Document:

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                                                                   EXHIBIT 10.4

                       REAL ESTATE MANAGEMENT AGREEMENT

   THIS AGREEMENT, made as of the 1st day of October, 2002, between PARK PLAZA
MALL, LLC, having an office at c/o First Union Real Estate Equity and Mortgage
Investments, 125 Park Avenue 14th Floor, New York, New York 10017, ("OWNER"),
and GENERAL GROWTH MANAGEMENT, INC., having a principal address 110 North
Wacker Drive, Chicago, Illinois, 60606 ("AGENT").

                              W I T N E S S E T H

   In consideration of the Covenants herein contained, the parties hereto agree
as follows:

                                   ARTICLE I

                      APPOINTMENT AND AUTHORITY OF AGENT

   1.1  Owner owns a shopping center (referred to as the "PREMISES"),
identified on EXHIBIT A attached hereto and made a part hereof. Owner hereby
appoints Agent as the sole and exclusive managing and leasing agent for the
Premises, and hereby authorizes Agent to exercise such powers with respect to
the Premises as may be necessary for the performance of Agent's obligations
under Article II, and Agent accepts such appointment on the terms and
conditions hereinafter set forth for a term as provided in Article V and agrees
to manage, operate and maintain the Property in a faithful and diligent manner,
subject to the terms and conditions in this Agreement. Agent shall have no
right or authority, express or implied, to commit or otherwise obligate Owner
in any manner whatsoever except to the extent specifically provided herein.

                                  ARTICLE II

                               AGENT'S AGREEMENT

   2.1  Agent, on behalf of Owner, shall implement, or cause to be implemented,
the decisions of Owner and shall conduct the ordinary and usual business
affairs of Owner as provided in this Agreement. Agent shall at all times use
reasonable efforts to conform to the policies and programs established by Owner
and identified to Agent, and the scope of Agent's authority shall be limited to
said policies. All undertakings incurred by Agent on behalf of Owner under this
Agreement shall be at the cost and expense of Owner unless otherwise provided
for herein. Agent agrees to use its best efforts in the management and
operation of the Premises, and to comply with Owner's instructions. If Owner
has or creates a Managing Agent's Manual ("the Manual") which summarizes the
instructions, then the "MANUAL" furnished by Owner to Agent shall be made a
part hereof. In the event of any inconsistency or conflict between the terms
and provisions of this Agreement and the Manual or the policies and programs
established by Owner, the terms and provisions of this Agreement shall govern
and be binding. Agent shall perform the following duties in connection with the
management and operation of the Premises:

      (a) Contract, for periods limited to Owner's possession of the Premises,
   but not in excess of one (1) year, in the name of Owner, for gas,
   electricity, water and such other services as are being currently furnished
   to the Premises. Service contracts shall be written to include a thirty (30)
   day notice of cancellation by Owner wherever possible. All service contracts
   in effect at the date hereof in respect of the Premises, including the terms
   thereof (with cancellation right, if any), the services provided thereunder
   and the charges called for thereby, should be detailed in the Annual Budget.
   No such contract, other than a contract for an item specified in the Annual
   Budget or for water or utilities, which involves an expenditure in excess of
   the amount set forth in paragraph 3 of EXHIBIT A attached hereto shall
   hereinafter be entered into by Agent without the prior approval of Owner.

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      (b) Select, employ, pay, supervise, train, direct and discharge all
   employees necessary for the operation and maintenance of the Premises,
   including the payment of all related expenses, compensation, salary,
   bonuses, fringe and fringe-related costs in accordance with industry
   practices and, where applicable, the Annual Budget, carry Worker's
   Compensation Insurance (and, when required by law, compulsory
   Non-Occupational Disability Insurance) covering such employees, and use
   reasonable care in the selection and supervision of such employees. Owner
   agrees to reimburse Agent for any reasonable relocation costs associated
   with the relocation of exempt level employees to the Premises. Agent will
   keep bi-weekly time sheets which shall be available for inspection by Owner.
   Agent shall prepare or cause to be prepared and timely filed and paid, all
   necessary returns, forms and payments in connection with unemployment
   insurance, medical and life insurance policies, pensions, withholding and
   social security taxes and all other taxes relating to said employees which
   are imposed by any federal, state or municipal authority. Agent shall also
   provide usual management services in connection with labor relations and
   shall prepare, maintain and file all necessary reports with respect to the
   Fair Labor Standards Act and all other required statements and reports
   pertaining to labor employed at the Premises. Agent shall use its best
   efforts to comply with all laws and regulations and collective bargaining
   agreements, if any, affecting such employment. Agent will be and will
   continue throughout the term of this Agreement to be an Equal Opportunity
   Employer. All persons employed in connection with the operation and
   maintenance of the Premises shall be employees of Agent.

   Owner warrants and represents that as of the date of this Agreement, the
   employees of the current manager of the Premises that the Agent has been
   asked to retain have never been employed by Owner nor participated in any
   retirement plan offered by Owner, are not presently or in the past been
   represented by a labor union in their employment at the Premises and that
   the Agent will not incur any unfunded vested retirement plan liability
   arising out of these employees' employment by any previous manager at the
   Premises.

      (c) Keep the Premises, or cause the Premises to be kept in a safe, clean
   and sightly condition and make and contract for all repairs, alterations,
   replacements, and installations, do or cause to be done all decorating and
   landscaping, and purchase all supplies necessary for the proper operation
   and maintenance of the Premises as a first-class regional shopping mall and
   the fulfillment of Owner's obligations under any lease, operating agreement
   or other agreement or compliance with all governmental and insurance
   requirements, provided that, except as provided in Section 2.4 hereof, Agent
   shall not make any purchase or do any work, the cost of which shall exceed
   the approved budget or the amount set forth in paragraph 3 of EXHIBIT A
   attached hereto, without obtaining in each instance, the prior approval of
   Owner, except in circumstances which Agent shall deem to constitute an
   emergency requiring immediate action for the protection of the Premises or
   of tenants or other persons or to avoid the suspension of necessary services
   or in order to cure any violation or other condition which would subject
   Owner or Agent to any criminal penalty or civil fine. Agent shall promptly
   notify Owner immediately of the necessity for, the nature of, and the cost
   of, any such emergency repairs or any action to cure any such violation or
   other condition. Agent shall arrange for and supervise, on behalf of Owner,
   the performance of all alterations and other work to prepare or alter space
   in the Premises for occupancy by tenants thereof. Agent shall submit a list
   of contracts and subcontractors performing tenant work, repairs, alterations
   or services at the Premises, under Agent's direction for Owner's approval
   before such subcontractors commence any work at the Premises.

      It is understood that Agent shall not be required to undertake the making
   or supervision of extensive reconstruction of the Premises or any part
   thereof except after written agreement by the parties hereto as to any
   additional fee to be paid for such services.

      Owner shall receive the benefit of all discounts and rebates obtainable
   by Agent in its operation of the Premises. Owner is entitled to discounts
   from various contractors and suppliers under National Agreements; Agent, if
   informed by Owner of such National Agreements, agrees to take advantage of
   such National Agreements wherever feasible. Agent agrees to obtain a minimum
   of three (3) competitive bids for the performance of any work at the
   Premises exceeding $15,000.00, to furnish copies of such bids to Owner and
   to accept such bid as Owner may direct.

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      If Agent desires to contract for repair, construction or other service
   described in this paragraph (c) (other than work done at the request of a
   tenant and at the tenant's sole cost and expense, hereinafter referred to as
   "Tenant's Work") with a party with respect to which any partner or
   shareholder of Agent holds a beneficial interest, or with any subsidiary,
   affiliate or related corporation in which Agent shall have a financial
   interest, such interest shall be disclosed to, and approved by Owner in
   writing before such services are procured. The cost of any such services
   shall likewise be at competitive rates, notwithstanding that tenants of the
   Premises may be required to pay such costs. Agent, or the general contractor
   working under the supervision of Agent, is authorized to make and install
   Tenant Work, and Agent may collect from such tenant or such general
   contractor, for its sole account, its charge for supervisory overhead on all
   such Tenant Work; provided in each instance Owner is notified, in advance,
   in writing of the scope of such work and the identities of the tenant and
   contractors involved in such work. Agent shall hold Owner harmless from any
   claims which may be advanced by any such tenant in connection with Tenant
   Work performed by Agent or under Agent's supervision. Agent, however, shall
   not require any tenant to use Agent, its subsidiary, affiliate or related
   corporation or its general contractor to perform such Tenant Work.

      (d) Handle promptly complaints and requests from tenants and parties to
   reciprocal easement agreements, notify Owner of any major complaint made by
   any such tenant or party and notify owner promptly (together with copies of
   supporting documentation), of: the receipt of any notice of violation of any
   governmental requirements; and known orders or requirements of insurers,
   insurance rating organizations, Board of Fire Underwriters or similar
   bodies; any known defect in the Premises; any known fire or other damage to
   the Premises, and complete customary loss reports in connection with fire or
   other damage to the Premises.

      (e) Notify Owner's General Liability Insurance carrier and Owner promptly
   of any personal injury or property damage known to Agent occurring to or
   claimed by any tenant or third party on or with respect to the Premises and
   promptly forward to the carrier, with copies to the Owner, any summons,
   subpoena, or other like legal document served upon Agent relating to actual
   or alleged potential liability of Owner, Agent, or the Premises, with copies
   to Owner of all such documents.

      (f) Advise Owner of those exceptions in leases, operating agreements and
   other agreements in which the tenants or parties to such agreements do not
   agree to hold Owner harmless with respect to liability from any accidents
   and/or to replace broken glass.

      (g) Subject to Agent entering into cash management agreements in form and
   content acceptable to Owner's mortgage and mezzanine lenders, receive and
   collect rent and all other monies payable to Owner by all tenants and
   licensees in the Premises and by all other parties including department
   stores under ground leases and reciprocal easement agreements and tenants
   under leases of free-standing stores. In this connection, Agent shall
   calculate all amounts due to Owner from such tenants, licensees and other
   parties, including annual or periodic adjustments where applicable, and
   shall, when appropriate, submit statements or invoices to such tenants,
   licensees and parties. Agent shall deposit the same promptly in the bank
   named on EXHIBIT A attached hereto (the "Bank") in an account with a title
   including a distinctive portion of Agent's name and "              " or such
   other designation as Owner may direct (the "BANK ACCOUNT"), which account
   shall be used exclusively for such funds. Owner's representative will be a
   signatory on all bank accounts maintained by Agent. Agent shall pay the
   operating expenses of the Premises and any other payments relative to the
   Premises as required by the terms of this Agreement out of the Bank Account.
   All amounts received by Agent for or on behalf of Owner shall be and remain
   the property of Owner. Checks may be drawn on the above-mentioned Bank
   Account only for purposes authorized under this Agreement. Copies of the
   monthly statements for each such Bank Account shall be sent to Owner. No
   funds of Agent or others shall be commingled with funds in any such Bank
   Account. Owner has the right to control the types of cash management
   accounts and dictate the specifics of said accounts with respect to
   disbursement and management of funds.

      (h) Serve notices of default upon tenants of space in the Premises and
   other parties which are in default in performing obligations under their
   leases, reciprocal easement agreements or other agreements, with

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   copies sent simultaneously to Owner, and attempt to cause such defaults to
   be cured. Agent shall, subject to Owner's consent with respect to any tenant
   who occupies more than 2,000 square feet, utilizing counsel theretofore
   approved by Owner, institute all necessary legal action or proceedings for
   the collection of rent or other income from the Premises, or the ousting or
   dispossessing of tenants or other persons therefrom, and all other matters
   requiring legal attention. Agent agrees to use its best efforts to collect
   rent and other charges from tenants in a timely manner and to pursue Owner's
   legal remedies for non-payment of same. Owner reserves the right to
   designate or approve counsel and to control litigation of any character
   affecting or arising out of the operation of the Premises and the settlement
   of such litigation.

      (i) Bond Agent and/or all of Agent's employees who may handle or be
   responsible for monies or property of Owner with a "comprehensive 3-D" or
   "Commercial Blanket" bond, in an amount of $100,000.

      (j) Notify Owner immediately of any known fire, accident or other
   casualty, condemnation proceedings, rezoning or other governmental order,
   lawsuit or threat thereof involving the Premises; and the receipt of any
   notice of violations relative to the leasing, use, repair and maintenance of
   the Premises under governmental laws, rules, regulations, ordinances or like
   provisions.

      (k) If Owner so directs, make timely payment of real estate and personal
   property taxes and assessments levied or assessed against the Premises or
   personal property used in connection therewith. Agent shall promptly furnish
   Owner with copies of all assessment notices and receipted tax bills.

      (1) Cooperate with Owner's national energy conservation policies, and
   submit energy consumption reports for the Premises as required in accordance
   with Owner's program for property energy audits and review reports.

      (m) Cooperate with Owner in attaining certain corporate objectives, i.e.,
   purchase and reporting of goods and services furnished or supplied by
   minority groups.

      (n) Promptly comply in all material respects with all present and future
   laws, ordinances, orders, rules, regulations and requirements of all
   Federal, state and local governments, courts, departments, commissions,
   boards and offices, any national or local Board of Fire Underwriters or
   Insurance Services offices having jurisdiction, or any other body exercising
   functions similar to those of any of the foregoing which may be applicable
   to the Premises or any part thereof or to the leasing, use, repair,
   operation and management thereof, but only to the extent that such
   compliance is reasonably capable of being carried out and complied with by
   Agent and Agent has available the necessary funds therefor from collections
   or advances by Owner. Agent shall give prompt notice to Owner of any known
   violation or the receipt of notice of alleged violation of such laws. As and
   when directed by Owner, Agent shall institute in its name, or in the name of
   Owner, using counsel selected by Owner, appropriate actions or proceedings
   to contest any such law, ordinance, rule, regulation, order, determination
   or requirement.

      (o) Promote the Premises and participate as Owner's representative in any
   Merchant's Associations or Promotional Organizations (collectively, the
   "PROMOTIONAL ORGANIZATIONS") established to promote the Premises, and in
   connection therewith, employ (via a property level reimbursement or tenant
   reimbursement) and direct the activities of a marketing director for the
   Premises.

      (p) Consent to and approve tenant alteration work and installations which
   are performed by tenants of space in the Premises and are provided for in
   the leases of such tenants. Agent is authorized to approve tenant alteration
   work and installations not provided for in leases if (i) such alteration
   work and installations are made solely at the expense of the tenant, and
   (ii) such alteration work and installations do not affect the structural
   integrity of any building and (iii) such alteration work and installations
   are consistent with the overall leasing plan for the Premises and do not
   interfere with any other tenant's use of the Premises.

      (q) Provide, upon Owner's request and in accordance with the provisions
   of section 7 and section 9 of Exhibit A, general contracting and
   construction management services ("DEVELOPMENT SERVICES") and consultation
   to Owner for the Premises which shall include, without limitation, the
   management, supervision and administration of, and provisions for services
   for the improvement, expansion (and in the

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   event of damage or condemnation, the reconstruction thereof) of the
   Premises, including advice, expertise and support of Agent provided and/or
   retained and/or coordinated by home office and on-site personnel including,
   without limitation, executive personnel, design and engineering personnel,
   clerical personnel, legal and accounting personnel. Such personnel will
   perform consultation and various functions involved with Development
   Services including, without limitation, the following: design, planning,
   architectural, engineering, acquisition and negotiation, negotiations with
   department stores for site acquisition and operation in the Premises;
   permits and licenses; pre-opening advertising and publicity; market
   research; site work; negotiations with public authorities, public hearings;
   project management and all other activities necessary to accomplish the
   improvement, expansion or reconstruction of the Premises.

      (r) If Owner so directs, pay when due (i) all debt service and other
   amounts due under any mortgages which encumber the Premises or any part
   thereof, and give Owner notice of the making of each payment, and (ii) all
   rent and other charges payable under any ground lease of land included in
   the Premises under which Owner is the tenant.

      (s) Cause the requirements on the part of Owner under all such mortgages
   and ground leases, all leases of space in the Premises, all ground leases
   and reciprocal easement agreements with department stores and all other
   agreements affecting or relating to the Premises which are known or made
   known to Agent, including, without limitation, the furnishing of all
   services and utilities called for therein, to be carried out and complied
   with in all material respects, but only to the extent that such requirements
   are at the time reasonably capable of being carried out by Agent and
   complied with and Agent has available the necessary funds therefor from
   collections or advances by Owner. Agent shall notify Owner promptly of any
   default under any such mortgage, lease, ground lease, reciprocal easement or
   other agreement on the part of Owner, the tenant or other party thereto, of
   which Agent becomes aware.

      (t) Use its reasonable efforts to require compliance with the
   requirements of leases of space in the Premises, ground leases, reciprocal
   easement agreements and all other agreements affecting or relating to the
   Premises which are known or made known to Agent on the part of tenants,
   department stores and other parties thereto and enforce compliance with the
   rules and regulations, sign criteria and like standards for the Premises
   adopted by Owner from time to time.

      (u) Cause Owner to be furnished with an executed copy of each lease,
   lease renewal, lease amendment, service contract and other agreement entered
   into on or after the date of this Agreement in connection with the
   operation, management and leasing of the Premises, and use reasonable
   efforts to secure from tenants and parties to reciprocal easement
   agreements, and furnish to Owner, any certificates of insurance, and
   renewals thereof, required to be furnished by the terms of their leases or
   agreements.

      (v) Inspect the Premises periodically and submit reports of findings and
   recommendations to Owner which shall include, without limitation,
   recommendations as to required repairs, replacements or maintenance.

      (w) Erect barriers or chains for the purpose of blocking access to the
   common areas of and buildings included in the Premises as local law may
   require, or, directed in writing by Owner, in order to avoid the dedication
   of the same for public use and furnish appropriate evidence of same to
   Owner. Agent shall give any advance notice of the erection of such barriers
   or chains which may be required under reciprocal easement agreements or
   ground leases with department stores.

