Document:

AMENDED AND RESTATED
                          REGISTRATION RIGHTS AGREEMENT

      THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, dated as of June
20, 2005, (this "Agreement"), by and among First Union Real Estate Equity and
Mortgage Investments, an unincorporated association in the form of a business
trust organized in Ohio (the "Company"), and each of the Investors listed on
Schedule 1 attached hereto (referred to hereinafter collectively as the
"Investors" and individually as an "Investor").

                                    RECITALS:

            A. The Investors and the Company have entered into that certain
Securities Purchase Agreement, dated as of June 15, 2005 (the "Purchase
Agreement"), by and among the Company and the Investors pursuant to which the
Investors will purchase, contemporaneously with the execution and delivery of
this Agreement, 360,000 shares of Series B Cumulative Convertible Redeemable
Preferred Shares of the Company, which, together with the 3,640,000 shares of
Series B-1 Stock previously issued by the Company under the Securities Purchase
Agreement dated as of February 28, 2005 to which it is a party, will constitute
all of the issued and outstanding shares of Series B-1 Stock (collectively, the
"Series B-1 Stock"); and

            B. It is a condition precedent to the purchase of such Series B-1
Stock that the Company amend the Registration Rights Agreement, dated as of
February 28, 2005, with the investors who were signatories thereto, to add
certain Investors as parties to such agreement and to provide for certain
additional agreements and obligations of the parties following the Closing.

                                   AGREEMENT:

            NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants and agreements contained herein and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged,
intending to be legally bound, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

            SECTION 1.1 Definitions. The following terms shall have the meanings
ascribed to them below:

            "Affiliate" has the meaning set forth in the Investors' Rights
Agreement.

            "Agreement" means the Registration Rights Agreement dated February
28, 2005, by and among the Company and the Investors, as amended and restated on
the date hereof, and as further amended, modified or supplemented from time to
time, in accordance with the terms hereof, together with any exhibits, schedules
or other attachments thereto.

<PAGE>

            "Board" or "Board of Trustees" shall mean the Board of Trustees of
the Company.

            "Commission" means the United States Securities and Exchange
Commission, or any other federal agency at the time administering the Securities
Act.

            "Common Stock" means the common shares of beneficial interest, par
value $1.00 per share, of the Company or other publicly traded securities into
which the Series B-1 Stock is now or hereafter convertible.

            "Company" has the meaning set forth in the preamble to this
Agreement.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

            "Holder" means Investor.

            "Holders' Counsel" has the meaning set forth in Section 2.4.

            "Indemnified Party" has the meaning set forth in Section 3.1(c).

            "Indemnifying Party" has the meaning set forth in Section 3.1(c).

            "Inspectors" has the meaning set forth in Section 2.5(l).

            "Institutional Investor" has the meaning set forth in the Investors'
Rights Agreement.

            "Investor" has the meaning set forth in the preamble of this
Agreement.

            "Investors' Rights Agreement" shall mean that certain Amended and
Restated Investors' Rights Agreement, dated as of the date hereof, by and among
the Company and the Investors.

            "Other Transferee" has the meaning set forth in the Investors'
Rights Agreement.

            "Person" means any natural person, corporation, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization or
government or other agency or political subdivision thereof.

            "Piggy-Back Registration" has the meaning set forth in Section
2.3(a).

            "Preferred Registration Statement" has the meaning given in Section
2.2.

            "Purchase Agreement" has the meaning set forth in the recitals.

            "Records" has the meaning set forth in Section 2.5(l).

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            "Registration Expenses" has the meaning set forth in Section 3.2.

            "Registrable Securities" means the Series B-1 Stock, the shares of
Common Stock into which the Series B-1 Stock are convertible and any additional
shares of Common Stock acquired by a Holder of Series B-1 Stock by way of a
dividend, stock split, preemptive rights, recapitalization or other distribution
in respect of the Series B-1 Stock. As to any particular Registrable Securities,
once issued such securities shall cease to be Registrable Securities when (i) a
Registration Statement with respect to the sale of such shares of Common Stock
has been declared effective by the Commission and such shares of Common Stock
have been disposed of pursuant to such effective Registration Statement, (ii) in
the opinion of counsel reasonably satisfactory to the Company and the Holder
such shares of Common Stock shall have been or could be sold under Rule 144(k)
(or any similar provisions then in force) under the Securities Act, or (iii)
such shares of Common Stock shall have ceased to be outstanding.

            "Registration Statement" means any registration statement of the
Company which covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including the prospectus, amendments and
supplements to such Registration Statement, including post-effective amendments,
all exhibits and all material incorporated by reference in such Registration
Statement.

            "Securities Act" means the Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect at the time.

            "Selling Holder" means a Holder who is selling Registrable
Securities pursuant to a Registration Statement under the Securities Act
pursuant to a Registration Statement under the Securities Act.

            "Series B-1 Stock" has the meaning set forth in the recitals.

            "Shelf Effective Period" has the meaning set forth in Section 2.1.

            "Shelf Registration Statement" has the meaning set forth in Section
2.1.

            "Underwriter" means a securities dealer who purchases any
Registrable Securities as principal in an underwritten offering and not as part
of such dealer's market-making activities.

            "Violation" has the meaning set forth in Section 3.1(a).

                                   ARTICLE II
                               REGISTRATION RIGHTS

            SECTION 2.1 Shelf Registration.

                  (a) Shelf Registration. Prior to February 28, 2007, the
Company shall prepare and file with the Commission a Registration Statement for
an offering to be made on a continuous basis pursuant to Rule 415 under the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission, covering all of the
Common Stock issuable upon conversion of the Series B-1 Stock held by each of
the Holders (the "Shelf Registration Statement"). The Shelf Registration
Statement shall be on Form S-3 (or any successor form then in effect) under the

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Securities Act (or another appropriate form reasonably acceptable to the
Holders) permitting registration of such Registrable Securities for resale by
each of the Holders in the manner or manners designated by them. The Company
shall use its commercially reasonable efforts to effect such registration
(including, without limitation, appropriate qualification under applicable blue
sky or other state securities laws and appropriate compliance with applicable
regulations issued under the Securities Act and any other governmental
requirements or regulations) by February 28, 2007, and shall use its
commercially reasonable efforts to keep such Shelf Registration Statement
continuously effective under the Securities Act until such time as when all of
the Registrable Securities covered by such Shelf Registration Statement have
ceased to be Registrable Securities (the "Shelf Effective Period").

                  (b) If as determined by Investors holding a majority of the
Registrable Securities any offering pursuant to a Registration Statement
pursuant to Section 2.1 hereof involves an underwritten offering, the Company
shall have the right to select legal counsel and an investment banker or bankers
and manager or managers to administer the offering, which investment banker or
bankers or manager or managers shall be reasonably satisfactory to the
Investors; provided, however, that the Investors shall not be entitled to effect
more than two (2) underwritten offerings under the Shelf Registration Statement
unless the Investors are unable to sell, through the commercially reasonable
efforts of the Company, the managing underwriter and the Investors, at least
2,400,000 shares of Common Stock in the aggregate in both such offerings and any
underwritten offerings pursuant to Section 2.3 below, in which case the
Investors shall be entitled to one (1) additional underwritten offering pursuant
to the Shelf Registration Statement. In any event, the Investors will not be
entitled to effect more than one underwritten public offering per year pursuant
to the Shelf Registration Statement. In the event of any underwritten public
offering pursuant to this Section 2.1, the Company and the Investors shall use,
and the Company shall cause any other securityholder covered by the registration
statement to agree to use, commercially reasonable efforts to cooperate with
each other and the managing underwriters in such offering, including entering
into underwriting agreements and lock-up agreements in customary form for
issuers or selling shareholders, as applicable, and the Company furnishing
customary opinions of counsel and comfort letters and participating in investor
presentations or road shows. Any lock-up agreements, underwriting agreements, or
other agreements or waivers entered into by the Investors in connection with
such underwriting shall offer terms that are substantially similar to all
Investors. Except for such number of securities as shall, in the reasonable
opinion of the managing underwriters for any underwritten offering, not exceed
the maximum number of securities practicable to include in such offering, any
underwritten offering effected pursuant to this Section 2.1(a) shall include
only Registrable Securities.

            SECTION 2.2 Contingent Registration Rights on Series B-1 Stock. On
or prior to February 28, 2010, if at least 70% of the originally issued Series
B-1 Stock remains outstanding, the Company shall prepare and file with the
Commission a Registration Statement registering the resale of such Series B-1
Stock under the Securities Act, covering all of the Series B-1 Stock held by
each of the Holders (the "Preferred Registration Statement"). The Company shall

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use its commercially reasonable efforts to effect such registration (including,
without limitation, appropriate qualification under applicable blue sky or other
state securities laws and appropriate compliance with applicable regulations
issued under the Securities Act and any other governmental requirements or
regulations) as promptly as possible after the filing thereof.

            SECTION 2.3 Piggy-Back Registration.

