Document:

EXHIBIT 10.05

                          SEVERANCE BENEFITS AGREEMENT
                          ----------------------------

     AGREEMENT, dated as of February 1, 2007, by and among GLIMCHER REALTY
TRUST, a Maryland real estate investment trust, with offices at 150 East Gay
Street, Columbus, Ohio 43215 ("GRT"), GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a
Delaware limited partnership, with offices at 150 East Gay Street, Columbus,
Ohio 43215 ("GPLP"), and KIM A. RIECK, an individual (the "Executive").

     WHEREAS, GRT, GPLP and/or their subsidiaries and affiliates, including
entities in which GRT or GPLP own a majority of any non-voting stock
(collectively, the "Company"), have employed, or may employ in the future, the
Executive as an employee of the Company to perform certain services for and on
behalf of the Company upon terms and conditions upon which the Company and the
Executive have previously agreed, or may in the future agree (the "Services");

     WHEREAS, the Company recognizes that the Executive's contributions to the
future growth of the Company will be substantial; and

     WHEREAS, to induce the Executive to remain in the employ of the Company,
the parties hereto desire to set forth certain severance benefits which GPLP
will pay to the Executive in the event of a Change in Control of GRT (as defined
in Section 2 hereof).

     IT IS AGREED:

     1. TERM. This Agreement shall commence on the date hereof and shall
terminate upon the earlier of (a) the date on which GPLP and GRT have satisfied
all of their obligations hereunder or (b) the date on which the Executive is no
longer an employee of the Company for any reason whatsoever including, without
limitation, termination without cause. Notwithstanding the termination of this
Agreement subsequent to a Change in Control of GRT, in the event that the
Executive is an employee of the Company at the moment immediately prior to a
Change in Control of GRT, the Executive shall be entitled to receive all
benefits described hereunder and the provisions hereof related thereto shall
survive such termination.

     2. CHANGE IN CONTROL OF GRT. For purposes of this Agreement, a "Change in
Control of GRT" shall be deemed to occur if:

          (i) there shall have occurred a change in control of a nature that
     would be required to be reported in response to Item 6(e) of Schedule 14A
     of Regulation 14A promulgated under the Securities Exchange Act of 1934, as
     amended (the "Exchange Act"), as in effect on the date hereof, whether or
     not GRT is then subject to such reporting requirement; provided, however,
     that there shall not be deemed to be a Change in Control of GRT if
     immediately prior to the occurrence of what would otherwise be a Change in
     Control of GRT (a) the Executive is the other party to the transaction (a
     "Control of GRT Event") that would otherwise result in a Change in Control
     of GRT or

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     (b) the Executive is an Executive officer, trustee, director or more than
     5% equity holder of the other party to the Control of GRT Event or of any
     entity, directly or indirectly, controlling such other party;

          (ii) GRT merges or consolidates with, or sells all or substantially
     all of its assets to, another company (each, a "Transaction"); provided,
     however, that a Transaction shall not be deemed to result in a Change in
     Control of GRT if (a) immediately prior thereto the circumstances in (i)(a)
     or (i)(b) above exist or (b) (1) the shareholders of GRT, immediately
     before such transaction, own, directly or indirectly, immediately following
     such Transaction in excess of fifty percent (50%) of the combined voting
     power of the outstanding voting securities of the corporation or other
     entity resulting from such Transaction (the "Surviving Corporation") in
     substantially the same proportion as their ownership of the voting
     securities of GRT immediately before such Transaction and (2) the
     individuals who were members of GRT's Board of Trustees immediately prior
     to the execution of the agreement providing for such Transaction constitute
     at least a majority of the members of the board of directors or the board
     of trustees, as the case may be, of the Surviving Corporation, or of a
     corporation or other entity beneficially, directly or indirectly, owning a
     majority of the outstanding voting securities of the Surviving Corporation;
     or

          (iii) GRT acquires assets of another company or a subsidiary of GRT
     merges or consolidates with another company (each an "Other Transaction")
     and (a) the shareholders of GRT, immediately before such Other Transaction
     own, directly of indirectly, immediately following such Other Transaction
     fifty percent (50%) or less of the combined voting power of the outstanding
     voting securities of the corporation or other entity resulting from such
     Other Transaction (the "Other Surviving Corporation") in substantially the
     same proportion as their ownership of the voting securities of GRT
     immediately before such Other Transaction or (b) the individuals who were
     members of GRT's Board of Trustees immediately prior to the execution of
     the agreement providing for such Other Transaction constitute less than a
     majority of the members of the board of directors or board of trustees, as
     the case may be, of the Other Surviving Corporation, or of a corporation or
     other entity beneficially, directly or indirectly, owing a majority of the
     outstanding voting securities of the Other Surviving Corporation; provided,
     however, that an Other Transaction shall not be deemed to result in a
     Change in Control of GRT if immediately prior thereto the circumstances in
     (i)(a) or (i)(b) above exist.

