Document:

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                                                                 EXHIBIT (10)(u)

                       AMENDMENT TO EMPLOYMENT AGREEMENT

         AMENDMENT executed March 27, 2000 as of November 30, 1999 (the
"Amendment") to Employment Agreement entered into as of by and between ANNE
NELSON ZAHNER, an individual residing at 15 Woodlawn Avenue, New Rochelle, New
York 10804 ("Executive"), and FIRST UNION REAL ESTATE EQUITY AND MORTGAGE
INVESTMENTS, an Ohio business trust with offices at 55 Public Square, Suite
1900, Cleveland, Ohio 44113 (the "Company").

         IMPERIAL PARKING CORPORATION (formerly named First Union Canadian
Holdings, Inc.), a Delaware corporation with offices at 601 West Cordova
Street, Suite 300, Vancouver, British Columbia, Canada V6B1G1 ("Impark") is
joining in this Agreement with respect to Section C hereof.

         (1)     The Executive and the Company entered into an Employment
Agreement dated November 2, 1998 (the "Original Agreement");

         (2)     Certain significant operational and business developments
affecting the Company have occurred since the date the Original Agreement was
executed, as a result of which the parties have concluded that an amendment to
the Agreement would be in the best interests of both parties, and the parties
have accordingly agreed to amend the Agreement in the manner and upon the
considerations set forth in this Amendment;

         (3)     Impark is executing this agreement, and shall be bound only by
the terms of Section C hereof.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements set forth herein, the parties hereby agree as follows:

A.       CERTAIN DEFINED TERMS; CONTINUATION OF ORIGINAL EMPLOYMENT AGREEMENT

         (1)     Amended Agreement  The term "Amended Agreement" as used in
this Amendment refers to the Original Agreement, as amended by this Amendment.

         (2)     "Impark Spinoff" "Impark Spinoff" means (a) the reorganization
of certain of the subsidiaries of the Company in order to position the
Company's parking real estate assets under Impark and to repay certain
indebtedness of Impark, (b) the settlement of certain debts owed by First Union
Management, Inc. ("FUMI") to the Company by the transfer to the Company and its
subsidiaries of the assets of FUMI relating to its business of leasing and
managing parking facilities and (c) and distributing all of the shares of
Impark not owned by its directors to the owners of the common shares of the
Company (the "Common Shares"), (the date of such distribution being referred to
as the "Impark Spinoff Date").

         (3)     Other Defined Terms  Unless otherwise provided herein,
capitalized terms herein shall have the meanings ascribed to them in the
Original Agreement. As used herein:

         (4)     Continued Effectiveness of Original Agreement       Except as
otherwise provided in this Amendment to the contrary, the terms and conditions
of the Original Agreement  as amended by this Amendment shall remain in effect.
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         (5)     Inconsistent Provisions  In any case in which the terms of
this Amendment are inconsistent with the terms of the Original Agreement, the
terms of this Amendment shall control.

B.       AMENDMENT OF CERTAIN SECTIONS OF THE ORIGINAL AGREEMENT

         THE FOLLOWING SECTIONS OF THE ORIGINAL AGREEMENT ARE HEREBY AMENDED AS
SPECIFIED BELOW:

         (1)     Section 4 (a) ("Salary") of the Original Agreement is amended
to be Section 4(a)(i) and a new Section 4(a)(ii) is added to read as follows:

                 "(ii)    Bonus   The Executive shall be entitled to a bonus,
on or before December 29, 1999, of $135,000, in cash.

         (2)     Section 4(c)(v) ("Share Option. Grant") is amended so that the
three (3) paragraphs included within the subsection captioned
"Vesting/Exercise" are deleted; and the following paragraph is inserted:

                          "All of the Share Options vested as of November 2,
                          1998 (other than the Additional Options, which vested
                          upon grant).  All of the $6.50 Options, all of the
                          $8.50 Options, and all of the Additional Options
                          shall be exercisable in full as of December 1, 1999."

         (3)     Section 4(c)(v) is further amended so that the paragraph in
the subsection captioned "Exercise Price" is amended in its entirety to read as
follows:

         "(v)             (A) The option exercise price with regard to the
                          360,000 Share Options granted pursuant to this
                          subsection (v) shall be as follows: 180,000 shall be
                          exercisable at $6.50 per Common Share (the "$6.50
                          Options") and 180,000 shall be exercisable at $8.50
                          per Common Share (the "$8.50 Options").

                          (B) Additional Share Options to purchase 125,504
                          Common Shares having an initial exercise price of
                          $4.00 were issued to the Executive on May 28, 1999,
                          pursuant to the subsection of Section 4(c)(vi)
                          captioned "Additional Share Options." In addition,
                          Additional Options to purchase 31,250 shares have
                          been transferred to the Executive by Daniel Friedman
                          contemporaneously herewith (the "Transferred
                          Options"), and the Company has agreed and consented
                          to such transfer.  The Transferred Options shall be
                          exercisable in full as of December 1, 1999.  The term
                          "Additional Share Options" shall be deemed to include
                          such Transferred Options.

                          (C) The exercise price of each Share Option
                          (including the Additional Share Options) will be
                          adjusted (but not below zero) (1) to increase on each
                          anniversary of its grant by an amount equal to an
                          increase of 10% per annum (compounded annually) and
                          (2) to decrease from and after the date of its grant
                          through the date of its exercise by the sum of all
                          dividends or other distributions (including the value
                          of non-cash dividends, including without limitation,
                          share dividends, the Distributable Value of the
                          Impark Spinoff and the Attributable Value of other
                          spin-offs) declared per Common Share for the
                          applicable year.  As used herein, (1) the
                          "Distributable Value of the Impark

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                          Spinoff" means the Initial Impark Option Price, and
                          (2) "Attributable Value of other spinoffs" means the
                          value ascribed to such spin-offs by the Company, or
                          if not so ascribed, the fair market value of the
                          assets so spun off. Notwithstanding the foregoing,
                          the adjustment to the exercise price set forth in
                          clause (C) (1) shall not commence until the eighteen
                          (18) month anniversary of the commencement of the
                          Employment Period; and (y) be applied ratably at the
                          time(s) Executive exercises the Share Options (e.g.
                          if Share Options are exercised on the 20 month
                          anniversary of the commencement of the Employment
                          Term, the exercise price in effect on that date would
                          be increased by 1.667% (2/12 of 10%) minus any
                          dividends or other distributions paid on or prior to
                          the date of exercise (to the extent such dividends or
                          other distributions were not previously deducted)."

         (4)     Section 4(c)(v) is further amended so that, in the first
paragraph in the subsection captioned "Option Exercise Term,"

                 (a)      the period (.) at the end of the second sentence
                          shall be replaced by a comma (,) and the following
                          provision shall be added at the end thereof:

                          "except that Additional Options (as defined in
                          subsection 4(c)(vi) below) shall remain exercisable
                          for eight (8) months following such event after which
                          they shall expire."

                 (b)      a new sentence shall be added after the second
                          sentence and shall read as follows:

                          "Notwithstanding the foregoing, if the Company enters
                          into an Asset Management Agreement with an entity of
                          which the Executive, David Schonberger and Daniel P.
                          Friedman are the principal equity holders then the
                          $8.50 Options and the $6.50 Options shall be
                          terminated and shall no longer be exercisable if the
                          Asset Management Agreement is executed and is not
                          thereafter terminated pursuant to Article III,
                          Section (a)(v) of the Management Agreement"; and

                 (c)      a period (.) shall replace the comma (,) after the
                          first use of the word "expire" in the last sentence,
                          the balance of the last sentence shall be deleted and
                          the "(i)" in such sentence shall be deleted.

