Document:

exv10w54

 

Exhibit 10.54

AMENDMENT AND RELEASE

          THIS AMENDMENT AND RELEASE (“Amendment and Release”), is made by and between James Bourg (the
“Executive”) and Feldman Mall Properties, Inc. (the “Company”) as of December 31, 2007.

          WHEREAS, the Company and the Executive have entered into an employment agreement dated as of
December 13th, 2004, (the “Employment Agreement”);

          WHEREAS, the Company and the Executive agree that certain changes have been made to the
Executive’s authority and responsibilities that, constitute “Good Reason” as defined in Section
5.2(a) of the Employment Agreement;

          WHEREAS, the Executive gave notice pursuant to the Employment Agreement of Executive’s
intention to terminate his employment with the Company as a result of such changes by letter
(“Letter”) dated December 3, 2007;

          WHEREAS, the Company has not responded to the Letter;

          WHEREAS, despite the changes in the Executive’s authority and responsibilities and
effect of the Letter under the Employment Agreement, the Executive desires to remain
employed by the Company, and the Company desires to continue to employ the Executive and
further agrees to make certain payments to the Executive.

          WHEREAS, the Employment Agreement shall remain in full force and effect, except as provided
for herein; and

          NOW, THEREFORE, in consideration of the foregoing, and the mutual covenants and commitments
provided for herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by both parties, the Executive and the Company hereby agree as follows:

          1. Retention Payment. The Company shall pay to the Executive an amount (“Retention
Payment”) equal to the amount that Executive would have been entitled to receive under Section
5.2(b)(ii)

 

 

of the Employment Agreement if Executive terminated his employment for Good Reason (as defined
in the Employment Agreement) in the absence of this Amendment and Release, which amount is agreed
to be $1,270,750, (This excludes approximately $40,000 for 3 years of coverage under the Group
Health Plan to be handled under a separate letter agreement). One half of the Retention Payment
shall be payable on December 31st, 2007, and one half of the Retention Payment shall be due on the
first to occur of March 31st, 2008 or the date on which the Executive’s employment terminates. The
Retention Payment shall be in lieu of any payment to Executive that might otherwise become payable
under Section 5.2(b)(ii) of the Employment Agreement and such Section shall hereafter have no
further force or effect. . The Retention Payment is not subject to any conditions to payment of
any nature, including without limitation (a) the death or disability of Executive prior to payment,
(b) any breach or alleged breach by Executive of the Employment Agreement or (c) any other claim
that Company may allege against Executive.

          2. Benefits Upon Termination of Employment. Notwithstanding any provision of the
Employment Agreement to the contrary, upon a termination of employment by the Company or the
Executive for any reason or no reason, the provisions of Sections 5.2(b)(i), (iii) and (iv) of the
Employment Agreement shall apply.

          3. Return of Property. The Executive acknowledges that all written materials,
records, and documents made by him during his employment or in his possession, custody, or control
concerning the business or affairs of the Company and its affiliates are the sole property of the
Company and its affiliates. The Executive agrees that he will return or has returned to the
Company, all property of the Company or its affiliates which is or has been in his possession,
custody, or control, including but not limited to documents (whether in hard copy format or
electronically stored) and any and all copies thereof; personal handheld devices, and any other
electrical or other equipment; and company credit cards, identification cards or any other
applicable access rights, accounts or lines of credit he may have had access to upon any
termination of his employment with the Company, except that Executive shall be entitled to retain
the cellular telephone (and the telephone number for such telephone) provided by the

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Company to Executive. The Executive covenants that once his employment has ended there will
be no documents or other property of the Company or its affiliates made by him or will be in his
possession. In addition, the Executive covenants that there will be no documents or other property
of the Company or its affiliates that will be in his possession, custody, or control that cannot be
accessed by the Company and that he voluntarily will disclose to the Company all computer passwords
and other like access codes to any Company documents, e-mails, records or other information known
to Executive as soon as possible, but in no event later than 30 days after his date of termination
of employment.

          4. Regulatory Filings. The Executive shall cooperate with the Company in preparing
and filing with any regulatory entities any report, filing or other document required by law or
appropriate business practice in connection with the Executive’s employment or the transactions
contemplated by this Amendment and Release.

          5. General Release. (a) The Executive, for himself and his heirs, executors,
administrators, successors, and assigns, hereby releases and discharges (i) the Company and its
direct and indirect parents and subsidiaries and its other affiliated companies; (ii) each of their
respective past and present officers, directors, agents, and employees; and (iii) all the employee
benefit plans of the Company or any of its affiliated companies, any trusts and other funding
vehicles established in connection with any such plans, any members of committees established under
the terms of any such plans, and any administrators or fiduciaries of any such plans, from any and
all actions, causes of action, claims, demands, grievances, and complaints, known and unknown,
which he or his heirs, executors, administrators, successors, and assigns have, ever had, or ever
may have based upon any act or omission occurring up to and including the Effective Date of this
Amendment and Release; provided, however, that this Release shall not extend to his right to
receive accrued benefits or other payments under and in accordance with the terms of any employee
benefit plan of the Company in which he is a participant and this Release shall not extend to any
right of Executive to indemnity or defense by the Company of claims asserted by third parties
against the Executive arising in connection with Executive’s employment or status as an officer or
director of the Company.

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          (b) The Executive acknowledges and agrees that, except as otherwise provided in the preceding
subsection, this release is intended to cover and does cover, but is not limited to, (i) any claim
under Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, the
Civil Rights Act of 1991, the Age Discrimination in Employment Act, as amended by the Older Workers
Benefit Protection Act, the Equal Pay Act, the Employee Retirement Income Security Act of 1974, the
Americans with Disabilities Act of 1990, or the Family and Medical Leave Act, each as amended; (ii)
any claim of employment discrimination whether based on a federal, state, or local statute or court
or administrative decision; (iii) any claim for wrongful or abusive discharge, breach of contract,
invasion of privacy, intentional infliction of emotional distress, defamation, or other common law
contract or tort claims; (iv) any claims, whether statutory, common law, or otherwise, arising out
of the terms or conditions of his employment at the Company; and (v) any claim for attorneys’ fees,
costs, disbursements, or other like expenses.

