Document:

<PAGE>   1
                                                                    Exhibit 10.7

                       LIMITED RECOURSE PROMISSORY NOTE

                                                              New York, New York

$5,610,000                                                     February 23, 2000

        THIS NOTE ("Note") is made as of the 23rd day of February, 2000, by
Glenn J. Rufrano ("Borrower"), to the order of New Plan Excel Realty Trust,
Inc., a Maryland corporation ("Lender").

                                        I

                                   DEFINITIONS

        Borrower agrees that, for the purposes of this Note, the following terms
shall have the following respective meanings ascribed thereto.

        1.1    "Default Rate" shall mean two percent (2%) per annum in excess of
the Interest Rate, but not in excess of the maximum interest rate permitted by
law.

        1.2    "Dollars" shall mean dollars in lawful currency of The United
States of America.

        1.3    "Employment Agreement" shall mean the Employment Agreement
between Lender and Borrower dated February 23, 2000, as it may from time to time
be amended.

        1.4    "Interest Rate" shall mean eight percent (8%) per annum.

        1.5    "Maturity Date".shall mean the earlier of (i) February 23, 2005,
(ii) the date the entire Outstanding Principal Balance is due and payable by
reason of the acceleration of the maturity of this Note, (iii) the date that
Lender exercises the right to purchase the stock securing this Note pursuant to
the Employment Agreement, or (iv) such earlier date as provided for in the
Employment Agreement.

        1.6    "Original Principal Amount" shall mean Five Million Six Hundred
Ten Thousand Dollars ($5,610,000).

        1.7    "Other Note" shall mean the other note of even date herewith
executed by Borrower in favor of Lender in the original principal amount of Five
Hundred Ninety Thousand Dollars ($590,000).

<PAGE>   2

        1.8    "Outstanding Principal Balance" shall mean the portion of the
Original Principal Amount that has not been repaid.

        1.9    "Payment Date" shall mean January 15, April 15, July 15, and
October 15.

        1.10   "Pledge Agreement" shall mean the pledge agreement securing the
payment of the Note executed by Borrower for the benefit of Lender

                                       II

                        PAYMENT OF INTEREST AND PRINCIPAL

        For Value Received, Borrower hereby promises to pay to the order of
Lender the Original Principal Amount, together with interest as provided herein
as follows:

        2.1    Payment of Interest and Principal.

               (a) Interest shall accrue on the Outstanding Principal Balance
at the Interest Rate prior to Default, with all outstanding and unpaid interest
compounded quarterly.

               (b) All accrued and unpaid interest shall be due and payable on
each Payment Date while the Note is outstanding.

               (c) On each Payment Date while this Note is outstanding, there
shall be due and payable a payment of principal in the amount of $31,679.75.

               (d) The entire Outstanding Principal Balance of this Note, and
any accrued and unpaid interest thereon, shall be due and payable on the
Maturity Date.

        2.2    Prepayment Privileges. This Note may be prepaid in whole or in
part at any time and from time to time during the term hereof. All partial
prepayments shall be applied in inverse order of maturity and shall not extend
or reduce any other principal payments due hereunder.

        2.3    Default Interest. Subsequent to a Default, interest shall accrue
on the Outstanding Principal Balance and any unpaid interest at the Default
Rate, with all outstanding and unpaid interest compounded quarterly.

        2.4    Principal and Interest at Maturity. The entire Outstanding
Principal Balance and accrued and unpaid interest thereon, and any and all other
sums which are due and payable pursuant to the terms and provisions of this Note
or the Pledge Agreement, shall be due and payable on the Maturity Date.

                                        2

<PAGE>   3

        2.5    Calculation of Interest. All interest on this Note shall be
calculated on the basis of twelve 30-day months, provided, however, that for
portions of the principal balance which are outstanding for less than a full
calendar month, interest on such portion of the principal balance shall be
calculated on the basis of a three hundred sixty (360) day year and the actual
number of days elapsed in any portion of a month for which interest may be due
on such portion of the principal balance.