         (5)     Section 5(a)(iv) (Good Reason) is amended to add the following
lettered subparagraphs (G), and (H) before the words "provided, however:"

                 "(G)     The Board of Directors shall have adopted a
                 resolution approving a complete liquidation or dissolution of
                 the Company; or

                 (H)      there shall have occurred (1) the Impark Spinoff and
                 (2) a sale or refinancing of the Park Plaza mall on terms
                 acceptable to the Board of Directors; provided, however, that
                 the Good Reason pursuant to this Section 5(a)(iv)(H) shall not
                 occur unless and until David Schonberger and Daniel Friedman
                 shall

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                 have resigned for Good Reason or shall have been terminated
                 under their respective Employment Agreements with the Company
                 without Cause, after which such termination by reason of the
                 Impark Spinoff and the sale or refinancing of the Parl Plaza
                 mall shall be deemed to have occurred for Good Reason; and
                 provided further that if such Good Reason does occur, the
                 Company, upon receipt of notice of resignation for such Good
                 Reason, waives its right to cure. .

         (6)     Section 5(a)(iv) (Good Reason) is further amended by adding
the following sentence at the end thereof.

                 "Notwithstanding the foregoing, the Executive shall not be
                 entitled to terminate her employment for Good Reason until June
                 1, 2000 unless such Good Reason is described in subparagraph
                 (A) (2) of this subsection (iv).

         (7)     Section 5(a)(vii) ("Change of Control") is amended to delete
subsections (D) and (E) thereof.

         (8)     Section 6(c)(i) is amended in its entirety to read as follows:

                          "In the event the Company terminates Executive's
                          employment for any reason other than Cause, death or
                          Disability, or Executive terminates her employment
                          for Good Reason (other than as set forth in Paragraph
                          6(c)(ii)), or in the event of a Change of Control,
                          the Company shall pay to Executive and Executive
                          shall be entitled to receive the sum total of: (A)
                          the accrued but unpaid Annual Base Salary at the rate
                          then in effect; (B) earned but unpaid incentive
                          compensation and/or bonuses for completed performance
                          periods; and (C) the sum of Six Hundred Thirty
                          Thousand Dollars ($630,000).  The aforesaid amounts
                          shall be payable in cash immediately upon such
                          termination.  In addition, the Executive shall be
                          entitled to continuation of Executive's participation
                          in all benefit plans, programs or arrangements of the
                          Company (except tax-qualified plans), including,
                          without limitation, Medical Continuation, for a
                          period of two years following such termination."

         (9)     Section 8  ("Non-Compete") is hereby amended to add a new
subsection (c) as follows:

                          "(c)    First Refusals.  (i)  Executive agrees that,
                          if, prior to the earlier of (i) the termination of
                          Executive's employment and (ii) the date on which a
                          proposal to liquidate the Company is publicly
                          announced, the Executive shall be offered the
                          opportunity to invest in or acquire an interest in a
                          business of any nature ("Investment Opportunity"),
                          she shall first offer such Investment Opportunity to
                          the Company.  Such offer (the "Offer") shall be in
                          writing and shall describe the Offer and the
                          Investment Opportunity in sufficient detail, and
                          provide to the Company substantially all of the
                          written information furnished to her by the party
                          ("Third Party") which made the Offer. The Company's
                          representatives shall thereupon have fifteen (15)
                          business days in which to consider and accept the
                          Offer, and the Executive shall reasonably cooperate
                          with the Company if it shall request further
                          information concerning the Offer and the Executive is
                          able

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                          to obtain such information from the Third Party.  If
                          at the end of such period the Company has not
                          delivered to the Third Party its written acceptance
                          of the Offer (or, having accepted the Offer, shall
                          not proceed to a closing pursuant to the Offer within
                          the time allowed in the Offer and/or shall fail to
                          make such payments (including deposits) to the Third
                          Party as would have been required from the Executive
                          under the terms of the Offer), the Executive shall be
                          free to accept the Offer and consummate the
                          transactions contemplated thereby.  The Executive's
                          participation in the Investment Opportunity shall not
                          be deemed a violation of any fiduciary, contractual
                          or other obligation of the Executive to the Company,
                          including under the provisions of Section 3(a) of the
                          Original Agreement.   Notwithstanding the foregoing,
                          the time devoted by the Executive to any Investment
                          Opportunity shall not substantially interfere with
                          her performance of services as required under this
                          Agreement."

                                  (ii)     The obligation of the Executive to
                 make the offers described in subsection (a) above shall
                 terminate upon the date on which a proposal to liquidate or
                 merge the Company is publicly announced.

C.       ADDITIONAL PROVISIONS ADDED BY THIS AMENDMENT

         (1)     Impark Options

         (a)     Issuance of Impark Options         Impark, by its execution of
this Agreement,  covenants and agrees to issue to the Executive, on the day
which is the 30th trading date following the first day on which shares of
Impark Common Stock ("Impark Shares") are publicly traded, options to purchase
shares of Impark common stock ("Impark Shares") which shall, immediately
following the issuance thereof and after giving effect thereto, result in the
Executive owning, immediately after the issuance thereof, options (the "Initial
Impark Options") to purchase two and one half percent (2  1/2 %) of all of the
outstanding common stock of Impark on a fully diluted basis (it being
understood that the grant of Initial Impark Options are in lieu of and in full
satisfaction of any right the Executive may have to receive options or any
other consideration in connection with the Impark Spinoff pursuant to the
Plan).

         As to the Initial Impark Options:

                 (i)      The Exercise Price per share of the Additional Impark
Options shall be equal to the greater of (1) the last reported sales price of a
share of Impark common stock on the day which is the thirtieth (30th) trading
date following the first day on which Impark Shares are publicly traded, or (2)
the average closing price of a share of Impark common stock for the ten (10)
day trading period ending on the date which is the thirtieth (30th) trading
date following the first day on which Impark Shares are publically traded, in
either case, as reported on the principal trading market Impark Shares where
quotes are readily available;

                 (ii)     The Impark Options shall be vested in full upon
issuance, and shall be  exercisable as follows: 25% on each of the first four
anniversaries of the Impark Spinoff Date (each 12 month period ending on such
anniversaries being an "Exercise Year").  The Impark Options shall be
exercisable for a period which ends ten years after the anniversary of the
Impark Spinoff Date ("Impark Option Term");

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                 (iii)    The Initial Impark Options shall be represented by an
option certificate which shall contain anti-dilution provisions operable in the
event of the issuance of stock splits or similar transactions.  The exercise
price of the Impark Options shall (A) increase on each monthly anniversary of
grant at the rate of 10% per annum, compounded annually; and (B) decrease by
the amount, per share, of dividends in respect of Impark common stock paid in
cash and the fair market value of dividends paid in property other than cash.

