Document:

Exhibit 10.2

                             MUTUAL GENERAL RELEASE

            This Mutual General Release (the "Release") is entered into this 9th
day of September, 2005, by and between Sizeler Property Investors, Inc., a
Maryland corporation, ("Sizeler" or the "Company") and First Union Real Estate
Equity and Mortgage Investments, an Ohio business trust, ("Proponent"). Sizeler
and Proponent are referred to together herein as the "Parties."

            WHEREAS, the Parties have entered into an agreement (the
"Agreement") of even date, to which this Release is Exhibit D;

            WHEREAS, pursuant to the Agreement, the Parties have agreed to
execute this Release;

            WHEREAS, Sizeler and Proponent are parties to the action pending in
the United States District Court for the District of Maryland styled, Sizeler
Property Investors, Inc., J. Terrell Brown, William Byrnes, Harold Judell,
Sidney W. Lassen, Thomas A. Masilla, Jr., James McFarland, Richard Pearlstone,
James R. Peltier and Theodore H. Strauss v. First Union Real Estate Equity &
Mortgage Investments, Civil Action No. 1:05-cv-718-RDB (the "Litigation"), all
claims and counterclaims of which Litigation shall be dismissed pursuant to the
Agreement;

            NOW, THEREFORE, in consideration for the covenants and other
agreements contained herein and in the Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which the Parties hereby
acknowledge, the Parties hereby agree as follows:

            1. General Release of Proponent. Sizeler, on its behalf and on
behalf of any and all of its current or former affiliated entities, benefit
plans, departments, stockholders, officers, directors, employees,
representatives, agents, attorneys, successors, and assigns (collectively, the
"Sizeler Releasors"), in reliance on the covenants and agreements of Proponent
set forth in this Release and the Agreement, hereby releases and forever
discharges Proponent and any and all of its current or former affiliated
entities, benefit plans, departments, stockholders, officers, directors,
employees, representatives, agents, attorneys, successors, and assigns
(collectively, the "Proponent Released Parties"), to the fullest extent allowed
by law, from any and all charges, complaints, claims, liabilities, obligations,
promises, agreements, controversies, damages, actions, causes of action, suits,
rights, demands, costs, losses, debts and expenses (including attorneys' fees
and costs incurred), of any nature whatsoever, whether known or unknown,

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suspected or unsuspected, which the Sizeler Releasors, individually or
collectively, now have, own, or hold, or claim to have, own, or hold, and which
the Sizeler Releasors, individually or collectively, at any time ever had,
owned, or held, or claimed to have had, owned, or held, against any one or more
of the Proponent Released Parties for any reason whatsoever relating in any way
to either Sizeler or Proponent, in law or in equity, under federal, State or
local law, regulation, code, or other standard, including, without limitation,
any and all claims arising from, relating to, or that were or could have been
asserted in the Litigation or any other proceeding, hearing, action or forum of
any nature (all such released matters being the "Sizeler Released Claims");
provided that the Sizeler Releasors shall not waive any rights to enforce the
obligations under this Release or the Agreement. Sizeler warrants that this is a
general release and that it, and, to its knowledge, each of the other Sizeler
Releasors, has not assigned or transferred any of the Sizeler Released Claims.

            2. Sizeler's Covenant Not to Bring Claims, or Cause Claims to Be
Brought. Without limiting the generality of the general release contained in
Section 1 of this Release, the Sizeler Releasors further agree not to sue or
otherwise institute or cause to be instituted or furthered, or solicit,
encourage, assist, or cause any other individual or entity to sue or otherwise
institute, further, or cause to be instituted or furthered, except as required
by order or legal process of court or any agency of the federal, State, or local
government, the prosecution of any Sizeler Released Claims in any proceeding,
hearing, action or forum of any nature. Notwithstanding anything to the contrary
in another section of this Release, and consistent with their obligations set
forth in this Section 2, Sizeler Releasors may obtain the economic benefit, if
any, as passive members of a class or derivative action, with respect to any
claims as to any actions, omissions, or events not currently either (i) known to
Sizeler, or (ii) publicly disclosed.