                  (a) Notice of Registration. If at any time after the date
hereof and prior to February 28, 2010, the Company proposes to file a
registration statement under the Securities Act with respect to an offering by
the Company for its own account (other than a registration statement with
respect to a rights offering to holders of Common Stock or securities
convertible into or exercisable for Common Stock, or on Form S-4 or S-8 (or any
substitute form that may be adopted by the Commission)) or for the account of
any of its security holders, the Company will give to each Holder written notice
of such filing at least 20 days prior to filing such registration statement and
such notice shall offer the Holders the opportunity to register the number of
Registrable Securities as each such Holder may request in writing. Upon the
written request of such Holder made within ten days after receipt of such notice
by the Company (which request shall specify the Registrable Securities intended
to be disposed of by such Holder), the Company shall include in such
registration all of the Registrable Securities specified in such request or
requests in accordance with the provisions of this Section 2.3 (a "Piggy-Back
Registration"). (b) Underwriting. If the registration of which the Company gives
notice is for a registered public offering involving an underwriting, the
Company shall so advise the Holders as a part of the written notice given
pursuant to Section 2.3(a) hereof. In such event, the right of any Holder to
registration pursuant to Section 2.3(a) hereof shall be conditioned upon such
Holder's participation in such underwriting and the inclusion of Registrable
Securities in the underwriting to the extent provided herein. All Holders
proposing to distribute their securities through such underwriting shall
(together with the Company) enter into an underwriting agreement in customary
form for selling shareholders (which in any event shall limit any Holder's
indemnification and contribution obligation in the same manner as Section 3.1
hereof) with the managing Underwriter selected for such underwriting by the
Company. The Company shall use its commercially reasonable efforts to cause the
managing Underwriter to permit the Registrable Securities requested to be
included in a Piggy-Back Registration to be included on the same terms and
conditions as any similar securities of the Company (whether sold by the Company
or a security holder other than a Holder) included therein and to permit the
sale or other disposition of such Registrable Securities in accordance with the
intended method of distribution thereof. Notwithstanding anything to the
contrary contained herein, if the managing underwriter advises the Company in
writing that in its reasonable opinion the number of equity securities requested
to be included in such Piggy-Back Registration exceeds the number which can be
sold in such offering, the Company will include in such Piggy-Back Registration:
(i) first, the number of shares to be offered by the Company; (ii) second, the
number of shares of Common Stock requested to be included by the security
holders of the Company exercising their demand registration rights; and (iii)
third, that number of other shares of Common Stock proposed to be included in
such Piggy-Back Registration, pro rata among all other security holders of the
Company (including the Holders) exercising their respective piggy-back
registration rights thereof based upon the aggregate number which such holders
(including the Holders) propose to include in such Piggy-Back Registration; and
the Company shall so advise all Holders of such limitation (or exclusion, if
applicable).

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<PAGE>

                  (c) Right to Terminate Registration.

                        (i) The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 2.3 prior to the
effectiveness of the related Registration Statement and shall have no obligation
to register any Registrable Securities in connection with such registration,
except to the extent provided herein. The Registration Expenses of such
withdrawn Piggy-Back Registration shall be borne by the Company in accordance
with Section 2.4 hereof.

                        (ii) Any Holder shall have the right to withdraw its
request for inclusion of its Registrable Securities in any Piggy-Back
Registration by giving written notice to the Company of its request to withdraw
prior to the planned effective date of the related Registration Statement.

                  (d) Failure to Effect. No registration effected under this
Section 2.3, and no failure to effect a registration under this Section 2.3,
shall relieve the Company of its obligation to effect and maintain the Shelf
Registration pursuant to Section 2.1 hereof, and no failure to effect a
registration under this Section 2.3 and to complete the sale of the Registrable
Securities in connection therewith, shall relieve the Company of any other
obligation under this Agreement (including, without limitation, the Company's
obligations under Sections 2.4 and 3.1).

            SECTION 2.4 Registration Expenses. In connection with registrations
pursuant to Sections 2.1, 2.2 and 2.3 hereof, the Company shall pay all of the
registration expenses incurred in connection with the registration thereunder
(the "Registration Expenses"), including, without limitation, all: (i)
reasonable registration and filing fees, (ii) reasonable fees and expenses of
compliance with securities or blue sky laws (including reasonable fees and
disbursements of counsel in connection with blue sky qualifications of the
Registrable Securities), (iii) reasonable processing, duplicating and printing
expenses, (iv) of the Company's internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), (v) fees and expenses incurred in connection with
the listing of the Registrable Securities or Series B-1 Stock, (vi) fees and
disbursements of counsel for the Company and fees and expenses for independent
certified public accountants retained by the Company (including the expenses of
any comfort letters or costs associated with the delivery by independent
certified public accountants of a comfort letter or comfort letters requested
but not the cost of any audit other than a year end audit), (vii) fees and
expenses of any special experts retained by the Company in connection with such
registration, and (viii) reasonable fees and expenses of one firm of counsel for
the Holders to be selected by the Holders of a majority of the Registrable
Securities to be included in such registration ("Holders' Counsel").
Notwithstanding the foregoing, each Selling Holder shall be responsible for any
underwriting fees, discounts or commissions attributable to the sale of
Registrable Securities or Series B-1 Stock of such Selling Holder and, in the
case of any underwritten public offering pursuant to Section 2.1, the Selling
Holders whose Registrable Securities are included in such underwriting and the
Company shall each be responsible for their respective ratable portions of 50%
of the Registration Expenses (other than expenses pursuant to clause (iv), which
shall be paid solely by the Company, and other than underwriting fees,
discounts, commissions of each Selling Holder, which shall be paid solely by
each Selling Holder) until the aggregate Registration Expenses incurred for such
offering exceed $250,000, and thereafter such Selling Holders shall be solely
responsible for all Registration Expenses other than expenses pursuant to clause
(iv).

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<PAGE>

            SECTION 2.5 Registration Procedures. In the case of each
registration effected by the Company pursuant to this Agreement, the Company
will keep each Holder who is entitled to registration rights hereunder advised
in writing as to the initiation of each registration and as to the completion
thereof. In connection with any such registration:

                  (a) The Company will promptly prepare and file with the
Commission a Registration Statement on Form S-3 (or any successor form then in
effect) under the Securities Act (or another appropriate form reasonably
acceptable to the Holders), will include in such Registration Statement such
information as the Holders shall reasonably request, and use its commercially
reasonable efforts to cause such Registration Statement to become and remain
effective until the completion of the distribution contemplated thereby;
provided, however, the Company shall not be required to keep such Registration
Statement effective for more than (i) 180 days in the case of registrations
effected pursuant to Section 2.2 or 2.3 hereof (or such shorter period which
will terminate when all Registrable Securities covered by such Registration
Statement have been sold), or (ii) the Shelf Effective Period in the case of a
Shelf Registration Statement.

                  (b) The Company will promptly prepare and file with the
Commission such amendments and post-effective amendments to each Registration
Statement as may be necessary to keep such Registration Statement effective for
as long as such registration is required to remain effective pursuant to the
terms hereof; cause the prospectus to be supplemented by any required prospectus
supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the
Securities Act; and comply with the provisions of the Securities Act applicable
to it with respect to the disposition of all Registrable Securities covered by
such Registration Statement during the applicable period in accordance with the
intended methods of disposition by the Selling Holders set forth in such
Registration Statement or supplement to the prospectus.

                  (c) The Company, at least 10 days prior to filing a
Registration Statement or at least five days prior to filing a prospectus or any
amendment or supplement to such Registration Statement or prospectus, will
furnish to (i) each Selling Holder, (ii) Holders' Counsel and (iii) each
Underwriter, if any, of the Registrable Securities covered by such Registration
Statement copies of such Registration Statement and each amendment or supplement
as proposed to be filed, together with exhibits thereto, which documents will be
subject to reasonable review and approval (which approval may not be
unreasonably withheld) by each of the foregoing within five days after delivery
(except that such review and approval of any prospectus or any amendment or
supplement to such Registration Statement or prospectus must be within three
days), and thereafter, furnish to such Selling Holders, Holders' Counsel and
Underwriters, if any, such number of copies of such Registration Statement, each
amendment and supplement thereto (in each case including all exhibits thereto
and documents incorporated by reference therein), the prospectus included in
such Registration Statement (including each preliminary prospectus) and such
other documents or information as such Selling Holders, Holders' Counsel or
Underwriters may reasonably request in order to facilitate the disposition of

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the Registrable Securities; provided, however, that notwithstanding the
foregoing, if the Company intends to file any prospectus, prospectus supplement
or prospectus sticker which does not make any material changes in the documents
already filed (including, without limitation, any prospectus under Rule 430A or
424(b)), then Holders' Counsel will be afforded such opportunity to review such
documents prior to filing consistent with the time constraints involved in
filing such document, but in any event no less than one day.

                  (d) The Company will promptly notify each Selling Holder of
any stop order issued or threatened by the Commission and take all reasonable
actions required to prevent the entry of such stop order or to remove it at the
earliest possible moment if entered.

