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                                                                    Exhibit 10.6

                              EMPLOYMENT AGREEMENT

         EMPLOYMENT AGREEMENT dated as of November 6, 2004, by and between
Feldman Mall Properties, Inc., with its principal place of business at 3225
North Central Avenue, Suite 1205, Phoenix, Arizona 85012 (the "Company") and
Thomas E. Wirth, residing at the address set forth on the signature page hereof
(the "Executive").

         WHEREAS, subject to the terms below, the Company wishes to employ the
Executive, and the Executive wishes to accept such offer, on the terms set forth
below:

         Accordingly, the parties hereto agree as follows:

         1.       Initial Pre-Employment Consultancy.

                  (a)      Notwithstanding any provision of this Agreement to
the contrary, prior to the Initial Date (as defined in Section 1(b)) this
Section 1(a) shall be the only provision of this Agreement applicable to the
Executive's provision of services to the Company. In the event that the Initial
Date does not occur prior to January 31, 2005, or such later time as agreed to
in writing by the parties, this Agreement, other than this Section 1(a), shall
be of no effect and shall be null and void. Beginning September 15, 2004, and
lasting through the Initial Date, the Company shall pay the Executive in
exchange for consulting services provided to the Company an amount of $25,000
per month. The fees for consulting services in 2004 shall be paid no earlier
than January 1 and no later than January 5, 2005 and the fees for consulting
services in 2005 shall be paid no later than the 15th day of the month following
the month in which the services are provided. This amount shall not be reduced
by any withholdings or deductions. In the event that the Company terminates the
Executive's services prior to the Initial Date, or the Initial Date does not
occur prior to January 31, 2005 and the Executive terminates his employment with
the Company after January 31, 2005 and before February 10, 2005, the Company
shall pay the Executive $50,000 in addition to the amount owed to date for
consultant services.

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                  (b)      Provided that the Initial Date occurs on or before
January 31, 2005 and provided further that the Executive is still associated
with the Company as a consultant, Section 1(a) shall cease to have any effect,
and the Company hereby agrees to employ the Executive, and the Executive hereby
accepts such employment, for an initial term commencing as of the date of the
initial public offering of the shares of the Company (the "Initial Date"), and
continuing for a three-year period following the Initial Date, unless sooner
terminated in accordance with the provisions of Section 4 or Section 5. Such
employment shall continue for successive one-year periods in accordance with the
terms of this Agreement (subject to termination as aforesaid) unless either
party notifies the other party of non-renewal in writing prior to six months
before the expiration of the initial term and each annual renewal, as applicable
(the period from the Initial Date during which the Executive is employed
hereunder being hereinafter referred to as the "Term").

         2.       Duties. During the Term, the Executive shall be employed by
the Company as Executive Vice President and Chief Financial Officer of the
Company, reporting to the Chief Executive Officer. The Executive shall
faithfully perform for the Company the duties of said offices and shall perform
such other duties of an executive, managerial or administrative nature as shall
be specified and designated from time to time by the Chief Executive Officer.
The Executive shall devote substantially all of his business time and effort to
the performance of his duties hereunder; provided that in no event shall this
sentence prohibit the Executive from performing personal and charitable
activities, and other business interests approved (not unreasonably withheld) by
the Chairman of the board of directors of the Company (the "Chairman") or the
CEO, and further provided that such other business interests do not violate
Section 6 of this Agreement.

         3.       Compensation.

         3.1      Salary. The Company shall pay the Executive during the Term a
salary at a minimum rate of $225,000 per annum (the "Annual Salary"), in
accordance with the customary payroll practices of the Company applicable to
senior executives. At least annually, the board of directors of the Company (the
"Board") shall review the Executive's Annual Salary and may provide for such
increases therein as it may in its discretion deem appropriate. (Any such
increased salary shall constitute the "Annual Salary" as of the time of the
increase.)

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         3.2      Bonus. During the Term, in addition to the Annual Salary, for
each fiscal year of the Company ending during the Term, the Executive shall have
the opportunity to receive an annual bonus pursuant to the Company's bonus plans
and arrangements as in effect from time to time of up to 300% of the Executive's
Annual Salary, but in no event less than 10% of the Executive's Annual Salary,
subject to attainment of performance goals determined prior to the beginning of
such fiscal year by the Board (or as appropriate, a committee of the Board) and
provided to the Executive in writing in a timely manner in accordance with the
Company's ordinary practices. The forgoing shall not limit the Executive's
eligibility to receive any other bonus under any other bonus plan, stock option
or equity-based plan, or other policy or program of the Company.

         3.3      Benefits-In General. The Executive shall be permitted during
the Term to participate in any group life, hospitalization or disability
insurance plans, health programs, retirement plans, fringe benefit programs and
other benefits that may be available to other senior executives of the Company
generally, on the same terms as such other executives, in each case to the
extent that the Executive is eligible under the terms of such plans or programs,
and coverage under the Company's health insurance and hospitalization plans
shall include, and the Company shall pay the premiums applicable to such
coverage for, the Executive, the Executive's spouse, minor children and adult
children under age 25 who are full time undergraduate or graduate students, to
the extent elected by the Executive.

         3.4      Stock Grant. Effective as of the Initial Date, the Executive
shall be granted a number of restricted shares of common stock of the Company
(the "Initial Restricted Shares"), which shall be subject to forfeiture, as
described below, subject to Sections 4 and 5 and the terms and conditions
described in the provisions of definitive documentation to be provided by the
Company. The number of Initial Restricted Shares so granted shall be equal to
(i) $1,000,000 divided by (ii)the fair market value of a share of common stock
of the Company at the close of business on the Initial Date. The period of
forfeiture with respect to such Initial Restricted Shares shall lapse with
respect to one-fifth of such Initial Restricted Shares on each of the first five
anniversaries of the Initial Date; provided, however that such Initial
Restricted Shares shall vest and become immediately exercisable upon a Change of
Control. Notwithstanding the foregoing, the Company may in its sole discretion
grant to the Executive in lieu of the grant of Initial Restricted Shares
described herein, a profits interest of equivalent value (and subject to the
same forfeiture) in Feldman Equities of Arizona, LLC (the "Initial Profits
Interest") on such terms as determined by the Company and reasonably approved by
the Executive. The Executive hereby acknowledges that the tax treatment with
respect to the Initial Restricted Shares (or partnership interest, as
applicable) is complex, and the Executive has relied exclusively on his
advisors, and not the Company or its advisors, regarding such matters.

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         3.5      Vacation. The Executive shall be entitled to vacation of no
less than 20 business days per year, to be credited in accordance with ordinary
Company policies.

         3.6      Expenses-In General. The Company shall pay or reimburse the
Executive for all ordinary and reasonable out-of-pocket expenses actually
incurred (and, in the case of reimbursement, paid) by the Executive during the
Term in the performance of the Executive's services under this Agreement in
accordance with the Company's policies regarding such reimbursements.

         3.7      Automobile. During the Term, the Company shall provide the
Executive with an automobile allowance of $500 per month.

         3.8      Cellular Telephone. During the Term, the Company shall
provide the Executive with the use of a cellular telephone, or, so long as such
will not increase the Company's expense, reimburse Executive for a cellular
phone and phone plan obtained by the Executive.

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         4.       Termination upon Death or Disability. If the Executive dies
during the Term, the Term shall terminate as of the date of death, and the
obligations of the Company to or with respect to the Executive shall terminate
in their entirety upon such date except as otherwise provided under this Section
4. If the Executive by virtue of ill health or other disability is unable to
perform substantially and continuously the duties assigned to him for more than
180 consecutive or non-consecutive days out of any consecutive 12-month period,
the Company shall have the right, to the extent permitted by law, to terminate
the employment of the Executive upon notice in writing to the Executive. Upon
termination of employment due to death or disability, (i) the Executive (or the
Executive's estate or beneficiaries in the case of the death of the Executive)
shall be entitled to receive any Annual Salary and other benefits earned and
accrued under this Agreement prior to the date of termination (and reimbursement
under this Agreement for expenses incurred prior to the date of termination);
(ii) for a period of three years after termination of employment, the Executive
(if applicable), and in the event of his death, his spouse and his dependents,
shall receive such continuing coverage under the group health plans they would
have received under this Agreement (but at such costs no higher than as in
effect immediately preceding such termination) as would have applied in the
absence of such termination, provided that, the Company shall in no event be
required to provide any benefits otherwise required by this clause (ii) after
such time as the Executive becomes entitled to receive benefits of the same type
from another employer or recipient of the Executive's services; (iii) without
duplication of any amounts due under clause (i), the Executive shall receive an
amount equal to the annual bonus that, in the absence of such termination, would
have been payable for the fiscal year in which termination occurs, payable at
such time as would have applied in the absence of such termination, with such
amount to be multiplied by a fraction (x) the numerator of which is the number
of days in the fiscal year preceding the termination and (y) the denominator of
which is 365; (iv) all outstanding unvested equity-based awards (including,
without limitation, stock options and restricted stock) held by the Executive
shall fully vest and become immediately exercisable, as applicable, and subject
to the terms of such awards; and (v) the Executive (or the Executive's estate or
beneficiaries in the case of the death of the Executive) shall have no further
rights to any other compensation or benefits hereunder, or any other rights
hereunder (but, for the avoidance of doubt, shall receive such disability and
death benefits as may be provided under the Company's plans and arrangements in
accordance with their terms).

