Document:

EXHIBIT 10.18

                            URSTADT BIDDLE PROPERTIES INC.

                                       and

                              THE BANK OF NEW YORK

                                 as Rights Agent

                               ----------------

                          Amendment to Rights Agreement

                         Dated as of September 22, 1999

<PAGE>
                         AMENDMENT TO RIGHTS AGREEMENT

                  AMENDMENT TO RIGHTS AGREEMENT (this  "Amendment")  dated as of
September 22, 1999, by and between  URSTADT BIDDLE  PROPERTIES  INC., a Maryland
corporation  (the  "Corporation"),  and THE BANK OF NEW YORK, a New York banking
corporation, as Rights Agent (the "Rights Agent").

                              W I T N E S S E T H:

                  WHEREAS, the Corporation  previously entered into that certain
Rights  Agreement,  dated as of July 31, 1998 (the "Rights  Agreement"),  by and
between the Corporation and the Rights Agent,  whereby the Board of Directors of
the Corporation  (the "Board")  authorized the issuance of, and agreed to issue,
one right  (as such  number  may be  appropriately  adjusted)  to  purchase  one
one-hundredth of a share of the Corporation's  Series A Participating  Preferred
Shares in respect of every share of the  Corporation's  Common Stock,  par value
$.01  per  share  (the  "Original  Common  Shares"),  and  every  share  of  the
Corporation's  Class A Common  Stock,  par value  $.01 per share  (the  "Class A
Common  Shares"),  outstanding  as of the close of business on November 13, 1998
(collectively, the "Rights," and individually a "Right");

                  WHEREAS, the Maryland legislature has amended the Corporations
and Associations Article of the Maryland Code to authorize Maryland corporations
to, inter alia, adopt certain  provisions in connection with rights plans, which
provisions would have the effect of limiting for a period not to exceed 180 days
the power of certain  directors to vote for the  redemption of the Rights and/or
the amendment of the Rights Agreement (the "Newly Authorized Provisions");

                  WHEREAS,  the  Board  has  accordingly  determined  that it is
advisable and in the best interests of the Corporation  and its  shareholders to
amend the Rights Agreement to include the Newly Authorized  Provisions,  as well
as certain other provisions related to the protection of the Corporation and its
shareholders; and

                  WHEREAS,  in  furtherance of the  foregoing,  the  Corporation
desires to amend the Rights  Agreement as set forth herein,  effective as of the
date hereof.

                  NOW, THEREFORE, the parties hereby agree as follows:

Article I

                         DEFINITIONS AND INTERPRETATION

         Except as otherwise defined or expressly  provided herein,  capitalized
terms  shall  have the  respective  meanings  attributed  thereto  in the Rights
Agreement.  On or after the date hereof,  each reference in the Rights Agreement
to the "Agreement,"  "hereunder," "hereof," "herein," "hereby," or words of like
import shall mean and be a reference to the Rights Agreement, as amended by this
Amendment.
<PAGE>

Article II

                       AMENDMENTS TO THE RIGHTS AGREEMENT

2.01 Amendment to Section 1. Section 1 of the Rights Agreement is hereby amended
by adding the  following  definition  in  alphabetical  order among the existing
definitions:

         "The  term  `Continuing  Director'  shall  mean  any  Director  of  the
         Corporation  who (i) is not an  Acquiring  Person or an Affiliate of an
         Acquiring  Person  and (ii)  either  was (A) a member  of the  Board of
         Directors of the Corporation on the  Declaration  Date or (B) nominated
         for his or her initial  term of office by a majority of the  Continuing
         Directors in office at the time of such nomination."

2.02  Amendment  to  Section  11(a)(i).  The  parenthetical  phrase in the first
sentence of Section  11(a)(i) of the Rights  Agreement is hereby amended to read
as follows:

         "(including any such reclassification or recapitalization in connection
         with  a  consolidation  or  merger  or  share  exchange  in  which  the
         Corporation is the continuing or surviving entity)".

2.03  Amendment  to Section  11(a)(ii)(C).  Section  11(a)(ii)(C)  of the Rights
Agreement  is hereby  amended by inserting  "or share  exchange"  following  the
phrase "any merger or consolidation".

