Document:

exv10w4

EXHIBIT
10.4

AGREEMENT REGARDING PURCHASE OF PARTNERSHIP INTERESTS

BY AND BETWEEN

CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., as seller

AND

HOMBURG HOLDINGS (U.S.) INC., as purchaser

Dated as of March 26, 2007

Premises:

	 	 	 
	Pennsboro Commons

	 	Spring Meadow
	Enola, PA

	 	Wyomissing, PA
	 
	 	 
	Fieldstone Marketplace

	 	Ayr Town Center
	New Bedford, MA

	 	McConnellsburg, PA
	 
	 	 
	Stone Hedge Square

	 	Aston Center
	Carlisle, PA

	 	Aston, PA
	 
	 	 
	Meadows Marketplace

	 	Scott Town Center
	Hershey, PA

	 	Bloomsburg, PA
	 
	 	 
	 

	 	Parkway Plaza
	 

	 	Mechanicsburg, PA

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	1. Certain Definitions
	 	 	2	 
	 
	2. Conversions and Formations; Consideration; Rental Income Shortfall Amount
	 	 	10	 
	 
	3. Deposit
	 	 	12	 
	 
	4. Closing
	 	 	12	 
	 
	5. Closing Costs
	 	 	13	 
	 
	6. Due Diligence Reviews
	 	 	16	 
	 
	7. Indemnification
	 	 	18	 
	 
	8. Property Information and Confidentiality
	 	 	18	 
	 
	9. Termination Right
	 	 	20	 
	 
	10. Lender Approval
	 	 	21	 
	 
	11. Representations and Warranties of Cedar
	 	 	23	 
	 
	12. Representations and Warranties of Homburg
	 	 	31	 
	 
	13.
Investment Representations, Etc.
	 	 	32	 
	 
	14. Interim Covenants of Cedar
	 	 	33	 
	 
	15. Deliveries to be made on the Closing Date
	 	 	36	 
	 
	16. Conditions to the Closings
	 	 	38	 
	 
	17. Apportionments
	 	 	39	 
	 
	18. Condemnation or Destruction of the Properties
	 	 	41	 
	 
	19. Release
	 	 	42	 
	 
	20. Brokers
	 	 	43	 
	 
	21. Limitation of Liability
	 	 	43	 
	 
	22. Remedies For Default and Disposition of the Deposit
	 	 	43	 
	 
	23. Title Reviews
	 	 	45	 

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	 	 	Page	 
	24. Notices
	 	 	46	 
	 
	25. Amendments
	 	 	48	 
	 
	26. Governing Law; Jurisdiction; Construction
	 	 	48	 
	 
	27. Partial Invalidity
	 	 	49	 
	 
	28. Counterparts
	 	 	49	 
	 
	29. No Third Party Beneficiaries
	 	 	49	 
	 
	30. Waiver
	 	 	49	 
	 
	31. Assignment
	 	 	49	 
	 
	32. Binding Effect
	 	 	49	 
	 
	33. Entire Agreement
	 	 	49	 
	 
	34. Further Assurances
	 	 	50	 
	 
	35. Paragraph Headings
	 	 	50	 
	 
	36. Waiver of Trial by Jury
	 	 	50	 
	 
	37. Litigation Costs
	 	 	50	 
	 
	38. Currency
	 	 	50	 
	 
	39. Contract Transactions
	 	 	50	 
	 
	40. Board Consent
	 	 	51	 
	 
	41. Review of Form of Amended and Restated Partnership Agreement
	 	 	51	 
	 
	42. Marketing Fee
	 	 	51	 
	 
	43. Press Releases
	 	 	52	 

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EXHIBITS

	 	 	 
	A-1 – A-9:

	 	Land
	B:

	 	Form of Amended and Restated Limited Partnership Agreement
	C-1 – C-2:

	 	Pre-Homburg Property Owner Agreements
	D:

	 	Form of Management Agreement
	E:

	 	Allotted Consideration
	F:

	 	Form of Escrow Agreement
	G:

	 	Form of Assignment and Assumption Agreement
	H:

	 	Form of Title Affidavit
	I:

	 	Deposit Allocation

SCHEDULES

1: Property Owners

2: Service Contracts

3: Leases

4: Tenant Improvements

5: Litigation

6: Current Loan Documents

7: Base Rental Income

8: Material Tenant Defaults

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AGREEMENT REGARDING PURCHASE OF PARTNERSHIP INTERESTS

     AGREEMENT REGARDING PURCHASE OF PARTNERSHIP INTERESTS (this “Agreement”), made as of the 26th
day of March, 2007, by and between CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a Delaware limited
partnership (“Cedar”) and HOMBURG HOLDINGS (U.S.) INC., a Colorado corporation (“Homburg”).

W I T N E S S E T H :

     WHEREAS, each Existing Cedar Property Owner (as hereinafter defined) owns a one hundred
percent (100%) fee simple interest in the applicable Existing Cedar Property (as hereinafter
defined), as more particularly set forth on Schedule 1 attached hereto;

     WHEREAS, Cedar directly or indirectly owns and controls each of the Existing Cedar Property
Owners;

     WHEREAS, pursuant to the applicable Purchase Contracts (as hereinafter defined), Cedar is
under contract to purchase the Contract Properties in accordance with the respective terms and
conditions set forth therein;

     WHEREAS, subject to the terms of Section 2(a) of this Agreement, prior to the applicable
Closing Date (as hereinafter defined), at the request of Homburg, Cedar has agreed to (a) cause the
Conversion of each of the Existing Cedar Property Owners and (b) form the Contract Property Owners
(as hereinafter defined) as limited partnerships for purposes of taking title to the applicable
Contract Properties in accordance with the terms of the applicable Purchase Contracts (each, a
“Formation” and collectively, the “Formations”). Each Existing Cedar Property Owner (after the
applicable Conversion) and each Contract Property Owner (once formed) shall be comprised of (x)
Cedar, or its wholly-owned subsidiary limited liability company, as determined by Cedar, having a
ninety-nine percent (99%) limited partnership interest and (y) a Cedar GP (as hereinafter defined)
having a one percent (1%) general partnership interest;

     WHEREAS, in exchange for the Consideration (as hereinafter defined) and subject to the terms
and conditions hereinafter set forth, on the applicable Closing Date, Cedar has agreed to transfer
eighty percent (80%) of the aggregate limited partnership interests in each Property Owner (the
“Interests”) to Homburg in accordance with the terms of this Agreement, and in each such case, the
respective Percentage Interests (as hereinafter defined) of Cedar shall be adjusted as provided
herein;

     WHEREAS, subject to the terms and conditions hereinafter set forth, Homburg has agreed to pay
the Allotted Consideration (as hereinafter defined) in exchange for the Interests on the applicable
Closing Date, and thereby receive its respective Percentage Interest in each of the Property
Owners; and

     WHEREAS, from and after the applicable Closing, Homburg may elect pursuant to the terms and
provisions of the applicable Amended and Restated Partnership Agreement to assign up to seventy
five percent (75%) of the Interests (i.e. sixty percent (60%) of the aggregate partnership
interests) in each Property Owner to a Delaware limited partnership (“HP”)

 

 

comprised of one or more Non-U.S. Persons as limited partners and HPBV (as hereinafter
defined) or an affiliate thereof, as general partner, as more particularly set forth in the
applicable Amended and Restated Partnership Agreement (the “Syndication”).

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

     1. Certain Definitions. For purposes of this Agreement, the following terms shall
have the respective meanings set forth below:

          Additional Title Objections: As defined in Section 23(b).

          Agreement: As defined in the Preamble.

          Allotted Consideration: As defined in Section 2(c).

          Allotted Deposit: As defined in Section 3.

          Amended and Restated Partnership Agreement(s): Collectively or singularly, as
applicable, the Amended and Restated Limited Partnership Agreement of each of the Property Owners,
to be entered into by and among the applicable Cedar Partners and Homburg, in substantially the
form attached hereto as Exhibit B.

          Assignment and Assumption Agreement: As defined in Section 15(a).

          Assumption Consents: As defined in Section 10(c).

          Aston Center Loan: As defined in Section 11(a).

          Aston Center Loan Documents: As defined in Section 11(a).

          Ayr Town Center Loan: As defined in Section 11(a).

          Ayr Town Center Loan Documents: As defined in Section 11(a).

          Base Rental Income: As defined in Section 2(d).

          Board Consent: As defined in Section 40.

          Buildings: With respect to each parcel of Land, all buildings, structures (surface
and subsurface), installations and other improvements located thereon.

          Business Day: Any day, other than a Saturday or Sunday, on which commercial banks in
the State of New York are not required or authorized to be closed for business.

          Cedar: As defined in the Preamble.

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          Cedar Deliveries: As defined in Section 15(a).

          Cedar GP(s): Affiliate(s) of Cedar designated by Cedar to serve as the general
partner of each Property Owner following the Conversions and Formations, as applicable.

          Cedar Partners: With respect to each Property Owner, (x) the applicable Cedar GP and
(y) Cedar, or its wholly-owned subsidiary limited liability company, as determined by Cedar.

          Cedar Related Parties: Cedar and any agent, advisor, representative, affiliate,
employee, director, partner, member, beneficiary, investor, servant, shareholder, trustee or other
person or entity acting on Cedar’s behalf or otherwise related to or affiliated with Cedar.

          Closing: The closing of a Transaction contemplated hereby.

          Closing Date: As defined in Section 4.

          Closing Date Rental Income: As defined in Section 2(d).

          Closing Date Representations: As defined in Section 15(a).

          Commission: The United States Securities and Exchange Commission.

          Consent Deadline: As defined in Section 40.

          Consideration: As defined in Section 2(c).

          Contract Properties: Collectively or individually, as applicable, the following
Properties: (i) Spring Meadow Shopping Center, located in Wyomissing, Pennsylvania; (ii) Ayr Town
Center, located in McConnellsburg, Pennsylvania; (iii) Aston Center, located in Aston,
Pennsylvania; (iv) Scott Town Center, located in Bloomsburg, Pennsylvania; and (v) Parkway Plaza,
located in Mechanicsburg, Pennsylvania.

          Contract Property Owners: Individually and collectively, as applicable, the
to-be-formed entities identified in Schedule 1 attached hereto, each as owner of the
Contract Property indicated opposite its name following the applicable Purchase Contract Closing;
provided, however, that the names of such entities may be modified, in the discretion of Cedar,
prior to such Purchase Contract Closing with notice thereof to Homburg. Notwithstanding the
foregoing, in the event that, pursuant to any amendment of the Purchase Contracts, Cedar shall
purchase all of the direct or indirect interests in one or more of the sellers under the Purchase
Contracts rather than purchase the fee interests in the applicable Contract Property(ies), then the
term “Contract Property Owners” (or “Property Owner” as and to the extent the context in which such
term is used describes one or more Contract Property Owners) as used throughout this Agreement,
including, but not limited to, Section 11(a) and Section 17 hereof, shall be deemed to mean the
applicable seller under the Purchase Contract from and after the date that Cedar shall have
acquired the beneficial interests therein at the applicable Purchase Contract Closing.

3

 

          Contract Transactions: Individually or collectively, as applicable, the Closing of
the transfer of the Interests related to one or more of the Contract Properties to Homburg in
accordance with the terms of this Agreement.

          Conversion: The conversion of an entity to a limited partnership.

          CSCI: Cedar Shopping Centers, Inc., a Maryland corporation, and any successors
thereto.

          Current Lenders: Collectively, the mortgage lenders under each of the Current Loans.

          Current Loan Documents: Collectively, the Pennsboro Loan Documents, the Fieldstone
Marketplace Loan Documents, the Meadows Marketplace Loan Documents, the Aston Center Loan
Documents, the Ayr Town Center Loan Documents, the Scott Town Center Loan Documents and the Spring
Meadow Loan Documents.

          Current Loans: Collectively, the Pennsboro Loan, the Fieldstone Marketplace Loan, the
Meadows Marketplace Loan, the Aston Center Loan, the Ayr Town Center Loan, the Scott Town Center
Loan and the Spring Meadow Loan.

          Default Notice: As defined in Section 22(c).

          Defaulting Party: As defined in Section 22(c).

          Defeasance Notice: As defined in Section 10(d).

          Defeased Current Loan: As defined in Section 10(d).

          Deposit: As defined in Section 3.

          Due Diligence Period: As defined in Section 6.

          Equity Sale: As defined in Section 14(b).

          Equity Sale Amendment: As defined in Section 14(b).

          Executive Order 13224: Executive Order 13224–Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism, issued by OFAC.

          Existing Cedar Properties: Collectively or individually, as applicable, the following
Properties: (i) Pennsboro Commons, located in Enola, Pennsylvania, (ii) Fieldstone Marketplace,
located in New Bedford, Massachusetts, (iii) Stone Hedge Square, located in Carlisle, Pennsylvania
and (iv) Meadows Marketplace, located in Hershey, Pennsylvania.

4

 

          Existing Cedar Property Owner(s): Individually and collectively, as applicable, the
entities identified in Schedule 1 attached hereto, each as owner of the Existing Cedar
Property indicated opposite its name.

          Existing Cedar Property Transactions: Individually or collectively, as applicable,
the Closing of the transfer of the Interests related to one or more of the Existing Cedar
Properties to Homburg in accordance with the terms of this Agreement.

          Extension Period: As defined in Section 10(b).

          Fieldstone Marketplace Loan: As defined in Section 11(a).

          Fieldstone Marketplace Loan Documents: As defined in Section 11(a).

          First Scheduled Closing Date: As defined in Section 4.

          Formation or Formations: As defined in the Recitals.

          Governmental Authority: Any agency, instrumentality, department, commission, court,
tribunal or board of any government, whether foreign or domestic and whether national, federal,
state, provincial, local or any quasi-governmental entity.

          HP: As defined in the Recitals.

          HPBV: Homburg Participaties B.V., a Netherlands limited liability company.

          Homburg: As defined in the Preamble.

          Homburg Deliveries: As defined in Section 15(b).

          Homburg Related Party: As defined in Section 15(a).

          Homburg Representatives: The directors, officers, employees, affiliates, partners,
members, brokers, agents or other representatives, including, without limitation, attorneys,
accountants, contractors, consultants, engineers and financial advisors of Homburg.

          Information: As defined in Section 8(e).

          Interests: As defined in the Recitals.

          Investigations: As defined in Section 6.

          Land: As applicable, that certain parcel of land located in (i) Enola, Pennsylvania,
(ii) New Bedford, Massachusetts, (iii) Carlisle, Pennsylvania, (iv) Hershey, Pennsylvania, (v)
Wyomissing, Pennsylvania, (vi) McConnellsburg, Pennsylvania, (vii) Aston, Pennsylvania, (viii)
Bloomsburg, Pennsylvania and (ix) Mechanicsburg, Pennsylvania, all as more particularly described
in Exhibits A-1 through A-9 hereof, respectively.

5

 

          Leases: With respect to each Property, (i) the leases described on Schedule 3
attached hereto and made a part hereof (collectively, the “Lease Exhibit”) with respect to such
Property, (ii) the leases entered into by any Property Owner in accordance with Section 14(a)
hereof and (iii) prior to any Purchase Contract Closing, the leases entered into by the seller
under the applicable Purchase Contract and, as and to the extent provided for in Section 14(a)
hereof, approved by Homburg in accordance with such Section 14(a).

          Loan Approval Deadline: As defined in Section 10(b).

          Loan Approvals: As defined in Section 10(a).

          Loan Estoppel Statement: As defined in Section 10(a).

          Management Agreements: With respect to each Property, the Property Management
Agreement to be entered into at the applicable Closing between the applicable Property Owner and
Manager for the management and leasing of such Property, the form of which is attached hereto as
Exhibit D.

          Manager: Cedar or an affiliate of Cedar, as determined by Cedar (provided such
affiliate is directly or indirectly wholly-owned by Cedar or CSCI and generally manages the other
properties directly or indirectly owned by Cedar).

          Mandatory Cure Item: As defined in Section 23(c).

          Marketing Fee: As defined in Section 42.

          Meadows Marketplace Loan: As defined in Section 11(a).

          Meadows Marketplace Loan Documents: As defined in Section 11(a).

          Net Consideration: As defined in Section 2(c).

          New Parkway Plaza Application: As defined in Section 14(d).

          New Parkway Plaza Loan: As defined in Section 14(d).

          New Parkway Plaza Loan Documents: As defined in Section 14(d).

          New Stone Hedge Application: As defined in Section 14(e).

          New Stone Hedge Loan: As defined in Section 14(e).

          New Stone Hedge Loan Documents: As defined in Section 14(e).

          Non-Defaulting Party: As defined in Section 22(c).

          Non-U.S. Person: A Person that is not a “U.S. Person” as defined in Regulation S of
the Securities Act of 1933, as amended.

6

 

          OFAC: The Office of Foreign Assets Control of the United States Department of the
Treasury.

          OFAC Lists: As defined in Section 12(a).

          Outside Closing Date: As defined in Section 4.

          Parkway Plaza Property: The Property known as Parkway Plaza, located in
Mechanicsburg, Pennsylvania.

          Pennsboro Loan: As defined in Section 11(a).

          Pennsboro Loan Documents: As defined in Section 11(a).

          Percentage Interest: The respective partnership interest of the Cedar Partners and
Homburg in the Property Owners from and after the applicable Closing Date as follows: (x) the
percentage interest of each Cedar GP shall be one percent (1%) and the percentage interest of Cedar
(or its wholly-owned subsidiary limited liability company, as determined by Cedar) shall be
nineteen percent (19%) and (y) the percentage interest of Homburg shall be eighty percent (80%).

          Permitted Exceptions: With respect to each Property (unless otherwise provided
herein): (i) any state of facts that an accurate survey may show; (ii) as applicable, subject to
the rights of Homburg pursuant to Section 10 hereof, any Current Loan Documents and, subject to any
approval rights of Homburg pursuant to Section 14 hereof, the New Parkway Plaza Loan Documents and
the New Stone Hedge Loan Documents; (iii) with respect to the Existing Cedar Properties, those
matters specifically set forth on Schedule B of the current Title Policy of the applicable Existing
Cedar Property Owner other than any Mandatory Cure Items (it being agreed, however, that the
classification of any mortgage, deed of trust, assignment of leases and rents, financing statement,
or other loan document set forth on Schedule B of a current Title Policy as a Permitted Exception
shall be governed by clause (ii) above); (iii) all laws, ordinances, rules and regulations of the
United States, the Commonwealth in which the Property is located, or any Governmental Authority, as
the same may now exist or may be hereafter modified, supplemented or promulgated; (iv) all
presently existing and future liens of real estate taxes or assessments and water rates, water
meter charges, water frontage charges and sewer taxes, rents and charges, if any, provided that
such items are not yet due and payable and are apportioned as provided in this Agreement; (v) any
other matter or thing affecting title to such Property that Homburg shall have agreed or be deemed
to have agreed to waive as a Title Objection or Additional Title Objection; (vi) all violations of
laws, ordinances, orders, requirements or regulations of any Governmental Authority and existing on
the applicable Closing Date, whether or not noted in the records of or issued by any Governmental
Authority; (vi) all utility easements and (vii) all other matters of record which do prohibit or
materially and adversely interfere with the present use or operation of the applicable Property, or
materially and adversely affect the value of the applicable Property.

          Person: An individual, partnership, joint venture, corporation, trust or other
entity.

7

 

          Personal Property: With respect to each Property, all right, title and interest of
the applicable Property Owner, if any, in and to the fixtures, equipment and other personal
property owned by such Property Owner and attached or appurtenant to the applicable Property.

          Pre-Homburg Property Owner Agreements: Prior to the respective Conversions, the
limited liability company agreement of each Existing Cedar Property Owner identified on Exhibit
C-1 attached hereto and following the respective Conversions and Formations but prior to the
applicable Closing Date, the limited partnership agreement of each Property Owner in substantially
the form attached hereto as Exhibit C-2; provided, however, that if a Purchase Contract
Closing shall close simultaneous with a Contract Closing hereunder, then no Pre-Homburg Property
Owner Agreement will have been executed in connection therewith (it being the intention of the
parties that the applicable Amended and Restated Partnership Agreement will be modified to reflect
the same as the initial partnership agreement of the applicable Property Owner).

          Property or Properties: Individually or collectively, as applicable, those certain
real properties commonly known as (i) Pennsboro Commons, located in Enola, Pennsylvania, (ii)
Fieldstone Marketplace, located in New Bedford, Massachusetts, (iii) Stone Hedge Square, located in
Carlisle, Pennsylvania, (iv) Meadows Marketplace, located in Hershey, Pennsylvania, (v) Spring
Meadow, located in Wyomissing, Pennsylvania, (vi) Ayr Town Center, located in McConnellsburg,
Pennsylvania, (vii) Aston Center, located in Aston, Pennsylvania, (viii) Scott Town Center, located
in Bloomsburg, Pennsylvania, and (ix) Parkway Plaza, located in Mechanicsburg, Pennsylvania, as
more particularly described in Exhibits A-1 through A-9 attached hereto, respectively,
together with all of the Buildings located or to be developed thereon, and also together with all
rights related thereto, including, without limitation, the Land, the Personal Property and all
easements for ingress, egress, parking, utility service and other appurtenances thereto.

          Property Owner or Property Owners: Individually or collectively, as applicable, the
Existing Cedar Property Owners and, after the applicable Purchase Contract Closings, the Contract
Property Owners.

          Purchase Contract or Purchase Contracts: Individually or collectively, as applicable,
that certain (i) Agreement for the Sale of Real Estate, dated as of December 11, 2006, made by and
between Cedar, as buyer, and Wyomissing Center, LLC, as seller, with respect to the Property known
as Spring Meadow, located in Wyomissing, Pennsylvania, (ii) Agreement for the Sale of Real Estate,
dated as of December 11, 2006, made by and between Cedar, as buyer, and McConnellsburg Center, LLC,
as seller, with respect to the Property known as Ayr Town Center, located in McConnellsburg,
Pennsylvania, (iii) Agreement for the Sale of Real Estate, dated as of December 11, 2006, made by
and between Cedar, as buyer, and Aston Center, LLC, as seller, with respect to the Property known
as Aston Center, located in Aston, Pennsylvania, (iv) Agreement for the Sale of Real Estate, dated
as of December 11, 2006, made by and between Cedar, as buyer, and Bloomsburg Center, LLC, as
seller, with respect to the Property known as Scott Town Center, located in Bloomsburg,
Pennsylvania, as amended by letter amendment dated January 8, 2007 and (v) Agreement for the Sale
of Real Estate, dated as of December 11, 2006, made by and between Cedar, as buyer, and Caldwell
Development, Inc.,

8

 

as seller, with respect to the Property known as Parkway Plaza, located in Mechanicsburg,
Pennsylvania, as amended by letter amendment dated January 8, 2007.

          Purchase Contract Closing: As defined in Section 6.

          Remaining Scheduled Closing Date(s): As defined in Section 4.

          Rental Income: With respect to each Property, the rental income generated pursuant to
the applicable Leases.

          Rental Income Shortfall Amount: As defined in Section 2(d).

          Scheduled Closing Date(s): As defined in Section 4.

          Scott Town Center Loan: As defined in Section 11(a).

          Scott Town Center Loan Documents: As defined in Section 11(a).

          Securities Act. The Securities Act of 1933, as amended.

          Settlement Statement: As defined in Section 15(a).

          Service Contracts: With respect to each Property, (i) the contracts described on
Schedule 2 attached hereto and made a part hereof, (ii) Terminable Service Contracts, (iii)
contracts entered into by any Property Owner in accordance with Section 14 hereof and (iv) prior to
any Purchase Contract Closing, contracts entered into by the seller under the applicable Purchase
Contract.

          Spring Meadow Loan: As defined in Section 11(a).

          Spring Meadow Loan Documents: As defined in Section 11(a).

          Stone Hedge Line of Credit: The revolving line of credit from Bank of America
encumbering, inter alia, the Stone Hedge Property as of the date hereof.

          Stone Hedge Property: The Existing Cedar Property known as Stone Hedge Square,
located in Carlisle, Pennsylvania.

          Subject Interests: As defined in Section 10(b).

          Subject Lease: As defined in Section 2(d).

          Subject Property: As defined in Section 10(b).

          Subject Transaction(s): As defined in Section 10(b).

          Syndication: As defined in the Recitals.

9

 

          Tenant Estoppels: As defined in Section 14(f).

          Tenant Improvements: As defined in Section 17(f).

          Terminable Service Contracts: With respect to any Property, contracts entered into in
the ordinary course of business which are cancelable on sixty (60) days notice or less without
premium or penalty.

          Termination Notice: As defined in Section 9.

          Title
Company: LandAmerica Financial Group, Inc., Two Grand Central Tower 140 East 45th Street, 22nd Floor, New York, NY 10017, Attention: Robert Fitzgerald.

          Title Objections: As defined in Section 23(a).

          Title Reports: As defined in Section 23(a).

          Title Objection Letter: As defined in Section 23(a).

          Title Objection Response: As defined in Section 23(a).

          Transaction(s): Individually and collectively, as applicable, the Existing Cedar
Property Transactions and the Contract Transactions.

          Transfer Taxes: As defined in Section 5(a).

          Unpermitted Exception: As defined in Section 23(a).

          Update Certificate: As defined in Section 15(a).

     2. Conversions and Formations; Consideration; Rental Income Shortfall Amount.

          (a) Prior to the Closing of a Transaction, Cedar shall cause the Conversion or Formation, as
the case may be, of the applicable Property Owner to occur. Notwithstanding the foregoing, in the
event that Cedar shall purchase all of the direct or indirect interests in one or more of the
sellers under the Purchase Contracts pursuant to an Equity Sale Amendment (i.e. instead of
purchasing the fee interests in the applicable Contract Property(ies)), then in lieu of causing the
Formation of the applicable Property Owner, Cedar shall, contemporaneously with or subsequent to
the applicable Purchase Contract Closing but prior to the Closing of the applicable Contract
Transaction, cause the Conversion of the seller entity so acquired by Cedar.

          (b) On the Closing Date applicable to each Transaction, Cedar shall cause, as applicable, the
subject Interests to be transferred to Homburg. From and after the applicable Closing Date, no
Cedar Entity shall have any continuing obligations with respect to the subject Interests or
Properties as transferor or seller thereof other than as expressly provided in this Agreement.

10

 

          (c) The aggregate consideration payable by Homburg to Cedar on the Closing Dates for the
Interests shall be $135,560,000 (the “Consideration”) as allocated to each Property as set forth in
the applicable pro forma price schedule attached hereto as Exhibit E (the “Allotted
Consideration”). The Allotted Consideration shall be (i) reduced for each Transaction by eighty
percent (80%) of the outstanding principal amount as of the Closing Date of the Current Loan
applicable thereto (or, if applicable, the New Parkway Plaza Loan or the New Stone Hedge Loan) and
(ii) adjusted pursuant to the express terms of this Agreement (the Allotted Consideration, as so
reduced and adjusted, the “Net Consideration”). Each of Cedar and Homburg (and their respective
direct and indirect partners, members, owners, beneficiaries, investors, and shareholders) agree to
allocate the Consideration as determined for U.S. federal income tax purposes (which shall include
all capitalizable costs incurred in connection with the transactions hereunder) among the
Properties for all purposes (including, without limitation, accounting, financial reporting and
federal and applicable state and local income tax purposes) on the basis of Section 1060 of the
Internal Revenue Code, as amended, and in a manner consistent with Exhibit E, as such
allocation may be amended from time to time pursuant to the next sentence. The allocation of the
Consideration shall be amended to reflect any adjustment to the Consideration. The Net
Consideration shall be payable as follows:

               (i) Homburg shall pay the applicable Net Consideration to Cedar, and in consideration
therefor, Homburg shall be admitted as a limited partner of the applicable Property Owners; and

               (ii) Homburg shall pay the Net Consideration to Cedar by wire transfer of immediately
available federal funds to an account or accounts designated by Cedar.

          (d) As of the applicable Closing Date, in the event that a tenant at any Existing Cedar
Property shall have terminated or otherwise be in default of making required rental payments under
its lease (such lease being, a “Subject Lease”) and as a result, the annualized Rental Income of
such Existing Cedar Property as of the applicable Closing Date (the “Closing Date Rental Income”)
shall be less than the annualized Rental Income for such Existing Cedar Property (such difference
being the “Rental Income Shortfall Amount”) as reflected on Schedule 7 attached hereto (the
“Base Rental Income”), then Cedar shall pay to the applicable Property Owner (as constituted from
and after the Closing Date), as and when the same would otherwise be required to be paid in
accordance with the terms of the applicable Subject Lease, the rent attributable to the Rental
Income Shortfall Amount (to the extent such rent is not otherwise received by the Property Owner).
For purposes herein, the Closing Date Rental Income shall be determined by Cedar using the same
methodology as used to determine the Base Rental Income and identified in Schedule 7.
Notwithstanding the foregoing, the Rental Income Shortfall Amount shall be automatically adjusted
downward as follows: (i) upon the date that any terminated Subject Lease was to have expired by
its terms, the Rental Income Shortfall Amount shall be permanently reduced by an amount equal to
the amount attributed to the Subject Lease in calculating the Rental Income Shortfall Amount
pursuant to this Section 2(d) (it being the intent that from and after such date, Cedar’s
obligation under this Section 2(d) with respect to the Subject Lease shall terminate), (ii) upon
such date as (x) one or more replacement tenants shall have commenced the payment of rent pursuant
to one or more replacement leases of the premises (or any part thereof) at the Existing Cedar
Property that was

11

 

originally leased pursuant to a terminated Subject Lease (provided such replacement lease(s)
has a term substantially equal or greater to the term of the Subject Lease) or (y) one or more
tenants shall have commenced the payment of rent pursuant to one or more new leases of space (or
any part thereof) at the Existing Cedar Property that is noted as vacant on Schedule 7
attached hereto (provided that such new lease shall have an initial term of at least two (2)
years), the Rental Income Shortfall Amount shall be permanently reduced by an amount equal to the
aggregate rent being paid by such replacement or other tenant pursuant to such replacement lease(s)
or new lease(s), as the case may be, for the first year of such replacement lease(s) or new
lease(s), as applicable (provided that the rent for the first year of such replacement lease(s) or
new lease(s) does not exceed the rent for any subsequent year of such lease(s) and provided
further, that the amount by which the Rental Income Shortfall Amount shall be reduced shall be
grossed up to reflect any “free rent” granted to the applicable tenant pursuant to its lease during
the subject time period), and (iii) upon such date as any defaulting tenant under a Subject Lease
shall recommence the payment of rent under such Subject Lease, the Rental Income Shortfall Amount
shall be permanently reduced by an amount equal to the amount attributed to such Subject Lease in
calculating the Rental Income Shortfall Amount pursuant to this Section 2(d) (it being the intent
that from and after such date, Cedar’s obligation under this Section 2(d) with respect to the
Subject Lease shall terminate). For avoidance of doubt, the parties hereby acknowledge that the
Rental Income Shortfall Amount, whether or not previously reduced pursuant to the terms of this
Section 2(d), shall never be adjusted upwards (only downwards) even if, for example, but without
limitation, the Rental Income of the applicable Existing Cedar Property shall be reduced to a level
below the Closing Date Rental Income for any reason.

     The provisions of this Section 2 shall survive the Closings.

     3. Deposit. Within two (2) Business Days after the date this Agreement is executed
and delivered by Cedar and Homburg, Homburg shall deposit with the Title Company, as escrowee, by
wire transfer of immediately available federal funds to an account designated by the Title Company,
the sum of Five Hundred Thousand Dollars ($500,000) (together with all interest thereon, the
“Deposit”), as allocated to each Property as set forth in Exhibit I attached hereto (the
“Allotted Deposit”). The Deposit shall be held by the Title Company pursuant to the escrow
agreement attached hereto as Exhibit F. If Homburg shall fail to deposit the Deposit with
the Title Company within two (2) Business Days after the date this Agreement shall be executed and
delivered by Cedar and Homburg, at Cedar’s election exercised by delivery of written notice to
Homburg following such two (2) Business Day period but prior to receipt of the Deposit, this
Agreement shall be null, void ab initio and of no force or effect. At the Closing of each
Transaction, the applicable Allotted Deposit shall be applied in partial payment of the applicable
Allotted Consideration required to be made by Homburg at such Closing.

     4. Closing. The closing (each a “Closing”) of the Transactions shall occur in stages.
The first Closing shall include at least four (4) Transactions and shall occur at 10:00 a.m.
(Eastern time) on the date that is fifteen (15) days after the satisfaction (or waiver) of the last
of all conditions precedent for at least four (4) Transactions (the “First Scheduled Closing
Date”). Each of the remaining Transactions with respect to which all conditions precedent thereto
have been satisfied or waived by the party entitled to do so, shall occur on the date that is
fifteen (15) days after the satisfaction (or waiver) of the last of all such conditions precedent
for the

12

 

applicable Transaction (each, a “Remaining Scheduled Closing Date”; together with the First
Scheduled Closing Date, the “Scheduled Closing Date(s)”); provided, however, that Homburg shall
have the right to adjourn a particular Scheduled Closing Date not more than two (2) times to a
Business Day that is not later than June 29, 2007 by delivery of written notice to Cedar on or
prior to the original Scheduled Closing Date of the adjourned Scheduled Closing Date. Without
limitation to the foregoing, the parties agree to use commercially reasonable efforts to close as
many of the Transactions on the same date as practicable. Notwithstanding the foregoing but
subject to the right of Cedar to adjourn the Closing of one or more Transactions pursuant to
Section 10(b) or Section 23 hereof, in the event that all of the conditions precedent with respect
to any Transaction shall not have been satisfied or waived by the party entitled to do so by
September 28, 2007 (the “Outside Closing Date”), then this Agreement shall automatically terminate
on such Outside Closing Date as to such Transaction and the applicable Allotted Deposit shall be
refunded to Homburg and the Consideration shall be reduced by the amount of the applicable Allotted
Consideration, whereupon the parties hereto shall be relieved of all further liability and
responsibility under this Agreement with respect to such Transaction (except for any obligation
expressly provided to survive a termination of this Agreement). The Closings shall occur at the
offices of the Title Company through an escrow and pursuant to escrow instructions consistent with
the terms of this Agreement and otherwise mutually satisfactory to Cedar and Homburg (the date on
which any Closing shall occur being herein referred to as a “Closing Date”). Each Closing shall
constitute approval by each of Cedar and Homburg of all matters to which such party has a right of
approval and a waiver of all conditions precedent related to the applicable Transaction. For the
avoidance of doubt, nothing contained in this Section 4 shall be construed to limit the rights of
Cedar pursuant to Section 41 hereinbelow respecting the closing of the purchase and sale of any
Contract Property pursuant to the applicable Purchase Agreement.

     5. Closing Costs. Costs in connection with each of the Transactions shall be
allocated as follows:

          (a) With respect to the Existing Cedar Property Transactions only:

               (i) the applicable Cedar Partners and Homburg shall pay their respective Percentage Interests
of, as applicable, the following costs and expenses: (A) any and all state and local recording
charges and fees, if any, (B) all of the costs, expenses and charges in connection with the Loan
Approvals, including, without limitation, all application fees, processing fees, assumption fees,
attorneys’ fees, consultants’ fees and costs and expenses associated with survey updates, record
searches, title examinations and updated mortgagee title insurance policies (including endorsements
thereto), if any, required by any Current Lender, (C) any escrow fees charged by the Title Company,
(D) any and all state and local deed taxes, real property transfer taxes and similar taxes
(collectively, “Transfer Taxes”) due and payable in connection with the Existing Cedar Property
Transactions involving the Existing Cedar Property located in the Commonwealth of Massachusetts,
(E) with respect to the Existing Cedar Property Transaction involving the Stone Hedge Property, all
of the reasonable costs, expenses and charges incurred in connection with the release of the Stone
Hedge Property from the Stone Hedge Line of Credit and (F) as applicable, all costs and expenses
associated with the Conversions, including, without limitation, legal and filing fees and
disbursements.

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Notwithstanding the foregoing or anything to the contrary contained herein, with respect to
Transfer Taxes due and payable in connection with the Existing Cedar Property Transactions
involving the Existing Cedar Properties located in the Commonwealth of Pennsylvania, each of
Homburg and the applicable Cedar Partners shall be responsible for fifty percent (50%) of the
amount thereof.

               (ii) Subject to the last sentence of Section 5(b)(ii), the applicable Cedar Partners and
Homburg shall pay their respective Percentage Interests of all costs and expenses associated with
(A) record searches, title examinations and updated owner title insurance policies (including
endorsements thereto), if any, desired by Homburg and not by any Current Lender or any lender under
the New Stone Hedge Loan, (B) any title insurance policy and/or endorsements insuring or otherwise
providing coverage to, Homburg as a partner of any Existing Cedar Property Owner and (C) obtaining
updates to the surveys of the Existing Cedar Properties as and to the extent desired by Homburg and
not by any Current Lender or any lender under the New Stone Hedge Loan.

          (b) With respect to the Contract Transactions only:

               (i) Homburg shall pay or reimburse Cedar for, as applicable, Homburg’s Percentage Interests
of, as applicable, all costs and expenses paid by Cedar or its affiliates in connection with the
Formations (including, without limitation, legal and filing fees and disbursements), the
acquisition of the Contract Properties or, if applicable, all of the direct or indirect interests
in the sellers under the Purchase Contracts pursuant to the terms of the applicable Purchase
Contract (other than the gross purchase price payable by Cedar pursuant to the applicable Purchase
Contract, for which Cedar shall receive from Homburg the applicable Allotted Consideration payable
pursuant to Section 2(c) above) and in connection with the acquisition by Homburg of the applicable
Interests at the Closing of each Contract Transaction, including, but not limited to, the
following: (A) any and all state and local recording charges and fees, (B) all costs and expenses
associated with record searches, title examinations and updated owner title insurance policies
(including endorsements thereto), (C) the costs associated with obtaining updates to the surveys of
the Contract Properties, (D) all of the costs, expenses and charges in connection with the
obtainment of the applicable Loan Approvals, including, without limitation, costs and expenses
associated with record searches, title examinations and updated mortgagee title insurance policies
(including endorsements thereto), if any, required by any Current Lender, (E) the assumption by the
Contract Property Owners of, or subject to Section 10(d) below, the defeasance of, any existing
financing encumbering the applicable Contract Property, including, without limitation, the
Assumption Consents and all application fees, processing fees, assumption fees, defeasance costs,
attorneys’ fees, consultants’ fees and title insurance fees, (F) any closing escrow fees, (G) any
and all Transfer Taxes due and payable in connection with the transactions contemplated by the
applicable Purchase Contract, (H) all third party costs incurred in connection with the preparation
of any third party reports respecting the applicable Contract Property or the condition thereof
(e.g., environmental, engineering and lease abstracting) and (I) all legal and accounting fees and
disbursements incurred by Cedar in connection with the transactions contemplated by the applicable
Purchase Contract. In addition, in the event that Cedar shall purchase all of the direct or
indirect interests in one or more of the sellers under the Purchase Contracts pursuant to an
amendment thereto, Homburg shall pay or

14

 

reimburse Cedar for Homburg’s Percentage Interests of all costs and expenses paid by Cedar or
its affiliates in connection with the applicable Conversion(s) (including, without limitation,
legal and filing fees and disbursements). To the extent any of the foregoing costs or expenses
shall be paid by Homburg in the form of a reimbursement to Cedar, Cedar agrees to deliver copies of
paid receipts, settlement statements or other reasonable evidence to Homburg verifying the amount
thereof. Notwithstanding the foregoing or anything to the contrary contained herein, with respect
to Transfer Taxes due and payable in connection with the Contract Transactions (each of which
involves a Contract Property located in the Commonwealth of Pennsylvania), each of Homburg and the
applicable Cedar Partners shall be responsible for fifty percent (50%) of the amount thereof.

               (ii) Subject to the last sentence of this Section 5(b)(ii), the applicable Cedar Partners and
Homburg shall pay their respective Percentage Interests of all costs and expenses associated with
(A) additional record searches, additional title examinations and updates of the owner title
insurance policies (including endorsements thereto) as and to the extent such additional searches,
examinations and/or updated policies are desired by Homburg and not by any Current Lender or the
Lender under the New Parkway Plaza Loan, (B) any title insurance policy and/or endorsements
insuring or otherwise providing coverage to, Homburg as a partner of any Contract Property Owner
and (C) obtaining updates to the surveys of the Contract Properties, as and to the extent such
updated surveys are desired by Homburg and not by any Current Lender or the Lender under the New
Parkway Plaza Loan. Notwithstanding anything herein to the contrary, if the aggregate amount
payable by the Cedar Partners under Section 5(a)(ii) and this Section 5(b)(ii) shall exceed
$10,000, Homburg shall be responsible for all amounts in excess of $10,000.

               (iii) Notwithstanding anything to the contrary contained herein, if, for any reason (except as
otherwise expressly provided in this Section 5(b)(iii)), a Purchase Contract Closing and the
Closing of the applicable Contract Transaction shall not occur simultaneously, then Homburg shall
be responsible for one hundred percent (100%) of all costs and expenses incurred by Homburg, Cedar
and the Property Owners as a result of such separate closings (i.e. notwithstanding the fact that
similar costs may have been initially paid in connection with a Purchase Contract Closing and
Homburg shall be required to reimburse Cedar for its Percentage Interests thereof pursuant to
Section 5(b)(i) above). Notwithstanding the foregoing, if a Purchase Contract Closing shall occur
and the Closing of the applicable Contract Transaction shall not have occurred contemporaneously
therewith solely by reason of (i) the breach by Cedar of its obligations under this Agreement and
provided that Homburg shall have otherwise been ready, willing and able to close such Contract
Transaction contemporaneously with the applicable Purchase Contract Closing, then Cedar shall be
responsible for one hundred percent (100%) of all costs and expenses incurred by Homburg, Cedar and
the Property Owners as a result of such separate closings or (ii) the failure of one or more
conditions precedent to the obligation of Homburg to close such Contract Transaction
contemporaneously with the applicable Purchase Contract Closing (other than by reason of any breach
described in clause (i) above), then the applicable Cedar Partners and Homburg shall be responsible
for their respective Percentage Interests of all costs and expenses incurred by Homburg, Cedar and
the Property Owners as a result of such separate closings. The parties agree to use good faith
efforts to coordinate a

15

 

Purchase Contract Closing and the Closing of the applicable Contract Transaction such that the
same shall occur contemporaneously.

          (c) In addition, Homburg hereby agrees to pay to Cedar, in its capacity as Manager, at the
applicable Closing and as more particularly set forth in the applicable Management Agreement, its
Percentage Interest of any Leasing Commission (as defined in the Management Agreement) payable to
Cedar with respect to any Leases or renewals thereof entered into by and between a tenant at a
Property and the applicable Property Owner at any time between the date hereof and the applicable
Closing Date and with respect to which Lease or renewal thereof, the tenant thereunder has paid its
first month’s rent on or prior to the applicable Closing Date.

          (d) Except as set forth in clause (I) of Section 5(b)(i) and Section 37 below, each party
shall pay the cost of the fees and disbursements of its attorneys in connection with this
Agreement.

          The provisions of this Section 5 shall survive the Closings.

     6. Due Diligence Reviews. Homburg shall have until 5:00 p.m. (Eastern time) on April
25, 2007, TIME BEING OF THE ESSENCE (the period of time commencing upon the date hereof and
continuing through and including such time on such date being herein called the “Due Diligence
Period”), within which to complete its due diligence examinations of the Properties (the
“Investigations”), which Investigations shall at all times be subject to Homburg’s compliance with
the provisions of this Section 6 and Section 7 hereof. Any entry upon any Property and all
Investigations shall be made or performed during Cedar’s normal business hours and at the sole risk
and expense of Homburg, and shall not interfere with the activities on or about any Property, its
tenants and their employees and invitees. During the Due Diligence Period, Cedar shall provide
Homburg with reasonable access to the Existing Cedar Properties and, subject to the terms of this
Section 6, the Contract Properties upon reasonable advance notice for the sole purpose of
performing the Investigations with respect thereto. In connection with the foregoing, Homburg
shall:

          (a) promptly repair any damage to the Properties resulting from any such Investigations and
replace, refill and regrade any holes made in, or excavations of, any portion of the Properties
used for such Investigations so that the Properties shall be substantially in the same condition
that they existed in prior to such Investigations;

          (b) fully comply with all laws applicable to the Investigations and all other activities
undertaken in connection therewith;

          (c) permit Cedar to have a representative present during all Investigations undertaken
hereunder;

          (d) take all actions and implement all protections reasonably necessary to ensure that the
Investigations and the equipment, materials, and substances generated, used or brought onto the
Properties in connection with the Investigations, pose no threat to the safety or

16

 

health of persons or the environment, and cause no damage to the Properties or other property
of Cedar or other persons;

          (e) furnish to Cedar, at no cost or expense to Cedar, copies of all studies and reports
relating to the Investigations which Homburg shall obtain with respect to the Properties or the
Interests promptly after Homburg’s receipt of same;

          (f) with respect to each Property, maintain or cause to be maintained, at Homburg’s expense, a
policy of commercial general liability insurance, with a broad form contractual liability
endorsement and with a combined single limit of not less than $2,000,000 per occurrence for bodily
injury and property damage, automobile liability coverage including owned and hired vehicles with a
combined single limit of $2,000,000 per occurrence for bodily injury and property damage, and an
excess umbrella liability policy for bodily injury and property damage in the amount of $5,000,000,
insuring Homburg, Cedar, CSCI and, with respect to the Existing Cedar Properties, the applicable
Existing Cedar Property Owners and, with respect to the Contract Properties, such parties as shall
be required pursuant to the terms of the applicable Purchase Contracts, as additional insureds,
against any injuries or damages to persons or property that may result from or are related to (i)
Homburg and/or the entry of the Homburg Representatives upon the Property, (ii) any Investigations
or other activities conducted thereon, and/or (iii) any and all other activities undertaken by
Homburg and/or the Homburg Representatives, all of which insurance shall be on an “occurrence form”
and otherwise in such forms acceptable to Cedar and with an insurance company acceptable to Cedar,
and deliver a copy of such insurance policy to Cedar prior to the first entry on the Property;

          (g) not permit the Investigations or any other activities undertaken by Homburg or the Homburg
Representatives to result in any liens, judgments or other encumbrances being filed or recorded
against the Property, and Homburg shall, at its sole cost and expense, promptly discharge of record
any such liens or encumbrances that are so filed or recorded (including, without limitation, liens
for services, labor or materials furnished); and

          (h) without limiting the foregoing, in no event shall Homburg or the Homburg Representatives,
without the prior written consent of Cedar (provided, however, that Cedar agrees not to
unreasonably withhold consent to any request made pursuant to clause (x) below): (x) make any
intrusive physical testing (environmental, structural or otherwise) at any Property (such as soil
borings, water samplings or the like) or (y) contact any tenant of any Property.

     Notwithstanding the foregoing, prior to the closing of the purchase and sale of any Contract
Property or, if applicable, the direct or indirect interests in any seller under any Purchase
Contract pursuant to the applicable Purchase Contract (a “Purchase Contract Closing”) and provided
that such Purchase Contract shall then be in full force and effect, then Homburg shall be permitted
to perform (at its sole cost and expense) the same due diligence examinations of the Contract
Properties as Cedar shall be permitted to perform thereunder, as and to the extent permitted
pursuant to the terms of such Purchase Contract. In the event that any Purchase Contract shall
have terminated or the same shall not or shall no longer permit any due diligence examinations of
the Contract Properties, then under no circumstances shall this Agreement be construed to provide
or grant Homburg with any special right of entry or other

17

 

investigative rights or privileges with respect to any of the Contract Properties. Homburg
acknowledges and agrees that any and all due diligence investigations that Homburg desires to
perform with respect to the Contract Properties shall be coordinated through and approved by Cedar
(such consent not to be unreasonably withheld), pursuant to written requests made by Homburg to
Cedar, it being acknowledged and agreed however, that Cedar shall not be required to incur any cost
or expense in connection therewith. To the extent not previously provided, Cedar agrees to furnish
to Homburg promptly following the date hereof, copies of all existing third party studies and
reports relating to any investigations undertaken by Cedar or any Cedar Related Party with respect
to the Contract Properties pursuant to the applicable Purchase Contracts and, promptly after
Cedar’s receipt of the same, Cedar agrees to furnish to Homburg copies of any such third party
studies and reports received by Cedar after the date hereof. The provisions of this Section 6
shall survive the Closings and/or any termination of this Agreement.

     7. Indemnification. Homburg shall indemnify, defend and hold harmless the Cedar
Related Parties from and against any and all claims, demands, causes of action, losses, damages,
liabilities, costs and expenses (including, without limitation, attorneys’ fees and disbursements
and costs of enforcement of the indemnification obligation hereunder), suffered or incurred by
Cedar or any Cedar Related Party, including without limitation, pursuant to any Purchase Contract,
and arising out of or in connection with (i) the entry by Homburg and/or the Homburg
Representatives upon any of the Properties (whether conducted prior to or after the date hereof),
(ii) any Investigations or other activities conducted thereon by Homburg or the Homburg
Representatives, (iii) any liens or encumbrances filed or recorded against any Property as a
consequence of their due diligence investigations, including, without limitation, the
Investigations and/or (iv) any and all other activities undertaken by Homburg or the Homburg
Representatives with respect to the Properties and/or the Interests. The foregoing obligation to
indemnify, defend and hold harmless shall not include any claims, demands, causes of action,
losses, damages, liabilities, costs or expenses (including, without limitation, attorneys’ fees and
disbursements) that result solely from the mere discovery, by Homburg or the Homburg
Representatives, of existing conditions on any Property during investigations conducted pursuant
to, and in accordance with, the terms of this Agreement.

     The provisions of this Section 7 shall survive the Closings and/or any termination of this
Agreement.

     8. Property Information and Confidentiality. All Information provided to Homburg,
whether prior to or after the date hereof, shall be subject to the following terms and conditions:

          (a) Except as expressly provided otherwise in this Agreement, neither Cedar nor any Cedar
Related Party makes any representation or warranty as to the truth, accuracy or completeness of the
Information, or any other studies, documents, reports or other information provided to Homburg
hereunder and expressly disclaims any implied representations as to any matter disclosed or
omitted.

          (b) Homburg agrees that neither Homburg nor the Homburg Representatives shall, at any time or
in any manner, either directly or indirectly, divulge, disclose or communicate to any person,
entity or association the Information, or any other knowledge or

18

 

information acquired by Homburg or the Homburg Representatives from Cedar, any Cedar Related
Party or by Homburg’s own inspections and investigations, other than matters that were in the
public domain at the time of receipt by Homburg or the Homburg Representatives. Without Cedar’s
prior written consent, Homburg shall not disclose and Homburg shall direct the Homburg
Representatives not to disclose to any person, entity or association or any of the terms,
conditions or other facts with respect to this Agreement or the Purchase Contracts, including,
without limitation, the status hereof or thereof. Notwithstanding the foregoing but subject to the
terms of the Purchase Contracts, Homburg may disclose such of the Information and its other
reports, studies, documents and other matters generated by it and the terms of this Agreement (i)
as required by law or court order (provided prior written notice of such disclosure shall be
provided to Cedar), (ii) as Homburg deems necessary or desirable to the Homburg Representatives in
connection with Homburg’s Investigation and the transactions contemplated hereby provided that
those to whom such Information is disclosed are informed of the confidential nature thereof and
agree(s) to keep the same confidential in accordance with the terms and conditions hereof and/or
the Purchase Contracts, as applicable and (iii) subject to the immediately succeeding sentence, as
contained in sales materials distributed to potential investors in HP. Prior to any Syndication,
Homburg shall offer Cedar the opportunity to timely review and, subject to any Netherlands
regulatory requirements, approve all descriptive materials published and disseminated with respect
to references to Cedar or any parent or subsidiary thereof (other than the Property Owners) and its
or their organizational and/or financial operations, structure or history, such approval not to be
unreasonably withheld, conditioned or delayed, and shall offer Cedar the opportunity to timely
review all materials published and disseminated with respect to any Property Owner and the
interests therein, the Properties and the transactions contemplated by this Agreement and the
Amended and Restated Partnership Agreements. The review and approval by Cedar of any materials
published and disseminated as aforesaid shall in no way subject Cedar to any liability hereunder or
otherwise, it being agreed that Homburg shall defend, indemnify and hold each of the Cedar Related
Parties harmless of, from and against any and all losses, claims, liabilities, damages, costs,
charges and expenses (including, without limitation, reasonable legal fees and the cost of
enforcement of the indemnification obligation hereunder) arising out of or in connection with any
Syndication. Notwithstanding anything to the contrary contained herein, Homburg hereby covenants
and agrees to comply with any and all confidentiality provisions set forth in the Purchase
Contracts.

          (c) Homburg shall indemnify and hold harmless Cedar and the Cedar Related Parties from and
against any and all claims, demands, causes of action, losses, damages, liabilities, costs and
expenses (including, without limitation, attorneys’ fees and disbursements and costs of enforcement
of the indemnification obligation hereunder but excluding any special or consequential damages)
suffered or incurred by Cedar or any Cedar Related Party and arising out of or in connection with a
breach by Homburg or the Homburg Representatives of the provisions of this Section 8.

          (d) Homburg and the Homburg Representatives shall use reasonable care to maintain in good
condition all of the Information furnished or made available to Homburg and/or the Homburg
Representatives. In the event this Agreement is terminated, Homburg and the Homburg
Representatives shall promptly destroy all originals and copies of the Information in the
possession of Homburg and the Homburg Representatives (except to the extent such

19

 

Information pertains to a Transaction that shall have closed). Likewise, if this Agreement is
terminated as to one Transaction only in accordance with the terms of this Agreement, then Homburg
and the Homburg Representatives shall promptly destroy all originals and copies of the Information
pertaining to such Transaction (e.g., the applicable Property(ies) and Interests) in the possession
of Homburg and the Homburg Representatives. Notwithstanding the foregoing or anything to the
contrary contained herein, in the event that a Purchase Contract shall terminate for any reason,
Homburg shall deliver to Cedar promptly upon demand, all originals and copies of the Information in
the possession of Homburg and the Homburg Representatives relating to the applicable Contract
Property.

          (e) As used in this Agreement, the term “Information” shall mean any of the following: (i) all
information and documents in any way relating to the Properties and/or the Interests, the operation
thereof or the sale thereof, including, without limitation, the Purchase Contracts, all leases and
contracts furnished to Homburg or the Homburg Representatives by Cedar or any Cedar Related Party
or their agents or representatives, including, without limitation, their contractors, engineers,
attorneys, accountants, consultants, brokers or advisors, whether prior to or after the date hereof
and (ii) all analyses, compilations, data, studies, reports or other information or documents
prepared or obtained by Homburg or the Homburg Representatives containing or based on, in whole or
in part, the information or documents described in the preceding clause (i), the Investigations, or
otherwise reflecting their review or investigation of the Properties and/or the Interests.

          (f) In addition to any other remedies available to Cedar, Cedar shall have the right to seek
equitable relief, including, without limitation, injunctive relief or specific performance, against
Homburg and/or the Homburg Representatives in order to enforce the provisions of this Section 8.

          (g) Notwithstanding any terms or conditions in this Agreement to the contrary, no conditions
of confidentiality within the meaning of IRC §6111(d) or the Treasury Regulations promulgated under
IRC Sec. 6011 are intended, and the parties hereto are expressly authorized to disclose every U.S.
federal income tax aspect of any transaction covered by this Agreement with any and all persons,
without limitation of any kind.

     The provisions of this Section 8 shall survive the Closings and/or any termination of this
Agreement.

     9. Termination Right. If, on or before the expiration of the Due Diligence Period,
based upon the Investigations and/or the Information, Homburg shall determine that it no longer
intends to acquire the Property for any reason, then Homburg shall have the right to terminate this
Agreement by delivery of written notice to Cedar on or before 5:00 p.m. (Eastern time) on the date
that the Due Diligence Period shall expire (such notice being herein called the “Termination
Notice”), whereupon the Deposit shall be promptly returned to Homburg, and this Agreement and the
obligations of the parties hereunder shall terminate (and no party hereto shall have any further
obligations in connection herewith except under those provisions that expressly survive a
termination of this Agreement). In the event that Homburg shall fail to deliver the Termination
Notice to Cedar on or before 5:00 p.m. (Eastern time) on the date that the Due

20

 

Diligence Period shall expire, Homburg shall be deemed to have agreed that the foregoing
matters are acceptable to Homburg and that it intends to proceed with all of the transactions
contemplated by this Agreement (and, thereafter, Homburg shall have no further right to terminate
this Agreement pursuant to this Section 9).

     10. Lender Approval.

          (a) With respect to each of the Transactions other than the Transactions involving the Stone
Hedge Property and the Parkway Plaza Property, Cedar shall use commercially reasonable efforts to
obtain from the Current Lenders their respective written approval or agreement, in a form
reasonably acceptable to Homburg of (i) the Conversions, if applicable, and the transfer of the
applicable Interests as contemplated under this Agreement, (ii) the applicable Amended and Restated
Partnership Agreements, (iii) the applicable Management Agreement and (iv) the Syndication
(including the applicable Current Lender’s agreement that the Syndication shall not constitute a
default under the applicable Current Loan Documents) (collectively, with any other related
approvals required pursuant to the applicable Loan Documents the “Loan Approvals”).
Notwithstanding the foregoing, the refusal of a Current Lender to pre-approve or otherwise permit
without the consent of Lender a transfer of partnership interest from Cedar to Homburg or HPBV (or
any affiliate of either of the foregoing) shall not be grounds for Homburg to withhold its consent
to a Loan Approval. Cedar shall request that the documents evidencing a Loan Approval contain a
statement from the Current Lender identifying, in writing, the outstanding principal balance and
interest rate of the applicable Current Loan and whether, to Current Lender’s knowledge, any
default exists under the applicable Current Loan Documents (the “Loan Estoppel Statement”). Cedar
and Homburg agree to use commercially reasonable efforts to cooperate with each other in connection
with the foregoing (including, without limitation, promptly furnishing to the Current Lenders all
information and documents (financial and otherwise) which may be required under the Current Loan
Documents or otherwise reasonably requested by the Current Lenders). For avoidance of doubt,
failure by Cedar to obtain (x) any Loan Approval in the manner provided herein shall not constitute
a default by Cedar under this Agreement, but shall constitute the mere failure of a condition
precedent as more particularly set forth in Section 16 below and/or (y) any Loan Estoppel Statement
in the manner provided herein shall constitute neither a default by Cedar under this Agreement nor
the failure of a condition precedent to the obligation of any party to close hereunder.

          (b) If, with respect to one (1) or more of the applicable Properties (each, a “Subject
Property”), necessary Loan Approvals shall not have been obtained by Cedar and Homburg prior to
5:00 P.M. (Eastern time) on June 29, 2007 (the “Loan Approval Deadline”), then Cedar shall have the
right, in its sole and absolute discretion, exercisable by delivery of written notice to Homburg to
either (x) extend the Loan Approval Deadline with respect to the Subject Property(ies) by a period
not to exceed, in the aggregate, thirty (30) days (the “Extension Period”) and, if necessary,
extend the Closing of the related Transaction(s) (the “Subject Transaction(s)”) in connection
therewith, or (y) remove the Interests associated with the Subject Property(ies) (the “Subject
Interests”) from the Interests being conveyed pursuant to this Agreement, in which case this
Agreement shall terminate as to the Subject Transaction and the applicable Allotted Deposit shall
be refunded to Homburg and the Consideration shall be

21

 

reduced by the amount of the applicable Allotted Consideration, whereupon the parties hereto
shall be relieved of all further liability and responsibility under this Agreement with respect to
the Subject Interests, the Subject Property and the Subject Transaction (except for any obligation
expressly provided to survive a termination of this Agreement). If Cedar shall make an election
under clause (x) of this Section 10(b), then the following shall apply:

               (i) The parties shall proceed with the Closing of any other Transaction that is not a Subject
Transaction in accordance with the terms of this Agreement.

               (ii) If Cedar does not obtain any or all outstanding Loan Approval(s) by the expiration of the
Extension Period, then this Agreement shall automatically terminate with respect to the Subject
Transaction only, in which case the applicable Allotted Deposit shall be refunded to Homburg and
the Consideration shall be reduced by the amount of the applicable Allotted Consideration, and the
parties hereto shall be relieved of all further liability and responsibility under this Agreement
with respect to the Subject Interests, the Subject Property and the Subject Transaction, except for
any obligation expressly provided to survive a termination of this Agreement.

          (c) The parties hereby acknowledge that none of Cedar, the Property Owners or any of their
respective affiliates are the current borrowers under the Current Loans encumbering the Contract
Properties and that pursuant to the respective Purchase Contracts, Cedar has applied to the
applicable Current Lenders for their consent to the assumption by the Contract Property Owners
(other than the Contract Property Owner for the Parkway Plaza Property) of the applicable Current
Loans (the “Assumption Consents”). The parties further acknowledge and agree that Cedar intends to
seek the Loan Approvals respecting the Contract Properties other than the Parkway Plaza Property
contemporaneously with the Assumption Consents; provided, however, that if a Current Lender shall
render an Assumption Consent but shall not render a Loan Approval, then, at Cedar’s election,
following notice from Cedar to Homburg thereof, (x) Cedar shall be permitted to close the purchase
and sale of the related Contract Property in accordance with the applicable Purchase Contract and
assume the applicable Current Loan without any participation, then or at a later date, with Homburg
and (y) this Agreement shall automatically terminate as to the applicable Contract Transaction and
the applicable Allotted Deposit shall be refunded to Homburg and the Consideration shall be reduced
by the amount of the applicable Allotted Consideration and the parties hereto shall be relieved of
all further liability and responsibility under this Agreement with respect to the applicable
Interests and the applicable Contract Property (except for any obligation expressly provided to
survive a termination of this Agreement).

          (d) In the event that Cedar shall be unable to secure an Assumption Consent with respect to
any of the Contract Properties (other than the Parkway Plaza Property, with respect to which the
parties acknowledge that the existing mortgage loan encumbering the same is intended to be
defeased prior to the applicable Purchase Contract Closing) and as a result, Cedar shall elect to
cause the defeasance of the applicable Current Loan (the “Defeased Current Loan”) pursuant to the
terms of the applicable Purchase Contract, Cedar shall notify Homburg in writing thereof (the
“Defeasance Notice”), which notice shall include an estimate by Cedar, in its reasonable
determination, of the cost of such defeasance. Within ten (10) Business Days after

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the receipt of a Defeasance Notice, Homburg shall have the option, in its sole discretion, to
terminate this Agreement with respect to the Contract Transaction involving the Defeased Current
Loan only, in which case the applicable Allotted Deposit shall be refunded to Homburg and the
Consideration shall be reduced by the amount of the applicable Allotted Consideration, and the
parties hereto shall be relieved of all further liability and responsibility under this Agreement
with respect to such Contract Property and the Interests related thereto, except for any obligation
expressly provided to survive a termination of this Agreement. If Homburg shall not terminate this
Agreement as to a Contract Transaction involving a Defeased Current Loan within such ten (10)
Business Day period, the parties shall proceed to the Closing of such Contract Transaction in
accordance with the terms hereof and Homburg shall be responsible for its Percentage Interest of
any and all defeasance costs incurred in connection therewith as set forth in Section 5(b)(i)
above.

     11. Representations and Warranties of Cedar.

          (a) Cedar hereby makes the following representations and warranties to Homburg as of the date
of this Agreement (except as otherwise provided):

               (i) Due Authority. This Agreement and all agreements, instruments and documents
herein provided to be executed by Cedar and, as applicable, the Cedar GPs will be duly authorized,
executed and delivered by and binding upon Cedar and the Cedar GPs, as applicable, as of the
Closing Date. As of the Closing Date, this Agreement will constitute the legal, valid and binding
obligations of Cedar and shall be enforceable against Cedar in accordance with its terms, except as
such enforceability may be limited by (i) bankruptcy, insolvency or other similar laws affecting
creditor’s rights generally and (ii) general principles of equity. Cedar is a limited partnership,
duly organized and validly existing and in good standing under the laws of the State of Delaware
and, as of the Closing Date, will be duly authorized and qualified to do all things required of it
under this Agreement and all agreements, instruments and documents herein provided to be executed
by Cedar. On the applicable Closing Date, each of the Cedar GPs will be a limited liability
company, duly formed and validly existing and in good standing under the laws of the State of
Delaware, and duly authorized and qualified to do all things required of it under this Agreement.
Each of the Existing Cedar Property Owners is on the date hereof, a limited liability company, duly
formed and validly existing and in good standing under the laws of the State or Commonwealth of its
formation and is in good standing under the laws of the Commonwealth in which the applicable
Existing Cedar Property is located. On the applicable Closing Date, each of the Property Owners
will be a limited partnership, duly formed and validly existing and in good standing under the laws
of the State of Delaware and in good standing in the Commonwealth in which the applicable Property
is located.

               (ii) Pre-Homburg Property Owner Agreements; Assets. Annexed hereto as Exhibit C-1
and made a part hereof is a true and complete list (in all material respects) of the
Pre-Homburg Property Owner Agreements of each Existing Cedar Property Owner as modified and/or
amended through the date hereof, true and correct copies (in all material respects) of which have
been delivered to Homburg. As of the date hereof, the Pre-Homburg Property Owner Agreements of
each Existing Cedar Property Owner, as listed in Exhibit C-1, are in full force and effect
and have not been modified, supplemented or amended. Prior to the

23

 

applicable Closing Date, each of the Pre-Homburg Property Owner Agreements will have been
executed or amended and restated, as the case may be, in substantially the form of the Pre-Homburg
Property Owner Agreement attached hereto as Exhibit C-2 to reflect the Conversion or the
Formation, as applicable; provided, however, that if a Purchase Contract Closing shall close
simultaneous with a Contract Closing hereunder, then no Pre-Homburg Property Owner Agreement will
have been executed in connection therewith, it being the intention of the parties that the
applicable Amended and Restated Partnership Agreement will be modified to reflect the same as the
initial partnership agreement of the applicable Property Owner. Since its inception, no Property
Owner has or will have owned, as applicable, assets other than the applicable Property or engaged
in any business other than the ownership and operation of the applicable Property.