          (c) The Company, for itself and its successors, and assigns, hereby releases and discharges
(i) the Executive from any and all actions, causes of action, claims, demands, grievances, and
complaints, known and unknown, which the Company or its successors or assigns have, ever had, or
ever may have based upon any act or omission occurring up to and including the Effective Date of
this Amendment and Release. This section does not release the Executive from any acts of willful
misconduct, willful or gross negligence, fraud,, misappropriation or embezzlement during the term
of his employment with the Company through the Effective Date of this Amendment and Release.

          6. Assertion of Released Claims. If the Executive or the Company commences or pursues
any judicial action or other proceeding in any forum which is ultimately determined to be barred,
in whole or part, by the release contained in paragraph 6 hereof, other than a claim under the Age
Discrimination in Employment Act, the commencing or pursuing party will pay the reasonable
attorneys’ fees and costs actually incurred by the party found to be protected from liability by
the release; provided, however, that the Executive shall not be required to make such a payment in
respect of a claim under the

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Age Discrimination in Employment Act unless the claim is brought in bad faith. This Amendment
and Release shall not limit in any way the Company’s or the Executive’s rights to seek payment of
legal fees to the extent the Company may do so in accordance with both federal and state law.

          7. Acknowledgement of Facts Regarding Release. The Executive acknowledges that he is
hereby advised to consult with legal counsel before signing this Amendment and Release; that he has
obtained such advice as he deems necessary with respect to this Amendment and Release; that he has
fully read and understood the terms of this Amendment and Release; and that he is signing this
Amendment and Release knowingly and voluntarily, without any duress, coercion, or undue influence,
and with an intent to be bound.

          8. Future Release. The Executive and the Company agrees that they will execute an
additional release and waiver to be effective as of the termination of the Executive’s employment
for any reason, with such terms substantially the same as Paragraphs 6, 7 and 8 hereof.

          9. Non-Disparagement. Each party agrees, except pursuant to compulsory legal process,
not to make any disparaging, adverse, derogatory, or defamatory statement, in writing or orally,
concerning the other, or, where applicable, any affiliates, officers, directors, or employees.
Breach of the foregoing provision shall not constitute grounds for termination or rescission of
this Agreement; the exclusive remedies for breach of this Section 10 shall be a claim for damages
and/or a claim for injunctive relief..

          10. Entire Agreement. This Amendment and Release contains the entire agreement and
understanding of the parties with respect to the subject matter hereof and supersedes and replaces
all prior negotiations, agreements and proposed agreements, whether written or oral with respect to
such matters. The Executive and the Company each acknowledge and confirm that neither they nor any
agent or attorney has made any promise, representation, or warranty whatever, express, implied, or
statutory, not contained herein concerning the subject matter hereof, to induce the other party to
execute the Amendment and Release.

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          11. No Third-Party Beneficiaries. This Amendment and Release is solely for the
benefit of the parties set forth in this Amendment and Release, and the Executive’s estate in the
event of death or disability prior to payments being made, and should not be deemed to confer upon
third parties any remedy, claim, liability, reimbursement, claims or action or other right in
excess of those existing without reference to this Amendment and Release.

          12. Certain Matters Relating to Enforceability. Any provision of this Amendment and
Release which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof. Any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

          13. No Oral Modification. This Amendment and Release may not be modified or amended
except by an instrument in writing signed by the parties hereto.

          14. Governing Law. This Amendment and Release shall be governed by the substantive
laws of the State of New York without regard to its conflict of laws provisions.

          15. Tax Withholding. The Company may withhold from any compensation or benefits
payable under this Amendment and Release all Federal, State, City, or other taxes as it determines
are required pursuant to any law or governmental regulations or ruling.

          16. Counterparts. This Amendment and Release may be signed in one or more
counterparts, each of such counterparts constituting an original and all of such counterparts
together constituting one instrument.

          17. Headings. The headings of the paragraphs herein are included for reference only
and are not intended to affect the meaning or interpretation of the Amendment and Release.

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          IN WITNESS WHEREOF, the parties hereto have executed this Amendment and Release as of the date
and year first above written.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
James Bourg	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 
	 	 
	 
	 	 	 	 	 	 
	 	 	FELDMAN MALL PROPERTIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 
	 	 

7exv10w55

 

Exhibit 10.55

AGREEMENT

     This AGREEMENT is made and entered into on the 1st day of April, 2008 by and between FELDMAN
MALL PROPERTIES, INC. a Maryland corporation (hereinafter “Owner”), FELDMAN EQUITIES MANAGEMENT,
LLC an Arizona limited liability company (hereinafter “Manager”), and BRANDYWINE FINANCIAL SERVICES
CORPORATION, a Pennsylvania corporation, (hereinafter “Brandywine”).

WITNESSETH

     WHEREAS, Owner is the direct or beneficial owner of all or a portion of those certain real
properties described on “Exhibit A” attached hereto (the “Projects”), and Manager provides various
services for the Projects; and

     WHEREAS, Owner and Manager wish to retain the services of Brandywine for the supervision of
the operations, development, and maintenance of the Projects; lease administration; bookkeeping;
accounting; FASB 141 and FASB13 (and amendments thereto) compliance; financial statement
preparation; and the coordination of Sarbanes-Oxley compliance and financial statement audits
(collectively the “Project Services”), and

     WHEREAS, Owner and Manager wish to retain the services of Brandywine to provide the following
services to Owner and Manager: information technology user support; software support; PC and
terminal maintenance at Brandywine’s facility; coordination of Sarbanes-Oxley compliance and
financial statement preparation and support of financial statement preparation for quarterly
reviews and the annual financial statements; reports to joint venture partners; periodic reports to
lenders; payroll preparation and coordination of required filings; human resources management; cash
management; general ledger accounting including, but not limited to, cash receipts and
disbursements, accounts payable, accounts receivable, fixed assets/capitalization, cost allocation,
and inter-company billings/fundings; FASB 109 compliance; and consolidations and eliminations
(collectively, the “Corporate Services”); and

     WHEREAS, Brandywine is experienced in the business of providing the Project Services and the
Corporate Services and desires to provide and render those services to Owner, and for and on
behalf of Manager.

TERMS

     NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, the parties hereto agree as follows:

I.     APPOINTMENT OF BRANDYWINE AS PROVIDER FOR PROJECT SERVICES AND CORPORATE SERVICES; THE PROJECTS.

	1.1.	 	Appointment. Owner
and Manager hereby
appoint Brandywine
as exclusive
representative and
agent to provide
the Project
Services and the
Corporate Services.

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	1.2.	 	General.