     3. COMPENSATION UPON A CHANGE IN CONTROL OF GRT. If the Executive is an
employee of the Company at the moment immediately prior to a Change in Control
of GRT, the Executive shall be entitled to receive the compensation and benefits
set forth below.

     (a) GPLP shall pay to the Executive, not later than the date of any Change
in Control of GRT, unless otherwise agreed to in writing, a lump sum severance
payment (the "Severance Payment") equal to two (2) times the Base Amount (as
defined below). For purposes of the Section 3(a), the Base Amount shall mean the
Executive's annual compensation during the calendar year period preceding the
calendar year in which the Change in Control of GRT occurs. For purposes of

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determining annual compensation in this Section 3(a), there shall be included
(i) all base salary and bonuses paid or payable to the Executive by the Company
with respect to the preceding calendar year (except that for purposes of
determining the Executive's base salary under this subsection for a Change of
Control that occurs during GRT's 2007 fiscal year, the Executive's base salary
shall be equal to $250,000); (ii) all grants of restricted common shares of
beneficial interest of GRT (the "Shares"), if any, with respect to such
preceding calendar year, which Shares shall be valued based on their date of
grant at the then Fair Market Value (as defined in GRT's Amended and Restated
2004 Incentive Plan, or any other plan or agreement pursuant to which they are
issued) and (iii) the fair market value of any other property or rights given or
awarded to the Executive by the Company with respect to such preceding calendar
year, or partial first year of employment.

     (b) Any Shares now or hereafter issued to the Executive pursuant to any
restricted Share grant shall vest on the day immediately prior to the date of a
Change in Control of GRT and no longer be subject to repurchase or any other
forfeiture restrictions.

     (c) GRT and GPLP shall cause the Company to maintain in full force and
effect for the Executive's continued benefit for eighteen (18) months following
a Change in Control of GRT, all life, accident, medical and dental insurance
benefit plans and programs or arrangements in which the Executive was entitled
to participate immediately prior to the date of a Change in Control of GRT,
provided that the Executive's continued participation is allowable under the
general terms and provisions of such plans and programs and provided, further,
that in the event that the Executive becomes employed by any third party during
such 18-month period, then upon the date of such employment the Executive shall
no longer be entitled to any accident, medical or dental insurance benefits
described in the preceding clause. Subject to the preceding sentence, in the
event that the Executive's participation in any such plan or program is barred,
GRT and GPLP shall arrange to cause the Company to provide the Executive with
benefits substantially similar to those which the Executive was entitled to
receive under such plans and programs. Subject to the first sentence of this
paragraph, at the end of the period of coverage, the Executive shall have the
option to have assigned to him at no cost to the Executive and with no
apportionment of prepaid premiums, any assignable insurance policy owned by the
Company and relating specifically to the Executive.

     (d) All options to purchase Shares now or hereafter granted to the
Executive shall vest on the day immediately prior to the date of a Change in
Control of GRT and become fully exercisable in accordance with their terms.

     (e) The Executive shall not be required to mitigate the amount of any
payment provided for in this Section 3 by seeking other employment or otherwise,
nor shall the amount of any payment or benefit provided for in this Section 3 be
reduced by any compensation earned by him as the result of employment by another
employer or by retirement benefits after the date of termination, or otherwise,
except as specifically provided in this Section 3.

     4. ADDITIONAL AMOUNT. Whether or not Section 3 hereof is applicable, if in
the opinion of tax counsel selected by the Executive and reasonably acceptable
to the Company, the Executive has or will receive any compensation or recognize
any income (whether or not pursuant to this Agreement or any plan or other

<PAGE>

arrangement of the Company and whether or not the Executive's employment with
the Company has terminated) which constitutes an "excess of parachute payment"
within the meaning of Section 280G(b)(1) of the Internal Revenue Code of 1986,
as amended (the "Code") (or for which a tax is otherwise payable under Section
4999 of the Code), then GPLP shall pay the Executive an additional amount (the
"Additional Amount") equal to the sum of (i) all taxes payable by the Executive
under Section 4999 of the Code with respect to all such excess parachute
payments (or otherwise) including, without limitation, the Additional Amount,
plus (ii) all Federal, state and local income taxes for which the Executive may
be liable with respect to the Additional Amount. The amounts payable pursuant to
this Section 4 shall be paid by GPLP to the Executive not later than the date of
any Change in Control of GRT, unless otherwise agreed to in writing.