                  (e) On or prior to the date on which the Registration
Statement is declared effective by the Commission, the Company will use all
commercially reasonable efforts to (i) register or qualify the Registrable
Securities under such other securities or blue sky laws of such jurisdictions in
the United States as any Selling Holder reasonably (in light of such Selling
Holder's intended plan of distribution) requests, and (ii) file all of the
documents required to register such Registrable Securities with or approved by
such other governmental agencies or authorities in the United States as may be
necessary by virtue of the business and operations of the Company and do any and
all other acts and things that may be reasonably necessary or advisable to
enable such Selling Holder to consummate the disposition of the Registrable
Securities owned by such Selling Holder; provided that the Company will not be
required to (A) qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this paragraph (e), (B)
subject itself to taxation in any such jurisdiction or (C) consent to general
service of process in any such jurisdiction.

                  (f) The Company will notify each Selling Holder, Holders'
Counsel and any Underwriter promptly and (if requested by any such Person)
confirm such notice in writing, (i) when a prospectus or any prospectus
supplement or post-effective amendment has been filed and, with respect to a
Registration Statement or any post-effective amendment, when the same has become
effective, (ii) of any request by the Commission or any other federal or state
governmental authority for amendments or supplements to a Registration Statement
or prospectus or for additional information to be included in any Registration
Statement or prospectus or otherwise, (iii) of the issuance by any state
securities commission or other regulatory authority of any order suspending the
qualification or exemption from qualification of any of the Registrable
Securities under state securities or "blue sky" laws or the initiation of any
proceedings for that purpose, and (iv) of the happening of any event which makes
any statement made in a Registration Statement or related prospectus or any
document incorporated or deemed to be incorporated by reference therein untrue
or which requires the making of any changes in such Registration Statement,
prospectus or documents so that they will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements in the Registration Statement and prospectus
not misleading in light of the circumstances in which they were made; and, as
promptly as practicable thereafter, prepare and file with the Commission and
furnish a supplement or amendment to such prospectus so that, as thereafter
deliverable to the purchasers of such Registrable Securities, such prospectus
will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.

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<PAGE>

                  (g) The Company, during the period when the prospectus is
required to be delivered under the Securities Act, promptly will file all
documents required to be filed with the Commission pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act.

                  (h) The Company shall cause all such Registrable Securities
registered pursuant hereunder to be listed on each securities exchange on which
similar securities of the same class issued by the Company are then listed.

                  (i) The Company shall otherwise comply with all applicable
rules and regulations of the Commission.

                  (j) The Company may require each Selling Holder to promptly
furnish in writing to the Company such information regarding the distribution of
such Person's Registrable Securities as the Company may from time to time
reasonably request and such other information as may be legally required in
connection with such registration including, without limitation, all such
information as may be requested by the Commission. The Company may exclude from
such Registration Statement any Selling Holder who fails to provide such
information.

                  (k) Each Selling Holder agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in
Section 2.5(f) hereof, such Selling Holder will forthwith discontinue the
disposition of such Person's Registrable Securities pursuant to the Registration
Statement covering such Registrable Securities until such Selling Holder's
receipt of the copies of the supplemented or amended prospectus contemplated by
Section 2.5(f) hereof, and, if so directed by the Company, such Selling Holder
will deliver to the Company all copies, other than permanent file copies then in
such Selling Holder's possession, of the most recent prospectus covering such
Person's Registrable Securities at the time of receipt of such notice. In the
event the Company shall give such notice, the Company shall extend the period
during which such Registration Statement shall be maintained effective
(including the period referred to in Section 2.5(a) hereof) by the number of
days during the period from and including the date of the giving of notice
pursuant to Section 2.5(f) hereof to the date when the Company shall make
available to the Selling Holders covered by such Registration Statement a
prospectus supplemented or amended to conform with the requirements of Section
2.5(f) hereof.

                  (l) The Company will make available for inspection, during
normal business hours and upon reasonable notice, by (i) any Investor or its
representatives (collectively, the "Inspectors") such information or
documentation (the "Records"), as shall be reasonably deemed necessary by each
Inspector to enable each Inspector to perform its due diligence, and cause the
Company's officers, directors and employees to supply all information which any
Inspector may reasonably request for purposes of such due diligence; provided,
however, that each Inspector shall hold in confidence and shall not make any
disclosure (except to the Inspectors) of any Record or other information which
the Company determines in good faith to be confidential, and of which
determination the Inspectors are so notified, unless (a) the disclosure of such
Records is necessary to avoid or correct a material misstatement or omission in
any Registration Statement, (b) the release of such Records is ordered pursuant
to a subpoena or other order from a court or government body of competent

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jurisdiction, or (c) the information in such Records has been made generally
available to the public other than by disclosure in violation of this or any
other agreement. The Company shall not be required to disclose any confidential
information in such Records to any Inspector until and unless such Inspector
shall have entered into confidentiality agreements (in form and substance
satisfactory to the Company) with the Company with respect thereto,
substantially in the form of this Section 2.5(l). Each Investor agrees that upon
learning that the release of such Records is ordered pursuant to a subpoena or
other order from a court or government body of competent jurisdiction, it shall
give prompt notice to the Company and allow the Company, at its expense, to
undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, the Records deemed confidential. Nothing herein shall be deemed to
limit the Investors' ability to sell Registrable Securities in a manner which is
otherwise consistent with applicable laws and regulations.

                  (m) The Company shall not grant registration rights to any
third party that would result in a violation of its obligations under this
Agreement.

                                   ARTICLE III
                                 INDEMNIFICATION

            SECTION 3.1 In the event any Registrable Securities are included in
a Registration Statement under Article II:

                  (a) The Company will indemnify and hold harmless each Selling
Holder, each of its officers, directors, partners and trustees, and each person
controlling such Selling Holder within the meaning of Section 15 of the
Securities Act, with respect to which registration, qualification or compliance
has been effected pursuant to Article II, and each Underwriter, if any, and each
Person who controls such Underwriter within the meaning of Section 15 of the
Securities Act, against all expenses (including reasonable costs of
investigation), claims, losses, damages or liabilities, or actions in respect
thereof, including any of the foregoing incurred in settlement of any
litigation, commenced or threatened, arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any
Registration Statement, prospectus, or any amendment or supplement thereto, or
based on any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading, or any
violation or alleged violation by the Company of the Securities Act, the
Exchange Act or any state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law in
connection with any such registration, qualification or compliance
("Violation"), and the Company will reimburse each such Selling Holder, each of
its officers, directors, and partners and each Person controlling such Selling
Holder, each such Underwriter and each Person who controls any such Underwriter,
for any legal and any other expenses (as such legal or other expenses are
incurred) reasonably incurred in connection with investigating, preparing or
defending any such claim, loss, damage, liability or action, provided that the
Company will not be liable in any such case to the extent that any such claim,
loss, damage, liability or expense arises out of or is based on any untrue

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statement or omission or alleged untrue statement or omission, made in reliance
upon and in conformity with written information furnished to the Company by an
instrument duly executed by such Selling Holder, controlling Person or
Underwriter and stated to be specifically for use therein and provided further
that the Company will not be liable for the failure of any Selling Holder to
send a copy of a final prospectus, amendment or supplement to the claimant if
copies of such final prospectus, amendment or supplement were made available to
the Selling Holder by the Company and the claim would not have arisen if the
final prospectus, amendment or supplement had been delivered to the claimant.

                  (b) Each Selling Holder will, if such Person's Registrable
Securities are included in the securities as to which such registration,
qualification or compliance is being effected, indemnify the Company, each of
its directors and officers, each Underwriter, if any, of the Company's
securities covered by such a Registration Statement, each Person who controls
the Company or such Underwriter within the meaning of Section 15 of the
Securities Act, and each other Selling Holder, each of its officers, directors
and partners and each Person controlling such Selling Holder within the meaning
of Section 15 of the Securities Act, against all expenses (including reasonable
costs of investigation), claims, losses, damages or liabilities, or actions in
respect thereof, arising out of or based on any Violation, and will reimburse
the Company, such other Selling Holders, such directors, officers, Persons,
Underwriters or control Persons for any legal or any other expenses reasonably
incurred in connection with investigating or defending any such claim, loss,
damage, liability or action, in each case to the extent, but only to the extent,
that such Violation is made in such Registration Statement, prospectus,
amendment or supplement in reliance upon and in conformity with written
information furnished to the Company by an instrument duly executed by such
Selling Holder and stated to be specifically for use therein. A Selling Holder
will not be required to enter into any agreement or undertaking in connection
with any registration under Article II providing for any indemnification or
contribution on the part of such Selling Holder greater than the Selling
Holder's obligations under this Section 3.1(b). Notwithstanding anything in this
Section 3.1(b), the aggregate amount which may be recovered from any Selling
Holder pursuant to the indemnification provided for in this Section 3.1(b) shall
be limited to the total proceeds received by such Selling Holder from the sale
of such Selling Holder's Registrable Securities or Series B-1 Stock or Series
B-1 Stock (net of underwriting discounts and commissions) and the obligations of
each Selling Holder pursuant to this Section 3.1 shall be individual and not
several or joint and several.