	 	(a)	 	Brandywine hereby acknowledges receipt of certain books and records with
respect to the operation of the Projects, including leases with tenants, an inventory
of personal property located at each Project belonging to Owner, and all service
contracts relating to the maintenance and operation of each Project. Brandywine
acknowledges that it has examined all such materials, and inspected each of the
Projects, so that it is able to perform its duties hereunder and confirms that such
materials are sufficient to enable it to perform such duties in accordance with the
terms of this Agreement.
	 
	 	(b)	 	Brandywine shall devote its reasonable best efforts and shall perform its
duties hereunder in a diligent, careful and vigilant manner. The Project Services of
Brandywine hereunder are to be of a scope and quality not less than those generally
performed on behalf of other similar complexes and properties in the locale of the
Projects. The Corporate Services of Brandywine hereunder are to be of a scope and
quality not less than those generally performed on behalf of other similar situated
publicly traded companies in the United States. Brandywine shall make available to
Owner and Manager the full benefit of the judgment, experience and advice of the
members of Brandywine’s organization and staff with respect to the policies to be
pursued by Owner and Manager in operating the Projects and administering the affairs
and books and records of the Owner as provided in this Agreement, and will perform such
related services as may be reasonably requested by Owner and Manager in operating,
maintaining and developing the Projects and in providing the Corporate Services for the
Owner.

	II.	 	PROJECT SERVICES.
	 
	2.1.	 	Annual Budget. Brandywine shall prepare and submit to Owner annually, on or before
November 30 of each year unless Owner requires an earlier date, capital and operating budgets
for each of the Projects (“the Budgets”) for the following calendar year of operation. Owner
shall have thirty (30) days following Owner’s receipt of the Budgets to revise and/or
disapprove them. The failure of Owner to respond by the aforementioned date shall be deemed
as consent to the Budgets submitted by Brandywine.
	 
	2.2.	 	Budget Revision; Expenditure Limits. Brandywine shall eliminate or revise any item
or amount in any Budget which is disapproved by Owner to the extent necessary to obtain
Owner’s written approval thereof.
	 
	2.3.	 	Owner’s Written Approval. Brandywine agrees not to make any expenditure for a
particular Project in any fiscal year, except within the categories and amounts contained in
the Budget for such Project as previously approved by Owner for such fiscal year, unless (a)
such expenditure is specifically authorized under any of the provisions of this Agreement, or
(b) such expenditures would not result in any line item in the particular Budget being
exceeded by more than five percent (5%). Brandywine shall promptly advise Owner and Manager
of any expenditure of the type described in clause (a) or (b) of the preceding sentence. If
this Agreement continues in effect during any period when there is no approved Budget in
effect as to any Project, then the last-approved operating

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	 	 	(but not capital) Budget for such Project shall remain in effect, subject only to
adjustments for actual third party cost changes.
	 
	2.4.	 	Payments at Owner’s Direction. Anything to the contrary herein notwithstanding,
Brandywine agrees to make all payments directed by Owner, whether or not such items have been
included in the Budgets; provided, however, that Owner makes adequate provision for the
payment or reimbursement of all costs connected with such items.
	 
	2.5.	 	Monthly Reports. Within seven (7) Business Days following the end of each month,
Brandywine shall provide a balance sheet and income statement to Owner for each of the
Projects and a budget report indicating budget variances, year-to-date experience and a
delinquency aging report. From time to time, Owner may reasonably request and Brandywine shall
provide analysis and other reports relating to the Projects.
	 
	2.6.	 	Annual Reports. Within thirty (30) days after the end of each fiscal year,
Brandywine shall prepare and deliver to Owner a detailed balance sheet and income statement
with respect to each Project, inclusive of all supporting schedules necessary to prepare year
end financial statements. In addition, schedules in support of footnote disclosures shall be
provided within forty (45) days after the end of each fiscal year.
	 
	2.7.	 	Collection of Income; Institution of Legal Action. Brandywine shall use its best
efforts to collect promptly all rents and other income issuing from the Projects when such
amounts become due. It is expressly understood that Brandywine does not guarantee the
collection of rents. Brandywine shall, in the name of Owner, (a) execute and serve such
notices and demands on delinquent tenants as Brandywine may deem necessary or proper, and (b)
institute, settle, or compromise any legal action and make use of such methods of legal
process against a delinquent tenant or the property of a delinquent tenant as may be necessary
to enforce the collection of rent or other sums due from the tenant, to enforce any covenant
or condition of any lease or rental agreement, and to recover possession of any part of the
Project, subject in each of Section 2.7 (a) and (b) to receipt of Owner’s consent, or in those
instances where Brandywine in good faith reasonably determines that Emergency Action (defined
in Section 2.10(b)) is required, without Owner’s Consent. In taking the aforementioned
actions, Brandywine may incur attorneys’ fees and disbursements for which Brandywine shall be
reimbursed by Owner.
	 
	2.8.	 	Bank Accounts. All monies collected by Brandywine shall be forthwith deposited in a
separate bank account or accounts for each Project, now established, or to be established in
the future, in the name of Owner (the “Separate Account”). Funds deposited in such Separate
Account shall not be commingled with monies from other accounts of Brandywine. Funds deposited
in the Separate Account (except for a minimum balance of $1,000 or such other amount as
mutually determined by Owner and Brandywine) shall be invested daily in an investment account
in the name of Owner (“Investment Account”). Brandywine shall pay all of the costs and
expenses of each particular Project required by this Agreement from the Separate Account, as
provided in the applicable Budget. Funds required for the payment of costs and expenses shall
be electronically transferred from the Investment Account to the Separate Account, as items
are presented to the bank for payment. Brandywine shall submit to Owner, on a weekly basis, or
as otherwise mutually agreed by Owner and Brandywine, for Owner’s approval, the schedule of
invoices to be

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	 	 	selected for payment. Owner will respond promptly to ensure the timely payment of expenses.
In no event shall Brandywine be obligated to expend its own funds on behalf of Owner when
there are insufficient funds in the Separate Account for a Project. Brandywine will
establish such other accounts, including Reserve Accounts, at the request of Owner.
	 
	2.9.	 	Insurance. Brandywine shall obtain insurance including, but not limited to, property
and casualty coverage at the expense of Owner with coverage requirements as directed by Owner.
	 