               (iii) Interests. As of the date hereof, Cedar owns, directly or indirectly, all of
the Interests in each Existing Cedar Property Owner free of all security interests, liens,
encumbrances and pledges. Immediately prior to each Closing, the applicable (x) Cedar GP shall own
its one percent (1%) general partnership interest in the respective Property Owner and (y) Cedar
(or its wholly-owned subsidiary limited liability company, as determined by Cedar) shall own its
ninety-nine percent (99%) limited partnership interests in the respective Property Owner, free of
all security interests, liens, encumbrances and pledges. There are no outstanding options,
subscriptions, warrants or calls outstanding with respect to the Interests.

               (iv) Conflicts. Neither the entry into nor the performance of this Agreement by Cedar
will (i) violate or result in a material breach under, or constitute a material default under, any
corporate charter, certificate of incorporation, by-law, partnership agreement, indenture,
contract, permit, judgment, decree or order to which Cedar or any Property Owner (as and to the
extent the same has been formed) is a party or by which Cedar or any Property Owner (as and to the
extent the same has been formed) is bound, or (ii) except with respect to the Loan Approvals,
require the consent of any third party other than as has already been obtained or is otherwise
specifically set forth herein (e.g. the Board Consent).

               (v) Taxes. All tax returns that have been required to be filed with respect to the
business, operations and assets of each Property Owner (as and to the extent the same has been
formed) have been timely filed. All taxes, charges, fees, levies or other assessments, including,
without limitation, income, real and personal property taxes, imposed by any Governmental Authority
having jurisdiction that are due and payable as of the applicable Closing Date with respect to the
business, operations and assets of the applicable Property Owner, have been paid or shall be paid
as of the applicable Closing Date. There are no pending audits with respect to taxes payable by
the Property Owners (as and to the extent the same have been formed). As of the date hereof and
the Closing Date, each Property Owner (as and to the extent the same have been formed) is currently
and shall continue to be, classified as a disregarded entity for federal income tax purposes.

               (vi) Leases. Cedar has no knowledge of any leases, licenses or other occupancy
agreements to which any Property Owner is a party affecting any portion of the applicable Property
which will be in force on the applicable Closing Date other than the Leases. To Cedar’s knowledge,
as of the date of this Agreement (x) the Leases are in full force and effect

24

 

and have not been amended except as set forth in the Lease Exhibit, and (y) the Lease Exhibit
is true and correct in all material respects. To the knowledge of Cedar with respect to the
Existing Cedar Properties only, true and complete (in all material respects) copies of the Leases
have been provided to Homburg. As of the date hereof, (A) except as noted on Schedule 8,
Cedar has no knowledge of any material default by any party to any Lease encumbering any Existing
Cedar Property that remains uncured and (B) Cedar has not received written notice from any seller
under any Purchase Contract that any party to any Lease encumbering a Contract Property is in
material default thereunder, which default remains uncured.

               (vii) Service Contracts. Cedar has no knowledge of any service or equipment leasing
contracts to which any Property Owner is a party affecting any portion of the applicable Property
which will be in force on the applicable Closing Date other than the Service Contracts. To the
knowledge of Cedar with respect to the Existing Cedar Properties only, as of the date of this
Agreement (x) all of the material Service Contracts are in full force and effect and (y) true and
complete (in all material respects) copies of the Service Contracts listed on Schedule 2
have been (or will be) delivered to Homburg. As of the date hereof, (A) Cedar has no knowledge of
any material default by any party to any Service Contract applicable to any Existing Cedar Property
that remains uncured and (B) Cedar has not received written notice from any seller under any
Purchase Contract that any party to any Service Contract affecting a Contract Property is in
material default thereunder, which default remains uncured.

               (viii) Employees. As of the date hereof and the applicable Closing Date, the Property
Owners have no and shall not have any, employees.

               (ix) Litigation. To Cedar’s knowledge and except as set forth in Schedule 5
attached hereto, there is no material pending or threatened litigation against any Existing Cedar
Property or against any Existing Cedar Property Owner other than claims made in the ordinary course
of the business of owning and operating the Existing Cedar Properties and the Existing Cedar
Property Owners, as applicable. To the knowledge of Cedar and except as set forth in Schedule
5 attached hereto, there is no material pending or threatened litigation against any Contract
Property or against any Contract Property Owner other than claims made in the ordinary course of
the business of owning and operating the Contract Properties and the Contract Property Owners, as
applicable.

               (x) No Insolvency. Neither Cedar nor any Property Owner (as and to the extent the
same as been formed) is or shall be on the Closing Date, a debtor in any state or federal
insolvency, bankruptcy or receivership proceeding.

               (xi) Non-Foreign Person. Neither Cedar nor any Property Owner (as and to the extent
the same as been formed) is or shall be as of the Closing Date, a “foreign person” as defined in
Section 1445 of the Internal Revenue Code, as amended.

               (xii) Pennsboro Loan. The Property commonly known as Pennsboro Commons, located in
Enola, Pennsylvania is currently encumbered by a mortgage loan in the original principal amount of
$11,540,000 made by KeyBank National Association (the “Pennsboro Loan”) to the applicable Existing
Cedar Property Owner. To the knowledge of Cedar, as of the date of this Agreement (x) the
documents and instruments identified on Schedule 

25

 

6 attached hereto constitute all of the material documents and instruments delivered
in connection with the Pennsboro Loan (the “Pennsboro Loan Documents”), true and complete (in all
material respects) copies of which have been (or will be within ten (10) Business Days of the date
hereof) delivered to Homburg; (y) the Pennsboro Loan Documents are in full force and effect and
have not been amended except as set forth on Schedule 6 attached hereto, and (z) the
applicable Existing Cedar Property Owner is not in material default of, and has not received
written notice from the applicable Current Lender of any uncured default under, any of such
Existing Cedar Property Owner’s material obligations under the Pennsboro Loan Documents. To the
knowledge of Cedar, as of the applicable Closing Date, the applicable Existing Cedar Property Owner
will not be in material default of, and will not have received written notice from the applicable
Current Lender of any uncured default under, any of such Existing Cedar Property Owner’s material
obligations under the Pennsboro Loan Documents and the outstanding principal amount of the
Pennsboro Loan set forth on the Settlement Statement shall be the true and correct outstanding
principal amount of the Pennsboro Loan as of the Closing Date.

               (xiii) Fieldstone Marketplace Loan. The Property commonly known as Fieldstone
Marketplace, located in New Bedford, Massachusetts is currently encumbered by a mortgage loan in
the original principal amount of $19,000,000 made by Lehman Brothers Bank, FSB (the “Fieldstone
Marketplace Loan”) to Fieldstone WP Associates, LLC, a Delaware limited liability company, as
borrower’s interest has been assigned to and assumed by, the applicable Existing Cedar Property
Owner. To the knowledge of Cedar, as of the date of this Agreement (x) the documents and
instruments identified on Schedule 6 attached hereto constitute all of the material
documents and instruments delivered in connection with the Fieldstone Marketplace Loan (the
“Fieldstone Marketplace Loan Documents”), true and complete (in all material respects) copies of
which have been (or will be within ten (10) Business Days of the date hereof) delivered to Homburg;
(y) the Fieldstone Marketplace Loan Documents are in full force and effect and have not been
amended except as set forth on Schedule 6, and (z) the applicable Existing Cedar Property
Owner is not in material default of, and has not received written notice from the applicable
Current Lender of any uncured default under, any of such Existing Cedar Property Owner’s material
obligations under the Fieldstone Marketplace Loan Documents. To the knowledge of Cedar, as of the
applicable Closing Date, the applicable Existing Cedar Property Owner will not be in material
default of, and will not have received written notice from the applicable Current Lender of any
uncured default under, any of such Existing Cedar Property Owner’s material obligations under the
Fieldstone Marketplace Loan Documents and the outstanding principal amount of the Fieldstone
Marketplace Loan set forth on the Settlement Statement shall be the true and correct outstanding
principal amount of the Fieldstone Marketplace Loan as of the Closing Date.

               (xiv) Intentionally Deleted.

               (xv) Meadows Marketplace Loan. The Property commonly known as Meadows Marketplace,
located in Hershey, Pennsylvania is currently encumbered by a mortgage loan in the original
principal amount of $10,775,000.00 made by KeyBank National Association (the “Meadows Marketplace
Loan”) to the applicable Existing Cedar Property Owner. To the knowledge of Cedar, as of the date
of this Agreement (x) the documents and instruments identified on Schedule 6 attached
hereto constitute all of the material documents and instruments

26

 

delivered in connection with the Meadows Marketplace Loan (the “Meadows Marketplace Loan
Documents”), true and complete (in all material respects) copies of which have been (or will be
within ten (10) Business Days of the date hereof) delivered to Homburg; (y) the Meadows Marketplace
Loan Documents are in full force and effect and have not been amended except as set forth on
Schedule 6 and (z) the applicable Existing Cedar Property Owner is not in material default
of, and has not received written notice from the applicable Current Lender of any uncured default
under, any of such Existing Cedar Property Owner’s material obligations under the Meadows
Marketplace Loan Documents. To the knowledge of Cedar, as of the applicable Closing Date, the
applicable Existing Cedar Property Owner will not be in material default of, and will not have
received written notice from the applicable Current Lender of any uncured default under, any of
such Existing Cedar Property Owner’s material obligations under the Meadows Marketplace Loan
Documents and the outstanding principal amount of the Meadows Marketplace Loan set forth on the
Settlement Statement shall be the true and correct outstanding principal amount of the Meadows
Marketplace Loan as of the Closing Date.

               (xvi) Ayr Town Center Loan. To the knowledge of Cedar, the Property commonly known as
Ayr Town Center, located in McConnellsburg, Pennsylvania is currently encumbered by a mortgage loan
in the original principal amount of $7,650,000.00 made by Citigroup Global Markets Realty Corp.
(the “Ayr Town Center Loan”) to the seller under the applicable Purchase Contract, as borrower. To
the knowledge of Cedar, as of the date of this Agreement (x) the documents and instruments
identified on Schedule 6 attached hereto constitute all of the material documents and
instruments delivered in connection with the Ayr Town Center Loan (the “Ayr Town Center Loan
Documents”); (y) the Ayr Town Center Loan Documents are in full force and effect and have not been
amended except as set forth on Schedule 6; and (z) Cedar has not received written notice
from the seller under the applicable Purchase Contract that the borrower under the Ayr Town Center
Loan Documents is in material default thereunder, which default remains uncured. To the knowledge
of Cedar, as of the Closing Date, the applicable Contract Property Owner will not have received
written notice from the lender under the Ayr Town Center Loan Documents that such Contract Property
Owner is in material default thereunder, which default remains uncured.

               (xvii) Aston Center Loan. To the knowledge of Cedar, the Property commonly known as
Aston Center, located in Aston, Pennsylvania is currently encumbered by a mortgage loan in the
original principal amount of $13,250,000.00 made by Citigroup Global Markets Realty Corp. (the
“Aston Center Loan”) to the seller under the applicable Purchase Contract, as borrower. To the
knowledge of Cedar, as of the date of this Agreement (x) the documents and instruments identified
on Schedule 6 attached hereto constitute all of the material documents and instruments
delivered in connection with the Aston Center Loan (the “Aston Center Loan Documents”); (y) the
Aston Center Loan Documents are in full force and effect and have not been amended except as set
forth on Schedule 6; and (z) Cedar has not received written notice from the seller under
the applicable Purchase Contract that the borrower under the Aston Center Loan Documents is in
material default thereunder, which default remains uncured. To the knowledge of Cedar, as of the
Closing Date, the applicable Contract Property Owner will not have received written notice from the
lender under the Aston Center Loan Documents that such Contract Property Owner is in material
default thereunder, which default remains uncured.

27

 

               (xviii) Scott Town Center Loan. To the knowledge of Cedar, the Property commonly
known as Scott Town Center, located in Bloomsburg, Pennsylvania is currently encumbered by a
mortgage loan in the original principal amount of $9,500,000.00 made by Citigroup Global Markets
Realty Corp. (the “Scott Town Center Loan”) to the seller under the applicable Purchase Contract,
as borrower. To the knowledge of Cedar, as of the date of this Agreement (x) the documents and
instruments identified on Schedule 6 attached hereto constitute all of the material
documents and instruments delivered in connection with the Scott Town Center Loan (the “Scott Town
Center Loan Documents”); (y) the Scott Town Center Loan Documents are in full force and effect and
have not been amended except as set forth on Schedule 6; and (z) Cedar has not received
written notice from the seller under the applicable Purchase Contract that the borrower under the
Scott Town Center Loan Documents is in material default thereunder, which default remains uncured.
To the knowledge of Cedar, as of the Closing Date, the applicable Contract Property Owner will not
have received written notice from the lender under the Scott Town Center Loan Documents that such
Contract Property Owner is in material default thereunder, which default remains uncured.

               (xix) Spring Meadow Loan. To the knowledge of Cedar, the Property commonly known as
Spring Meadow, located in Wyomissing, Pennsylvania is currently encumbered by a mortgage loan in
the original principal amount of $13,400,000.00 made by Citigroup Global Markets Realty Corp. (the
“Spring Meadow Loan”) to the seller under the applicable Purchase Contract, as borrower. To the
knowledge of Cedar, as of the date of this Agreement (x) the documents and instruments identified
on Schedule 6 attached hereto constitute all of the material documents and instruments
delivered in connection with the Spring Meadow Loan (the “Spring Meadow Loan Documents”); (y) the
Spring Meadow Loan Documents are in full force and effect and have not been amended except as set
forth on Schedule 6; and (z) Cedar has not received written notice from the seller under
the applicable Purchase Contract that the borrower under the Spring Meadow Loan Documents is in
material default thereunder, which default remains uncured. To the knowledge of Cedar, as of the
Closing Date, the applicable Contract Property Owner will not have received written notice from the
lender under the Spring Meadow Loan Documents that such Contract Property Owner is in material
default thereunder, which default remains uncured.

               (xx) Current Loan Documents. Other than in connection with the New Stone Hedge Loan
and the New Parkway Plaza Loan, as and to the extent in effect as of the applicable Closing Date,
no Property Owner has entered into any loan documents secured in whole or in part by the applicable
Property that will be binding on such Property Owner after the applicable Closing Date other than
the Current Loan Documents.

               (xxi) Purchase Contracts. Prior to the date hereof, Cedar has delivered to Homburg,
copies of the Purchase Contracts, which are true, correct and complete in all material respects. As
of the date hereof, none of the Purchase Contracts has been modified, amended, supplemented,
canceled or terminated except as otherwise provided herein. Cedar has not heretofore assigned or
in any manner encumbered or otherwise transferred its interests in any Purchase Contract to any
other person or entity. To the knowledge of Cedar, as of the date of this Agreement (x) the
Purchase Contracts are in full force and effect, (y) Cedar has not given or received written notice
to or from the seller under any Purchase Contract of any uncured default

28

 

of any material obligations thereunder and (z) each of the representations and warranties made
by the applicable seller under each Purchase Contract is true and correct in all material respects.

               (xxii) Notices of Condemnation, Violations. To the knowledge of Cedar, as of the date
hereof, neither Cedar nor any Existing Cedar Property Owner has received written notice from any
Governmental Authority of (a) any notice of condemnation of all or any part of the Existing Cedar
Properties or (b) any violations by any Existing Cedar Property Owner of any zoning ordinance, law
or other legal requirement relating to the ownership of the Existing Cedar Properties, which have
not been corrected in all material respects and which have a material adverse effect on the value,
use or operation of such Existing Cedar Property.

          Notwithstanding the foregoing or anything to the contrary contained in this Agreement, in the
event that Cedar shall purchase all of the direct or indirect interests in one or more of the
sellers under the Purchase Contracts rather than purchase the fee interests in the related the
Contract Property(ies), then each of the representations and warranties made by Cedar herein that
shall relate to the Contract Property Owners shall, in addition to any other limitation or
qualification applicable thereto, be further limited to the knowledge of Cedar and relate only to
periods from and after the date that Cedar shall have acquired such interests (i.e. the applicable
Purchase Contract Closing).

          (b) Knowledge of Cedar. References to the “knowledge” of Cedar or words of similar
import shall refer only to (i) the knowledge of Cedar of information actually and specifically set
forth in written materials physically located in the files and property records maintained by Cedar
at its office and (ii) the current actual (as opposed to implied or constructive) knowledge of Leo
S. Ullman and Brenda Walker and shall not be construed, by imputation or otherwise, to refer to the
knowledge of Cedar or any parent, subsidiary or affiliate of Cedar or to any other officer, agent,
manager, representative or employee of Cedar or to impose upon Leo S. Ullman or Brenda Walker any
duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains.
Notwithstanding anything to the contrary contained in this Agreement, neither Leo S. Ullman nor
Brenda Walker shall have any personal liability hereunder.

          (c) Knowledge of Homburg. Notwithstanding anything to the contrary contained in this
Agreement, with respect to each Transaction, (i) if any of the representations or warranties of
Cedar contained in this Agreement or in any document or instrument delivered in connection herewith
are materially false or inaccurate, or Cedar is in material breach or default of any of its
obligations under this Agreement that survive a Closing, and Homburg nonetheless close such
Transaction hereunder, then none of the Cedar Partners shall have any liability or obligation
respecting such false or inaccurate representations or warranties or other breach or default (and
any cause of action resulting therefrom shall terminate upon such Closing) in the event that either
(x) on or prior to the applicable Closing, Homburg shall have had actual knowledge of the false or
inaccurate representations or warranties or other breach or default, or (y) the accurate state of
facts pertinent to such false or inaccurate representations or warranties or other breach or
default was contained in any of the Information and (ii) to the extent the copies of the Leases,
the Service Contracts, any estoppel certificates or any other such Information furnished to or
otherwise obtained by Homburg prior to the applicable Closing contain provisions or information
that are inconsistent

29

 

with the foregoing representations and warranties, none of the Cedar Partners shall have any
liability or obligation respecting such inconsistent representations or warranties (and Homburg
shall have no cause of action with respect thereto), and such representations and warranties shall
be deemed modified to the extent necessary to eliminate such inconsistency and to conform such
representations and warranties to such Leases, Service Contracts and other Information.

          (d) DISCLAIMER OF REPRESENTATIONS. EXCEPT AS SPECIFICALLY SET FORTH IN THIS
AGREEMENT, THE TRANSFER OF THE INTERESTS AND THE PROPERTIES HEREUNDER IS AND WILL BE MADE ON AN “AS
IS” ,”WHERE IS,” AND “WITH ALL FAULTS” BASIS, WITHOUT REPRESENTATIONS AND WARRANTIES OF ANY KIND OR
NATURE, EXPRESS, IMPLIED OR OTHERWISE, INCLUDING ANY REPRESENTATION OR WARRANTY CONCERNING TITLE TO
THE PROPERTIES, THE PHYSICAL CONDITION OF THE PROPERTIES (INCLUDING THE CONDITION OF THE SOIL OR
THE IMPROVEMENTS), THE ENVIRONMENTAL CONDITION OF THE PROPERTIES (INCLUDING THE PRESENCE OR ABSENCE
OF HAZARDOUS SUBSTANCES ON OR AFFECTING THE PROPERTY), THE COMPLIANCE OF THE PROPERTIES OR THE
PROPERTY OWNERS WITH APPLICABLE LAWS AND REGULATIONS (INCLUDING ZONING AND BUILDING CODES OR THE
STATUS OF DEVELOPMENT OR USE RIGHTS RESPECTING THE PROPERTIES), THE FINANCIAL CONDITION OF THE
PROPERTIES, THE PROPERTY OWNERS OR ANY OTHER REPRESENTATION OR WARRANTY RESPECTING ANY INCOME,
EXPENSES, CHARGES, LIENS OR ENCUMBRANCES, RIGHTS OR CLAIMS ON, AFFECTING OR PERTAINING TO THE
PROPERTIES, THE PROPERTY OWNERS, THE INTERESTS OR ANY PART THEREOF. HOMBURG ACKNOWLEDGES THAT
PRIOR TO THE EXPIRATION OF THE DILIGENCE PERIOD HOMBURG WILL HAVE EXAMINED, REVIEWED AND INSPECTED
ALL MATTERS WHICH IN THE JUDGMENT OF HOMBURG BEAR UPON THE PROPERTIES, THE INTERESTS AND THEIR
VALUE AND SUITABILITY. EXCEPT AS TO MATTERS SPECIFICALLY SET FORTH IN THIS AGREEMENT: (A) HOMBURG
WILL ACQUIRE THE INTERESTS (INCLUDING AN INDIRECT INTEREST IN THE PROPERTIES) SOLELY ON THE BASIS
OF THEIR OWN PHYSICAL AND FINANCIAL EXAMINATIONS, REVIEWS AND INSPECTIONS AND (B) WITHOUT LIMITING
THE FOREGOING, HOMBURG WAIVES ANY RIGHT THEY OTHERWISE MAY HAVE AT LAW OR IN EQUITY, INCLUDING,
WITHOUT LIMITATION, THE RIGHT TO SEEK DAMAGES FROM CEDAR IN CONNECTION WITH THE CONDITION OF THE
PROPERTIES AND THE INTERESTS, INCLUDING ANY RIGHT OF CONTRIBUTION UNDER THE COMPREHENSIVE
ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT. THE PROVISIONS OF THIS SECTION 11(d) SHALL
SURVIVE THE CLOSING.

          (e) Survival of Representations and Warranties of Cedar. Notwithstanding anything to
the contrary contained in this Agreement, all representations and warranties of Cedar contained in
this Section 11 with respect to each Transaction and the related Existing Cedar Property, Property
Owner, Interests, Purchase Contract (if applicable) and Cedar Partners shall survive the Closing of
such Transaction for a period of one (1) year (except that the representations and warranties of
Cedar contained in Section 11(a)(i)-(iv) shall survive the Closing of the applicable Transaction
for a period of two (2) years and the representations and

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warranties of Cedar contained in Section 11(a)(v) shall survive the Closing until the
expiration of the applicable statute of limitations). This Section 11(e) shall survive the
Closings.

     12. Representations and Warranties of Homburg.

          (a) Homburg does hereby make the following representations and warranties to Cedar:

               (i) Due Authority. This Agreement and all agreements, instruments and documents
herein provided to be executed by Homburg have been or by Closing will be, duly authorized,
executed and delivered by and are binding upon Homburg. As of the Closing Date, this Agreement
will constitute the legal, valid and binding obligations of Homburg and shall be enforceable
against Homburg in accordance with its terms, except as such enforceability may be limited by (i)
bankruptcy, insolvency or other similar laws affecting creditor’s rights generally and (ii) general
principles of equity. Homburg is a corporation, duly organized and validly existing and in good
standing under the laws of the state of Colorado, and is duly authorized and qualified to do all
things required of it under this Agreement and all agreements, instruments and documents herein
provided to be executed by Homburg.

               (ii) Litigation. To the knowledge of Homburg, there is no material pending or
threatened litigation action against Homburg.

               (iii) No Insolvency. Homburg is not and as of the applicable Closing Date, Homburg
will not be, a debtor in any state, federal or foreign insolvency, bankruptcy, receivership
proceeding.

               (iv) OFAC. Neither Homburg nor any member, partner or shareholder of Homburg, nor to
the knowledge of Homburg, any Person with actual authority to direct the actions of Homburg nor, to
the knowledge of Homburg any other Persons holding any legal or beneficial interest whatsoever in
Homburg (A) are named on any list of Persons and governments issued by OFAC pursuant to Executive
Order 13224, as in effect on the date hereof, or any similar list known to Homburg or publicly
issued by OFAC or any other department or agency of the United States of America (collectively, the
“OFAC Lists”), (B) are included in, owned by, controlled by, knowingly acting for or on behalf of,
knowingly providing assistance, support, sponsorship, or services of any kind to, or otherwise
knowingly associated with any of the Persons referred to or described in the OFAC Lists, or (C) has
knowingly conducted business with or knowingly engaged in any transaction with any Person named on
any of the OFAC Lists or any Person included in, owned by, controlled by, acting for or on behalf
of, providing assistance, support, sponsorship, or services of any kind to, or, to the knowledge of
Homburg, otherwise associated with any of the Persons referred to or described in the OFAC Lists.

               (v) Conflicts. Neither the entry into nor the performance of this Agreement by
Homburg will (i) violate or result in a material breach under, or constitute a material default
under, any corporate charter, certificate of incorporation, by-law, partnership agreement,
indenture, contract, permit, judgment, decree or order to which Homburg is a party or by which
Homburg is bound, or (ii) except with respect to the Loan Approvals, require the

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consent of any third party other than as has already been obtained or is otherwise
specifically set forth herein.

     13. Investment Representations, Etc.

          (a) Cedar, for itself and for each Cedar Partner, and Homburg, each represents and warrants to
the other and each Property Owner, that (i) it is an “accredited investor” as that term is defined
in the Securities Act and was not formed solely for the purpose of purchasing the Interests; (ii)
as applicable, the Interests have been or are being acquired by it pursuant to the Amended and
Restated Partnership Agreements as an investment for its own account with no intention of
distributing or reselling such Interests in any transaction that would be in violation of the
securities laws of the United States or of any state, subject however, to the rights of such
purchasers at all times to sell or otherwise dispose of all or any part of the Interests under an
effective registration statement under the Securities Act, or under an exemption from such
registration available under the Securities Act and, subject, nevertheless, to the disposition of
such purchaser’s property being at all times within its control; (iii) it (A) has such knowledge
and experience in financial and business matters that it is capable of evaluating the merits and
risks of the investment in the Interests, (B) has had the opportunity to ask questions of and
receive answers concerning such Property Owner and its investment in the Interests and to obtain
any information necessary to verify the information obtained by it, and (C) is able to bear the
economic risks of such investment; and (iv) it has full power and authority to own or acquire the
Interests to be acquired by it as set forth herein and in the Amended and Restated Partnership
Agreements.

          (b) Cedar, for itself and for each Cedar Partner, and Homburg each acknowledges that: (i) the
offering of the Interests has not been, and will not be, registered with the Commission under and
pursuant to the Securities Act; (ii) the Interests have not been qualified for sale in any state
under applicable state securities or Blue Sky Laws; (iii) in purchasing the Interests it must bear
the economic risks of the investment for an indefinite period of time because the Interests cannot
be sold unless the offering of such Interests is subsequently registered under that Securities Act
or an exemption from such registration is available; (iv) with respect to the tax and other legal
consequences of an investment in the Interests, it is relying solely upon advice of its own tax and
legal advisors; and (v) the Amended and Restated Partnership Agreements and any other evidence of
ownership of Interests will bear a legend reflecting the unregistered and restricted nature of the
Interests; provided, however the foregoing Sections 13(a) and 13(b) are subject to and do not
derogate from the reliance by each of Homburg and Cedar on the truth and accuracy of the express
representations, warranties and covenants of the other in this Agreement or any of the closing
documents executed and delivered by the other in connection with a Closing.

          (c) Cedar and Homburg each agrees that: (i) it will not dispose of any of the Interests
without registration under the Securities Act unless and until the proposed sale or transfer of the
Interests is exempt from the registration requirements of the Securities Act, as evidenced (if
desired by such Property Owner) by a written opinion of counsel of recognized standing in
Securities Law, provided no such opinion shall be required to be delivered in connection with the
Syndication.

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          (d) The provisions of this Section 13 shall survive the Closings.

     14. Interim Covenants of Cedar.

          (a) With respect to each of the Existing Cedar Properties, Cedar shall cause each of the
Existing Cedar Property Owners to operate its Existing Cedar Property in substantially the same
manner as prior hereto pursuant to its normal course of business until the applicable Closing Date;
provided, however that, without the prior consent of Homburg, Cedar shall not (except to the extent
expressly provided herein):

               (i) refinance any of the Current Loans or amend, modify or terminate in any material respect
any of the Current Loan Documents, which termination, modification or amendment could reasonably be
expected to have a material adverse impact on the applicable Property Owner; or

               (ii) enter into, terminate, modify or amend, or waive in writing or otherwise in any material
respect, any Lease for an area in excess of twenty-five percent (25%) of the aggregate rentable
square feet of the improvements located on the applicable Existing Cedar Property, which
termination, modification or amendment, could reasonably be expected to have a material adverse
impact on the applicable Property Owner.

To the extent that a Purchase Contract shall provide Cedar with approval rights with respect to the
entering into, modification, amendment or termination of any Leases or Current Loan Documents
affecting any Contract Property, Cedar shall not exercise such approval rights without the prior
consent of Homburg; provided, however, that Cedar shall only be required to seek such consent of
Homburg if the circumstances are such that, had the subject Property been an Existing Cedar
Property instead of a Contract Property, Cedar would have been required to obtain the consent of
Homburg pursuant to this Section 14(a). The failure of Homburg to consent or not consent to any
action proposed by Cedar under this Section 14(a) within five (5) Business Days after notice from
Cedar shall be deemed consent by Homburg to such proposed action. At such time as any Purchase
Contract Closing shall have occurred and the applicable Contract Property Owner shall have acquired
title to the applicable Contract Property, the covenants of Cedar with respect to the Existing
Cedar Property Owners contained in this Section 14(a) shall be applicable to each such Contract
Property Owner.

          (b) Following request therefor, Cedar agrees to keep Homburg informed of the status of the
Purchase Contracts and provide Homburg with materials related thereto that are readily available to
Cedar; provided, however, that Cedar shall, in any event, promptly deliver to Homburg copies of any
written notice of closing date adjournment or default given or received by Cedar with respect to a
Purchase Contract and notify Homburg of the occurrence of any Purchase Contract Closing and/or the
modification, amendment, assignment or termination of any Purchase Contract, as applicable. In
addition, Cedar shall promptly provide Homburg with copies of any written notice delivered to Cedar
by a seller under any Purchase Contract respecting any defaults by such seller under any of the
Current Loan Documents encumbering the applicable Contract Property. Notwithstanding the
foregoing, Cedar shall provide to Homburg for its prior written approval, not to be unreasonably
withheld, conditioned or delayed, a true and correct copy (in all material respects) of any
proposed amendment or modification (an

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“Equity Sale Amendment”) to any of the Purchase Contracts, which amendment or modification
provides for the purchase and sale by Cedar of the direct or indirect interests in any of the
sellers thereunder in lieu of purchasing the fee interests in applicable Contract Property(ies) (an
“Equity Sale”). The failure of Homburg to give or withhold its consent to any such proposed
amendment or modification within five (5) Business Days after delivery thereof to Homburg shall be
deemed Homburg’s consent thereto. Cedar shall provide to Homburg, promptly following Cedar’s
receipt thereof, copies of all books and records, balance sheets, general ledgers and tax returns
of the sellers under the Purchase Contracts and any other financial information regarding such
sellers and/or any Person providing an indemnity or guaranty with respect to a proposed Equity Sale
as Homburg shall reasonably request from time to time and which shall be in the possession of
Cedar. If as a result of Homburg’s review of such information or any other matter deemed relevant
by Homburg with respect to any proposed Equity Sale(s), Homburg determines, in its reasonable
discretion, it does not wish for Cedar to proceed with such Equity Sale(s), then Homburg shall have
the right, on notice to Cedar given at least ten (10) days prior to the closing date under the
applicable Purchase Contract(s), to direct Cedar to not to proceed with an Equity Sale, whereupon
such Purchase Contract(s) shall continue in full force and effect as though unmodified by such
Equity Sale Amendment(s), provided that Cedar may, in its sole determination, elect to proceed with
such Equity Sale, in which event Homburg shall have the right to terminate this Agreement as to the
applicable Transaction(s) by written notice to Cedar within one (1) Business Day following receipt
of notice from Cedar of its election to proceed with such Equity Sale, upon which Termination the
applicable Allotted Deposit(s) shall be refunded to Homburg, the Consideration shall be reduced by
an amount equal to the applicable Allotted Consideration and the parties hereto shall be relieved
of all further liability and responsibility under this Agreement with respect to such
Transaction(s) (except for any obligation expressly provided to survive a termination of this
Agreement).

          (c) Following the date hereof, Cedar agrees to use commercially reasonable efforts to cause
the release of the Stone Hedge Property from the lien of the Stone Hedge Line of Credit.

          (d) Prior to the Closing of the Contract Transaction involving the Parkway Plaza Property,
Cedar shall use commercially reasonable efforts to cause the applicable Property Owner to finance
the Parkway Plaza Property with a mortgage loan secured by such Property on such commercially
reasonable terms as Cedar shall determine (the “New Parkway Plaza Loan”). Promptly upon receipt
thereof, Cedar agrees to deliver a copy of either the loan application or commitment received from
the applicable lender in connection with the New Parkway Plaza Loan (the “New Parkway Plaza
Application”) to Homburg for its review and approval, not to be unreasonably withheld or
conditioned. Likewise, prior to entering into the loan documents and instruments evidencing the
New Parkway Plaza Loan (the “New Parkway Plaza Loan Documents”), Cedar agrees to deliver copies of
the same to Homburg for its review and approval, not to be unreasonably withheld or conditioned;
provided, however, that Homburg shall have no right to disapprove the New Parkway Plaza Loan
Documents unless the same materially and adversely conflict with the terms of the New Parkway Plaza
Application. In the event that Homburg shall fail to deliver written approval or disapproval of
the terms of either the New Parkway Plaza Application or the New Parkway Plaza Loan Documents
within five (5) Business Days after receipt thereof, Homburg shall be deemed to have approved the
same. If, in

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accordance with the terms of this Section 14(d), Homburg shall disapprove of the terms of
either the New Parkway Plaza Application or the New Parkway Plaza Loan Documents, Cedar shall have
the option, in its sole direction, to either (i) cause the New Parkway Plaza Application or the New
Parkway Plaza Loan Documents, as applicable, to be modified until Homburg shall approve the same
(which approval shall not be unreasonably withheld, conditioned or delayed) or (ii) terminate this
Agreement with respect to the Contract Transaction involving the Parkway Plaza Property only, in
which case the applicable Allotted Deposit shall be refunded to Homburg and the Consideration shall
be reduced by the amount of the applicable Allotted Consideration, and the parties hereto shall be
relieved of all further liability and responsibility under this Agreement with respect to the
Parkway Plaza Property and the Interests related thereto, except for any obligation expressly
provided to survive a termination of this Agreement. If this Agreement shall not be terminated as
to the Parkway Plaza Property as aforesaid, in the event that the New Parkway Plaza Loan shall
close prior to the Closing of the Contract Transaction involving the Parkway Plaza Property as
contemplated herein, the Allotted Consideration payable by Homburg at such Closing shall be
equitably adjusted (x) to account for the outstanding principal amount of the New Parkway Plaza
Loan and (y) such that Homburg shall be responsible for its Percentage Interests of all third party
transaction costs and closing costs incurred in obtaining the New Parkway Plaza Loan. In addition,
if the New Parkway Plaza Loan shall have closed prior to the Closing of the Contract Transaction
involving the Parkway Plaza Property, Homburg shall pay to Cedar at the Closing of such Contract
Transaction, its Percentage Interest of a financing fee equal to one-half of one percent (0.5%) of
the original principal amount of the New Parkway Plaza Loan; provided, however, that any such
financing fee payable hereunder shall not exceed $50,000. In the event the New Parkway Plaza Loan
shall close on or after the Closing of the Contract Transaction involving the Parkway Plaza
Property, the financing fee payable to Cedar in connection therewith shall be governed by the terms
of the applicable Management Agreement. The provisions of this Section 14(d) shall survive the
Closing.

          (e) Prior to the Closing of the Existing Cedar Transaction involving the Stone Hedge Property,
in its discretion, following the release of the Stone Hedge Property from the Stone Hedge Line of
Credit, Cedar may cause the applicable Property Owner to finance the Stone Hedge Property with a
mortgage loan secured by such Property on such commercially reasonable terms as Cedar shall
determine (the “New Stone Hedge Loan”). Promptly upon receipt thereof, Cedar agrees to deliver a
copy of either the loan application or commitment received from the applicable lender in connection
with the New Stone Hedge Loan (the “New Stone Hedge Application”) to Homburg for its review and
approval, not to be unreasonably withheld or conditioned. Likewise, prior to entering into the
loan documents and instruments evidencing the New Stone Hedge Loan (the “New Stone Hedge Loan
Documents”), Cedar agrees to deliver copies of the same to Homburg for its review and approval, not
to be unreasonably withheld or conditioned; provided, however, that Homburg shall have no right to
disapprove the New Stone Hedge Loan Documents unless the same materially and adversely conflict
with the terms of the New Stone Hedge Application. In the event that Homburg shall fail to deliver
written approval or disapproval of the terms of either the New Stone Hedge Application or the New
Stone Hedge Loan Documents within five (5) Business Days after receipt thereof, Homburg shall be
deemed to have approved the same. If, in accordance with the terms of this Section 14(e), Homburg
shall disapprove of the terms of either the New Stone

35

 

Hedge Application or the New Stone Hedge Loan Documents, Cedar shall have the option, in its
sole direction, to either (i) cause the New Stone Hedge Application or the New Stone Hedge Loan
Documents, as applicable, to be modified until Homburg shall approve the same (which approval shall
not be unreasonably withheld, conditioned or delayed) or (ii) terminate this Agreement with respect
to the Existing Cedar Transaction involving the Stone Hedge Property only, in which case the
applicable Allotted Deposit shall be refunded to Homburg and the Consideration shall be reduced by
the amount of the applicable Allotted Consideration, and the parties hereto shall be relieved of
all further liability and responsibility under this Agreement with respect to the Stone Hedge
Property and the Interests related thereto, except for any obligation expressly provided to survive
a termination of this Agreement. If this Agreement shall not be terminated as to the Stone Hedge
Property as aforesaid, in the event that the New Stone Hedge Loan shall close prior to the Closing
of the Transaction involving the Stone Hedge Property as contemplated herein, the Allotted
Consideration payable by Homburg at such Closing shall be equitably adjusted (x) to account for the
outstanding principal amount of the New Stone Hedge Loan and (y) such that Homburg shall be
responsible for its respective Percentage Interests of all third party transaction costs and
closing costs incurred in obtaining the New Stone Hedge Loan. In addition, if the New Stone Hedge
Loan shall have closed prior to the Closing of the Contract Transaction involving the Stone Hedge
Property, Homburg shall pay to Cedar at the Closing of such Contract Transaction, its Percentage
Interest of a financing fee equal to one-half of one percent (0.5%) of the original principal
amount of the New Stone Hedge Loan; provided, however, that any such financing fee payable
hereunder shall not exceed $50,000. In the event the New Stone Hedge Loan shall close on or after
the Closing of the Contract Transaction involving the Stone Hedge Property, the financing fee
payable to Cedar in connection therewith shall be governed by the terms of the applicable
Management Agreement. The provisions of this Section 14(e) shall survive the Closing.

          (f) Cedar shall use commercially reasonable efforts to deliver to Homburg before the
applicable Closing Date, tenant estoppel certificates (“Tenant Estoppels”) from tenants under
Leases occupying each Existing Cedar Property, each on the applicable tenant’s standard estoppel
form or as otherwise prescribed by its Lease or on a commercially reasonable form. In addition,
Cedar agrees to deliver to Homburg, promptly upon receipt thereof, copies of any and all Tenant
Estoppels received from tenants under Leases affecting the Contract Properties. For avoidance of
doubt, failure by Cedar to obtain any Tenant Estoppel shall constitute neither a default by Cedar
under this Agreement nor the failure of a condition precedent to the obligation of any party to
close hereunder.

     15. Deliveries to be made on the Closing Date.

          (a) Cedar Deliveries: Cedar shall deliver or cause to be delivered to the Property
Owners, Homburg or the Title Company, as the case may be, on the applicable Closing Date the
following documents (collectively, “Cedar Deliveries”):

               (i) the applicable Amended and Restated Partnership Agreement and any formation or similar
certificates required by the laws of the State of Delaware, executed by the applicable Cedar
Partners;

36

 

               (ii) assignment and assumption agreements in the form attached hereto as Exhibit G
between Cedar, as assignor, and Homburg, as assignee, of the applicable Interests (each, an
“Assignment and Assumption Agreement”), executed by Cedar;

               (iii) with respect to each Property, the Management Agreement, executed by the applicable
Property Owner and the Manager;

               (iv) all applicable transfer tax forms, if any;

               (v) the affidavit referred to in Section 1445 of the Code with all pertinent information
confirming that Cedar is not a foreign person, trust, estate, corporation or partnership;

               (vi) evidence reasonably satisfactory to the Title Company respecting the due organization of
the Cedar Partners and the due authorization and execution by the applicable Cedar Partners of this
Agreement and the documents required to be delivered hereunder;

               (vii) to the extent reasonably required by the Title Company, an affidavit of title in the
form attached hereto as Exhibit H;

               (viii) a certificate (the “Update Certificate”) of Cedar dated as of the Closing Date
certifying that the representations and warranties of Cedar set forth in Section 11(a) of this
Agreement, other than the representations and warranties set forth in Section 11(a) of this
Agreement which are made as of the date of this Agreement (the representations and warranties of
Seller set forth in Section 11(a) of this Agreement, other than the representations and warranties
set forth in Section 11(a) of this Agreement which are made as of the date of this Agreement, being
hereafter referenced to as “Closing Date Representations”) remain true and correct in all material
respects as of the Closing Date, it being agreed that if any Closing Date Representation shall no
longer be true and correct in any material respect due to a change in the facts or circumstances
which do not otherwise constitute a default of Cedar pursuant to the express terms of this
Agreement and Cedar is unable to deliver the Update Certificate, the failure of Cedar to deliver
the Update Certificate shall constitute a failure of a condition to Closing and shall not
constitute a default by Cedar under this Agreement, and the sole remedy of Homburg in connection
therewith shall be to terminate this Agreement with respect to all Transactions not yet closed by
written notice to Cedar (in which event the unapplied portion of the Deposit shall be returned to
Homburg and no party hereto shall have any further obligations under this Agreement except under
those provisions of this Agreement that expressly survive a termination of this Agreement); and

               (ix) a settlement statement prepared by the Title Company and approved by Cedar and Homburg
(the “Settlement Statement”).

          (b) Homburg Deliveries: Homburg shall deliver or cause to be delivered to Cedar, the
Property Owners or the Title Company, as the case may be, on the Closing Date the following
(collectively, “Homburg Deliveries”):

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               (i) the applicable Net Consideration required to be paid by Homburg to Cedar pursuant to
Section 2 hereof;

               (ii) the Assignment and Assumption Agreement, executed by Homburg.

               (iii) the applicable Amended and Restated Partnership Agreement and any certificates required
by the laws of the State of Delaware, executed by Homburg;

               (iv) all applicable transfer tax forms, if any;

               (v) evidence reasonably satisfactory to the Title Company respecting the due organization of
Homburg and the due authorization and execution by Homburg of this Agreement and the documents
required to be delivered hereunder; and

               (vi) the Settlement Statement.

     16. Conditions to the Closings.

          (a) Conditions Precedent to Obligations of Homburg. The obligation of Homburg to
consummate each Transaction contemplated by this Agreement shall be subject to the following, as
applicable:

               (i) performance and observance in all material respects, by Cedar of all covenants, warranties
and agreements of this Agreement to be performed or observed by Cedar prior to or on the applicable
Closing Date;

               (ii) receipt of any Loan Approval applicable to such Transaction;

               (iii) with respect to the first Closing to occur pursuant to the terms of this Agreement, no
less than four (4) Transactions shall be the subject thereof;

               (iv) the Conversion or Formation applicable to such Transaction shall have occurred;

               (v) with respect to each Contract Transaction only, the applicable Purchase Contract Closing
shall have occurred;

               (vi) with respect to the Transaction involving the Stone Hedge Property only, such Property
shall have been released from the lien of the Stone Hedge Line of Credit;

               (vii) the representations and warranties of Cedar set forth in Section 11 and Section 13
hereof (other than those representations and warranties made as of the date of this Agreement)
being true and correct in all material respects; and

               (viii) the fulfillment on or before the applicable Closing Date of all other conditions
precedent to Closing benefiting Homburg specifically enumerated in this Agreement

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respecting the subject Transaction, any or all of which may be waived by Homburg in its sole
discretion.

          (b) Conditions Precedent to Obligations of Cedar. The obligation of Cedar to
consummate each Transaction contemplated by this Agreement shall be subject to the following, as
applicable:

               (i) performance and observance by Homburg in all material respects, of all covenants and
agreements of this Agreement to be performed or observed by Homburg prior to or on the applicable
Closing Date;

               (ii) receipt of any Loan Approval applicable to such Transaction;

               (iii) with respect to the first Closing to occur pursuant to the terms of this Agreement, no
less than four (4) Transactions shall be the subject thereof, as determined pursuant to Section 4
hereof;

               (iv) with respect to each Contract Transaction only, the closing under the applicable Purchase
Contract shall have occurred;

               (v) with respect to the Transaction involving the Stone Hedge Property only, such Property
shall have been released from the lien of the Stone Hedge Line of Credit;

               (vi) the representations and warranties of Homburg set forth in Section 12 and Section 13
hereof being true and correct in all material respects; and

               (vii) the fulfillment on or before the Closing Date of all other conditions precedent to
Closing benefiting Cedar specifically set forth in this Agreement respecting the subject
Transaction, any or all of which may be waived by Cedar in its sole discretion.

     17. Apportionments.

          (a) With respect to each Property, the following shall be prorated between the applicable
Property Owner as constituted immediately prior to the Closing, and the applicable Property Owner
as constituted immediately following the Closing, as of 11:59 p.m. on the day preceding the Closing
Date (on the basis of the actual number of days elapsed over the applicable period):

               (i) Fixed rents, additional rents and all other sums and credits due or payable under the
applicable Leases and any other items of income, as and when collected;

               (ii) All real estate taxes, water charges, sewer rents, vault charges and assessments on the
Property on the basis of the fiscal year for which assessed (except to the extent required to be
paid by tenants in good standing pursuant to Leases);

               (iii) All operating expenses (except to the extent required to be paid by tenants in good
standing pursuant to Leases);

39

 

               (iv) Any prepaid items, including, without limitation, fees for licenses and annual permit and
inspection fees;

               (v) Utilities, including, without limitation, telephone, steam, electricity and gas, on the
basis of the most recently issued bills therefor (except to the extent required to be paid by
tenants pursuant to Leases);

               (vi) Deposits with telephone and other utility companies;

               (vii) Payments of principal and interest and other costs payable under any Current Loan
Documents, New Parkway Plaza Loan Documents and New Stone Hedge Loan Documents, as applicable; and

               (viii) Such other items as are customarily apportioned between sellers and purchasers of real
properties (and interests therein) of a type similar to the Properties and located in the
Commonwealth in which each such Property is located.

          (b) If, on the Closing Date, any items of additional rent or percentage rent under the Leases
or other income or expense of the Properties shall not have been ascertained, then such items shall
be adjusted retroactively as and when the same are ascertained.

          (c) If, with respect to any Property, the Closing shall occur before the applicable real
estate tax rate is fixed, the apportionment of real estate taxes for such Property at the Closing
shall be based upon the tax rate for the next preceding year applied to the latest assessed
valuation. Promptly after the new tax rate or assessment is fixed, the apportionment of taxes or
assessments shall be recomputed and any discrepancy resulting from such recomputation and any
errors or omissions in computing apportionments at Closing shall be promptly corrected and the
proper party reimbursed.

          (d) All apportionments made under this Agreement shall be calculated (1) as between the
Property Owners, as constituted prior to the applicable Closing as the prior owners of the
Properties, and such Property Owners, as constituted following the applicable Closing as the new
owners of the Properties, and then (2) the applicable Allotted Consideration shall be adjusted at
the applicable Closing such that Cedar and Homburg shall share in the credits and debits of the
Property Owners in proportion to their respective interests in such Property Owners immediately
following the Closing.

          (e) If any tenant at a Property is in arrears in the payment of rent on the Closing Date, any
and all rents received from such tenant after the Closing shall be applied in the following order
of priority: (i) first to the month in which the Closing occurred; (ii) then to any month or
months following the month in which the Closing occurred; and (iii) then to the months preceding
the month in which the Closing occurred. If rents or any portion thereof received after the
Closing are payable to the other party by reason of this allocation, the appropriate sum, less a
proportionate share of any reasonable attorneys’ fees, costs and expenses of collection thereof,
shall be promptly paid to the other party.

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          (f) Notwithstanding anything to the contrary contained in this Agreement, with respect to the
Existing Cedar Properties only, Cedar shall remain liable for actual damages (including
out-of-pocket expenses actually incurred by the Property Owners) resulting from (w) uninsured third
party tort claims arising and accruing prior to the applicable Closing Date and which are both
unrelated to the environmental condition of any Existing Cedar Property or any physical condition
known by or disclosed to Homburg or any Homburg Representatives and based solely on the actions or
omissions of any Existing Cedar Property Owner prior to the applicable Closing Date (the parties
acknowledge that Cedar shall not be responsible hereunder for third party tort claims that are
uninsured by reason of the applicable insurance deductible), (x) any breach by any Existing
Property Owner of its obligations under any of the Service Contracts and Leases arising prior to
the applicable Closing Date unless Homburg shall have received an estoppel certificate with respect
to such Service Contract or Lease prior to applicable Closing or (A) such breach shall have been
disclosed to or known by Homburg prior to the applicable Closing Date or (B) the applicable
Allotted Consideration shall have been adjusted to reflect such monetary obligation or breach, (y)
any tax liability of any Existing Cedar Property Owner allocable to periods prior to the applicable
Closing Date, and (z) the completion of certain tenant improvements required to be performed by the
lessor under certain Leases, all as more particularly identified on Schedule 4 attached
hereto (the “Tenant Improvements”), as and to the extent the same have not been completed prior to
the applicable Closing Date. Homburg acknowledges and agrees that its sole and exclusive remedy
against Cedar in connection with the foregoing responsibilities shall be either an action for
specific performance or a claim for actual damages (excluding special, consequential and punitive
damages), Homburg hereby waiving any other right or remedy it may otherwise have at law or equity.
The provisions of this Section 17 notwithstanding, nothing contained herein shall limit or in any
way be deemed to modify the “as is, where is” nature of the Transactions as more particularly set
forth in Section 11(d) of this Agreement and Homburg hereby confirms its agreement to waive any
right it may have at law or in equity, including, without limitation, the right to seek damages or
contribution from Cedar in connection with the physical (including, without limitation,
environmental) condition of the Properties (except in connection with any breach of applicable
representations and warranties of Cedar contained in Section 11(a) in accordance with the terms and
conditions of this Agreement).

     The provisions of this Section 17 shall survive the Closings.

     18. Condemnation or Destruction of the Properties. In the event that, after the date
hereof but prior to the applicable Closing Date with respect to any Property then owned by Cedar or
any affiliate, either any portion of such Property is taken (or so threatened by written notice
delivered to the applicable Contract Property Owner by a governmental authority having
jurisdiction) pursuant to eminent domain proceedings or condemnation or any of the improvements on
such Property are damaged or destroyed by fire or other casualty, Cedar shall, promptly upon
becoming aware of the same, deliver or cause to be delivered to Homburg, notice of any such eminent
domain proceedings or casualty. Except as otherwise expressly provided herein, neither Cedar nor
any Property Owner shall have the obligation to restore, repair or replace any portion of any
Property or any such damage or destruction. If, with respect to any Property, the amount of the
damage (as determined by an independent third party contractor or engineer selected by Cedar and
reasonably approved by Homburg) or the amount of

41

 

condemnation award shall exceed an amount equal to ten percent (10%) of the applicable
Allotted Consideration, Homburg shall have the right to terminate this Agreement as to the
applicable Transaction only by written notice to Cedar given within ten (10) days after
notification to Homburg of the estimated amount of damages or the determination of the amount of
any condemnation award, whereupon the applicable Allotted Deposit shall be refunded to Homburg, the
Consideration shall be reduced by an amount equal to the applicable Allotted Consideration and the
parties hereto shall be relieved of all further liability and responsibility under this Agreement
with respect to such Transaction (except for any obligation expressly provided to survive a
termination of this Agreement). In the event of any condemnation or casualty as aforesaid, the
applicable Closing Date shall be extended as and to the extent necessary to permit the
determination of the damage amount or condemnation award in the manner herein provided, to a
Business Day selected by Cedar and reasonably approved by Homburg. The parties hereby waive the
provisions of any statute which provides for a different outcome or treatment in the event of a
casually or a condemnation or eminent domain proceeding.

     19. Release.

          (a) EFFECTIVE AS OF THE CLOSING OF EACH TRANSACTION, HOMBURG SHALL BE DEEMED TO HAVE RELEASED
CEDAR AND ALL CEDAR RELATED PARTIES FROM ALL CLAIMS WHICH HOMBURG OR ANY AGENT, REPRESENTATIVE,
AFFILIATE, EMPLOYEE, DIRECTOR, OFFICER, PARTNER, MEMBER, SERVANT, SHAREHOLDER OR OTHER PERSON OR
ENTITY ACTING ON BEHALF OF OR OTHERWISE RELATED TO OR AFFILIATED WITH, HOMBURG (EACH, A “HOMBURG
RELATED PARTY”) HAS OR MAY HAVE ARISING FROM OR RELATED TO ANY MATTER OR THING RELATED TO OR IN
CONNECTION WITH THE APPLICABLE PROPERTY AND THE APPLICABLE INTERESTS INCLUDING THE DOCUMENTS AND
INFORMATION REFERRED TO HEREIN, THE PURCHASE CONTRACTS, THE LEASES AND THE TENANTS THEREUNDER, ANY
CONSTRUCTION DEFECTS, ERRORS OR OMISSIONS IN THE DESIGN OR CONSTRUCTION OF ALL OR ANY PORTION OF
THE APPLICABLE PROPERTY AND ANY ENVIRONMENTAL CONDITIONS, AND HOMBURG SHALL NOT LOOK TO CEDAR OR
ANY CEDAR RELATED PARTIES IN CONNECTION WITH THE FOREGOING FOR ANY REDRESS OR RELIEF. THIS RELEASE
SHALL BE GIVEN FULL FORCE AND EFFECT ACCORDING TO EACH OF ITS EXPRESSED TERMS AND PROVISIONS,
INCLUDING THOSE RELATING TO UNKNOWN AND UNSUSPECTED CLAIMS, DAMAGES AND CAUSES OF ACTION; PROVIDED,
HOWEVER, THAT THIS RELEASE SHALL NOT BE APPLICABLE TO ANY CLAIMS ARISING OUT OF THE EXPRESS
COVENANTS, REPRESENTATIONS, OR WARRANTIES SET FORTH IN THIS AGREEMENT OR ANY CLOSING DELIVERY THAT
SHALL EXPRESSLY SURVIVE THE CLOSING OF A TRANSACTION.

          (b) The provisions of this Section 19 shall survive the Closings or a termination of this
Agreement.

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     20. Brokers. Cedar represents and warrants to Homburg, and Homburg represents and
warrants to Cedar, that no broker or finder has been engaged by it, respectively, in connection
with the Transactions contemplated under this Agreement. In the event of a claim for broker’s or
finder’s fee or commissions in connection with the sale contemplated by this Agreement, then Cedar
shall indemnify, defend and hold harmless Homburg from the same if it shall be based upon any
statement or agreement alleged to have been made by Cedar, and Homburg shall indemnify, defend and
hold harmless Cedar from the same if it shall be based upon any statement or agreement alleged to
have been made by Homburg. The provisions of this Section 20 shall survive the Closings and/or a
termination of this Agreement.

     21. Limitation of Liability.

          (a) Notwithstanding anything to the contrary contained in this Agreement or any documents
executed in connection herewith, if one or more of the Transactions shall have closed hereunder,
Cedar shall have not have any liability arising pursuant to or in connection with the
representations, warranties, indemnifications, covenants or other obligations (whether express or
implied) of Cedar under this Agreement (or any document or certificate executed or delivered in
connection herewith) unless claims made by Homburg shall collectively aggregate at least One
Hundred Thousand and 00/100 Dollars ($100,000.00); provided, however, in no event shall the
aggregate liability of Cedar hereunder exceed Two Million and 00/100 Dollars ($2,000,000.00).
Notwithstanding the foregoing, the obligations of Cedar contained in Section 4(d) and 17(f) hereof
shall not be subject to the limitations on liability contained in this Section 21(a).

          (b) No shareholder or agent of Cedar, nor any Cedar Related Parties, shall have any personal
liability, directly or indirectly, under or in connection with this Agreement or any agreement made
or entered into under or pursuant to the provisions of this Agreement, or any amendment or
amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Homburg,
on behalf of itself and its successors and assigns, hereby waives any and all such personal
liability.

          (c) The provisions of this Section 21 shall survive the Closings and/or a termination of this
Agreement.

     22. Remedies For Default and Disposition of the Deposit.

          (a) CEDAR DEFAULTS. IF ANY TRANSACTION SHALL NOT BE CLOSED BY REASON OF CEDAR’S
BREACH OR DEFAULT UNDER THIS AGREEMENT, THEN HOMBURG SHALL HAVE AS ITS EXCLUSIVE REMEDY THE RIGHT
TO (A) TERMINATE THIS AGREEMENT WITH RESPECT TO ALL TRANSACTIONS NOT YET CLOSED (IN WHICH EVENT THE
UNAPPLIED PORTION OF THE DEPOSIT SHALL BE RETURNED TO HOMBURG, AND NO PARTY HERETO SHALL HAVE ANY
FURTHER OBLIGATION OR LIABILITY TO THE OTHERS EXCEPT WITH RESPECT TO THOSE PROVISIONS OF THIS
AGREEMENT WHICH EXPRESSLY SURVIVE A CLOSING OR TERMINATION OF THIS AGREEMENT), HOMBURG HEREBY
WAIVING ANY RIGHT OR CLAIM TO DAMAGES FOR CEDAR’S BREACH OR (B) SPECIFICALLY ENFORCE THIS AGREEMENT
(BUT NO OTHER ACTION, FOR

43

 

DAMAGES OR OTHERWISE, SHALL BE PERMITTED); PROVIDED THAT ANY ACTION BY HOMBURG FOR SPECIFIC
PERFORMANCE MUST BE FILED, IF AT ALL, WITHIN FORTY-FIVE (45) DAYS OF CEDAR’S BREACH OR DEFAULT, AND
THE FAILURE TO FILE WITHIN SUCH PERIOD SHALL CONSTITUTE A WAIVER BY HOMBURG OF SUCH RIGHT AND
REMEDY. NOTWITHSTANDING THE FOREGOING, IF A CONTRACT TRANSACTION SHALL NOT BE CLOSED BY REASON OF
CEDAR’S BREACH OR DEFAULT UNDER THIS AGREEMENT, IN NO EVENT SHALL HOMBURG HAVE THE RIGHT TO SUE TO
CAUSE CEDAR TO CLOSE THE PURCHASE AND SALE OF A CONTRACT PROPERTY UNDER AN APPLICABLE PURCHASE
CONTRACT AND IF CEDAR SHALL NOT SO CLOSE THE APPLICABLE CONTRACT PROPERTY PURSUANT TO THE
APPLICABLE PURCHASE AGREEMENT, THE SOLE REMEDY OF HOMBURG SHALL BE TO TERMINATE THIS AGREEMENT WITH
RESPECT TO ALL TRANSACTIONS NOT YET CLOSED IN ACCORDANCE WITH CLAUSE (A) ABOVE.

          (b) HOMBURG DEFAULTS. IN THE EVENT ANY TRANSACTION SHALL NOT CLOSE ON ACCOUNT OF
HOMBURG’S BREACH OR DEFAULT, THEN, AT CEDAR’S ELECTION, THIS AGREEMENT SHALL TERMINATE WITH RESPECT
TO ALL TRANSACTIONS NOT YET CLOSED, THE RETENTION OF THE UNAPPLIED PORTION OF THE DEPOSIT SHALL BE
CEDAR’S SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT, SUBJECT TO THE PROVISIONS OF THIS AGREEMENT
THAT EXPRESSLY SURVIVE THE TERMINATION OF THIS AGREEMENT; PROVIDED, HOWEVER, NOTHING IN THIS
AGREEMENT SHALL BE CONSTRUED TO LIMIT CEDAR’S RIGHTS OR DAMAGES UNDER ANY INDEMNITIES GIVEN BY
HOMBURG TO CEDAR UNDER THIS AGREEMENT. IN CONNECTION WITH THE FOREGOING, THE PARTIES RECOGNIZE
THAT CEDAR WILL INCUR EXPENSE IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
AND THAT THE INTERESTS (AND RELATED PROPERTIES) WILL BE REMOVED FROM THE MARKET; FURTHER, THAT IT
IS EXTREMELY DIFFICULT AND IMPRACTICABLE TO ASCERTAIN THE EXTENT OF DETRIMENT TO CEDAR CAUSED BY
THE BREACH BY HOMBURG UNDER THIS AGREEMENT AND THE FAILURE OF THE CONSUMMATION OF ANY TRANSACTION
CONTEMPLATED BY THIS AGREEMENT OR THE AMOUNT OF COMPENSATION CEDAR SHOULD RECEIVE AS A RESULT OF
HOMBURG’S BREACH OR DEFAULT.

          (c) Prior to the exercise by Cedar or Homburg of any right or remedy afforded to it pursuant
to Section 22(a) or Section 22(b) herein, as applicable, such party (the “Non-Defaulting Party”)
shall deliver written notice (a “Default Notice”) to the other party hereunder (the “Defaulting
Party”) identifying the applicable breach or default and the Defaulting Party shall have ten (10)
days after delivery such Default Notice to cure such breach or default. If a Defaulting Party
fails to cure any default or breach that is the subject of a Default Notice within such ten (10)
day period, the Non-Defaulting Party may exercise all rights and remedies afforded to it pursuant
to Section 22(a) or Section 22(b) above, as applicable.

          (d) The provisions of this Section 22 shall survive the Closings and/or a termination of this
Agreement.

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     23. Title Reviews.

          (a) Homburg has, or shall promptly after the date hereof, obtain title reports for each of the
Properties from the Title Company (the “Title Reports”). If any exceptions(s) to title to any
Property should appear in the Title Reports that are not Permitted Exceptions, then, no later than
March 26, 2007, Homburg shall promptly deliver copies thereof to Cedar, together with copies of the
applicable exception documentation and written notice of disapproval of said exceptions (a “Title
Objection Letter”). Any such material title exceptions so objected to by Homburg pursuant to this
Section 23(a) shall be deemed to be “Title Objections.” Subject to Section 23(c) below, within ten
(10) days following receipt of the Title Objection Letter, Cedar shall deliver written notice to
Homburg of any Title Objections with respect to which Cedar, in its sole and absolute discretion,
elects to undertake the removal prior to or at the applicable Closing (the “Title Objection
Response”); provided, however, that if Cedar shall fail to deliver any Title Objection Response by
the expiration of such ten (10) day period, Cedar shall be deemed to have elected not to undertake
the removal of the subject Title Objections. Subject to Section 23(c) below, if Cedar elects or is
deemed to have elected not to cure any Title Objection, Homburg’s only option in response thereto
shall be to terminate this Agreement in accordance with Section 9 above. Subject to Section 23(c)
below, if Cedar shall have elected to undertake the removal of a Title Objection but does not cause
the removal thereof by the applicable Scheduled Closing Date, Homburg shall have the option, to be
exercised by Homburg by written notice to Cedar on or before the applicable Scheduled Closing Date,
to either (A) accept the Property “as is” with respect to such Title Objections and consummate the
Closings in accordance with the terms of this Agreement or (B) terminate this Agreement by written
notice thereof to Cedar, and receive a return of the undisbursed portion of the Deposit, whereupon
neither party shall have any obligations or liability hereunder except as expressly intended to
survive a termination of this Agreement or, if applicable, any Closing that may have already
occurred hereunder. Should Homburg fail to elect an option in writing by the applicable Scheduled
Closing Date, Homburg shall be deemed to have elected option (A) above. For avoidance of doubt,
Cedar shall not under any circumstance be required or obligated to cause the cure or removal of any
Title Objection (other than Mandatory Cure Items) including, without limitation, to bring any
action or proceeding, to make any payments or otherwise to incur any expense in order to eliminate
any Title Objection or to arrange for title insurance insuring against enforcement of such Title
Objection against, or collection of the same out of, the applicable Property, notwithstanding that
Cedar may have attempted to do so.

          (b) If Homburg shall object to any exceptions(s) to title to the Property, other than the
Permitted Exceptions, of which Homburg is first made aware in any update made to any Title Report
after the earlier of the date of the Title Objection Letter delivered pursuant to Section 23(a)
above or March 26, 2007, Homburg shall deliver copies thereof to Cedar, together with copies of the
applicable exception documentation(s) and written notice of disapproval of said exceptions no later
than the earlier of (i) the applicable Scheduled Closing Date and (ii) ten (10) days after receipt
by Homburg of the applicable updated Title Report. Any such material title exceptions so objected
to by Homburg pursuant to this Section 23(b) shall be deemed to be “Additional Title Objections.”
Subject to Section 23(c) below, no later than the earlier of (i) the applicable Scheduled Closing
Date and (ii) ten (10) days after receipt by Cedar of written notice from Homburg of any Additional
Title Objections, Cedar shall deliver a Title Objection

45

 

Response to Homburg of any Additional Title Objections with respect to which Cedar, in its
sole and absolute discretion, elects to undertake the removal prior to or at the applicable
Closing; provided, however, that if Cedar shall fail to deliver any Title Objection Response by the
applicable Scheduled Closing Date, Cedar shall be deemed to have elected not to cause the removal
of the subject Additional Title Objections. Notwithstanding the foregoing, in the event Cedar
shall elect to undertake the removal of any Additional Title Objections hereunder, Cedar shall have
the right in its sole and absolute discretion upon delivery of prior written notice to Homburg, to
extend the applicable Scheduled Closing Date by up to thirty (30) days in the aggregate, to cause
the removal thereof. Subject to Section 23(c) below, if Cedar indicates or is deemed to have
indicated that it will not cure any Additional Title Objection or, if Cedar shall have elected to
undertake the removal of an Additional Title Objection but does not cause the removal thereof by
the applicable Schedule Closing Date, Homburg shall have the option, by (I) if Cedar shall have
elected (or is deemed to have elected) not to cause the removal of the Additional Title Objection,
the earlier of the Scheduled Closing Date and third (3rd) Business Day after receipt of the Title
Objection Response (or the date such Title Objection Response shall have been due, as applicable)
or (II) if Cedar shall have elected to undertake the removal of an Additional Title Objection but
does not cause the removal thereof by the applicable Schedule Closing Date, the Scheduled Closing
Date, to either (A) accept the Property “as is” with respect to such Additional Title Objections
and consummate the Closings in accordance with the terms of this Agreement or (B) terminate this
Agreement by written notice thereof to Cedar, and receive a return of the undisbursed portion of
the Deposit, whereupon neither party shall have any obligations or liability hereunder except as
expressly intended to survive a termination of this Agreement or, if applicable, any Closing that
may have already occurred hereunder. Should Homburg fail to elect an option in writing within said
three (3) Business Day period, Homburg shall be deemed to have elected option (A) above. For
avoidance of doubt, Cedar shall not under any circumstance be required or obligated to cause the
cure or removal of any Additional Title Objection (other than Mandatory Cure Items) including,
without limitation, to bring any action or proceeding, to make any payments or otherwise to incur
any expense in order to eliminate any Additional Title Objection or to arrange for title insurance
insuring against enforcement of such Additional Title Objection against, or collection of the same
out of, the applicable Property, notwithstanding that Cedar may have attempted to do so.