                  (c) Each party entitled to indemnification under this Article
III (the "Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claims as to which indemnity may be sought and the
Indemnifying Party shall assume the defense thereof, including the employment of
counsel reasonably satisfactory to a majority of the Selling Holders and payment
of all fees and expenses. The failure of any Indemnified Party to give notice as
provided herein shall not relieve the Indemnifying Party of its obligations
under this Section 3.1, except to the extent that the Indemnifying Party is
actually prejudiced by such failure to give notice. Such Indemnified Party shall
have the right to retain separate counsel with respect to the defense of a
claim, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Party unless (i) the Indemnifying Party has agreed in writing to pay
such fees and expenses, (ii) the Indemnifying Party has failed to assume the
defense and retain counsel within a reasonable time after notice of such claim,
or (iii) the Indemnified Party shall have reasonably concluded that a conflict
of interest between such Indemnified Party and Indemnifying Party may exist in
respect of such claim. After the occurrence of an event specified in clause (ii)

                                      -11-
<PAGE>

or (iii) of the preceding sentence, the Indemnifying Party may not assume the
defense for such claim. It is understood, however, that the Company shall, in
connection with any one such claim, be liable for the fees and expenses of only
one separate firm of attorneys (in addition to local counsel) at any time for
all such Selling Holders not having actual or potential differing interests,
which firm shall be designated in writing by a majority of the Selling Holders,
and all such fees and expenses shall be reimbursed within 30 days after such
fees and expenses are incurred. The Indemnifying Party will not, without the
prior written consent of each Indemnified Party, settle or compromise or consent
to the entry of any judgment in any pending or threatened claim, action, suit or
proceeding in respect of which indemnification may be sought hereunder (whether
or not such Indemnified Party or any Person who controls such Indemnified Party
is a party to such claim, action, suit or proceeding), if such settlement,
compromise or consent (i) does not include an unconditional release of such
Indemnified Party from all liability and no finding of liability arising out of
such claim, action, suit or proceeding or (ii) requires anything from the
Indemnified Party other than the payment of money damages which the Indemnifying
Party has agreed to pay in full.

                  (d) If the indemnification provided for in this Section 3.1 is
held by a court of competent jurisdiction to be unavailable to an Indemnified
Party with respect to any losses, claims, damages or liabilities referred to
herein, the Indemnifying Party, in lieu of indemnifying such Indemnified Party
thereunder, shall to the extent permitted by applicable law contribute to the
amount paid or payable by such Indemnified Party as a result of such loss,
claim, damage or liability, fees and expenses in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party on the one
hand and of the Indemnified Party on the other in connection with the
Violation(s) that resulted in such loss, claim, damage or liability, as well as
any other relevant equitable considerations. The relative fault of the
Indemnifying Party and of the Indemnified Party shall be determined by a court
of law by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates to
information supplied by the Indemnifying Party or by the Indemnified Party and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. Notwithstanding anything in
this Section 3.1(d), the aggregate amount which may be recovered from any
Selling Holder pursuant to the contribution provided for in this Section 3.1(d)
shall be limited to the total proceeds received by such Selling Holder from the
sale of such Selling Holder's Registrable Securities (net of underwriting
discounts and commissions), less any amounts recovered from such Selling Holder
under Section 3.1(b).

                                   ARTICLE IV
                        ASSIGNMENT OF REGISTRATION RIGHTS

            SECTION 4.1 Assignment of Registration Rights. Each Investor may
assign its rights, interests and obligations under this Agreement to any: (i)
direct or indirect partner, investor or participant of such Investor; (ii) other
Investor or Person who becomes a holder of Registrable Securities; or (iii)
Affiliate of such Investor, in connection with a transfer of shares of Series
B-1 Stock and/or Common Stock to such Person in accordance with the Investors'
Rights Agreement; provided, that in the event of such assignment, the assignee
shall sign a signature page to this Agreement and shall thereby become an
Investor and shall have the rights and be bound by the provisions of this
Agreement.

                                      -12-
<PAGE>

                                    ARTICLE V
                                  MISCELLANEOUS

            SECTION 5.1 Rule 144 Reporting. With a view to making available the
benefits of certain rules and regulations of the Commission which may at any
time permit the sale of the Registrable Securities to the public without
registration, the Company agrees, so long as there are outstanding Registrable
Securities, to use its commercially reasonable efforts to:

                  (a) to file with the Commission in a timely manner all reports
and other documents as the Commission may prescribe under Section 13(a) or 15(d)
of the Exchange Act at any time while the Company is subject to such reporting
requirements of the Exchange Act; and

                  (b) furnish to the Holders forthwith upon a reasonable request
a written statement by the Company as to its compliance with the reporting
requirements of Rule 144(c) under the Securities Act.

            SECTION 5.2 Holdback Agreement. Subject to the provisions hereof, in
the event the Company or the Holders propose to enter into an underwritten
public offering, each Holder or the Company, as the case may be, entering into
such underwritten offering agrees to enter into a customary agreement (including
customary carve-outs) with the managing Underwriters not to effect any sale or
distribution of equity securities of the Company, or any securities convertible,
exchangeable or exercisable for or into such securities, during the period
beginning on the date of such offering and extending for up to 180 days if so
requested by the Company or the Holders and the Underwriters, provided that (i)
no Holder shall be required to enter into such agreement to the extent that none
of such Holder's Registrable Securities are sold in such underwritten offering
and (ii) any such agreement shall only be enforceable against a Holder to the
extent that such Holder's Registrable Securities were actually sold in such
underwritten offering.

            SECTION 5.3 Termination of Registration Rights. The rights granted
under this Agreement shall terminate, as to any Selling Holder, on the date on
which such Selling Holder no longer owns Registrable Securities, except that the
rights granted by Section 2.3 shall terminate on the second anniversary of the
date of execution of this Agreement.

            SECTION 5.4 Amendment and Modification. This Agreement may be
amended, modified and supplemented, and any of the provisions contained herein
may be waived, only by a written instrument signed by the Company and the
Holders holding a majority of the Registrable Securities, including securities
convertible into Registrable Securities. No course of dealing between or among
any Persons having any interest in this Agreement will be deemed effective to
modify, amend or discharge any part of this Agreement or any rights or
obligations of any Person under or by reason of this Agreement.

                                      -13-
<PAGE>

            SECTION 5.5 Binding Effect; Entire Agreement. This Agreement and all
of the provisions hereof shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns and executors,
administrators and heirs to the extent provided, and subject to the provisions
of, Section 4.1. This Agreement sets forth the entire agreement and
understanding between the parties as to the subject matter hereof and merges and
supersedes all prior discussions, agreements and understandings of any and every
nature among them.

            SECTION 5.6 Severability. In the event that any provision of this
Agreement or the application of any provision hereof is declared to be illegal,
invalid or otherwise unenforceable by a court of competent jurisdiction, the
remainder of this Agreement shall not be affected except to the extent necessary
to delete such illegal, invalid or unenforceable provision unless that provision
held invalid shall substantially impair the benefits of the remaining portions
of this Agreement.

            SECTION 5.7 Notices and Addresses. Any notice, demand, request,
waiver, or other communication under this Agreement shall be in writing and
shall be deemed to have been duly given on the date of service, if personally
served or sent by facsimile; on the business day after notice is delivered to a
courier or mailed by express mail, if sent by courier delivery service or
express mail for next day delivery; and on the third day after mailing, if
mailed to the party to whom notice is to be given, by first class mail,
registered, return receipt requested, postage prepaid and addressed as follows:

            If to the Company:

            First Union Real Estate Equity and Mortgage Investments
            7 Bulfinch Place, Suite 500,
            P.O. Box 9507,
            Boston, Massachusetts  02114
            Facsimile: (617) 570-4746
            Telephone: (617) 570-4600
            E-mail: asst@wfajericho.com

            with a copy (which shall not constitute notice) to:

            Katten Muchin Rosenman LLP
            575 Madison Avenue
            New York, New York  10022
            Attention: Mark I. Fisher, Esq.
            Facsimile: (212) 940-8776
            Telephone: (212) 940-8800
            E-mail: mark.fisher@kattenlaw.com

            If to any Holder, at the most current address, and with a copy to be
sent to each additional address, given by such Holder to the Company in writing,
and copies (which shall not constitute notice) sent to:

                                      -14-
<PAGE>

            Mark Weissler, Esq.
            Milbank, Tweed, Hadley & McCloy LLP
            1 Chase Manhattan Plaza
            New York, NY 10005
            Facsimile: (212) 822-5446
            Telephone: (212) 530-5446
            E-mail: mweissler@milbank.com

            SECTION 5.8 Governing Law. This Agreement and (unless otherwise
provided) all amendments hereof and waivers and consents hereunder shall be
governed by the internal Laws of the State of New York, without regard to the
conflicts of Law principles thereof which would specify the application of the
Law of another jurisdiction.

            SECTION 5.9 Headings. The headings in this Agreement are for
convenience of reference only and shall not constitute a part of this Agreement,
nor shall they affect their meaning, construction or effect.

            SECTION 5.10 Counterparts. This Agreement may be executed via
facsimile and in any number of counterparts, each of which shall be deemed to be
an original instrument and all of which together shall constitute one and the
same instrument.