	2.10.	 	Maintenance.

	 	(a)	 	Personnel. Brandywine shall, subject to receipt of Owner’s consent,
hire, discharge and supervise all on-site employees and independent contractors as
shall be necessary or proper to maintain, develop and operate the Projects, all of
whom, except independent contractors and employees of independent contractors, shall be
the employees of Owner or Manager, unless and until otherwise determined by Owner and
Brandywine. Brandywine on behalf of Owner and Manager shall prepare the payroll for the
personnel at each Project and, to the extent there are revenues from the particular
Project available, pay all charges for services rendered by independent contractors.
	 
	 	(b)	 	Maintenance and Repairs. Brandywine shall use its best efforts to
insure that each particular Project is maintained in an attractive condition and in a
good state of repair and in at least the same conditions as each Project is in
currently and as may be required by any leases or Basic Documents (as defined in
Section 2.11). In this regard, Brandywine shall use its best skills and efforts to
serve the tenants of each particular Project and shall cause the purchase of necessary
supplies, negotiate contracts for, or otherwise cause to be furnished, electricity,
gas, fuel, water, telephone, window cleaning, refuse disposal, pest control, and any
other utilities or services required for the operation of the Project. Brandywine shall
cause to be made and supervise necessary repairs and alterations including without
limitation cleaning, painting, decorating, plumbing, carpentry, grounds care and such
other maintenance and repair work as may be necessary, which shall be performed either
by employees of Owner or Manager or independent contractors and shall maintain in full
force and effect all service contracts relating to each Project. Expenditures for
repairs, alterations, decorations, or furnishings for each particular Project in excess
of Five Thousand Dollars ($5,000.00) shall not be made without prior written consent of
Owner, unless Brandywine in good faith reasonably determines that such expenditures are
necessary to protect the particular Project from damage, to prevent injury to persons
or loss of life, to maintain required services to tenants or prevent a default on the
part of Owner as landlord under leases or the Basic Documents (“Emergency Action”).
Brandywine’s undertakings as provided for in this Section 2.10(b) are predicated upon
Owner providing adequate funds to carry out such actions.

	2.11.	 	Obligations Under Notes, Mortgages, Ground Leases, Joint Venture Agreements. To the
extent that monies are available from a particular Project, Brandywine shall duly and

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	 	 	punctually perform and comply with all of the obligations, terms and conditions required to
be performed or complied with by Owner under the promissory notes or evidences of
indebtedness, mortgages, deeds of trust and other instruments collateralizing indebtedness,
ground leases and joint venture agreements (the “Basic Documents”), relating to the
operation, development, maintenance and servicing of the Projects, including without
limitation, the timely payment of all sums required to be paid thereunder, all to the end
that Owner’s interest in the Project and its interest as landlord under the leases shall be
preserved and no default chargeable to Owner shall occur under the Basic Documents. All
notices from any mortgagee, ground lessor or other party to any of the Basic Documents, and
to or from a tenant under any lease, given pursuant thereto or pertaining thereto and all
notices from any governmental or official entity, and all papers relating to any litigation
or other proceeding relating to or concerning any Project, shall be forthwith delivered to
Owner by Brandywine or vice versa.
	 
	2.12.	 	Use. Brandywine agrees not to knowingly permit the use of any Project for any
purpose which might void any policy of insurance held by Owner or which might render any loss
insured thereunder uncollectible, or which would be in violation of any governmental law,
statute, code, ordinance, order, requirement, rule or regulation.
	 
	2.13.	 	Inspection. Brandywine shall inspect (or cause to be inspected) the Projects in
order to ascertain required items of capital repairs or maintenance. In the event that
Brandywine provides these services, it shall be reimbursed for out of pocket costs and
expenses and the compensation of employees performing such services at amounts agreed to by
Owner.
	 
	2.14.	 	Leasing.

	 	(a)	 	Broker. If and to the extent requested by Owner, Brandywine shall make
reasonable efforts to lease available space in any Project at rates and on terms
contained in the annual Budget and Schedules thereto with respect to the particular
Project as approved by Owner, and shall be responsible for all negotiations with
prospective tenants. Brandywine shall negotiate all extensions and renewals of those
leases and shall have the right to make concessions including rental concessions, as
inducements to prospective tenants to occupy the Project after consultation with and
approval by Owner.
	 
	 	(b)	 	Leasing Fee. If Owner requests that Brandywine perform leasing
services, Brandywine shall receive as compensation Six Percent (6%) of minimum or base
rent during the initial term of the lease. That fee shall apply to all new tenants
procured by Brandywine. Brandywine shall receive Three Percent (3%) of minimum or base
rent for the renewal, option renewal or extension of the term of leases secured by
Brandywine. The fees outlined in this Section shall be paid within thirty (30) days of
execution of the particular lease or amendment thereof.
	 
	 	(c)	 	The Lease. In furtherance of any leasing assignment, Brandywine will
use Owner’s standard form lease, as it may be amended and updated from time to time,
for all tenants at each of the Projects unless otherwise directed by Owner.

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	2.15.	 	Additional Services.

	 	(a)	 	Additional Tenant Services. Should Brandywine provide any services to
tenants or subtenants which are not customary services, are services not required
hereunder (“Additional Tenant Services”), or are services which might generate
non-customary income for Real Estate Investment Trust qualification purposes as
determined by Owner, then a separate charge for such Additional Tenant Services shall
be made to the tenant or subtenant receiving such Additional Tenant Services, which
shall be paid to and retained by Brandywine for its own account and Owner shall have no
interest therein. Brandywine shall pay all costs and expenses incurred in providing
such Additional Tenant Services. All amounts received by Brandywine from Additional
Tenant Services shall be excluded from Gross Rental Receipts for purposes of the
calculation of the compensation provided for in Section VII below.
	 
	 	(b)	 	Additional Owner Services. Should Brandywine provide any services to
Owner which are not customary services or are services not required hereunder, such as,
but without limitation, capital transactions, insurance administration, collections not
in the ordinary course, or information technology support at Project locations
(“Additional Owner Services”), then a separate charge for such Additional Owner
Services shall be negotiated by Owner and Brandywine before such services are performed
by Brandywine.