         (b)     Additional Impark Rights and Options. Impark, by its execution
of this Agreement, agrees that it will grant to the Executive, at such time as
rights to purchase common stock of Impark are offered to Impark's shareholders
subsequent to the Impark Spinoff Date ("Rights Offering") is made:

                 (i)      The right (the "Impark Rights") to purchase such
number of shares of Impark common stock as would, after giving effect to the
exercise of such right, result in the Executive acquiring 0.417% of the number
of shares issued pursuant to such Rights Offering (not exceeding, however, such
number of shares as are issued for a gross aggregate price of $30,000,000) on
substantially the same terms and conditions (and identical terms relating to
price) as are contained in and are applicable to the Rights Offering; and

                 (ii)     additional options ("Additional Impark Options") to
purchase, at an exercise price equal to the price per share at which the Rights
Offering is made, a number of shares of Impark common stock which would result
in the Executive acquiring upon exercise 0.833% of the number of shares issued
pursuant to such Rights Offering (not exceeding, however, such number of shares
as are issued for a gross aggregate price of $30,000,000).  Such Additional
Impark Options shall be vested in full upon issuance and shall be exercisable
to the extent of 25% on each of the first four anniversaries of the Impark
Spinoff Date (each 12 month period ending on such anniversaries being an
"Exercise Year"); and shall remain exercisable for a period which ends ten
years after the Impark Spinoff Date ("Additional Impark Option Term"); and

                 (iii)    notwithstanding the foregoing, the Executive's Impark
Rights and her right to be issued Additional Impark Options shall expire upon
the Termination Date with respect to Daniel P. Friedman's and David
Schonberger's employment with Impark whichever is the latter such Termination
Date; provided, however, that if such termination (with respect to the latter
Termination Date) is by Impark without Cause, or by the person so terminating
for Good Reason, or by reason of the death or disability of the person so
terminating, her Impark Rights and her right to receive Additional Impark
Options shall expire six (6) months after such latter Termination Date.

         (c)     Pursuant to amendments to the Employment Agreements between
each of Daniel Friedman and David Schonberger and the Company of even date
herewith (which amendments have been executed by Impark) Impark intends to
employ Daniel Friedman and David Schonberger, and Daniel Friedman and David
Schonberger have agreed to accept employment in executive positions with
Impark. If, following the grant of Impark Options and Additional Impark Options
pursuant hereto, neither Daniel Friedman nor David Schonberger remain employed
by Impark, then, as of the last of employment date ("Last Employment Date") of
the later of Daniel Friedman or David Schonberger ("Last Impark Executive") ,

                 (i)      If Impark terminated the Last Impark Executive
without Cause, or the Last Impark Executive terminated his employment for Good
Reason (as such terms are defined in the Employment Agreements applicable to
Daniel Friedman and David Shonberger); then (A) all of

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the Impark Options and Additional Impark Options shall become immediately
exercisable, the Impark Call Option (as defined below) shall not apply, and (B)
all of the Impark Options and Additional Impark Options shall expire to the
extent not exercised on or before the last day of the six-month period
following the Termination Date; and

                 (ii)     if the Last Impark Executive terminated his
employment voluntarily without Good Reason, then (A) all of the Impark Options
and Additional Impark Options, to the extent not then exercisable, shall
continue to become exercisable in accordance with the schedules set forth in
(C)(1)(a)(ii) and (C)(1)(b)(ii), respectively; (B) the Impark Options and
Additional Impark Options which were not exercisable on the Termination Date
shall become subject to the Impark Call Option; and (C) the Impark Options and
Additional Impark Options which were exercisable on the Termination Date shall
not be subject to the Impark Call Option, shall continue to be exercisable and
shall expire to the extent not exercised on or before the last day of the
six-month period following the Last Employment Date.

                 (iii)  Upon the Executive's death or disability, the
Executive's estate may exercise all Impark Options and Additional Impark
Options which were exercisable on the date of death or disability plus a Pro
Rata portion of the Impark Options and Additional Impark Options which would
next have become exercisable had such death or disability not occurred.  As
used herein, "Pro Rata" means an amount of Impark Options and Additional Impark
Options equal to (x) the percentage equal to (i) the number of days from the
commencement of the Exercise Year (as defined in subsections (a)(ii) (as to
Impark Options) and (b)(ii) (as to Additional Impark Options) of this Section
C) in which such termination occurs through the Termination Date divided by
(ii) 365; multiplied in each case by (y) the number of Impark Options and
Additional Impark Options, respectively, which would otherwise have become
exercisable at the end of the Exercise Year in which such death or disability
occurs.  Such exercise may be effected  until the earliest of one year
following the Executive's death or disability Date or the end of the Option
Term or Additional Impark Option Terms, after which time any unexercised Impark
Options or Additional Impark Options shall expire.

         (d)     Impark Call Option.       If any Impark Options and Additional
Impark Options are subject to an Impark Call Option pursuant to subsection
(c)(ii) above (the Impark Call Option) then Impark shall have the right to
require the Executive to transfer such Options (the "Subject Options") to
Impark at any time after the Last Employment Date for a price equal to the
"Exercise Spread" (as defined herein).  If such Exercise Spread is zero or
less, Impark may purchase the Subject Options for no consideration. Impark
shall provide written notice to Executive that it is exercising the Call Option
and the date on which such notice is deemed to have been given under the terms
of this Agreement shall be deemed the "Valuation Date".  The "Exercise Spread"
shall be (i) the difference between (a) the exercise price of a Subject Option
and (b) the "Closing Price" of a share of Impark common stock ("Common Stock")
on the Valuation Date.  The "Closing Price" means (i) if the Common Stock is
listed or admitted to trading on the New York Stock Exchange (the "NYSE"), the
American Stock Exchange ("AMEX") any national securities exchange or the Nasdaq
Stock Market ("Nasdaq"), the closing price on the Valuation Date, or if no such
sale takes place on such day, the average of the closing bid and asked prices
on such day; (ii) if the Common Stock is not listed or admitted to trading on
the NYSE, the AMEX, any national securities exchange or the Nasdaq, the last
reported sale price on the Valuation Date or, if no sale takes place on such
day, the average of the closing bid and asked prices on such day, as reported
by a reliable quotation source designated by Impark; (iii) if the Common Stock
is not listed or admitted trading on the NYSE, the AMEX, any national
securities exchange or the Nasdaq and no such last reported sale price or
closing bid and asked prices are available, the average of the reported high
bid and low asked prices on the Valuation

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Date, as reported by a reliable quotation source designated by Impark, or if
there shall be no bid and asked prices on the Valuation Date, the average of
the high bid and low asked prices, as so reported, on the most recent day (not
more than five (5) days prior to the date in question) for which prices have
been so reported; provided, however, that if there are no bid and asked prices
reported during the five (5) days prior to the date in questions, the Closing
Price of the Common Stock  shall be determined by the independent trustees of
Impark acting in good faith on the basis of such quotations and other
information as they consider, in their reasonable judgment, appropriate.

D.       GENERAL PROVISIONS

         (1) Notices.

         All notices or other communications required or permitted hereunder
shall be made in writing and shall be deemed to have been duly given if
delivered by hand or delivered by a recognized delivery service or mailed,
postage prepaid, by express, certified or registered mail, return receipt
requested, and addressed to (1) to the Company and Impark at their respective
addresses as set forth above and (2) to the Executive at her address as set
forth in the Company records and at 15 Woodlawn Avenue, New Rochelle, New York
10804 (or to such other address as shall have been previously provided in
accordance with this Section 7).  In addition, copies of any notice to the
Executive shall be delivered to Herrick, Feinstein LLP, 2 Park Avenue, 21st
Floor, New York, New York 10016, Attention: Harvey S. Feuerstein, Esq.

         (2)     Governing Law.

         This Amendment will be governed by and construed in accordance with
the laws of the State of New York without regard to principles of conflicts of
laws thereunder.

         (3)     Severability.

         Whenever possible, each provision and term of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision or term of this Amendment shall be held to be prohibited
by or invalid under such applicable law, then, such provision or term shall be
ineffective only to the extent of such prohibition or invalidity, without
invalidating or affecting in any manner whatsoever the remainder of such
provisions or term or the remaining provisions or terms of this Amendment.

         (4)     Counterparts.

         This Amendment may be executed in separate counterparts, each of which
is deemed to be an original and both of which taken together shall constitute
one and the same agreement.

         (5)     Headings.

         The headings of the Paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute a part hereof and shall
not affect the construction or interpretation of this Agreement.

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         (6)     Entire Agreement.

