Document:

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                                                                  Exhibit 10.158

WHEN RECORDED, RETURN TO:
Charles H. McCreary, Esq.
Bricker & Eckler LLP
100 South Third Street
Columbus, Ohio 43215

                       DEED OF TRUST, ASSIGNMENT OF RENTS,
                 SECURITY AGREEMENT AND FIXTURE FILING STATEMENT
                 -----------------------------------------------

         THIS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE
FILING STATEMENT ("Deed of Trust") made and entered into as of the 28th day of
March, 2002, by and among GLIMCHER BUENA VISTA, LLC, a Delaware limited
liability company, with its principal office being at c/o Glimcher Properties
Limited Partnership, 20 South Third Street, Columbus, Ohio 43215 ("Trustor"),
FIDELITY NATIONAL TITLE AGENCY, INC., an Arizona corporation, with its principal
office at 323 West Wilcox, Suite 100, Sierra Vista, Arizona 85635 ("Trustee"),
and NATIONAL CITY BANK, a national banking association, having its principal
office at 155 East Broad Street, Columbus, Ohio 43251 ("Beneficiary") (which
designations shall also include the successors in interest of the several
parties).

                                   WITNESSETH:

         WHEREAS, Trustor is the owner of that certain real property situated in
the State of Arizona and being more fully described on Exhibit "A" attached
hereto and made a part hereof ("Land");

         WHEREAS, pursuant to the terms of a certain Loan Agreement of even date
herewith, as may be amended from time to time ("Loan Agreement"), Beneficiary is
to provide loan advances to Trustor in an amount not to exceed Seven Million
Seven Hundred Thousand Dollars ($7,700,000.00), which advances are evidenced by
that certain promissory note dated of even date herewith and made by Trustor in
favor of Beneficiary (the "Note").

         WHEREAS, Trustor has agreed to execute this Deed of Trust as security
for the full and punctual payment of the Note and of the indebtedness evidenced
thereby and the interest thereon, and of any renewal or extension of the Note,
and the full performance of all provisions, agreements and covenants therein
contained;

         NOW, THEREFORE, in consideration of One Dollar ($1.00) and the payments
to the Trustor which Beneficiary has made contemporaneously herewith or may
hereafter make the receipt and sufficiency of which are hereby acknowledged,
TRUSTOR DOES HEREBY UNCONDITIONALLY AND IRREVOCABLY GRANT, BARGAIN, SELL,
CONVEY, WARRANT, ASSIGN, PLEDGE AND CONFIRM UNTO TRUSTEE, IN TRUST FOR THE
BENEFIT OF BENEFICIARY, ITS SUCCESSORS AND ASSIGNS FOREVER, WITH POWER OF SALE
AND RIGHT OF ENTRY AND POSSESSION, the Land;

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         TOGETHER WITH the following, whether now owned or hereafter acquired by
Trustor: (a) all improvements now or hereafter attached to or placed, erected,
constructed or developed on the Land ("Improvements"); (b) all fixtures now or
hereafter attached to or used in or about the Improvements and all renewals of
or replacements or substitutions thereof; (c) all water and water rights,
timber, crops, and mineral interests pertaining to the Land; (d) all right,
title and interest of Trustor in and to all streets, roads, public places,
easements and rights-of-way, existing or proposed, public or private, adjacent
to or used in connection with, belonging or pertaining to the Land; (e) all
rights, hereditaments and appurtenances pertaining to the foregoing; and (f)
other interests of every kind and character that Trustor now has or at any time
hereafter acquires in and to the Land, Improvements, and other property
described in items (b) through (e) hereinabove, including rights of ingress and
egress and all reversionary rights or interests of Trustor with respect to such
property. The above described property is collectively referred to herein as the
"Mortgaged Real Property."

         TO HAVE AND TO HOLD the Mortgaged Real Property, together with the
rights, privileges and appurtenances thereunto belonging, unto Trustee, its
successors in trust and assigns forever; and possession of the Land and
Mortgaged Real Property is now delivered and conveyed unto Trustee in Trust.
Trustor hereby binds itself and its representatives, successors and assigns to
warrant and forever defend the Mortgaged Real Property unto Trustee, its
successors in trust and assigns, against the claim or claims of all persons
claiming or to claim the same or any part thereof, subject to the permitted
encumbrances described in Schedule B of Beneficiary's title insurance policy
("Permitted Encumbrances").

         NOW, THEREFORE, AND FURTHERMORE, in consideration of the payments to
the Trustor which Beneficiary has made contemporaneously herewith or may
hereafter make, Trustor does hereby GRANT and TRANSFER to Beneficiary, its
successors and assigns forever, a security interest in and to the following,
whether now owned or hereafter acquired by Trustor: (a) all equipment, fixtures,
furnishings, inventory, and articles of personal property ("Personal Property")
now or hereafter attached to or used in or about the Improvements or that are
owned by Trustor and are necessary or useful for the complete and comfortable
use and occupancy of the Improvements for the purposes for which they were to be
attached, placed, erected, constructed or developed, or which Personal Property
is or may be used in or related to the planning, development, financing or
operation of the Improvements, and all renewals of or replacements or
substitutions for any of the foregoing, whether or not the same are or shall be
attached to the Land or Improvements; (b) all building materials and equipment
now or hereafter delivered to and intended to be installed in or on the Land or
the Improvements; (c) all plans and specifications for the Improvements; (d) all
contracts relating to the Land, the Improvements or the Personal Property; (e)
all deposits (including, without limitation, tenants' security deposits), bank
accounts, funds, documents, contract rights, accounts, accounts receivable,
commitments, construction contracts, architectural agreements, general
intangibles (including, without limitation, trademarks, trade names and
symbols), tax credits, instruments, Note and chattel paper arising from or by
virtue of any transactions related to the Land, the Improvements or the Personal
Property or relating directly or indirectly to the ownership, occupancy, use,
operation, and maintenance of the Land, Personal Property, and Improvements; (f)
all permits, licenses, franchises, certificates, and other rights and privileges
obtained in connection with the Land, the

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Improvements or the Personal Property; (g) all proceeds arising from or by
virtue of the sale, lease or other disposition of the Land, the Improvements,
the Personal Property or any portion thereof or interest therein; (h) all
proceeds (including, without limitation, premium refunds) of each policy of
insurance relating to the Land, the Improvements or the Personal Property; (i)
all proceeds from the taking of any of the Land, the Improvements, the Personal
Property or any rights appurtenant thereto by right of eminent domain or by
private or other purchase in lieu thereof (including, without limitation, change
of grade of streets, curb cuts or other rights of access), for any public or
quasi public use under any law; (j) all of the leases, rents, royalties,
bonuses, income, receipts, issues, profits, revenues or other benefits of the
Land, the Improvements or the Personal Property, including, without limitation,
cash or securities deposited pursuant to leases to secure performance by the
lessees of their obligations thereunder; (k) all consumer goods located in, on
or about the Land or the Improvements or used in connection with the use or
operation thereof which are owned by Trustor; and (l) other interests of every
kind and character that Trustor now has or at any time hereafter acquires in and
to the Land, Improvements, and Personal Property described herein and all
property that is used or useful in connection therewith, including rights of
ingress and egress and all reversionary rights or interests of Trustor with
respect to such property.

         The above described property is collectively referred to herein as the
"Mortgaged Personal Property." Trustor does hereby expressly agree that it will
execute or cause to be executed any and all documentation reasonably required,
either now or at a later date, to evidence the assignment of any of the
aforementioned interests that Trustor now has or at any time hereafter acquires
in and to the Personal Property. The Mortgaged Real Property and the Mortgaged
Personal Property are collectively referred to herein as the "Mortgaged
Property."

         TO HAVE AND TO HOLD the Mortgaged Personal Property, together with the
rights, privileges and appurtenances thereunto belonging, unto Beneficiary, its
successors and assigns forever; Trustor hereby binds itself and its
representatives, successors and assigns to warrant and forever defend
Beneficiary's interest in the Mortgaged Personal Property unto Beneficiary and
its successors and assigns, against the claim or claims of all persons claiming
or to claim the same or any part thereof.

         The parties hereto intend that this Deed of Trust shall secure unpaid
balances of loan advances made after this Deed of Trust is recorded with the
Cochise County Recorder for record. The total amount of debts and future
advances or future obligations secured by this Deed of Trust shall not exceed
Seven Million Seven Hundred Thousand Dollars ($7,700,000.00) ("Indebtedness,"
which shall consist of unpaid balances of loan advances pursuant to the Note or
any instrument securing or evidencing the same made either before or after, or
both before and after, this Deed of Trust is recorded with the Cochise County
Recorder for record) at any one time, exclusive of interest thereon. This Deed
of Trust shall also and in addition secure interest and all amounts advanced for
the protection of the collateral described herein. Nothing contained herein
shall obligate the Beneficiary to advance any additional funds to the Trustor.

         THIS DEED OF TRUST IS GIVEN TO SECURE: (a) Payment of all Indebtedness,
including future advances, heretofore and hereafter created and evidenced by the
Note; (b) payment to Trustee or Beneficiary, as herein provided, of all sums
heretofore and hereafter

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expended or advanced by Trustee or Beneficiary pursuant to any term or provision
of this Deed of Trust; and (c) performance of each and every one of the
covenants, conditions and agreements contained in this Deed of Trust, the Note,
the Loan Agreement and any other instrument or instruments securing or
guaranteeing all or any part of the Indebtedness (hereinafter collectively
referred to as the "Security Instruments").

         In addition to any other debt or obligation secured hereby, this
Mortgage shall also secure unpaid balances of advances heretofore and hereafter
made with respect to the Mortgaged Property, for the payment of taxes,
assessments, insurance premiums or costs incurred for the protection of the
Mortgaged Property.

         Trustor, for itself and its successors and assigns, hereby covenants
with Trustee and Beneficiary, their successors and assigns, that:

         1. WARRANTIES OF TITLE. Trustor holds good and marketable title in fee
simple to the Land and the Improvements thereon, and the same are free and clear
from all conditions, restrictions, easements, liens and encumbrances whatsoever
except property taxes not yet due and payable and the Permitted Encumbrances
(which liens and encumbrances shall not be modified, refinanced or extended),
and Trustor will forever warrant and defend the same with the appurtenances
above mentioned, unto Trustee, its successors and assigns, against the lawful
claims of all persons whomsoever, except as noted above. Trustor has good and
marketable title to the Mortgaged Personal Property, free and clear of any
liens, charges, encumbrances, security interests and adverse claims whatsoever,
and Trustor will forever warrant and defend the same, unto Beneficiary, its
successors and assigns, against the lawful claims of all persons whomsoever. If
the interest of Trustee or Beneficiary in the Mortgaged Property or any part
thereof shall be endangered or shall be attacked, directly or indirectly,
Trustor hereby authorizes Trustee or Beneficiary, at Trustor's expense, to take
all necessary and proper steps for the defense of such interest, including the
employment of counsel, the prosecution or defense of litigation, and the
compromise or discharge of claims made against such interest. Any sums so
expended by Trustee or Beneficiary shall be charged against Trustor and
collectible in accordance with the terms of paragraph 14 hereof.

         2. PAYMENTS. Trustor will promptly pay the principal evidenced by the
Note and any other indebtedness that may accrue to Beneficiary under the terms
of this Deed of Trust, together with the interest and late charges on all of
said indebtedness as the same shall become due and payable. Beneficiary may
apply and allocate partial payments as to principal, interest, late charges and
other charges as Beneficiary, in its sole discretion, may elect.