         5.       Certain Terminations of Employment; Certain Benefits.

         5.1      Termination by the Company for Cause; Termination by the
Executive without Good Reason.

                  (a)      For purposes of this Agreement, "Cause" shall mean at
any time from the date of this Agreement, the Executive's:

                           (i)      conviction of (or pleading nolo contendere
                                    to) a felony (but in no event including a
                                    traffic or similar violation);

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                           (ii)     engagement in the performance of his duties
                                    hereunder, in willful misconduct, willful or
                                    gross neglect, fraud, misappropriation or
                                    embezzlement;

                           (iii)    repeated substantial failure to materially
                                    adhere to the reasonable directions of the
                                    Chairman or CEO: or

                           (iv)     material breach of any of the provisions of
                                    Section 6;

provided that the Company shall not be permitted to terminate the Executive for
Cause except on written notice given to the Executive at any time not more than
30 days following the occurrence of any of the events described in clause (i)
through (iv) above (or, if later, the Company's knowledge thereof). No
termination for Cause under clause (i) through (iv) shall be effective unless
the Board makes a determination that Cause exists after notice to the Executive,
and the Executive has been provided with an opportunity (with counsel of his
choice) to contest the determination at a meeting of the Board.

                  (b)      During the term, the Company may terminate this
Agreement and the Executive's employment hereunder for Cause, and the Executive
may terminate his employment on at least 30 days' written notice given to the
Company. If the Company terminates the Executive for Cause, or the Executive
terminates his employment and the termination by the Executive is not for Good
Reason in accordance with Section 5.2, (i) the Executive shall receive Annual
Salary and other benefits (including any bonus for a fiscal year completed
before termination and awarded but not yet paid) earned and accrued under this
Agreement prior to the termination of employment (and reimbursement under this
Agreement for expenses incurred prior to the termination of employment); and
(ii) the Executive shall have no further rights to any other compensation or
benefits under this Agreement on or after the termination of employment.

         5.2      Termination by the Company without Cause; Termination by the
Executive for Good Reason.

                  (a)      For purposes of this Agreement, "Good Reason" shall
mean, unless otherwise consented to by the Executive,

                           (i)      the material reduction of the Executive's
                                    authority, duties and responsibilities, or
                                    the assignment to the Executive of duties
                                    materially inconsistent with the Executive's
                                    position or positions with the Company;

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                           (ii)     a reduction in Annual Salary of the
                                    Executive;

                           (iii)    the relocation of the Executive's office to
                                    more than 35 miles from New York, New York,
                                    or the Executive not being provided with an
                                    office, office equipment and access to
                                    secretarial assistance reasonably comparable
                                    to that provided to other similarly situated
                                    officers of the Company;

                           (iv)     the Company's failure to pay the Executive
                                    any amounts otherwise due hereunder or under
                                    any plan, policy, program, agreement,
                                    arrangement or other commitment of the
                                    Company; or

                           (v)      the Company's material and willful breach of
                                    this Agreement.

Notwithstanding the foregoing, (i) Good Reason shall not be deemed to exist
unless notice of termination on account thereof, specifying a termination date
no later than 30 days from the date of such notice and describing the event or
condition purportedly giving rise to the termination for Good Reason, is given
by the Executive to the CEO and the Board within 30 days after such event is
alleged to have occurred; (ii) if there exists (without regard to this clause
(ii)) an event or condition that constitutes Good Reason, the Company shall have
ten days from the date notice of such a termination is given to cure such event
or condition and, if the Company does so, such event or condition shall not
constitute Good Reason hereunder; and (iii) Good Reason shall not be deemed to
exist at any time at which there exists an event or condition which could serve
as the basis of a termination for Cause. In no event shall the Company's notice
of non-renewal, as set forth in Section 1 of this Agreement, be deemed to be a
termination without Cause or constitute Good Reason.

                  (b)      During the Term, the Company may terminate the
Executive's employment and the Executive may terminate the Executive's
employment with the Company at any time for any reason or no reason. If the
Company terminates the Executive's employment (including any termination that
occurs as a result of a Change of Control, as described in Section 5.3) and the
termination is not covered by Section 4 or 5.1, or the Executive terminates his
employment for Good Reason:

                           (i)      the Executive shall receive Annual Salary
                                    and other benefits (including any bonus for
                                    a fiscal year completed before termination)
                                    earned and accrued under this Agreement
                                    prior to the termination of employment (and
                                    reimbursement under this Agreement for
                                    expenses incurred prior to the termination
                                    of employment);

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                           (ii)     the Executive shall receive a single-sum
                                    cash payment equal to 2.99 multiplied by the
                                    sum of (x) the average of the Annual Salary
                                    received by the Executive during the three
                                    previous years, but in no event shall such
                                    average salary be deemed to be less than
                                    $225,000, and (y) the average of the three
                                    previous bonuses received by the Executive
                                    in accordance with Section 3.2 (or, in the
                                    event the Executive has received less than
                                    three bonuses pursuant to Section 3.2 at the
                                    time of such termination, the termination
                                    bonus shall be equal to the average of the
                                    amount of such fewer annual bonuses, if
                                    any), payable no later than ten days after
                                    such termination; and (z) the average value
                                    of the three previous stock grants or
                                    profits interest grants (but in all events,
                                    excluding the Initial Restricted Shares or
                                    Initial Profits Interest) received by the
                                    Executive in accordance with Section 3.2
                                    (or, in the event the Executive has received
                                    less than three grants of additional
                                    restricted shares or additional profits
                                    interests at the time of such termination,
                                    the termination bonus shall be equal to the
                                    average value of such fewer annual grants,
                                    if any), payable no later than ten days
                                    after such termination;

                           (iii)    for a period of three years after
                                    termination of employment, such continuing
                                    coverage under the group health plans the
                                    Executive would have received under this
                                    Agreement as would have applied in the
                                    absence of such termination, provided that
                                    the Company shall in no event be required to
                                    provide any benefits otherwise required by
                                    this clause after such time as the Executive
                                    becomes entitled to receive benefits of the
                                    same type from another employer or recipient
                                    of the Executive's services; and

                           (iv)     all outstanding unvested equity-based awards
                                    (including without limitation stock options
                                    and restricted stock) held by the Executive
                                    shall fully vest and shall become
                                    immediately exercisable, as applicable, in
                                    the case of options, shall continue to be
                                    exercisable for their full terms, and, in
                                    the case of interests granted in Feldman
                                    Equities Operating Partnership, LP, such
                                    units will become convertible into common
                                    stock of the Company, and all restrictions
                                    on such shares of the Company granted in
                                    connection with the initial public offering
                                    ("Lockups") shall expire.

         5.3      Change of Control. Without duplication of the foregoing, upon
a "Change of Control" (as defined below) during the Term, all outstanding
unvested equity-based awards (including stock options and restricted stock)
shall fully vest and shall become immediately exercisable, as applicable. In
addition, if, after a Change of Control, the Executive terminates his employment
with the Company as of the three-month anniversary of the Change of Control,
such termination shall be deemed a termination by the Executive for Good Reason
covered by Section 5.2. For purposes of this Agreement, "Change in Control"
shall mean the happening of any of the following during the Term:

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                           (i)      any "person," including a "group" (as such
                                    terms are used in Sections 13(d) and 14(d)
                                    of the Securities Exchange Act of 1934, as
                                    amended (the "Exchange Act"), but excluding
                                    the Company, any entity controlling,
                                    controlled by or under common control with
                                    the Company, any employee benefit plan of
                                    the Company or any such entity, and
                                    Executive and any "group" (as such term is
                                    used in Section 13(d)(3) of the Exchange
                                    Act) of which the Executive is a member) is
                                    or becomes the "beneficial owner" (as
                                    defined in Rule 13(d)(3) under the Exchange
                                    Act), directly or indirectly, of securities
                                    of the Company representing 30% or more of
                                    either (A) the combined voting power of the
                                    Company's then outstanding securities or (B)
                                    the then outstanding common stock of the
                                    Company (in either such case other than as a
                                    result of an acquisition of securities
                                    directly from the Company); provided,
                                    however, that, in no event shall a Change in
                                    Control be deemed to have occurred upon an
                                    initial public offering or a subsequent
                                    public offering of the common stock under
                                    the Securities Act of 1933, as amended; or

                           (ii)     any consolidation or merger of the Company
                                    where the stockholders of the Company,
                                    immediately prior to the consolidation or
                                    merger, would not, immediately after the
                                    consolidation or merger, beneficially own
                                    (as such term is defined in Rule 13d-3 under
                                    the Exchange Act), directly or indirectly,
                                    shares representing in the aggregate 50% or
                                    more of the combined voting power of the
                                    securities of the corporation issuing cash
                                    or securities in the consolidation or merger
                                    (or of its ultimate parent corporation, if
                                    any); or

                           (iii)    there shall occur (A) any sale, lease,
                                    exchange or other transfer (in one
                                    transaction or a series of transactions
                                    contemplated or arranged by any party as a
                                    single plan) of all or substantially all of
                                    the assets of the Company, other than a sale
                                    or disposition by the Company of all or
                                    substantially all of the Company's assets to
                                    an entity, at least 50% of the combined
                                    voting power of the voting securities of
                                    which are owned by "persons" (as defined
                                    above) in substantially the same proportion
                                    as their ownership of the Company
                                    immediately prior to such sale or (B) the
                                    approval by stockholders of the Company of
                                    any plan or proposal for the liquidation or
                                    dissolution of the Company; or

                           (iv)     the members of the Board at the beginning of
                                    any consecutive 24-calendar-month period
                                    (the "Incumbent Directors") cease for any
                                    reason other than due to death to constitute
                                    at least a majority of the members of the
                                    Board; provided that any director whose
                                    election, or nomination for election by the
                                    Company's stockholders, was approved by a
                                    vote of at least a majority of the members
                                    of the Board then still in office who were
                                    members of the Board at the beginning of
                                    such 24-calendar-month period, shall be
                                    deemed to be an Incumbent Director.