         This Amendment and the Original Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and thereof,
and supersede all other prior agreements and undertakings, both written and
oral, among the parties with respect to the subject matter hereof.

         (7)     Waiver and Modification.  No amendment, modification, waiver,
termination or cancellation of this Amendment shall be binding or effective for
any purpose unless it is made in a writing signed by the party against whom
enforcement of such amendment, modification, waiver, termination or
cancellation is sought. No course of dealing between or among the parties to
this Amendment shall be deemed to affect or to modify, amend or discharge any
provision or term of this Amendment. No delay on the part of the Company or
Executive in the exercise of any of their respective rights or remedies shall
operate as a waiver thereof, and no single or partial exercise by the Company
or Executive of any such right or remedy shall preclude other or further
exercise thereof. A waiver of right or remedy on any one occasion shall not be
construed as a bar to or waiver of any such right or remedy on any other
occasion.

         The respective rights and obligations of the parties hereunder shall
survive the Executive's termination of employment and termination of this
Amendment to the extent necessary for the intended preservation of such rights
and obligations.

         (8)     Exculpation.

         Notwithstanding anything contained herein to the contrary, this
Agreement is made and executed on behalf of the Company by its officer(s) on
behalf of the trustees thereof, and none of the trustees or any additional or
successor trustee hereafter appointed, or any beneficiary, officer, employee or
agent of the Company shall have any liability in her personal or individual
capacity, but instead, Executive shall look solely to the property and assets
of the Company for satisfaction of claims of any nature arising from or in
connection with this Agreement.

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

<TABLE>
<S>                                                <C>
 Executive:                                        First Union Real Estate Equity And Mortgage
 ---------                                         Investments

 ANNE NELSON ZAHNER

 /s/ Anne Nelson Zahner                            By:      [SIG]
 ----------------------                                -------------------------
                                                       Name:
                                                       Title:

IMPERIAL PARKING CORPORATION
(formerly known as First Union Canadian
   Holdings, Inc.)
(as to Section C only)

By:
    --------------------------
    Name:
    Title
</TABLE>

                                       10<PAGE>   1
                                                                 EXHIBIT (10)(v)
                           ASSET MANAGEMENT AGREEMENT

         THIS ASSET MANAGEMENT AGREEMENT is executed as of March 27, 2000, by
and between RADIANT PARTNERS, LLC, a New York limited liability company (the
"Manager") and FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS, an Ohio
business trust (the "Trust") with principal executive offices at 551 Fifth
Avenue, Suite 1416, New York, New York 10176.

                              W I T N E S S E T H:

         WHEREAS, the Board of Trustees of the Trust (the "Board") has
determined that the best interests of the Trust's beneficiaries would be served
by a reorganization of the Trust's management structure pursuant to which the
management of the assets and supervision of the operations of the properties of
the Trust and of its affiliates would be undertaken by an independent entity
reporting to the Board;

         WHEREAS, the principal officers of the Manager previously held senior
executive positions with the Trust and have a substantial familiarity with the
assets of the Trust and of its affiliates, which assets consist of fee,
leasehold and mortgage interests in office and residential buildings, shopping
centers, and parking facilities (the "Properties" - such term to include
properties owned or controlled, directly or indirectly, by affiliates of the
Trust on the date hereof and by any future affiliates, including, without
limitation, any liquidating trust to be created by the Trust, formed by and
owned or controlled, directly or indirectly, by the Trust to own, operate
and/or dispose of properties owned by the Trust or its affiliates);

         WHEREAS, the Trust desires to retain the Manager to operate and
administer the Properties and to provide corporate management services, and the
Manager is willing to be so retained and to perform such services during the
term hereof and any extension thereof on behalf of the Trust and its
affiliates;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

                                   ARTICLE I
                           ENGAGEMENT OF THE MANAGER

         1.1     APPOINTMENT.  The Trust hereby retains the Manager, and the
Manager hereby agrees to so serve, on the terms and conditions herein set
forth, to provide asset and corporate management services with respect to the
Trust and its affiliates and the Properties, in accordance with the terms of
this Agreement.
<PAGE>   2
         1.2     SERVICES OF THE MANAGER.

                 (a)  Subject to the other terms and provisions of this
Agreement, the Manager shall be responsible for conducting and overseeing the
business and financial affairs of the Trust and its affiliates pertaining to
the ownership, management, operation, administration, promotion, maintenance,
improvement and leasing of the Properties, and administration of its corporate
functions including, but not limited to, the following:

                          (i)     Engaging a property manager to carry out the
day-to-day operation and management of each of the Properties, and overseeing
and reviewing the performance by the property manager of the property manager's
duties, including its collection and proper deposits of rental payments;

                          (ii)    Formulating and overseeing the implementation
of strategies for the management, operation, administration, promotion,
maintenance, improvement, financing and refinancing, leasing, and disposition
of the Properties;

                          (iii)   Reviewing on a periodic basis the property
manager's performance of maintenance and repairs, and arranging for supervision
of tenant improvement work and capital improvement projects to be performed on
behalf of the Trust and its affiliates, at the Properties;

                          (iv)    Disbursing all sums payable by the Trust and
its affiliates, including operating expenses, (including, but not limited to,
Manager's compensation hereunder, other than compensation to be received in
accordance with Section 2.2(b) hereof or Section 3(b) hereof) and capital
expenditures;

                          (v)     Supervising the maintenance of the Trust's
and its affiliates' office records, books and accounts in accordance with the
governing documents of the Trust and its affiliates, as now or hereafter
amended (collectively, the "Trust Documents"), and in conformity with the
accounting principles utilized by the Trust and its affiliates, and causing to
be prepared and filed on behalf of the Trust and its affiliates, all reports,
returns and statements required to be prepared or filed by the Trust and its
affiliates;

                          (vi)    Retaining on behalf of the Trust and its
affiliates, and at the Trust's and its affiliates' sole cost, an independent
certified public accountant to audit the financial statements for each fiscal
year of the Trust and its affiliates and to prepare quarterly and other
periodic reports reflecting, for such period, the financial status and
activities of the Trust and its affiliates and the Properties;

                          (vii)   As and when necessary or appropriate in the
Manager's determination, engaging, at the Trust's and its affiliates' sole
cost, consultants, appraisers, legal counsel and other professionals, in
accordance with Article IV hereof;

                          (viii)  Reviewing and evaluating bids to purchase
from the Trust and its affiliates, any of the Properties or other assets and
facilitating the consummation of the disposition of any Properties or other
assets of the Trust and its affiliates;

                                      -2-
<PAGE>   3
                          (ix)    Attending regular and special meetings of the
Trustees and, as and when requested, committee meetings of the Board of
Trustees;

                          (x)     In general, providing to the Trust and its
affiliates the services currently performed by the senior officers of the Trust
other than the chief financial officer and, after March 31, 2001, the chief
financial officer, subject to the supervision of the Board, such services to
include:

                                  (A)      recommending the timing and amount
of distributions to beneficiaries;

                                  (B)      recommending corporate finance
decisions;

                                  (C)      overseeing filings with the
Securities and Exchange Commission; and

                                  (D)      management of investor relations;
and

                          (xi)    Taking such other actions as may be necessary
or appropriate to assist the Trust and its affiliates, in conducting its
business, including, but not limited to, causing the execution and delivery of
all agreements in the ordinary course of business of the Trust and its
affiliates, necessary in connection with the performance of the above_described
duties and within the scope of the authority granted to the Manager hereunder.