        2.6    Application of Payments Prior to Default. Prior to the invocation
of the terms and provisions of Paragraph 3.2 hereof, all monies paid by Borrower
to Lender shall be applied in the following order of priority: (a) first, toward
repayment of all amounts advanced by Lender under the provisions of the Pledge
Agreement to protect and preserve the collateral (if any); (b) next, toward
payment of all amounts due and owing pursuant to Paragraph 3.5 hereof (if any);
(c) next, toward payment of all amounts due and owing pursuant to Paragraph 3.4
hereof (if any); (d) next, toward payment of interest which has accrued on the
Outstanding Principal Balance and which is due and payable; and (e) last, toward
payment of the Outstanding Principal Balance.

        2.7    Payments after Default. While any Default exists, Lender is
expressly authorized to apply payments made to it as it may elect against (a)
any or all amounts, or portions thereof, then due and payable hereunder, (b) the
Outstanding Principal Balance, or (c) any combination thereof.

        2.8    Place of Payment. Payments and prepayments to be made under this
Note are to be made at such place as the legal holder of this Note may from time
to time in writing appoint, and, in the absence of such appointment, then at the
following address:

                        New Plan Excel Realty Trust, Inc.
                        1120 Avenue of the Americas
                        New York, NY 10036

                                       III

                        SECURITY, DEFAULTS, AND REMEDIES

        3.1    Security for Payment. The payment of this Note is secured by the
Pledge Agreement.

        3.2    Occurrence of Default; Acceleration of Maturity Date. It is
agreed that upon occurrence of any of the following events of default under this
Note (a "Default"):

               (a) default in the payment of any amount when due hereunder
which continues for five (5) days after written notice to Borrower; or

                                        3

<PAGE>   4

               (b) default in the performance or observance of any other
covenant or agreement of Borrower contained herein which continues for thirty
(30) days after written notice to Borrower; or

               (c) occurrence of any default under the Other Note or Pledge
Agreement which continue beyond any applicable notice and grace periods,

then, at any time thereafter, at the election of the holder or holders hereof
and without additional notice to Borrower, the Outstanding Principal Balance,
together with accrued interest thereon, shall become at once due and payable at
the place of payment as aforesaid, and Lender may proceed to exercise all rights
and remedies available to Lender under the Pledge Agreement, and to exercise any
other rights and remedies against Borrower or with respect to this Note which
Lender may have at law, in equity or otherwise.

        3.3    Nature of Remedies. The remedies of Lender as provided herein or
in the Pledge Agreement shall be cumulative and concurrent, and may be pursued
singularly, successively or together, at the sole discretion of Lender, and may
be exercised as often as occasion therefor shall arise. Failure of Lender, for
any period of time or on more than one occasion, to exercise its option to
accelerate the Maturity Date of this Note shall not constitute a waiver of the
right to exercise the same at any time thereafter or in the event of any
subsequent Default. No act of omission or commission of Lender, including
specifically any failure to exercise any right, remedy or recourse, shall be
deemed to be a waiver or release of the same; any such waiver or release is to
be effected only through a written document executed by Lender and then only to
the extent specifically recited therein. A waiver or release in connection with
any one event shall not be construed as a waiver or release of any subsequent
event or as a bar to any subsequent exercise of Lender's rights or remedies
hereunder. Notice of the exercise of any right or remedy granted to Lender by
this Note is not required to be given except as specifically provided herein.

        3.4    Payment of Attorneys' Fees and Costs. If (i) this Note or the
Pledge Agreement is placed in the hands of an attorney for collection or
enforcement or is collected or enforced through any legal proceeding; (ii) an
attorney is retained to represent Lender in any bankruptcy, reorganization,
receivership, or other proceedings affecting creditors' rights and involving a
claim under this Note or the Pledge Agreement; (iii) an attorney is retained to
protect or enforce the lien of the Pledge Agreement; or (iv) an attorney is
retained to represent Lender in any other proceedings whatsoever in connection
with this Note or the Pledge Agreement or any property subject thereto, then
Borrower shall pay to Lender all reasonable attorneys' fees, costs and expenses
incurred in connection therewith, in addition to all other amounts due
hereunder.

        3.5    Late Charge. If any installment of interest or principal is not
paid when due, the Borrower shall pay to Lender a late charge of two percent
(2%) of the amount so overdue in order to defray part of the expense incident to
handling such delinquent payment or payments. Such late charge shall be in
addition to and separate from any increase in interest due hereunder as a result
of calculation of interest due hereunder at the Default Rate.