         3. TAXES AND ASSESSMENTS. Trustor will promptly pay before delinquency,
all taxes, assessments, charges, fines or impositions, general, local or special
(hereinafter collectively referred to as "Impositions"), levied upon the
Mortgaged Property, or any part thereof, or upon Trustee's or Beneficiary's
interest therein, or upon this Deed of Trust or the Indebtedness, by any duly or
legally constituted public authority, municipality, township, county, state or
the United States, and exhibit the evidence of the payment thereof to
Beneficiary within seven (7) days thereafter; provided that Trustor, at
Trustor's own cost and expense may, if it shall in good faith so desire, contest
the validity or amount of any Impositions, in which event Trustor may defer

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the payment thereof for such period as such contest shall be actively prosecuted
and shall be pending undetermined; provided further, however, that Trustor shall
not allow any such Impositions so contested to remain unpaid for such length of
time as shall permit all or any portion of the Mortgaged Property, or the lien
thereon created by such item to be contested, to be sold by federal, state,
county or municipal authority for the nonpayment thereof, and that pending any
such contest Trustor shall furnish to Beneficiary an indemnity bond, deposit in
cash or other security acceptable to Beneficiary, in the amount of the tax or
assessment being contested by Trustor plus a reasonable additional sum to pay
all costs, interest and penalties which may be imposed or incurred in connection
therewith.

         4. REPAIR. Trustor will keep all Improvements now or hereafter erected
on the Land in commercially reasonable condition and repair; all Improvements
hereafter erected shall have been erected substantially in accordance with the
plans and specifications therefor, and Trustor shall comply with the laws,
ordinances, regulations and requirements of any governmental body applicable to
the Mortgaged Property, the failure to so comply would cause a material adverse
effect on Trustor, on Improvements or the Beneficiary's rights under the
Security Instruments.

         5. WASTE; LIENS; MINERALS. Trustor will not either commit nor permit
any waste on the Land, nor use nor permit the use thereof or the Improvements
for any illegal purpose, nor cause nor permit the same to become subject to any
superior or inferior lien or encumbrance. Without the prior written consent of
Beneficiary, there shall be no drilling or exploring for, or extraction,
removal, or production by Trustor of minerals from the surface or subsurface of
the Land. The term "minerals" as used herein shall include, without limitation,
oil, gas, casinghead gas, coal, lignite, hydrocarbons, methane, carbon dioxide,
helium, uranium and all other natural elements, compounds and substances,
including sand and gravel.

         6. ALTERATIONS. Trustor shall not remove or demolish any of the
Improvements now existing or hereafter constructed on the Land or any of the
Personal Property in or on the Land or Improvements except when incident to the
replacement of any of the items of Personal Property with items of like kind and
value.

         7. STATUS QUO. Except as provided in the Security Instruments, Trustor
will not sell, assign, mortgage or otherwise convey the Mortgaged Property, or
any part thereof or interest therein, legal or equitable, or contract for same,
or subdivide or resubdivide or submit to the condominium form of ownership the
Mortgaged Property, or any part thereof or interest therein, without the written
consent of Beneficiary, which consent may be withheld in Beneficiary's sole
discretion. Unless Beneficiary otherwise agrees in writing, Trustor shall not
allow changes in the nature of the occupancy for which the Land and Improvements
were intended at the time this Deed of Trust was executed, and Trustor shall not
initiate nor acquiesce in any change in the zoning classification of the Land or
any part thereof without Beneficiary's prior written consent, which consent may
be withheld in Beneficiary's sole discretion.

         8. TAXES ON DEED OF TRUST. If, at any time, any law shall be enacted
imposing or authorizing the imposition of any tax upon this Deed of Trust, or
upon any rights, titles, liens, or security interests created hereby, Trustor
shall immediately pay all such taxes; provided, that if it

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is unlawful for Trustor to pay such taxes, Trustor shall repay the Note in full
without penalty within sixty (60) days after demand therefor by Beneficiary.

         9. UNIFORM COMMERCIAL CODE SECURITY AGREEMENT.

            (a) This Deed of Trust is also a security agreement under the
Uniform Commercial Code for any of the Mortgaged Property which, under
applicable law (as now or hereafter in effect), may be subject to a security
interest under the Uniform Commercial Code, whether acquired now or in the
future, and all products and cash and non-cash proceeds thereof (collectively,
"UCC Collateral"), and Trustor hereby grants to Beneficiary a security interest
in the UCC Collateral. Trustor shall execute and deliver to Beneficiary, upon
Beneficiary's request, financing statements, continuation statements and
amendments, in such form as Beneficiary may require to perfect or continue the
perfection of this security interest and Trustor authorizes Beneficiary to
authenticate any record required by applicable law to perfect or continue the
perfection of this security interest. Trustor shall pay all filing costs and all
costs and expenses of any record searches for financing statements that
Beneficiary may require. Without the prior written consent of Beneficiary,
Trustor shall not create or permit to exist any other lien or security interest
in any of the UCC Collateral. If an Event of Default has occurred and is
continuing, in addition to the remedies provided in Sections 19 and 20 hereof,
during the continuance of an Event of Default hereunder, Beneficiary may, at its
option, do any one or more of the following:

            (i) Either personally, or by means of a court appointed receiver,
         take possession of all or any of the UCC Collateral and exclude
         therefrom Trustor and all others claiming under Trustor, and thereafter
         hold, store, use, operate, manage, maintain and control, make repairs,
         replacements, alterations, additions and improvements to and exercise
         all rights and powers of Trustor with respect to the UCC Collateral or
         any part thereof. In the event Beneficiary demands, or attempts to take
         possession of the UCC Collateral in the exercise of any rights under
         this Deed of Trust, Trustor agrees to promptly turn over and deliver
         possession thereof to Beneficiary;

            (ii) Without notice to or demand upon Trustor, make such payments
         and do such acts as Beneficiary may deem necessary to protect its
         security interest in the UCC Collateral (including, without limitation,
         paying, purchasing, contesting, or compromising any lien or
         encumbrance, whether superior or inferior to such security interest)
         and in exercising any such powers or authority to pay all expenses
         (including, without limitation, litigation costs and reasonable
         attorneys' fees) incurred in connection therewith;

            (iii) Require Trustor from time to time to assemble the UCC
         Collateral, or any portion thereof, at a place designated by
         Beneficiary and reasonably convenient to both parties, and deliver
         promptly such UCC Collateral to Beneficiary, or an agent or
         representative designated by Beneficiary. Beneficiary, and its agents
         and representatives, shall have the right to enter upon any or all of
         Trustor's premises and property to exercise Beneficiary's rights
         hereunder;

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            (iv) Realize upon the UCC Collateral or any part thereof as herein
         provided or in any manner permitted by law and exercise any and all of
         the other rights and remedies conferred upon Beneficiary by this Deed
         of Trust, any other Loan Document (as that term is defined in the Loan
         Agreement and is hereafter used in this Deed of Trust), or by law,
         either concurrently or in such order as Beneficiary may determine;

            (v) Sell or cause to be sold in such order as Beneficiary may
         determine, as a whole or in such parcels as Beneficiary may determine,
         the UCC Collateral and the remainder of the Mortgaged Property;

            (vi) Sell, lease, or otherwise dispose of the UCC Collateral at
         public sale, upon terms and in such manner as Beneficiary may
         determine. Beneficiary may be a purchaser at any sale; and

            (vii) Exercise any remedies of a secured party under the Uniform
         Commercial Code of Arizona or any other applicable law.

            (b) Unless the UCC Collateral is perishable or threatens to decline
speedily in value or is of a type customarily sold on a recognized market,
Beneficiary shall give Trustor at least five (5) days' prior written notice of
the time and place of any public sale of the UCC Collateral or other intended
disposition thereof to be made. Such notice may be mailed to Trustor at the
address set forth in Section 24.

            (c) The proceeds of any sale under Subsection (a) above shall be
applied as follows:

            (i) To the repayment of the reasonable costs and expenses of taking,
         holding, and preparing for the sale and the selling of the UCC
         Collateral (including, without limitation, costs of litigation and
         attorneys' fees) and the discharge of all Impositions, liens and
         encumbrances, and claims thereof, if any, on the UCC Collateral prior
         to the security interest granted herein (except any Impositions or
         liens and encumbrances subject to which such sale shall have been
         made);

            (ii) To the payment of the Indebtedness in such order as Beneficiary
         shall determine; and

            (iii) The surplus, if any, shall be paid to the Trustor or to
         whomsoever may be lawfully entitled to receive the same, or as a court
         of competent jurisdiction may direct.

            Beneficiary shall have the right to enforce one or more remedies
         hereunder, successively or concurrently, and such action shall not
         operate to estop or prevent Beneficiary from pursuing any further
         remedy that it may have. Any repossession or retaking or sale of the
         UCC Collateral pursuant to the terms hereof shall not operate to
         release Trustor until full payment of any deficiency has been made in
         cash.

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            Upon its recording in the real property records, this Deed of Trust
         shall be effective as a financing statement filed as a fixture filing.
         In addition, a carbon, photographic or other reproduced copy of this
         Deed of Trust and/or any financing statement relating hereto shall be
         sufficient for filing and/or recording as a financing statement. The
         filing of any other financing statement relating to any personal
         property, rights or interests described herein shall not be construed
         to diminish any right or priority hereunder. Information concerning the
         security interest created by this Deed of Trust may be obtained from
         Beneficiary, as secured party, at the address of Beneficiary stated
         above. The mailing address of Trustor, as debtor, is as stated in
         Section 24.

         10. INSURANCE AND INDEMNIFICATION. Trustor shall provide, maintain and
keep in force at all times the following policies of insurance:

             (a) Insurance against loss or damage to the Mortgaged Property
caused by fire and any of the risks covered by insurance of the type now known
as "coverage against all risks of physical loss", in an amount equal to one
hundred percent (100%) of the replacement cost of the Improvements and the
Personal Property and sufficient to prevent Trustor and Beneficiary from
becoming co-insurers, and on such other terms as are satisfactory to
Beneficiary;

             (b) Comprehensive broad form general liability insurance, insuring
against any and all claims for bodily injury, death or property damage occurring
on, in or about the Land, the Mortgaged Property and the adjoining streets,
sidewalks and passageways, on such terms as are satisfactory to Beneficiary;

             (c) During the course of any construction or development on the
Land, builder's completed value risk insurance against "all risks of physical
loss", including collapse and transit coverage, in such amounts and on such
terms as are satisfactory to Beneficiary;

             (d) Workers' compensation insurance (including employee's liability
insurance, if available and requested by Beneficiary) for all employees of
Trustor engaged on or with respect to their respective portion of the Land and
the Improvements in such amounts as are satisfactory to Beneficiary, or, if such
limits are established by law, in such amounts;

             (e) Rent loss or business interruption or net operating income
insurance in a minimum amount of not less than the appraised rentals for a
minimum of twelve months; and

             (f) Such other insurance, including flood hazard coverage, if
necessary, and in such amounts, as may from time to time be required by
Beneficiary against the same or other hazards.

         Each policy of insurance required by the terms of this Deed of Trust
shall contain an endorsement by the insurer that any loss shall be payable in
accordance with the terms of such policy notwithstanding any act or negligence
of Trustor which might otherwise result in forfeiture of said insurance and the
further agreement of the insurer waiving all rights of set-off, counterclaim or
deductions against Trustor. In addition, each policy shall contain an agreement

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by the insurer that such policy shall not be canceled or changed except upon not
less than thirty (30) days prior written notice delivered to Beneficiary.

         All such insurance policies and renewals thereof shall be written by
companies acceptable to Beneficiary, shall be in a form acceptable to
Beneficiary and shall include a standard mortgage clause in favor of and in form
acceptable to Beneficiary. Beneficiary shall have the right to hold the
policies, or binders thereof acceptable to Beneficiary, and Trustor shall
promptly furnish to Beneficiary all renewal notices and all receipts of paid
premiums. At least thirty (30) days prior to the expiration date of any such
policy, Trustor shall deliver to Beneficiary a renewal policy, or binder
thereof, in form satisfactory to Beneficiary.

