Document:

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                                                                   EXHIBIT 10.14

                                 PROMISSORY NOTE

$36,500,000                                                   January 5, 2004
                                                              Columbus, Ohio

         FOR VALUE RECEIVED, the undersigned, GLIMCHER PROPERTIES LIMITED
PARTNERSHIP, a Delaware limited partnership ("Borrower"), promises to pay to the
order of Bank One, NA, a national banking association, or the holder hereof from
time to time ("Lender"), at such place as may be designated in writing by
Lender, the principal sum of THIRTY-SIX MILLION FIVE HUNDRED THOUSAND AND
NO/100THS DOLLARS ($36,500,000.00) or so much thereof as may be disbursed by
Lender to or for the benefit or account of Borrower, with interest thereon as
hereinafter provided. This note (this "Note") is issued pursuant to the terms of
a Loan Agreement of even date herewith by and between Borrower and Lender (said
Loan Agreement, as same may be amended and modified from time to time, is
referred to hereinafter as the "Loan Agreement"). All capitalized terms used but
not defined herein shall have the respective meanings ascribed to them in the
Loan Agreement. All sums owing hereunder are payable in lawful money of the
United States of America, in immediately available funds.

         Interest accrued on this Note shall be due and payable on the first day
of each month commencing with the first month after the date of this Note at the
applicable rate determined in accordance with the terms and conditions of the
Loan Agreement of either (i) a rate equal to one-half of one percent (.50%) per
annum in excess of Lender's "Prime Rate" in effect from time to time, which
means a rate per annum equal to the prime rate of interest announced from time
to time by Lender or its parent (which is not necessarily the lowest rate
charged to any customer), changing when and as said prime rate changes; or (ii)
a rate equal to the sum of (i) three percent (3%) per annum, and (ii) the
quotient of (a) the LIBO Rate divided by (b) one (1) minus the Reserve
Requirement expressed as a decimal.

         The outstanding principal balance of this Note, together with all
accrued and unpaid interest, shall be due and payable upon the occurrence of the
earlier of the closing of the sale of at least sixty-six percent (66%) of the
properties identified in the CCP Acquisition Contract, or on July 5, 2004 (the
"Initial Maturity Date"); provided that the maturity date of this Note shall be
January 5, 2005 in the event said date of maturity is extended pursuant to the
terms and conditions of the Loan Agreement (the "Extended Maturity Date").

         This Note is issued pursuant to the terms of a Loan Agreement and is
secured by and entitled to the benefits of, among other things, two (2) Pledge
and Security Agreements from Borrower, of both its (a) forty-eight and 99/100
percent (48.99%) limited liability company membership interest in Polaris Mall,
LLC, a Delaware limited liability company, and subsidiary of Borrower ("Polaris
Mall") and (b) fifty-one and 01/100 percent (51.01%) limited liability company
membership interest in Polaris Mall, to Lender of even date herewith (said
Pledge and Security Agreements, as same may be amended and modified from time to
time, is referred to hereinafter as the "Pledge Agreements"). In case an Event
of Default, as defined under the Pledge Agreements, the Loan Agreement, or other
Loan Document, shall occur and be continuing (any of the foregoing being an
"Event of Default" hereunder), the principal of this Note together with all
accrued interest thereon may, at the option of the holder hereof, immediately
become due and payable on demand; provided, however, that if any Loan Document
related to this Note provides for automatic acceleration of payment of sums
owing

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hereunder, all sums owing hereunder shall be automatically due and payable in
accordance with the terms of that document.

         Unless otherwise agreed to in writing, or otherwise required by
applicable law, payments will be applied first to accrued, unpaid interest, then
to principal, and any remaining amount to any unpaid collection costs, late
charges and other charges, provided, however, upon delinquency or other default,
Lender reserves the right to apply payments among principal, interest, late
charges, collection costs and other charges at its discretion. All prepayments
shall be applied to the indebtedness owing hereunder in such order and manner as
Lender may from time to time determine in its sole discretion. The amount of the
principal balance of the Loan outstanding from time to time as shown on the
records of Lender shall be conclusive absent manifest error as to such amount.

          Borrower shall have the right, at any time without penalty, to make
prepayments under this Note, in whole or in part, provided that any such
prepayment relates to any portion of the principal amount of the Note bearing
interest at the Adjusted Prime Rate and provided further, that Lender receives
at least forty-eight (48) hours prior written notice of the intent to make such
prepayment. Borrower may prepay all or any portion of the principal amount of
the Note bearing interest at a Fixed Rate, provided that if Borrower makes any
such prepayment, other than on the last day of an Interest Period, Borrower (a)
with such prepayment, shall pay all accrued interest on the principal amount
prepaid (unless less than all of the principal amount of this Note is being
prepaid, in which case such interest shall be due and payable on the next
scheduled interest payment date), (b) with such prepayment, shall pay an
administrative fee of $250.00, and (c) on demand, shall reimburse Lender and
hold Lender harmless from all losses and expenses incurred by Lender as a result
of such prepayment, including, without limitation, any losses and expenses
arising from the liquidation or reemployment of deposits acquired to fund or
maintain the principal amount prepaid. Lender's determination of the amount of
such reimbursement shall be conclusive in the absence of manifest error.
Provided that no Event of Default exists, Borrower shall have the option as
described in (c) below (the "Interest Rate Option") to elect from time to time
in the manner and subject to the conditions hereinafter set forth, a Fixed Rate
as the applicable rate for all or any portion of this Note which would otherwise
bear interest at the Adjusted Prime Rate.