                                        4

<PAGE>   5

                                       IV

                            OTHER GENERAL AGREEMENTS

        4.1    Notices. All notices or other communications which are required
or permitted hereunder shall be in writing and sufficient if delivered
personally, or sent by nationally-recognized overnight courier, or by registered
or certified mail, return receipt requested and postage prepaid, addressed as
follows:

If to Borrower:

        Mr. Glenn J. Rufrano
        c/o New Plan Excel Realty Trust, Inc.
        1120 Avenue of the Americas
        New York, NY 10036

If to the Lender:

        New Plan Excel Realty Trust, Inc.
        1120 Avenue of the Americas
        New York, NY 10036
        Attn: General Counsel

or to such other address as any party may have furnished to the others in
writing in accordance herewith. All such notices and other communications shall
be deemed to have been received (a) in the case of personal delivery, on the
date of such delivery, (b) in the case of delivery by nationally-recognized,
overnight courier, on the business day following dispatch and (c) in the case of
mailing, on the third business day following such mailing.

        4.2    Governing Law and Other Agreements. Borrower agrees that: (i)
this instrument and the rights and obligations of the parties hereunder shall be
governed by the laws of the State New York, without reference to the conflict of
law principles of such state; (ii) the obligation evidenced by this Note is an
exempted transaction under the Truth in Lending Act, 15 U.S.C. Section 1601, et
seq.; (iii) said obligation constitutes a business loan; and (iv) upon the
Maturity Date, Lender shall not have any obligation to refinance the
indebtedness evidenced by this Note or to extend further credit to the Borrower.

        4.3    Interpretation. The headings of sections and paragraphs in this
Note are for convenience only and shall not be construed in any way to limit or
define the content, scope or intent of the provisions hereof. As used in this
Note, the singular shall include the plural, and masculine, feminine and neuter
pronouns shall be fully interchangeable, where the context so requires. This
Note shall not be construed more favorably for the benefit of Borrower or
Lender,

                                        5

<PAGE>   6

regardless of which party or their counsel were primarily responsible for the
drafting hereof. The parties hereto intend and believe that each provision in
this Note comports with all applicable law. However, if any provision in this
Note is found by a court of law to be in violation of any applicable law, and if
such court should declare such provision of this Note to be unlawful, void or
unenforceable as written, then it is the intent of all parties to the fullest
possible extent that it is legal, valid and enforceable, that the remainder of
this Note shall be construed as if such unlawful, void or unenforceable
provision were not contained therein, and that the rights, obligations and
interests of Borrower and the holder hereof under the remainder of this Note
shall continue in full force and effect; provided, however, that if any
provision of this Note which is found to be in violation of any applicable law
concerns the imposition of interest hereunder, the rights, obligations and
interests of Borrower and Lender with respect to the imposition of interest
hereunder shall be governed and controlled by the provisions of Paragraph 4.5
hereof. Time is of the essence of this Note.

        4.4    Waiver. Borrower and any and all others who are now or may become
liable for all or part of the obligations of Borrower under this Note agree to
be jointly and severally bound hereby and jointly and severally: (i) waive and
renounce any and all redemption and exemption rights and the benefit of all
valuation and appraisement privileges against the indebtedness evidenced by this
Note or by any extension or renewal hereof; (ii) waive presentment and demand
for payment, notices of nonpayment and of dishonor, protest of dishonor and
notice of protest; (iii) waive all notices in connection with the delivery and
acceptance hereof and all other notices in connection with the performance,
default or enforcement of the payment hereof or hereunder; (iv) waive any and
all lack of diligence and delays in the enforcement of the payment hereof; (v)
agree that the liability of each of them shall be unconditional and without
regard to the liability of any other person or entity for the payment hereof,
and shall not in any manner be affected by any indulgence or forbearance granted
or consented to by Lender to any of them with respect hereto; (vi) consent to
any and all extensions of time, renewals, waivers or modifications that may be
granted by Lender with respect to the payment or other provisions hereof, and to
the release of any security at any time given for the payment hereof, or any
part thereof, with or without substitution, and to the release of any person or
entity liable for the payment hereof; and (vii) consent to the addition of any
and all other makers, endorsers, guarantors and other obligors for the payment
hereof, and to the acceptance of any and all other security for the payment
hereof, and agree that the addition of any such obligors or security shall not
affect the liability of any of the obligors for the payment hereof.