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         5.4      Parachutes. Notwithstanding any other provision of this
Agreement, in the event that any payments by the Company or an affiliate to the
Executive ("Payments") would be subject to the excise tax (the "Excise Tax")
imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the
"Code") on such amounts, then the Executive shall be entitled to receive either
(i) the amount of such payments reduced so that the Executive only shall be
entitled to receive payments, whether or not pursuant to this Agreement, with an
aggregate present value (as determined for purposes of Section 280G of the Code)
of not more than 2.99 times the Executive's applicable "base amount" under
Section 280G of the Code (the "Limited Amount"), or (ii) the aggregate amount of
Payments reduced by the Excise Tax, whichever results in the greatest amount to
the Executive net of any applicable Excise Tax.

         6.       Covenants of the Executive.

         6.1      Covenant Against Competition; Other Covenants. The Executive
acknowledges that (i) the principal business of the Company (which expressly
includes for purposes of this Section 6 (and any related enforcement provisions
hereof), its successors and assigns) is the acquiring, owning and redeveloping
of enclosed shopping malls (such business herein being referred to as the
"Business"); (ii) the Company is one of the limited number of persons who have
developed such a business; (iii) the Company's Business is, in part, national in
scope; (iv) the Executive's work for the Company has given and will continue to
give him access to the confidential affairs and proprietary information of the
Company; (v) the covenants and agreements of the Executive contained in this
Section 6 are essential to the business and goodwill of the Company; and (vi)
the Company would not have entered into this Agreement but for the covenants and
agreements set forth in this Section 6. Accordingly, the Executive covenants and
agrees that:

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                  (a)      By and in consideration of the salary and benefits to
be provided by the Company hereunder, and subject to Executive receiving all
monies due to him under the severance arrangements set forth herein, and further
in consideration of the Executive's exposure to the proprietary information of
the Company, the Executive covenants and agrees that, during the period
commencing on the date hereof and ending one year following the date upon which
the Executive shall cease to be an employee of the Company and its affiliates,
he shall not in the United States, directly or indirectly, except with the prior
approval of the Board, (i) engage in the Business (other than for the Company or
its affiliates), or (ii) render any services to any person, corporation,
partnership or other entity (other than the Company or its affiliates) whose
principal business is to engage in the Business, or (iii) obtain a financial
interest in any corporation, partnership or other entity or arrangement (other
than the Company or its affiliates) principally engaged in the Business, as a
partner, shareholder, principal, agent, employee, consultant or in any other
relationship or capacity; provided, however, that, notwithstanding the
foregoing, the Executive may invest in securities of any entity, solely for
investment purposes and without participating in the business thereof, if (A)
such securities are traded on any national securities exchange or the National
Association of Securities Dealers, Inc. Automated Quotation System, and (B) the
Executive is not a controlling person of, or a member of a group which controls,
such entity. Notwithstanding the foregoing, the restrictions in this Section
6(a) shall not apply upon and after (i) a termination covered by Section 5.2 or
(ii) a termination by the Executive after a Change in Control. In addition, the
restrictions of this Section 6(a) shall not apply to any existing investments or
other activities of the Executive which have been disclosed in writing to the
Board prior to the date hereof.

                  (b)      During and after the period of the Executive's
employment with the Company and its affiliates, the Executive shall keep secret
and retain in strictest confidence, except in connection with the business and
affairs of the Company and its affiliates, all confidential matters relating to
the Company's Business and the business of any of its affiliates and to the
Company and any of its affiliates, learned by the Executive heretofore or
hereafter directly or indirectly from the Company or any of its affiliates (the
"Confidential Company Information"); and shall not disclose such Confidential
Company Information to anyone outside of the Company except with the Company's
express written consent and except for Confidential Company Information which is
at the time of receipt or thereafter becomes publicly known through no wrongful
act of the Executive or is received from a third party not under an obligation
to keep such information confidential and without breach of this Agreement.

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                  (c)      During the period commencing on the date hereof and
ending one year following the date upon which the Executive shall cease to be an
employee of the Company and its affiliates, (i) the Executive shall not, without
the Company's prior written consent, directly or indirectly, knowingly (i)
solicit or encourage to leave the employment or other service of the Company, or
any of its affiliates, any employee or independent contractor thereof or (ii)
hire (on behalf of the Executive or any other person or entity) any employee who
has left the employment of the Company or any of its affiliates within the
one-year period which follows the termination of such employee's employment with
the Company and its affiliates, and (ii) the Executive will not, whether for his
own account or for the account of any other person, firm, corporation or other
business organization, intentionally interfere with the Company's or any of its
affiliates' relationship with, or endeavor to entice away from the Company or
any of its affiliates, any person who during the Term is or was a customer or
client of the Company or any of its affiliates.

         6.2      Rights and Remedies upon Breach. The Executive acknowledges
and agrees that any breach by him of any of the provisions of Section 6.1 (the
"Restrictive Covenants") would result in irreparable injury and damage for which
money damages would not provide an adequate remedy. Therefore, if the Executive
breaches, or threatens to commit a breach of, any of the provisions of Section
6.1, the Company and its affiliates, in addition to, and not in lieu of, any
other rights and remedies available to the Company and its affiliates under law
or in equity (including, without limitation, the recovery of damages), shall
have the right and remedy to have the Restrictive Covenants specifically
enforced by any court having equity jurisdiction, including, without limitation,
the right to an entry against the Executive of restraining orders and
injunctions (preliminary, mandatory, temporary and permanent) against
violations, threatened or actual, and whether or not then continuing, of such
covenants. Any court orders under Section 6.2 shall be limited to preserving the
status quo prior to the act or event giving rise to the dispute pending
arbitration of the dispute under Section 7.3.

         7.       Other Provisions.

         7.1      Severability. The Executive acknowledges and agrees that (i)
he has had an opportunity to seek advice of counsel in connection with this
Agreement and (ii) the Restrictive Covenants are reasonable in geographical and
temporal scope and in all other respects. If it is determined that any of the
provisions of this Agreement, including, without limitation, any of the
Restrictive Covenants, or any part thereof, is invalid or unenforceable, the
remainder of the provisions of this Agreement shall not thereby be affected and
shall be given full effect, without regard to the invalid portions.

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         7.2      Duration and Scope of Covenants. If any court or other
decision-maker of competent jurisdiction determines that any of the Executive's
covenants contained in this Agreement, including, without limitation, any of the
Restrictive Covenants, or any part thereof, is unenforceable because of the
duration or geographical scope of such provision, then, after such determination
has become final and unappealable, the duration or scope of such provision, as
the case may be, shall be reduced so that such provision becomes enforceable
and, in its reduced form, such provision shall then be enforceable and shall be
enforced.

         7.3      Enforceability; Jurisdiction; Arbitration. Any controversy or
claim arising out of or relating to this Agreement or the breach of this
Agreement (other than a controversy or claim arising under Section 6, to the
extent necessary for the Company (or its affiliates, where applicable) to avail
itself of the rights and remedies referred to in Section 6.2) that is not
resolved by the Executive and the Company (or its affiliates, where applicable)
shall be submitted to arbitration in New York, New York in accordance with New
York law and the procedures of the American Arbitration Association. The
determination of the arbitrator(s) shall be conclusive and binding on the
Company (or its affiliates, where applicable) and the Executive and judgment may
be entered on the arbitrator(s)' award in any court having jurisdiction.

         7.4      Indemnification and Insurance. The Company agrees to indemnify
(in addition to any other indemnification provided to the Executive under any
separate agreement or the by-laws of the Company) the Executive to the fullest
extent permitted by applicable law, as the same exists and may hereafter be
amended, from and against any and all losses, damages, claims, liabilities and
expenses asserted against, or incurred or suffered by, the Executive (including
the costs and expenses of legal counsel retained by the Company (or if separate
counsel is reasonably required by Executive, the reasonable costs and expenses
of legal counsel retained by the Executive) to defend the Executive and
judgments, fines and amounts paid in settlement actually and reasonably incurred
by or imposed on such indemnified party) with respect to any action, suit or
proceeding, whether civil, criminal, administrative or investigative in which
the Executive is made a party or threatened to be made a party, either with
regard to his entering into this Agreement or in his capacity as an officer or
director, or former officer or director, of the Company or any affiliate thereof
for which he may serve in such capacity. Such indemnification shall continue
after the Executive is no longer employed by the Company and shall inure to the
benefit of his heirs, executors, and administrators. The Company also agrees to
secure and maintain a minimum of $10,000,000 of officers and directors liability
insurance and a minimum of $10,000,000 of an errors and omissions policy
providing coverage for the Executive, which coverage shall be in an amount that
is the same as applies to other similarly situated executives, and which shall
continue after termination of employment for a reasonable time (but in no event
for a shorter time than is applicable to any other senior executive of the
Company).