         1.3     PERFORMANCE.

                 (a)      The Manager shall perform its duties in a prudent and
businesslike manner, and shall use commercially reasonable efforts to maximize
the yield from the management, operation, maintenance, leasing, development and
financing and, where appropriate, liquidation of the assets of the Trust and
its affiliates.  The Manager shall seek to realize the goals of the Trust and
its affiliates, set forth in the Trust Documents or adopted by the Board of
Trustees and shall conduct its activities hereunder (including the commencement
and settlement of legal proceedings) in accordance with the Trust Documents and
the directives of the Board of Trustees.

                 (b)      Nothing herein shall constitute a representation,
warranty or covenant by the Manager concerning the future performance of the
Trust or its affiliates, as a whole or of any Property held by the Trust or its
affiliates.  Without limitation of the foregoing, the Manager has not made any
representations concerning the fair market value of the Properties or any of
the Trust's or its affiliates' other assets, the amounts which may be realized
upon the disposition thereof, the revenues that may be received or costs
(including finance costs) that may be incurred in connection with the
operation, maintenance, improvement or disposition thereof.

         1.4     ROLE OF THE TRUST.  The Board reserves the right to approve in
advance, or delegate authority for such advance approval, to the Executive
Committee or other committee or representative of the Board,  any major
investment, operating and financing decisions with respect

                                      -3-
<PAGE>   4
to the Trust or its affiliates, the Properties and other assets now owned or
hereafter acquired by the Trust or its affiliates, including, but not limited
to, decisions to:

                 (a)      sell, lease, assign, convey, mortgage, pledge or
otherwise transfer or encumber any of the Properties or any interest of the
Trust or its affiliates, other than the sale or disposition of miscellaneous
assets not exceeding $50,000 for any transaction or series of related
transactions and not required for the operations of the Trust or its affiliates
or the Properties (such as obsolete computers or other equipment); provided,
that the Manager shall not require advance approval for the execution of a
tenant's lease for fewer than 20,000 square feet of rentable space of a
Property;

                 (b)      borrow money or establish credit facilities on behalf
of the Trust or its affiliates (except for unsecured trade debt incurred in the
ordinary course of business), or prepay the principal balance of any mortgage
loan except out of the proceeds of the disposition or refinancing of assets
securing such mortgage loan;

                 (c)      commence legal actions on behalf of the Trust or its
affiliates, except for actions to collect rent and evict tenants in default
under their leases;

                 (d)      merge the Trust or any of its affiliates with another
entity, tender for Trust shares or shares or any of its affiliates, redeem
shares or pay off liabilities of the Trust or its affiliates;

                 (e)      confess a judgment, admit a liability or accept a
settlement, compromise or payment of any claim, except for settlements of
immaterial disputes (including lease terminations and bankruptcy settlements)
with tenants;

                 (f)      write off assets;

                 (g)      make distributions to beneficiaries; and

                 (h)      purchase any assets or make any investments.

                                   ARTICLE II
                                  COMPENSATION

         2.1     ANNUAL FEE.  As compensation for its services hereunder, the
Manager shall receive a fee equal to One Million Five Hundred Thousand and
00/100 Dollars ($1,500,000.00) per year (the "Annual Fee").  The Annual Fee
shall be payable monthly in advance, in installments of One Hundred Twenty-five
Thousand and 00/100 Dollars ($125,000.00), on the first business day of each
month.  If the Effective Date occurs on a date other than the first business
day of a month, then the first payment of such fee shall take place one
business day after the Effective Date and such fee shall be pro rated for such
month.  If this Agreement is terminated in accordance with Article III hereof
on a date other than the last business day of the month, then such fee shall be
pro rated for such month.

                                      -4-
<PAGE>   5
         2.2     INCENTIVE FEE.

                 (a)      As further compensation for its services hereunder,
the Manager shall be paid a fee (the "Incentive Fee"), at the times and
pursuant to the procedures set forth below, equal to ten percent (10%) of (A)
the Excess Per Share Distribution, multiplied by (B) the number of Shares of
the Trust in respect of which an Excess Per Share Distribution is made.

                 (b)      Definitions as used herein:

                          (i)     "Excess Per Share Distribution" means the
aggregate of all Distributions in respect of a single common share of
beneficial interest of the Trust which exceeds $4.60 per share.

                          (ii)    "Distributions" means distributions first
made after March 1, 2000, other than the Impark Spinoff, (but not share
repurchases) in respect of common shares of beneficial interest of the Trust,
including distributions of cash, debt obligations and the fair market value of
other property whether or not in connection with the Trust's liquidation, and
the fair market value of any consideration received in exchange for common
shares of beneficial interest by reason of a merger or consolidation with a
third party entity or other similar transaction.  In the event of a merger,
consolidation or other similar business combination transaction, the Manager
will receive a credit toward the Distribution amount equal to the fair market
value of the consideration received by holders of common shares of beneficial
interest of the Trust received in exchange for their common shares of
beneficial interest of the Trust, including, but not limited to, the fair
market value ascribed in the transaction to stock, preferred stock, debt
instruments, cash, warrants, options, etc., received by the holders of common
shares of beneficial interest of the Trust.  For purposes hereof, "fair market
value" in connection with a merger, consolidation or other similar business
combination transaction shall be equal to the product of (A) the average of the
closing prices of the common shares of beneficial interest of the Trust on the
ten (10) consecutive trading days ending on the trading date immediately
preceding the effective date of such transaction and (B) the total number of
common shares of the Trust outstanding on the last such trading day.  Except as
otherwise provided herein, "fair market value" shall be determined by the Board
of Trustees of the Trust in good faith; provided, however, that if the Manager
disagrees in good faith with such determination, then the Manager shall be
entitled to seek arbitration in accordance with Section 13.2 herein with
respect to this issue.  For purposes hereof, the "Impark Spinoff" means any
distribution to holders of common shares of beneficial interest of the Trust of
all or substantially all of the interests of the Trust in Imperial Parking
Corporation in accordance with Imperial Parking Corporation's Form 10, as
amended, filed with the Securities and Exchange Commission on March 2, 2000, as
the same may be amended from time to time.

                 (c)      Time of Payment  The entire amount of the Incentive
Fee, to the extent then earned, shall be paid to the Manager from time to time,
as, when and if Distributions are made to shareholders of the Trust.  The
Incentive Fee shall be deemed earned when the aggregate Distributions per share
first exceed the sum of $4.60.  The amount of each payment of the Incentive Fee
shall equal the entire Incentive Fee computed pursuant to Section 2.2(a), less
the amount thereof which has theretofore been paid to the Manager.

                 (d)      Survival of Incentive Fee Obligations Unless the
Trust terminates this Agreement in accordance with Article III(a)(ii) or
III(a)(v) hereof, the obligations of the Trust to pay

                                      -5-
<PAGE>   6
the Incentive Fee shall survive the termination of this Agreement, and shall
continue until the earlier of: (i) the Trust having been fully liquidated, (ii)
the consummation of a merger, consolidation or other similar business
combination transaction involving the Trust and (iii) June 30, 2003; provided,
that, notwithstanding clause (iii) of this Section 2.2(d), the Incentive Fee,
if any, may be paid after June 30, 2003 if and to the extent it is payable with
respect to Distributions made after such date that are directly attributable to
net proceeds received by the Trust from any sale or refinancing transaction
with respect to real property assets owned by the Trust as of the date hereof,
which transaction is consummated (x) on or before June 30, 2003 or (y) within
six (6) months after June 30, 2003 and a definitive agreement with respect to
such transaction is executed on or before June 30, 2003.  If the Trust
terminates this Agreement in accordance with Article III (a)(ii) or (III)(a)(v)
hereof, then the obligations of the Trust to pay the Incentive Fee shall
automatically terminate.