         Borrower may elect that as of any Business Day designated by Borrower,
upon notice that is received by Lender not later than noon (Columbus, Ohio,
local time) two (2) Business Days prior to such designated date, interest on a
Fixed Rate Amount accrue at a Fixed Rate during an Interest Period. Each such
notice shall specify (i) the amount of such Fixed Rate Amount, and (ii) the
Interest Period. In addition, Borrower may as of any designated Business Day,
upon notice that is received by Lender not later than noon (Columbus, Ohio,
local time) two (2) Business Days prior to such designated Business Day, convert
an Adjusted Prime Rate Amount into a Fixed Rate Amount or continue a Fixed Rate
Amount as a Fixed Rate Amount for a new Interest Period, provided, that Borrower
may make such conversion or continuation only on the last day of the Interest
Period. Each such notice of conversion or continuation shall specify (A) the
date of such conversion or continuation, (B) the amount to be converted or
continued, and (C) if applicable, the Interest Period. Any amount not complying
with the foregoing requirements for an amount bearing interest at the Fixed Rate
shall bear interest at the Adjusted Prime Rate. Any Fixed Rate Amount not
continued as a Fixed Rate Amount in

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compliance with the foregoing requirements shall, after the end of the Interest
Period, bear interest at the Adjusted Prime Rate, whether or not Borrower has
elected to convert the Fixed Rate Amount to the Adjusted Prime Rate Amount.

         Lender shall be entitled to fund and maintain its funding of all or any
part of this Note in any manner it sees fit; provided, however, for the purpose
of this Note, all determinations hereunder shall be made as if Lender had
actually funded and maintained each Fixed Rate Amount through the purchase of
deposits having a maturity corresponding to the last day of the Interest Period
and bearing an interest rate equal to the Fixed Rate for such Interest Period.

         A Fixed Rate Amount must be in a minimum amount of One Million Dollars
($1,000,000.00), with increments of One Million Dollars ($1,000,000.00)
thereafter, and at no time may there be more than three (3) Interest Periods for
any Fixed Rate Amounts in effect with respect to this Note.

         In respect of any Fixed Rate Amount, in the event that Lender shall
have determined that (i) dollar deposits of the relevant amount for the relevant
Interest Period for such Fixed Rate Amount are not available, or (ii) by reason
of circumstances affecting such market, adequate and reasonable means do not
exist for ascertaining the LIBO Rate applicable to such Interest Period in the
manner provided in the definition of such term, or (iii) the relevant interest
rates referred to in the definition of LIBO Rate do not accurately cover the
cost to the Lender of making or maintaining Fixed Rate Amounts, as the case may
be, Lender shall promptly give notice of such determination to the Borrower and
(i) the obligation of Lender to make Fixed Rate Amounts shall be suspended until
Lender notifies Borrower that the circumstances giving rise to the suspension no
longer exist, (ii) any notice of new Fixed Rate Amounts (or the conversion of
existing Fixed Rate Amounts or Adjusted Prime Rate Amounts to Fixed Rate
Amounts) previously given by the Borrower and not yet borrowed (or converted, as
the case may be) shall be deemed a notice that such amounts shall bear interest
at the Adjusted Prime Rate, and (iii) the Borrower shall be obligated either to
prepay or to convert any outstanding Fixed Rate Amounts on the last day of the
then current Interest Period or Periods with respect thereto, as Borrower shall
elect.

         Borrower shall pay to Lender from time to time such amounts as Lender
may determine to be necessary to compensate Lender for any costs incurred by
Lender which Lender determines are attributable to its making or maintaining any
Fixed Rate Amount hereunder or its obligation to make any such Fixed Rate Amount
hereunder, or any reduction in any amount receivable by Lender under the Loan
Agreement in respect of any such Fixed Rate Amount or such obligation (such
costs and reductions in amounts receivable being herein called "Additional
Costs"), resulting from any change after the Closing Date in U.S. federal,
state, municipal, or foreign laws or regulations (including Regulation D), or
the adoption or making after such date of any interpretations, directives, or
requirements applying to a class of banks including Lender of or under any U. S.
federal, state, municipal, or any foreign laws or regulations (whether or not
having the force of law) by any court or governmental or monetary authority
charged with the interpretation or administration thereof ("Regulatory Change"),
which: (1) changes the basis of taxation of any amounts payable to Lender under
the Loan Agreement in respect of any such Fixed Rate Amount (other than taxes
imposed on the overall net income of the Lender); or (2)

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imposes or modifies any reserve, special deposit, compulsory loan, or similar
requirements relating to any extensions of credit or other assets of, or any
deposits with or other liabilities of Lender (including any such Fixed Rate
Amount or any deposits referred to in the definition of any LIBO Rate); or (3)
imposes any other condition affecting the Loan Agreement (or any of such
extensions of credit or liabilities). Lender will notify the Borrower of any
event occurring after the Closing Date which will entitle Lender to compensation
pursuant to this paragraph as promptly as practicable after it obtains knowledge
thereof and determines to request such compensation. Determinations by Lender
for purposes of this paragraph of the effect of any Regulatory Change in its
costs of making or maintaining Fixed Rate Amounts or on amounts receivable by it
in respect of Fixed Rate Amounts, and of the additional amounts required to
compensate Lender in respect of any Additional Costs, shall be presumed prima
facie correct.

         If at any time any new law, treaty or regulation enacted after the date
hereof, or any change after the date hereof in any existing law, treaty or
regulation, or any interpretation thereof after the date hereof by any
governmental or other regulatory authority charged with the administration
thereof, shall make it unlawful for Lender to fund any Fixed Rate Amounts with
moneys obtained in the London interbank market, the commitment of Lender to
extend Fixed Rate Amounts shall, upon the happening of such event forthwith be
suspended for the duration of such illegality, and Lender shall by written
notice to the Borrower declare that the commitment to extend Fixed Rate Amounts
has been so suspended and, if and when such illegality ceases to exist, such
suspension shall cease and Lender shall similarly notify the Borrower. If any
such change shall make it unlawful for Lender to continue in effect the funding
in the applicable London interbank market of any Fixed Rate Amount previously
made by it hereunder, Lender shall, upon the happening of any such event, notify
the Borrower in writing stating the reasons therefor, and the Borrower shall, on
the earlier of (i) the last day of then current Interest Period or (ii) if
required by such law, regulation or interpretation, on such date as shall be
specified in such notice, either convert all Fixed Rate Amounts to Adjusted
Prime Rate Amounts or prepay all Fixed Rate Amounts to Lender in full, as
Borrower shall elect.