            3. General Release of Sizeler. Proponent, on its behalf and on
behalf of any and all of its current or former affiliated entities, benefit
plans, departments, stockholders, officers, directors, employees,
representatives, agents, attorneys, successors, and assigns (collectively, the
"Proponent Releasors"), in reliance on the covenants and agreements of Sizeler
set forth in this Release and the Agreement, hereby releases and forever
discharges Sizeler and any and all of its current or former affiliated entities,
benefit plans, departments, stockholders, officers, directors, employees,
representatives, agents, attorneys, successors, and assigns (collectively, the
"Sizeler Released Parties"), to the fullest extent allowed by law, from any and
all charges, complaints, claims, liabilities, obligations, promises, agreements,
controversies, damages, actions, causes of action, suits, rights, demands,
costs, losses, debts and expenses (including attorneys' fees and costs
incurred), of any nature whatsoever, whether known or unknown, suspected or
unsuspected, which the Proponent Releasors, individually or collectively, now
have, own, or hold, or claim to have, own, or hold, and which the Proponent
Releasors, individually or collectively, at any time ever had, owned, or held,
or claimed to have had, owned, or held, against any one or more of the Sizeler
Released Parties for any reason whatsoever relating in any way to either Sizeler

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<PAGE>

or Proponent, in law or in equity, under federal, State or local law,
regulation, code, or other standard, including, without limitation, any and all
claims arising from, relating to, or that were or could have been asserted in
the Litigation or any other proceeding, hearing, action or forum of any nature
(all such released matters being the "Proponent Released Claims"); provided that
the Proponent Releasors shall not waive any rights to enforce the obligations
under this Release or the Agreement. Proponent warrants that this is a general
release and that it, and, to its knowledge, each of the other Proponent
Releasors, has not assigned or transferred any of the Proponent Released Claims.

            4. Proponent 's Covenant Not to Bring Claims, or Cause Claims to Be
Brought. Without limiting the generality of the general release contained in
Section 3 of this Release, the Proponent Releasors further agree not to sue or
otherwise institute or cause to be instituted or furthered, or solicit,
encourage, assist, or cause any other individual or entity to sue or otherwise
institute, further, or cause to be instituted or furthered, except as required
by order or legal process of court or any agency of the federal, State, or local
government, the prosecution of any Proponent Released Claims in any proceeding,
hearing, action or forum of any nature. Notwithstanding anything to the contrary
in another section of this Release, and consistent with their obligations set
forth in this Section 4, Proponent Releasors may obtain the economic benefit, if
any, as passive members of a class or derivative action, with respect to any
claims as to any actions, omissions, or events not currently either (i) known to
Proponent, or (ii) publicly disclosed.

            5. General.

                  (a) The Company represents that the individual set forth below
as signatory to this Release for the Company has the authority to execute this
Release on behalf of the Company and to bind the Company to the terms hereof.
The individuals set forth below as signatories to this Agreement for each party
have the authority to execute this Agreement on behalf of such party and to bind
such party to the terms hereof.

                  (b) This Release shall be governed by the laws of the State of
Maryland, without regard to the conflicts of law provisions thereof. Any
complaint, claim, suit, or cause of action arising out of this Release shall be
brought exclusively in the United States District Court for the District of
Maryland, Northern Division or in the Circuit Court for Baltimore City,
Maryland, and the Parties hereby expressly submit to the jurisdiction of such
court for such purposes.

                  (c) This Release may be executed in two or more counterparts,
each of which shall be deemed an original and all of which together shall
constitute one instrument.

                  (d) The terms and conditions of this Release shall inure to
the benefit of and be binding upon the respective successors and assigns of the
Parties. Nothing in this Release, express or implied, is intended to confer upon
any Party other than the Parties or their respective successors and assigns any
rights, remedies, obligations or liabilities under or by reason of this Release,
except as expressly provided in this Release.