                                       13
<PAGE>

         7.5      Legal Fees. The Company shall pay directly or reimburse the
Executive for all reasonable legal fees and expenses incurred by the Executive
in connection with the review, negotiation and execution of this Agreement. The
Company shall pay, at least monthly, all costs and expenses, including
attorneys' fees and disbursements, of the Company and the Executive in
connection with any legal proceeding (including any arbitration), whether or not
instituted by the Company or the Executive, relating to the interpretation or
enforcement of any provision of this Agreement; provided that if the Executive
institutes the proceeding and a court having jurisdiction over such contest
determines that the Executive's claim in such contest is frivolous or maintained
in bad faith, the Executive shall pay his own costs and expenses and promptly
(and in no event more than 60 days after demand therefor by the Company) return
to the Company any amounts previously paid by the Company under this Section
7.5.

         7.6      Notices. Any notice or other communication required or
permitted hereunder shall be in writing and shall be delivered personally,
telegraphed, telexed, sent by facsimile transmission or sent by certified,
registered or express mail, postage prepaid. Any such notice shall be deemed
given when so delivered personally, telegraphed, telexed or sent by facsimile
transmission or, if mailed, five days after the date of deposit in the United
States mails as follows:

                                       14
<PAGE>

                           (i)      If to the Company, to:

                                    Feldman Mall Properties, Inc.
                                    3225 North Central Avenue, Suite 1205
                                    Phoenix, Arizona 85012
                                    Attention:  Larry Feldman

                                    with a copy to:

                                    Clifford Chance US LLP
                                    31 West 52nd Street
                                    New York, New York  10019
                                    Attention:  Jay L. Bernstein

                           (ii)     If to the Executive, to the address set
                                    forth on the signature page hereof.

Any such person may by notice given in accordance with this Section 7.6 to the
other parties hereto designate another address or person for receipt by such
person of notices hereunder.

         7.7      Entire Agreement. This Agreement contains the entire agreement
between the parties with respect to the subject matter hereof and supersedes all
prior agreements, written or oral, with respect thereto.

         7.8      Waivers and Amendments. This Agreement may be amended,
superseded, canceled, renewed or extended, and the terms hereof may be waived,
only by a written instrument signed by the parties or, in the case of a waiver,
by the party waiving compliance. No delay on the part of any party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any such right, power or privilege
nor any single or partial exercise of any such right, power or privilege,
preclude any other or further exercise thereof or the exercise of any other such
right, power or privilege.

         7.9      GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

                                       15
<PAGE>

         7.10     Assignment. This Agreement shall be binding upon and inure to
the benefit of the Parties and their respective successors, heirs (in the case
of the Executive) and assigns. No rights or obligations of the Company under
this Agreement may be assigned or transferred by the Company except that such
rights or obligations may be assigned or transferred, subject to Section 5.3,
pursuant to a merger or consolidation in which the Company is not the continuing
entity, or the sale or liquidation of all or substantially all of the assets of
the Company; provided, however, that the assignee or transferee is the successor
to all or substantially all of the assets of the Company and such assignee or
transferee assumes the liabilities, obligations and duties of the Company, as
contained in this Agreement, either contractually or as a matter of law.

         7.11     Withholding. The Company shall be entitled to withhold from
any payments or deemed payments any amount of tax withholding it determines to
be required by law.

         7.12     Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the parties and their respective successors, permitted
assigns, heirs, executors and legal representatives.

         7.13     Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original but all such counterparts together shall constitute one and
the same instrument. Each counterpart may consist of two copies hereof each
signed by one of the parties hereto.

         7.14     Survival. Anything contained in this Agreement to the contrary
notwithstanding, the provisions of Sections 5, 6 and 7.4 and any other
provisions of this Agreement expressly imposing obligations that survive
termination of Executive's employment hereunder, and the other provisions of
this Section 7 to the extent necessary to effectuate the survival of such
provisions, shall survive termination of this Agreement and any termination of
the Executive's employment hereunder.

         7.15     Existing Agreements. The Executive represents to the Company
that he is not subject or a party to any employment or consulting agreement,
non-competition covenant or other agreement, covenant or understanding which
might prohibit him from executing this Agreement or limit his ability to fulfill
his responsibilities hereunder, except that, as previously disclosed to the
Board, the Executive may have certain non-solicitation and non-interference
obligations to a former employer.

         7.16     Headings. The headings in this Agreement are for reference
only and shall not affect the interpretation of this Agreement.

                                       16
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have signed their names as of
the day and year first above written.

                                             FELDMAN MALL PROPERTIES, INC.

                                             By:
                                                  ------------------------------
                                                  Name:
                                                  Title:

                                                  ------------------------------
                                                          Thomas E. Wirth

                                       17<PAGE>

                                                                  EXHIBIT 10.12

                  DUBIN OWNERSHIP INTEREST ASSIGNMENT AGREEMENT

THIS DUBIN OWNERSHIP INTERESTS ASSIGNMENT AGREEMENT (the "AGREEMENT") is made
and entered into as of August 13, 2004, by and among Dennis and Mildred "Bunny"
Dubin, as Tenants by the Entireties (collectively, "DUBINS") and Feldman
Equities of Arizona, L.L.C., an Arizona limited liability company ("FEA"; and
together with its designees, "ASSIGNEE").

                                    RECITALS

         WHEREAS, Dubins are the owners of a limited partnership interest
("DUBIN OWNERSHIP INTEREST") in Feldman Harrisburg Limited Partnership LP, a
Pennsylvania limited partnership (the "Partnership"), pursuant to that certain
Agreement for Assignment and Assumption of Limited Partnership Interest, entered
into on or about January 13, 2004, (as amended, the "ORIGINAL ASSIGNMENT");

         WHEREAS, FEA, Dubins and Feldman Harrisburg General Partner Inc., a
Pennsylvania corporation ("Harrisburg GP") are the only partners of the
Partnership and, upon consummation of the transaction contemplated by this
Agreement, the Partnership will be wholly-owned by Assignee and Harrisburg GP;

         WHEREAS, the Partnership is a limited partner in Feldman Lubert Adler
Harrisburg LP ("Mall Owner");

         WHEREAS, Mall Owner owns the parcel of real property known as
Harrisburg Mall located in Harrisburg, Pennsylvania as more fully described on
EXHIBIT A attached to this Agreement and incorporated herein by this reference
(the "REAL PROPERTY");

         WHEREAS, Feldman Equities Operating Partnership LP, a Delaware limited
partnership (the "OPERATING PARTNERSHIP"), a member of FEA, Feldman Mall
Properties, Inc., a Maryland corporation (the "REIT") and/or their respective
affiliates (collectively, the "FORMATION PARTIES"), are in the process of
conducting a reorganization (such reorganization and all transactions related
thereto, including the contribution by the Formation Parties to Assignee of
certain of the proceeds of the IPO, the "FORMATION TRANSACTIONS");

         WHEREAS, contemporaneously with or on or about the completion of the
Formation Transactions, the REIT will conduct an underwritten initial public
offering of its shares of common stock pursuant to an effective registration
statement filed with the Securities and Exchange Commission (such underwritten
initial public offering, the "IPO"); and

         WHEREAS, subject to the completion of the Formation Transactions and
the IPO, Assignee desires to acquire the Dubin Ownership Interest, and Dubins
desire to assign, convey and transfer to Assignee the Dubin Ownership Interest,
free and clear of all liens, security interests, prior assignments or
conveyances, conditions, special assessments, and encumbrances whatsoever and
all other defects or imperfections in title (collectively, "ENCUMBRANCES"), in
accordance with the terms and subject to the conditions, and for the
consideration, specified in this Agreement;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties to this
Agreement agree as follows:

                                       1
<PAGE>

         1. CONTRIBUTION OF DUBIN OWNERSHIP INTERESTS; EFFECTIVE DATE. Dubins
agree to transfer, convey and assign to Assignee, and Assignee agrees to accept
the contribution, transfer, conveyance and assignment of, the Dubin Ownership
Interests, pursuant to the terms and conditions set forth in this Agreement. On
the Closing Date (as hereinafter defined), Dubins shall contribute, transfer,
convey and assign to Assignee the Dubin Ownership Interests, free and clear of
all Encumbrances. Dubins acknowledge that, following the Closing (hereinafter
defined), Dubins will have no further right, title or interest of any nature
(including as a member, shareholder, officer, director, manager or otherwise) in
or to any of Mall Owner, Harrisburg GP, the Partnership, or FEA (collectively,
the "OWNERSHIP ENTITIES"), any assets of any of the Ownership Entities
(including without limitation any reserve funds held by any lender for any of
the Ownership Entities), or the Real Property.

         2. CONSIDERATION. The aggregate consideration for which Dubins agree to
transfer, convey and assign the Dubin Ownership Interests to Assignee is the
total sum of Five Hundred Thousand Dollars ($500,000) (the "AGGREGATE
CONSIDERATION VALUE"). On the Closing Date, the Aggregate Consideration Value
shall be paid by Assignee by delivering an amount, in cash, by wire transfer of
immediately available funds to an account to be designated in writing by Dubin
at least five (5) days prior to the Closing Date, equal to the Aggregate
Consideration Value. Notwithstanding the foregoing, FEA and Dubin acknowledge
that additional capital contributions and/or member loans may be required under
the partnership agreement of the Partnership prior to the Closing; in such
event, that Dubins make an additional capital contribution or member loan, then
the Aggregate Consideration Value payable under this Agreement shall be
increased by the principal amount (without any preferred return or interest) of
the additional capital contribution(s) or member loan(s) made by Dubins to the
Partnership.

