

                            (b)           The
Grantor shall deliver to the Beneficiary, at the time of each renewal of the
policy (but at least once every three (3) years), a statement reasonably
satisfactory to the Beneficiary as to the then replacement and insurable values
of the Improvements as determined by the underwriter of fire insurance on the
Property or by a qualified appraiser approved by the Beneficiary.

      

                            (c)           The
Grantor shall promptly comply with and conform to (i) all provisions of each
such insurance policy and (ii) all requirements of the insurers thereunder
applicable to the Grantor or any of the Property or to the use, manner of use,
occupancy, possession, operation, maintenance, alteration or repair of any of
the Property, even if such compliance necessitates structural changes or
improvements or results in interference with the use or enjoyment of any of the
Property, provided however that the Grantor shall obtain the prior written
consent of the Beneficiary (which consent shall not be unreasonably withheld)
prior to making any material structural changes or improvements or interfering
with the use or enjoyment of any of the Property.  The Grantor shall
not use or permit any party to use any of the Property in any manner which would
permit the insurer to cancel any insurance policy.

      

      
        
          
          

        

        
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                            (d)           The
Grantor shall not adjust, collect or compromise any property claims under said
policies without the prior written consent of the Beneficiary.  Each
insurer is hereby authorized and directed to make payment under said policies,
including return of unearned premiums, directly to the Beneficiary instead of to
the Grantor and the Beneficiary jointly, and the Grantor appoints the
Beneficiary as the Grantor's attorney-in-fact to endorse any draft
therefor.  All insurance proceeds shall be payable to the Beneficiary
and such proceeds may, during the continuance of an Event of Default, at the
Beneficiary's sole option, be applied to any part of the Obligations and in any
order (notwithstanding that such Obligations may not then be due and payable) or
to the repair and restoration of any of the Property.  The Beneficiary
shall not be deemed to have elected such option until such option is elected
specifically in writing.  Until so elected, the Beneficiary shall not
in any circumstances be deemed to have waived its right to make such
election.

      

                            (e)           In
the event of any casualty (whether or not insured against) resulting in damage
to any of the Property, unless an uncured Event of Default exists and the
Beneficiary shall have elected to apply the insurance proceeds to the payment of
the Obligations, the Grantor, whether or not such insurance proceeds shall be
sufficient for the purpose, shall promptly commence and diligently continue to
restore the Property as nearly as possible to its value, condition and character
immediately prior to such casualty.  In that event, the Beneficiary
shall have the right to hold any insurance proceeds and disburse them to the
Grantor or for the account of the Grantor as the restoration progresses, as
provided in Section 12 hereof.

      

                            (f)           In
the event of loss, any separate insurance concurrent in form or
contributing  with that required to be maintained under this Section
shall contain a non-contributory mortgagee clause in favor of and acceptable to
the Beneficiary, and a duplicate original policy shall be delivered promptly to
the Beneficiary; provided however that no such concurrent or contributing
insurance shall be maintained without the prior written consent of the
Beneficiary.

      

                            6.           Installments
for Insurance, Taxes and Other Charges.  After the occurrence
of an Event Default, the Grantor shall, if requested by the Beneficiary, pay to
the Beneficiary monthly, an amount equal to one-twelfth (1/12) of the annual
premiums for the insurance policies referred to hereinabove  and the
annual Impositions and any other item which at any time may be or become a Lien
upon the Property (the "Escrow
Charges").  The amounts so paid shall be used in payment of the
Escrow Charges so long as no Event of Default shall have occurred.  No
amount so paid to the Beneficiary shall be deemed to be trust funds, nor shall
any sums paid bear interest.  The Beneficiary shall have no obligation
to pay any insurance premium or Imposition if at any time the funds being held
by the Beneficiary for such premium or Imposition are insufficient to make such
payments.  Upon the occurrence of an Event of Default, the Beneficiary
shall have the right, at its election, to apply any amount so held against the
Obligations due and payable in such order as the Beneficiary may deem fit, and
the Grantor hereby grants to the Beneficiary a Lien upon and security interest
in such amounts for such purpose.

      

      
        
          
          

        

        
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                            7.           Right of
Contest.  The Grantor may in good faith contest, by proper
legal proceedings, the validity of any Legal Requirement or the validity or
amount of any Imposition, provided, (i) an Event of Default does not exist; (ii)
the Grantor provides the Beneficiary with security satisfactory to the
Beneficiary assuring compliance with or payment of the Imposition and any
additional charge, interest, penalty, expense or other payment which may arise
from or be incurred as a result of such contest; and (iii) such contest operates
to suspend enforcement of compliance with or collection or enforcement of the
Imposition and is maintained and prosecuted with diligence, except in the case
of real estate tax assessment appeals, such contest only may be made if all real
estate taxes are paid.

      

                            8.           Maintenance
and Impairment of Security.  The Grantor shall keep or cause to
be kept the Property in good condition and order and in a rentable and
tenantable state of repair and will make or cause to be made, as and when
necessary, all repairs, renewals, and replacements, structural and
nonstructural, exterior and interior, foreseen and unforeseen, ordinary and
extraordinary, provided however that no material structural repairs, renewals or
replacements shall be made without the Beneficiary's prior written consent,
which consent shall not be unreasonably withheld.  The Grantor shall
not remove, demolish or alter the Property or any part thereof, nor commit or
suffer waste with respect thereto, nor permit the Property to become deserted or
abandoned.  The Grantor shall permit the Beneficiary and its agents at
any reasonable time, and from time to time, to enter upon and visit the Property
for the purpose of inspecting and appraising the same.  The Grantor
covenants and agrees not to take or permit any action with respect to the
Property which will in any manner impair the security of this Deed of
Trust.

      

                            9.           Use of
Property.  Unless the Beneficiary otherwise gives its prior
written consent, the Grantor shall not use or permit others to use the Property
for other than as an office and retail complex and for other appurtenant and
related uses.

      

                            10.           Condemnation.  If
at any time when an Event of Default shall have occurred and be continuing, the
Mortgaged Property, or any part thereof, is taken or damaged by condemnation
proceedings under right of eminent domain or in any other manner, the Mortgagee
shall be entitled to receive all compensation, damages, awards, or other relief,
for the benefit of the Mortgagee; the Mortgagors hereby assign to the Mortgagee
all such proceeds to be applied on account of the Obligations after deducting
therefrom all expenses incurred, including attorneys' fees; and the Mortgagee
shall be authorized, at its option, to commence, appear in, and/or prosecute in
its own name any action or proceeding or to make any compromise or settlement in
connection with such taking or damage.

      

                            11.           No
Credits on Account of the Debt.  Grantor will not claim or
demand or be entitled to any credit or credits on account of the unpaid
principal balance of the Note together with all interest thereon ("Debt") for any part of the
Taxes or Other Charges assessed against the Mortgaged Property, or any part
thereof, and no deduction shall otherwise be made or claimed from the assessed
value of the Mortgaged Property, or any part thereof, for real estate tax
purposes by reason of this Deed of Trust or the Debt.  In the event
such claim, credit or deduction shall be required by law, Beneficiary shall have
the option, by written notice of not less than ninety (90) days, to declare the
Obligations immediately due and payable.

      

      
        
          
          

        

        
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                            12.           Restoration.

      

                            (a)           All
amounts received by the Beneficiary pursuant to Section 5 or Section 10 hereof
may either be held in a restoration fund (the "Restoration Fund") by the
Beneficiary or, if it refuses to serve, a bank or trust company appointed by the
Beneficiary which has a combined capital and surplus of not less than
$100,000,000, as restoration fund trustee (the "Restoration Fund Trustee"),
with any additions thereto that may be required by the Beneficiary as
hereinafter provided.  The interest or income, if any, received on all
deposits or investments of any moneys in the Restoration Fund shall be added to
the Restoration Fund.  If the Beneficiary consents to the deposit of
such funds in an interest-bearing  account or otherwise consents to
the investment of such funds, neither the Beneficiary nor the Restoration Fund
Trustee shall be liable or accountable for any loss resulting from any such
deposit or investment, or for any withdrawal, redemption or sale of deposits or
investments.  The Beneficiary and the Restoration Fund Trustee may
impose reasonable charges for services performed in managing the Restoration
Fund and may deduct such charges therefrom.  Restoration shall be
performed only in accordance with the following conditions: (i) prior to
commencement of restoration and from time to time during restoration, the
Beneficiary may require the Grantor to deposit additional moneys into the
Restoration Fund in amounts which in the Beneficiary's judgment are sufficient
to defray all costs to be incurred to complete the restoration and all costs
associated therewith, including labor, materials, architectural and design fees
and expenses and contractor's fees and expenses, and the Beneficiary shall have
approved a budget and cost breakdown for the restoration, together with a
disbursement schedule, in detail satisfactory to the Beneficiary; (ii) prior to
commencement of restoration, the Grantor shall provide satisfactory evidence of
rental loss insurance payments sufficient to replace any rents that are reduced
or abated during the projected restoration period or shall deposit additional
funds in the Restoration Fund to compensate for any shortfall in projected debt
service payments during the restoration period, in the Beneficiary's reasonable
discretion; (iii) prior to commencement of restoration, the contracts,
contractors, plans and specifications for the restoration shall have been
approved by the Beneficiary and all Governmental Authorities having
jurisdiction, and the Beneficiary shall be provided with satisfactory title
insurance and acceptable surety bonds insuring satisfactory completion of the
restoration and the payment of all subcontractors and materialmen; (iv) all
restoration work shall be done under fixed price contracts, fully bonded; (v) at
the time of any disbursement, an Event of Default, or any event or condition
which with the passage of time or the giving of notice, or both, would
constitute an Event of Default, shall not have occurred, no mechanics' or
materialmen's liens shall have been filed and remain undischarged and an
endorsement to its title insurance policy, satisfactory to the Beneficiary,
shall have been delivered to the Beneficiary; (vi) disbursements from the
Restoration Fund shall be made from time to time, but not more frequently than
once each calendar month, for completed work under the aforesaid contracts
(subject to retainage) and for other costs associated therewith and approved by
the Beneficiary, upon receipt of evidence satisfactory to the Beneficiary of the
stage of completion and of performance of the work in a good and workmanlike
manner in accordance with the contracts, plans and specifications as approved by
the Beneficiary; (vii) the Grantor will pay the cost of the Beneficiary's
inspecting architect or engineer and the cost of any attorney's fees and
disbursements incurred by the Beneficiary in connection with such restoration;
(viii) the Beneficiary shall have the option to retain up to ten percent (10%)
of the cost of all work until the restoration is fully completed, as determined
by the Beneficiary, and all occupancy permits therefor have been issued; (vix)
the Beneficiary may impose such other reasonable conditions, including a
restoration schedule, as are customarily imposed by construction lenders to
assure complete and lien-free restoration; and (x) any sum remaining in the
Restoration Fund upon completion of restoration shall, at the Beneficiary's
option, be applied to any part of the Obligations and in any order
(notwithstanding that any of such Obligations may not then be due and payable)
or be paid to the Grantor.