         If Beneficiary is made a party defendant to any litigation concerning
this Deed of Trust or the Mortgaged Property or any part thereof or interest
therein, or the occupancy thereof by Trustor, then Trustor shall indemnify,
defend and hold Beneficiary harmless from all liability, except for the willful
misconduct of Beneficiary, by reason of said litigation, including reasonable
attorneys' fees and expenses incurred by Beneficiary in any such litigation,
whether or not any such litigation is prosecuted to judgment. Trustor waives any
and all right to claim or recover against Beneficiary, its officers, employees,
agents and representatives, for loss of or damage to Trustor, the Mortgaged
Property, other property of Trustor or the property of others under control of
Trustor from any cause insured against or required to be insured against by the
provisions of this Deed of Trust.

         Trustor shall not take out separate insurance concurrent in form or
contributing in the event of loss with that required to be maintained under this
paragraph unless Beneficiary has approved the insurance company and the form and
content of the insurance policy, including, without limitation, the naming
thereon of Beneficiary as a named insured with loss payable to Beneficiary under
a standard mortgage clause of the character above described. Trustor shall
immediately notify Beneficiary whenever any such separate insurance is taken out
and shall promptly deliver to Beneficiary copies of the policies or binders
evidencing such insurance.

         Nothing contained in this paragraph shall prevent Trustor from keeping
the Mortgaged Property insured or causing the same to be insured against the
risks referred to in this paragraph under a policy or policies of blanket
insurance which may cover other property not subject to the lien of this Deed of
Trust; provided, however, that any such policy of blanket insurance (i) shall
specify therein the amount of the total insurance allocated to the Mortgaged
Property, which amount shall be not less than the amount otherwise required to
be carried under this Deed of Trust; (ii) shall not contain any clause which
would result in the insured thereunder being required to carry insurance with
respect to the property covered thereby in an amount not less than any specific
percentage of the full insurable value of such property in order to prevent the
insured named therein from becoming a co-insurer of any loss with the insurer
under such policy; and (iii) shall in all other respects comply with the
provisions of this Deed of Trust.

         Notwithstanding anything to the contrary contained in this Section, in
the event that the proceeds (the "Proceeds") payable with respect to any
casualty shall be less than or equal to $250,000.00, then Trustor shall have the
right to settle the insurance claim, and the right to retain the Proceeds, so
long as Trustor shall restore the Mortgaged Property to its condition prior to

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such casualty, in a good and workmanlike manner, in compliance with any
applicable legal requirements and the requirements of any lease, free and clear
of liens, and shall remit to Beneficiary promptly upon completion of such
restoration any remaining balance of such Proceeds not used in the restoration
of the Mortgaged Property for application to the principal of the Indebtedness.

         If all of the following apply: (i) the Proceeds have been deposited
with Beneficiary; (ii) in the case of insurance proceeds, the insurance carrier
has not denied liability to a named insured; (iii) Beneficiary shall have been
furnished with an estimate of the cost of restoration accompanied by an
architect's certificate as to such costs and appropriate final plans and
specifications for reconstruction of the Improvements, all of which shall be
approved by Beneficiary; (iv) the Improvements so restored or rebuilt shall be
of at least equal value and substantially the same character as prior to the
damage or destruction and appropriate for the purposes for which they were
originally erected; (v) Trustor shall have furnished Beneficiary with evidence
satisfactory to Beneficiary that all Improvements so restored and/or
reconstructed and their use fully comply with all zoning and building laws,
ordinances and regulations, and with all other applicable federal, state, and
municipal laws and requirements; (vi) to the extent that the estimated cost of
restoration exceeds the Proceeds available, Trustor shall have furnished a
satisfactory bond of completion or deposited with Beneficiary such sums as may
be necessary to pay such excess costs; (vii) Beneficiary shall have received
notice within thirty (30) days after the fire or other hazard or of the
condemnation proceedings specifying the date of such fire or other hazard or the
date the notice of condemnation proceedings was received and the request to
Beneficiary to make said Proceeds available to Trustor; (viii) the aggregate
monthly net income under all Leases, together with the proceeds of any business
interruption insurance with respect thereto, shall be sufficient to pay during
the period of reconstruction the monthly installments required to be paid upon
the Indebtedness as well as all impound payments which may be required for taxes
and insurance, and following reconstruction shall be sufficient to pay the
aforesaid sums as well as all other operating costs and charges of the Mortgaged
Property; (ix) Trustor shall not then be in default under the Loan Documents,
and (x) Beneficiary determines in its sole and absolute discretion that such
restoration can be completed at least three (3) months prior to the maturity
date of the Note; then the Proceeds, less the actual costs, fees and expenses,
if any, incurred in connection with adjustment of loss and Beneficiary's
administrative expenses relating to such loss and the disbursement of the
Proceeds shall be applied by Beneficiary to the payment of all the costs of the
aforesaid restoration, repairs, replacement, rebuilding or alterations,
including the cost of temporary repairs or for the protection of property
pending the completion of permanent restoration, repairs, replacements,
rebuilding or alterations (all of which temporary repairs, protection of
property and permanent restoration, repairs, replacement, rebuilding or
alterations are hereinafter collective referred to as the "Restoration"), and
shall be paid out from time to time as such Restoration progresses upon the
written request of Trustor if the work for which payment is requested has been
done in a good and workmanlike manner and substantially in accordance with the
plans and specifications therefor. Each request shall be accompanied by the
following:

             (a) A certificate signed by Trustor, dated not more than thirty
(30) days prior to such request, setting forth the following:

                                       10
<PAGE>

                 (i) That the sum then requested either has been paid, or is
     justly due to contractors, subcontractors, materialmen, engineers,
     architects or other persons who have rendered services or furnished
     materials for the restoration therein specified or have paid for the same,
     the names and addresses of such persons, a brief description of such
     services and materials, the several amounts so paid or due to each of said
     persons in respect thereof (together with supporting statements and
     invoices for the same), that no part of such expenditures has been or is
     being made the basis of any previous or then pending request for the
     withdrawal of Proceeds or has been made out of any of the Proceeds received
     by Trustor, and that the sum then requested does not exceed the value of
     the services and materials described in the certificate.

                 (ii) That, except for the amount, if any, stated pursuant to
     the foregoing subclause (a)(i) in such certificate to be due for services
     or materials, there is no outstanding indebtedness known to the persons
     signing such certificate, after due inquiry, which is then due for labor,
     wages, materials, supplies or services in connection with such Restoration.

                 (iii) That the costs, as estimated by the persons signing such
     certificate, of the Restoration required to be done subsequent to the date
     of such certificate in order to complete and pay for the same, do not
     exceed the Proceeds, plus any amount or security approved by Beneficiary
     and deposited by Trustor to defray such costs and remaining in the hands of
     Beneficiary after payment of the sum requested in such certificate.

         (b) A title insurance report or other evidence satisfactory to
Beneficiary to the effect that there has not been filed with respect to the
Mortgaged Property, or any part thereof, any vendor's, contractor's, laborer's,
materialmen's, or other lien which has not been discharged of record or bonded.

         (c) A certificate signed by the architect and/or engineer in charge of
the Restoration, who shall be selected by Trustor and approved in writing by
Beneficiary, certifying to the facts set forth in subclause (i) above, and that
the Restoration is proceeding in accordance with the plans and specifications
approved by Beneficiary and in accordance with all zoning, subdivision and other
governmental laws, ordinances, rules and regulations. Upon compliance with the
foregoing provisions, Beneficiary shall, out of Proceeds (and the amount of
security approved by Beneficiary, if any, deposited by Trustor to defray the
costs of the Restoration), pay or cause to be paid to Trustor or the persons
named (pursuant to subclause (a)(i) above) in such certificate the respective
amounts stated therein to have been paid by Trustor or to be due to them, as the
case may be.

         If the Proceeds at the time held by Beneficiary, less the actual costs,
fees and expenses, if any, incurred in connection with the adjustment of the
loss and Beneficiary's administrative expenses relating to such loss and the
disbursement of the Proceeds, shall be, in Beneficiary's sole and absolute
judgment, insufficient to pay the entire cost of the Restoration, Trustor shall
deposit with Beneficiary any such deficiency prior to disbursement of any
additional portion of the Proceeds.

                                       11
<PAGE>

         No payment made prior to the final completion of the Restoration shall
exceed ninety percent (90%) of the value of the work performed from time to
time, and at all times the undisbursed balance of said Proceeds remaining in the
hands of Beneficiary shall be at least sufficient to pay for the cost of
completion of the Restoration free and clear of liens.

         Final payment shall be made upon delivery of an architect's certificate
and a certification by one of Beneficiary's appraisers as to completion in
accordance with the final plans and specifications and compliance with all
zoning, building, subdivision and other governmental laws, ordinances, rules,
and regulations, and the expiration of the period provided under applicable law
for the filing of mechanic's and materialmen's' liens. Beneficiary may at its
option require an endorsement to Beneficiary's policy of title insurance
insuring the continued priority of the lien of this Deed of Trust as to all sums
advanced hereunder, such endorsement to be in form and substance satisfactory to
Beneficiary and paid for by Trustor.

         Upon completion of the Restoration in a good and workmanlike manner in
accordance herewith, and provided that Beneficiary has received satisfactory
evidence that the Restoration has been paid for in full and the Mortgaged
Property is free and clear of all liens, any balance of the Proceeds at the time
held by Beneficiary (after reimbursement to Beneficiary of all costs and
expenses of Beneficiary, including administrative expenses, in connection with
recover of the same and disbursement of such Proceeds for the Restoration), if
any, shall be applied as follows: (i) to the extent that such balance of the
Proceeds is equal to or less than the amount, if any, by which the value of the
Mortgaged Property prior to such damage or destruction exceeds the value of the
Mortgaged Property after such Restoration (for these purposes, the value of the
Mortgaged Property shall be determined by Beneficiary in its discretion), then
the portion of the balance of the Proceeds equal to such excess amount shall be
applied to the payment or prepayment (without any prepayment premium) of the
principal balance of the Indebtedness in such order as Beneficiary may
determine, and any amounts so applied shall reduce the Indebtedness pro tanto;
and (ii) to the extent that the balance of the Proceeds exceeds such excess
amount, such portion of the balance of the Proceeds shall be paid to Trustor.

         Beneficiary shall cause Proceeds held by it pursuant to this Section to
be maintained in one or more interest-bearing accounts in accordance with
Beneficiary's customary practices for the payment of interest on account
balances, including, without limitation, minimum balance requirements.

         If the insurance proceeds are applied to the payment of the sums
secured by this Deed of Trust, any such application of proceeds shall not extend
or postpone the due dates of the monthly installments referred to in the Note or
change the amounts of such installments. If Beneficiary acquires title to the
Mortgaged Property through remedial action or transfer in lieu thereof,
Beneficiary shall have all of the right, title and interest of Trustor in and to
any insurance policies and unearned premiums thereon and in and to the proceeds
resulting from any damage to the Mortgaged Property prior to such acquisition.

         If Beneficiary or Trustee is made a party defendant to any litigation
concerning this Deed of Trust or the Mortgaged Property or any part thereof or
interest therein, or the occupancy thereof, then Trustor shall indemnify, defend
and hold Beneficiary and Trustee harmless from all

                                       12
<PAGE>

liability by reason of said litigation, including reasonable attorneys' fees and
expenses incurred by Beneficiary and Trustee in any such litigation, whether or
not any such litigation is prosecuted to judgment. Trustor waives any and all
right to claim or recover against Beneficiary and Trustee, their officers,
employees, agents and representatives, for loss of or damage to Trustor, the
Mortgaged Property, other property of Trustor or the property of others under
control of Trustor from any cause insured against or required to be insured
against by the provisions of this Deed of Trust.