          (c) Notwithstanding anything to the contrary contained herein, Cedar shall cause the removal
(by bonding or otherwise) prior to the applicable Scheduled Closing Date of any monetary liens
encumbering any Property (that is not a Permitted Exception hereunder) objected to by Homburg in
accordance with Section 23(a) or Section 23(b) above, if the placing of such lien was solely the
direct result of the actions of Cedar and not otherwise caused by any tenant at, or prior owner of,
the Property or any other third party (each, a “Mandatory Cure Item”).

     24. Notices. All notices, demands, consents, reports and other communications
provided for in this Agreement shall be in writing, shall be given by a method prescribed in this
Section and shall be given to the party to whom it is addressed at the address set forth below or
at such other address(es) as such party hereto may hereafter specify by at least seven (7) days’
prior written notice.

46

 

To Cedar:

c/o Cedar Shopping Centers, Inc.

44 South Bayles Avenue

Port Washington, New York 11050

Attention: Leo S. Ullman

Facsimile: (516) 767-6497

With a copy to:

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, New York 10038-4982

Attention: Steven P. Moskowitz, Esq.

Facsimile: (212) 806-6006

To Homburg:

c/o Homburg Invest Inc.

1741 Brunswick Street, Suite 600

Halifax, NS B3J-3X8

Attention: Richard Stolle

Facsimile: 902-468-2457

and to:

c/o Homburg Invest Inc.

11 Akerley Blvd., Suite 200

Dartmouth, NS B3B-1V7

Attention: Gordon Lawlor

Facsimile: 902-469-6776

and to:

c/o Homburg Holdings (U.S.), Inc.

559 East Pikes Peak Avenue

Suite 320

Colorado Springs, Colorado 80903

Attention: Robert W. Harris

Facsimile: 719-633-0278

With a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Attention: Steven Simkin, Esq.

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Facsimile: (212) 492-0073

and to:

The DeCaro Law Firm, PC

47 Aspen Court

Evergreen, CO 80439

Attention: Phillip S. DeCaro, Esq.

Facsimile: (303) 679-3327

Any party hereto may change the address to which notice may be delivered hereunder by the giving of
written notice thereof to the other Parties as provided hereinbelow. Any notice or other
communication delivered pursuant to this Section may be mailed by United States or Canadian
certified air mail, return receipt requested, postage prepaid, deposited in a United States or
Canadian Post Office or a depository for the receipt of mail regularly maintained by the United
States Post Office or the Canadian Post Office, as applicable. Such notices, demands, consents and
reports may also be delivered (i) by hand or reputable international courier service which
maintains evidence of receipt or (ii) by facsimile with a confirmation copy delivery by
hand or reputable international courier service which maintains evidence of receipt. Any notices,
demands, consents or other communications shall be deemed given and effective when delivered by
hand or courier or facsimile, or if mailed only, five (5) Business Days after mailing.
Notwithstanding the foregoing, no notice or other communication shall be deemed ineffective because
of refusal of delivery to the address specified for the giving of such notice in accordance
herewith. The provisions of this Section 24 shall survive the Closings and/or a termination of
this Agreement.

     25. Amendments. This Agreement may not be modified or terminated orally or in any
manner other than by an agreement in writing signed by all the parties hereto or their respective
successors in interest. The provisions of this Section 25 shall survive the Closings and/or a
termination of this Agreement.

     26. Governing Law; Jurisdiction; Construction. This Agreement (a) shall be governed
by and construed in accordance with the laws of the State of New York, without giving effect to
principles of conflicts of law and (b) shall be given a fair and reasonable construction in
accordance with the intentions of the parties hereto and without regard to, or aid of, any rules of
construction requiring construction against any party drafting this Agreement. The parties agree
that this Agreement has been made in the New York, New York and that exclusive jurisdiction for
matters arising under this Agreement shall be in the State courts in New York County, New York.
Each party by signing this Agreement irrevocably consents to and shall submit to such jurisdiction.
Each party hereto acknowledges that it has participated in the drafting of this Agreement, and any
applicable rule of construction to the effect that ambiguities are to be resolved against the
drafting party shall not be applied in connection with the construction or interpretation hereof.
Each party has been represented by independent counsel in connection with this Agreement. The
provisions of this Section 26 shall survive the Closings and/or a termination of this Agreement.

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     27. Partial Invalidity. If any provision of this Agreement is held to be invalid or
unenforceable as against any Person or under certain circumstances, the remainder of this Agreement
and the applicability of such provision to other Persons or circumstances shall not be affected
thereby. Each provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law. The provisions of this Section 27 shall survive the Closings and/or a
termination of this Agreement.

     28. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall constitute an original, but all of which, taken together, shall constitute but one
and the same instrument. This Agreement may be executed by facsimile which shall be deemed an
original for all purposes. In the event this Agreement is executed by the exchange of facsimile
copies, the parties agree to exchange ink-signed counterparts promptly after the execution and
delivery of this Agreement. The provisions of this Section 28 shall survive the Closings and/or a
termination of this Agreement.

     29. No Third Party Beneficiaries. The warranties, representations, agreements and
undertakings contained herein shall not be deemed to have been made for the benefit of any Person
or entity other than the parties hereto and the Cedar Related Parties. The provisions of this
Section 29 shall survive the Closings and/or a termination of this Agreement.

     30. Waiver. No failure or delay of either party in the exercise of any right given to
such party hereunder or the waiver by any party of any condition hereunder for its benefit (unless
the time specified herein for exercise of such right, or satisfaction of such condition, has
expired) shall constitute a waiver of any other or further right nor shall any single or partial
exercise of any right preclude other or further exercise thereof or any other right. The waiver of
any breach hereunder shall not be deemed to be waiver of any other or any subsequent breach hereof.
The provisions of this Section 30 shall survive the Closings and/or a termination of this
Agreement.

     31. Assignment. Without the prior written consent of the other parties hereunder, no
party hereto may assign this Agreement or any of its rights or obligations hereunder, and any
purported unpermitted assignment shall be null and void. Notwithstanding the foregoing, Cedar
shall be permitted to assign this Agreement without the consent of any other party to any entity
controlled, directly or indirectly, by Cedar, provided that any such assignment by Cedar shall not
release Cedar of its obligations under this Agreement. The provisions of this Section 31 shall
survive the Closings and/or a termination of this Agreement.

     32. Binding Effect. This Agreement is binding upon, and shall inure to the benefit
of, the parties and each of their respective successors and permitted assigns. The provisions of
this Section 32 shall survive the Closings and/or a termination of this Agreement.

     33. Entire Agreement. This Agreement sets forth the entire agreement between the
parties and there are no other terms, obligations, covenants, representations, statements or
conditions, oral or otherwise, of any kind whatsoever. Any agreement hereafter made shall be
ineffective to change, modify, discharge or effect an abandonment of this Agreement in whole or in
part unless such agreement is in writing and signed by the party against whom enforcement of the
change, modification, discharge or abandonment is sought. The provisions of this Section 33 shall
survive the Closings and/or a termination of this Agreement.

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     34. Further Assurances. After the Closing Date, the parties hereunder shall execute
and deliver each to the other such documents and instruments and take such further actions as may
be reasonably necessary or required to consummate the transactions contemplated by this Agreement.
The provisions of this Section 34 shall survive the Closings and/or a termination of this
Agreement.

     35. Paragraph Headings. The headings of the various sections of this Agreement have
been inserted only for the purpose of convenience and are not part of this Agreement and shall not
be deemed in any manner to modify, expand, explain or restrict any of the provisions of this
Agreement. The provisions of this Section 35 shall survive the Closings and/or a termination of
this Agreement.

     36. Waiver of Trial by Jury. The parties hereto waive trial by jury in any action or
proceeding arising out of or in connection with this Agreement. The provisions of this Section 36
shall survive the Closings and/or a termination of this Agreement.

     37. Litigation Costs. Notwithstanding anything to the contrary contained in this
Agreement (including, without limitation, the terms of Section 5), in the event of any litigation
arising in connection with this Agreement, the substantially prevailing party shall be entitled to
recover from the substantially non-prevailing party its reasonable legal fees and expenses at trial
and all appellate levels. The provisions of this Section 37 shall survive the Closings and/or a
termination of this Agreement.

     38. Currency. Any and all amounts owing by any party hereto pursuant to this
Agreement, shall be paid in lawful currency of the United States of America (i.e. U.S. Dollars).
The provisions of this Section 38 shall survive the Closings and/or a termination of this
Agreement.

     39. Contract Transactions. Notwithstanding anything to the contrary contained in this
Agreement, Homburg acknowledges and agrees that Cedar shall have no obligation to purchase any
Contract Property and that the decision to so purchase any such Contract Property shall be made in
the sole and absolute discretion of Cedar. In the event that any Purchase Contract Closing shall
not occur for any reason whatsoever, including, without limitation, the willful fault of Cedar,
Homburg shall not have any recourse against Cedar as a result of such failure to close the purchase
and sale of any Contract Property; provided, however, that this Agreement shall automatically
terminate as to the applicable Contract Transaction and the applicable Allotted Deposit shall be
refunded to Homburg and the Consideration shall be reduced by the amount of the applicable Allotted
Consideration and the parties hereto shall be relieved of all further liability and responsibility
under this Agreement with respect to the applicable Interests and the applicable Contract Property
(except for any obligation expressly provided to survive a termination of this Agreement).
Notwithstanding the foregoing, in the event that a Purchase Contract Closing shall not occur solely
by reason of the willful breach of Cedar under the applicable Purchase Contract, then Cedar shall
reimburse Homburg for a portion of its third-party out-of-pocket expenses actually incurred by
Homburg solely in connection with the diligence of the applicable Contract Transaction; provided,
however, (i) in no event shall Cedar be obligated to reimburse Homburg hereunder in excess of Fifty
Thousand and 00/100 Dollars ($50,000) with

50

 

respect to all of the Contract Transactions, in the aggregate, and (ii) Cedar’s obligation to
reimburse Homburg hereunder shall relate only to third-party out-of-pocket expenses with respect to
which Homburg delivers to Cedar a third-party invoice (with reasonable supporting information and
documentation and evidence of payment) within thirty (30) days after the date on which this
Agreement shall have terminated as to the applicable Contract Transaction.

     40. Board Consent. The obligation of each of Cedar and Homburg to consummate the
Transactions contemplated hereby shall be conditioned upon receipt of the approval of the board of
directors of CSCI, the general partner of Cedar, to the transactions contemplated by this Agreement
(“Board Consent”). Notwithstanding the foregoing, Cedar shall endeavor to obtain Board Consent on
or before the date that is forty-five (45) days following the date hereof (the “Consent Deadline”);
provided, however, that in the event that Cedar fails to obtain the Board Consent on or prior to
the Consent Deadline, and until such time as Cedar shall obtain such Board Consent, Homburg may
terminate this Agreement upon five (5) Business Days written notice to Cedar, whereupon the Deposit
shall be promptly returned to Homburg and this Agreement and the obligations of the parties
hereunder shall terminate (and no party shall have any further obligations in connection herewith
except under those provisions that expressly survive a termination of this Agreement).

     41. Review of Form of Amended and Restated Partnership Agreement. The parties hereto
acknowledge and agree that Homburg shall promptly submit the form of Amended and Restated
Partnership Agreement to the applicable Netherlands Government Authorities for review of its
compliance with applicable Netherlands legal requirements. In the event that such Governmental
Authorities advise Homburg that the form of the Amended and Restated Partnership Agreement does not
comply with such applicable legal requirements, the parties hereto agree to cooperate in good faith
to amend such form of Amended and Restated Partnership Agreement so that it complies with such
requirements.

     42. Marketing Fee. At the Closing, Cedar shall pay to Homburg (or credit against the
Net Consideration) an amount equal to one and one-half percent (1.5%) of the product of (i) sixty
percent (60%) and (ii) the Net Consideration paid at the Closing. Following any Syndication of the
Interests acquired by Homburg in a Property Owner pursuant to this Agreement, Cedar shall pay to
Homburg a marketing fee equal to one and one-half percent (1.5%) of the product of (x) the Net
Consideration paid by Homburg to Cedar for such Interests at the applicable Closing and (y) the
percentage of the Interests in the Property Owner that shall have been assigned by Homburg in
connection with the applicable Syndication (the “Marketing Fee”). Notwithstanding the foregoing,
Cedar shall have no obligation to pay a Marketing Fee to Homburg hereunder with respect to any
Syndication that shall occur subsequent to December 31, 2007. For avoidance of doubt, no Marketing
Fee shall be payable with respect to a Syndication of Interests unless and until the applicable
Closing shall have occurred hereunder. Any Marketing Fee required to be paid by Cedar hereunder
shall be payable to Homburg within thirty (30) days of receipt by Cedar of written request
therefor, together with evidence reasonably satisfactory to Cedar of the date that the applicable
Syndication shall have occurred and the percentage of the applicable Interests that shall have been
assigned by Homburg in connection therewith. The provisions of this Section 42 shall survive the
Closings.

51

 

     43.
Press Releases. Cedar and Homburg agree to consult with each
other before issuing any press releases with respect to this
Agreement or the Transactions and shall endeavor to agree as to the
content of such press releases (which agreement shall not be
unreasonably withheld, conditioned or delayed); provided, however,
that nothing herein shall be deemed to prevent either party, or their respective affiliates, from issuing any press release if such parties shall believe, in the exercise of its reasonable judgment, that such press release is required to be made by applicable law. The provisions of this Section 43 shall survive the Closings.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

52

 

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the day and year
first above written.

	 	 	 	 	 	 	 	 	 
	 	 	CEDAR:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	CEDAR SHOPPING CENTERS	 	 
	 	 	PARTNERSHIP, L.P., a Delaware limited	 	 
	 	 	partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Cedar Shopping Centers, Inc., a Maryland	 	 
	 	 	 	 	corporation, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ LEO S. ULLMAN
 

Leo S. Ullman
	 	 
	 

	 	 	 	 	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	HOMBURG:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	HOMBURG HOLDINGS (U.S.) INC., a	 	 
	 	 	Colorado corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 

53

 

EXHIBIT A

LAND

(see attached)

 

 

A•1

TW File # 280192

File # 10-898-426

Commonwealth

					
	 	 	 	 	 
	 
	 	Meadows Marketplace	 	 
	10-898-426
	 	Hershey, PA
	 	 

LEGAL DESCRIPTION FOR LOT 82B; CEDAR SHOPPING CENTERS INC.

All that certain tract of land situate in South Hanover Township, Dauphin County,
Pennsylvania, located on the west side of Hershey Road (S.R.. 0039) approximately
1,000 feet south of the centerline intersection. Shetland Drive (T-453) and Hershey
Road (S.R. 0039), said tract being Lot 82B as shown on the “Final Subdivision Plan
for Meadows of Hanover Lot 82” prepared by Herbert, Rowland and Grubie, Inc. dated.
June 30, 2004 last revised 8-24-04, more fully bounded and described as follows;

Beginning at the intersection of the dividing line of lands N/F of Akbar & Kathleen
Bardlkalale and lot 82B as shown on the aforementioned plan with the western Legal
Right-of-Way Line for Hershey Road (S.R. 0039); thence along lands of Bardlkalale
the following four (4) courses; (1) South 67 degrees 39 minutes 45 seconds West
28.58 feet to a concrete monument (found); (2) South 84 degrees 02 minutes 33
seconds West 252.36 feet to a concrete monument (found); (3) South 02 degrees 25
minutes 37 seconds East 249.96 feet to a concrete monument (found); (4) North 82
degrees 49 minutes 03 seconds East 292.12 feet to the western Legal Right-of-Way
Line of Hershey Road (S.R. 0039); thence along said western Legal Right-of-Way
Line South 02 degrees 14 minutes 45 seconds East 501.14 feet; thence
continuing along the same by a curve to the left said curve having a radius of
1185.92 feet an arc length of 213.95 feet and a chord of South 07 degrees 24
minutes 51 seconds
East 213.66 feet to the northern Dedicated Right-of-Way Line of Hayshed Road;
thence along said northern Dedicated Right-of-Way the following six (6) courses;
(1)
South 77 degrees 25 minutes 03 seconds West 10.00 feet; (2) by a curve to the right
said curve having a radius of 1195.92 feet an arc length of 1.68 feet and a chord
of South 12 degrees 37 minutes 23 seconds East 1.68 feet; (3) by a curve to the
right said curve having a radius of 40.00 feet an arc length of 57.35 feet and a
chord of South 28 degrees 24 minutes 44 seconds West 52.56 feet; (4) South 69
degrees 29 minutes 15 seconds West 50.63 feet; (5) South 20 degrees 30 minutes 45
seconds East 10.00 feet; (6) South 69 degrees 29 minutes 15 seconds West

			
	 	 	 
	 
	 	PRO FORMA
	 	 	 
	Owner’s Policy
	 	Page 2 of 5

 

 

          LanstiAn4Lrica Order Number: 280192

MI Commonwealth File * 10-898-426

391.11 feet; thence leaving said Dedicated Right-of-Way and along lands now or
formerly of Meadows of Hanover Inc. and a 32 foot private easement for future
roadway and utilities by the following eight (8) courses; (1) by a curve to the
right said curve having a radius of 25.00 feet an arc length of 38.22 feet and a
chord of North 66 degrees 42 minutes 48 seconds West 34.61 feet (2) by a
curve to the left said curve having a radius of 566.00 feet an arc length of
289.00 feet and a chord of
North 37 degrees 32 minutes 31 seconds West 285.87 feet; (3) by a curve to the right
said curve having a radius of 489.00 feet an arc length of 616.58 feet and a chord
of North 16 degrees 02 minutes 52 seconds West 576.54 feet; (4) by a curve
to the right said curve having a radius of 569.00 feet an arc length of 343.05 feet
and a chord of North 37 degrees 20 minutes 47 seconds East (5) by a curve to the
right said curve having a radius of 899.00 feet an arc length of 417.96
feet and a chord of North 67 degrees 56 minutes 14 seconds East 414.21 feet; (6)
North 81 degrees 15 minutes 22 seconds East 17.56 feet; (7) North 82 degrees 58
minutes 28 seconds East 102.53 feet (8) by a curve to the right said curve having a
radius of 25.00 feet an arc length of 39.23 feet and a chord of South 52 degrees 04
minutes 35 seconds East 35.32 feet to the western Legal Right-of-Way Line of

 

 

Exhibit A continued

			
	 	 	 
	10-898-426
	 	7 r- c

Hershey Road (S.R. 0039); thence along said Right-of-Way b. curve
to the right said curve having a radius of 1587.02 feet an arc length of 35.49 feet
and a chord of feet to lands N/F of Akbar &
Kathleen Bardlkalale, the place of BEGINNING.

Containing approximately 15.8730 acres.

BEING THE SAME PREMISES which Meadows of Hanover Development, Inc., a Pennsylvania
corporation, by Deed dated September 30, 2004, and recorded October 29, 2004, in
the Recorder of Deeds Office in and for Dauphin County, PA, in Book 5739, Page 590,
granted and conveyed unto Cedar Hershey, LLC, a Delaware limited liability company.

TOGETHER WITH AND UNDER AND SUBJECT to those certain conditions, covenants and
easement rights contained In the Master Declaration of Covenants, Easements and
Restrictions dated October 2, 2003, recorded in Record Book 5202, Page 425, as
amended by Amendment dated October 13, 2004 recorded in Record Book 5739, Page 580.

TOGETHER WITH AND UNDER AND SUBJECT to Easement Agreement dated October 13, 2004
recorded in Record Book 5739, Page 596.

Owner’s Policy

Page 3 of 5

 

 

PRO FORMA

 

 

A-2.

Fieldstone Marketplace

New Bedford, MA

A certain parcel of land situated on the southeasterly side of Kings Highway In the City of
New Bedford, the County of Bristol and the Commonwealth of Massachusetts, being more particularly
bounded and described as follows;

Beginning at a point, said point being a Massachusetts Highway bound at the intersection of the
easterly sideline of the State Highway Layout Route 140 with the southeasterly sideline of said
Kings Highway;

Thence N 32°-07'-55" E, 583.11 feet along the southeasterly sideline of said Kings Highway to a
point;

Thence S 57°- 56'-23" E, 276.00 feet to a point;

Thence S 10°- 08'.29" E, 360.00 feet to a point;

Thence S 58°-32'-07" E. 37.59 feet to a point;

Thence S 08°- 001-10" E, 411.29 feet to a
point;

Thence N 81°-591-50" E, 412.48 feet to a point on the westerly sideline of a Penn
Central Co. Consolidated Rail Corp. Right of Way;

The last five courses being by land now or formerly of Kings Plaza Assoc. Ltd. of PA;

Thence S 08° — 00'-10" E, 720.19 feet by the westerly sideline of said Consolidated Rail Corp.
Right of Way to a point;

Thence S 87°-11 ‘-31“W, 858.92 feet by land now or formerly of Fieldstone Acres, LLC to a point on
the easterly sideline of said State Highway Layout Route 140;

Thence N 17°-33'- 20"W, 5.19 feet by the easterly sideline of said State Highway Layout to a
Massachusetts Highway bound;

Thence N 17°-33'-20" W, 672.54 feet by the easterly sideline of said State Highway Layout Route 140
to a Massachusetts Highway bound;

Thence along a curve as it deflects to the right, having a radius of 12,850.00 feet, an arc length
of 506.35 feet by the easterly sideline of said State Highway Layout Route 140 to the Massachusetts
Highway bound at the point of beginning.

Containing 24.95 acres and being shown as Lot 1 on a plan by Tibbetts Engineering Corp. entitled:
‘Plan of land in New Bedford, MA for Fieldstone Realty Trust” Scale 1”-100' and dated November 10,
1997, which plan Is recorded with the Bristol County (South District) Registry of Deeds in Plan
Book 138, Page 122.

Together with the benefit of an Easement Agreement dated January 27, 1998 by and among Fieldstone
Acres LLC, Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company and
recorded with said Deeds in Book 4036, Page 26.

 

 

— This Policy is Invalid unless the cover sheet and Schedule A are attached.—

			
	 	 	 
	Polcy 135 Litho In U. S. A. Form No. 1190-74A
	 	ALTA Owner’s Polcy (10/17/92)

 

 

A•3

TW File HL204267CP

5-493; NYN06-001109-C

					
	 	 	 	 	 
	 
	 	Stone Hedge Square	 	 
	Policy Number: 10 E
	 	Carlisle, PA	 	 

ALL THOSE CERTAIN tracts or lots of land situate in the Township of South Middleton, County
of Cumberland and Commonwealth of Pennsylvania, bounded and described as follows in accordance
with a preliminary/final minor subdivision plan of “Stonehedge Squarer as recorded in Plan Book
72, Page 7:

LOT 1:

BEGINNING at a steel rebar on the southerly right-of-way line of Walnut Bottom Road (60’ R/W),
said steel rebar being at the northeasterly terminus of a curve-connecting the easterly
right-of-way line of Stonehedge Drive West (60’ R/W) to the southerly right-of-way line of Walnut
Bottom Road; thence along the southerly right-of-way line of Walnut Bottom Road, North 57
degrees, 14 minutes, 10 seconds East, a distance of 370.03 feet to a steel rebar; thence along
lands now or formerly of Stonehedge Square Limited Partnership (Lot 2) the following (3) courses:
(1) by a curve to the left having a radius of 40.00 feet, an arc distance of 62.83 feet, the chord of which is South 12 degrees, 14 minutes, 10 seconds West, a
distance of 56.57 feet to a steel rebar; (2) thence South 32 degrees, 45 minutes, 50 seconds East,
a distance of 140.00 feet to a railroad spike; (3) thence North 57 degrees, 14 minutes, 10 seconds
East, a distance of 252.00 feet to a concrete monument on the westerly property line now or
formerly of Manor Healthcare Corporation; thence along the westerly property line now or formerly
of Manor Healthcare Corporation, South 32 degrees, 45 minutes, 50 seconds East, a distance of
289.19 feet to a steel rebar in the northerly right-of-way line of Village Drive (50’ R/W); thence
along the northerly right-of-way line of Village Drive the following (6) courses: (1) by a curve
to the left having a radius of 225.00 feet, an arc distance of 127.88 feet, the chord of which is
South 28 degrees, 31 minutes 07 seconds West, a distance of 126.17 feet to a steel rebar; (2)
thence South 12 degrees, 14 minutes, 10 seconds East, a distance of 153.25 feet to a steel rebar;
(3) by a curve to the right having a radius of 175.00 feet, an arc distance of 137.44 feet, the
chord of which Is South 34 degrees, 44 minutes, 10 seconds West, a distance of 133.94 feet to a
P.K. nail; (4) thence South 57 degrees, 14 minutes, 10 seconds West, a distance of 191.87 feet to
a steel rebar; (5) by a curve to the right having a radius of 175.00 feet, an arc distance of
109.67 to the right having a radius of 175.00 feet, an arc distance of 109.67 feet, the chord of
which is South 75 degrees, 11 minutes, 20 seconds West, a distance of 107.88 feet to a steel
rebar; (6) thence North 86 degrees, 51 minutes, 30 seconds West, a distance of 47.87 feet to a
steel rebar, said steel rebar being the easterly terminus of a curve connecting the northerly
right-of-way line of Village Drive to the easterly right-of-way line of Stonehedge Drive West;
thence by said curve to the right having a radius of 25.00 feet, an arc distance of 39.27 feet,
the chord of which is North 41 degrees, 51 minutes, 30 seconds West, a distance of 35.36 feet to a
steel rebar in the easterly right-of-way line of Stonehedge Drive West; thence along Stonehedge
Drive West the following (3) courses: (1) by a curve to the left having a radius of 330.00 feet,
an arc distance of 183.28 feet, the chord of which is North 16 degrees, 51 minutes, 11 seconds
West, a distance of 180.93 feet to a P.K. Nail;
(2) thence North 32 degrees, 45 minutes, 50 seconds West, a distance of 198.61 feet to a P.K.
nail; (3) thence North 31 degrees, 08 minutes, 40 seconds West, a distance of 176.92 feet to a
steel rebar; said steel rebar being The southerly terminus of a curve connecting the easterly
right-of-way line of Stonehedge Drive West to the southerly

			
	 	 	 
	Owner’s Policy
	 	Page 2 of 6

 

 

right-of-way line of Walnut Bottom
Road; thence by said curve to the right having a radius of 45.00 feet, an arc distance of 69.41
feet, the chord of which is North 13 degrees, 02 minutes, 45 seconds East, a distance of 62.73
feet to a steel rebar In the southerly right-of-way line of Walnut Bottom Road, said steel rebar
the point of BEGINNING.

 

 

Order Number: HL204267CP

Policy Number: :)-865-493; NYN06-001109-C

CONTAINING 8.237 Acres / 358,818 Square
feet

LOT 2:

BEGINNING at a steel rebar on the southerly right-of-way line of Walnut Bottom Road (60’ R/W),
said steel rebar being located North 57 degrees, 14 minutes, 10 seconds East, a distance of
413.78 feet from the easterly right-of-way line of Stonehedge Drive West; thence along the
southerly right-of-way line of Walnut-Bottom Road, North 57 degrees, 14 minutes, 10
seconds East, a distance of 212.00 feet to a concrete monument on the westerly property line of
lands now or formerly of Manor Healthcare Corporation, thence along the westerly property line of
lands now or formerly of Manor Healthcare Corporation, South 32 degrees, 45 minutes, 50 seconds
East, .a distance of 180.00 feet to a concrete monument; thence along lands now or formerly of
Stonehedge Square Limited Partnership (Lot 1) the following (3) courses: (1) South 57 degrees, 14
minutes, 10 seconds West, a distance of 252.00 feet to a railroad spike; (2) thence North 32
degrees, 45 minutes, 50 seconds West, a distance of 140.00 feet to a steel rebar; (3) thence by
a curve to the right having a radius of 40.00 feet, an arc distance of 62.83 feet, the chord of
which is North 12 degrees, 14 minutes, 10 seconds East, a distance of 56.57 feet to a steel rebar
on the right-of-way line of Walnut Bottom Road, said steel rebar the point of BEGINNING.

CONTAINING 1.0333 Acres / 45,017 Square Feet.

BEING THE SAME PREMISES which Stonehedge Square Limited Partnership, by Deed dated February 9,
2000, and recorded February 16, 2000, in the Recorder of Deeds Office in and for Cumberland
County, PA, In Record Book 216, Page 253, granted and conveyed unto Stonehedge Center, LLC.

The above premises are also described in accordance with a survey by Millman Surveying, Inc.
dated May 18, 2006, Site No. 8945, as follows:

Situated in the City of South Middleton, County of Cumberland, and State of Pennsylvania: Known
as being all of 2 Lots of land as shown on the minor subdivision plan of “Stonehedge Square” as
recorded in Plan Book 72, Page 7 and is more particularly described as follows:

BEGINNING at a concrete monument found at the Northerly most corner of the subject property, said
point also being locate in the Southeasterly Right-of-Way line of Walnut Bottom Road;

			
	 	 	 
	Owner’s Policy
	 	Page 3 of 6

 

 

Order Number: HL204267CP

Policy Number: :)-865-493; NYN06-001109-C

Thence, South 32o45'50" East, a distance of 469.19 feet to steel rebar found;

Thence, along a curve to the left, having a radius of 225.00 feet, an interior angle of 32o33'52",
a tangent of 65.72 feet, a chord bearing South 28o31'07" West at a distance of 126.17 feet, and
having an overall arc length of 127.88 feet to a Steel rebar found;

Thence, South 12o14'10" West, a distance of 153.25 feet to steel rebar found;

Thence, along a curve to the right, having a radius of 175.00 feet, an interior angle of
44o59'54", a tangent of 72.48 feet, a chord bearing South 34o44'10" East at a distance of 133.94
feet and having an overall arc length of 137.44 feet to an iron nail found;

			
	 	 	 
	Owner’s Policy
	 	Page 4 of 6

 

 

Order Number: HL204267CP

     Policy Number: :)-865-493; NYN06-001109-C

Thence, South 57°14'10" West, a distance of 191.87 feet to steel rebar found;

Thence, along a curve to the right, having a radius of 175.00 feet, an interior angle of
35°54'23", a-tangent of 56.70 feet, a chord bearing South 75°11'20" West at a distance
of 107.88 feet, and having an overall arc length of 109.67 feet to a steel rebar found;

Thence, North B6°51'30" West, at a distance of 47.87 feet to a steel rebar found;

Thence, along a curve to the right, having a radius of 25.00 feet, an interior angle of
90°00'01", a tangent of 25.00 feet, a chord bearing North 41°51'30" West at a distance of 35.36
feet, and having an overall arc length of 39.27 feet to a steel rebar found;

Thence, along a curve to the left, having a radius of 330.00 feet, an interior angle of
31°49'18", a tangent of 94.07 feet, a chord bearing North 16°51'11" West at a distance of 180.93
feet, and having an overall arc length of 182.28 feet to an Iron nail found’,

Thence, North 32°45'50" West, a distance of 198.61 feet to a steel rebar found;

Thence, North
31°08'40" West, a distance of 176.92 feet to a steel rebar found;

Thence, along a curve to the right, having a radius of 45.00 feet, an interior angle of
88°22'32", a tangent of 43.74 feet, a chord bearing North 13°02'45" East at a distance of 62.73
feet, and having an overall arc length of 69,41 feet to a steel rebar found;

Thence, North 57°14'10" East, a distance of 582.03 feet to the point of beginning and containing
9.2707 acres (403,831 square feet) of land, more or less, and being subject to all legal highways
and easements of record.

The meridian for all bearings shown hereon is the Southeasterly Right-of-Way line of Walnut
Bottom Road known as being North 57°14'10" East.

Tax ID / Parcel No. 29-017-003

			
	 	 	 
	Owner’s Policy
	 	Page 5 of 6

 

 

A-4

					
	 	 	 	 	 
	 
	 	Pennsboro Commons
 Enola, PA
	 	 
 policy Number: 10 759 259

TRACT 1:

ALL THAT CERTAIN piece, parcel and lot of land situate in the Township of East Pennsboro, County of
Cumberland, Commonwealth of Pennsylvania, being more fully bound and described as follows, to wit:

BEGINNING at a point on the northern right-of-way line of Wertzville Road at lands now or formerly
PA State Bank; thence by said lands the following two courses and distances: (1) North 17 degrees
32 minutes 33 seconds West a distance of 180.56 feet to a point; (2) South 72 degrees 27 minutes 27
seconds West a distance of 241.55 feet to a point on the eastern right-of-way line of East Penn
Drive; thence by said right-of-way line the following two courses and distances: (1) North 27
degrees 20 minutes 00 seconds West a distance of 138.95 feet to a point; (2) North 17 degrees 15
minutes 30 seconds West a distance of 263.28 feet to a point at Tract 3; thence by said Tract 3
North 04 degrees 10 minutes 00 seconds East a distance of 130.24 feet to a point at lands now or
formerly 1550 Associates, Inc. LLC; thence by said lands north 04 degrees 20 minutes 30 seconds
East a distance of 123.12 feet to a point; thence by same and beyond by lands now or formerly
Members First Federal Credit Union North 13 degrees 30 minutes 00 seconds West a distance of 259.57
feet to a point; thence by same and beyond by lands now or formerly 1550 Associates Inc. LLC North
00 degrees 51 minutes 00 seconds East a distance of 348.14 feet to a point at lands now or formerly
Donald D. & Janice L. Woods; thence by said lands North 80 degrees 59 minutes 42 seconds East a
distance of 102.70 feet to a point at lands now or formerly Michael R. Stambaugh; thence by said
lands and beyond by lands now or formerly Charles E. Baker South 22 degrees 24 minutes 47 seconds
East a distance of 200.31 feet to a point at Tract 2; thence by said Tract 2 the following two
courses and distances: (1) South 22 degrees 31 minutes 32 seconds East a distance of 165.19 feet to
a point; (2) North 81 degrees 05 minutes 07 seconds East a distance of 299.90 feet to a point on
the northern right of way line of Areba Street; thence crossing said street South 22 degrees 51
minutes 00 seconds East a distance of 51.63 feet to a point at lands now or formerly Conservative
Baptist Association; thence by said lands the following three courses and distances: (1) South 81
degrees 24 minutes 00 seconds West a distance of 125.44 feet to a point; (2) South 22 degrees 51
minutes 08 seconds East a distance of 349.95 feet to a point; (3) North 81 degrees 24
minutes 00 seconds East a distance of 125.44 feet to a point on the northern right of way

line of Linden Street; thence crossing said street South 16 degrees 15 minutes 43 seconds East
a distance of 48.34 feet to a point at lands now or formerly Chad E. Runkle; thence by said lands
South 22 degrees 53 minutes 35 seconds East a distance of 152.38 feet to a point at lands now or
formerly Russel J. & Lisa Kay Shutt; thence by said lands and beyond by lands now or formerly
Michael B. Mann South 73 degrees 44 minutes 35 seconds West a distance of 179.42 feet to a point;
thence by said lands of Mann South 17 degrees 35 minutes 35 seconds East a distance of 182.03 feet
to a point at lands now or formerly Uni-Marts Inc.; thence by said lands the following two courses
and distances: (1) South 72 degrees 27 minutes 27 seconds West a distance of 199.80 feet to a
point; (2) South 17 degrees 32 minutes 33 seconds East a distance of 203.00 feet to a point on the
northern right of way line of Wertzville Road; thence by said right-of-way line South 72 degrees 27
minutes 27 seconds West a distance of 59.04 feet to a point, the POINT OF BEGINNING.

CONTAINING 12.1852 Acres.

BEING A PART OF THE SAME PREMISES which Theodore E. Sgrignoli and Winifred E. Sgrignoli, his wife,
by Deed dated May 1, 1987 and recorded May 7, 1987 in Cumberland County in Deed Book Q, Volume 32,
Page 522, conveyed untoWilliam F. Rothman, Charles F. Schubert & Samuel L. Reed, co-partners,
tld/b/a Rothman, Schubert & Reed, a partnership, in fee.

TRACT 2:

ALL THAT CERTAIN piece, parcel and lot of land situate in the Township of East Pennsboro,
County of Cumberland, Commonwealth of Pennsylvania, being more fuity bound and described as
follows, to wit:

BEGINNING at a point at Tract 1; thence by said Tract 1 North 81 degrees 05 minutes 07 seconds East
a distance of 299.90 feet to a point at lands now or formerly Lee F. & Anna M. Comfort; thence by
said lands and beyond by lands now or formerly Edward J. & Kathleen McCormick North 22 degrees 51
minutes 00 seconds West a distance of 165.42 feet to a point at lads now or formerly Charles E.
Baker; thence by said lands South 81 degrees 05 minutes 07 seconds West a distance of 298.94 feet
to a point at Tract 1; thence by said Tract 1 South 22 degrees 31 minutes 32 seconds East a
distance of 165.19 feet to a point, the POINT OF BEGINNING.

 

 

CONTAINING 1.1036 Acres.

BEING THE SAME PREMISES which Theodore E. Sgrignoli and Winifred E. Sgrignoli, his wife, by Deed
dated May 1, 1987 and recorded May 7, 1987 in Cumberland County in Deed Book Q, Volume 32, Page
525, conveyed unto William F. Rothman, Charles F. Schubert and Samuel L. Reed, co-partners, t/d/b/a
Rothman, Schubert & Reed, a partnership, in fee.

TRACT 3:

ALL THAT CERTAIN piece, parcel and lot of land situate in the Township of East Pennsboro, County of
Cumberland, Commonwealth of Pennsylvania; being more fully bound and described as
follows, to wit:

BEGINNING at a point at Tract 1; thence by said Tract 1 North 04 degrees 10 minutes 00 seconds East
a distance of 130.24 feet to a point at lands now•or formerly 1550 Associates Inc. LLC; thence by
said lands South 67 degrees 54 minutes 41 seconds West a distance of 116.45 feet to a point on the
eastern right-of-way line of East Penn Drive; thence by said right-of-way line the following four
courses and distances: (1) South 22 degrees 05 minutes 19 seconds East a distance of 73.06 feet to
a point; (2) North 67 degrees 54 minutes 41 seconds East a distance of 5,00 feet to a point; (3)
South 22-degrees 05 minutes 19 seconds East a distance of 113.65 feet to a point; (4) North 67
degrees 54 minutes 44 seconds East a distance of 47.86 feet to a point at Tract 1; thence by said
Tract 1 North 17 degrees 15 minutes 30 seconds West a distance of 70.96 feet to a point, the POINT
OF BEGINNING.

CONTAINING 13,618 Square Feet (0.3126 Acres).

BEING THE SAME PREMISES which William F. Rothman, Charles F. Schubert & Samuel L. Reed,
co-partners, t/d/b/a Rothman, Schubert & Reed, a partnership, by Deed dated October 26, 2005, and
recorded October 27, 2005, in the Recorder of Deeds Office In and for Cumberland County, PA, In
Record Book 271, page 3144, granted and conveyed unto Cedar-Pennsboro, LLC, a Delaware limited
liability company.

 

 

A-5

					
	 	 	 	 	 
	Policy Number: 10-9
	 	Aston Center 
Aston, PA
	 	FORMA

ALL THAT CERTAIN lot or parcel of land with the buildings and improvements erected thereon,
SITUATE in the Township of Aston, County of Delaware and State of Pennsylvania, bounded and
described according to a Preliminary/Final Subdivision Plan made by J. Michael Brill Associates,
Inc., Consulting Engineers, Mechanicsburg, Pennsylvania, dated 2/5/2004, last revised 5/7/2004 and
recorded in Plan Volume 26•page 145 and as shown on that certain ALTA/ACSM Survey made by Vollmer
Associates LLP dated 10/27/2005 and revised 11/2/2005, as follows to wit:

BEGINNING AT A POINT located on the Eastern property line of land now or formerly owned by
Village Green Realty in Deed Book 2446, Page 2150, said point also being located on the Northern
right-of-way line of Concord Road (S.R. 3007); thence from said point, along the property line of
land now or formerly owned by Village Green Realty the following courses and distances: (1) North
32 degrees 36 minutes 00 seconds East a distance of 331.30 feet to a point; (2) South 80 degree 41
minutes 00 seconds West a distance of 119.43 feet to a point; (3) North 72 degrees 03 minutes 00
seconds West a distance of 112.44 feet to a point; (4) North 19 degrees 21 minutes 12 seconds East
a distance of 115.73 feet to a point; thence along the Southern right-of-way line of Robin Hood
Lane along a curve to the left having a radius of 175.00 feet and an arc length of 48.09 feet, said
arc having chord bearing of South 78 degrees 06 minutes 51 seconds East and a chord length of 47.94
feet, to a point; thence along the boundary line of Proposed Lot B the following courses and
distances: (1) South 04 degrees 00 minutes 47 seconds West a distance of 46.70 feet to a point;
‘(2) South 74 degrees 46 minutes 00 seconds East a distance of 29.01 feet to a point; (3)
South 82 degrees 34 minutes 49 seconds East a distance of 67.34 feet to a point; (4) South 74
degrees 46 minutes 00 seconds East a distance of 94.76 feet to a point; thence along the property
line of lands now or formerly owned by August C. & Johanne L. Peters South 11 degrees 20 minutes 00
seconds East a distance of 19.47 feet to a point; thence along the property line of lands now or
formerly owned by August C. & Johanne L. Peters, lands now or formerly owned by Josephine Theresa &
Robert Paul Gronski, lands now or formerly owned by Norman J. Erickson & Catherine C. Hall and
lands now or formerly owned by Gordon, Jr. & Lynne B. Lock North 80 degrees 41 minutes 00 seconds
East a distance of 266.07 feet to a point; thence along the property line of lands now of formerly
owned by Scott G. & Christine Rickards and lands now of formerly owned by Bryan G. & Kimberly I.
Winters South 35 degrees 22 minutes 23 seconds East a distance of 122.71 feet to a point; thence
along the property line of lands now of formerly owned by William F. Hallman South 03 degrees 00
minutes 39 seconds West a distance of 390.84 feet to a point; thence along the Northern
right-of-way line of Concord Road (S.R.3007) the following courses and distances: (1) North 85
degrees 07 minutes 37 seconds West a distance of 129.74 feet to a point; (2) along a curve to right
having a radius of 825.00 feet and an arc length of 398.87 feet, said arc having chord bearing of
North 71 degrees 16 minutes 34 seconds. West and a chord length of 395.00 feet to a point; (3)
North 57 degrees 25 minutes 32 seconds West a distance of 42.00 feet to a point, said point being
the POINT OF BEGINNING.

EXCEPTING THEREFROM AND THEREOUT the following parcel of land as conveyed to Penn Dot in Volume
3591 page 718.

BEGINNING AT A POINT, located on the Northern right- of -way line of Concord Road (S.R. 3007) a 50
foot right-of -way, said point being referenced from the Northwestern corner of Shubrook Lane
right-of -way (an Unimproved right-of-way) South 57 degrees 25 minutes 32 seconds East a distance
of 6.10 feet to a point, thence across Concord Road right-of-way

			
	 	 	 
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Order Number: 289239PA

-954-461; NYN06-002988-

Policy Number: 10-i

North 32 degrees 34 minutes 28 seconds East a distance of 50.00 feet to a point on the Northern
right-of-way line of Concord Road, said point being POINT OF BEGINNING.

From the POINT OF BEGINNING along the Eastern property line of lands now or formerly of Village
Green Realty North 32 degrees 36 minutes 00 seconds East a distance of 13.00 feet to a point;
thence through lands now or formerly of Aston Center , LLC South 57 degrees 25 minutes 32 seconds
East a distance of 41.99 feet to a point; thence through the same along a curve to the left
having a radius of 812.00 feet and an arc length 359.76 feet, said arc having a chord bearing of
South 70 degrees 07 minutes 05 seconds East and a chord 356.83 feet to a point; thence through
the same South 07 degrees 11 minutes 22 seconds West a distance of 13.00 feet to a point on the
Northern right-of -way line of Concord Road thence along the Northern right-of-way line of
Concord Road along a curve to the right having a radius of 825.00 feet and an arc length of
355.52 feet , said arc having a chord bearing of North 70 degrees 07 minutes 05 seconds West and
a cord length of 362,54 feet to a point, thence along the same North 57 degrees 25 minutes 32
seconds West a distance of 42.00 feet to a point, said point being the POINT OF BEGINNING.

TOGETHER with and SUBJECT to a Deed of Easement between Village Green Realty, L.P., Aston Center,
LLC and Giant Food Stores, LLC, dated 7/14/2004 and recorded in Volume 3237 page 142, more
particularly bounded and described as follows:

ALL THAT CERTAIN lot or parcel of land with the buildings and improvements erected thereon,
SITUATE in the Township of Aston, County of Delaware and State of Pennsylvania, bounded and
described according to a Preliminary/Final Subdivision Plan made by J. Michael Brill Associates,
Inc., Consulting Engineers, Mechanicsburg, Pennsylvania, dated 2/5/2004, last revised 5/7/2004
and recorded in Plan Volume 26 page 145, as follows to wit:

BEGINNING AT A POINT located on the Southeast corner of land now or formerly owned by Village
Green Realty in Deed Book 2446, Page 2150; thence from said point along the Northern right-of-way
line of Concord Road (S.R. 3007), North 57 degrees 25 minutes 32 seconds West a distance of 242.43
feet to a point; thence through lands now or formerly of Village Green Realty the following
courses and distances: (1) along a curve to the left having a radius of 65.00 feet and an arc
length of 80.56 feet, said arc having chord bearing of North 68 degrees 06 minutes 20 seconds East
and a chord length of 75.50 feet to a point; (2) North 32 degrees 36 minutes 00 seconds East a
distance of 165.28 feet to a point; thence along the property line of lands now or formerly of
Village Green Realty the following courses and distances: (1) South 19 degrees 21 minutes 11
seconds West a distances of 3.66 feet to a point; (2) South 72 degrees 03 minutes 00 seconds East
a distance of 112.44 feet to a point; (3) North 80 degrees 41 minutes 00 seconds East a distance
of 119.43 feet to a point; (4) South 32 degrees 36 minutes 00 seconds West a distance of 331.30
feet to a point, said point being the POINT OF BEGINNING.

ALSO TOGETHER WITH AND SUBJECT TO that certain Access Covenant as in Volume 275 page 1536.

			
	 	 	 
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A-6

TW File # 290190

 — -1-001255; NYN06-002989-C

					
	 	 	 	 	 
	 
	 	Scott Town Center	 	 
	Policy Number: 10-9
	 	Bloomsburg, PA
	 	 

PARCEL NO. 1:

ALL THAT CERTAIN tract or parcel of land with the buildings and improvements thereon erected,
situate in the Township of Scott, County of Columbia and Commonwealth of Pennsylvania, bounded and
described as follows, to wit:

BEGINNING at a reference point, said point being a rebar located on the southern right-of-way of
Fifth Street Hollow Road (T-488) and being the northeastern property corner of lands now or
formerly of Dillon Floral Corporation; thence along said right-of-way North 69 degrees 59 minutes
19 seconds East a distance of 131.52 feet to a proposed iron pin, said iron pin being the point of
beginning; thence continuing along said right-of-way North 69 degrees 59 minutes 19 seconds East a
distance of 602.55 feet to an iron pipe, said iron pipe being the northwestern property corner of
lands now or formerly of Donald A. Campiese; thence along the western property line of said lands
South 19 degrees 52 minutes 46 seconds East a distance of 715.24 feet to a rebar, said rebar being
located on the northern property line of said lands now or formerly of Craig L. & Linda K. Baker;
thence along the northern property line of said lands, now or formerly of Long John Silvers, Inc.,
lands now or formerly of Select Properties and lands now or formerly of First National Bank of
Eastern Pennsylvania South 74 degrees 38 minutes 25 seconds West a distance of 512.03 feet to an
iron pipe, said iron pipe being the northwestern property corner of lands now or formerly of First
National Bank of Eastern Pennsylvania; thence along the western property line of said lands South
29 degrees 15 minutes 51 seconds East a distance of 5.80 feet to a rebar, said rebar being the
northeastern property corner of other lands now or formerly of First
National Bank of Eastern Pennsylvania; thence along the northern property line of said lands South
74 degrees 38 minutes 09 seconds West a distance of 199.40 feet to a rebar with cap, said rebar
being the northeastern property corner of lands now or formerly of Doris C. Dillon and the
southeastern property corner of lands now or formerly of Dillon Floral Corporation; thence along
the eastern property line of lands now or formerly of Dillon Floral Corporation North 22 degrees 06
minutes 25 seconds West a distance of 473.26 feet to a proposed iron pin, said iron pin being the
southwestern property corner of Proposed Lot No. 2; thence along the southern property line of said
lot North 74 degrees 38 minutes 51 seconds East a distance of 108.68 feet to a proposed iron pin,
said iron pin being the southeastern property corner of Lot No. 2; thence along the eastern
property line of said lot North 15 degrees 21 minutes 09 seconds West a distance of 199.83 feet to
a proposed iron pin, said iron pin being the POINT OF BEGINNING.

CONTAINING 472,481.55 square feet (10.8467 acres), being more particularly shown on a subdivision
plan for the Shopping Center at Scott Township prepared by J. Michael Brill & Associates, Inc. last
revised September 28, 2001, and designated as Lot No. 1, and filed in Columbia County Map Book 8,
Page 205 (A-E).

			
	PARCEL NO. 2:	 	PRO FORMA

ALL THAT CERTAIN tract or parcel of land with the buildings and improvements thereon erected,
situate in the Township of Scott, County of Columbia and Commonwealth of Pennsylvania, bounded and
described as follows, to wit:

			
	 	 	 
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BEGINNING at a point, said point being a rebar located along the southern right-of-way line
of Fifth Street Hollow Road (T-488) and being the northeastern property corner of lands now or
formerly of Dillon Floral Corporation; thence along said right-of-way North 69 degrees 59 minutes
19 seconds East a distance of 131.52 feet to a proposed iron pin, said iron pin being the
northwestern property corner of proposed Lot No. 1; thence along the western property line of said
lot South 15 degrees 21 minutes 09 seconds East a distance of 199.83 feet to a proposed iron pin;
thence South 74 degrees 38 minutes 51 seconds West a distance of 108.68 feet to a proposed iron
pin, said iron pin being located on the eastern property line of lands now or formerly of Dillon
Floral Corporation; thence along the eastern property line of said lands North 22 degrees 06
minutes 25 seconds West a distance of 190.47 feet to a rebar, being the POINT OF BEGINNING.

CONTAINING 23,376.36 square feet (0.5366 acre), being more particularly shown on a subdivision
plan for the Shopping Center of Scott Township prepared by J. Michael Brill & Associates, Inc.
last revised September 28, 2000, and designated as Lot No. 2, and filed in Columbia County Map
Book 8, Page 205 (A-E).

PARCEL NO. 3:

ALL THAT CERTAIN lot of ground situate in the Township of Scott, Columbia County, Pennsylvania,
being more particularly bounded and described as follows:

BEGINNING at a reference point, said point being an iron pipe located on the northern
right-of-way line of U.S. Route No. 1.1 (Columbia Boulevard) and being the southeastern property
corner of lands now or formerly of Doris C. Dillon and also being the southwestern property corner
of lands now or formerly of PNC Bank, N.A.; thence along said lands North 29 degrees 06 minutes 32
seconds West a distance of 184.48 feet to a point, said point being the northwest property corner
of lands now or formerly of PNC Bank, N.A. and being the POINT OF BEGINNING.; thence from said
POINT OF BEGINNING along the eastern property line of said lands of Doris C. Dillon North 29
degrees 06 minutes 32 seconds West a distance of 15.44 feet to a point; said point being the
southwest property corner of lands now or formerly of Dillon Floral Corporation and being the
southeast property corner of lands now or formerly of Caldwell Development, Inc. Proposed Lot #1;
thence along the southern property line of said lands of Proposed Lot #1 North 74 degrees 38
minutes 09 seconds East a distance of 199.40 feet to a point; thence North 29 degrees 15 minutes 51
seconds West a distance of 5.80 feet to a point; thence North 74 degrees 38 minutes 25 seconds East
a distance of 111.97 feet to a point; said point being the northwest property corner of
lands now or formerly of Select Properties; thence along the western property line of
said lands South 15 degrees 21 minutes 32 seconds East a distance of 63.37 feet to a point, said
point being the northeast property corner of lands now or formerly of PNC Bank, N.A.; thence along
the northern property line of said lands and other lands of PNC Bank, N.A. South 74 degrees 38
minutes 25 seconds West a distance of 102.26 feet to a point; thence along a curve to the right
having a radius of 35.00 feet and an arc length of 32.00 feet, the chord bearing of said arc being
North 79 degrees 10 minutes 11 seconds West a distance of 30.89 feet to a point; thence North 52
degrees 58 minutes 47 seconds West a distance of 53.15 (erroneously previously recited as 59.15
feet) feet to a point; thence South 74 degrees 38 minutes 09 seconds West a distance of 6.13 feet
to a paint; thence along a curve to the right having a radius of 37.00 feet and an arc length of
27.55 feet, the chord bearing of said arc being South 12 degrees 26 minutes 50 seconds
West a distance of 26.92 feet to a point;

			
	 	 	 
	 
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Order Number: 290190

Policy Number: 10•06-001255; NYN06-002989-C

thence along a curve to the right having a radius of 30.00 feet and an arc length of 33.84 feet;
the chord bearing of said arc being South 66 degrees 05 minutes 37 seconds West a distance of 32.07
feet to a point; thence North 81 degrees 35 minutes 41 seconds West a distance of 16.40 feet to a
point; thence along a curve to the left having a radius of 105.67 feet and an arc length of 43.84
feet, the chord bearing of said arc being South 86 degrees 31 minutes 14 seconds West a distance of
43.52 feet to a point; thence South 74 degrees 38 minutes 09 seconds West a distance of 35.87 feet
to a point; the point being the POINT OF BEGINNING.

Said lands being conveyed contain 11, 731.38 square feet (0.269 acres) as depicted on the Lands
Formerly of PNC Bank, N.A. to be conveyed to Proposed Lot #1 of the Shopping Center at Scott
Township Exhibit prepared by J. Michael Brill & Associates, Inc., dated April 23, 2002. -

The above described property is shown on the Amendment to the Approved Subdivision Plan dated April
8, 2002, revised April 12, 2002, prepared by J. Michael Brill & Associates, entitled “Shopping
Center at Scott Township” and recorded in the Office of the Recorder of Deeds of Columbia County,
Pennsylvania on June 17, 2002 in Map Book 8, Page 204 (A-B).

BEING THE SAME PREMISES which Bloomsburg Center, LLC, a Pennsylvania corporation, by Deed dated
November 7, 2006, and recorded November 15, 2006, in the Recorder of Deeds Office in and for
Columbia County, PA, in Instrument #200612063, granted and conveyed unto Bloomsburg Center, LLC, a
Pennsylvania corporation.

TOGETHER with those certain rights for access and installation of utilities under the. terms
contained therein, in the Access Easement Agreement dated August 2, 2002 between Dillon Floral
Corporation, Bloomsburg Center, LLC and Giant Food Stores, LLC recorded to Instrument #200209291.

ALSO TOGETHER with that certain right of access, under the terms contained therein, in the Deed of
Easement dated July 30, 2002 between Doris C. Dillon and Douglas K. Dillon, her husband; PNC Bank,
National Association and Bloomsburg Center, LLC recorded to Instrument #200209294.

			
	 	 	 
	Tax ID / Parcel No. 31-03-046; 31-03-018.01
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A-7

					
	 	 	 	 	 
	 
	 	Spring Meadow	 	 
	Policy Number: 10-9
	 	Wyomissing, PA
	 	 

ALL THAT CERTAIN lot, tract or parcel of land together with the buildings and improvements
thereon erected, and the privileges and appurtenances thereto appertaining, SITUATE in the
Township of Spring, County of Berks, Commonwealth of Pennsylvania, being shown on a plan
entitled “Plan of Subdivision” of Spring Meadow prepared by Langan Engineering and Environmental
Services, Inc., dated December 5, 1999, and last revised 2-10-00, recorded in the Office of the
Recorder of Deeds in and for Berks County in Plan Book 245, pages 52A and 52B, and more
particularly described as follows:

BEGINNING at a point on the northwesterly ultimate right-of-way line of Pennsylvania State Route
3055 (a.k.a Van Reed Road) (variable width), said point being found on the line dividing the
proposed “Spring Meadow” from lands now or formerly of Atlantic Refining & Marketing
Corporation, thence from said point of BEGINNING the following courses and distances:

1. Along said northwesterly ultimate right-of-way line of State Route 3055, South 39
degrees 04' 02" West, a distance of 171.04 feet to a point, thence;

2. still along the same South 50 degrees 52' 40" East, a distance of 1.00 feet to a point,
thence;

3, still along the northwesterly side of State Route 3055, South 39 degrees 04' 02"
West, a distance of 325.29 feet to a point, thence;

4. leaving said State Route 3055 and extending along the northwesterly line dividing the
proposed “Spring Meadow” from lands now or formerly of V. F. Associates and lands now or formerly
of E. J. Breneman, Inc. and crossing a 50 foot wide storm sewer right-of-way, North 52 degrees
03' 50" West, a distance of 983.46 feet to an iron pin found on the zoning boundary line dividing
Zone NC from Zone EL, thence;

5. extending along said zoning division line and along the northwesterly line dividing the
proposed “Spring Meadow” from lands now or formerly of E. 3. Breneman, Inc. and recrossing said
50 foot wide storm sewer right-of-way, North 41 degrees 57' 30" East, a distance of 639.25 feet
to a point on the southwesterly ultimate right-of-way of State Route 3023 (a.k.a State Hill Road)
(variable width), thence;

6. along said southwesterly ultimate right-of-way line of State Route 3023, South 48 degrees
03' 04" East, a distance of 67.51 feet to a point of curvature, thence;

7. still along the same in a southeasterly direction on the arc of a circle curving to the
left having a radius of 2333.83 feet and a central angle of 07 degrees 42' 24", an arc distance
of 313.91 feet to a point, thence;

8. still along the same South 34 degrees 14' 32" West, a distance of 6.00 feet to a point on
the legal right-of-way line of State Route 3023; thence;

9. still along said legal right-of-way line South 56 degrees 04' 59" East, a distance of
398.22 feet to a point on the right-of-way line of State Route 3023, thence;

			
	 	 	 
	 
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	 	Page 2 of 6

 

 

Order Number: 289700

‘ —“`”16-001253; NYN06-002992-C

Policy Number: 10-

10. leaving said right-of-way line of State Route 3023 and extending along the line
dividing the proposed “Spring Meadow” from lands now or formerly of Atlantic Refining &
Marketing Corporation South 39 degrees 07' 20" West, a distance of 170.11 feet to a point,
thence;

11. still along the line dividing the proposed “Spring Meadow” from lands now or formerly
of Atlantic Refining & Marketing Corporation, South 56 degrees 09' 30" East, a distance of
172.74 to a point on the aforementioned northwesterly ultimate right-of-way of State Route 3055,
being the first mentioned point and place of BEGINNING.

The above described parcel containing 13.52 acres of land, more or less.

BEING THE SAME PREMISE which ARP Berk Acquisitions LLC, a Delaware limited liability company, by
Deed dated November 6, 2003, and recorded November 17, 2003, in the Recorder of Deeds Office in
and for Berks County, PA, in Volume 3928, Page 2113, granted and conveyed unto Wyomissing Center,
LLC, a Pennsylvania limited liability company.

Tax ID / Parcel No. 4387-15-73-3013

			
	 	 	 
	 
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A 8

1W File # 289418

AL n” A-Kt/06-001254; NYN06-002990-C

					
	 	 	 	 	 
	 
	 	Parkway Plaza
	 	 
	Policy Number
	 	Mechanicsburg, PA	 	 

All that certain piece or parcel of land situate in Upper Allen Township, Cumberland
County, Pennsylvania, being Lot No. 4 of a Plan of Cumberland Business Park recorded in the
office of the Recorder of Deeds in and for Cumberland County, Pennsylvania, in Plan
Book 63, Page 51, more particularly described as follows:

Beginning at a point, said point being a rebar located on the northern right of way line of
the Cumberland Parkway and said rebar also being the southeast property corner of lands now or
formerly of System Realty Three/ Inc.; thence along the eastern property line of said
lands North 16 degrees 36 minutes 29 seconds West a distance of 827.31 feet to a rebar, said
rebar being located on the southern right of way line of the Pennsylvania Turnpike; thence along
said right of way line the five (5) following courses and distances:

1. South 83 degrees 24 minutes 30 seconds East a distance of 317.92 feet to a point;

2. South 74 degrees 07 minutes 55 seconds East a distance of 303.98 feet to a point;

3. South 38 degrees 24 minutes 30 seconds East a distance of 390.32 feet to a point;

4. South 83 degrees 24 minutes 30 seconds East a distance of 281.00 feet to a point;

5. North 18 degrees 54 minutes 54 seconds East a distance of 41.37 feet to a point; said
point being located on the western property line of lands now or formerly of Michael A. Serlucco;

Thence along said property line South 19 degrees 25 minutes 10 seconds East a distance of 430.36
feet to a. point, said point being the north property
corner of Lot No. 7 of the Cumberland Business Park; thence along the western property line of
said Lot No. 7 South 01 degree 06 minutes 44 seconds East a distance of 145.50 feet to a point;
thence along the same South 17 degrees 01 minute 32 seconds East a distance of 57.42 feet to a
point located on the northern right of way line of an unnamed Township road; thence
along said right of way the following four courses and distances;

1. North 73 degrees 33 minutes 57 seconds West a distance of 490.90 feet to a rod and cap;

2. North 55 degrees 07 minutes 15 seconds West a distance of 158.10 feet to a point;

3. North 73 degrees 31 minutes 03 seconds West a distance of 149.77 feet to a rod and cap;

4. South 16 degrees 30 minutes 35 seconds West a distance of 130.09 feet to a rod and cap
located on the northern right of way line of the aforementioned Cumberland Parkway;

Thence along said right of way line North 73 degrees 33 minutes 57 seconds West a

			
	 	 	 
	 
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distance of
300.70 feet to the point of BEGINNING.

 

 

Policy Number: 10-!

Said Tract contains 16.136 acres pursuant to the survey and final land
development/subdivision plan of J. Michael Brill & Associates, Inc., dated June 2, 1997, which is
thus made a part hereof by reference thereto.

BEING THE SAME PREMISES which Homestead Trust #5, Michael Cherewka, Trustee; and Mid Penn Bank, by
Corrective.Special Warranty Deed dated December 14, 2000, and recorded January 4, 2001, in the
Recorder of Deeds Office in and for Cumberland County, PA, in Book 237, Page 292, granted and
conveyed unto Caldwell Development, Inc., a Pennsylvania Corporation.

TOGETHER with all right, title and interest in and to the bed of an unnamed service road vacated by
Upper Allen Township, filed to Proceedings No. 32 Misc. 1999 in the Court of Common Pleas of
Cumberland County.

EXCEPTING AND RESERVING THEREFROM, a tract of land containing 0.47 acres, conveyed to Michael A.
Serluco, by Deed from Caldwell Development, Inc., dated April 14, 1998, and recorded June 18, 1998,
in Book 179, Page 564.

ALSO EXCEPTING AND RESERVING THEREFROM a tract of land containing 1.23 acres, conveyed to Upper
Allen Township, by Deed of Dedication from Caldwell Development, Inc., dated March 9, 1999, and
recorded August 4, 1999, in Book 205, Page 234.

Tax ID / Parcel No. 42-26-0243-027

			
	 	 	 
	 
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A-9

TW File # 289873

4- -“AA °“16-001.251; NYN06-002991C

					
	 	 	 	 	 
	 
	 	Ayr Town Center
	 	 
	Policy Number:
	 	McConnellsburg, PA	 	 

ALL those three certain tracts or parcels of land situate in Ayr Township, Fulton County,
Pennsylvania, bounded and described as follows:

(Fee Parcel):

BEGINNING at a point, said point being on the eastern right-of-way line of S.R. 0522, said point
also being the northwestern corner of the property described herein; thence along land of now or
formerly RandoIf Keefer, S 54 degrees 58' 00" E, a distance of 207.95 to a point; thence along
same, N 33 degrees 58' 00" E, a distance of 82.35 feet to a point; thence along land of now or
formerly Central Fulton County School District, S 52 degrees 50' 00" E, a distance of 627.50 feet
to a point; thence along land of now or formerly P & W Excavating, Inc. S 25 degrees 47' 00" W, a
distance of 536.76 feet to a point; thence along land of Kenneth Lee Glazier, Sharon M. Glazier,
Calvin C. & Catherine A. Glazier (this land having been conveyed to. McConnellsburg Center, LLC
as a Permanent Irrevocable Easement), the following courses and distances: N 56 degrees 13' 58"
W, 621.07 feet to a point; N 61 degrees 13' 56" W, 126.95 feet to a point; N 65 degrees 51' 09"
W, 102.30 feet to a point; S 74 degrees 38' 33" W, 58.30 feet to a point on the aforementioned
right-away line of S.R. 0522; thence along said right-of-way line the following courses and
distances: N 30 degrees 07' 31" E, 210.26 feet to a point; N 56 degrees 23' 07" W, 8.80 feet to a
point; N 33 degrees 41' 54" E, 353.45 feet to a point and place of BEGINNING.