     5. EXPENSES. GPLP shall pay or reimburse the Executive, as the case may be,
for all legal fees and related expenses (including the costs of experts,
evidence and counsel) paid by the Executive as a result of (i) the Executive
seeking to obtain or enforce any right or benefit provided by this Agreement or
(ii) any action taken by the Company against the Executive in enforcing its
rights hereunder; provided, however, that GPLP shall reimburse the legal fees
and related expenses described in Section 5 only if and when a final judgment
has been rendered in favor of the Executive and all appeals related to any such
action have been exhausted.

     6. NO EMPLOYMENT RIGHTS OR OBLIGATIONS. Nothing contained herein shall
confer upon the Executive the right to continue in the employment or service of
the Company or affect any right that the Company may have to terminate the
employment or service of the Executive at any time for any reason.

     7. GRT GUARANTY. GRT guarantees the satisfaction of all obligations of, and
the full and prompt payment of all amounts payable by GPLP hereunder. In
addition, GRT guarantees the satisfaction of all obligations of the Company
hereunder.

     8 GOVERNING LAW; ARBITRATION. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Maryland, without
regard to Maryland's conflicts of law principles. Any dispute or controversy
arising under this Agreement, or out of the interpretation hereof, or based upon
the breach hereof, shall be resolved by arbitration held at the offices of the
American Arbitration Association in The Commonwealth of Pennsylvania, in the
City of Philadelphia, in accordance with the rules and regulations of such
association prevailing at the time of the demand for arbitration by either party
hereto; provided, however, that the arbitrator or arbitrators shall only have
the power and authority to interpret, and not modify or amend, the terms and
provisions hereof. Judgment upon an award rendered by the arbitrator or
arbitrators may be entered in any court having jurisdiction thereof.
Notwithstanding anything contained in this Section 8, either party shall have
the right to seek preliminary injunctive relief in any court in the City of
Philadelphia in aid of (and pending the final decision) the arbitration
proceeding.

     9. ENTIRE AGREEMENT. This Agreement sets forth the entire agreement of the
parties and is intended to supersede all prior negotiations, understandings and
agreements with respect to the subject matter hereof. No provision of this
Agreement may be waived or changed, except by a writing signed by the party to
be charged with such waiver or change.

<PAGE>

     10. SUCCESSORS; BINDING AGREEMENT. This shall inure to the benefit of, be
binding upon and enforceable by GRT and GPLP, their successors and assigns, and
the Executive and the Executive's personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.

     11. NOTICES. All notices provided for in this Agreement shall be in
writing, and shall be deemed to have been duly given when delivered personally
to the party to receive the same, when given by telex, telegram or mailgram, or
when mailed first class postage prepaid, by registered or certified mail, return
receipt requested, addressed to the party to receive the same. All notices shall
be deemed to have been given as of the date of personal delivery, transmittal or
mailing thereof.

     12. SEVERABILITY. If any provision in this Agreement is determined to be
invalid, it shall not affect the validity or enforceability of any of the other
remaining provisions hereof.

     13. GRT EXCULPATION. This Agreement and all documents, agreements,
understandings and arrangements relating to the matters described herein have
been executed by the undersigned representative of GRT in his/her capacity as an
officer or trustee of GRT which has been formed as a Maryland real estate
investment trust pursuant to the Amended and Restated Declaration of Trust of
GRT, as amended, and not individually, and neither the trustees, officers or
shareholders of GRT shall be bound or have any personal liability hereunder or
thereunder. The Executive shall look solely to the assets of GRT for
satisfaction of any liability of GRT in respect to this Agreement and all
documents, agreements, understandings and arrangements relating to this
transaction and will not seek recourse or commence any action against any of the
trustees, officers or shareholders or GRT or any of their personal assets for
the performance or payment of any obligation hereunder or thereunder. The
foregoing shall also apply to any future documents, agreements, understandings,
arrangements and transactions between the parties hereto.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

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

                                  GLIMCHER REALTY TRUST

                                  By: /s/ Michael P. Glimcher
                                      -------------------------------
                                      Michael P. Glimcher, President

                                  GLIMCHER PROPERTIES LIMITED PARTNERSHIP

                                  BY: GLIMCHER PROPERTIES CORPORATION,
                                      its General Partner

                                  By: /s/ Michael P. Glimcher
                                      -------------------------------
                                      Michael P. Glimcher, President

EXECUTIVE:

/s/ Kim A. Rieck
-------------------------
Kim A. RieckEXHIBIT 10.25

                         COMPLETION AND PAYMENT GUARANTY
                         -------------------------------

     THIS COMPLETION AND PAYMENT GUARANTY (as the same may from time to time
hereafter be modified, supplemented or amended, the "Guaranty") is made as of
November 30, 2007 by GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited
partnership ("Guarantor"), in favor of KEYBANK NATIONAL ASSOCIATION, a national
banking association, having a principal place of business and post office
address at 127 Public Square, Cleveland, Ohio 44114, in its capacity as
Administrative Agent (the "Administrative Agent") on behalf of and for the
benefit of the Lenders (as such term is defined in the Loan Agreement), together
with each of their respective successors and assigns.