         11. TAXES, LIENS, AND UTILITY CHARGES. Upon Beneficiary's election and
written notice of same to Trustor after the occurrence of an Event of Default,
as hereinafter defined, Trustor shall pay to Beneficiary on the date of each
regular installment of interest as required by the Note secured hereby until the
Note is fully paid, an amount equal to one-twelfth (1/12) or such proportionate
share of the yearly taxes and assessments as estimated by the Beneficiary to be
sufficient to enable the Beneficiary to pay at least thirty (30) days before
they become due, all taxes, assessments and other similar charges against the
Mortgaged Property or any part thereof. Such added payment shall not be, nor be
deemed to be, trust funds, but may be commingled with the general funds of the
Beneficiary. Upon demand of the Beneficiary, Trustor agrees to deliver to the
Beneficiary such additional monies as are required to make up any deficiencies
in the amounts necessary to enable Trustor to pay such taxes, assessments or
similar charges.

         12. FURTHER ASSURANCES. Trustor shall furnish to Beneficiary evidence
of the title of Trustor to the Mortgaged Property at the execution and delivery
hereof and from time to time hereafter as may be deemed necessary by and
satisfactory to Beneficiary, and Trustor shall promptly pay the cost of said
title evidence when due and payable.

         Trustor, upon the reasonable request of Beneficiary, will execute,
acknowledge, deliver, file and record such further instruments and do such
further acts as may be necessary, desirable or proper to carry out the purposes
of the Security Instruments and to subject to the liens and security interests
created thereby any property intended by the terms thereof to be covered
thereby, including specifically, but without limitation, any renewals,
additions, substitutions, replacements, improvements or appurtenances to the
Mortgaged Property.

         13. CONDEMNATION. If all or any part of the Land or Mortgaged Property
are damaged, taken or acquired, either temporarily or permanently, in any
condemnation proceeding, or by exercise of the right of eminent domain, or, with
Beneficiary's consent, by any conveyance in lieu thereof, the amount of any
award or other payment for such taking, or conveyance or damages made in
consideration thereof, to the extent of the full amount of the then remaining
unpaid indebtedness, is hereby assigned to Beneficiary who is empowered to
collect and receive the same and to give proper receipts therefor in the name of
Trustor, and the same shall be paid forthwith to Beneficiary. The proceeds shall
be settled, deposited and held consistent with Section 10. If Trustor receives
notice, written or unwritten, of any actual, intended or threatened condemnation
or eminent domain proceeding, Trustor shall forthwith furnish a copy of such
notice to Beneficiary if such notice was written, or inform Beneficiary in
writing if such notice was unwritten.

                                       13
<PAGE>

         14. ADVANCES SECURED BY DEED OF TRUST. Upon failure of Trustor to
comply with any of these covenants and agreements as to the payment of taxes,
assessments, insurance premiums, repairs, protection of the Mortgaged Property
or Trustee's or Beneficiary's liens thereon, and other charges and the costs of
procurement of title evidence and insurance as aforesaid, Beneficiary may, at
its option, pay the same, and any sums so paid by Beneficiary, together with the
reasonable fees of counsel employed by Beneficiary in consultation and in
connection therewith, shall be charged against Trustor, shall be immediately due
and payable by Trustor, shall bear interest at the highest rate applicable under
the Note upon the occurrence of an Event of Default, and shall be a lien upon
the Mortgaged Property, and be secured by this Deed of Trust, and may be
collected in the same manner as the principal debt hereby secured.

         15. SUBROGATION. Trustee and Beneficiary shall be subrogated for their
further security to the lien, although released of record, of any and all
encumbrances paid out of the proceeds of the loan secured by this Deed of Trust;
provided, however, that the terms and provisions hereof shall govern the rights
and remedies of Trustee and Beneficiary and shall supersede the terms,
provisions, rights, and remedies under the lien or liens to which Trustee and
Beneficiary are subrogated hereunder.

         16. ASSIGNMENT OF RENTS AND LEASES.

         (a) Trustor hereby absolutely and unconditionally assigns, transfers
and sets over unto Beneficiary and Beneficiary's successors and assigns, all
present and future leases covering all or any part of the Mortgaged Property
("Leases"), together with any extensions or renewals thereof and any guarantees
of any tenants' obligations thereunder, and all of the rents, royalties,
bonuses, income, receipts, revenues, issues and profits now due or which may
hereafter become due under the Leases or any extensions or renewals thereof, as
well as all moneys due and to become due to Trustor under the Leases for
services, materials or installations supplied whether or not the same were
supplied under the terms of the Leases, all liquidated damages following default
under the Leases and all proceeds payable under any policy of insurance covering
loss of rents resulting from untenantability caused by damage to any part of the
Mortgaged Property (such rents, income, receipts, revenues, issues, profits and
other moneys assigned hereby are hereinafter collectively called "Rents"),
together with any and all rights and remedies which Trustor may have against any
tenant under any of the Leases or others in possession of the Mortgaged Property
or any part thereof for the collection or recovery of Rents so assigned. Prior
to an Event of Default (as hereinafter defined) Trustor shall have a license to
collect and receive all Rents as trustee for the benefit of Beneficiary and
Trustor.

         (b) Trustor hereby represents, warrants and agrees that:

                  (i) Trustor has good title to the Leases and Rents hereby
         assigned and has the right, power and capacity to make this assignment
         and no person or entity other than Trustor has or will have any right,
         title or interest in or to the Leases or Rents.

                  (ii) Trustor will, at Trustor's sole cost and expense, perform
         and discharge all of the obligations and undertakings of the landlord
         under the Leases and give prompt notice to Beneficiary of any failure
         to do so. Trustor will use commercially reasonable

                                       14
<PAGE>

         efforts to enforce or secure the performance of all material
         obligations and undertakings of the tenants under the Leases and will
         appear in and prosecute or defend any action or proceeding arising
         under, or in any manner connected with, the Leases or the obligations
         and undertakings of the tenants thereunder.

                  (iii) Without the Beneficiary's prior consent, Trustor will
         not (1) pledge, transfer, mortgage or otherwise encumber or assign the
         Leases or the Rents; (2) waive, excuse, condone or in any manner
         release or discharge any tenant under any of the Leases exceeding 3,000
         square feet; (3) disaffirm, cancel, terminate or consent to any
         surrender of any of the Leases exceeding 3,000 square feet; (4) modify,
         extend or in any way alter the terms of any of the Leases exceeding
         3,000 square feet so as to reduce or diminish or postpone the payments
         of Rents; (5) permit any assignment of any of the Leases; or (6)
         collect Rents more than thirty (30) days prior to accrual.

                  (iv) Trustor will give immediate notice to Beneficiary of any
         notice Trustor receives from any tenant under the Leases, specifying
         any claimed material default by any party under the Leases exceeding
         3,000 square feet.

                  (v) No settlement for damages for termination of any of the
         leases with J. C. Penney or Wall-Mart under the Federal Bankruptcy
         Code, or under any other federal, state, or local statute, shall be
         made without the prior written consent of Beneficiary, which consent
         may be withheld in Beneficiary's sole discretion, and any check in
         payment of such damages shall be made payable to both Trustor and
         Beneficiary. Trustor hereby assigns any such payment to Beneficiary, to
         be applied to the Indebtedness as Beneficiary may elect, and agrees to
         endorse any check for such payment to the order of Beneficiary.

                  (vi) All existing Leases are valid, unmodified and in full
         force and effect. Trustor has received no notice of any existing
         defaults under any of the Leases and Trustor has not performed any act
         or executed any instrument which might prevent Beneficiary from
         operating under any of the terms and provisions thereof or which would
         limit Beneficiary in such operation.

                  (vii) Each of the Leases will be in form and content
         satisfactory to Beneficiary. Trustor will deliver to Beneficiary
         certified and correct copies of each of the Leases once fully executed.
         Upon request of Beneficiary, Trustor shall deliver to Beneficiary
         estoppel certificates from Wal-Mart and J. C. Penney on the forms they
         customarily provide and from fifty percent (50%) of the other tenants
         occupying space in the Mortgaged Property.

         (c) Beneficiary shall not be obligated to perform or discharge any
obligation or duty to be performed or discharged by Trustor under any of the
Leases; and Trustor hereby agrees to indemnify Beneficiary for, and to save
Beneficiary harmless from, any and all liability, damage or expense arising from
any of the Leases or from this assignment, including, without limitation, claims
by tenants for security deposits or for rental payments more than one (1) month
in advance and not delivered to Beneficiary. All amounts indemnified against
hereunder, including reasonable attorneys' fees, if paid by Beneficiary shall
bear interest at the rate of interest charged

                                       15
<PAGE>

pursuant to the Note upon the occurrence of an Event of Default, and shall be
payable by Trustor immediately without demand and shall be secured hereby. This
assignment shall not place responsibility for the control, care, management, or
repair of the Premises upon Beneficiary or Trustee, or make Beneficiary or
Trustee responsible or liable for any negligence in the management, operation,
upkeep, repair or control of same resulting in loss or damage or injury or death
to any party.

         (d) Upon the occurrence of an Event of Default as hereinafter defined:

             (i) All Rents assigned hereunder shall be paid directly to
         Beneficiary, and Beneficiary may notify the tenants under the Leases
         (or any other parties in possession of the Mortgaged Property) to pay
         all of the Rents directly to Beneficiary at the address specified in
         Section 24 hereof, for which this assignment shall be sufficient
         warrant;

             (ii) Beneficiary shall have the right to forthwith enter and take
         possession of the Mortgaged Property and to manage, operate, lease and
         develop the same; to collect as hereunder provided all or any Rents
         payable under the Leases; to make repairs as Beneficiary deems
         appropriate; and to perform such other acts in connection with the
         management, operation, development and leasing of the Mortgaged
         Property as Beneficiary, in its sole discretion, may deem proper; and

             (iii) Beneficiary shall have the right to forthwith enter into and
         upon the Mortgaged Property and take possession thereof, and to appoint
         an agent, or in the event of the institution of foreclosure proceedings
         to have a receiver appointed for the collection of the Rents.

In the event that Beneficiary shall pursue its remedies under subsection (ii) or
(iii) above, the net income, after allowing a reasonable fee for the collection
thereof and the management of the Mortgaged Property, may be applied toward the
payment of taxes, assessments, insurance premiums, repairs, protection of the
Mortgaged Property or Beneficiary's lien thereon, and other charges against the
Mortgaged Property and the costs of procurement of such insurance and of
evidence of title to the Mortgaged Property, or any of them, or in the reduction
of the Indebtedness and the payment of interest as Beneficiary may elect. If the
Rents are not sufficient to meet the costs, if any, of taking control of and
managing the Mortgaged Property and collecting the Rents, any funds expended by
Beneficiary for such purposes shall become indebtedness of Trustor to
Beneficiary secured by this Deed of Trust. Unless Beneficiary and Trustor agree
in writing to other terms of payment, such amounts shall be payable upon demand
from Beneficiary to Trustor and shall bear interest from the date of
disbursement at the rate of interest charge under the Note upon the occurrence
of an Event of Default.

         (e) The exercise or failure to exercise any of the above remedies shall
not in any way preclude or abridge the right of Beneficiary to foreclose this
Deed of Trust or to take any other legal or equitable action thereon.
Beneficiary shall have such rights or privileges as aforesaid regardless of the
value of the Mortgaged Property given as security hereunder, and regardless of
the solvency or insolvency of any party bound for the payment of the
Indebtedness or the other sums hereby secured.

                                       16
<PAGE>

         (f) Trustor hereby authorizes and directs the tenants under the Leases
to pay Rents to Beneficiary upon written demand by Beneficiary, without further
consent of Trustor, and the tenants may rely upon any written statement
delivered by Beneficiary to the tenants. Any such payment to Beneficiary shall
constitute payment to Trustor under the Leases.