      (x) Use its reasonable efforts to obtain from tenants of the Premises and
   department stores which are parties to reciprocal easement agreements or
   ground leases waivers of their insurers' rights of subrogation in respect to
   policies of fire and extended coverage and other property damage insurance
   carried by them in favor of Owner, Agent and any department store or tenant
   for which Owner is obligated to attempt to obtain such waivers under a
   ground lease, reciprocal easement agreement or space lease.

      (y) Provide and prepare standard quarterly statements and other required
   reports to be submitted by Owner to its lenders.

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      (z) Perform its duties in the renting, management, operation and
   maintenance of the Premises applying prudent and reasonable business
   practices, using reasonable care and diligence in carrying out its
   responsibilities under this Agreement. Agent shall maintain those portions
   of the common areas of the Premises which are Owner's obligation to maintain
   in a clean and attractive first-class condition, use reasonable efforts to
   enforce the provisions of applicable leases, ground leases and reciprocal
   easement agreements so as to cause tenants and department stores to maintain
   their premises and common areas, if any, in similar condition, arrange for
   necessary security for the Premises and their common areas and arrange for
   cleaning and snow removal for the parking areas and roadways of the
   Premises. Agent shall recommend to Owner from time to time such procedures
   with respect to the Premises as Agent may deem advisable for the more
   efficient and economic management and operation thereof.

       Owner recognizes and understands that Environmental Services (as
       hereinafter defined) are not actions or services that Agent is required
       to perform under this Agreement and Owner further recognizes and
       understands that Agent is not a consultant or a contractor that performs
       Environmental Services. Upon Owners request, Agent agrees to obtain and
       coordinate for and on behalf of Owner, such Environmental Services that
       Owner may request or require. Owner shall reimburse Agent for its
       administrative costs in connection with the coordination of such
       Environmental Services. In addition, Owner shall reimburse Agent for the
       costs of outside professionals retained to perform Environmental
       Services. Environmental Services is defined to be those acts or actions
       involving the presence, use, exposure, removal, restoration, or
       introduction of Hazardous Materials (as hereinafter defined) and the
       investigation of and compliance with any and all applicable rules, laws,
       or regulations of local state or federal authorities which apply or
       regulate Hazardous Materials. Hazardous Materials means any hazardous,
       radioactive or toxic substance, material or waste listed in the United
       States Department of Transportation Hazardous Materials Table; or by the
       Environmental Protective Agency as hazardous substances; or such
       substances, material and waste which are or become regulated under
       applicable local, state or federal law including materials which are
       petroleum products, asbestos, polychlorinated biphenyls, or designated
       as hazardous substances under the Clean Water Act; or defined as
       hazardous waste under the Resource Conservation and Recovery Act; or
       defined as hazardous substances under the Comprehensive Environmental
       Response, Compensation and Liability Act.

      (aa) Agent agrees that, unless specifically agreed to in writing by the
   Owner, all contracts executed by 3rd party vendors, suppliers, contractors,
   etc. will have a provision whereby said vendor, supplier or contractor
   indemnifies Owner for the vendor's, supplier's, or contractor's negligence.

   2.2  Agent agrees to render monthly, quarterly and annual reports relating
to the management and operation of the Premises for the preceding calendar
month, quarter and year, as the case may be, on or before the fifteenth (15th)
day of the month following the end of the month, quarter or year, as the case
may be, in form satisfactory to Owner in accordance with Exhibit B. At Owner's
request, Agent shall update Owner's Argus reports up to twice per year. Agent
shall have the option to provide any and all such reports electronically. Agent
agrees that Owner shall have the right to require the transfer to Owner at any
time of any funds in the Bank Account considered by Owner to be in excess of an
amount reasonably required by Agent for disbursement purposes in connection
with the Premises. Agent agrees to keep records with respect to the management
and operation of the Premises as prescribed by Owner, and to retain those
records for periods specified by Owner, but not to exceed a period of the
greater of two (2) years after the expiration or earlier termination of this
Agreement or any applicable period that is required by law for the retention of
such records. Owner shall have the right to inspect such records and audit the
reports required by this Section during business hours for the life of this
Agreement and thereafter during the period such records are to be retained
pursuant to this Section. In addition, Agent agrees that such records may be
examined from time to time during the period by said regulatory authorities
having jurisdiction over Owner.

   2.3  Agent shall ensure such control over accounting and financial
transactions as is reasonably required to protect Owner's assets from loss or
diminution.

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   2.4  Agent shall establish and prepare, or as otherwise authorized by Owner,
operating and capital improvement budgets for the promotion, operation, repair
and maintenance of the Premises for each calendar year (Annual Budget) with the
exception of the Annual Budget for 2002 that has been delivered to Agent and
Agent shall adhere to in the performance of its duties under this Agreement.
Preliminary and final budgets will be due 120 and 75 days, respectively, prior
to commencement of the calendar year to which they relate, except for the first
year of this Agreement, when preliminary budgets will be delivered to Owner by
November 1st, and final budgets will be delivered to Owner by December 1st.
Such budgets shall be prepared on both an accrual basis and a cash basis
showing a month-by-month projection of income and expenses and capital
expenditures and contain all necessary supporting data, including bids for
capital items. Such budgets shall be subject to Owner's approval.

      (a) Agent shall meet, at Agent's expense, with Owner at the Premises or
   Owner's office, not less frequently than semi-annually, to review the
   operations of the Premises, to review and, if appropriate, revise in light
   of actual experience the operating and capital improvement budgets
   theretofore approved by Owner as hereinafter provided and to consider other
   matters which Owner may raise. One of such meetings each year (the "BUDGET
   MEETING") shall be held before the close of the then current calendar year
   for the purpose of reviewing and approving the operating and capital
   improvement budgets for the ensuing calendar year.

      (b) Upon approval of the operating budget by Owner, and unless and until
   revoked or revised by Owner, Agent shall have the right, without further
   consent or approval by Owner to incur and pay the operating expenses set
   forth in the approved operating budget.

      (c) At the request of Owner from time to time Agent shall prepare and
   submit to Owner (i) operating projections for the Premises for the ensuing
   five (5) years, such projections to be made on a year-by-year basis and to
   be based on Agent's best judgment as to the future, taking into
   consideration known circumstances and circumstances Agent can reasonably
   anticipate are likely to occur, and (ii) a schedule in reasonable detail of
   capital improvements, repairs and replacements not provided or in the
   current capital improvement budget which Agent reasonably anticipates will
   be required or should be made in the foreseeable future, with Agent's
   opinion as to the relative priority and cost of each thereof.

   2.5  Agent shall bear the full cost and expenses incurred by its home office
or regional office personnel in connection with their travel to the Premises to
the extent such travel is required by the Agent for the normal supervision of
the management and leasing of the Premises.

   2.6  Agent agrees to use all reasonable efforts to have the Premises rented
to desirable tenants, satisfactory to Owner, considering the nature of the
Premises, and in connection therewith:

      (a) Negotiate, as the exclusive agent of Owner, all leases and renewals
   of leases at the appropriate time, it being understood that all inquiries to
   Owner with respect to leasing any portion of the Premises shall be referred
   to Agent. All leases, renewals and amendments for lease terms in excess of
   ninety (90) days must be prepared in accordance with Exhibit C by Agent in
   accordance with the Annual Budget and be submitted to Owner's representative
   for execution by Owner. Agent is authorized to negotiate and execute leases
   with lease terms of one (1) year or less (temporary tenant leases). If Agent
   shall have or receive a prospective tenant reference from a property other
   than the Premises in which Agent or any subsidiary or affiliate thereof has
   a beneficial interest or which Agent or any subsidiary or affiliate thereof
   manages (other than a property managed by Agent for Owner), Agent shall
   promptly declare its potential conflict of interest to Owner and Owner shall
   determine if negotiations with such prospective tenant shall be undertaken
   by Agent, Owner or a third party approved by Owner. Agent also is authorized
   to negotiate and execute on Owner's behalf lease amendments which change a
   tenant's commencement date by sixty (60) days or less. Notwithstanding the
   foregoing, Owner acknowledges that the actual negotiation and drafting of
   lease and lease-related documentation shall be performed by Owner's outside
   counsel, at Owner's sole cost and expense.

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      (b) Owner acknowledges and understands that Agent manages properties for
   third parties, including properties that may be owned by affiliates of Agent
   or owned by persons that also own Agent. Owner further acknowledges and
   understands that Agent routinely and customarily negotiates tenant leases
   for multiple locations involving two or more properties (one or more of
   which may be the Premises and one or more of which may be properties owned
   by others). Agent conducts such multiple location negotiations in good faith
   for the benefit and interests of Owner and other property owners. Agent
   shall be entitled to assume that such leasing practices are approved and
   acceptable to Owner, unless and until Owner specifically disapproves the
   practice and so notifies Agent.

      (c) With Owner's prior approval, advertise the Premises or portions
   thereof for rent, by means of periodicals, signs, plans, brochures and other
   means appropriate to the Premises.

      (d) In no event shall Agent engage or utilize the services of an outside
   broker in connection with any lease without Owner's prior written consent.
   In any case in which Owner requests or gives such consent, Agent shall cause
   such broker to enter into a written agreement with Owner, on terms
   reasonably satisfactory to Owner, with respect to such broker's commission
   and Owner shall be responsible for the payment of such commission if earned
   pursuant to the terms of said agreement.

   2.7  Agent agrees, for itself and all persons retained or employed by Agent
in performing its services, to hold in confidence and not to use or disclose to
others any confidential or proprietary information of Owner heretofore or
hereafter disclosed to Agent and identified in writing by Owner as confidential
or proprietary, including, but not limited to, any financial data, information
plans, programs, processes, costs, operations or tenants which may come within
the knowledge of Agent in the performance of, or as a result of, its services,
except where required by judicial or administrative order, or where Owner
specifically authorizes Agent to disclose any of the foregoing to others or
such disclosure reasonably results from the performance of Agent's duties
hereunder.

   2.8  If at any time there shall be insufficient funds available to Agent
from collections to pay any obligations of Owner required to be paid under this
Agreement, Agent shall promptly notify Owner and Agent shall not be obligated
to pay such obligations unless Owner furnishes Agent with funds therefor.

   2.9  General Growth Marketing Services ("GGMS"), an unincorporated division
of Agent, will direct, under Agent's supervision, the marketing and promotional
activities for the Premises, including those set forth in Section 2.1(o). Agent
shall cause GGMS to continue to provide such services to the Premises during
the terms of this Agreement. Incident to such services, GGMS recommends
appropriate staffing to effectively market the Premises and manages the
development and execution of the property and marketing plan for the Premises.
Owner acknowledges that GGMS may retain, for these services, $35,000.00 per
year, payable in equal monthly installments of $2,916.67 per month. Owner
additionally acknowledges that GGMS or Center Advertising Agency, an
unincorporated division of Agent, may retain the customary trade discounts or
rebates incident to its contracting for advertising for the Promotional
Organizations, the cost of which advertising is borne by the Promotional
Organizations. Moreover, Owner agrees that Agent or GGMS shall additionally be
entitled to receive the fee set forth in EXHIBIT A attached hereto for its
services incident to contracting and managing revenue-producing transactions,
contracts, ancillary programs, events and activities.

   2.10  Except as otherwise provided in this Agreement, Agent assumes no
responsibility under this Agreement other than to render the services called
for hereunder in good faith and in accordance with the standards required under
this Agreement.

   2.11  Owner recognizes and understands that Security Services (as
hereinafter defined) are not actions or services that Agent is required to
perform under this Agreement and Owner further recognizes and understands that
Agent is not a consultant or a contractor that performs Security Services. Upon
Owner's request, Agent agrees to obtain and coordinate for and on behalf of
Owner, such Security Services that Owner may request or require in accordance
with the Annual Budget and Agent shall be responsible for supervision and
enforcement of

                                      8

<PAGE>

any such contract. Owner shall reimburse Agent for the costs of professionals
should they be retained to perform Security Services. Security Services is
defined to be those acts or actions involving the analysis of the existing
security operations, including that of staffing levels, training, equipment
procurement and use; recommendations regarding proposed staffing levels,
training and equipment including recommendation, selection and procurement of
third party or proprietary security vendors, and coordination and ongoing
administration and monitoring of such third party or proprietary security
vendors.

                                  ARTICLE III

                              OWNER'S AGREEMENTS

   3.1  Owner, at its option, may pay directly all taxes, special assessments,
ground rents, insurance premiums and mortgage payments. If Owner makes such
election, Agent shall advise Owner of the due dates of such taxes assessments,
insurance premiums and mortgage payments. Otherwise, Agent shall make such
payments promptly so as to avoid late fees, penalties or other charges.

   3.2  At Owner's option, Owner shall self-insure or carry insurance upon the
Premises and shall look solely to such insurance for indemnity against any loss
or damage to the Premises, except to the extent provided in Section 3.3 of this
Agreement. Owner shall obtain waivers of subrogation against the Agent under
all such policies. Owner shall provide and maintain at Owner's sole cost and
expense commercial general liability insurance, including bodily injury,
contractual liability (with respect to the indemnity set forth in Section 3.3
hereof) and broad form property damage liability, in connection with the
ownership, use and occupancy of the Premises, in the amount of not less that
$100,000,000. Agent shall be named in the commercial general liability policies
as an additional insured, with a restrictive endorsement, which means Agent is
an additional insured with respect to the locations specified in this Agreement
only.

   3.3  Except as herein expressly provided, Owner agrees to indemnify and save
harmless Agent and its shareholders, directors, officers and employees from and
against all claims, losses and liabilities resulting from: (i) damage to
property or injury to, or death of, persons from any cause whatsoever when
Agent's intent is as to carrying out the provisions of this Agreement or acting
under the direction of Owner in or about the Premises; (ii) claims for personal
injury, including but not limited to defamation and false arrest, when Agent is
carrying out the provisions of this Agreement or acting under the direction of
Owner, and (iii) claims occasioned by or in connection with or arising out of
acts or omissions, other than criminal acts, of the Agent when Agent's intent
is as to carrying out the provisions of this Agreement or acting under the
direction of Owner and to defend or cause to be defended, at no expense to
Agent or such persons, any claim, action or proceeding brought against Agent or
such persons or Agent and Owner, jointly or severally, arising out of the
foregoing, and to hold Agent and such persons harmless from any judgment, loss
or settlement on account thereof.

   Nothwithstanding the foregoing, Owner shall not be responsible for
indemnifying or defending Agent and Agent agrees to indemnify and save harmless
Owner and its shareholders, directors, officers and employees, from and against
claims, losses and liabilities resulting from (i) any acts or omissions that
constitute gross negligence, misconduct or fraud on the part of Agent, its
employees or contractors, (ii) any acts or omissions that are outside the scope
of Agent's authority or responsibility under this Agreement, and (iii) the
default by Agent under this Agreement (collectively, clauses (i), (ii) and
(iii) are hereinafter referred to as "Agent Indemnification Events").

   Notwithstanding the foregoing, Agent shall not be responsible for
indemnifying or defending Owner in respect of any matter, claim or liability
which is covered by any commercial general liability insurance policies carried
by Owner and under which Agent is named as an additional insured unless such
matter, claim or liability arises from Agent Indemnification Events. In the
event of such Agent Indemnification Events, Agent shall indemnify and defend
Owner as provided above and shall look to Agent's own insurance, not Owner's
policy of insurance in which Agent is named as an additional insured, as the
primary insurance with respect to such acts of Agent without right of
contribution from Owner's insurance except to the extent Owner has been
contributorily

                                      9

<PAGE>

negligent. The indemnification obligations of Owner and Agent under this
Section 3.3 shall in each case be conditioned upon (a) prompt notice from the
other party after such party learns of any claim or basis therefor which is
covered by such indemnity, (b) such party's not taking any steps which would
bar Owner or Agent, as the case may be, from obtaining recovery under
applicable insurance policies or would prejudice the defense of the claim in
question, and (c) such party's taking of all necessary steps which if not taken
would result in Owner or Agent, as the case may be, being barred from obtaining
recovery under applicable insurance policies or would prejudice the defense of
the claim in question. The provisions of this Section 3.3 shall survive the
expiration or termination of this Agreement. Owner's liability under this
Section 3.3 shall in no event exceed the amount of insurance available to Owner
with respect to such liability.

   3.4  Owner shall provide such office space on the Premises as may be
necessary for Agent to properly perform its functions under this Agreement.
Agent shall not be required to pay for utilities, telephone service or rent for
the office area on the Premises occupied by Agent. Agent shall have the right
to use the fixtures, furniture, furnishings and equipment, if any, which are
the property of Owner in said office space. Owner shall also provide space on
the Premises for use as community rooms and information and service centers
where the use of such space is determined by Owner to be in the best interest
of the Premises. All income derived from the utilization and/or operation of
such community rooms and/or information or service centers shall belong to the
Owner and all expenses relating thereto shall be borne by Owner.

   3.5  Owner agrees, at its own cost and expense, to provide Agent with the
information in its possession regarding the rent rolls, and lease profiles of
all tenants of the Property, including outparcel tenants and department store
tenants. Such profile will include, but not be limited to information regarding
rent, charges, key business terms such as termination rights, exclusives,
abatements, relocation rights, kiosk restrictions, options to extend, rights of
first refusal, recapture rights, cotenancy and operating covenants. Upon
receipt of the information, Agent will verify the accuracy of the billing and
lease profiles of ten non-anchor tenants selected by Owner. If such
verification results in a finding that such information is incorrect in any
material matter, Owner will engage a third party to review and report on the
billing of all existing tenants. If such information is not provided to Agent
within 30 days of the effective date of this Agreement, Agent may, at its
option: (i) without any liability to Agent, rely on the billing methodology
used by the Owner and/or previous Agent for Owner; or (ii) retain, at Owner's
cost, outside personnel and/or firms to provide said information to Agent, and
Agent may rely upon said information as if it were provided by Owner.