      

      

      
        
          
          

        

        
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                            (b)           If
within a reasonable period of time after the occurrence of any loss or damage to
the Property, the Grantor shall not have submitted to the Beneficiary and
received the Beneficiary's approval of plans and specifications for the repair,
restoration or rebuilding of such loss or damage or shall not have obtained
approval of such plans and specifications from all Governmental Authorities
whose approval is required, or if, after such plans and specifications are
approved by the Beneficiary and by all such Governmental Authorities, the
Grantor shall fail to commence promptly such repair, restoration or rebuilding,
or if thereafter the Grantor fails to carry out diligently such repair,
restoration or rebuilding or is delinquent in the payment to mechanics,
materialmen or others of the costs incurred in connection with such work, or if
any other condition of this Section is not satisfied within a reasonable period
of time after the occurrence of any such loss or damage, then the Beneficiary,
or any lawfully appointed receiver of the Property, in addition to all other
rights herein set forth, and, after giving the Grantor thirty (30) days written
notice of the nonfulfillment of one or more of the foregoing conditions may,
failing the Grantor's fulfillment of said conditions within said thirty (30) day
period, at the Beneficiary's option, (i) declare that an Event of Default has
occurred and/or apply all proceeds to the payment of any Obligations, and/or
(ii) may perform or cause to be performed such repair, restoration or
rebuilding, and may take such other steps as they deem advisable to carry out
such repair, restoration or rebuilding, and may enter upon the Property for any
of the foregoing purposes, and the Grantor hereby waives, for itself and all
others holding under it, any claim against the Beneficiary and such receiver
(other than a claim based upon the alleged gross negligence or intentional
misconduct of the Beneficiary or any such receiver) arising out of anything done
by them or any of them pursuant to this Section, and the Beneficiary may in its
discretion apply any insurance or condemnation proceeds held by it to reimburse
itself and/or such receiver for all amounts expended or incurred by it in
connection with the performance of such work, including attorney's fees, and any
excess costs shall be paid by the Grantor to the Beneficiary and the Grantor's
obligation to pay such excess costs shall be secured by the Lien of this Deed of
Trust and shall bear interest at the Default Rate, until paid.

      

                            (c)           The
Grantor waives any and all right to claim or recover against the Beneficiary,
its officers, employees, agents and representatives, for loss of or damage to
the Grantor, the Property, the Grantor's property or the property of others
under the Grantor's control from any cause insured against or required to be
insured against by the provisions of this Deed of Trust.

      

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

                            13.           Books and
Records.  The Grantor shall maintain and the Beneficiary shall
have access to complete and adequate books of account and other records relating
to the financing, development, construction, leasing, management, operation and
use of the Property as the Beneficiary may require, and the Grantor will discuss
the finances and business of the Property with the Beneficiary, as the
Beneficiary may request.  Such books and records shall be kept in all
material respects in accordance with GAAP consistently applied.  The
Grantor shall permit the Beneficiary to photocopy such books and records on the
Property, or, if photocopying facilities are not available on the Property, at a
copying facility selected by the Beneficiary in its reasonable
discretion.

      

                            14.           Leases.

      

                            (a)           The
Grantor shall not (i) execute an assignment or pledge of the Rents and/or the
Leases other than in favor of the Beneficiary; or (ii) accept any prepayment of
an installment of any Rents for more than one (1) month in advance without the
prior written consent of the Beneficiary, which consent shall not be
unreasonably withheld.

      

                            (b)           Without
the prior written consent of the Beneficiary (which consent shall not be
unreasonably withheld) the Grantor shall not, in any material manner amend,
modify, extend or consent to the surrender of any Lease, or make any Lease
except as permitted by the Loan Agreement.

      

                            (c)           The
Grantor shall promptly (i) perform all of the provisions of the Leases on the
part of the landlord thereunder to be performed; (ii) appear in and defend any
action or proceeding in any manner connected with the Leases or the obligations
of the Grantor thereunder; and (iii) deliver to the Beneficiary promptly copies
of any notices of default which the Grantor may at any time forward to or
receive from a tenant of any Lease.

      

                            (d)           Each
Lease shall contain terms requiring each tenant thereunder, to attorn to the
Beneficiary or any other Person succeeding to the interest of the Beneficiary as
a result of the enforcement of this Deed of Trust and to recognize the
Beneficiary or such successor in interest as landlord under the Lease without
change in the provisions thereof; provided, however, that the Beneficiary or
such successor in interest shall not be bound by (i) any prepayment of an
installment of rent or other obligation other than rent for the current month,
or (ii) any amendment or modification to the Lease made in violation of the Loan
Agreement or (iii) any obligations under the Lease to have been performed prior
to the date that the Beneficiary or a purchaser in foreclosure or in lieu
thereof shall have acquired title to the Property.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

                            15.           Recordation.

      

                            (a)           The
Grantor forthwith upon the execution and delivery of this Deed of Trust and
thereafter from time to time, shall cause this Deed of Trust, and any security
instrument creating the Lien or evidencing the Lien hereof upon the mixed or
personal property and each instrument of further assurance to be filed,
registered or recorded in such manner and in such places as may be required by
any present or future law in order to publish notice of and fully to protect the
Lien hereof upon, and the interest of the Beneficiary in, the
Property.

      

                            (b)           The
Grantor shall pay all filing, registration and recording fees, and all expenses
incident to the preparation, execution and acknowledgment of this Deed of Trust,
any security instrument with respect to the Improvements and any instrument of
further assurance and all federal, state, county and municipal stamp taxes and
other taxes, duties, imposts, assessments and charges arising out of or in
connection with the execution and delivery of this Deed of Trust, the other Loan
Documents, any security instrument with respect to the Improvements or any
instrument of further assurance.

      

                            16.           Further
Assurances and Covenants.  The Grantor, at the cost of the
Grantor, and without expense to the Beneficiary, agrees to execute such further
assurances as may be desirable by the Beneficiary for the purposes of further
evidencing, carrying out and/or confirming this Deed of Trust and for all other
purposes intended by this Deed of Trust.

      

                            17.           Events of
Default.  "Event of Default" shall be as
defined in the Loan Agreement.

      

                            18.           Remedies.

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

                            (a)           In
the event of an Event of Default, the Beneficiary may, at its option and
notwithstanding any contrary provisions in any of the other Loan Documents,
without demand, notice or delay, do one or more of the following: (i) the
Beneficiary may declare the entire unpaid principal balance of the Note together
with all interest thereon and all other outstanding Obligations, to be due and
payable immediately; (ii) the Beneficiary may (A) institute and maintain an
action of mortgage foreclosure against the Property and the interests of the
Grantor therein, (B) institute and maintain an action on the Note, and (C) take
such other action at law or in equity for the enforcement of any of the Loan
Documents as provided in the Loan Documents and as the law may allow, and in
each such action the Beneficiary shall be entitled to all costs of suit and
reasonable attorneys fees; (iii) the Beneficiary may, without releasing the
Grantor from any obligation under any of the Loan Documents and without waiving
any Event of Default: (A) collect any or all of the Rents, including any Rents
past due and unpaid, (B) perform any obligation or exercise any right or remedy
of the Grantor under any Lease, or (C) enforce any obligation of any tenant of
any of the Property.  The Beneficiary shall not be obligated to do any
of the foregoing, even if the Beneficiary may have theretofore performed
obligations or exercised remedies of the Grantor or enforced obligations of
tenants.  The Beneficiary may exercise any right under this subsection
(iii) whether or not the Beneficiary shall have entered into possession of any
of the Property, and nothing herein contained shall be construed as constituting
the Beneficiary a "mortgagee in possession", unless the Beneficiary shall have
entered into and shall continue to be in actual possession of the
Property.  The Grantor hereby authorizes and directs each and every
present and future tenant of any of the Property to pay all Rents directly to
the Beneficiary and to perform all other obligations of that tenant for the
direct benefit of the Beneficiary, as if the Beneficiary were the landlord under
the Lease with that tenant, immediately upon receipt of a demand by the
Beneficiary to make such payment or perform such obligations.  No
tenant shall have any responsibility to ascertain whether such demand is
permitted hereunder or whether an Event of Default shall have occurred; the
Grantor hereby waives any right, claim or demand it may now or hereafter have
against any such tenant by reason of such payment of Rents or performance of
obligations to the Beneficiary; and any such payment or performance to the
Beneficiary shall discharge the obligations of the tenant to make such payment
or performance to the Grantor.  The Grantor shall indemnify the
Beneficiary and hold the Beneficiary harmless from and against any and all
claims, liability, damage, cost and expense (including  attorney's
fees) which may be asserted against or incurred by the Beneficiary by reason of
any alleged obligations to perform any provision of any Lease.  After
deduction of all costs and expenses incurred in the operation and management of
the Property and in the collection of the Rents (including attorneys' fees,
administration expenses, management fees and brokers' commissions), the
Beneficiary may apply the Rents received by the Beneficiary to the payment of
any or all of the following, in such order and amounts as the Beneficiary, in
its sole discretion, may elect, whether or not the same be then
due:  Liens on any of the Property, Impositions, claims, insurance
premiums, other carrying charges, invoices of persons who have supplied goods or
services to or for the benefit of any of the Property, costs and expenses of
maintenance, repair, restoration, alteration or improvement of any of the
Property, or the Obligations.  The Beneficiary  may, in its
sole discretion, determine the method by which, and extent to which, the Rents
will be collected and obligations of tenants enforced; and the Beneficiary may
waive or choose to perform or enforce any provision of any Lease.  The
Beneficiary shall not be accountable for any Rents or other sums it does not
actually receive.  The Grantor hereby appoints the Beneficiary as its
attorney-in-fact effective upon an Event of Default to perform all acts which
the Grantor is required or permitted to perform under any and all Leases; (iv)
the Beneficiary may, without releasing the Grantor from any obligation under any
of the Loan Documents and without waiving any Event of Default, enter upon and
take possession of the Property or any portion thereof, with or without legal
action and by force if necessary, or have a receiver appointed without proof of
depreciation or inadequacy of the value of the Property or other security or
proof of the insolvency of the Grantor.  The Beneficiary or said
receiver may manage and operate the Property; make, cancel, enforce or modify
the Leases or any of them; obtain and evict tenants; establish or change the
amount of any Rents; and perform any acts and advance any sums which the
Beneficiary deems proper to protect the security of this Deed of Trust, all such
sums to be payable on demand, together with interest thereon at the Default
Rate, from the date of such demand, and such sums and interest to be secured by
this Deed of Trust; and (v) the Beneficiary may take possession of the Equipment
and Other Property, or any portion thereof, and may use and deal with the same
to the same extent as the Grantor is entitled to do so and may sell the same
pursuant to law and exercise such other rights and remedies with respect to the
same as may be provided by law, and file such continuation statements which it
deems desirable.

