Document:

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                                                             Loan No. 03-0220389

             CAPITAL IMPROVEMENT AND TENANT FITOUT ESCROW AGREEMENT
             ------------------------------------------------------

         This Capital Improvement and Tenant Fit-Out Escrow Agreement (the
"Agreement") is made as of March 17, 2004 between Wells Fargo Bank N.A. f/k/a
Norwest Bank Minnesota, National Association, as Trustee for the registered
holders of NationsLink Funding Corporation, Commercial Mortgage Pass-Through
Certificates, Series 1998-2, in its capacities as lender and escrow agent
("Lender"), and Cedar Townfair, LLC, a Delaware limited liability company
("Borrower").

                                    RECITALS
                                    --------

A.       This Agreement is being executed in connection with Lender's consent to
         the assumption by Borrower of a mortgage loan to Townfair Center
         Associates, a Pennsylvania general partnership ("Seller") in the
         original principal amount of Ten Million Seven Hundred Thousand and
         No/100 Dollars ($10,700,000.00) (the "Loan"), and the Loan assumption
         is incident to Borrower's purchase of the real property commonly known
         as Townfair Center (Phase I & II), 475 South Ben Franklin Road, White
         Township, Pennsylvania, being more particularly described on Exhibit A
         attached hereto.

B.       The Loan is evidenced by a Promissory Note (the "Note"), dated February
         13, 1998, made by Seller and is secured by, among other things, an
         Open-End Mortgage, Assignment of Leases and Rents and Security
         Agreement (the "Security Instrument"), dated as of February 13, 1998,
         encumbering that certain real property situated in the County of
         Indiana, Commonwealth of Pennsylvania ("State"), as more particularly
         described on Exhibit A attached hereto and incorporated herein by this
         reference, together with the buildings, structures and other
         improvements now or hereafter located thereon (said real property,
         buildings, structures and other improvements being hereinafter
         collectively referred to as the "Property") and by other documents and
         instruments, and the Lender's consent to the transfer of the Property
         to Borrower is being made pursuant to a Consent and Assumption
         Agreement with Limited Release dated of even date herewith (the
         "Assumption Agreement") (the Note, Security Instrument, Assumption
         Agreement and such other documents, agreements and instruments, as the
         same may from time to time be amended, modified, extended, severed,
         split, divided, spread, restated, substituted, supplemented,
         consolidated, renewed or replaced, being collectively referred to
         herein as the "Loan Documents");

C.       As a condition to Lender giving its consent to the assumption of the
         Loan by Borrower, the transfer of the Property to Borrower and the
         construction of a new 5,000 square foot building on the Property,
         Lender has required that Borrower deposit the Escrow Funds (hereinafter
         defined) with Lender pursuant and subject to the terms of this
         Agreement.

         NOW, THEREFORE, to induce Lender to consent to the transfer of the
Property to Borrower, consent to Borrower's assumption of the Loan and consent
to the construction of a new 5,000 square foot building on the Property and in
consideration of the premises and the due performance of the commitments and
agreements hereinafter set forth, and other valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

1.       Escrow. Borrower shall establish and maintain an escrow of funds with
         Lender pursuant to the terms of this Agreement for the payment of
         future customary and reasonable bona fide costs and expenses incurred
         by Borrower in connection with the (i) construction of a 5,000 square
         foot building on the Property ("New Building") and (ii) completion of
         tenant improvements required to be paid by Borrower in connection with
         a lease ("New Lease") for approximately 3,000 square feet of space in
         the New Building (the "Leasing Matters").

Midland 299                             1

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2.       Deposit of Escrow Funds. All amounts held by Lender at any time in
         escrow pursuant to this Agreement are the "Escrow Funds". On the date
         hereof, Borrower shall make an initial deposit of $393,310.00 with
         Lender, to be held in escrow by Lender according to the terms of this
         Agreement. The Escrow Funds shall be disbursed or applied only as
         specified in this Agreement.

3.       Escrow Account. Lender agrees to hold all Escrow Funds in an Eligible
         Account (hereinafter defined) selected by Lender from time to time in
         the exercise of its sole discretion (the "Escrow Account"). No earnings
         or interest on the Escrow Funds shall be payable to Borrower. The
         Escrow Funds shall not constitute a trust fund and may be commingled
         with other monies held by Lender. The Escrow Account shall be held in
         the name of Lender and shall be within its sole and exclusive control,
         and all funds deposited in the Escrow Account shall be for the account
         of Lender. Except as provided herein, Borrower shall have no right to
         or interest in the Escrow Funds or Escrow Account and shall have no
         authority to withdraw Escrow Funds from the Escrow Account. An
         "Eligible Account" shall mean either (a) an account maintained with a
         depository institution or trust company, the long term unsecured debt
         obligations of which are rated in one of the three highest rating
         categories by any Rating Agency (hereinafter defined) acceptable to
         Lender at the time of any deposit therein or (b) a trust account
         maintained with a federally or state-chartered depository institution
         or trust company acting in its fiduciary capacity, subject to
         regulations regarding fiduciary funds on deposit similar to 12 C.F.R.
         Section 9.10(b). The term "Rating Agency" shall mean a nationally
         recognized credit rating agency (including, without limitation,
         Standard & Poor's Rating Group, Fitch Investors Service, L.P., Moody's
         Investors Service, Inc. or Duff and Phelps Credit Rating Co., and their
         respective successors and assigns).

4.       Permitted Investments. Lender may direct the depository institution
         maintaining the Escrow Account to invest the Escrow Funds in one or
         more of the following obligations or securities (each a "Permitted
         Investment") having, at the time of purchase, the required ratings, if
         any, provided for below:

         a. Direct obligations of, or guaranteed as to timely payment of
            principal and interest by, the United States or any agency or
            instrumentality thereof provided that such obligations are backed by
            the full faith and credit of the United States of America;

         b. Direct obligations of, or guaranteed as to timely payment of
            principal and interest by, FHLMC, FNMA or the Federal Farm Credit
            System;

         c. Demand and time deposits in or certificates of deposit of, or
            bankers' acceptances issued by, any bank or trust company, savings
            and loan association or savings bank, provided that the short-term
            unsecured debt obligations of such depository institution or trust
            company must have the highest rating available for such securities
            by two or more Rating Agencies acceptable to Lender;

         d. Commercial or finance company paper that is rated by two or more
            Rating Agencies acceptable to Lender in their highest short-term
            unsecured rating category at the time of such investment and is
            issued by a corporation the outstanding senior long-term debt
            obligations of which are then rated by two or more Rating Agencies
            in one of their two highest long-term unsecured rating categories;

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         e. Repurchase obligations with respect to any security described in
            clause (a) or (b) above entered into with a bank or trust company,
            savings and loan association or savings bank, provided that the
            short-term unsecured debt obligations of such depository institution
            or trust company must have the highest rating available for such
            securities by two or more Rating Agencies acceptable to Lender;

         f. Units of taxable money market funds which funds are regulated
            investment companies, seek to maintain a constant net asset value
            per share and invest solely in obligations backed by the full faith
            and credit of the United States and repurchase agreements using full
            faith and credit issues as collateral and are rated in the highest
            rating category available by a Rating Agency acceptable to Lender.

5.       Pledge and Security Interest. As additional security for the payment
         and performance by Borrower of all duties, responsibilities and
         obligations hereunder and under the Loan Documents, Borrower hereby
         unconditionally and irrevocably assigns, conveys, pledges, mortgages,
         transfers, delivers, deposits, sets over and confirms unto Lender, and
         hereby grants to Lender a security interest and a valid and perfected
         first lien in (a) the Escrow Funds, (b) the Escrow Account, (c) all
         insurance of the Escrow Account, (d) all accounts, contract rights and
         general intangibles or other rights and interests pertaining thereto,
         (e) all sums now or hereafter therein or represented thereby, (f) all
         replacements, substitutions or proceeds thereof, (g) all instruments
         and documents now or hereafter evidencing the Escrow Funds or the
         Escrow Account, (h) all powers, options, rights, privileges and
         immunities pertaining to the Escrow Funds or the Escrow Account
         (including the right to make withdrawal therefrom), and (i) all
         proceeds of the foregoing. Lender may deliver notice of its interest in
         the Escrow Funds and Escrow Account at any time to the financial
         institution wherein the Escrow Account has been established, and Lender
         shall have possession of all passbooks or other evidences of such
         Escrow Account. Borrower hereby assumes all risk of loss with respect
         to amounts on deposit in the Escrow Account, except to the extent
         caused by the gross negligence or intentional misconduct of Lender.
         Borrower hereby agrees that the advancement of Escrow Funds from the
         Escrow Account as set forth herein is at Borrower's direction and is
         not the exercise by Lender of any right of set-off or other remedy upon
         an Event of Default (as defined in the Loan Documents). Borrower hereby
         waives all right to withdraw Escrow Funds from the Escrow Account,
         except upon full satisfaction of all amounts then due and payable under
         the Loan. Borrower agrees to execute and deliver on demand any and all
         documentation requested by Lender to further evidence or perfect such
         assignment, including, without limitation, Uniform Commercial Code
         financing statements. Borrower hereby irrevocably constitutes and
         appoints Lender as its attorney-in-fact, with full power of
         substitution and transfer, to execute and deliver any and all such
         documentation. The power of attorney hereby granted shall be
         irrevocable and coupled with an interest. This Agreement shall
         constitute a Security Agreement under the Uniform Commercial Code as
         enacted in the Commonwealth of Pennsylvania and upon an Event of
         Default, Lender may exercise any or all of the remedies available at
         law or in equity including, without limitation, the remedies specified
         in this Agreement and the remedies available to a secured party
         following default as specified in such Uniform Commercial Code. Lender
         and Borrower hereby acknowledge and agree that Lender has a valid and
         perfected first priority lien on, and security interest in, any Escrow
         Funds now or hereafter held in the Escrow Account.