   3.6  Except as otherwise provided in this Agreement, everything done by
Agent in the performance of its obligations under this Agreement and all
expenses incurred pursuant hereto shall be for and on behalf of Owner and for
its account. Except as otherwise provided herein, all debts and liabilities
incurred to third parties in the ordinary course of business of managing the
Premises are and shall be obligations of Owner, and Agent shall not be liable
for any such obligations by reason of its management, supervision or operation
of the Premises for Owner.

                                  ARTICLE IV

                                 COMPENSATION

   4.1  In addition to any other compensation provided to be paid to Agent
under this Agreement, Owner agrees to pay to Agent as compensation for its
management services hereunder, a fee at the rate specified in paragraph 5 of
EXHIBIT A attached hereto. Said fee shall be payable monthly in arrears, on the
10th day of each calendar month, and shall be based on receipts from the
preceding calendar month. Agent shall withdraw said fee from the Bank Account
and shall account for same as provided for in Section 2.2 hereof. It is
understood that there shall be excluded therefrom (i) fire loss proceeds, (ii)
capital improvements, remodeling and tenant change costs (including any
overhead factor payable by Tenants), (iii) amortization for tenant work, (iv)
security deposits, and (v) all utility and service charges and payments not
included in the basic rent, received from tenants.

                                      10

<PAGE>

   4.2  In recognition that Agent, through its Purchasing Services division
acquires furniture and other personal property for the benefit of Owner on
attractive terms and/or pricing, Owner agrees to pay Manager a fee equal to the
lesser of one-half of the savings achieved and five percent (5%) of the costs
of such furniture and personal property (excluding supplies and equipment used
primarily in the common areas of the Premises) acquired for the Owner,
excluding taxes, licenses, shipping and parking charges.

   4.3  For leases secured pursuant to Section 2.6, Agent shall be entitled to
fees and commissions provided in Exhibit A, section 6.

   4.4  Agent will utilize electronic data processing as it determines
appropriate or necessary in preparing or issuing reports required by this
Agreement. Nothing contained in this Agreement shall be construed as obligating
Owner without its express consent to reimburse Agent for the cost of electronic
data processing reports or services (i) if such reports or services are
required by Agent to fulfill any of its obligations under this Agreement or to
furnish to Owner in a timely fashion any reports provided for herein, or (ii)
if Agent utilizes data processing facilities or services in performing its
obligations under this Agreement.
Notwithstanding the foregoing, Owner acknowledges that Agent currently uses MRI
DOS for its accounting needs and will be migrating to JD Edwards Suite of
Accounting Products. Any unique software required by Owner to be used at
Agent's home office shall be reimbursed by Owner to Agent. In addition, Owner
agrees to reimburse Agent for the cost of any computer equipment and software
residing at the Premises which is necessary to administer, maintain and
communicate data which is required by Owner and Manager. At the termination of
this Agreement, such equipment and software will remain the property of Owner.

   The following expenses or costs incurred by or on behalf of Agent in
connection with the management and leasing of the Premises shall be the sole
cost and expense of Agent and shall not be reimbursable by Owner:

      (a) cost of gross salary and wages, payroll taxes, insurance, worker's
   compensation, pension benefits and any other fringe benefits and fringe
   benefits-related costs of Agent's personnel except such cost pertaining to
   personnel employed by Agent in accordance with Paragraph 2.1(b) hereof;

      (b) general accounting and reporting services, as such services are
   considered to be within the reasonable scope of Agent's responsibility to
   Owner;

      (c) costs of forms, stationery, ledgers and other supplies and equipment
   used in Agent's home office or regional home office;

      (d) cost or pro rata cost of Agent's standard electronic data processing
   equipment located at Agent's home or regional offices;

      (e) cost or pro rata cost of electronic data processing, for data
   processing provided by computer service companies when provided in lieu of
   item (d) above;

      (f) cost of all related expenses, compensation, salary, bonuses, fringe
   and fringe-related costs by Agent to Agent's employees, except such costs
   pertaining to employees employed by Agent in accordance with Paragraph
   2.1(b) hereof;

      (g) cost attributable to losses arising from criminal acts or from gross
   negligence or fraud on the part of Agent's associates or employees;

      (h) cost for meals, travel and hotel accommodations for Agent's home
   office or regional office personnel who travel to and from the Premises or
   Owner's office, except as provided in Section 2.5;

      (i) cost of automobile purchase and/or rental, except if furnished or
   approved by Owner;

      (j) except as otherwise provided in EXHIBIT A attached hereto, expenses
   incurred in connection with the leasing of the Premises, it is being
   understood and agreed, however, that Agent shall be reimbursed for
   advertising expenses incurred in connection with the leasing of the Premises
   up to the amount approved in the Annual Budget; and

      (k) fees and expenses of consultants and counsel retained without Owner's
   prior approval.

                                      11

<PAGE>

                                   ARTICLE V

                        DURATION, TERMINATION, DEFAULT

   5.1  This agreement shall become effective on the date hereof, subject to
receipt of approval by Owner's lender.

   5.2  Subject to earlier termination as hereinafter provided, this Agreement
shall terminate on THE FIRST ANNIVERSARY OF THE DATE HEREOF (the "Initial
Term"). At the conclusion of the Initial Term, this Agreement shall be
automatically renewed on a year-to-year basis (subject to the termination
rights provided in this Agreement) unless either party gives notice to the
other of its election not to renew the term of this Agreement for the next and
succeeding annual periods. Such notice of termination must be given to the
other party at least sixty (60) days (in the case of a termination by Owner) or
one hundred eighty (180) days (in the case of a termination by Agent) prior to
the expiration of the then-current term of this Agreement. In addition, Owner
may terminate this Agreement at any time upon sixty (60) days prior written
notice and the Agent may terminate this Agreement at any time upon ninety (90)
days prior written notice.

   5.3  AGENT DEFAULT; OWNER TERMINATION: It shall be an Event of Default under
this Agreement on the part of Agent if Agent shall default in any material
respect in performing any of its obligations under this Agreement and such
default shall not be cured within 30 days after written notice thereof is given
by Owner to Agent (or, if the default in question is curable but is of such
nature that it cannot reasonably be completely cured within such 30-day period,
if Agent does not promptly after receiving such notice commence to cure such
default and thereafter proceed with reasonable diligence to complete the curing
thereof). If an Event of Default by Agent shall occur, Owner shall have the
right to terminate this Agreement by written notice given to Agent, and upon
the giving of such notice this Agreement and the term hereof shall terminate
without any obligation on the part of Owner to make any payments to Agent
hereunder except as hereinafter provided.

   5.3(a)  If at any time during the term of this Agreement any involuntary
petition in bankruptcy or similar proceeding shall be filed against Agent
seeking its reorganization, liquidation or appointment of a receiver, trustee
or liquidator for it or for all or substantially all of its assets, and such
petition shall not be dismissed within 90 days after the filing thereof, or if
Agent shall:

      (i) apply for or consent in writing to the appointment of a receiver,
   trustee or liquidator of all or substantially all of its assets;

      (ii) file a voluntary petition in bankruptcy or admit in writing its
   inability to pay its debts as they become due;

      (iii) make a general assignment for the benefit of creditors;

      (iv) file a petition or an answer seeking reorganization or an
   arrangement with creditors or take advantage of any insolvency law; or

      (v) file an answer admitting the material allegations of a petition filed
   against it in any bankruptcy, reorganization or insolvency proceedings;

      (vi) itself or one of its agents or employees shall engage in any fraud,
   gross negligence or willful misconduct in the performance of the Agent's
   duties under this Agreement,

then upon the occurrence of any of the above described events, Owner, at its
option, may terminate this Agreement by written notice given to Agent, and upon
the giving of such notice this Agreement and the term hereof shall terminate
without any obligation on the part of Owner to make any payments to Agent
hereunder except as hereinafter provided.

   5.3(b)  Owner shall have the additional right to terminate this Agreement on
at least 10 days' written notice to Agent if (a) except as otherwise provided
in Article VI Agent, without Owner's prior written consent, shall assign or
attempt to assign its rights or obligations under this Agreement or subcontract
(except for normal

                                      12

<PAGE>

service agreements or as otherwise specified in this Agreement) any of the
services to be performed by Agent hereunder or (b) the premises shall be
damaged or destroyed to the extent of 25% or more by fire or other casualty and
Owner elects not to restore or repair the premises, or (c) there shall be a
condemnation or deed in lieu thereof of 10% or more of the premises.

   5.3(c)  This Agreement shall terminate at the election of the Owner upon
thirty (30) days written notice to the Agent if the Premises are sold by the
Owner to a non-affiliated third party purchaser or automatically if the
Premises were acquired by the Owner on foreclosure of a mortgage and are
subsequently redeemed. In the event the Premises are sold by the Owner to a
non-affiliated third party purchaser and this agreement is not thereby
terminated by the Owner, the Agent shall have the right to terminate this
Agreement upon sixty (60) days prior written notice which notice must be given
within (90) days after the date such sale is consummated. If the Premises are
sold, Agent will not be entitled to any sales commission unless the Agent has
been retained by the Owner pursuant to a separate commission arrangement.

   5.4  OWNER DEFAULT; AGENT TERMINATION: It shall be an Event of Default under
this Agreement on the part of Owner if Owner shall default in any material
respect in performing any of its obligations under this Agreement and such
default shall not be cured within 30 days after written notice thereof is given
by Agent to Owner (or, if the default in question is curable but is of such
nature that it cannot reasonably be completely cured within such 30-day period,
if Owner does not promptly after receiving such notice commence to cure such
default and thereafter proceed with reasonable diligence to complete the curing
thereof). If an Event of Default by Owner shall occur, Agent shall have the
right to terminate this Agreement by written notice given to Owner, and upon
the giving of such notice this Agreement and the term hereof shall terminate
and Owner shall remain obligated to make the payments to Agent hereunder as
provided in Section 5.9 hereof.

   5.4(a)  If at any time during the term of this Agreement any involuntary
petition in bankruptcy or similar proceeding shall be filed against Owner
seeking its reorganization, liquidation or appointment of a receiver, trustee
or liquidator for it or for all or substantially all of its assets, and such
petition shall not be dismissed within 90 days after the filing thereof, or if
Owner shall:

      (i) apply for or consent in writing to the appointment of a receiver,
   trustee or liquidator of all or substantially all of its assets;

      (ii) file a voluntary petition in bankruptcy or admit in writing its
   inability to pay its debts as they become due;

      (iii) make a general assignment for the benefit of creditors;

      (iv) file a petition or an answer seeking reorganization or an
   arrangement with creditors or take advantage of any insolvency law; or

      (v) file an answer admitting the material allegations of a petition filed
   against it in any bankruptcy, reorganization or insolvency proceedings;
   then, upon the occurrence of any such event Agent, at its option, may
   terminate this Agreement by written notice given to Owner, and upon the
   giving of such notice this Agreement and the term hereof shall terminate and
   Owner shall remain obligated to make any accrued payments to Agent hereunder
   as well as those provided in Section 5.5.

   5.4(b)  Agent shall have the additional right to terminate this Agreement on
at least sixty (60) days written notice to Owner if at any time Owner assigns
this Agreement and its rights and obligations hereunder.

   5.5  Upon any termination of this Agreement pursuant to the provisions of
this Article V, Owner shall remain obligated to pay to Agent fees and other
amounts due to Agent hereunder which accrued prior to the effective date of
such termination, as well as the severance costs paid by Agent to all employees
of Agent employed on a full time basis at the Premises who are not offered a
position of comparable salary and comparable duties by the successor agent of
the Premises; such severance costs in accordance with Agent's

                                      13

<PAGE>

customary severance policy, but in no event to exceed one week per year of
service. Without limiting the foregoing, Agent shall be entitled to leasing
commissions in accordance with the terms of this Agreement on all transactions
originated during the Term (or any extension or renewal thereof) on documents
signed by any tenant and delivered to Owner within four (4) months after the
effective date of expiration or earlier termination of the Term, and then
subsequently signed by Owner. As evidence of transactions originating during
the Term, Agent shall submit to Owner, within twenty (20) days after the
effective date or earlier termination of the Term, a list containing names of
only those specific prospective tenants from whom Agent has, prior to the
effective date of expiration or earlier termination of the Term, received
written evidence of interest for space, or whom Agent has shown space at the
Premises. Nothing contained in this Section 5.5 shall be deemed to waive,
affect or impair (a) Owner's rights to seek recourse against Agent for damages
or other relief in the event of the termination of this Agreement by Owner
pursuant to Section 5.3 hereof, and (b) Agent's right to seek recourse against
Owner for damages or other relief in the event of the termination of this
Agreement by Agent pursuant to Section 5.4 hereof.

   5.6  Upon the expiration or earlier termination of this Agreement, Agent
shall forthwith surrender and deliver to Owner any space in the Premises
occupied by Agent and shall make delivery to Owner or to Owner's designee or
agent, at Agent's home or regional offices or at its offices at the Premises,
of the following:

      (a) a final accounting, reflecting the balance of income from and
   expenses of the Premises as at the date of expiration or termination of this
   Agreement;

      (b) any funds of Owner or tenant security or advance rent deposits, or
   both, held by Agent with respect to the Premises; and

      (c) all records, contracts, leases, ground leases, reciprocal easement
   agreements, receipts for deposits, unpaid bills, lease summaries, canceled
   checks, bank statements, paid bills and all other records, papers and
   documents and any microfilm and/or computer disk of any of the foregoing
   which relate to the Premises and the operation, maintenance, management and
   leasing thereof (but specifically excluding any proprietary software of
   Agent); all such data, information and documents being at all times the
   property of the Owner.

   In addition, Agent shall furnish all such information and take all such
action as Owner shall reasonably require to effectuate an orderly and
systematic termination of Agent's duties and activities under this Agreement.

   5.7  The provisions of this Article V shall survive the expiration or
termination of this Agreement.

                                  ARTICLE VI

                                  ASSIGNMENT

   6.1  Except for a transfer to a "Permissible Transferee", Agent shall not
assign its rights or obligations under this Agreement, either directly or by a
transfer of stock or voting control either voluntarily or by operation of law.
Any assignment or transfer other than to a "Permissible Transferee" shall
constitute a breach of this Agreement by Agent and Owner may terminate this
Agreement in accordance with Section 5.5. A "Permissible Transferee" shall mean
any corporation, partnership, limited liability company, trust or other entity,
more than 50% of the outstanding stock of which, or more than 50% interest in
which, is owned or controlled by GGPLP L.L.C., GGP Limited Partnership, Bob
Michaels, John Bucksbaum, employees of Agent or any combination thereof and (a)
has a tangible net worth equal to or greater than that of Agent on the date of
this Agreement and at the time of transfer, (b) employs in comparable positions
substantially all of the individuals on whom Owner has relied directly or
indirectly for the performance of Agent's duties hereunder and (c) has
information, management and reporting systems and national contracts for the
purchase of services and goods equal to or better than those of Agent at the
time of assignment.

                                      14

<PAGE>

                                  ARTICLE VII

                                 MISCELLANEOUS

   7.1  Owner's Representative ("OWNERS REPRESENTATIVE") whose name and address
are set forth in paragraph 2 of EXHIBIT A attached hereto shall be the duly
authorized representative of Owner for the purpose of this Agreement. Agent
shall be entitled to rely on the verbal or oral instructions of Owner's
Representative as the authority of Owner until Agent is instructed in writing
as to any change in Owner's Representative. Any statement, notice,
recommendation, request, demand, consent or approval under this Agreement shall
be in writing and shall be deemed given by Owner when made or given by Owner's
Representative or any officer of Owner and delivered personally to an officer
of Agent or mailed, addressed to Agent, at his address first above set forth in
EXHIBIT A attached hereto. Either party may, by notice to the other, designate
a different address for the receipt of the aforementioned communications and
Owner may, by notice to Agent, from time to time, designate a different Owner's
Representative to act as such. All communications mailed by one party to
another shall be sent by first class mail, postage prepaid or Express Mail
Service or other commercial overnight delivery service, except that notices of
default shall be sent by registered or certified mail, return receipt
requested, postage prepaid, Express Mail Service or other commercial overnight
delivery service with receipt acknowledged in writing. Communications so mailed
shall be deemed given or served on the date mailed. Notwithstanding the
foregoing, any notice, requests, consent, approvals and other communications,
other than notices of default or approvals of Annual Budgets, and other
communications, approvals or agreements which are required by the express terms
of other provisions of this Agreement to be in writing, may be given by
telegram, telephonic communication or orally in person. Agent and Owner shall
furnish to the other the names and telephone numbers of one or more persons who
can be reached at any time during the term of this Agreement in the event of an
emergency.

   7.2  Agent shall, at its own expense, qualify to do business and obtain and
maintain such licenses as may be required for the performance by Agent of its
services.

   7.3  Each provision of this Agreement is intended to be severable. If any
term or provision hereof shall be determined by a court of competent
jurisdiction to be illegal or invalid for any reason whatsoever, such provision
shall be severed from this Agreement and shall not affect the validity of the
remainder of this Agreement.

   7.4  In the event either of the parties hereto shall institute any action or
proceeding against the other party relating to this Agreement, the unsuccessful
party in such action or proceeding shall reimburse the successful party for its
disbursements incurred in connection therewith and for its reasonable
attorney's fees as fixed by the court.

   7.5  No consent or waiver, express or implied, by either party hereto or of
any breach of default by the other party in the performance by the other of its
obligations hereunder shall be valid unless in writing, and no such consent or
waiver shall be deemed or construed to be a consent or waiver to or of any
other breach or default in the performance by such other party of the same or
any other obligations of such party hereunder. Failure on the part of either
party to complain of any act or failure to act of the other party or to declare
the other party in default, irrespective of how long such failure continues,
shall not constitute a waiver by such party of its rights hereunder. The
granting of any consent or approval in any one instance by or on behalf of
Owner shall not be construed to waive or limit the need for such consent in any
other or subsequent instance.