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

                            (b)           At
any time after the exercise by Beneficiary of the option to declare the entire
indebtedness of Grantor under the Note to be immediately due and payable,
Trustee, upon the written request of Beneficiary, in accordance with the
provisions of Chapter 38, Article 1 of the Code of West Virginia, 1931, as
amended, shall foreclose upon and sell the Mortgaged Property to satisfy the
Debt at public auction at the front door of the courthouse of Wood County, West
Virginia, for cash or cash equivalent (including, without limitation, for
certified checks, bank drafts, wire transfer funds, cashier checks and any other
method of payment which, in the sole discretion of Beneficiary, is "cash
equivalent"), in hand on the day of sale, after first giving notice of such sale
by publishing such notice in some newspaper of general circulation published in
the county wherein the Mortgaged Property is located, or if there be no such
newspaper, in a qualified newspaper of general circulation in said county, once
a week for two successive weeks preceding the day of sale and after giving
notice to grantor and to any subordinate lienholder who has previously notified
Beneficiary of the existence of a subordinate lien, at least 20 days prior to
the sale, and no other notice of such sale shall be required.

      

      Beneficiary
may be a purchaser at any such sale.

      

      Any sale
made hereunder may be adjourned from time to time without notice other than by
oral proclamation of such adjournment at the time and place of sale, or at the
time and place of any adjourned sale.

      

      Out of
the proceeds of such sale Trustee shall pay, first, the costs and expenses of
executing this trust, including a reasonable fee to Trustee, or to the one so
acting, as his or their commission hereunder; second, to Beneficiary and Trustee
all moneys which they or any of them may have paid for taxes, assessment or
other governmental charges or fees, insurance, repairs, court costs, and all
other costs and expenses incurred or paid under the provisions of this Deed of
Trust, together with interest thereon at the Default Rate from the date of
payment; third, to Beneficiary the full amount due and unpaid on the Note and
all other indebtedness hereby secured, together with all interest accrued
thereon to date of payment; and fourth, the balance, if any, to Grantor, its
successors or assigns, upon delivery of and surrender to the purchaser or
purchasers of possession of the Mortgaged Property less the expense, if any, of
obtaining such possession.

      

      In the
event that foreclosure proceedings are instituted hereunder but are not
completed, Trustee shall be reimbursed for all costs and expenses and a
reasonable fee for so acting in commencing and terminating such proceedings, and
all costs and expenses to incurred by trustee, together with interest thereon
until paid at the Default Rate, and said fee shall all be payable by Grantor on
demand, and shall be and become a part of the Debt and shall be collectible as
such.

      

      Trustee
or if more than one is named as Trustee, the "Trustees," may act in the
execution of this trust, and in the event either of Trustees shall act alone,
the authority and power of the Trustee so acting shall be a full and complete as
if the powers and authority granted to Trustees herein jointly had been granted
to such Trustee alone; and either or both of Trustees are hereby authorized to
act by agent or attorney in the execution of this trust.  It shall not
be necessary for any Trustee to be present in person at any foreclosure sale
hereunder.

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      It is
expressly covenanted and agreed by all parties hereto that Beneficiary may, at
any time and from time to time hereafter, without notice, appoint and substitute
another Trustee or Trustees, corporations or persons, in place of the Trustee
herein named to execute the trust herein created.  Upon such
appointment, either with or without a conveyance to said substituted Trustee or
Trustees by the Trustee herein named, or by any substituted Trustee in case the
said right of appointment is exercised more than once, the new and substituted
Trustee or Trustees in each instance shall be vested with all the rights,
titles, interests, powers, duties and trusts in the premises which are vested in
and conferred upon the Trustee herein named; and such new and substituted
Trustee or Trustees shall be considered the successors and assigns of the
Trustee who is named herein and substituted in his or her place and
stead.  Each such appointment and substitution shall be evidenced by
an instrument in writing which shall recite the parties to, and the book and
page of record of, this Deed of Trust, and the description of the real property
herein described, which instrument, executed and acknowledged by Beneficiary or
by its successors or assigns and recorded in the office of the Clerk of the
County Commission of Wood County, West Virginia, shall be conclusive proof of
the property substitution and appointment of successor Trustee or Trustees, and
notice of such proper substitution and appointment to all parties in
interest.

      

      Notwithstanding
any other provisions hereof to the contrary, a copy of any notice of trustee's
sale under this Deed of Trust shall be served on Grantor by certified mail,
return receipt requested, directed to Grantor at the address stated above on the
first page of this Deed of Trust or to such other address given to Beneficiary
in writing by Grantor, subsequent to the execution and delivery of this Deed of
Trust.

      

                            (c)           All
remedies contained in this Deed of Trust are cumulative, and the Beneficiary
also has all other remedies provided by law or in equity or in any of the other
Loan Documents.  No delay or failure by the Beneficiary to exercise
any right or remedy under this Deed of Trust will be construed to be a waiver of
that right or remedy or a waiver of any Event of Default.  The
Beneficiary may exercise any one or more of its rights and remedies without
regard to the adequacy of its security.

      

                            18.           The
Beneficiary's Right to Protect Security.  The Beneficiary is
hereby authorized to do any one or more of the following, irrespective of
whether an Event of Default has occurred:  (a) appear in and defend
any action or proceeding purporting to affect the security hereof or the rights
or powers of the Beneficiary hereunder; (b) take such action as the Beneficiary
may determine to pay, perform or comply with any Imposition, to cure any Event
of Default and to protect its security in the Property, advance sums on behalf
of the Grantor to pay, perform or comply with any Imposition, prohibited Lien,
claim, cost and expense in connection with the Property, including payment for
utilities, fuel or any other necessary maintenance expenses, fees, insurance and
repairs; and for the purpose of exercising  any such powers the
Beneficiary is hereby appointed attorney-in-fact for the Grantor and is
authorized to pay or advance sums to meet necessary expenses and costs of
repair, employ counsel and pay reasonable attorneys' fees.  All sums
paid by or otherwise owing to the Beneficiary under this Deed of Trust shall be
paid by the Grantor to the Beneficiary on demand, and until paid such sums shall
be added to the principal secured hereby, shall be and included as part of the
Obligations and shall bear interest at the Default Rate from the date of
demand.

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

                            19.           The
Beneficiary's Costs and Expenses.  In the event of an Event of
Default or the exercise by the Beneficiary of any of its rights hereunder, or if
the Beneficiary shall become a party, either as plaintiff or defendant or
otherwise, to any suit or legal proceeding affecting any of the Property or the
Obligations, or if the Beneficiary's review and approval of any document,
including a Lease, is requested by the Grantor or required by the Beneficiary,
the Grantor shall pay to the Beneficiary, on demand, its costs, expenses and
reasonable attorneys fees incurred in connection therewith.  If such
amounts are not paid, they shall be included as part of the Obligations and
shall bear interest at the Default Rate from the date of their
demand.

      

                            20.           Security
Agreement Under Uniform Commercial Code.  This Deed of Trust is
a Security Agreement as defined in the Uniform Commercial
Code.  Notwithstanding the filing of a financing  statement
covering any of the Property in the records normally pertaining to personal
property, at the Beneficiary's option all of the Property, for all purposes and
in all proceedings, legal or equitable, shall be regarded (to the extent
permitted by law), as part of the Realty whether or not any such item is
physically attached to the Realty or Improvements.  The mention in any
such financing statement of any of the Property shall not be construed as in any
way altering any of the rights of the Beneficiary or adversely affecting the
priority of the Lien granted hereby or by any other Loan Document, but such
mention in the financing statement is hereby declared to be for the protection
of the Beneficiary in the event any court shall at any time hold that notice of
the Beneficiary's priority of interest, to be effective against any third party,
must be filed in the Uniform Commercial Code records.

      

                            21.           The
Grantor's Existence.  The Grantor and any subsequent owner of
the interest of the Grantor in the Property (other than an individual) shall do
all things necessary to preserve and keep in full force and effect its
existence, franchises, rights and privileges under the laws of the state of its
formation and its right to own property and transact business in the
jurisdiction or jurisdictions where the Property is located.

      

                            22.           Representations
and Warranties.  In addition to the general warranties and
representations contained in the Loan Agreement, the Grantor represents and
warrants that: (a) the Grantor is duly organized and validly existing under the
laws of the jurisdiction of its formation, as hereinabove stated; (b) the
Grantor has the requisite power to execute and perform this Deed of Trust and
the Obligations; (c) the transactions contemplated in this Deed of Trust are and
will be in all respects legal and not in violation of any Governmental Rule; (d)
all information, reports, papers and data given to the Beneficiary with respect
to any of the Property or the Grantor are accurate in all material respects and
complete insofar as completeness may be necessary to give the Beneficiary
accurate knowledge of the subject matter, and there has been no Material Adverse
Change in any condition or fact stated therein; (e) the Grantor is not a party
to or obligated under any instrument, and there is no litigation pending (or, to
the Grantor's knowledge, threatened), which does or might have a Material
Adverse Effect on the Grantor or any of the Property; (f) none of the Property
has been damaged by fire or other casualty which is not now fully restored; (g)
no notice of taking by eminent domain or condemnation of any of the Property has
been received, and the Grantor has no knowledge that any of such is
contemplated.

      

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

                            23.    Waivers
by the Grantor.  The Grantor, to the extent permitted by law,
hereby waives all errors and imperfections in any proceedings instituted by the
Beneficiary under any of the Loan Documents and all benefit of any present or
future statute of limitations or moratorium law or any other present or future
law, regulation or judicial decision which (a) exempts any of the Property or
any other property, real or personal, or any part of the proceeds arising from
any sale thereof from attachment, levy or sale under execution, (b) provides for
any stay of execution, marshalling of assets, exemption from civil process,
redemption, extension of time for payment or valuation or appraisement of any of
the Property, or (c) conflicts with any provision of any of the Loan
Documents.