         Interest at the Adjusted Prime Rate or one or more Fixed Rates (or
Default Rate), as applicable, shall be computed by applying the ratio of the
applicable annual interest rate over a year of 360 days, multiplied by the
applicable outstanding principal balance, multiplied by the actual number of
days the applicable principal balance is outstanding. In addition, Borrower
shall pay all Breakage Costs incurred from time to time by Lender upon demand.

         If any payment due hereunder is due and payable on a day which is not a
Business Day, such payment shall be made on the next succeeding Business Day and
such extension of time shall be included in the computation of the payment of
interest under this Note. All payments of principal and interest hereunder shall
be made without deduction of any present or future taxes, levies, imposts,
duties, fees, assessments, withholdings or other charges, which amounts shall be
paid by Borrower, and without any other setoff or counterclaim of any kind.

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         After an Event of Default, if any interest payment required hereunder
is not received by Lender on or before the 11th day of the month in which it
becomes due, Borrower shall pay, at Lender's option, a late or collection charge
equal to five percent (5%) of the amount of such unpaid interest payment.

         From and after the Extended Maturity Date, or such earlier date as all
sums owing on this Note become due and payable by acceleration or otherwise, or
after the occurrence of an Event of Default, interest shall be computed on all
amounts then due and payable under this Note at a "Default Rate" equal to three
percent (3%) per annum (based on a 360-day year and charged on the basis of
actual days elapsed) in excess of the interest rate otherwise accruing under
this Note.

         After the occurrence of an Event of Default, if any attorney is engaged
by Lender to enforce or defend any provision of this Note or the Pledge
Agreements or any of the other Loan Documents, or as a consequence of any Event
of Default, with or without the filing of any legal action or proceeding, then
Borrower shall pay to Lender immediately upon demand all attorneys' fees and
expenses, together with interest thereon from the date of such demand until paid
at the rate of interest applicable to the principal balance owing hereunder as
if such unpaid attorneys' fees and expenses had been added to the principal.

         No previous waiver and no failure or delay by Lender in acting with
respect to the terms of this Note, the Pledge Agreements or any of the other
Loan Documents shall constitute a waiver of any breach, default or failure of
condition under this Note, the Pledge Agreements or any of the other Loan
Documents or the obligations secured thereby. A waiver of any term of this Note,
the Pledge Agreements or any of the other Loan Documents or of any of the
obligations secured thereby must be made in writing and shall be limited to the
express. written terms of such waiver. In the event of any inconsistencies
between the terms of this Note and the terms of any other Loan Document related
to the Loan evidenced by this Note, the terms of this Note shall prevail.

         Except as otherwise provided in the Loan Agreement, Borrower expressly
waives presentment, demand, notice of dishonor, notice of default or
delinquency, notice of acceleration, notice of protest and nonpayment, notice of
costs, expenses or losses and interest thereon, notice of late charges, and
diligence in taking any action to collect any sums owing under this Note or in
proceeding against any of the rights or interests in or to properties securing
payment of this Note. In addition, Borrower expressly agrees that this Note and
any payment coming due hereunder may be extended from time to time without in
any way affecting the liability of any such party hereunder.

         Time is of the essence with respect to every provision hereof. This
Note shall be construed and enforced in accordance with the laws of the State of
Ohio, except to the extent that Federal laws preempt the laws of the State of
Ohio, and all persons and entities in any manner obligated under this Note
consent to the jurisdiction of any Federal or State court within the State of
Ohio having proper venue and also consent to service of process by any means
authorized by Ohio or Federal law. Any reference contained herein to attorneys'
fees end expenses shall be deemed to be to reasonable fees and expenses and to
include all reasonable fees and expenses of in-house or staff attorneys and the
reasonable fees and expenses of any other experts or consultants.

         All agreements between Borrower and Lender (including, without
limitation, this Note, the Loan Agreement, the Pledge Agreements, and any other
Loan Documents securing all or any part of the indebtedness evidenced hereby)
are expressly limited so that in no event whatsoever shall the amount paid or
agreed to be paid to Lender exceed the highest lawful rate of interest
permissible under applicable law. If, from any circumstances whatsoever,
fulfillment of any provision hereof or

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of the Pledge Agreements, the Loan Agreement or any other Loan Documents
securing all or any part of the indebtedness evidenced hereby at the time
performance of such provisions shall be due, shall involve exceeding the limit
of validity prescribed by law which a court of competent jurisdiction may deem
applicable hereto, then, ipso facto, the obligation to be fulfilled shall be
reduced to the highest lawful rate of interest permissible under such applicable
laws, and if, for any reason whatsoever, Lender shall ever receive as interest
an amount which would be deemed unlawful under such applicable law, such
interest shall be automatically applied to the payment of the principal of this
Note (whether or not then due and payable) and not to the payment of interest or
refunded to Borrower if such principal has been paid in full.

         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 paragraph. Borrower hereby expressly waives any conflicts of interest that
may now or hereafter exist as a result of any

                  [Remainder of Page Intentionally Left Blank]

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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 paragraph. Borrower hereby
further consents and agrees that Lender may pay any attorney confessing judgment
against Borrower in accordance with this paragraph, a reasonable fee for
confessing judgment and that any fees so paid may be included in the amount of
such judgment.

         IN WITNESS WHEREOF, the undersigned has executed by its duly authorized
representative as of the 5th day of January, 2004.

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.

                           BORROWER: Glimcher Properties Limited Partnership, a
                           Delaware limited partnership

                           By: Glimcher Properties Corporation, its sole general
                               partner, a Delaware corporation

                           By:____________________________________________
                              George A. Schmidt, Executive Vice President

                                       7<PAGE>

                                                                   EXHIBIT 10.15

                               GUARANTY OF PAYMENT

         THIS GUARANTY OF PAYMENT (this "Guaranty") is signed and delivered this
5th day of January, 2004 by POLARIS MALL, LLC, a Delaware limited liability
company ("Guarantors", even if there is only one Guarantor; see Section 5.20
hereof). All capitalized terms used but not defined herein shall have the same
meaning as given to such term in the Loan Agreement (as defined below).