                                    RECITALS:
                                    ---------

     A. The Lenders have agreed to make a construction, acquisition and interim
loan (the "Loan") in the original principal sum of Two Hundred Twenty Million
and No/100 Dollars ($220,000,000.00) (the "Loan Amount") to KIERLAND CROSSING,
LLC, a Delaware limited liability company ("Borrower"). The Loan is evidenced by
one or more Notes of even date herewith made by Borrower to the order of Lenders
in the original principal sum of Two Hundred Twenty Million and No/100 Dollars
($220,000,000.00) (as the same may from time to time hereafter be modified,
amended, supplemented, extended or consolidated in writing, and any note(s)
issued in exchange therefor or replacement thereof, collectively, the "Notes")
or so much thereof as shall be advanced from time to time under the terms of the
Loan Agreement, as that term is hereinafter defined. The Notes bear interest at
the rate and are payable in the manner provided therein.

     B. The Loan is secured by a Leasehold Deed of Trust, Assignment of Rents,
Security Agreement and Fixture Filing of even date herewith (the "Deed of
Trust") on Borrower's leasehold interest in certain real property located in
Maricopa County, Arizona, together with all existing improvements constructed
thereon, said property being more particularly described in said Deed of Trust
(the "Premises"), and an Assignment of Leases and Rents of even date herewith
(the "Assignment") (the Notes, this Guaranty, that certain Construction,
Acquisition and Interim Loan Agreement of even date herewith between Borrower,
Administrative Agent and Lenders (the "Loan Agreement"), the Deed of Trust, the
Assignment and all other instruments or agreements by which the Loan is secured
or evidenced are hereinafter collectively referred to as the "Loan Documents").
Capitalized terms used herein and not otherwise defined shall have the meanings
given to them in the Loan Agreement.

     C. It is a condition of Lenders' agreement to make the Loan that Guarantor
enter into this Guaranty.

     D. Guarantor will derive material financial benefit from the Loan evidenced
and secured by the Notes, the Deed of Trust and the other Loan Documents.

<PAGE>

     E. Lenders have relied on the statements and agreements contained herein in
agreeing to make the Loan. The execution and delivery of this Guaranty by
Guarantor is a condition precedent to the making of the Loan by Lenders.

     NOW, THEREFORE, in order to induce the Lenders to make the Loan to Borrower
and to accept the Guaranty from Guarantor, Guarantor intending to be legally
bound, hereby makes the following representations and warranties to the
Administrative Agent, on behalf of the Lenders, and hereby covenants and agrees
with Administrative Agent, in its capacity as agent for the Lenders, as follows:

1.   Guarantor, absolutely, unconditionally, and irrevocably guarantees:

     (a)  the full, complete and punctual observance, performance, payment and
          satisfaction of all of the obligations, duties, covenants and
          agreements of Borrower under the Loan Agreement and the other Loan
          Documents with respect to the Construction and the completion of the
          Improvements free of any claim for mechanics', materialmen's or any
          other liens, to the extent provided for therein, and in accordance
          with (1) all Laws, (2) the Plans and Specifications and (3) the time
          periods and other requirements set forth in the Loan Documents,
          including, without limitation, the following:

               (1) To perform, complete and pay for (or cause to be performed,
               completed and paid for) the Construction and to pay all costs of
               said Construction (including any and all cost overruns) and all
               other costs associated with the Project (including, without
               limitation, the costs of any architects' and engineers' fees)
               through final completion, if Borrower shall fail to perform,
               complete or pay for such work, including any sums expended in
               excess of the amount of indebtedness incurred by Borrower under
               the Loan Agreement or with respect to the Loan, whether or not
               the Construction is actually completed;

               (2) If Administrative Agent, on behalf of the Lenders, exercises
               its right under Section 16.2(a) of the Loan Agreement to take
               possession of the Project and complete the Construction, to
               reimburse Administrative Agent for all reasonable costs and
               expenses incurred by Administrative Agent in excess of the
               applicable Budget Line Items therefor (if any) in so taking
               possession of the Project and completing the Construction in
               accordance with the Plans and Specifications; and

               (3) To pay the premiums for all policies of insurance required to
               be furnished by Borrower pursuant to the Loan Agreement during
               the Construction if such premiums are not paid by Borrower; and

     (b)  The full, complete and punctual observance, performance and
          satisfaction of all of the obligations, duties, covenants and
          agreements of Borrower under the Loan Documents with respect to the
          Phase III Purchase Agreement and the purchase of the Phase III Retail
          Unit; and

                                      -2-
<PAGE>

     (c)  Borrower's obligation to keep the Loan In Balance (as more
          particularly defined and described in Article 9 of the Loan Agreement)
          and the full and prompt payment of all Deficiency Deposits.