      

                            24.   
Notices.

      

                            (a)   
All notices required to be delivered to the Grantor pursuant to this Deed of
Trust shall be in writing and shall be sent to the following address, by hand
delivery, recognized national overnight courier service, telex, telegram,
telecopier or other means of electronic data communication or by the United
States mail, first class, postage prepaid unless another method of delivery is
required by applicable law:

      

      Grand
Central Limited Partnership

      c/o
Glimcher Grand Central, Inc.

      180 East
Broad Street, 21st
Floor

      Columbus,
OH 43215

      Attention:   General
Counsel

      Telecopier:
(614) 621-8863

      

                            (b)  All
notices required to be delivered to the Beneficiary pursuant to this Deed of
Trust shall be in writing and shall be sent to the following address, by hand
delivery, recognized national overnight courier service, telex, telegram,
telecopier or other means of electronic data communication or by the United
States mail, first class, postage prepaid:

      

      First
Commonwealth Bank

      Central
Offices

      P.O. Box
400

      Indiana,
PA 15701-0400

      Attention:  Brian
S. Pukylo

      Telecopier:  724-745-1789

      

      With a copy
to:

      Tucker
Arensberg, P.C.

      1500 One
PPG Place

      Pittsburgh,
PA 15222

      Attention:  Matthew
J. Malcho, Esquire

      Telecopier:  412-594-5619

      

      
        
          
          

        

        
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                            (c)  All
notices required to be delivered to the Trustee pursuant to this Deed of Trust
shall be in writing and shall be sent to the following address, by hand
delivery, recognized national overnight courier service, telex, telegram,
telecopier or other means of electronic data communication or by the United
States mail, first class, postage prepaid unless another method of delivery is
required by applicable law:

      

      Camden P.
Siegrist, Esquire

      Bowles
Rice McDavid Graff & Love, LLP

      600
Quarrier Street

      Charleston,
West Virginia 25301

      

                            (d)  Unless
otherwise provided by applicable law, all such notices shall be effective three
(3) days after mailing, the date of telecopy transmission or when received,
whichever is earlier.  The Grantor, the Beneficiary and the Trustee
may each change the address for service of notice upon it by a notice in writing
to the other parties hereto.

      

                            25.           Status of
Parties.  It is understood and agreed that the relationship of
the parties is that of grantor and beneficiary and that nothing herein or in any
of the other Loan Documents shall be construed to constitute a partnership,
joint venture or co-tenancy between the Grantor and the
Beneficiary.

      

                            26.           Severability.  In
the event any one or more of the provisions contained in this Deed of Trust
shall, for any reason, be held to be inapplicable, invalid, illegal, or
unenforceable in any respect, such inapplicability, invalidity, illegality or
unenforceability shall not affect any other provision of this Deed of Trust, but
this Deed of Trust shall be construed as if such inapplicable, invalid, illegal
or unenforceable provision had never been contained herein or
therein.

      

                            27.           Successors.  All
of the grants, covenants, terms, provisions and conditions herein shall run with
the land and shall apply to, bind and inure to the benefit of, the successors
and assigns of the Grantor and the successors and assigns of the Beneficiary;
provided, however, that the Grantor may not assign this Deed of Trust without
the prior written consent of the Beneficiary.

      

                            28.           Attorneys'
Fees.  The terms "reasonable attorneys' fees" or "reasonable
counsel fees" as used in this Deed of Trust shall include, but not be limited
to, reasonable attorneys  fees incurred in any and all judicial,
bankruptcy, reorganization, arbitration and any other proceedings, including
appellate proceedings, whether such proceedings arise before or after entry of a
final judgment.

      

                            29.           Acceleration.  In
order to accelerate the maturity of the Obligations hereby secured because of
the failure of the Grantor to pay any tax assessment, liability, obligation or
encumbrance upon the Property as herein provided, it shall not be necessary nor
requisite that the Beneficiary shall first pay the same.

      

      
        
          
          

        

        
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                            30.           Foreclosure
Sale.  In case any sale under this Deed of Trust occurs by
virtue of judicial proceedings, the Property may be sold in one parcel and as an
entity, or in such parcels, manner or order as the Beneficiary directs the
Trustee in Beneficiary's sole discretion may elect.

      

                            31.           Assignment
of Note and/or Deed of Trust.

      

                            (a)           The
Grantor agrees that nothing herein shall be deemed to prohibit the assignment or
negotiation, with or without recourse, of the Note or any future advances,
extensions, renewals or substitutions thereto or thereof, and any of the Loan
Documents or any interest of the Beneficiary therein, or the assignment of this
Deed of Trust, upon notice to the Grantor of such assignment or
negotiation.

      

                            (b)           The
Grantor agrees that, if requested by the Beneficiary, the Grantor shall certify
to the assignee of this Deed of Trust, to the Beneficiary, and to such other
persons as the Beneficiary may reasonably request that this Deed of Trust is in
full force and effect, the amount or amounts of the principal balance due
hereunder, the terms of the Note and all such matters and in such form as the
Beneficiary or assignee may reasonably require.  In the event that the
Grantor shall fail to so certify such matters within five (5) days after receipt
of the Beneficiary's written request therefor, the Grantor shall be deemed to be
in default under the terms of this Deed of Trust and the Note and the
Beneficiary may exercise any and all rights and remedies under the provisions
hereof.

      

                            32.           Time of
Essence.  Time is of the essence as to all of the Grantor's
obligations hereunder and under the Note secured hereby and under any and all of
the Loan Documents.

      

                            33.           Miscellaneous.  (a)
The section headings in this Deed of Trust are used only for convenience in
finding the subject matters and are not part of this Deed of Trust or to be used
in determining the intent of the parties or otherwise interpreting this Deed of
Trust; (b) as used in this Deed of Trust, the singular shall include the plural
as the context requires and the following words and phrases shall have the
following meanings:  (i)"including" shall mean "including but not
limited to", (ii) "provisions" shall mean "provisions, terms, covenants and/or
conditions", (iii) "obligation" shall mean "obligation, duty, covenant and/or
condition", (iv) "any of the Property " shall mean" the Property or any part
thereof or interest therein", and (v) "tenant" shall mean "tenant and/or
subtenant and/or occupant and/or user of any of the Property"; (c) any act which
the Beneficiary is permitted to perform under the Loan Documents may be
performed at any time and from time to time by the Beneficiary or any Person
designated by the Beneficiary; (d) each appointment of the Beneficiary as
attorney-in-fact for the Grantor, under the Loan Documents is irrevocable and
coupled with an interest; (e) except as otherwise specified herein, the
Beneficiary has the right to refuse to grant its consent whenever such consent
is required under the Loan Documents; (f) this Deed of Trust may be modified,
amended, discharged or waived only by an agreement in writing signed by all of
the parties hereto; and (g) the covenants of this Deed of Trust shall run with
the land and bind the Grantor, and the respective successors and assigns of the
Grantor, and all present and subsequent encumbrances, tenants and subtenants of
any of the Property, and shall inure to the benefit of the Beneficiary, its
successors and assigns.

      

      
        
          
          

        

        
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                            34.           Defeasance.  If
the Grantor pays to the Beneficiary in full the Obligations in accordance with
the provisions of the Loan Documents, then this Deed of Trust shall become
void.

      

                            35.           Appointment
of Successor Trustee.  If the Trustee shall become disqualified
from acting in the execution of this trust, or shall fail or refuse to execute
the same when requested by the Beneficiary to do so; or if, for any reason, the
Beneficiary shall prefer to appoint a substitute Trustee to act instead of the
Trustee named herein, the Beneficiary shall have full power to appoint, by
written instrument, a substitute Trustee, and, if necessary, several substitute
Trustees in succession, who shall succeed to all the estate, rights, powers and
duties of the original Trustee named herein.  Such appointment may be
executed by any officer of the Beneficiary and shall be conclusively presumed to
be executed with authority and shall be valid and sufficient without proof of
any action by the board of directors or any superior officer of the
Beneficiary.

      

                            The
Trustee may at any time, by an instrument in writing, constitute the
Beneficiary, or its successors or assigns, his agent or attorney in fact with
full power and authority to the extent which may be permitted by law, to do any
and all acts and exercise any and all discretion which the Trustee is permitted
to do or exercise, for and in his behalf and in his name.

      

                            36.           Entire
Agreement.  This Deed of Trust will be binding upon and inure
to the benefit of the Grantor and the Beneficiary and their respective heirs,
executors, administrators, successors and assigns; provided, however, that all of
the representations, indemnity, warranties, terms, conditions, provisions and
covenants set forth in the Environmental Indemnity Agreement are incorporated
herein by reference as if set forth herein.

      

                            37.           Defined
Terms.  Any capitalized term used in this Deed of Trust which
is not defined herein shall have the meaning ascribed to it in the Loan
Documents.

      

                            38.           Governing
Law and Jurisdiction.  This Deed of Trust has been delivered to
and accepted by the Beneficiary and will be deemed to be made in the State where
the Beneficiary's office indicated above is located.  THIS DEED OF TRUST WILL BE
INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE GRANTOR AND THE BENEFICIARY
DETERMINED IN ACCORDANCE WITH THE LAWS OF PENNSYLVANIA, EXCEPT THAT THE LAWS OF
THE STATE OF WEST VIRGINIA SHALL GOVERN THE CREATION, PERFECTION AND FORECLOSURE
OF THE LIENS CREATED HEREUNDER ON THE PROPERTY OR ANY INTEREST
THEREIN.   The Grantor hereby irrevocably consents to the
exclusive jurisdiction of any state or federal court for the county or judicial
district where the Beneficiary's office indicated above is located, and consents
that all service of process be sent by nationally recognized overnight courier
service directed to the Grantor at the Grantor's address set forth herein and
service so made will be deemed to be completed on the business day after deposit
with such courier; provided that nothing contained in this Deed of Trust will
prevent the Beneficiary from bringing any action, enforcing any award or
judgment or exercising any rights against the Grantor individually, against any
security or against any property of the Grantor within any other county, state
or other foreign or domestic jurisdiction.  The Grantor acknowledges
and agrees that the venue provided above is the most convenient forum for both
the Beneficiary and the Grantor.  The Grantor waives any objection to
venue and any objection based on a more convenient forum in any action
instituted under this Deed of Trust.

      

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

                            39.           Waiver of
Jury Trial.   THE GRANTOR IRREVOCABLY WAIVES ANY
AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM
OF ANY NATURE RELATING TO THIS DEED OF TRUST, ANY DOCUMENTS EXECUTED IN
CONNECTION WITH THIS DEED OF TRUST OR ANY TRANSACTION CONTEMPLATED IN ANY OF
SUCH DOCUMENTS.  THE GRANTOR ACKNOWLEDGES THAT THE FOREGOING WAIVER IS
KNOWING AND VOLUNTARY.