        4.5    Excess Interest. It being the intention of Lender and Borrower to
comply with the laws of the State of New York with regard to the rate of
interest charged hereunder, it is agreed that, notwithstanding any provision to
the contrary in this Note or the Pledge Agreement, no such provision shall
require the payment or permit the collection of any amount ("Excess Interest")
in excess of the maximum amount of interest permitted by law to be charged for
the use or detention, or the forbearance in the collection of all or any portion
of the indebtedness evidenced by this Note. If any Excess Interest is provided
for, or is adjudicated to be provided for, in this Note or the Pledge Agreement,
then in such event:

                                        6

<PAGE>   7

               (a) the provisions of this paragraph shall govern and control;

               (b) neither Borrower nor any of the other Obligors shall be
obligated to pay any Excess Interest;

               (c) any Excess Interest that Lender may have received hereunder
shall, at the option of Lender, be (i) applied as a credit against either the
then outstanding principal balance due under this Note, or the accrued and
unpaid interest thereon not to exceed the maximum amount permitted by law, or
both; (ii) refunded to the payor thereof; or (iii) any combination of the
foregoing;

               (d) the applicable interest rate or rates shall be automatically
subject to reduction to the maximum lawful rate allowed to be contracted for in
writing under the applicable usury laws of the aforesaid State, and this Note
and the Pledge Agreement shall be deemed to have been, and shall be, reformed
and modified to reflect such reduction in such interest rate or rates; and

               (e) neither Borrower nor any of the other Obligors shall have
any action or remedy against Lender for any damages whatsoever or any defense to
enforcement of the Note or the Pledge Agreement arising out of the payment or
collection of any Excess Interest.

        4.6    Successors, Holders and Assigns. Upon any endorsement, assignment
or other transfer of this Note by Lender or by operation of law, the term
"Lender", as used herein, shall mean such endorsee, assignee or other transferee
or successor to Lender then becoming the holder of this Note. This Note shall
inure to the benefit of Lender and its successors and assigns and shall be
binding upon the undersigned and its successors and assigns. The term
"Borrower", as used herein, shall include the successors, assigns, legal and
personal representatives, executors, administrators, devisees, legatees and
heirs of Borrower.

        4.7    Exculpation. Borrower, his successors and assigns ("Exculpated
Parties") shall not be personally liable for the payment of any sums, other than
interest, due hereunder, or under the Pledge Agreement. No judgment for the
repayment of the principal, or for any damages, or for specific performance of
obligations to pay or expend money resulting from any breach of or default under
this Note or under the Pledge Agreement, will be sought or enforced against the
Exculpated Parties personally or any property of the Exculpated Parties, other
than the security under the Pledge Agreement, in any action to realize upon any
security furnished under the Pledge Agreement, or to collect any amount payable
hereunder or thereunder; provided, however, that:

               (a) Nothing herein contained shall be construed as prohibiting
Lender from exercising any and all remedies which the Pledge Agreement permits,
including the right to bring actions or proceedings against Borrower and to
enter a judgment against Borrower, or to obtain injunctive or other equitable
relief against the Borrower in order to prevent a breach of the Pledge
Agreement, so long as the exercise of any remedy does not extend to execution
against or recovery out of any property of Borrower other than the security
furnished under the Pledge

                                        7

<PAGE>   8

Agreement, or, in the case of specific performance or other injunctive relief,
does not require the expenditure of money except out of the security furnished
pursuant to the Pledge Agreement; and

               (b) Borrower shall be personally liable for committing fraud or
material misrepresentation in connection with the making of the loan evidenced
hereby, to the full extent of any loss, damage, expense or costs (including
reasonable attorneys' fees) incurred by Lender resulting from such fraud or
material misrepresentation.

               (a) Notwithstanding anything contained herein, if the payments
due pursuant to Paragraph 2.1(b) or (c) are not made on the Payment Date when
due, any such unpaid amount shall be a recourse obligation of Borrower who will
be personally liable for any such payment.

        IN WITNESS WHEREOF, Borrower has executed and delivered this Note as of
the day and year first above written.