            SECTION 5.11 Further Assurances. Each party shall cooperate and take
such action as may be reasonably requested by another party in order to carry
out the provisions and purposes of this Agreement and the transactions
contemplated hereby.

            SECTION 5.12 Remedies. In the event of a breach or a threatened
breach by any party to this Agreement of its obligations under this Agreement,
any party injured or to be injured by such breach will be entitled to specific
performance of its rights under this Agreement or to injunctive relief, in
addition to being entitled to exercise all rights provided in this Agreement and
granted by law, it being agreed by the parties that the remedy at law, inducing
monetary damages, for breach of any such provision will be inadequate
compensation for any loss and that any defense or objection in any action for
specific performance or injunctive relief that a remedy at law would be adequate
is waived.

            SECTION 5.13 Pronouns. Whenever the context may require, any
pronouns used herein shall be deemed also to include the corresponding neuter,
masculine or feminine forms.

            SECTION 5.14 Jurisdiction. Each of the Holders and the Company (a)
hereby irrevocably and unconditionally submits to the exclusive jurisdiction of
any state or federal court sitting in New York County, New York for the purposes
of any suit, action or other proceeding arising out of this Agreement or the
subject matter hereof brought by the Company, or any Holder and (b) hereby
waives and agrees not to assert, by way of motion, as a defense, or otherwise,
in any such suit, action or proceeding, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that the suit, action or
proceeding is brought in an inconvenient forum, that the venue of the suit,

                                      -15-
<PAGE>

action or proceeding is improper or that this Agreement or the subject matter
hereof may not be enforced in or by such court. If a judgment is obtained, this
Section shall not preclude enforcement thereof in any forum. Each of the parties
hereto hereby waives all right to trial by jury in any action or proceeding
under, arising out of or related to this Agreement.

                            [Signature Pages Follow]

                                      -16-
<PAGE>

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

FIRST UNION REAL ESTATE EQUITY
AND MORTGAGE INVESTMENTS

By:
    ------------------------------------
    Name:  Peter Braverman
    Title: President

               Signature Page to the Registration Rights Agreement

<PAGE>

                                   Schedule 1

Halcyon Structured Opportunities Fund, L.P.

Halcyon Fund, L.P.

HBK Fund L.P.

King Street Capital, L.P.

Fairholme Ventures II LLC

Goldman Sachs & Co.

Kimco Realty Corporation

Basso Multi-Strategy Holding Fund Ltd.

Grandview, LLC

Spectrum Investment Partners, LP

Voschel Investments, LLC

Omicron Master Trust

Riva Ridge Master Fund, LTD.

Mariner, LDC

               Signature Page to the Registration Rights AgreementAMENDED AND RESTATED
                           INVESTORS' RIGHTS AGREEMENT

      THIS AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT, dated as of June
20, 2005 (this "Agreement"), by and among First Union Real Estate Equity and
Mortgage Investments, an unincorporated association in the form of a business
trust organized in Ohio (the "Company"), Michael Ashner, Peter Braverman, and
each of the Investors listed on Schedule I attached hereto (referred to
hereinafter collectively as the "Investors" and individually as an "Investor").

                                    RECITALS:

            A. Certain of the Investors and the Company have entered into that
certain Securities Purchase Agreement, dated as of the date hereof (the
"Purchase Agreement"), by and among the Company and the Investors pursuant to
which the Investors will purchase, contemporaneously with the execution and
delivery of this Agreement, 360,000 shares of Series B-1 Cumulative Convertible
Preferred Shares of the Company, which, together with the 3,640,000 shares of
Series B-1 Stock previously issued by the Company under the Securities Purchase
Agreement dated as of February 28, 2005 to which it is a party, will constitute
all of the issued and outstanding shares of Series B-1 Stock (collectively, the
"Series B-1 Stock").

            B. It is a condition precedent to the purchase of such Series B-1
Stock that the Company, Michael Ashner and Peter Braverman amend the Investors'
Rights' Agreement, dated as of February 28, 2005, with the investors who were
signatories thereto to add certain Investors as parties to such agreement and to
provide for certain additional agreements and obligations of the parties
following the Closing.

                                   AGREEMENT:

            NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants and agreements contained herein and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged,
intending to be legally bound, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

            SECTION 1.1 Definitions. The following terms shall have the meanings
ascribed to them below:

            "Additional Securities" shall have the meaning set forth in Section
3.2(a).

            "Additional Series B Preferred Shares" shall have the meaning
provided in the Certificate of Designations.

<PAGE>

            "Affiliate" of a Person shall have the meaning set forth in Rule
12b-2 under the Exchange Act. Notwithstanding anything to the contrary set forth
in this Agreement, no limited partner or similar participant of an Investor
shall be deemed an Affiliate of such Investor.

            "Agreement" shall mean the Investors' Rights Agreement, dated
February 28, 2005, by and among the Company, the Investors, Michael Ashner and
Peter Braverman, as amended on the date hereof, and as amended, modified or
supplemented from time to time, in accordance with the terms hereof, together
with any exhibits, schedules or other attachments thereto.

            "Board" or "Board of Trustees" shall mean the Board of Trustees of
the Company.

            "Beneficial Holder" shall have the meaning set forth in Section 2.3.

            "Certificate of Designations" shall mean the Company's Certificate
of Designations governing the Series B-1 Stock, as amended.

            "Co-Investment Right" shall have the meaning set forth in Section
3.3.

            "Commission" shall mean the United States Securities and Exchange
Commission, or any other federal agency at the time administering the Securities
Act.

            "Common Stock" shall mean the common shares of beneficial interest,
$1.00 par value per share, of the Company.

            "Company" shall have the meaning set forth in the preamble of this
Agreement.

            "Declining Preemptive Purchaser" shall have the meaning set forth in
Section 3.2(c).

            "Derivative Securities" shall mean any subscriptions, options,
conversion rights, warrants or other agreements, securities or commitments of
any kind obligating the Company or any of its Subsidiaries to issue, grant,
deliver or sell, or cause to be issued, granted, delivered or sold (i) any
Equity Securities of the Company, or (ii) any securities convertible into,
exercisable for or exchangeable for any Equity Securities of the Company.

            "Disposition" shall have the meaning set forth in Section 2.3.

            "Equity Securities" shall mean Common Stock, Series B-1 Stock and
any other equity securities of the Company.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, or any successor statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

            "Excluded Shares" shall mean (i) shares of Common Stock issuable
upon conversion of, or distributions with respect to, any shares of Series B-1
Stock or Additional Series B Preferred Shares; (ii) shares of Common Stock
issuable upon the exercise of stock options or other awards made or denominated
in shares of Common Stock under any of the Company's stock plans including any
stock option, stock purchase, restricted stock or similar plan hereafter adopted
by the Board of Trustees and, if required by applicable Law or stock exchange

                                       2
<PAGE>

requirement, approved by the stockholders of the Company; (iii) shares of Common
Stock issued pursuant to an acquisition of a direct or indirect interest in real
property or assets related thereto, a business (including, without limitation,
by way of an acquisition of capital stock) or the assets of a business (which
assets do not consist primarily of cash or cash equivalents) approved by the
Board of Trustees; and (iv) Shares of Common Stock issuable upon exercise or
conversion of Derivative Securities issued and outstanding on the date hereof.

            "Governmental Body" shall mean any government or governmental or
quasi-governmental authority including, without limitation, any federal, state,
territorial, county, municipal or other governmental or quasi-governmental
agency, board, branch, bureau, commission, court, arbitral body (public or
private), department or other instrumentality or political unit or subdivision,
whether located in the United States or abroad, the National Association of
Securities Dealers, Inc., the New York Stock Exchange, the Nasdaq National
Market, the Nasdaq SmallCap Market or the American Stock Exchange.

            "Holder" shall mean (i) any Investor holding shares of Series B-1
Stock (or shares of Common Stock issued on conversion thereof) and (ii) any
Person to whom an Investor has transferred shares of Series B-1 Stock during the
term of this Agreement pursuant to Section 2.3(a), Section 2.3(b)(ii) or Section
2.3(c) who is holding such Series B-1 Stock or Common Stock issued on conversion
thereof.

            "Institutional Investor" shall mean any of the following Persons:
(i) a bank, trust company, savings and loan or other financial institution,
pension plan, broker-dealer or similar entity, (ii) an insurance company, (iii)
a pension fund, (iv) a hedge fund, (v) a venture capital fund, (vi) a mutual
fund, (vii) a leveraged buyout fund, (viii) an investment bank, (ix) a savings
association, (x) an investment fund whose principal investors are Institutional
Investors, (xi) any Investor, or (xii) any Person that is an Affiliate of any
Person named in clauses (i) through (xi).

            "Investors" shall have the meaning set forth in the preamble of this
Agreement.

            "Law" shall mean any treaty, statute, ordinance, code, rule,
regulation, Order or other legal requirement enacted, adopted, promulgated,
applied or followed by any Governmental Body.

            "NYSE" shall mean the New York Stock Exchange.

            "Order" shall mean any order, injunction, judgment, decree, ruling,
writ, assessment or arbitration award.

            "Overallotment Right" shall have the meaning set forth in Section
3.3(a).