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6.       Disbursement of Escrow Funds to Borrower. Lender shall disburse all or
         part of the Escrow Funds to Borrower as provided herein upon
         satisfaction of the following terms and conditions:

         a. Borrower has delivered to Lender an affidavit, in form satisfactory
            to Lender, specifying the amount of the requested disbursement, and:

            i.  With respect to a requested disbursement for the partial or
                complete construction of the New Building, certifying that all
                such constructed improvements have been completed and that all
                costs in connection therewith have been paid. Simultaneously
                with submitting such affidavit, Borrower shall also submit: (1)
                lien waivers from the general contractor, any subcontractors and
                all materialmen and suppliers showing that they have been paid
                for all work and that no liens are claimed; (2) an endorsement
                to the Lender's loan policy in the form attached hereto as
                Exhibit B insuring that no items have been recorded since the
                date of the loan policy and insuring that the loan policy is
                still in full force and effect; (3) each request must be in
                writing and specify in detail the cost of the labor that has
                been performed and the materials that have been incorporated
                into the New Building since the date of the previous request, if
                any; (4) each request must be certified to be true and correct
                by the general contractor and must be accompanied by all
                invoices, paid receipts, certificates, proof of subcontractor
                payments and other documents that Lender may request at any
                time.

            ii. With respect to a requested disbursement for tenant improvements
                related to the New Lease, certifying that all such tenant
                improvements have been completed and that all costs in
                connection therewith have been paid, and that, to the extent
                applicable, Borrower has reimbursed the related tenant for any
                amounts paid by such tenant for such improvements.
                Simultaneously with submitting such affidavit, Borrower shall
                also submit: (1) lien waivers from the general contractor, any
                subcontractors and all materialmen and suppliers showing that
                they have been paid for all work and that no liens are claimed;
                (2) a written confirmation from the related tenant that it has
                accepted the space and the improvements made and has no claim
                against the landlord for any unperformed work or un-reimbursed
                allowances; (3) to the extent not delivered to the Lender as of
                the date hereof, a certified copy of the fully executed lease of
                the related tenant; and (4) if required by Lender, an estoppel
                certificate and a subordination, non-disturbance and attornment
                agreement from the related tenant in form and content acceptable
                to Lender.

         b. Borrower has delivered to Lender, at Borrower's cost: (i) copies of
            building permits or any other certificates required and issued by
            governmental authorities in connection with any work performed for
            which reimbursement is being sought under this Agreement; and (ii)
            if required by Lender, an endorsement to Lender's loan policy of
            title insurance obtained in connection with the Loan, insuring
            Lender against any mechanic's liens in connection with such work.

         c. Borrower has delivered to Lender such other documents as Lender
            shall reasonably require to confirm the satisfaction of the
            conditions contained herein and the completion of the work performed
            for which reimbursement is being sought under this Agreement.

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         d. All disbursements requested by Borrower shall be at least $5,000 and
            no requests for disbursements shall be made more often than once
            during any calendar month.

         e. No Event of Default under the Loan Documents exists as of the date
            of Borrower's request for a disbursement or the actual date of such
            a disbursement.

         f. Lender shall have the right, but not the obligation, at Borrower's
            cost and expense, to inspect the Property and/or to have the
            documentation regarding the Leasing Matters and the New Building
            reviewed to verify that the Leasing Matters and New Building for
            which reimbursement is being sought have been completed in a good
            and workmanlike manner and are otherwise acceptable to Lender.

         g. Upon completion of the construction of the New Building, Borrower
            shall deliver to the Lender (i) a permanent unconditional
            certificate of occupancy or its equivalent and such other permits
            and certificates for the uses and occupancy of the New Building;
            (ii) an as-built survey showing the location of all improvements,
            lot lines, street lines, setback lines, utility lines, easements,
            rights of way in form and content acceptable to Lender; (iii) such
            affidavits and other documentation necessary to assure the Lender
            that all costs, expenses and charges incurred in constructing the
            New Building have been paid and there in no secondary, gap or other
            financing involved in connection therewith. However, the foregoing
            shall not be deemed to require the deliverance or issuance of a
            certificate of occupancy for the interior fit-out of the 2,000
            square feet of the New Building that is not part of the Leasing
            Matters.

         h. Notwithstanding anything to the contrary herein, Lender shall not be
            required to disburse all or part of the Escrow Funds for (i) costs
            incurred by Borrower with respect to materials stored on or off the
            Property; (ii) soft costs, including without limitation,
            professional and attorneys' fees; or (iii) bonding requirements.
            Lender shall not be required to disburse all or part of the Escrow
            Funds unless (i) Borrower is in compliance with all applicable
            mechanics and construction lien laws, (ii) no construction,
            mechanics or other lien is imposed on the Property and (iii) no
            notices of or lien claim is recorded.

7.       Default by Borrower. Any failure of Borrower to comply with the terms
         of this Agreement or any other Loan Document shall be an Event of
         Default, and shall entitle Lender to pursue any and all remedies
         available to it pursuant to this Agreement, any other Loan Document, at
         law or in equity. Without limiting the foregoing, upon the occurrence
         and during the continuation of an Event of Default, Lender shall have
         the right, but not the obligation, without notice or demand on
         Borrower: (a) to withdraw any or all of the Escrow Funds and to
         disburse and apply the same, after deducting all costs and expenses of
         safekeeping, collection and delivery (including, but not limited to,
         attorney fees, costs and expenses) to the obligations of Borrower
         hereunder or under any Loan Document in such manner as Lender shall
         deem appropriate in its sole discretion; (b) to complete any such acts,
         in the Borrower's stead, in such manner and to the extent Lender deems
         necessary to fulfill the purpose of this Agreement; (c) to exercise any
         and all rights and remedies of a secured party under any applicable
         Uniform Commercial Code; and (d) to exercise any other remedies
         available at law or in equity. No such use or application of the Escrow
         Funds shall be deemed to cure any Event of Default. Any disbursement
         made by Lender shall continue to be part of the Loan and secured by the

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         Loan Documents. No further direction or authorization from Borrower
         shall be necessary to warrant such direct disbursement by Lender and
         all such disbursements shall satisfy the obligation of Lender hereunder
         and shall be secured by the Loan Documents as fully as if made directly
         to Borrower.

8.       Indemnity. Borrower represents and warrants to Lender that as of the
         date hereof, there are no liens or outstanding claims for which a lien
         could be recorded against the Property. Borrower hereby indemnifies and
         holds Lender harmless against all claims, losses, costs, damages and
         expenses (including attorney fees), which Lender may incur arising from
         the inaccuracy of the foregoing representation and warranty, any breach
         by Borrower of this Agreement, any action taken by Lender hereunder
         and/or any and all claims and demands asserted against Lender arising
         out of this Agreement; excepting, however, those based upon its willful
         misconduct or gross negligence. The amount of any such claims, losses,
         costs, damages and expenses, with interest thereon at the Default Rate
         (as defined in the Note), shall be payable by the Borrower immediately
         upon demand and, if not so paid, may be reimbursed by withdrawal from
         the Escrow Account.

9.       Covenants. Borrower covenants, agrees and represents to the Lender
         that:

         a. Borrower shall diligently proceed with the construction of the New
            Building and Borrower shall complete construction of the New
            Building, including such street improvements, curbs, sidewalks,
            grading, parking, utilities and connection as may be required for
            the normal use thereof, within 12 months from the date hereof.

         b. Borrower has all necessary approvals from governmental or
            quasi-governmental authorities having jurisdiction over the
            Property, including, but not limited to, street openings or
            closings, zoning and use permits, sewer permits, environmental
            permits and approvals, building permits, highway occupancy permits,
            and subdivision and land development approvals have been obtained
            for the construction of the New Building, and such approvals are
            final, unappealed and unappealable and remain in full force and
            effect.

         c. All construction shall be performed strictly in accordance with all
            applicable statutes, laws and ordinances, and in accordance with the
            rules, regulations and requirements of all regulatory authorities
            having jurisdiction.

         d. The New Building when constructed will be wholly within the title
            lines, building setback lines and building restrictions lines,
            however established, and will not violate applicable use or other
            restrictions contained in prior conveyances, zoning laws or
            regulations, conditions of subdivision or land development approval,
            or elsewhere and Borrower will furnish satisfactory evidence to
            Lender with respect thereto.