      

      [THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

      

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      

       

                 IN
WITNESS WHEREOF, this Deed of Trust and Security Agreement has been executed and
delivered by the parties hereto as of the date of their respective
acknowledgements attached hereto, but effective as of the date first above
written.

      

      

      
        	
                ATTEST/WITNESS:

                 

                 

                 

                 

                 

                _______________________________

                Name:

                Title:

              	
                GRAND
      CENTRAL LIMITED PARTNERSHIP, a Delaware limited partnership

                 

                By:  GLIMCHER
      GRAND CENTRAL, INC., a Delaware corporation, its general
      partner

                 

                 

                 

                By:
      _______________________(SEAL)

                Name:  Mark
      E. Yale

                Title:    Executive
      Vice President, Chief Financial Officer and Treasurer

              
	 
      	 
      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      ACKNOWLEDGEMENT

      

      

      STATE OF
OHIO                                            )

                                                                                 )  SS:

      
        COUNTY OF
FRANKLIN                            
)

      

      

      

                 On
this, the ____ day of January, 2009, before me, a Notary Public, personally
appeared Mark E. Yale, who acknowledged himself to be the Executive Vice
President, Chief Financial Officer and Treasurer of Glimcher Grand Central,
Inc., a Delaware corporation, the general partner of Grand Central Limited
Partnership, a Delaware limited partnership, and that he as such officer, being
authorized to do so, executed the foregoing instrument for the purposes therein
contained, by signing the name of Grand Central Limited Partnership by himself
as such officer.

      

                 IN
WITNESS WHEREOF, I hereunto set my hand and official seal the day and year first
above written.

      

      

      

      _______________________________

      Notary
Public

      

      My
Commission Expires:

      
 

      This
instrument was prepared by:

      Paul J.
Atencio, Esquire

      Tucker
Arensberg, P.C.

      1500 One
PPG Place

      Pittsburgh,
Pennsylvania 15222ex10-127.htm

    Exhibit
10.127

     

    
      ASSIGNMENT
OF RENTS AND LEASES

      

      THIS ASSIGNMENT OF RENTS AND LEASES
(together with all extensions, renewals, amendments, substitutions and
replacements hereto and hereof the "Assignment") is dated January
29, 2009 and effective as of January 30, 2009  by GRAND CENTRAL
LIMITED PARTNERSHIP, a Delaware limited partnership, having its principal place
of business at 180 East Broad Street, 21st Floor,
Columbus, Ohio 43215 (the "Assignor") in favor of FIRST
COMMONWEALTH BANK, having its principal place of business at Philadelphia and
Sixth Streets, Indiana, Pennsylvania 15701 (the "Assignee").

      

      WITNESSETH:

      

      WHEREAS, pursuant to that certain Loan
Agreement (the Loan Agreement and all exhibits, schedules, extensions, renewals,
amendments, substitutions and replacements thereto and thereof is herein
referred to as the "Agreement") dated as of
January 30, 2009 by and between the Assignor and the Assignee, the Assignee has
agreed to make available to the Assignor a term loan in the principal amount of
FORTY SEVEN MILLION AND 00/100 DOLLARS ($47,000,000.00) (the "Loan"), which Loan will be
evidenced by a certain Note (as such term is defined in the Agreement);
and

      

      WHEREAS, the Assignor is the owner of
certain real property and the improvements located in the City of Parkersburg,
Wood County, West Virginia and known as the Grand Central Mall, as more
particularly described on Exhibit A hereto,
together with all buildings and improvements now or at any time located thereon
(all of the foregoing collectively the "Real Estate Collateral");
and

      

      WHEREAS, as a condition precedent
(among others) to the Assignee entering into the Agreement and making the Loan,
the Assignee has required that the Assignor grant to the Assignee a first
perfected mortgage lien and security interest in and to the Real Estate
Collateral, as security for the due and punctual payment of all amounts owed
under and in connection with the Agreement, Loan, the Note, including without
limitation all outstanding principal, all accrued and unpaid interest thereon,
and all fees, expenses, costs, premiums, penalties, indemnity obligations and
all other amounts, of whatever type, owed by the Assignor in connection with the
Agreement, the Loan, and the Note or any Rate Management Agreement entered into
by and between the Bank and the Borrower in connection with the Loan, and for
the due and punctual performance by the Assignor of the Deed of Trust and this
Assignment and all the other Loan Documents (as such term is defined in the
Agreement), (all of the foregoing collectively the "Obligations");
and

      

      WHEREAS,
as an additional condition precedent (among others) to the Assignee entering
into the Agreement and making the Loan to the Assignor, the Assignee has
required that the Assignor, by the execution and delivery of this Assignment,
secure the full and punctual payment of the Obligations and the due and punctual
performance of the Loan Documents by assigning to the Assignee all of the
Assignor's rights, title and interests in and to the rents, leases, profits and
other amounts relating to or arising from or in connection with the Real Estate
Collateral.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the receipt and adequacy
of which are hereby conclusively acknowledged by the Assignor, in order to
secure (i) the full and punctual payment of the Obligations, including, without
limitation, the principal of, and interest on, the Note in accordance with the
terms and conditions of the Note,  and (ii) the full and punctual
performance of this Assignment, the Note, the Agreement and the other Loan
Documents, as they may be amended, modified or supplemented from time to time,
the Assignor and the Assignee hereby agree as follows:

      

      ARTICLE
I

      INCORPORATION BY REFERENCE;
DEFINITIONS; RULES OF CONSTRUCTION

      

      1.1                      Incorporation
by Reference.  All of the terms
and provisions of the Agreement, the Note and the other Loan Documents are
specifically incorporated herein by reference and made a part hereof as though
set forth herein.  The foregoing recitals are hereby incorporated into
and made a material part of this Assignment.

      

      1.2                      Definitions.  As used in this
Assignment, except as otherwise noted, the capitalized terms used herein as
defined terms which are not defined herein but which are defined in the
Agreement and the Note shall have the same meanings herein as are given them in
the Agreement, the Note or the Deed of Trust and Security Agreement dated as of
even date herewith and executed by the Assignor in favor of the Assignee (the
"Deed of
Trust").

      

      1.3                      Rules of
Construction.   In this
Assignment (except as otherwise expressly provided or unless the context
otherwise requires) (i) terms defined in the singular shall have comparable
meanings when used in the plural, and vice versa, (ii) any pronoun used shall be
deemed to cover all genders, (iii) the words "hereof", "herein" and "hereunder"
and words of similar import shall refer to this Assignment as a whole and not to
any particular provision of this Assignment, (iv) all references to particular
Articles, Sections, items, clauses, exhibits and schedules are references to the
Articles, Sections, items, exhibits and schedules of and to this Assignment, (v)
all references to any Person shall include such Person's heirs, executors,
administrators, successors and assigns, (vi) any references to any Law shall be
deemed to be a reference to such Law as it may have been or may be amended,
supplemented or replaced from time to time, (vii) all references to any Loan
Document or any other agreement, contract or instrument shall be deemed to
include any amendments, supplements, extensions, waivers, modifications and
replacements thereto and thereof, (viii) the word "including" shall mean
"including without limitation", (ix) accounting terms not defined shall have the
meanings given them under GAAP, and (x) Article, Section and other headings used
in this Assignment are intended for convenience only and shall not affect the
meaning or construction of this Assignment.

      

      1.4                      Additional
Defined Terms.  As used in this
Assignment the following terms shall have the meanings indicated:

      

      "Anchor Lease" shall mean any
Lease now, or hereafter affecting the Real Estate Collateral, demising more than
10,000 square feet of leasable area.

      

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      "Lease" shall mean any lease,
sublease, license agreement and other occupancy or use agreement (whether oral
or written), which covers or relates to the Real Estate Collateral or any
portion thereof, and all guaranties of any of the foregoing, together with all
options therefor, amendments thereto and renewals, extensions and modifications
thereof, including, without limitation, any cash or securities deposited under
the Leases to secure performance by tenants of their obligations under the
Leases, whether such cash or securities are to be held until the expiration of
the terms of the Leases or applied to one or more of the installments of rent
coming due, and all guaranties of any of the foregoing, all of the foregoing
whether now in existence or hereafter arising or created.

      

      

      ARTICLE
II

      ASSIGNMENT;
SECURITY

      

      2.1                      Assignment.  The Assignor does
hereby sell, assign, transfer, and set over unto the Assignee, its successors
and assigns, all of the right, title and interest of the Assignor in, to, and
under:

      

       (i)           all
of the existing Leases as of the date hereof, and (ii) any and all other Leases
entered into, arising or created from time to time;

      

       (ii)           all
rents, earnings, income, issues, profits (including without limitation any
additional rent due under the Leases, any security deposits in connection with
the Leases, any payments made under any Lease in lieu of rent or any other
payment, and any proceeds receivable by reason of tenants exercising any right
of first refusal or any option to purchase any portion of the Real Estate
Collateral) arising from the Real Estate Collateral or from the Leases and all
other sums due or to become due under and pursuant thereto, including but not
limited to all amounts due or to become due pursuant to guarantees of any such
Leases or any such other amounts, and all of the Assignor's right, title and
interest in and to such guarantees, all of the foregoing whether now in
existence or hereafter arising;

      

      (iii)           all
proceeds payable under any policy of insurance covering loss of rents under any
Lease or loss of any other amounts described in item (ii) above for any cause
(except to the extent such proceeds are payable directly to the Assignor, as set
forth in the Deed of Trust);

      

      (iv)           all
proceeds of and rights of the Assignor in connection with any condemnation
proceeding, exercise of the right of eminent domain, sale in lieu of
condemnation or eminent domain, or alteration of the grade of any street
affecting the Real Estate Collateral or any part thereof; (except to the extent
such proceeds are payable directly to the Assignor, as set forth in the Deed of
Trust);

      

      (v)           all
tax refunds, rebates, and returns relating to the Real Estate Collateral or any
part thereof;

      

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

      (vi)           all
rights, powers, privileges, options, and other benefits of the Assignor, as
lessor, under the Leases, including, but not by way of limitation, (A) the
immediate and continuing right to receive and collect all rents, income,
revenues, issues, profits, condemnation awards, administrative rents, use and
occupancy payments, damages, moneys, and security payable or receivable under or
with respect to the Leases, or pursuant to any of the provisions thereof,
whether as rent or otherwise, (B) the right to accept or reject any offer made
by any tenant or other Person which is a party to any Lease (each tenant or
other such Person is hereinafter referred to as a "Tenant") pursuant to its
Lease to purchase the Real Estate Collateral, or any part thereof, and/or any
other property subject to the Lease as therein provided and to perform all other
necessary or appropriate acts with respect to such purchases as agent and
attorney-in-fact for the Assignor, and (C) the right to make all waivers,
agreements, and settlements, to give and receive all notices, consents, and
releases, to take such action upon the happening of a default under any Lease,
including the commencement, conduct and consummation of proceedings at law or in
equity as shall be permitted under any provision of any Lease or by law, and to
do any and all other things whatsoever which the Assignor is or may become
entitled to do under the Leases; and

      

      (vii)           together
with all other rights, powers, privileges, options and benefits of the Assignor
in connection with the Real Estate Collateral, including without limitation, the
right to use and possession of the Real Estate Collateral, and all parts
thereof, and all personal property located on or used or usable in connection
therewith;

      

      all of
the foregoing subject, however, to the right and license hereinafter granted by
the Assignee to the Assignor in Section 5.4.