     All obligations described in subsections (a), (b) and (c) of this Section 1
are referred to herein as the "Guaranteed Obligations."

2.   In the event of any default by Borrower in performance of the Guaranteed
     Obligations and the expiration of any applicable cure or grace period,
     Guarantor agrees, within thirty (30) days after written demand by
     Administrative Agent (which demand may be made concurrently with notice to
     Borrower that Borrower is in default of its obligations), to perform all
     the Guaranteed Obligations. Administrative Agent, on behalf of the Lenders,
     shall have the right, at its option, either before, during or after
     commencing foreclosure or sale proceedings, as the case may be, and before,
     during or after pursuing any other right or remedy against Borrower or
     Guarantor, to perform any and all of the Guaranteed Obligations by or
     through any agent, contractor or subcontractor of its selection, all as
     Administrative Agent in its sole discretion deems proper, and Guarantor
     shall indemnify and hold Administrative Agent and Lenders free and harmless
     from and against any and all loss, damage, cost, expense, injury, or
     liability that Administrative Agent or Lenders may suffer or incur in
     connection with the exercise of their respective rights under this Guaranty
     or the performance of the Guaranteed Obligations except to the extent such
     liability arises from the negligence or willful misconduct of
     Administrative Agent or any such Lender. Furthermore, neither
     Administrative Agent nor any Lender shall have any obligation to protect or
     insure any collateral for the Loan, nor shall Administrative Agent, on
     behalf of Lenders, have any obligation to perfect its security interest in
     any collateral for the Loan.

          During the course of any construction undertaken by Administrative
     Agent or Lenders or any other party on behalf of Lenders in accordance with
     the terms of this Guaranty, upon the occurrence and during the continuation
     of an Event of Default, Guarantor shall pay within thirty (30) days of
     written demand any amounts due to contractors, subcontractors, and material
     suppliers and for permits and licenses necessary or desirable in connection
     therewith. Guarantor's obligations in connection with such work shall not
     be affected by any errors or omissions of the General Contractor,
     Architect, Lenders' Consultant or any subcontractor or agent or employee of
     any of the foregoing in the design, supervision, and performance of the
     work; it being understood that such risk is assumed by Guarantor. Neither
     the completion of the Construction nor failure of said party to complete
     the Construction shall relieve Guarantor of any liabilities hereunder;
     rather, such liability shall be continuing and may be enforced by
     Administrative Agent, on behalf of Lenders.

          All of the remedies set forth herein and/or provided for in any of the
     Loan Documents or at law or equity shall be available to Administrative
     Agent, on behalf of Lenders, and the choice by Administrative Agent of one
     such alternative over another shall not be subject to question or challenge
     by Guarantor or any other person, nor shall any such choice be asserted as
     a defense, setoff, or failure to mitigate damages in any action,
     proceeding, or counteraction by Administrative Agent, on behalf of Lenders,
     to recover or seeking any other remedy under this Guaranty, nor shall such

                                      -3-
<PAGE>

     choice preclude Administrative Agent from concurrently or subsequently
     electing to exercise a different remedy. The parties have agreed to the
     alternative remedies hereinabove specified in part because they recognize
     that the choice of remedies in the event of a failure hereunder will
     necessarily be and should properly be a matter of good faith business
     judgment, which the passage of time and events may or may not prove to have
     been the best choice to maximize recovery by Administrative Agent, on
     behalf of Lenders, at the lowest cost to Borrower and/or Guarantor. It is
     the intention of the parties that such good faith choice by Administrative
     Agent be given conclusive effect regardless of such subsequent
     developments.

3.   Guarantor absolutely, irrevocably and unconditionally waives notice of
     acceptance of this Guaranty and notice of any payment, performance,
     liability or obligation to which it may apply, and waives presentment,
     demand of payment (subject to Section 2 hereof), protest, notice of
     dishonor or nonpayment of such liabilities under this Guaranty or any of
     the Loan Documents creating the Guaranteed Obligations and any suit or
     taking other action by the Administrative Agent, on behalf of Lenders,
     against, and any other notice to, any party liable thereon or any property
     which may be security therefor.