	2.16.	 	Compliance With Laws. Owner and Manager shall fully comply with all laws, statutes,
codes, ordinances, orders, requirements, rules and regulations governing the Projects and the
business conducted therein; provided, however, that at Brandywine’s election, Brandywine may
take such action as may be necessary to comply on the part of Owner with any and all laws,
statutes, codes, ordinances, orders or requirements, rules or regulations affecting any of the
Projects promulgated by any federal, state, county or municipal authority having jurisdiction
over the particular Project, and all applicable orders of the Board of Fire Underwriters or
other similar bodies. Except in connection with Emergency Action, Brandywine shall obtain
Owner’s prior approval for any compliance action or work not already provided for in a Budget.
Notwithstanding any voluntary action taken by Brandywine on behalf of Owner, Brandywine shall
be released from any responsibility in connection with any law, statute, code, ordinance,
order, requirement, rule or regulation pertaining to the particular Project, or the business
conducted therein, and Owner assumes full and complete responsibility for compliance therewith
and for the payment of any and all penalties, taxes, impositions and fines resulting from a
failure to comply with such law, statute, code, ordinance, order, requirement, rule or
regulation, except for (a) the gross negligence, fraud or willful or wanton misconduct of
Brandywine, (b) claims relating to employment discrimination based on acts or omissions of
Brandywine or (c) claims relating to environmental conditions or violations resulting from
acts or omissions of Brandywine.
	 
	III.	 	CORPORATE SERVICES
	 
	3.1.	 	Accounting Systems and File Conversions. Owner and Manager shall allow utilization
of the existing software applications through April 30, 2008. During this time period,

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	 	 	Brandywine shall evaluate those and other software applications to determine the most
efficient and cost effective solution for Owner’s continuing operations. Owner has agreed
to make its database available to Brandywine through the term of this Agreement. Any
software upgrades or new software implementation shall be at Owner’s expense, but shall only
be implemented with Owner’s prior approval.
	 
	3.2.	 	Information Technology. Brandywine shall provide at Brandywine’s office, user access
(setup, passwords, and drive access); PC/terminal maintenance and support; Skyline software
support; and initial Skyline training. Owner shall pay for all relocation, consulting and
shipping expenses related to the transfer of all equipment to Brandywine’s office from Owner
and Manager’s Phoenix, Arizona and New York offices, and ongoing maintenance thereof.
	 
	3.3.	 	Accounts Receivable. Brandywine shall, as applicable at the Project Services or
Corporate Services level: create tenant charges; process receipts and apply to charges;
deposit receipts; maintain security deposit accounts; prepare accounts receivable aging
reports; and prepare rent roll reports.
	 
	3.4.	 	Accounts Payable. Brandywine shall, as applicable at the Project Services or
Corporate Services level: establish vendors in the system; obtain invoice approval for
payment; enter invoice data; post invoices; select invoices for payment after approval by
Owner; process checks as required; post checks paid; mail checks; and prepare accounts payable
reports.
	 
	3.5.	 	Bank reconciliations. Brandywine shall, as applicable at the Project Services or
Corporate Services level: analyze cash receipts and disbursements files; analyze bank
statements; analyze deposit slips; analyze cancelled checks; and prepare monthly
reconciliations.
	 
	3.6.	 	Related Services. Brandywine shall, as applicable at the Project Services or
Corporate Services level, engage in payroll preparation and coordination of required filings,
human resources management; pension, health and welfare and other benefits compliance
(including union requirements, if applicable); general ledger accounting including, but not
limited to, cash receipts and disbursements, fixed assets/capitalization, cost allocation, and
inter-company billings/fundings; FASB 109 compliance; and consolidations and eliminations.
	 
	3.7.	 	Financial Statements. Brandywine shall, as appropriate at the Project Services or
Corporate Services level: establish and maintain a chart of accounts; maintain budgets; manage
and prepare journal entries; maintain general ledger history; issue general ledger reports;
and issue job cost reports. Brandywine shall prepare Project and Owner-level financial
statements and provide support to Owner in allowing Owner’s audit committee and independent
auditors to conduct, on a timely basis, quarterly reviews and annual audits of financial
statements, in accordance with generally accepted accounting principals consistently applied.
Brandywine shall also prepare on a timely basis reports to joint venture partners, as
required by the particular joint venture agreement, and periodic reports, as may be required
by any lender or lessor.

7

 

	3.8.	 	Sarbanes-Oxley Compliance. Brandywine shall, as appropriate at the Project Services
or Corporate Services level, support Owner, its board of directors and the audit committee
thereof, as applicable, in establishing, maintaining and evaluating a system of “disclosure
controls and procedures” (as such term is defined in Rule 13a-15 and 15d-15 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and “internal control over
financial reporting” (as such term is defined in Rule 13a-15 and 15d-15 under the Exchange
Act). Such disclosure controls and procedures shall be (a) designed to ensure that material
information relating to Owner, including its consolidated subsidiaries, is made known by
Brandywine to Owner’s chief executive officer and its chief financial officer and others
within those entities, and (b) reasonably effective to perform the functions for which they
are established and prevent any significant deficiency or material weakness in their design or
operation which could adversely affect the ability of Owner to record, process, summarize and
report financial data. Brandywine shall also reasonably cooperate with Owner and its chief
executive officer and chief financial officer so as to enable such officers to make on a
timely basis any required Sarbanes-Oxley certifications and to enable management of Owner to
complete any required Sarbanes-Oxley evaluations and assessments. Brandywine shall make
reasonably available to Owner its personnel and any books and records developed by Brandywine
in the performance of its services hereunder to enable Owner to audit Brandywine’s records and
reports and to carry out any required testing and review required under Section 404 of the
Sarbanes-Oxley Act of 2002.
	 
	3.9.	 	Cash Management. Brandywine shall as appropriate at the Project Services or
Corporate Services level: process internal cash transfers; process external bank wires; invest
cash reserves as directed by Owner; and establish bank accounts as required and directed.
	 
	3.10.	 	Lease Administration. Brandywine shall: scan lease request forms (“LRF’S”) into the
system; prepare or caused to be prepared appropriate documentation to implement action
proposed per the LRF; coordinate with internal personnel and/or outside counsel in support of
lease negotiations; review signed documents and compare to LRF’S; obtain appropriate signature
for document execution; promptly distribute to Owner approved documents; and enter appropriate
information into the system.
	 
	IV.	 	AUTHORITY OF BRANDYWINE
	 
	4.1.	 	Execution of Documents. Subject to the provisions below, Owner shall execute all
leases, contracts, agreements and other documents
	 
	4.2.	 	Contracts and Agreements. Brandywine shall not execute or enter into and bind Owner
with respect to any contract or agreement without the prior written consent of Owner,
including but not limited to contracts and agreements on behalf of Owner for the operation,
maintenance, development and servicing or the furnishing of services to tenants or subtenants
in any of the Projects, and in the case of casualty, breakdown in machinery or other similar
emergency, unless, if, in the reasonable good faith opinion of Brandywine, Emergency Action
prior to written approval is necessary.