2.04  Amendment  to  Section  11(a)(iii).   The  parenthetical   phrase  of  the
penultimate  sentence of Section  11(a)(iii)  of the Rights  Agreement is hereby
amended to read as follows:

         "(except  as  shall  be  determined  by a  majority  of the  Directors;
         provided,  that if any  shareholder  action  at an  annual  or  special
         meeting  of the  shareholders  has been  taken to elect a  Director  or
         Directors of the Company with the result that  Continuing  Directors do
         not constitute a majority of the Board of Directors of the Company,  no
         such  exception  shall be made by the  Directors  until  the  180th day
         following the effectiveness of such election)".

2.05 Amendment to Section 11(c). Section 11(c) of the Rights Agreement is hereby
amended by inserting "or share  exchange"  following  the phrase "in  connection
with a consolidation or merger".

2.06    Amendments to Section 11(n).  Section 11(n) of the Rights Agreement is
hereby amended as set forth below.

(a)        Clause (ii) of Section 11(n) is hereby amended to read as follows:

                           "(ii)  merge  with or  into,  or  consummate  a share
                           exchange   with,  any  other  Person  (other  than  a
                           Subsidiary of the Corporation in a transaction  which
                           complies with Section 11(p) hereof) or".
<PAGE>

(b)                Clause (iii) of Section 11(n) is hereby  amended by inserting
                   ",  share   exchange"   following   the  phrase  "after  such
                   consolidation, merger".

2.07  Amendment  to Section  11(o).  Clause (iv) of Section  11(o) of the Rights
Agreement  is hereby  amended by inserting  "or share  exchange"  following  the
phrase "in connection with a consolidation or merger".

 2.08    Amendments to Section 13.  Section 13 of the Rights Agreement is hereby
 amended as set forth below.

(a)        The heading to Section 13 is hereby amended to read as follows:

     SECTION 13.  CONSOLIDATION,  MERGER, SHARE EXCHANGE OR SALE OR TRANSFER OF
                  -------------------------------------------------------------
                  ASSETS OR EARNING POWER."
                  ------------------------

(b)                The  first  paragraph  of  Section  13 is hereby  amended  by
                   inserting  "following the Share Acquisition  Date," following
                   the phrase "In the event that,".

(c)                Clause  (a) of the first  paragraph  of  Section 13 is hereby
                   amended by inserting "or  consummate a share  exchange  with"
                   after the phrase "or merge with or into,".

(d)                Clause (b) of the first paragraph of Section 13 is hereby
                   amended to read as follows:

                           "(b)  any  Person  (other  than a  Subsidiary  of the
                           Corporation  in a  transaction  which  complies  with
                           Section  11(p)  hereof)  shall  consolidate  with, or
                           merge with and into or  consummate  a share  exchange
                           with the  Corporation,  the Corporation  shall be the
                           continuing or surviving entity of such  consolidation
                           or merger or share  exchange and, in connection  with
                           such  consolidation or merger or share exchange,  all
                           or  part  of  the  Original   Common  Shares  of  the
                           Corporation shall be changed or otherwise transformed
                           into stock or other securities of any other Person or
                           the Corporation or cash or any other property or".

(e)                Clause (i)(y) of the first  paragraph of Section 13 is hereby
                   amended by inserting "share  exchange,"  following the phrase
                   "of such consolidation, merger,".

(f)                Clause  (ii) of the first  paragraph  of Section 13 is hereby
                   amended by inserting "share  exchange,"  following the phrase
                   "of such consolidation, merger,".

(g)                The penultimate  paragraph of Section 13 is hereby amended by
                   inserting  "share  exchange,"  after  the  phrase  "any  such
                   consolidation, merger,".
<PAGE>

 2.09    Amendments to Section 23.  Section 23 of the Rights Agreement is hereby
 amended as set forth below.

(a)        Section 23 is hereby amended by inserting "(a)" at the beginning of
 the text therof.

(b)        Section 23 is hereby amended by inserting a new Section 23(b) to read
 as follows:

                           "(b)  Notwithstanding the provision of Section 23(a),
                           in the event that shareholder  action at an annual or
                           special  meeting of  shareholders is taken to elect a
                           Director or  Directors of the Company with the result
                           that   Continuing   Directors  do  not  constitute  a
                           majority of the Board of  Directors  of the  Company,
                           then until the 180th day following the  effectiveness
                           of such election, the Rights shall not be redeemed."