10.      Limitation of Liability of Lender.

         a. Lender shall have no liability to any person based upon its errors
            in judgment, its performance of its duties under this Agreement, any
            claimed failure to perform its duties hereunder, any action taken or
            omitted in good faith or any mistake of fact or law; provided that
            Lender shall be liable for damages arising out of its gross
            negligence or intentional misconduct. Lender shall be automatically
            released from all obligation and liability hereunder upon its

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            disbursement, delivery or deposit of the Escrow Funds in accordance
            with the provisions of this Agreement.

         b. The duties of Lender in its capacity as escrow agent hereunder are
            purely ministerial. In such capacity, Lender is acting as a
            stakeholder for the accommodation of Borrower and is not responsible
            or liable in any manner whatsoever related to any signature, notice,
            request, waiver, consent, receipt or other document or instrument
            pursuant to which Lender may act, including, without limitation,
            terms and conditions, sufficiency, correctness, genuineness,
            validity, form of execution, or the identity, authority or right of
            any person executing or depositing the same.

         c. Lender shall not be responsible for the validity or sufficiency of
            any cash, instruments, wire transfer or any other property delivered
            to it hereunder, for the value or collectibility of any check or
            other instrument so delivered or for any representation made or
            obligations assumed by Borrower or any other party to the Loan
            Documents. Nothing herein contained shall be deemed to obligate
            Lender to deliver any cash or any other funds or property referred
            to herein, unless the same shall have first been received by Lender
            pursuant to this Agreement.

         d. In no event whatsoever shall Lender be liable for any losses related
            to the Escrow Funds resulting from an investment of Escrow Funds
            made in accordance with the terms hereof.

         e. Upon the assignment of the Loan and the Loan Documents by Lender,
            any Escrow Funds then held by Lender shall be turned over to the
            assignee and all responsibility of Lender with respect thereto shall
            be terminated.

11.      Assignment. Borrower hereby collaterally assigns to Lender, as
         additional security for the Loan, its rights under any contract entered
         into by Borrower related to any matters for which reimbursement could
         be sought by Borrower under this Agreement. Any such contract shall
         provide that Lender shall have the right to require performance of such
         contract but shall have no liability for any amounts owed by Borrower
         and incurred prior to the date Lender exercises its rights herein
         provided to require performance.

12.      Notices. Any notice, consent, request or other communication required
         or permitted hereunder shall be in writing and shall be deemed properly
         given if delivered in accordance with the notice requirements contained
         in the Note.

13.      Governing Law. The terms and provisions hereof shall be governed by and
         construed in accordance with the laws of the Commonwealth of
         Pennsylvania.

14.      Binding Agreement. This Agreement is freely assignable by Lender, its
         successors, endorsees and assigns, and shall be binding upon the heirs,
         executors, administrators, personal representatives, successors and
         assigns of the parties hereto, including any assignee of the Note or
         any of the other Loan Documents; provided, however, the foregoing shall
         not be deemed or construed to (a) permit the assignment by Borrower of
         any of Borrower's rights or obligations hereunder, or (b) confer any

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         right, title, benefit, cause of action or remedy upon any person or
         entity not a party hereto except for assignees of the Note or any of
         the other Loan Documents.

15.      Captions. The captions, headings and arrangements used in this
         Agreement are for convenience only and do not in any way affect, limit,
         amplify or modify the terms and provisions hereof.

16.      Rules of Construction. The parties acknowledge that each party and its
         counsel have reviewed and have had input in the drafting of this
         Agreement. The parties hereby agree that normal rules of construction
         to the effect that any ambiguities are to be resolved against the
         drafting party shall not be employed in the interpretation of this
         Agreement or any amendments or exhibits hereto. For purposes of this
         Agreement the word "person" shall include an individual, corporation,
         limited liability company, limited liability partnership, limited
         partnership, partnership, trust, unincorporated association,
         government, governmental authority and any other entity.

17.      No Third Party Beneficiaries. No person not a party to this Agreement
         shall have any third party beneficiary claim or other right hereunder
         or with respect hereto.

18.      Amendment. This Agreement may not be modified, amended, waived,
         extended, changed, discharged or terminated orally or by any act or
         failure to act on the part of Borrower or Lender, but only by an
         agreement in writing signed by the party against whom enforcement of
         any modification, amendment, waiver, extension, change, discharge or
         termination is sought.

19.      Counterparts. This Agreement may be executed in any number of
         counterparts, each of which shall be deemed to be an original and all
         of which counterparts taken together shall constitute but one and the
         same Agreement.

20.      Disposition of Escrow Funds on Repayment of Loan. At such time as the
         Loan, is paid in full, Lender shall return any funds then on deposit in
         the Escrow Account to Borrower.

21.      Remedies Not Exclusive. Lender's rights and remedies under this
         Agreement are cumulative and in addition to every other right or remedy
         now or hereafter existing under any Loan Document, at law or in equity.
         No delay or omission of Lender to exercise any of its rights or powers
         shall impair or be a waiver of such right or power. The resort to any
         remedy hereunder shall not prevent the concurrent or subsequent
         exercise of any other remedy Lender may have.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the parties hereto have executed this Agreement to
be effective the day and year set forth above.

WITNESS:                          BORROWER:

                                  Cedar Townfair, LLC,
                                  a Delaware limited liability company

                                  By:  Cedar Shopping Centers Partnership, L.P.
                                       a Delaware limited partnership
                                       its Sole Member

                                       By:  Cedar Shopping Centers, Inc.
                                            a Maryland corporation
                                            its Sole General Partner

_______________________                     By:_________________________________
                                            Print  Name: Leo S. Ullman
                                            Title: President

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WITNESS:                          LENDER:

                                  Wells Fargo Bank N.A. f/k/a Norwest Bank
                                  Minnesota, National Association, as Trustee
                                  for the registered holders of NationsLink
                                  Funding Corporation, Commercial Mortgage Pass-
                                  Through Certificates, Series 1998-2

                                  By:  Midland Loan Services, Inc.,
                                       a Delaware corporation,
                                       Its Attorney-in-Fact

_________________                      By:________________________________
                                       Name:
                                       Title:

                                       10
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                                    Exhibit A

                                       11

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                                    Exhibit B

                                       12<PAGE>

RECORDING REQUESTED BY AND
AFTER RECORDING RETURN TO:

Midland Loan Services, Inc. 10851
Mastin, Suite 300 Overland Park, KS
66210 Attention: Shay Janssen Loan
Number: 03-0220389

                                     CONSENT

                            AND ASSUMPTION AGREEMENT

                              WITH LIMITED RELEASE

         This Consent and Assumption Agreement With Limited Release (this
"Agreement") is entered into as of March 17, 2004, by and among Townfair Center
Associates, a Pennsylvania general partnership, with an address of 1020 Lebanon
Road, West Mifflin, Pennsylvania 15122 ("Seller"), Clifford R. Rowe, Jr., with
an address of 1020 Lebanon Road, West Mifflin, Pennsylvania 15122 ("Rowe"),
Kevin M. Dougherty, with an address of P.O. Box 1198 Rexford, PA 15090
("Dougherty"), Guy J. DiRienzo, with an address of P.O. Box 1198 Rexford, PA
15090 ("DiRienzo") (Rowe, Dougherty and DiRienzo are collectively referred to
herein as "Prior Principals"), Cedar Townfair, LLC, a Delaware limited liability
company, with an address of 44 South Bayles Avenue, Suite 304, Port Washington,
New York 11050 ("Buyer"), Cedar Shopping Centers, Inc., a Maryland corporation,
with an address of 44 South Bayles Avenue, Suite 304, Port Washington, New York
11050 ("New Principal"), and Wells Fargo Bank N.A. f/k/a Norwest Bank Minnesota,
National Association, as Trustee for the registered holders of NationsLink
Funding Corporation, Commercial Mortgage Pass-Through Certificates, Series
1998-2 (collectively referred to herein as "Lender").

                                    RECITALS

         A. Seller is the owner of certain real property located in Indiana
County, Pennsylvania, commonly known as Townfair Center (Phase I & II), 475
South Ben Franklin Road, White Township, Pennsylvania, which real property is
more particularly described in Exhibit A attached hereto and incorporated herein
by reference. Such real property, together with all improvements, fixtures and
personal property located thereon is collectively referred to as the
("Property".)

         B. Lender is the owner and holder of certain documents (the "Loan
Documents") evidencing and securing a loan (the "Loan") made by Patrician
Financial Company Limited Partnership, a Massachusetts limited partnership
("Original Lender") to Seller, including, without limitation, the:

         (i)  Promissory Note (the "Note") dated as of February 13, 1998, in the
              original principal amount of $10,700,000.00, executed by Seller,
              as maker, in favor of Original Lender along with the
              Acknowledgment and Agreement of Borrower Principal to Personal
              Liability for the Exceptions to Non-Recourse executed by Prior
              Principals ("Prior Guaranty") attached thereto;

         (ii) Open-End Mortgage, Assignment of Leases and Rents and Security
              Agreement (the "Security Instrument") dated as of February 13,
              1998 executed by Seller in favor of Original Lender, filed for
              record with the County Recorder, in and for Indiana County,
              Pennsylvania (the "Recording Office") in Book 571, at Page 247
              (the "Security Instrument");

<PAGE>

         (iii)  U0CC Financing Statement listing Seller as debtor, and Original
                Lender, as secured party, recorded in the Recording Office as
                Instrument No. 1998-03040;

         (iv)   UCC Financing Statement listing Seller, as debtor, and Original
                Lender, as secured party, filed with the Pennsylvania Secretary
                of State as Instrument No. 28570063;

         (v)    Assignment and Subordination of Management Agreement dated as of
                February 13, 1998, executed by Seller in favor of Lender
                ("Assignment and Subordination of Management Agreement");

         (vi)   Loan Agreement dated as of February 13, 1998, executed by Seller
                and Prior Principals in favor of Lender ("Loan Agreement"); and

         (vii)  Such other documents evidencing or securing the Loan.