8

 

	4.3.	 	Use of Name. Owner authorizes Brandywine to use the Project names as designated by
Owner in the performance of its obligations hereunder and for the purposes of identification
and advertising.
	 
	4.4.	 	Notification of Emergency Action. Brandywine shall take Emergency Action hereunder
only in concert with prompt notification by Brandywine to Owner of such actions.
	 
	V.	 	RELATED PARTY TRANSACTIONS.
	 
	5.1.	 	Brandywine shall not, without the prior written consent of Owner in each instance, in
connection with the performance of its duties hereunder, purchase any supplies, services,
equipment or other items from or contract or make any commitments with or otherwise employ or
deal with any person, firm, company, partnership or other entity which controls, is controlled
by, or is under common control with, Brandywine, or in which Brandywine or any officer,
director, shareholder, employee or agent thereof have a direct or indirect financial interest
(each a “Related Party”). If Brandywine is seeking Owner’s consent to any such dealings,
Brandywine shall fully disclose to Owner in writing the exact nature of the relationship
between Brandywine and the Related Party and the terms of the agreement to be entered into.
Any agreements with a Related Party shall be on arm’s length, fair market terms. If Owner
consents to any such dealings in writing, Brandywine shall enter into a written agreement with
the Related Party only on the terms disclosed to Owner and shall enforce such agreement on an
arm’s-length basis.
	 
	VI.	 	INDEMNITY
	 
	6.1.	 	Owner and Manager hereby agree to indemnify, defend and hold harmless Brandywine and
Brandywine’s officers, directors, shareholders, employees and agents from and against actual
damages, incurred as a direct result of any liability, claim, action, suit or proceeding,
incurred by any such person directly arising out of or in connection with (a) any default by
Owner or Manager in the performance of Owner’s or Manager’s duty under this Agreement, (b)
Owner’s or Manager’s failure or refusal to comply with any law, statute, code, ordinance,
order, requirement, rule or regulation of any federal, state or municipal authority, and/or
(c) the operation, development or maintenance of the Projects to the extent Brandywine was
acting within the scope of, in compliance with, and using the standard of care provided in
this Agreement. The foregoing provisions of this Section 6.1 shall survive the expiration or
termination of Brandywine’s appointment for five (5) years to the extent the action resulting
in such liability, claim, action, suit or proceeding arose prior to such termination or
expiration. Nothing contained in this Section 6.1 shall (x) relieve Brandywine from any of
its obligations under this Agreement or (y) require Owner to indemnify Brandywine for any
claim covered by insurance or any damages, costs, or expenses (i) resulting from the gross
negligence, wanton or willful misconduct, fraud of, or misappropriation of funds by,
Brandywine and/or any of its officers, directors, shareholders, employees or agents, (ii)
relating to employment discrimination relating to or arising from acts or omissions of
Brandywine or (iii) concerning environmental compliance or violations resulting from or
relating to acts or omissions of Brandywine.

9

 

	6.2.	 	Brandywine agrees to indemnify, defend and hold harmless Owner and Manager and Owner’s and
Manager’s officers, directors, shareholders, employees and agents from and against any actual
damages, costs or expenses (including reasonable out of pocket attorneys’ fees and
disbursements) incurred as a result of any liability, claim, action, suit or proceeding,
incurred by such person directly arising out of or in connection with (i) any act or omission
of Brandywine or any officer, agent, or employee of Brandywine which constitutes gross
negligence, willful misconduct, fraud, or misappropriation of funds or (ii) any material
default by Brandywine in the performance of Brandywine ‘s duties under this Agreement
including any action by an agent of Brandywine which gives rise to such default. The
foregoing provisions of this Section 6.2 shall survive the expiration or termination of
Brandywine’s appointment for five (5) years to the extent the action resulting in such
liability, claim, action, suite or proceeding arises prior to such termination or expiration.
Nothing contained in this Section 6.2 shall (x) relieve Owner or Manager from any of its
obligations under this Agreement or (y) require Brandywine to indemnify Owner or Manager for
any claim covered by insurance or any damages, costs, or expenses resulting from the gross
negligence, fraud or wanton or willful misconduct of Owner or Manager.
	 
	VII.	 	COMPENSATION FOR SERVICES
	 
	7.1.	 	Fee. (a) Commencing April 1, 2008, Owner and Manager shall pay to Brandywine as
compensation for all of the services rendered during the Term of this Agreement, other than as
provided for in Sections 2.14(b) and 2.15 (a) and (b), an amount equal to (a) for Project
Services, one and one half percent (1.50%) of the “Gross Receipts” of the Projects payable
monthly, plus (b) for Corporate Services, $60,000 per month, along with the actual and costs
and expenses for travel and other out-of-pocket expense incurred by Brandywine, all of which
shall be billed monthly. All fees and costs and expenses shall be due and payable on the 10th
of each month.
	 
	 	 	     (b) On April 1, 2008, Owner and Manager shall pay a one-time set up fee to Brandywine,
in order to defray costs and expenses incurred by Brandywine for the purpose of preparing to
provide the Project Services and the Corporate Services to Owner and Manager, including,
without limitation, compensation paid by Brandywine to its employees for the purpose of
managing the transition from Owner and Manager to Brandywine and computer hardware and
software cost, in the amount of $35,000 allocable to each of the seven (7) Projects, $35,000
pertaining to each of Owner and Manager, and $35,000 with respect to Sarbanes-Oxley
compliance for the Projects, Owner and Manager.

	7.2.	 	Definition of Gross Receipts. The term “Gross Receipts” as used herein shall mean
(a) all gross income received from all tenants (including Carts and Kiosks) for the use and
occupancy of each Project and improvements, or any part thereof and including all minimum base
rental amounts, percentage rents, storage rents, telephone income, business interruption
insurance proceeds or “rental insurance” allocable to the applicable reporting period and any
other miscellaneous income, and (b) all tenant recoveries including tenant electric charges
(whether by inclusion, or electric submeter (but excluding electric charges via direct meter
from the utility to tenants) and including all shop and anchor tenant HVAC charges), operating
cost pass-throughs, CAM pass-

10

 

	 	 	throughs, real estate tax pass-throughs, parking charges, marketing charges, food court
charges, water, sewer and storm charges, and trash removal.
	 