   7.6  The venue of any action or proceeding brought by either party against
the other arising out of this Agreement shall, to the extent legally
permissible, be in the state in which the Premises are located.

   7.7  This Agreement may not be changed or modified except by an agreement in
writing executed by each of the parties hereto. This Agreement constitutes all
of the understandings and agreements between the parties in connection with the
agency herein created.

                                      15

<PAGE>

   7.8  Intentionally Deleted.

   7.9  This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their permitted successors and assigns, but shall not inure
to the benefit of, or be enforceable by, any other person or entity.

   7.10  Nothing contained in this Agreement shall be construed as making Owner
and Agent partners or joint venturers or as making either of such parties
liable for the debts or obligations of the other, except as in this Agreement
is expressly provided.

   7.11  This Agreement and the rights of Agent hereunder shall be subject and
subordinate to the rights of Owner's mortgage lender and mezzanine lender and
upon the request of Owner, the Agent shall enter into subordination agreement
with Owner's mortgage lender and mezzanine lender containing such terms and
conditions as are required by such lenders.

   7.12  Agent shall offer employment on a provisional basis to the five (5)
employees of the current property manage who are based at the Premises
effective on the date of this Agreement on substantially the same terms as they
currently employed.

   IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

                                            OWNER:
                                            PARK PLAZA MALL, LLC, a Delaware
                                              limited liability company

                                            By: PARK PLAZA 3, LLC, a Delaware
                                                limited liability company, it
                                                general manager

                                                  By:
                                                      -------------------------
                                                  Its:
                                                      -------------------------

                                              AGENT:
                                              GENERAL GROWTH MANAGEMENT, INC.

                                              By:
                                                  -----------------------------
                                                  Its: Authorized Officer

                                      16

<PAGE>

                                   EXHIBIT A

 1. PREMISES (1.1)

    See Attachment 1.1

 2. NAME AND ADDRESS OF OWNER'S REPRESENTATIVE (7.1)
    Anne N. Zahner, Executive Vice President
    Radiant Partners, LLC
    1212 Avenue of Americas
    New York, New York 10036

    NAME AND ADDRESS OF AGENT (7.1)
    General Growth Management, Inc.
    110 North Wacker Drive
    Chicago, Illinois 60606

 3. Limit of amount authorized for non-emergency purchases and repairs (2.1(a)
    and (c)); $30,000.00.

 4. NAME OF BANKS (2.1(g)):

<TABLE>
<CAPTION>
  BANK      DESCRIPTION OF BANK ACCOUNTS
  ----      ----------------------------
                       <C>       <S>
  To Be Established by Owner's Representative
</TABLE>

 5. MANAGEMENT COMMISSIONS (4.1):

   Owner agrees to pay Agent as compensation for its management services
   hereunder an amount per annum equal to Four and One-half percent (4.5%) of
   the total minimum rent and Percentage/Overage Rents from the Premises,
   exclusive of all other occupancy charges such as CAM, Real Estate Taxes,
   marketing and specialty leasing income, services and utilities. Such
   management commission shall be payable monthly based on actual collected.
   Agent shall be entitled to receive the management commission on the pro rata
   portion of rents received by Owner after the termination of this Agreement
   but applicable to time periods prior to the termination of this Agreement.

 6. ADDITIONAL AMOUNTS PAYABLE TO AGENT:

   TENANT COORDINATION FEE: Owner agrees to pay Agent, to defray in-house
   expenses associated with reviewing tenant's plans and providing coordination
   tenant's occupancy of the leased premises the sum of Three Thousand Dollars
   ($3,000.00) per each new tenant construction, and One Thousand Five Hundred
   Dollars ($1,500.00) per renewal tenant whose renewal work (combined landlord
   and tenant work) exceeds $30,000--except any renewal where the combined
   tenant work and landlord work will exceed $100,000--in which case the Tenant
   Coordination Fee for such renewal will then be Three Thousand Dollars
   ($3,000.00).

   LEASING COMMISSIONS: Owner agrees to pay Agent the greater of 4.75% of the
   base minimum rent or Two and 50/100 Dollars ($2.50) per square foot of gross
   leasable area for each new lease Owner agrees to pay Agent the greater of
   2.75% of the base minimum rent or One and 50/100 Dollars ($1.50) per square
   foot of gross leasable area for each renewal lease or extension. If the
   commission is calculated on the basis of a percentage of base minimum rent,
   the commission shall be calculated for a maximum of a ten (10) year term.

   For purposes of Leasing Commissions hereunder, any lease for an ATM,
   customer service booth, permanent kiosk or in-line space of less than 300
   square feet shall be deemed to be 300 square feet in size for purposes of
   calculating the Leasing Commission.

                                      17

<PAGE>

   In the instance of New Lease leasing fees, the commission shall be payable
   50% upon Lease execution, and the remaining 50% upon tenant opening for
   business. In the instance of renewal leasing fees, the commission shall be
   payable 100% upon renewal document execution.

   Leasing Fees for either "Gross Deals" or "Percentage In Lieu" deals will be
   determined on a case by case basis.

   SPECIALTY LEASING: Owner agrees to pay Agent the following as compensation:

   For temporary tenants or licensees, an amount equal to ten percent (10%) of
   the minimum rent collected up to $325,000; and twenty percent (20%) of the
   minimum rent collected over $325,000. For purposes of this paragraph, a
   temporary tenant or licensee is one whose occupancy of space is limited to
   less than one (1) year.

   INITIATION/TRANSITION FEE:

   In addition to the Management Commission listed directly above, Owner agrees
   to pay to Agent, within 30 days of receipt of invoice by Owner, $5,000.00,
   to partially offset the takeover costs relating to human resources
   (excluding unemployment claims and severance packages that may occur as a
   result of the transition), administering benefits, payroll, and initial
   accounting setup, and to partially offset initial travel expenses of Agent's
   regional personnel. Agent agrees to make good faith efforts to minimize the
   costs related to such transition.

   DEPARTMENT STORE FEE SCHEDULE:

   (a) Department Store Consultations: Subject to prior approval by Owner for
   each consultation, Owner shall be responsible for the actual reasonable
   expenses directly related to travel, plus time billed at the hourly rate of
   $182.00 per hour for Senior Vice President, and/or Director of Department
   Stores. Approved Costs will be billed and payable on a monthly basis.

   (b) Addition of Big Box/Department Store:

      (i) New Department Store Agreement:$1.50 per square of gross building
   area from 30,001 up to 100,000 square feet; plus $1.25 per square foot of
   gross building area from 100,001 square feet and over. Notwithstanding the
   foregoing, as to the vacant lower level theatre space, the commission shall
   be $3.00 per square foot provided the space is leased in substantially the
   present configuration. If the space is subdivided, this $3.00 per square
   foot fee shall not apply, and shall revert to the applicable leasing
   commissions set forth above. The fee shall be deemed earned and payable to
   Agent upon execution of a lease by Owner and tenant, or recordation of a
   Deed.

      (ii) Operating Covenant: To Be Mutually Agreed Upon.

   (c) Department Store Recapture:

      (i) Recapture Fee: To Be Mutually Agreed Upon.

   (d) Extension, Renewal of Lease, Additional Space Taken: To Be Mutually
       Agreed Upon.

   (e) Department Store Approvals:

      (i) Approvals, including REA Modifications: To Be Mutually Agreed Upon.

   (f) Major Tenant (Big Box) Deals:

      (i) Lease. As noted above in the Leasing Commissions Section

      (ii) Sale: To Be Mutually Agreed Upon.

                                      18

<PAGE>

 7. DEVELOPMENT SERVICES (2.1(q)):

      (i) Notwithstanding anything to the contrary contained herein, the
   parties acknowledge that it is not within the contemplation of this
   Agreement or the fee structure included herein that the Agent perform any
   services with respect to the following: any "due diligence" or similar
   efforts relating to any financing, refinancing or sale or disposition of the
   Premises; zoning of the Premises; performing or supervising any extensive
   alteration or renovation to the Premises; site acquisitions of additional
   ground for the expansion of the Premises; reconstruction after casualty or
   condemnation; leasing, management, or construction relating to any proposed
   or implemented expansion of the Premises or work generally classified as
   "development" work in connection with the same; renewals or renegotiation of
   leases or other agreements with department stores if such involves
   substantial changes from existing documents (including, without limitation,
   negotiation of new leases, renewal leases, operating covenants, renovation
   provisions, expansion rights, and like matters); or replacement of
   department store tenancies. If the Agent proposes to perform such work or if
   the Owner requests the Agent to perform any of the foregoing, prior to
   undertaking the performance thereof, the Agent shall submit to the Owner for
   its approval a written proposal indicating the nature, extent and cost
   thereof, including the Agent's fee and payment provisions thereof for so
   performing such work and upon acceptance of such proposal the Owner shall
   pay the Agent in accordance therewith.

 8. ANCILLIARY INCOME FEE(2.9):

   In addition to the retainer fee set forth in Section 2.9, Owner shall pay to
   Agent or GGMS a fee equal to ten percent (10%) of all cash receipts received
   from or in connection with miscellaneous revenue producing transactions,
   contracts, ancillary programs, events and activities for those transactions,
   contracts, ancillary programs, events and activities in place prior to this
   Agreement's commencement, and thereafter twenty percent (20%) of all cash
   receipts received from or in connection with Agent's or GGMS's miscellaneous
   revenue producing transactions, contracts, ancillary programs, events and
   activities for its services incident to contracting and managing these
   revenue-producing transactions, contracts, programs, events and activities
   for Agent's or GGMS's services incident to contracting and managing these
   revenue-producing transactions, contracts, programs, events and activities.
   Notwithstanding the foregoing Agent understands that any transactions,
   contracts, ancillary programs, events and activities in existence and/or
   initiated before the commencement of this Agreement and continuing after the
   commencement of this Agreement shall nonetheless be subject to the 10% fee
   and not the 20% fee.

 9. OTHER REQUESTED SERVICES:

   If Owner requests Agent to provide its personnel for non-routine services
   which Agent is not obligated elsewhere in this Agreement to perform or
   compensation for which is not provided in this Agreement, including security
   analysis, Owner and Agent shall negotiate a mutually acceptable fee or other
   compensation for the services contemplated. The terms for payment of such
   fee or compensation shall also be established.

10. OWNER'S APPROVED COUNSEL (2.1 (h)): David A. Couch, Suite 150 Plaza West
    Building, 415 North McKinley Street, Little Rock, Arkansas 72205

                                      19

<PAGE>

                                   EXHIBIT B

                            FORM OF MONTHLY REPORT

   All reports will be in conformity with forms and procedures of Owner made
known to Agent or as set forth below:

                                      20

<PAGE>

                                   EXHIBIT C

                              LEASING GUIDELINES

   Agent shall use a form or forms of lease which have been prepared and
submitted to Owner for their prior review and approval. Agent will negotiate
and make modifications to such forms as directed by Owner, or as necessary or
appropriate with respect to the needs of the particular transactions, utilizing
methods and techniques consistent with prevailing practices employed in
management and leasing of shopping centers.

   All essential financial and business terms and provisions of the lease,
including construction and improvements of the leasehold, shall be presented
for Owner's approval. Tenant-signed leases presented by Agent for Owner's
review and execution shall be consistent with such terms and conditions
previously approved by Owner, or with such deviations or modifications
identified for Owner's review. Execution of tenant-signed leases that are
presented by Agent for Owner's signature will acknowledge Owner's approval of
the lease, its form, its terms and provisions.

   No lease or other agreement shall be entered into, modified, canceled or
extended if the consent of any mortgagee or ground lessor is required unless
such consent has been obtained. Agent will notify Owner when such consent is
required.

   For each lease submitted by Agent, Agent will provide the following
supporting information:

      1.  A lease analysis that includes the net present value calculated for
   the period through any early termination right and for the period through
   the end of the initial term.

      2.  Comparables including material lease terms and sales estimates.

      3.  Tenant financial information for local and regional tenants.

      4.  Verification of references for local and regional tenants.

                                      21

<PAGE>

                                ATTACHMENT 1.1
                              (LEGAL DESCRIPTION)

                                      22<PAGE>

                                                                   EXHIBIT 10.7

================================================================================

                                    FORM OF

                            EQUITYHOLDERS AGREEMENT

                                 BY AND AMONG

                              GOTHAM GOLF CORP.,

                               GOTHAM GOLF LLC,

                             GOTHAM PARTNERS, L.P.

                        FLORIDA GOLF ASSOCIATES, L.P.,

                        FLORIDA GOLF PROPERTIES, INC.,

                                      AND

                         CERTAIN EQUITYHOLDERS OF EACH

                            DATED AS OF [        ]

================================================================================

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<S>               <C>                                                      <C>
ARTICLE I

   CERTAIN DEFINITIONS                                                     PAGE
                                                                           ----
   Section 1.1    Definitions.............................................    1
   Section 1.2    Construction............................................    4

ARTICLE II

   BOARD OF DIRECTORS

   Section 2.1    Composition of the Corporation Board....................    5
   Section 2.2    Removal and Replacement of Directors....................    5
   Section 2.3    Removal of Founders Director by Shareholders............    5

ARTICLE III

   OTHER AGREEMENTS

   Section 3.1    Right of Co-Sale........................................    5
   Section 3.2    Structure of Redemptions................................    6

ARTICLE IV

   TRANSFER RESTRICTIONS

   Section 4.1    Restrictions on Transfers...............................    7
   Section 4.2    Affiliate Transfers.....................................    8
   Section 4.3    Pledge to a Loan Bank...................................    8
   Section 4.4    Void Transfers..........................................    8
   Section 4.5    Open-Market Trades......................................    8

ARTICLE V

   REGISTRATION RIGHTS

   Section 5.1.   Demand Registrations....................................    8
   Section 5.2.   Piggy-Back Registration.................................    9
   Section 5.3.   Termination of Registration Obligations.................   10
   Section 5.4.   Registration Procedures.................................   11
   Section 5.5.   Registration Expenses...................................   14
   Section 5.6.   Indemnification; Contribution...........................   15

ARTICLE VI

   TERMINATION

   Section 6.1    Termination.............................................   17

ARTICLE VII

   MISCELLANEOUS

   Section 7.1    Counterparts............................................   17
   Section 7.2    Governing Law...........................................   17
</TABLE>

                                       i

<PAGE>

<TABLE>
<CAPTION>
                                                                           PAGE
                                                                           ----
<C>                <S>                                                     <C>
   Section 7.3     Jurisdiction and Forum.................................  17
   Section 7.4     Entire Agreement.......................................  17
   Section 7.5     Expenses...............................................  17
   Section 7.6     Notices................................................  18
   Section 7.7     Successors and Assigns.................................  19
   Section 7.8     Headings; Definitions..................................  19
   Section 7.9     Amendments and Waivers.................................  19
   Section 7.10    Severability...........................................  20
   Section 7.11    Interpretation.........................................  20
   Section 7.12    Specific Performance...................................  20
   Section 7.13    No Third-Party Beneficiaries...........................  20
</TABLE>

                                      ii

<PAGE>

   This EQUITYHOLDERS AGREEMENT, dated as of [           ], 2002 (this
"AGREEMENT"), is entered into by and among (i) Gotham Golf Corp., a Delaware
corporation (the "CORPORATION"), in its individual capacity and in its capacity
as a Limited Partner of Gotham Golf Partners, L.P., a Delaware limited
partnership (the "PARTNERSHIP"), (ii) Gotham Golf, LLC, a single-member
Delaware limited liability company and wholly owned subsidiary of the
Corporation (the "GENERAL PARTNER"), in its individual capacity and in its
capacity as general partner of the Partnership, (iii) Gotham Partners, L.P., a
Delaware limited partnership ("GOTHAM"), individually and on behalf of its
Controlled Affiliates, each in its capacity as a shareholder of the
Corporation, (iv) Florida Golf Associates, L.P., a Virginia limited partnership
("FGA"), (v) Florida Golf Properties, Inc., a Virginia corporation ("FGPI"),
and (vi) certain Limited Partners of the Partnership and shareholders of the
Corporation as identified on EXHIBIT A (each a "FOUNDER", collectively
"FOUNDERS", and together with Gotham, FGA, FGPI and their respective Controlled
Affiliates, the "EQUITYHOLDERS").

                                   RECITALS

   WHEREAS, the Partnership, Gotham, FGA, FGPI and certain other Persons have
entered into that certain Agreement and Plan of Merger and Contribution, dated
as of February 13, 2002 (the "MERGER AGREEMENT"), which provides, among other
things, that Gotham, FGA, FGPI and certain of Gotham's Affiliates shall
contribute their respective rights, titles and interests in the Partnership to
the Corporation, which in turn shall contribute certain of these rights, titles
and interests to the General Partner, in exchange for the Common Stock of the
Corporation;

   WHEREAS, in connection with those matters, the partners of the Partnership
have resolved to amend and restate their agreement of limited partnership in
the form of the Third Amended and Restated Agreement of Limited Partnership of
Gotham Golf Partners, L.P. (the "PARTNERSHIP AGREEMENT");

   WHEREAS, the execution of this Agreement is a condition of the obligation of
the parties to the Merger Agreement to consummate the transactions contemplated
thereby; and

   WHEREAS, the Corporation, the Partnership and the Equityholders desire to
establish in this Agreement certain terms and conditions concerning their
holdings of Partnership Units and Common Stock and concerning provisions
related to the Equityholders' relationship with and investment in the
Partnership and the Corporation, as the case may be, immediately following the
consummation of the transactions contemplated by the Merger Agreement.