      

      2.2                       Security.  This Assignment
is made and given as security for, and shall remain in full force and effect
until, (i) the payment in full of all Obligations, including but not limited to
principal, interest and premium, if any, on the Note; and (ii) the full and
complete performance and observance by the Assignor of all of the terms,
covenants and conditions to be performed or observed by the Assignor under the
Loan Documents.

      

      ARTICLE
III

      REPRESENTATIONS;
COVENANTS

      

      3.1                       Representations
and Warranties.  The Assignor
hereby represents and warrants to the Assignee that, as of the date hereof and
the date of the initial funding of the Loan, (i) the Assignor has not pledged or
otherwise disposed of or encumbered any Leases, or any of the sums due or to
become due thereunder; (ii) the Assignor has not performed any acts or executed
any other instruments which might prevent the Assignee from operating under any
of the terms and conditions of this Assignment or which would limit the Assignee
in such operation; and (iii) the Assignor has not accepted or collected rent or
any other payments under any Lease for any period subsequent to the current
period for which such rent or other payment has already become due and
payable.

      

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      3.2                       Affirmative
Covenants.  The Assignor
hereby covenants and agrees that it will:

      

      (i)           observe,
perform, and discharge, duly and punctually, all and singular, the obligations,
terms, covenants, conditions and warranties of the Loan Documents to which the
Assignor is a party and the Leases on the part of the Assignor to be kept,
observed and performed;

      

      (ii)           enforce
the performance of each and every material obligation, term, covenant,
condition, and agreement in each Lease by any tenant to be performed, and
enforce all remedies available to the Assignor against any tenant under or any
guarantor of a Lease in case of a default thereunder, and appear in and defend
any action or proceeding arising under or in any manner connected with such
Leases, all at the Assignor's sole cost and expense if so provided in such
Lease, but in any event at no cost or expense to the Assignee;

      

      (iii)           appear
in and defend any action or proceeding arising under, occurring out of, or in
any manner connected with any Lease or the obligations, duties, or liabilities
of the Assignor or any tenant thereunder, and, at the request of the Assignee,
to do so in the name and on behalf of the Assignee, but at the expense of the
Assignor;

      

      (iv)           deliver
to the Assignee, (i) within a reasonable time after execution thereof all new
Anchor Leases and each material amendment thereof and (ii) within a reasonable
time after the request of the Bank all other new Leases on the Rent Roll and
each material amendment thereof;

      

      (vi)           procure
and keep in force such insurance coverage with such insurers as is described in
the Loan Documents;

      

      (vii)           give
prompt notice to the Assignee of any material default of which it is aware under
any Anchor Lease, and promptly deliver to the Assignee a copy of any notice of
any material default under any such Lease sent or received by the Assignor, and
any notice of cancellation of any Lease, which is received by the Assignor from
or on behalf of any tenant under such a Lease; and

      

      (viii)                      at
the request of the Assignee, execute and deliver to the Assignee such further
documents and instruments and do and perform such other acts and things as the
Assignee may deem reasonably necessary or appropriate, from time to time, to
make effective this Assignment and the various covenants of the Assignor herein
contained and to more effectively vest in and secure to the Assignee the sums
due or hereafter to become due under the Leases, including, without limitation,
the execution of such additional assignments as shall be deemed reasonably
necessary by the Assignee to effectively vest in and secure to the Assignee all
rents, income, and profits from and under any and all Leases.

      

      3.3                      Negative
Covenants.  The Assignor
hereby covenants and agrees that it will not, without in each instance obtaining
the prior written consent of the Assignee, which consent shall not be
unreasonably withheld:

      

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

      

      (i)           suffer
or permit to occur any release of material liability of any tenant under or any
guarantor of an Anchor Lease or the withholding of rent or of any other payment
under an Anchor Lease;

      

      (ii)          consent
to the material release or reduction of any obligation of a tenant under or
guarantor of any Anchor Lease;

      

      (iii)         reduce
or discount the rent or any other payments under any Anchor Lease by any
material amount;

      

      (iv)         accept
payment of any installment of rent or any other payment under any Lease more
than one month in advance of the due date thereof;

      

      (v)          except
as permitted in each Anchor Lease permit or consent to an assignment of any
portion of the interest of any tenant under any Anchor Lease or to a subletting
thereof;

      

      (vi)         assign,
pledge, encumber, or otherwise transfer any Lease or any right or interest of
the Assignor thereunder or in any rent or other payment thereunder;

      

      (vii)        assign,
pledge, encumber, transfer or convey any interest of the Assignor in the Real
Estate Collateral other than as permitted in the Agreement;

      

      (viii)       request,
consent to, agree to, or accept a subordination of any Lease to any deed of
trust, mortgage or other lien or encumbrance now or hereafter affecting the Real
Estate Collateral other than as permitted in the Agreement; or

      

      3.4                      Indemnity
by the Assignor.  The Assignor
hereby agrees to indemnify and hold any Indemnified Person of, from, and against
any and all liability, loss, damage, cost and expense which any such Person may
or might incur under or by reason of this Assignment and of, from and against
any and all claims and demands whatsoever which may be asserted against any such
Person by reason of any alleged obligation or undertaking on the part of the
Assignee to perform or discharge any of the terms, covenants or agreements
contained herein or in the Leases, except for claims and demands arising due to
the gross negligence or willful misconduct of the Assignee.  Should
any such Person incur any such liability, loss or damage under or by reason of
this Assignment, or in defense against any such claims or demands, then the
amount thereof, including all reasonable costs, expenses, and attorneys' fees
actually incurred in connection therewith, together with interest thereon at the
Default Rate if such amount is not paid within five (5) days of demand therefor,
shall be a part of the Obligations secured by this Assignment and by the other
Loan Documents.  The Assignor shall reimburse the Assignee therefor
within five (5) days after demand therefor, and upon failure of the Assignor to
do so, the Assignee may declare all sums secured hereby, and the same shall
thereupon become, immediately due and payable.

      

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

      ARTICLE
IV

      DEFAULT

      

      4.1           Event of
Default.  "Event of Default" shall be as defined in the Loan
Agreement.

      

      ARTICLE
V

      RIGHTS OF
ASSIGNEE

      

      At any
time after the occurrence of an Event of Default:

      

      5.1           Powers of
Assignee.  Assignee, without waving any default, shall, at its
option, have the complete right, power and authority:

      

      (i)           to
terminate the right and license granted to the Assignor hereunder and
thereafter, without taking possession, demand, collect, receive, and sue for the
rents and other sums payable under the Leases; and

      

      (ii)           without
regard to the adequacy of the security, with or without process of law,
personally, by agent, by attorney, by the Assignee under the Deed of Trust, or
by a receiver to be appointed by court, to enter upon, take, and maintain
possession of and operate the Real Estate Collateral, or any part thereof,
together with all documents, books, records, papers and accounts relating
thereto; exclude the Assignor, its agents and employees, therefrom; and hold,
operate, manage and control the Real Estate Collateral, or any part or parts
thereof, as fully and to same extent as the Assignor could do if in possession,
and, in such event, without limitation and at the expense of the Assignor, from
time to time:

      

      (A)           rent
or lease the whole or any part or parts of the Real Estate Collateral for such
term or terms and on such conditions as may seem proper to the Assignee,
including leases for terms expiring beyond the maturity of the Obligations
secured by the Loan Documents, and cancel any Lease for any cause or on any
ground which would entitle Assignor to cancel the same;

      

      (B)           demand,
collect and receive from the tenant or tenants now or hereafter in possession of
the Real Estate Collateral, or any part thereof, or from other Persons liable
therefor, all of the rents and other revenues from such tenant or tenants or
other Persons which may now be due and unpaid and which may hereafter become
due;

      

      (C)           institute
and prosecute any and all suits for the collection of rents and all other
revenues from the Real Estate Collateral which may now be due and unpaid and
which may hereafter become due; institute and carry on all legal proceedings
necessary for the protection of the Real Estate Collateral, including such
proceedings as may be necessary to recover the possession of the whole or of any
part thereof; institute and prosecute summary proceedings for the removal of any
tenant or tenants or other Persons from the Real Estate Collateral; and pay the
costs and expenses of all such suits and proceedings out of the rents and other
revenues received;

      

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

      (D)           maintain
the Real Estate Collateral and keep the same in repair, and pay, out of the
rents and other revenues received, the costs of said maintenance and repairs,
including the costs and expenses of all services of all agents and employees,
including their equipment, and of all operating expenses and expenses of
maintaining and keeping the Real Estate Collateral in repair and in proper
condition;

      

      (E)           employ
an agent or agents to rent and manage the Real Estate Collateral and to collect
the said rents and other revenues thereof and pay the reasonable value of its or
their services out of the rents and other revenues received;

      

      (F)           effect
and maintain general liability insurance, fire insurance, boiler insurance,
plate glass insurance, rent insurance, workmen's compensation law insurance, and
generally such other insurance as is customarily in effect by an owner of real
property of a style and kind similar to the Real Estate Collateral, or as
Assignee may deem advisable or necessary to effect, and pay the premiums and
other charges therefor out of the rents and other revenues
received;

      

      (G)           pay,
out of the rents and other revenues received, all sums, and the interest
thereon, now due to Assignee under the Loan Documents, and hereafter to become
so due, and all taxes, assessments, and other charges now due and unpaid and
which may hereafter become due and a charge or lien upon the Real Estate
Collateral;

      

      (H)           execute
and comply with all applicable laws, rules, orders, ordinances, and requirements
of any and all governmental authorities affecting the Real Estate Collateral and
with all covenants, agreements, and restrictions relating to the Real Estate
Collateral or to the use, occupancy or maintenance thereof, and pay the costs
thereof out of the rents and other revenues received;

      

      (I)           act
exclusively and solely in the place and stead of the Assignor and to have all
the powers of the Assignor for the purposes aforesaid; and

      

      (J)           from
time to time determine to which one or more of the aforesaid purposes the rents
and other revenues shall be applied and the amount to be applied
thereto.