4.   The Administrative Agent, on behalf of Lenders, may at any time and from
     time to time without the consent of, or notice to, Guarantor, without
     incurring any responsibility to Guarantor and without impairing or
     releasing any of the obligations of Guarantor hereunder, upon or without
     any terms or conditions and in whole or in part:

     (a)  renew, alter or change the manner, time, place or terms of payment or
          performance of any of the Guaranteed Obligations, or any liability
          incurred directly or indirectly in respect thereof, whereupon the
          guaranty herein made shall apply to the Guaranteed Obligations as so
          changed, extended, renewed or altered;

     (b)  sell, exchange, release, surrender, and in any manner and in any order
          realize upon or otherwise deal with any property at any time directly
          and absolutely assigned or pledged or mortgaged to secure the
          Guaranteed Obligations or any liabilities (including any of those
          hereunder) incurred directly or indirectly in respect thereof;

     (c)  exercise or refrain from exercising any rights against Borrower or any
          other person (including any Guarantor) or otherwise act or refrain
          from acting with regard to the Loan Documents, Guaranteed Obligations
          or this Guaranty;

     (d)  settle or compromise any of the Guaranteed Obligations, any security
          therefor or any liability (including any of those hereunder) incurred
          directly or indirectly in respect thereof or hereof, and/or
          subordinate the payment of all or any part thereof to the payment of
          any liability of Borrower (whether or not then due) to creditors of
          Borrower other than the Administrative Agent, acting on behalf of
          Lenders;

     (e)  apply any sums in whatever manner paid or realized to any liability or
          liabilities of Borrower to the Administrative Agent or the Lenders
          regardless of what liability or liabilities of Borrower remain unpaid;

                                      -4-
<PAGE>

     (f)  consent to or waive any breach of or any act, omission or default
          under the Loan Documents or otherwise amend, modify or supplement any
          of such instruments or agreements; and/or

     (g)  sell, convey or assign, whether into a securitized transaction or
          otherwise, all or any part of Administrative Agent's and/or Lenders'
          interest in this Guaranty and the Loan Documents as permitted under
          the Loan Agreement.

5.   No invalidity, irregularity or unenforceability of all or any part of the
     Loan Documents, the Guaranteed Obligations or this Guaranty, or of any
     security therefor, shall affect, impair or constitute a defense to this
     Guaranty. This Guaranty is a direct and primary obligation of Guarantor,
     and Guarantor's obligations hereunder are not as a surety. This is an
     absolute, present and continuing guaranty of performance and completion and
     not of collection.

6.   (a)  Notwithstanding any payment or payments made by Guarantor hereunder,
          Guarantor will not assert or exercise any right of the Administrative
          Agent or the Lenders or of such Guarantor against Borrower to recover
          the amount of any payment made by such Guarantor to Administrative
          Agent or the Lenders by way of subrogation, reimbursement,
          contribution, indemnity or otherwise arising by contract or operation
          of law, and Guarantor shall not have any right of recourse to or any
          claim against assets or property of Borrower, whether or not the
          obligations of Borrower have been satisfied, all of such rights being
          herein expressly waived by Guarantor. The provisions of this paragraph
          shall survive the termination of this Guaranty, and any satisfaction
          and discharge of Borrower by virtue of any payment, court order or any
          applicable law.

     (a)  In the event that Guarantor shall advance or become obligated to pay
          any sums with respect to any obligation hereby guaranteed or in the
          event that for any reason whatsoever the Borrower or any subsequent
          owner of the collateral securing the Loan or the Guaranty is now, or
          shall hereafter become, indebted to Guarantor, Guarantor agrees that
          the amount of such sums and of such Indebtedness together with all
          interest thereon, shall at all times be subordinate as to the lien,
          time of payment and in all other respects, to all sums, including
          principal, interest and other Indebtedness, at any time owing to the
          Lenders under any of the Loan Documents. Nothing herein contained is
          intended or shall be construed to give to Guarantor any right to
          participate in any way in the right, title or interest of the
          Administrative Agent, acting on behalf of the Lenders, in or to the
          collateral securing the Loan, notwithstanding any payments made by
          Guarantor under this Guaranty, all such rights of participation being
          hereby expressly waived and released.

7.   Guarantor agrees that to the extent that Borrower makes a payment or
     payments to Administrative Agent, on behalf of the Lenders, which payment
     or payments or any part thereof are subsequently invalidated, declared to
     be fraudulent or preferential, set aside or required, for any of the
     foregoing reasons or for any other reasons, to be repaid or paid over to a
     custodian, trustee, receiver or any other party under any bankruptcy act,
     state or federal law, common law or equitable cause, then to the extent of

                                      -5-
<PAGE>

     such payment or repayment, the obligation or part thereof intended to be
     satisfied shall be revived and continued in full force and effect as if
     such payment had not been made.