         C. Midland Loan Services, Inc. services the Loan for Lender, as master
servicer, pursuant to that certain Pooling and Servicing Agreement (the "Pooling
and Servicing Agreement") dated as of November 1, 1998.

         D. Robert G. Hecht, a guarantor under the Prior Guaranty, died prior to
the date of this Agreement.

         E. Seller and Buyer have entered into a Agreement of Purchase and Sale
(the "Purchase Agreement") dated December 24, 2003, pursuant to which the
Property is to be transferred to Buyer and Buyer is to assume the Loan (the
"Property Acquisition"), and have requested that Lender consent to (i) the
Property Acquisition and (ii) the construction of a new 5,000 square foot retail
building on the Property (the "Building Construction") (the Property Acquisition
and the Building Construction being collectively referred to herein as the
"Transfer and Assumption").

         F. Subject to the terms and conditions of this Agreement, Lender has
agreed to consent to the Transfer and Assumption.

                                    AGREEMENT

         NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties agree as follows:

         1. Consent to Transfer. Subject to satisfaction of all of the
conditions contained herein, Lender consents to the Transfer and Assumption.
This consent is strictly limited to the Transfer and Assumption described in
this Agreement. This Agreement shall not constitute a waiver or modification of
any requirement of obtaining Lender's consent to any future transfer of the
Property or any portion thereof or interest therein, nor shall it constitute a
modification of the terms, provisions, or requirements in the Loan Documents in
any respect except as expressly provided herein. Buyer specifically acknowledges
that any

                                       2
<PAGE>

subsequent transfer of any interest in any of the Property or interest in Buyer
in violation of the Loan Documents shall be a default thereunder. The Loan
Documents are hereby ratified and, except as expressly modified in this
Agreement, remain unmodified and are in full force and effect.

         2. Loan Information. The parties hereto agree that as of the date
hereof:

         (a)  The outstanding principal balance of the Note is $9,993,258.02.

         (b)  The interest rate of the Note is a fixed rate of 6.96% per annum.

         (c)  The maturity date of the Note is March 1, 2008.

         (d)  The following listed payments are due and payable on the first day
              of each and every calendar month:

              o   $70,900.16    principal and interest installments;
              o   $14,853.55    tax escrow deposits;
              o   $6,351.03     insurance escrow deposits; and
              o   $683.00       replacement reserve escrow deposits.

         (e)  The current balance of each escrow account held by Lender with
              respect to the Loan Note is:

              o   $114,307.47   tax escrow account;
              o   $35,339.41    insurance escrow account; and
              o   $51,751.37    replacement reserve escrow account.

         (f)  All required payments due through March 1, 2004 under the Loan
              Documents have been paid.

         (g)  There are no defenses or claims of setoffs with respect to any
              sums or amounts owing under the Loan Documents.

         (h)  Lender is the current owner and holder of the Loan
              Documents.

         (i)  There is no existing Event of Default (as defined in the Loan
              Documents) or event or condition that, with the giving of notice
              or passage of time or both, would constitute an Event of Default.

         3. Conditions. In addition to any other conditions set forth herein or
required by Lender, the following are conditions precedent that must be
satisfied prior to the closing of the Transfer and Assumption (the "Closing"):

         (a)  The execution, acknowledgment, delivery and recordation of this
              Agreement by all of the parties concurrently with the Closing.

         (b)  The execution, delivery and recordation or filing, as applicable,
              of one or more new financing statements, or amendments to existing
              financing statements as required by Lender at Closing.

         (c)  Buyer's delivery to Lender of satisfactory evidence that all
              insurance over the Property required by the Loan Documents (the
              "Required Insurance") is in full force and effect as of the
              Closing, with all required premiums paid, and contains a
              mortgagee's clause (the "Mortgagee's Clause") satisfactory to
              Lender in favor of Wells Fargo Bank N.A. f/k/a Norwest Bank
              Minnesota, National Association, as Trustee for the registered
              holders of NationsLink Funding Corporation, Commercial

                                       3
<PAGE>

              Mortgage Pass-Through Certificates, Series 1998-2, its successors
              and/or assigns, c/o Midland Loan Services, Inc., Master Servicer,
              Post Office Box 419127, Kansas City, Missouri 64141-6127; re: Loan
              Number 03-0220389.

         (d)  Lender's receipt of satisfactory Title Endorsements (hereinafter
              defined).

         (e)  The full release and reconveyance of any other liens or monetary
              encumbrances against the Property.

         (f)  Lender's receipt of all of the Required Payments (hereinafter
              defined).

         (g)  The execution and delivery of an Acknowledgment and Agreement of
              Borrower Principal to Personal Liability for the Exceptions to
              Non-Recourse ("New Guaranty") by New Principal, in form and
              substance acceptable to Lender in its sole and absolute
              discretion.

         (h)  The execution and delivery of a Capital Improvement and Tenant
              Fitout Escrow Agreement ("Escrow Agreement") by Buyer, in form and
              substance acceptable to Lender in its sole and absolute
              discretion.

         4. Fees, Payment and Expenses. Buyer and/or Seller covenants and agrees
to pay to Lender at Closing the following (the "Required Payments"):

         (a)  $10,000.00, as an assumption fee for Lender's consent to the
              Transfer and Assumption of the Loan (the "Assumption Fee"). (b)
              $2,500.00, as the non-refundable application fee.

         (c)  $70,900.16, which represents the required monthly principal and
              interest installment payment due on April 1, 2004.

         (d)  $14,853.55, which represents the required monthly tax escrow
              deposits due on April 1, 2004, $683.00, which represents the
              required monthly replacement reserve deposits due on April 1, 2004
              and $6,351.03 which represents the required monthly insurance
              escrow deposit due on April 1, 2004 (the "Escrow Deposits").

         (e)  the attorneys fees of Lender's counsel.

         5. Title Endorsements. At Closing, Buyer shall (a) cause Lawyers Title
Insurance Corporation to issue such endorsements to Lender's mortgagee's title
insurance policy (Policy No. 82-02-649560) in such form as Lender may require
("Title Endorsements"), including showing that the Buyer is the owner of the
Property, changing the effective date of such title policy to the date of the
Closing, and showing that the Loan Documents are in a first lien position, and
(b) pay the cost of the Title Endorsements, any escrow, filing or recording fees
applicable to this transaction, and Lender's costs and expenses incurred in
connection with this Agreement or this transaction, including Lender's
attorneys' fees, if any, incurred in connection with this Agreement or this
transaction.

         6. Buyer's Assumption of Loan; Financing Statements. Buyer hereby
expressly assumes the obligation to pay the unpaid balance due and owing on the
Loan, all interest thereon as provided in the Note and all other obligations
under the Loan Documents, with the same force and effect as if Buyer had been
specifically named therein as the original maker, borrower or grantor, as
applicable. Without limiting the generality of the foregoing, Buyer expressly
assumes the obligation to pay all loan installments as they become due and to
observe all obligations of the Loan Documents. Buyer's assumption of the
foregoing obligations (a) is absolute, unconditional and is not subject to any
defenses, waivers, claims or offsets, (b) shall not be affected or impaired by
any agreement, condition, statement or representation of any person or entity
other than Lender. Notwithstanding the foregoing, Buyer does not assume any
liability of Seller or

                                       4
<PAGE>

Prior Principals for their fraud, misrepresentation or other intentional torts.
Buyer expressly agrees that it has read, approved and will comply with and be
bound by all of the terms, conditions, and provisions contained in the Loan
Documents. To the extent the Note is recourse, Buyer specifically agrees that
Lender's remedies shall not in any respect or extent be limited solely to the
Property or any other collateral securing the Loan.

         Buyer hereby authorizes Lender to file one or more new financing
statements, or amendments to existing financing statements, covering fixtures
and personal property collateral included in the Property and covered by the
security agreement contained in the Loan Documents, without signature of Buyer
where permitted by law. Buyer hereby confirms that it grants Lender a security
interest in all fixtures and personal property collateral described in the Loan
Documents.

         New Principal hereby expressly assumes all the obligations of the
Borrower Principals (as defined in the Loan Agreement) under the Loan Agreement,
with the same force and effect as if New Principal had been specifically named
therein as the Borrower Principals. New Principal's assumption of the foregoing
obligations (a) is absolute, unconditional and is not subject to any defenses,
waivers, claims or offsets, (b) shall not be affected or impaired by any
agreement, condition, statement or representation of any person or entity other
than Lender. New Principal expressly agrees that it has read, approved and will
comply with and be bound by all of the terms, conditions, and provisions
contained in the Loan Agreement. Notwithstanding the foregoing, New Principal
does not assume any liability of Seller or Prior Principals for their fraud,
misrepresentation or other intentional torts.

