Document:

<PAGE>   1
                                                      EXHIBIT 10.3
                                                      FACILITY I AMENDMENT NO. 4

                                 AMENDMENT NO. 4
                               TO CREDIT AGREEMENT

        THIS AMENDMENT NO. 4 TO CREDIT AGREEMENT (the "Amendment") is made and
entered into as of May 9, 2001, among NEW PLAN EXCEL REALTY TRUST, INC., a
Maryland corporation (the "Borrower"), each lender under the hereinafter defined
Credit Agreement (including each "Designated Lender" existing as of the date
hereof) (each a "Lender" and, collectively, the "Lenders"), THE BANK OF NEW
YORK, as administrative agent (in such capacity, the "Administrative Agent"),
and BANK ONE, NA and FLEET NATIONAL BANK, f/k/a BankBoston, N.A. (each a
"Co-Documentation Agent" and, collectively, the "Co-Documentation Agents").

                                    RECITALS:

        A. The Borrower, the Lenders, the Administrative Agent and the
Co-Documentation Agents entered into that certain Credit Agreement dated as of
November 17, 1999 (as amended, the "Credit Agreement"; capitalized terms used in
this Amendment which are not otherwise defined herein shall have the meaning
ascribed to such terms in the Credit Agreement).

        B. The Borrower has requested certain amendments to Section 8.2 and
other provisions of the Credit Agreement be amended as hereinafter set forth.

        C. The Administrative Agent, the Co-Documentation Agent and the Lenders
are agreeable to such request, subject to the terms of this Amendment.

        NOW, THEREFORE, for and in consideration of the mutual promises and
mutual agreements contained herein, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
do hereby agree as follows:

        1. Additional Definitions. The following additional defined terms are
hereby added to Section 1.1:

                "Other Guaranty" each guaranty substantially in the form of
           Exhibit N executed by each Other Guarantor and delivered to the
           Administrative Agent for the benefit of the Lenders after the
           Effective Date.

                "Other Guarantor": any wholly-owned Subsidiary required to
           execute and
           deliver an Other Guaranty pursuant to Section 7.11(b).

        2. Amended Definitions. The definitions of "Guaranty" and "Required
Additional Guarantors" in Section 1.1 are hereby amended and restated in their
entirety as follows:

<PAGE>   2

                "Guaranty": collectively, (i) a guaranty, substantially in the
           form of Exhibit F executed by each of the Subsidiary Guarantors
           identified on Schedule 4.4 and delivered to the Administrative Agent
           for the benefit of the Lenders on or prior to the Effective Date,
           (ii) each additional guaranty substantially in the form of Exhibit
           F executed by each Required Additional Guarantor and delivered to
           the Administrative Agent for the benefit of the Lenders after the
           Effective Date and (iii) each Other Guaranty.

                "Required Additional Guarantor": any Subsidiary required to
           execute and deliver a Guaranty pursuant to Section 7.11(a).

        3. Amendment of Section 7.11. Section 7.11 of the Credit Agreement is
hereby amended by deleting Section 7.11 in its entirety and substituting in its
place the following new Section 7.11:

                7.11 Additional Guarantors.

                (a) At any time after the date hereof, and with respect to any
           Subsidiary of the Borrower, whether presently existing or hereafter
           formed or acquired (other than Excel Realty Partners, L.P. and E. H.
           Properties, L.P.) which is not a Subsidiary Guarantor at such time,
           cause such Subsidiary to execute and deliver a Guaranty to the
           Administrative Agent, for the benefit of the Lenders, promptly after
           the Administrative Agent's request therefor, duly executed by such
           Subsidiary (together with certificates and attachments of a nature
           similar to those described in Section 5.1(b) and (c) with respect to
           such Subsidiary and an opinion of counsel of a nature similar to
           those in the form required pursuant to Section 5.7(iii)) if at such
           time such Subsidiary owns Property having a book value of
           $75,000,000 or more. Notwithstanding the foregoing, the foregoing
           book value conditions of this Section shall not be applicable from
           and after the occurrence of, and during the continuance of, an Event
           of Default (it being understood that at such time, the
           Administrative Agent can require any Subsidiary of the Borrower
           which has not executed a Guaranty to immediately comply with
           requirements of this Section).