	7.3.	 	Reimbursement of Attorneys Fees. Brandywine shall be reimbursed for all attorneys
and/or other professional fees and disbursements incurred in the enforcement or protection of
Owner’s or Manager’s interests in the Projects including, but not limited to, collections of
delinquencies and evictions, as authorized pursuant to this Agreement.
	 
	7.4.	 	Brandywine represents to Owner, to the best of Brandywine’s knowledge, that the fees payable
to Brandywine hereunder are fair and reasonable based on the scope of the services
contemplated hereunder.
	 
	VIII.	 	COSTS AND EXPENSES
	 
	8.1.	 	Expense of Owner. Subject to compliance by Brandywine with the applicable Budgets,
all obligations or expenses incurred hereunder, including but not limited to on-site
maintenance personnel and wages and payroll costs with respect thereto, shall be for the
account of, on behalf of, and at the expense of Owner; provided, however, that Owner shall not
be obligated to reimburse Brandywine for any overhead expense of Brandywine incurred in its
general offices, or for salaries of any executives or supervisory personnel of Brandywine.
	 
	8.2.	 	Reimbursement for Expenses. Any payments made by Brandywine in the performance of
its duties and obligations under this Agreement shall be made solely out of such funds as
Brandywine may from time to time hold for the account of Owner, as provided in Section 2 of
this Agreement, or as may otherwise be provided by Owner.
	 
	IX.	 	TERM AND TERMINATION
	 
	9.1.	 	Term. This Agreement shall be for a term of commencing on the date hereof (the
“Commencement Date”), and terminating at midnight on June 30, 2009 (the “Termination Date”).
Thereafter, this Agreement shall continue on a year-to-year basis after said Termination Date,
unless terminated in accordance with Section 9.2.
	 
	9.2.	 	Termination. Brandywine or Owner or Manager may terminate this Agreement upon not
less than ninety days (90) prior written notice; provided, however, that neither Owner,
Manager, nor Brandywine shall have the right to give notice to terminate this Agreement prior
to June 30, 2008, except that Owner shall have the right to terminate this Agreement promptly
upon the material breach by Brandywine of its obligations under this Agreement, which breach
remains uncured for a period of thirty (30) days after notice by the Owner of such breach.
During such ninety (90) day period, Owner and/or Manager shall continue to pay to Brandywine
all fees, compensation and cost and expense reimbursements to which Brandywine is entitled
under and pursuant to this Agreement, which, in the case of the Fee provided for in Section
7.1(a), shall be no less on a monthly basis than the fee paid to Brandywine for the month
immediately preceding the month in which the termination notice is sent. Owner shall have the
right to exclude any Project from the scope of this Agreement by giving thirty (30) days
notice to Brandywine of such decision. To the extent that an individual existing Project is
no longer the subject of this

11

 

	 	 	Agreement, termination relative to that Project shall be treated as if it were the sole
subject of this Agreement.
	 
	9.3.	 	Brandywine’s rights, Obligations After Termination. Upon the termination of this
Agreement as provided above, Brandywine shall;

	 	(a)	 	Deliver Records. Deliver to Owner, or such other person or persons as
may be designated by Owner, copies of all books and records of each Project, all
computer records relating to the Projects and/or Owner, and all funds in the possession
of Brandywine belonging to Owner or received by Brandywine pursuant to the terms of
this Agreement or of any of the Basic Documents; and
	 
	 	(b)	 	Assignment. Assign, transfer or convey to such person or persons all
service contracts and personal property relating to or used in the operation and
maintenance of the Projects, except any personal property which was paid for and is
owned by Brandywine.
	 
	 	(c)	 	Termination of Obligations; Right to Compensation. Upon termination
pursuant to this Section 7, the obligations of the parties hereto shall cease as of the
date specified in the notice of termination; provided, however, that Brandywine shall
comply with the applicable provisions hereof; provided, further, however, that
Brandywine shall be entitled to receive any and all compensation which may be due
Brandywine hereunder at the time of such termination or expiration.

	X.	 	ASSIGNMENT
	 
	10.1.	 	Neither this Agreement nor any rights and/or duties of Owner or Manager or Brandywine
hereunder shall be assigned, without the prior written consent of the other party, which
consent may be unreasonably withheld, conditioned or delayed by such other party.
	 
	XI.	 	NOTICE
	 
	11.1.	 	All notices, requests, demands, or other communications hereunder shall be in writing, and
shall be deemed to have been duly given if delivered in person or when sent (a) by Federal
Express or other similar reputable overnight document delivery service guaranteeing next day
delivery, or (b) facsimile transmission, with a hard copy mailed within one (1) business day
by U.S. First Class Mail, addressed to the parties at the addresses listed on Exhibit B
hereof.
	 
	11.2.	 	Notices sent by overnight delivery service shall be deemed delivered the day after deposit
with the delivery service, while notices sent by facsimile transmission shall be deemed received
the day of confirmation, if received prior to the close of business at the recipient’s offices, and
otherwise on the next day.

12

 

	XII.	 	MISCELLANEOUS.
	 
	12.1.	 	Captions. The captions of this Agreement are inserted only for the purpose of
convenient reference and do not define, limit, or prescribe the scope or intent of this
Agreement or any part hereof.
	 
	12.2.	 	Attorney’s Fees. Should either party bring suit to enforce any of the terms of this
Agreement, the substantially prevailing party shall be entitled to recover court costs and
reasonable attorney’s fees and disbursements.

	12.3.	 	Entire Agreement. This Agreement and the Exhibits, attached hereto
and forming a part hereof, set forth all the covenants, promises,
agreements, conditions or understandings between the parties
concerning the Project and there are no covenants, promises,
agreements, conditions or understanding, either oral or written,
between them other than are herein set forth. No alteration
amendment, change or addition to this Agreement shall be binding
upon Owner or Manager or Brandywine unless reduced to writing and
signed by each party,
	 
	12.4.	 	No Partnership or Joint Venture. Nothing contained in this Agreement shall be
construed to make Owner and Brandywine partners or joint venturers or to render any of them
liable for the debts or obligations of the other, except as expressly provided for in this
Agreement. Nothing contained herein is intended to confer any benefit upon any third party or
to make any third party a third party beneficiary of this Agreement.
	 