2.10  Amendment to Section 24. Clause (d) of Section 24 of the Rights  Agreement
is hereby  amended by inserting "or share  exchange  with"  following the phrase
"any consolidation or merger into or with".

 2.11    Amendments to Section 26.  Section 26 of the Rights Agreement is hereby
 amended as set forth below.

(a)        Section 26 is hereby amended by inserting "(a)" at the beginning of
 the text thereof.

(b)        Section 26 is hereby amended by inserting "(a)" following all
 references to Section 26.

(c)        Section 26 is hereby amended by inserting a new Section 26(b) to read
 as follows:

                           "(b)  Notwithstanding the provision of Section 26(a),
                           in the event that shareholder  action at an annual or
                           special  meeting of  shareholders is taken to elect a
                           Director or  Directors of the Company with the result
                           that   Continuing   Directors  do  not  constitute  a
                           majority of the Board of  Directors  of the  Company,
                           then until the 180th day following the  effectiveness
                           of  such  election,   this  Agreement  shall  not  be
                           supplemented or amended in any manner."

Article III

                                  MISCELLANEOUS

 3.01    Binding  Effect.  This  Amendment  shall bind and inure to the benefit
of the  respective  successors  andpermitted assigns of the parties.
<PAGE>

3.02 Counterparts.  This Amendment may be executed in any number of counterparts
or counterpart signature pages, each of which shall be deemed to be an original,
but all of which together shall  constitute one and the same agreement and shall
become  binding  upon the  parties  when each  party has  executed  at least one
counterpart.

3.03 Severability.  Whenever possible, each provision of this Amendment shall be
interpreted  in such manner as to be effective and valid under  applicable  law,
but if any provision of this Amendment shall be  unenforceable  or invalid under
applicable law, such provision  shall be ineffective  only to the extent of such
enforceability  or invalidity,  and the  remanining  provisions of the Amendment
shall continue to be binding and in full force and effect. In the event that all
or any part of a provision of this Amendment shall be  unenforceable  or invalid
under  applicable  law, the parties  agree to  negotiate  in good faith  another
provision  which is as  similar  as  possible  in terms and  effect to the first
mentioned provision but which is enforceable and valid.

 3.04    Governing  Law. This  Amendment  shall be governed by and  construed
and enforced in accordance  with the laws of the State of New York applicable
to agreements made and to be performed entirely within the State of New York.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed, all as of the day and year first above written.

                                URSTADT BIDDLE PROPERTIES INC.

                                By:      _____________________________
                                                 Name:
                                                 Title:

                                THE BANK OF NEW YORK, as Rights Agent

                                By:      _____________________________
                                                  Name:
                                                  Title:EXHIBIT 10.19

                            STOCK PURCHASE AGREEMENT

This Stock Purchase  Agreement (the  "Agreement") is entered into as of December
11, 1998 among  Urstadt  Biddle  Properties  Inc., a Maryland  corporation  (the
"Company"),  and the persons set forth  onSchedule 1 and  signatory  hereto (the
"Purchasers").

WHEREAS,  each of the Purchasers desires to subscribe for and purchase,  and the
Company  desires  to sell to each such  Purchaser,  the  number  of shares  (the
"Shares") of the Class A Common  Stock of the Company,  par value $.01 per share
(the "Class A Common  Stock"),  set forth opposite the name of such Purchaser on
Schedule 1 hereto at a purchase price of $8.00 per Share.

NOW, THEREFORE, the parties agree as follows:

1.       Purchase of Shares

                  (a) Simultaneously with the execution of this Agreement,  each
         of the  Purchasers  shall  subscribe for and purchase,  and the Company
         shall  sell to each such  Purchaser,  the  number  of Shares  set forth
         opposite  the name of each such  Purchaser  on  Schedule  1 hereto at a
         purchase price of $8.00 per Share.