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<PAGE>

                  (e) If one or more provisions of this Release are held by a
court of competent jurisdiction to be unenforceable under applicable law, the
court shall modify the unenforceable term(s) to the least extent necessary to
render the term(s) enforceable. In the event the court is unable to so modify
the unenforceable term(s), the Parties agree to renegotiate such provision(s) in
good faith so as to become enforceable while hewing as closely as possible to
the original intent. In the event that the Parties cannot reach a mutually
agreeable and enforceable replacement for such provision(s), then (i) such
provision shall be excluded from this Release, (ii) the balance of this Release
shall be interpreted as if such provision were so excluded and (iii) the balance
of this Release shall remain enforceable in accordance with its terms.

                  (f) Because any breach or threatened breach of this Release by
either Party would result in continuing material and irreparable harm to the
other Party, and because it would be impossible to establish the full monetary
value of such damage, either Party shall be entitled to injunctive relief in its
discretion, in the event of a breach or threatened breach of this Release by the
other Party or any member thereof. Injunctive relief shall be in addition to any
other remedy that may be available to either Party.

                  (g) This Release constitutes the entire agreement between the
Parties pertaining to the subject matter hereof, and any and all other written
or oral agreements existing between the Parties with respect to the subject
matter hereof are expressly canceled.

                            [Signature page follows]

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<PAGE>

            IN WITNESS WHEREOF, the Parties have caused this Release to be
executed and delivered by themselves or their duly authorized officer or
attorney-in-fact as of the date first set forth above.

                                     SIZELER PROPERTY INVESTORS, INC.

                                     Print Name:
                                                 -------------------------------

                                     Title:
                                            ------------------------------------

                                     FIRST UNION REAL ESTATE EQUITY
                                     AND MORTGAGE INVESTMENTS

                                     Print Name:
                                                 -------------------------------

                                     Title:
                                            ------------------------------------

                                       5Exhibit 10.5

Exhibit 10.5

Shen (Nan) 0055178

Contract registration (record) No:

Shenzhen Realty Lease Contract

Shenzhen Realty Leasing Administrative Office

Realty lease contract

The lessor (party A):  Shenzhen Jinhongyuan Business Incorporation

Address: Room 336, Shopping park north zone area B, Mintian Road, ___________

Futian District, Shenzhen

Postal Code: _________________________________________________________

Authorized agent: _____________________________________________________

Address:

___________________________________________________________

Postal Code: _________________________________________________________

The renter (party B): Shenzhen Naiji Electrical Equipment Co., Ltd._____________

Address: Floor 1-4 Building 28, Lishang Industrial Area, Xinghai Road, Nanshan___ district_______________________________________________________

Postal Code: _________________________________________________________

Business License or ID No.: S05951_______________________________________

Authorized agent: _____________________________________________________

Address:

___________________________________________________________

Postal Code: __________________________________________________________

Party A and party B discussed and agreed the following terms based on “China Contract Law”, “China Real Estate Administrative Law”, “Shenzhen Special Economic Zone House Leasing Act” and achieved this agreement.

Item 1

Party A lease the realty locates at Floor 1-4 Building 28, Lishan Industrial Aone, Xinghai Road Nanshan District, Shenzhen (hereinafter called “leased realty”) to party B. The total area of the leased realty is 4,100 m2, in a building of 5 storeys. 

The obligee of the leased realty is: Shenzhen Jinhongyuan Business Incorporation;

The property right certification or other effective certification and number of the property right (or right of use):     Certification______________________________

Item 2

 The leasing price is  RMB15.5 (Fifteen yuan and fifty cents) per m2 per month, and RMB63,550.00  per month in total.

Item 3

Party B should make the first payment of RMB63,550.00  by  July 31, 2004 . 

Item 4

Party B should pay rentals to party A 

_____

before   5th   of every month;

_____

 before    --    date of   --     month every quarter;

_____

before    --    date of   --     month every half year;

_____

before    --    date of   --     month every year;

Party A should provide taxation receipt when it receives rentals from party B.

(Please choose one from the above 4 terms.)

Item 5

The lease period is from July 31, 2004 to April 30, 2006.