                                                 /s/ Glenn J. Rufrano
                                                 -------------------------------
                                                 Glenn J. Rufrano

                                       8<PAGE>   1
                                                                    Exhibit 10.8

                             STOCK PLEDGE AGREEMENT

        THIS STOCK PLEDGE AGREEMENT (this "Pledge Agreement"), dated as of
February 23, 2000, is entered into by Glenn J. Rufrano, an individual
("Pledgor"), and New Plan Excel Realty Trust, Inc ("Lender").

        WHEREAS, Pledgor (i) is acquiring on the date hereof 515,121 shares of
common stock, par value $.01 per share, of Lender (the "Purchased Shares"), and
(ii) is delivering to Lender a promissory note (the "Note") of Pledgor in the
amount of $5,610,000 for a portion of the purchase price of the Purchased
Shares; and

        WHEREAS, Lender has agreed to accept the Note only on the condition that
Pledgor pledge the Purchased Shares to Lender in accordance with the terms of
this Pledge Agreement.

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

        1.     Definitions.

               (a)      "Obligations" shall mean all indebtedness, liabilities
and obligations of Pledgor to Lender, whether now existing or hereafter
incurred, direct or indirect, absolute or contingent, secured or unsecured,
matured or unmatured, joint or several, whether for principal, interest, fees,
expenses or otherwise, arising out of or in connection with the Note (including
without limitation this Pledge Agreement), but shall not include any other
indebtedness, liability or obligation of Pledgor of any kind or nature
whatsoever.

               (b)      "Pledged Stock" shall mean (i) the Purchased Shares, and
the certificates representing such shares, and (ii)_all certificates, options,
rights, dividends or other distributions issued as an addition to, in
substitution or in exchange for, or on account of, the Purchased Shares, and all
proceeds of all of the foregoing, now or hereafter owned or acquired by Pledgor.

        2.     Grant of Security Interest.

               (a)      As collateral security for the prompt and complete
payment and performance when due of all the Obligations, Pledgor hereby pledges
and assigns to Lender the Pledged Stock and grants to Lender a first

<PAGE>   2

priority lien on, and security interest in, the Pledged Stock and the proceeds
thereof.

               (b)      Simultaneously with the execution of this Pledge
Agreement, Pledgor is delivering to Lender the certificate(s) representing the
shares of Pledged Stock described in Section 1(b)(i) hereof, which
certificate(s) shall be registered in the name of Pledgor, duly endorsed in
blank or accompanied by stock powers duly executed in blank, together with any
documentary tax stamps and any other document necessary to cause Lender to have
a good, valid and perfected first pledge of, lien on and security interest in
the Pledged Stock, free and clear of any mortgage, pledge, lien security
interest, hypothecation, assignment, charge, right, encumbrance or restriction
(individually, "Encumbrance" and collectively, "Encumbrances"). At any time
following an Event of Default (as hereinafter defined), any or all shares of the
Pledged Stock held by Lender hereunder may be registered, at the option of
Lender exercised in accordance with Section 3(d) hereof, in the name of Lender
or in the name of its nominee as pledgee.

        (c)    Pledgor agrees that the certificate(s) representing the Pledged
Shares shall contain a legend substantially in the following form:

        "The shares represented by this certificate have been pledged pursuant
        to a Stock Pledge Agreement dated as of February 23, 2000 by and between
        the holder hereof and New Plan Excel Realty Trust, Inc., and may not be
        sold or otherwise transferred except in accordance with the terms
        thereof. These shares also are subject to additional restrictions on
        transfer under federal and state securities laws, and may not be sold or
        otherwise transferred except in compliance with such laws, and subject
        to the provisions of the Employment Agreement between Pledgor and Lender
        dated February 23, 2000, as it may from time to time be amended."

        3.     Voting Rights, Dividends and Distributions. So long as no Event
of Default shall have occurred and be continuing, and subject to the provisions
of the Employment Agreement between Pledgor and Lender dated February 23, 2000,
as it may from time to time be amended ("Employment Agreement"):

               (a)      Pledgor shall be entitled to exercise any and all voting
and/or consensual rights and powers relating or pertaining to the Pledged Stock
or any part thereof, subject to the terms hereof;

               (b)      Subject to Section 3(d) hereof, Pledgor shall be
entitled to receive and retain cash dividends payable on the Pledged Stock;
provided,