(b)                        In  consideration of such purchase and sale, (i) each
                           of the  Purchasers  shall  deliver  to the  Company a
                           certified  bank  check  payable  to the  order of the
                           Company or a wire transfer of  immediately  available
                           funds  to an  account  specified  by the  Company  in
                           writing to the  Purchaser  in the amount equal to (x)
                           $8.00  multiplied  by (y) the  number of  Shares  set
                           forth  opposite the name of the Purchaser on Schedule
                           1 hereto and (ii) the Company  shall  deliver to each
                           of the Purchasers certificates registered in the name
                           of the applicable  Purchaser  representing the number
                           of  Shares  set  forth   opposite  the  name  of  the
                           Purchaser on Schedule 1 hereto.

2.       Purchasers' Representations, Warranties and Agreements:

                  (a) Each of the Purchasers hereby represents and warrants that
         he is acquiring the Shares for  investment  for his own account and not
         with a view to, or for resale in connection  with, the  distribution or
         other   disposition   thereof.   Each  of  the  Purchasers  agrees  and
         acknowledges that he will not, directly or indirectly, offer, transfer,
         sell,  assign,  pledge,  hypothecate or otherwise dispose of any of the
         Shares  unless:   (i)  such   transfer,   sale,   assignment,   pledge,
         hypothecation  or  other   disposition  is  pursuant  to  an  effective
         registration statement under the Securities Act of 1933, as amended, or
         the rules and  regulations in effect  thereunder  (the "Act");  or (ii)
         counsel for the  Purchaser  (which  counsel  shall be acceptable to the
         Company) shall have furnished the Company with an opinion, satisfactory
         in form and  substance to the  Company,  that no such  registration  is
         required because of the availability of an exemption from  registration
         under the Act. Each of the Purchasers represents and warrants that this
         Agreement has been duly executed and delivered by such Purchaser.
<PAGE>

                  (b)      The certificate (or certificates) representing the
                           Shares shall bear the following legend:

         "THE SHARES  REPRESENTED BY THIS  CERTIFICATE  MAY NOT BE  TRANSFERRED,
         SOLD, ASSIGNED,  PLEDGED,  HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS
         SUCH  TRANSFER,  SALE,  ASSIGNMENT,   PLEDGE,  HYPOTHECATION  OR  OTHER
         DISPOSITION   COMPLIES  WITH  THE  PROVISIONS  OF  THE  STOCK  PURCHASE
         AGREEMENT  DATED AS OF  DECEMBER  11,  1998 AMONG THE  COMPANY  AND THE
         PURCHASERS  SIGNATORY  THERETO  (A COPY OF  WHICH  IS ON FILE  WITH THE
         SECRETARY OF THE  COMPANY).  NO  TRANSFER,  SALE,  ASSIGNMENT,  PLEDGE,
         HYPOTHECATION  OR OTHER  DISPOSITION OF THE SHARES  REPRESENTED BY THIS
         CERTIFICATE   MAY  BE  MADE  EXCEPT  (A)   PURSUANT  TO  AN   EFFECTIVE
         REGISTRATION  STATEMENT  UNDER THE  SECURITIES  ACT OF 1933, AS AMENDED
         (THE  "ACT"),  OR  (B)  IF  THE  COMPANY  HAS  BEEN  FURNISHED  WITH  A
         SATISFACTORY  OPINION OF COUNSEL  FOR THE  HOLDER  THAT SUCH  TRANSFER,
         SALE, ASSIGNMENT,  PLEDGE, HYPOTHECATION OR OTHER DISPOSITION IS EXEMPT
         FROM  THE  PROVISIONS  OF  SECTION  5 OF  THE  ACT  OR  THE  RULES  AND
         REGULATIONS IN EFFECT THEREUNDER."

                  (c) The Purchaser  acknowledges  that he has been advised that
         (i) the Shares have not been registered  under the Act, (ii) the Shares
         must be held  indefinitely  and the Purchaser must continue to bear the
         economic  risk of the  investment  in the Shares  unless the Shares are
         subsequently  registered  under  the  Act  or an  exemption  from  such
         registration is available, (iii) when and if the Shares may be disposed
         of without  registration  in reliance  on Rule 144 under the Act,  such
         disposition  can be made only in limited amounts in accordance with the
         terms and  conditions of such Rule,  (iv) a  restrictive  legend in the
         form  heretofore  set  forth  shall  be  placed  on  the   certificates
         representing  the  Shares  and  (v) a  notation  shall  be  made in the
         appropriate  records  of the  Company  indicating  that the  Shares are
         subject to restriction on transfer.