                                    ARTICLE 1

                                  THE GUARANTY

         1.1      Guarantors' Agreement. Each of the Guarantors hereby jointly
and severally, unconditionally and irrevocably guarantees to BANK ONE, NA, a
national banking association ("Lender") to pay and perform when due the
Obligations (as hereinafter defined) and to pay on demand the Expenses (as
hereinafter defined). This Guaranty is absolute, independent and continuing
under all circumstances, and is a guaranty of payment and performance, not of
collection. Each Guarantor hereby acknowledges that Lender has given sufficient
consideration for this Guaranty by entering into that certain Loan Agreement
dated of even date herewith (the "Loan Agreement") with Glimcher Properties
Limited Partnership, a Delaware limited partnership ("Borrower"), and agreeing
to make the loan described therein (the "Loan") and to otherwise perform its
obligations thereunder. Each Guarantor. hereby further acknowledges that Lender
is doing all of the foregoing in reliance on each of the terms of this Guaranty.
Guarantor hereby further acknowledges and represents to Lender that by virtue of
the Loan being made to Borrower, and Borrower becoming the sole member of
Guarantor, Guarantor has thus become a wholly owned subsidiary of Borrower and
as such it is deriving a material benefit from the making of the Loan to
Borrower.

         1.2      Obligations. For all purposes of this Guaranty, the term
"Obligations" shall mean all monetary obligations of Borrower to Lender of any
kind whatsoever, howsoever created, arising or evidenced, whether pursuant to a
covenant, representation, warranty, indemnity or other agreement of any kind,
whether direct or indirect, absolute or contingent, recourse or non-recourse, or
now or hereafter existing, or due or to become due, and which arise under the
Loan Agreement, the Note (as defined in the Loan Agreement), any Rate Management
Transaction (as defined in the Loan Agreement) or any other Loan Document (as
defined in the Loan Agreement), including, without limitation, the obligation to
pay the principal amount of each of the Note when due thereunder and the
obligation to pay interest under each of the Note, including any interest at the
post-maturity or default rate (the "Default Rate"), and the obligation of
Borrower to contribute Borrower's funds to the Loan in accordance with the terms
and conditions of the Loan Agreement.

         1.3      Expenses. For all purposes of this Guaranty, the term
"Expenses" shall mean all attorneys' fees and expenses and all other costs and
expenses of any kind which Lender may at

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any time pay or incur after an Event of Default under the Loan Agreement in
attempting to collect, compromise or enforce in any respect the Obligations or
this Guaranty, whether or not suit is ever filed, and whether or not in
connection with any insolvency, bankruptcy, reorganization, arrangement or other
similar proceeding involving Borrower or any Guarantor. If Lender pays any such
cost or expense, "Expenses" shall also include interest at the Default Rate on
any such payment from the date thereof until repayment of Lender in full.

         1.4      Total Amount of the Obligations. Each Guarantor acknowledges
that the total amount of the Obligations may exceed the total amount necessary
to pay in full each of the Note and all of the Expenses.

         1.5      Continuing Guaranty. This Guaranty shall in all respects be a
continuing guaranty, remaining in full force and effect (notwithstanding,
without limitation, that from time to time all Obligations may have been
satisfied in full) until all of the following have occurred: (i) all of the
Obligations have been satisfied in full, (ii) all of the obligations of each of
the Guarantors hereunder have been satisfied in full, and (iii) Lender has no
further obligation to make any advance under the Loan Agreement. No notice of
discontinuance or revocation shall affect any of the obligations of any
Guarantor hereunder or of Borrower or any other obligor under any of the
Obligations. Lender shall not be obligated to accept at any time any deed in
lieu of foreclosure, and all obligations of each Guarantor hereunder shall
survive foreclosure or any deed in lieu of foreclosure which Lender may accept,
to the extent any of the Obligations remain unsatisfied or otherwise survive.

                                    ARTICLE 2

                         REPRESENTATIONS AND WARRANTIES

         Each of the Guarantors hereby covenants, represents and warrants to
Lender as follows:

         2.1      Review of Guaranty and Loan Documents. Such Guarantor has
reviewed, with the benefit of its legal counsel, each of the terms and
conditions of this Guaranty and each of the other Loan Documents, including,
without limitation, the Loan Agreement and the Note.

         2.2      Financial Benefit to Guarantor. Such Guarantor is deriving a
material financial benefit from the making of the Loan to Borrower.

         2.3      Organization; Authorization. Each Guarantor is a limited
liability company, duly organized, validly existing and in full force and effect
under the laws of the State of its formation, and duly qualified and in full
force and effect under the laws of each other State in which its activities
require that it be qualified, except where the failure to be so qualified or to
have the requisite authority would not have a Material Adverse Affect. Each such
Guarantor has executed and delivered this Guaranty pursuant to proper authority
duly granted.

         2.4      Enforceability. Each obligation under this Guaranty is legal,
valid, binding and enforceable against each Guarantor in accordance with all of
its terms and conditions, subject to general principles of equity and the effect
of bankruptcy and other laws affecting the rights of creditors generally.

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         2.5      No Existing Defaults and No Litigation. Such Guarantor is not
in default under any agreement with Lender, the effect of which default could
materially adversely affect performance of its obligations under this Guaranty.
There are no actions, suits or proceedings pending or, to the best of its
knowledge, threatened against such Guarantor before any court or any other
governmental authority of any kind which could materially adversely affect
performance of its obligations under this Guaranty.

         2.6      Guaranty Will Cause No Violations of Law or Other Defaults.
Neither the execution and delivery of this Guaranty nor compliance with any and
all of its terms and conditions will violate any presently existing law,
regulation, order, writ, injunction or decree of any court or other governmental
authority of any kind, or result in any default by such Guarantor under any
other document or agreement of any kind.