                                        2

<PAGE>   3

however, that Lender shall be entitled to apply any cash dividends payable on
the Pledged Stock to any amounts then due under the Note and outstanding; and
provided further, that all other dividends (including, without limitation, stock
and liquidating dividends), distributions in property, returns of capital and
other distributions made on or in respect of the Pledged Stock, whether
resulting from a subdivision, combination or reclassification of the outstanding
capital stock of Lender or received in exchange for the Pledged Stock or any
part thereof or as a result of any merger, consolidation, acquisition or other
exchange of assets to which the Lender may be a party or otherwise, and any and
all cash and other property received in exchange for or redemption of any of the
Pledged Stock, shall be retained by Lender, or, if delivered to Pledgor, shall
be held in trust for the benefit of Lender and forthwith delivered to Lender and
shall be considered as part of the Pledged Stock for all purposes of this Pledge
Agreement;

               (c)      Lender shall execute and deliver (or cause to be
executed and delivered) to Pledgor all such proxies, powers of attorney,
dividend orders, and other instruments as Pledgor may reasonably request for the
purpose of enabling Pledgor to exercise the voting and/or consensual rights and
powers which Pledgor is entitled to exercise pursuant to Section 3(a) above
and/or to receive the dividends which Pledgor is authorized to receive and
retain pursuant to Section 3(b) above; and Pledgor shall execute and deliver to
Lender such instruments as may be required or may be reasonably requested by
Lender to enable Lender to receive and retain the dividends, distributions in
property, returns of capital and other distributions it is authorized to receive
and retain pursuant to Section 3(b) above; and

               (d)      Upon the occurrence and during the continuance of an
Event of Default, all rights of Pledgor to exercise the voting and/or consensual
rights and powers which Pledgor is entitled to exercise pursuant to Section 3(a)
above and/or to receive the dividends which Pledgor is authorized to receive and
retain pursuant to Section 3(b) above shall cease, at the option of Lender, and
all such rights shall thereupon become vested in Lender, who shall have the sole
and exclusive right and authority to exercise such voting and/or consensual
rights and powers and/or to receive and retain such dividends. In such case
Pledgor shall execute and deliver such documents as Lender may reasonably
request to enable Lender to exercise such rights and receive such dividends. In
addition, Lender is hereby appointed the attorney-in-fact of Pledgor, with full
power of substitution, which appointment as attorney-in-fact is irrevocable and
coupled with an interest, to take all such actions after the occurrence and
during the continuance of an Event of Default, whether in the name of Lender or
Pledgor, as Lender may consider necessary or desirable for the purpose of
exercising such rights and receiving such dividends. Any and all money and other
property paid over to or received by Lender pursuant to

                                        3

<PAGE>   4

the provisions of this Section 3(d) shall be retained by Lender as part of the
Pledged Stock and shall be applied in accordance with the provisions hereof.

        4.     Events of Default; Remedies Upon Default.

               (a)      Each of the following shall constitute an Event of
Default under this Pledge Agreement:

                        (i)    Failure of Pledgor to perform or observe any
covenant set forth in this Pledge Agreement, if such failure shall not have been
cured within thirty (30) days after written notice thereof has been given to
Pledgor by Lender;

                        (ii)   Any representation or warranty made by Pledgor in
this Pledge Agreement shall be untrue as of the date made in any material
respect;

                        (iii)  Any sale, assignment, pledge or other encumbrance
or transfer of the Pledged Stock following the date hereof not permitted by the
Employment Agreement; or

                        (iv)   The occurrence of a Default under and as defined
in the Note.

               (b)      Upon the occurrence and during the continuance of an
Event of Default, in addition to having the right to exercise any right or
remedy of a secured party upon default under the Uniform Commercial Code as then
in effect in the State of New York (the "Uniform Commercial Code"), Lender may,
to the extent permitted by law, without demand of performance or other demand,
advertisement, or notice of any kind (except the notice specified below of time
and place of public or private sale) to or upon Pledgor or any other person (all
of which are, to the extent permitted by law, hereby expressly waived), apply
any cash held by it hereunder in the manner provided in Section 4(c) hereof and
if there shall be no such cash or if the cash so applied shall be insufficient
to pay in full the items specified in Section 4(c) below, forthwith sell, or
agree to sell, or otherwise dispose of and deliver the Pledged Stock or any part
thereof or interest therein, in one or more parcels at public or private sale or
sales, at any exchange, broker's board or at any of Lender's offices or
elsewhere, at such prices and upon such terms and conditions (including, without
limitation, requirements that any purchaser of all or any part of the Pledged
Stock be an "accredited investor" for purposes of Regulation D under the
Securities Act of 1933, as amended (the "Securities Act")), as it deems
appropriate. The Lender or any prospective purchaser shall have the right to
purchase upon any such sale the whole or any part of the Pledged Stock free of

                                        4

<PAGE>   5

any right or equity of redemption in Pledgor, which right or equity is hereby
expressly waived and released.