Containing 10.77 acres and identified as Parcel 1-Lot 1 as set forth on that certain Final
Subdivision and Land Development Plan identified as Giant Food Stores Shopping Center dated June
17, 2003 and recorded April 26, 2004 in the Office of the Recorder of Deeds of Fulton County in
Plat File No. 275B and 275C.

TOGETHER WITH and under and subject to, the easements, rights and conditions as set forth in the
following described premises:

Easement Parcel No. 1:

BEGINNING at a point on the eastern right-of-way line                sa point also being a southwestern corner of
the property described herein; thence along said right-of-way the following Courses and distances:
N 26 degrees 261 37" E, 82.49 feet to a point; N 26 degrees 26' 37" E, 99.11 feet to
a point; N 30 degrees 07' 31" E, 53.17 feet to a point; thence along land of McConnellsburg
Center, LLC the following courses and distances: N 74 degrees 38' 33" E, 58.30 feet to a point; S
65 degrees 51' 09" E, 102.30 feet to a point; S 61 degrees 13' 56" E, 126.95 feet to a point; S 56
degrees 13' 58" E, 621.07 feet to a point; thence along land of now or formerly P & W Excavating,
Inc. and .Flow or formerly Fulton Industrial Development Association, Inc., S 25
degrees 47' 00" W, a distance of 441.54 feet to a point on the northern right-of-way line of S.R.
1016; thence along said right-of-way line the following courses and

PRO FORMA

			
	 	 	 
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distances: N 32 degrees 38'
03" W, 129.72 feet to a point; by a curve to the left with a radius of 1215.92 feet, the chord of
which is, N 43 degrees 21' 29" W, 452.50 feet to a point; N 35 degrees 55' 05" E, 5.00 feet to a
point; by a curve to the left with a radius of 1220.92 feet, the chord of which is N 57 degrees
01' 08" W, 125.11 feet to a point; N 62 degrees 47' 59" W, 80.73 feet to a point; N 68
degrees 46'

 

 

Order Number: 289873

-c-001251; NYN06-002991C

Policy Number:

02" W, 143.58 feet to a point; N 11 degrees 01' 51" W, 22.83 feet to a point on the
aforementioned right-of-way line of S.R. 0522, and place of BEGINNING.

Containing 6.49 acres and shown as “Phase 2" on an attached map titled, “Property Layout
Plan, Caldwell DevelopMent Company, Ayr Township, Fulton County, PA", as prepared by Gannett
Fleming, Inc., dated March 2, 2004.

ALSO BEING KNOWN as Parcel 1-Lot 2 and Parcel 2-Lot 1 as identified on that certain Final
Subdivision and Land Development Plan identified as Giant Food Stores Shopping Center dated June
17, 2003 and recorded April 26, 2004 in the Office of the Recorder of Deeds of Fulton County in
Plat File No. 275B and 275C, being a grading and permanent surface water drainage easement over
and at said Parcel 1-Lot 2 and Parcel 2-Lot 1 on said Plan and the subject of separate Grading
and Permanent Surface Water Drainage Easement between McConnellsburg Center, LLC and Kenneth Lee.
Glazier and Sharon M. Glazier, husband and wife, and Calvin C. Glazier and Catherine A. Glazier,
husband and wife.

Easement Parcel No. 2:

BEGINNING at a point on the northern right-of-way line of S.R. 1016, said point also being the
southwestern corner of the property described herein; thence through land of Kenneth Lee Glazier,
Sharon M. Glazier, Calvin C. & Catherine A. Glazier, the following courses and distances: by a
curve to the left with a radius of 439.50, the chord of which is, N 48 degrees 37' 10" E, 50.88
feet to a point; N 45 degrees 18' 03" E, 177.07 feet to a point; by a curve to the left with a
radius of 54.50 feet, the chord of which is, N 3 degrees 52' 04" E, 72.13 feet to a point; thence
along land of McConnellsburg Center, LLC, S 56 degrees 13' 58" E, 102.36 feet to a point; thence
through the aforementioned land of Kenneth Lee Glazier, Sharon M. Glazier, Calvin C. & Catherine
A. Glazier, the following courses and distances: by a curve to the left with a radius of 54.50
feet, the chord of which is, S 68 degrees 33' 52"
W, 64.89 feet to a point; S 32 degrees 01':45" W, 178.49 feet to a point; by a curve to the left
with a radius of 599.50 feet, the chord of which is, S 29 degrees 05' 36" W, 61.41 feet to a
point on the aforementioned northern right-of-way line of S.R. 1016; thence along said
right-of-way line, by a curve to the left with a radius of 1215.92, the chord of which is, N 51
degrees 14' 47" W, a distance of 88.57 feet to a point, the place of BEGINNING.

Containing 0.36 acres as identified on that certain Final Subdivision and Land Development Plan
identified as Giant Food Stores Shopping center dated June 17, 2003 and recorded April 26, 2004
in the Office of the Recorder of Deeds of Fulton County in Plat File No. 275B and 275C, being a
permanent right-of-way and permanent easement over Parcel 1-Lot 2 and Parcel 2-Lot 2, which lots
are set forth on the said Plan and the subject of a separate Access Easement Agreement between
McConnelisburg Center, LLC and Kenneth Lee Glazier and Sharon M. Glazier, husband and wife, and
Calvin C. Glazier and Catherine A. Glazier, husband and wife.

Fee Parcel, BEING THE SAME PREMISE which Kenneth Lee Glazier and Sharon M. Glazier, husband and
wife, and Calvin C. Glazier and Catherine A. Glazier, husband and wife, by Deed dated April 29,
2004, and recorded April 29, 2004, in the Recorder of Deeds Office in and for Fulton County, PA,
in Book 394, Page 98, granted and conveyed unto McConnelisburg Center, LLC, a Pennsylvania
limited liability company.

			
	 	 	 
	 
	 	PRO FORMA
	 	 	 
	Owner’s Policy
	 	Page 4 of 6

 

 

Order Number: 289873

‘106-001251: NYN06-

Policy Number:

Easement Parcel No. 1, BEING THE SAME PREMISE which Kenneth L. and Sharon M. Glazier, • his wife,
and Calvin C. and Catherine A. Glazier, his wife, by Grading and Permanent Surface Water Drainage
Easement, dated April 28, 2004, and recorded April 29, 2004, in the Recorder of Deeds Office in
and for Fulton County, PA, in Book 394, Page 123, granted and conveyed unto McConnellsburg
Center, LLC, a Pennsylvania limited liability company.

Easement Parcel No. 2, BEING THE SAME PREMISE which Kenneth L. and Sharon M. Glazier, his wife,
and Calvin C. and Catherine A. Glazier, his wife, by Access Easement Agreement, dated April 28,
2004, and recorded April 29, 2004, in the Recorder of Deeds Office in and for Fulton County, PA,
in Book 394, Page 142, granted and conveyed unto McConnellsburg Center, LLC, a Pennsylvania
limited company.

Tax ID I Parcel No. 01-12-037B-000

			
	 	 	 
	 
	 	PRO FORMA
	 	 	 
	Owner’s Policy
	 	Page 5 of 6

 

 

EXHIBIT B

FORM OF AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

(see attached)

 

 

AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

OF

CEDAR-HERSHEY, LP

March [___], 2007

THE PARTNERSHIP INTERESTS REPRESENTED BY THIS LIMITED PARTNERSHIP AGREEMENT HAVE BEEN
ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE DELAWARE SECURITIES
ACT, OR OTHER SIMILAR FEDERAL OR STATE STATUTES OR AGENCIES IN RELIANCE UPON EXEMPTIONS FROM
REGISTRATION AS PROVIDED IN THOSE STATUTES. THE SALE, ACQUISITION, ASSIGNMENT, TRANSFER,
EXCHANGE, MORTGAGE, PLEDGE OR OTHER DISPOSITION OF ANY PARTNERSHIP INTEREST IS RESTRICTED IN
ACCORDANCE WITH THE PROVISIONS OF THIS LIMITED PARTNERSHIP AGREEMENT, AND THE EFFECTIVENESS
OF ANY SUCH SALE, ACQUISITION, ASSIGNMENT, TRANSFER, EXCHANGE, MORTGAGE, PLEDGE OR OTHER
DISPOSITION MAY BE CONDITIONED UPON, AMONG OTHER THINGS, RECEIPT BY THE GENERAL PARTNER OF
THE PARTNERSHIP OF AN OPINION OF COUNSEL SATISFACTORY TO IT AND ITS COUNSEL THAT SUCH SALE,
ACQUISITION, ASSIGNMENT, TRANSFER, EXCHANGE, MORTGAGE, PLEDGE OR OTHER DISPOSITION CAN BE
MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, THE DELAWARE
SECURITIES ACT AND OTHER APPLICABLE FEDERAL OR STATE STATUTES. BY ACQUIRING THE PARTNERSHIP
INTERESTS REPRESENTED BY THIS LIMITED PARTNERSHIP AGREEMENT, EACH PARTNER REPRESENTS THAT IT
WILL NOT SELL, ACQUIRE, ASSIGN, TRANSFER, EXCHANGE, MORTGAGE, PLEDGE OR OTHERWISE DISPOSE OF
A PARTNERSHIP INTEREST WITHOUT REGISTRATION OR OTHER COMPLIANCE WITH THE AFORESAID STATUTES
AND RULES AND REGULATIONS THEREUNDER AND THE TERMS AND PROVISIONS OF THIS LIMITED
PARTNERSHIP AGREEMENT.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I

ORGANIZATION

	SECTION 1.1. Continuation
	 	 	1	 
	SECTION 1.2. Name and Office
	 	 	2	 
	SECTION 1.3. Purpose
	 	 	2	 
	SECTION 1.4. Term
	 	 	3	 
	SECTION 1.5. Defined Terms
	 	 	3	 
	SECTION 1.6. Admission of HHUS; Amendment and Restatement
	 	 	12	 
	 
	 	 	 	 
	ARTICLE II

CAPITAL

	SECTION 2.1. Capital Contributions
	 	 	13	 
	SECTION 2.2. Shortfalls; Shortfall Loans
	 	 	13	 
	 
	 	 	 	 
	ARTICLE III

COMPANY INTERESTS

	SECTION 3.1. Percentage Interests of General Partner and Limited Partners
	 	 	14	 
	SECTION 3.2. Capital Accounts
	 	 	14	 
	SECTION 3.3. Return of Capital
	 	 	15	 
	 
	 	 	 	 
	ARTICLE IV

DISTRIBUTIONS

	SECTION 4.1. General
	 	 	15	 
	SECTION 4.2. Net Cash Flow
	 	 	15	 
	SECTION 4.3. Net Proceeds of a Capital Transaction
	 	 	15	 
	SECTION 4.4. Tax Payments
	 	 	16	 
	SECTION 4.5. Limitation on Distributions
	 	 	16	 
	 
	 	 	 	 
	ARTICLE V

ALLOCATION OF PROFITS AND LOSSES

	SECTION 5.1. Profits
	 	 	17	 
	SECTION 5.2. Losses
	 	 	17	 
	SECTION 5.3. Special Allocations
	 	 	18	 
	SECTION 5.4. Other Allocation Rules
	 	 	19	 
	SECTION 5.5. Tax Allocations
	 	 	20	 
	 
	 	 	 	 
	ARTICLE VI

MANAGEMENT

	SECTION 6.1. Management
	 	 	21	 
	SECTION 6.2. Major Decisions
	 	 	23	 
	SECTION 6.3. Duties and Conflicts
	 	 	25	 
	SECTION 6.4. Company’s Counsel
	 	 	25	 

-i- 

 

	 	 	 	 	 
	 	 	Page
	SECTION 6.5. Exculpation/Indemnification
	 	 	26	 
	SECTION 6.6. Transactions with Related Parties
	 	 	26	 
	SECTION 6.7. REIT Status
	 	 	27	 
	 
	 	 	 	 
	ARTICLE VII

BOOKS AND RECORDS; RESERVES

	SECTION 7.1. Bank Accounts
	 	 	27	 
	SECTION 7.2. Books of Account
	 	 	28	 
	SECTION 7.3. Operating Statements
	 	 	28	 
	SECTION 7.4. The Accountant
	 	 	29	 
	SECTION 7.5. Tax Matters Partner
	 	 	29	 
	SECTION 7.6. Annual Budget
	 	 	29	 
	 
	 	 	 	 
	ARTICLE VIII

WITHDRAWALS; TRANSFERS OF COMPANY INTERESTS

	SECTION 8.1. No Transfer
	 	 	30	 
	SECTION 8.2. Succession by Operation of Law/Certain Permitted
Transfers/ Prorations/Cooperation
	 	 	30	 
	SECTION 8.3. General Conditions Applicable to Transfers
	 	 	30	 
	SECTION 8.4. Buy/Sell Rights
	 	 	32	 
	SECTION 8.5. Right of First Refusal
	 	 	36	 
	SECTION 8.6. Bankruptcy or Withdrawal of a Partner
	 	 	37	 
	SECTION 8.7. Death or Incompetency of an Individual Partner
	 	 	37	 
	SECTION 8.8. Withdrawal Rights
	 	 	38	 
	SECTION 8.9. Transparent Status
	 	 	38	 
	 
	 	 	 	 
	ARTICLE IX

BROKERS

	SECTION 9.1. Brokers
	 	 	38	 
	 
	 	 	 	 
	ARTICLE X

TERMINATION

	SECTION 10.1. Dissolution
	 	 	39	 
	SECTION 10.2. Termination
	 	 	39	 
	SECTION 10.3. Liquidating Partner
	 	 	40	 
	SECTION 10.4. No Redemption
	 	 	40	 
	SECTION 10.5. Governance
	 	 	40	 
	SECTION 10.6. Return of Capital
	 	 	41	 
	 
	 	 	 	 
	ARTICLE XI

POWER OF ATTORNEY

	 
	 	 	 	 
	ARTICLE XII

MISCELLANEOUS

	SECTION 12.1. Further Assurances
	 	 	42	 
	SECTION 12.2. Notices
	 	 	42	 
	SECTION 12.3. Governing Law
	 	 	44	 

-ii- 

 

	 	 	 	 	 
	 	 	Page
	SECTION 12.4. Captions
	 	 	44	 
	SECTION 12.5. Pronouns
	 	 	44	 
	SECTION 12.6. Successors and Assigns
	 	 	44	 
	SECTION 12.7. Extension Not a Waiver
	 	 	44	 
	SECTION 12.8. Construction
	 	 	45	 
	SECTION 12.9. Severability
	 	 	45	 
	SECTION 12.10. Consents
	 	 	45	 
	SECTION 12.11. Entire Agreement
	 	 	45	 
	SECTION 12.12. Consent to Jurisdiction
	 	 	45	 
	SECTION 12.13. Counterparts
	 	 	45	 
	SECTION 12.14. Tax Election
	 	 	46	 
	SECTION 12.15. Costs
	 	 	46	 
	SECTION 12.16. Representations and Warranties
	 	 	46	 
	SECTION 12.17. Limitation of Liability
	 	 	48	 
	SECTION 12.18. Company Name
	 	 	49	 
	SECTION 12.19. Ownership of Company Property
	 	 	49	 
	SECTION 12.20. Time of the Essence
	 	 	49	 
	SECTION 12.21. Status Reports
	 	 	49	 
	SECTION 12.22. Waiver of Partition
	 	 	50	 
	SECTION 12.23. Calculation of Days
	 	 	50	 
	SECTION 12.24. Disclosure
	 	 	50	 
	SECTION 12.25. Dollar Amounts
	 	 	50	 

	 	 	 	 	 

	EXHIBIT A

	 	—
	 	IRR Calculation
	 
	 	 	 	 
	EXHIBIT B

	 	—
	 	Property Description
	 
	 	 	 	 
	EXHIBIT C

	 	—
	 	Form of Property Management Agreement

-iii- 

 

AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

OF

CEDAR-HERSHEY, LP

     THIS AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) is made as of
[March] [____], 2007, by and among [CEDAR SHOPPING CENTERS PARTNERSHIP, L.P. GP ENTITY], a
___________, having an office at 44 South Bayles Avenue, Port Washington, New York 11050 (“Cedar GP
”), [CEDAR SHOPPING CENTERS PARTNERSHIP, L.P. LP ENTITY], a [_________________], having an office
at 44 South Bayles Avenue, Port Washington, New York 11050 (“Cedar LP”), and HOMBURG HOLDINGS
(U.S.), INC., a Colorado corporation, having an address at 559 East Pikes Peak Avenue, Suite 320,
Colorado Springs, Colorado 80903 (“HHUS”), pursuant to the provisions of the Delaware Revised
Uniform Limited Partnership Act, Title 6 of the Delaware Code, Section 17-101 et
seq., as amended from time to time (“Delaware Act”). Capitalized terms used herein are
defined in Section 1.5 below or as elsewhere provided herein.

     WHEREAS, Cedar-Hershey, LLC, a Delaware limited liability company, was formed with Cedar LP as
its sole member on [September 1, 2004] for purposes of owning and operating the Property;

     WHEREAS, Cedar Shopping Centers Partnership, L.P. (“Cedar”), as sole member, approved the
conversion of Cedar-Hershey, LLC to a Delaware limited partnership named Cedar-Hershey, LP (the
“Company”) pursuant to Section 18-216 of the Delaware Limited Liability Company Act on [_________],
and caused to be filed a certificate of conversion reflecting such conversion with the Delaware
Secretary of State and a certificate of limited partnership pursuant to Section 17-217 of the
Delaware Act on _________, and formed Cedar GP to act as general partner of the Company, with Cedar
LP being the limited partner of the Company;

     WHEREAS, the Company is governed by that certain Agreement of Limited Partnership of
Cedar-Hershey, LP, dated [____________] between Cedar LP and Cedar GP (the “Original Partnership
Agreement”);

     WHEREAS, pursuant to the terms of the Purchase and Sale Agreement, Cedar LP is transferring to
HHUS an eighty percent (80%) limited partnership interest in the Company; and

     WHEREAS, in connection with the sale of the limited partnership interests to HHUS, (i) Cedar
GP and Cedar LP desire to admit HHUS as a Limited Partner and (ii) the Partners desire to amend and
restate the Original Partnership Agreement in its entirety.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
Cedar GP, Cedar LP and HHUS do hereby mutually covenant and agree as follows:

ARTICLE I

ORGANIZATION

     SECTION 1.1. Continuation.

 

 

     (a) The General Partner shall cause the Company to be continued pursuant to the
provisions of the Delaware Act and on the terms and conditions set forth in the Certificate.
The rights and liabilities of all Partners shall be as provided under the Delaware Act, the
Certificate and this Agreement. To the extent permitted by applicable law, the provisions
of this Agreement shall override the provisions of the Delaware Act in the event of any
inconsistency or contradiction between them. The fact that the Certificate is on file in
the office of the Secretary of State shall constitute notice that the Company is a limited
partnership, pursuant to Section 17-208 of the Delaware Act.

     (b) In order to maintain the Company as a limited partnership under the laws of the
State of Delaware, the Company shall, from time to time, take appropriate action, including
the preparation and filing of such amendments to the Certificate and such other assumed name
certificates, documents, instruments and publications as may be required by or desirable
under law, including, without limitation, action to reflect:

     (i) any change in the Company name; or

     (ii) any correction of false or erroneous statements in the Certificate or the
desire of the Partners to make a change in any statement therein in order that it
shall accurately represent the agreement among the Partners.

     (c) Each necessary Partner shall further execute, and the Company shall file and record
(or cause to be filed and recorded) and shall publish, if required by law, such other and
further certificates, statements or other instruments as may be necessary or desirable under
the laws of the State of Delaware or the state in which any of the Property is located in
connection with the continuation of the Company and the carrying on of its business. The
General Partner shall be an authorized person of the Company for purposes of any filings
under the Delaware Act and shall be authorized to execute and deliver on behalf of the
Company any of the foregoing certificates.

     SECTION 1.2. Name and Office. The name of the Company shall be “Cedar-Hershey, LP.”
All business of the Company shall be conducted under the name of the Company and title to all
property, real, personal, or mixed, owned by or leased to the Company shall be held in such name.
The principal place of business and office of the Company shall be located at 44 South Bayles
Avenue, Port Washington, New York 11050 or at such other place or places as the General Partner may
from time to time designate. The Company may have such additional offices and places of business
as may be established at such other locations as may be determined from time to time by the
Partners. The registered agent of the Company within the State of Delaware is Corporation Trust
Company and the registered office of the Company within the State of Delaware is 1209 Orange
Street, Wilmington, Delaware 19801.

     SECTION 1.3. Purpose.

     (a) The purpose and business of the Company shall be to acquire and own the Property,
and in connection therewith to finance, own, operate, lease, manage, dispose of (in whole or
in part) and otherwise deal with the Property and any other real property and Company Assets
acquired, directly or indirectly, by the Company in accordance with the

-2-

 

terms hereof. The Partners acknowledge that their current intent is to dispose of the
Property within approximately seven (7) years after the Company’s acquisition of the
Property.

     (b) The Company shall not engage in any other business or activity without the prior
written consent of all the Partners.

     SECTION 1.4. Term. The term of the Company commenced on the filing of the Original
Certificate with the Secretary of State of the State of Delaware and shall continue until December
31, 2021, unless sooner terminated pursuant to the provisions hereof. The existence of the Company
as a separate legal entity shall continue until the cancellation of the Certificate in the manner
required by the Delaware Act.

     SECTION 1.5. Defined Terms. The following terms shall have the following meanings
when used herein:

     “9.25% IRR Deficiency” — As defined in Exhibit A.

     “10.5% IRR Deficiency” — As defined in Exhibit A.

     “Acceptance Notice” — As defined in Section 8.5(a).

     “Accountant” — As defined in Section 7.4.

     “Adjusted Capital Account” — With respect to any Partner, the balance, if any, in such
Partner’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the
adjustments set forth herein and the following adjustments:

     (a) Credit to such Capital Account any amounts which such Partner is obligated to
restore pursuant to the terms of this Agreement or is deemed to be obligated to restore
pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c) or pursuant to the penultimate
sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

     (b) Debit to such Capital Account the items described in paragraphs (4), (5) and (6) of
Treasury Regulations Section 1.704-1(b)(2)(ii)(d).

     The foregoing definition of Adjusted Capital Account is intended to comply with the provisions
of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations to the extent relevant thereto and
shall be interpreted consistently therewith.

     “Affiliate” — Means with respect to any Person, any other Person directly or indirectly
Controlled by, controlling or under direct or indirect common Control with the Person in question,
or such Person who owns, directly or indirectly, five percent (5%) or more of the equity interest
of the other Person.

     “Agreement” — As defined in the Preamble.

-3-

 

     “Bankruptcy Event” — Means, with respect to any Person, the occurrence of any of the
following events: (i) the making by it of an assignment for the benefit of its creditors, (ii) the
filing by it of a voluntary petition in bankruptcy, (iii) an adjudication that it is bankrupt or
insolvent unless such adjudication is stayed or dismissed within sixty (60) days, or the entry
against it of an order for relief in any bankruptcy or insolvency proceeding unless such order is
stayed or dismissed within ninety (90) days, (iv) the filing by it of a petition or an answer
seeking for itself any reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief under any statute, law or regulation, (v) the filing by it of an
answer or other pleading admitting or failing to contest the material allegations of the petition
filed against it in any proceeding of the nature described in the preceding clause (iv), (vi) its
seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator of it
or of all or any substantial part of its assets, or (vii) the failure within ninety (90) days after
the commencement of any proceeding against it seeking reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, to
have the proceeding stayed or dismissed, or the failure within one hundred twenty (120) days after
the appointment without its consent or acquiescence of a trustee, receiver or liquidator of it or
of all or any substantial part of its assets to have such the appointment vacated or stayed, or the
failure within ninety (90) days after the expiration of any such stay to have the proceeding
dismissed or the appointment vacated.

     “Business Day” — Any day other than Saturday, Sunday or any other day on which banks or
savings and loan associations in New York, New York are not open for business.

     “Buy Sell Deposit” — As defined in Section 8.4(c).

     “Buy Sell Election Date” — As defined in Section 8.4(b).

     “Buy Sell Exercise Period” — Means, with respect to Cedar GP and Cedar LP, any time after the
eighteenth (18th) month anniversary of the date of this Agreement and with respect to HHUS (and, if
applicable, HP), (i) any time after the eighteenth (18th) month anniversary of the date of this
Agreement, (ii) within sixty (60) days after the date on which Cedar shall no longer be Controlled,
directly or indirectly, by CSCI or an entity in which Leo Ullman shall have a senior management
position, or (iii) at any time that HHUS shall reasonably believe, acting in good faith, that Cedar
shall qualify as a transparent entity for Dutch tax purposes.

     “Buy Sell Notice” — As defined in Section 8.4(a).

     “Buy Sell Offeree” — As defined in Section 8.4(a).

     “Buy Sell Offeror” — As defined in Section 8.4(a).

     “Bull Sell Property” — As defined in Section 8.4(a).

     “Buy Sell Purchase Price” - As defined in Section 8.4(a)

     “Capital Account” — The Capital Account maintained for each Partner pursuant to Section 3.2
as the same may be credited or debited in accordance with the terms hereof.

-4-

 

     “Capital Contribution” — With respect to any Partner, the amount of money and the Gross Asset
Value of any property (other than money) contributed, or deemed contributed, by such Partner to the
Company (net of any liabilities secured by such property or to which such property is otherwise
subject).

     “Capital Expenditures” — For any period, the amount expended for items capitalized under
generally accepted accounting principles, consistently applied.

     “Capital Transaction” — Means any of the following: (a) a sale, transfer or other
disposition of all or a portion of any Company Asset (other than tangible personal property that
(i) is not sold, transferred or otherwise disposed in connection with the sale, transfer or other
disposition of a fee interest or leasehold interest in real property and (ii) is otherwise sold,
transferred or disposed in the ordinary course of business); (b) any condemnation or deeding in
lieu of condemnation of all or a portion of any Company Asset; (c) any financing or refinancing of
any Company Asset; (d) the receipt of proceeds due to any fire or other casualty to the Property or
any other Company Asset; and (e) any other transaction involving Company Assets, in each case the
proceeds of which, in accordance with generally accepted accounting principles, are considered to
be capital in nature.

     “Cedar” — As defined in the Recitals.

     “Cedar LP” — As defined in the Preamble.

     “Cedar GP” — As defined in the Preamble.

     “Certificate” — The Certificate of Limited Partnership for the Company that complies with
Section 17-201 of the Delaware Act dated [_____] filed with the Secretary of State of the State of
Delaware pursuant to Section 17-217 of the Delaware Act, as the same may be amended and restated.

     “Code” — The Internal Revenue Code of 1986, as amended.

     “Company” — As defined in the Recitals.

     “Company Assets” — The assets and property, whether tangible or intangible and whether real,
personal, or mixed, at any time owned by or held for the benefit of the Company and all direct or
indirect interests in the Property.

     “Company Counsel” — As defined in Section 6.4.

     “Company Interest” — As to any Partner, all of the interest of that Partner in the Company
including, without limitation, such Partner’s (i) right to a distributive share of the profits and
losses and cash flow of the Company, and (ii) right to participate in the management of the
business and affairs of the Company in accordance with the terms hereof.

     “Company Minimum Gain” — Means “partnership minimum gain” as set forth in Treasury
Regulations Section 1.704-2(d).

-5-

 

     “Consent Notice” — As defined in Section 6.2.

     “Control” —  Means with respect to any specified Person, the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting
securities or other beneficial interest, by contract or otherwise; and the terms “Controlling” and
“Controlled” have the meanings correlative to the foregoing.

     “CSCI” — Cedar Shopping Centers, Inc., a Maryland corporation, and any successors thereto.

     “Delaware Act” — As defined in the Preamble.

     “Depreciation” — For each Fiscal Year or other period, an amount equal to the depreciation,
amortization, or other cost recovery deduction allowable with respect to an asset for such Fiscal
Year or other period, except that if the Gross Asset Value of an asset differs from its adjusted
basis for federal income tax purposes at the beginning of such Fiscal Year or other period,
Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as
the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal
Year or other period bears to such beginning adjusted tax basis. If any asset shall have a zero
adjusted basis for federal income tax purposes, Depreciation shall be determined utilizing any
reasonable method selected by the Partners.

     “Escrow Agent” — Any reputable, nationally recognized and financially solvent title insurance
company designated by the Partner purchasing a Company Interest or the Property.

     “Executive Order 13224” — Executive Order 13224 — Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism, issued by OFAC.

     “Fair Market Value” — The value of the particular asset or interest in question determined on
the basis of an arm’s length transaction for cash between an informed and willing seller (under no
compulsion to sell) and an informed and willing purchaser (under no compulsion to purchase), taking
into account, among other things, the anticipated cash flow, taxable income and taxable loss
attributable to the asset or interest in question. Except as otherwise expressly set forth herein,
in the case of any asset other than a marketable security, the Fair Market Value shall be
determined by the General Partner; in determining the value of any asset other than a marketable
security, the General Partner may, but shall not be under any obligation to, engage an independent
appraiser having recognized qualifications necessary in order to make such determination and the
fees and expenses of such appraiser shall be borne by the Company. Except as otherwise expressly
set forth herein, in the case of any marketable security at any date, the Fair Market Value of such
security shall equal the closing sale price of such security on the Business Day (on which any
national securities exchange is open for the normal transaction of business) next preceding such
date, as appearing in any published list of any national securities exchange (other than NASDAQ
Stock Market, Inc.) or in the Global Market List of NASDAQ Stock Market, Inc., or, if there is no
such closing sale price of such security, the final price of such security at face value quoted on
such Business Day by a financial institution of recognized standing which regularly deals in
securities of such type.

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     “Financing Document” — Any loan agreement, security agreement, mortgage, deed of trust,
indenture, bond, note, debenture or other instrument or agreement relating to indebtedness of the
Company.

     “Fiscal Year” — Except as otherwise required by law, the calendar year, except that the first
Fiscal Year of the Company shall have commenced on the date of commencement of the Company and end
on the next succeeding December 31, and the last Fiscal Year of the Company shall end on the date
on which the Company shall terminate and commence on the January 1 immediately preceding such date
of termination.

     “General Partner” — Means the general partner or general partners, from time to time, of the
Company authorized to carry out the management of the business and affairs of the Company pursuant
to Article 6 hereof. The current General Partner is Cedar GP.

     “Gross Asset Value” — With respect to any asset, the asset’s adjusted basis for federal
income tax purposes, except as follows:

     (a) The initial Gross Asset Value of any asset contributed by a Partner to the Company shall
be the gross Fair Market Value of such asset, as determined by the Partners (as evidenced by this
Agreement or an amendment hereto);

     (b) The Gross Asset Values of all Company Assets shall be adjusted to equal their respective
gross fair market values, as determined by the General Partner, as of the following times: (i) the
acquisition of an interest or an additional interest in the Company by any new or existing Partner
in exchange for more than a de minimis Capital Contribution or other consideration; (ii) the
distribution by the Company to a Partner of more than a de minimis amount of property or money as
consideration for an interest in the Company; and (iii) the liquidation of the Company within the
meaning of Treasury Regulations Section 1.704 1(b)(2)(ii)(g); provided, however, that adjustments
pursuant to clauses (i) and (ii) above shall be made only if the General Partner, acting reasonably
and in good faith, determines that such adjustments are necessary or appropriate to reflect the
relative economic interests of the Partners;

     (c) The Gross Asset Value of any Company Asset distributed to a Partner shall be the gross
Fair Market Value of such asset on the date of distribution;

     (d) The Gross Asset Values of Company Assets shall be increased (or decreased) to reflect any
adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section
743(b), but only to the extent that such adjustments are taken into account in determining Capital
Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), clause (f) of the
definition of Profits and Losses and Section 5.3(g); provided, however, that Gross Asset Values
shall not be adjusted pursuant to this paragraph (d) to the extent the General Partner determines
that an adjustment pursuant to paragraph (b) hereof is necessary or appropriate in connection with
a transaction that would otherwise result in an adjustment pursuant to this paragraph (d); and

     (e) If the Gross Asset Value of an asset has been determined or adjusted pursuant to
paragraphs (a), (b), or (d), such Gross Asset Value shall thereafter be adjusted by the

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Depreciation taken into account with respect to such asset for purposes of computing Profits
and Losses.

     “HHUS” — As defined in the Preamble.

     “HP” — As defined in Section 8.2.

     “Impositions” — Means all taxes (including sales and use taxes), assessments (including all
assessments for public improvements or benefits, whether or not commenced or completed prior to the
date hereof), water, sewer or other rents, rates and charges, excises, levies, license fees, permit
fees, inspection fees and other authorization fees and other charges, in each case whether general
or special, ordinary or extraordinary, of every character (including all interest and penalties
thereon), which at any time may be assessed, levied, confirmed or imposed by any governmental or
quasi-governmental authority having jurisdiction over the Property on or in respect of or be a lien
upon (i) the Property or any estate or interest therein, (ii) any occupancy, use or possession of,
or activity conducted on, the Property, or (iii) the rents from the Property or the use or
occupancy thereof.

     “Indemnified Losses” — As defined in Section 6.5(b).

     “Liquidating Partner” — As defined in Section 10.3(a).

     “Limited Partner” means each of the persons named as limited partners in Section 3.1 and any
other person who is admitted to the Partnership as a limited partner pursuant to the provisions of
this Agreement.

     “Limited Partner TTV” — As defined in Section 8.9(a).

     “Liquidating Partner” — As defined in Section 10.3.

     “Litigation” — As defined in Section 6.2(m).

     “Major Decision” — As defined in Section 6.2.

     “Net Cash Flow” — Means, with respect to the Company, with respect to any period, the sum of
all money available to the Company at the end of that period for distribution to its Partners after
(1) payment of all debt service and other expenses (including, without limitation, payments due on
or with respect to Shortfall Loans and operating and maintenance expenses, general and
administrative expenses, insurance costs, Impositions and other expenses paid or required to be
paid); (2) satisfaction of the Company’s liabilities as they come due; and (3) establishment of
(and contributions to) such reserves as are required under any Financing Documents or additional
reasonable reserves required to operate the Company; provided, however, that Net Cash Flow shall
not include Net Proceeds of a Capital Transaction, Capital Contributions, loans (including
Shortfall Loans), tenant security deposits or earnest money deposits or any interest thereon so
long as the Company has a contingent obligation to return the same.

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     “Net Proceeds of a Capital Transaction” — Means the net cash proceeds (other than insurance
proceeds for lost rental incomes) from a Capital Transaction less any portion thereof used to (i)
establish (and contribute to) such reserves as are required under any Financing Documents or
additional reasonable reserves required to operate the Company, (ii) repay any debts or other
obligations of the Company in connection with such Capital Transaction (iii) restore the Property
following a casualty or condemnation, (iv) pay costs reasonably and actually incurred in connection
with the Capital Transaction, (v) pay creditors in the event of a liquidation or (vi) repay
Shortfall Loans. “Net Proceeds of a Capital Transaction” shall include all principal, interest and
other payments as and when received with respect to any note or other obligation received by the
Company in connection with a Capital Transaction.

     “Non-Purchasing Partner” — As defined in Section 8.4(c).

     “Nonrecourse Deductions” — Has the meaning set forth in Treasury Regulations Section
1.704-2(b)(1). The amount of Nonrecourse Deductions for a Fiscal Year equals the excess, if any,
of the net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year, over
the aggregate amount of any distributions during that Fiscal Year of proceeds of a Nonrecourse
Liability that are allocable to an increase in Company Minimum Gain, determined according to the
provisions of Treasury Regulations Section 1.704-2(c).

     “Nonrecourse Liability” — Has the meaning set forth in Treasury Regulations Section
1.704-2(b)(3).

     “Non-U.S. Person” — A Person that is not a U.S. Person as defined in Regulation S of the
Securities Act of 1933, as amended.

     “Notices” — As defined in Section 11.2.

     “OFAC” — The Office of Foreign Assets Control of the United States Department of the
Treasury.

     “OFAC Lists” — As defined in Section 8.3(a).

     “Original Certificate” — The Certificate of Formation for Cedar-Hershey, LLC, filed with the
Secretary of State of the State of Delaware on [September 1, 2004].

     “Original Partnership Agreement” — As defined in the Recitals.

     “Partner” — Means, at any time, any person or entity admitted and remaining as a partner of
the Company pursuant to the terms of this Agreement. As of the date of this Agreement, the
Partners of the Company are Cedar GP, Cedar LP and HHUS.

     “Partner Nonrecourse Debt” — Means “partner non-recourse debt” as set forth in Treasury
Regulations Section 1.704-2(b)(4).

     “Partner Nonrecourse Debt Minimum Gain” — Means an amount, with respect to each Partner
Nonrecourse Debt, equal to the Company Minimum Gain that would result if such

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Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance
with Treasury Regulations Section 1.704-2(i)(2) and (3).

     “Partner Nonrecourse Deductions” — Means “partner nonrecourse deductions” as set forth in
Treasury Regulations Section 1.704-2(i)(2). For any Fiscal Year, the amount of Partner Nonrecourse
Deductions with respect to a Partner Nonrecourse Debt equals the excess, if any, of the net
increase, if any, in the amount of the Partner Nonrecourse Debt Minimum Gain attributable to such
Partner Nonrecourse Debt over the aggregate amount of any distributions during such Year to the
Partner that bears the economic risk of loss for such Partner Nonrecourse Debt to the extent such
distributions are from proceeds of such Partner Nonrecourse Debt and are allocable to an increase
in Partner Nonrecourse Debt Minimum Gain, determined according to the provisions of Treasury
Regulations Section 1.704-2(i)(2).

     “Percentage Interest” — As to any Partner, the Percentage Interest of such Partner specified
in Section 3.1.

     “Person” — Means any individual, corporation, partnership, limited liability company,
association, trust or other entity or organization.

     “Profits” and “Losses” — For each Fiscal Year or other period, an amount equal to the
Company’s taxable income or loss for such Fiscal Year or period, determined in accordance with Code
Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be
stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss),
with the following adjustments:

     (a) Any income of the Company that is exempt from federal income tax, and not otherwise
taken into account in computing Profits or Losses pursuant to this definition, shall be
added to such taxable income or loss;

     (c) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated
as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses
pursuant to this definition, shall be subtracted from such taxable income or loss;

     (d) In the event the Gross Asset Value of any Company Asset is adjusted pursuant to
paragraph (b) or (c) under the definition of “Gross Asset Value,” the amount of such
adjustment shall be taken into account as gain or loss from the disposition of such Company
Asset for purposes of computing Profits or Losses;

     (e) Gain or loss resulting from any disposition of Company property with respect to
which gain or loss is recognized for federal income tax purposes shall be computed by
reference to the Gross Asset Value of the property disposed of, notwithstanding that the
adjusted tax basis of such property differs from its Gross Asset Value;

     (f) In lieu of the depreciation, amortization and other cost recovery deductions taken
into account in computing such taxable income or loss, there shall be

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taken into account Depreciation for such Fiscal Year or other period, computed in
accordance with the definition thereof;

     (g) To the extent an adjustment to the adjusted tax basis of any Company Asset pursuant
to Code Section 734(b) or Code Section 743(b) is required pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as
a result of a distribution other than in complete liquidation of a Partner’s Company
Interest, the amount of such adjustment shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis
of the asset) from the disposition of the asset and shall be taken into account for purposes
of computing Profits or Losses; and

     (h) Notwithstanding any other provision of this definitional Section, any items which
are specially allocated under this Agreement shall not be taken into account in computing
Profits or Losses.

     “Property” — Means the Property located in Hershey, Pennsylvania and commonly known as
Meadows Marketplace, as more particularly described on Exhibit B attached hereto (and all
improvements, fixtures, personal property, appurtenances, rights and interests in connection
therewith).

     “Purchase and Sale Agreement” — Means that certain Agreement Regarding Purchase of
Partnership Interests, dated March 26, 2007, between Cedar and HHUS.

     “Purchasing Partner” — As defined in Section 8.4(c).

     “Regulations” or “Treasury Regulations” — The Income Tax Regulations promulgated under the
Code as such regulations may be amended from time to time (including Temporary Regulations).

     “Regulatory Allocations” — As defined in Section 5.3(i).

     “REIT” — As defined in Section 6.7.

     “Related Party” — As defined in Section 6.6.

     “Related Party Transaction” — As defined in Section 6.6.

     “Required Expenses” — Means the following expenses: (i) real estate taxes, (ii) property and
liability insurance premiums, and (iii) debt service payments.

     “Shortfall” — As defined in Section 2.2(a).

     “Shortfall Amount” — As defined in Section 2.2(a).

     “Shortfall Loan” — As defined in Section 2.2(a).

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     “Shortfall Loan Rate” — Means the sum of (i) two percent (2%) plus (ii) the rate reported on
the date of advance as of 11:00 a.m., London, England time, on Telerate Access Service Page 3750
(British Bankers Association Settlement Rate) as the London Interbank Offered Rate for U.S. Dollar
deposits having a term equal to six months and in an amount comparable to the principal amount of
the Shortfall Loan (or, if said Telerate Access Service Page shall cease to be publicly available,
as reported by the Reuters Screen LIBOR Page, and if said Reuters Screen Page shall cease to be
publicly available, then as reported by any publicly available source of similar market data
selected by the General Partner in the General Partner’s reasonable discretion, exercised in good
faith, that accurately reflects such London Interbank Offered Rate).

     “Shortfall Notice” — As defined in Section 2.2(a).

     “Subsidiary TTV” — As defined in Section 8.9(b).

     “Tax Matters Partner” — As defined in Section 7.5.

     “Tax Payments” — As defined in Section 4.4.

     “Taxed Partner” — As defined in Section 4.4.

     “Tax Transparent Vehicle” — Means any contractual, general or limited partnership or any fund
for joint account or any other similar entity or vehicle recognized as a “pass-through” or
“transparent” entity with respect to tax liability under applicable U.S. or foreign laws.

     “Transaction Documents” — As defined in Section 11.16(a)(ii).

     “Transfer” — As defined in Section 8.1.

     “TTV Partner” — Means each partner (or functional equivalent) of a Partner that is a Tax
Transparent Vehicle.

     “Withdrawal Event” — As defined in Section 8.6.

     “Withdrawn Partner” — As defined in Section 8.6.

     SECTION 1.6. Admission of HHUS; Amendment and Restatement.

          (a) HHUS is admitted to the Company as a Limited Partner with a Percentage Interest as
set forth in Section 3.1.

          (b) The Original Partnership Agreement is hereby amended and restated in its entirety
by the terms of this Agreement.

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ARTICLE II

CAPITAL

     SECTION 2.1. Capital Contributions.

     (a) As of the date of this Agreement, the Partners shall be deemed to have made Capital
Contributions, and the Capital Accounts of the Partners shall be, as follows:

	 	 	 
	Cedar LP:

	 	$                                         
	Cedar GP:

	 	$                                         
	HHUS:

	 	$                                         

     (b) No Partner shall have the right to withdraw any capital from the Company or be
repaid its Capital Contribution except as provided in this Agreement.

     (c) Except with the prior written consent of all of the Partners and TTV Partners, no
Partner shall be required or permitted to make any further Capital Contribution to the
Company.

     SECTION 2.2. Shortfalls; Shortfall Loans.

     (a) In the event at any time or from time to time additional funds are necessary to
operate the Property and the gross receipts (including, without limitation, proceeds under
all loans) together with the proceeds of any reserve account established by the Company may
be insufficient to pay all expenses when due (a “Shortfall”), then the General Partner may
notify each Partner of such Shortfall (a “Shortfall Notice”) identifying the amount of such
Shortfall (the “Shortfall Amount”) and any reason for such Shortfall. Upon receipt of a
Shortfall Notice, each Partner shall have the right, but not the obligation, to make a loan
(each, a “Shortfall Loan”) to the Company in an amount equal to the entire Shortfall
Amount. If a Partner shall elect to make a Shortfall Loan it shall provide a written
irrevocable unconditional notice of such election to the General Partner within ten (10)
Business Days of receipt of the Shortfall Notice. Failure to provide such notice within
such ten (10) Business Day period shall be deemed an election not to make a Shortfall Loan.
The General Partner may withdraw the Shortfall Notice at any time. If more than one Partner
shall elect to make a Shortfall Loan, the Shortfall Loans shall be made on a pro rata basis
based on the Partners’ respective Percentage Interests. Following the expiration of such
ten (10) Business Day period, the General Partner shall provide each Partner electing to
make a Shortfall Loan with written notice of the amount of its Shortfall Loan. Proceeds
from each Shortfall Loan shall be due in cash from the Partner making such Shortfall Loan
within ten (10) Business Days following receipt of the notice set forth in the immediately
preceding sentence. Shortfall Loans shall (i) be evidenced by a written promissory note,
(ii) bear interest at a fixed annual rate equal to the Shortfall Loan Rate, (iii) provide
for unpaid interest to accrue and compound monthly, (iv) have a maturity date of twelve (12)
months, (v) be repaid prior to any distribution of Net Cash Flow or Net Proceeds of a
Capital Transaction, and (vi) be prepayable at any time without penalty. Subject to Section
6.2(c), the General Partner shall have the right at any time and from time to time without
the consent of the other

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Partners to cause the Company to repay one or more Shortfall Loans with loans made to
the Company by unaffiliated third parties on commercially reasonable terms. Notwithstanding
the foregoing, (i) in the event the General Partner fails to deliver a Shortfall Notice with
respect to a Required Expense that is due and payable and for which gross receipts and
reserves are insufficient, HHUS shall have the right, upon ten (10) Business Days notice to
the General Partner and Cedar LP, to deliver a Shortfall Notice to all of the Partners or
(ii) in the event the General Partner has failed to pay a Required Expense that is due and
payable despite the availability of adequate gross receipts and/or reserves, HHUS, upon ten
(10) Business Days notice to the General Partner and Cedar LP, may pay such Required Expense
and, upon receipt by General Partner and Cedar LP of evidence of payment thereof, such
payment shall constitute a Shortfall Loan from HHUS to the Company.

ARTICLE III

COMPANY INTERESTS

     SECTION 3.1. Percentage Interests of General Partner and Limited Partners. The
Percentage Interests of Cedar GP as a general partner in the Company shall be one percent (1%),
the Percentage Interest of Cedar LP as a limited partner in the Company shall be nineteen percent
(19%) and the Percentage Interest of HHUS as a limited partner in the Company shall be eighty
percent (80%). The Percentage Interests shall not be changed without the prior written consent of
all of the Partners.

     SECTION 3.2. Capital Accounts. The Company shall establish and maintain a separate
Capital Account for each Partner in accordance with the following provisions:

     (a) To each Partner’s Capital Account there shall be credited such Partner’s Capital
Contributions, such Partner’s allocable share of Profits, and any items in the nature of
income or gain that are specially allocated to such Partner under this Agreement, and the
amount of any Company liabilities that are assumed by such Partner in accordance with the
terms hereof (other than liabilities that are secured by any Company Asset distributed to
such Partner).

     (b) To each Partner’s Capital Account there shall be debited the amount of cash and the
Gross Asset Value of any Company property distributed to such Partner pursuant to any
provision of this Agreement (net of liabilities secured by such distributed property that
such Partner is considered to assume or take subject to under Code Section 752), such
Partner’s allocable share of Losses, and any items in the nature of expenses or losses that
are specially allocated to such Partner under this Agreement, and the amount of any
liabilities of such Partner that are assumed by the Company (other than liabilities that are
secured by any property contributed by such Partner to the Company).

     (c) In the event any Company Interest is transferred in accordance with the terms of
this Agreement, the transferee shall succeed to the Capital Account of the transferor to the
extent it relates to the transferred Company Interest. In the case of Transfer of a Company
Interest at a time when an election under Code Section 754 is in effect, the Capital Account
of the transferee Partner shall not be adjusted to reflect the

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adjustments to the adjusted tax bases of Company property required under Code Sections
754 and 743, except as otherwise permitted by Treasury Regulations Section
1.704-1(b)(2)(iv)(m).

     (d) In determining the amount of any liability for purposes of paragraphs (a) and (b)
above, there shall be taken into account Code Section 752(c) and the Treasury Regulations
promulgated thereunder, and any other applicable provisions of the Code and Regulations.

     (e) The foregoing provisions and the other provisions of this Agreement relating to the
maintenance of Capital Accounts are intended to comply with Treasury Regulations Section
1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent with
such Regulations.

     SECTION 3.3. Return of Capital. No Partner shall be liable for the return of the
Capital Contributions (or any portion thereof) of any other Partner, it being expressly understood
that any such return shall be made solely from the Company Assets. No Partner shall be required to
pay to the Company or to any other Partner any deficit in its Capital Account upon dissolution of
the Company or otherwise, and no Partner shall be entitled to withdraw any part of its Capital
Contributions or Capital Account, to receive interest on its Capital Contributions or Capital
Account or to receive any distributions from the Company, except as expressly provided for in this
Agreement or under the Delaware Act as then in effect.

ARTICLE IV

DISTRIBUTIONS

     SECTION 4.1. General. Net Cash Flow and/or Net Proceeds of a Capital Transaction
shall be distributed to the Partners as set forth in Section 4.2 and 4.3 below.

     SECTION 4.2. Net Cash Flow. Subject to Section 10.2, Net Cash Flow attributed to the
Property for any Fiscal Year shall be distributed monthly (if available) by the General Partner to
the Partners in the following manner and priority:

     (a) one percent (1%) to Cedar GP, nineteen percent (19%) to Cedar LP and eighty percent
(80%) to HHUS until HHUS has received under Section 4.3(a) and this Section 4.2(a) an
aggregate amount of distributions equal to its then 9.25% IRR Deficiency with respect to the
Property; and then

     (b) one percent (1%) to Cedar GP, thirty nine percent (39%) to Cedar LP and sixty
percent (60%) to HHUS until HHUS has received under Section 4.3(a) and (b), Section 4.2(a)
and this Section 4.2(b) an aggregate amount of distributions equal to its then 10.5% IRR
Deficiency with respect to the Property; and thereafter

     (c) one percent (1%) to Cedar GP, forty nine percent (49%) to Cedar LP and fifty
percent (50%) to HHUS.

     SECTION 4.3. Net Proceeds of a Capital Transaction. Subject to Section 10.2, Net
Proceeds of a Capital Transaction attributed to the Property shall be distributed by the

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General Partner as soon as practicable after the receipt thereof to the Partners in the
following manner and priority:

     (a) one percent (1%) to Cedar GP, nineteen percent (19%) to Cedar LP and eighty percent
(80%) to HHUS until HHUS has received under Section 4.2(a) and this Section 4.3(a) an
aggregate amount of distributions equal to its then 9.25% IRR Deficiency with respect to the
Property; and then

     (b) one percent (1%) to Cedar GP, thirty nine percent (39%) to Cedar LP and sixty
percent (60%) to HHUS until HHUS has received under Section 4.2(a) and (b) and Section
4.3(a) and this Section 4.3(b) an aggregate amount of distributions equal to its then 10.5%
IRR Deficiency with respect to the Property; and thereafter

     (c) one percent (1%) to Cedar GP, forty nine percent (49%) to Cedar LP and fifty
percent (50%) to HHUS.

     SECTION 4.4. Tax Payments. To the extent that any taxes or withholding taxes are due
on behalf of or with respect to any Partner and the Company is required by law to withhold or to
make such tax payments (“Tax Payments”), the Company shall withhold such amounts and make such Tax
Payments as so required. Each Tax Payment made on behalf of or with respect to a Partner shall be
deemed a distribution of Net Cash Flow in such amount to such Partner to the extent such Tax
Payment was not attributable to a Capital Transaction, and to the extent such Tax Payment is
attributable to a Capital Transaction, it shall be deemed a distribution of Net Proceeds of a
Capital Transaction to such Partner, and any such deemed distribution shall be deemed to have been
paid to the Partner on the earlier of the date when the corresponding Tax Payment is made by the
Company or the date that the distributions, if any, giving rise to the obligation to make such Tax
Payment were made. If the Company is required to make a Tax Payment on behalf of or with respect
to any Partner (the “Taxed Partner”) and the amount of such payment exceeds the cash otherwise
available for distribution to such Taxed Partner, the Taxed Partner shall pay to the Company by
wire transfer the amount of such Tax Payment within ten (10) days of receipt by the Taxed Partner
of a notice from the Company that it is required to make such Tax Payment. Any amounts paid by the
Taxed Partner to the Company pursuant to the preceding sentence shall not be treated as a Capital
Contribution and the remittance of such Tax Payment to the appropriate taxing authority shall not
be treated as a deemed distribution to the Taxed Partner. Each Partner for which the Company is
required to make a Tax Payment shall indemnify, defend and hold the Company and the other Partners
harmless of, from and against Indemnified Losses incurred by the Company or any other Partner
arising out of or in connection with the Tax Payments or obligations attendant thereto.

     SECTION 4.5. Limitation on Distributions. Notwithstanding anything to the contrary
contained herein, without the prior consent of the Partners, no distribution of Net Cash Flow or
Net Proceeds of a Capital Transaction shall be made hereunder if such distribution would cause the
Company to violate Section 17-607 of the Delaware Act or any other applicable law.

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ARTICLE V

ALLOCATION OF PROFITS AND LOSSES

     SECTION 5.1. Profits. After giving effect to the special allocations set forth in
Section 5.3 hereof, Profits for any Fiscal Year shall be allocated as follows:

     (a) to the Partners, in accordance with their Percentage Interests, until the aggregate
amount of Profits allocated to them under this Section 5.1(a) for the Fiscal Year and all
prior Fiscal Years equals the aggregate amount of Losses allocated to them pursuant to
Section 5.2(e) for all prior Fiscal Years; and then

     (b) to the Partners, until the aggregate amount of Profits allocated to them under this
Section 5.1(b) for the Fiscal Year and all prior Fiscal Years equals the aggregate amount of
Losses allocated to them pursuant to Section 5.2(d) for all prior Fiscal Years, in
proportion to their shares of such Losses being offset; and then

     (c) one percent (1%) to Cedar GP, nineteen percent (19%) to Cedar LP and eighty percent
(80%) to HHUS until the aggregate amount of Profits allocated to each Partner under this
Section 5.1(c) equals the cumulative amount of distributions (other than distributions
representing a return of capital) received by such Partner under Section 4.2(a) and 4.3(a),
plus the amount of Losses allocated to such Partner under Section 5.2(c); and then

     (d) one percent (1%) to Cedar GP, thirty nine percent (39%) to Cedar LP and sixty
percent (60%) to HHUS until the aggregate amount of Profits allocated to each Partner under
this Section 5.1(d) equals the cumulative amount of distributions (other than distributions
representing return of capital) received by such Partner under Section 4.2(b) and 4.3(b),
plus the amount of Losses allocated to such Partner under Section 5.2(b); and thereafter

     (e) the balance, if any, one percent (1%) to Cedar GP, forty nine percent (49%) to
Cedar LP and fifty percent (50%) to HHUS.

     SECTION 5.2. Losses. After giving effect to the special allocations set forth in
Section 5.3 hereof, Losses for any Fiscal Year shall be allocated as follows:

     (a) to the Partners until the aggregate amount of Losses allocated to them under this
Section 5.2(a) for the Fiscal Year and all prior Fiscal Years equals the aggregate amount of
Profits allocated to them for all prior Fiscal Years pursuant to Section 5.1(e), in
proportion to their shares of the Profits being offset; and then

     (b) to the Partners until the aggregate amount of Losses allocated to them under this
Section 5.2(b) for the Fiscal Year and all prior Fiscal Years equals the aggregate amount of
Profits allocated to them for all prior Fiscal Years pursuant to Section 5.1(d), in
proportion to their shares of the Profits being offset; and then

     (c) to the Partners until the aggregate amount of Losses allocated to them under this
Section 5.2(c) for the Fiscal Year and all prior Fiscal Years equals the

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aggregate amount of Profits allocated to them for all prior Fiscal Years pursuant to
Section 5.1(c), in proportion to their share of the Profits being offset; and then

     (d) to the Partners, in proportion to their relative positive Capital Account balances,
until the positive Capital Account balance of each Partner has been reduced to zero; and
thereafter

     (e) the balance, if any, to the Partners in accordance with their Percentage Interests.

     SECTION 5.3. Special Allocations.

     (a) Minimum Gain Chargeback. Notwithstanding any other provision of this
Article V, if there is a net decrease in Company Minimum Gain during any Company Fiscal
Year, the Partners shall be specially allocated items of Company income and gain for such
Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such
Partner’s share of the net decrease in Company Minimum Gain, determined in accordance with
Treasury Regulations Section 1.704-2(g)(2). Allocations pursuant to the previous sentence
shall be made in proportion to the respective amounts required to be allocated to each
Partner pursuant thereto. The items so allocated shall be determined in accordance with
Treasury Regulations Section 1.704-2(f). This Section 5.3(a) is intended to comply with the
minimum gain chargeback requirement in Section 1.704-2(f) of the Treasury Regulations and
shall be interpreted consistently therewith.

     (b) Partner Nonrecourse Debt Minimum Gain
Chargeback. Notwithstanding any other provision of this Article V, except Section
5.3(a), if there is a net decrease in Partner Nonrecourse Debt Minimum Gain attributable to
a Partner Nonrecourse Debt during any Fiscal Year, each Partner who has a share of the
Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt,
determined in accordance with Treasury Regulations Section 1.704-2(i)(5), shall be specially
allocated items of Company income and gain for such Fiscal Year (and, if necessary,
subsequent Fiscal Years) in an amount equal to such Partner’s share of the net decrease in
Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt,
determined in accordance with Treasury Regulations Section 1.704-2(i)(4). Allocations
pursuant to the previous sentence shall be made in proportion to the respective amounts
required to be allocated to each Partner pursuant thereto. The items so allocated shall be
determined in accordance with Treasury Regulations Section 1.704-2(i)(4). This Section
5.3(b) is intended to comply with the minimum gain chargeback requirement in such Section of
the Treasury Regulations and shall be interpreted consistently therewith.

     (c) Qualified Income Offset. In the event any Partner unexpectedly receives
any adjustments, allocations, or distributions described in paragraphs (4), (5) and (6) of
Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of Company income and gain shall be
specially allocated to such Partners in an amount and manner sufficient to eliminate, to the
extent required by such Regulations, the Adjusted Capital Account deficit of such Partners
as quickly as possible, provided that an allocation pursuant to this Section 5.3(c) shall be
made only if and to the extent that such Partner would have an

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Adjusted Capital Account deficit after all other allocations provided for in this
Article V have been tentatively made as if this Section 5.3(c) were not in the Agreement.

     (d) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the
Partners in accordance with their respective Percentage Interests.

     (e) Partner Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any
Fiscal Year or other period shall be specially allocated to the Partner who bears the
economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner
Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section
1.704-2(i)(1).

     (f) Limitation on Allocation of Losses. In no event shall Losses be allocated
to a Partner to the extent such allocation would result in such Partner having an Adjusted
Capital Account deficit at the end of any Fiscal Year. All such Losses shall be allocated
to the other Partners, provided, however, that appropriate adjustments shall be made to the
allocation of future Profits in order to offset such specially allocated Losses hereunder.

     (g) Section 754 Adjustments. To the extent an adjustment to the adjusted tax
basis of any Company Asset pursuant to Code Section 734(b) or Code Section 743(b) is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into
account in determining Capital Accounts, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the
asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be
allocated to the Partners in a manner consistent with the manner in which their Capital
Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations.

     (h) Curative Allocations. The allocations contained in Sections 5.3(a) through
5.3(g) (the “Regulatory Allocations”) are intended to comply with certain requirements of
the Code and Treasury Regulations. The Partners intend that, to the extent possible, all
Regulatory Allocations shall be offset either by other Regulatory Allocations or with
special allocations of other items of Company income, gain, loss or deduction pursuant to
this Section 5.3(h). Therefore, notwithstanding any other provisions of this Article V
(other than the Regulatory Allocations), the Partners shall make such offsetting special
allocations of Company income, gain, loss or deduction in whatever manner they reasonably
determine to be appropriate so that, after such offsetting allocations are made, each
Partner’s Capital Account balance is, to the extent possible, equal to the Capital Account
balance such Partner would have had if the Regulatory Allocations were not part of this
Agreement.

     SECTION 5.4. Other Allocation Rules.

     (a) For purposes of determining the Profits, Losses, or any other items allocable to
any period, Profits, Losses, and any such other items shall be determined on a

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daily, monthly, or other basis, as reasonably determined by the Partners using any
permissible method under Code Section 706 and the Treasury Regulations thereunder.

     (b) Except as otherwise provided in this Agreement, all items of Company income, gain,
loss, deduction, and any other allocations not otherwise provided for shall be divided among
the Partners for tax purposes in the same proportions as they share Profits or Losses, as
the case may be, for the Fiscal Year.

     (c) The Partners are aware of the income tax consequences of the allocations made by
this Article V and hereby agree to be bound by the provisions of this Article V in reporting
their shares of Company income and loss for income tax purposes.

     (d) Solely for purposes of determining a Partner’s proportionate share of the “excess
nonrecourse liabilities” of the Company within the meaning of Treasury Regulations Section
1.752-3(a)(3), the interest of the Partners in Company Profits equals one hundred percent
(100%), in proportion to their Percentage Interests.

     (e) To the extent permitted by Treasury Regulations Section 1.704-2(h)(3), the Partners
shall treat distributions of Net Proceeds of a Capital Transaction as not allocable to an
increase in Company Minimum Gain to the extent the distribution does not cause or increase a
deficit balance in the Adjusted Capital Account of any Partner.

     SECTION 5.5. Tax Allocations. Code Section 704(c).

     (a) In accordance with Code Section 704(c) and the Treasury Regulations thereunder,
income, gain, loss, and deduction with respect to any property contributed to the capital of
the Company shall, solely for tax purposes, be allocated among the Partners so as to take
account of any variation between the adjusted basis of such property to the Company for
federal income tax purposes and its initial Gross Asset Value using the “traditional method”
with curative allocations upon disposition. For purposes of calculating the application of
this Section 5.5(a) to the “built in gain” with respect to interests in real property
contributed pursuant to Section 2.1(a) hereof, each parcel of real property shall treated as
a single asset.

     (b) In the event the Gross Asset Value of any Company property is adjusted pursuant to
paragraph (b) of the definition of Gross Asset Value, subsequent allocations of income,
gain, loss, and deduction with respect to such asset shall take account of any variation
between the adjusted basis of such asset for federal income tax purposes and its Gross Asset
Value in the same manner as under Code Section 704(c) and the Treasury Regulations
thereunder using the traditional method.

     (c) Any elections or other decisions relating to such allocations shall be made by the
General Partner, in any manner that reasonably reflects the purpose and intention of this
Agreement. Allocations pursuant to this Section 5.5 are solely for purposes of federal,
state, and local taxes and shall not affect, or in any way be taken into account in
computing, any Partner’s Capital Account or share of Profits, Losses, other items, or
distributions pursuant to any provision of this Agreement.

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ARTICLE VI

MANAGEMENT

     SECTION 6.1. Management.

     (a) Except as otherwise expressly provided in this Agreement, the business and affairs
of the Company shall be exclusively vested in the General Partner. The General Partner
shall carry out and implement the day to day affairs of the Company within the scope of the
authority granted pursuant to this Agreement. The General Partner shall keep the Partners
reasonably informed as to all matters of concern to the Company and the Partners. The
General Partner shall devote to the Company’s business such time as reasonably shall be
necessary in connection with its duties and responsibilities hereunder. Except to the
extent limited by the provisions of Section 6.2 or otherwise in this Agreement, the General
Partner shall have the full, exclusive and complete discretion in the management and control
of the affairs of the Partnership and no Limited Partner shall participate in the management
of the Partnership or have any control over the Partnership business or have any right or
authority to act for or by the Partnership, including, without limitation, the authority
provided by the Act and, in addition, the General Partner shall have the power on behalf of
the Partnership, without the consent of the other Partners, to:

     (i) acquire, improve, repair, construct and reconstruct real and personal
property on behalf of the Partnership and enter into contracts for the same;

     (ii) sell and convey in whole or in part the property owned by the Partnership,
real or personal, grant easements with respect thereto and enter into agreements
restricting its use and, in connection therewith, to execute for and on behalf of
the Partnership any deeds, bills of sale, agreements, assignments, leases, stock
powers, and other documents;

     (iii) vote at any election or meeting of any corporation or person, or by
proxy, and appoint agents to do so in its place and stead;

     (iv) enter into sale and leaseback financing arrangements with respect to all
or part of the property owned by the Partnership, and, in connection therewith,
execute for and on behalf of the Partnership any documents relating thereto;

     (v) lease or sublease, in whole or in part, the property owned or leased by the
Partnership, real and personal, as lessor, sublessor, lessee or sublessee, and, in
connection therewith, execute for and on behalf of the Partnership any lease or
subleases or agreements modifying leases or subleases;

     (vi) borrow money on behalf of the Partnership, and, in connection therewith,
execute for and on behalf of the Partnership bonds, notes, mortgages, security
agreements, financing statements, assignments and other agreements and

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documents creating liens on or otherwise affecting the Property owned by the
Partnership (any of which loan documents may contain confessions of judgments or
warrants of attorney), and extensions, renewals, and modifications thereof, and to
repay in whole or in part, refinance, recast, increase, modify or extend any
indebtedness of the Partnership;

     (vii) employ, on behalf of the Partnership, such persons, firms or corporations
as it shall reasonably deem advisable for the operation and management of the
business of the Partnership and for the performance of the accounting and legal
services and all on such terms and for such compensation as the General Partner
shall reasonably determine to be proper;

     (viii) make and implement all decisions for the Partnership;

     (ix) open and maintain bank accounts for funds of the Company in the name of
the Company and designate the persons authorized on behalf of the Company to make
deposits therein and withdrawals therefrom;

     (x) employ independent unaffiliated contractors at market rates for the
ordinary maintenance and repair of the Property;

     (xi) retain or engage agents, managers, accountants, attorneys, consultants,
brokers and other Persons;

     (xii) pay, extend, renew, modify, adjust, submit to arbitration, prosecute,
defend or compromise upon such terms as the General Partner may determine and upon
such evidence as it deems sufficient any obligation, suit, liability, cause of
action or claim, either in favor of or against the Company;

     (xiii) enter into, execute, acknowledge and deliver any and all contracts,
agreements or other instruments the General Partner deems necessary or appropriate
in connection with the business or affairs of the Company;

     (xiv) apply for, file, prosecute, obtain, appeal and challenge any permit,
approval, authorization, filing or consent with respect to the Company issued by any
governmental authority;

     (xv) engage in any kind of activity and execute, perform and carry out
contracts of any kind necessary, or in connection with or convenient or incidental
to any of the foregoing or the Company’s purposes as set forth herein; execute any
and all other documents to carry out the intention and purpose hereof; and

     (xvi) otherwise take any other action in furtherance of the Company’s stated
purpose hereunder unless consent of one or more of the other Partners is otherwise
expressly required hereunder.