            "Other Transferee" shall have the meaning set forth in Section
2.3(b).

            "Participation" shall have the meaning set forth in Section 3.3.

            "Permitted Disposition" shall have the meaning set forth in Section
2.3.

                                       3
<PAGE>

            "Person" shall mean any natural person, corporation, partnership,
limited liability company, joint venture, association, joint-stock company,
trust, unincorporated organization or government or other agency or political
subdivision thereof.

            "Preemptive Acceptance Notice" shall have the meaning set forth in
Section 3.2(b).

            "Principal Holder" shall mean each of Michael Ashner and Peter
Braverman.

            "Preemptive Acceptance Period" shall have the meaning set forth in
Section 3.2(b).

            "Preemptive Notice" shall have the meaning set forth in Section
3.2(b).

            "Preemptive Right" shall have the meaning set forth in Section
3.2(a).

            "Purchase Agreement" shall have the meaning ascribed thereto in the
recitals.

            "Redemption Date" shall have the meaning set forth in the
Certificate of Designations.

            "Registration Rights Agreement" shall mean that certain Amended and
Restated Registration Rights Agreement, dated as of the date hereof, by and
among the Company and the Investors.

            "Securities Act" shall mean the Securities Act of 1933, as amended,
and the rules and regulations of the Commission promulgated thereunder, all as
the same shall be in effect at the time.

            "Series B-1 Designees" shall mean the Trustees elected by the
Holders pursuant to the Certificate of Designations.

            "Series B-1 Stock" shall have the meaning ascribed thereto in the
recitals.

            "Trustee" shall mean a Trustee of the Company.

            "Voting Securities" shall mean the shares of Common Stock,
Additional Series B Preferred Shares, preferred shares and any other securities
of the Company entitled to vote generally for the election of Trustees, and any
securities which are convertible into, or exercisable or exchangeable for,
Voting Securities.

            SECTION 1.2 General Interpretive Principles. Whenever used in this
Agreement, except as otherwise expressly provided or unless the context
otherwise requires, any noun or pronoun shall be deemed to include the plural as
well as the singular and to cover all genders. The name assigned this Agreement
and the section captions used herein are for convenience of reference only and
shall not be construed to affect the meaning, construction or effect hereof.
Unless otherwise specified, the terms "hereof," "herein" and similar terms refer
to this Agreement as a whole (including the exhibits hereto), and references
herein to Sections refer to Sections of this Agreement.

                                       4
<PAGE>

                                   ARTICLE II
                              ADDITIONAL AGREEMENTS

            SECTION 2.1 [Intentionally omitted.]

            SECTION 2.2 No Shorting. No Holder, or any of its Affiliates under
its control, will engage in, or will cause any person or entity, directly or
indirectly, to engage in "short sales" of the Company's Common Stock unless: (i)
such Holder has converted all of the Series B-1 Stock held by such Holder into
Common Stock; or (ii) the Company fails to pay a dividend on the Series B-1
Stock after it first declares and pays a regular dividend on the Common Stock;
or (iii) the fair market value of the Company's issued and outstanding Common
Stock (determined by multiplying the number of shares of Common Stock issued and
outstanding by the average closing price of the Common Stock on the NYSE over
the five most recent trading days) shall at any time be less than $71,200,000.

            SECTION 2.3 Dispositions. During the term of this Agreement, no
Investor shall directly or indirectly (including, without limitation, through
the disposition or transfer of any equity interest in another Person), sell,
assign, transfer, pledge, hypothecate, grant any option with respect to or
otherwise dispose of any interest in (or enter into an agreement or
understanding with respect to the foregoing) any Series B-1 Stock (a
"Disposition"), except as set forth below in this Section 2.3 (each such
exception being hereinafter referred to as a "Permitted Disposition"):

            (a) Pro rata Dispositions of Series B-1 Stock may be made to any
      direct or indirect partner, investor or participant (a "Beneficial
      Holder") of any Investor pursuant to the terms of the limited partnership
      agreement, operating agreement or similar agreement of such Investor,
      provided, that no such Disposition shall be made unless the Beneficial
      Holder agrees in writing to be bound by the terms of this Agreement.

            (b) Dispositions of Series B-1 Stock may be made to any Person
      pursuant to (i) a public offering effected in accordance with the
      Registration Rights Agreement, (ii) in privately-negotiated transactions
      to (A) an Institutional Investor or (B) if such Disposition is approved by
      the Board ("Other Transferee") any other Person or (iii) pursuant to Rule
      144 promulgated under the Securities Act; provided, that no Disposition
      shall be made pursuant to clause (ii) of this Section 2.3(b) unless such
      Institutional Investor or Other Transferee agrees in writing to become a
      Holder under the terms of this Agreement.

            (c) Dispositions of Series B-1 Stock may be made to any Affiliate of
      an Investor, provided that such Affiliate agrees in writing to be bound by
      the terms of this Agreement.

                                   ARTICLE III
                              ADDITIONAL COVENANTS

            SECTION 3.1 Affiliate Transactions. So long as at least 1,000,000
shares of Series B-1 Stock are outstanding, except for (i) transactions between
the Company and any wholly-owned subsidiary and (ii) pursuant to compensatory or
contractual arrangements existing on the date hereof, neither the Company nor
any subsidiary shall enter into any transaction with, any Affiliate without the
consent of a majority of those Trustees who are considered independent under

                                       5
<PAGE>

Section 303 of the NYSE listing standards (including at least one Series B-1
Designee). Without regard to the number of shares of Series B-1 Stock
outstanding, all such transactions shall be on fair and reasonable terms no less
favorable to the Company than would be obtainable in a comparable arm's length
transaction with a person not an Affiliate.

            SECTION 3.2 Preemptive Rights.

            (a) Until the earlier of (i) the termination of this Agreement
      pursuant to Article IV hereunder or (ii) January 2, 2010, if the Company
      proposes to sell any subordinated debt, Equity Securities or Derivative
      Securities (other than Excluded Shares) (all such securities, other than
      Excluded Shares, are referred to collectively herein as "Additional
      Securities"), the Company shall first give to each Investor (and, only
      with respect to preferred shares, to any Holders) holding shares of Series
      B-1 Stock the opportunity (such opportunity being herein referred to as
      the "Preemptive Right") to purchase (on the same terms as such Additional
      Securities are proposed to be sold) the same percentage of such Additional
      Securities proposed to be sold by the Company as equals the percentage
      equal to the quotient of (i) the number of shares of Common Stock into
      which the shares held by such Investor of Series B-1 Stock could be
      converted, divided by (ii) the sum of (A) all the outstanding shares of
      Common Stock of the Company and (B) the number of shares of Common Stock
      into which all the shares of Series B-1 Stock held by all Investors (and
      Holders, if applicable) could be converted; provided, however, that no
      Preemptive Rights shall apply (i) to any issuance of Additional Securities
      pursuant to a registration statement filed under the Securities Act; or
      (ii) any issuance of rights to all holders of Common Stock (or of all
      Voting Securities) of the Company.

            (b) At least 20 days prior to the issuance by the Company of any
      Additional Securities, the Company shall give written notice thereof (the
      "Preemptive Notice") to each Investor and Holders (if applicable). The
      Preemptive Notice shall specify (i) the name and address of the bona fide
      investor (if known) to whom the Company proposes to issue or sell
      Additional Securities, (ii) the total amount of capital to be raised by
      the Company pursuant to the issuance or sale of Additional Securities,
      (iii) the number of such Additional Securities proposed to be issued or
      sold, (iv) the price and other terms of the Additional Securities and of
      their proposed issuance or sale, (v) the number of such Additional
      Securities which such Investor is entitled to purchase (determined as
      provided in Section 3.2(a)), and (vi) the period during which such
      Investor may elect to purchase such Additional Securities, which period
      shall extend for at least 20 days following the receipt by such Investor
      or Holder, as applicable, of the Preemptive Notice (the "Preemptive
      Acceptance Period"). Each Investor who desires to purchase Additional
      Securities shall notify the Company within the Preemptive Acceptance
      Period of the number of Additional Securities he wishes to purchase, as
      well as the number, if any, of extra Additional Securities ("Extra
      Additional Securities") he would be willing to purchase in the event that
      all of the Additional Securities subject to the Preemptive Right are not
      subscribed for by the other Investors and Holders (the "Preemptive
      Acceptance Notice"). Notwithstanding the foregoing, the rights of
      Grandview, LLC ("Grandview") under this Section 3.2 shall be subject to
      Grandview's prior written consent to receive material non-public
      information as set forth in Section 6.01 of the Purchase Agreement.

                                       6
<PAGE>

            (c) In the event an Investor or Holder, as applicable, declines to
      subscribe for all or any part of its pro rata portion of any Additional
      Securities which are subject to the Preemptive Right (the "Declining
      Preemptive Purchaser") during the Preemptive Acceptance Period, then the
      other Investors or Holders, as applicable, shall have the right to
      subscribe for all (or any declined part) of such Declining Preemptive
      Purchaser's pro rata portion of such Additional Securities (to be divided
      among the other Investors desiring to exercise such right on a ratable
      basis) (the "Overallotment Right"). Each Investor's Overallotment Right,
      if any, shall be deemed to be exercised on the date the Preemptive
      Acceptance Notice is given.