                (b) At any time after the date hereof, and in connection with a
           transfer of one or more assets of the Borrower to a wholly owned
           Subsidiary of the Borrower (other than a transfer to a Subsidiary
           Guarantor, or a Subsidiary which is required to be a Subsidiary
           Guarantor pursuant to Section 7.11(a)) pursuant to Section
           8.2(b)(iii), whether presently existing or hereafter formed or
           acquired, cause such Subsidiary to execute and deliver an Other
           Guaranty to the Administrative Agent, for the benefit of the
           Lenders, duly executed by such Subsidiary (together with
           certificates and attachments of a nature similar to those described
           in

                                     - 2 -
<PAGE>   3

           Section 5.1(b) and (c) with respect to such Subsidiary and an
           opinion of counsel of a nature similar to the form required pursuant
           to Section 5.7(iii)).

        4. Amendment of Section 8.2. Section 8.2 of the Credit Agreement is
hereby amended by deleting subsection (b) thereof in its entirety and
substituting in its place the following new subsection (b):

                (b) Sell, transfer, contribute, master lease or dispose of any
           of its Property, either directly or indirectly, except that if at the
           time thereof and immediately after giving effect thereto, no Default
           shall have occurred, (i) any Subsidiary of the Borrower may sell,
           transfer, contribute, master lease or otherwise dispose of its
           assets to the Borrower or to any other Subsidiary, (ii) the Borrower
           may sell, transfer, contribute, master lease or otherwise dispose of
           its assets to any Subsidiary Guarantor, (iii) the Borrower may sell,
           transfer, contribute, master lease or otherwise dispose of assets to
           an Other Guarantor if such sale, transfer, contribution master lease
           or other disposition is for the purpose of ultimately disposing of
           such assets through the sale, transfer, contribution, master lease
           or other disposition of the ownership interests of Borrower in such
           Subsidiary to a third party in a transaction permitted by clause
           (v) below, (iv) in connection with any transaction pursuant to
           which a Real Property asset of Borrower is or will be encumbered
           with a mortgage (as permitted under Section 8.1(vii)), the Borrower
           may transfer such asset to any Subsidiary, and (v) the Borrower or
           any Subsidiary of the Borrower may sell, transfer, contribute,
           master lease or otherwise dispose of Property in an arm's length
           transaction (or, if the transaction involves an Affiliate of the
           Borrower or a Subsidiary of the Borrower, if the transaction
           complies with Section 8.8), including, without limitation, a
           disposition of Property pursuant to a merger or consolidation
           involving a Subsidiary (so long as such merger or  consolidation is
           not prohibited by Section 8.2(a)), for the fair market value
           thereof, as reasonably determined by the Borrower, provided that
           such transaction could not reasonably be expected to have a Material
           Adverse Effect and provided further that for any fiscal year of the
           Borrower, any sale, transfer, master lease, contribution or other
           disposition of Property in reliance on this clause (v) which when
           combined with all other sales, transfers, master leases,
           contributions or dispositions of Property in reliance on this clause
           (v) made in such fiscal year shall not exceed 25% of the total book
           value of all Property of the Borrower and its Subsidiaries
           determined as of the first day of such fiscal year.

        5. Incorporation of Other Guarantors. Sections 2.11(a), 2.18, 8.9,
9.1(h), 9.1 (i) and 9.1(o) of the Credit Agreement are hereby amended to delete
the phrase

                                     - 3 -
<PAGE>   4

"Subsidiary Guarantor" in each instance where it appears therein, and substitute
in its place the phrase, "Subsidiary Guarantor and/or Other Guarantor".

        6. New Exhibit N. A new Exhibit N entitled "Form of Other Guaranty" in
the form of Attachment 1 to this Amendment is hereby added as an Exhibit to the
Credit Agreement.