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     Any third party dealing with the Company may, without any inquiry, rely upon any instrument or
agreement executed and delivered by the General Partner on behalf of the Company as constituting
the binding act and deed of the Company.

     Except as otherwise expressly provided in this Agreement, the Limited Partners shall not take
part in the management or control of the business of the Partnership or transact any business for
or in the name of the Partnership, nor shall any Limited Partner have the power to sign for or bind
the Partnership. Except as otherwise expressly provided herein, any exercise by the Limited
Partners of their rights under this Agreement shall be deemed to be an action affecting the
agreement among the Partners and not an action affecting the management or control of the business
of the Partnership.

     SECTION 6.2. Major Decisions. Notwithstanding the provisions of Section 6.1, without
the prior written consent of all Partners in each instance (a “Major Decision”), the Company shall
not:

     (a) sell (including, without limitation, sell and leaseback), assign, pledge, transfer,
give, dispose, hypothecate or otherwise encumber the Property or any Company Asset or any
material part thereof or material interest therein, other than (i) personal property which
may be disposed of or replaced due to wear and tear or obsolescence or otherwise in the
ordinary course of business, (ii) easements and other property rights granted in the
ordinary course of business, and (iii) subject to Section 6.2(d), in connection with debt
incurred by the Company pursuant to the terms of this Agreement;

     (b) acquire other real property, or any interest therein on behalf of the Company,
either directly or indirectly, other than easements and other property rights acquired in
connection with the ordinary operation of the Property;

     (c) other than trade payables incurred in the ordinary course of business and Shortfall
Loans, incur debt (including, without limitation, unaffiliated third-party debt incurred to
repay any Shortfall Loans) in excess of $250,000 in the aggregate on behalf of the Company,
provided that General Partner shall endeavor to notify the other Partners at least five (5)
Business Days prior to incurring any such debt in an amount less than $250,000 (other than
trade payables incurred in the ordinary course of business and Shortfall Loans), provided
further that the unintentional failure of General Partner to so notify the other Partners
shall not constitute a default under this Agreement or subject the General Partner to any
liability on account thereof;

     (d) amend, modify or terminate in any material respect any Financing Document (other
than any Financing Document entered into in connection with indebtedness the incurrence of
which does not constitute a Major Decision under Section 6.2(c)), which termination,
modification or amendment could reasonably be expected to have a material adverse impact on
the Company, provided that General Partner shall endeavor to notify the other Partners at
least five (5) Business Days prior to any material termination, modification or amendment
that could not reasonably be expected to have a material adverse impact on the Company,
provided further that the unintentional failure of General Partner to so notify the other Partners shall not constitute

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a default under
this Agreement or subject the General Partner to any liability on account thereof;

     (e) merge or consolidate the Company with or into another Person;

     (f) execute and deliver any document which is prohibited under the Delaware Act, this
Agreement or any Financing Document;

     (g) amend, modify or terminate this Agreement;

     (h) take any action not in furtherance of the stated purposes or intended business of
the Company as set forth in this Agreement;

     (i) take any action under applicable bankruptcy, insolvency or similar laws with
respect to the bankruptcy or insolvency of the Company;

     (j) enter into, terminate, modify or amend any lease of space at the Property for an
area in excess of twenty-five percent (25%) of the aggregate rentable square feet of the
improvements on the Property, which termination, modification or amendment could reasonably
be expected to have a material adverse impact on the Company;

     (k) enter into any material Related Party Transaction;

     (l) make any single Capital Expenditure or group of Capital Expenditures in any Fiscal
Year in excess of $250,000;

     (m) initiate any action, suit, arbitration, or litigation (“Litigation”) on behalf of
the Company, except any Litigation initiated in the ordinary course of business or which
could reasonably be expected to result in payment to the company of $1,000,000 or less;

     (n) settle any Litigation except any Litigation which is covered in full by an
insurance policy which is in effect (other than for any deductible which may apply) or that
shall result in the payment by the Company of amounts in excess of $250,000 to the
counterparty in such Litigation;

     (o) settle or adjust any insurance claim or condemnation action that individually or,
with respect to a series of related claims in any Fiscal Year, in the aggregate, exceeds
$500,000; or

     (p) approve any other matter set forth in this Agreement expressly requiring the
approval of all the Partners.

     All requests for approval of a Major Decision shall be made by the General Partner in writing
and shall be accompanied by (x) pertinent information regarding such proposed Major Decision, and
(y) a description of the Major Decision proposed to be taken by the Partnership and the basis on
which the General Partner recommends taking the proposed Major Decision action (a “Consent
Notice”). Each Consent Notice shall also specify the date by which the

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Partners shall respond to such Consent Notice, which date shall be not less than thirty (30)
days after delivery thereof to the Partners. If any Partner shall not deliver a written response
to a proposed Major Decision prior to the date specified in the Consent Notice pertaining thereto,
then such Partner shall be deemed to have consented to such Major Decision.

     SECTION 6.3. Duties and Conflicts.

     (a) The Partners, in connection with their respective duties and responsibilities
hereunder, shall at all times act in good faith and, except as expressly set forth herein,
any decision or exercise of right of approval, consent, disapproval or deferral of approval
by a Partner is to be made by such Partner pursuant to the terms of this Agreement in good
faith. Except for reimbursement of the General Partner’s reasonable and actual
out-of-pocket expenses (not including any general office overhead), and as otherwise
expressly set forth herein, or as otherwise agreed to in writing by the Partners, no Partner
or any partner, officer, shareholder or employee of any Partner shall receive any salary or
other remuneration for its services rendered pursuant to this Agreement.

     (b) Each Partner recognizes that the other Partners have or may have other business
interests, activities and investments, some of which may be in conflict or competition with
the business of the Company and that the other Partners are entitled to carry on such other
business interests, activities and investments. No Partner shall be obligated to devote all
or any particular part of its time and effort to the Company and its affairs.

     (c) Any Partner or Affiliate thereof may engage in or possess an interest in any other
business ventures of any nature or description, independently or with others, similar or
dissimilar to the business of the Company, and neither the Company nor any Partner shall
have any rights by virtue of this Agreement or the relationship created hereby in or to any
other ventures or activities engaged in by any Partner or Affiliate thereof, or to the
income or proceeds derived therefrom, and the pursuit of such ventures or activities by any
Partner or its Affiliate shall not be deemed wrongful or improper, even to the extent the
same are competitive with the business activities of the Company. No Partner or Affiliate
thereof shall be obligated to present any particular investment opportunity to the Company
even if such opportunity is of a character which, if presented to the Company, could be
taken by the Company, and any Partner or Affiliate thereof shall have the right to take for
its own account (individually or as a partner, partner or fiduciary) or to recommend to
others any such particular investment opportunity.

     SECTION 6.4. Company’s Counsel. To the extent that the General Partner deems
necessary, the Company shall retain one or more law firms to be the Company’s legal counsel (the
“Company Counsel”). The fees and expenses of the Company Counsel shall be a Company expense.
Nothing herein shall restrict the Company Counsel from acting as counsel to any Partner or any
Affiliate of such Partner (at the expense of such Partner or Affiliate), and the Partners agree
that Company Counsel may represent such Partner or any Affiliate of such Partner in any dispute
involving any other Partner or the Company.

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     SECTION 6.5. Exculpation/Indemnification.

     (a) No Partner shall be liable to the Company or to any Partner for any act performed
or omitted to be performed by it on behalf of the Company provided such act or omission was
taken in good faith, and did not constitute fraud, gross negligence or willful misconduct or
constitute a material breach of this Agreement.

     (b) The Partners shall be indemnified, defended and held harmless by the Company from
and against any and all expenses (including reasonable attorneys’ fees), losses, damages,
liabilities, charges and claims of any kind or nature whatsoever including the cost of
seeking to enforce this indemnification right (collectively “Indemnified Losses”), incurred
by them in their capacities as Partners, arising out of or incidental to any act performed
or omitted to be performed by any one or more of the Partners in good faith in their
capacities as Partners and/or in connection with the business of the Company, including any
act or omission constituting ordinary negligence of such Partners, provided that such act or
omission did not constitute gross negligence, willful misconduct or fraud or constitute a
material breach of this Agreement.

     (c) The Company and the other Partners shall be indemnified and held harmless by each
Partner from and against any and all Indemnified Losses arising out of or incidental to any
act or omission taken in bad faith by such Partner, or any fraudulent act, gross negligence,
or willful misconduct performed by such Partner or material breach of this Agreement by such
Partner.

     (d) All indemnification obligations under this Agreement shall also run to the benefit
of any Affiliate of any Partner or any principal, partner, member, manager, shareholder,
controlling person, officer, director, agent or employee of any of the aforesaid Persons.

     SECTION 6.6. Transactions with Related Parties. No agreement or transaction (each, a
“Related Party Transaction”) between the Company on the one hand and any Partner or any Affiliate
of any Partner (each, a “Related Party”) on the other hand shall be void or voidable solely by
reason of such relationship. The entering into of any Related Party Transaction by the Company
shall not subject the participating Related Party or any of their respective Affiliates, or their
respective officers, directors, managers, partners or stockholders to liability to the Company or
any Partner if (i) all of the material facts as to the Related Party Transaction and the nature of
any conflict of interest are disclosed or are known to the Partners prior to entering into the
Related Party Transaction and (ii) the Partners approve such Related Party Transaction prior to the
Related Party Transaction being entered into. In furtherance of the foregoing, the Partners
acknowledge and agree that (i) Cedar or an Affiliate (provided such Affiliate is directly or
indirectly wholly-owned by Cedar or CSCI and generally manages the other properties directly or
indirectly owned by Cedar) shall, at Cedar GP’s election, act as property manager for the Property
pursuant to the form of property management agreement attached hereto as Exhibit C and
shall be entitled to property management fees equal to four percent (4%) of gross revenues of the
Company from and after the date hereof, construction management fees equal to five percent (5%) of
total construction costs incurred from and after the date hereof by the Company in connection with
capital improvements made on the Property

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(provided, for certainty, that such fees shall not be payable with respect to any costs or
expenses incurred by Cedar or any of its Affiliates in connection with any Tenant Improvements (as
such term is defined in the Purchase and Sale Agreement)), and leasing fees equal to five percent
(5%) of the base rents for the initial term of each lease for space on the Property entered into by
the Company and two and five tenths percent (2.5%) of the base rents for renewal terms provided
such fees shall not exceed 50% in the aggregate with respect to initial terms or 25% in the
aggregate with respect to renewal terms, (ii) Cedar or its designated Affiliate shall be entitled
to an acquisition fee for any real property (excluding the Property and any easements and other
similar real property rights acquired in connection with the ordinary operation of the Property)
acquired, directly or indirectly, by the Company or any wholly-owned direct or indirect subsidiary
of the Company from and after the date hereof in an amount for such property equal to the lesser of
one percent (1%) of the gross purchase price of such real property and $150,000, (iii) Cedar or an
Affiliate shall be entitled to a disposition fee for the Property (exclusive of any disposition
made pursuant to Section 8.4 or Section 8.5 hereof) in an amount equal to the lesser of one half
percent (.5%) of the gross sales price of the Property and $150,000 and (iv) Cedar or its
designated Affiliate shall be entitled to a loan origination fee for each new loan (excluding any
Shortfall Loan or any loan to repay a Shortfall Loan, the incurrence of which is not a Major
Decision under Section 6.2(c)) obtained by the Company from and after the date hereof in an amount
equal to the lesser of one half percent (.5%) of the loan amount and $50,000. The aforementioned
fees shall be paid to Cedar or its Affiliate pursuant to the terms of the property management
agreement. In the event of a material default under a Related Party Transaction between the
Company and Cedar or any Affiliate or permitted assignee thereof, if the General Partner shall not
be using commercially reasonable efforts to cause such default to be remedied, HHUS shall have the
right, upon not less than ten (10) Business Days notice to Cedar GP, to enforce the terms of such
Related Party Transaction on behalf of the Company. If HHUS shall elect to enforce a Related Party
Transaction on behalf of the Company, HHUS shall keep Cedar GP informed with respect thereto.

     SECTION 6.7. REIT Status. Notwithstanding any provision of this Agreement to the
contrary, the General Partner shall have the right to take any action (and to cause the Company to
take any action) or to refrain from taking any action (and to cause the Company to refrain from
taking any action) to ensure the continued qualification of CSCI as a real estate investment trust
(“REIT”) and to avoid the imposition of taxes under Section 857 of the Code and Section 4981 of the
Code, provided that the General Partner shall use commercially reasonable efforts (taking into
consideration CSCI’s status as a REIT) to implement a course of action with respect to such action
or omission which, to the extent consistent with the intent of this Section 6.7, minimizes or
eliminates the adverse economic effect, if any, of such action or omission on the Company or the
other Partners.

ARTICLE VII

BOOKS AND RECORDS; RESERVES

     SECTION 7.1. Bank Accounts. The General Partner shall have authority to open bank
accounts and designate signatories with respect thereto on behalf of the Company as it shall deem
necessary or desirable for the management and operation of the Property and the conduct of Company
business. One or more individuals designated by the General Partner, from time to

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time, shall at all times be designated signatories with respect to all Company bank accounts.
The Company’s funds shall not be commingled with any other funds.

     SECTION 7.2. Books of Account. The Company shall keep books of account and records
showing the assets and liabilities, operations, transactions and financial condition of the Company
and the Property on an accrual basis in accordance with generally accepted accounting principles,
consistently applied. The books of account and records of the Company and the Property shall at
all times be maintained at the principal office of the Company. All such books of account and
records may be inspected, copied and audited by any Partner, its designees or representatives from
time to time upon reasonable prior written notice to the General Partner at the office of the
Company or other Person maintaining the same.

     SECTION 7.3. Operating Statements.

     (a) The General Partner shall, as a Company expense, at least once every calendar year
have the Company’s books and records audited by the Accountant. A copy of the annual
audited financial statements shall be submitted promptly after completion to all Partners.
General Partner shall use commercially reasonable efforts to cause such submission to occur
not later than one hundred five (105) days after the end of each Fiscal Year.

     (b) The General Partner shall furnish the following quarterly reports prepared for the
Property on an accrual basis showing quarterly and year-to-date activity (without notice or
demand) not later than the forty fifth (45th) day following the end of each calendar
quarter:

     (i) an unaudited cash flow statement setting forth the calculation of Net Cash
Flow and all disbursements of cash from the Company;

     (ii) an unaudited balance sheet for the Company;

     (iii) an unaudited profit and loss statement;

     (iv) banks statements and reconciliations for all accounts;

     (v) reconciliation of actual expenditures to budgeted expenditures; and

     (vi) in the event a Capital Transaction has occurred, an unaudited statement of
the Net Proceeds of a Capital Transaction for such Capital Transaction.

     (c) The General Partner shall, as a Company expense, use commercially reasonable
efforts to cause to be filed all tax returns related to the Company and the Property in a
timely manner. Each of the Partners shall promptly provide to the General Partner such
information as may be in its possession as shall be necessary or appropriate for the
preparation of such returns. No later than one hundred twenty (120) days after the end of
each Fiscal Year of the Company, the Company shall, as a Company expense, furnish the
Partners with all necessary tax reporting information required by the Partners

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for the preparation of their respective federal, state and local income tax returns,
including each Partner’s pro rata share of income, gain, loss, deductions and credits for
such Fiscal Year. The General Partner shall supervise the Accountant in the preparation of
the Company’s tax returns, the cost of which shall be a Company expense.

     (d) Within one hundred twenty (120) days following the end of the Fiscal Year of the
Company, the Company shall, as a Company expense, furnish each Partner with copies of the
Company’s federal partnership Return of Income and other income tax returns, together with
each Partner’s Schedule K-1 or analogous schedule, which returns shall be signed by the Tax
Matters Partner on behalf of the Company and co-signed by the Accountant as preparer.

     (e) Except as otherwise provided in this Agreement, all decisions as to accounting
principles, whether for the Company’s books or for income tax purposes (and such decisions
may be different for each such purpose) and all elections available to the Company under
applicable tax law, shall be made by the Tax Matters Partner. Upon the request of any
Partner in connection with the transfer of all or part of such Partner’s Company Interest,
the Company shall make an election under Code Section 754. The General Partner shall not
elect to have the Company classified as an association taxable as a corporation for federal
income tax purposes and shall take any steps required to maintain the Company’s
classification as a partnership for such purposes.

     (f) Cedar shall, at no cost or expense to Cedar, cooperate with HHUS in good faith in
connection with the preparation of internal reports required to be prepared by or on behalf
of HHUS, including providing readily available information to HHUS in connection therewith.

     SECTION 7.4. The Accountant. The General Partner shall cause the Company to retain
Wiser LP, Grant Thornton, Ernst & Young or any other recognized and reputable national or regional
independent certified public accounting firm selected by the General Partner to be the accountant
and auditor for the Company (the “Accountant”). The fees and expenses of the Accountant shall be a
Company expense.

     SECTION 7.5. Tax Matters Partner. The General Partner is hereby designated as the tax
matters partner under Code Section 6231(a)(7) (the “Tax Matters Partner”). In addition to the
duties described in Section 7.3(e) of this Agreement, the Tax Matters Partner shall manage audits
of the Company conducted by the Internal Revenue Service or any other taxing authority pursuant to
the audit procedures under the Code and the Treasury Regulations promulgated thereunder or other
applicable law.

     SECTION 7.6. Annual Budget. The General Partner shall prepare and deliver to the
other Partners an annual budget for the Property for each Fiscal Year not later than sixty (60)
days prior to the commencement of each Fiscal Year.

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ARTICLE VIII

WITHDRAWALS; TRANSFERS OF COMPANY INTERESTS

     SECTION 8.1. No Transfer. No Partner may sell, assign, pledge, transfer, give,
hypothecate or otherwise encumber, and no Partner or non-Partner may acquire, any direct interest
in the Company (any such sale, assignment, pledge, transfer, gift, hypothecation, encumbrance or
acquisition being hereinafter referred to as a “Transfer”) without (x) the prior written consent of
all of the Partners, which may be granted or withheld in the sole and absolute discretion of the
other Partners and (y) in the event of a Transfer of a limited partnership interest of the Company,
the prior written consent of all of the TTV Partners, which may be granted or withheld in the sole
discretion of such TTV Partners. Any Transfer of any Company Interest in contravention of this
Article VIII shall be null and void and shall be deemed a material breach of the terms of this
Agreement, and the other Partners shall have all the rights and remedies available under this
Agreement and applicable law.

     SECTION 8.2. Succession by Operation of Law/Certain Permitted Transfers/
Prorations/Cooperation. If any Company Interest is Transferred or proposed to be Transferred
pursuant to this Article VIII, the parties hereto agree to reasonably cooperate with each other in
good faith to structure such Transfer to avoid or minimize transfer fees to lenders and any
transfer, deed or similar taxes due in connection therewith and, if so desired, to avoid
termination of the Company for Federal income tax purposes. All expenses of the Company, including
transfer taxes (if any), legal, accounting and general audit expenses, occasioned by the sale,
assignment or transfer by a Partner of its Company Interest or the death, insanity, incompetence or
Bankruptcy of a Partner, shall be paid by such Partner or, as applicable, by the transferee of such
Partner’s Company Interest, promptly upon demand thereof, as a condition to the effectiveness of
such Transfer. Notwithstanding the terms of Section 8.1, HHUS shall have the right, in its sole
discretion, to assign up to seventy five percent (75%) of its Partnership Interest (i.e. sixty
percent (60%) of the aggregate Partnership Interests) to a single Delaware limited partnership
comprised of one or more Non-U.S. Persons as limited partners and Homburg Participates B.V. or an
Affiliate as general partner (such single limited partnership, “HP”).

     SECTION 8.3. General Conditions Applicable to Transfers.

     (a) Notwithstanding anything in this Agreement to the contrary (including but not
limited to any of the other sections of this Article VIII), in no event shall (i) any
Transfer be made, recognized or consented to by the Partners or deemed effective unless such
Transfer will not constitute or result in a material violation or default under any
Financing Document or (ii) a Company Interest be Transferred to a Person who is the subject
of any pending bankruptcy proceedings, or to an individual Person who is a minor or who
otherwise lacks legal capacity, and any attempt to effect a Transfer to such a Person shall
be void and of no effect and shall not bind the Company or (iii) a Company Interest be
Transferred to a Person (A) named on any list of Persons and governments issued by OFAC
pursuant to Executive Order 13224, as in effect on the date hereof, or any similar lists
publicly issued by OFAC or any other department or agency of the United States of America
(“OFAC Lists”), (B) included in, owned by, controlled by, knowingly acting for or on behalf
of, knowingly providing assistance, support, sponsorship, or services of any kind to, or
otherwise knowingly associated with any of

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the Persons referred to or described in the OFAC Lists, or (C) who has knowingly
conducted business with or knowingly engaged in any transaction with any Person named on any
of the OFAC Lists.

     (b) In the event that any filing, application, approval or consent is required in
connection with any Transfer, whether by any governmental entity or other third-party, the
transferring Partner shall promptly make such filing or application or obtain such approval
or consent, at its sole expense.

     (c) Notwithstanding anything to the contrary contained in this Agreement, each Partner
shall be an entity organized under the laws of the United States.

     (d) Notwithstanding anything to the contrary contained in this Agreement (including but
not limited to the other sections of this Article VIII), no Transfer of all or any portion
of any Partner’s Company Interest shall be binding upon the other Partners or the Company,
and the Company shall be entitled to treat the record owner of any Company Interest as the
absolute owner thereof in all respects, unless and until (i) true copies of the instruments
of transfer executed and delivered pursuant to or in connection with such Transfer shall
have been delivered to the General Partner, (ii) the transferee shall have delivered to the
General Partner an executed and acknowledged assumption agreement pursuant to which the
transferee assumes all the obligations of the transferor arising and accruing from and after
the date of such Transfer under, and agrees to be bound by all the provisions of, this
Agreement, (iii) the transferee shall have executed, acknowledged and delivered any
instruments required under any applicable laws to effect such Transfer and, if applicable,
its admission to the Company, and (iv) the transferee shall have executed and delivered such
other instruments, documents and agreements reasonably required by the General Partner in
connection with such Transfer which are consistent with the other terms hereof including,
without limitation, a favorable opinion of counsel reasonably satisfactory to General
Partner that such Transfer shall not constitute a violation of the Securities Act of 1933,
as amended, or of any law or statute of any state and shall have no materially adverse
federal income tax impact on the Partnership; provided, however, that no such opinion of
counsel shall be required in connection with a Transfer to HP pursuant to and in accordance
with the terms of the last sentence of Section 8.2. Upon compliance with the provisions of
this Section 8.3(c), any Person who acquires a Company Interest in a transaction permitted
by this Article VIII shall, unless otherwise provided in this Agreement, be admitted as a
Partner. Except as otherwise set forth herein, upon the execution and delivery of such
assumption agreement, the transferor shall have no further obligation hereunder after the
date of the Transfer except that the transferor shall remain primarily liable for all
accrued obligations (as of the date of Transfer) of the transferor under this Agreement,
notwithstanding any Transfer pursuant to this Article VIII.

     (e) Except as otherwise expressly provided herein, all reasonable costs and expenses
incurred by the Company in connection with any Transfer of a Company Interest and, if
applicable, the admission of a Person as a Partner hereunder, shall be paid by the
transferor. Upon compliance with all provisions hereof applicable to any transferee of a
Company Interest becoming a Partner, all Partners hereby agree to execute

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and deliver such reasonable amendments hereto as are necessary to constitute such
person or entity a Partner of the Company.

     (f) If any Person acquires all or any part of the Company Interest of a Partner in
violation of this Article VIII whether by operation of law, judicial proceeding, or other
manner not expressly permitted hereunder, such Person shall have no rights under this
Agreement with respect to the Company Interest so acquired.

     (g) Prior to any Transfer described in the last sentence of Section 8.2, Cedar GP shall
be offered the opportunity timely to review and, subject to any Netherlands regulatory
requirements, approve all descriptive materials published and disseminated with respect to
references to Cedar GP, Cedar LP, Cedar or any parent or subsidiary thereof (other than the
Company) and its or their organizational and/or financial operations, structure or history,
such approval not to be unreasonably withheld, conditioned or delayed, and shall be offered
the opportunity to timely review all materials published and disseminated with respect to
the Company, the Properties, the Partnership Interests and the transactions contemplated by
this Agreement. HHUS and, if such Transfer shall occur, HP shall defend, indemnify and hold
the Company, Cedar, Cedar GP, Cedar LP and the Affiliates, parents and subsidiaries of
Cedar, Cedar GP and Cedar LP harmless of, from and against any and all Indemnified Losses
(other than any special, consequential or punitive damages) arising out of or in connection
with such Transfer or proposed Transfer. Notwithstanding anything to the contrary contained
in this Agreement, the review and/or approval by Cedar GP of any materials with respect to
any of the forgoing shall in no way relieve HP of any of its obligations pursuant to the
terms of the immediately preceding sentence or result in liability to Cedar GP on account
thereof.

     (h) If Cedar shall no longer be directly or indirectly controlled by CSCP, Cedar LP
shall pay all costs and expenses required to be paid by the Company pursuant to the
Financing Documents on account thereof.

     SECTION 8.4. Buy/Sell Rights.

     (a) Either Cedar LP and Cedar GP acting collectively, on the one hand, and HHUS and, if
applicable, HP acting collectively, on the other hand (“Buy Sell Offeror”), shall have the
right from time to time to effect the provisions of this Section 8.4 at any time during the
Buy/Sell Exercise Period by delivering written notice (the “Buy Sell Notice”) to the other
Partner (“Buy Sell Offeree”) (A) of its intention to effect the provisions of this Section
8.4(a), and (B) designating its determination (which shall be made in its sole discretion)
of the fair market value of the Property and all other Company Assets (the “Buy Sell
Property”) taking into account the obligation of the Purchasing Partner to repay or assume
any existing mortgage indebtedness (the “Buy Sell Purchase Price”).

     (b) Upon receipt of the Buy Sell Notice given pursuant to Section 8.4(a) hereof, Buy
Sell Offeree shall then be obligated either to:

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     (i) purchase the Buy Sell Property from the Company for cash at a price equal
to the Buy Sell Purchase Price; or

     (ii) allow the Company to sell the Buy Sell Property to Buy Sell Offeror for
cash at a price equal to the Buy Sell Purchase Price,

and in each such instance the Company shall sell the Buy Sell Property to the Buy Sell Offeree or
Buy Sell Offeror, as applicable. Buy Sell Offeree shall give written notice of its election to Buy
Sell Offeror within thirty (30) days after receipt of the Buy Sell Notice (the date of election
being the “Buy Sell Election Date”). Failure of Buy Sell Offeree to give Buy Sell Offeror notice
within such time shall be a conclusive election under subsection (b)(ii) above.

     (c) Within ten (10) Business Days after Buy Sell Offeree’s election or deemed election
under subsection 8.4(b), the Partner purchasing the Buy Sell Property (the “Purchasing
Partner”; the Partner(s) not purchasing the Buy Sell Property being hereinafter referred to
as the “Non-Purchasing Partner”) shall deposit with the Escrow Agent in cash an amount equal
to the greater of (I) Two Hundred Fifty Thousand Dollars ($250,000) and (II) an amount equal
to five percent (5%) of the Buy Sell Purchase Price (“Buy Sell Deposit”). If the Purchasing
Partner shall fail to deposit the Buy Sell Deposit within such ten (10) Business Day period,
the Purchasing Partner shall be in default hereunder, the Non-Purchasing Partner and the
Company shall have all remedies available at law or in equity, and the Non-Purchasing
Partner shall have the right, exercisable by delivery of written notice to the Purchasing
Partner and the Company within ten (10) days of the expiration of such five (5) Business Day
period, to purchase (pursuant to the terms of this Section 8.4) the Buy Sell Property for
cash at a price equal to ninety five percent (95%) of the Buy Sell Purchase Price. If the
Non-Purchasing Partner does not elect to purchase the Buy Sell Property, the rights of the
Partners under this Section 8.4 shall be as they were prior to the delivery of the
applicable Buy Sell Notice, except that the Purchasing Partner shall lose its right to
initiate the buy sell procedures for a period of eighteen (18) months following the date of
the Buy/Sell Notice. The charges of the Escrow Agent shall be paid by the Company. The
Escrow Agent shall hold the Buy Sell Deposit in an interest bearing account pursuant to a
written agreement among the Company and the Purchasing Partner and the Escrow Agent, which
agreement shall be satisfactory to such parties in the exercise of their respective
reasonable discretion and shall provide, among other things, that the Escrow Agent shall not
commingle the Buy Sell Deposit with any other funds. In the event of a closing pursuant to
the terms of this subsection 8.4(c), the Buy Sell Deposit, together with any interest earned
thereon, shall be credited against the Buy Sell Purchase Price and paid to the Company. In
the event of a default by the Purchasing Partner in its obligation to purchase the Buy Sell
Property pursuant to, and in accordance with, the terms of this subsection 8.4(c) (other
than the failure of the Purchasing Partner to make the Buy Sell Deposit as aforesaid), the
Buy Sell Deposit, and any interest thereon, shall be paid to the Company by the Escrow Agent
promptly following written request therefor as the Non-Purchasing Partner’s and Company’s
sole and exclusive remedy, and the Non-Purchasing Partner shall have the right, exercisable
by delivery of written notice to the Purchasing Partner and the Company within thirty (30)
days of the Company’s receipt of the Buy Sell Deposit, to purchase (pursuant to the terms of
this Section 8.4) the Buy Sell Property

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for cash at a price equal to the Buy Sell Purchase Price. If the Non-Purchasing
Partner does not elect to purchase the Buy Sell Property, the rights of the Partners under
this Section 8.4 shall be as they were prior to the delivery of the applicable Buy Sell
Notice, except that the Purchasing Partner shall lose its right to initiate the buy sell
procedures for a period of eighteen (18) months following the date of the Buy/Sell Notice.
If the Non-Purchasing Partner shall cause the Company to default in any of its obligations
under this subsection 8.4(c), the Buy Sell Deposit, and any interest earned thereon, shall
be returned to the Purchasing Partner promptly following written request therefor, the
Purchasing Partner shall have all other remedies available to it at law or in equity
(including, without limitation, an action for specific performance), and the Non-Purchasing
Partner shall lose its right to initiate the buy sell procedures for a period of eighteen
(18) months following the date of the Buy/Sell Notice. Upon deposit by the Purchasing
Partner of the Buy Sell Deposit with the Escrow Agent as aforesaid, (i) a binding contract
shall be deemed to exist between the Company and the Purchasing Partner with respect to the
Buy Sell Property, and (ii) the closing shall be held pursuant to an escrow arrangement
acceptable to the Purchasing Partner and the Company in the exercise of their reasonable
judgment on a Business Day selected by the Purchasing Partner not less than thirty (30) days
and not more than one hundred twenty (120) days from the Buy Sell Election Date. The
Purchasing Partner shall pay the Buy Sell Purchase Price (less the Buy Sell Deposit and any
interest earned thereon and as adjusted as provided herein) by wire transfer of immediately
available federal funds to an account designated in writing by the Company. At the closing,
the Company shall deliver to Purchasing Partner a limited warranty deed for the Property,
subject to all encumbrances of record, an assignment of leases, contracts, and general
intangibles, a bill of sale, and any other documents necessary to effectuate such transfer.
Any transfer, deed, documentary stamp or other tax due in connection with a Transfer of the
Property pursuant to this Section 6.10(c) shall be paid by the Non-Purchasing Partner. In
addition, at the closing, (i) items of income and expense with respect to the Property shall
be apportioned as of 11:59 p.m. of the day preceding the closing date in accordance with
local custom and (ii) the Purchasing Partner, at its expense, shall cause the Property to be
transferred free and clear of all mortgage financings unless the Purchasing Partner shall
elect to assume such mortgage financings, and the assumption is permitted by the terms of
the applicable Financing Documents or consent for such assumption is obtained (in which
event the Buy Sell Purchase Price shall be adjusted accordingly). All costs and expenses
incurred in connection with assuming such mortgage financings shall be paid by the
Purchasing Partner.

     (d) The Partners shall cooperate with each other to effectuate a transfer of the
Property in a manner that will minimize transfer and other taxes and, if applicable, loan
assumption fees including, without limitation, structuring (subject to Section 8.4(e)) any
such transfer as an entity transfer to the extent reasonably feasible.

     (e) Subject to the prior written approval of all of the Partners and TTV Partners, the
Purchasing Partner may, at its option, elect to acquire (and to have an Affiliate acquire
the General Partner’s interests if the acquisition is to be of both general partner and
limited partnership interests, in which case such Affiliate shall be deemed included within
the term Purchasing Partner for purposes of this paragraph) all of the

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Company Interests in the Non-Purchasing Partner in lieu of acquiring the Property by
deed. If the Purchasing Partner shall elect to acquire all of the Company Interests in the
Non-Purchasing Partner, the Non-Purchasing Partner shall deliver to the Purchasing Partner
or its designee an assignment of all of the Non-Purchasing Partner’s Company Interest, which
such assignment shall be free and clear of all legal and equitable claims (other than the
legal and equitable claims, if any, of the Purchasing Partner pursuant to this Agreement)
and all liens and encumbrances (other than liens and encumbrances under this Agreement and
Financing Documents that shall remain in full force and effect following the closing). At
the closing, the Non-Purchasing Partner and the Purchasing Partner shall execute an
agreement acceptable to the Non-Purchasing Partner and the Purchasing Partner in the
exercise of their reasonable judgment whereby (X) each shall represent and warrant to the
other that each is duly organized, validly existing, has the necessary corporate power and
authority to consummate the subject transactions and requires no consents which have not
been obtained and (Y) the Non-Purchasing Partner shall represent to the Purchasing Partner
that the Non-Purchasing Partner is the owner of its Company Interest free and clear of all
liens and encumbrances (other than liens and encumbrances under this Agreement and Financing
Documents that shall remain in full force and effect following the closing) and that the
Transfer is being made free and clear of all legal and equitable claims (other than the
legal and equitable claims of the Purchasing Partner pursuant to this Agreement).

     (f) The Purchasing Partner may, at its option, cause the Buy Sell Property to be
acquired by one or more of Purchasing Partner’s designees (or, if the provisions of the
prior paragraph are applicable, and the prior written approval of all of the Partners and
TTV Partners has been obtained, to cause any Company Interest held by a Non-Purchasing
Partner to be purchased by the Purchasing Partner and/or any one or more of the Purchasing
Partner’s designees with appropriate modifications to the purchase agreement referred to in
such paragraph); provided that any such assignment of the Purchasing Partner’s rights
hereunder for purposes of accomplishing such purchase by any such designee shall not relieve
the Purchasing Partner of any obligation or liability with respect thereto.

     (g) Each Partner agrees that it shall be reasonable and cooperate with the other
Partners, including, without limitation, executing any documents which may be reasonably
required, in order to consummate the transactions contemplated by this Section 8.4.

     (h) For purposes of the terms of this Section 8.4, Cedar LP and Cedar GP shall be
deemed to be one Partner and shall act collectively except solely to the extent that the
interests of each are to be transferred to different purchasers and, if HP shall acquire a
Company Interest, HHUS and HP shall be deemed to be one Partner and shall act collectively
except solely to the extent that the interests of each are to be transferred to different
purchasers.

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     SECTION 8.5. Right of First Refusal.

     (a) Upon receipt by the Company of a bona fide, arm’s length offer to sell the Property
(which offer shall contain the material terms of the proposed transaction), the General
Partner shall send a notice to the other Partners (which notice shall include a copy of such
offer). In the event that a Partner elects, in its sole discretion, to consent to the sale
of the Property on the terms of the offer, such Partner shall deliver notice of such
acceptance (an “Acceptance Notice”) to the General Partner with copies to the other
Partners. In the event that all of the Partners deliver Acceptance Notices to the General
Partner, the General Partner shall, prior to accepting the offer on behalf of the Company,
provide Cedar LP with a right of first refusal to acquire the Property on the same terms and
conditions as contained in such offer. Cedar LP shall have fifteen (15) days from the date
on which all of the Partners have delivered an Acceptance Notice to the General Partner to
agree to purchase the Property on the terms contained in such offer. If Cedar LP agrees to
purchase the Property on the terms contained in the offer by delivering a written notice of
such acceptance to the other Partners and, within ten (10) Business Days after delivery of
such notice, depositing with the Escrow Agent the deposit provided for in the terms of the
offer, or if such terms do not provide for a deposit, an amount equal to the greater of
$250,000 and five percent (5%) of the proposed purchase price (the “ROFR Deposit”), a
binding contract of sale shall be deemed to exist between Cedar LP and the Company with
respect to the purchase and sale of the Property. If Cedar LP does not elect to purchase
the Property in accordance with the terms of such offer within such fifteen-day period, or
fails to deliver the ROFR Deposit to the Escrow Agent within such ten Business Day period,
the Company shall have the right to sell the Property pursuant to the terms of such offer.
Notwithstanding the foregoing, if the sale shall not be consummated pursuant to the terms of
such offer within one hundred twenty (120) days, or if the terms of such offer are changed
in a manner materially detrimental to the Company, the Company shall once again comply with
the terms of this Section 8.5 prior to consummating a sale of the Property.

     (b) If Cedar LP elects to purchase the Property, it may, at its option, cause the
Property to be acquired by one or more of its designees, provided that any such assignment
of Cedar LP’s rights hereunder for the purpose of accomplishing such purpose shall not
relieve Cedar LP of any obligation or liability with respect thereto.

     (c) The Company and each of the Partners shall cooperate in good faith with Cedar LP in
connection with any such acquisition.

     (d) Subject to the prior written approval of all of the Partners and TTV Partners,
Cedar LP may, at its option, elect to acquire all of the Company Interests of HHUS in lieu
of acquiring the Property by deed. If Cedar LP shall elect to acquire all of the Company
Interests of HHUS, the purchase price shall be adjusted equitably by the Partners, and HHUS
shall deliver to Cedar LP or its designee an assignment of all of the Company Interests of
HHUS, which such assignment shall be free and clear of all legal and equitable claims (other
than the legal and equitable claims, if any, of Cedar LP pursuant to this Agreement) and all
liens and encumbrances (other than liens and encumbrances under this Agreement and Financing
Documents that shall remain in full

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force and effect following the closing). At the closing, Cedar LP and HHUS shall
execute an agreement acceptable to each of Cedar LP and HHUS in the exercise of their
reasonable judgment whereby (i) each shall represent and warrant to the other that each is
duly organized, validly existing, has the necessary corporate power and authority to
consummate the subject transactions and requires no consents which have not been obtained
and (ii) HHUS shall represent to Cedar LP that it is the owner of its Company Interest free
and clear of all liens and encumbrances (other than liens and encumbrances under this
Agreement and Financing Documents that shall remain in full force and effect following the
closing) and that the Transfer is being made free and clear of all legal and equitable
claims (other than the legal and equitable claims of Cedar LP pursuant to this Agreement).

     SECTION 8.6. Bankruptcy or Withdrawal of a Partner. Upon the occurrence of a
Bankruptcy Event or any other occurrence with respect to a Partner of any event which under the
Delaware Act causes the Partner to cease to be a partner of a limited partnership (a “Withdrawal
Event”), the Partner affected by such Withdrawal Event shall, unless the other Partners shall
otherwise consent within ninety (90) days of such Withdrawal Event, be deemed to have withdrawn as
a Partner on the expiration of such ninety (90) day period. In the event that a Partner is deemed
to have withdrawn from the Company pursuant to this Section 8.6, then such Partner (a “Withdrawn
Partner”) shall continue to have the rights of an assignee of its Company Interest which was not
admitted as a Partner and shall not be entitled to participate in the management of the Company or
to vote, approve or consent to any matter for which the vote, approval or consent of any Partners
is required. Unless the Partners (other than the Withdrawn Partner) otherwise agree, the Company
shall not terminate or dissolve upon the occurrence of a Withdrawal Event, provided (to the extent
required by any Financing Document) that in the event that the Company has two or more General
Partners at least one of which is solvent, the Partners shall not agree to terminate or dissolve
the Company upon the occurrence of a Withdrawal Event. No Partner shall withdraw or retire from
the Company without the prior written consent of all of the other Partners and TTV Partners, except
in connection with a Transfer of its entire Company Interest as expressly permitted under and in
accordance with the terms of this Agreement. In furtherance of the foregoing, each Partner hereby
waives any and all rights such Partner may have to withdraw and/or resign from the Company pursuant
to Sections 17-602 and 17-603 of the Delaware Act and hereby waives any and all rights such Partner
may have to receive the fair value of such Partner’s Company Interest upon such resignation and/or
withdrawal pursuant to Section 17-604 of the Delaware Act, and such Partner shall continue to hold
its Company Interest in accordance with the provisions hereof.

     SECTION 8.7. Death or Incompetency of an Individual Partner. Upon the death or legal
incompetency of an individual Limited Partner (including a substituted Limited Partner), his or her
legally authorized personal representatives shall have all of the rights of a Limited Partner for
the purpose of settling or managing his or her estate, and shall have such power as the decedent,
incompetent, bankrupt or insolvent individual Limited Partner possessed hereunder to make an
assignment of his or her interest in the Partnership in accordance with the terms hereof. No such
representative shall be admitted as a Limited Partner in the Partnership except in compliance with
the provisions of Section 8.1 and Section 12.3 hereof.

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     SECTION 8.8. Withdrawal Rights. If at any time the Partnership shall have more than
one General Partner, a General Partner may withdraw as a General Partner of the Partnership upon
obtaining the written consent of all of the other Partners and, except in the event of a withdrawal
by Cedar GP, the TTV Partners, to such withdrawal. From and after the effective date of any such
withdrawal, the withdrawing General Partner shall automatically cease to serve as the General
Partner of the Partnership and such General Partner’s Company Interest shall be deemed to be
converted to a limited partnership interest in the Partnership and all references in this Agreement
to the “General Partner” shall be deemed to be references to the remaining General Partner only.

     SECTION 8.9. Transparent Status.

     (a) Any Limited Partner that is a Tax Transparent Vehicle (a “Limited Partner TTV”)
shall provide in its partnership agreement or other constitutional documents that (i) the
general partner (or its functional equivalent) of such Limited Partner TTV shall have the
authority in its sole discretion to approve the admission or substitution of limited
partners (or the functional equivalent) of such Limited Partner TTV or (ii) the consent of
all of the partners in such Limited Partner TTV shall be required in connection with such
Limited Partner’s consent to a Transfer of a limited partnership interest in the Company.

     (b) If the Company shall invest as a limited partner in a Tax Transparent Vehicle (a
“Subsidiary TTV”), the constitutional documents or bylaws of such Subsidiary TTV shall
require the prior written consent of all of the Partners for any transfer of partnership
interests in such Subsidiary TTV.

     (c) If applicable, upon the request of HP in connection with HP’s admission to the
Company and from time to time thereafter, Cedar LP shall provide to HP excerpts from Cedar’s
limited partnership agreement for purposes of allowing HP to determine whether Cedar shall
not qualify as a transparent entity for Dutch tax purposes. If Cedar shall amend its
limited partnership agreement to provide that the consent of all limited partners is needed
for the issuance or transfer of a limited partner interest in Cedar, Cedar GP shall provide
written notice to HP of such event.

ARTICLE IX

BROKERS

     SECTION 9.1. Brokers. Each Partner represents and warrants to the other Partners that
it has not dealt with any real estate broker or finder in connection with the formation of the
Company or the transactions contemplated herein. Each Partner agrees to indemnify and hold
harmless the other Partners and the Company from and against any actions, claims or demands for any
commissions or fees and all Indemnified Losses arising from a breach of the foregoing
representation and warranty.

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ARTICLE X

TERMINATION

     SECTION 10.1. Dissolution. Except as hereinafter provided to the contrary, the
Company shall be dissolved and its business wound up upon the happening of any of the following
events, whichever shall first occur:

     (a) The sale, condemnation or other disposition of all or substantially all of the
Property and the other Company Assets and the receipt of all consideration therefor except
that if non-monetary consideration is received upon such disposition the Company shall not
be dissolved pursuant to this clause until such consideration is converted into money or
money equivalent;

     (b) At any time that there is no General Partner or any limited partners unless the
remaining partners take the necessary action pursuant to Section 17-802(3) or (4) of the
Delaware Act, as applicable, to continue the Company.

     (c) The occurrence of any event, other than those referred to in paragraph (b), which
causes dissolution of a limited partnership under the Delaware Act, unless the Partners
agree to continue the Company pursuant to the Delaware Act.

     SECTION 10.2. Termination. Notwithstanding any other provision of this Agreement, in
all cases of dissolution of the Company, the business of the Company shall be wound up and the
Company terminated as promptly as practicable thereafter, and each of the following shall be
accomplished:

     (a) The Liquidating Partner shall cause to be prepared (i) statements setting forth the
assets and liabilities of the Company as of the date of dissolution and as of the date of
complete liquidation, a copy of such statements shall be furnished to all of the Partners
and (ii) a report in reasonable detail of the manner or disposition of assets.

     (b) The property and assets of the Company shall be liquidated by the Liquidating
Partner as promptly as possible, but in an orderly and businesslike and commercially
reasonable manner. The Liquidating Partner may, in the exercise of its business judgment
and if commercially reasonable, determine to defer the sale of all or any portion of the
property and assets of the Company if deemed necessary or appropriate to realize the fair
market value of any such property or assets.

     (c) The proceeds of sale and all other assets of the Company shall be applied and
distributed as follows and in the following order of priority:

     (i) To the payment of (x) the debts and liabilities of the Company (including
any outstanding amounts due on any recourse indebtedness encumbering the Property,
or any part thereof) and (y) the expenses of liquidation.

     (ii) To the setting up of any reserves which the Liquidating Partner shall
determine in its commercially reasonable judgment to be reasonably necessary for
contingent, unliquidated or unforeseen liabilities or obligations of

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the Company or the Partners arising out of or in connection with the Company.
Such reserves may, in the commercially reasonable discretion of the Liquidating
Partner, be paid over to a national bank or national trust company selected by the
Partners and authorized to conduct business as an escrow agent to be held by such
bank or trust company as escrow agent for the purposes of disbursing such reserves
to satisfy the liabilities and obligations described above, and at the expiration of
such period distributing any remaining balance as provided in clause (iv) below.

     (iii) The balance to the Partners in accordance with the provisions of Sections
4.3.

     Distributions pursuant to the preceding clause (iii) shall be made by the end of the Fiscal
Year during which the dissolution of the Company occurs (or, if later, within ninety (90) days of
such dissolution). To the fullest extent permitted by applicable law, the Partners hereby waive
any rights to distributions under Section `17-604 of the Delaware Act.

     (d) The Liquidating Partner shall cause the filing of the Certificate of Cancellation
pursuant to Section 17-203 of the Delaware Act and shall take all such other actions as may
be necessary to terminate the Company.

     SECTION 10.3. Liquidating Partner.

     (a) The term “Liquidating Partner” shall mean (i) the General Partner in the case of a
termination of the Company pursuant to clause (a) of Section 10.1 hereof, (ii) Cedar GP in
the case of a termination of the Company pursuant to clause (c) of Section 10.1 hereof if
HHUS shall be the Partner causing the termination event pursuant to said clause, (iii) HHUS
in the case of a termination of the Company pursuant to clause (c) of Section 10.1 hereof if
Cedar LP or Cedar GP shall be the Partner causing the termination event pursuant to said
clause, and (iv) the last remaining Partner (or its personal representative or nominee) in
the case of a termination of the Company pursuant to clause (b) of Section 10.1 hereof.

     (b) Without limiting the foregoing, the Liquidating Partner shall, upon the dissolution
and upon completion of the winding up of the affairs of the Company, file appropriate
certificate(s) to such effect in the proper governmental office or offices under the
Delaware Act as then in effect. Notwithstanding the foregoing, each Partner, upon the
request of the Liquidating Partner, shall promptly execute, acknowledge and deliver all such
documents, certificates and other instruments as the Liquidating Partner shall reasonably
request to effectuate the proper dissolution and termination of the Company, including the
winding up of the business of the Company.

     SECTION 10.4. No Redemption. The Company may not acquire, by purchase, redemption or
otherwise any Company Interest of any Partner.

     SECTION 10.5. Governance. Notwithstanding a dissolution of the Company, until the
termination of the business of the Company, the affairs of the Partners, as such, shall

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continue to be governed by this Agreement. The Liquidating Partner shall be subject to the
same restrictions on transactions with related parties or involving conflicts of interest as
applied prior to the dissolution of the Company, including but not limited to the consent
requirements set forth herein of any such transaction. The Liquidating Partner shall also be
required to perform its duties under this Agreement using the same standard of care that would be
required of the Liquidating Partner if the Liquidating Partner was acting as the General Partner.

     SECTION 10.6. Return of Capital. No Partner shall have any right to receive the
return of its Capital Contribution or to seek or obtain partition of assets of the Company, other
than as expressly provided in this Agreement.

ARTICLE XI

POWER OF ATTORNEY

     Each of the Limited Partners hereby irrevocably constitutes and appoints the General Partner,
or any successor General Partner, its true and lawful attorney-in-fact with the power and authority
to act in such Limited Partner’s name and on his behalf in his place and stead, upon five (5)
Business Days notice to such Limited Partner, to make, execute, acknowledge, file and record the
following documents:

     (a) Amendments to this Agreement as required by the laws of the State, or by any other
state, including amendments required for the admission or substitution of a Limited Partner,
the admission or substitution of a General Partner, and the continuation of the business of
the Partnership after the withdrawal or removal of a General Partner;

     (b) Any cancellation of this Agreement as required by the laws of the State upon
dissolution or termination of the partnership;

     (c) Amendments to the Certificate as required under the laws of the State, or the laws
of any other state in which such Certificate (and amendments) are required to be filed or
recorded;

     (d) All such other instruments, documents and certificates which may from time to time
be required by the laws of the State, the United States of America or any other jurisdiction
which the Partnership shall determine to do business in accordance with the terms of this
Agreement, or any other political subdivision or agency thereof, to effectuate, implement,
continue and defend the validity and existence of the Partnership; and

     (e) Any business certificate, fictitious name certificate, certificate of limited
partnership, amendment thereto or other instrument or document of any kind necessary to
accomplish the business, purposes and objectives of the Partnership.

     The power of attorney hereby granted to the General Partner is a special power of attorney
coupled with an interest, is irrevocable, and shall survive the death of any Limited Partners that
are individuals. This power of attorney may be exercised by the General Partner for each Limited
Partner by listing all of the Limited Partners executing any instrument with a signature of the
General Partner acting as attorney-in-fact for all of them. In addition, this power

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of attorney shall survive the delivery of an assignment by a Limited Partner of the whole or
any portion of his interest; except that where the transferee of a Limited Partner has been
approved by the General Partner for admission to the Partnership as a substitute Limited Partner,
the power of attorney shall survive the delivery of such assignment for the sole purpose of
enabling the General Partner to execute, acknowledge, and file any instrument necessary to effect
such substitution.

ARTICLE XII

MISCELLANEOUS

     SECTION 12.1. Further Assurances. Each Partner agrees to execute, acknowledge,
deliver, file, record and publish such further reasonable certificates, amendments to certificates,
instruments and documents, and do all such other reasonable acts and things as may be required by
law, or as may be required to carry out the intent and purposes of this Agreement so long as any of
the foregoing do not materially increase any Partner’s obligations hereunder or materially decrease
any Partner’s rights hereunder.

     SECTION 12.2. Notices. All notices, demands, consents, approvals, requests or other
communications which any of the parties to this Agreement may desire or be required to give
hereunder (collectively, “Notices”) shall be in writing and shall be given by personal delivery
(including by hand or reputable international courier service) or facsimile or United States,
Canada or Netherlands, as applicable, registered or certified air mail (postage prepaid, return
receipt requested) addressed as hereinafter provided, provided, however, that any Notice given by
facsimile shall also be given by personal delivery or United States, Canada or Netherlands, as
applicable, registered or certified air mail. Except as otherwise specified herein, the time
period in which a response to any notice or other communication must be made, if any, shall
commence to run on the earliest to occur of (a) if by personal delivery, the date of receipt, or
attempted delivery, if such communication is refused; (b) if given by facsimile, the date on which
such facsimile is transmitted and confirmation of delivery thereof is received; and (c) if sent by
mail (as aforesaid), the date of receipt or attempted delivery, if such mailing is refused. Until
further notice, notices and other communications under this Agreement shall be addressed to the
parties listed below as follows:

			
	                     (i)	 	If to the Company, Cedar GP or Cedar LP, to:

Cedar Shopping Centers, Inc.

44 South Bayles Avenue

Port Washington, NY 11050

Attention: Leo S. Ullman

Facsimile: (516) 767-6497

with a copy to:

Steven Moskowitz, Esq.

Stroock & Stroock & Lavan LLP

180 Maiden Lane

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New York, New York 10038

Fax Number: (212) 806-6006
	 
	                    (ii)	 	If to HHUS, to:

Homburg Invest Inc.

1741 Brunswick Street, Suite 600

Halifax, NS B3J-3X8

Attention: Richard Stolle

Facsimile: 902-468-2457

and to:

Homburg Invest Inc.

11 Akerley Blvd., Suite 200

Dartmouth, NS B3B-1V7

Attention: Gordon Lawlor

Facsimile: 902-469-6776

and to:

Homburg Holdings (U.S.), Inc.

559 East Pikes Place Avenue

Suite 320

Colorado Springs, Colorado 80903

Attention: Robert W. Harris

Facsimile: 719-633-0278

with a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Attention: Steven Simkin, Esq.

Facsimile: (212) 492-0073

and to:

The DeCaro Law Firm, PC

47 Aspen Court

Evergreen, CO 80439

Attention: Phillip S. DeCaro, Esq.

Facsimile: (303) 679-3327

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	                    (iii)	 	If to HP (to the extent HP shall be a Partner):

Homburg Participates B.V.

Beckeringhstraat 36

3762 EX Soest

Netherlands

Attention: Remco de Louwer

Facsimile: 011 3135609-1630

with a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Attention: Steven Simkin, Esq.

Facsimile: (212) 492-0073

     Any Partner may designate another addressee (and/or change its address) for Notices hereunder
by a Notice given pursuant to this Section. Copies of all Notices required to be sent by a Partner
to the Company under the terms of this Agreement shall also be sent to each Partner in accordance
with the terms hereof.

     SECTION 12.3. Governing Law. This Agreement, the rights and obligations of the
parties hereto, and any claims or disputes relating thereto shall be governed by and construed in
accordance with the laws of the State of Delaware (but not including the choice of law rules
thereof).

     SECTION 12.4. Captions. All titles or captions contained in this Agreement are
inserted only as a matter of convenience and for reference and in no way define, limit, extend, or
describe the scope of this Agreement or the intent of any provision hereof.

     SECTION 12.5. Pronouns. All pronouns and any variations thereof shall be deemed to
refer to the masculine, feminine, and neuter, singular and plural, as the identity of the party or
parties may require.

     SECTION 12.6. Successors and Assigns. This Agreement shall be binding upon the
parties hereto and their respective executors, administrators, legal representatives, heirs,
successors and permitted assigns, and shall inure to the benefit of the parties hereto and, except
as otherwise provided herein, their respective executors, administrators, legal representatives,
heirs, successors and permitted assigns.

     SECTION 12.7. Extension Not a Waiver. Except as otherwise expressly provided herein,
no delay or omission in the exercise of any power, remedy or right herein provided or otherwise
available to a Partner or the Company shall impair or affect the right of such Partner or the
Company thereafter to exercise the same. Any extension of time or other indulgence granted to a
Partner hereunder shall not otherwise alter or affect any power, remedy or right of any other
Partner or of the Company.

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     SECTION 12.8. Construction. None of the provisions of this Agreement shall be for the
benefit of or enforceable by any creditor of the Company or any third party. No Partner shall be
obligated personally for any debt, obligation or liability of the Company solely by being a Partner
of the Company. Without the consent of all the Partners, the Company shall not do business in or
otherwise have contact with any jurisdiction other than Delaware and the Commonwealth in which the
Property is located if such would result in any Partner being obligated personally for any debt,
obligation or liability of the Company solely by reason of being a Partner of the Company and
exercising its rights under this Agreement and the Delaware Act.

     SECTION 12.9. Severability. In case any one or more of the provisions contained in
this Agreement or any application thereof shall be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and
other application thereof shall not in any way be affected or impaired thereby.

     SECTION 12.10. Consents. Except as otherwise expressly provided herein, any consent
or approval to any act or matter required under this Agreement must be in writing and shall apply
only with respect to the particular act or matter to which such consent or approval is given, and
shall not relieve any Partner from the obligation to obtain the consent or approval, as applicable,
wherever required under this Agreement to any other act or matter.

     SECTION 12.11. Entire Agreement. This Agreement contains the entire agreement between
the parties relating to the subject matter hereof and all prior agreements relative hereto which
are not contained herein are terminated. Amendments, variations, modifications or changes herein
may be made effective and binding upon the parties by, and only by, the setting forth of same in a
document duly executed by each party, and any alleged amendment, variation, modification or change
herein which is not so documented shall not be effective as to any party.

     SECTION 12.12. Consent to Jurisdiction. Any action, suit or proceeding in connection
with this Agreement may be brought against any Partner or the Company in a court of record of the
State of New York, County of New York, or in the United States District Court for the Southern
District of New York, each Partner and the Company hereby consenting and submitting to the
jurisdiction thereof. Service of process may be made upon any Partner or the Company, by certified
or registered mail, at the address to be used for the giving of notice to such Partner under
Section 11.2. Each Partner hereby appoints Corporation Service Company, 80 State Street, Albany,
New York 12207 as its agent for service of process, with any fees therefore to be borne by the
Company. Nothing herein shall affect the right of any Partner to commence legal proceedings or
otherwise to proceed against any other Partner or the Company in any other jurisdiction or to serve
process in any manner permitted by applicable law. In any action, suit or proceeding in connection
with this Agreement, each Partner and the Company hereby waives trial by jury, and any claim that
New York County or the Southern District of New York is an inconvenient forum.

     SECTION 12.13. Counterparts. This Agreement may be executed in any number of
counterparts, and each such counterpart will for all purposes be deemed an original, and all such
counterparts shall constitute one and the same instrument.

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     SECTION 12.14. Tax Election. The Partners shall take all actions necessary to cause
the Company to be treated as a partnership for federal, state and, if applicable, local income tax
purposes.

     SECTION 12.15. Intentionally Deleted.

     SECTION 12.16. Representations and Warranties.

     (a) Cedar LP represents and warrants and covenants as follows:

     (i) Cedar LP is a [limited liability company] duly organized, validly existing
and in good standing under the laws of the State of Delaware.

     (ii) The execution and delivery of this Agreement and all other documents,
instruments and agreements to be executed in connection with the transactions
contemplated by this Agreement (the “Transaction Documents”) have been duly and
validly authorized by all necessary actions of Cedar LP, and shall constitute the
legal, valid and binding obligations of Cedar LP enforceable against Cedar LP in
accordance with the terms hereof and thereof except as the enforcement thereof may
be limited by bankruptcy, insolvency, reorganization, liquidation, receivership,
moratorium or other similar laws related to or affecting the enforcement of
creditors’ rights generally or by general principles of equity, regardless of
whether such enforceability is considered in a proceeding in equity or at law.

     (iii) No consent, waiver, approval or authorization of or notice to any other
Person (including any governmental entity) is required to be made, obtained or given
by Cedar LP in connection with the execution and delivery of this Agreement or any
other Transaction Document except for those which have been heretofore obtained.

     (iv) Neither the execution or delivery of this Agreement nor any other
Transaction Document does or will, with or without the giving of notice, lapse of
time or both, (i) violate, conflict with or constitute a default under any term or
provision of (A) any agreement to which Cedar LP is a party or by which it is bound,
or (B) any judgment, decree, order, statute, injunction, rule or regulation of a
governmental entity applicable to Cedar LP, or by which it or its assets or
properties are bound, or (ii) result in the creation of any lien or encumbrance upon
Cedar LP or its assets.

     (b) Cedar GP represents and warrants and covenants as follows:

     (i) Cedar GP is a limited liability company duly formed, validly existing and
in good standing under the laws of the State of Delaware.

     (ii) The execution and delivery of this Agreement and all other Transaction
Documents have been duly and validly authorized by all necessary actions of Cedar
GP, and shall constitute the legal, valid and binding obligations

-46-

 

of Cedar GP enforceable against Cedar GP in accordance with the terms hereof
and thereof except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, liquidation, receivership, moratorium or other similar
laws related to or affecting the enforcement of creditors’ rights generally or by
general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law.

     (iii) No consent, waiver, approval or authorization of or notice to any other
Person (including any governmental entity) is required to be made, obtained or given
by Cedar GP in connection with the execution and delivery of this Agreement or any
other Transaction Document except for those which have been heretofore obtained.

     (iv) Neither the execution or delivery of this Agreement nor any other
Transaction Document does or will, with or without the giving of notice, lapse of
time or both, (i) violate, conflict with or constitute a default under any term or
provision of (A) any agreement to which Cedar GP is a party or by which it is
bound, or (B) any judgment, decree, order, statute, injunction, rule or regulation
of a governmental entity applicable to Cedar GP, or by which it or its assets or
properties are bound, or (ii) result in the creation of any lien or encumbrance upon
Cedar GP or its assets.

     (c) HHUS represents and warrants and covenants as follows:

     (i) HHUS is a corporation duly organized, validly existing and in good standing
under the laws of the State of Colorado.

     (ii) The execution and delivery of this Agreement and all other Transaction
Documents have been duly and validly authorized by all necessary actions of HHUS and
shall constitute the legal, valid and binding obligations of HHUS enforceable
against HHUS in accordance with the terms hereof and thereof except as the
enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
liquidation, receivership, moratorium or other similar laws related to or affecting
the enforcement of creditors’ rights generally or by general principles of equity,
regardless of whether such enforceability is considered in a proceeding in equity or
at law.

     (iii) No consent, waiver, approval or authorization of or notice to any other
Person (including any governmental entity) is required to be made, obtained or given
by HHUS in connection with the execution and delivery of this Agreement or any other
Transaction Document except for those which have been heretofore obtained.

     (iv) Neither the execution or delivery of this Agreement nor any other
Transaction Document does or will, with or without the giving of notice, lapse of
time or both, (i) violate, conflict with or constitute a default under any term or
provision of (A) any agreement to which HHUS is a party or by which it is bound,

-47-

 

or (B) any judgment, decree, order, statute, injunction, rule or regulation of
a governmental entity applicable to HHUS or by which HHUS or its assets or
properties are bound, or (ii) result in the creation of any lien or encumbrance upon
HHUS or its assets.

     (v) HHUS is a wholly owned indirect subsidiary of Homburg Invest, Inc., a
Canadian corporation.

     (d) If HP shall be admitted to the Company (if applicable), HP represents and warrants
and covenants as follows:

     (i) HP is a Delaware limited partnership, duly organized, validly existing and
in good standing under the laws of the State of Delaware.

     (ii) The execution and delivery of this Agreement and all other Transaction
Documents have been duly and validly authorized by all necessary actions of HP and
shall constitute the legal, valid and binding obligations of HP enforceable against
HP in accordance with the terms hereof and thereof except as the enforcement thereof
may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership,
moratorium or other similar laws related to or affecting the enforcement of
creditors’ rights generally or by general principles of equity, regardless of
whether such enforceability is considered in a proceeding in equity or at law.

     (iii) No consent, waiver, approval or authorization of or notice to any other
Person (including any governmental entity) is required to be made, obtained or given
by HP in connection with the execution and delivery of this Agreement or any other
Transaction Document except for those which have been heretofore obtained.

     (iv) Neither the execution or delivery of this Agreement nor any other
Transaction Document does or will, with or without the giving of notice, lapse of
time or both, (i) violate, conflict with or constitute a default under any term or
provision of (A) any agreement to which HP is a party or by which it is bound, or
(B) any judgment, decree, order, statute, injunction, rule or regulation of a
governmental entity applicable to HP or by which HP or its assets or properties are
bound, or (ii) result in the creation of any lien or encumbrance upon HP or its
assets.

     (v) The general partner of HP is Homburg Participates B.V. or an entity
Controlled by Homburg Participates B.V.