   NOW, THEREFORE, in consideration of the premises and the covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound hereby, the parties hereto agree as follows:

                                   ARTICLE I

                              CERTAIN DEFINITIONS

   Section 1.1 DEFINITIONS.  As used in this Agreement, the following terms
shall have the respective meanings set forth below:

   "AFFILIATE" shall have the meaning set forth in the Partnership Agreement.

   "AGREEMENT" shall have the meaning set forth in the Preamble.

   "BANK" shall mean any bank whose deposits are insured under the Federal
Deposit Insurance Act, as amended.

                                      1

<PAGE>

   "BANK DEMAND RIGHT" shall have the meaning set forth in Section 5.1.

   "BLACKOUT PERIOD" shall have the meaning set forth in Section 5.1.

   "BUSINESS DAY" shall have the meaning set forth in the Partnership Agreement.

   "COMMON STOCK" shall mean the common stock, par value $0.01 per share, of
the Corporation.

   "COMMON STOCK EQUIVALENTS" shall mean shares of Common Stock issuable upon
redemption of the Partnership Units.

   "CONTROL" (including terms with correlative meanings such as "CONTROLLED",
"CONTROLLING", "CONTROLLED BY" and "UNDER COMMON CONTROL") shall mean, with
respect to any Person, the possession, directly or indirectly, of (i) greater
than 51% of the economic interests of a Person and (ii) the power to direct or
cause the direction of the management policies of that Person, whether through
ownership of voting securities or otherwise.

   "CORPORATION" shall have the meaning set forth in the Preamble.

   "CORPORATION BOARD" shall have the meaning set forth in Section 2.1.

   "CORPORATION INTEREST" shall mean, with respect to any Person, such Person's
percentage ownership (direct and indirect) of the outstanding Common Stock at
the time of measurement, including (i) that number of shares of Common Stock
for which such Person's Partnership Units can be redeemed pursuant to the
Partnership Agreement and (ii) that number of shares of Common Stock arising
from Transfers from another Equityholder to such Person, but in any case, shall
not include any Market Shares owned (directly or indirectly) by such Person.

   "DEMAND REGISTRATION" shall have the meaning set forth in Section 5.1.

   "DEMAND REQUEST" shall have the meaning set forth in Section 5.1.

   "DEMAND SHARES" shall have the meaning set forth in Section 5.1.

   "DIRECTOR" shall mean one or more of the members of the Corporation Board,
as the context may require.

   "EFFECTIVE PERIOD" shall have the meaning set forth in Section 5.4.

   "EQUITYHOLDERS" shall have the meaning set forth in the Preamble.

   "FAIR MARKET VALUE" shall mean, with respect to any Person's Common Stock or
Partnership Units redeemable for Common Stock, the average of the daily market
price for the Common Stock or the Common Stock issued upon redemption of the
Partnership Units, as the case may be, for the ten (10) consecutive trading
days immediately preceding the relevant time of measurement. The market price
for each such trading day shall be: (i) if the Common Stock is listed or
admitted to trading on any securities exchange or inter-dealer quotation system
of a registered securities association, the closing price, regular way, on such
day or, if no such sale takes place on such day, the average of the closing bid
and asked prices on such day; (ii) if the Common Stock is not listed or
admitted to trading on any securities exchange or the inter-dealer quotation
system of a registered securities association, the last reported sale price on
such day or, if no sale takes place on such day, the average of the closing bid
and asked prices on such day, as reported by a reliable quotation source
designated by the General Partner, in its sole discretion, or (iii) if the
Common Stock is not listed or admitted to trading on any securities exchange or
the inter-dealer quotation system of a registered securities association and no
such last reported sale price or closing bid and asked prices are available,
the average of the reported high bid and low asked prices on such day, as
reported by a reliable quotation source designated by the General Partner, in
its sole

                                      2

<PAGE>

discretion, or, if there shall be no bid and asked prices on such day, the
average of the high bid and low asked prices, as so reported, on the most
recent day (not more than ten (10) days prior to the date in question) for
which prices have been so reported; PROVIDED that if there are no bid and asked
prices reported during the ten (10) days prior to the date in question, the
Fair Market Value of the Common Stock shall be determined by the General
Partner acting in good faith on the basis of such quotations and other
information as it considers appropriate.

   "FAMILY" shall mean, with respect to a particular Equityholder, such
Equityholder's estate and heirs and current and former spouse(s), parents,
parents-in-law, children, children-in-law, siblings, nephews, nieces and
grandchildren and any trust, entity or estate, all of the beneficiaries and/or
actual and beneficial owners of which consist solely of such Equityholder or
such Equityholder's current or former spouse(s), parents, parents-in-law,
children, children-in-law, siblings, nephews, nieces and grandchildren.

   "FGA" shall have the meaning set forth in the Preamble.

   "FGPI" shall have the meaning set forth in the Preamble.

   "FOUNDER" AND "FOUNDERS" shall have the meanings set forth in the Preamble.

   "FOUNDERS DIRECTOR" shall have the meaning set forth in Section 2.1.

   "GENERAL PARTNER" shall have the meaning set forth in the Preamble.

   "GOTHAM" shall have the meaning set forth in the Preamble.

   "GOTHAM DEMAND RIGHT" shall have the meaning set forth in Section 5.1.

   "GOVERNMENTAL ENTITY" shall mean any federal, state or local political
subdivision or other governmental agency or instrumentality, foreign or
domestic.

   "LIMITED PARTNER" shall have the meaning set forth in the Partnership
Agreement.

   "LOAN BANK" shall have the meaning set forth in Section 4.1(a).

   "MARKET SHARES" shall mean Common Stock purchased by a Person through an
Open-Market Trade.

   "MAXIMUM NUMBER" shall have the meaning set forth in Section 5.2.

   "MERGER AGREEMENT" shall have the meaning set forth in the Recitals.

   "OPEN-MARKET TRADE" shall mean any purchase or sale on (i) a securities
exchange or inter-dealer quotation system on which or through which the Common
Stock is traded or (ii) the over-the-counter market.

   "OPTION" shall have the meaning set forth in Section 3.1(b).

   "OTHER HOLDER" shall have the meaning set forth in Section 5.2.

   "PARTNERSHIP" shall have the meaning set forth in the Preamble.

   "PARTNERSHIP AGREEMENT" shall have the meaning set forth in the Recitals.

   "PARTNERSHIP UNITS" shall have the meaning set forth in the Partnership
Agreement.

                                      3

<PAGE>

   "PARTY" shall mean each of the parties hereto and any Persons who become a
party hereto in accordance with Section 4.2.

   "PERMITTED TRANSFERS" shall have the meaning set forth in Section 4.1.

   "PERSON" shall mean any individual, partnership, limited liability company,
firm, corporation, association, joint venture, trust or other entity or any
Governmental Entity.

   "PIGGY-BACK REGISTRATION" shall have the meaning set forth in Section 5.2.

   "PIGGY-BACK REQUEST" shall have the meaning set forth in Section 5.2.

   "PROHIBITED SALE" shall have the meaning set forth in Section 3.1(b).

   "PURCHASER" shall have the meaning set forth in Section 3.1(a).

   "PROSPECTIVE SELLER" shall have the meaning set forth in Section 3.1(a).

   "REDEMPTION RIGHT" shall have the meaning set forth in the Partnership
Agreement.

   "REGISTRABLE SHARES" shall have the meaning set forth in Section 5.1.

   "SEC" shall mean the Securities and Exchange Commission.

   "SECURITIES ACT" shall mean the Securities Act of 1933, as amended.

   "SUBSIDIARY" shall mean, when used with respect to any Person, any Affiliate
of such Person that is Controlled by such Person.

   "TOTAL CORPORATION INTEREST" shall mean, with respect to any Person, the sum
of (i) such Person's Corporation Interest and (ii) any Market Shares owned
(directly or indirectly) by such Person (expressed as a percentage of the
outstanding Common Stock at the time of measurement).

   "TRANSFER" shall mean, in verb or noun form, any direct or indirect sale,
assignment, gift, encumbrance, hypothecation, mortgage, tender, exchange, any
other disposition by law or otherwise or other derivative transaction that has
the effect of materially changing the economic benefits and risks of ownership.

   Section 1.2  CONSTRUCTION.   Unless the context requires otherwise: (a) the
gender (or lack of gender) of all words used in this Agreement includes the
masculine, feminine and neuter; (b) references to Articles and Sections refer
to Articles and Sections of this Agreement; (c) references to Exhibits refer to
the Exhibits attached to this Agreement; (d) references to laws refer to such
laws as they may be amended from time to time, and references to particular
provisions of a law include any corresponding provisions of any succeeding law;
(e) references to money refer to legal currency of the United States of
America; (f) the word "including" means "including, without limitation"; (g)
wherever the words "in its sole discretion", "in the General Partner's
discretion" (including, with correlative meanings, the terms "absolute
discretion" or "individual discretion" or similar words or phrases), as applied
to decisions, determinations, judgments, actions, undertakings or exercises of
power and/or authority by the General Partner or the Corporation (whether on
behalf of the Partnership or otherwise), shall be interpreted to mean that (i)
the General Partner or the Corporation (as the case may be) may decide, make
determinations, adjudge, act, undertake undertakings or exercise its power
and/or authority with respect to such matters without reference to its
fiduciary or other duties, whether arising under law, equity or otherwise owing
to the Partnership, or the partners and Limited Partners thereof or any other
Persons, other than contractual duties arising on account hereof and (ii) the
Founders, in their capacity as Limited Partners of the

                                      4

<PAGE>

Partnership, shall be deemed to have consented to and/or approved all such
matters without any further action on their or the General Partner's part; and
(h) all capitalized terms defined herein are equally applicable to both the
singular and plural forms of such terms. For the avoidance of doubt, nothing
contained in this Section 1.2 shall be deemed to be a waiver by any
Equityholder or as an admission by the General Partner, in connection with any
claims for breach of fiduciary duty against the General Partner for any acts or
omissions occurring after the date hereof.

                                  ARTICLE II

                              BOARD OF DIRECTORS

   Section 2.1 COMPOSITION OF THE CORPORATION BOARD.  Each of the Equityholders
shall, and shall cause its Controlled Affiliates to, make nominations and vote
their respective Total Corporation Interest, so that the Corporation shall be
managed by a board of directors (the "CORPORATION BOARD") that, subject to the
Corporation's Certificate of Incorporation and Bylaws (in each case, as amended
from time to time), shall be comprised of seven (7) Persons, including, one (1)
individual designated by those Founders who have a Corporation Interest greater
than zero, acting as a single group (the "FOUNDERS DIRECTOR"). The Founders
Director shall serve as a Director until his or her successor is duly elected
and qualified or until his or her earlier resignation or removal. The Founders
shall, among themselves, establish the terms and conditions for designating the
Founders Director and, if no such agreement is reached, the designee required
by this Section 2.1 shall be designated by that certain Founders Agreement,
dated as of the date hereof, by and among the Founders.

   Section 2.2 REMOVAL AND REPLACEMENT OF DIRECTORS.  Each Equityholder shall,
and shall cause its Affiliates to, vote their respective Total Corporation
Interest to remove the Founders Director at the request of the Founders, acting
as a single group, at any time and for any reason (or for no reason). Subject
to the Corporation's Certificate of Incorporation and Bylaws, as amended from
time to time, should the Founders Director be unwilling or unable to continue
to serve, or otherwise cease to serve (including by reason of his or her
involuntary removal or at the expiration of any applicable term of office),
then each of the Equityholders shall, and shall cause its Affiliates to, make
nominations and vote their respective Total Corporation Interest to fill the
resulting vacancy on the Corporation Board by a Person designated by the
Founders, as provided in Section 2.1.

   Section 2.3 REMOVAL OF FOUNDERS DIRECTOR BY SHAREHOLDERS.  None of the
Equityholders or their Controlled Affiliates shall participate in, nor shall
they cooperate with, any effort, or execute any resolution proposed by
shareholders of the Corporation other than the Equityholders, to remove the
Founders Director so long as the Founders Director is either John Caporaletti
or R. Daniel Mays.

                                  ARTICLE III

                               OTHER AGREEMENTS

   Section 3.1 RIGHT OF CO-SALE.

   (a) None of the Equityholders nor their respective Affiliates (each, a
"PROSPECTIVE SELLER") shall Transfer any part or all of its Corporation
Interest to any Person unless the prospective transferee (the "PURCHASER")
offers to purchase from each other Equityholder on terms no less favorable than
those offered to the Prospective Seller up to a number of shares of Common
Stock such that, in the case of a Transfer of a Person's Corporation Interest,
if each Equityholder accepts such offer in full, the ratio of the aggregate
number of shares of Common Stock and Common Stock Equivalents directly or
indirectly held by the Prospective Seller immediately before such Transfer to
the aggregate number of shares of Common Stock and Common Stock Equivalents
directly or indirectly held by the Prospective Seller immediately after such
Transfer shall be equal to the ratio of the aggregate number of shares of
Common Stock and Common Stock Equivalents directly or indirectly held by the
other Equityholders immediately before such Transfer to the aggregate number of
shares of Common Stock and

                                      5

<PAGE>

Common Stock Equivalents directly or indirectly held by such Equityholders
immediately after such Transfer. The Prospective Seller shall send to each
other Equityholder a written notice of the Purchaser's offer to purchase shares
of Common Stock (including Common Stock Equivalents that are redeemed for
Common Stock) pursuant to this Section 3.1 at least 30 days prior to the
closing of any sale of shares of Corporation Interests by any Prospective
Seller. Such other Equityholders may accept the Purchaser's offer in whole or
in part and shall evidence its acceptance of the Purchaser's offer by sending a
notice of acceptance to the Prospective Seller and the Purchaser within 30 days
after receipt of the notice of the Purchaser's offer. An Equityholder that does
not accept the Purchaser's offer (in whole or in part) in accordance with the
foregoing sentence shall be deemed to have rejected the Purchaser's offer.

   (b) If a Prospective Seller Transfers any Corporation Interest to any Person
in contravention of the preceding Section 3.1(a) (a "PROHIBITED SALE"), each
other Equityholder shall have the option (the "OPTION") to sell to such
Prospective Seller up to a number of shares of Common Stock equal to the number
of shares that such Equityholder would have had the right to sell in connection
with the Prohibited Sale had such Prospective Seller and such Purchaser
complied with the terms of this Agreement. The price per share of Common Stock
that the Prospective Seller shall pay to each Equityholder in the event any
such Equityholder exercises its Option shall be equal to the price per share of
Common Stock paid to the Prospective Seller in the Prohibited Sale. An Option
may be exercised by an Equityholder within 30 days after it has received notice
or otherwise become aware of the Prohibited Sale, and may be exercised in whole
or in part. The Prospective Seller shall reimburse each Equityholder for any
reasonable expenses, including attorneys' fees, in exercising an Option.

   (c) The Corporation and the Partnership shall not consummate or facilitate
the consummation of any Transfer of Corporation Interest that is subject to
this Section 3.1 unless the prospective transferee simultaneously consummates
its corresponding purchase from each of the Equityholders that has exercised
its right to participate in such Transfer.

   (d) In the event that any Equityholder elects not to sell the full number of
shares of Common Stock that it is entitled to sell pursuant to paragraph (a) or
(b) above, the unexercised portion of its right to participate in such a sale
shall be allocated to and among the other Equityholders on a pro rata basis
according to their holdings of Common Stock (and Partnership Units redeemable
for Common Stock) or as such other Equityholders otherwise agree to allocate
such unexercised portion. An Equityholder may exercise its foregoing right to
sell an increased number of shares of Common Stock in whole or in part. In the
event that the Equityholders do not elect to sell the full number of shares of
Common Stock that they are entitled to sell pursuant to paragraphs (a), (b) and
(d), (i) such remaining unexercised portion may be sold by the Prospective
Seller to the Purchaser on terms no more favorable to the Prospective Seller
than those originally proposed, and (ii) such sale must take place during the
period ending 45 days after delivery of the notice required to be sent to the
Equityholders pursuant to Section 3.1(a).

   (e) Anything to the contrary herein notwithstanding, it is acknowledged and
agreed that Sections 3.1(a), (b) and (c) shall not apply to (i) Transfers of
Common Stock by the Corporation to any Person, (ii) Transfers of Partnership
Units by the Partnership, (iii) Transfers by Equityholders to any of their
Affiliates, (iv) Transfers from an Equityholder to any other Equityholder, or
(v) Open-Market Trades of Common Stock, and (vi) distributions of Common Stock
by Gotham or its Affiliates to their respective limited partners or beneficial
owners.

   Section 3.2 STRUCTURE OF REDEMPTIONS.  At the request of any Equityholder,
the General Partner shall use its reasonable commercial efforts to structure
any redemption on account of the exercise of an Equityholder's Redemption Right
as a purchase of such Equityholder's interest in the Partnership by the
Partnership. For purposes of clarity, it is acknowledged and agreed that,
irrespective of whether a redemption is structured as a purchase by the
Partnership or as a purchase by the General Partner, the General Partner shall
determine, in its sole discretion, whether the Redemption Amount is the Cash
Amount or the GGC Shares Amount (each as defined in the Partnership Agreement).