         7. No Representations of Lender. The parties hereto agree that (a)
Lender has made no representations or warranty, either express or implied
regarding the Property and has no responsibility whatsoever with respect to the
Property, its condition, or its use, occupancy or status, and (b) no claims
relating to the Property, its condition, or its use, occupancy or status, will
be asserted against Lender or its agents, employees, professional consultants,
affiliated entities, successors or assigns, either affirmatively or as a
defense.

         8. Seller's Representations & Warranties. Seller hereby represents and
warrants that:

            (a) Seller is the owner of the Property and is duly authorized to
                execute, deliver and perform this Agreement.

            (b) Any court or third-party approvals necessary for Seller to enter
                into this Agreement have been obtained.

            (c) The entities and/or persons executing this Agreement on behalf
                of Seller are duly authorized to execute and deliver this
                Agreement.

            (d) This Agreement and the Loan Documents are in full force and
                effect and the transactions contemplated therein constitute
                valid and binding obligations of Seller, enforceable against
                Seller in accordance with their terms and have not been modified
                either orally or in writing.

            (e) Lender has not waived any requirements of the Loan Documents nor
                any of Lender's rights thereunder.

            (f) There is no existing Event of Default or event or condition
                that, with the giving of notice or passage of time or both,
                would constitute an Event of Default.

                                       5
<PAGE>

            (g) All taxes and assessments applicable to the Property that are
                due and payable as of the Closing have been paid.

            (h) The next payment for real property taxes applicable to the
                Property is due on or before May 15, 2004.

            (i) All representations and warranties of Seller in the Purchase
                Agreement are true and correct.

            (j) All representations and warranties referred to herein shall be
                true as of the date of this Agreement and Closing and shall
                survive Closing.

         Lender is entitled to rely, and has relied, upon these representations
 and warranties in the execution and delivery of this Agreement and all other
 documents and instruments executed and delivered by Lender in connection with
 this Agreement.

         9. Prior Principals' Representations and Warranties. Each of the Prior
Principals hereby represents and warrants that:

            (a) Any court or third-party approvals necessary for him to enter
                into this Agreement has been obtained.

            (b) The entities and/or persons executing this Agreement on behalf
                of him is duly authorized to execute and deliver this Agreement.

            (c) This Agreement and the Prior Guaranty are in full force and
                effect and the transactions contemplated therein constitute
                valid and binding obligations of him, enforceable against him in
                accordance with their terms and have not been modified either
                orally or in writing.

            (d) Lender has not waived any requirements of the Loan Documents nor
                any of Lender's rights thereunder.

            (e) There is no existing Event of Default or event or condition
                that, with the giving of notice or passage of time or both,
                would constitute an Event of Default.

            (f) All representations and warranties referred to herein shall be
                true as of the date of this Agreement and Closing and shall
                survive Closing.

         Lender is entitled to rely, and has relied, upon these representations
 and warranties in the execution and delivery of this Agreement and all other
 documents and instruments executed and delivered by Lender in connection with
 this Agreement.

         10. Buyer's Representations and Warranties. Buyer hereby represents and
warrants that:

            (a) Buyer is duly authorized to execute, deliver and perform this
                Agreement, the Escrow Agreement and any other documents and
                instruments executed by Buyer in connection herewith.

            (b) Any court or third-party approvals necessary for Buyer to enter
                into this Agreement and the Escrow Agreement have been obtained.

            (c) The entities and/or persons executing this Agreement and the
                Escrow Agreement on behalf of Buyer are duly authorized to
                execute and deliver this Agreement and any other documents and
                instruments executed by Buyer in connection herewith.

                                       6
<PAGE>

            (d) This Agreement, the Escrow Agreement and any other documents and
                instruments executed by Buyer in connection herewith and the
                Loan Documents are in full force and effect and the transactions
                contemplated therein constitute valid and binding obligations of
                Buyer, enforceable against Buyer in accordance with their terms
                and have not been modified either orally or in writing.

            (e) There is no existing Event of Default or event or condition
                that, with the giving of notice or passage of time or both,
                would constitute an Event of Default.

            (f) All taxes and assessments applicable to the Property that are
                due and payable as of the Closing have been paid.

            (g) The next payment for real property taxes applicable to the
                Property is due on or before May 15, 2004.

            (h) All representations and warranties of Buyer in the Purchase
                Agreement are true and correct.

            (i) There is no bankruptcy, receivership or insolvency proceeding
                pending or, to the best of its knowledge, threatened against
                Buyer.

            (j) Buyer does not have any intention to do any of the following
                prior to the Closing or within the 180 days following the
                Closing (i) seek entry of any order for relief as debtor and a
                proceeding under the Code (hereinafter defined), (ii) seek
                consent to or not contest the appointment of a receiver or
                trustee for itself or for all or any part of its property, (iii)
                file a petition seeking relief under any bankruptcy,
                arrangement, reorganization or other debtor relief laws, or (iv)
                make a general assignment for the benefit of its creditors.

            (k) All of the Required Insurance is in full force and effect, with
                all required premiums paid, and contains the required
                Mortgagee's Clause.

            (l) All representations and warranties referred to herein shall be
                true as of the date of this agreement and Closing and shall
                survive Closing.

         Lender is entitled to rely, and has relied, upon these representations
and warranties in the execution and delivery of this Agreement and all other
documents and instruments executed and delivered by Lender in connection with
this Agreement.

         11. New Principal's Representations and Warranties. New Principal
hereby represents and warrants that:

            (a) Any court or third-party approvals necessary for New Principal
                to enter into the New Guaranty and this Agreement have been
                obtained.

            (b) The entities and/or persons executing the New Guaranty and this
                Agreement on behalf of New Principal is duly authorized to
                execute and deliver the New Guaranty and this Agreement.

            (c) This Agreement and the New Guaranty are in full force and effect
                and the transactions contemplated therein constitute valid and
                binding obligations of New Principal, enforceable against New
                Principal in accordance with their terms and have not been
                modified either orally or in writing.

            (d) To the best of its knowledge, Lender has not waived any
                requirements of the Loan Documents nor any of Lender's rights
                thereunder.

                                       7
<PAGE>

            (e) There is no existing Event of Default or event or condition
                that, with the giving of notice or passage of time or both,
                would constitute an Event of Default.

            (f) All representations and warranties referred to herein shall be
                true as of the date of this agreement and Closing and shall
                survive Closing.

         Lender is entitled to rely, and has relied, upon these representations
and warranties in the execution and delivery of this Agreement and all other
documents and instruments executed and delivered by Lender in connection with
this Agreement.

         12. Limited Release of Seller, Prior Principals and Robert G. Hecht.
Lender hereby releases Seller from all liability and obligations under the Loan
Documents arising from and after the Closing, including, but not limited to,
repayment of the Loan, but excepting, without limitation (i) any environmental
or other damage to the Property occurring prior to the Closing, (ii) any
obligations arising from the Purchase Agreement, (iii) any liability related to
or arising from Seller's acts or omissions occurring prior to the Closing, and
(iv) any liability related to or arising from fraudulent or tortious conduct,
including intentional misrepresentation of financial data presented to Lender.
Lender hereby does release Prior Principals and Robert G. Hecht from all
liabilities and obligations they may now or hereafter have under the Prior
Guaranty, except for any liability or obligation under said Prior Guaranty
attributable to any act or omission occurring prior to the date of Closing.

         13. Release of Lender. Seller, for itself and for its agents,
employees, representatives, officers, directors, general partners, limited
partners, joint shareholders, beneficiaries, trustees, administrators,
subsidiaries, affiliates, employees, servants and attorneys (collectively, the
"Seller Releasing Parties") jointly and severally release and forever discharge
Lender and Midland Loan Services, Inc., and their respective successors,
assigns, partners, directors, officers, employees, agents, attorneys,
administrators, trustees, subsidiaries, affiliates, beneficiaries, shareholders
and representatives from all liabilities, obligations, costs, expenses, claims
and damages, at law or in equity, known or unknown, which any of the Seller
Releasing Parties may now or hereafter hold or claim to hold under common law or
statutory right, arising in any manner out of the Property, the Loan, any of the
Loan Documents or any of the documents, instruments or any other transactions
relating thereto or the transactions contemplated thereby. Without limiting the
generality of the foregoing, this release shall include the following matters:
(a) all aspects of this Agreement and the Loan Documents, any negotiations,
demands or requests with respect thereto, and (b) Lender's exercise or attempts
to exercise any of its rights under this Agreement or any of the Loan Documents,
at law or in equity. The Seller Releasing Parties agree that this release is a
full, final and complete release and that it may be pleaded as an absolute bar
to any or all suit or suits pending or which may thereafter be filed or
prosecuted by any of the Seller Releasing Parties, or anyone claiming by,
through or under any of the Seller Releasing Parties. The Seller Releasing
Parties agree that this release is binding upon each of them and their
respective agents, employees, representatives, officers, directors, general
partners, limited partners, joint shareholders, beneficiaries, trustees,
administrators, subsidiaries, affiliates, employees, servants and attorneys.