         2.3     COSTS, EXPENSES AND DISBURSEMENTS.

                 (a)      In addition to the payments described in Sections 2.1
and 2.2 above, the Manager shall be reimbursed for (or, upon Manager's request,
the Trust shall pay directly) all out-of-pocket costs and expenses incurred by
the Manager in connection with the performance of its duties hereunder,
including, without limitation, (i) all amounts paid for travel to and from the
Properties, (ii) all fees and costs paid in connection with the business and
operations of the Trust to Third Party Advisors (as defined in Section 4.1(a))
not directly paid for by the Trust; and (iii) the salary of the Trust's Chief
Financial Officer for such time and at such amounts as mutually agreed upon by
the Trust's Board and the Manager, but in no event shall the Trust pay such
salary past March 31, 2001.

                 (b)      All payments to be made by the Trust for
reimbursement of the Manager pursuant to the provisions hereof shall be made
within ten (10) days of the Trust's receipt of appropriate written evidence
thereof.  All direct payments by the Trust pursuant to the provisions hereof
shall be made promptly as requested by the Manager, but also subject to prior
receipt of appropriate written evidence thereof.

                 (c)      Notwithstanding the foregoing, the Manager shall, on
and after the Effective Date, credit the Trust, against the Annual Fee, with
the first $35,000 of the salary of the person serving as Chief Financial
Officer of the Trust, such credit to be effected in equal monthly amounts of
$1,458.33 for each month of the Initial Term of this Agreement.

                                  ARTICLE III
                                      TERM

                 (a)      The term of this Agreement shall commence as of the
Effective Date and shall terminate on the earlier of:

                          (i)     the second anniversary of the Effective Date
(the "Initial Term");

                          (ii)    at the election of the Trust, a termination
effected in accordance with Article VIII hereof;

                                      -6-
<PAGE>   7
                          (iii)   at the election of the Trust, any time
following the execution of an agreement relating to a merger, consolidation or
other similar business combination transaction; provided, that, the Trust
provides 30 days notice of such event to the Manager;

                          (iv)    at the election of the Trust, any time after
the Board of Trustees determines in good faith that the remaining equity of the
Trust, including the preferred shares of the Trust, has a fair market value of
less than $20,000,000; provided, that, the Trust provides 30 days notice of
such event to the Manager; and

                          (v)     at the election of the Trust, any time prior
to June 1, 2000, it being understood that, notwithstanding anything in this
Agreement to the contrary, the Trust may terminate this Agreement prior to the
Effective Date in accordance with this clause.

         Notwithstanding the foregoing, the Initial Term may be extended by the
Trust for one (1) additional twelve-month period (the "Extended Term"),
provided that the Trust shall deliver written notice of such extension not
later than six (6) months prior to the end of the Initial Term.

                 (b)      If the Trust terminates this Agreement after the
Effective Date and prior to the end of the Initial Term, or, having extended
this Agreement, prior to the end of the Extended Term, other than, in either
case, by reason of a termination in accordance with Article III (a)(ii) or
III(a)(v) hereof, the Trust shall be required to pay to the Manager fifty
percent of the entire amount of the unpaid Annual Fees which would have been
earned by the Manager through the balance of the Initial Term or the Extended
Term, as the case may be, had the Agreement not been so terminated; except that
in no event will such payment be more than $750,000.00 or less than
$500,000.00.  In addition, upon the termination of this Agreement and
regardless of whether such termination has occurred by reasons of the
expiration of the Initial Term or the Extended Term or pursuant to Article
VIII, the Trust shall pay to the Manager all accrued and unpaid Annual Fees,
all unreimbursed costs and expenses incurred by the Manager for which
reimbursement is required pursuant to Section 2.3.

                 (c)      Effective Date The Effective Date of this Agreement
is the date on which the employment of each of Anne Nelson Zahner, David
Schonberger and Daniel P. Friedman has terminated pursuant to their Employment
Agreements as each had been amended as of the date hereof.

                                   ARTICLE IV
                 RETENTION OF CONSULTANTS: ADDITIONAL SERVICES

         4.1     RETENTION OF THIRD PARTY ADVISORS.

                 (a)      The Manager shall, subject to the reimbursement and
direct payment requirements under Section 2.3, retain such third party
consultants and professional advisors, as the Manager shall reasonably deem
necessary for the operation and management of the Trust's and its affiliates'
assets and otherwise required or necessary in order to enable the Manager to
perform the management services undertaken by the Manager hereunder.  Such
third party consultants and professional advisors shall include property
managers, attorneys, accountants, financing placement agents, insurance
consultants, leasing agents, appraisers, construction managers, environmental
engineers, asbestos abatement advisors, computer hardware and software and
management

                                      -7-
<PAGE>   8
information system consultants for the Trust's and its affiliates' operations,
and brokers (collectively, "Third Party Advisors").

                 (b)      The retention by the Manager of legal counsel and
independent certified public accountants shall be subject to the approval of
the Trust, which approval the Trust agrees it will not unreasonably withhold,
condition or delay.

                 (c)      The retention of general real estate consultants
(e.g., appraisers, environmental engineers, asbestos abatement advisers,
brokers, property managers, insurance agents, etc.) shall not require the
approval of the Trust, provided such retentions are at market rates, and shall
otherwise comply with all applicable provisions of the Trust Documents.

                 (d)      The Manager agrees that during the term hereof, it
will cause each of its members to continue to hold the officer positions
currently held by them with the Trust, subject to the right of the Board to
remove any or all of them at any time.  The continued holding of such positions
shall be for administrative and ministerial purposes only, and shall not
require any of such persons to perform substantive tasks, it being understood
that the performance by such persons of services related to the Trust or the
Properties shall be carried out by such persons as members and employees of the
Manager, except to the extent such officers are requested to review and execute
(i) reports, registration statements and other filings required to be filed
with state, federal and other governmental authorities, including the
Securities and Exchange Commission, and (ii) officers' certificates.  The
termination by the Trust of any of such person's position as an officer of the
Trust or the voluntary termination by any such person of his or her position as
an officer if such person is immediately replaced by a person reasonably
acceptable to the Board of Trustees shall not constitute a default by the
Manager under this Agreement.

                                   ARTICLE V
                               ACCOUNTING SYSTEM

         5.1              The Manager shall cause to be maintained by a Third
Party Advisor  an adequate and separate accounting system in connection with
its management of the Trust and its affiliates, in accordance with sound
business practices.  The books and records shall be kept in a manner consistent
with the Trust Documents and in conformity with the accounting principles
utilized by the Trust and its affiliates and shall be maintained at all times
at the principal place of business of the Manager.  The Trust and its
affiliates, through their duly authorized agents, shall have the right and
privilege, during normal business hours, of examining, inspecting and copying
such books and records. The principal place of business of the Manager shall be
maintained at the address set forth for notices to the Manager in Article 11
below or such other address as the Manager shall notify the Trust of in
writing.

                                   ARTICLE VI
                           RELATIONSHIP AND AUTHORITY

         The Trust and the Manager shall not, by virtue of this Agreement or
the performance thereof by either party, constitute a partnership, joint
venture or joint enterprise in the performance of the Manager's duties
hereunder.  The Manager may, at its election, so inform third parties with whom
it deals on behalf of the Trust and may take other steps to carry out the
intent of this Article 6.