                  (d) If any Shares are to be  disposed  of in  accordance  with
         Rule 144  under  the Act or  otherwise,  each of the  Purchasers  shall
         promptly  notify the  Company of such  intended  disposition  and shall
         deliver to the Company at or prior to the time of such disposition such
         documentation as the Company may reasonably  request in connection with
         such sale and, in the case of a disposition pursuant to Rule 144, shall
         deliver  to the  Company  an  executed  copy of any  notice on Form 144
         required to be filed with the Securities and Exchange  Commission  (the
         "SEC").

                  (e) Each of the Purchasers represents and warrants that he has
         been given the opportunity to obtain all reports,  proxy statements and
         other  information filed by the Company with the SEC and any additional
         information or documents and to ask questions and receive answers about
         such  documents,  the Company and the business of the Company  which he
         deems  necessary  to  evaluate  the  merits  and risks  related  to his
         investment in the Shares and he has relied solely on such information.

                  (f) The Purchaser  further  represents  and warrants that: (i)
         his net worth and  financial  condition  are such that he can afford to
         bear the  economic  risk of  holding  the  unregistered  Shares  for an
         indefinite  period of time and has adequate means for providing for his
         current needs and personal contingencies,  (ii) he can afford to suffer
         a  complete  loss  of his  investment  in the  Shares,  and  (iii)  his
         knowledge and  experience  in financial  and business  matters are such
         that he is capable of  evaluating  the merits and risks of his purchase
         of the Shares as contemplated by this Agreement.
<PAGE>

3.       The Company's Representations and Warranties.

                  The Company  represents and warrants to each of the Purchasers
         that:  (i)  this  Agreement  has been  duly  authorized,  executed  and
         delivered  by the  Company;  and  (ii)  the  Shares,  when  issued  and
         delivered in accordance with the terms hereof, will be duly and validly
         issued, fully paid and nonassessable.

         4.       Registration of Shares

                  (a)  Registration  If the  company  at any  time  proposes  to
         register  any shares of its Class A Common  Stock under the Act whether
         or not for sale for its own account,  other than a registration on Form
         S-8 or S-4 or any  similar  forms  and  other  than a  registration  in
         respect of the Company's  dividend  reinvestment plan or other employee
         benefit plans it will each such time give prompt  written notice to all
         holders of Registrable Securities of its intention to do so and of such
         holders'  rights under this Paragraph (a) and, upon the written request
         of any holder of Registrable  Securities given to the Company within 30
         days after the Company has given any such notice  (which  request shall
         specify the Registrable  Securities  intended to be disposed of by such
         holder),   the  Company  will  use  its  best  efforts  to  effect  the
         registration  under the  Securities Act of all  Registrable  Securities
         which the  Company  has been so  requested  to  register  by the holder
         thereof,  to the  extent  required  to permit  the  disposition  of the
         Registrable  Securities so to be  registered,  provided that if, at any
         time after  giving  written  notice of its  intention  to register  any
         securities  and  prior  to  the  effective  date  of  the  registration
         statement filed in connection with such registration, the Company shall
         determine for any reason not to register such  securities,  the Company
         may, at its election, give written notice of such determination to each
         holder of Registrable  Securities that was previously  notified of such
         registration  and,  thereupon,   shall  not  register  any  Registrable
         Securities in connection with such registration (but shall nevertheless
         pay the  Registration  Expenses in connection  therewith).  The Company
         will pay all Registration Expenses in connection with each registration
         of Registrable Securities.