         Prior Principals, for themselves and for their respective agents,
employees, representatives, officers, directors, general partners, limited
partners, joint shareholders, beneficiaries, trustees, administrators,
subsidiaries, affiliates, employees, servants and attorneys (collectively, the
"Prior Principal Releasing Parties") jointly and severally release and forever
discharge Lender and Midland Loan Services, Inc., and their respective
successors, assigns, partners, directors, officers, employees, agents,
attorneys, administrators, trustees, subsidiaries, affiliates, beneficiaries,
shareholders and representatives from all liabilities, obligations,

                                       8
<PAGE>

costs, expenses, claims and damages, at law or in equity, known or unknown,
which any of the Prior Principal Releasing Parties may now or hereafter hold or
claim to hold under common law or statutory right, arising in any manner out of
the Property, the Loan, any of the Loan Documents or any of the documents,
instruments or any other transactions relating thereto or the transactions
contemplated thereby. Without limiting the generality of the foregoing, this
release shall include the following matters: (a) all aspects of this Agreement
and the Loan Documents, any negotiations, demands or requests with respect
thereto, and (b) Lender's exercise or attempts to exercise any of its rights
under this Agreement or any of the Loan Documents, at law or in equity. The
Prior Principal Releasing Parties agree that this release is a full, final and
complete release and that it may be pleaded as an absolute bar to any or all
suit or suits pending or which may thereafter be filed or prosecuted by any of
the Prior Principal Releasing Parties, or anyone claiming by, through or under
any of the Prior Principal Releasing Parties. The Prior Principal Releasing
Parties agree that this release is binding upon each of them and their
respective agents, employees, representatives, officers, directors, general
partners, limited partners, joint shareholders, beneficiaries, trustees,
administrators, subsidiaries, affiliates, employees, servants and attorneys.

         Buyer, for itself and for its agents, employees, representatives,
officers, directors, general partners, limited partners, joint shareholders,
beneficiaries, trustees, administrators, subsidiaries, affiliates, employees,
servants and attorneys (collectively, the "Buyer Releasing Parties") jointly and
severally release and forever discharge Lender and Midland Loan Services, Inc.,
and their respective successors, assigns, partners, directors, officers,
employees, agents, attorneys, administrators, trustees, subsidiaries,
affiliates, beneficiaries, shareholders and representatives from all
liabilities, obligations, costs, expenses, claims and damages, at law or in
equity, known or unknown, which arise out of any matters occurring prior to the
Closing in connection with the transactions contemplated hereby. The Buyer
Releasing Parties agree that this release is a full, final and complete release
and that it may be pleaded as an absolute bar to any or all suit or suits
pending or which may thereafter be filed or prosecuted by any of the Buyer
Releasing Parties, or anyone claiming by, through or under any of the Buyer
Releasing Parties. The Buyer Releasing Parties agree that this release is
binding upon each of them and their respective agents, employees,
representatives, officers, directors, general partners, limited partners, joint
shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates,
employees, servants and attorneys.

         New Principal, for itself and for its agents, employees,
representatives, officers, directors, general partners, limited partners, joint
shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates,
employees, servants and attorneys (collectively, the "New Principal Releasing
Parties") jointly and severally release and forever discharge Lender and Midland
Loan Services, Inc., and their respective successors, assigns, partners,
directors, officers, employees, agents, attorneys, administrators, trustees,
subsidiaries, affiliates, beneficiaries, shareholders and representatives from
all liabilities, obligations, costs, expenses, claims and damages, at law or in
equity, known or unknown, which arise out of any matters occurring prior to the
Closing in connection with the transactions contemplated hereby. The New
Principal Releasing Parties agree that this release is a full, final and
complete release and that it may be pleaded as an absolute bar to any or all
suit or suits pending or which may thereafter be filed or prosecuted by any of
the New Principal Releasing Parties, or anyone claiming by, through or under any
of the New Principal Releasing Parties. The New Principal Releasing Parties
agree that this release is binding upon each of them and their respective
agents, employees, representatives, officers, directors, general partners,
limited partners, joint shareholders, beneficiaries, trustees, administrators,
subsidiaries, affiliates, employees, servants and attorneys.

                                       9
<PAGE>

         14. Ratification and Confirmation of the Loan. Buyer agrees to perform
each and every obligation under the Loan Documents, as specifically modified by
this Agreement, in accordance with their respective terms and conditions. Buyer
ratifies, affirms, reaffirms, acknowledges, confirms and agrees that the Loan
Documents, as specifically modified by this Agreement, remain in full force and
effect and represent legal, valid and binding obligations of Buyer, enforceable
against Buyer in accordance with their terms. Buyer agrees that this Agreement
does not diminish, impair, release or relinquish the liens, powers, titles,
security interests and rights securing or guaranteeing payment of the Loan,
including the validity or first priority of the liens and security interests
encumbering the Property granted Lender by the Loan Documents.

         15. Insurance. At all times Buyer shall comply with all terms of the
Loan Documents, including without limitation, the insurance requirements of the
Security Instrument. Although the Lender may accept certain evidence of
insurance for purposes of closing this Transfer and Assumption, Lender or its
servicer may at any time and from time to time request additional insurance
information from Buyer to ensure or monitor Buyer's compliance with the
insurance provisions of the Security Instrument and may request that Buyer
provide such coverages as Lender or its servicer may require consistent with the
terms of the Security Instrument. By entering into this Agreement, Lender
specifically does not waive or modify any of the insurance requirements under
the Security Instrument nor any of the remedies provided therein for failure to
secure such required insurance coverage.

         16. Nonwaiver. The parties hereto acknowledge and agree that (a) any
performance or non-performance of the Loan Documents prior to the date of this
Agreement does not affect or diminish Lender's ability to require future
compliance with the Loan Documents, and (b) in the future, Lender will require
strict compliance with and performance of the Loan Documents, including, without
limitation, any reporting, insurance or financial covenants contained therein.
Nothing contained herein shall be construed as a waiver of any of Lender's
rights or remedies with respect to any default under this Agreement or any Loan
Document.

         17. Bankruptcy of Buyer or New Principal. Buyer covenants and agrees
that in the event Buyer shall (i) file any petition with any bankruptcy court or
be the subject of any petition under the United States Bankruptcy Code (11
U.S.C. ss.101 et seq., the "Code"), (ii) file or be the subject of any petition
seeking any reorganization, arrangement, composition, readjustment, liquidation,
dissolution, or similar relief under any present or future federal or state act
or law relating to bankruptcy, insolvency, or other relief for debtors, (iii)
have sought or consented to or acquiesced in the appointment of any trustee,
receiver, conservator, or liquidator, or (iv) be the subject of any order,
judgment, or decree entered by any court of competent jurisdiction approving a
petition filed against such party for any reorganization, arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under any
present or future federal or state act or law relating to bankruptcy,
insolvency, or relief for debtors, Lender shall thereupon be entitled, and Buyer
irrevocably consent, to the entry of an order by a bankruptcy court granting to
Lender relief from any automatic stay imposed by Section 362 of the Code, or
otherwise, on or against the exercise of the rights and remedies otherwise
available to Lender as provided in the Loan Documents, this Agreement or as
otherwise provided by law or in equity, and Buyer irrevocably waives its right
to object to, attempt to enjoin or otherwise interfere with such relief and the
exercise and enforcement by Lender of its rights and remedies following entry of
such order. Without limiting the generality of the immediately preceding
sentence, Buyer agrees that Lender will be entitled to and it consents to
immediate relief from the automatic stay imposed by the Code to allow Lender to
take any and all actions necessary, desirable or appropriate to enforce any
rights Lender may have under the Loan Documents, including, but not limited to,
the right to possession of the Property, collection of rents, and/or the
commencement or continuation of an action to foreclose Lender's liens

                                       10
<PAGE>

and security interests. Buyer further agrees that the filing of any petition
for relief under the Code which postpones, prevents, delays or otherwise hinders
Lender's efforts to collect the amounts due under the Note or to liquidate any
of the collateral therefor shall be deemed to have been filed in bad faith and,
therefore, shall be subject to prompt dismissal or conversion to a liquidation
case under the Code upon motion therefor by Lender. Further, Buyer agrees that
it will not seek, apply for or cause the entry of any order enjoining, staying,
or otherwise prohibiting or interfering with Lender's obtaining an order
granting relief from the automatic stay and enforcement of any rights which
Lender may have under the Loan Documents, including, but not limited to,
Lender's right to possession of the Property, collection of rents and/or the
commencement or continuation of an action to foreclose Lender's liens and
security interests under the Loan Documents.