         17. NO WAIVER. The failure of Trustee or Beneficiary to exercise any
option to declare maturity of the principal debt or any other sums hereby
secured under any provision hereof or of the Note, or any of the other Security
Instruments, or to forbear from exercising any right or remedy available to
Trustee or Beneficiary under any provision hereof or of the Note, or any of the
other Security Instruments, shall not be taken or deemed a waiver of the right
to exercise such option, right or remedy, or declare such maturity as to such
past, continuing or subsequent violation of any of the covenants and agreements
of the Note, this Deed of Trust, or any of the other Security Instruments.
Acceptance by Beneficiary of partial payments shall not constitute a waiver of
any Event of Default, as hereinafter defined. From time to time, Beneficiary
may, at Beneficiary's option, without giving notice to or obtaining the consent
of Trustor, Trustor's successors or assigns, any junior lienholder or any
guarantor of any portion of the Indebtedness ("Guarantor"), without liability on
Beneficiary's part and notwithstanding any Trustor's breach of any covenant or
agreement of Trustor in this Deed of Trust, extend the time for payment of the
Indebtedness, or any part thereof, reduce the payments thereon, release anyone
liable on any of said Indebtedness, accept a renewal note or notes therefor,
modify the terms and time of payment of said Indebtedness, release from this
Deed of Trust any part of the Mortgaged Property, take or release other or
additional security, reconvey any part of the Mortgaged Property, consent to any
map or plan of the Mortgaged Property, consent to the granting of any easement,
join in any extension or subordination agreement, agree in writing with any
Trustor to modify the rate of interest or period of amortization of the Note, or
change the amount of the monthly installments payable thereunder. Any actions
taken by Beneficiary pursuant to the terms of this paragraph shall not affect
the obligation of Trustor or Trustor's successors or assigns to pay the sums
secured by this Deed of Trust and to observe the covenants of Trustor contained
herein, shall not affect the guaranty of any Guarantor, pursuant to any guaranty
executed in connection herewith ("Guaranty"), and shall not affect the lien or
priority of lien of this Deed of Trust on the Mortgaged Property. Trustor shall
pay Beneficiary a reasonable service charge, together with such title insurance
premiums and attorney's fees as may be incurred at Beneficiary's option for any
such action if taken at Trustor's request.

         18. DEFAULT. The term "Event of Default" shall mean any Event of
Default defined in the Note and/or the Loan Agreement.

         19. ACCELERATION; REMEDIES. Upon the occurrence of an Event of Default,
Beneficiary may, at its option, declare all or any part of the Indebtedness
immediately due and payable without any presentment, demand, protest or notice
of any kind. In addition to the exercise of any or all of the remedies specified
in Section 9, upon such occurrence of an Event of Default or in case the
principal of the Note shall have become due and payable in full, whether by
lapse of time or by acceleration, Beneficiary may:

         (a) Either in person or by agent, with or without bringing any action
or proceeding, or by a receiver appointed by a court and without regard to the
adequacy of its security, enter upon

                                       17
<PAGE>

and take possession of the Mortgaged Property, or any part thereof, in its own
name or in the name of Trustee, and do any acts that it deems necessary or
desirable to preserve the value, marketability or rentability of the Mortgaged
Property, or any part thereof or interest therein, protect the security hereof
and, with or without taking possession of the Mortgaged Property, sue for or
otherwise collect the Rents, or any part thereof, including, without limitation,
those past due and unpaid, and apply the same, less costs and expenses of
operation and collection (including, without limitation, attorneys' fees) upon
the Indebtedness, all in such order as Beneficiary may determine. The entering
upon and taking possession of the Mortgaged Property, the collection of such
Rents and the application thereof as aforesaid, shall not cure or waive any
default or notice of default hereunder or invalidate any act done in response to
such default or pursuant to such notice of default and, notwithstanding the
continuance in possession of all or any portion of the Mortgaged Property or the
collection, receipt and application of Rents, Trustee or Beneficiary shall be
entitled to exercise every right provided for in any of the Loan Documents or by
law upon occurrence of any Event of Default, including, without limitation, the
right to exercise the power of sale;

         (b) Commence an action to foreclose the lien of this Deed of Trust as a
mortgage, appoint a receiver, or specifically enforce any of the covenants
hereof;

         (c) Exercise of the power of sale herein contained and deliver to
Trustee a written statement of breach, notice of default and election to cause
Trustor's interest in the Mortgaged Property to be sold; or

         (d) Exercise all other rights and remedies provided herein, in any Loan
Document or other document or agreement now or hereafter securing or guarantying
all or any portion of the Indebtedness or other obligations of Trustor owing
hereunder, or by law, including, without limitation, the rights and remedies
provided in A.R.S. Section 33-702.B.

         (e) If Beneficiary elects to exercise the power of sale herein
contained, Beneficiary shall notify Trustee and shall deposit with Trustee this
Deed of Trust and the Note and such receipts and evidence of expenditures made
and secured hereby as Trustee may require.

             (i) Upon receipt of such statement and notice from Beneficiary,
         Trustee shall cause to be recorded, published and delivered to Trustor
         such Notice of Sale as then required by law. Trustee shall, without
         demand on Trustor, after lapse of such time as may then be required by
         law and after recordation of such Notice of Sale and Notice of Sale
         having been given as required by law, sell the Mortgaged Property at
         the time and place of sale fixed by it in said Notice of Sale, either
         as a whole, or in separate lots or parcels or items as Trustee shall
         deem expedient, and in such order as it may determine, at public
         auction to the highest bidder for cash in lawful money of the United
         States payable at the time of sale. Trustee shall deliver to such
         purchaser or purchasers thereof its good and sufficient deed or deeds
         conveying the property so sold, but without any covenant or warranty,
         express or implied. The recitals in such deed of any matters or facts
         shall be conclusive proof of the truthfulness thereof. Any person,
         including, without limitation, Trustor, Trustee or Beneficiary, may
         purchase at such sale and Trustor hereby covenants to warrant and
         defend the title of such purchaser or purchasers.

                                       18
<PAGE>

             (ii) After deducting all costs, fees and expenses of Trustee and of
         this Trust, including, without limitation, Trustee's fees and
         reasonable attorneys' fees, and costs of evidence of title in
         connection with sale, Trustee shall apply the proceeds of sale in the
         following priority, to payment of: (i) FIRST, all sums expended under
         the terms of the Loan Documents, not then repaid, with accrued interest
         at the applicable rate provided for in the Note; (ii) SECOND, all sums
         due under the Note; (iii) all other sums, then secured hereby; and (iv)
         the remainder, if any, to the person or persons legally entitled
         thereto or as provided in A.R.S. Section 33-812 or any similar or
         successor statute.

             (iii) Subject to A.R.S. Section 33-810.B, Trustee may postpone sale
         of all or any portion of the Mortgaged Property by public announcement
         at such time and place of sale, and from time to time thereafter may
         postpone such sale by public announcement or subsequently noticed sale,
         and without further notice make such sale at the time fixed by the last
         postponement or may, in it discretion, give a new notice of sale.

         (f) It is the express understanding and intent of the parties that as
to any personal property interests subject to Chapter 9 of the Uniform
Commercial Code of Arizona, Beneficiary, upon an Event of Default, may proceed
under such Uniform Commercial Code of Arizona or may proceed as to both real and
personal property interests in accordance with the provisions of this Deed of
Trust and its rights and remedies in respect to real property, as specifically
permitted under A.R.S. Section 47-9604.D (and any successor statute), and treat
both real and personal property interests as one parcel or package of security.

         (g) Trustee and Beneficiary, and each of them, shall be entitled to
enforce payment and performance of any and all of the Indebtedness and other
obligations of Trustor owing under the Loan Documents, and to exercise all
rights and powers under the Loan Documents and under the law now or hereafter in
effect, notwithstanding some or all of the Indebtedness and other obligations of
Trustor under the Loan Documents may now or hereafter be otherwise secured or
guaranteed. Neither the acceptance of this Instrument nor its enforcement,
whether by court action or pursuant to the power of sale or other rights herein
contained, shall prejudice or in any manner affect Trustee's or Beneficiary's
right to realize upon or enforce any other security or guaranty now or hereafter
held by Trustee or Beneficiary, it being agreed that Trustee and Beneficiary,
and each of them shall be entitled to enforce this Instrument and any other
security or any guaranty now or hereafter held by Beneficiary or Trustee in such
order and manner as they or either of them may in their absolute discretion
determine. No remedy herein conferred upon or reserved to Trustee or Beneficiary
is intended to be exclusive of any other remedy herein or by law provided or
permitted, but each shall be cumulative and shall be in addition to every other
remedy given hereunder or now or hereafter existing under the law. Every power
or remedy given by any of the Loan Documents or by law to Trustee or Beneficiary
or to which either of them may be otherwise entitled, may be exercised,
concurrently or independently, from time to time and as often as may be deemed
expedient by Trustee or Beneficiary and, to the extent permitted by law, either
of them may pursue inconsistent remedies.

         Trustor hereby requests a copy of any notice of default and that any
notice of sale hereunder be mailed to it at the address set forth in Section 24
of this Deed of Trust.

                                       19
<PAGE>

         20. FURTHER REMEDIES. If an Event of Default shall have occurred and
shall be continuing, Trustee and Beneficiary shall have the immediate right, at
the option of Beneficiary, to take possession of the Mortgaged Property and
collect the rents, issues and profits thereof, which are hereby assigned to
Beneficiary, and apply the same less the reasonable costs of collection, to the
upkeep, operation, management and control of the Mortgaged Property, to the
payment of taxes, assessments, insurance premiums, and to the indebtedness
secured hereby, the remainder, if any, to be paid to Trustor or its successors,
vendees, or assigns, and Trustor agrees to surrender possession to Trustee and
Beneficiary upon demand. Upon entering upon or taking possession of the
Mortgaged Property, Trustee and Beneficiary may hold, store, use, operate,
manage and control the Mortgaged Property and conduct the business thereof.

         21. INSPECTION. Any person authorized by Beneficiary shall have the
right to enter upon and inspect the Mortgaged Property at all reasonable times.

         22. PARCELS; WAIVER OF MARSHALING. In the event of foreclosure of the
Land or Mortgaged Property, the same may be sold in one or more parcels or as an
entirety as Beneficiary may elect.

         Notwithstanding the existence of any other security interests in the
Mortgaged Property held by Beneficiary or by any other party, Beneficiary shall
have the right to determine the order in which any or all of the Mortgaged
Property shall be subjected to the remedies provided herein. Trustee shall apply
the proceeds of any trustee's sale in accordance with A.R.S. Section 33-812, as
amended from time to time, and shall have the right to apply the proceeds
realized in all other instances in the order and manner which Beneficiary
elects, at Beneficiary's sole option. Trustor, any party who becomes liable for
Trustor's obligations and covenants under this Deed of Trust, and any party who
now or hereafter acquires a security interest in the Mortgaged Property, or any
portion thereof, hereby waives any and all right to require the marshaling of
assets in connection with the exercise of any of the remedies permitted by
applicable law or provided herein.

         23. COSTS OF COLLECTION. Trustor hereby agrees to pay to Beneficiary
all costs of foreclosing upon the Land or Mortgaged Property, and all costs of
collecting and securing, and of attempting to collect and to secure, the Note,
including, without limitation, reasonable attorneys' fees, appraisers' fees,
court costs, notice charges and title insurance charges, whether such attempt be
made by suit, in bankruptcy, or otherwise; and said costs and any other sums due
Beneficiary by virtue of this Deed of Trust or the Note may be included in any
judgment or decree rendered.

         24. NOTICE. Any notice required or permitted to be given hereunder
shall be in writing and shall be considered properly given if given pursuant to
U.S. mails addressed to the addresses below. Notice so mailed shall be effective
upon its deposit.