         3. TERM OF AGREEMENT. If the Closing does not occur by January 31,
2005, (the "TERMINATION DATE"), this Agreement shall be deemed terminated and
shall be of no further force and effect and neither FEA nor Dubins shall have
any further obligations pursuant to this Agreement except as specifically set
forth in this Agreement. Notwithstanding the foregoing, if the Formation Parties
are then actively pursuing the IPO, FEA may, at its sole option, extend the
Termination Date to April 30, 2005. (For purposes of this Agreement, "actively
pursuing" shall mean the receipt by the Formation Parties of an acceptance of a
contract by a nationally recognized underwriter to conduct an IPO.

         4. ACCEPTANCE CERTIFICATE. From the date hereof until Closing, Assignee
shall have the right to determine in its good faith whether the Real Property is
suitable and satisfactory for Assignee's intended use of the Real Property.
Assignee shall notify Dubins in writing, no later than three (3) business days
before the Closing, that Assignee intends to proceed with the acquisition of the
Dubin Ownership Interests (such writing referred to herein as the "ACCEPTANCE
CERTIFICATE").

         5. SURVEY AND TITLE MATTERS.

               A. Title Insurance. Promptly after the date hereof, Assignee may
order, at its option, at its sole cost and expense, current title insurance
commitment for a policy (ALTA) of owner's title insurance and a copy of all
exceptions referred to therein (the "TITLE COMMITMENT") from a title insurance
company selected by Assignee ("TITLE COMPANY"). The Title Commitment shall
irrevocably obligate the Title Company to issue an ALTA Title Insurance Policy
in the full amount of the Aggregate Consideration Value or such other amount as
determined by Assignee (the "TITLE POLICY"), which Title Policy shall insure
Mall Owner's fee simple title to the Real Property. Assignee will also order, at
its sole cost and expense, customary UCC, judgment and bankruptcy searches on
Dubins, the Mall Owner, the Partnership, and the Real Property (collectively,
the "SEARCHES").

                                       2
<PAGE>

               B. Survey. Assignee may order, at its option, at its sole cost
and expense, an ALTA survey of the Real Property ("SURVEY"). The legal
description of the Real Property set forth in the Survey shall be substituted
for the description of the Real Property set forth herein and such substituted
legal description shall be used in other documents, if applicable, to be
delivered by Dubins to Assignee or the Title Company at Closing.

               C. Title and Survey Objection. Prior to Closing, Assignee shall
provide Dubins with notice of any matters set forth in the Title Commitment,
Survey or the Searches which are unacceptable to Assignee. Any matters set forth
in the Title Commitment, Survey or the Searches to which Assignee does not
object, or which have been waived or cured shall be referred to collectively
herein as the "PERMITTED EXCEPTIONS." Dubins may elect to have such unacceptable
exceptions removed from the Title Commitment or to have such unacceptable
exceptions cured to the reasonable satisfaction of Assignee and the Title
Company or surveyor, if applicable. In the event Dubins, at their sole and
absolute discretion, fail or determine not to cure any such unacceptable
exceptions before Closing, Assignee shall either (i) waive Assignee's objection
to said unacceptable exceptions and consider said unacceptable exceptions
Permitted Exceptions or (ii) terminate this Agreement. Notwithstanding anything
to the contrary contained in this Section or any other provision in this
Agreement, Dubins shall be obligated to cure, satisfy or obtain affirmative
title insurance (which affirmative title insurance shall be reasonably
acceptable to Assignee) with regard to any and all Monetary Objections (as
hereinafter defined) and any other encumbrance, exception or matter concerning
the Dubin Ownership Interest arising by, through or under the voluntary action
or voluntary inaction of Dubins, and if not so addressed by Dubins, Assignee may
use the proceeds of the Aggregate Consideration Value at Closing for such
purpose. For purposes of this Agreement, the term "MONETARY OBJECTION" shall
mean any mortgage, deed to secure debt, deed of trust, assignment of leases and
rents, negative pledge, financing statement or similar security instrument
encumbering all or any part of the Dubin Ownership Interests, and any final
unappealable judgment of record against Dubins in the county or other applicable
jurisdiction in which the Real Property is located.

         6. CLOSING DATE AND CLOSING PROCEDURES AND REQUIREMENTS.

               A. Closing Date. The "CLOSING DATE" or "CLOSING" of this
Agreement and the completion of the acquisition of the Dubin Ownership Interests
by Assignee shall be on or before sixty (60) days after the closing of the IPO
or such earlier date as Assignee may specify by notice to Dubins not less than
three business days in advance of the Closing. Closing shall take place at the
offices of the Title Company or at such other place as the parties hereto may
agree upon and shall be coordinated and conducted with the Title Company.
Notwithstanding anything else to the contrary, Closing shall take place on or
before the Termination Date, as defined in Section 3 of this Agreement,
including any extensions thereof. However, Closing shall not occur unless each
and every condition to (i) Assignee's obligations, more specifically set out and
otherwise enumerated in Section 11 of this Agreement and (ii) Dubins'
obligations, more specifically set out and otherwise enumerated in Section 12 of
this Agreement, has been satisfied or waived.

               B. Conveyance of Title and Delivery of Closing Documents. On the
Closing Date, (A) Dubins shall have delivered (i) all documents and items
required by this Agreement or reasonably requested by a party to facilitate the
consummation of the transaction contemplated hereunder, and (ii) a non-foreign
status affidavit pursuant to Section 1445 of the Code, in a form reasonably
acceptable to Assignee, duly executed by Dubins, and (B) the parties hereto
shall have submitted to the Title Company any other documents reasonably
required by the Title Company for Closing. Dubins must provide such undertakings
as the Title Company may require to issue the Title Policy to Assignee.

                                       3
<PAGE>

               C. Payment of Aggregate Consideration Value at Closing and
Interest Assignment. On the Closing Date, Assignee shall transfer the Aggregate
Consideration Value to Dubins. Simultaneously with the delivery of the Aggregate
Consideration Value, Dubins will transfer, convey, assign and deliver to
Assignee good and valid title in and to the Dubin Ownership Interests, free and
clear of all Encumbrances, by executing and delivering to Assignee a limited
partnership interest transfer agreement substantially in the form of EXHIBIT B
attached to this Agreement.

               D. Closing Costs. Dubins shall, at Closing, pay any sales or use,
transfer or similar tax payable by virtue of the transfer and contribution or
deemed transfer or contribution of personal property, any real estate transfer
and transaction taxes and levies relating to the transfer and contribution of
the Dubin Ownership Interests including, without limitation, the revenue or
documentary stamps, transfer tax or similar tax, title insurance premiums for
standard coverage (including any fees for title examination), and one-half of
any escrow fees in the maximum amount of $5,000. FEA agrees to pay for the cost
of all inspections, including environmental site assessments and the Survey, the
cost of any extended title coverage or special endorsements, and one-half of any
escrow fees. Each party shall pay its own attorneys' fees and costs. All other
costs incurred at Closing shall be borne by the parties in accordance with the
custom in the county where the Real Property is located, as determined by the
Title Company, unless otherwise specified in this Agreement.

               E. Risk of Loss. If all or any portion of the Real Property is
taken, or becomes subject to a pending taking, by eminent domain, or is conveyed
in lieu thereof, or if Mall Owner or Dubins receive notice of any rezoning of
the Real Property, Assignee shall have the right and option to terminate this
Agreement by providing Dubins with written notice at any time after its receipt
of written notification from Dubins of any such occurrence. If Assignee elects
not to terminate this Agreement, then, as of the Closing, Dubins shall deliver
to Assignee the amount of any award or other proceeds on account of such taking
or conveyance which have been actually paid to Dubins prior to the Closing Date
as a result of such taking or conveyance (less all costs and expenses,
including, without limitation, attorneys' fees and costs, incurred by Dubins as
of the Closing Date in obtaining payment of such award or proceeds or in
repairing or restoring the Real Property) and, to the extent such award or
proceeds have not been delivered to Dubins, Dubins shall assign to Assignee at
Closing (without recourse to Dubins) the rights of Dubins to, and Assignee shall
be entitled to receive and retain, all awards for the taking of the Real
Property or any portion thereof or conveyance in lieu thereof (less the costs
and expenses described above in this Section to the extent not previously paid
to Dubins out of the award or proceeds for the applicable taking or conveyance
in lieu thereof).

         7. REPRESENTATIONS AND WARRANTIES OF DUBINS. Dubins hereby make the
following representations and warranties, each of which is material and being
relied upon by Assignee, each and every one of which is true, correct, and
complete as of the date of this Agreement (unless they expressly provide for a
future date), and will be true, correct, and complete as of the Closing Date:

               A. Authority. Dubins have the right, power and authority to enter
into and deliver this Agreement and to perform all of its obligations under this
Agreement and to consummate the transactions contemplated by this Agreement. The
execution and delivery of this Agreement and the performance by Dubins of their
respective obligations hereunder require no further action or approval of any
other individuals or entities in order to constitute this Agreement as a binding
and enforceable obligation of Dubins in accordance with its terms subject, as to
enforcement, to the bankruptcy, reorganization, insolvency and other similar
laws of general applicability relating to or affecting creditors' rights and to
general principles of equity.