        7. Reaffirmation of Guaranty. Each Subsidiary Guarantor is executing
this Amendment to evidence its consent and agreement to the terms hereof. Each
Subsidiary Guarantor confirms that the Subsidiary Guaranty is in full force and
effect in accordance with the terms thereof and continues to be the binding
obligation of each Subsidiary Guarantor.

        8. Effectiveness of Amendment. The effectiveness of this Amendment is
subject to the receipt by the Administrative Agent, on or before May 9, 2001, of
this Amendment duly executed and delivered by the Borrower, the Subsidiary
Guarantors, the Administrative Agent, each Co-Documentation Agent and the
Required Lenders, in sufficient copies for each Lender, the Administrative Agent
and each Co-Documentation Agent to receive an original thereof.

        9. No Other Amendments. Except to the extent amended hereby, all terms,
provisions and conditions of the Credit Agreement shall continue in full force
and effect and shall remain enforceable and binding in accordance with its
terms.

        10. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

        11. Counterparts. This Amendment may be executed in any number of
counterparts, all of which when taken together shall constitute one and the same
document, and each party hereto may execute this Amendment by signing any of
such counterparts.

        12. Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

        13. Trust Limitation for New Plan Realty Trust. With respect to New Plan
Realty Trust ("NPRT"), this Amendment and all documents, agreements,
understandings and arrangements relating to this transaction have been
negotiated, executed and delivered on behalf of NPRT by the trustees or officers
thereof in their representative capacity under the Declaration of Trust, and not
individually, and bind only the trust estate of NPRT, and no trustee, officer,
employee, agent or shareholder of NPRT shall be bound or held to any personal
liability or responsibility in connection with the agreements, obligations and
undertakings of NPRT hereunder, and any person or entity dealing with NPRT in
connection therewith shall look only to the trust estate for the payment of any
claim or for the performance of any agreement, obligation or undertaking

                                     - 4 -
<PAGE>   5

thereunder. The Administrative Agent, the Co-Documentation Agents and each
Lender hereby acknowledge and agree that each agreement and other document
executed by NPRT in accordance with or in respect of this transaction shall be
deemed and treated to include in all respects and for all purposes the foregoing
exculpatory provision.

                                     - 5 -
<PAGE>   6

        IN WITNESS WHEREOF, the parties hereto and each Subsidiary Guarantor
have caused their duly authorized officers to execute and deliver this Amendment
No. 4 to Credit Agreement as of the date first above written.

                                            NEW PLAN EXCEL REALTY
                                               TRUST, INC.

                                            By:     /s/ DEAN BERNSTEIN
                                                ------------------------
                                                Dean Bernstein
                                                Senior Vice President

                                            THE BANK OF NEW YORK,
                                            as Administrative Agent and a Lender

                                            By:  /s/ FREDERICK LAUDISI
                                                ------------------------
                                                Frederick Laudisi
                                                Vice President

                                            BANK ONE, NA
                                            as Co-Documentation Agent
                                            and a Lender

                                            By:   /s/ PATRICIA LEUNG
                                                ------------------------
                                               Name:  Patricia Leung
                                               Title: Director, Capital Markets

                                            FLEET NATIONAL BANK
                                            F/K/A  BANKBOSTON, N.A.
                                            as Co-Documentation Agent
                                            and a Lender

                                            By:    /s/ BILL LAMB
                                                ------------------------
                                               Name:  Bill Lamb
                                               Title: Vice President

<PAGE>   7

                                            ARGENTARIA, CAJA POSTAL Y
                                               BANCO HIPOTECARIO S.A.

                                            By:   /s/ ALBERTO CONDE
                                                ------------------------
                                               Name:  Alberto Conde
                                               Title: Vice President

                                            By:   SALUSTIANO MACHADO
                                                ------------------------
                                               Name:  Salustiano Machado
                                               Title: Vice President

                                            BANK OF AMERICA, N. A.