                                      6

<PAGE>

                                  ARTICLE IV

                             TRANSFER RESTRICTIONS

   Section 4.1 RESTRICTIONS ON TRANSFERS.  (a) Except as otherwise provided
herein (including Article III), and, with respect to John Caporaletti, subject
to the Employment Agreement between the Partnership and John Caporaletti, dated
as of the date hereof, for a period ending 18 months after the date hereof,
each Founder agrees that he or she shall not Transfer or commit to Transfer
(including engaging in any derivative or hedging transaction (such as
short-selling or buying or selling options) that has the effect of changing the
economic benefits or risks of ownership of) any of his or her Corporation
Interests or Partnership Units. The foregoing notwithstanding, each Founder may
engage in the following Transfers (the "PERMITTED TRANSFERS"):

      (1) subject to paragraph (c) of this Section 4.1 and Section 4.2, each
   Founder may Transfer all or any portion of his or her Common Stock or
   Partnership Units to any of his or her Controlled Affiliates;

      (2) subject to applicable law and the Partnership Agreement, each of FGA,
   FGPI, Stephen J. Garchik, the Sydne Michael Garchik Trust, the Jessica
   Katherine Garchik Trust, the Michael Ross Garchik Trust, the Matthew Jay
   Katzman 1996 Trust and the David Eric Katzman 1997 Trust shall not be
   restricted in any way from Transferring all or any portion of their Common
   Stock or Partnership Units;

      (3) subject to paragraph (c) of this Section, each Founder may Transfer
   all or any portion of his or her Common Stock or Partnership Interest to (a)
   any other Limited Partner, or (b) such Founder's Family;

      (4) subject to paragraph (c) of this Section, in the event that, pursuant
   to clauses (i), (ii)(B) and (ii)(C) of Section 5.1.E of the Partnership
   Agreement, a Tax Loan (as such term is defined in the Partnership Agreement)
   is not made to an Equityholder, then any such Equityholder that otherwise
   would have been entitled to a Tax Loan under the Partnership Agreement on
   account of a sale of assets by the Partnership shall have the right to
   Transfer that portion of its Common Stock that it then owns in an amount
   equal to the number of shares of Common Stock having a Fair Market Value
   less than or equal to the Tax Loan that otherwise would have been made but
   for the application of clauses (i), (ii)(B) and (ii)(C) of Section 5.1.E of
   the Partnership Agreement; and

      (5) subject to Section 4.3, any Founder may pledge as collateral for
   loans, including loans provided by any Bank (any such Bank that provides
   such loan hereinafter referred to as the "LOAN BANK") up to an amount equal
   to the difference between (A) two-thirds (66 2/3%) of the Fair Market Value
   (measured as of the time of the pledge) of his or her Corporation Interests
   and (B) any of his or her outstanding debt to the Partnership, the
   Corporation, the General Partner or any other Person (including any other
   Loan Bank), secured by Corporation Interests and/or Partnership Units.

   For purposes of clarity, it is acknowledged and agreed that this Section
4.1(a) constitutes an agreement in respect of pledges and Transfers as
contemplated by Section 11.1.B of the Partnership Agreement.

      (b) In the event of a foreclosure by the Loan Bank, a subsequent Transfer
   of Common Stock shall only be permitted hereunder if the Loan Bank becomes a
   party to this Agreement, but only for purposes of Article V, by executing an
   adoption agreement in substantially the form of EXHIBIT B; PROVIDED that
   EXHIBIT B shall be revised to reflect that the Loan Bank's obligation is
   limited to the matters described in Article V.

      (c) If any Founder desires to Transfer all or any portion of his or her
   Corporation Interests pursuant to clauses (1), (3), (4) or (5) of Section
   4.1(a), such Transfer shall be permitted only if, after giving effect to
   such Transfer: (X) two-thirds (66 2/3%) or less of the Fair Market Value
   (measured as of the time of the Transfer) of such Founder's remaining
   Corporation Interest remains subject to any lien including as collateral to
   or security for any outstanding debt to the Partnership, the Corporation,
   the General Partner, a Loan Bank or any other Person and (Y) in the case of
   clauses (3), (4) and (5) of Section 4.1(a) hereof, the transferee executes
   an Assumption Agreement in the form of EXHIBIT C.

                                      7

<PAGE>

   Section 4.2 AFFILIATE TRANSFERS.  If any Equityholder desires to Transfer
all or any portion of its Corporation Interest to a Controlled Affiliate, such
Transfer shall be permitted hereunder only if the transferee executes an
adoption agreement substantially in the form of EXHIBIT B.

   Section 4.3 PLEDGE TO A LOAN BANK.  If any Founder pledges all or any
portion of his or her Corporation Interests, Common Stock or Partnership Units
to a Loan Bank pursuant to clause (5) of Section 4.1(a), and the Loan Bank
forecloses or is reasonably expected to foreclose on the loan, at such time
such Founder shall be deemed to have exercised his or her Redemption Right
under Section 8.6 of the Partnership Agreement for any Partnership Units
collateralizing the pledge in advance of any Transfer of any Corporation
Interest or Common Stock to the Loan Bank on account of such foreclosure. In
advance of entering into any pledge arrangement as contemplated by this Section
4.1, the subject Founder shall inform the subject Loan Bank in writing of the
restrictions contained herein.

   Section 4.4 VOID TRANSFERS.  Any purported Transfer of all or any portion of
a Corporation Interest shall be void if: (1) such Transfer is not explicitly
permitted hereby; (2) such Transfer would violate or otherwise require any
registration or similar action or undertaking under any of the Securities Act
of 1933, the Securities Exchange Act of 1934, the Investment Company Act of
1940, the Investment Advisors Act of 1940 (collectively, the "SECURITIES ACTS")
or any regulations promulgated under any of the Securities Acts; or (3) such
Transfer would result in the Partnership being deemed a "publicly traded
partnership" as defined under Section 7704(b) of the Internal Revenue Code of
1986, as amended. The provisions hereof with respect to Corporation Interests
shall apply equally to any rights or options to purchase, or securities
convertible into or exchangeable for, Corporation Interests.

   Section 4.5 OPEN-MARKET TRADES.  Anything contained herein to the contrary
notwithstanding (including any restrictions in Article III and Article IV),
following the consummation of the transactions contemplated by the Merger
Agreement, subject to applicable securities laws, (i) each Equityholder and its
Affiliates may make Open-Market Trades of Common Stock or any other equity
interest without restriction, and (ii) any purchase or sale of Market Shares
shall not be subject to any restrictions contained herein.

                                   ARTICLE V

                              REGISTRATION RIGHTS

   Section 5.1 DEMAND REGISTRATIONS.  (a) (i) Gotham may, on its own behalf and
on behalf of its Controlled Affiliates (the "GOTHAM DEMAND RIGHT"), at any time
after the date hereof and on an unlimited number of occasions but not more
frequently than once during any nine-month period, and (ii) separately, subject
to Section 5.3, any Loan Bank may, on its own behalf (the "BANK DEMAND RIGHT"),
at any time following the foreclosure of a pledge collateralized by a Founder's
Corporation Interests and consequential Transfer of Common Stock to the Loan
Bank, on not more than three (3) separate occasions in the aggregate and not
more frequently than once during any nine-month period, require the Corporation
to file a registration statement under the Securities Act in respect of all or
a portion of the Common Stock then held by Gotham and its Controlled Affiliates
or the Loan Bank, as the case may be (the "REGISTRABLE SHARES"), by delivering
to the Corporation written notice stating that such right is being exercised,
specifying the number of shares of Common Stock to be included in such
registration (the shares subject to such request, the "DEMAND SHARES") and
describing the intended method of distribution thereof, which may include an
underwritten offering (a "DEMAND REQUEST"). With respect to any Demand Request
or any registration of Demand Shares on account thereof, the Corporation may
condition its compliance with its obligations hereunder on Gotham's and its
Controlled Affiliates' or the Loan Bank's, as the case may be, agreeing in
writing to keep confidential all matters related hereto. Upon receiving a
Demand Request, the Corporation shall (i) use reasonable best efforts to file
as promptly as reasonably practicable a registration statement on such form as
the Corporation, in its sole discretion, may reasonably deem appropriate
(provided that the Corporation shall not be obligated to register any
securities on a "shelf" registration statement

                                      8

<PAGE>

or otherwise to register securities for offer or sale on a continuous or
delayed basis), providing for the registration of the sale of such Demand
Shares pursuant to the intended method of distribution (a "DEMAND
REGISTRATION") and (ii) after the filing of an initial version of the
registration statement, use reasonable best efforts to cause such registration
statement to be declared effective under the Securities Act as promptly as
practicable after the date of filing of such registration statement.

   (b) Notwithstanding anything in this Agreement to the contrary, the
Corporation shall be entitled to postpone and delay, for reasonable periods of
time, but in no event more than an aggregate of 180 days during any 12-month
period (a "BLACKOUT PERIOD"), the filing or effectiveness of any Demand
Registration if the Corporation shall determine that any such filing or the
offering of any Registrable Shares would (i) in the good faith judgment of the
Corporation Board, impede, delay or otherwise interfere with any pending or
contemplated material acquisition, disposition, corporate reorganization or any
other transaction involving the Corporation, (ii) based upon advice from the
Corporation's investment banker or financial advisor, adversely affect any
pending or contemplated financing, offering or sale of any class of securities
by the Corporation or any of its Affiliates or (iii) in the good-faith judgment
of the Corporation Board, require disclosure of material non-public information
(other than information relating to an event described in clauses (i) or (ii)
above) that, if disclosed at such time, would be harmful to the best interests
of the Corporation and its equityholders; PROVIDED, HOWEVER, that the
Corporation shall give written notice to Gotham (on its behalf and its
Controlled Affiliates) or the subject Loan Bank, as the case may be, of its
determination to postpone or delay the filing of any Demand Registration; and
PROVIDED, FURTHER, that in the event that the Corporation proposes to register
Common Stock, whether or not for sale for its own account, during a Blackout
Period, Gotham and its Controlled Affiliates or the Loan Bank, as the case may
be, shall have the right to exercise their respective rights under Section 5.2
of this Agreement with respect to such registration, subject to the limitations
contained in this Agreement on the exercise of such rights. Upon notice by the
Corporation to Gotham and its Controlled Affiliates or the Loan Bank, as the
case may be, of any such determination, such persons shall keep the fact of any
such notice strictly confidential, and during any Blackout Period, promptly
halt any offer, sale, trading or Transfer by it of any Common Stock for the
duration of the Blackout Period set forth in such notice (or until such
Blackout Period shall be earlier terminated in writing by the Corporation) and
promptly halt any use, publication, dissemination or distribution of the Demand
Registration, each prospectus included therein, and any amendment or supplement
thereto by it for the duration of the Blackout Period set forth in such notice
(or until such Blackout Period shall be earlier terminated in writing by the
Corporation) and, if so directed by the Corporation, will deliver to the
Corporation any copies then in its possession of the prospectus covering such
Registrable Shares.

   (c) In connection with an underwritten offering, if the managing underwriter
or co-managing underwriter reasonably and in good faith shall have advised the
Corporation that, in its opinion, the number of Demand Shares subject to a
Demand Request exceeds the number that can be sold in such offering, then the
Corporation shall include in such registration the number of Demand Shares
that, in the opinion of such managing underwriter or underwriters, can be sold
in such offering.

   (d) In connection with any underwritten offering, the managing underwriter
for such Demand Registration shall be selected by the Corporation, PROVIDED
that such managing underwriter shall be a nationally recognized investment
banking firm and shall be reasonably acceptable to Gotham (on its own behalf
and on behalf of its Controlled Affiliates) and the Loan Bank, as applicable.
The Corporation may, at its option and in its sole discretion, select a
nationally recognized investment banking firm to act as co-managing underwriter.

   (e) Nothing in this Article V shall affect or supersede any of the transfer
restrictions set forth in Article IV hereof or any of the other provisions of
this Agreement.

   Section 5.2 PIGGY-BACK REGISTRATION.  (a) If, at any time following (i) the
exercise of a Gotham Demand Right or (ii) the foreclosure of a pledge
collateralized by a Founder's Corporation Interests and consequential Transfer
of Common Stock to the Loan Bank, the Corporation proposes to register any
Common Stock under the Securities Act on its behalf or on behalf of any of its
equityholders, on a form and in a manner that would permit

                                      9

<PAGE>

registration of the Registrable Shares (other than in connection with dividend
reinvestment plans, rights offerings or a registration statement on Form S-4 or
S-8 or any similar successor form), the Corporation shall give reasonably
prompt written notice to (A) the Founders (but only in the case of the exercise
by Gotham of a Gotham Demand Right) and (B) the Loan Bank, of the Corporation's
intention to do so, which notice shall be given to such persons not less than
fifteen (15) Business Days prior to the contemplated filing date for such
registration statement. Upon the written election of (i) the Founders (but only
in the case of the exercise by Gotham of a Gotham Demand Right) or (ii) the
Loan Bank (in either case, a "PIGGY-BACK REQUEST"), given to the Corporation
within ten (10) Business Days following the receipt of any such written notice
(which election shall specify the number of the Registrable Shares intended to
be disposed of by the Founders or the Loan Bank, as the case may be), the
Corporation shall include in such registration statement (a "PIGGY-BACK
REGISTRATION"), subject to the provisions of this Section 5.2 and, in the case
of a registration on behalf of any of the Corporation's equityholders, subject
to the rights of such equityholders, such number of the Registrable Shares as
shall be set forth in such Piggy-Back Request; PROVIDED, HOWEVER, that in the
case of a Piggy-Back Request by any Founders, the number of Registrable Shares
available for registration on account of such Piggy-Back Request shall not
exceed a number of shares of Common Stock such that, if each Founder exercised
its Piggy-Back Request in full, the ratio of the aggregate number of shares of
Common Stock and Common Stock Equivalents directly or indirectly held by such
Founder immediately before the subject Piggy-Back Registration to the aggregate
number of shares of Common Stock and Common Stock Equivalents directly or
indirectly held by such Founder immediately after such Piggy-Back Registration
shall be equal to the ratio of the aggregate number of shares of Common Stock
and Common Stock Equivalents directly or indirectly held by Gotham and its
Controlled Affiliates immediately before a Demand Registration to the aggregate
number of shares of Common Stock and Common Stock Equivalents directly or
indirectly held by Gotham and its Controlled Affiliates immediately after such
Demand Registration. In the event any Founder elects to submit a Piggy-Back
Request for less than the full number of shares of Common Stock that it is
entitled to request pursuant to this Section 5.2, the unexercised portion of
its right to so request shall be allocated to and among the other Founders on a
pro rata basis according to their holdings of Common Stock and Common Stock
Equivalents, or as such other Founders otherwise agree to allocate such
unexercised portion. A Founder may exercise its Piggy-Back Request in whole or
in part. Any registration effected under this Section 5.2 shall decrease the
obligations of the Corporation to effect a Demand Registration in respect of a
Bank Demand Right required under Section 5.1(a) by one.

   (b) In the event that the Corporation proposes to register Common Stock in
connection with an underwritten offering, and a nationally recognized
investment banking firm selected by the Corporation to act as managing
underwriter thereof reasonably and in good faith has advised the Corporation or
any other holder of Common Stock intending to offer Common Stock in the
offering (each, an "OTHER HOLDER") that, in its opinion, the inclusion in the
registration statement of some or all of the Registrable Shares sought to be
registered by Gotham (and its Controlled Affiliates), the Founders or the Loan
Bank would adversely affect the price or success of the offering, then the
Corporation shall include in such registration statement such number of shares
of Common Stock that the Corporation was advised can be sold in such offering
without such an effect (the "MAXIMUM NUMBER") as follows and in the following
order of priority: (A) FIRST, such number of shares of Common Stock as the
Corporation intended to be registered and sold by the Corporation if such
registration was initiated by the Corporation or, if such registration is on
behalf of any Other Holders, such number of shares of Common Stock as such
Other Holders intended to be registered and sold, and (B) SECOND, if and to the
extent that the number of shares of Common Stock to be registered under clause
(A) is less than the Maximum Number, such number of shares of Common Stock as
Gotham and its Controlled Affiliates, the Loan Bank, the Corporation (if such
registration was not initiated by the Corporation) and any Other Holders (or
additional Other Holders), as the case may be, shall have intended to register
that, when added to the number of shares of Common Stock to be registered under
clause (A), is less than or equal to the Maximum Number on a pro rata basis
according to the total number of shares of Common Stock intended to be
registered by each such Person.

   Section 5.3 TERMINATION OF REGISTRATION OBLIGATIONS.  Anything in this
Agreement to the contrary notwithstanding, if at any time the Corporation shall
obtain a written opinion of legal counsel to the effect that the Registrable
Shares may be publicly offered for sale in the United States by Gotham and its
Controlled

                                      10

<PAGE>

Affiliates or the Loan Bank without restriction as to manner of sale and amount
of securities sold and without registration under the Securities Act, the
Corporation shall no longer be obligated to file or maintain a registration
statement with respect to the Registrable Shares pursuant to this Agreement,
unless at a later date Gotham or the Loan Bank, as the case may be, delivers to
the Corporation an opinion of counsel to Gotham or the Loan Bank, as the case
may be, which opinion is reasonably satisfactory in form and substance to
counsel to the Corporation, that registration is then required as a result of a
change in applicable law.