                                       4
<PAGE>

               B. Ownership.

                  (i) Dubins own the Dubin Ownership Interests as stated in the
Recitals, beneficially and of record, free and clear of any and all
Encumbrances. Except for this Agreement, Dubins have not granted any options,
warrants, or rights to subscribe to, securities, member interests, rights or
obligations convertible into or exchangeable for or given any right to subscribe
for or participate in the profits of all or any portion of its portion of the
Dubin Ownership Interests. AFI has not previously assigned, transferred,
conveyed, encumbered, or liened any portion of the Membership Interest. At
Closing, upon consummation of the transactions contemplated hereby, Assignee
will acquire the entire legal and beneficial interest in the Dubin Ownership
Interests, free and clear of any and all Encumbrances;

                  (ii) Dubins are the only owners of the Dubin Ownership
Interests;

                  (iii) Dubins have not granted any other person or entity an
option to purchase or a right of first refusal upon the Dubin Ownership
Interests, or any portion thereof or any direct or indirect interest therein nor
are there any agreements or understandings between Dubins and any other person
or entity with respect to the disposition of the Dubin Ownership Interests or
any portion thereof;

                  (iv) Dubins have not received any notice, and have no actual
knowledge, that Mall Owner or the Real Property or any portion or portions
thereof is or will be subject to or affected by any special assessments, whether
or not presently a lien thereon;

                  (v) Dubins have no actual knowledge of any latent defects or
adverse facts that exist with respect to the physical condition of the Real
Property which have not been specifically disclosed in writing to FEA,
including, without limitation, adverse soil conditions;

                  (vi) Dubins have not assigned, transferred, conveyed,
mortgaged, deeded in trust, or encumbered any interest in the Real Property, or
in the Dubin Ownership Interests; and

                  (vii) Dubins have no actual knowledge or notice that any
present default or breach exists under any mortgage or other encumbrance
encumbering the Real Property or any covenants, conditions, restrictions,
rights-of-way or easements which may affect the Real Property or any portion or
portions thereof. Dubins have not received any notices from governmental or
regulatory, authorities pertaining to violation of law or governmental
regulations with respect to the Real Property.

               C. Noncontravention. Neither the entry into nor the performance
of, or compliance with, this Agreement by Dubins has resulted, or will result,
in any violation of, or default under, or result in the acceleration of, any
obligation under any limited liability company agreement, partnership agreement,
regulations, mortgage indenture, lien agreement, note, contract, permit,
judgment, decree, order, restrictive covenant, statute, rule, or regulation
applicable to (i) Dubins or the Dubin Ownership Interests or (ii) to Dubins'
actual knowledge, any of the Ownership Entities or the Real Property.

               D. Litigation. To Dubins' actual knowledge, there is no action,
suit, or proceeding, pending or threatened, against or affecting any of the
Ownership Entities, Dubins, the Dubin Ownership Interests or the Real Property
in any court or before any arbitrator or before any federal, state, municipal,
or other governmental department, commission, board, bureau, agency or
instrumentality which (i) in any manner raises any question affecting the
validity or enforceability of this Agreement; (ii) could materially and
adversely affect the business, financial position, or results of operations of
Mall Owner or Dubins; (iii) could materially and adversely affect the ability of
Dubins to perform their obligations hereunder, or under any document to be
delivered pursuant hereto; (iv) could create a lien on the Dubin Ownership
Interests or the Real Property, any part thereof, or any interest therein; or
(v) could materially and adversely affect any of the Ownership Entities or the
Dubin Ownership Interests or the Real Property, any part thereof, or any
interest therein.

                                       5
<PAGE>

               E. No Consents. Except as may otherwise be set forth in this
Agreement, each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with any governmental agency
or body necessary for the execution, delivery, and performance of this Agreement
or the transactions contemplated hereby by Dubins has been obtained or will be
obtained on or before the Closing Date.

               F. Reliance. In engaging in this transaction, Dubins are not
relying upon any representations made to it by Assignee, or any of its partners,
officers, employees, affiliates or agents that are not contained in this
Agreement.

               G. Tax Matters. Dubins represent and warrant that they have
obtained from their own counsel advice regarding the tax consequences of (i) the
transfer of the Dubin Ownership Interests to Assignee and the receipt of
proceeds therefor and (ii) any other transaction contemplated by this Agreement.
Dubins further represent and warrant that they have not relied on Assignee or
Assignee's representatives or counsel for such tax advice.

               H. Bankruptcy with Respect to Ownership Entities or Dubins. No
Act of Bankruptcy has occurred with respect to any of the Ownership Entities or
Dubins. As used herein, "ACT OF BANKRUPTCY" shall mean if any of the Ownership
Entities or Dubins shall (i) apply for or consent to the appointment of, or the
taking of possession by, a receiver, custodian, trustee or liquidator of itself
or of all or a substantial part of its property, (ii) admit in writing its
inability to pay its debts as they become due, (iii) make a general assignment
for the benefit of its creditors, (iv) file a voluntary petition or commence a
voluntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect), (v) be adjudicated bankrupt or insolvent, (vi) file a
petition seeking to take advantage of any other law relating to bankruptcy,
insolvency, reorganization, receivership, dissolution, winding-up or composition
or adjustment of debts, (vii) fail to controvert in a timely and appropriate
manner, or acquiesce in writing to, any petition filed against it in an
involuntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect), or (viii) take any entity action for the purpose of
effecting any of the foregoing.

               I. Brokerage Commission. Dubins have not engaged the services of,
any real estate agent, broker, finder or any other person or entity for any
brokerage or finder's fee, commission or other amount with respect to the
transactions described herein on account of any action by Dubins. Dubins hereby
agree to indemnify and hold Assignee and its employees, directors, partners,
affiliates and agents harmless against any claims, liabilities, damages or
expenses arising out of a breach of the foregoing. This indemnification shall
survive Closing or any termination of this Agreement.

               J. Further Representations and Warranties. Each of the following
statements is true, correct and complete as of the date of this Agreement
(unless they expressly provide for a future date), and will be true, correct and
complete as of the Closing Date:

                  (i) Ownership Entities' Operations. To Dubins' actual
knowledge, the Ownership Entities were formed for the purpose of owning and
holding the Real Property. To Dubins' actual knowledge, since the date of their
formation, the Ownership Entities have not owned or held any material assets
other than the Real Property, except those assets that are included in the Real
Property and those immaterial assets that were used or disposed of in the
ordinary course of business of the Ownership Entities in operating and
maintaining the Real Property. To Dubins' actual knowledge, since the date of
formation, none of the Ownership Entities have operated or conducted any other
trade or business other than the ownership and management of the Real Property.

                                       6
<PAGE>

                  (ii) Liabilities; Indebtedness. Dubins have not incurred any
indebtedness related to the Real Property or the Dubin Ownership Interests, or
any portion thereof. Dubins have not entered into any agreements, contracts or
other obligations of any nature on behalf of any of the Ownership Entities (all
authority for such actions being vested in other owners).

                  (iii) INTENTIONALLY DELETED. .

                  (iv) No Continuing Obligations. Dubins are not and to Dubins'
actual knowledge none of the Ownership Entities is a party to any contract with
any governmental or regulatory authority or any person pursuant to which any of
the Ownership Entities or Dubins have any indemnity or other continuing
obligation with respect to (i) the remediation or investigation of any condition
resulting from the treatment, storage, or release of Hazardous Substances; or
(ii) any actual or potential non-compliance with Environmental Laws.

                  (v) Compliance With Laws. Dubins have not received and to
Dubins' actual knowledge none of the Ownership Entities has received any written
notice or proceedings relating to the revocation or modification of any
certificates, authorities or permits issued by any state or federal agencies or
bodies necessary to conduct the business to be conducted by any of the Ownership
Entities which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling, or finding, would materially and adversely affect the
condition, financial or otherwise, or the earnings, business affairs or business
prospects of the Real Property any of the Ownership Entities. Dubins have not
received and to Dubins' actual knowledge none of the Ownership Entities has
received any written or other notice of any violation of any applicable zoning,
building or safety code, rule, regulation or ordinance, or of any employment,
environmental, wetlands or other regulatory law, order, regulation or other
requirement, including without limitation the Americans With Disabilities Act or
any restrictive covenants or other easements, encumbrances or agreements,
relating to the Real Property, which remains uncured and would materially and
adversely affect the condition, financial or otherwise, or the earnings,
business affairs or business prospects of any of the Ownership Entities or the
Real Property.

                  (vi) Condemnation and Moratoria. To Dubins' actual knowledge,
there are (i) no pending or threatened condemnation or eminent domain
proceedings, or negotiations for purchase in lieu of condemnation, which affect
or would affect any portion of the Real Property; (ii) no pending or threatened
moratoria on utility or public water or sewer hook-ups or the issuance of
permits, licenses or other inspections or approvals necessary in connection with
the construction or reconstruction of improvements which affect or would affect
any portion of the Real Property; and (iii) no pending or threatened proceeding
to change adversely the existing zoning classification as to any portion of the
Real Property. To Dubins' actual knowledge, no portion of the Real Property is a
designated historic property or located within a designated historic area or
district, and there are no graveyards or burial grounds located within any of
the Real Property.

               K. Representations True and Correct. In the event that changes
occur as to any material information, documents or exhibits referred to in this
Agreement, of which Dubins have actual knowledge, Dubins will immediately
disclose the same to Assignee when first available to Dubins; and, in the event
of any such material change, Assignee may, at its election, terminate this
Agreement.

                                       7
<PAGE>

               L. Actual Knowledge. For purposes of this Agreement, "actual
knowledge" shall mean matters of fact which have come to the attention of Dubins
through documents or records in Dubins' files without any further independent
investigation.