         New Principal covenants and agrees that in the event New Principal
shall (i) file any petition with any bankruptcy court or be the subject of any
petition under the Code, (ii) file or be the subject of any petition seeking any
reorganization, arrangement, composition, readjustment, liquidation,
dissolution, or similar relief under any present or future federal or state act
or law relating to bankruptcy, insolvency, or other relief for debtors, (iii)
have sought or consented to or acquiesced in the appointment of any trustee,
receiver, conservator, or liquidator, or (iv) be the subject of any order,
judgment, or decree entered by any court of competent jurisdiction approving a
petition filed against such party for any reorganization, arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under any
present or future federal or state act or law relating to bankruptcy,
insolvency, or relief for debtors, Lender shall thereupon be entitled, and New
Principal irrevocably consents, to the entry of an order by a bankruptcy court
granting to Lender relief from any automatic stay imposed by Section 362 of the
Code, or otherwise, on or against the exercise of the rights and remedies
otherwise available to Lender as provided in the Loan Documents, this Agreement
or as otherwise provided by law or in equity, and New Principal irrevocably
waives its right to object to, attempt to enjoin or otherwise interfere with
such relief and the exercise and enforcement by Lender of its rights and
remedies following entry of such order. Without limiting the generality of the
immediately preceding sentence, New Principal agrees that Lender will be
entitled to and it hereby consents to immediate relief from the automatic stay
imposed by the Code to allow Lender to take any and all actions necessary,
desirable or appropriate to enforce any rights Lender may have under the Loan
Documents, including, but not limited to, the right to possession of the
Property, collection of rents, and/or the commencement or continuation of an
action to foreclose Lender's liens and security interests. New Principal further
agrees that the filing of any petition for relief under the Code which
postpones, prevents, delays or otherwise hinders Lender's efforts to collect the
amounts due under the Note or to liquidate any of the collateral therefor shall
be deemed to have been filed in bad faith and, therefore, shall be subject to
prompt dismissal or conversion to a liquidation case under the Code upon motion
therefor by Lender. Further, New Principal agrees that it will not seek, apply
for or cause the entry of any order enjoining, staying, or otherwise prohibiting
or interfering with Lender's obtaining an order granting relief from the
automatic stay and enforcement of any rights which Lender may have under the
Loan Documents, including, but not limited to, Lender's right to possession of
the Property, collection of rents and/or the commencement or continuation of an
action to foreclose Lender's liens and security interests under the Loan
Documents.

         18. Compliance with Interest Law. It is the intention of the parties
hereto to conform strictly to any present or future law which has application to
the interest and other charges under the Loan Documents (the "Interest Law").
Accordingly, notwithstanding anything to the contrary in the Loan Documents, the
parties hereto agree that the aggregate amount of all interest or other charges
taken, reserved, contracted for, charged or received under the Loan Documents or
otherwise in connection with the Loan shall under no circumstances exceed the
maximum amount of interest allowed by the Interest Law. If any excess interest
is provided for in the Loan Documents, then any such excess shall be deemed a
mistake and canceled automatically and, if theretofore paid, shall be credited
against the indebtedness evidenced and secured by the

                                       11
<PAGE>

Loan Document (the "Indebtedness") (or if the Indebtedness shall have been paid
in full, refunded by Lender), and the effective rate of interest under the Loan
Documents shall be automatically reduce to the maximum effective contract rate
of interest that Lender may from time to time legally charge under the then
applicable Interest Law with respect to the Loan. To the extent permitted by the
applicable Interest Law, all sums paid or agreed to be paid to Lender for the
use, forbearance or detention of the Indebtedness shall be amortized, prorated,
allocated and spread throughout the full term of the Loan.

         19. Further Assurances. The parties hereto agree to do any act or
execute any additional documents required by Lender, from time to time, to
correct errors in the documenting of the Transfer and Assumption, to effectuate
the purposes of this Agreement or to better assure, convey, assign, transfer,
perfect or confirm unto Lender the property and rights intended to be given it
in the Loan Documents.

         20. Liability. If any party hereto consists of more than one person,
the obligations and liabilities of each such person hereunder shall be joint and
several. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns forever.

         21. Severability. If any term, covenant or condition of this Agreement
is held to be invalid, illegal or unenforceable in any respect, this Agreement
shall be construed without such term, covenant or condition and the validity or
enforceability of the remaining terms, covenants or conditions shall not in any
way be affected.

         22. Applicable Law; Jurisdiction. This Agreement shall be governed and
construed in accordance with the laws of the state in which the Property is
located. The parties hereto submit to personal jurisdiction in the state courts
located in said state and the federal courts of the United States of America
located in said state for the enforcement of any obligations hereunder and waive
any and all personal rights under the law of any other state to object to
jurisdiction within such state for the purposes of any action, suit, proceeding
or litigation to enforce such obligations.

         23. No Restrictions on Performance. The execution and delivery of this
Agreement and compliance with the provisions hereof, will not conflict with, or
constitute a breach of or a default under any agreement or other instrument to
which any party hereto is a party or by which it is bound.

         24. Definitions. Unless the context clearly indicates a contrary intent
or unless otherwise specifically provided herein, words used in this Agreement
(including pronouns) shall include the corresponding masculine, feminine or
neuter forms, and the singular form such words shall include the plural and vice
versa. The words "included", "includes" and "including" shall each be deemed to
be followed by the phrase, "without limitation." The words "herein", "hereby",
"hereof", and "hereunder" shall each be deemed to refer to this entire Agreement
and not to any particular paragraph, article or section hereof. Notwithstanding
the foregoing, if any law is amended so as to broaden the meaning of any term
defined in it, such broader meaning shall apply subsequent to the effective date
of such amendment. Where a defined term derives its meaning from a statutory
reference, any regulatory definition is broader than the statutory reference and
any reference or citation to a statute or regulation shall be deemed to include
any amendments to that statute or regulation and judicial and administrative
interpretations of it.

         25. Securities Act of 1933. Neither Seller, Buyer, New Principal nor
any agent acting for any of them has offered the Note or any similar obligation
for sale to or solicited any offers to buy the Note or any similar obligation
from any person or party other than Lender, and neither Seller, Buyer, New
Principal nor any agent acting for any of them will take any action which would
subject the sale of the Note to the provisions of Section 5 of the Securities
Act of 1933, as amended.

                                       12
<PAGE>

         26. Compliance with ERISA. As of the date of this Agreement, neither
Seller nor Buyer maintains any employee benefit plan which require compliance
with ERISA. If at any time Buyer or New Principal shall have or shall institute
any employee benefit plans, they shall at all times comply with the requirements
of ERISA.

         27. Sole Discretion of Lender. Whenever pursuant to this Agreement,
Lender exercises any right given to it to approve or disapprove, or any
arrangement or term is to be satisfactory to Lender, Lender's decision to
approve or disapprove or to decide that arrangements or terms are satisfactory
or not satisfactory shall be in the sole and absolute discretion of Lender and
shall be final and conclusive, except as may be otherwise expressly and
specifically provided herein.

         28. Headings, Etc. The headings and captions of various paragraphs of
this Agreement are for convenience of reference only and are not to be construed
as defining or limiting, in any way, the scope or intent of the provisions
hereof.

         29. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which
when taken together shall constitute one and the same Agreement.

         30. Integration, Survival. This Agreement and the Loan Documents embody
the entire agreement by and between the parties hereto with respect to the Loan,
and any and all prior correspondence, discussions or negotiations are deemed
merged therein. Except as otherwise specifically provided herein, all
obligations of any party contained in this Agreement or the Loan Documents shall
survive the Closing and Lender hereby preserves all of its rights against all
persons or entities and all collateral securing the Loan, including, without
limitation, the Property.

         31. No Oral Change. This Agreement, and any provisions hereof, may not
be modified, amended, waived, extended, changed, discharged or terminated orally
or by any act or failure to act on the part of any party hereto, but only by an
agreement in writing signed by the party against whom enforcement of any
modification, amendment, waiver, extension, change, discharge or termination is
sought.

         32. Notices. Except as otherwise specified herein, any notice, consent,
request or other communication required or permitted hereunder shall be in
writing and shall be deemed properly given if delivered in accordance with the
notice requirements contained in the Loan Documents using the address for a
party hereto set forth at the top of the first page of this Agreement.

         33. Managing Agent. The Seller and the Buyer have requested, (i) upon a
transfer of title to the Property from Seller to Buyer that the Management
Agreement between Seller and Michael Joseph Development Corporation be
terminated, and (ii) that the Buyer be permitted to execute a Management
Agreement with Cedar Shopping Centers Partnership, LP for management and
operation of the Property. The Lender hereby agrees to the foregoing items (i)
and (ii). On the date hereof, Cedar Shopping Centers Partnership, LP, Buyer and
Lender shall enter into a Conditional Assignment of Management Agreement.

         34. Impound Accounts. The Seller hereby assigns to the Buyer, its
successors and assigns, all of its rights, title and interest in and to the
reserve accounts, impound accounts and/or Escrow Deposits which have been
established with Lender for the payment of taxes, assessments, repairs and
replacements, production of financial reports, tenant rollover, tenant
improvements and insurance, and the Lender and Midland Loan Services, Inc., are
hereby released from any further responsibility to the Seller in connection with
such accounts.

                                       13
<PAGE>

         35. Single Purpose Entity. Until the indebtedness provided in the Note
has been paid in full to Lender and Buyer, its successors and/or assigns have
satisfied all covenants, conditions and agreements contained in the Loan
Documents (collectively, the "Debt"), Buyer shall not incur any debt, secured or
unsecured, direct or contingent (including guaranteeing any obligation), other
than the Debt, excepting trade payables (which must be paid when due) incurred
by Buyer in the ordinary course of its business of owning and operating the
Property.