                                      -8-
<PAGE>   9
                                  ARTICLE VII
                               POWER OF ATTORNEY

         The Trust hereby irrevocably appoints the Manager, and any officer or
agent of the Manager, with full power of substitution, its true and lawful
attorney-in-fact with full, irrevocable power and authority in the Trust's
place and stead and in the Trust's name and on the Trust's behalf or in
Manager's own name, from time to time and at any time until the termination of
this Agreement pursuant to Article III or Article VIII hereof, to do any and
all things in the Manager's reasonable discretion required or desirable to be
done to carry out the terms or to accomplish the purposes of this Agreement,
consistent with and subject to the scope of the authority granted to the
Manager under the terms of this Agreement.  Nothing contained in this Article
VII shall be construed to expand the scope of authority granted to the Manager
under this Agreement.  The Trust hereby ratifies all actions taken by or on
behalf of the Trust pursuant to this power of attorney or otherwise as provided
in this Agreement.  This power of attorney is coupled with an interest and
shall be irrevocable until this Agreement is terminated.  The powers conferred
on the Manager hereunder are solely to protect its interest and shall not
impose any duty upon it to exercise any of such powers.

                                  ARTICLE VIII
                         EVENTS OF DEFAULT: TERMINATION

         8.1

                 (a)      Defaults.  Each of the following events shall
constitute an "Event of Default" by the Manager under this Agreement:

                          (i)     The failure by the Manager to perform any
material duty or obligation imposed upon it under this Agreement or any other
material breach of this Agreement by the Manager; provided, however, that no
such failure or breach shall be deemed to constitute an Event of Default unless
such failure or breach continues for a period of thirty (30) days after the
Manager's receipt of written notice from the Trust of such failure or breach
or, if such failure or breach is not capable of being cured within said thirty
(30)-day period, the Manager shall have failed diligently and in good faith to
commence to cure the same within said thirty (30)-day period and to have
diligently continued to prosecute the same;

                          (ii)    The Manager's liquidation, bankruptcy or
insolvency, including:

                               (A)    the filing of a voluntary petition
seeking liquidation, reorganization, arrangement or readjustment, in any form,
of its debts under Title 11 of the United States Code or any other federal or
state insolvency law, or its filing an answer consenting to or acquiescing in
any such petition; or

                               (B)    the expiration of ninety (90) days after
the filing of an involuntary petition under the Title 11 of the United States
Code, or any involuntary petition seeking liquidation, reorganization,
rearrangement or readjustment of its debts under the federal or state
insolvency law, provided that the same shall not have been vacated, set aside
or stayed within such 90-day period; or

                                      -9-
<PAGE>   10
                  (iii)    The commitment by the Manager of any act of fraud,
willful misconduct or gross negligence in connection with the performance of
its duties hereunder.

         (b)      Termination Upon Default.  The occurrence of an Event of
Default shall entitle the Trust to terminate this Agreement upon two (2) days
prior written notice to the Manager, without any further obligation or
liability to the Manager other than the Trust's liability for any compensation
or right to reimbursement accrued or otherwise payable under Article II hereof
through the date of termination only and any liability under Article IX below.

                                   ARTICLE IX
                                INDEMNIFICATION

         (a)      The Trust shall indemnify the Manager and any present or
former officer, member, director, employee or agent of the Manager or the
personal representatives thereof ("Manager Affiliates"), made or threatened to
be made a party in any civil or criminal action or proceeding by any person
(including by the beneficiaries of the Trust whether any such proceeding is
brought directly or derivatively), arising out of or in connection with the
execution and performance of this Agreement by the Manager and/or any Manager
Affiliate, (including, but not limited to liabilities to persons relating to
the use, occupancy, visitation, catastrophe or other event pertaining to the
Properties) against judgments, fines, amounts paid in settlement and reasonable
expenses, including, without limitation, court costs, attorneys' fees and
disbursements and those of accountants and other experts and consultants
incurred as a result of such action or proceeding or any appeal therein, all of
which expenses as incurred shall be advanced by the Trust pending the final
disposition of such action or proceeding, it being understood that such
advances shall be returned by the Manager and/or Manager Affiliate to the Trust
in the event that the Manager and/or Manager Affiliate, as the case may be, is
finally determined not to be entitled to indemnification under the last
sentence of this subsection.  The Trust shall also provide such indemnification
to any Manager Affiliate and the heirs, successors or assigns of such Manager
Affiliate and his or her representatives brought by reason of, arising out of
in connection with, or by virtue of the fact that such Manager Affiliate is or
was a Trustee or officer of the Trust, (including indemnification in respect of
any excise tax assessed on such a person in connection with service to an
employee benefit plan), or served any other trust, partnership, corporation,
limited liability company, joint venture, trust, employee benefit plan, or
other entity or enterprise in any capacity at the request of the Trust or at
the request of the Manager in connection with the services provided by the
Manager hereunder. Such required indemnification shall be subject only to the
exception that no indemnification may be made to or on behalf of the Manager or
a Manager Affiliate in the event and to the extent that a judgment or other
final adjudication adverse to the Manager or a Manager Affiliate establishes
that his or its acts were committed in bad faith or were the result of active
and deliberate dishonesty and were material to the cause of action so
adjudicated, or that he or it personally gained in fact a financial profit or
other advantage to which he or it was not legally entitled (provided, however,
that indemnification shall be made upon any successful appeal of any such
adverse judgment or final adjudication).

         (b)      If any proceeding is commenced in which any relief is
sought against both the Trust and the Manager and/or a Manager Affiliate and
the Manager or a Manager Affiliate seeks indemnification pursuant to this
Article IX, and the Manager or a Manager Affiliate reasonably determines that a
conflict exists between the Trust and the Manager or a Manager Affiliate,
separate counsel may be selected by the Manager to defend the Manager or a
Manager Affiliate, and the fees, costs and disbursements of such separate

                                      -10-
<PAGE>   11
counsel shall be advanced by the Trust, subject, however, to reimbursement in
the event that the Manager and/or Manager Affiliate, as the case may be, is
finally determined not to be entitled to indemnification under the last
sentence of subsection (a) above.

                 (c)      In no event shall any party to any such proceeding be
entitled to effect a settlement thereof without the written consent of all
other parties to such proceeding unless such settlement:

                          (i)     results in a dismissal with prejudice as to
all of the claims in such proceeding with respect to a non-consenting party,
and

                          (ii)    does not require the non-consenting party to
take any affirmative action (other than ministerial steps in connection with
such settlement) and does not require the payment of any money by the
non-consenting party.

                 (d)      The foregoing right of indemnification shall not be
deemed exclusive of any and other rights to which the Manager or any Manager
Affiliate, or their successors, assigns or the heirs or representatives, may be
entitled apart from this Article IX under law or the Trust Documents, including
such rights of indemnification as shall otherwise be available to the Manager
or any Manager Affiliate by virtue of the fact that he or she previously served
as an officer, Trustee, employee or agent of the Trust.

                 (e)      Neither the Manager nor any of the Manager Affiliates
shall be liable to the Trust or any of the beneficiaries of the Trust for any
acts or omissions or for any error of judgment or mistake of fact or law,
except for willful misconduct or gross negligence, but in no event shall the
liability of the Manager or Manager Affiliate exceed the personal liability
which would be imposed upon an officer of a corporation organized under the
laws of the State of Delaware.

                                   ARTICLE X
                             WAIVER AND INVALIDITY

         10.1    WAIVER.  The failure of either party to insist upon a strict
performance of any of the terms or provisions of this Agreement or to exercise
any option, right or remedy herein contained, shall not be construed as a
waiver or as a relinquishment for the future of such term, provision, option.
right or remedy, but the same shall continue and remain in full force and
effect. No waiver by either party of any term or provision hereof shall be
deemed to have been made unless expressed in writing and signed by such party.

         10.2    PARTIAL INVALIDITY.  In case any one or more of the provisions
contained in this Agreement should be determined by a court of competent
jurisdiction to be invalid, illegal or unenforceable in any respect against a
party hereto, the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired
thereby and such invalidity, illegality or unenforceability shall only apply as
to such party in the specific jurisdiction where such judgment shall be made.