	12.5.	 	No Property Interest Created. Nothing contained in this Agreement shall be deemed
to create or shall be construed as creating in Brandywine any property interest in or to the
Projects. Brandywine shall at the request of any lender to, or relating to, a Project,
subordinate its rights and payments hereunder relating to the applicable Project as any such
lender may require and shall agree to provide to such lender information as to the particular
Project with which such lender is associated and including the option of such lender to
terminate this Agreement as to any such Project as such lender may require, but subject to the
ninety (90) days prior written notice requirement set forth and contained in Section 9.2.
	 
	12.6.	 	Effect of Partial Invalidity. Should any section or any part of any section of this
Agreement be rendered void, invalid, or unenforceable by any court of law, for any reason,
such a determination shall not render void, invalid or unenforceable any other section or any
part of any section in this Agreement.
	 
	12.7.	 	Applicable Law. This Agreement shall be construed in accordance with the laws of
the state where each particular Project is located or the Commonwealth of Pennsylvania, as
applicable.
	 
	12.8.	 	Equal Opportunity. It is understood and agreed that Brandywine is an equal
opportunity and non-discriminatory employer. Owner or Manager and Brandywine agree that there
shall be no discrimination against, or segregation of, any person, or group of persons, on
account of race, color, creed, religion, sex, age or national origin in the lease, transfer,
use, occupancy or enjoyment of the Projects nor shall Owner, Manager or Brandywine

13

 

	 	 	permit any discrimination or segregation with respect to the selection, location, number,
use or occupancy of tenants of space in any Project.
	 
	12.9.	 	Brandywine’s Employees. Owner and Manager understand and agree that Brandywine has
expended great amounts of time and effort in the selection, hiring and training of its
employees and that Brandywine’s business, and the conduct thereof, is dependent to a large
extent upon maintaining and retaining employees who have been trained by Brandywine and that
Brandywine risks extreme hardship and monetary loss whenever such employees leave its service.
For the above reasons, Owner agrees that it shall not, directly or indirectly, during the Term
of this Agreement, or for two (2) years after the expiration of the term of this Agreement,
employ or solicit for employment, or otherwise engage, Brandywine’s employees. Owner further
agrees that Brandywine shall be entitled to injunctive relief, monetary damages or both, upon
Owner’s violation or breach of the foregoing.
	 
	12.10.	 	Limited Liability. No officers, shareholders, members, partners, principals,
directors, employees, servants or agents of Owner or Manager or Brandywine, or any of them,
shall be personally liable for the performance of Owner’s or Manager’s or Brandywine’s
respective obligations under this Agreement.
	 
	12.11.	 	Arbitration. Except with respect to Section 12.8, all disputes between the parties
relating to this Agreement shall be resolved exclusively by arbitration in Pennsylvania under
the applicable rules of the American Arbitration Association. Except as expressly authorized
by statute or the terms of the Agreement, the arbitrator may only award damages for the actual
losses suffered by the injured party. The prevailing party in the arbitration shall be
entitled to reasonable attorneys’ fees and costs associated with the arbitration and with any
related judicial action to enforce the arbitrator’s award
	 
	12.12.	 	Confidentiality, Advertising, Publicity. Owner and Manager and Brandywine agree
that the existence of, and terms and provisions set forth in this Agreement, as well as the
transactions contemplated hereby and all communications and correspondence between Owner, and
Manager and Brandywine and/or their respective employees, officers, directors, shareholders,
employees and agents (including their respective attorneys, advisors, and third party
consultants) regarding same, whether delivered prior and/or subsequent hereto (collectively,
the “Confidential Information”), shall be held in strict confidence and not disclosed to any
third parties, unless and only to the extent required by applicable law or judicial process.
In addition, no publicity of any kind, including photographs, advertisements, press releases,
news release or other public statements relating to (i) any Project, (ii) the transactions
contemplated by, or the existence of, this Agreement, or (iii) any other Confidential
Information, shall be made without the prior written consent of Owner and Manager.
Notwithstanding the above, Brandywine acknowledges that Owner will disclose the terms of this
Agreement in a press release and in filings made by the Company with the Securities and
Exchange Commission and will also file a copy of this Agreement as an Exhibit to such filings.
	 
	12.13.	 	Ownership of Information. Brandywine, Owner and Manager agree that all information
relating to the Projects or Owner that has been or will be provided to Brandywine in the
performance of its services hereunder shall be shall be held in strict confidence

14

 

	 	 	Brandywine and shall not be disclosed to any third parties without Owner’s prior written
consent. All such information and any data, reports or records generated by Brandywine in
the performance of its services hereunder shall remain the property of Owner and shall be
deliverable to Owner from time to time upon its request.
	 
	12.14.	 	Time is of the Essence. Time is of the essence of this Agreement and of all terms
and conditions of this Agreement. In the event that this Agreement requires the payment of any
sum of money or the performance of any action on any day which is a Saturday, Sunday, or any
day on which commercial banks are required to be closed under the laws of the Commonwealth of
Pennsylvania, then such payment or performance shall be excused until the next day which is
not a Saturday, Sunday or any day on which commercial banks are required to be closed under
the laws of the Commonwealth of Pennsylvania. For the purposes of this Agreement, the term
“Business Day” shall mean any day on which commercial banks are not required to be closed
under the laws of the Commonwealth of Pennsylvania or any day which is not a Saturday or
Sunday.

[Signatures Appear on the Following Page.]

15

 

          IN WITNESS THEREOF, the parties hereto have executed this Agreement as of the day and year first above written,

	 	 	 	 	 
	OWNER:	 	FELDMAN MALL PROPERTIES, INC.
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 
	MANAGER:	 	FELDMAN EQUITIES MANAGEMENT, LLC
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 
	BRANDYWINE:	 	BRANDYWINE FINANCIAL SERVICES CORPORATION
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

Exhibit A

Projects

	 	 	 
	Colonie Center Mall	 	Albany, New York
	Foothills Mall	 	Tucson, Arizona
	Golden Triangle Mall	 	Denton, Texas
	Harrisburg Mall	 	Harrisburg, Pennsylvania
	Northgate Mall	 	Cincinnati, Ohio
	Stratford Mall	 	Chicago, Illinois
	Tallahassee Mall	 	Tallahassee, Florida

 

 

Exhibit B

Addresses

Feldman Mall Properties, Inc. and/or Feldman Equities Management, LLC:

1010 Northern Boulevard, Suite 314

Great Neck, NY 11021

Brandywine Financial Services Corporation:

Two Ponds Edge Drive

Chadds Ford, PA 19317

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