     SECTION 12.17. Limitation of Liability. Notwithstanding anything to the contrary
contained in this Agreement, but subject to the terms of the immediately succeeding sentence, no
recourse shall be had for the payment of any loans or other payments due or for any other claim
under this Agreement or based on the failure of performance or observance of any of the terms and
conditions of this Agreement against any Partner (for the avoidance of doubt, including the

-48-

 

General Partner), any Affiliate of any Partner, or any principal, partner, partner, manager,
shareholder, controlling person, officer, director, agent or employee of any of the aforesaid
Persons or any of their respective assets other than such Partner’s interest in the Company or
assets of the Company to which such Partner is entitled under any rule of law, statute or
constitution, or by the enforcement of any assessment or penalty, or otherwise, nor shall any of
such Persons be personally liable for any contributions, loans, payments or claims, or personally
liable for any deficiency judgment based thereon or with respect thereto, it being expressly
understood that the sole remedies of the Company or any other Partner with respect to such amounts
and claims shall be against such interest in the Company and the assets of the Company to which
such Partner is entitled and as otherwise expressly set forth in this Agreement, and that all such
liability of the aforesaid Persons, except as expressly provided in this Section 12.17, is
expressly waived and released as a condition of, and as consideration for, the execution of this
Agreement and the admission of each Partner to the Company. Notwithstanding the terms of the
immediately preceding sentence, nothing contained in this Agreement (including, without limitation,
the provisions of this Section 12.17), (i) shall constitute a waiver of any obligation of a Partner
under this Agreement, (ii) shall be taken to prevent recourse to and the enforcement against such
Partner’s Company Interest and the assets of the Company to which such Partner is entitled for all
of the respective liabilities, obligations, and undertakings of the aforesaid Persons contained in
this Agreement, (iii) shall be taken to limit or restrict any action or proceeding against any of
the aforesaid Persons which does not seek damages or a money judgment or does not seek to compel
payment of money (or the performance of obligations which would require the payment of money) by
any of the aforesaid Persons, or (iv) shall constitute a waiver of any contractual obligations of
any of the aforesaid Persons pursuant to contracts and agreement between any such Person and the
Company.

     SECTION 12.18. Company Name. If, at any time, the Company name shall include the name
of, or any trade name used by, a Partner or any of its Affiliates, neither the Company nor any
other Partner shall acquire any right, title or interest in or to such name or trade name.

     SECTION 12.19. Ownership of Company Property. The interest of each Partner in the
Company shall be personal property for all purposes. All real and other property owned by the
Company shall be deemed owned by the Company as Company property. No Partner, individually, shall
have any direct ownership of such property and title to such property shall be held in the name of
the Company.

     SECTION 12.20. Time of the Essence. Except as otherwise expressly provided in this
Agreement, time shall be of the essence with respect to all time periods set forth in this
Agreement.

     SECTION 12.21. Status Reports. Recognizing that each Partner may find it necessary
from time to time to establish to third parties, such as accountants, banks, mortgagees,
prospective transferees of their Company Interest, or the like, the then current status of
performance of the Property and the Company hereunder, each Partner shall, within ten (10) Business
Days following the written request of another Partner made from time to time, furnish a written
statement on the status of the following:

-49-

 

     (a) that this Agreement is unmodified and in full force and effect (or if there have
been modifications, that the Agreement is in full force and effect as modified and stating
the modifications);

     (b) stating whether or not to the best knowledge of such certifying Partner (i) the
requesting Partner in the Company is in default in keeping, observing or performing any of
the terms contained in this Agreement and, if in default, specifying each such default
(limited to those defaults of which the certifying Partner has knowledge), and (ii) there
has occurred an event that with the passage of time or the giving of notice, or both, would
ripen into a default hereunder on the part of the requesting Partner (limited to those
events of which the certifying Partner has knowledge); and

     (c) to the best of the knowledge and belief of the Partner making such statement, with
respect to any other matters as may be reasonably requested by the requesting Partner.

     Such statement may be relied upon by the requesting Partner and any other Person for whom such
statement is requested, but no such statement shall operate as a waiver as to any default or other
matter as to which the Partner executing it did not have actual knowledge.

     SECTION 12.22. Waiver of Partition. Except as otherwise expressly provided for in
this Agreement, no Partner shall, either directly or indirectly, take any action to require
partition or appraisement of the Company or any of its assets or properties or cause the sale of
any Company assets or property, and notwithstanding any provisions of applicable law to the
contrary, each Partner (for itself and its legal representatives, successors and assigns) hereby
irrevocably waives any and all right to partition, or to maintain any action for partition, or to
compel any sale with respect to its interest in, or with respect to, any assets or properties of
the Company, except as expressly provided in this Agreement.

     SECTION 12.23. Calculation of Days. The provisions of this Agreement relative to
number of days shall be deemed to refer to calendar days, unless otherwise specified. When the
date for performance of any monetary obligation of any Partner falls on a non-business day, such
obligation need not be performed until the next-following Business Day.

     SECTION 12.24. Disclosure. Notwithstanding any terms or conditions in this Agreement
to the contrary, but subject to restrictions reasonably necessary to comply with federal or state
securities laws, any person may disclose to any and all persons, without limitation of any kind,
the tax treatment and tax structure of the transaction and all materials of any kind (including
opinions or other tax analyses) that are provided relating to such tax treatment and tax structure.
For the avoidance of doubt, this authorization is not intended to permit disclosure of the names
of, or other identifying information regarding, the participants in the transaction, or of any
information or the portion of any materials not relevant to the tax treatment or tax structure of
the transaction.

     SECTION 12.25. Dollar Amounts. All references in this Agreement to dollar amounts
shall be to U.S. Dollars.

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[signature page follows]

-51-

 

     IN WITNESS WHEREOF, the parties hereto have duly executed this Limited partnership agreement
as of the day and year first above written.

	 	 	 	 	 
	 	HOMBURG HOLDINGS (U.S.) INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[NEW “CEDAR GP” ENTITY TO BE FORMED BY
 CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.]

 	 
	 	[NEW “CEDAR LP” ENTITY TO BE FORMED BY
 CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.]

 	 
	 

-52-

 

EXHIBIT A

IRR CALCULATION

     This Exhibit describes the internal rate of return calculation contemplated by the limited
partnership agreement (the “Agreement”) to which this Exhibit is attached and of which this Exhibit
forms a part. Except as otherwise indicated in this Exhibit, each capitalized term used herein
shall have the meaning given to the same elsewhere in the Agreement.

     Section 1 CERTAIN DEFINITIONS.

     (i) “Contributions” means the sum of all contributions made or deemed made under the
Agreement by a Partner to the Company (as described in Section 2.1 of the Agreement) on or
after Time 0. If an escrow is used, Contributions shall be deemed made on the date
deposited into escrow.

     (ii) “Distributions” to a Partner means all distributions made or deemed made to such
Partner under Section 4.2 and 4.3 and subsection 10.2(c) of the Agreement on or after Time
0.

     (iii) “IRR Rate” means the “9.25% IRR Rate” or the “10.5% IRR Rate,” as applicable.
“9.25% IRR Rate” means 9.25% per annum and “10.5% IRR Rate” means 10.5% per annum.

     (iv) “Time 0” means the date of the Agreement.

     Section 2 ASSUMPTIONS.

     For the purpose of performing the future value calculations described in this Exhibit:

     (a) Periods. All calculations shall be based on calendar month periods (each,
a “Calendar Month”), the first of which shall be the calendar month in which Time 0 occurs.

     (b) Distributions. All Distributions will be considered to have been made at
the end of the Calendar Month in which they were actually made; and each Distribution in a
particular Calendar Month will be increased by an amount equal to the interest accruing on
such Distribution at the applicable IRR Rate, for the period commencing on the date such
Distribution is actually made through the last day of the Calendar Month in which the same
is made.

     (c) Contributions. All Contributions will be considered to have been made at
the end of the Calendar Month in which they were actually made; and each Contribution will
be increased by an amount equal to the interest accruing on such Contribution at the
applicable IRR Rate, for the period commencing on the date such Contribution is actually
made through the last day of the Calendar Month in which the same is made.

A-1

 

     SECTION 3 DEFINITION AND CALCULATION OF IRR DEFICIENCY.

     With respect to the applicable IRR Rate, the “IRR Deficiency” as of any particular date means
the amount by which (1) the future value as of such date at such IRR Rate of all Contributions made
on or before such date (which shall include both such Contributions themselves and a monthly
compounded return on such Contributions using the applicable IRR Rate), exceeds (2) the future
value (as of such date) at the applicable IRR Rate of all Distributions (excluding, however, any
Distribution to be made on such date with respect to which such calculation is being made) made on
or before such date (which shall include both such Distributions themselves and a monthly
compounded return on such Distributions using the applicable IRR Rate). Accordingly, (i) the
“9.25% IRR Deficiency” is the IRR Deficiency using the 9.25% IRR Rate and (ii) the “10.5% IRR
Deficiency” is the IRR Deficiency using the 10.5% IRR Rate. An example of this calculation is
attached hereto as Schedule 1.

A-2

 

SCHEDULE 1

SAMPLE IRR DEFICIENCY CALCULATION

(Intentionally Deleted)

 

 

EXHIBIT B

PROPERTY DESCRIPTION

(Intentionally Deleted)

B-1

 

EXHIBIT C

FORM OF PROPERTY MANAGEMENT AGREEMENT

(See Exhibit D)

C-1

 

EXHIBIT C-1

PRE-HOMBURG PROPERTY OWNER AGREEMENTS

(list of existing Pre-Homburg Property Owner Agreements)

	•	 	Limited Liability Company Agreement of Cedar-Fieldstone, LLC, made
by Cedar-Fieldstone SPE, LLC, dated as of November 9, 2005.

	•	 	Amended and Restated Limited Liability Company Agreement of
Cedar-Pennsboro, LLC, made by Cedar Shopping Centers Partnership,
L.P., dated as February 13, 2006.

	•	 	Limited Liability Company Agreement of Cedar-Stonehedge, LLC made
by Cedar Shopping Centers Partnership, L.P., dated as of July ___,
2006

	•	 	Limited Liability Company Agreement of Cedar Hershey, LLC made by
Cedar Shopping Centers Partnership, L.P., dated as of September
21, 2004

 

 

EXHIBIT C-2

PRE-HOMBURG PROPERTY OWNER AGREEMENTS

(Form of Pre-Homburg Property Owner Agreements  — limited partnership agreement of each

Property Owner immediately prior to the Closings)

(see attached)

 

 

LIMITED PARTNERSHIP AGREEMENT

OF

[_____________________], LP1

     This LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of
[_____________________], LP (the “Partnership”) is made and entered into to be
effective for all purposes as of the date of conversion of the Partnership from being a limited
liability company to being a limited partnership on [_____________________], 2007 by
[_____________________] GP, LLC, a Delaware limited liability company (“Cedar
GP”), as the sole general partner (“General Partner”), [INSERT APPROPRIATE WHOLLY OWNED
CEDAR ENTITY] (“Cedar LP”), as the sole limited partner, and such other persons as may from
time to time be admitted as partners of the Partnership in accordance with the terms of this
Agreement and the Delaware Act (as that term is hereinafter defined). As used in this Agreement,
the term “Partner” (whether one or more) shall mean Cedar GP, Cedar LP and any other
persons or entities admitted as a partner of the Partnership in accordance with this Agreement and
the Delaware Act (so long as they are partners of the Partnership), each in their capacity as a
partner of the Partnership.

R E C I T A L S:

     WHEREAS, the Partnership was formed as a limited liability company pursuant to the Delaware
Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq., by the filing of a Certificate of
Formation for the Partnership with the Secretary of State of Delaware on [____________],
[_____________] (the “Certificate of Formation”);

     WHEREAS, Cedar LP and Cedar GP, as the sole members of the Partnership, elected to convert the
Partnership from being a limited liability company to being a limited partnership under the
Delaware Limited Liability Company Act (6 Del. C. §§ 18-100 et seq.) and the Revised Uniform
Limited Partnership Act of the State of Delaware (6 Del. C. §§17-101 et seq., as amended from time
to time, the “Delaware Act”) with Cedar LP becoming the sole limited partner with a 99%
Percentage Interest (as that term is defined below) and Cedar GP becoming the sole general partner
with a 1% Percentage Interest, and caused a certificate of conversion (the “Certificate of
Conversion”) and a certificate of limited partnership (the “Certificate of Limited
Partnership”) for the Partnership to be filed with the Delaware Secretary of State on
[______________], 2007 to effect such conversion.

     NOW, THEREFORE, the undersigned hereby adopts the following as its “limited partnership
agreement” (as that term is used in the Delaware Act):

     1. Organization and Background.

     (a) The Partnership was originally organized on or about [__________________] as a [Delaware]
limited liability company under the name

 

			
	1	 	Each Limited Partnership Agreement shall be
revised, as necessary, to (a) incorporate different Single Purpose Entity and
related requirements of each specific Lender and/or (b) delete references in
the Recitals, Section 1, Section 2 and elsewhere throughout the Agreement to
the Limited Partnership as having been converted from a limited liability
company.

 

 

“[_____________], LLC” (the “Prior Entity”). On or about [_________________], 2007, the
Partners caused to be filed a Certificate of Limited Partnership with the Office of the Delaware
Secretary of State.

          (b) By the execution of this Agreement and in accordance with the Delaware Act, the Partners
are providing for the conversion of the Prior Entity from a limited liability company in which the
Cedar LP held a 99% interest and Cedar GP held a 1% interest to a limited partnership under the
Delaware Act, with (a) continuation of the business previously carried on by such Prior Entity
(which shall not be required nor shall it wind up its affairs) and (b) no change in proportionate
ownership interests or property rights of the principals resulting from the conversion. The
separate existence of the Prior Entity shall cease, and the Partnership shall hereafter conduct its
business under the name “[____________], LP.”

          (c) All of the rights, privileges and powers of the Prior Entity, and all property (real,
personal and mixed), all franchises, all claims and debts due to the Prior Entity, as well as all
other things and causes of action belong to the Prior Entity shall remain vested in the Partnership
and shall be the property of the Partnership without further act or deed, and the title to any real
property vested by deed or otherwise in the Prior Entity shall not revert or be in any way impaired
by the conversion. All rights of creditors and all liens upon any property of the Prior Entity
shall be preserved unimpaired, and all debts, liabilities, obligations and duties of the Prior
Entity shall remain attached to the Partnership and may be enforced against it to the same extent
as if said debts, liabilities, obligations and duties had originally been incurred or contracted by
it in its capacity as the Partnership. The rights, privileges, powers and interests in property of
the Prior Entity, as well as the debts, liabilities and duties of the Prior Entity, shall not be
deemed, as a consequence of the conversion, to have been transferred to the Partnership.

     2. Conversion. The Certificate of Conversion and the Certificate of Limited
Partnership, the conversion of the Partnership from a limited liability company to a limited
partnership under the Delaware Act and the Delaware Limited Liability Company Act, and all actions
taken by Cedar LP, as the authorized person within the meaning of the Delaware Act, who executed
and filed the Certificate of Conversion and the Certificate of Limited Partnership, are hereby
adopted and ratified. The affairs of the Partnership and the conduct of its business shall be
governed by the terms and subject to the conditions set forth in this Agreement, as amended from
time to time. The General Partner is hereby authorized and directed to file any necessary
amendments to the Certificate of Conversion and the Certificate of Limited Partnership of the
Partnership in the office of the Secretary of State of the State of Delaware and such other
documents as may be required or appropriate under the Delaware Act or the laws of any other
jurisdiction in which the Partnership may conduct business or own property.

     3. Name and Principal Place of Business. The name of the Partnership is
[_____________________], LP. The General Partner may change the name of the
Partnership or adopt such trade or fictitious names for use by the Partnership as the General
Partner may from time to time determine. All business of the Partnership shall be conducted under
such names and title to all assets or property owned by the Partnership shall be held in such
names. The principal place of business and office of the Partnership shall be c/o Cedar Shopping
Centers Partnership, L.P., 44 South Bayles Avenue, Suite 304, Port Washington, New York 11050, or
at such other place or places as the Partner may from time to time designate.

2

 

     4. Registered Agent and Registered Office. The name of the Partnership’s registered
agent for service of process shall be Corporation Service Company, and the address of the
Partnership’s registered agent and the address of the Partnership’s registered office in the State
of Delaware shall be 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. The registered
agent and the registered office of the Partnership may be changed from time to time by the Partner.

     5. Term. The term of the Partnership shall be deemed to have commenced on the filing
of the Certificate of Formation of the Partnership as a limited liability company and shall
continue until December 31, 2050, unless sooner terminated or further extended pursuant to the
provisions of this Agreement by the Partner. The existence of the Partnership as a separate legal
entity shall continue until cancellation of the Certificate of Limited Partnership as provided in
the Delaware Act.

     6. Purpose. The purpose and business of the Partnership shall be to (i) acquire and
own, operate, develop, re-develop, finance, re-finance, lease, manage, sell and otherwise deal with
the property known as the [_____________________], located in
[_____________________] (the “Property”), and (ii) engage in any activity and
take any action which limited partnerships may take that is incidental, necessary or appropriate to
accomplish the foregoing.

     7. Partners.

          (a) Cedar GP, whose address is set forth opposite its name in the signature page of this
Agreement, is the sole general partner of the Partnership with a 1% interest in the profits and
losses of the Partnership (its “Percentage Interest”) and shall be shown as such on the
books and records of the Partnership and Cedar LP, whose address is set forth opposite its name in
the signature page of this Agreement, is the sole limited partner of the Partnership with a 99%
Percentage Interest and shall be shown as such on the books and records of the Partnership. Each of
Cedar LP and Cedar GP were admitted to the Partnership as partners upon its execution of a
counterpart signature page to this Agreement. Except as expressly permitted by this Agreement, no
other person shall be admitted as a partner of the Partnership, and no additional interest in the
Partnership shall be issued, without the approval of the Partners.

          (b) Notwithstanding any other provision of this Agreement, the Bankruptcy of a Partner shall
not cause the Partner to cease to be a partner of the Partnership and upon the occurrence of such
an event, the business of the Partnership shall continue without dissolution. For purposes of this
Section 7, “Bankruptcy” means, with respect to any person, or entity, if such person or entity (i)
makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy,
(iii) is adjudged bankrupt or insolvent, or has entered against it an order for relief, in any
bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any
reorganization, arrangement, composition, readjustment, liquidation or similar relief under any
statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest
the material allegations of a petition filed against it in any proceeding of this nature, (vi)
seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the
person or entity or of all or any substantial part of its properties, or (vii) if 120 days after
the commencement of any proceeding against the person or entity seeking reorganization,
arrangement, composition, readjustment, liquidation or similar relief under any statute, law or

3

 

regulation, if the proceeding has not been dismissed, or if within 90 days after the
appointment without such person’s or entity’s consent or acquiescence of a trustee, receiver or
liquidator of such person or entity or of all or any substantial part of its properties, the
appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the
appointment is not vacated. The foregoing definition of “Bankruptcy” is intended to replace and
shall supersede and replace any definition of “Bankruptcy” set forth in the Delaware Act.

     8. Management. In accordance with Section 17-403 of the Delaware Act, management of
the Partnership shall be vested in the General Partner. The General Partner shall have the power
to do any and all acts necessary, convenient or incidental to or for the furtherance of the
purposes described herein, including all powers, statutory or otherwise, possessed by partners of a
limited partnership under the laws of the State of Delaware. The General Partner has the authority
to bind the Partnership. Notwithstanding anything to the contrary contained herein, the provisions
of this Section 8 are subject to the provisions contained in Section 21 hereof.

     9. Officers. The General Partner may, from time to time as it deems advisable,
appoint officers of the Partnership (the “Officers”) and assign in writing titles
(including, without limitation, President, Vice President, Secretary, and Treasurer) to any such
person. Unless the General Partner decides otherwise, if the title is one commonly used for
officers of a business corporation formed under the General Corporation Law of the State of
Delaware, the assignment of such title shall constitute the delegation to such person of the
authorities and duties that are normally associated with that office. Any delegation pursuant to
this Section 9 may be revoked at any time by the General Partner. In accordance with the
foregoing, the Partner hereby appoints Leo S. Ullman as President, Brenda J. Walker as Vice
President and Stuart H. Widowski as Secretary.

     10. Initial Capital Contribution. The capital contribution made by Cedar LP consists
of the capital contribution that it made upon the formation of the Partnership as a limited
liability company and any subsequent capital contributions made by it. Upon the conversion of the
Partnership to limited partnership form, Cedar LP assigned to Cedar GP one percent (1%) of its
interests in the Partnership.

     11. Additional Capital Contributions. The Partners are not required to contribute any
additional capital to the Partnership other than the initial contributions heretofore made. The
Partners will not have any obligation to restore any negative or deficit balance in their capital
account, including any negative or deficit balance in its capital account upon liquidation and
dissolution of the Partnership. Any additional funds required by the Partnership to meet its cash
requirements shall, to the extent possible, be provided by Company borrowings from third parties,
upon such terms and conditions as determined appropriate by the approval of the General Partner;
provided, however, that in lieu of causing the Partnership to borrow from third parties, the
General Partner may from time to time make additional capital contributions to the Partnership.

     12. Tax Matters. The undersigned intend for the Partnership to be treated as a
partnership for federal income tax purposes if the Partnership has two or more partners, and
otherwise as an entity that is disregarded as an entity separate from its owner for federal income

4

 

tax purposes pursuant to Treasury Regulation Section 301.7701-3. The General Partner is
appointed as the Tax Matters Partner as such term is defined in Section 6231(a)(7) of the Internal
Revenue Code.

     13. Distributions. The Partnership shall, as soon as reasonably practical, make
monthly distributions and biannual adjusting distributions of the Partnership’s net cash flow
available for distribution, including distributions of net cash flow from operations, net proceeds
of any interim capital transaction and net proceeds available upon dissolution and winding up of
the Partnership (such net cash flow, net proceeds from interim capital transactions and net
proceeds upon dissolution and winding up of the Partnership being herein sometimes referred to as
the “Distributable Cash”) (in each case after establishment of appropriate and reasonable
reserves) to the Partners in proportion to their respective Percentage Interests. Notwithstanding
any provision to the contrary contained in this Agreement, the Partnership, or any partner on
behalf of the Partnership, shall not be required to make a distribution to the Partners on account
of its interest in the Partnership if such distribution would violate the Delaware Act or any other
applicable law.

     14. Dissolution and Termination.

          (a) The Partnership shall be dissolved and its business wound up upon the earliest to occur of
any of the following events:

     (i) The expiration of the term of the Partnership;

     (ii) The sale of all or substantially all of the Partnership’s assets.

     (iii) The termination of the legal existence of the general partner of the
Partnership or the withdrawal of the general partner, or at such time as there are
no limited partners, unless the business of the Partnership is continued in a manner
permitted by this Agreement or Section 17-801 or other applicable provisions of the
Delaware Act; or

     (iv) The entry of a decree of judicial dissolution under Section 17-802 of the
Delaware Act.

          Upon the occurrence of any event that causes the general partner or the last remaining limited
partner of the Partnership to cease to be a partner of the Partnership, to the fullest extent
permitted by law, the successor to or personal representative of such partner is hereby authorized
to, and shall, within 90 days after the occurrence of the event that terminated the continued
partnership of such partner in the Partnership, agree in writing (i) to continue the Partnership
and (ii) to the admission of the successor or personal representative or its nominee or designee,
as the case may be, as a substitute partner of the Partnership, effective as of the occurrence of
the event that terminated the continued partnership of the general partner or the last remaining
limited partner of the Partnership.

          (b) The Partnership shall not dissolve, liquidate or terminate upon the death, Bankruptcy,
insolvency, dissolution, liquidation, termination, resignation, or removal of a Partner.

5

 

          (c) Upon dissolution, the Partnership’s business shall be liquidated in an orderly manner.
The General Partner shall act as the liquidating trustee to wind up the business of the Partnership
pursuant to this Agreement. If there shall be no remaining General Partner, the
successor-in-interest of the General Partner may approve one or more liquidating trustees to act as
the liquidator in carrying out such liquidation. In performing its duties, the liquidator is
authorized to sell, distribute, exchange or otherwise dispose of the assets of the Partnership in
accordance with the Delaware Act and in any reasonable manner that the liquidator shall determine
to be in the best interest of the General Partner or its successors-in-interest.

          (d) In the event it becomes necessary in connection with the liquidation of the Partnership to
make a distribution of property in kind, such property shall be transferred and conveyed to the
Partners pro rata to their Percentage Interests.

          (e) The Partnership shall terminate when (i) all of the assets of the Partnership, after
payment of or due provision for all debts, liabilities and obligations of the Partnership, shall
have been distributed to the Partners in the manner provided for in this Agreement and (ii) the
Certificate of Limited Partnership of the Partnership shall have been canceled in the manner
required by the Delaware Act.

     15. Indemnification. The Partners shall not be liable to the Partnership for monetary
damages for any losses, claims, damages or liabilities arising from any act or omission performed
or omitted by it arising out of or in connection with this Agreement or the Partnership’s business
or affairs, except for any such loss, claim, damage or liability primarily attributable to such
Partner’s fraud, gross negligence or willful misconduct. The Partnership shall, to the fullest
extent permitted by applicable law, indemnify, defend and hold harmless the Partners against any
losses, claims damages or liabilities to which the Partners may become subject in connection with
any matter arising out of or in connection with this Agreement or the Partnership’s business or
affairs, except for any such loss, claim, damage or liability primarily attributable to such
Partner’s fraud, gross negligence or willful misconduct. If any Partner becomes involved in any
capacity in any action, proceeding or investigation in connection with any matter arising out of or
in connection with this Agreement or the Partnership’s business or affairs, the Partnership shall
reimburse such Partner for its reasonable legal fees and other reasonable out-of-pocket expenses
(including the cost of any investigation and preparation) as they are incurred in connection
therewith, provided that such Partner shall promptly repay to the Partnership the amount of any
such reimbursed expenses paid to it if it shall ultimately be determined that such Partner was not
entitled to be indemnified by the Partnership in connection with such action, proceeding or
investigation. If for any reason (other than the fraud, gross negligence or willful misconduct of
a Partner) the foregoing indemnification is unavailable to any Partner, or insufficient to hold it
harmless, then the Partnership shall contribute to the amount paid or payable by such Partner as a
result of such loss, claim, damage, liability or expense in such proportion as is appropriate to
reflect the relative benefits received by the Partnership on the one hand and the Partner on the
other hand or, if such allocation is not permitted by applicable law, to reflect not only the
relative benefits referred to above but also any other relevant equitable considerations. The
provisions of this Paragraph 14 shall survive for a period of four (4) years from the date of
dissolution of the Partnership; provided that if at the end of such period there are any actions,
proceedings or investigations then pending, a Partner may so notify the Partnership (which notice
shall include a brief description of each such action,

6

 

proceeding or investigation and the liabilities asserted therein) and the provisions of this
Paragraph 14 shall survive with respect to each such action, proceeding or investigation set forth
in such notice (or any related action, proceeding or investigation based upon the same or similar
claim) until such date that such action, proceeding or investigation is finally resolved, and the
obligations of the Partnership under this 14 shall be satisfied solely out of Company assets.
Notwithstanding anything to the contrary contained in this Agreement, the obligations of the
Partnership or the Partners under this Paragraph 14 shall (i) be in addition to any liability which
the Partnership or the Partners may otherwise have and (ii) inure to the benefit of the Partners,
its affiliates and their respective partners, directors, officers, employees, agents and affiliates
and any successors, assigns, heirs and personal representatives of such persons. Notwithstanding
the foregoing and for so long as the Loan (as hereinafter defined) shall be outstanding, any
obligations of the Partnership to indemnify any Partner are hereby fully subordinated to the
Partnership’s obligations respecting the Loan and shall not constitute a claim against the
Partnership in the event that cash flow in excess of amounts required to pay holders of any debt
evidenced by the Loan is insufficient to pay such obligations.

     16. Liability of the Partner. Except as otherwise expressly provided in the Delaware
Act, the debts, obligations and liabilities of the Partnership, whether arising in contract, tort
or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and the
Partners shall not be obligated personally for any such debt, obligation or liability of the
Partnership solely by reason of being the partner. Except as otherwise expressly provided in the
Delaware Act, the liability of the Partners shall be limited to the amount of capital
contributions, if any, required to be made by the Partner in accordance with the provisions of this
Agreement, but only when and to the extent the same shall become due pursuant to the provisions of
this Agreement.

     17. Waiver of Partition and Nature of Interest in the Partnership. To the fullest
extent permitted by law, the Partners hereby irrevocably waive any right or power that a Partner
might have to cause the Partnership or any of its assets to be partitioned, to cause the
appointment of a receiver for all or any portion of the assets of the Partnership, to compel any
sale of all or any portion of the assets of the Partnership pursuant to any applicable law, or to
file a complaint or to institute any proceeding at law or in equity to cause the termination,
dissolution and liquidation of the Partnership. The Partners shall not have any interest in any
specific assets of the Partnership.

     18. Books Records. Accounting and Reports. The Partnership shall maintain, or cause
to be maintained, in a manner customary and consistent with good accounting principles, practices
and procedures, a comprehensive system of office records, books and accounts (which records, books
and accounts shall be and remain the property of the Partnership) in which shall be entered fully
and accurately each and every financial transaction with respect to the ownership and operation of
the property of the Partnership. Such books and records of account shall be prepared and
maintained at the principal place of business of the Partnership or such other place or places as
may from time to time be determined by the Partner. The Partners or their duly authorized
representative shall have the right to inspect, examine and copy such books and records of account
at the Partnership’s office during reasonable business hours. A reasonable charge for copying
books and records may be charged by the Partnership. The books of the Partnership shall be
adjusted quarterly to the accrual basis in accordance with generally accepted

7

 

accounting practices and principles. The Partnership shall report its operations for tax
purposes on the accrual method. The fiscal year of the Partnership shall end on December 31 of
each year, unless the Partners elect to use a different fiscal year permitted under the Code.

     19. The Partnership Accountant. The Partnership shall retain as the regular
accountant and auditor for the Partnership (the “Partnership Accountant”) a
nationally-recognized accounting firm designated by the General Partner. The fees and expenses of
the Partnership Accountant shall be a Company expense.

     20. Miscellaneous.

          (a) Further Assurances. The Partners shall execute, acknowledge, deliver, file,
record and publish such further instruments and documents, and do all such other acts and things as
may be required by law, or as may be required to carry out the intent and purposes of this
Agreement.

          (b) Successors and Assigns. This Agreement shall be binding upon the Partners and
their respective executors, administrators, legal representatives, heirs, successors and assigns.

          (c) Severability. In case any one or more of the provisions contained in this
Agreement or any application thereof shall be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein and any other
application thereof shall not in any way be affected or impaired thereby.

          (d) Governing Law. This Agreement shall be governed by and construed under the laws of
the State of Delaware (without regard to conflict of laws principles), all rights and remedies
being governed by said laws.

     21. Special Loan Provisions.

          (a) SPE Requirements. For so long as that certain mortgage loan made by KeyBank
National Association (the “Lender”) to the Partnership (the “Loan”) shall remain
outstanding, the Partnership shall:

	 	(i)	 	Maintain its books and records separate from any other person or
entity;
	 
	 	(ii)	 	Maintain its bank accounts separate from any
other person or entity;
	 
	 	(iii)	 	Not commingle assets with those of any other
entity and shall hold all of its assets in its own name;
	 
	 	(iv)	 	Conduct its own business in its own name;
	 
	 	(v)	 	Pay its own liabilities out of its own funds;
	 
	 	(vi)	 	Maintain an arm’s length relationship with its
affiliates;

8

 

	 	(vii)	 	Pay the salaries of its own employees and
maintain a sufficient number of employees in light of its contemplated
business operations;
	 
	 	(viii)	 	Not guarantee or become obligated for the debts of any other entity
or hold out its credit as being available to satisfy the obligations of
others;
	 
	 	(ix)	 	Not acquire obligations or securities of its
Partners;
	 
	 	(x)	 	Use separate stationery, invoices and checks;
	 
	 	(xi)	 	Hold itself out as a separate entity;
	 
	 	(xii)	 	Correct any known misunderstanding regarding
its separate identity;
	 
	 	(xiii)	 	Maintain adequate capital in light of its contemplated business
operations;
	 
	 	(xiv)	 	Not identify itself as a division of any other person or entity;
	 
	 	(xv)	 	Not hold, form or acquire any subsidiaries;
	 
	 	(xvi)	 	Observe all limited partnership formalities;
	 
	 	(xvii)	 	File its tax returns separate from any other entity; and
	 
	 	(xviii)	 	Not incur, create, or assume any indebtedness or liabilities,
secured or unsecured, direct or contingent, other than (i) the Loan and
(ii) unsecured indebtedness that represents trade payables or accrued
expenses occurring in the normal course of business of owning and
operating the Property that is not evidenced by a promissory note and
is due and payable within sixty (60) days after the date incurred and
which in no event exceeds two percent (2%) of the original principal
amount of the promissory note evidencing the Loan.

          (b) Bankruptcy Action. For so long as the Loan remains outstanding and not discharged
in full, notwithstanding any other provision of this Agreement, the Partnership shall not take any
Bankruptcy Action (as hereinafter defined) without the prior unanimous written consent of its
General Partner and the directors (the “Board of Directors”) of the SPE Component Entity
(as hereinafter defined), including the Independent Director (as hereinafter defined). As used
herein, “Bankruptcy Action” means the taking of any action to: consolidate or merge the
Partnership with or into any Person, or sell all or substantially all of the assets of the
Partnership, or to institute proceedings to have the Partnership be adjudicated bankrupt or
insolvent, or consent to the institution of bankruptcy or insolvency proceedings against the
Partnership or file a petition seeking, or consent to, reorganization or relief with respect to the
Partnership under any applicable federal or state law relating to bankruptcy, or consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official)
of the Partnership or a substantial part of its property, or make any assignment for the benefit of

9

 

creditors of the Partnership, or admit in writing the Partnership’s inability to pay its debts
generally as they become due, or take action in furtherance of any such action, or, to the fullest
extent permitted by law, dissolve or liquidate the Partnership.

          (c) SPE Component Entity. Notwithstanding any other provisions of this Agreement and
so long as the Loan remains outstanding and not discharged in full, without the consent of the
Board of Directors of the SPE Component Entity, including the Independent Director, the Partnership
shall not, and the Partner shall have no authority to:

     (i) to the fullest extent permitted by law, dissolve, wind-up or liquidate the
Partnership;

     (ii) sell, encumber (except with respect to the Lender) or otherwise transfer
or dispose of all or substantially all of the properties of the Partnership except
to the extent not prohibited by the Loan Documents (as such concept is defined in
the Loan Documents); or

     (iii) merge, consolidate or acquire all or substantially all of the assets of
an Affiliate or other Person, except to the extent not prohibited by the Loan
Documents or as permitted pursuant to this Agreement with the consent of the Lender.

Notwithstanding the foregoing and so long as the Loan remains outstanding and not discharged in
full, the Partnership shall have no authority to take any action in items (i) through (iii) above
without the prior written consent of the Lender to the extent required under the terms of the Loan
Documents.

          (d) SPE Component Entity; Independent Director.

For so long as the Loan shall be outstanding, the general partner of the Partnership shall
be an “SPE Component Entity” which means a limited liability company (i) whose sole
asset is its general partnership interest in the Partnership and any other interests or
property related thereto, (ii) which has restrictions and requirements in its organizational
documents which are substantially similar to those contained in Section 21 (a)-(c) above,
and (iii) whose organizational documents provide that such limited liability company will
not engage in business or activity other than owning an interest in Partnership and all
other activities as may be necessary or advisable in connection therewith, and will not
acquire or own any assets other than its partnership interest in Partnership and any other
interests or property related thereto. Upon the withdrawal, dissolution or other event that
causes an SPE Component Entity to be disassociated from the Partnership, a new SPE Component
Entity meeting all the criteria described above shall be appointed and such SPE Component
Entity shall own at least a one percent interest in the Partnership and otherwise comply in
all material respects with the special purpose entity provisions set forth in the documents
or instruments evidencing and/or securing the Loan. The organizational documents of the SPE
Component Entity shall provide that at all times there shall be at least one duly appointed
Independent Director (as hereinafter defined) of the SPE Component Entity.

10

 

     For so long as the Loan shall remain outstanding, the Partners shall not amend this Section 21
without the prior consent of the Lender.

     22. Non-Compliance. Failure of the Partnership, or the Partners on behalf of the
Partnership, to comply with any of the foregoing covenants or any other covenants contained in this
Agreement shall not affect the status of the Partnership as a separate legal entity or the limited
liability of the Partners.

     23. Certain Terms. The following terms shall have the following meanings for the
purposes of this Agreement:

“Affiliate” of any Person means any other Person that, directly or indirectly through
one or more intermediaries, controls, is controlled by or is under common control with such Person.
The term “control” means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.

“Constituent Entity” means any person or entity which directly or indirectly through
one or more intermediaries controls a specified person or entity.

“Independent Director” means a natural person who has not been, and during the
continuation of his or her services as a director (“Fiduciary Representative”) of the
General Partner (i) except in the capacity as the Fiduciary Representative of the General Partner,
is not an employee, officer, director, shareholder, partner, manager, member, counsel, advisor,
accountant or agent of the General Partner, any Constituent Entity of the General Partner or any
Affiliate of the General Partner; (ii) is not a present or former customer or supplier of the
General Partner, any entity or any Affiliate of the General Partner, or other person or Constituent
Entity of the General Partner who derives or is entitled to derive any of its profits or revenues
or any payments (other than any fee paid to such person as compensation for such person to serve as
Fiduciary Representative) from the General Partner, any Constituent Entity of the General Partner,
or any Affiliate of the General Partner; (iii) is not (and is not affiliated with an entity that
is) a present or former accountant, advisor, attorney, consultant or counsel to the General
Partner, any Constituent Entity of the General Partner, or any Affiliate of the General Partner;
(iv) is not a spouse, parent, child, grandchild or sibling of, or otherwise related to (by blood or
by law), any of (i), (ii), or (iii) above; and (v) is not affiliated with a person or entity of
which the General Partner, any Constituent Entity of the General Partner, or any Affiliate of the
General Partner is a present or former customer or supplier. Notwithstanding the foregoing, (a) an
entity or any of its employees that provides or serves as, as applicable, a Fiduciary
Representative as a service for a fee is not prohibited under this paragraph from providing, or
serving as, as the case may be, one or more Fiduciary Representatives to a member, the General
Partner, any Constituent Entity of the General Partner, or any Affiliate of the General Partner,
and (b) a person shall not be disqualified from serving as an Independent Director solely by reason
of such person being an Independent Director (or similar capacity) of any Affiliate of a member
which is a Single Purpose Entity. The Independent Director shall be a “Manager” of the General
Partner within the meaning of the Delaware Limited Liability Company Act.

11

 

“Person” shall mean any individual or entity, and the heirs, executors,
administrators, legal representatives, successors and assigns of such Person where the context so
permits.

[Remainder of Page Intentionally Left Blank]

12

 

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set
forth in the introductory paragraph hereof.

	 	 	 	 	 	 	 	 	 	 	 	 	 

	Address	 	 	 	Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	General Partner:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	c/o Cedar Bay Realty Advisors, Inc.	 	 	 	[                                        ] GP, LLC,	 	 
	44 South Bayles Avenue, Suite 304
	 	 	 	 	 	 	 	 	 	 	 	 
	Port Washington, New York 11050	 	 	 	By:	 	CEDAR SHOPPING CENTERS	 	 
	 	 	 	 	 	 	PARTNERSHIP, L.P., sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	CEDAR SHOPPING CENTERS, INC.,	 	 
	 	 	 	 	 	 	 	 	general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

Brenda J. Walker, Vice President
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Limited Partner:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	c/o Cedar Bay Realty Advisors, Inc.	 	 	 	[INSERT APPROPRIATE SIGNATURE BLOCK]	 	 
	44 South Bayles Avenue, Suite 304
	 	 	 	 	 	 	 	 	 	 	 	 
	Port Washington, New York 11050
	 	 	 	 	 	 	 	 	 	 	 	 

13

 

EXHIBIT D

FORM OF MANAGEMENT AGREEMENT

(see attached)

 

 

PROPERTY MANAGEMENT AGREEMENT

[___________________]

     THIS PROPERTY MANAGEMENT AGREEMENT (“Agreement”) made as of [___________________] ___, 2007 by
and between [___________________], LP, a Delaware limited partnership (“Owner”) and CEDAR SHOPPING
CENTERS PARTNERSHIP, L.P., a Delaware limited partnership (“Agent”).

BACKGROUND

     A. Owner is the owner of the land and improvements known as [___________________], located in
[___________________] (the “Property”).

     B. Owner desires to retain Agent as its exclusive agent for the purposes of leasing and
managing the Property on behalf of Owner and Agent is willing to act as agent for Owner with
respect to the Property on the terms and conditions of the Agreement as more fully set forth
herein.

     NOW THEREFORE, in consideration of the agreements and covenants herein contained, and
intending to be legally bound hereby, Owner and Agent agree as follows:

     1. Owner hereby employs Agent to manage and lease as the exclusive broker the property upon
the terms and conditions hereinafter set forth for an initial term of three (3) years from the date
hereof unless otherwise extended, renewed or terminated as hereinafter set forth.

     2. Agent agrees to perform the following:

     2.1. Use its best efforts to lease or cause brokers or other agents to lease on behalf of
Owner all available space in the Property;

     2.2. Diligently to collect rents, additional rents and all other sums due from tenants when
due and, where necessary or appropriate, and except as directed otherwise by Owner (in which event
Owner shall bear the administrative costs of relieving Agent of such duty or duties), take all such
actions as Agent shall deem necessary or advisable to enforce all rights and remedies of Owner
under the leases relating to the Property (the “Leases”) or to protect the interest of Owner,
including, without limitation, the preparation and delivery to tenants under the Leases (“Tenants”)
of all “late payment”, default, and other appropriate notices, requests, bills, demands, and
statements. Agent may retain counsel, collection agencies, and such other persons and firms as
Agent shall deem appropriate or advisable to enforce, after notification to Owner, by legal action
the rights and remedies of Owner against any Tenant default in the performance of its obligations
under a Lease. Agent shall promptly notify Owner of the progress of any such legal action;

     2.3. To pay from the operating funds of the Property or such other funds as are provided by
Owner bills and expenses for the maintenance, repair and operation of the Property, provided,
however, that all expenditures in excess of $10,000 in any single transaction or more than $100,000
in the aggregate in any period of twelve (12) consecutive months shall be subject

 

 

to Owner’s approval unless such expenditure is included in the operating budget for the
Property that has been approved by Owner, and provided further that Agent shall notify Owner of any
budget expenditures cumulatively exceeding twenty percent (20%) of any approved annual budget;

     2.4. To establish and maintain such books of account, records, and other documentation
pertaining to the operation and maintenance of the Property as are customarily maintained by
managing agents of properties similar in location and size to that of the Property. Agent shall
prepare or cause to be prepared and file all returns and other reports relating to the Property,
other than income tax returns and any reports or returns that may be required of any foreign owner
of U.S. real property, as may be required by any governmental authority or otherwise under this
Agreement. Agent shall periodically report to Owner on the general operations, occupancy, physical
condition, disbursements, delinquencies, uncollectible accounts, and other matters relating to the
Property. Agent shall prepare and forward to Owner a written report each month showing the receipts
and expenditures for such month, the receipts and expenditures year-to-date and the variations from
the agreed upon budget. These statements shall, upon Owner’s request, be accompanied by appropriate
documentation of all expenditures made by Agent under this Agreement. As soon as practicable after
the end of each calendar year and after the expiration or termination of this Agreement, Agent
shall use reasonable efforts to prepare and deliver to Owner statements pertaining to the operation
and maintenance of the Property during the preceding calendar year. Agent shall prepare and submit
to Owner for its approval no later than December 1st of each calendar year (or such later date as
the parties agree) a proposed pro forma budget for all costs pertaining to the operation and
maintenance of the Property during the ensuing calendar year. Each such budget shall be
substantially in the same form as the approved budget in effect for the prior calendar year, shall
set forth expenditures on an annual and a monthly basis, and shall not, except for informational
purposes, include estimates for costs and expenses for which Owner will be reimbursed by Tenants
under the Leases. Agent shall make such reasonable modifications to each proposed pro forma budget
it prepares in accordance with this section until Owner shall have approved this budget in writing,
which approval shall not be unreasonably withheld or delayed. Such budget and revisions shall be
deemed to be accepted and approved by Owner unless specifically rejected or accepted within fifteen
(15) business days of submission;

     2.5. To account for all advance deposits of Tenants;

     2.6. To refund to Tenants from escrow accounts, funds of the Property or funds provided by
Owner, as appropriate, pro-rated rents, rebates, allowances, advance deposit refunds, and such
other amounts as are legally due Tenants;

     2.7. To collect from Tenants all insurance policies, Tenant insurance certificates, or other
evidence of insurance required to be carried by Tenants;

     2.8. Unless otherwise instructed by Owner, to secure for and on behalf of and at the expense
of Owner such insurance, including without limitation, employee dishonesty insurance, fire and
extended coverage property insurance, public liability insurance and workers’ compensation
insurance, as may be deemed by Owner (or any mortgagees) to be necessary or appropriate, in amounts
satisfactory to Owner and Agent and naming Owner and Agent as

2

 

co-insureds and in form and substance satisfactory to Owner, Agent and any mortgagees;
provided, however, that if Agent promptly notifies Owner of the insurance so secured on behalf of
Owner, and promptly complies with Owner’s instructions regarding such insurance, Owner releases and
holds Agent harmless of and from any claims, loss, damages and liability of any nature whatsoever
based upon or in any way relating to Agent’s securing or failure to secure any insurance, or any
decision made by Agent with respect to the amount or extent of coverage thereof or the company or
companies issuing, brokering or negotiating such insurance;

     2.9. To respond to complaints and inquiries by Tenants, prospective tenants and others, and to
take such corrective actions as Agent deems appropriate;

     2.10. To contract on behalf of and at the expense of Owner for such supplies and services in
reasonable quantities and at reasonable prices as may be appropriate with respect to the Property,
and to supervise and administer such contracts, including, without limitation, contracts for
mechanical maintenance (including preventative maintenance), window and facade maintenance and
cleaning, metal maintenance, pest control, trash removal, janitorial and maintenance supplies,
building security, public relations, collection and credit reporting, legal and accounting
services, computer services, architectural and engineering services, laundry services, and
janitorial or cleaning services. In so contracting, Agent may contract with entities or persons
affiliated with it, provided, however, that the rates and charges of the affiliated entity or
person are generally competitive and consistent with rates and charges by non-affiliated entities
and will obtain a minimum of two (2) competitive bids from non-affiliated contractors respecting
any contract exceeding Twenty Thousand Dollars ($20,000.00). Notwithstanding anything to the
contrary contained herein, Agent shall not enter into, amend or modify any contract of the type
described in this Section 2.10 without the prior approval of Owner unless such contract (A) is
either (x) contained within the then current operating budget for the Property that has been
approved by Owner pursuant to this Agreement or (y) terminable without termination fee, premium or
penalty by Owner upon not more than thirty (30) days notice and (B) does not provide or allow for
annual consideration payable thereunder in excess of $100,000;

     2.11. Intentionally deleted;

     2.12. At the expense of Owner in accordance with the approved budget, to provide through
Agent’s (or its affiliates’) employees or third party contractors, all work, labor and services
necessary or appropriate to operate, maintain and repair the Property, which employees may include,
but are not necessarily limited to, a building executive director or supervisor, building manager,
leasing specialist or leasing agent, secretarial and clerical staff, maintenance personnel,
porters, laborers, security staff and watchmen. All matters pertaining to the employment,
contracting, supervision, compensation, promotion and discharge of such employees or contractors
shall be the responsibility of Agent;

     2.13. To supervise and coordinate the moving in and moving out of Tenants to accomplish
efficient and time saving use of personnel and elevators and maintain appropriate public relations
with Tenants and prospective tenants;

     2.14. To prepare and file and/or cause to be prepared and filed necessary forms for insurance,
hospitalization, benefits, social security taxes, union dues and contributions and such

3

 

other forms, documents and returns as may be required by any governmental authority, a
collective bargaining agreement, or otherwise with respect to employees and contractors, if
applicable, of Agent at the Property;

     2.15. To prepare and file or cause to be prepared and filed on behalf of Owner such
applications for permits, and/or licenses as may be required for the operation of the Property;

     2.16. To prepare and, where appropriate, transmit payroll records, accounting reports, vacancy
and occupancy reports, delinquency reports, cash flow reports, and disbursement ledgers. Agent may
contract with others, including but not limited to entities or persons affiliated with it, or
provide its own personnel for the performance of accounting, bookkeeping and computer services in
connection with such preparation and transmittal, all without any additional charge to Owner;

     2.17. To institute and prosecute on behalf of Owner such legal actions or proceedings as the
Agent deems appropriate; to collect sums due Owner; with Owner’s approval, to evict a Tenant,
former Tenant or occupant of the Property; to regain possession of the Property or any part
thereof; to contest any bill or charge asserted against or with respect to the Property; to defend
any administrative or legal action brought against Agent and/or Owner with respect to the Property;
with Owner’s approval, to commence litigation pertaining to any labor or employment related
dispute; to administratively process or litigate any tax related issue or other issues relating to
the Property; to appeal all such proceedings and lawsuits; and to settle or compromise any claims,
lawsuits, judgments and proceedings relating to the Property. Notwithstanding the foregoing, Agent
shall obtain the consent of Owner prior to (x) instituting or prosecuting on behalf of Owner any
legal actions or proceedings having a monetary value at stake equal to or exceeding $100,000 or (y)
settling or compromising any legal action or proceeding which would result in an expenditure by or
loss to Owner in excess of $20,000;

     2.18. To maintain such bank or similar accounts on behalf of Owner as are necessary or
appropriate in the operation of the Property, including such reserve, investment, security, escrow
and other accounts;

     2.19. To open and maintain accounts on behalf of Owner with such suppliers and vendors as are
necessary or appropriate for the efficient operation of the Property;

     2.20. Subject to the approval by the Owner, to join and participate on Owner’s behalf in such
professional, trade or industry organizations and associations relating to shopping centers as is
necessary or appropriate with respect to the operation of the Property;

     2.21. To notify Owner of any violations of any laws, orders, rules, or determinations of any
governmental authority or agency affecting the Property promptly after such violation or
determination is known to Agent and, subject to the other terms and provisions of this Agreement,
to propose to Owner and implement at Owner’s expense remedies of any such violations;

4

 

     2.22. To notify Owner of any catastrophe or major loss or damage or other material adverse
change with respect to the Property, and to similarly notify all appropriate insurance authorities
of the same, promptly upon Agent’s knowledge thereof;

     2.23. To supervise and arrange for all construction work performed on behalf of Owner at, in
or about the Property, provided, however, that Agent shall be paid a construction supervision fee
in the amount of five percent (5%) of the total construction costs incurred for such work performed
from and after the date hereof (the “Construction Fee”), provided further that no Construction Fee
shall be paid to Agent with respect to any tenant improvements described on Schedule 11
attached hereto;

     2.24. Upon request of Owner, to provide or arrange for such engineering, architectural, design
or consulting services with respect to construction, rehabilitation or decorating work or proposed
construction, rehabilitation or decorating work at the Property, all such services to be paid for
by Owner;

     2.25. To handle on behalf of Owner the submission to appropriate insurance officials of
insurance claims and the settlement thereof, provided however, that with respect to any proceeds or
reimbursements with respect to such claim which is in excess of Twenty Five Thousand Dollars
($25,000), Agent shall be paid a processing fee, in addition to all other fees set forth herein, in
an amount equivalent to three percent (3%) of the amount received by Owner with respect to that
claim;

     2.26. To prepare such reports, data, presentations, market surveys or other material as Owner
requests in connection with the sale, refinancing, disposition or master leasing of the Property;

     2.27. To institute at Owner’s expense, advertising, marketing and public relations campaigns
pertaining to the Property;

     2.28. To recommend to Owner, where Agent deems it appropriate, programs for the
rehabilitation, remodeling, repairs and marketing of the Property;

     2.29. To use commercially reasonable efforts, at Owner’s expense, to cause compliance with all
material terms and conditions contained in any mortgage, deed of trust or other security
instruments affecting the Property or any document governing the Loan described in Section 17 to
the extent the same have been delivered to Agent; and

     2.30. To perform such other services on behalf of Owner with respect to the Property
customarily performed by agents within the Property’s geographical area as shall be reasonably
requested from time to time by Owner. If Owner and Agent disagree as to which services are
customarily performed by agents as aforesaid, Agent shall not be required to perform such service
until resolution of such dispute, and such non-performance shall not be the basis of termination by
Owner of this Agreement.

 

			
	1	 	Attach with respect to applicable properties only.

5

 

     3. Owner expressly withholds from Agent any power or authority to make any structural changes
in any building or to make any other major alterations or additions in or to any such building or
equipment therein, or to incur any expense chargeable to Owner other than expenses related to
exercising the express powers above vested in Agent without the prior written direction of Owner
(or any party that Owner shall direct), except such emergency repairs as may be required because of
danger to life or property or which are immediately necessary for the preservation and safety of
the Property or the safety of the occupants thereof or are required to avoid the suspension of any
necessary service to the Property.

     3.1. Agent agrees to remit promptly to the account designated by Owner, all receipts received
in the prior calendar month with respect to the Property in excess of budgeted operating expenses
and reserves.

     4. Owner shall, at all times, provide necessary funds to maintain and operate the Property as
efficiently as possible and in a first class manner in keeping with the standards of operations for
similarly situated shopping centers in the area. Owner shall advance such funds to Agent no later
than thirty (30) days after its receipt from Agent of notice of the necessity for such advance.
Owner agrees to provide any anticipated cash deficits thirty (30) days prior to its occurrence.

     5. Except as otherwise provided for herein, Owner shall pay to Agent a property management fee
in an amount equal to four percent (4%) of the gross receipts of the Property (the “Management
Fee”). This fee shall be payable in monthly installments from the operating accounts maintained
pursuant to Section 2.18 hereof. Gross receipts of the Property shall include all rents,
percentage rents, tenant charges, reimbursements from Tenants for common area maintenance charges,
insurance, utilities and real estate taxes and such other amounts as are collected from Tenants and
shall exclude the proceeds from any sale or refinancing of the Property or any portion thereof and
the proceeds of any settlements, insurance award (except as provided in Section 2.25) or
condemnation award. The Management Fee does not include payment for leasing services, which shall
be payable to Agent pursuant to Section 5.2 below.

     5.1. To the extent that operating revenues of the Property are insufficient to pay the
Management Fee in full when due, and to the extent that Agent agrees in writing in advance to defer
receipt by it of any part of the Management Fee due it, the amount so deferred shall bear interest
at the rate of two (2) percentage points in excess of the “prime rate” or “base rate” from time to
time announced by Citibank, N.A., New York New York compounded monthly. Nothing herein contained,
however, shall be construed to obligate Agent to defer receipt by it of any Management Fee or other
fees whatsoever.

     5.2. Agent or its affiliate shall be the leasing agent for the Property. Owner shall pay Agent
or its affiliate a leasing commission for each lease signed by a tenant and Owner at any time
between March 26, 2007 and the date this Agreement shall expire or sooner terminate (a “Leasing
Commission”) in an amount equal to five percent (5%) of the full base rent (regardless of how such
rent is denominated therein) payable under such lease during the entire primary term thereof,
provided that such fees shall not exceed 50% in the aggregate with respect to any such primary
term. In the event of a lease renewal, the Leasing Commission payable to Agent shall be in an
amount equal to two and one-half percent (2.5%) of the full base rent (regardless of how

6

 

such rent is denominated therein) payable thereunder during the entire renewal term of such
lease, provided that such fees shall not exceed 25% in the aggregate with respect to any such
renewal term. The full amount of any Leasing Commission due hereunder shall be payable to Agent or
its affiliate upon the payment by the tenant to Owner of the first month’s rent due under the
applicable lease or lease renewal. In addition, Owner shall reimburse Manager for the reasonable
actual out-of pocket costs of all advertising plans and promotional materials and all reasonable
attorneys’ fees incurred by Agent in connection with the leasing of any space at the Property.
Notwithstanding the foregoing, if one or more outside brokers were engaged by Owner and are
entitled to receive a leasing commission in connection with the procurement of (A) a new lease,
then the Leasing Commission payable to Agent hereunder with respect thereto shall be equal to the
sum of (x) two and one-half percent (2.5%) of the full base rent payable under such lease during
the entire primary term thereof plus (y) one-half of the difference between five percent (5%) of
the full base rent payable under such lease during the entire primary term thereof and the amount
to be paid to the outside broker pursuant to a written brokerage agreement or (B) the renewal of a
lease, then the Leasing Commission payable to Agent hereunder with respect thereto shall be equal
to the sum of (x) one and one-quarter percent (1.25%) of the full base rent payable under such
lease during the entire renewal term thereof plus (y) one-half of the difference between two and
one-half percent (2.5%) of the full base rent payable under such lease during the entire renewal
term thereof and the amount to be paid to the outside broker pursuant to a written brokerage
agreement.

     5.3. Upon the sale or transfer, directly or indirectly, of the Property by Owner by deed, or
by transfer of all of the partnership interests in Owner, Owner shall pay to Agent a disposition
fee (a “Disposition Fee”) equal to one-half of one percent (0.5%) of the gross sales price paid by
the purchaser of the Property; provided, however, that any Disposition Fee payable hereunder shall
not exceed $150,000. The Disposition Fee shall be deemed earned, and, therefore, shall be paid, as
and when title to the Property closes and without regard to whether one or more outside brokers
were engaged in connection with such sale or transfer. Notwithstanding the foregoing, for so long
as Agent or any of its affiliates shall be partners of Owner (Agent or such affiliated partner(s)
in their respective capacity as partners of Owner, being “Cedar Affiliated Partner(s)”), Agent
shall not be entitled to a Disposition Fee hereunder in the event of any transfer of interests in
Owner by and among any of the then existing partners of Owner or any sale or transfer by deed of
the Property to any of the then existing partners of Owner.

     5.4. Upon any financing or refinancing by debt, sale and leaseback or other form of financing
with respect to the Property (other than in connection with (i) the Loan described in Section 17
below2, (ii) any company loan from any partner of Owner to Owner (and any third-party
loan for an amount less than $250,000 used to repay such company loan) and (iii) any trade payable
incurred in the ordinary course of business), Owner shall pay to Manager a financing fee (the
“Financing Fee”) equal to one-half of one percent (0.5%) of the original principal amount of the
Financing; provided, however, that any Financing Fee payable hereunder shall not exceed $50,000.
The Financing Fee shall be deemed earned, and, therefore, shall be paid, as and when the subject
financing closes and without regard to whether one or more outside brokers were engaged in
connection with such financing.

 

			
	2	 	Revise to the extent Agreement relates to the Parkway Plaza or Stone Hedge properties.

7

 

     6. Owner shall reimburse Agent for reasonable, actual out-of-pocket expenses including
telephone and facsimile charges, postage and express mail service and travel and food expenses
incurred by Agent in connection with Agent’s on site supervision of the Property by Agent’s
officers and personnel (evidenced by receipts submitted to Owner).

     7. The Agent, on behalf of Owner, shall engage Stuart H. Widowski, Esq., or his successor, as
legal counsel to provide legal services for Owner and the Property. Such services shall be provided
as required and at a rate of $200 per hour unless otherwise agreed to by Owner and Agent.

     8. In performing its obligations hereunder, Agent shall comply with all applicable federal,
state and local laws and regulations.

     9. The initial term of this Agreement shall be for a period of three (3) years from the date
hereof and this Agreement shall automatically renew from year to year thereafter unless and until
terminated by either party upon ninety (90) days’ prior written notice thereof. Notwithstanding
the foregoing, Owner shall be entitled to terminate this Agreement (with no additional
compensation) at any time upon fifteen (15) days’ prior written notice to Agent in the event of the
malfeasance or breach of this Agreement by Agent or upon the filing of a bankruptcy petition
against or by Agent. This Agreement shall terminate automatically if:

          (i) all or substantially all of the Property is condemned or acquired by eminent domain; or

          (ii) all or substantially all of the Property is destroyed by fire or other casualty as a
result of which all or substantially all of the Tenants are unable to continue the normal conduct
of their business in their respective occupied spaces and are permanently released under their
respective leases from the payment of all rent thereunder; or

          (iii) all of the Property is sold to an unrelated, third-party purchaser; or

          (iv) unless otherwise agreed to in writing between Owner and Agent, upon (x) the transfer by
all of the Cedar Affiliated Partners of all of their respective partnership interests in Owner to
any other then existing partners of Owner or to any other unaffiliated persons or entities or (y)
the sale of the Property to any of the then existing partners of Owner.

     10. Owner shall pay or reimburse Agent for any monies due it under this Agreement for services
prior to termination, notwithstanding termination of this Agreement. All provisions of this
Agreement that require Owner to have insured or to defend, reimburse or indemnify Agent shall
survive any termination and, if Agent is or becomes involved in any proceeding or litigation by
reason of having been Owner’s Agent, such provisions shall apply as if this Agreement were still in
effect. Owner agrees that Agent may withhold funds for thirty (30) days after the end of the month
in which this Agreement is terminated to pay bills previously incurred but not yet invoiced, and to
close accounts.

     11. Owner agrees to release, indemnify, defend, and save the Agent, its officers and employees
harmless from and against all claims, disputes, losses, liabilities and suits (including

8

 

but not limited to all attorneys’ fees and litigation expenses and Agent’s costs in connection
therewith) in any way:

          (i) relating to or arising in connection with the Property and/or damage to property and
injuries to or death of any employee, invitee or other person whomsoever, and/or Agent’s
performance of its duties hereunder;

          (ii) relating to any proceeding or suit involving an alleged violation by Owner of any law
applicable to the Property or operations thereof; and

          (iii) relating to obligations assumed by Agent, its officers or employees in connection with
any financing or refinancing entered into in connection with the Property.

     11.1. The obligations of Owner to indemnify, hold harmless, and reimburse Agent are subject to
the following conditions:

          (i) Agent shall promptly notify Owner of any matter with respect to which Owner is required to
indemnify, hold harmless, or reimburse Agent; and

          (ii) Agent shall not take or fail to take any actions, including an admission of liability,
which would bar Owner from enforcing any applicable coverage under policies of insurance held by
Owner or would prejudice any defense of Owner in any appropriate legal proceedings pertaining to
any such matter or otherwise prevent Owner from defending itself with respect to any such matter,
provided such action or failure to act resulted from the gross negligence or willful malfeasance of
Agent.

          Notwithstanding the foregoing, Owner shall not be required to indemnify, hold harmless, or
reimburse Agent with respect to any matter to the extent the same resulted from the gross
negligence or willful malfeasance of Agent or actions taken by Agent outside of the scope of
Agent’s authority under this Agreement or any express or implied direction of Owner.

          The provisions of this section shall survive the expiration or any termination of this
Agreement.

     12. Owner and Agent shall each waive any claim for loss or damage against the other and
mutually agree to hold each other harmless for loss to the Property to the extent that either party
is reimbursed or indemnified by insurance coverage.

     13. Agent will promptly notify Owner of any violations of any requirements of any statute,
ordinance, law or regulation of any Governmental body or any public authority or official thereof
having jurisdiction and shall promptly take all actions necessary to cure such violations and to
prevent any civil or criminal liability from being imposed.

     14. In the event (A) it is alleged or charged that the Property or any equipment therein or
any act or failure to act by the Owner or its agents with respect to the Property or the sale,
rental, or other disposition thereof fails to comply with, or is in violation of, any of the
requirements of any provision, statute, ordinance, law, or regulation of any Governmental body or
any order or ruling of any public authority or official thereof having or claiming to have

9

 

jurisdiction thereover, (B) Agent notifies Owner of such violation pursuant to Section 2.21
and Owner fails to contest such violation in good faith and/or to commence and diligently prosecute
to completion (or permit Agent, at Owner’s expense to commence and diligently prosecute) the cure
of such violation, and (C) Agent, in its sole and absolute discretion, considers that the action or
position of Owner may result in damage or liability to Agent, Agent shall have the right to cancel
this Agreement at any time by giving not less than thirty (30) days’ prior written notice to Owner
of its election so to do, which cancellation shall be effective upon the service of such notice.
Such notice may be served personally or by United States certified mail, and if served by mail
shall be deemed to have been served when deposited in the United States mail system. Such
cancellation shall not release the indemnities of Owner and Agent set forth herein and shall not
terminate (i) any liability or obligation of Owner to Agent for any payment, reimbursement, or
other sum of money then due and payable to Agent hereunder as of the date of such cancellation, or
(ii) any obligation of Agent to remit moneys to Owner or to complete its obligations hereunder to
the date of such cancellation. Agent shall cooperate with Owner to ensure a smooth and efficient
transition to a new managing agent, including but not limited to, prompt delivery of files relating
to the Property.

     15. Agent agrees to release, indemnify, defend and save Owner harmless from and against all
claims, disputes, losses, liabilities and suits (including but not limited to all attorneys’ fees
and litigation expenses and Owner’s costs in connection therewith) in any way resulting from the
gross negligence or willful malfeasance of Agent, or its employees:

          (i) Relating to or arising in connection with the Property and/or damage to property and
injuries to or death of any employee, invitee or other person whomsoever, and/or Agent’s
performance of its duties hereunder; and

          (ii) Relating to any proceeding or suit involving an alleged violation by Agent of any law
applicable to the Property or operations thereof.

          The provisions of this Section 15 shall survive the expiration or any termination of this
Agreement.

     16. It is expressly agreed by the parties that:

     16.1. The parties have entered into this Agreement without any inducements, representations,
statements, warranties or agreements made by either party other than those expressly stated herein.

     16.2. This Agreement embodies the entire understanding of the parties with respect to the
subject matters stated herein and there are no other understandings or undertakings related to the
within subject matters. This Agreement may be modified only by a written agreement signed by the
parties hereto.

     16.3. The provisions of this Agreement are severable and to the extent that any provision
herein is determined by court order, law or rule to be invalid, such invalidity shall in no way
affect nor invalidate the other provisions of this Agreement.

10

 

     16.4. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

     16.5. With respect to any and all disputes under or relating to this Agreement, the parties
consent to the exclusive jurisdiction and venue of the Supreme Court of the State of New York,
Nassau County and the United States District Court for the Eastern District of New York and the
appellate courts with supervisory powers thereover.

     16.6. The parties agree that in any litigation or proceeding commenced by either party against
the other, service of process shall be deemed to be effective either by hand delivery thereof or by
the mailing thereof via certified mail, postage prepaid, with a proof of mailing receipt validated
by the U.S. Postal Service constituting the sufficient evidence of service of process.

     16.7. With respect to any notices that are required or permitted to be made pursuant to this
Agreement, they shall be in writing and either delivered personally, sent by United States mail or
by facsimile (provided that if delivered by facsimile, a confirmation copy of such notice must also
be delivered personally or by United State mail) addressed as follows:

As to Owner:

[___________________]

c/o Cedar Shopping Centers, Inc.