                                            By:  /s/ MICHAEL EDWARDS
                                               -------------------------
                                               Name:  Michael Edwards
                                               Title: Managing Director

                                            CHANG HWA COMMERCIAL
                                               BANK, LTD., NEW YORK BRANCH

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

                                            ERSTE BANK

                                            By:  /s/ PAUL JUDICKE
                                               -------------------------
                                               Name:  Paul Judicke
                                               Title: Vice President
                                                      Erste Bank New York Branch

                                            By:  /s/ JOHN RUNNION
                                               -------------------------
                                               Name:  John Runnion
                                               Title: Managing Director
                                                      Erste Bank New York Branch

                                            ISRAEL DISCOUNT BANK OF
                                               NEW YORK

                                            By:  /s/ CHET DAVIS
                                               -------------------------
                                               Name:  Chet Davis
                                               Title: Senior Vice President

                                            By:  /s/ MARC G. COOPER
                                               -------------------------
                                               Name:  Marc G. Cooper
                                               Title: Vice President

                                     - 7 -
<PAGE>   8

                                            PNC BANK, N. A.

                                            By:  /s/ THOMAS NASTAROWICZ
                                               -------------------------
                                               Name:  Thomas Nastarowicz
                                               Title: Vice President

                                            KEY BANK

                                            By:  /s/ JOHN SCOTT
                                               -------------------------
                                               Name:  John Scott
                                               Title: Assistant Vice President

Each of the following Subsidiary
Guarantors consents and agrees to
the terms of  this Amendment and the
provisions of Section 7 thereof:

NEW PLAN REALTY TRUST

By:  /s/ STEVEN F. SIEGEL
   --------------------------------
        Name:  Steven Siegel
        Title: Sr. VP

 EXCEL REALTY TRUST- ST, INC.

By:  /s/ STEVEN F. SIEGEL
   --------------------------------
        Name:  Steven Siegel
        Title: Sr. VP

                                     - 8 -<PAGE>   1
                                                   EXHIBIT 10.4
                                                   FACILITY II AMENDMENT NO. 3

                                 AMENDMENT NO. 3
                               TO CREDIT AGREEMENT

        THIS AMENDMENT NO. 3 TO CREDIT AGREEMENT (the "Amendment") is made and
entered into as of May 9, 2001, among NEW PLAN EXCEL REALTY TRUST, INC., a
Maryland corporation (the "Borrower"), each lender under the hereinafter defined
Credit Agreement (including each "Designated Lender" existing as of the date
hereof) (each a "Lender" and, collectively, the "Lenders"), THE BANK OF NEW
YORK, as administrative agent (in such capacity, the "Administrative Agent"),
and BANK ONE, NA and FLEET NATIONAL BANK, f/k/a BankBoston, N.A. (each a
"Co-Documentation Agent" and, collectively, the "Co-Documentation Agents").

                                    RECITALS:

        A.     The Borrower, the Lenders, the Administrative Agent and the
Co-Documentation Agents entered into that certain Credit Agreement dated as of
November 17, 1999 (as amended, the "Credit Agreement"; capitalized terms used in
this Amendment which are not otherwise defined herein shall have the meaning
ascribed to such terms in the Credit Agreement).

        B.     The Borrower has requested certain amendments to Section 8.2 and
other provisions of the Credit Agreement be amended as hereinafter set forth.

        C.     The Administrative Agent, the Co-Documentation Agent and the
Lenders are agreeable to such request, subject to the terms of this Amendment.

        NOW, THEREFORE, for and in consideration of the mutual promises and
mutual agreements contained herein, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
do hereby agree as follows:

        1.     Additional Definitions. The following additional defined terms
are hereby added to Section 1.1:

                      "Other Guaranty" each guaranty substantially in the form
               of Exhibit O executed by each Other Guarantor and delivered to
               the Administrative Agent for the benefit of the Lenders after the
               Effective Date.

                      "Other Guarantor": any wholly-owned Subsidiary required
               to execute and deliver an Other Guaranty pursuant to Section
               7.11(b).