         2.7      No Misstatements or Omissions. This Guaranty does not contain
any untrue statement of fact or omit to state any fact material to this
Guaranty. Such Guarantor has no knowledge of any material fact concerning
Borrower or the financial condition of Borrower which has not been disclosed to
Lender in writing and might adversely affect Lender's determination to enter
into the Loan Agreement.

         2.8      ERISA. Such Guarantor is not an "employee benefit plan" within
the meaning of Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended from time to time ("ERISA"), to which ERISA applies and such
Guarantor's assets do not constitute assets of any such plan.

                                    ARTICLE 3

                      COVENANTS, CONDITIONS AND AGREEMENTS

        Each of the Guarantors hereby covenants and agrees with Lender as
follows:

         3.1      Rescinded or Returned Payments. If at any time any part of any
payment previously applied by Lender to any of the Obligations is rescinded or
returned by Lender for any reason, including, without limitation, the
insolvency, bankruptcy or reorganization of Borrower or any other party, such
Obligations shall be deemed to have continued in existence to the extent that
such payment is rescinded or returned, and this Guaranty shall be reinstated as
to such Obligations as though such prior application by Lender had not been
made.

         3.2      Certain Permitted Actions of Lender. Lender may, from time to
time, at its option and without notice to any Guarantor, take any or all of the
following actions in any combination without in any way affecting the
obligations of any Guarantor: (i) obtain a security interest in any property to
secure any of the Obligations or any obligation hereunder; (ii) obtain the
primary or secondary obligation of any additional obligor or obligors with
respect to any of the Obligations; (iii) extend, modify, subordinate, exchange
or release any of the Obligations; (iv) modify, subordinate, exchange or release
its security interest in all or any part of any property securing any of the
Obligations or any obligation hereunder, or extend, modify, subordinate,
exchange or release any obligations of any obligor with respect to any such
property; (v) alter the manner or place of payment of the Obligations; (vi)
enforce this Guaranty against any Guarantor, for payment of any of the due but
unpaid Obligations,

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whether or not Lender shall have proceeded against Borrower or any other
Guarantor or any other party primarily or secondarily obligated with respect to
any of the Obligations, or resorted to or exhausted any other remedy or any
other security or collateral; and (vii) foreclose on, take possession of, or
sell any of the collateral or security for the Obligations or enforce any other
rights under any of the Loan Documents.

         3.3      Lender's Option to Release Any Guarantor. Lender may, from
time to time, at its option, release any Guarantor from any of its obligations
hereunder or release Borrower or any other obligor from any of the Obligations
without notice to any other Guarantor or any other party and without in any way
releasing or affecting the liability of any other Guarantor.

         3.4      Application of Payments. Lender may apply any payment made on
account of the Obligations toward such of the Obligations, and in such order, as
Lender may elect from time to time, whether or not such Obligations are
guaranteed hereby, otherwise secured, or due at the time of application.

         3.5      Subordination. Such Guarantor hereby subordinates any claims
or liens of such Guarantor against Borrower of any kind (including, without
limitation, any right of such Guarantor to a return of any capital contributed
to Borrower) to all of the Obligations and to any other claims or liens of
Lender against Borrower or any of the property of Borrower. Upon any notice by
Lender to Borrower of any default under any Loan Document, such Guarantor shall
enforce any of its claims or liens as trustee for Lender, and shall cause any
receipts to be paid over to Lender on account of the Obligations without
affecting in any manner the liability of such Guarantor under this Guaranty,
except to the extent of such payment. As long as no such notice of default has
occurred, such Guarantor may apply to its own accounts payments made by
Borrower.

         3.6      Certain Events Not Affecting Obligations of Any Guarantor. The
obligations of such Guarantor hereunder shall not be affected by any of the
following: (i) the release or discharge of Borrower in any creditors',
receivership, bankruptcy, reorganization, insolvency, or other proceedings; (ii)
the rejection or disaffirmance in any such proceeding of any of the Obligations;
(iii) the impairment or modification of any of the Obligations, or of any remedy
for the enforcement thereof, or of the estate of Borrower in bankruptcy,
resulting from any present or future federal or state bankruptcy law or any
other law of any kind or from the decision or order of any court or other
governmental authority; (iv) any defense of Borrower; (v) the cessation of the
liability of Borrower for any cause whatsoever; (vi) any sale, assignment,
transfer or other conveyance (including, without limitation, any conveyance in
lieu of foreclosure or any collateral sale pursuant to the Uniform Commercial
Code, as adopted in Ohio) of any of the security for any of the Obligations,
regardless of the amount received by Lender in connection therewith; or (vii)
any disability or defense of any kind now existing of such Guarantor with
respect to any provision of this Guaranty.

         3.7      No Obligation of Lender Regarding Security Interest. Lender
shall have no obligation to obtain, perfect or retain a security interest in any
property to secure any of the Obligations or this Guaranty (including, without
limitation, any mortgage or security interest contemplated by any of the Loan
Documents), or to protect or insure any such property.

                                       4
<PAGE>

         3.8      Filing of Certain Claims. Such Guarantor shall promptly file
in any bankruptcy or other proceeding in which the filing of claims is required
by law all claims and proofs of such claims which such Guarantor may have
against Borrower, and shall collaterally assign to Lender or its nominee all
rights of such Guarantor thereunder. In all such cases, any party authorized to
pay such claim shall pay to Lender or, its nominee the full amount thereof.

         3.9      ERISA. For so long as this Guaranty shall be continuing, such
Guarantor hereby covenants to Lender, that, for the duration of the term of this
Guaranty, such Guarantor shall not be an "employee benefit plan" within the
meaning of Section 3(3) of ERISA to which ERISA applies and such Guarantor's
assets shall not constitute assets of any such plan.