                  (b)  Registration  Procedures.  If and whenever the Company is
         required  to use its best  efforts  to effect the  registration  of any
         Registrable   Securities  under  the  Securities  Act  as  provided  in
         paragraph (a) the Company will promptly:  (1) furnish to each seller of
         such securities, without charge, such number of conformed copies of the
         registration  statement  with  respect to such  securities  and of each
         amendment  and  supplement  thereto  and such  number  of copies of the
         prospectus  included in such  registration  statement  (including  each
         preliminary prospectus), as such seller may reasonably request; (2) use
         its best efforts to comply with all applicable rules and regulations of
         the SEC;  (3)  notify  each  seller of any  securities  covered by such
         registration  statement (i) when such registration statement shall have
         become  effective,  or any amendment of or supplement to the prospectus
         used in connection therewith shall have been filed, (ii) of any request
         by the  Securities and Exchange  Commission to amend such  registration
         statement or to amend or supplement  such  prospectus or for additional
         information  and  (iii) of the  issuance  by the SEC of any stop  order

<PAGE>

         suspending the effectiveness of such  registration  statement or of any
         order  preventing or suspending the use of any prospectus;  and (4) use
         its best efforts to list such securities on any securities  exchange on
         which the Class A Common Stock is then listed.

         The  Company  may require  each  seller of any  securities  as to which
         registration   is  being  effected  to  furnish  to  the  Company  such
         information  regarding such seller as the Company may from time to time
         reasonably  request  in  writing  and as  shall be  required  by law in
         connection  therewith.  Each such holder agrees to furnish  promptly to
         the Company all  information  required to be disclosed in order to make
         the information  previously furnished to the Company by such holder not
         materially misleading.

         (c) Indemnification by the Company. In the event of any registration of
         any Registrable Securities under the Act pursuant to paragraph (a), the
         Company will indemnify and hold harmless each seller of such securities
         against any and all losses,  claims,  damages or liabilities,  joint or
         several  to which  such  seller  may  become  subject  under the Act or
         otherwise,  insofar as such losses,  claims, damages or liabilities (or
         actions or  proceedings  in respect  thereof) arise out of or are based
         upon  any  untrue  statement  or  alleged  untrue  statement  of a fact
         contained in any  registration  statement  under which such  securities
         were registered under the Act, any prospectus contained therein, or any
         amendment or supplement thereto, or any omission or alleged omission to
         state a fact required to be stated in any such registration  statement,
         prospectus, amendment or supplement or necessary to make the statements
         therein not misleading;  and the Company will reimburse such seller for
         any  legal  or any  other  expenses  reasonably  incurred  by  them  in
         connection  with  investigating  or  defending  any such  loss,  claim,
         liability,  action or proceeding provided that the Company shall not be
         liable  in any such  case to the  extent  that any  such  loss,  claim,
         damage,  liability or expense  arises out of or is based upon an untrue
         statement or omission made in such registration statement,  prospectus,
         amendment or supplement in reliance upon and in conformity with written
         information  furnished  to the Company by such seller or  participating
         person expressly for use in the preparation thereof.

         (d)  Indemnification by the Sellers In the event of any registration of
         any  Registrable  Securities  under the Act pursuant to Paragraph  (a),
         each of the  sellers  of  such  securities,  will  indemnify  and  hold
         harmless  the Company  against any and all losses,  claims,  damages or
         liabilities,  joint or several, to which the Company may become subject
         under the Act or otherwise,  insofar as such losses, claims, damages or
         liabilities (or actions or proceedings in respect thereof) arise out of
         or are based upon any untrue statement or alleged untrue statement of a
         fact contained in, or any omission or alleged  omission to state a fact
         with respect to such seller  required to be stated in any  registration
         statement under which such  securities  were registered  under the Act,
         any  prospectus  contained  therein,  or any  amendment  or  supplement
         thereto, if such statement or omission was made in reliance upon and in
         conformity  with written  information  furnished to the Company by such
         seller  expressly  for  use in the  preparation  of  such  registration
         statement,  prospectus,  amendment or  supplement;  and the seller will

<PAGE>

         reimburse  the Company for any legal or any other  expenses  reasonably
         incurred by them in connection with investigating or defending any such
         loss,  claim,  liability,  action  or  proceeding,  provided  that  the
         liability of each such seller will be in  proportion  to and limited to
         the  net  amount   received  by  such  seller   (after   deducting  any
         underwriting  discount  and  expenses)  from  the  sale of  Registrable
         Securities pursuant to such registration statement.