   Section 5.4 REGISTRATION PROCEDURES.  (a) In connection with each
registration statement prepared pursuant to this Article V, and in accordance
with the intended method or methods of distribution of the Registrable Shares
as described in such registration statement, the Corporation shall, as soon as
reasonably practicable and to the extent practicable:

      (i) prepare and file with the SEC a registration statement on an
   appropriate registration form of the SEC and use reasonable efforts to cause
   such registration statement to become and remain effective promptly, which
   registration statement shall comply as to form in all materials respects
   with the requirements of the applicable form and include all financial
   statements required by such form to be filed therewith; PROVIDED that before
   filing a registration statement or prospectus or any amendments or
   supplements thereto, the Corporation shall furnish to separate counsel
   selected by each of Gotham (on its own behalf and on behalf of its
   Controlled Affiliates) and the Loan Bank (on its own behalf) draft copies of
   all such documents proposed to be filed at least ten (10) Business Days (in
   the case of a Demand Registration) or seven (7) days (in the case of any
   other registration) prior to such filing, which documents will be subject to
   the reasonable review and comment of Gotham or the Loan Bank and their
   respective agents and representatives and the underwriters, if any, and the
   Corporation shall not file any registration statement in respect of a Demand
   Registration or amendment or supplement thereto to which Gotham, the Loan
   Bank or the underwriters, if any, shall reasonably object;

      (ii) furnish separately to Gotham, the Loan Bank, and the underwriters,
   if any, at least one conformed copy of the registration statement and each
   post-effective amendment or supplement thereto (including all schedules and
   exhibits but excluding all documents incorporated or deemed incorporated
   therein by reference) and such number of copies of the registration
   statement and each amendment or supplement thereto and the summary,
   preliminary, final, amended or supplemented prospectuses included in such
   registration statement as Gotham, the Loan Bank or such underwriter may
   reasonably request in order to facilitate the public sale or other
   disposition of the Registrable Shares being sold by Gotham, the Loan Bank
   (the Corporation hereby consents to the use in accordance with the U.S.
   securities laws of such registration statement (or post-effective amendment
   thereto) and each such prospectus (or preliminary prospectus or supplement
   thereto) by Gotham, the Loan Bank and the underwriters, if any, in
   connection with the offering and sale of the Registrable Shares covered by
   such registration statement or prospectus);

      (iii) use reasonable efforts to keep such registration statement
   effective for the earlier of (A) 60 days and (B) such time as all of the
   securities covered by the registration statement have been disposed (the
   "EFFECTIVE PERIOD"); prepare and file with the SEC such amendments,
   post-effective amendments and supplements to the registration statement and
   the prospectus as may be necessary to maintain the effectiveness of the
   registration for the Effective Period and to cause the prospectus (and any
   amendments or supplements thereto) to be filed;

      (iv) use reasonable best efforts to register or qualify the Registrable
   Shares covered by such registration statement under such other securities or
   "Blue Sky" laws of such jurisdictions in the United States as are reasonably
   necessary, keep such registrations or qualifications in effect for so long
   as the registration statement remains in effect, and do any and all other
   acts and things which may be reasonably necessary to enable Gotham, the Loan
   Bank or any underwriter to consummate the disposition of the Registrable
   Shares in such jurisdictions; PROVIDED, HOWEVER, that in no event shall the
   Corporation be required to qualify to do business as a foreign corporation
   in any jurisdiction where it would not, but for the requirements of this
   subparagraph (iv), be required to be so qualified; to execute or file any
   general consent to service of process under the laws of any jurisdiction; to
   take any action that would subject it to service of

                                      11

<PAGE>

   process in suits other than those arising out of the offer and sale of the
   securities covered by the registration statement; or to subject itself to
   taxation in any jurisdiction where it would not otherwise be obligated to do
   so, but for this paragraph (iv);

      (v) use reasonable best efforts to cause the Registrable Shares to be
   registered with or approved by such other governmental agencies or
   authorities as may be reasonably necessary to enable Gotham and its
   Controlled Affiliates and the Loan Bank to consummate the disposition of the
   Registrable Shares;

      (vi) use reasonable best efforts to cause all Registrable Shares covered
   by such registration statement to be listed on the principal securities
   exchange on which the Common Stock is then listed, or if no similar
   securities are then so listed, cause all such Registrable Shares to be
   listed on a United States national securities exchange or secure designation
   of each such Registrable Share as a Nasdaq National Market "national market
   system security" within the meaning of Rule 11 Aa2-1 of the Securities Act
   or secure National Association of Securities Dealers Automated Quotation
   authorization for such shares and, without limiting the generality of the
   foregoing, use reasonable efforts to take such actions as may be required by
   the Corporation as the issuer of such Registrable Shares in order to
   facilitate the registration of at least one market maker as such with
   respect to such shares with the National Association of Securities Dealers,
   Inc.;

      (vii) promptly notify Gotham, the Loan Bank and the managing underwriter
   or underwriters, if any, after becoming aware thereof, (A) when the
   registration statement or any related prospectus or any amendment or
   supplement thereto has been filed, and, with respect to the registration
   statement or any post-effective amendment, when the same has become
   effective, (B) of any request by the SEC or any United States state
   securities authority for amendments or supplements to the registration
   statement or the related prospectus or for additional information, (C) of
   the issuance by the SEC of any stop order suspending the effectiveness of
   the registration statement or the initiation of any proceedings for that
   purpose, (D) of the receipt by the Corporation of any notification with
   respect to the suspension of the qualification of the Registrable Shares for
   sale in any jurisdiction or the initiation of any proceeding for such
   purpose or (E) within the Effective Period of the happening of any event or
   the existence of any fact which makes any statement in the registration
   statement or any post-effective amendment thereto, prospectus or any
   amendment or supplement thereto, or any document incorporated therein by
   reference untrue in any material respect or which requires the making of any
   changes in the registration statement or post-effective amendment thereto or
   any prospectus or amendment or supplement thereto so that they will not
   contain any untrue statement of a material fact or omit to state any
   material fact required to be stated therein or necessary to make the
   statements therein, in light of the circumstances under which they were
   made, not misleading;

      (viii) during the Effective Period, use its reasonable best efforts to
   obtain, as promptly as practicable, the withdrawal of any order enjoining or
   suspending the use or effectiveness of the registration statement or any
   post-effective amendment thereto or the lifting of any suspension of the
   qualification of any of the Registrable Shares for sale in any jurisdiction;

      (ix) deliver promptly to Gotham, the Loan Bank and the managing
   underwriters, if any, copies of all correspondence between the SEC and the
   Corporation, its counsel or auditors and all memoranda relating to
   discussions with the SEC or its staff with respect to the registration
   statement and permit Gotham and the Loan Bank to do such investigation, with
   respect to information contained in or omitted from the registration
   statement as each deems reasonably necessary for the purpose of conducting
   customary due diligence with respect to the Corporation, PROVIDED any such
   investigation shall not interfere unreasonably with the Corporation's
   business;

      (x) if applicable, use reasonable efforts to provide and cause to be
   maintained a transfer agent and registrar for all such Registrable Shares
   covered by such registration statement not later than the effective date of
   such registration statement;

      (xi) cooperate with Gotham, the Loan Bank and the managing underwriter or
   underwriters, if any, to facilitate the timely preparation and delivery of
   certificates representing such Registrable Shares to be sold

                                      12

<PAGE>

   under the registration statement in a form eligible for deposit with the
   Depository Trust Corporation not bearing any restrictive legends and not
   subject to any stop transfer order with any transfer agent, and cause such
   Registrable Shares to be issued in such denominations and registered in such
   names as the managing underwriters, if any, may request in writing or, if
   not an underwritten offering, in accordance with the instructions of Gotham,
   the Loan Bank, in each case at least two (2) Business Days prior to any sale
   of Registrable Shares;

      (xii) in the case of an underwritten offering, use reasonable efforts to
   enter into an underwriting agreement customary in form and scope for
   underwritten secondary offerings of the nature contemplated by the
   applicable registration statement;

      (xiii) use reasonable efforts to obtain an opinion from the Corporation's
   counsel and a "cold comfort" letter from the Corporation's independent
   public accountants (and, if necessary, any other independent certified
   public accountants of any Subsidiary of the Corporation or of any business
   acquired by the Corporation for which financial statements and financial
   data is, or is required to be, included in the registration statement) in
   customary form and covering such matters as are customarily covered by such
   opinions and "cold comfort" letters in connection with an offering of the
   nature contemplated by the applicable registration statement;

      (xiv) not later than the effective date of the applicable registration
   statement, provide a CUSIP number for all Registrable Shares;

      (xv) in connection with any underwritten offering of Registrable Shares,
   provide reasonable assistance to the underwriters in the marketing of such
   Registrable Shares, including by making reasonably available its employees
   and personnel and by participating reasonably in road shows; and

      (xvi) use reasonable efforts to provide to counsel to Gotham (and its
   Controlled Affiliates), the Loan Bank and to the managing underwriters, if
   any, no later than the time of filing of any document which is to be
   incorporated by reference into the registration statement or prospectus
   (after the initial filing of such registration statement), copies of any
   such document.

   (b) In the event that the Corporation would be required, pursuant to clause
(vii)(E) of Section 5.4(a) above, to notify Gotham, the Loan Bank or the
managing underwriter or underwriters, if any, of the happening of any event
specified therein, the Corporation shall, subject to the provisions of Section
5.1(b) hereof, as promptly as practicable, prepare and furnish to Gotham, the
Loan Bank and to each such underwriter a reasonable number of copies of a
prospectus supplemented or amended so that, as thereafter delivered to
purchasers of Registrable Shares that have been registered pursuant to this
Agreement, such prospectus shall not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Gotham and the Loan Bank shall,
upon receipt of any notice from the Corporation pursuant to Section
5.4(a)(vii)(E) hereof, use their respective reasonable best efforts to cause
any sales or placement agent or agents for the Registrable Shares and the
underwriters, if any, to forthwith discontinue disposition of the Registrable
Shares until such Person shall have received copies of such amended or
supplemented prospectus and, if so directed by the Corporation, to destroy or
to deliver to the Corporation all copies then in its possession of the
prospectus (prior to such amendment or supplement) covering such Registrable
Shares as soon as practicable after Gotham's or the Loan Bank's, as the case
may be, receipt of such notice.

   (c) Each of Gotham and the Loan Bank separately shall furnish to the
Corporation in writing such information regarding Gotham or the Loan Bank, as
the case may be, and their respective intended method of distribution of the
Registrable Shares as the Corporation may from time to time reasonably request
in writing, but only to the extent that such information is relevant in order
for the Corporation to comply with its obligations under all applicable
securities and other laws and to ensure that the prospectus relating to such
Registrable Shares conforms to the applicable requirements of the Securities
Act and the rules and regulations thereunder. Each of Gotham and the Loan Bank
separately shall notify the Corporation as promptly as practicable of any
inaccuracy

                                      13

<PAGE>

or change in information previously furnished to the Corporation or of the
occurrence of any event, in either case as a result of which any prospectus
relating to the Registrable Shares contains or would contain an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and promptly furnish
to the Corporation any additional information required to correct and update
any previously furnished information or required so that such prospectus shall
not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.

   (d) (i) Each of Gotham (and its Controlled Affiliates), the applicable
Founders (and their Controlled Affiliates) and the Loan Bank, as the case may
be, shall not effect any public sale or distribution of any Registrable Shares,
including any sale pursuant to Rule 144 under the Securities Act, and not
effect any such public sale or distribution of any other equity security of the
Corporation or of any security convertible into or exchangeable or exercisable
for any equity security of the Corporation (in each case, other than as part of
such underwritten public offering) during the 10 days prior to, and during the
60 day period (or such longer period as Gotham, the applicable Founders and the
Loan Bank agree with the underwriter of such offering) beginning on, the
consummation of any underwritten public offering of the Registrable Shares
covered by a registration statement referred to in Section 5.2, if any of and
to the extent that Registrable Shares (or any other equity security of the
Corporation or any security convertible into or exchangeable or exercisable for
any equity security of the Corporation owned by any of the foregoing) of Gotham
(and/or its Controlled Affiliates'), the Founders (and/or their Controlled
Affiliates) or the Loan Bank, as the case may be, are being sold thereunder.

   (ii) The Corporation hereby agrees that if it receives a request pursuant to
Section 5.1 or 5.2 for registration of Registrable Shares in an underwritten
offering, and if the registration made pursuant to that request is not
withdrawn or abandoned, the Corporation shall not Transfer or otherwise dispose
of any Common Stock, any other equity security of the Corporation or any
security convertible into or exchangeable for any equity security of the
Corporation until the earlier of (A) 60 days after the effective date of such
registration statement and (B) such time as all of the Registrable Shares
covered by such registration statement have been distributed, other than (x) as
part of such underwritten offering, (y) pursuant to a registration statement on
Form S-8 or Form S-4 under the Securities Act or any successor or similar form
or (z) in one or more private transactions that would not interfere with the
method of distribution contemplated by such registration statement.

   (e) In the case of any registration under Section 5.1 pursuant to an
underwritten offering, or in the case of a registration under Section 5.2 if
the Corporation has entered into an underwriting agreement in connection
therewith, all shares of Common Stock to be included in such registration shall
be subject to the applicable underwriting agreement and no Person may
participate in such registration unless such Person agrees to sell such
Person's securities on the basis provided therein and completes and executes
all questionnaires, indemnities, underwriting agreements and other documents
(other than powers of attorney) which must be executed in connection therewith,
and provides such other information to the Corporation or the underwriter as
may be reasonably requested to register such Person's Common Stock.

   Section 5.5 REGISTRATION EXPENSES.  In the case of any Demand Registration
by Gotham (on behalf of itself or its Affiliates) and related Piggy-Back
Request by Founders, the Corporation shall bear all costs, fees and expenses,
including, agent fees and commissions, underwriting discounts and commissions,
and fees and disbursements of counsel and accountants, in connection with any
registration of any Registrable Shares pursuant to Article V. Notwithstanding
the foregoing, the Loan Bank shall bear its proportionate share of costs, fees
and expenses, including, agent fees and commissions, underwriting discounts and
commissions, and fees and disbursements of counsel and accountants, in
connection with any registration of any Registrable Shares pursuant to Article
V in which Gotham or the Founders also participate, and the full amount of such
costs, fees and expenses in connection with any other registration of any
Registrable Shares pursuant to Article V.

                                      14

<PAGE>

   Section 5.6 INDEMNIFICATION; CONTRIBUTION.  (a) The Corporation shall, and
it hereby agrees to, indemnify and hold harmless Gotham and its Controlled
Affiliates, the Loan Bank and their respective directors, officers, employees
and Controlling Persons, if any, and each underwriter, its partners, directors,
officers, employees and controlling Persons, if any, in any offering or sale of
the Registrable Shares, against any losses, claims, damages or liabilities,
actions or proceedings (whether commenced or threatened) in respect thereof and
expenses (including attorneys' fees) (collectively, "CLAIMS") to which each
such indemnified party may become subject, insofar as such Claims (including
any amounts paid in settlement effected with the consent of the Corporation as
provided herein), or actions or proceedings in respect thereof, arise out of or
are based upon an untrue statement or alleged untrue statement of a material
fact contained in any registration statement, or any preliminary or final
prospectus contained therein, or any amendment or supplement thereto, or any
document incorporated by reference therein, or arise out of or are based upon
any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, and the Corporation
shall, and it hereby agrees to, reimburse periodically Gotham and its
Controlled Affiliates, the Loan Bank or any such underwriter for any legal or
other out-of-pocket expenses reasonably incurred by them in connection with
investigating or defending any such Claims; PROVIDED, HOWEVER, that the
Corporation shall not be liable to any such Person in any such case to the
extent that any such Claims arise out of or are based upon an untrue statement
or alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary or final prospectus, or amendment or
supplement thereto, in reliance upon and in conformity with information
furnished to the Corporation by such Person or any underwriter or
representative of such Person expressly for use therein, or by such Person's
failure to furnish the Corporation, promptly upon request, with the information
with respect to such Person, or any underwriter or representative of such
Person, or such Person's intended method of distribution, that is the subject
of the untrue statement or omission or if the Corporation shall sustain the
burden of proving that such Person or such underwriter sold securities to the
Person alleging such Claims without sending or giving, at or prior to the
written confirmation of such sale, a copy of the applicable prospectus
(excluding any documents incorporated by reference therein) or of the
applicable prospectus, as then amended or supplemented (excluding any documents
incorporated by reference therein), if the Corporation had previously furnished
copies thereof to Gotham, the Loan Bank or such underwriter, and such
prospectus corrected such untrue statement or alleged untrue statement or
omission or alleged omission made in such registration statement.

   (b) Each of Gotham, the applicable Founders and the Loan Bank shall
separately (i.e., not on a joint or severable basis) (i) indemnify and hold
harmless the Corporation, its directors, officers, employees, Affiliates and
Controlling Persons, if any, and each underwriter, its partners, officers,
directors, employees and Controlling Persons, if any, in any offering or sale
of Registrable Shares, against any Claims to which each such indemnified party
may become subject, and only to the extent that such Claims (including any
amounts paid in settlement as provided herein), or actions or proceedings in
respect thereof, arise out of or are based upon an untrue statement or alleged
untrue statement of a material fact contained in such registration statement,
or any preliminary or final prospectus contained therein, or any amendment or
supplement thereto, or any document incorporated by reference therein, or arise
out of or are based upon any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case only to the extent that such untrue
statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the
Corporation by Gotham, the applicable Founders or the Loan Bank, as the case
may be, expressly for use therein, and (ii) reimburse the Corporation for any
legal or other out-of-pocket expenses reasonably incurred by the Corporation in
connection with investigating or defending any such Claim.

   (c) Promptly after receipt by an indemnified party under Section 5.6(a) or
Section 5.6(b) of written notice of the commencement of any action or
proceeding for which indemnification under Section 5.6(a) or Section 5.6(b) may
be requested, such indemnified party shall notify such indemnifying party in
writing of the commencement of such action or proceeding; but the omission so
to notify the indemnifying party shall not relieve it from any liability which
it may have to any indemnified party in respect of such action or proceeding
hereunder unless the indemnifying party was materially prejudiced by such
failure of the indemnified party to

                                      15

<PAGE>

give such notice, and in no event shall such omission relieve the indemnifying
party from any other liability it may have to such indemnified party. In case
any such action or proceeding shall be brought against any indemnified party
and it shall notify an indemnifying party of the commencement thereof, such
indemnifying party shall be entitled to participate therein and, to the extent
that it shall determine, jointly with any other indemnifying party similarly
notified, to as sume the defense thereof, with counsel reasonably satisfactory
to such indemnified party, and, after notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof, such
indemnifying party shall not be liable to such indemnified party for any legal
or any other expenses subsequently incurred by such indemnified party in
connection with the defense thereof other than reasonable costs of
investigation; PROVIDED, HOWEVER, that (i) if the indemnifying party fails to
take reasonable steps necessary to defend diligently the action or proceeding
within 20 days after receiving notice from such indemnified party that the
indemnified party believes it has failed to do so; (ii) if such indemnified
party who is a defendant in any action or proceeding which is also brought
against the indemnifying party reasonably shall have concluded that there may
be one or more legal defenses available to such indemnified party which are not
available to the indemnifying party; or (iii) if representation of both parties
by the same counsel is otherwise inappropriate under applicable standards of
professional conduct, then, in any such case, the indemnified party shall have
the right to assume or continue its own defense as set forth above (but with no
more than one firm of counsel for all indemnified parties in each jurisdiction)
and the indemnifying party shall be liable for any expenses therefor (including
any such reasonable counsel's fees). If the indemnifying party is not entitled
to, or elects not to, assume the defense of a claim, it will not be obligated
to pay the fees and expenses of more than one counsel for each indemnified
party with respect to such claim. The indemnifying party will not be subject to
any liability for any settlement made without its consent, which consent shall
not be unreasonably withheld or delayed. No indemnifying party shall, without
the prior written consent of the indemnified party, compromise or consent to
entry of any judgment or enter into any settlement agreement with respect to
any action or proceeding in respect of which indemnification is sought under
Section 5.6(a) or Section 5.6(b) (whether or not the indemnified party is an
actual or potential party thereto), unless such compromise, consent or
settlement includes an unconditional release of the indemnified party from all
liability in respect of such claim or litigation, does not subject the
indemnified party to any material injunctive relief or other material equitable
remedy and does not include a statement or admission of fault, culpability or a
failure to act, by or on behalf of the indemnified party.