8.   Guarantor makes the following representations and warranties which shall
     survive the execution and delivery of this Guaranty:

     (a)  Guarantor is and, until the Guaranteed Obligations are fully performed
          and paid in full, will continue to (i) be a duly organized and validly
          existing entity in good standing under the laws of the state of its
          formation, (ii) be duly qualified as a foreign entity in each
          jurisdiction in which the nature of its business makes such
          qualification necessary or desirable, (iii) have the requisite power
          and authority to carry on its business as now being conducted, (iv)
          have the requisite power to execute, deliver and perform its
          obligations under this Guaranty, and (v) comply with the provisions of
          all of its organizational documents, and the Laws of the state of its
          formation.

     (b)  The execution, delivery and performance of this Guaranty (i) are
          within the applicable powers of Guarantor; (ii) have been authorized
          by all requisite action; (iii) have received all necessary approvals
          and consents, corporate, governmental or otherwise; (iv) does not and
          will not violate, conflict with, result in a breach of or constitute
          (with notice or lapse of time, or both) a default under any provision
          of law, any order or judgment of any court or governmental authority,
          the articles of incorporation, by-laws, partnership, operating or
          trust agreement, or other governing instrument of Guarantor, or any
          indenture, agreement or other instrument to which Guarantor is a party
          or by which Guarantor or any of Guarantor's assets is or may be bound
          or affected; (v) does not and will not result in the creation or
          imposition of any lien, charge or encumbrance whatsoever upon any of
          Guarantor's assets; and (vi) does not and will not require any
          authorization or license from, or any filing with, any governmental
          authority or other body.

     (c)  This Guaranty constitutes the legal, valid and binding obligations of
          Guarantor, enforceable against Guarantor in accordance with its terms,
          except as may be limited by (i) bankruptcy, insolvency, reorganization
          or other similar laws affecting the rights of creditors generally, and
          (ii) general principles of equity (regardless of whether considered in
          a proceeding in equity or at law).

9.   Guarantor is related and/or affiliated with Borrower, has personal
     knowledge of and is familiar with Borrower's business affairs, books and
     records and has the ability to influence Borrower's financial decisions.

10.  Nothing herein contained shall in any manner affect the lien or priority of
     the Deed of Trust, and upon the occurrence and during the continuation of
     an Event of Default, the Administrative Agent, on behalf of the Lenders,
     may invoke any remedies it may have under this Guaranty or any of the other
     Loan Documents, either concurrently or successively and the exercise of any
     one or more of such remedies shall not be deemed an exhaustion of such
     remedy or remedies or a waiver of any other remedy or remedies and shall
     not be deemed an election of remedies. Guarantor hereby specifically waives
     any defense to its performance under this Guaranty based upon an election

                                      -6-
<PAGE>

     of remedies by Administrative Agent, including but not limited to an
     election to foreclose by nonjudicial sale under any mortgage or security
     agreement and pursue any other remedy which destroys, lessens or otherwise
     affects such Guarantor's subrogation rights and/or its rights to
     reimbursement from or to proceed against Borrower or any other person, when
     resulting from the judicial or nonjudicial foreclosure (under any mortgage
     or security agreement) or the selling or otherwise disposing of or
     collecting or applying any property, real or personal, securing the Notes,
     the obligations of Guarantor under this Guaranty, or otherwise. The
     exercise by the Administrative Agent, on behalf of the Lenders, of any such
     remedies shall not release or discharge Guarantor from its obligations
     hereunder unless and until the full amount of the Indebtedness evidenced by
     the Notes and secured as aforesaid has been fully paid and satisfied, and
     any such release or discharge shall be subject to the provisions of Section
     11 hereof.

11.  This Guaranty shall remain in full force and effect until all obligations
     of the Borrower and Guarantor under the Loan Documents have been satisfied
     in full and are no longer subject to disgorgement under any applicable
     state or federal creditor rights or bankruptcy laws. No delay on the part
     of the Administrative Agent in exercising any options, powers or rights, or
     the partial or single exercise thereof, shall constitute a waiver thereof.
     No waiver of any rights hereunder, and no modification or amendment of this
     Guaranty, shall be deemed to be made by the Administrative Agent unless the
     same shall be in writing, duly signed on behalf of the Administrative
     Agent, and each such waiver (if any) shall apply only with respect to the
     specific instance involved and shall in no way impair the rights of the
     Administrative Agent or the obligations of Guarantor to the Administrative
     Agent, on behalf of the Lenders, in any other respect at any other time.
     This Guaranty and the rights and obligations of the Administrative Agent
     and of Guarantor hereunder shall be governed and construed in accordance
     with the laws of the State of Ohio, without regard to its conflicts of law
     principles and this Guaranty is binding upon Guarantor and Guarantor's
     permitted successors or assigns, and shall inure to the benefit of the
     Administrative Agent, on behalf of the Lenders, and its successors or
     assigns; provided, however, that Guarantor may not, without the prior
     written consent of Administrative Agent, assign any of Guarantor's rights,
     powers, duties or obligations hereunder.