44 South Bayles Avenue, Suite 304

Port Washington, New York 11050

Attention: Leo S. Ullman

Facsimile: (516) 767-6497

As to Agent:

Cedar Shopping Centers Partnership, L.P.

c/o Cedar Shopping Centers Partnership, L.P.

44 South Bayles Avenue, Suite 304

Port Washington, New York 11050

Attention: Brenda J. Walker

Facsimile: (516) 767-6497

Each such notice addressed and given as set forth above shall be effective (i) the date of receipt
of such notice, or attempted delivery of such notice, if receipt is refused; and (ii) if sent by
United States mail as aforesaid, the date which is seventy-two (72) hours after such notice is
deposited in the mail.

     16.8. This Agreement may not be assigned by Agent without the prior written consent of Owner,
provided, however, that Owner consents to Agent’s designating a subsidiary or affiliate of Agent to
act on behalf of Agent as leasing and rental agent for the Property. This

11

 

Agreement shall be binding upon and benefit the parties hereto and their respective successors
and permitted assigns.

     17. Agent acknowledges that Owner has obtained a loan from [________________] (“Lender”) in
the principal amount of up to $[________________] (the “Loan”), which is governed by a certain
[________________] made by Owner for the benefit of Lender, dated the date hereof.3 For
so long as the Loan is outstanding:

	 	(a)	 	this Agreement shall be terminable by Lender or its nominee without penalty or
premium following the occurrence of an Event of Default (as such term is defined in the
Loan Agreement) or by Owner after Lender has notified Owner in writing that Agent is
unsatisfactory to Lender, in each case upon thirty (30) days prior written notice to
Agent;
	 
	 	(b)	 	all payments hereunder shall be subject and subordinate in lien and priority of
payment to the payment of all principal and interest and all other amounts due under
the Loan; and
	 
	 	(c)	 	Agent shall promptly notify Lender with respect to any default hereunder and
promptly deliver to Lender a copy of each notice, report, plan or statement delivered
by Agent to Owner hereunder.

 

			
	3	 	Modify as necessary to include the New Parkway Plaza Loan and the New Stone Hedge Loan in the event such loans have
not closed as of the execution date.

12

 

     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties have executed this
Property Management Agreement as of the day and year first set forth above.

	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	AGENT	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Cedar Shopping Centers, Inc., general partner	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Leo S. Ullman	 
	 	 	 	 	 	 	President	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	OWNER	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	[___________________], LP	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	[___________________] GP, LLC, its general	 
	 	 	 	 	partner	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Cedar Shopping Centers
Partnership, L.P., its sole member	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Cedar Shopping Centers, Inc., its general partner	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Leo S. Ullman	 
	 

	 	 	 	 	 	 	 	 	 	President	 

13

 

SCHEDULE 1

TENANT IMPROVEMENTS

[REVISE TO INCLUDE FOR APPLICABLE PROPERTY ONLY]

	 	 	 	 	 	 	 
	Property	 	Estimated Tenant Improvement Costs	 	Description
	Meadows Marketplace

	 	$	242,100	 	 	Unit 104 — 2,400
sf vacant — In
V-Box condition.
$24,000 fitout
Allowance

Unit 109- 3,400 sf
vacant — To be
demised for
Starbucks.
$147,500 to demise
and build out
Starbucks

Unit 109a — 1,700
sf vacant after
demising — $17,000
fitout allowance.

Electric — $9,000
for primary to 5’

Water — $30,000
for meter pit and
service to 5’

Gas — $5,000 to run
line to 5’

Additional Sewer
Capacity — $9,600
	 
	 	 	 	 	 	 
	Pennsboro Commons

	 	$	35,000	 	 	Build-out of two
vacant retail
spaces
	 
	 	 	 	 	 	 
	Stonehedge Plaza

	 	$

$

$	15,000

35,000

25,000	 	 	Build-out of
Citifinancial
space;
Build-out of 4,000
sf vacant retail
space; Grease Trap
	 
	 	 	 	 	 	 
	TOTAL TENANT
IMPROVEMENT

	 	$	352,100	 	 	 
	 

	 	 	 	 	 	 

14

 

EXHIBIT E

ALLOTTED CONSIDERATION

Cedar and Homburg agree that the Consideration for the Interests shall be allocated among the
assets owned by the Property Owner as of the Closing as follows:

	 	 	 
	Cash and Cash Equivalents (Class I)

	 	Dollar amount as of the Closing Date
	 
	 	 
	Receivables (Class III)

	 	Tax basis as of the Closing Date
	 
	 	 
	Supplies, Prepaid Expenses and Other
Current Assets (Class V)

	 	Tax basis as of the Closing Date
	 
	 	 
	Equipment, Furniture and Fixtures (Class V)

	 	Tax basis as of the Closing Date
	 
	 	 
	Real Property [Lease] and Improvements,
and Construction of Improvements in
Progress
(Class V)

	 	Balance
	 
	 	 
	Goodwill, Going Concern Value and Other
Section 197 Intangibles (Classes VI and
VII)

	 	None

	 	 	 	 	 
	Property	 	Allotted Consideration
	Pennsboro Commons
	 	$	15,680,000	 
	Fieldstone Marketplace
	 	$	22,960,000	 
	Stonehedge Square
	 	$	10,760,000	 
	Meadows Marketplace
	 	$	14,160,000	 
	Aston Center
	 	$	16,800,000	 
	Ayr Town Center
	 	$	9,600,000	 
	Parkway Plaza
	 	$	17,600,000	 
	Scott Town Center
	 	$	12,000,000	 
	Spring Meadow Shopping Ctr
	 	$	16,000,000	 
	TOTAL:
	 	$	135,560,000	 

 

 

EXHIBIT F

FORM OF ESCROW AGREEMENT

(See Attached)

 

 

ESCROW AGREEMENT

     THIS ESCROW AGREEMENT (this “Agreement”), dated as of the 26th day of March, 2007, is among
LAWYERS TITLE INSURANCE CORPORATION, having an address at Two Grand Central Tower, 140 East
45th Street, New York, New York 10017 (“Escrowee”), CEDAR SHOPPING CENTERS
PARTNERSHIP, L.P., a Delaware limited partnership, having an office at 44 South Bayles Avenue, Port
Washington, New York 11050 (“Cedar”) and HOMBURG HOLDINGS (U.S.) INC., a Colorado
corporation, having an office c/o Homburg Invest Inc., 1741 Brunswick Street, Suite 600, Halifax,
NS B3J-3X8 (“Homburg”).

W I T N E S S E T H

     WHEREAS, Cedar and Homburg entered into that certain Agreement Regarding Purchase of
Partnership Interests (hereinafter referred to as the “Purchase and Sale Agreement”); dated
as of the date hereof, for the purchase and sale of the Interests.

     WHEREAS, the Purchase and Sale Agreement provides for the terms and conditions applicable to
the sale and purchase of the Interests and the performance obligations and rights of Cedar and
Homburg; and

     WHEREAS, Cedar and Homburg agree, pursuant to the Purchase and Sale Agreement, that Escrowee
shall hold, in escrow the Deposit in accordance with the terms and conditions of the Purchase and
Sale Agreement and this Agreement.

     NOW, THEREFORE, the parties hereto agree as follows:

     1. Appointment of Agent.

          (a) Cedar and Homburg hereby appoint Escrowee to act as their escrow agent on the terms and
conditions hereinafter set forth, and Escrowee accepts such appointment.

          (b) Homburg shall deliver the Deposit to Escrowee pursuant to the wire instructions attached
hereto as Exhibit A and Escrowee agrees to hold the Deposit on behalf of the parties, and
to apply, disburse and deliver the Deposit as provided in the Purchase and Sale Agreement and this
Agreement. In the event of any conflict between the terms and conditions of the Purchase and Sale
Agreement and the terms or conditions of this Agreement, as to the obligations of Escrowee, the
terms and conditions of this Agreement shall govern and control.

     2. Disposition of the Required Deposit.

          (a) Escrowee shall hold the Deposit in an interest bearing segregated account at JPMorgan
Chase Bank, N.A. which rate of interest need not be maximized. Escrowee shall not commingle the
Deposit with any other funds.

          (b) Escrowee shall pay the Deposit in accordance with the terms of the Purchase and Sale
Agreement. If, prior to any Closing, either party makes a written demand

 

 

upon Escrowee for delivery of the Deposit (or portion thereof), Escrowee shall give written notice
to the other party of such demand. If a written notice of objection to the proposed payment is not
received from the other party within seven (7) Business Days after the giving of notice by
Escrowee, Escrowee is hereby authorized to deliver the Deposit (or portion thereof so demanded) to
the party who made the demand. If Escrowee receives a written notice of objection within said
period, then Escrowee shall continue to hold the Deposit and thereafter pay it to the party
entitled when Escrowee receives (a) written notice from the objecting party withdrawing the
objection, or (b) a written notice signed by both parties directing disposition of the Deposit, or
(c) a judgment or order of a court of competent jurisdiction.

          (c) Nothing in this Section 2 shall have any effect whatsoever upon Escrowee’s rights, duties,
and obligations under Section 3.

     3. Concerning Escrowee.

          (a) Escrowee shall be protected in relying upon the accuracy, acting in reliance upon the
contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or
other document which is given to Escrowee without verifying the truth or accuracy of any such
notice, demand, certificate, signature, instrument or other document;

          (b) Escrowee shall not be bound in any way by any other contract or understanding between
Cedar and Homburg, whether or not Escrowee has knowledge thereof or consents thereto unless such
consent is given in writing;

          (c) Escrowee’s sole duties and responsibilities shall be to hold and disburse the Deposit in
accordance with this Agreement and the Purchase and Sale Agreement;

          (d) Upon the disbursement of the Deposit in accordance with this Agreement, Escrowee shall be
relieved and released from any liability under this Agreement;

          (e) Escrowee may resign at any time upon at least fifteen (15) Business Days prior written
notice to Cedar and Homburg hereto. If, prior to the effective date of such resignation, Cedar and
Homburg hereto shall have approved, in writing, a successor escrow agent, then upon the resignation
of Escrowee, Escrowee shall deliver the Deposit to such successor escrow agent. From and after
such resignation and the delivery of the Deposit to such successor escrow agent, Escrowee shall be
fully relieved of all of its duties, responsibilities and obligations under this Agreement, all of
which duties, responsibilities and obligations shall be performed by the appointed successor escrow
agent. If for any reason Cedar and Homburg shall not approve a successor escrow agent within such
period, Escrowee may bring any appropriate action or proceeding for leave to deposit the Deposit
with a court of competent jurisdiction, pending the approval of a successor escrow agent, and upon
such deposit Escrowee shall be fully relieved of all of its duties, responsibilities and
obligations under this Agreement;

          (f) Cedar and Homburg hereby agree to, jointly and severally, indemnify, defend and hold
harmless Escrowee from and against any liabilities, damages, losses, costs or expenses incurred by,
or claims or charges made against, Escrowee (including reasonable attorneys’ fees and
disbursements) by reason of Escrowee performing its obligations pursuant to,

 

 

and in accordance with, the terms of this Agreement, but in no event shall Escrowee be indemnified
for its gross negligence, willful misconduct or breach of the terms of this Agreement;

          (g) In the event that a dispute shall arise in connection with this Agreement or the Purchase
and Sale Agreement, or as to the rights of Cedar and Homburg in and to, or the disposition of, the
Deposit (or portion thereof), Escrowee shall have the right to (w) hold and retain all or any part
of the Deposit until such dispute is settled or finally determined by litigation, arbitration or
otherwise, or (x) deposit the Deposit in an appropriate court of law, following which Escrowee
shall thereby and thereafter be relieved and released from any liability or obligation under this
Agreement, or (y) institute an action in interpleader or other similar action permitted by
stakeholders in the State of New York, or (z) interplead Cedar or Homburg in any action or
proceeding which may be brought to determine the rights of Cedar and Homburg to all or any part of
the Deposit; and

          (h) Escrowee shall not have any liability or obligation for loss of all or any portion of the
Deposit by reason of the insolvency or failure of the institution of depository with whom the
escrow account is maintained.

     4. Termination.

          This Agreement shall automatically terminate upon the delivery or disbursement by Escrowee of
the entire Deposit in accordance with the terms of the Purchase and Sale Agreement and terms of
this Agreement, as applicable.

     5. Notices.

          All notices, demands, consents, reports and other communications provided for in this
Agreement shall be in writing, shall be given by a method prescribed in this Section and shall be
given to the party to whom it is addressed at the address set forth below or at such other
address(es) as such party hereto may hereafter specify by at least seven (7) days’ prior written
notice.

     To Cedar:

c/o Cedar Shopping Centers, Inc.

44 South Bayles Avenue

Port Washington, New York 11050

Attention: Leo S. Ullman

Facsimile: (516) 767-6497

With a copy to:

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, New York 10038-4982

 

 

Attention: Steven P. Moskowitz, Esq.

Facsimile: (212) 806-6006

     To Homburg:

c/o Homburg Invest Inc.

1741 Brunswick Street, Suite 600

Halifax, NS B3J-3X8

Attention: Richard Stolle

Facsimile: 902-468-2457

and to:

c/o Homburg Invest Inc.

11 Akerley Blvd., Suite 200

Dartmouth, NS B3B-1V7

Attention: Gordon Lawlor

Facsimile: 902-469-6776

and to:

c/o Homburg Holdings (U.S.), Inc.

559 East Pikes Peak Avenue

Suite 320

Colorado Springs, Colorado 80903

Attention: Robert W. Harris

Facsimile: 719-633-0278

With a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Attention: Steven Simkin, Esq.

Facsimile: (212) 492-0073

and to:

The DeCaro Law Firm, PC

47 Aspen Court

Evergreen, CO 80439

Attention: Phillip S. DeCaro, Esq.

Facsimile: (303) 679-3327

     To Escrowee:

Lawyers Title Insurance Corporation

 

 

Two Grand Central Tower

140 East 45th Street

New York, New York 10017

Attention: John LoVerme

Facsimile: (212) 557-2148

Telephone: (212) 949-0100

     Any party hereto may change the address to which notice may be delivered hereunder by the
giving of written notice thereof to the other parties as provided hereinbelow. Any notice or other
communication delivered pursuant to this Section 5 may be mailed by United States or Canadian
certified air mail, return receipt requested, postage prepaid, deposited in a United States or
Canadian Post Office or a depository for the receipt of mail regularly maintained by the United
States Post Office or the Canadian Post Office, as applicable. Such notices, demands, consents and
reports may also be delivered (i) by hand or reputable international courier service which
maintains evidence of receipt or (ii) by facsimile with a confirmation copy delivery by
hand or reputable international courier service which maintains evidence of receipt. Any notices,
demands, consents or other communications shall be deemed given and effective when delivered by
hand or courier or facsimile, or if mailed only, five (5) Business Days after mailing.
Notwithstanding the foregoing, no notice or other communication shall be deemed ineffective because
of refusal of delivery to the address specified for the giving of such notice in accordance
herewith. The provisions of this Section 5 shall survive the Closings and/or a termination of this
Agreement.

     6. Capitalized Terms.

          Capitalized terms used herein and not otherwise defined herein shall have the meanings
ascribed to them in the Purchase and Sale Agreement.

     7. Governing Law.

          THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT
REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE. THE PARTIES HERETO WAIVE TRY BY JURY IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

     8. Successors.

          This Agreement shall be binding upon and inure to the benefit of the respective successors and
permitted assigns of the parties hereto; provided, however, that except as expressly provided
herein as to the Escrowee, this Agreement may not be assigned by any party without the prior
written consent of the other parties.

     9. Entire Agreement.

 

 

          This Agreement, together with the Purchase and Sale Agreement, contains the entire agreement
and understanding between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings relating to such subject matter.

     10. Amendments.

          Except as expressly provided in this Agreement, no amendment, modification, termination,
cancellation, rescission or supersession to this Agreement shall be effective unless it shall be in
writing and signed by each of the parties hereto.

     11. Counterparts and/or Facsimile Signatures.

          This Agreement may be executed in any number of counterparts, including counterparts
transmitted by facsimile, any one of which shall constitute an original of this Agreement. When
counterparts or facsimile copies have been executed by all parties, they shall have the same effect
as if the signatures to each counterpart or copy were upon the same documents and copies of such
documents shall be deemed valid as originals. The parties agree that all such signatures may be
transferred to a single document upon the request of any party. This Agreement shall not be
binding unless and until it shall be fully executed and delivered by all parties hereto. In the
event that this Agreement is executed and delivered by way of facsimile transmission, each party
delivering a facsimile counterpart shall promptly deliver an ink-signed original counterpart of the
Agreement to the other party by overnight courier service; provided however, that the failure of a
party to deliver an ink-signed original counterpart shall not in any way effect the validity,
enforceability or binding effect of a counterpart executed and delivered by facsimile transmission.

     12. Severability.

          If any provision of the Agreement or the application of any such provision to any person or
circumstance shall be held invalid, illegal, or unenforceable in any respect by a court of
competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
provision hereof.

     13. EIN.

          Cedar shall provide its employer identification numbers to Escrowee promptly following
execution and delivery of this Agreement. Each of the parties hereto shall execute and deliver to
the others any documents reasonably necessary for establishing the escrow account for the Deposit
promptly following request.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

          IN WITNESS WHEREOF, the parties have executed and delivered this Escrow Agreement as of the
date and year first above written.

	 	 	 	 	 
	 	ESCROWEE:

LAWYERS TITLE INSURANCE CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 	 	 	 	 

	 	 	CEDAR:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Cedar Shopping Centers,
Inc., a Maryland
corporation, its general
partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Leo S. Ullman
	 	 
	 

	 	 	 	 	 	President	 	 

	 	 	 	 	 
	 	HOMBURG:

HOMBURG HOLDINGS (U.S.)

INC., a Colorado

corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT A

WIRE INSTRUCTIONS

TO

COMMONWEALTH LAND TITLE INSURNCE COMPANY (NY)

Two Grand Central Tower

140 East 45th Street

NEW YORK, NY 10017

212-949-0100

	 	 	 

	BANK:

	 	CHASE MANHATTAN BANK, N.A.
NEW YORK, NY
	 
	 	 
	ABA#

	 	021-000-021 
	 
	 	 
	ACCT. NAME:

	 	Commonwealth Land Title Insurance Company
	 
	 	 
	ACCT. #

	 	036-1218746 
	 
	 	 
	REFERENCE:

	 	( NYN06-002988-C; CEDAR CALDWELL)

Please reference Commonwealths Title Number on all Wire Transfers and contact our Accounting
Department at (212) 973-6731 contact person : David Harrison, Federal Reference Number when the
wire has been sent.

 

 

EXHIBIT G

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

 

 

Exhibit G

ASSIGNMENT AND ASSUMPTION AGREEMENT

     THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is made as of the day of
        , 2007, by and between CEDAR SHOPPING CENTERS — PARTNERSHIP, L.P., a Delaware limited partnership
(“Assignor”) and HOMBURG HOLDINGS (U.S.) INC., a Colorado corporation (“Assignee”).

WITNESSETH:

     WHEREAS, pursuant to that certain [DESCRIBE INTERIM PARTNERSHIP
AGREEMENT], dated as of                     , 2007 (the “Existing Partnership Agreement”),
Assignor and [                    ] GP, LLC (the “General Partner”) are the sole partners of
                                  
      , a Delaware limited partnership (the
“Partnership”);

     WHEREAS, pursuant to the Existing Partnership Agreement, Assignor owns a 99% direct limited
partnership interest in the Partnership and the General Partner owns a 1% direct general
partnership interest in the Partnership;

     WHEREAS, pursuant to that certain Agreement Regarding Purchase of Partnership Interests,
dated as of February  , 2007 (the “Contract”), between Assignor, as seller, and Assignee, as
purchaser, Assignor has agreed to sell and assign to Assignee, and Assignee has agreed to
purchase and assume as set forth in the Contract, all of Assignor’s right, title and interest in
and to eighty percent (80%) of the direct limited partnership interests in the Partnership (the
“Assigned Partnership Interests”), whereupon (x) Assignor will own nineteen percent (19%) of the
direct partnership interests in the Partnership, (y) Assignee will own eighty percent (80%) of
the direct partnership interests in the Partnership and (z) the General Partner will own one
percent (1%) of the direct partnership interests in the Partnership;

     WHEREAS, contemporaneously with the execution and delivery of this Agreement and in
accordance with the terms of the Contract, Assignor, Assignee and the General Partner shall amend
and restate the Existing Partnership Agreement to reflect, among other things, the assignment and
assumption of the Assigned Partnership Interests pursuant to this Agreement (the “Amended
Partnership Agreement”);

     WHEREAS, all capitalized terms used but not defined herein shall have the meaning set forth
in the Contract.

     NOW, THEREFORE, for valuable consideration in hand paid; the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

     1. Assignor hereby assigns, conveys, transfers and sets over unto Assignee, without,
recourse, representation or warranty except as set forth in the Contract, all right, title and
interest of Assignor in and to the Assigned Partnership Interests.

     2. Subject to those provisions of the Contract that shall expressly survive the Closing and
the terms of the Amended Partnership Agreement, Assignee hereby accepts such assignment and
assumes all obligations with respect to the Assigned Partnership Interests.

 

 

     3.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and each
of their respective successors and assigns. None of the provisions of this Agreement shall be for
the benefit_ of or enforceable by any other person.

     4. This Agreement may be executed in any number of counterparts, and each such counterpart
will for all purposes be deemed an original, and all such counterparts shall constitute one and the
same instrument.

     5. Each party represents and warrants that the individual signing this Agreement on its behalf
is duly authorized to do so.

     6. The parties hereto covenant and agree that they will execute, deliver and acknowledge from
time to time at the request of the other, and without further consideration, all such further
instruments of assignment or assumption of rights and/or obligations as may be required in order to
give effect to the transactions described herein.

     7. This Agreement shall be construed in accordance with and governed by the internal laws of
the State of Delaware (without regard to principles of conflicts of laws).

[Remainder of Page Intentionally Left Blank]

 

 

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the                      day of                           
               2007.

	 	 	 	 	 	 	 	 	 

	 	 	ASSIGNOR:
	 
	 	 	 	 	 	 	 	 
	 	 	CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a 

Delaware
limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Cedar
Shopping Centers, Inc., a Maryland 

corporation, its
general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Leo S. Ullman
	 	 
	 

	 	 	 	 	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ASSIGNEE:
	 
	 	 	 	 	 	 	 	 
	 	 	HOMBURG HOLDINGS (U.S.) INC., a Colorado corporation
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

Exhibit H

CERTIFICATE FOR NON-IMPUTATION ENDORSEMENT

Homburg Holdings (U.S.) Inc. (“Homburg”) has requested Lawyers Title
Insurance Corporation (“Lawyers Title”) to include a Non-Imputation
Endorsement’ (the “Endorsement”) as part of the owner’s title
insurance policy issued on  in favor of [                    ] (the
“Property Owner”) as Policy No. [                    ] (the “Existing Policy”) respecting the premises
commonly known as [                    ] and as more particularly described in the Existing Policy
(the “Premises”), which Endorsement will protect Homburg from defenses of
Lawyers Title under the Existing Policy arising as a result of the imputation of the knowledge of
CSCP (as hereinafter defined).

As an inducement to Lawyers Title to issue the Endorsement, the undersigned makes the following
certifications, true to the knowledge, information and belief of the undersigned as of the this day
of     , 2007:

	1.	 	The undersigned is a Vice President of Cedar Shopping Centers, Inc., the general partner of
Cedar Shopping Centers Partnership, L.P. (“CSCP”), which is the sole member of
[                    ], the general partner of [                    ] (the “Property Owner”).
	 
	2.	 	Except as set forth in the Existing Policy, the schedule of leases affecting the Premises
as identified in Schedule “A” attached hereto and as otherwise disclosed by the public record
of the county in which the Premises is located:

	 	a.	 	There are no unrecorded deeds, land contracts, leases, options to purchase, mortgages
agreements or other instruments made or given by CSCP or the Property Owner’ that
materially and adversely affect title to the Premises.
	 
	 	b.	 	Neither CSCP nor the Property Owner has made or given to any party other than
Homburg any outstanding right (including unrecorded deeds), title or interest in or to the
Premises.
	 
	 	c.	 	There is no material pending or threatened litigation against the
Premises or against the Property Owner other than claims made in the ordinary course of
the business of owning and operating the Premises.

	3.	 	The assets of the Property Owner are sufficient to satisfy all unrecorded debts created by
the Property Owner and no conveyance or mortgage of the Premises has rendered the Property
Owner insolvent or in fraud of its creditors under the bankruptcy laws of the United States,
or of any insolvency laws of the State of [                    ];

 

			
	1	 	With respect to CDC properties only, to the extent that Cedar shall have
purchased interests in the existing property owner instead of the fee interests in the properties,
certifications’ respecting the “Property Owner” shall be limited to the period from and after Cedar
shall have acquired said interests.

 

 

	4.	 	The undersigned is making this affidavit for the purpose of inducing Lawyers Title issue
the Endorsement, knowing that Lawyers Title will rely on the certifications made herein, and
that without the certifications in this affidavit, Lawyers Title would not issue the
Endorsement.

     IN WITNESS WHEREOF, the undersigned has duly executed this affidavit on the day and hear first
above written.

	 	 	 	 	 

	 	 	[ADD SIGNATURE BLOCK]

	 

	 	                                        
	 	                                        

 

 

EXHIBIT I

DEPOSIT ALLOCATION

	 	 	 	 	 
	Property	 	Deposit
	Pennsboro Commons
	 	$	58,000.00	 
	Fieldstone Marketplace
	 	$	85,000.00	 
	Stonehedge Square
	 	$	39,000.00	 
	Meadows Marketplace
	 	$	52,000.00	 
	Aston Center
	 	$	62,000.00	 
	Ayr Town Center
	 	$	36,000.00	 
	Parkway Plaza
	 	$	65,000.00	 
	Scott Town Center
	 	$	44,000.00	 
	Spring Meadow Shopping Center
	 	$	59,000.00	 
	 
	 	 	 	 
	TOTAL:
	 	$	500,000.00	 

 

 

SCHEDULE 1

PROPERTY OWNERS

	 	 	 
	Existing Cedar Property Owners*	 	Property
	Cedar-Pennsboro, LLC

	 	Pennsboro Commons
	Cedar-Fieldstone, LLC

	 	Fieldstone Marketplace
	Cedar-Stonehedge, LLC

	 	Stone Hedge Square
	Cedar Hershey, LLC

	 	Meadows Marketplace

	 	 	 
	Contract Property Owners	 	Property
	Cedar-Spring Meadow, LP

	 	Spring Meadow
	Cedar-Ayr Town Center, LP

	 	Ayr Town Center
	Cedar-Aston Center, LP

	 	Aston Center
	Cedar-Scott Town Center, LP

	 	Scott Town Center
	Cedar-Parkway Plaza, LP

	 	Parkway Plaza

 

			
	*	 	Each entity to be converted to a limited partnership per the Agreement.

 

 

SCHEDULE 2

SERVICE CONTRACTS

 

 

SERVICE CONTRACTS

PENNSBORO COMMONS

E Penn Drive

Enola,PA 17125

	 	 	 	 	 
	VENDOR	 	SERVICE	 	CONTACT INFORMATION
	 
	 	 	 	 
	Custom Maintenance Services, Inc.

	 	Parking Lot Sweeping
	 	21 State Ave. Ste. 101

Carlisle, PA 17013

Phone: (717)249-6636

Fax: (717)249-6637

	 
	 	 	 	 
	Brickman Group

	 	Landscaping
	 	Brickman Group

925 Lewisberry, PA 17055

Phone: (717)938-5868

Fax: (717)938-4472

	 
	 	 	 	 
	Michael B. Stoner, Inc.

	 	Snow Removal
	 	P.O. Box 725

Mechanicsburg, PA17055

Phone: (717)245-2225

Fax: (717)245-2199

	 
	 	 	 	 
	Ehrlich

	 	Pest Control
	 	10 Lebanon Valley Pkwy

Lebanon, PA 17042-9990

Phone: (717)238-9590

 

 

SERVICE CONTRACTS

Fieldstone Marketplace

500 Kings Highway

New Bedford, MA 02745

	 	 	 	 	 
	Vendor	 	Service Type	 	Contact Information
	 
	 	 	 	 
	Farland Enterprises

	 	Snow Removal
	 	32 Gammons Road

Acushnet, MA 02743

508-998-8652
	 
	 	 	 	 
	Kane Maintenance

	 	Landscaping & Parking lot Cleaning
	 	18 Whittemore Road

Framingham, MA 01701

508-561-2327
	 
	 	 	 	 
	A-Tech Security

	 	Security
	 	4 Phillips Street

Fairhaven, MA 02719

508-999-7580
	 
	 	 	 	 
	WS Shepard

	 	Parking Lot Sweeping
	 	PO Box 245

Westport, MA 02790

508-636-8111
	 
	 	 	 	 
	Fire Systems

	 	Fire & Sprinkler
	 	955 Reed Road

N. Dartmouth, MA 02747

508-999-4444
	 
	 	 	 	 
	Insta-Brite

	 	Powerwashing Sidewalks
	 	PO Box 148

Whitman, MA 02382

781-447-0022

 

 

SERVICE CONTRACTS

STONEHEDGE SQUARE SHOPPING CENTER

950 Walnut Bottom Road

Carlisle, PA 17013

	 	 	 	 	 
	VENDOR	 	SERVICE	 	CONTACT INFORMATION
	 
	 	 	 	 
	Energy Management Systems, Inc.

	 	Sub-Meter Reading
	 	325 W. Central Ave.

Ste. 200

P.O. Box 538

Malvern,PA 19355-0538

Phone: (610)296-2875

Fax: (610)889-9909

	 
	 	 	 	 
	Custom Maintenance Services, Inc.

	 	Parking Lot Sweeping
	 	21 State Ave. Ste. 101

Carlisle, PA 17013

Phone: (717)249-6636

Fax: (717)249-6637

	 
	 	 	 	 
	Republic Services of
Pennsylvania, LLC
(DBA York Waste Disposal)

	 	Trash Disposal
	 	3730 Sandhurst Dr.

Berkshire Business Park

York, PA 17402

Phone: (717)845-1577

(800)210-9675

Fax: (717)764-1944

	 
	 	 	 	 
	Vector Security

	 	Fire Alarm Monitoring
	 	23 Casey Ave.

Wilkes-Barre, PA 18702

Phone: (800)222-6565
	 
	 	 	 	 
	Michael B. Stoner, Inc.

	 	Snow Removal
	 	P.O. Box 725

Mechanicsburg, PA 17055

Phone: (717)245-2225

Fax: (717)245-2199

	 
	 	 	 	 
	H.B. McClure Co.

	 	HVAC Maintenance
	 	P.O. Box 1745

Harrisburg, PA 17105

Phone: (717)232-4328

Fax: (717)234-3730

 

 

SERVICE CONTRACTS

Meadows Marketplace

233-277 Hershey Rd.

Hummelstown, PA 17036

	 	 	 	 	 
	VENDOR	 	SERVICE	 	CONTACT INFORMATION
	 
	 	 	 	 
	Custom Maintenance Services, Inc.

	 	Parking Lot Sweeping
	 	21 State Ave. Ste. 101

Carlisle, PA 17013

Phone: (717)249-6636

Fax: (717)249-6637

	 
	 	 	 	 
	Brickman Group

	 	Landscaping
	 	Brickman Group

925 Lewisberry, PA 17055

Phone: (717)938-5868

Fax: (717)938-4472

	 
	 	 	 	 
	Central Perm Asphalt

	 	Snow Removal
	 	3701 G Deny Street

Harrisburg, PA 17111
	 
	 	 	 	 
	Ehrlich

	 	Pest Control
	 	10 Lebanon Valley Pkwy

Lebanon, PA 17042-9990

Phone: (717)238-9590
	 
	 	 	 	 
	Vector Security

	 	Sprinkler Monitoring
	 	3549 Hempland Rd., Suite 1

Lancaster, PA 17601

 

 

Spring
Meadow Shopping Center

Wyomissing, PA

Landscaper / Snow Removal / Site Contact (for Some Emergencies)

	 	 	 

	Jeff Povilaitis

	 	Landscaping contract has expired.
	Edwards Landscape & Nursery

	 	Snow removal contract is for
	517 Monocacy Hill Road

	 	winter season 2006 - 2007 & may
	Birdsboro, PA 19508

	 	be cancelled with 30 day notice.
	610-582-1941 ofc
	 	 
	484-256-5658 cell
	 	 

Lot Sweeper/Miscellaneous Repairs

	 	 	 

	Custom Maintenance Services, Inc.

	 	Month-to-month
	Mike Nawa

	 	Length of service: 2 years
	21 State Street, Suite 101

	 	Also provides lot striping & repairs
	Carlisle, PA 17013

	 	Preferred by Giant
	717-249-6636
	 	 
	717-440-2320 Cell
	 	 

 

 

Ayr Tows Center

McConnellsburg, PA

	 	 	 

	Landscaper / Site Inspection
	 	 
	 
	 	 
	McConnellsburg Lawn & Landscape

	 	Landscaping contract has expired.
	Wade
& Carrie Stermer
	 	 
	726 Meadown Mt. Drive
	 	 
	McConnellsburg, PA 17233
	 	 
	717-485-9290
	 	 
	 
	 	 
	Lot Sweeper/Miscellaneous Repairs

	 	
	 
	 	 
	Custom Maintenance Services, Inc.

	 	Month-to-month
	Mike Nawa

	 	Length of service: 2 years
	21 State Street, Suite 101

	 	Also provides lot striping & repairs
	Carlisle, PA 17013

	 	Preferred by Giant
	717-249-6636
	 	 
	717-440-2320 Cell
	 	 
	 
	 	 
	Snow Removal
	 	 
	 
	 	 
	David H. Martin Excavating

	 	Contract is for 2006-2007 Winter Season
	Jerry Love
	 	 
	4961 Cumberland Highway
	 	 
	Chambersburg, PA 17201
	 	 
	717-264-2168
	 	 
	 
	 	 
	Fire
Alarm Monitoring
	 	 
	 
	 	 
	Tele-Plus Corporation

	 	Annual Contract from
	916 Eldridge Drive

	 	04/20/06 - 04/19/07
	Hagerstown, MD 21740-6842
	 	 
	301-797-9500
	 	 

 

 

Aston Giant #278

Aston, PA

NO SERVICE OR MAINTENANCE CONTRACTS

Giant maintains this stand-alone store (absolute net).

 

 

SCOTT
TOWN CENTER

Bloomsburg, PA

SERVICE
/ MAINTENANCE CONTRACTS & INFORMATION

	 	 	 

	Sweeping

	 	 
	Custom Maintenance Services, Inc.

	 	Month-to-month
	Mike Nawa

	 	Length of Service: 3 years
	21 State Street, Suite 101

	 	Also provides lot striping & repairs
	Carlisle, PA 17013

	 	Preferred by Giant
	717-249-6636
	 	 
	 
	 	 
	Snow Removal

	 	Contract is for 2006-2007 winter
	Sokol, Inc.

	 	season — may be cancelled with
	Ray Sokol

	 	30-day notice
	PO Box 366

	 	Length of Service: 3 years
	Bloomsburg, PA 17815
	 	 
	570-784-4411
	 	 
	 
	 	 
	Landscape Maintenance

	 	Annual Contract (Jan-Dec 2006)
	Don A. Ruhmel

	 	terminated by either party with 30 days written notice
	Custom Landscaping

	 	Length of Service: 3 years
	360 Stone Church Road
	 	 
	Berwick, PA 18603
	 	 
	570-752-5105
	 	 
	 
	 	 
	HVAC
Maintenance

	 	Annual Contract for LA Weight Loss,
	H B McClure Company

	 	Jackson Hewitt, Holiday Hair, Subway & Nextel
	George Hoch

	 	(November 1, 2006 - October 31, 2007)
	P.O. Box 1745

	 	Length of Service: 2 years
	Harrisburg, PA 17105-1745
	 	 
	717-232-4328
	 	 
	 
	 	 
	Fire
Sprinkler Inspection
	 	 
	Penn Fire Protection, Inc.

	 	Annual Contract (Jan-Dec 2006)
	Mark Hayes

	 	Year to year
	135 David Street

	 	Retail Spaces
	Selinsgrove, PA 17870

	 	Length of Service: 2 years
	570-374-4508
	 	 
	 
	 	 
	Fire Alarm Inspection & Monitoring

	 	3-year Contract (Dec. 9, 2005-Dec 9, 2008)
	Security Net, LLC

	 	Length of Service: 2 years
	411
W. 16th Street

	 	Retail Spaces
	Hazelton, PA 18201
	 	 
	570-453-1384
	 	 

1

 

PARKWAY PLAZA

Cumberland Parkway

Mechanicsburg, PA

SERVICE / MAINTENANCE CONTRACTS & INFORMATION

	 	 	 

	Sweeping
	 	 
	Custom Maintenance Services, Inc.

	 	Month-to-month
	Mike Nawa

	 	Length of Service: 8 years
	21 State Street, Suite 101

	 	Also provides lot striping & repairs
	Carlisle, PA 17013

	 	Preferred by Giant
	717-249-6636
	 	 
	 
	 	 
	Landscape Maintenance
	 	 
	Tri-State Fence & Lawn

	 	Annual Contract (Jan-Dec 2006) — may be
	Brent Decker

15113 Clear Spring Road
	 	terminated by either party with 30

days written notice
	Williamsport, MD 21795 

	 	Length of Service: 7 years
	301-223-8733
	 	 
	 
	 	 
	Snow
Removal
	 	 
	Becker’s, Inc.

	 	Contract is for 2006-2007 Winter season.
	Dave Becker

	 	may be cancelled with 30 day notice
	3150 Gettysburg Road
	 	 
	Camp Hill, PA 17011
	 	 
	 
	 	 
	Pest
Control
	 	 
	Archer Pest Control

	 	Quarter-to-quarter (No contract)
	Keith Jones

	 	Length of Service: 6 years
	5008 Pheasant Hollow Road
	 	 
	Mechanicsburg, PA 17050
	 	 
	717-737-2724
	 	 
	 
	 	 
	HVAC Maintenance
	 	 
	H B McClure Company

	 	Annual Contract for Brothers Pizza,
	George Hoch

	 	UPS Store, Holiday Hair & Movie Merchants
	P.O. Box 1745

	 	(May 1, 2006 - April 30, 2007)
	Harrisburg, PA 17105-1745

	 	Length of Service: 8 years
	717-232-4328
	 	 
	 
	 	 
	Fire Sprinkler Inspection
	 	 
	Triangle Fire Protection, Inc.

	 	Annual Contract (Jan-Dec 2006) — may be
	Frank Herr

	 	terminated by either party with 30 days written notice
	20 Roadway Drive

	 	Retail Spaces
	Carlisle, PA 17013

	 	Length of Service: 7 years
	717-241-9662
	 	 

1

 

SCHEDULE 3

LEASES

 

 

Pennsboro Commons

Americhoice Federal Credit Union

Lease Dated: February 15, 2000

Lease Letter Dated: January 28, 2000

Letter Agreement Dated: October 27, 2004

Estoppel Agreement Dated: August 16, 2005

Barbarino’s Pizza 

Lease Dated: June 1, 2004

Guaranty Dated: June 1, 2004

Lease Letter Dated: May, 21, 2004

Estoppel Agreement Dated: October 2, 2005

Brook Investments, Inc.

Lease Dated: July 11, 2006

Delivery of Possession Agreement Dated: July 19, 2006

California Fusion

Confirmation of Possession and Lease Term: April 25, 2005

Lease Dated: June 15, 2005

Lease Letter Dated: June 15, 2005

Estoppel Agreement: June 15, 2005

Cellutions, Inc. d/b/a Cingular Wireless 

Lease Dated: June 5, 2006

Check ‘n Go

Commencement Letter Dated: May 14, 2004

Lease Dated: June 10, 2004

Guaranty Dated: August 9, 2004

Addendum to Lease Dated: August 9, 2004

Estoppel Agreement Dated: October 19, 2005

Termination Agreement Dated: December 27, 2006

Class Act Dry Cleaners

Lease Dated: December 31, 2001

Commencement Agreement Dated: December 21, 2001

Estoppel Agreement Dated: October 9, 2005

Dr. Barbara Christensen

Lease Dated: December 22, 2003

Commencement Agreement Dated: December 19, 2003

Lessor’s Agreement Dated: March 17, 2004

Estoppel Agreement Dated: October 24, 2005

 

 

Giant Food Stores, LLC

Lease Dated: December 29, 1995

Guaranty Dated: September 26, 1995

First Amendment to Lease Agreement Dated: May 21, 1997

Second Amendment to Lease Agreement Dated: April 16, 1998

Third Amendment to Lease Agreement Dated: June 9, 1999

Fourth Amendment to Lease Agreement Dated: July 27, 1999

Store Expansion Amendment to Lease Agreement Dated: April 4, 2003

Amendment to Store Expansion Amendment to Lease Agreement Dated: April 4, 2003

Memorandum of Amendment to Lease Dated: April 4, 2003

Supplement to Subordination, Attornment and Nondisturbance Agreement Dated: April 4, 2003

SNDA Agreement Dated: February 10, 2006

Giant Food Stores, LLC (Fueling Station Lease)

Lease Dated: October 1, 2001

Memorandum of Fueling Station Lease Dated: October 1, 2001

Supplement to Subordination, Attornment and Nondisturbance Agreement Dated: October 2, 2001

Guaranty Dated: March 16, 2005

Renewal Letter Agreement Dated: March 28, 2006

Gingerbread Cafe 

Lease Dated: April 9, 2002

Commencement Agreement Dated: Not Dated

Estoppel Agreement Dated: October 19, 2005

Golden Nail

Lease Dated: June 15, 2005

Confirmation of Possession and Lease Terms: June 15, 2005

Lease Letter: Not Dated

Guaranty: June 15, 2005

Estoppel Agreement: September 29, 2005

Jackson Hewitt

Rent Commencement Dated: October 25, 2004

Lease Dated: October 29, 2004

Agreement Dated: November 1, 2004

Estoppel Dated: September 26, 2005

Lean and Mean Fitness

Lease Dated: May 24, 2005

Estoppel Dated: August 18, 2005

 

 

Mailboxes ETC

Lease Letter Dated: June 15, 1999

Lease Dated: July 1, 1999

Guaranty Dated: July, 1, 1999

Addendum Dated: March 17, 2000

(Mentioned in Estoppel but not in file.)

Assignment Dated: April 24, 2002

(Mentioned in Estoppel but not in file.)

Estoppel Dated: October 4, 2005

Movie Merchants

Lease Dated: July 29, 1997

Guaranty Dated: July 29, 1997

Renewal Letter Dated: March 1, 2004

Estoppel Agreement Dated: August 15, 2005

P&D Discount Tobacco

Lease Letter Dated: August 10, 2001

Lease Dated: September 5, 2001

Guaranty: Not Dated

Estoppel Dated: August 18, 2005

Papa John’s Pizza

Lease Dated: July 30, 1999

Addendum Dated: July 30, 1999

Guaranty Dated: July 30, 1999

Renewal Dated: April 24, 2004

Estoppel Agreement Dated: September 30, 2005

Pet Valu

Lease Dated: March 4, 2005

Estoppel Dated: October 18, 2005

Roly Poly

Lease Dated: November 10, 2003

Lease Letter Dated: November 5, 2003

Guaranty Dated: Not Dated

Estoppel Agreement Dated: October 18, 2005

Scott D. Trask, DMD

Lease Dated: July 7, 2005

Confirmation of Possession and Lease Terms Dated: June 7, 2005

Guaranty Dated: 2005

Estoppel Agreement Dated: October 21, 2005

Subway

Lease Dated: December 12, 1997

Rider to Lease Dated: December 12, 1997

 

 

Success Chinese Restaurant 

Lease Dated: October 1, 1999

Guaranty Dated: 1999

Estoppel Dated: October 24, 2005

 

 

Fieldstone Marketplace

A.C. Holdings

Lease Dated: July 22, 2002

Guaranty Agreement Dated: July 22, 2002

Letter Agreement Dated: October 21, 2002

Citizen’s Bank

Lease Dated: December 21, 1992

First Amendment to Lease Agreement Dated: January 4, 2001

Second Amendment to Lease Agreement Dated: August 5, 2002

Lease Assignment, Recognition and Consent Agreement Dated: August 5, 2002

Renewal Letter Dated: April 29, 2005

CVS

Lease Dated: December 17, 1987

Guaranty Dated: December 17, 1987

Commencement Letter Dated: August 23, 1988

(Mentioned in Estoppel but not in file.)

Memorandum/Notice of Lease Dated: October 31, 1988

Lease Renewal Dated: July 13, 1998

Lease Renewal Dated: June 20, 2003

Estoppel Agreement Dated: November 3, 2005

Carleen, Inc. d/b/a Cost Cutters 

Lease Dated: July 1, 1999

Dunkin Donuts

Lease Dated: August 9, 2004

Landlord’s Consent and Waiver Dated: September 1, 2004

Letter Agreement Dated: October 7, 2004

Letter Agreement Dated: January 18, 2005

Rider to Lease Dated: March 3, 2005

Escape to Fitness

Lease Dated: July 1, 1997

First Amendment of Lease Dated: April 15, 2002

Letter Agreement Dated: March 20, 2003

Lease Guaranty Dated: May 26, 2005

Second Amendment of Lease Dated: May 31, 2005

Estoppel Agreement Dated: December 2, 2005

 

 

Flagship Cinema

Letter Agreement Dated: September 17, 1998

Guaranty of Lease Dated: October 6, 1998

Lease Dated: October 21, 1998

First Amendment of Lease Dated: December 3, 1999

Estoppel Agreement Dated: November 28, 2005

Furniture Place LLC

Lease Dated: September 14, 2006

Golden Star Chinese Restaurant

Lease Dated: May 31, 1991

First Amendment of Lease Dated: May 3, 1991

Renewal Letter Dated: February 22, 2000

Second Amendment of Lease Dated: April 10, 2002

KB Toys

Lease Dated: July 15, 1988

First Amendment of Lease Dated: July 14, 1993

Second Amendment of Lease Dated: November 11, 1998

Third Amendment of Lease Dated: August 10, 1999

Fourth Amendment of Lease Dated: July 29, 2004

Fifth Amendment of Lease Dated: January 24, 2005

Estoppel Agreement Dated: November 29, 2005

Liberty Tax Services

Lease Dated: November 29, 2004

New Bedford Dental Group 

Lease Dated: December 16, 1997

Assignment and Assumption of Lease and Landlord’s Consent Dated: May 14, 2001

Renewal Letter Dated: May 12, 2004

First Amendment of Lease Dated: June 3, 2004

Assignment of Lease Dated: November 9, 2004

Lease Guaranty Agreement Dated: November 9, 2004

Ocean’s 18

Lease Dated: May 10, 2005

Confirmation of Lease Term Dated: November 4, 2005

Estoppel Agreement Dated: November 15, 2005

Subordination of Landlord’s Lien Dated: April 12, 2006

Lease Modification Agreement Dated: November 12, 2006

Papa Gino’s

Lease Dated: September 10, 1986

Estoppel Agreement Dated: November 1, 2005

 

 

Payless

Lease Dated: June 11, 1988

Lease Extension and Modification Agreement Dated: November 23, 1992

Assignment of Lease and Consent to Assignment Dated: July 29, 1994

Lease Amendment/Extension Agreement Dated: February 23, 1996

Lease Amendment/Extension Agreement Dated: June 12, 2000

Renewal Letter Dated: April 7, 2005

Estoppel Agreement Dated: November 2, 2005

Sally Beauty

Lease Dated: April 4, 1991

Lease Rider Dated: April 4, 1991

Amendment to Lease Dated: July 30, 1996

Letter Agreement Dated: December 6, 2000

Relocation Amendment to Lease Dated: June 25, 2002

Agreement Setting Lease Term Dated: January 10, 2003

Estoppel Agreement Dated: November 9, 2005

Shaw’s Supermarkets 

Subordination, Non-Disturbance and Attornment Agreement Dated: February 14, 2002

(Mentioned in Estoppel but not in file.)

Lease Dated: May 31, 2002

Memorandum of Amended and Restated Lease for Supermarket Premises Dated: June 2002

Subordination, Non-Disturbance and Attornment Agreement Dated: January 24, 2003

(Mentioned in Estoppel but not in file.)

Letter Dated: November 13, 2002

(Mentioned
in Estoppel but not in file.)

Subordination,
Non-Disturbance
 and Attornment Agreement Dated: June 17, 2004

(Mentioned in Estoppel but not in file.)

Letter Dated: July 12, 2004

Estoppel Agreement Dated: October 25, 2005

Speedee

Lease Dated: October 30, 1989

Assignment and Agreement Dated: January 28, 1997

Renewal Letter Dated: October 30, 2003

Winthrop’s Hallmark

Lease Dated: November 4, 1998

First Amendment of Lease Dated: July 8, 2003

Estoppel Agreement Dated: October 25, 2005

 

 

Stonehedge Square

Alfredo’s Pizza 

Lease Dated: October 20, 2000

Estoppel Agreement Dated: July 1, 2004

Estoppel Agreement Dated: June 30, 2006

Best Nails

Lease Dated: January 26th, 2004

Assignment and Assumption Dated: May 3rd, 2005

Estoppel Agreement Dated:
June 26th, 2006

Brown Optical

Lease Dated: July 9th, 1991

Commencement Agreement Dated: October, 5th 1991

Letter Re: Lease Renewal Dated: June 17th, 1996

Estoppel Agreement Dated: January 1st, 2000

Amendment of Lease Dated: October 15th, 2001

Estoppel Agreement Dated: June 4, 2004

Estoppel Agreement Dated: June 21st, 2006

Modification Agreement Dated: October 20, 2006

Carlisle Coffee

Lease Dated: April 8th, 2004

Guaranty Dated: April 8th, 2004

Commission Agreement Dated: April 8th, 2004

Commission Agreement Dated: June 24, 2005

Estoppel Agreement Dated: June 22nd, 2006

Dawn’s & Associates Realty 

Guaranty Dated: March 31st, 2004

Lease Dated: May 1st, 2004

Estoppel Agreement Dated: July 17th, 2006

Great Wall Buffet

Lease Dated: June 6th, 2001

Surrender of Premises Agreement Dated: December, 2001

Estoppel Agreement Dated: July 10th, 2006

 

 

M&T Bank

Resolution Dated: June 13th, 1989

Lease Dated: June 28th, 1989

Commencement Agreement Dated: June 28th, 1989

SNDA Dated: August 30th, 1990

Estoppel Agreement Dated: January 7th, 2000

First Amendment of Lease Dated: June 6th, 2002

Estoppel Agreement Dated: June 24, 2004

Estoppel Agreement Dated: June 29th, 2006

Manpower, Inc.

Lease Dated: June 1st, 1994

Estoppel Agreement Dated: January 7th, 2000

Second Modification and Extension to Lease Dated: April 24th, 1998

Third Modification and Extension of Lease Dated: June 12th, 1999

Fourth Modification and Extension of Lease Dated: January 21st, 2000

Fifth Modification and Extension of Lease Dated: May 3rd, 2002

Estoppel Agreement Dated: June 4, 2004

Sixth Modification and Extension of Lease Dated: August 9th, 2005

Estoppel Agreement Dated: July 13th, 2006

Monro Muffler 

Lease Dated: July 28th, 1994

SNDA Dated: March 24th, 1995

Memorandum of Lease Dated: August 1st, 1995

Letter Re: Grant of Relief Dated: July 29th, 1997

Estoppel Agreement Dated: January 7th, 2000

Estoppel Agreement Dated: June 14, 2004

Estoppel Agreement Dated: June 26th, 2006

 

 

Nell’s Market

Title Commitment Dated: April 10th, 1989

Lease Dated: June 26th, 1989

Memorandum of Lease Dated: June 26th, 1989

Addendum to Lease Agreement Dated: June 26th, 1989

Estoppel Agreement Dated: September 9th, 1989

Subordination Agreement Dated: September 18th, 1989

Landlord’s Waiver Dated: May 11th, 1990

Subordination Agreement Dated: August 30th, 1990

Addendum to Lease Agreement Dated: August 17th, 1993

Estoppel Agreement Dated: January 7th, 2000

Letter Re: Correction of Lease Dated: October 2nd, 2002

Estoppel Agreement Dated: June 2, 3004

Second Amendment of Lease Dated: July 12th, 2005

Conditioned Use Application Dated: January 25th, 2006

Letter Agreement Dated: July 10th, 2006

Estoppel Agreement Dated: July 18th, 2006

Pennsylvania Industries for the Blind and Handicapped

Lease Dated: November 15, 1994

Letter Agreement Dated: April 7, 1999

Tenant Estoppel Letter Dated: January 12, 2000

Renewal Letter Dated: May 7, 2004

Tenant’s Estoppel Certificate Dated: June 11, 2004

Renewal Letter Dated: March 21,2005

Estoppel Certificate Dated: July 14, 2006

First Amendment to Lease Dated: November 21, 2006

UPS Store

Lease Dated: October 31st, 1995

Guaranty Dated: October 3lst, 1995

Letter Agreement Dated: October 5th, 1998

Estoppel Agreement Dated: January 7th, 2000

First Amendment of Lease Dated: April 24th, 2001

Estoppel Agreement Dated: July 1, 2004

Estoppel Agreement Dated: July 27th, 2006

Lease Modification Agreement Dated: December 7, 2006

Weight Watchers

Lease Dated: February 28th, 2002

Commencement Agreement Dated: May 21st, 2002

Real Property Lease Assignment and Assumption: April 1st, 2003

Estoppel Agreement Dated: June 10, 2004

Estoppel Agreement Dated: July 7th, 2006

 

 

Wine & Spirits Shoppe

Lease Dated: January 22nd, 1991

Subordination Agreement Dated: August 8th, 1997

Estoppel Agreement Dated: January 7th, 2000

Notice to Exercise Option to Renew Dated: February 14th, 2001

Estoppel Agreement Dated: June 4, 2004

Notice to Exercise Option to Renew Dated: January 26th, 2006

Estoppel Agreement Dated: July 14th, 2006

 

 

Meadows Marketplace

Bethany Le & Loan Le (Babylon Nail)

Lease Dated: July 18, 2005

Delivery of Possession Agreement Dated: July 21, 2006

Brother Joe’s Pizza

Lease Dated: June 22, 2005

Delivery of Possession Agreement Dated: July 21, 2006

Community Banks

Lease Dated: May 8, 2006

Giant Food Stores, LLC

Lease Dated: October 13, 2004

Memorandum of Lease Dated: October 13, 2004

Rent Commencement Dated Agreement Dated: November 10, 2005

Jing Sheng Jiang

Lease Dated: May 3, 2006

Jong Sun Park

Lease Dated: April 5, 2005

Delivery of Possession Agreement Dated: July 21, 2006

Pet Valu International Inc.

Lease Dated: December 2, 2005

Delivery of Possession Agreement Dated: July 21, 2006

Regis Corporation t/a Holiday Hair

Lease Dated: June 16, 2005

Delivery of Possession Agreement Dated: July 21, 2006

Commencement Date Agreement Dated: August 17, 2006

Subway Real Estate Corp.

Lease Dated: September 20, 2006

Rider to Lease Dated: September 2006 (Part of the Lease)

Verizon Wireless

Lease Dated: May 16, 2006

Delivery of Possession Agreement Dated: July 21, 2006

 

 

Leases

Spring Meadow, Wyomissing, PA

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Original	 	Commencement	 	Amendments/	 	Amendments/	 	Amendments/
	TENANT	 	Lease Date	 	Date	 	Modifications	 	Modifications	 	Modifications
	WYOMISSING
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Spring Meadow Shopping Center
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Giant Food Store #289
	 	 	11/06/03	 	 	 	10/27/04	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 
	Fulton Bank
	 	 	12/15/03	 	 	 	06/05/04	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 

 

 

Leases

Ayr Town Center, McConnellsburg, PA

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Original	 	Commencement	 	Amendments/	 	Amendments/	 	Amendments/
	TENANT	 	Lease Date	 	Date	 	Modifications	 	Modifications	 	Modifications
	McCONNELLSBURG
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Giant Food Store #272
	 	 	04/28/04	 	 	 	05/11/05	 	 	 	05/11/05	 	 	 	11/03/05	 	 	 	n/a	 
	 
	 	 	 	 	 	 	 	 	 	1st Amendment	 	2nd Amendment	 	 	 	 
	Wine & Spkits Shoppe #2901
	 	 	01/14/05	 	 	 	06/10/05	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 
	Movie Gallery #3781
	 	 	08/16/04	 	 	 	05/25/05	 	 	 	n/a	 	 	 	n/a	 	 	 	n/a	 

 

 

Leases

Aston Center, Aston, PA

PROPERTY SUMMARY

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Original	 	Commencement	 	Amendments/	 	Amendments/	 	Amendments/
	TENANT	 	Lease Date	 	Date	 	Modifications	 	Modifications	 	Modifications
	ASTON
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Giant Food Stores #276
	 	 	07/07/04	 	 	 	11/02/05	 	 	 	12/22/04	 	 	 	12/31/05	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Letter 1st Amendment	 	2nd Amendment	 	 	 	 

 

 

Leases

Scott Town Center, Bloomsburg, PA

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Original	 	Commencement	 	Amendments/	 	Amendments/	 	Amendments/
	TENANT	 	Lease Data	 	Date	 	Modifications	 	Modification	 	Modifications
	 
	 	 	 	 	 	 	 	 	 	 
	BLOOMSBURG
	 	 	 	 	 	 	 	 	 	 
	Giant Food Store 287

	 	07/25/02
	 	08/01/03
	 	07/25/02
	 	05/15/03
	 	7/31/2003
	 

	 	Ground Lease
	 	 	 	1st Addendum to
	 	Amendment to
	 	1st Amendment to
	 

	 	 	 	 	 	Ground Lease
	 	Addendum to
	 	Ground Lease
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Grand Lease	 	 
	CitiFinancial Services

	 	01/07/06
	 	03/15/05
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	Holiday Fair

	 	12/19/03
	 	06/10/04
	 	03/29/04
	 	n/a
	 	n/a
	 

	 	 	 	 	 	Assign/Amend of	 	 	 	 
	 

	 	 	 	 	 	Lease-to-Regis	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Jackson Hewitt Tax Service

	 	03/20/04
	 	10/01/04
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	LA Wright Loss Canton

	 	02/21/06
	 	04/07/06
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	Movie Gallery 343

	 	01/07/05
	 	06/10/04
	 	03/18/04
	 	n/a
	 	n/a
	 

	 	 	 	 	 	1st Amendment	 	 	 	 
	 

	 	 	 	 	 	Address connection	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Nextel WIP Lease Corp

	 	10/28/06
	 	12/10/06
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	Subway Real Estate Corp

	 	06/10/04
	 	09/10/04
	 	n/a
	 	n/a
	 	n/a

 

 

Leases

Parkway Plaza, Mechanicsburg, PA

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Original	 	Commencement	 	Amendments/	 	Amendments/	 	Amendments/
	TENANT	 	Lease Data	 	Date	 	Modifications	 	Modification	 	Modifications
	 
	 	 	 	 	 	 	 	 	 	 
	PARKWAY PLAZA 
	 	 	 	 	 	 	 	 	 	 
	Brother’s Pizza

	 	08/29/06
	 	08/28/06
	 	06/29/06
Memo of Understanding
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	Classic Dry Cleaners

	 	04/27/93
	 	12/14/96
	 	n/a
	 	n/a
	 	n/a
	Fulton Financial Realty

	 	10/21/97
	 	01/01/99
	 	09/28/93
	 	n/a
	 	n/a
	 

	 	 	 	 	 	1st Amendment	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	General Nutrition Carp

	 	11/26/97
	 	01/18/99
	 	02/11/98

Suttee
	 	10/08/88

1st Amendment
	 	8/25/2004

2nd Amendment
	 
	 	 	 	 	 	 	 	 	 	 
	Giant Food Store #120

	 	09/12/87
	 	12/02/98
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	Giant Fueling Station

	 	12/10/08
	 	12/02/98
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	Holiday Hair

	 	09/09/96
	 	02/01/99
	 	03/29/04
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	KinderCare Learning Centers

	 	09/02/90
	 	05/01/00
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	Movie Merchants

	 	03/26/98
	 	02/01/99
	 	02/14/02
Letter-Trade name
change to
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	Rite AW Store #2000

	 	02/12/98
	 	12/02/03
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	The UPS Store

(Parvin & Khosrow Mehrtash)

	 	05/07/99
	 	06/15/88
	 	n/a
	 	n/a
	 	n/a
	 
	 	 	 	 	 	 	 	 	 	 
	Wendy’s
(Valenti Mid-Atlante Realty)

	 	01/31/02
	 	10/08/02
	 	n/a
	 	n/a
	 	n/a

 

 

SCHEDULE 4

TENANT IMPROVEMENTS

	 	 	 	 	 	 	 
	 	 	Estimated Tenant	 	 
	Property	 	Improvement Costs	 	Description
	 
	 	 	 	 	 	 
	Meadows Marketplace

	 	 	 	 	 	Unit 104 — 2,400 sf vacant -
In V-Box condition. $24,000
fitout Allowance
	 

	 	 	 	 	 	Unit 109- 3,400 sf vacant -
To be demised for Starbucks.
$147,500 to demise and build
out Starbucks
	 

	 	 	 	 	 	Unit 109a- 1,700 sf vacant
after demising — $17,000
fitout allowance.
	 

	 	 	 	 	 	Electric — $9,000 for primary
to 5’
	 

	 	 	 	 	 	Water — $30,000 for meter pit
and service to 5’
	 

	 	 	 	 	 	Gas — $5,000 to run line to 5’
	 

	 	$	242,100	 	 	Additional Sewer Capacity

-$9,600
	 
	 	 	 	 	 	 
	Pennsboro Commons

	 	$	35,000	 	 	Build-out of two vacant
retail spaces
	 
	 	 	 	 	 	 
	Stonehedge Plaza

	 	$

$

$	15,000

35,000

25,000	 	 	Build-out of Citifinancial
space; Build-out of 4,000 sf
vacant retail space; Grease
Trap
	TOTAL TENANT IMPROVEMENT

	 	$	352,100	 	 	 

 

 

SCHEDULE 5

LITIGATION

None.

5

 

SCHEDULE 6

CURRENT LOAN DOCUMENTS

6

 

Loan Documents

Pennsboro Commons

	1.	 	Promissory Note made by Pennsboro Borrower in favor of Lender
	 
	2.	 	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement, and
	 
	 	 	Fixture Filing made by Pennsboro Borrower in favor of Lender
	 
	3.	 	Assignment of Leases and Rents made by Pennsboro Borrower in favor of Lender
	 
	4.	 	Assignment of Agreements made by Pennsboro Borrower in favor of Lender
	 
	5.	 	Borrower’s Certificate made by Pennsboro Borrower in favor of Lender
	 
	6.	 	Environmental Indemnity Agreement among Pennsboro Borrower and Cedar LP
	 
	7.	 	Key Principal’s Guaranty Agreement made by Cedar LP in favor of Lender
	 
	8.	 	Tenant Improvements/Leasing Commissions Escrow and Security Agreement
	 
	 	 	between Pennsboro Borrower and Lender
	 
	9.	 	Collection and Disbursement Agreement between Pennsboro Borrower and
	 
	 	 	Lender
	 
	10.	 	Opinion Letters of (i) Strook & Strook & Lavin LLP
	 
	(ii)	 	Naka, Huttar & Oldhouser, LLP

7

 

Loan Documents

Fieldstone Marketplace

Existing Original Borrower’s Loan Documents

	 	1.	 	Promissory Note in the original principal amount of $19,000,000
	 
	 	2.	 	Mortgage and Security Agreement
	 
	 	3.	 	Assignment of Leases and Rents
	 
	 	4.	 	Environmental Indemnity Agreement
	 
	 	5.	 	Guaranty of Recourse Obligations of Borrower
	 
	 	6.	 	Assignment of Agreements, Permits and Contracts
	 
	 	7.	 	Borrower’s Financial Certificate
	 
	 	8.	 	Certificate of Borrower
	 
	 	9.	 	Guarantor’s Financial Certificate
	 
	 	10.	 	Reserve Deposit Letter

Loan Assumption Documents

	 	11.	 	Lender’s Approval of the Loan Assumption and Assumption Application
	 
	 	12.	 	Loan Assumption and Substitution Agreement
	 
	 	13.	 	Allonge to Note
	 
	 	14.	 	UCC-3 Termination Statements (Bristol County, MA)
	 
	 	15.	 	UCC-1 Financing Statements (Bristol County, MA and MA Secretary of State)
	 
	 	16.	 	Request for Taxpayer ID No. (W-9)
	 
	 	17.	 	Consent and Subordination of Property Management Agreement
	 
	 	18.	 	Post-Closing Agreement
	 
	 	19.	 	Certification of Assuming Borrower Regarding Form Lease
	 
	 	20.	 	Legal Opinion Letter from the Sacks Law Group, P.C.
	 
	 	21.	 	Massachusetts Enforceability Legal Opinion from Bowditch & Dewey
	 
	 	22.	 	SPE Legal Opinion Letter from Richards Finger & Layton
	 
	 	23.	 	Bankruptcy Legal Opinion from Richards Finger & Layton

 

 

Loan Documents

Meadows Marketplace

	 	1.	 	Promissory Note made by Meadows Marketplace Borrower in favor of Lender
	 
	 	2.	 	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement, and
Fixture Filing made by Meadows Marketplace Borrower in favor of Lender
	 
	 	3.	 	Assignment of Leases and Rents made by Meadows Marketplace Borrower in
favor of Lender
	 
	 	4.	 	Assignment of Agreements made by Meadows Marketplace Borrower in favor of
Lender
	 
	 	5.	 	Borrower’s Certificate made by Meadows Marketplace Borrower in favor of
Lender
	 
	 	6.	 	Environmental Indemnity Agreement among Meadows Marketplace Borrower
and Cedar LP
	 
	 	7.	 	Key Principal’s Guaranty Agreement made by Cedar LP in favor of Lender
	 
	 	8.	 	Holdback Agreement between Meadows Marketplace Borrower and Lender.
	 
	 	9.	 	Tenant Improvements/Leasing Commissions Escrow and Security Agreement
between Meadows Marketplace Borrower and Lender

 

 

Loan Documents

Spring Meadow, Wyomissing, PA

	 	 	 
	Tab	 	Item
	 
	 	 
	1.