   (d) Gotham, the applicable Founders, the Loan Bank and the Corporation agree
that if, for any reason, the indemnification provisions contemplated by
Sections 5.6(a) or 5.6(b) hereof are unavailable to or are insufficient to hold
harmless an indemnified party in respect of any Claims referred to therein,
then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such Claims in such proportion as is
appropriate to reflect the relative fault of, the indemnifying party, on the
one hand, and the indemnified party, on the other hand, with respect to such
offering of securities. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. If, however, the allocation in the second preceding
sentence is not permitted by applicable law, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative faults, but also
the relative benefits of the indemnifying party and the indemnified party, as
well as any other relevant equitable considerations. The parties hereto agree
that it would not be just and equitable if contributions pursuant to this
Section 5.6(d) were to be determined by pro rata allocation or by any other
method of allocation which does not take into account the equitable
considerations referred to in the preceding sentences of this Section 5.6(d).
The amount paid or payable by an indemnified party as a result of the Claims
referred to above shall be deemed to include (subject to the limitations set
forth in Section 5.6(c) hereof) any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or
defending any such action, proceeding or claim. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

                                      16

<PAGE>

                                  ARTICLE VI

                                  TERMINATION

   Section 6.1 TERMINATION.  (a) With respect to any obligations of Gotham and
its Controlled Affiliates related hereto, this Agreement shall terminate and
any obligations of Gotham (and, to the extent applicable, the obligations of
any of its Controlled Affiliates) shall cease in their entirety, become void
and have no effect immediately after Gotham's Total Corporation Interest is
less than 11.25% of the issued and outstanding Common Stock; PROVIDED, HOWEVER,
that the Gotham Demand Right (and the related Founder's rights under Section
5.2) shall persist until Gotham's Total Corporation Interests is less than 5%
of the issued and outstanding Common Stock.

   (b) Upon termination in accordance with this Section 6.1, this Agreement
shall become void and have no effect; PROVIDED, HOWEVER, that such termination
shall not relieve any Party of any liability for any breach of this Agreement
that occurred prior to such termination.

                                  ARTICLE VII

                                 MISCELLANEOUS

   Section 7.1 COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and
shall become effective when one or more counterparts have been signed by each
of the Parties and delivered (including by facsimile) to the other Parties.

   Section 7.2 GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED IN ALL
RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY
WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH
STATE.

   Section 7.3 JURISDICTION AND FORUM.  Each Party hereto (a) consents to
submit itself to the personal jurisdiction of the Court of Chancery or other
Courts of the State of Delaware in the event any dispute arises out of this
Agreement or the transactions contemplated by this Agreement; (b) agrees that
it will not attempt to deny or defeat such personal jurisdiction by motion or
other request for leave from any such court; (c) agrees that it will not bring
any action relating to this Agreement or the transactions contemplated by this
Agreement in any court other than the Court of Chancery or other Courts of the
State of Delaware, and each of the parties irrevocably waives the right to
trial by jury; (d) agrees to waive any bonding requirement under any applicable
law, in the case any other party seeks to enforce the terms by way of equitable
relief; (e) irrevocably consents to service of process by first class certified
mail, return receipt requested, postage prepaid, to the address at which such
Party is to receive notice; and (f) to the extent that any Party has or
hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) with respect to itself
or its property, irrevocably waives such immunity in respect of its obligations
with respect to this Agreement.

   Section 7.4 ENTIRE AGREEMENT.  This Agreement and the Partnership Agreement
constitute the entire agreement between the Parties with respect to the subject
matter hereof and there are no agreements, understandings, representations or
warranties between the parties other than those set forth or referred to
herein. This Agreement is not intended to confer upon any person not a Party
hereto any rights or remedies hereunder.

   Section 7.5 EXPENSES.  Except as set forth in this Agreement, all legal and
other costs and expenses incurred in connection with this Agreement and the
transactions contemplated by this Agreement shall be paid by the Party
incurring such costs and expenses; PROVIDED, HOWEVER, that in the event that
any dispute arises out of this Agreement or the transactions contemplated by
this Agreement, the non-prevailing Party in such dispute

                                      17

<PAGE>

shall pay all reasonable legal fees and other reasonable costs and expenses
incurred by the prevailing Party in connection with investigating, prosecuting
and/or defending such dispute.

   Section 7.6 NOTICES.  All notices and other communications to be given to
any Party hereunder shall be sufficiently given for all purposes hereunder if
in writing and delivered by hand, courier or overnight delivery service or
three days after being mailed by certified or registered mail, return receipt
requested, with appropriate postage prepaid, or when received in the form of a
telegram or facsimile and shall be directed, if to a Party hereunder, to the
address or facsimile number set forth below (or at such other address or
facsimile number as such Party shall designate by like notice):

   (a) If to Gotham:

       Gotham Partners, L.P.
       110 East 42nd Street
       New York, New York 10017
       Attention:   David S. Klafter, Esq.,
                    General Counsel
       Facsimile:   (212) 286-1133

       With a copy to:

       Wachtell, Lipton, Rosen & Katz
       51 West 52nd Street
       New York, New York 10019
       Attention:   Adam O. Emmerich
       Facsimile:   (212) 403-2000

   (b) If to the Partnership:

       Gotham Golf Partners, L.P.
       575 East Chocolate Avenue
       Hershey, PA 17033
       Attention:   President
       Facsimile:   (717) 520-4249

       With a copy to:

       Hale and Dorr, LLP
       1445 Pennsylvania Avenue, N.W.
       Washington,  District of Columbia 20004
       Attention:   Steven S. Snider, Esq.
       Facsimile:   (202) 942-8484

       And to:

       Gotham Partners, L.P.
       110 East 42nd Street
       New York, New York 10017
       Attention:   David S. Klafter, Esq.,
                    General Counsel
       Facsimile:   (212) 286-1133

                                      18

<PAGE>

       If to FGA or FGPI:

       Stephen J. Garchik
       9001 Congressional Court
       Potomac, Maryland 20854
       Attention:   Stephen J. Garchik
       Facsimile:   (301) 365-9184

       With a copy to:

       Hale and Dorr, LLP
       1445 Pennsylvania Avenue, N.W.
       Washington, District of Columbia 20004
       Attention:   Steven S. Snider, Esq.
       Facsimile:   (202) 942-8484

   (c) If to the Founders:

       To the address and fax set forth on EXHIBIT A

       With a copy to:

       Hale and Dorr, LLP
       1445 Pennsylvania Avenue, N.W.
       Washington, District of Columbia 20004
       Attention:   Steven S. Snider, Esq.
       Facsimile:   (202) 942-8484

   (d) If to the Corporation:

       Gotham Golf Corp.
       [insert address]

       With a copy to:

       [Insert name and address]

   SECTION 7.7 SUCCESSORS AND ASSIGNS.  This Agreement shall be binding upon
and inure to the benefit of the Parties and their respective permitted
successors and permitted assigns; PROVIDED, HOWEVER, that no Party will assign
its rights or delegate any or all of its obligations under this Agreement
without the express prior written consent of each other Party.

   SECTION 7.8 HEADINGS; DEFINITIONS.  The section and article headings
contained in this Agreement are inserted for convenience of reference only and
will not affect the meaning or interpretation of this Agreement. All references
to Sections or Articles contained herein mean Sections or Articles of this
Agreement unless otherwise stated. All capitalized terms defined herein are
equally applicable to both the singular and plural forms of such terms.

   SECTION 7.9 AMENDMENTS AND WAIVERS.  This Agreement may not be modified or
amended except by an instrument or instruments in writing signed by all
Parties. Any Party may, only by an instrument in writing,

                                      19

<PAGE>

waive compliance by the other Parties with any term or provision of this
Agreement on the part of such other Parties to be performed or complied with.
The waiver by any Party of a breach of any term or provision of this Agreement
shall not be construed as a waiver of any subsequent breach. Except as
otherwise expressly provided herein, no failure to exercise, delay in
exercising or single or partial exercise of any right, power or remedy by any
Party, and no course of dealing between the Parties, shall constitute a waiver
of any such right, power or remedy.

   SECTION 7.10 SEVERABILITY.  If any provision of this Agreement shall be held
invalid, illegal or unenforceable, the validity, legality or enforceability of
the other provisions of this Agreement shall not be affected thereby, and there
shall be deemed substituted for the provision at issue a valid, legal and
enforceable provision as similar as possible to the provision at issue.

   SECTION 7.11 INTERPRETATION.  In the event an ambiguity or question of
intent or interpretation arises with respect to this Agreement, this Agreement
shall be construed as if it was drafted jointly by the Parties, and no
presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any provisions of this Agreement.

   SECTION 7.12 SPECIFIC PERFORMANCE.  The Parties agree that irreparable
damage would occur in the event that any Party fails to consummate the
transactions contemplated by this Agreement in accordance with the terms of
this Agreement and that the Parties shall be entitled to specific performance
in such event, in addition to any other remedy at law or in equity, including
temporary restraining orders or temporary or permanent injunctions.

   SECTION 7.13 NO THIRD-PARTY BENEFICIARIES.  Neither this Agreement nor any
provision hereof is intended to confer upon any person other than the parties
hereto any rights or remedies hereunder except for Indemnitees that are not
parties hereto.

                                      20

<PAGE>

   IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be
duly executed and delivered on the date first set forth above.

                                          GOTHAM GOLF CORP.

                                          By:________________________________
                                             William A. Ackman
                                             Chairman, Board of Directors

                                          GOTHAM GOLF, LLC

                                          By:________________________________
                                             [name]
                                             [title]

                                          GOTHAM PARTNERS, L.P.

                                          By: Section H Partners, L.P.,
                                                its general partner

                                          By: Karenina Corporation,
                                                a general partner of Section H
                                                Partners, L.P.

                                          By:________________________________
                                             William A. Ackman
                                             President

                                          FLORIDA GOLF ASSOCIATES, L.P.

                                          By: GGP, Inc.,
                                                its general partner

                                          By:________________________________
                                             Stephen J. Garchik
                                             President

                                      21

<PAGE>

                                          FLORIDA GOLF PROPERTIES, INC.

                                          By:________________________________
                                             John Caporaletti
                                             President

                                          _____________________________________
                                          R. Daniel Mays

                                          _____________________________________
                                          Stephen J. Garchik

                                          _____________________________________
                                          John Caporaletti

                                          _____________________________________
                                          Michael S. Armel

                                          _____________________________________
                                          Allen DePuy

                                          _____________________________________
                                          Andrew Bonus

                                          _____________________________________
                                          Daniel Stonionis

                                          _____________________________________
                                          William F. Leahy

                                          GOTHAM PARTNERS III, L.P.

                                          By: Section H Partners, L.P.,
                                                its general partner

                                          By: Karenina Corporation,
                                                a general partner of Section H
                                                Partners, L.P.

                                          By:________________________________
                                          William A. Ackman
                                          President

                                          SYDNE MICHELLE GARCHIK TRUST

                                          By:________________________________
                                             Sandy R. Garchik, Trustee

                                      22

<PAGE>

                                          JESSICA KATHERINE GARCHIK TRUST

                                          By:________________________________
                                             Sandy R. Garchik, Trustee

                                          MICHAEL ROSS GARCHIK TRUST

                                          By:________________________________
                                             Sandy R. Garchik, Trustee

                                          MATTHEW J. KATZMAN 1996 TRUST

                                          By:________________________________
                                             Stephen J. Garchik, Trustee

                                          DAVID ERIC KATZMAN 1997 TRUST

                                          By:________________________________
                                             Stephen J. Garchik, Trustee

                                      23

<PAGE>

                                   EXHIBIT A

                                 FOUNDERS LIST

                               John Caporaletti

                              Stephen J. Garchik

                                R. Daniel Mays

                                      24

<PAGE>

                                   EXHIBIT B

                              ADOPTION AGREEMENT

   This Adoption Agreement ("ADOPTION") is executed pursuant to the terms of
the Equityholders Agreement by and among by and among Gotham Golf Corp., a
Delaware corporation, Gotham Golf, LLC, a Delaware limited liability company,
Gotham Partners, L.P., a Delaware limited partnership, Florida Golf Associates,
L.P., a Virginia limited partnership, Florida Golf Properties, Inc., a Virginia
corporation, Florida Golf Properties, L.P., a Florida limited partnership and
certain other persons described therein, dated as of [          ], 2002, as
amended to date, a copy of which is attached hereto (the "EQUITYHOLDERS
AGREEMENT"), by the transferee ("TRANSFEREE") executing this Adoption. By the
execution of this Adoption, the Transferee agrees as follows:

   1. ACKNOWLEDGMENT.  Transferee acknowledges that Transferee is acquiring
certain [describe securities acquired] (the "SUBJECT SECURITIES") from
[identity of Transferor] (the "TRANSFEROR"), pursuant to clause (1) of Section
4.1(a) of the Equityholders Agreement and subject to the terms and conditions
of the Equityholders Agreement. In addition, Transferee (i) acknowledges that
the Subject Securities may be encumbered by a security interest granted to the
Partnership, the General Partner or the Corporation and (ii) agrees that the
Subject Securities shall remain subject to any such security interest unless
otherwise released by the Partnership, the General Partner or the Corporation,
as applicable. Capitalized terms used herein without definition are defined in
the Equityholders Agreement.

   2. AGREEMENT.  Transferee (i) agrees that the Subject Securities acquired by
Transferee shall be bound by and subject to the terms of the Equityholders
Agreement in the same capacity as the Transferor was bound by such agreement
and (ii) hereby joins in, and agrees to be bound by, the Equityholders
Agreement in that same capacity with the same force and effect as if it were
originally a party thereto.

   3. NOTICE.  Any notice required by the Equityholders Agreement shall be
given to Transferee at the address listed beside Transferee's signature below.

   EXECUTED AND DATED on this ____ day of ________ , ____ .

                                          TRANSFEREE:

                                          By:
                                             -----------------------------------

                                          NOTICE:

                                          Address:

                                          --------------------------------------

                                          --------------------------------------

                                          Telecopy:
                                                  ------------------------------

                                      25

<PAGE>

                                   EXHIBIT C

                             ASSUMPTION AGREEMENT

   This Assumption Agreement ("ASSUMPTION") is executed pursuant to the terms
of the Equityholders Agreement by and among by and among Gotham Golf Corp., a
Delaware corporation, Gotham Golf, LLC, a Delaware limited liability company,
Gotham Partners, L.P., a Delaware limited partnership, Florida Golf Associates,
L.P., a Virginia limited partnership, Florida Golf Properties, Inc., a Virginia
corporation, Florida Golf Properties, L.P., a Florida limited partnership and
certain other persons described therein, dated as of [        ], 2002, as
amended to date, a copy of which is attached hereto (the "EQUITYHOLDERS
AGREEMENT"), by the transferee ("TRANSFEREE") executing this Assumption. By the
execution of this Assumption, the Transferee agrees as follows:

   1. ACKNOWLEDGMENT.  Transferee acknowledges that Transferee is acquiring
certain [describe securities acquired] (the "SUBJECT SECURITIES") from
[identity of Transferor] (the "TRANSFEROR"), pursuant to clauses (3), (4) and
(5) of Section 4.1(a) of the Equityholders Agreement and subject to the terms
and conditions of the Equityholders Agreement. In addition, Transferee (i)
acknowledges that the Subject Securities may be encumbered by a security
interest granted to the Partnership, the General Partner or the Corporation and
(ii) agrees that the Subject Securities shall remain subject to any such
security interest unless otherwise released by the Partnership, the General
Partner or the Corporation, as applicable. Capitalized terms used herein
without definition are defined in the Equityholders Agreement.

   2. AGREEMENT.  Transferee agrees that it shall not Transfer the Subject
Securities (including, for the purposes hereof, pledging the Subject Securities
as collateral for loans), unless otherwise agreed to in writing by the General
Partner, acting in its sole discretion. The foregoing notwithstanding, if and
to the extent that Transferee has been admitted as a limited partner of the
Partnership, nothing contained herein shall limit such Transferee's ability to
exercise his or her rights pursuant to Section 8.6 of the Partnership Agreement.

   3. NOTICE.  Any notice required by the Equityholders Agreement shall be
given to Transferee at the address listed beside Transferee's signature below.

   EXECUTED AND DATED on this  ____ day of ________ , ____ .

                                          TRANSFEREE:

                                          By:
                                             -----------------------------------

                                          NOTICE:

                                          Address:

                                          --------------------------------------

                                          --------------------------------------

                                          Telecopy:
                                                 -------------------------------

                                      26

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