         8. REPRESENTATIONS AND WARRANTIES OF FEA. FEA hereby makes the
following representations and warranties, each of which is material and being
relied upon by Dubins, are true, correct, and complete as of the date of this
Agreement (unless they expressly provide for a future date) and will be true,
correct, and complete as of the Closing Date:

               A. Organization and Authority. FEA is a limited liability company
duly organized, validly existing, and in good standing under the laws of the
State of Arizona, and has full limited liability company right, power, and
authority to execute and deliver this Agreement and to perform all of its
obligations under this Agreement and to consummate the transactions contemplated
by this Agreement. The execution and delivery of this Agreement and the
performance by FEA of its obligations hereunder have been duly authorized by all
requisite action of FEA and require no further action or approval of FEA's
members, directors, officers, managers or of any other individuals or entities
in order to constitute this Agreement as a binding and enforceable obligation of
FEA in accordance with its terms subject, as to enforcement, to the bankruptcy,
reorganization, insolvency and other similar laws of general applicability
relating to or affecting creditors' rights and to general principles of equity.

               B. Noncontravention. Neither the entry into nor the performance
of, or compliance with, this Agreement by FEA has resulted, or will result, in
any violation of, or default under, or result in the acceleration of, any
obligation under its operating agreement, or any material mortgage, indenture,
lien agreement, note, contract, permit, judgment, decree, order, restrictive
covenant, statute, rule, or regulation applicable to FEA.

               C. Litigation. To FEA's knowledge, there is no action, suit, or
proceeding, pending or threatened, against or affecting FEA in any court or
before any arbitrator or before any federal, state, municipal, or other
governmental department, commission, board, bureau, agency or instrumentality
which in any manner raises any question affecting the validity or enforceability
of this Agreement or could materially and adversely affect the ability of FEA to
perform its obligations under this Agreement, or under any document to be
delivered pursuant to this Agreement.

               D. Consents. Except as may otherwise be set forth in this
Agreement, each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with any governmental agency
or body necessary for the execution, delivery, and performance of this Agreement
or the transactions contemplated hereby by FEA has been obtained or will be
obtained on or before the Closing Date.

               E. Brokerage Commission. FEA has not engaged the services of any
real estate agent, broker, finder or any other person or entity for any
brokerage or finder's fee, commission or other amount with respect to the
transactions described herein on account of any action by FEA. FEA hereby agrees
to indemnify and hold Dubins harmless against any claims, liabilities, damages
or expenses arising out of a breach of the foregoing. This indemnification shall
survive Closing or any termination of this Agreement.

               F. Representations True and Correct. In the event that changes
occur as to any material information, documents or exhibits referred to in this
Agreement, of which FEA has knowledge, FEA will immediately disclose the same to
Dubins when first available to FEA; and, in the event of any such material
change, Dubins may, at their election, terminate this Agreement if such change
materially adversely affects Dubins.

                                       8
<PAGE>

               G. Reliance. In engaging in this transaction, FEA is not relying
upon any representations made to it by Dubins, the Ownership Entities or any of
its partners, officers, employees, affiliates or agents that are not contained
in this Agreement.

               H. Tax Matters. FEA represents and warrants that it has obtained
from its own counsel advice regarding the tax consequences of (i) the transfer
of the Dubin Ownership Interests to Assignee and the payment of proceeds
therefor and (ii) any other transaction contemplated by this Agreement. FEA
further represents and warrants that it has not relied on Assignee or Assignee's
representatives or counsel for such tax advice.

               I. Bankruptcy with Respect to Ownership Entities or FEA. No Act
of Bankruptcy has occurred with respect to any of the Ownership Entities or FEA.
As used herein, "ACT OF BANKRUPTCY" shall mean if any of the Ownership Entities
or FEA shall (i) apply for or consent to the appointment of, or the taking of
possession by, a receiver, custodian, trustee or liquidator of itself or of all
or a substantial part of its property, (ii) admit in writing its inability to
pay its debts as they become due, (iii) make a general assignment for the
benefit of its creditors, (iv) file a voluntary petition or commence a voluntary
case or proceeding under the Federal Bankruptcy Code (as now or hereafter in
effect), (v) be adjudicated bankrupt or insolvent, (vi) file a petition seeking
to take advantage of any other law relating to bankruptcy, insolvency,
reorganization, receivership, dissolution, winding-up or composition or
adjustment of debts, (vii) fail to controvert in a timely and appropriate
manner, or acquiesce in writing to, any petition filed against it in an
involuntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect), or (viii) take any entity action for the purpose of
effecting any of the foregoing.

         9. COVENANTS.

               A. Tax Covenants. Dubins shall provide Assignee with such
cooperation and information with respect to taxes relating to the Ownership
Entities or any of the Dubin Ownership Interests or the Real Property as
reasonably requested by Assignee and shall cooperate with Assignee with respect
to its filing of tax returns. Assignee shall promptly notify Dubins in writing
upon receipt by Assignee or any of its affiliates of notice of (i) any pending
or threatened tax audits or assessments relating to Dubins, the Ownership
Entities or any part of the Dubin Ownership Interests or the Real Property and
(ii) any pending or threatened federal, state, local or foreign tax audits or
assessments of Assignee or any of its affiliates, in each case which may affect
the liabilities for taxes of Dubins with respect to any tax period ending on or
before the Closing Date. Dubins shall promptly notify Assignee in writing upon
receipt by Dubins or its beneficial owners, as applicable, of notice of any
pending or threatened federal, state, local or foreign tax audits or assessments
relating to any of the Ownership Entities or any part of the Dubin Ownership
Interests or the Real Property. Assignee and Dubins, as applicable, may
participate at its own expense in the prosecution of any claim or audit with
respect to taxes attributable to any taxable period ending on or before the
Closing Date, provided, that Dubins shall have the right to control the conduct
of any such audit or proceeding or portion thereof for which Dubins has
acknowledged liability (except as a partner of Assignee) for the payment of any
additional tax liability, and Assignee shall have the right to control any other
audits and proceedings. Notwithstanding the foregoing, neither Assignee nor
Dubins may settle or otherwise resolve any such claim, suit to proceeding which
could have an adverse tax effect on the other party or its owners without the
consent of the other party, such consent not to be unreasonably withheld. Dubins
and Assignee shall retain all tax returns, schedules and work papers, and all
material records and other documents relating thereto, until the expiration of
the statute of limitations (and, to the extent notified by any party, any
extensions thereof) of the taxable years to which such tax returns and other
documents relate and until the final determination of any tax in respect of such
years.

                                       9
<PAGE>

               B. Conduct of Business. Dubins agree and covenant that, up to the
time of Closing, Dubins shall not take any action that is not consistent with
the operation of the business relating to the Real Property in the usual,
regular and ordinary manner consistent with prior practice. No distribution may
be made to Dubins pursuant to the partnership agreement of the Partnership,
unless such distribution is made in accordance with past practice and is
disclosed to Assignee.

         10. WAIVERS, SURRENDER OR ASSIGNMENT OF RIGHTS UNDER DUBIN OWNERSHIP
INTERESTS. As of the Closing Date, Dubins surrender, waive or, to the extent
assignable, assigns to Assignee all rights and benefits otherwise afforded to
Dubins under the Dubin Ownership Interests (including the partnership agreement
of the Partnership) or the Real Property including, without limitation, any
rights of appraisal, rights of first offer or first refusal, buy/sell
agreements, and any right to consent to or approve of the sale or contribution
of its interest (including its portion of the Dubin Ownership Interests) in any
of the Ownership Entities or the Real Property to Assignee.

         11. CONDITIONS PRECEDENT TO ASSIGNEE'S OBLIGATIONS. Assignee's
obligation to perform any obligations provided for in this Agreement is
conditioned upon the occurrence of the following conditions on or before the
Closing Date:

               A. Assignee shall have delivered the Acceptance Certificate to
Dubins.

               B. The obligations of Dubins contained in this Agreement to be
performed by them shall have been duly performed by them on or before the
Closing Date and Dubins shall not have breached any of their representations,
warranties, covenants or agreements contained herein.

               C. Concurrently with the Closing, Dubins shall have executed and
delivered to Assignee the documents required to be delivered pursuant to this
Agreement.

               D. INTENTIONALLY DELETED

               E. No order, statute, rule, regulation, executive order,
injunction, stay, decree or restraining order shall have been enacted, entered,
promulgated or enforced by any court of competent jurisdiction or Governmental
Entity that prohibits the consummation of the transactions contemplated hereby,
and no litigation or governmental proceeding seeking such an order shall be
pending or threatened.

               F. There shall not have occurred between the date hereof and the
Closing Date any material adverse change in any of the assets, business,
financial condition, results of operations or prospects of any of the Real
Property or the Ownership Entities.

               G. The Title Company shall be irrevocably committed to issuing
the Title Policy upon Closing insuring ownership of the Real Property in the
name of Mall Owner or its nominee or assignee in the amount equal to the
Aggregate Consideration Value, or such other amount as determined by FEA in
accordance with Section 5 hereof, subject only to Permitted Exceptions.

               H. The Real Property shall not have been materially affected by
any legislative or regulatory change, or any fire, flood, accident or other
adverse event that would prohibit Assignee from using any part of the Real
Property for Assignee's intended purpose.

                                       10
<PAGE>

               I. There shall be no actions, suits or proceedings of any kind or
nature whatsoever, legal or equitable, affecting the Dubin Ownership Interests,
any of the Ownership Entities, or any part of the Real Property or any portion
or portions thereof in any material way, or relating to or arising out of the
ownership of the Ownership Entities or the Real Property, in any court or before
or by a federal, state, county, municipal department, commission, board, bureau,
or agency or other governmental instrumentality.