            (d) After the conclusion of the Preemptive Acceptance Period,
      Additional Securities, less any Additional Securities for which Preemptive
      Rights or Overallotment Rights are exercised, may be sold by the Company,
      within a period of 4 months after the expiration of the Preemptive
      Acceptance Period, to any other Person or Persons at not less than the
      price and upon other terms and conditions not less favorable to the
      Company than those set forth in the Preemptive Notice.

            SECTION 3.3 Co-Investment Rights. If the Company offers to any third
party the right to participate in an investment made by the Company, then the
Company shall offer to the Investors the opportunity (a "Co-Investment Right"),
on a pro rata basis, to contribute to such investment on the same terms offered
by contributing up to twenty-seven and 47/100 percent (27.47%) of the aggregate
dollar amount of such investment (the "Participation"). The Company shall send
written notice to all Investors as soon as practicable of any Co-Investment
Right (which notice shall describe the terms of the investment and the identity,
nature and business of the investee), and all Investors shall within five
business days notify the Company of any election to exercise their Co-Investment
Right. If any Investor elects not to exercise its Co-Investment Right with
respect to any particular investment, the amount subject to such holder's
Co-Investment Right shall be offered to the remaining Investors on a pro rata
basis. Notwithstanding the foregoing, (i) the Company shall not be obligated to
offer Co-Investment Rights on any investment made by the Company (A) with a
third party who initiated the investment opportunity or brought the investment
opportunity to the attention of the Company or (B) with a third party who was a
bidder for the investment opportunity, (ii) the Company shall not be obligated
to offer Co-Investment Rights in any joint venture, investment vehicle or
special purpose entity formed by the Company provided that Co-Investment Rights
are offered with respect to investments made by such joint venture, investment
vehicle or entity, and (iii) the Company shall offer Co-Investment Rights to the
Investors in the event that the Company makes a tender offer for limited
partnership interests of an unaffiliated entity, provided, however, that any
such Co-Investment Right shall be made on terms which provide for the Company to
receive a 20% promotional interest after Investors who exercise Co-Investment
Rights have received their initial investment plus a 7% per annum return. If an
Investor elects not to exercise Co-Investment Rights with respect to any
investment, and the other Investors elect not to participate in the investment
in which such investor elects not to participate, the Company may offer the
right to participate in such investment to such parties as the Company shall

                                       7
<PAGE>

determine in its sole discretion. In the event the Company grants rights
substantially similar to the Co-Investment Right to any purchaser of Additional
Series B Preferred Shares, the Participation shall be increased to such
percentage as shall equitably maintain the Co-Investment Rights of the Investors
(which, in the event of $25 million in Liquidation Preference (as defined in the
Certificate of Designations) of Additional Series B Preferred, shall mean
34.347%). In the event that an Investor's Co-Investment Rights terminate as a
result of the disposition of 50% of such Investor's Series B-1 Stock, the
remaining Investors shall retain in the aggregate the same Co-Investment Rights
that all Investors held on the date hereof.

            SECTION 3.4 Drag-Along Rights.

            (a) Scope of Rights. As long as the Principal Holders and their
      Affiliates in the aggregate own at least 10% of the outstanding Common
      Stock of the Company, if both Principal Holders propose to make a
      Disposition of all of the Voting Securities held by the Principal Holders
      to an unaffiliated third party or parties (other than sales of Common
      Stock on the principal market on which the Common Stock of the Company is
      listed or traded or a pledge of Common Stock in connection with a
      financing) in a transaction pursuant to which the third party or parties
      would obtain all or substantially all of the outstanding Common Stock,
      such Principal Holder shall have the right to require each Holder who does
      not exercise its redemption rights under Section 5(b) of the Certificate
      of Designation to sell all of its Common Stock and to convert its Series
      B-1 Stock then held by it and sell the Common Stock issuable on converting
      to such third party on the same terms as the Principal Holders (subject to
      paragraph (b) below) and each Holder agrees to vote all of the Voting
      Securities owned by it in favor of such transaction (a transaction
      described in this paragraph, a "Drag-Along Sale," and rights described in
      such clauses, the "Drag-Along Rights").

            (b) Procedures. In order to exercise a Drag-Along Right, the
      Principal Holder shall notify each Holder, no later than thirty (30) days
      prior to the closing of such Drag-Along Sale, such notice to set forth the
      timing, proposed amount and form of consideration, terms and conditions of
      such proposed sale. Each Holder will take all actions reasonably requested
      by the Principal Holder or the Company as are required to be taken by the
      holders of all outstanding shares, in connection with the consummation of
      such sale, and shall cause all of its Common Stock to be sold to the
      designated purchaser at the same time on the same terms and conditions and
      for the same type and amount of consideration as the Common Stock being
      sold by the Principal Holders in such proposed sale (subject to the
      provisions of this paragraph). In furtherance of the foregoing, in
      connection with a Drag-Along Sale each Investor will (i) waive any
      appraisal or dissenters rights or similar rights under the law of Ohio,
      and (ii) execute all documents containing such terms and conditions as
      those executed by all other stockholders as reasonably directed by the
      Principal Holder (subject to the provisions of this Section 3.4(b)).
      Notwithstanding any other provisions hereof, with respect to the terms and
      conditions of any Drag-Along Sale, such terms and conditions will provide
      that the maximum liability for any Holder in respect of all
      representations, warranties and indemnities given to the purchaser in any
      Drag-Along Sale shall not exceed the value of the net proceeds received by
      such Holder with respect to the Drag-Along Shares in such Drag-Along Sale.

            (c) Closing. The closing of the Drag-Along Sale shall be held at
      such time and place as the Principal Holder exercising such rights shall
      specify and at least five (5) days notice of the time and place of the
      Closing shall be given to each Holder. At such closing, each Investor

                                       8
<PAGE>

      shall deliver certificates representing the Common Stock to be
      transferred, duly endorsed for transfer and accompanied by all requisite
      stock transfer taxes, if any, and the Common Stock to be transferred shall
      be free and clear of any liens, claims or encumbrances (other than
      restrictions imposed pursuant to applicable federal and state securities
      laws or by the Principal Holder thereof) and each Investor shall so
      represent and warrant.

            SECTION 3.5 Tag-Along Rights.

            (a) Applicable Dispositions; Tag-Along Rights. The term "Co-Sale
      Transaction" means a Disposition by either Principal Holder of the Common
      Stock beneficially owned under Rule 13d-3 under the Exchange Act by such
      Principal Holder; provided that the following transactions shall not
      constitute a Co-Sale Transaction: (i) a Disposition in connection with a
      Drag-Along Sale in which Drag-Along Rights are exercised; (ii) a pledge of
      Common Stock to a financial institution or other lender in connection with
      a financing; (iii) a sale of Common Stock on the principal market on which
      Common Stock is listed or traded, and (iv) a Disposition to an Affiliate
      of the Principal Holder or to its members so long as such Affiliate (or
      members) becomes a party to this Agreement and agrees to be bound by the
      terms and conditions hereof to the same extent and in the same manner as
      the Principal Holder. In the event the Principal Holder proposes to make a
      Disposition of Common Stock in a Co-Sale Transaction it shall provide
      notice thereof to each Holder at least thirty (30) days prior to the date
      of such Disposition (the "Tag-Along Notice").

            (b) Election to Participate. The Tag-Along Notice shall describe the
      terms and conditions of such Disposition, including without limitation the
      form and amount of all consideration payable to the Principal Holder and
      any other party in connection therewith, the proposed closing date, any
      conditions to closing and all other material terms and conditions. Upon
      receipt of the Tag-Along Notice, each Holder may elect to participate by
      converting Series B-1 Stock and transferring the Common Stock issued upon
      such conversion, on a pro rata (based upon its percentage ownership of
      Common Stock, on an as-converted basis, relative to the combined ownership
      of the Principal Holder and all Holders with rights under this Section
      3.5) basis in such Disposition by giving written notice of its election to
      participate to the Principal Holder not later than twenty (20) days
      following such receipt. Such transfer shall be made on the same terms and
      conditions of the Disposition described in the Tag-Along Notice. The
      number of shares of Common Stock to be transferred by the Principal Holder
      in connection with such transfer shall be reduced by the number of shares
      of Common Stock transferred by each Holder pursuant to this Section 3.5,
      unless the proposed Transferee is willing to purchase all of the Common
      Stock owned by each Holder, and the Tag-Along Notice so indicates.

            (c) Closings. The closing of the Co-Sale Transaction shall be held
      at such time and place as the Principal Holder shall specify in the
      Tag-Along Notice. At such closing, each Holder shall deliver certificates
      representing the Common Stock to be transferred by each Holder in the
      Co-Sale Transaction, duly endorsed for transfer and accompanied by all
      requisite stock transfer taxes, if any, and the Common Stock to be
      transferred shall be free and clear of any liens, claims or encumbrances

                                       9
<PAGE>

      (other than restrictions imposed pursuant to applicable federal and state
      securities), and each Holder shall so represent and warrant. Each Holder
      will bear its pro rata share of the costs and expenses incurred in
      connection with the Co-Sale Transaction in which its participates to the
      extent such costs are incurred for the benefit of all stockholders
      Transferring securities in such transaction. Costs incurred by each Holder
      on its own behalf will not be reimbursed.