         3.10     Performance by One Guarantor Deemed Performance by All. Each
Guarantor hereby authorizes any other Guarantor to perform any obligation under
this Guaranty, and Lender may rely on any such performance as if it had been
made by all Guarantors.

         3.11     Waivers by Guarantors. Each of the Guarantors hereby expressly
waives each of the following: (i) notice of the acceptance by Lender of this
Guaranty, notice of the existence, creation or non-payment of any of the
Obligations, presentment, demand, notice of dishonor, protest, notice of
protest, and all other notices except any specifically required by this
Guaranty; (ii) any obligation Lender may have to disclose to such Guarantor any
facts Lender now or hereafter may know or have reasonably available to it
regarding Borrower or the financial condition of Borrower, whether or not Lender
has a reasonable opportunity to communicate such facts or has reason to believe
that any such facts are unknown to such Guarantor or materially increase the
risk to such Guarantor beyond the risk such Guarantor intends to assume
hereunder; such Guarantor shall be fully responsible for keeping informed of the
financial condition of Borrower and of all other circumstances bearing on the
risk of non-payment or non-performance of the Obligations; (iii) all diligence
in collection of any of the Obligations, any obligation hereunder, or any
guaranty or other security for any of the foregoing; (iv) the benefit of all
appraisement, valuation, marshaling, forbearance, stay, extension, redemption,
homestead, exemption and moratorium laws now or hereafter in effect; (v) any
defense based on the incapacity, lack of authority, death or disability of any
other person or entity or the failure of Lender to file or enforce a claim
against the estate of any person or entity in any administrative, bankruptcy or
other proceeding; (vi) any defense based on an election of .remedies by Lender,
whether or not such election may affect in any way the recourse, subrogation or
other rights of such Guarantor against Borrower or any other person in
connection with the Obligations; (vii) any defense based on the failure of
Lender to (A) provide notice to such Guarantor of a sale or other disposition
(including any collateral sale pursuant to the Uniform Commercial Code, as
adopted in Ohio) of any of the security for any of the Obligations, or (B)
conduct such a sale or disposition in a commercially reasonable manner; (viii)
any defense based on the negligence of Lender in administering the Loan, or
taking or failing to take any action in connection therewith, or based on any
claim that Lender failed to act both in good faith and in a commercially
reasonable manner; and (ix) any rights arising because of such Guarantor's
payment or performance of any of the Obligations (A) against Borrower, by way of
subrogation of the rights of Lender or otherwise, or (B) against any other
Guarantor or any other party obligated to pay or perform any of the Obligations,
by way of contribution or reimbursement or otherwise.

                                       5
<PAGE>

         3.12     Financial Statements. Guarantors shall deliver or cause to be
delivered to Lender (a) Guarantors' internal unaudited financial statements
within one hundred twenty (120) days of Guarantors' execution of this Guaranty,
(b) quarterly rent roll for PFP Columbus, LLC, a Delaware limited liability
company ("PFP"), within sixty (60) days of the end of each fiscal quarter, and
(c) quarterly operating statements for PFP within sixty (60) days of the end of
each fiscal quarter.

                                    ARTICLE 4

              DEFAULT OF GUARANTORS WHEN BORROWER IS NOT IN DEFAULT

         4.1      Events of Default. The occurrence of any of the following,
regardless of whether or not any performance or payment of any of the
Obligations shall then be due, shall be a default under this Guaranty: (i) the
death, incompetency, dissolution, liquidation, bankruptcy or insolvency of any
Guarantor, the inability of any Guarantor to pay its debts generally as they
become due, or a general assignment by any Guarantor for the benefit of
creditors; (ii) any application for or consent to the appointment of a trustee,
receiver or other custodian for any Guarantor or any assets or property of any
of them, or the institution of any proceeding by any Guarantor under any federal
or state laws providing for the relief of debtors or otherwise alleging that any
Guarantor is insolvent, bankrupt or unable to pay its debts generally as they
become due; (iii) the institution of any proceeding against any Guarantor under
any federal or state laws providing for the relief of debtors or otherwise
alleging that any Guarantor is insolvent, bankrupt or unable to pay its debts
generally as they become due which is not vacated within sixty (60) days of
filing; (iv) any Guarantor is in breach of any of its representations and
warranties contained herein; or (v) any Guarantor is in breach of or fails to
perform any of its covenants, agreements and obligations set forth herein and
such breach or failure continues for a period of thirty (30) days after notice
thereof from Lender to Guarantor.

         4.2      Cure of Certain Defaults. Upon the occurrence of any of the
events described in clauses (i), (ii), (iii), (iv) or (v) of Section 4.1 hereof,
other than any breach described in clause (iv) or (v) relating to Section 2.8
hereof, Lender may, at its option, permit the Guarantor to whom such event
applies (or, in the case of the death of a Guarantor, the deceased Guarantor's
estate) to cure the resulting default by delivering to Lender within thirty (30)
days from the occurrence of such event, in the case of any event described in
said clause (i), (ii) or (iii), or within thirty (30) days from the date notice
is given to the Guarantor by Lender, in the case of any event described in said
clause (iv) or (v) (except events which relate to Section 2.8 hereof as
aforesaid), Cash Collateral (as hereinafter defined) in an amount sufficient to
pay all of the Obligations if they were then due and payable. As used herein,
"Cash Collateral" shall mean, in Lender's sole discretion, either cash or any
combination of cash and letters of credit or other cash equivalents or other
security satisfactory in amount and all other respects to Lender. Lender shall
invest all such cash or cash equivalents in United States treasury obligations
as additional security for payment of the Obligations, and "Cash Collateral"
shall include any interest which may accrue thereon. Lender may apply any Cash
Collateral to the payment of any of the Obligations not paid in full when due
and will remit to the appropriate Guarantor any excess remaining after the full
performance of and payment in full of all of the Obligations.