                                       20
<PAGE>

                  If to Trustor:            Glimcher Buena Vista, LLC
                                            c/o Glimcher Properties Limited
                                                Partnership
                                            20 South Third Street
                                            Columbus, Ohio  43215
                                            Attn:  General Counsel

                  If to Trustee:            Fidelity National Title Agency, Inc.
                                            323 West Wilcox, Suite 100
                                            Sierra Vista, Arizona  85635

                  If to Beneficiary:        National City Bank
                                            155 East Broad Street
                                            Columbus, Ohio  43251
                                            Attn:  Steven A. Smith,
                                                   Senior Vice President

         25. HAZARDOUS SUBSTANCE COMPLIANCE AND INDEMNIFICATION. Trustor hereby
expressly represents, warrants and covenants to Beneficiary that: (i) neither
Trustor nor, to the actual knowledge of Trustor, any other person has used or
permitted any Hazardous Substances, as hereinafter defined, to be placed, held,
stored or disposed on the Land or any portion thereof, in violation of any
Environmental Laws, as hereinafter defined; (ii) the Land does not now contain
any Hazardous Substance in violation of any Environmental Laws; and (iii)
Trustor, so long as any of the indebtedness secured by this Deed of Trust
remains unpaid, shall not allow any Hazardous Substances to be placed, held,
stored or disposed on the Land or any portion thereof in violation of any
Environmental Laws. The term "Hazardous Substance" shall mean any hazardous,
toxic or dangerous waste, substance or material defined as such in or for the
purpose of the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980, as amended, 42 USC Section 9601 ET. SEQ., the Resource Conservation
and Recovery Act, as amended, 42 USC Section 6901 ET. SEQ., the Hazardous
Materials Transportation Act, as amended, 49 USC Section 1801 ET. SEQ., the
Federal Water Pollution Control Act, as amended (including, but not limited to,
the Clean Water Act), 33 USC Section 1251 ET. SEQ., the Clean Air Act, as
amended, 42 USC 7401 ET. SEQ., the Toxic Substances Control Act, as amended, 15
USC Section 2601 ET.SEQ., the Emergency Planning and Community Right-to-Know Act
(also known as SARA Title III), as amended, 42 USC Section 11001 ET. SEQ., the
Safe Drinking Water Act, as amended, 42 USC Section 300(f) ET.SEQ., the Federal
Insecticide, Fungicide and Rodenticide Act, as amended, 7 USC Section 136
ET.SEQ., the Occupational Safety and Health Act, as amended, 29 USC
Section 651 ET. SEQ., any so-called "Superfund" or "Super-Lien" law, or any
other federal, state or local statute, law, ordinance, code, rule, regulation,
order or decree regulations, relating to, or imposing liability or standards of
conduct concerning, any hazardous, toxic or dangerous waste, substance or
material, now or at any time hereafter in effect (collectively the
"Environmental Laws").

         Trustor hereby agrees to indemnify Beneficiary and hold harmless from
and against any and all losses, liabilities, damages, injuries, costs, expenses
and claims of any and every kind whatsoever, paid, incurred or suffered by, or
asserted against, Beneficiary for, with respect to, or as a direct or indirect
result of any of the following:

                                       21
<PAGE>

             (i) The presence on or under or the escape, seepage, leakage,
         spillage, discharge, emission, discharging or release from, the Land or
         any portion thereof of any Hazardous Substance (including, without
         limitation, any losses, liabilities, damages, injuries, costs, expenses
         or claims asserted or arising under any of the Environmental Laws); or

             (ii) Any liens against the Land or any portion thereof or any
         interest or estate in any thereof, created, permitted or imposed by the
         Environmental Laws, or any actual or asserted liability of or
         obligations of Trustor under the Environmental Laws.

         The aforementioned indemnification shall survive the release and
satisfaction of this Deed of Trust. In addition, any expenses or payments made
by Beneficiary to cure any violation of any Environmental Laws shall be secured
by this Deed of Trust.

         26. MISCELLANEOUS. The covenants herein contained shall bind, and the
benefits and advantages shall inure to, the respective successors and assigns of
the parties hereto. Whenever used, the singular number shall include the plural,
the plural the singular, and the use of any gender shall include all genders. If
any provision of this Deed of Trust is illegal, or hereafter rendered illegal,
or is for any other reason void, voidable or otherwise unenforceable, or
hereafter rendered void, voidable or otherwise unenforceable, the remainder of
this Deed of Trust shall not be affected thereby but shall be construed as if it
does not contain such provision. Each right and remedy provided in this Deed of
Trust is distinct and cumulative to all other rights or remedies under this Deed
of Trust or afforded by law or equity, and may be exercised concurrently,
independently or successively, in any order whatsoever. This Deed of Trust shall
be governed by and construed under the laws of the State of Arizona.

         27. MULTIPLE COUNTERPARTS. This Deed of Trust is to be executed in
multiple identical counterparts, with one such counterpart to be recorded in
each of the counties in which the Land is situated, each counterpart of which
shall be deemed to be an original, and all such counterparts shall constitute
but one and the same instrument.

         28. SUCCESSOR TRUSTEE. In case of the death, inability, refusal to act
or absence of the Trustee from the State of Arizona, or Beneficiary shall desire
for any reason to remove Trustee or any substitute trustee hereunder and to
appoint a new trustee in his place and stead, the Beneficiary, subject to
compliance with Arizona law, is hereby granted full power to remove the Trustee
and appoint in writing a substitute trustee for said Trustee, and the substitute
trustee shall, when appointed, become successor to the title to the Mortgaged
Property and the same shall become vested in him in trust for the purpose and
objects of this Deed of Trust with all the powers, duties and obligations herein
conferred on the original designated Trustee.

         29. JURY WAIVER. THE UNDERSIGNED AND BENEFICIARY (BY ITS ACCEPTANCE
HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON
CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG THE UNDERSIGNED AND BENEFICIARY
ARISING OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT, ANY OTHER

                                       22
<PAGE>

RELATED DOCUMENT, OR ANY RELATIONSHIP BETWEEN BENEFICIARY AND THE UNDERSIGNED.
THIS PROVISION IS A MATERIAL INDUCEMENT TO BENEFICIARY TO PROVIDE THE FINANCING
DESCRIBED HEREIN OR IN THE OTHER LOAN DOCUMENTS.

         30. TRUSTOR WAIVER OF RIGHTS. Trustor waives, to the extent permitted
by law, (a) the benefit of all laws now existing or that may hereafter be
enacted providing for any appraisement before sale of any portion of the
Mortgaged Property, and (b) all rights of redemption, valuation, appraisement,
stay of execution, and notice of election to mature or declare due the
Indebtedness, and (c) all rights and remedies that Trustor may have or be able
to assert by reason of the laws of the State of Arizona pertaining to the rights
and remedies of sureties including, without limitation, A.R.S. Sections 12-1641
through 12-1646, and 16 Arizona Revised Statues, Rules of Civil Procedure, Rule
17(f).

         31. NO DRILLING OR EXPLORATION. Without the prior written consent of
Beneficiary, there shall be no drilling or exploring for or extraction, removal,
or production of minerals from the surface or subsurface of the Land. The term
"minerals" as used herein shall include, without limiting the generality of such
term, oil, gas, casinghead gas, coal, lignite, hydrocarbons, methane, carbon
dioxide, helium, uranium and all other natural elements, compounds and
substances, including sand and gravel.

         32.      STOP NOTICES.

         (a) Trustor shall not cause or permit any "stop notice" or similar
notice to be filed or served on Beneficiary with respect to the Premises (as
that term is defined in the Loan Agreement and is hereafter used). Trustor shall
defend, indemnify and hold Beneficiary and its officers, directors, agents and
employees harmless from and against all claims, damages, loss, liability, costs
and expenses (including attorneys fees and internal costs) arising from or
relating to any such stop notice, the compliance therewith and the defense
thereof. Beneficiary may require Trustor to provide a release bond for any stop
notice, which bond shall be subject to Beneficiary's review and approval and/or
may take such action with respect to any stop notice as Beneficiary may deem
appropriate in Beneficiary's sole and absolute discretion and Beneficiary may
withhold such amounts from disbursement in connection with the loan evidenced by
the Note as Beneficiary may elect in Beneficiary's sole and absolute discretion,
and whether or not Beneficiary is obligated to withhold funds pursuant to
applicable law or any demands made in connection with any stop notice.

         (b) Trustor irrevocably appoints Beneficiary as its attorney-in-fact,
coupled with an interest and with full power of substitution, to file for
record, at the Trustor's cost and expense and in Trustor's name, any notices of
completion, notices of cessation of labor, or any other notices that Beneficiary
considers necessary or desirable to protect its security.

         (c) At Beneficiary's request, Beneficiary may require that construction
of any site improvements be set forth in a separate construction contract and
not included in any other construction contract for non-site improvements.

                                       23
<PAGE>

         (d) At any time, Beneficiary shall be entitled to make written demand
on any lien claimant relating to the Project, demanding that any such lien
claimant serve a stop notice within thirty (30) days after such written demand
by Beneficiary.

         (e) With respect to any loan "balancing" set forth in the Loan
Agreement or in the other Loan Documents, any loan funds which are subject to
any stop notice or which Beneficiary has determined to withhold such funds from
disbursement shall be excluded from any calculation of available funds under the
loan evidenced by the Note.

         33. RENT ROLL AND FINANCIAL STATEMENTS. Trustor shall maintain full and
correct books and records open to Beneficiary's inspection showing in detail the
income, expenses and earnings of Trustor and of the Mortgaged Property, and
shall provide Beneficiary the following financial information. Similar
statements may be required by Beneficiary of each Guarantor.

         (a) Within one hundred twenty (120) days from the end of each fiscal
year of Trustor, or as requested from time to time by Beneficiary, an annual
financial statement consisting of a balance sheet, together with a complete
itemized statement of annual income and operating expenses of Trustor and of the
Mortgaged Property, certified by the chief financial officer of Trustor and on
forms prescribed by, or satisfactory to, Beneficiary;

         (b) Within thirty (30) days from the end of each month, monthly
operating statements for the Mortgaged Property, certified by the chief
financial officer of Trustor and on forms prescribed by, or satisfactory to,
Beneficiary;

         (c) Within thirty (30) days after the date of filing, tax returns
(state and federal) together with all schedules attached thereto and all
requests for extensions; and

         (d) Within sixty (60) days from the end of each fiscal year of Trustor,
a rent roll of the Mortgaged Property, certified by the chief financial officer
of Trustor. The rent roll shall contain the name and address of each tenant,
square footage of leased premises, annual rent, lease commencement date, lease
expiration date, date through which rent is paid, and the nature and extent of
any defaults by each tenant.

                                       24
<PAGE>

         IN WITNESS WHEREOF, Trustor has caused this Deed of Trust to be
executed by its duly authorized officer.

                                   TRUSTOR:

                                   GLIMCHER BUENA VISTA, LLC,
                                   a Delaware limited liability company

                                   By:  Glimcher Properties Limited Partnership,
                                        its Managing Member

                                        By: Glimcher Properties Corporation,
                                            its General Partner

                                            By:  /s/ William G. Cornely
                                                 ------------------------------
                                                 William G. Cornely,
                                                 Executive Vice President
                                                 CFO & COO

STATE OF OHIO,
COUNTY OF FRANKLIN, SS:

         The foregoing instrument was acknowledged before me this 28th day of
March, 2002, by William G. Cornely, the Executive Vice President, CFO & COO of
Glimcher Properties Corporation, the General Partner of Glimcher Properties
Limited Partnership, the Managing Member of Glimcher Buena Vista, LLC, a
Delaware limited liability company, on behalf of the corporation, limited
partnership and limited liability company.