         36. Compliance with Anti-Terrorism Orders.

         (i) Buyer will not permit the transfer of any interest in Buyer to any
person or entity who is listed on the Lists or whose beneficial owners are
listed on the specially Designated Nationals and Blocked Persons List (the
"List") maintained by the Office of Foreign Asset Control, Department of the
Treasury ("OFAC") pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079
(September 25, 2001) (the "Order") and/or any other list of terrorists or
terrorist organizations maintained pursuant to any of the rules and regulations
of OFAC or pursuant to any other applicable Executive Orders (such lists are
collectively referred to as the "Lists").

         (ii) Buyer will not knowingly enter into a Lease with any party who is
either (A) listed on the Lists or (B) engaged in illegal activities.

         (iii) Buyer shall immediately notify Lender if it becomes known to
Buyer that any member or beneficial owner of Buyer is listed on the Lists or (A)
is indicted of, or (B) arraigned and held over on charges involving money
laundering or predicate crimes to money laundering.

         (iv) Buyer shall immediately notify Lender if it becomes known to Buyer
that any tenant at the Property is listed on the Lists or (A) is convicted on,
(B) pleads nolo contendere to, (C) is indicted on or (D) is arraigned and held
over on charges involving money laundering or predicate crimes to money
laundering.

         37. WAIVER OF JURY TRIAL. THE PARTIES HERETO KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED ON THE LOAN OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR THE LOAN DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION OF ANY PARTY HERETO. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR LENDER'S CONSENT TO THE TRANSFER AND
ASSUMPTION.

            [THE REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK]

                                       14
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized representatives as of the day, month and year
first above written.

WITNESS:                          BUYER:

                                  Cedar Townfair, LLC,
                                  a Delaware limited liability company

                                  By: Cedar Shopping Centers Partnership, L.P.
                                      a Delaware limited partnership
                                      its Sole Member

                                      By: Cedar Shopping Centers, Inc.
                                          a Maryland corporation
                                          its Sole General Partner

 _______________________                  By:_________________________
                                             Print Name: Leo S. Ullman
                                             Title: President
                                             Tax ID #: 20-0768814

                                  NEW PRINCIPAL:

                                  Cedar Shopping Centers, Inc.
                                  a Maryland corporation

 _________________________        By:____________________________
                                     Print Name: Leo S. Ullman
                                     Title: President

                                       15
<PAGE>

WITNESS:                        SELLER:
                                Townfair Center Associates,
                                a Pennsylvania general partnership

                                By:  P.J. Dick Incorporated,
                                     a Pennsylvania corporation
                                     a General Partner

_________________               By:__________________________
                                     Print Name: Stephen M. Clark
                                     Title: Executive Vice President

                                By:  Michael Joseph Limited Partnership #2,
                                     a Pennsylvania limited partnership
                                     a General Partner

                                     By: Michael Joseph Development Corporation,
                                     a Pennsylvania corporation
                                     its General Partner

_________________                    By:__________________________
                                     Name: Guy J. DiRienzo
                                     Title: Vice President

                                     PRIOR PRINCIPALS:

_________________                    _________________________________
                                     Print Name: Clifford R. Rowe, Jr.

_________________                    _________________________________
                                     Print Name: Kevin M Dougherty

_________________                    _________________________________
                                     Print Name: Guy J. DiRienzo

                                       16
<PAGE>

WITNESS:             LENDER:

                     Wells Fargo Bank N.A. f/k/a Norwest Bank Minnesota,
                     National Association, as Trustee for the registered holders
                     of NationsLink Funding Corporation, Commercial Mortgage
                     Pass-Through Certificates, Series 1998-2

                     By:  Midland Loan Services, Inc.,
                          a Delaware corporation,
                          Its Attorney-in-Fact

_________________         By:_________________________
                          Name:
                          Title:

                                 ACKNOWLEDGMENTS

STATE OF KANSAS          )
                         ) ss.
COUNTY OF JOHNSON        )

         This instrument was acknowledged before me on March _____, 2004, by
__________________ as ____________________ of Midland Loan Services, Inc., a
Delaware corporation, the Master Servicer and Attorney-in-fact for Wells Fargo
Bank N.A. f/k/a Norwest Bank Minnesota, National Association, as Trustee for the
registered holders of NationsLink Funding Corporation, Commercial Mortgage
Pass-Through Certificates, Series 1998-2.

                                  ____________________________________________
                                  Print Name:_________________________________
                                  Notary Public in and for said
                                  County and State
My Appointment Expires:

_______________________________

                                       17
<PAGE>

STATE OF NEW YORK           :
                            : ss.
COUNTY OF NASSAU            :

         On this _______ day of March, 2004, before me, an officer duly
authorized in the County and State aforesaid to take acknowledgments, personally
appeared Leo S. Ullman, the President of Cedar Shopping Centers, Inc., a
Maryland corporation, the sole General Partner of Cedar Shopping Centers
Partnership, L.P., a Delaware limited partnership, the sole member of Cedar
Townfair, LLC, a Delaware limited liability company, to me known to be the
individuals described in and who executed the foregoing instrument, and that she
acknowledged the execution thereof to be her free act and deed as such Vice
President thereunto duly authorized, and that the said instrument is the act and
deed of said corporation, limited partnership and limited liability company.

         Witness my hand and official seal in the above County and State.

                                           _____________________________________
                                           Notary Public
[Seal]
                                           My commission expires:_______________

STATE OF NEW YORK             :
                              :ss.
COUNTY OF NASSAU              :

         On this _______ day of March, 2004, before me, an officer duly
authorized in the County and State aforesaid to take acknowledgments, personally
appeared Leo S. Ullman, the President of Cedar Shopping Centers, Inc., a
Maryland corporation, to me known to be the individuals described in and who
executed the foregoing instrument, and that she acknowledged the execution
thereof to be her free act and deed as such Vice President thereunto duly
authorized, and that the said instrument is the act and deed of said
corporation.

         Witness my hand and official seal in the above County and State.

                                           _____________________________________
                                           Notary Public
[Seal]
                                           My commission expires:_______________

                                       18
<PAGE>

COMMONWEALTH OF PENNSYLVANIA                :
                                            : ss.
COUNTY OF                                   :

         On this _______ day of March, 2004, before me, an officer duly
authorized in the County and Commonwealth aforesaid to take acknowledgments,
personally appeared Stephan M. Clark, the Executive Vice President of P.J. Dick
Incorporated, a Pennsylvania corporation, a general partner of Townfair Center
Associates, a Pennsylvania general partnership, to me known to be the
individuals described in and who executed the foregoing instrument, and that he
acknowledged the execution thereof to be his free act and deed as such Executive
Vice President thereunto duly authorized, and that the said instrument is the
act and deed of said corporation and partnership.

         Witness my hand and official seal in the above County and Commonwealth.

                                           _____________________________________
                                           Notary Public
[Seal]
                                           My commission expires:_______________

COMMONWEALTH OF PENNSYLVANIA             :
                                         : ss.
COUNTY OF                                :

         On this _______ day of March, 2004, before me, an officer duly
authorized in the County and Commonwealth aforesaid to take acknowledgments,
personally appeared Guy J. DiRienzo, the Vice President of Michael Joseph
Development Corporation, a Pennsylvania corporation, the general partner of
Michael Joseph Limited Partnership #2, a Pennsylvania limited partnership, a
general partner of Townfair Center Associates, a Pennsylvania general
partnership, to me known to be the individuals described in and who executed the
foregoing instrument, and that he acknowledged the execution thereof to be his
free act and deed as such Vice President thereunto duly authorized, and that the
said instrument is the act and deed of said corporation, limited partnership and
partnership.

         Witness my hand and official seal in the above County and Commonwealth.

                                           _____________________________________
                                           Notary Public
[Seal]
                                           My commission expires:_______________

                                       19
<PAGE>

COMMONWEALTH OF PENNSYLVANIA  :
                              : ss.:
COUNTY OF                     :

         On this _____ day of March, 2004, before me, a Notary Public in and
for___________ County, Pennsylvania, came the above-named Clifford R. Rowe, Jr.,
and acknowledged the foregoing deed to be his free act and deed, and desired the
same to be recorded as such.

                                           _____________________________________
                                           Notary Public

                                           My commission expires:_______________

COMMONWEALTH OF PENNSYLVANIA  :
                              : ss.:
COUNTY OF                     :

         On this _____ day of March, 2004, before me, a Notary Public in and
for_______ County, Pennsylvania, came the above-named Kevin M. Dougherty, and
acknowledged the foregoing deed to be his free act and deed, and desired the
same to be recorded as such.

                                           _____________________________________
                                           Notary Public

                                           My commission expires:_______________

COMMONWEALTH OF PENNSYLVANIA  :
                              : ss.:
COUNTY OF                     :

         On this _____ day of March, 2004, before me, a Notary Public in and
for_______ County, Pennsylvania, came the above-named Guy J. DiRienzo, and
acknowledged the foregoing deed to be his free act and deed, and desired the
same to be recorded as such.

                                           _____________________________________
                                           Notary Public

                                           My commission expires:_______________

                                       20
<PAGE>

                                    EXHIBIT A
                               Legal Description

                                       21

                                   Midland\299

                                 Assumption 4 21

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