                                       6
<PAGE>

                                    ARTICLE 5

                                  MISCELLANEOUS

         5.1      Application of GAAP. Where the character or amount of any
asset or liability or item of income or expense is required, to be determined or
any consolidation or other accounting computation is required to be made for the
purpose of this Guaranty, the same shall be done in accordance with generally
accepted accounting principles, to the extent applicable, except where such
principles are inconsistent with the requirements of this Guaranty or those of
the Loan Agreement.

         5.2      Joint and Several Obligations: Successors and Assigns. All
obligations under this Guaranty are joint and several to each of the Guarantors
and any other party which hereafter guarantees any portion of the Obligations,
and shall be binding upon each of them and their respective heirs, legal
representatives, successors and assigns.

         5.3      Assignment by Lender. Lender may from time to time, without
notice to any Guarantor, assign or transfer any interest in any of the
Obligations by loan participation or otherwise, and notwithstanding such
assignment or transfer, such Obligations shall remain Obligations for purposes
of this Guaranty. Each immediate and successive assignee or transferee of any
interest in any of the Obligations and this Guaranty shall, to the extent of
such interest, be entitled to the benefits of this Guaranty to the same extent
as if such assignee -or transferee were Lender. Lender may deliver to any such
assignee or transferee any financial statements delivered by any Guarantor in
connection with this Guaranty.

         5.4      No Exculpation. No exculpatory, "non-recourse," "limited
recourse," or other language contained in any other Loan Document or in any
other document shall in any way prevent Lender from, or otherwise limit Lender
in, enforcing this Guaranty against any Guarantor.

         5.5      Legal Tender of United States. All payments hereunder shall be
made in coin or currency which at the time of payment is legal tender in the
United States of America for public and private debts.

         5.6      Time of Essence. Time is of the essence of this Guaranty.

         5.7      Definitions; Captions. With respect to any reference in this
Guaranty to any defined term, (i) if such defined term refers to a person, or a
trust, corporation, partnership or other entity, then it shall also mean all
heirs, personal representatives,-successors and assigns of such person or
entity, and (ii) if such defined term refers to a document, instrument or
agreement, then it shall also include any replacement, extension or other
modification thereof. Captions contained in this Guaranty in no way define,
limit or extend the scope or intent of their respective provisions.

         5.8      Notices. Any notices that Lender or any Guarantor may give
hereunder shall be deemed given if in writing and if delivered personally, or if
mailed, postage prepaid, by United States registered or' certified mail, return
receipt requested, or if delivered by a responsible overnight courier,
addressed:

                                       7
<PAGE>

          If to Guarantors:                 Polaris Mall, LLC
                                            150 E. Gay Street
                                            Columbus, Ohio 43215
                                            Attention: George A. Schmidt, Esq.

          with a copy to:                   Frost Brown Todd LLC
                                            One Columbus, Suite 1000
                                            10 West Broad Street,
                                            Columbus, Ohio 43215
                                            Attention: John I. Cadwallader, Esq.

          In the case of Lender to:         Bank One, NA
                                            100 East Broad Street, 11th Floor
                                            Columbus, Ohio 43271-0208
                                            Attention:  David A. DeVictor

          with a copy to:                   Bricker & Eckler LLP
                                            100 South Third Street
                                            Columbus, Ohio 43215
                                            Attention: Charles H. McCreary, Esq.

or to such other address or addresses as the party to be given notice may have
furnished in writing to the party seeking or desiring to give notice, as a place
for the giving of notice, provided-that no change in address shall be effective
until seven (7) days after being given to the other party in the manner provided
for above. Any notice given in accordance with the foregoing shall be deemed
given when delivered personally or, if mailed, three (3) business days after it
shall have been deposited in the United States mails as aforesaid or, if sent by
overnight courier, the business day following the date of delivery to such
courier. Nothing in this notice provision shall be construed as a requirement
that Lender give any notice under this Guaranty.

         5.9      Entire Agreement. This Guaranty constitutes the entire
agreement of the Guarantors for the benefit of Lender and supersedes any prior
agreements with respect to the subject matter hereof.

         5.10     No Modification Without Writing. This Guaranty may not be
terminated or modified in any way nor can any right of Lender or any obligation
of any Guarantor be waived or modified, except by a writing signed by Lender and
such Guarantor.

         5.11     Independent Obligations. The obligations of each Guarantor
hereunder are independent of the obligations of Borrower and each other
Guarantor. In the event of any default hereunder, Lender may institute a
separate action against any Guarantor with or without joining or instituting a
separate action against Borrower or any other Guarantor or other obligor.

         5.12     Documentation. All documents and other matters required by any
of the provisions of this Guaranty to be submitted or furnished to Lender shall
be in form and substance satisfactory to Lender.

                                       8
<PAGE>

         5.13     Additional Assurances. Each Guarantor agrees that, at any time
or from time to time, upon the written request of Lender, such Guarantor will
execute all such further documents and do all such other acts and things as
Lender may request to effectuate the purposes of this Guaranty.

         5.14     Choice of Law. This Guaranty shall be governed by and
construed in accordance with the internal laws of the State of Ohio. Guarantors
acknowledge that Lender's principal office is located in Columbus, Ohio and that
Lender may be irreparably harmed if required to institute or defend any action
in any jurisdiction other than the Southern District of Ohio or Franklin County,
Ohio. Therefore, each of the Guarantors irrevocably (i) agrees that any suit,
action or other legal proceeding relating to this Guaranty may be brought only
in the Circuit Court of Franklin County or in the Southern District of Ohio, at
Lender's option, (ii) consents to the jurisdiction of each such court in any
such suit, action or proceeding, and (iii) waives any objection which such
Guarantor may have to the laying of venue in any such suit, action or proceeding
in either such court. Nothing herein shall be deemed to limit any rights, powers
or privileges which Lender may have pursuant to any law of the United States of
America or any rule, regulation or order of any department or agency thereof and
nothing herein shall be deemed to make unlawful any transaction or conduct by
Lender which is lawful pursuant to, or which is permitted by, any of the
foregoing.