               (c)      The proceeds of any such disposition or other action by
Lender shall be applied as follows:

                        (i)    First, to the payment of all costs and expenses
incurred in connection therewith or incidental thereto or to the care or
safekeeping of any of the Pledged Stock or in any way relating to the rights of
Lender hereunder, including, without limitation, reasonable attorneys' fees and
expenses;

                        (ii)    Second, to the satisfaction of the Obligations;

                        (iii)   Third, to the payment of any amounts required by
applicable law (including, without limitation, Section 9-504(1)(c) of the
Uniform Commercial Code); and

                        (iv)    Fourth, to the payment to Pledgor of any surplus
then remaining from such proceeds, unless otherwise required by law or directed
by a court of competent jurisdiction.

               (d)      The Lender need not give more than fifteen (15) business
days' notice of the time and place of any public sale or of the time after which
a private sale may take place unless such sale is to be made in the open market,
in which case the above fifteen business day period shall be five (5) business
days, which notice, in each case, Pledgor hereby deems reasonable.

        5.     Representations and Warranties of Pledgor. Pledgor represents and
warrants that:

               (a)      Pledgor has, and has duly exercised, all requisite power
and authority to enter into this Pledge Agreement, to pledge the Pledged Stock
for the purposes described in the recitals to this Pledge Agreement, and to
carry out the transactions contemplated by this Pledge Agreement. This Pledge
Agreement has been duly executed and delivered by Pledgor and constitutes a
legal, valid and binding obligation of Pledgor, enforceable in accordance with
its terms.

               (b)      Upon delivery of the Pledged Stock, Pledgor will be the
direct record owner and beneficial owner of the Pledged Stock, owning such
shares free and clear of any Encumbrance except for that granted hereunder.

                                        5

<PAGE>   6

               (c)      The execution and delivery of this Pledge Agreement, and
the performance of its terms, will not violate or constitute a default under the
terms of any agreement, contract or other instrument, law, statute, ordinance,
license, judgment, decree, order or other governmental rule or regulation
applicable to Pledgor or any material portion of Pledgor's property.

               (d)      Upon delivery of the Pledged Stock to Lender, this
Pledge Agreement shall create a valid first lien upon and perfected security
interest in the Pledged Stock and the proceeds thereof, subject to no prior
Encumbrance.

               (e)      No approval, consent or other action by Pledgor, any
governmental authority or any other person is or will be necessary to permit the
valid execution, delivery or performance of this Pledge Agreement by Pledgor.

        6.     Covenants of Pledgor. The Pledgor hereby covenants that, until
all of the Obligations have been satisfied in full, Pledgor will:

               (a)      At Pledgor's own expense, defend Lender's right, title
and security interest in and to the Pledged Stock against the claims of any
person, firm, corporation or other entity;

               (b)      At the request of Lender, execute, deliver and file any
and all financing statements, continuation statements, stock powers, instruments
and other documents necessary or desirable, in Lender's reasonable opinion, to
create, perfect, preserve, validate or otherwise protect the pledge of the
Pledged Stock to Lender and Lender's lien on and security interest in the
Pledged Stock and the first priority thereof; and

               (c)      Maintain, or cause to be maintained, at all times, the
pledge of the Pledged Stock to Lender and Lender's lien on and security interest
in the Pledged Stock and the first priority thereof; provided, however, that
Pledgor shall have no liability under this subparagraph (c) for actions of
Lender.

               (d)      Promptly deliver to Lender all written notices, and will
promptly give Lender written notice of any other notices, received by him with
respect to Pledged Stock.

               (e)      At any time, and from time to time, upon the written
request of Lender, execute and deliver such further documents and do such
further acts and things as Lender may reasonably request to effect the purposes
of this Agreement.