                                      -11-
<PAGE>   12
                                   ARTICLE XI
                                   ASSIGNMENT

         Neither party shall assign or transfer or permit the assignment or
transfer this Agreement without the prior written consent of the other party.

                                  ARTICLE XII
                                    NOTICES

         All notices provided for in this Agreement shall be in writing and
shall be delivered personally or by postage-prepaid registered or certified
mail, at the following address of each party:

         TO THE TRUST:

                 First Union Real Estate Equity and Mortgage Investments
                 c/o Gotham Partners LLC
                 110 East 42nd Street, 18th Floor
                 New York, New York
                 Attention: William Ackman

                 Copies of all notices to the Trust to be sent to:

                 Fried, Frank, Harris, Schriver & Jacobson
                 One New York Plaza
                 New York, New York 10004-1980
                 Attention: Steven G. Scheinfeld, Esq.

         TO THE MANAGER:

                 Radiant Partners, LLC
                 551 Fifth Avenue, Suite 1416
                 New York, New York 10176
                 Attention: Daniel Friedman

         COPIES OF ALL NOTICES TO THE MANAGER TO BE SENT TO:

                 Herrick, Feinstein LLP
                 2 Park Avenue, 21st Floor
                 New York, New York 10011
                 Attention: Harvey S. Feuerstein, Esq.

         AND TO

                 Goldberg, Weprin & Ustin
                 1501 Broadway, 22nd Floor
                 New York, New York 10036
                 Attention: Andrew Albstein, Esq.

                                      -12-
<PAGE>   13
         Notice shall be deemed given upon receipt thereof.  Any party hereto
may change the address herein specified for notice purposes by ten (10) days'
prior written notice to the other party.  With the exception of default notices
or a notice of the exercise of any right by a party to another party, copies of
notices to attorneys are an accommodation only and are not necessary for the
validity of a notice.

                                  ARTICLE XIII
                          APPLICABLE LAW; ARBITRATION

         13.1    GOVERNING LAW.  This Agreement is made and entered into in the
State of New York, and its interpretation, validity and performance shall be
governed by the laws of the State of New York, without regard to conflict of
laws principles.

         13.2    ARBITRATION.  Any dispute or controversy between the Manager
or any of its employees or the Manager Affiliates, and the Trust or any of its
affiliates arising in connection with this Agreement, any amendment thereof, or
the breach thereof shall be determined and settled by arbitration in New York,
New York, by a panel of three arbitrators in accordance with the rules of the
American Arbitration Association. Any award rendered therein shall be final and
binding upon the Trust, its affiliates and the Manager and any of its employees
or the Manager Affiliates and their respective legal representatives and
judgment may be entered in any court having jurisdiction thereof.  The expenses
of such arbitration shall be paid by the party against whom the award shall be
entered, unless otherwise directed by the arbitrators.

                                  ARTICLE XIV
                           MODIFICATION: COUNTERPARTS

         Any change or modification of this Agreement must be in writing signed
by both parties hereto.  This Agreement shall be executed in one or more
counterparts, each of which shall be deemed an original.

                                   ARTICLE XV
                                 MISCELLANEOUS

         15.1    HEADINGS.  Heading of Articles and Sections are inserted only
for convenience and are in no way to be construed as a limitation of the scope
of the particular Articles or Sections to which they refer.

         15.2    ENTIRE AGREEMENT.  This Agreement constitutes the entire
agreement with respect to the subject matter hereof between the parties and
supersedes all prior understandings and writings, and may be changed only by a
writing signed by the parties hereto.

         15.3    CONSENTS.  All consents to be given by the Trust or its
partners must be in writing.

                                      -13-
<PAGE>   14
         15.4    NO PERSONAL LIABILITY.  Notwithstanding anything contained
herein to the contrary, this Agreement is made and executed on behalf of the
Trust, a business trust organized under the laws of the State of Ohio, by its
officer(s) on behalf of the Trustees thereof, and none of the Trustees or any
additional or successor Trustee hereafter appointed, or any beneficiary,
officer, employee or agent of the Trust shall, except as otherwise may be
required by law, have any liability in such Trustee's, beneficiary's,
officer's, employee's or agent's personal or individual capacity, but instead,
all parties shall look solely to the property and assets of the Trust for
satisfaction of claims of any nature arising under or in connection with this
Agreement.

         15.5    Covenants.

                 (a)      The Manager shall use reasonable efforts to ensure
that all persons having dealings with the Trust through Manager shall be
informed that no trustee, shareholder, officer or agent of the Trust shall be
held to any personal liability, nor shall their private property be used for
the satisfaction of any obligation or claim or otherwise in connection with the
affairs of the Trust, but the trust estate only shall be liable.  The Manager
recognizes and agrees that every agreement or other written instrument entered
into by the Manager on behalf of the Trust shall contain a provision stating
the above limitation.

                 (b)      Notwithstanding any provision in this Agreement to
the contrary, the Manager shall not knowingly take any action (including,
without limitation, the furnishing or rendering of services to tenants of
property or managing any real property) and shall use its reasonable efforts to
avoid taking any action which would (1) adversely affect the status of the
Trust as a real estate investment trust ("REIT"), as defined in the Internal
Revenue Code of 1986, as amended or (2) materially violate any law, rule,
regulation, or statement of policy of any governmental body or agency having
jurisdiction over the Trust or over the Properties, or (3) otherwise not be
permitted by Trust Documents.

                 (c)      In the event that the terms of this Agreement at any
time shall, in the opinion of counsel for the Trust, threaten to impair the
status of the Trust as a REIT, then the Trust shall propose such amendments to
or substitute arrangements for this Agreement, with prospective or retroactive
effect, as may in its opinion be necessary to protect and preserve the status
of the Trust as a REIT, provided the material economic terms hereof are not
altered.

                 (d)      If the Manager shall at any time become aware of
facts or circumstances which might threaten to impair the status of the Trust
as a REIT, then the Manager shall immediately make such facts and circumstances
known to the Chairman of the Board of the Trust.

                 (e)      The Manager agrees and understands that in the
Manager's position with the Company, the Manager will be exposed to and receive
information relating to the confidential affairs of the Trust and its
affiliates, including, but not limited to, financial information, account data,
technical information, business and marketing plans, strategies, customer
information, other information concerning the Trust's products, promotions,
development, financing, expansion plans, business policies and practices, and
other forms of information considered by the Trust to be confidential and in
the nature of trade secrets.  The Manager agrees that during the term of this
Agreement and thereafter, the Manager will keep such information confidential
and not disclose such information, either directly or indirectly, to any third
person or entity without the prior written consent of the Trust.  This
confidentiality covenant has no temporal, geographical or territorial

                                      -14-
<PAGE>   15
restriction.  Upon termination of this Agreement, the Manager will promptly
supply to the Trust all property, keys, notes, memoranda, writings, lists,
files, reports, tenant lists, correspondence, tapes, disks, cards, surveys,
maps, logs, machines, technical data or any other tangible product or document
which has been produced by, received by or otherwise submitted to the Manager
during or prior to the term of this Agreement.

                 (f)      The Manager shall at all times be controlled and
majority-owned by two of the following individuals: Daniel Friedman, David
Schonberger and Anne Nelson Zahner.  Such individuals shall be the employees of
the Manager who shall be primarily responsible for fulfilling the obligations
of the Manager hereunder.

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

                                 RADIANT PARTNERS, LLC

                                 By: /s/ Daniel Friedman
                                     -------------------------------
                                     Daniel Friedman, Managing Member

                                     FIRST UNION REAL ESTATE EQUITY AND
                                     MORTGAGE INVESTMENTS

                                 By: /s/ William Ackman
                                     -------------------------------
                                     Name: William Ackman
                                     Title:  Chairman

                                      -15-

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