         5.15     No Third Party Beneficiary. This Guaranty is made for the sole
benefit of Guarantors and Lender, and no other person shall be deemed to have
any privity of contract hereunder nor any right to rely hereon to any extent or
for any purpose whatsoever, nor shall any other person have any right of action
of any kind hereon or be deemed to be a third party beneficiary hereunder.

         5.16     Interpretation. All references herein to a party's best
knowledge shall be deemed to mean the best knowledge of such party based on all
appropriate and thorough inquiry. Unless specified to the contrary herein,
references herein to an exercise of discretion or judgment by Lender, to the
making of a determination or designation by Lender, to the application of
Lender's discretion or opinion, to the granting or withholding of Lender's
consent or approval, to the consideration of whether a matter or thing is
satisfactory or acceptable to Lender, or otherwise involving the decision making
of Lender, shall be deemed to mean that Lender shall decide unilaterally using
its sole and absolute discretion or judgment. The terms "herein," "hereof,"
"hereunder" and any other similar terms used herein shall be deemed to refer to
this Agreement in its entirety. Any reference contained herein to attorneys'
fees and expenses shall be deemed to be to reasonable fees and expenses and to
include all reasonable fees and expenses of in-house or staff attorneys and the
reasonable fees and expenses of any other experts or consultants.

         5.17     No Waiver. No waiver of any term, provision, condition,
covenant or agreement herein contained shall be effective unless set forth in a
writing signed by Lender, and any such waiver shall be effective only to the
extent set forth in such writing. No failure to exercise or delay in exercising
by Lender of any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or
privilege preclude any other or further exercise thereof, or the exercise of any
other right or remedy provided by law. No notice or demand on any Guarantor in
any case shall, in itself,

                                       9
<PAGE>

entitle such Guarantor to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of Lender to any other
or further action in any circumstances without notice or demand. No consent or
waiver, expressed or implied, by Lender to or of any breach or default by any
Guarantor in -the performance of its obligations hereunder shall be deemed or
construed to be a consent or waiver to or of any other breach or default in the
performance of the same or any other obligations of such Guarantor hereunder.
Failure on the part of Lender to complain of any acts or failure to act or to
declare an Event of Default, irrespective of how long such failure continues,
shall not constitute a waiver by Lender of its rights hereunder or impair any
rights, powers or remedies on account of any breach or default by such
Guarantor.

         5.18     Severability. Any provision of this Guaranty which is
unenforceable or invalid or contrary to law, or the inclusion of which would
adversely affect the validity, legality or enforcement of this Guaranty, shall
be of no effect and, in such case, all the remaining terms and provisions of
this Guaranty shall subsist and be fully effective according to the terms of
this Guaranty the same as though any such invalid portion had never been
included herein. Notwithstanding any of the foregoing to the contrary, if any
provisions of this Agreement or the application thereof are held invalid or
unenforceable only as to particular persons or situations, the remainder of this
Guaranty, and the application of such provision to persons or situations other
than those to which it shall have been held invalid or unenforceable, shall not
be affected thereby, but shall continue valid and enforceable to the fullest
extent permitted by law.

         5.19     Cumulative. The obligations of each Guarantor hereunder are in
addition to any other obligations it may now or hereafter have to Lender, and
shall not be affected in any way by the delivery to Lender by any of the
Guarantors or any other guarantor of any other guaranty. All rights and remedies
of Lender and all obligations of the Guarantors under this Guaranty are
cumulative; without limitation, Lender's exercise of its right to receive Cash
Collateral from one Guarantor hereof shall in no way limit any right or remedy
of Lender against any other Guarantor. In addition, Lender shall have all rights
and remedies available to it in law or equity for the enforcement of this
Guaranty.

         5.20     One Guarantor. If this Guaranty is made by only one Guarantor,
then all references in this Guaranty to the "Guarantors," "each of the
Guarantors," "any Guarantor," "any of the Guarantors", "such Guarantor" or any
similar reference shall be deemed to mean solely the Guarantor whose signature
is set forth below.

         5.21     WAIVER OF JURY TRIAL. EACH GUARANTOR, AND BY ITS ACCEPTANCE
HEREOF, LENDER, HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY
RIGHTS THAT SUCH GUARANTOR MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING
IN ANY WAY IN CONNECTION WITH THIS GUARANTY OR ANY OR THE OTHER LOAN DOCUMENTS
EXECUTED BY SUCH GUARANTOR, OR ANY OTHER STATEMENTS OR ACTIONS OF LENDER. EACH
GUARANTOR ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR LENDER TO
ENTER INTO THE LOAN AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS IT EXECUTES,
AND THAT THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF THE OTHER LOAN DOCUMENTS
TO WHICH

                                       10
<PAGE>

SUCH GUARANTOR IS A PARTY AS IF FULLY INCORPORATED THEREIN; AND EACH GUARANTOR,
AND LENDER HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS GUARANTY AND
LENDER- MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE GUARANTORS HERETO AND LENDER TO
THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

         5.22     Confession of Judgment. Guarantor 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 the Obligations
becomes due, whether by acceleration or otherwise, to waive the issuing and
service of process, and to confess judgment against Guarantor 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 Guaranty. Guarantor 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 Guarantor in accordance with this Section. Guarantor
hereby expressly waives any conflicts of interest that may now or hereafter
exist as a result of any attorney representing Lender confessing judgment
against Guarantor and expressly consents to any attorney representing Lender or
to any other attorney to confess judgment against Guarantor in accordance with
this Section. Guarantor hereby further consents and agrees that Lender may pay

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       11
<PAGE>

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

         IN WITNESS WHEREOF, the parties hereto have caused this Guaranty to be
executed by their duly authorized representatives as of the date first above
written.

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.

                              GUARANTORS: POLARIS MALL, LLC

                              By: Glimcher Properties Limited Partnership,
                                  its Manager, a Delaware limited partnership

                                  By: Glimcher Properties Corporation, its sole
                                      general partner, a Delaware corporation

                              By:___________________________________________
                                 George A. Schmidt, Executive Vice President

                                       12

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