The above period could not over the land use period. The period over land use period is invalid. Any loss results from over period should obey the terms of agreement between two parties, if there is any; otherwise, will be the responsibility of party A.

Item 6

The purpose of leasing property is for workshop .

If party B wants to use the leased property for other purpose, it should be approved by party A in written in advance. Party B should also apply to the property administration department for changing the purpose before it is actually changed.

Item 7

Party A should provide the leased realty to party B and conduct the transfer process by July 31, 2004.

In case party A transfers the property to party B later than the above date, party B could require delaying the ending time of the lease period correspondingly. Both parties should sign to confirm and register at the registration office.

Item 8

When hand over the property, both parties should confirm the working condition of all appliances and additions in the property and attaches a list in the agreement.

Item 9

Party A could take 2 months rentals, that is, RMB127,100.00 (one hundred twenty-seven thousands and one hundred RMB yuan) from party B as deposit when hand over the property.

Party should provide receipt to party B when deposit received.

Conditions of refunding the deposit:

1.

Expiration of the agreement

2. 

The property was repaired, transfer process completed, without any fees unpaid to party A.

____

Meet one of the above conditions.

____

Meet all above conditions.

(Please choose and check one of the above terms)

In case the following happens, party A may not refund the deposits:

1.

Expiration of the agreement, but fees due to party A has not been paid or property damage has not been repaired.

2.

Breach of the agreement or turned lease to third party.

3.

Delayed rental payment to party A for more than one month. 

Item 10

 During the lease period, party A will pay the land use fee and the taxes, lease management fee that generated from the leasing of the property; party B will pay the utilities, sanitation fee, building management fee etc. generated from using the leased property.

Item 11

Party A should ensure the property and its appurtenant works meet the requirements of the lease, and guarantee the security system meet the requirements of corresponding law, regulation or code.

Party B has the right to claim party A if party B suffered personal injury or property damage in the leased property due to party A’s intent or misstep.

Item 12

Party B should use the leased property and appurtenant works properly. No illegal act is allowed in the leased property. Party A could not interrupt party B for the normal, reasonable use of the leased property.

Item 13

During the leasing period, if there is a natural damage or trouble happened which is not result in party B’s mistake, and cause the leased property or the appurtenant works in unsafe, unusable condition, party B should inform party A in time and take the appropriate steps to prevent the further damage; Party A should repair or authorize party B to repair right after it receives the notice. In case party B could not inform party A or party A could not repair within above required time, party B could repair by register at the registration office in advance.

Under the emergency situation, party B could repair at first and inform the situation to party A in time.

In above situations, the repair cost (including party B repair for party A and steps taken by party B to prevent more damage) should be born by party A. In case party B didn’t take the above responsibility to inform party A or take steps to prevent more damage, the repairing fee of the additional part will be born by party B.

Item 14

If any damage of the property or appurtenant works caused by party B’s misoperation, party B should inform party A in time and repair on its own cost or compensate for party A. In case party B refuse to repair as requested above, by register at the registration office, party A could repair instead, but party B will pay for the cost.

Item 15

During validation of this agreement, any reconstruction, renovation or decoration of the leased property should be decided by additional agreement between both parties.

Such reconstruction, renovation or decoration should be approved by related department in advance, if needed.

Item 16

_____

During lease period, party B could transfer partly or whole of the leased property to third party, and register at the registration office. But the period could not over the period of this agreement;

_____

Party B could not transfer part or whole of the leased property to third party. But during the lease period, party B could register at the registration office upon party A’s approval of transferring to transfer the property. But the transfer period could not over the period of this agreement.

_____

During lease period, party B could not transfer part or whole property to a third party.

(Please choose and check one from the above 3 terms.)

Item 17

During activation of this agreement, party A may have to transfer part or whole of the leased property. In such case, party A should inform party B 1 month in advance. Under same condition, party B has the priority to purchase the property.

In case the leased property has to be transferred, party A should inform the transferee to carry out this agreement continuously.

Item 18

The agreement is allowed to be terminated or changed in case the following happens:

1.