        2.     Amended Definitions. The definitions of "Guaranty" and "Required
Additional Guarantors" in Section 1.1 are hereby amended and restated in their
entirety as follows:

<PAGE>   2

                      "Guaranty": collectively, (i) a guaranty, substantially in
               the form of Exhibit F executed by each of the Subsidiary
               Guarantors identified on Schedule 4.4 and delivered to the
               Administrative Agent for the benefit of the Lenders on or prior
               to the Effective Date, (ii) each additional guaranty
               substantially in the form of Exhibit F executed by each Required
               Additional Guarantor and delivered to the Administrative Agent
               for the benefit of the Lenders after the Effective Date and (iii)
               each Other Guaranty.

                      "Required Additional Guarantor": any Subsidiary required
               to execute and deliver a Guaranty pursuant to Section 7.11(a).

        3.     Amendment of Section 7.11. Section 7.11 of the Credit Agreement
is hereby amended by deleting Section 7.11 in its entirety and substituting in
its place the following new Section 7.11:

                      7.11   Additional Guarantors.

                      (a)    At any time after the date hereof, and with
               respect to any Subsidiary of the Borrower, whether presently
               existing or hereafter formed or acquired (other than Excel
               Realty Partners, L.P. and E. H. Properties, L.P.) which is not a
               Subsidiary Guarantor at such time, cause such Subsidiary to
               execute and deliver a Guaranty to the Administrative Agent, for
               the benefit of the Lenders, promptly after the Administrative
               Agent's request therefor, duly executed by such Subsidiary
               (together with certificates and attachments of a nature similar
               to those described in Section 5.1(b) and (c) with respect to such
               Subsidiary and an opinion of counsel of a nature similar to those
               in the form required pursuant to Section 5.7(iii)) if at such
               time such Subsidiary owns Property having a book value of
               $75,000,000 or more. Notwithstanding the foregoing, the foregoing
               book value conditions of this Section shall not be applicable
               from and after the occurrence of, and during the continuance of,
               an Event of Default (it being understood that at such time, the
               Administrative Agent can require any Subsidiary of the Borrower
               which has not executed a Guaranty to immediately comply with
               requirements of this Section).

                      (b)    At any time after the date hereof, and in
               connection with a transfer of one or more assets of the Borrower
               to a wholly owned Subsidiary of the Borrower (other than a
               transfer to a Subsidiary Guarantor, or a Subsidiary which is
               required to be a Subsidiary Guarantor pursuant to Section
               7.11(a)) pursuant to Section 8.2(b)(iii), whether presently
               existing or hereafter formed or acquired, cause such Subsidiary
               to execute and deliver an Other Guaranty to the Administrative
               Agent, for the benefit of the Lenders, duly executed by such
               Subsidiary (together with certificates and attachments of a
               nature similar to those described in

                                     - 2 -
<PAGE>   3

               Section 5.1(b) and (c) with respect to such Subsidiary and an
               opinion of counsel of a nature similar to the form required
               pursuant to Section 5.7(iii)).

        4.     Amendment of Section 8.2. Section 8.2 of the Credit Agreement is
hereby amended by deleting subsection (b) thereof in its entirety and
substituting in its place the following new subsection (b):