                                   ARTICLE IV
                                   TERMINATION

            SECTION 4.1 Termination. Without limiting any liability of the
Company or the Holders for any breach of its obligations hereunder, this
Agreement will be terminated: (i) if the Company, the Investors and the Holders
holding a majority of the Series B-1 Stock or the Common Stock issued upon
conversion thereof mutually agree in writing; (ii) on any Redemption Date under
Section 5(a) of the Certificate of Designations if no Series B-1 Stock remains
outstanding; and (iii) with respect to any Investor or Holder when such Investor
makes a Disposition of all of the Series B-1 Stock and all of the Common Stock
issued on conversion thereof held by such Investor. Notwithstanding the
foregoing, the following rights and obligations will terminate prior to
termination of the Agreement as follows, if (i) the rights and obligations
provided in Section 3.2 and 3.3 shall terminate (x) for all Holders upon the
redemption of all Series B-1 Stock pursuant to Section 5(a) of the Certificate
of Designations, (y) in the case of any specific Investor shall terminate with
respect to such Investor (but not remaining Investors) upon the Disposition by
such Investor of 50% or more of the Common Stock issuable upon conversion of the
Series B-1 Stock purchased by such Investor, (ii) the provisions of Section 3.4
and 3.5 shall terminate upon the commencement of the Shelf Effective Period
pursuant to the Registration Rights Agreement, and (iii) no person who acquires
Series B-1 Stock in connection with a Permitted Disposition under Section
2.3(b)(i) or 2.3(b)(iii) or Common Stock issued upon conversion thereof shall
succeed to any rights or obligations under Article III.

                                    ARTICLE V
                                  MISCELLANEOUS

            SECTION 5.1 Amendment and Modification. This Agreement may be
amended, modified and supplemented, and any of the provisions contained herein
may be waived, only by a written instrument signed by the Company and by the
Investors and the Holders owning at least a majority of the outstanding Series
B-1 Stock and Common Stock issued upon conversion thereof owned by all Holders
or Investors as the case may be. No course of dealing between or among any
Persons having any interest in this Agreement will be deemed effective to
modify, amend or discharge any part of this Agreement or any rights or
obligations of any Person under or by reason of this Agreement.

            SECTION 5.2 Assignment; No Third Party Beneficiaries. Neither this
Agreement, nor any of the rights, interests or obligations hereunder shall be
assigned by any of the parties hereto (whether by operation of Law or otherwise)
without the prior written consent of the other parties, provided, however, that
(i) the obligations contained in Sections 2.2 and 2.3 shall be binding upon
Beneficial Holders, Institutional Investors, Other Transferees and Affiliates of
Investors to whom a Permitted Disposition is made and the rights provided in
Section 3.5 shall be assignable in the event of such a Permitted Disposition,
and (ii) any Affiliate of an Investor may share in the Co-Investment Rights held
by such Investor under Section 3.3. Notwithstanding anything to the contrary in
this Agreement and except as provided in clause (ii) of the preceding sentence,

                                       10
<PAGE>

the rights and obligations provided in Sections 3.2 and 3.3 are personal to each
Investor and shall inure solely to the benefit of, and be binding upon, the
Investors and may not be assigned except to another Investor and except that the
rights provided in Section 3.2 with respect to offerings of preferred shares
shall inure to the benefit of any Beneficial Holder, Institutional Investor,
Other Transferee or Affiliate of an Investor, in any Permitted Disposition to
such party.

            SECTION 5.3 Binding Effect; Entire Agreement. Except as otherwise
provided herein, this Agreement and all of the provisions hereof shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns and executors, administrators and heirs. This Agreement
sets forth the entire agreement and understanding between the parties as to the
subject matter hereof and merges and supersedes all prior discussions,
agreements and understandings of any and every nature among them.

            SECTION 5.4 Severability. If one or more provisions of this
Agreement are held to be unenforceable under applicable Law, such provision(s)
shall be excluded from this Agreement and the balance of this Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms so long as the economic or legal substance of the
transactions contemplated by this Agreement are not affected in any manner
materially adverse to any party.

            SECTION 5.5 Notices and Addresses. Any notice, demand, request,
waiver, or other communication under this Agreement shall be in writing and
shall be deemed to have been duly given on the date of service, if personally
served or sent by facsimile or electronic mail; on and upon receipt, if
delivered to a courier or mailed by express mail, if sent by courier delivery
service or express mail for next day delivery, or if mailed to the party to whom
notice is to be given, by first class mail, registered, return receipt
requested, postage prepaid and addressed as follows:

            If to the Company:

            First Union Real Estate Equity and Mortgage Investments
            7 Bulfinch Place, Suite 500,
            P.O. Box 9507,
            Boston, Massachusetts  02114
            Facsimile: (617) 570-4746
            Telephone: (617) 570-4600
            E-mail: asst@wfajericho.com

            If to Michael Ashner or Peter Braverman:

            Two Jericho Plaza
            Wing A
            Jericho, New York  11753
            Facsimile: (516) 433-2777
            Telephone: (516) 822-0022
            E-mail: asst@wfajericho.com

                                       11
<PAGE>

            with a copy to:

            Katten Muchin Rosenman LLP
            575 Madison Avenue
            New York, New York  10022
            Attention: Mark I. Fisher
            Facsimile: (212) 940-8776
            Telephone: (212) 940-8800
            E-mail: mark.fisher@kattenlaw.com

            If to any Holder, to the address set forth on such Holder's
signature page attached hereto, with a copy to:

            Mark Weissler, Esq.
            Milbank, Tweed, Hadley & McCloy LLP
            1 Chase Manhattan Plaza
            New York, NY 10005
            Facsimile: (212) 822-5446
            Telephone: (212) 530-5446
            E-mail: mweissler@milbank.com

            SECTION 5.6 Governing Law. This Agreement and (unless otherwise
provided) all amendments hereof and waivers and consents hereunder shall be
governed by the internal Laws of the State of New York, without regard to the
conflicts of Law principles thereof which would specify the application of the
Law of another jurisdiction.

            SECTION 5.7 Headings. The headings in this Agreement are for
convenience of reference only and shall not constitute a part of this Agreement,
nor shall they affect their meaning, construction or effect.

            SECTION 5.8 Counterparts. This Agreement may be executed via
facsimile and in any number of counterparts, each of which shall be deemed to be
an original instrument and all of which together shall constitute one and the
same instrument.

            SECTION 5.9 Further Assurances. Each party shall cooperate and take
such action as may be reasonably requested by another party in order to carry
out the provisions and purposes of this Agreement and the transactions
contemplated hereby.

            SECTION 5.10 Remedies. In the event of a breach or a threatened
breach by any party to this Agreement of its obligations under this Agreement,
any party injured or to be injured by such breach will be entitled to specific
performance of its rights under this Agreement or to injunctive relief, in
addition to being entitled to exercise all rights provided in this Agreement and

                                       12
<PAGE>

granted by Law, it being agreed by the parties that the remedy at Law, inducing
monetary damages, for breach of any such provision will be inadequate
compensation for any loss and that any defense or objection in any action for
specific performance or injunctive relief that a remedy at Law would be adequate
is waived.

            SECTION 5.11 Jurisdiction. Each of the Investors and the Company (a)
hereby irrevocably and unconditionally submits to the exclusive jurisdiction of
any state or federal court sitting in New York County, New York for the purposes
of any suit, action or other proceeding arising out of this Agreement or the
subject matter hereof brought by the Company, or any Investor and (b) hereby
waives and agrees not to assert, by way of motion, as a defense, or otherwise,
in any such suit, action or proceeding, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that the suit, action or
proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that this Agreement or the subject matter
hereof may not be enforced in or by such court. If a judgment is obtained, this
Section shall not preclude enforcement thereof in any forum.

            SECTION 5.12 Waiver of Jury Trial. Each of the parties hereto hereby
waives all right to trial by jury in any action or proceeding under, arising out
of or related to this forbearance agreement.

                            [Signature Page Follows.]

                                       13
<PAGE>

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

FIRST UNION REAL ESTATE EQUITY
AND MORTGAGE INVESTMENTS

By:
    -------------------------------
    Name:  Peter Braverman
    Title: President

-----------------------------------
Peter Braverman

-----------------------------------
Michael Ashner

                                       14
<PAGE>

                                   Schedule I

Halcyon Structured Opportunities Fund, L.P.

Halcyon Fund, L.P.

HBK Fund L.P.

King Street Capital, L.P.

Fairholme Ventures II LLC

Goldman Sachs & Co.

Kimco Realty Corporation

Basso Multi-Strategy Holding Fund Ltd.

Grandview, LLC

Spectrum Investment Partners, LP

Voschel Investments, LLC

Omicron Master Trust

Riva Ridge Master Fund, LTD.

Mariner, LDC

                                       15

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