Due to force majeure the agreement could not been carried out;

2.

Government levy, purchase, take back or demolish the leased property;

3.

Agreed by party A and party B through discussion.

Item 19

In following case, party A could

____

Ask for compensation;

____

Not refund the lease deposit;

____

Party B pays 3% of monthly rental as penalty when rental been paid one month later.

(Please choose from the above 3 terms through both parties’ discussion.)

1.

Party B delays rental payment more than          days (              months);

2.

Party B failed to pay fees due to party B that may cause loss over RMB                 ;

3.

Party B conducts illegal activity in leased property which is harmful to the public or individuals;

4.

Party B changes the house structure or purpose on its own choice;

5.

Party B breaches the item 14 of this agreement not to repair or pay for repairing cost cause the property greatly damaged;

6.

Without party B and related department’s approval, make decoration on its own choice;

7.

Transfer the leased property to third party on its own decision.

Above affixing for the responsibilities of compensate the damage and breach of the agreement, party A could terminate the agreement or ask for changing the terms of the agreement.

Item 20

In following case, party B could

_____

Ask for compensation;

_____

Ask for refunding double of the lease deposit;

_____

Party A pays penalty RMB       --               (say:             --                                 ).

(Please choose from the above 3 terms through both parties’ discussion.)

1.

Party A delays the transferring of leased property over      --     days (    --     month);

2.

Party A breaches item 11 No.1 that cause party could not get in use of the leased property as designed.

3.

Party A breaches item 13 of this agreement not to repair or pay for the repairing cost.

4.

Without party B or related department’s approval, party A rebuild, reform or decorate the leased property on its own choice.

Above affixing for the responsibilities of compensation or breach of the agreement, party B could terminate the agreement (when get paid for the compensation, party should inform party A and return the leased property to party A) or ask for changing the terms of the agreement.

Party B needs not pay for the rental from party A receiving the notice till the compensation was paid to party B.

Item 21

Party B should move out of the leased property and return it to party A within 7 days after this agreement was terminated. And make sure everything in the property is working (except for the normal wear and tear). In the same time, settle down all payments and proceeding transferring process.  

In case party B not leaving and returning the leased property on time, party A could take back the property and ask for double rental for the overtime period.

Item 22

In case party B needs to lease the property continuously when the current lease period is over, party B should ask for renew the lease period  3  months in advance. Party B has the priority to lease the same property under same condition.

When both parties agree with each other to continue the lease, a new lease contract should be prepared and signed and registered at the registration office.

Item 23

Both parties should obey the terms of this contract. Any breach of the contract should be charged for penalty.

Item 24

If anything hasn’t been clarified in this contract, another attachment could be made and signed by both parties and becomes a part of this contract, has the same legal power. 

In case party A and party B agrees to make change in this contract during its activation, the modified contract should be registered at the same registration office and has the same power.

Item 25

Any dispute arises from this contract should be solved through discussion. If both parties could not reach an agreement, it can be interceded by registration office. Otherwise, it could be ask for

____

Arbitration at Shenzhen Arbitration Committee;

____

Arbitration at China International Economic and Trade Arbitration Committee Shenzhen Branch;

____

Litigation at People’s Court.

(Please choose and check one of the above terms.)

Item 26

This contract will be activated when both parties signed.

Party A and party B will go to the registration office to register and record this contract within 10 days after signed by both parties.

Item 27

The Chinese version of this contract will be the paramount. 

Item 28

The contract has  4  copies,  1  for party A,  1  for party B,  1  for registration office and  1  for related department.

Party A (Seal):   Shenzhen Jinhongyuan Business Incorporation

Legal representative: Fulian Zhong

Phone:

Bank Account No.:

Agent (Seal):

June 24, 2004

Party B (Seal):  Shenzhen Naiji Electrical Equipment Co., Ltd.

Legal Representative: Xiaoling Chen

Phone:

Bank Account No.:

Agent (Seal):

June 24, 2004

Registration or record agent (Seal): Min Chen

Contract registration (Record) department (Seal): Jinhua Liu

May 27, 2005

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