                      (b)    Sell, transfer, contribute, master lease or
               dispose of any of its Property, either directly or indirectly,
               except that if at the time thereof and immediately after giving
               effect thereto, no Default shall have occurred, (i) any
               Subsidiary of the Borrower may sell, transfer, contribute,
               master lease or otherwise dispose of its assets to the Borrower
               or to any other Subsidiary, (ii) the Borrower may sell,
               transfer, contribute, master lease or otherwise dispose of its
               assets to any Subsidiary Guarantor, (iii) the Borrower may sell,
               transfer, contribute, master lease or otherwise dispose of
               assets to an Other Guarantor if such sale, transfer,
               contribution master lease or other disposition is for the
               purpose of ultimately disposing of such assets through the sale,
               transfer, contribution, master lease or other disposition of the
               ownership interests of Borrower in such Subsidiary to a third
               party in a transaction permitted by clause (v) below, (iv) in
               connection with any transaction pursuant to which a Real
               Property asset of Borrower is or will be encumbered with a
               mortgage (as permitted under Section 8.1(vii)), the Borrower may
               transfer such asset to any Subsidiary, and (v) the Borrower or
               any Subsidiary of the Borrower may sell, transfer, contribute,
               master lease or otherwise dispose of Property in an arm's length
               transaction (or, if the transaction involves an Affiliate of the
               Borrower or a Subsidiary of the Borrower, if the transaction
               complies with Section 8.8), including, without limitation, a
               disposition of Property pursuant to a merger or consolidation
               involving a Subsidiary (so long as such merger or consolidation
               is not prohibited by Section 8.2(a)), for the fair market value
               thereof, as reasonably determined by the Borrower, provided that
               such transaction could not reasonably be expected to have a
               Material Adverse Effect and provided further that for any fiscal
               year of the Borrower, any sale, transfer, master lease,
               contribution or other disposition of Property in reliance on
               this clause (v) which when combined with all other sales,
               transfers, master leases, contributions or dispositions of
               Property in reliance on this clause (v) made in such fiscal year
               shall not exceed 25% of the total book value of all Property of
               the Borrower and its Subsidiaries determined as of the first day
               of such fiscal year.

        5.     Incorporation of Other Guarantors. Sections 2.13(a), 8.9,
9.1(h), 9.1 (i) and 9.1(o) of the Credit Agreement are hereby amended to
delete the phrase "Subsidiary

                                     - 3 -
<PAGE>   4

Guarantor" in each instance where it appears therein, and substitute in its
place the phrase, "Subsidiary Guarantor and/or Other Guarantor".

        6.     New Exhibit O. A new Exhibit O entitled "Form of Other Guaranty"
in the form of Attachment 1 to this Amendment is hereby added as an Exhibit to
the Credit Agreement.

        7.     Reaffirmation of Guaranty. Each Subsidiary Guarantor is executing
this Amendment to evidence its consent and agreement to the terms hereof. Each
Subsidiary Guarantor confirms that the Subsidiary Guaranty is in full force and
effect in accordance with the terms thereof and continues to be the binding
obligation of each Subsidiary Guarantor.

        8.     Effectiveness of Amendment. The effectiveness of this Amendment
is subject to the receipt by the Administrative Agent, on or before May 9, 2001,
of this Amendment duly executed and delivered by the Borrower, the Subsidiary
Guarantors, the Administrative Agent, each Co-Documentation Agent and the
Required Lenders, in sufficient copies for each Lender, the Administrative Agent
and each Co-Documentation Agent to receive an original thereof.

        9.     No Other Amendments. Except to the extent amended hereby, all
terms, provisions and conditions of the Credit Agreement shall continue in full
force and effect and shall remain enforceable and binding in accordance with its
terms.

        10.    Governing Law. This Amendment shall be governed by and construed
in accordance with the laws of the State of New York.

        11.    Counterparts. This Amendment may be executed in any number of
counterparts, all of which when taken together shall constitute one and the same
document, and each party hereto may execute this Amendment by signing any of
such counterparts.

        12.    Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

        13.    Trust Limitation for New Plan Realty Trust. With respect to New
Plan Realty Trust ("NPRT"), this Amendment and all documents, agreements,
understandings and arrangements relating to this transaction have been
negotiated, executed and delivered on behalf of NPRT by the trustees or officers
thereof in their representative capacity under the Declaration of Trust, and not
individually, and bind only the trust estate of NPRT, and no trustee, officer,
employee, agent or shareholder of NPRT shall be bound or held to any personal
liability or responsibility in connection with the agreements, obligations and
undertakings of NPRT hereunder, and any person or entity dealing with NPRT in
connection therewith shall look only to the trust estate for the payment of any
claim or for the performance of any agreement, obligation or undertaking

                                     - 4 -
<PAGE>   5

thereunder. The Administrative Agent, the Co-Documentation Agents and each
Lender hereby acknowledge and agree that each agreement and other document
executed by NPRT in accordance with or in respect of this transaction shall be
deemed and treated to include in all respects and for all purposes the foregoing
exculpatory provision.