      

      5.2                      Application
of Rents.  After payment of all proper charges and expenses,
including the just and reasonable compensation for the services of the Assignee,
its attorneys, agents, clerks, servants and others employed by the Assignee in
connection with the operation, management and control of the Real Estate
Collateral and the conduct of the business thereof, and such further sums as may
be sufficient to indemnify the Assignee from and against any liability, loss,
damage, cost and expense on account of any matter or thing done in good faith in
pursuance of the rights and powers of the Assignee hereunder, the Assignee may,
at its option, retain and apply the net amount of rents, revenues, income,
issues, and profits arising from the Real Estate Collateral, in whole or in
part, to any and all amounts due or owing to the Assignee from the Assignor
under the terms and provisions of the Loan Documents, or any other agreement now
or at any time hereafter existing between the Assignor and the
Assignee.  The manner of the application of such net amount of rents,
income, issues and profits and the obligations to which the same shall be
applied shall be within the sole discretion of the Assignee.  The
balance of such net amount of rents, revenues, income, issues, and profits shall
be released to or upon the order of the Assignor.

      

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

      5.3                      Attorney-in-Fact.  Assignor
hereby irrevocably appoints Assignee as its true and lawful attorney-in-fact,
coupled with an interest, hereby grants and gives Assignee the full power and
authority as principal for all purposes set forth herein, together with full
power and authority to appoint a substitute or substitutes to perform any of the
same and the right to revoke any such appointment at pleasure, and hereby
ratifies and confirms whatsoever Assignee, as such attorney-in-fact, and its
substitutes shall do by virtue of this appointment and grant of authority.
Assignor acknowledges and agrees that the power of attorney herein granted is
for the benefit of the Assignee and does not require the Assignee to act for the
benefit of Assignor as principal; and the power of attorney herein granted is
not intended to make the Assignee a fiduciary for Assignor.  The
Assignee hereby accepts this power of attorney and all powers granted hereunder
for the benefit of the Assignee.  Assignor hereby acknowledges,
consents and agrees that the power of attorney granted pursuant to this Section
5.3 is irrevocable and coupled with an interest.

      

      5.4                      Direction
to Tenants.  The Assignor
hereby consents to and irrevocably authorizes and directs the tenants under the
Leases and any successors to the interest of said tenants, upon demand and
notice from the Assignee of the right of the Assignee to receive the rent and
other amounts payable under such Leases (which demand and notice shall not be
made and delivered until an Event of Default has occurred), to pay to the
Assignee the rents and other amounts due or to become due under the Leases, and
said tenants shall have the right to rely upon such demand and notice from the
Assignee and shall pay such rents and other amounts to the Assignee without any
obligation or right to determine the actual existence of the right of the
Assignee to receive such rents and other amounts, notwithstanding any notice
from or claim of the Assignor to the contrary. The Assignor shall have no right
or claim against said tenants for any such rents and other amounts so paid by
said tenants to the Assignee.  The Assignor hereby agrees that, at the
request of the Assignee, the Assignor will furnish each tenant under any Lease
with a true and complete copy of this Assignment.  If the Real Estate
Collateral or any part thereof is now or at any time hereafter used or occupied
by the Assignor as a homestead or otherwise, then the Assignor shall pay to the
Assignee, upon written demand by the Assignee, such sum per month as, in the
opinion of the Assignee, is reasonable rent for the Real Estate Collateral so
used or occupied, to be applied by the Assignee as herein provided, and, upon
demand by the Assignee, the Assignor shall vacate the Real Estate Collateral to
the Assignee.

      

      5.5                      License
to the Assignor.  Notwithstanding
the foregoing provisions making and establishing a present and absolute transfer
and assignment of the Leases and the rents, earnings, income, profits and
payments under guarantees arising therefrom and from or relating to the Real
Estate Collateral, so long as no Event of Default shall have occurred, the
Assignor shall have the right and license to occupy the Real Estate Collateral
as landlord or otherwise, to collect, use, and enjoy the rents, issues, profits
and other sums payable under and by virtue of any Lease and from or relating to
the Real Estate Collateral, but only as the same become due under the provisions
of such Lease, and to enforce the covenants of each Lease, and all other rights
described in Section 2.1 hereof.

      

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

      5.6                      Right of
Inspection.  The Assignee and
its authorized agents and employees shall have the right, at the option of the
Assignee, to enter into the Real Estate Collateral during normal business hours
upon at least 24 hours' prior notice (provided, however,
that no notice need be given during the continuance of an Event of Default) for
the purpose of inspecting the same and, at the option of the Assignee, remedying
any default or Event of Default hereunder on the part of the Assignor,
including, but not limited to, any failure on the part of the Assignor to repair
the Real Estate Collateral.

      

      5.7                      Rights
Optional.  The Assignee
shall not be obligated to perform or discharge any obligation, duty or liability
of the Assignor, nor shall the Assignee be responsible for its failure to
exercise or enforce any rights granted to it under this
Assignment.  Any failure or omission by the Assignee to enforce this
Assignment for any period of time shall not impair the force or effect hereof or
prejudice the rights of the Assignee, and the Assignee shall not be required
under this Assignment to exercise or enforce any of the rights herein granted to
it, it being understood that all matters contained herein are strictly within
the discretion of the Assignee.  The Assignee shall not be obligated
to perform or discharge any obligation of the Assignor under any
Lease.  This Assignment in no manner places on the Assignee any
responsibility for (i) the control, care, management or repair of the Real
Estate Collateral, (ii) the carrying out of any of the terms and conditions of
the Leases, (iii) any waste committed on the Real Estate Collateral, or (iv) any
dangerous or defective condition on the Real Estate Collateral (whether known or
unknown).  The Assignor agrees to indemnify the Assignee for, and
forever hold it harmless from, any and all claims arising out of, or in
connection with, any Leases or any assignment thereof, except for those caused
by the gross negligence or willful misconduct of the Assignee.

      

      5.8                      Rights
Cumulative.  No right or
remedy herein conferred upon or otherwise available to the Assignee is intended
to be or shall be construed to be exclusive of any other right or remedy, but
each and every one of the rights and remedies of the Assignee hereunder are
cumulative and not in lieu of, but in addition to, any rights or remedies which
the Assignee may have under any of the other Loan Documents, at law, or in
equity, any and all of which such rights and remedies may be exercised by the
Assignee prior to, simultaneously with, or subsequent to any action taken
hereunder.  Any and all rights and remedies of the Assignee may be
exercised from time to time and as often as the Assignee deems such exercise to
be expedient, and the delay or failure of the Assignee to avail itself of any of
the terms, provisions, and conditions of this Assignment for any period of time,
or at any time or times, shall not be construed or deemed to be or constitute a
waiver or impairment thereof.  No delay or omission to exercise any
right or power accruing upon any Default or Event of Default shall impair any
such right or power or shall be construed to be a waiver of any such Default or
Event of Default or an acquiescence therein; nor shall the giving, taking or
enforcement of any other or additional security, collateral, or guaranty for the
payment of the Obligations secured under this Assignment operate to prejudice,
waive or affect the security of this Assignment or any rights, power or remedies
hereunder; nor shall the Assignee be required to first look to, enforce, or
exhaust, any such other or additional security, collateral, or
guaranty.  The Assignor hereby further agrees that (i) none of the
rights or remedies of the Assignee available under any of the Loan Documents or
otherwise shall be delayed or in any way prejudiced by this Assignment; (ii)
notwithstanding any variation or modification, at any time, of the terms of any
Loan Document or any extension of time for payment thereunder or under the Note
or any release of part or parts of the security conveyed under any of the Loan
Documents, the Leases and all of the benefits assigned hereunder shall continue
as additional security in accordance with the terms hereof; and (iii) each and
all of the Leases shall remain in full force and effect, irrespective of any
merger of the interest of a lessor and tenant thereunder.

      

      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

      5.9                      Rights
Throughout Redemption.  The right of the
Assignee to collect and receive the rents, other revenues and payments under
guarantees assigned hereunder, to take possession of the Real Estate Collateral,
and/or to exercise any of the rights or powers herein granted to the Assignee
shall, to the extent not prohibited by applicable law, also extend to the period
from and after the filing of any suit to foreclose the lien of the Deed of
Trust, including any period allowed by law for the redemption of the Real Estate
Collateral, whether before or after any foreclosure sale.

      

      5.10                      No
Waiver.  The Assignor
hereby agrees that the collection of rents and the application as aforesaid, the
entry upon and taking of possession of the Real Estate Collateral, or any part
thereof, or the exercise of any other right or remedy by the Assignee shall not
(i) cure or waive any Event of Default hereunder or under any of the other Loan
Documents; (ii) waive, modify, or affect any notice given hereunder; (iii)
affect or impair any other right or remedy of the Assignee; or (iv) invalidate
any act done pursuant to any such notice.  The enforcement of any
right or remedy of the Assignee, once exercised, shall continue for so long as
the Assignee shall elect, and if the Assignee shall thereafter elect to
discontinue the exercise of any such right or remedy, then the same or any other
right or remedy hereunder or otherwise available may be reasserted at any time
and from time to time upon any subsequent or continuing default.

      

      5.11                      Indulgences
by the Assignee.  In the event that
the Assignee (i) grants any extension of time or forbearance with respect to the
payment of any of the Obligations secured by this Assignment; (ii) takes other
or additional security for the payment thereof; (iii) waives or fails to
exercise any right granted herein or under any of the Loan Documents; (iv)
grants any release, with or without consideration, of the whole or any part of
the security held for the payment of the Obligations secured hereby or the
release of any Person liable for payment of such debts; (v) amends or modifies,
in any respect, any of the terms and provisions hereof or of any of the other
Loan Documents (including substitution of another Note for the Note); then and
in any such event, such act or omission to act shall not release the Assignor or
any co-makers, sureties, or guarantors of this Assignment, the other Loan
Documents or the Obligations, under any covenant of any of the Loan Documents,
nor preclude the Assignee from exercising any right, power or privilege herein
granted or intended to be granted in the event of any other Default or Event of
Default then made or any subsequent Default or Event of Default, nor in any way
impair or affect the lien or priority of this Assignment or any other Loan
Document.