12.  Guarantor acknowledges that copies of the Loan Documents have been made
     available to Guarantor and that Guarantor is familiar with their contents.
     Guarantor affirmatively agrees that upon any Permitted Transfer effected in
     accordance with the provisions of the Loan Documents, or any transfer by
     any Lenders of all or any portion of its interest in the Loan, it shall not
     be necessary for Guarantor to reaffirm its continuing obligations under
     this Guaranty, but Guarantor will do so upon request by Administrative
     Agent.

13.  GUARANTOR AND ADMINISTRATIVE AGENT EACH KNOWINGLY, VOLUNTARILY AND
     INTENTIONALLY WAIVE, TO THE EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY
     ACTIONS BROUGHT BY GUARANTOR OR ADMINISTRATIVE AGENT IN CONNECTION WITH
     THIS GUARANTY, ANY OF THE LOAN DOCUMENTS, THE INDEBTEDNESS GUARANTEED
     HEREBY, OR ANY OTHER STATEMENTS OR ACTIONS OF ADMINISTRATIVE AGENT.

                                      -7-
<PAGE>

14.  Each notice, consent, request or other communication under this Guaranty
     (each a "Notice") which any party hereto may desire or be required to give
     to the other shall be deemed to be adequate and sufficient notice if given
     in writing and service is made by either (i) registered or certified mail,
     postage prepaid, in which case such notice shall be deemed to have been
     received three (3) business days following deposit to U.S. mail; or (ii)
     nationally recognized overnight air courier, next day delivery, prepaid, in
     which case such notice shall be deemed to have been received one (1)
     business day following delivery to such nationally recognized overnight air
     courier. All Notices shall be addressed to Guarantor at the address given
     on the signature page hereof, or to Administrative Agent at the then
     current address set forth in Section 18.5 of the Loan Agreement, or to such
     other place as any party may by notice in writing to the other parties
     designate as a place for service of notice.

15.  If: (i) this Guaranty, a Note, or any of the Loan Documents are placed in
     the hands of an attorney for collection or is collected through any legal
     proceeding; (ii) an attorney is retained to represent the Administrative
     Agent or any Lender in any bankruptcy, reorganization, receivership, or
     other proceedings affecting creditors' rights and involving a claim under
     this Guaranty, a Note, the Loan Agreement, or any other Loan Document;
     (iii) an attorney is retained to enforce any of the other Loan Documents or
     to provide advice or other representation with respect to the Loan
     Documents in connection with an enforcement action or potential enforcement
     action; or (iv) an attorney is retained to represent the Administrative
     Agent or any Lender in any other legal proceedings whatsoever in connection
     with this Guaranty, a Note, the Loan Agreement, any of the Loan Documents,
     or any property securing the Obligations arising under the Notes, the Loan
     Agreement and the other Loan Documents (other than any action or proceeding
     brought by any Lender or participant against the Administrative Agent
     alleging a breach by the Administrative Agent of its duties under the Loan
     Documents), then Guarantor shall pay to the Administrative Agent or such
     Lender within thirty (30) days after written demand all reasonable
     attorney's fees, costs and expenses, including, without limitation, court
     costs, filing fees and all other costs and expenses incurred in connection
     therewith (all of which are referred to herein as "Enforcement Costs"), in
     addition to all other amounts due hereunder.

16.  This Guaranty may not be modified except by a written instrument executed
     by Administrative Agent and Guarantor.

                            (Signature on next page)

                                      -8-
<PAGE>

     IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be duly executed
and delivered as of the date first set forth above.

                                 GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a
                                 Delaware limited partnership

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

                                            By: /s/ George A. Schmidt
                                               ---------------------------
                                            Name:  George A. Schmidt
                                            Title: Executive Vice President and
                                                   Chief Investment Officer

                                          c/o Glimcher Properties Corporation
                                          150 East Gay Street
                                          Columbus, Ohio 43215
                                          Attention: George A. Schmidt
                                          Telephone: 614-621-9000
                                          Facsimile: 614-621-8863

                                      -9-

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