               J. The Formation Transactions and the IPO shall have been
completed.

                  Any or all of the foregoing conditions may be waived by FEA in
its sole and absolute discretion.

         12. CONDITIONS TO THE DUBINS' OBLIGATIONS. Dubins' obligation to
perform any obligations provided for in this Agreement is conditioned upon the
occurrence of the following conditions on or before the Closing Date:

               A. The representations, warranties and covenants of FEA contained
in this Agreement shall be true and correct as of the Closing Date.

               B. The obligations of FEA contained in this Agreement to be
performed by it shall have been duly performed by it on or before the Closing
Date and FEA shall not have breached any of its covenants or agreements
contained herein.

               C. FEA shall have delivered the Acceptance Certificate to Dubins.

               D. No order, statute, rule, regulation, executive order,
injunction, stay, decree or restraining order shall have been enacted, entered,
promulgated or enforced by any court of competent jurisdiction or Governmental
Entity that prohibits the consummation of the transactions contemplated hereby,
and no litigations or governmental proceeding seeking such an order shall be
pending or threatened.

                  Any or all of the foregoing conditions may be waived by Dubins
in their sole and absolute discretion.

         13. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; REMEDY FOR BREACH.

               A. Subject to Section 14 hereof, all representations and
warranties of Dubins and FEA in this Agreement shall survive the Closing for a
period of one year after the Closing Date.

               B. Notwithstanding anything to the contrary in this Agreement,
except as otherwise provided in Section 14 hereof with respect to Assignee's
right to obtain an injunction, neither Dubins nor FEA shall be liable under this
Agreement for monetary damages (or otherwise) for breach of any of its
representations, warranties, covenants and obligations or in any agreement or
exhibit delivered by any of them pursuant thereto, other than pursuant to
Section 14 of this Agreement.

                                       11
<PAGE>

         14. INDEMNIFICATION.

               A. Dubins' Indemnity. Dubins hereby jointly and severally agree
to indemnify and hold Assignee and its direct and indirect members,
shareholders, partners, directors, officers, employees, trustees, affiliates and
agents harmless of and from all liabilities, losses, damages, costs, and
expenses (including reasonable attorneys' fees) which they may suffer or incur
by reason of any breach of Dubins' representations or warranties contained in
this Agreement and any exhibit or attachment to this Agreement.

               B. FEA's Indemnity. FEA hereby agrees to indemnify and hold
Dubins and their respective direct and indirect members, shareholders, partners,
directors, officers, employees, trustees, affiliates and agents harmless of and
from all liabilities, losses, damages, costs, and expenses (including reasonable
attorneys' fees) which they may suffer or incur by reason of any breach of FEA's
representations or warranties contained in this Agreement and any exhibit or
attachment to this Agreement.

               C. Limitation Period. Notwithstanding the foregoing, any claim
for indemnification under this Section 14 must be asserted in writing, stating
the nature of such claim and the basis for indemnification therefore within one
year after the Closing. If so asserted in writing within one year after the
Closing, such claims for indemnification shall survive until resolved by mutual
agreement between Dubins and FEA or by judicial determination.

         15. INJUNCTIONS. Dubins agree that irreparable damage would occur to
Assignee in the event that any of the provisions of this Agreement were not
performed in accordance with their specific terms or were otherwise breached. It
is accordingly agreed that Assignee shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement by Dubins' and to enforce
specifically the terms and provisions hereof in any federal or state court (as
to which the parties agree to submit to jurisdiction for the purposes of such
action), this being in addition to any other remedy to which Assignee is
entitled under this Agreement or otherwise at law or in equity.

         16. SUCCESSORS AND ASSIGNS. The rights and obligations created by this
Agreement shall be binding upon and inure to the benefit of the parties hereto,
their heirs, executors, receivers, trustees, successors and permitted assigns.

         17. GOVERNING LAW. This Agreement and all transactions contemplated
hereby shall be governed by, construed and enforced in accordance with the laws
of the State of Arizona.

         18. THIRD PARTY BENEFICIARY. Except as specifically set forth in this
Agreement, no provision of this Agreement is intended, nor shall it be
interpreted, to provide or create any third party beneficiary rights or other
rights of any kind in any customer, affiliate, stockholder, partner, member,
director, officer, or employee of any party to this Agreement or any other
person or entity.

         19. SEVERABILITY. If any provision of this Agreement, or the
application thereof, is for any reason held to any extent to be invalid or
unenforceable, the remainder of this Agreement and application of such provision
to other persons or circumstances will be interpreted so as reasonably to effect
the intent of the parties hereto. The parties further agree to replace such void
or unenforceable provision of this Agreement with a valid and enforceable
provision that will achieve, to the extent possible, the economic, business, and
other purposes of the void or unenforceable provision and to execute any
amendment, consent, or agreement deemed necessary or desirable by Assignee to
effect such replacement.

                                       12
<PAGE>

         20. NOTICES. All notices, requests and other communications hereunder
must be in writing and will be deemed to have been duly given only if delivered
personally or by facsimile transmission or mailed (first class postage prepaid)
to the parties at the following addresses or facsimile numbers:

          If to Dubins:       Dennis Dubin and Mildred "Bunny" Dubin

                              Four Tower Bridge
                              200 Barr Harbor Drive,  Suite 400
                              West Conshohocken, PA 19428
                              Fax: (610) 567-2059

                              With a copy to:

                              Joe Pozzuolo, Esquire
                              Pozzuolo & Perkiss, P.C.
                              2033 Walnut Street
                              Philadelphia, PA. 19103
                              Fax: (215) 977-9663

          If to Assignee:     Feldman Equities of Arizona, L.L.C.
                              3225 North Central Avenue, Suite 1205
                              Phoenix, Arizona 85012
                              Attention: Lawrence Feldman
                              Facsimile:  602-277-7774

                              with a copy to:
                              Jeffrey Erhart, Esq.
                              Van Wagner, Erhart & Hubbard, LLP
                              649 North Third Avenue
                              Phoenix, Arizona 85012
                              Facsimile:  602-254-5942

         All such notices, requests and other communications will (i) if
delivered personally to the address as provided in this Section, be deemed given
upon delivery or refusal, (ii) if delivered by facsimile transmission to the
facsimile number as provided in this Section, be deemed given upon receipt, and
(iii) if delivered by mail in the manner described above to the address as
provided in this Section, be deemed given upon receipt or refusal (in each case
regardless of whether such notice, request or other communication is received by
any other Person to whom a copy of such notice is to be delivered pursuant to
this Section). Any party from time to time may change its address, facsimile
number or other information for the purpose of notices to that party by giving
notice specifying such change to the other parties hereto in accordance with
this Section.

         21. WEEKENDS, HOLIDAYS, ETC. If the time period by which any right,
option or election provided for under this Agreement must be exercised, or by
which any act required hereunder must be performed, or by which Closing must be
held, expires on a day which is a Saturday, Sunday, or official federal or a
state holiday for the States of Arizona or New York, then such time period shall
be automatically extended through the close of business on the next business
day.

                                       13
<PAGE>

         22. FURTHER ASSURANCES. From time to time, at either party's request,
whether on or after Closing, and without further consideration, the other party
shall execute and deliver any further instruments of conveyance and take such
other actions as the requesting party may reasonably require to complete more
effectively the transfer of the Dubin Ownership Interests to Assignee.

         23. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         24. ENTIRE AGREEMENT AND AMENDMENTS. This Agreement, together with all
exhibits attached hereto or referred to herein, contain all representations and
the entire understanding between the parties hereto with respect to the subject
matter hereof. Any prior correspondence, memoranda or agreements are replaced in
total by this Agreement and exhibits hereto. This Agreement may only be modified
or amended upon the written consent of each party hereto.

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

DUBINS:

/s/ Dennis Dubin                                /s/ Mildred "Bunny" Dubin
-------------------------------                 -------------------------------
Dennis Dubin                                    Mildred "Bunny" Dubin

FEA:

Feldman Equities of Arizona, L.L.C.,
an Arizona limited liability company

/s/ Lawrence Feldman
-------------------------------
Lawrence Feldman, Manager

                             GENERAL PARTNER CONSENT

The undersigned general partner of Feldman Harrisburg Limited Partnership LP, a
Pennsylvania limited partnership, hereby consents to the foregoing agreement.

Dated: ______________, 2004

Feldman Harrisburg General Partner Inc.,
a Pennsylvania corporation

/s/ Lawrence Feldman
---------------------------------
Lawrence Feldman, President

                                       14
<PAGE>

                                    EXHIBIT A

                          LEGAL DESCRIPTION OF PROPERTY

                                       15
<PAGE>

                                    EXHIBIT B

                   LIMITED PARTNERSHIP INTEREST TRANSFER FORM

         For valuable consideration, the undersigned ("Assignors") hereby
assigns and conveys to _______________________, a _________________
("Assignee"), all of the Assignors' limited partnership interest and other
rights of any nature in and to Feldman Harrisburg Limited Partnership LP, a
Pennsylvania limited partnership . The foregoing assignment is made pursuant to
the terms of that certain Dubin Ownership Interests Assignment Agreement dated
July __, 2004 between Assignors and Feldman Equities of Arizona, L.L.C.

Dated: ________________, 200_

ASSIGNORS:

/s/ Dennis Dubin                              /s/ Mildred "Bunny" Dubin
-------------------------------               -------------------------------
Dennis Dubin                                  Mildred "Bunny" Dubin

                                       16

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