                                        /s/ Beth N. Church
                                        ----------------------------------------
                                        Notary Public

                                        Commission Expires:  1/30/07
                                                             -------------------

                                   EXHIBIT "A"
                                      LAND
                                      ----

                                       25<PAGE>
                                                                  Exhibit 10.159

                                  MORTGAGE NOTE
                                  -------------
                                 (VARIABLE RATE)

$7,700,000.00                                                    March 28, 2002

         FOR VALUE RECEIVED, the undersigned, GLIMCHER BUENA VISTA, LLC, a
Delaware limited liability company with offices at c/o Glimcher Properties
Limited Partnership, 20 South Third Street, Columbus, Ohio 43215 (hereinafter
referred to as "Borrower"), promises to pay to the order of NATIONAL CITY BANK,
a national banking association (hereinafter referred to as "Lender," which term
shall include any holder hereof), at its principal place of business at 155 East
Broad Street, Columbus, Ohio 43251, or at such other place as Lender may
designate, the principal sum of Seven Million Seven Hundred Thousand Dollars
($7,700,000.00) or so much thereof as may be advanced by Lender to Borrower from
time to time, together with all charges herein provided and interest on the
unrepaid advances of said principal sum from date of disbursement by Lender,
payable in cash at the rates and in the manner hereinafter set forth.

                                   ARTICLE I

                                   DEFINITIONS

         1.1 The following terms wherever used in this Note shall have the
following meanings:

         "Deed of Trust" shall mean a certain Deed of Trust, Assignment of
Rents, Security Agreement and Fixture Filing Statement of even date herewith on
the Property given by Borrower in favor of Lender to secure payment of this
Note.

         "Default Rate of Interest" shall mean the rate equal to two percent
(2.0%) per annum plus the Prime Rate.

         "Effective Rate" shall mean the Prime Rate, LIBOR Rate, or Default Rate
of Interest, whichever shall be applicable.

         "Guarantor" shall mean Glimcher Properties Limited Partnership, a
Delaware limited partnership.

         "Guaranty" shall mean that certain Unconditional Guaranty of Payment
and Performance of even date herewith, executed by Guarantor.

         "LIBOR Business Day" shall mean any day on which both Lender is open
for the regular conduct of business and a day on which dealings in U.S. Dollar
Deposits are carried out in the London, England Interbank Market.

         "LIBOR Conversion Option" shall mean the option of Borrower to convert
the interest rate being charged hereunder to the LIBOR Rate.

<PAGE>

         "LIBOR Election" shall mean written notice from Borrower delivered to
Lender electing the LIBOR Rate as the Effective Rate hereunder.

         "LIBOR Rate" shall mean the rate per annum equal to the LIBOR Rate
Spread Percentage plus the One Month LIBOR. The LIBOR Rate shall be adjusted, by
Lender, as necessary, at the end of each LIBOR Business Day during the term
hereof. Lender shall not be required to notify Borrower of any adjustments in
the LIBOR Rate.

         "LIBOR Rate Spread Percentage" shall mean two and one-fourth of one
percent (2.25%) per annum.

         "Loan Agreement" shall mean that certain Loan Agreement of even date
herewith, pursuant to which the principal amount of this Note is to be
disbursed, by which Lender agrees to loan funds to Borrower pursuant to the
terms and conditions stated therein.

         "Loan Documents" shall collectively mean this Note, the Deed of Trust,
Loan Agreement, Guaranty and any other instrument, affidavit, certificate, or
document heretofore, now or hereafter given by Borrower or any Guarantor in
connection with the closing of the loan evidenced by this Note.

         "Note" shall mean this Note and any and all renewals, amendments,
modifications, reductions and extensions hereof and substitutions therefor.

         "One Month LIBOR" shall mean the rate per annum (rounded upwards, if
necessary, to the next higher of 1/16 of one percent (1%)) determined by Lender
and equal to the average rate per annum at which deposits (denominated in United
States dollars) in an amount similar to the principal amount outstanding
hereunder on such determination date and with a maturity one (1) month after the
date of reference are offered to Lender at 11:00 a.m. London time (or as soon as
thereafter practicable) on the date of reference by banking institutions in the
London, United Kingdom market, as such interest rate is referenced and reported
by the British Banker's Association in the Bridge Financial Telerate system
"Page 3750" report or, if the same is unavailable, any other generally accepted
authoritative source of such interest rate as Lender may reference from time to
time.

         "Prime Rate" shall mean the interest rate established and announced
from time to time by National City Bank as its prime rate, based upon its
consideration of economic, money market, business and competitive factors, and
it is not necessarily the most favorable rate of National City Bank. Each change
in said Prime Rate shall, without notice, automatically and immediately change
the rate of interest due hereon.

         "Property" shall mean that certain tract of land and all improvements,
now and hereafter situated thereon in the County of Cochise and State of
Arizona, all of which shall be subject to the Deed of Trust.

                                       2
<PAGE>

                                   ARTICLE II

                       PAYMENTS OF PRINCIPAL AND INTEREST

         2.1 Interest on the unrepaid advances of the principal sum shall be due
and payable monthly, in arrears, on the first day of each month commencing on
May 1, 2002. Commencing on the date of disbursement, interest on the unrepaid
advances of the principal sum shall accrue at the Prime Rate. Notwithstanding
the foregoing, Borrower shall have the option, as set forth in Section 2.2
hereof, to periodically convert the interest rate charged on the outstanding
principal balance to the LIBOR Rate. In the event Borrower shall effectively
convert the interest charged on the outstanding principal balance pursuant to
Section 2.2, interest shall accrue as set forth in Section 2.2.

         2.2 Unless there shall have occurred and be continuing an Event of
Default, as hereinafter defined, Borrower may exercise Borrower's LIBOR
Conversion Option to convert the interest rate payable hereunder from the Prime
Rate to the LIBOR Rate by submitting a LIBOR Election to Lender. In the event
Borrower shall effectively elect the LIBOR Rate, interest on the outstanding
principal balance shall accrue at the applicable LIBOR Rate until Borrower shall
elect by notice in writing to Lender to reconvert to the Prime Rate, at which
time the interest rate accruing hereunder on such outstanding principal balance
shall reconvert to the Prime Rate. Interest payments shall continue to be paid
on the first day of each month, in arrears, based upon the interest accrued at
the Prime Rate or the LIBOR Rate, as applicable

         If (a) deposits in dollars for periods of one (1) month are not
available to the Lender in the London Interbank Market, or (b) the LIBOR Rate
will not accurately cover the cost to Lender of making or maintaining the
related LIBOR Rate, or (c) by reason of national or international financial,
political or economic conditions or by reason of any applicable law, treaty,
rule or regulation (whether domestic or foreign) now or hereafter in effect, or
the interpretation or administration thereof by any governmental authority
charged with the interpretation or administration thereof, or compliance by
Lender with any request or directive of such authority (whether or not having
the force of law), including without limitation exchange controls, it is
impracticable, unlawful or impossible for Lender to continue to charge interest
hereunder at the LIBOR Rate so long as such circumstances continue, interest
hereunder shall accrue at the Prime Rate.

         2.3 All interest payable in accordance with this Note shall be computed
on the basis of a year consisting of three hundred sixty (360) days, but applied
to actual days elapsed.

         2.4 In addition to the interest payments set forth in Sections 2.1 and
2.2, whichever is applicable, commencing May 1, 2002, principal payments shall
be due and payable monthly on the first day of each month throughout the balance
of the term of this Note in an amount equal to Twenty Thousand Two Hundred
Ninety-Eight Dollars ($20,298.00).

         2.5 All principal and all accrued and unpaid interest shall be due and
payable in full on April 1, 2005.

                                       3
<PAGE>

                                  ARTICLE III

                                  LATE CHARGES

         3.1 If any of said payments of principal or interest or any combination
thereof be not paid in full within fifteen (15) days after such payment is due,
then in addition to the amount of said payment there shall be due, and Borrower
promises to pay, a late charge in respect of each said payment in the amount of
five percent (5.0%) of said payment, which Borrower agrees is a fair and
reasonable charge for costs incurred by Lender in processing such late payment
and shall not be deemed a penalty.

                                   ARTICLE IV

                                   PREPAYMENT

         4.1 The privilege is hereby reserved by Borrower to prepay the
outstanding principal balance of this Note in whole or in part at any time and
from time to time without premium or penalty, provided that a payment of all
accrued and unpaid interest to the date of such prepayment is included with such
prepayment.

         4.2 Partial prepayments shall not postpone or reduce regular payments
of principal or interest, but shall be credited to installments of principal, if
any, in their inverse order of maturity.

                                    ARTICLE V

                                     DEFAULT

         5.1 The term "Event of Default" shall mean the occurrence of any one or
more of the following:

         (a) A failure by Borrower to make any payment of principal or interest
or any combination thereof on this Note within fifteen (15) days after payment
is due;

         (b) The material incorrectness as of the date hereof of any
representation or warranty made by Borrower or any Guarantor to Lender in any of
the Loan Documents, any financial statement or any other document delivered to
Lender in connection with the loan evidenced by this Note;

         (c) The abandonment of the Property, or any portion thereof, without
the written consent of Lender;

         (d) Thirty (30) days after notice to Borrower of Lender's reasonable
determination that the condition of the Property has deteriorated to the degree
that Lender's security has been materially impaired;

                                       4
<PAGE>

         (e) The sale (by land contract or otherwise), assignment, mortgaging,
leasing, encumbering, refinancing or conveyance of the Property, or any portion
thereof or legal or equitable interest therein, except as otherwise expressly
permitted in the Loan Documents;

         (f) That a mechanic's or materialmen's lien is filed upon the Property,
which lien is not discharged or bonded off or fully reserved for, within thirty
(30) days after such filing;

         (g) Thirty (30) days after Lender's notice to Borrower of Borrower's
failure to keep in full force and effect or obtain and thereafter keep in full
force and effect all certificates, licenses, franchise or management agreements,
permits and other agreements necessary in Lender's reasonable discretion, for
the lawful occupancy, use and operation of the Property for its intended
purposes, including, but not limited to, a retail center.

         (h) A failure by Borrower to keep in effect the policies of insurance
required by the Deed of Trust;

         (i) The change in the identity of any of the members of Borrower;

         (j) The occurrence of any event of default, acceleration, or
commencement of foreclosure under any other deed of trust, lien or encumbrance
on the Property, prior or subordinate to the Deed of Trust;

         (k) The entry of any judgment or lien against Borrower by or in favor
of any third person which judgment or lien is not satisfied, discharged,
reserved for, or bonded off within thirty (30) days from the date of entry of
said judgment or lien;

         (l) The appointment of a receiver, trustee, custodian, conservator, or
liquidator, or other similar official for Borrower, or any Guarantor, any of the
Property, or any other property of Borrower or any Guarantor;

         (m) Borrower or any Guarantor shall admit in writing inability to pay
debts, or shall make a general assignment for the benefit of creditors;

         (n) Borrower or any Guarantor shall commence any case, proceeding or
other action seeking reorganization, arrangement, adjustment, liquidation,
dissolution or composition of Borrower or any Guarantor or any debts under any
law relating to bankruptcy, insolvency, reorganization or relief of debtors;

         (o) Any case, proceeding or other action commenced against Borrower or
any Guarantor seeking to have an order for relief entered against Borrower or
any Guarantor, as debtor, or seeking a reorganization, arrangement, adjustment,
liquidation, dissolution or composition of Borrower or any Guarantor or any
debts, under any law relating to bankruptcy, insolvency, reorganization or
debtor relief laws, or seeking an appointment of a receiver, trustee, custodian
or other similar official for Borrower or any Guarantor or for all or any of the
Property, or any other property of Borrower or any Guarantor, and such case,
proceeding or other action (i) results in the entry of an order for relief
against Borrower or any Guarantor or (ii) remains undismissed for a period of
sixty (60) days;

                                       5
<PAGE>

         (p) Borrower or any Guarantor shall have concealed, removed, or
permitted to be concealed or removed, any part of its property, with intent to
hinder, delay or defraud its creditors or any of them, or made or suffered a
transfer of any of its property which may be fraudulent under any bankruptcy,
fraudulent conveyance or similar law; or shall have suffered or permitted, while
insolvent, any creditor to obtain a lien upon any of its property through legal
proceedings which is not vacated within sixty (60) days from the date thereof;

         (q) An occurrence of any event or condition which results in a default
in the payment of any other indebtedness or the performance of any other
obligation of Borrower or any Guarantor to Lender;

         (r) The liquidation, termination or dissolution of Borrower or any
Guarantor; or

         (s) A failure by Borrower or any Guarantor to comply with any of the
other terms or conditions specified herein or in any other of the Loan Documents
or Borrower's or any Guarantor's failure to perform any of Borrower's or any
Guarantor's covenants under the Loan Documents and such failure remains uncured
for thirty (30) days after Lender provides written notice of such failure in
accordance with the terms of the Deed of Trust.