                                     - 5 -
<PAGE>   6

        IN WITNESS WHEREOF, the parties hereto and each Subsidiary Guarantor
have caused their duly authorized officers to execute and deliver this Amendment
No. 3 to Credit Agreement as of the date first above written.

                                            NEW PLAN EXCEL REALTY
                                               TRUST, INC.

                                            By:   /s/ DEAN BERNSTEIN
                                                ------------------------
                                                Dean Bernstein
                                                Senior Vice President

                                            THE BANK OF NEW YORK,
                                            as Administrative Agent and a Lender

                                            By:    /s/ FREDERICK LAUDISI
                                                ------------------------
                                                Frederick Laudisi
                                                Vice President

                                            BANK ONE, NA
                                            as Co-Documentation Agent
                                            and a Lender

                                            By:   /s/ PATRICIA LEUNG
                                                ------------------------
                                               Name:  Patricia Leung
                                               Title: Director, Capital Markets

                                            FLEET NATIONAL BANK
                                            F/K/A  BANKBOSTON, N.A.
                                            as Co-Documentation Agent
                                            and a Lender

                                            By:   /s/ BILL LAMB
                                                ------------------------
                                               Name:  Bill Lamb
                                               Title: Vice President

<PAGE>   7
                                            ARGENTARIA, CAJA POSTAL Y
                                               BANCO HIPOTECARIO S.A.

                                            By:   /s/ ALBERTO CONDE
                                                ------------------------
                                               Name:  Alberto Conde
                                               Title: Vice President

                                            By:   /s/ SALUSTIANO MACHADO
                                                ------------------------
                                               Name:  Salustiano Machado
                                               Title: Vice President

                                            BANK OF AMERICA, N. A.

                                            By:   /s/ MICHAEL EDWARDS
                                               ------------------------
                                               Name:  Michael Edwards
                                               Title: Managing Director

                                            CHANG HWA COMMERCIAL
                                               BANK, LTD., NEW YORK BRANCH

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

                                            ERSTE BANK

                                            By:  /s/ PAUL JUDICKE
                                               ------------------------
                                               Name:  Paul Judicke
                                               Title: Vice President
                                                      Erste Bank New York Branch

                                            By:  /s/ JOHN RUNNION
                                               ------------------------
                                               Name:  John Runnion
                                               Title: Managing Director
                                                      Erste Bank New York Branch

                                            ISRAEL DISCOUNT BANK OF
                                               NEW YORK

                                            By:   /s/ CHET DAVIS
                                               ------------------------
                                               Name:  Chet Davis
                                               Title: Senior Vice President

                                            By:   /s/ MARC G. COOPER
                                               ------------------------
                                               Name:  Marc G. Cooper
                                               Title: Vice President

                                     - 7 -
<PAGE>   8

                                            PNC BANK, N. A.

                                            By:  /s/ THOMAS NASTAROWICZ
                                               ------------------------
                                               Name:  Thomas Nastarowicz
                                               Title: Vice President

                                            KEY BANK

                                            By:  /s/ JOHN SCOTT
                                               ------------------------
                                               Name:  John Scott
                                               Title: Assistant Vice President

Each of the following Subsidiary
Guarantors consents and agrees to
the terms of this Amendment and the
provisions of Section 7 thereof:

NEW PLAN REALTY TRUST

By:   /s/ STEVEN F. SIEGEL
   --------------------------------
       Name:  Steven Siegel
       Title: Sr. VP

EXCEL REALTY TRUST- ST, INC.

By:  /s/ STEVEN F. SIEGEL
   --------------------------------
       Name:  Steven Siegel
       Title: Sr. VP

                                     - 8 -

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