         (e) Other  Remedies  If for any reason the  foregoing  indemnity  under
         Paragraph  (c)  or (d)  is  unavailable,  or is  insufficient  to  hold
         harmless an  indemnified  party,  then the  indemnifying  party and the
         indemnified  party under  Paragraph (c) or (d) shall  contribute to the
         amount  paid or  payable by the  indemnified  party as a result of such
         losses, claims, damages, liabilities or expenses (i) in such proportion
         as is  appropriate  to reflect the relative  fault of the  indemnifying
         party on the one hand and the indemnified party on the other or (ii) if
         the  allocation  provided  by  clause  (i)  above is not  permitted  by
         applicable law, or provides a lesser sum to the indemnified  party than
         the amount hereinafter calculated, in such proportion as is appropriate
         to reflect not only the relative fault of the indemnifying party on the
         one hand and the  indemnified  party on the other but also the relative
         benefits  received by the indemnifying  party and the indemnified party
         from  the  offering  of  Registrable  Securities  as well as any  other
         relevant  equitable  considerations.  No person  guilty  of  fraudulent
         misrepresentation  (within  the  meaning  of Section 11 (f) of the Act)
         shall be entitled to contribution from any person who was not guilty of
         such  fraudulent  misrepresentation.  No  party  shall  be  liable  for
         contribution  under this  Paragraph  (e) except to the extent and under
         such  circumstances  as such party would have been liable to  indemnify
         under  Paragraph (c) or (d) if such  indemnification  were  enforceable
         under applicable law.

         (f)      Certain Definitions

                  "Registrable  Securities"  The shares of Class A Common  Stock
         issued  to  Purchasers  pursuant  to  this  Stock  Purchase  Agreement,
         provided that such securities shall cease to be Registrable  Securities
         when (a) a  registration  statement  with  respect  to the sale of such
         securities   shall  have  become  effective  under  the  Act  and  such
         securities  shall  have  been  disposed  of  in  accordance  with  such
         registration statement, (b) such securities shall have been distributed
         to the public in reliance upon Rule 144 or (c) such  securities  become
         saleable  pursuant to Rule 144 or (d) such  securities  shall have been
         held for a period of two years by Purchasers.

                  "Registration Expenses" All expenses incident to the Company's
         performance  of  its  obligation  in  compliance  with  Paragraph  (a),
         including,  but not limited to, all  registration  and filing fees, all
         fees and  expenses  associated  with listing  securities,  all printing
         expenses,  the fees and disbursements of counsel for the Company and of
         its  independent   public  accountants  and  the  reasonable  fees  and
         disbursements  of one law firm (but not more than one)  retained by the

<PAGE>

         holders of  Registrable  Securities  and  reasonably  acceptable to the
         Company, but not including any underwriting discounts or commissions or
         any  transfer  taxes  payable  in  respect  of the sale of  Registrable
         Securities by the holders thereof.

         5.       Binding Effect.  The provisions of this Agreement shall be
                  binding upon and accrue to the benefit of the parties
                  hereto and their respective heirs, legal representatives,
                  successors and assigns.

         6.       Amendment.  This Agreement may be amended only by a written
                  instrument signed by the parties hereto.

         7.       Applicable Law.  The laws of the State of New York shall
                  govern the interpretation, validity and performance of the
                  terms of this Agreement, regardless of the law that might be
                  applied under principles of conflicts of law.

         8.       Miscellaneous.  As used herein, masculine pronouns shall
                  include the feminine and neuter, as appropriate.  This
                  Agreement may be executed in two or more counterparts, each
                  of which shall be an original and all of which shall
                  constitute one and the same instrument.

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

                                       URSTADT BIDDLE PROPERTIES INC.

                                       By:      ________________________________
                                               Name:    James R. Moore
                                               Title:   Executive Vice President

                                       PURCHASERS:

                                       -----------------------------------
                                       Name:  Lee M. Comfort

                                       Comfort Employee Profit Sharing Plan

                                       By:

                                       Name: George V. Comfort

<PAGE>

                                   SCHEDULE 1

Name of Purchaser                               Number of Shares of
                                                Class A Common Stock Purchased

Lee M. Comfort                                  162,500
--------------------                            -------
Print Name                                      Insert Number of Shares

Name of Purchaser                               Number of Shares of
                                                Class A Common Stock Purchased

Comfort Employee Profit Sharing Plan            37,500
------------------------------------            ------
Print Name                                      Insert Number of Shares

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