         5.2 Upon the occurrence of any Event of Default, the entire unpaid
balance of principal and interest evidenced by this Note, together with all sums
of money advanced by Lender in accordance with the terms of any one or more of
the Loan Documents, and all sums due and owing for any late charge or charges
hereunder (the foregoing being hereinafter collectively referred to as the
"Indebtedness") shall thereupon bear interest at the Default Rate of Interest,
and at the option of Lender, all the Indebtedness together with interest thereon
at the Default Rate of Interest shall immediately become due and payable
("Acceleration") without demand made therefor and without notice to any person,
notice of the exercise of said option being hereby expressly waived, and Lender
shall have all remedies of a secured party under law and equity to enforce the
payment of all of the Indebtedness, time being of the essence of this Note. The
Default Rate of Interest shall be charged to Borrower upon the occurrence of any
Event of Default notwithstanding any invoices or billing statements sent by
Lender to Borrower indicating an interest rate to the contrary. In addition, any
waiver of Lender's right to charge the Default Rate of Interest or to accelerate
the Indebtedness must be made in writing and cannot be waived by oral
representation or the submission to Borrower of monthly billing statements.

                                   ARTICLE VI

                                  MISCELLANEOUS

         6.1 The failure of Lender to exercise any option herein provided upon
the occurrence of any Event of Default shall not constitute a waiver of the
right to exercise such option in the event of any continuing or subsequent Event
of Default. Borrower hereby agrees that the maturity of all or any part of the
loan may be postponed or extended and that any covenants and conditions
contained in this Note or in any of the other Loan Documents may be waived or
modified without prejudice to the liability of Borrower on said Note or Loan
Documents.

                                       6
<PAGE>

         6.2 When this Note becomes due, by Acceleration or otherwise, Lender
may, at its option, demand, sue for, collect, or make any compromise or
settlement it deems desirable with reference to property held as security
herefor. Lender shall not be bound to take any steps necessary to preserve any
rights in the property held as security herefor against prior parties, which
Borrower hereby assumes to do. Borrower expressly authorizes Lender to deal in
any manner with any collateral and the security of every kind and character
given to secure the payment of Borrower's obligations under this Note, and
without limiting the generality of the foregoing, Borrower expressly authorizes
Lender to waive any rights which Lender may have relative to requiring
additional collateral or to surrendering or to releasing collateral held by
Lender, or to substituting any collateral held by Lender for other collateral of
like kind, or of any kind, nor shall the obligations of Borrower under this
Note, nor the rights of Lender under the Loan Documents be diminished or in any
manner affected by the failure of Lender to exercise its rights with reference
to such collateral or in any manner failing to proceed against the collateral or
security pledged or conveyed as security for the obligations of Borrower under
this Note. The provisions hereof shall apply and be controlling as to all
property which may at any time be security herefor.

         6.3 Borrower hereby authorizes Lender, in its sole discretion, upon the
occurrence of an Event of Default, to apply all or any portion of the balance of
any account maintained by Borrower with Lender to the payment or reduction, in
whole or in part, of any and all principal and interest then due, whether by
acceleration or otherwise, to Lender under this Note. Upon the occurrence of any
Event of Default, Lender shall have the right to setoff against all obligations
of Borrower to Lender hereunder, whether matured or unmatured, all amounts owing
to Borrower by Lender, whether or not then due and payable, and all other funds
or property of Borrower on deposit with or otherwise held in the custody of
Lender or any of its affiliates, all without notice to or demand on Borrower,
such notice and demand being hereby waived.

         6.4 Presentment for payment, notice of dishonor, protest, notice of
protest and diligence in bringing suit against any party hereto are hereby
waived by Borrower.

         6.5 Borrower hereby waives all relief from any and all appraisement or
exemption laws now in force or hereafter enacted.

         6.6 The obligations evidenced or created by this Note, as well as all
waivers of rights by Borrower contained herein shall effectively bind and be the
obligations and waivers of any and all others who may at any time become liable
for the payment of all or any part of this Note, including, without limitation,
all indorsers and guarantors.

         6.7 Nothing herein contained, nor in any of the other Loan Documents or
other documents relating hereto, shall be construed or so operate as to require
Borrower, or any person liable for the payment of the loan made pursuant to this
Note, to pay interest in an amount or at a rate greater than the highest rate
permissible under applicable law. Should any interest or other charges paid by
Borrower, or any parties liable for the payment of the loan made pursuant to
this Note, result in the computation or earning of interest in excess of the
highest rate permissible under applicable law, then any and all such excess
shall be and the same is hereby waived by Lender, and all such excess shall be
automatically credited against and in reduction of the

                                       7
<PAGE>

principal balance, and any portion of said excess which exceeds the principal
balance shall be paid by Lender to Borrower and any parties liable for the
payment of the loan made pursuant to this Note, it being the intent of the
parties hereto that under no circumstances shall Borrower or any parties liable
for the payment of the loan hereunder, be required to pay interest in excess of
the highest rate permissible under applicable law. All interest paid or agreed
to be paid to Lender shall, to the extent permitted under applicable law, be
amortized, prorated, allocated and spread throughout the full period until
payment in full of this Note, including the period of any renewal or extensions
thereof, so that interest thereon for such full period shall not exceed the
maximum amount permitted by applicable law.

         Notwithstanding anything to the contrary herein contained, in the event
that the Effective Rate should ever exceed the highest rate permissible under
applicable law, thereby causing the interest accruing on the indebtedness
evidenced by this Note to be limited to such highest rate permissible under
applicable law, then any subsequent reduction in the Effective Rate shall not
reduce the rate of interest charged hereunder below the highest rate permissible
under applicable law until the total amount of interest accrued on the
indebtedness evidenced by this Note equals the amount of interest which would
have accrued on such indebtedness if the Effective Rate had been in effect at
all times in the period during which the rate charged thereon was limited to the
highest rate permissible under applicable law.

         6.8 Borrower acknowledges and agrees that all property pledged or
assigned by Borrower to Lender as security for this Note has been pledged or
assigned as security for the entirety of all indebtedness evidenced by this
Note.

         6.9 If any provision (or any part of any provision) contained in this
Note shall for any reason be held or deemed to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision (or remaining part of the affected
provision) of this Note, and this Note shall be construed as if such invalid,
illegal or unenforceable provision (or part thereof) had never been contained
herein and the remaining provisions of this Note shall remain in full force and
effect.

         6.10 Borrower hereby authorizes any attorney-at-law to appear in any
court of record in the State of Ohio or in any other state or territory of the
United States at any time after this Note becomes due, whether by acceleration
or otherwise, to waive the issuing and service of process, and to confess
judgment against Borrower in favor of Lender for the amount due together with
interest, expenses, the costs of suit and reasonable counsel fees, and thereupon
to release and waive all errors, rights of appeal and stays of execution. Such
authority shall not be exhausted by one exercise, but judgment may be confessed
from time to time as any sums and/or costs, expenses or reasonable counsel fees
shall be due, by filing an original or a photostatic copy of this Note. Borrower
waives any right to move any court for an order having any attorney or firm
representing Lender removed or disqualified as counsel for Lender as a result of
such attorney or firm confessing judgment against Borrower in accordance with
this Section 6.10. Borrower hereby expressly waives any conflicts of interest
that may now or hereafter exist as a result of any attorney representing Lender
confessing judgment against Borrower and expressly consents to any attorney
representing Lender or to any other attorney to confess judgment against
Borrower in accordance with this Section 6.10. Borrower hereby further consents
and agrees that Lender

                                       8
<PAGE>

may pay any attorney confessing judgment against Borrower in accordance with
this Section 6.10, a reasonable fee for confessing judgment and that any fees so
paid may be included in the amount of such judgment.

         6.11 Borrower hereby agrees to pay to Lender all costs of preparing,
collecting and securing, and of attempting to collect and to secure this Note,
and all costs of foreclosing the Deed of Trust, including, without limitation,
reasonable attorneys' fees, appraisers' fees, court costs, notice charges and
title insurance charges, whether such attempt be made by suit, in bankruptcy, or
otherwise; and said costs and any other sums due Lender by virtue of this Note
or the Deed of Trust may be included in any judgment or decree rendered.

         6.12 BORROWER HEREBY VOLUNTARILY, IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER
SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN LENDER AND BORROWER ARISING
OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP
ESTABLISHED BETWEEN BORROWER AND LENDER IN CONNECTION WITH THE LOAN DOCUMENTS,
THIS NOTE, OR ANY OTHER AGREEMENT OR DOCUMENT EXECUTED OR DELIVERED IN
CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO. THIS PROVISION IS A
MATERIAL INDUCEMENT TO LENDER TO ENTER INTO THE FINANCING TRANSACTION. IT SHALL
NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY LENDER'S ABILITY TO PURSUE
ITS REMEDIES INCLUDING, BUT NOT LIMITED TO, ANY CONFESSION OF JUDGMENT OR
COGNOVIT PROVISION CONTAINED IN THE LOAN DOCUMENTS, THIS NOTE OR ANY OTHER
DOCUMENT OR AGREEMENT RELATED HERETO.

         This Note is delivered in the State of Ohio and is to be governed by
and construed in accordance with the laws of the State of Ohio. In addition to
any other appropriate jurisdiction determined by Lender, Borrower hereby
consents to, and by execution of this Note, submits to the personal jurisdiction
of the Court of Common Pleas of Franklin County, Ohio and the United States
District Court sitting in Columbus, Ohio for the purposes of any judicial
proceedings which are instituted for the enforcement of this Note. Borrower
agrees that venue is proper in said jurisdiction.

                                       9
<PAGE>

--------------------------------------------------------------------------------
WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
OR ANY OTHER CAUSE.
--------------------------------------------------------------------------------

                                  GLIMCHER BUENA VISTA, LLC,
                                  a Delaware limited liability company

                                  By: Glimcher Properties Limited Partnership,
                                      its Managing Member

                                      By:  Glimcher Properties Corporation,
                                           its General Partner

                                           By:  /s/ William G. Cornely
                                                ------------------------------
                                                William G. Cornely, Executive
                                                Vice President, CFO & COO

STATE OF OHIO,
COUNTY OF FRANKLIN, SS:

         The foregoing instrument was acknowledged before me this 27th day of
March, 2002, by William G. Cornely, the Executive Vice President, CFO & COO of
Glimcher Properties Corporation, the General Partner of Glimcher Properties
Limited Partnership, the Managing Member of Glimcher Buena Vista, LLC, a
Delaware limited liability company, on behalf of the corporation, limited
partnership and limited liability company.

                                 /s/ Beth N. Church
                                    ------------------------------------------
                                     Notary Public

                                     Commission Expires:   1/30/07
                                                          ---------------------

                                       10

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