      

      ARTICLE
VI

      GENERAL
PROVISIONS

      

      6.1                      Assignee
Not a Mortgagee in Possession.  The acceptance by
the Assignee of this Assignment, with all of the rights, powers, privileges and
authority so created, shall not, prior to actual entry upon and taking
possession of the Real Estate Collateral by the Assignee (i) be deemed or
construed to constitute the Assignee a mortgagee in possession; (ii) thereafter,
at any time or in any event, impose any obligation whatsoever upon the Assignee
to appear in or defend any action or proceeding relating to the Leases or the
Real Estate Collateral, to take any action hereunder, to expend any money or
incur any expenses, to perform or discharge any obligation, duty, or liability
under the Leases, or to assume any obligation or responsibility for any security
deposits or other deposits delivered to the Assignor by or on behalf of any
tenant under any Lease and not assigned and actually delivered to the Assignee;
or (iii) render the Assignee liable in any way for any injury or damage to
person or property sustained by any Person in or about the Real Estate
Collateral except for injuries or damages caused by the willful misconduct or
gross negligence of the Assignee or its employees or agents.

      

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

      6.2                      Successors
of the Assignor.  In the event of
the sale or transfer of all or any part of the Real Estate Collateral, by
operation of law or otherwise, the Assignee is authorized and empowered to deal
with the transferee with reference to this Assignment, the Real Estate
Collateral, or the Obligations secured hereby, or with reference to any of the
terms or conditions contained herein, as fully and to the same extent as it
might deal with the Assignor and without in any way releasing or discharging any
liabilities of the Assignor hereunder or under any of the Loan
Documents.

      

      6.3                      Integration.  This Assignment
is the entire agreement between the parties relating to this assignment of
rents, leases and profits, and, it supersedes all prior understandings and
agreements between the parties with respect hereto.

      

      6.4                      Relationship
Between Assignee and Assignor.  Nothing contained
herein, in any of the other Loan Documents, or in any other agreement, document,
instrument or certificate shall in any manner be construed as making the
Assignee and the Assignor partners or joint venturers or as creating any
relationship between the Assignee and the Assignor other than that set forth in
the Loan Documents to which the Assignor and the Assignee are
parties.

      

      6.5                      No Third
Party Beneficiaries.  It is expressly
intended, understood, and agreed that (i) this Assignment and the other Loan
Documents are made and entered into for the sole protection and benefit of the
Assignor and the Assignee and their respective successors and assigns (but in
the case of the assigns of the Assignor, only to the extent permitted
hereunder), and no other Person or Persons shall have any right to bring an
action hereunder or rights to any Loan or other funds now or at any time
hereafter secured or to be secured hereby; (ii) that such Loan does not
constitute a trust fund for the benefit of any third party; (iii) that no third
party shall under any circumstances be entitled to any equitable lien on any
undisbursed Loan or other proceeds at any time; and (iv) that the Assignee shall
have a lien upon and the right to direct application of any undisbursed Loan
funds as additional security for the Loan Documents and the
Obligations.

      

      6.6                      Expenses
of the Assignee.  In addition to
the payment of other costs and expenses which the Assignor is required to pay
pursuant to the other Loan Documents, if the Assignee is made a party to any
suit or proceeding by reason of the interest of the Assignee in the Real Estate
Collateral and this Assignment is placed in the hands of an attorney to defend
or enforce any rights of the Assignee, then the Assignor shall reimburse the
Assignee for all reasonable costs and expenses, including attorneys' fees,
actually incurred by the Assignee in connection therewith, except where it is
finally determined that the Assignee was separately negligent or acted in a
willfully misconduct manner with respect to such suits and
proceedings.  All amounts incurred by the Assignee hereunder shall be
secured hereby and shall become part of the Obligations and shall be due and
payable by the Assignor to the Assignee forthwith within five (5) days following
demand therefor, with interest thereon at the Default Rate if not paid within
five (5) days following demand.

      

      
        
           

        

        
          -12-

          
            

          

        

        
           

        

      

      6.7                      Notices.  All notices
required to be delivered to this Assignment shall be in writing and shall be
sent to the parties hereto in accordance with Section 8.5 of the Agreement, and
shall become effective in accordance with the provisions of such Section
8.5.

      

      6.8                      Applicable
Law.  This Assignment shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania, without regard to
the principles thereof regarding conflict of laws, excepting applicable Federal
law and except only to the extent precluded by the mandatory application of the
law of another jurisdiction.

      

      6.9                      Forum.  The
parties hereto agree that any action or proceeding arising out of or relating to
this Assignment shall be commenced in the Court of Common Pleas of Indiana
County, Pennsylvania, or in the United States District Court for the Western
District of Pennsylvania and each party agrees that a summons and complaint
commencing an action or proceeding in either of such courts shall be properly
served and shall confer personal jurisdiction if served personally or by
certified mail to the party at its address specified in Section 6.7 of this
Assignment, or as otherwise provided under the laws of the Commonwealth of
Pennsylvania.  Further, the parties hereby specifically consent to the
personal jurisdiction of the Court of Common Pleas of Indiana County,
Pennsylvania, and the United States District Court for the Western District of
Pennsylvania, and waive and hereby acknowledge that the parties are estopped
from raising any claim that any such court lacks personal jurisdiction over such
party so as to prohibit either such court from adjudicating any issues raised in
a complaint filed with any such court against either party to this
Assignment.  The Assignor hereby acknowledges and agrees that the
choice of forum contained in this Section shall not be deemed to preclude the
enforcement of any judgment obtained in any forum or the taking of any action
under the Loan Documents to enforce the same in any appropriate
jurisdiction.

      

      6.10                      Amendments. The Assignor and the
Assignee may from time to time enter into amendments, extensions, supplements
and replacements to and of this Assignment, and the Assignee may from time to
time waive compliance with a provision hereof.  No amendment,
extension, supplement, replacement or waiver shall be effective unless it is in
writing and is signed by the Assignor and the Assignee.  All waivers
shall be effective only for the specific instance and for the specific purpose
for which it is given.

      

      6.11                      Successors
and Assigns.  This Assignment
shall be binding upon the Assignor and the Assignee and their respective heirs,
personal representatives, successors and assigns, and shall inure to the benefit
of the Assignor, the Assignee and their heirs, personal representatives,
respective successors and assigns; provided, however,
that the Assignor shall not assign its rights or duties hereunder without the
prior written consent of the Assignee.

      

      
        
           

        

        
          -13-

          
            

          

        

        
           

        

      

      6.12                      Severability.    Any
provision of this Assignment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or enforceability without invalidating the remaining portions
hereof or affecting the validity or enforceability of such provision in any
other jurisdiction.

      

      6.13                      Counterparts.  This Assignment
and any amendment hereto may be executed, acknowledged and delivered in several
counterparts, and by each party on a separate counterpart, each of which, when
so executed, acknowledged and delivered, shall constitute but one and the same
instrument.  In proving this Assignment, it shall not be necessary to
produce or account for more than one such counterpart signed by the other party
against whom enforcement is sought.

      

      6.14                      Duration.  This Assignment
shall become null, void, and of no further force or effect upon the final
payment in full of all of the Obligations.

      

      6.15                      Waiver of Jury
Trial.  Each of the Assignor and the Assignee irrevocably
voluntarily and intentionally waives any and all right it may have to trial by
jury in any action or proceeding of any kind or nature in any court, arising out
of, under or by reason of this Assignment.  The Assignee and the
Assignor acknowledge that this waiver of jury trial has been specifically
negotiated as a part of this Assignment and the other Loan
Documents.

      

      

      [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

       

      
        
           

        

        
          -14-

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the Assignor,
intending to be legally bound hereby, has caused this Assignment of Rents and
Leases to be executed as of the date first written above, as an instrument under
seal.

      

      
        
          
            	
                    ATTEST/WITNESS:

                     

                     

                     

                     

                    _______________________________

                    Name:

                    Title:

                  	
                    GRAND
      CENTRAL LIMITED PARTNERSHIP, a Delaware limited partnership

                     

                    By:  GLIMCHER
      GRAND CENTRAL, INC., a Delaware corporation, its general
      partner

                     

                     

                    By:
      _______________________(SEAL)

                    Name:  Mark
      E. Yale

                    Title:    Executive
      Vice President, Chief

                     Financial
      Officer and Treasurer

                     

                  
	
                    WITNESS:

                     

                     

                    _______________________________

                    Name:

                     

                  	
                    FIRST
      COMMONWEALTH BANK

                     

                     

                    By:  __________________________

                    Name:    Brian
      J. Pukylo

                    Title:      Vice
      President

                  

          

        

      

      

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      ACKNOWLEDGEMENT

      

      

      STATE OF
OHIO                                            )

                                                                                
)  SS:

      
        COUNTY OF
FRANKLIN                             
)

      

      

      

      On this, the ____ day of January, 2009,
before me, a Notary Public, personally appeared Mark E. Yale, who acknowledged
himself to be the Executive Vice President, Chief Financial Officer and
Treasurer of Glimcher Grand Central, Inc., a Delaware corporation, the general
partner of Grand Central Limited Partnership, a Delaware limited partnership,
and that he as such officer, being authorized to do so, executed the foregoing
instrument for the purposes therein contained, by signing the name of Grand
Central Limited Partnership by himself as such officer.

      

      IN
WITNESS WHEREOF, I hereunto set my hand and official seal the day and year first
above written.

      

      

      

      _______________________________

      Notary Public

      

      My
Commission Expires:

       

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      ACKNOWLEDGEMENT

      

      

      COMMONWEALTH
OF
PENNSYLVANIA                    )

                                                                                                      
)  SS:

      
        COUNTY OF
ALLEGHENY                                                
)

      

      

      

      On this, the ____ day of January, 2009,
before me, a Notary Public, personally appeared Brian J. Pukylo, who
acknowledged himself to be a Vice President of First Commonwealth Bank, and that
he as such officer, being authorized to do so, executed the foregoing instrument
for the purposes therein contained, by signing the name of First Commonwealth
Bank by himself as such officer.

      

      IN WITNESS WHEREOF, I hereunto set my
hand and official seal the day and year first above written.

      

      

      

      _______________________________

      Notary Public

      

      My
Commission Expires:

       

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      EXHIBIT
A

      

      Legal
Description of the Land

      

      

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      

      ASSIGNMENT
OF RENTS AND LEASES

      

      

      DATED
JANUARY 29, 2009 AND

      EFFECTIVE
AS OF JANUARY 30, 2009

      

      BY
AND BETWEEN

      

      GRAND
CENTRAL LIMITED PARTNERSHIP

      (Assignor)

      

      AND

      

      FIRST
COMMONWEALTH BANK

      (Assignee)

      

      

      

      

      

      

      When
Recorded Return To:

      

      Matthew
J. Malcho, Esquire

      Tucker
Arensberg, P.C.

      1500 One
PPG Place

      Pittsburgh,
Pennsylvania 15222

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