                                        6

<PAGE>   7

        7.     Release of Pledged Stock. Upon a partial satisfaction of the
Obligations as provided for in the Employment Agreement and payment of all costs
and expenses of Lender as provided herein, a portion of the Pledged Stock as
provided for in the Employment Agreement shall be released from the security
interest granted pursuant to this Agreement and Lender shall deliver to Pledgor,
at Pledgor's expense, such Pledged Stock. Upon the satisfaction in full of all
Obligations and the full payment of all costs and expenses of Lender as provided
herein, this Agreement shall terminate and Lender shall deliver to Pledgor, at
Pledgor's expense, such of the Pledged Stock as shall not have been sold or
otherwise applied pursuant to this Agreement.

        8.     Sale of the Pledged Stock. The Pledgor recognizes that Lender may
be unable to effect a public sale of all or a part of the Pledged Stock and may
be compelled to resort to one or more private sales to a restricted group of
purchasers who will be obligated, among other things, to be an "accredited
investor" for purposes of Regulation D under the Securities Act and to agree to
acquire the Pledged Stock for their own account, for investment and not with a
view to the distribution or resale thereof. The Pledgor acknowledges that any
such sales may be at prices and on terms less favorable to Lender than those of
public sales of all of the Pledged Stock and agrees that such sales shall be
deemed to have been made in a commercially reasonable manner and that Lender has
no obligation to delay sale of any Pledged stock until such time as it may make
a public sale under the Securities Act.

        9.     Termination. Upon the satisfaction in full of all obligations of
Pledgor under this Pledge Agreement and the Note and the full payment of all
additional costs and expenses of Lender as provided herein, this Agreement shall
terminate and Lender shall deliver to Pledgor, at Pledgor's expense, such of the
Pledged Stock as shall not have been sold or otherwise applied pursuant to this
Agreement.

        10.    Limitation on Lender's Duty in Respect of Collateral.

               (a)      Beyond the exercise of reasonable care to assure the
safe custody of the Pledged Stock while held hereunder, Lender shall have no
duty or liability to preserve rights pertaining thereto and shall be relieved of
all responsibility for the Pledged Stock upon surrendering it or tendering
surrender of it to Pledgor.

               (b)      No course of dealing between Pledgor and Lender, nor any
failure to exercise, nor any delay in exercising any right, power or privilege
of Lender hereunder or under the Note shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, power or privilege hereunder
or

                                        7

<PAGE>   8

thereunder preclude any other or future exercise thereof or the exercise of any
other right, power or privilege.

               (c)      The rights and remedies provided herein and in all other
agreements, instruments and documents delivered pursuant to or in connection
with the Note are cumulative and are in addition to and not exclusive of any
rights or remedies provided by law, including without limitation, the rights and
remedies of a secured party under the Uniform Commercial Code.

        11.    Notices. For purposes of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given effective at the times provided for in Section
4.1 of the Note when hand delivered, sent by nationally-recognized overnight
courier or mailed first-class, registered or certified mail, return receipt
requested, postage prepaid, addressed as follows:

               If to Lender:

                     New Plan Excel Realty Trust, Inc.
                     1120 Avenue of the Americas
                     12th Floor
                     New York, New York 10036
                     Attention: Steven F. Siegel, General Counsel

               If to Pledgor:

                     at the address set forth on the signature page hereof

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

        12.    Successors and Assigns. This Pledge Agreement shall inure to the
benefit of and shall be binding upon the successors and assigns of the parties
hereto.

                                        8

<PAGE>   9

        13.    Governing Law. This Agreement shall be construed in accordance
with the laws of the State of New York without regard to its conflicts of laws
principles.

        IN WITNESS WHEREOF, this Pledge Agreement has been duly executed and
delivered by or on behalf of the parties hereto as of the date and year first
above written.

                                      /s/ Glenn J. Rufrano
                                      -------------------------------
                                      GLENN J. RUFRANO

                                      Address:

                                      c/o New Plan Excel Realty Trust, Inc.
                                      1120 Avenue of the Americas
                                      12th Floor
                                      New York, New York 10036

                                      NEW PLAN EXCEL REALTY TRUST, INC.

                                      By: /s/ Steven F. Siegel
                                         ----------------------------
                                      Name:
                                           --------------------------
                                      Title:
                                            -------------------------

                                       9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}]]