	 	Promissory Note
	 
	 	 
	2.

	 	Form of Allonge to Promissory Note from CitiGroup Global Markets Realty
Corp. in blank
	 
	 	 
	3.

	 	Open-End Mortgage, Assignment of Rents and Security Agreement
	 
	 	 
	4.

	 	Form of Assignment of Note, Mortgage, Assignment of Leases and Rents and
Loan Documents from CitiGroup Global Markets Realty Corp. in Blank
	 
	 	 
	5.

	 	Assignment of Leases and Rents
	 
	 	 
	6.

	 	UCC-1 Financing Statement (Fixture Filing — Berks County, Pennsylvania)
	 
	 	 
	 

	 	a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank
	 
	 	 
	7.

	 	UCC-1 Financing Statement (Secretary of State of Pennsylvania)
	 
	 	 
	 

	 	a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank
	 
	 	 
	8.

	 	Guaranty of Recourse Obligations of Borrower
	 
	 	 
	9.

	 	Environmental Indemnity Agreement
	 
	 	 
	10.

	 	Estoppel and Assignment of Management Agreement
	 
	 	 
	11.

	 	Solvency Certificate
	 
	 	 
	12.

	 	Closing Certificate
	 
	 	 
	13.

	 	Rent Schedule Certification
	 
	 	 
	14.

	 	Utility Availability Certification
	 
	 	 
	15.

	 	Licenses/Permits Certification
	 
	 	 
	16.

	 	Lender’s Escrow Instructions (with Title Commitment Attached)
	 
	 	 
	17.

	 	W-9 Request for Taxpayer Identification Number
	 
	 	 
	18.

	 	Post-Closing Agreement

 

 

Loan Documents

Ayr Town Center, McConnellsburg, PA

	 	 	 	 	 
	Tab	 	Item	 	 
	 
	 	 	 	 
	1.

	 	Promissory Note	 	 
	 
	 	 	 	 
	2.

	 	Form of Allonge to Promissory Note from CitiGroup Global Markets Realty Corp. in blank	 	 
	 
	 	 	 	 
	3.

	 	Open-End Mortgage, Assignment of Rents and Security Agreement	 	 
	 
	 	 	 	 
	4.

	 	Form of Assignment of Note, Mortgage, Assignment of Leases and Rents and Loan
Documents from CitiGroup Global Markets Realty Corp. in Blank	 	 
	 
	 	 	 	 
	5.

	 	Assignment of Leases and Rents	 	 
	 
	 	 	 	 
	6.

	 	UCC-1 Financing Statement (Fixture Filing — Fulton County, Pennsylvania)	 	 
	 
	 	 	 	 
	 

	 	a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank	 	 
	 
	 	 	 	 
	7.

	 	UCC-1 Financing Statement (Secretary of State of Pennsylvania)
	 	—
	 
	 	 	 	 
	 

	 	a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank	 	 
	 
	 	 	 	 
	8.

	 	Guaranty of Recourse Obligations of Borrower	 	 
	 
	 	 	 	 
	9.

	 	Environmental Indemnity Agreement	 	 
	 
	 	 	 	 
	10.

	 	Estoppel and Assignment of Management Agreement	 	 
	 
	 	 	 	 
	11.

	 	Solvency Certificate	 	 
	 
	 	 	 	 
	12.

	 	Closing Certificate	 	 
	 
	 	 	 	 
	13.

	 	Rent Schedule Certification 	 	 
	 
	 	 	 	 
	14.

	 	Utility Availability Certification	 	 
	 
	 	 	 	 
	15.

	 	Licenses/Permits Certification	 	 

 

 

Loan Documents

Aston Center, Aston, PA

	 	 	 
	Tab	 	Item
	 
	 	 
	1.

	 	Promissory Note
	 
	 	 
	2.

	 	Form of Allonge to Promissory Note from CitiGroup Global Markets Realty
Corp. in blank
	 
	 	 
	3.

	 	Open-End Mortgage, Assignment of Rents and Security Agreement
	 
	 	 
	4.

	 	Form of Assignment of Note, Mortgage, Assignment of Leases and Rents and
Loan
Documents from CitiGroup Global Markets Realty Corp. in Blank
	 
	 	 
	5.

	 	Assignment of Leases and Rents
	 
	 	 
	6.

	 	UCC-1 Financing Statement (Fixture Filing — Delaware County, Pennsylvania)
	 
	 	 
	 

	 	a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank
	 
	 	 
	7.

	 	UCC-1 Financing Statement (Secretary of State of Pennsylvania)
	 
	 	 
	 

	 	a.     UCC Assignment from CitiGroup Global Markets Realty Corp. in Blank
	 
	 	 
	8.

	 	Guaranty of Recourse Obligations of Borrower
	 
	 	 
	9.

	 	Environmental Indemnity Agreement
	 
	 	 
	10.

	 	Estoppel and Assignment of Management Agreement
	 
	 	 
	11.

	 	Reserve and Security Agreement
	 
	 	 
	12.

	 	Solvency Certificate
	 
	 	 
	13.

	 	Closing Certificate
	 
	 	 
	14.

	 	Rent Schedule Certification
	 
	 	 
	15.

	 	Utility Availability Certification
	 
	 	 
	16.

	 	Licenses/Permits Certification
	 
	 	 
	17.

	 	Leader’s Escrow Instructions (with Title Commitment Attached)
	 
	 	 
	18.

	 	W-9 Request for Taxpayer Identification Number
	 
	 	 
	19.

	 	Post-Closing Agreement
	 
	 	 
	20.

	 	Lease Summary (Giant Foods)
	 
	 	 
	21.

	 	Tenant Estoppel Certificates
	 
	 	 
	22.

	 	Tenant Subordination, Nondisturbance and Attornment Agreement
	 
	 	 
	23.

	 	Certificate and Authorization of Members
	 
	 	 
	24.

	 	Certificate of Manager
	 
	 	 
	25.

	 	Good Standing Certificate of Borrower
	 
	 	 
	26.

	 	Survey
	 
	 	 
	27.

	 	Property Management Agreement

 

 

Aston Center

	 	 	 
	Tab	 	Item
	 
	 	 
	28.

	 	Opinion of Borrower’s counsel
	 
	 	 
	29.

	 	PZR Zoning Report
	 
	 	 
	30.

	 	Settlement Statement
	 
	 	 
	31.

	 	Loan Commitment
	 
	 	 
	32.

	 	Rate Lock Memorandum

 

 

Loan Documents

Scott Town Center, Bloomsburg, PA

1. Loan Commitment Letter

2. Promissory Note

3. Assignment of Leases and Rents

4. Open-End Mortgage, Assignment of Rents and Security Agreement

5. Guaranty of Recourse Obligations of Borrower

6. Environmental Indemnity Agreement

7. Estoppel and Assignment of Management Agreement

8. Solvency Certificate

9. Closing Certificate

10. Rent Schedule Certification

11. Utility Availability Certificate

12. Licenses/Permits Certificate

13. Request for Taxpayer Identification Number

14. UCC-1 — Columbia County

15. UCC-1 — Pennsylvania Department of State

16. Post-Closing Agreement

17. Management Agreement

18. First Amendment to Management Agreement

19. First Amendment to Limited Liability Company Operating Agreement

20. Certificate of Manager

21. Certificate and Authorization by the Members of Bloomsburg Center, LLC

22. Tenant Estoppel and SNDA — Giant Food Stores, LLC

 

 

23. Tenant Estoppel and SNDA — Movie Gallery

24. Tenant Estoppel and SNDA — Citifinancial Services, Inc.

25. Tenant Estoppel and SNDA — Regis Corporation

26. Settlement Statement

27. Opinion Letter of Counsel

28. Closing Protection Letter

29. Marked-Up Title Commitment

 

 

SCHEDULE 7

BASE RENTAL INCOME

(See Attached)

 

 

Fieldstone Marketplace

Supporting Schedule — Scheduled Base Rental Revenue

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mar-2007	 	 	Annualized	 
	Tenant	 	Sq. Ft	 	 	Start	 	 	Expiration	 	 	Rent	 	 	Rent	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Liquor Store’
	 	 	15,180	 	 	TBD	 	 	TBD	 	 	 	15,180	 	 	 	182,160	 
	CVS
	 	 	8,710	 	 	 	6/88	 	 	 	1/09	 	 	 	9,930	 	 	 	119,160	 
	Winthrop’s Hallmark
	 	 	4,000	 	 	 	11/98	 	 	 	12/08	 	 	 	5,000	 	 	 	60,000	 
	New Bedford Dental
	 	 	2,184	 	 	 	1/98	 	 	 	3/12	 	 	 	2,719	 	 	 	32,628	 
	Cost Cutters
	 	 	1,570	 	 	 	7/99	 	 	 	8/07	 	 	 	1,897	 	 	 	22,764	 
	Payless Shoesource
	 	 	2,991	 	 	 	8/88	 	 	 	7/10	 	 	 	3,115	 	 	 	37,380	 
	Shaw’s Supermarket
	 	 	68,000	 	 	 	8/88	 	 	 	2/24	 	 	 	66,583	 	 	 	798,996	 
	Golden Star Restaurant
	 	 	1,440	 	 	 	8/91	 	 	 	8/12	 	 	 	2.157	 	 	 	25,884	 
	Sally Beauty
	 	 	1,795	 	 	 	5/91	 	 	 	10/07	 	 	 	2,244	 	 	 	26,928	 
	Liberty Tax Service
	 	 	1,265	 	 	 	12/04	 	 	 	11/09	 	 	 	1,371	 	 	 	16,452	 
	Escape to Fitness
	 	 	13,445	 	 	 	9/97	 	 	 	9/12	 	 	 	10,584	 	 	 	127,008	 
	Flagship Cinemas
	 	 	41,975	 	 	 	10/98	 	 	 	10/23	 	 	 	17,524	 	 	 	210,288	 
	Furniture Plaza
	 	 	12,577	 	 	 	11/06	 	 	 	10/16	 	 	 	7,860	 	 	 	94,320	 
	Papa Gino’s
	 	 	3,325	 	 	 	6/88	 	 	 	6/08	 	 	 	3,885	 	 	 	46,620	 
	Citizen’s Bank (ATM)
	 	 	534	 	 	 	11/05	 	 	 	10/07	 	 	 	1,040	 	 	 	12,480	 
	Dunkin Donuts
	 	 	525	 	 	 	1/05	 	 	 	12/24	 	 	 	3,750	 	 	 	45,000	 
	A.C. Holdings
	 	 	4,128	 	 	 	10/02	 	 	 	10/22	 	 	 	5,418	 	 	 	65,016	 
	SpeeDee Oil
	 	 	2,226	 	 	 	3/90	 	 	 	3/10	 	 	 	2,083	 	 	 	24,996	 
	Oceans 18
	 	 	8,100	 	 	 	11/05	 	 	 	5/10	 	 	 	4,700	 	 	 	56,400	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Amount Per Month
	 	 	193,970	 	 	 	 	 	 	 	 	 	 	 	167,040	 	 	 	2,004,480	 

 

			
	Notes: 
	 
	1	 	Cedar expects to lease to a liquor store prior to the “First Closing” date. Cedar will
master-lease until tenant is in occupancy and paying rent.

 

 

Meadows Marketplace

Supporting Schedule — Scheduled Base Rental Revenue

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mar-2007	 	 	Annualized	 
	Tenant	 	Sq. Ft.	 	 	Start	 	 	Expiration	 	 	Rent	 	 	Rent	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Giant Food Stores
	 	 	65,507	 	 	 	11/05	 	 	 	11/25	 	 	 	72,440	 	 	 	869,280	 
	Pax Cleaners, Inc.
	 	 	1,200	 	 	 	9/06	 	 	 	9/11	 	 	 	2,100	 	 	 	25,200	 
	Holiday Hair (Regis Cor
	 	 	1,275	 	 	 	9/06	 	 	 	8/11	 	 	 	2,125	 	 	 	25,500	 
	Brother Joe’s Pizza
	 	 	1,704	 	 	 	11/06	 	 	 	10/11	 	 	 	2,556	 	 	 	30,672	 
	Babylon Nail
	 	 	1,200	 	 	 	9/06	 	 	 	8/11	 	 	 	2,300	 	 	 	27,600	 
	Subway
	 	 	1,800	 	 	 	1/07	 	 	 	12/16	 	 	 	3,450	 	 	 	41,400	 
	Pet Valu
	 	 	2,500	 	 	 	9/06	 	 	 	8/11	 	 	 	3,750	 	 	 	45,000	 
	Verizon
	 	 	1,649	 	 	 	8/06	 	 	 	6/11	 	 	 	3,436	 	 	 	41,232	 
	Jing Sheng Jiang
	 	 	3,216	 	 	 	11/06	 	 	 	10/11	 	 	 	3,752	 	 	 	45,024	 
	Vacant
	 	 	2,466	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Starbucks1
	 	 	1,850	 	 	TBD	 	 	TBD	 	 	 	2,852	 	 	 	34,224	 
	Cartridge World2
	 	 	1,563	 	 	TBD	 	 	TBD	 	 	 	2,735	 	 	 	32,820	 
	Community Bank3
	 	 	3,200	 	 	TBD	 	 	TBD	 	 	 	7,917	 	 	 	95,004	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Amount Per Month
	 	 	89,130	 	 	 	 	 	 	 	 	 	 	 	109,413	 	 	 	1,312,956	 

 

			
	Notes: 
	 
	1	 	Cedar expects to lease to Starbucks prior to the “First Closing”. Cedar will
master-lease until
tenant is in occupancy and paying rent.
	 
	2	 	Cedar expects to lease to Cartridge World prior to the “First Closing”. Cedar will
master-lease until tenant is in occupancy and paying rent.
	 
	3	 	Cedar has entered into a lease with Community Bank. Cedar will master-lease until
tenant is
in occupancy and paying rent.

 

 

Pennsboro Commons

Supporting Schedule — Scheduled Base Rental Revenue

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mar-2007	 	 	Annualized	 
	Tenant	 	Sq. Ft.	 	 	Start	 	 	Expiration	 	 	Rent	 	 	Rent	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Giant Gas
	 	 	2,400	 	 	 	1/02	 	 	 	9/11	 	 	 	2,000	 	 	 	24,000	 
	Giant
	 	 	54,524	 	 	 	8/99	 	 	 	7/19	 	 	 	60,976	 	 	 	731,712	 
	Giant Expansion
	 	 	11,700	 	 	 	5/03	 	 	 	8/19	 	 	 	10,774	 	 	 	129,288	 
	Movie Merchants
	 	 	6,000	 	 	 	8/99	 	 	 	8/09	 	 	 	7,425	 	 	 	89,100	 
	Hong Kong Buffet
	 	 	3,000	 	 	 	10/00	 	 	 	9/10	 	 	 	3,898	 	 	 	46,776	 
	Mail Boxes Etc.
	 	 	1,200	 	 	 	9/99	 	 	 	6/09	 	 	 	1,650	 	 	 	19,800	 
	Vacant
	 	 	1,200	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Subway
	 	 	1,440	 	 	 	10/02	 	 	 	9/08	 	 	 	1,754	 	 	 	21,048	 
	Class Act Dry Cleaners
	 	 	1,200	 	 	 	1/02	 	 	 	12/11	 	 	 	1,696	 	 	 	20,352	 
	Barbarinos Pizza
	 	 	1,800	 	 	 	6/04	 	 	 	5/10	 	 	 	2,250	 	 	 	27,000	 
	Papa Johns
	 	 	1,200	 	 	 	8/99	 	 	 	7/09	 	 	 	1,760	 	 	 	21,120	 
	Americhoice FCU
	 	 	1,200	 	 	 	1/06	 	 	 	2/10	 	 	 	1,840	 	 	 	22,080	 
	Golden Nail
	 	 	1,200	 	 	 	7/05	 	 	 	6/15	 	 	 	1,600	 	 	 	19,200	 
	Scott D. Trask, DMD
	 	 	2,400	 	 	 	10/05	 	 	 	9/10	 	 	 	2,800	 	 	 	33,600	 
	Roly Poly
	 	 	1,200	 	 	 	3/03	 	 	 	2/09	 	 	 	1,600	 	 	 	19,200	 
	P&D Discount Tobacco
	 	 	1,200	 	 	 	11/04	 	 	 	10/07	 	 	 	1,425	 	 	 	17,100	 
	Vacant
	 	 	1,200	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gingerbread Cafe
	 	 	1,200	 	 	 	7/02	 	 	 	6/07	 	 	 	1,452	 	 	 	17,424	 
	Dr. Barbara Christensen
	 	 	1,200	 	 	 	2/04	 	 	 	1/09	 	 	 	2,000	 	 	 	24,000	 
	Jackson Hewitt
	 	 	1,200	 	 	 	12/04	 	 	 	12/09	 	 	 	1,600	 	 	 	19,200	 
	Cellutions
	 	 	1,200	 	 	 	6/06	 	 	 	10/09	 	 	 	2,100	 	 	 	25,200	 
	Pet Valu
	 	 	2,460	 	 	 	7/05	 	 	 	7/10	 	 	 	3,690	 	 	 	44,280	 
	Lean & Mean
	 	 	1,895	 	 	 	5/05	 	 	 	4/10	 	 	 	2,526	 	 	 	30,312	 
	California Fusion
	 	 	1,705	 	 	 	6/05	 	 	 	6/10	 	 	 	2,273	 	 	 	27,276	 
	Vacant
	 	 	3,600	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Brooke Corporation
	 	 	1,260	 	 	 	8/06	 	 	 	8/09	 	 	 	1,700	 	 	 	20,400	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Amount Per Month
	 	 	109,784	 	 	 	 	 	 	 	 	 	 	 	120,789	 	 	 	1,449,468	 

 

 

Stonehedge Square

Supporting Schedule — Scheduled Base Rental Revenue

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mar-2007	 	 	Annualized	 
	Tenant	 	Sq. Ft	 	 	Start	 	 	Expiration	 	 	Rent	 	 	Rent	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Nells Market
	 	 	51,782	 	 	 	6/90	 	 	 	5/26	 	 	 	38,837	 	 	 	466,044	 
	Wine & Spirits
	 	 	5,170	 	 	 	6/01	 	 	 	5/11	 	 	 	6,250	 	 	 	75,000	 
	Monro Muffler
	 	 	4,500	 	 	 	7/95	 	 	 	6/10	 	 	 	3,025	 	 	 	36,300	 
	Great Wall Buffett
	 	 	4,400	 	 	 	6/01	 	 	 	3/12	 	 	 	5,036	 	 	 	60,432	 
	West Coast Video’
	 	 	4,080	 	 	 	1/05	 	 	 	1/08	 	 	 	3,968	 	 	 	47,616	 
	PA Ind. Blind & Handicap
	 	 	2,550	 	 	 	7/94	 	 	 	6/11	 	 	 	3,294	 	 	 	39,528	 
	M&T Bank
	 	 	2,250	 	 	 	6/90	 	 	 	12/10	 	 	 	4,828	 	 	 	57,936	 
	Alfredos Pizza
	 	 	2,000	 	 	 	11/00	 	 	 	10/10	 	 	 	2,796	 	 	 	33,552	 
	Carlisle Coffee
	 	 	2,000	 	 	 	7/04	 	 	 	10/09	 	 	 	2,387	 	 	 	28,644	 
	Dawn & Assoc
	 	 	1,750	 	 	 	9/04	 	 	 	8/07	 	 	 	2,089	 	 	 	25,068	 
	Brown Optical
	 	 	1,600	 	 	 	11/01	 	 	 	10/11	 	 	 	2,572	 	 	 	30,864	 
	Weight Watchers
	 	 	1,500	 	 	 	7/03	 	 	 	6/07	 	 	 	1,656	 	 	 	19,872	 
	The UPS Store
	 	 	1,440	 	 	 	4/01	 	 	 	3/11	 	 	 	1,909	 	 	 	22,908	 
	Vacant
	 	 	1,350	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0	 
	Nails Perfection
	 	 	1,200	 	 	 	6/04	 	 	 	9/07	 	 	 	1,485	 	 	 	17,820	 
	Manpower, Inc
	 	 	1,200	 	 	 	6/94	 	 	 	7/10	 	 	 	1,450	 	 	 	17,400	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Amount Per Month
	 	 	88,772	 	 	 	 	 	 	 	 	 	 	 	81,582	 	 	 	978,984	 

Notes:

	1.	 	Tenant is in defaul and vacated. Cedar will master lease until the end of the tenant’s term.

 

 

SCHEDULE 8

MATERIAL LEASE DEFAULTS

See Attached Delinquency Schedule

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 1 Cedar Shopping Centers Date: 3/9/2007
ENTITY: 1320 CEDAR FIELDSTONE Time: 02:27 PM Date: 2/28/2007 Invoice Date Category Source Amount
Current 30 60 90 120 1320-001283 1 Delq-Day5 Last Payment 2/9/2007 14.574.00 (508)995-966 2/16/2007
TXY Annual Real Estate faxes CH 10,318.75 10,318.75 0.000.000.000.00 TXY Annual Real Estate Taxes
10,318.75 10,318.75 0.000.000.000.00 KB TOYS Total: 10,318.75 10,318.75 0.000.000.000.00
1320-001284 CVS 12/1/2006 ESC Cam estimates CH 0.01 0.000.000.01 0.000.00 1/1/2007 . ESC Cam
estimates CH 0.01 0.000.01 0.000.00 . 0.00 2/1/2007 ESC Cam estimates CH 0.01 0.01 0.000.000.000.00
2/16/2007 TXY Annual Real Estate Taxes CH 5,920.70 5,920.700.000.000.000.00 ESC Cam estimates 0.03
0.01 0.01 . 0.01 0,000.00 TXY Annual Real Estate Taxes — 5,920.70 5,920.700.000.000.000.00 CVS
PHARMACY Total: 5,920.73 5,920.71 0.01 0.01 0.000.00 1320-00286 lBRISTO DR PEYMAN 3,556.17
508-995-9493 3/2/2006 WAT WATER/SEWER CR -186.400.000.000.000.00 -186.40 12/19/2006 TXY Annual Real
Estate Taxes NC -296.17 0.000.00 -296.17 0.000.00 TXY Annual Real Estate Taxes -296.17 0.000.00
-296.17 0.000.00 WAT WATER/SEWER -186.400.000.000.000.00 -186.40 BRISTOL DENTAL Total: -482.57
0.000.00 -296.17 0.00 -186.40 1320-001287 11/3/2006 OCR PAYMENT TO OPEN CREDI CR -3.000.000.000.00
-3.000.00 12/19/2006 TXY Annual Real Estate Taxes CH 431.68 0.000.00 431.68 0.000.00 OCR PAYMENT TO
OPEN CREDIT -3.000.000.000.00 -3.000.00 TXY Annual Real Estate Taxes 431.68 0.000.00 431.68
0.000.00 COST CUTTERS FAMILYHAIR Total: 428.68 0.000.00 431.68 -3.000.00 1320-001288 JOYCE BRIGDA
508-998-8677 2/16/2007 TXY Annual Real Estate faxes CH 2,033.16 2.033.13 0.00 “0.000.000.00 TXY
Annual Real Estate Taxes 2,033.16 2,033.16 0.000.000.000.00 PAYLESS SHOESOURCE Total: 2,033.16
2,033.16 0.0) 0.000.000.00 2/16/2007 TXY Annual Real Estate Taxes CH 1,220.17 1,220.17
0.000.000.000.00

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 2 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1320 CEDAR RELDSTONE Time: 02:27 PM Date: 2/28/2007 Invoice Date Category Source Amount Current 30
60 90 120 TXY Annual Real Estate Taxes 1,220.17 1,220.17 0.000.000.000.00 SALLY BEAUTY Total:
1,220.17 1,220.17 0.000.000.000.00 1320-00129 ESCAPE TO FITNlSS. 0001211-1Day Due 1Delq Day 5 TOM
SHERDEN12 Current Last Payment 3/1/2007 14,700:00 (508) 998-7933 6/21/2006 OCR PAYMENT TO OPEN
CREDI CR -116.51 0.000.000.000.00 -116.51 • 7/25/2006 OCR PAYMENT TO OPEN CREDI CR -129.41
0.000.000.000.00 -129.41 8/1/2006 LAT LATE CHARGES CH 700.000.000.000.000.00 700.00 8/23/2008 OCR
PAYMENT TO OPEN CREDI CR -537.52 0.000.000.000.00 -537.52 9/22/2006 OCR PAYMENT TO OPEN CREDI CR
-138.52 0.000.000.000.00 -138.52 10/1/2006 ESC Cam estimates CH 94.48 0.000.000.000.00 94.48
10/13/2006 LAT LATE CHARGES CH 750.000.000.000.000.00 750.00 12/1/2006 ESC Cam estimates CH 961.48
0.000.00 961.48 0.000.00 12/14/2006 LAT LATE CHARGES CH 700.000.000.00 700.000.000.00 12/19/2006
TXY Annual Real Estate Taxes NIC -1,244.11 0.000.00 -1,244.11 0.000.00 1/1/2007 ESC Cam estimates
CH 61.48 0.00 61.48 0.000.000.00, 1/22/2007 LAT LATE CHARGES CH 750.000.00 750.000.000.000:00 “
2/1/2007 ESC Cam estimates CH T 1,872.73 1,872.73 0.000.000.000.00 2/1/2007 INS INSURANCE CH 280.00
280.000.000.000.000.00 2/1/2007 RNT ‘ Base Rent CH 10,083.75 10,083.75 0.000.000.000.00 2/1/2007
TXS Real estate tax estimate CH 2,412.00 2.41ZOO 0.000.000.000.00 ESC Cam estimates 2,990.17
1,872.73 61.48 961.48 0.00 94.48 INS INSURANCE 280.00 280.000.000.000.00 Q.OO LAT LATE CHARGES
2,900.000.00 750.00 700.000.00 1,450.00 OCR PAYMENT TO OPEN CREDIT -921.96 0.000.000.000.00 -921.96
RNT Base Rent 10,083.75 10,033.75 0.000.000.000.00 TXS Real estate tax estimate 2,412.00
2,412.000.000.000.000.00 TXY Annual Real Estate Taxes -1,244.11 0.000.00 -1,244.11 0.000.00 ESCAPE
TO FITNESS Total: , 16,499.85 14,348.48 .811.48 417.37 0.00 622.52 1320-001292 PAPA GINO’S
2/16/2007 TXY Annual Real Estate Taxes CH 2,260.20 2,260.200.000.000.000.00 TXY Annual Real Estate
Taxes 2,260.20 2,260.200.000.000.000.00 PAPA GINO’S Total: 2,260.20 2,260.200.000.000.000-00
1320-001293 EON GRIND/DUNKIN Day 5 Payment 2/13/2007 508-989-3497 12/19/2006 TXY Annual Real Estate
Taxes NC -99.14 0.000.00 -99.14 0.000.00 TXY Annual Real Estate Taxes -99.14 0.000.00 -99.14
0.000.00 EON GRIND/DUNKIN DONUTS Total: -99.14 0.000.00 -99.14 0.000.00 1320-001294 A.C. HOLDINGS
FIELDSTONE 6/12/2006 OCR PAYMENT TO OPEN CREDI CR -6.960.76 0.000.000.000.00 -6,960.76 10/24/2006
PPR Prepaid Rent CR -6,960.79 0.000.000.000.00 -6,960.79

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 2 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1320 CEDAR RELDSTONE Time: 02:27 PM Date: 2/28/2007 Invoice Date Category Source Amount Current 30
60 90 120 TXY Annual Real Estate Taxes 1,220.17 1,220.17 0.000.000.000.00 SALLY BEAUTY Total:
1,220.17 1,220.17 0.000.000.000.00 1320-00129 ESCAPE TO FITNlSS. 0001211-1Day Due 1Delq Day 5 TOM
SHERDEN12 Current Last Payment 3/1/2007 14,700:00 (508) 998-7933 6/21/2006 OCR PAYMENT TO OPEN
CREDI CR -116.51 0.000.000.000.00 -116.51 • 7/25/2006 OCR PAYMENT TO OPEN CREDI CR -129.41
0.000.000.000.00 -129.41 8/1/2006 LAT LATE CHARGES CH 700.000.000.000.000.00 700.00 8/23/2008 OCR
PAYMENT TO OPEN CREDI CR -537.52 0.000.000.000.00 -537.52 9/22/2006 OCR PAYMENT TO OPEN CREDI CR
-138.52 0.000.000.000.00 -138.52 10/1/2006 ESC Cam estimates CH 94.48 0.000.000.000.00 94.48
10/13/2006 LAT LATE CHARGES CH 750.000.000.000.000.00 750.00 12/1/2006 ESC Cam estimates CH 961.48
0.000.00 961.48 0.000.00 12/14/2006 LAT LATE CHARGES CH 700.000.000.00 700.000.000.00 12/19/2006
TXY Annual Real Estate Taxes NIC -1,244.11 0.000.00 -1,244.11 0.000.00 1/1/2007 ESC Cam estimates
CH 61.48 0.00 61.48 0.000.000.00, 1/22/2007 LAT LATE CHARGES CH 750.000.00 750.000.000.000:00 “
2/1/2007 ESC Cam estimates CH T 1,872.73 1,872.73 0.000.000.000.00 2/1/2007 INS INSURANCE CH 280.00
280.000.000.000.000.00 2/1/2007 RNT ‘ Base Rent CH 10,083.75 10,083.75 0.000.000.000.00 2/1/2007
TXS Real estate tax estimate CH 2,412.00 2.41ZOO 0.000.000.000.00 ESC Cam estimates 2,990.17
1,872.73 61.48 961.48 0.00 94.48 INS INSURANCE 280.00 280.000.000.000.00 Q.OO LAT LATE CHARGES
2,900.000.00 750.00 700.000.00 1,450.00 OCR PAYMENT TO OPEN CREDIT -921.96 0.000.000.000.00 -921.96
RNT Base Rent 10,083.75 10,033.75 0.000.000.000.00 TXS Real estate tax estimate 2,412.00
2,412.000.000.000.000.00 TXY Annual Real Estate Taxes -1,244.11 0.000.00 -1,244.11 0.000.00 ESCAPE
TO FITNESS Total: , 16,499.85 14,348.48 .811.48 417.37 0.00 622.52 1320-001292 PAPA GINO’S
2/16/2007 TXY Annual Real Estate Taxes CH 2,260.20 2,260.200.000.000.000.00 TXY Annual Real Estate
Taxes 2,260.20 2,260.200.000.000.000.00 PAPA GINO’S Total: 2,260.20 2,260.200.000.000.000-00
1320-001293 EON GRIND/DUNKIN Day 5 Payment 2/13/2007 508-989-3497 12/19/2006 TXY Annual Real Estate
Taxes NC -99.14 0.000.00 -99.14 0.000.00 TXY Annual Real Estate Taxes -99.14 0.000.00 -99.14
0.000.00 EON GRIND/DUNKIN DONUTS Total: -99.14 0.000.00 -99.14 0.000.00 1320-001294 A.C. HOLDINGS
FIELDSTONE 6/12/2006 OCR PAYMENT TO OPEN CREDI CR -6.960.76 0.000.000.000.00 -6,960.76 10/24/2006
PPR Prepaid Rent CR -6,960.79 0.000.000.000.00 -6,960.79

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 4 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1320 CEDAR FIELDSTONE Time: 02:27 PM Date: 2/28/2007 Invoice Date Category Source Amount Current 30
60 90 120 1320-001314 CITIZENS BANK-ATM Master Occupant id 0001228-1 Day Due: 1 Delq Day 5 Amy 18
Current 412-234-6910 8/1/2006 ESC Cam estimates CH 16.000.000.000.000.00 16.00 10/1/2006 ESC Cam
estimates CH 75.000.000.000.000.00 75.00 10/1/2006 INS INSURANCE CH 11.000.00 . 0.000.000.00 11.00
2/16/2007 TXY Annual Real Estate Taxes CH 362.99 362.99 0.000.000.000.00 2/28/2007 PPR Prepaid Rent
CR -1,126.00 -1,126.000.000.000.000.00 ESC Cam estimates 91.000,000.000.000.00 91.00 INS INSURANCE
11.000.000.000.000.00 11.00 PPR Prepaid Rent -1,126.00 -1,126.000.000.000.000.00 TXY Annual Real
Estate Taxes 362.99 362.99 0.000.000.000.00 CITIZENS BANK-ATM Total: -661.01 -763.01 0.000.000,00
102.00 1320-001569 FURNITURE PLACE LLC LAILA MUSHTAQ 12/14/2006 ELC ELECTRIC CHARGE CH 285.89
0.000.00 285.69 0.000.00 12/19/2006 TXY Annual Real Estate Taxes CH 1,475.61 0.000.00 1,475.61
0.000.00 1/1/2007 RNT Base Rent CH 0.63 0.000.63 0.000.000.00 2/1/2007 RNT Base Rent CH 0.63 0.63
0.000.000.000.00 ELC ELECTRIC CHARGE 285.89 0.000.00 285.89 ‘ 0.000.00 RNT Base Rent 1.26 0.63 0.63
0.000.000.00 TXY Annual Real Estate Taxes 1,475.61 0.000.00 1,475.61 0.000.00 FURNITURE PLACE LLC
Total: 1,762.76 0.63 0.63 1,761.500.000.00 CMM Annual Cam Expenses 553.45 0.000.000.000.00 553.45
ELC ELECTRIC CHARGE 285.89 0.000.00 285.89 0.000.00 ESC Cam estimates -2a-.562.05 -13,857.83. 61.49
-3,016.68 0.00 -11,749.03 INS INSURANCE 291.00 280.000.000.000.00 11.00 LAT LATE CHARGES
2,900.000.00 750.00 700.000.00 1,450.00 OCR PAYMENT TO OPEN CREDIT -35,732.91 0.000.000.00 -3.00
-35,729.91 PPR Prepaid Rent -82,633.13 -67,716.000.000.00 -3,978.17 -10,938.95 RNT Base Rent
10,085.01 10,084.38 0.63 0.000.000.00 TXS Real estate tax estimate 2,412.15 2,412.15
0.000.000.000.00 TXY Annual Real Estate Taxes 70,860.48 70,831.59 0.00 28.89 0.000.00 WAT
WATER/SEWER -186.400.000.000.000.00 -186.40 ENTITY 1320 Total: -59,726.51 2,034.29 812.12 -2,001.90
-3,981.17 -56,589.85 CMM Annual Cam Expenses 553.45 0.000.000.000.00 553.45 ELC ELECTRIC CHARGE
285.89 0.000.00 285.89 0.000.00 ESC Cam estimates -28,562.05 -13,857.83 61.49 -3,016.68 0.00
-11,749.03 INS INSURANCE 291.00 280.000.000.000.00 11.00 LAT LATE CHARGES 2,900,000,00 750.00
700.000.00 1,450.00 OCR PAYMENT TO OPEN CREDIT -35,732.91 0.000.000.00 -3.00 -35,729.91 PPR Prepaid
Rent -82,633.13 -67,716.000.000.00 -3,978.17 -10,938.96 RNT Bass Rent 10,085.01 10,084.38 0.63
0.000.000.00 TXS Real estate tax estimate 2,412.15 2,412.15 0.000.000.000.00 TXY Annual Real Estate
Taxes 70,860.48 70,831.59 0.00 28.89 0.000.00 WAT WATER/SEWER -186.400.000.000.000.00 -186.40 Grand
Total: -59,726.51 2,034.29 812.12 -2,001.90 -3,981.17 -56,589.35

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 1 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1285 CEDAR PENNSBORO Time: 02:28 PM Date: 2/23/2007 Invoice Date Category Source Amount Current 30
60 90 120 1285-001385 GlANT-FUEL STA 10/06 #263 Master Occupant Id: 000011172 Day Due 1 Delq Day: 5
DEB ALLEMAN Current Last Payment 2/27/2007 2,208.35 (717) 240-7557 2/27/2007 PPR Prepaid Rent CR
-2,208.35 -2,208.35 0.000.000.000.00 PPR Prepaid Rent -2,208.35 -2,208.35 0.000.000.000.00
GIANT-FUEL STA 10/06 #263 Total: -2,208.35 -2,208.35 0.000.000.000.00 1285-001177 GIANT FOOD
STORES, INC #263 DEB ALLEMAN LastPayment: ‘2/27/2007 67,531.25 (717) 240 7557 8/1/2006 “OCR PAYMENT
TO OPEN CREDI CR -2,109.33 0.000.000.000.00 -2,109.33 1/25/2007 RNT Base Rent NC -1.174.46. 0.00
-1,174,46 0.000.00 — 0.00 2/27/2007 PPR Prepaid Rent CR -67,531.25 -67,531.25 0.000.000.000.00 OCR
PAYMENT TO OPEN CREDIT -2,109.33 0.000.000.000.00 -2,109.33 PPR Prepaid Rent -67,531.25 -67,531.25
0.000,000.000.00 RNT Base Rent 1,174.46 0.00 -1,174.46 0.000.000.00 GIANT FOOD STORES, INC. #263
Total: -70,815.04 -67,531.25 -1,174.46 0.000.00 -2,109.33 1285-001178 AMERICHOICE FEDERAL CREDIT
UNI Master occupation ^^ 2,169.00” (717) 591-12612/27/2006 OCR PAYMENT TO OPEN CREDI CR
-175.000.000.000.000.00 -175.00 3/9/2006 PPR Prepaid Rent CR -2,090.000.000.000.000.00 -2,090.00
2/20/2007 TXY Annual Real Estate Taxes NC -122.00 -122.000.000.000.000.00 2/27/2007 PPR Prepaid
Rent CR -2,169.00 -2,169.000.000.000.000.00 OCR PAYMENT TO OPEN CREDIT -175.000.000.000.000.00
-175.00 PPR Prepaid Rent -4,259.00 -2,169.000.000.000.00 -2,090.00 TXY Annual Real Estate Taxes
-122.00 -122.000.000.000.000.00 AMERICHOICE FEDERAL CREDIT UNI Tota -4,556.00 -2,291.000.000.000.00
-2,265.00 1285-001179 BARBARINO’S PIZZA 5 12/18/2006 TXY Annual Real Estate Taxes CH 882.37
0.000.00 882.37 0.000.00 1/1/2007 ESC Cam estimates CH 50.000.00 50.000.000.000.00 2/1/2007 ESC Cam
estimates CH 50.00 50.000.000.000.000.00 ESC ,,Cam estimates 100.00 50.00 50.000.000.000.00 TXY’
Annual Real Estate Taxes 882.37 0.000.00 882.37 0.000.00 BARBARINO’S PIZZA Total: 982.37 50.00
50.00 882.37 0.000.00 .1285-001180 Day Due: 1 Delq Day: 5 12/1/2006 ESC Cam estimates CH 0.03
0.000.000.03 0.000.00 12/18/2006 TXY Annual Real Estate Taxes CH 551.68 0.000.00 551.68 0.000.00
1/1/2007 TXS Real estate tax estimate CH 0.05 0.00 . 0.05 0.000.000.00 1/24/2007 LAT LATE CHARGES
CH 150.000.00 150.000.000.000.00 2/1/2007 ESC Cam estimates CH 2T3.12 213.12 0.000.000.000.00
2/1/2007 INS INSURANCE CH 35.52 35.52 0.000.000.000.00

 

 

	Database: ENTITY: CEDARSHOPCTR 1285 Aged Delinquencies Cedar Shopping Centers CEDAR PENNSBORO Date:
2/28/2007 Page: Date: Time: 2 3/9/2007 02:28 PM Invoice Date Category Source Amount Current 30 60
90 120 2/1/2007 2/1/2007 2/20/2007 RNT TXS TXY Base Rent Real estate tax estimate Annual Real
Estate Taxes CH CH CH 2,273.33 142.08 142.08 2,273.33 142.08 142.08 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 ESC Cam estimates 213.15 213.12 0.00 0.03 0.00 0.00 INS INSURANCE
35.52 35.52 0.00 0.00 0.00 0.00 LAT LATE CHARGES 150.00 0.00 150.00 0.00 0.00 0.00 RNT Base Rent
2,273.33 2,273.33 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 142.13 142.08 0.05 0.00 0.00
0.00 TXY Annual Real Estate Taxes 693.76 142.08 0.00 551.68 0.00 0.00 CALIFORNIA FUSION Total:
3,507.89 2,806.13 150.05 551.71 0.00 0.00 1285-001 1 81 Day Due: 3/17/2006 OCR PAYMENT TO OPEN
CREDI CR 2/1/2007 ESC Cam estimates CH 2/1/2007 INS INSURANCE CH 2/1/2007 RNT Base Rent CH 2/1/2007
TXS Real estate tax estimate CH -121.90 165.00 15.00 684.00 1OO.OO 0.00 165.00 15.00 684.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -121.90 0.00 0.00 0.00
0.00 ESC Cam estimates 165.00 165.00 o.oo 0.00 0.00 0.00 INS INSURANCE 15.00 15.00 0.00 0.00 0.00
0.00 OCR PAYMENT TO OPEN CREDIT -121.90 0.00 0.00 0.00 0.00 -121.90 RNT Base Rent 684.00 684.00
0.00 0.00 0.00 0.00 TXS Real estate tax estimate 100.00 100.00 0.00 0.00 0.00 0.00 CHECK ‘N GO
Total: 842.10 964.00 0.00 0.00 0.00 -121.90 2/20/2007 TXY Annual Real Estate Taxes NC -100.00
-100.00 0.00 0.00 2/13/2007 2,280.00 0.00 0.00 TXY Annual Real Estate Taxes -100 00 -100.00 0.00
0.00 0.00 0.00 DR. BARBARA CHRISTENSEN Total: 1285-001184 -100.00 -100.00 0.00 0.00 Last Payment:
0.00 0.00 2,961.25 3/21/2006 2/20/2007 OCR PAYMENT TO OPEN CREDI CR TXY Annual Real Estate Taxes NC
-92.75 -61.00 0.00 -61.00 0.00 0.00 0.00 0.00 0.00 0,00 -92.75 0.00 OCR PAYMENT TO OPEN CREDIT TXY
Annual Real Estate Taxes -92.75 -61.00 0.00 -61.00 0.00 0.00 0.00 0.00 0.00 0.00 -92.75 0.00 CLASS
ACT DRYCLEANERS Total: -153.75 -61.00 0.00 0.00 0.00 -92.75 -0.50 -8.00 0.15 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.50 -8.00 0.15 3/9/2006 TXS Real estate tax estimate CR
5/4/2006 OCR PAYMENT TO OPEN CREDI CR 5/4/2006 WAT WATER/SEWER CH Database: CEDARSHOPCTR ENTITY:
1285

 

 

	
Aged Delinquencies Cedar Shopping Centers CEDAR PENNSBORO Date: 2/28/2007 Page: Date: Time: 3
3/9/2007 02:28 PM Invoice Date Category Source Amount Current . 30 60 90 120 OCR PAYMENT TO OPEN
CREDIT -8.00 0.00 0.00 0.00 0.00 -8.00 TXS Real estate tax estimate -0.50 0.00 0.00 0.00 0.00 -0.50
WAT WATER/SEWER 0.15 0.00 0.00 0.00 0.00 0.15 HAL S. FINEBURG, MD Total: -8.35 0.00 0.00 0.00 0.00
-8.35 1285-OO1187 Last Payment 2/15/2007 1,781.00 Occupant Id: 00001126-1 Current (717) 732-6740
3/17/2006 PPR Prepaid Rent CR -1,570.00 0.00 0.00 0.00 0.00 -1,570.00 7/24/2006 CMM Annual Cam
Expenses CH 225.25 0.00 0.00 0.00 0.00 225.25 12/18/2006 TXY Annual Real Estate Taxes CH 956.25
0.00 0.00 956.25 0.00 0.00 CMM Annual Cam Expenses 225.25 0.00 0.00 0.00 0.00 — 225.25 PPR Prepaid
Rent -1,570.00 0.00 0.00 0.00 0.00 -1,570.00 TXY Annual Real Estate Taxes 956.25 0.00 0.00 956.25
0.00 0.00 GINGERBREAD CAFE Total: -388.50 0.00 0.00 956.25 0.00 -1,344.75 1285-001188 GOLDEN NAIL:
Master Occupant id:0000112 7-1 Day Due: 1 Delq Day: 5 BAN C0 DANG 13 Current Last Payment: 2/6/2007
1,934.00. ‘ 717-732-1090 11/10/2005 RNT Base Rent CR -82.00 0.00 0.00 0.00 0.00 -82.00 12/18/2006
TXY Annual Real Estate Taxes CH 728.25 0.00 0.00 728.25 0.00 0.00 RNT Base Rent TXY Annual Real
Estate Taxes -82.00 728.25 0.00 0.00 0.00 0.00 0.00 728.25 0.00 0.00 -82.00 0.00 GOLDEN NAIL Total:
646.25 0.00 0.00 728.25 0.00 -82.00 -100.00 0.00 2/20/2007 TXY Annual Real Estate Taxes -100.00
0.00 0.00 0.00 TXY Annual Real Estate Taxes -100.00 -100.00 0.00 0.00 0.00 0.00 JACKSON HEWITT
Total: -100.00 -100.00 0.00 0.00 Day Due 1 0.00 0.00 11/10/2005 RNT Base Rent 12/18/2006 TXY Annual
Real Estate Taxes CR CH -5.00 830.99 0.00 0.00 0.00 0.00 0.00 830.99 0.00 0.00 -5.00 0.00 RNT Base
Rent TXY Annual Real Estate Taxes -5.00 830.99 0.00 0.00 0.00 0.00 0.00 830.99 0.00 0.00 -5.00 0.00
LEAN & MEAN FITNESS Total: 825.99 0.00 0.00 830.99 0.00 -5.00 2/20/2007 TXY Annual Real Estate
Taxes NC -135.00 -135.00 0.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes -135.00 -135.00 0.00 0.00
0.00 0.00

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 4 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1285 CEDAR PENNSBORO Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source Amount Current 30
        . 50 90 120 MAILBOXES, ETC. Total: 1285-001193 MOVIE MERCHA -135.00 -135.00 Master Occupant id:0000
0.00 0.00 0.00 0.00 Day Due: 1 Delq Day 5 Last Payment: 3/8/2007 8,462.50 2/10/2006 RNT Base Rent
NC -337.50 0.00 0.00 0.00 0.00 -337.50 2/10/2006 RNT Base Rent NC -337.50 0.00 0.00 0.00 0.00
-337.50 3/7/2006 OCR PAYMENT TO OPEN CREDI CR -437.25 .0,00 0.00 0.00 0.00 -437.25 OCR PAYMENT TO
OPEN CREDIT RNT Base Rent 437.25 -675.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -437.25 -675.00
MOVIE MERCHANTS Total: -1,112.25 0.00 0.00 0.00 0.00 -1,112.25 1285-001194 PAPA JOHN’S PIZZA Master
Occupant Id: 00001133-1 Delq Day 5 BOBBY NICKLESS 11 Cur Tent Last Payment 3/8/2007 2010.00
7/24/2006 CMM Annual Cam Expenses NC -63.18 0.00 0.00 0.00 0.00 -63.18 2/20/2007 TXY Annual Real
Estate Taxes NC -100.00 -100.00 0.00 0.00 0.00 0.00 CMM Annual Cam Expenses -63.18 0.00 0.00 0.00
0.00 -63.18 | TXY Annual Real Estate Taxes -100.00 -100.00 0.00 0.00 0.00 0.00 PAPA JOHN’S PIZZA
Total: -163.18 -100.00 0.00 0.00 0.00 -63.18 12 85 Master Occupant Id: 00001134-1 Day PAUL MAHONEY
or THERESA or D 16 Cur Tent Last Payment 3/2/2007 1,833.00 (570) 893-0459 11/10/2005 RNT Base Rent
CR -42.00 0.00 0.00 0.00 0.00 42.00 12/6/2005 OCR PAYMENT TO OPEN CREDI CR -42.00 0.00 0.00 0.00
0.00 42.00 1/1 1/2006 OCR PAYMENT TO OPEN CREDI CR -100.00 0.00 0.00 0.00 0.00 -100.00 2/6/2006 CMM
Annual Cam Expenses CR -116.11 0.00 0.00 0.00 0.00 -116.11 3/3/2006 OCR PAYMENT TO OPEN CREDI CR
-85.50 0.00 0.00 0.00 0.00 -85.50 3/3/2006 OCR PAYMENT TO OPEN CREDI CR -42.00 0.00 0.00 0.00 0.00
42.00 12/18/2006 TXY Annual Real Estate Taxes CH 200.00 0.00 0.00 200.00 0.00 0.00 CMM Annual Cam
Expenses -116.11 0.00 0.00 0.00 0.00 -116.11 OCR PAYMENT TO OPEN CREDIT -269.50 0.00 0.00 0.00 0.00
-269.50 RNT Base Rent -42.00 0.00 0.00 0.00 0.00 42.00 TXY Annual Real Estate Taxes 200.00 0.00
0.00 200.00 0.00 0.00 P&D DISCOUNT TOBACCO Total: -227.61 0.00 0.00 200.00 0.00 427.61 1285-001196
PET VALU ant Id: 00001135-1 Day Due 1 Delq Day 5 MIKE GUKOFF 22 Cur Last Payment 3/2/2007 4,253.75
(610) 585-1568 . 7/24/2006 CMM Annual Cam Expenses NC -1,445.70 0.00 0.00 0.00 0.00 -1,445.70
12/18/2006 TXY Annual Real Estate Taxes CH 1,000.91 0.00 0.00 1,000.91 0.00 0.00 1/1/2007 ESC Cam
estimates CH 83.00 0.00 83.00 0.00 0.00 0.00 2/1/2007 ESC Cam estimates CH 83.00 83.00 0.00 0.00
0.00 0.00 CMM Annual Cam Expenses -1,445.70 0.00 0.00 0.00 0.00 -1,445.70 ESC Cam estimates 166.00
83.00 83.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes 1,000.91 0.00 0.00 1,000.91 0.00 0.00 PET
VALU Total: -278.79 83.00 83.00 1,000.91 0.00 -1,445.70 Database: ENTITY: CEDARSHOPCTR 1285 Aged
Delinquencies Cedar Shopping Centers

 

 

	CEDAR PENNSBORO Date: 2/28/2007 Page: Data: Time: 5 3/9/2007 02:28 PM Invoice Date Category Source
Amount Current 30 60 90 120 -35.00 -35.00 0.00 0.00 0.00 0.00 0.00 1285-001 197 11/10/2005
11/30/2005 12/18/2006 2/1/2007 2/1/2007 2/1/2007 2/1/2007 RNT PPR TXY ESC INS RNT TXS Base Rent CR
Prepaid Rent CR Annual Real Estate Taxes CH Cam estimates CH INSURANCE CH Base Rent CH Real estate
tax estimate CH 16 -35.00 -35.00 488.25 100.00 15.00 1,600.00 100.00 Current 0.00 0.00 0.00 100.00
15.00 1,600.00 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Day Due 1 Delq Day 5 Last Payment 1/3/2007
1,815.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 488.25 0.00 0.00 0.00 0.00 ESC Cam estimates
100.00 100.00 0.00 0.00 0.00 0.00 INS INSURANCE 15.00 15.00 0.00 0.00 0.00 0.00 PPR RNT Prepaid
Rent Base Rent -35.00 1,565.00 0.00 1,600.00 0.00 0.00 0.00 0.00 0.00 0.00 -35.00 -35.00 TXS Real
estate tax estimate 100.00 100.00 0.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes 488.25 0.00 0.00
488.25 0.00 0.00 ROLY POLY Total: 2,233.25 1,815.00 0.00 488.25 0.00 -70.00 1285-001198 SUBWAY
Master Obcupant Id: 00001137-1 Day Due 1 Delq Day: Last Payment 2/27/2007 5 1,952.00 11/10/2005 RNT
Base Rent CR 3/3/2006 OCR PAYMENT TO OPEN CREDI CR 8/29/2006 PPR Prepaid Rent CR 2/20/2007 TXY
Annual Real Estate Taxes NC 2/27/2007 PPR Prepaid Rent CR -36.32 -185.50 -47.18 -120.00 -1,952.00
0.00 0.00 0.00 -120.00 -1,952.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 -36.32 -185,50 -47.18 0.00 0.00 OCR PAYMENT TO OPEN CREDIT PPR Prepaid Rent RNT Base Rent
TXY Annual Real Estate Taxes -185.50 -1,999.18 -36.32 -120.00 0.00 -1,952.00 0.00 -120.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -185.50 -47.18 -36.32 0.00 SUBWAY Total:
-2,341.00 -2,072.00 0.00 0.00 0.00 -269.00 1285-001199 HONG KONG BUFFET Master Occupant 5 pant Id:
000011 38-1 Last Payment 3 Day: 8/2007 4,622.50 2/27/2006 OCR PAYMENT TO OPEN CREDI CR 2/20/2007
TXY Annual Real Estate Taxes NC -675.76 -250.00 0.00 -250.00 0.00 0.00 0.00 0.00 0.00 0.00 -675.76
0.00 OCR PAYMENT TO OPEN CREDIT TXY Annual Real Estate Taxes -675.76 -250.00 0.00 -250.00 0.00 0.00
0.00 0.00 0.00 0.00 -675.76 0.00. HONG KONG BUFFET Total: -925.76. -250.00 0.00 0.00 0.00 -675.76
12/18/2006 TXY Annual Real Estate Taxes CH 1,001.00 0.00 0.00 1,001.00 0.00- 0.00 TXY Annual Real
Estate Taxes 1,001.00 0.00 0.00 1,001.00 0.00 0.00 SCOTT D. TRASK, DMD Total: 1,001.00 0.00 0.00
1,001.00 0.00 0.00 Database: ENTITY: CEDARSHOPCTR 1285 Aged Delinquencies Cedar Shopping Centers
CEDAR PENNSBORO

 

 

	Date: 2/28/2007 Page: Date: Time: 6 3/9/2007 02:28 PM Invoice Date Category Source Amount Current
30 60 90 120 1285-001201 GIANT EXPANSION #263 Day Due 1 Delq Day 5 Last Payment 2/27/2007 8,341.88
2/27/2007 PPR Prepaid Rent CR -8,341.88 -8,341.88 0.00 0.00 0.00 0.00 PPR Prepaid Rent -8,341.88
-8,341.88 0.00 0.00 0.00 0.00 GIANT EXPANSION #263 Total: -8,341.88 -8,341.88 0.00 0.00 0.00 0.00
1285-001415 CELLUTIONS, INC Master Occupant Id: 00001278 Last Payment Delq Day 5 2/5/2007 2,24
40.00 1/22/2007 OCR PAYMENT TO OPEN CREDI CR -160.00 0.00 -160.00 0.00 0.00 0.00 OCR PAYMENT TO
OPEN CREDIT -160.00 0.00 -160.00 0.00 0.00 0.00 0.00 0.00 CELLUTIONS, INC Total: 1285-001446
1/1/2007 TXS Real estate tax estimate CH -160.00 100.00 0.00 •0.00 -160.00 100.00 0.00 0.00 Day
Due: 1 Delq Day 5 last Payment: 2/8/2007 2,100.00 0.00 0.00 TXS Real estate tax estimate 100.00
0.00 100.00 0.00 0.00 0.00 BROOKE CORPORATION Total: 100.00 0.00 100.00 0.00 0.00 0.00 CMM Annual
Cam Expenses -1,399.74 0.00 0.00 0.00 0.00 -1,399.74 ESC Cam estimates 744.15 611.12 133.00 0.03
0.00 0.00 INS INSURANCE 65.52 65.52 0.00 0.00 0.00 0.00 LAT LATE CHARGES 150.00 0.00 150.00 0.00
0.00 0.00 OCR PAYMENT TO OPEN CREDIT -4,234.99 0.00 -160.00 0.00 0.00 -4,074.99 PPR Prepaid Rent
-85,944.66 -82,202.48 0.00 0.00 0.00 -3,742.18 RNT Base Rent 2,507.55 4.557.33 -1,174.46 0.00 0.00
-875.32 TXS Real estate tax estimate 441.63 342.08 100.05 0.00 0.00 -0.50 TXY Annual Real Estate
Taxes 5,793.78 -845.92 0.00 6,639.70 0.00 0.00 WAT WATER/SEWER 0.15 0.00 0.00 0.00 0.00 0.15 ENTITY
1285 Total: -81,876.61 -77,472.35 -951.41 6,639.73 0.00 -10,092.58 CMM Annual Cam Expenses
-1,399.74 0.00 0.00 0.00 0.00 -1,399.74 ESC Cam estimates 744.15 611.12 133.00 0.03 0.00 0.00 INS
INSURANCE 65.52 65.52 0.00 0.00 0.00 0.00 LAT LATE CHARGES 150.00 0.00 150.00 0.00 0.00 0.00 OCR
PAYMENT TO OPEN CREDIT -4,234.99 0.00 -160.00 0.00 0.00 -4,074.99 PPR Prepaid Rent -85,944.66
-82,202.48 0.00 0.00 0.00 -3,742.18 RNT Base Rent 2,507.55 4,557.33 -1,174.46 0.00 0.00 -875.32 TXS
Real estate tax estimate 441.63 342.08 100.05 0.00 0.00 -0.50 TXY Annual Real Estate Taxes 5,793.78
-845.92 0.00 6,639.70 0:00 0.00 WAT WATER/SEWER 0.15 0.00 0.00 0.00 0.00 0.15 Grand Total:
-81,876.61 -77,472.35 -951.41 8,639.73 0.00 -10,092.58

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 1 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1370 CEDAR STONEHEDGE LLC Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source Amount
Current 30 60 90 120 1370 001502 DON S DRYCLEANER 12/20/2000 5,000.00 10/17/2006 CSCS60 Tenant
account info forwarded to Steve Schiffman. Li/Tenant complaint filed, awaiting hearing date.
9/15/2006 CSCS60 Spoke to tenant In person about delinquent rent 9/11/2006 CSCS60 Sent a letter of
default to tenant 9/8/2006 CSCS60 Called Don 09/08/2006 regarding delinquent rent, left a message.
8/1/2006 ESC Cam estimates CH 274.42 0.00 0.00 0.00 0.00 274.42 8/29/2006 IAT LATE CHARGES CH
100.00 0.00 0.00 0.00 0.00 100.00 9/1/2006 ESC Cam estimates CH 274.42 0.00 0.00 0.00 0.00 274.42
9/20/2006 TXS Real estate tax estimate CH 267.08 0.00 0.00 . 0.00 0.00 267.06 10/1/2006 ESC Cam
estimates CH 274.42 0.00 0.00 0.00 0.00 274.42 10/1/2006 RNT Base Rent CH 1,055.12 0.00 0.00 0.00
0.00 1,055.12 : 10/1/2006 TXS Real estate tax estimate CH 133.53 0.00 0.00 0.00 0.00 133.53
10/13/2006 LAT LATE CHARGES CH 250.00 0.00 0.00 0.00 0.00 250.00 11/1/2006 ESC Cam estimates CH
274.42 0.00 0.00 0.00 274.42 0.00 11/1/2006 RNT Base Rent CH 2,058.34 0.00 0.00 0.00 2,058.34 0.00
11/1/2006 TXS Real estate tax estimate CH 133.53 0.00 0.00 0.00 133.53 0.00 12/1/2006 ESC Cam
estimates CH 274.42 *? . 0.00 0.00 274.42 0.00 0.00 12/1/2006 RNT Base Rent CH 2,058.34 0.00 0.00
2,058.34 0.00 0.00 12/1/2006 TXS Real estate tax estimate CH 133.53 0.00 0.00 133.53 0.00 0.00
1/26/2007 TER TERMINATION FEE CH . 5,000.00 0.00 5,000.00 0.00 0.00 0.00 ESC Cam estimates 1,372.10
0.00 0.00 274.42 274.42 823.26 LAT LATE CHARGES 350.00 0.00 0.00 0.00 0.00 350.00 RNT Base Rent
5,171.80 0.00 0.00 2,058.34 2,058.34 1,055.12 TER TERMINATION FEE 5,000.00 0.00 5,000.00 0.00 0.00
0.00 TXS Real estate tax estimate 667.65 Q.OQ 0.00 133.53 133.53 400.59 DON S DRYCLEANER Total:
12,561.55 0.00 5,000.00 2,466.29 2,466.29 2,628.97 1370 001505 BUFFET . 2/1/2007 TXS Real estate
tax estimate CH 0.18 0. l8 0.00 0.66 * 6.00 0.00 TXS Real estate tax estimate 0.18 0.18 0.00 0.00
0.00 0.00 ] GREAT WALL BUFFET Total: 0.18 0.18 0.00 0.00 0.00 0.00 8/3/2006 OCR PAYMENT TO OPEN
CREDI CR 0.02 0.00 0.00 0.00 0.00 0.02 8/31/2006 PPR Prepaid Rent CR 0.02 0.00 0.00 0.00 0.00 0.02
OCR PAYMENT TO OPEN CREDIT 0.02 0.00 0.00 0.00 0.00 0.02 PPR Prepaid Rent . 0.02 0.00 0.00 0.00
0.00 0.02 BEST NAILS OF CARLISLfrTotal: 0.04 0.00 0.00 0.00 0.00 0.04 10/4/2006 CSCS60 West Coast
Video has liquidated everything per Steve Schiffman. Took back possession of the space 10/19/2006.
        . 8/1/2006 ESC Cam estimates CH 785.42 0.00 0.00 0;00 0.00 785.42

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 2 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1370 CEDAR STONEHEDGE LLC Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source . Amount
Current 30 60 30 120 a/1/2006 MGT 8/1/2006 RNT 8/1/2006 TXS 8/10/2006 LAT 9/1/2006 ESC 9/1/2006 MGT
9/1/2006 RNT 9/1/2006 TXS 10/1/2006 ESC 10/1/2006 MGT 10/1/2006 RNT 10/1/2006 TXS MANAGEMENT FEE .
CH 154.09 Base Rent CH 3,852.20 Real estate tax estimate CH 401.75 LATE CHARGES CH 250.00 Cam
estimates CH 785.42 MANAGEMENT FEE CH 154.09 Base Rent CH 3.852.20 Real estate tax estimate CH
401.75 Cam estimates CH 735.42 MANAGEMENT FEE CH 154.09 Base Rent CH 3,852.20 Real estate tax
estimate CH 401.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 154.09 0.00 3,852.20 0.00 401.75 0.00 250.00 0.00 785.42 0.00 154.09 0.00 3,852.20 0.00 401.75
o.bo 785.42 0.00 154.09 0.00 3,852.20 0.00 401.75 ESC Cam estimates 2,356.26 0.00 0.00 0.00 0.00
2,356.26 LAT LATE CHARGES 250.00 0.00 0.00 0.00 0.00 . 250.00 MGT MANAGEMENT FEE 462.27 0.00 0.00
Q.OO 0.00 462.27 RNT Base Rent 11,556.60 0.00 0.00 0.00 0.00 11,556.60 TXS Real estate tax estimate
1,205.25 0.00 0.00 0.00 0.00 1,205.25 WEST COAST VIDEO Total: 1370 001.510; , NELL S.MARKET,.>
8/24/2006 ESC Cam estimates CR 0.00 15,830.38 . Master Occupant Id;. 00001363 1.: ,45/ ;; :Current.
        . : . 0.00 0.06 0,00 0.00 0.00 0.00 15,830.38 Day Due: . .1 Delq Day: . 10 LastPaymerit : . :
3/1/2007: 49,064.28 0.00 0.00 0.06 ESC Cam estimates 0.06 0.00 0.00 0.00 0.00 0.06 NELL S MARK ET
Total: .1370 0015:1ZS j 0.06 0.00 0.00 0.00 0.00 0. 06 2/1/2007 TXS Real estate tax estimate CH
0.02 0.02 0.00 0.00 0.00 0.00 TXS Real estate ta x estimate 0.02 0.02 0.00 0.00 0.00 0.00 CARLISLE
COFFEE COMPANY Total: 0.02 0.02 0.00 0.00 Q.OO 0.00 .1370 . ;. * ; : / .: .? ; : M. . 2 :r* i . ! ,
f !I : ) i !S i /i.~rt :; .3S!°Qi: Ii:fe> jv SS OfitS y!CuTOntJ:. %.v ;:i:::r .;S : :J ; st.
;S?:iv 9/2007?i? 3;383i07fii; i:i . > vXVv :ni V K*: iiife 8 9/15/2006 CSCS60 Never received
August rent payment, emailed Mindi Collom, reissuing a check. 2/1/2.007 TXS Real estate tax
estimate CH 0.02 0.02 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 0.02 0.02 0.00 0.00 0.00
0.00 IHONRO MUFFLER BRAKE Total: 0.02 0.02 0.00 0.00 0.00 0.00 10/16/2006 CSCS60 Received check,
emailed Meana to Issue a check payable to Kimco for July s rent. 9/18/2006 CSCS60 Called Kristy,
sending check in the amount of $12,500.00 for August and September rent The payment currently
applied to August rent was for July s charges. Illeana is cutting a check payable to Kimco for July
s rent 10/5/2006 OCR PAYMENT TO OPEN CREDI CR 6,250.00 0.00 0.00 0.00 0.00 2/1/2007 RNT Base Rent
CH 6,250.00 6,250.00 0.00 0.00 0.00 6,250.00 0.00

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 3 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
1370 CEDAR STONEHEDGE LLC Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source Amount
Current 30 60 90 120 OCR PAYMENT TO OPEN CREDIT 6,250.00 0.00 0.00 0,00 0.00 6,250.00 RNT Base Rent
6,250.00 6,250.00 0.00 0.00 0.00 0.00 PENN LIQUOR CONT. BOARD #2110 Total: 0.00 . 6,250.00 0.00
0.00 0.00 6,250.00 1370 OJ315i9£ .f DAWN:& ASSOCIATE REM : %? paypiie : ? i:: DelqDay ;. tS > .
        . . . . v..;: ;.: . . \*. 10/16/2006 CSCS60 Called Dawn about September payment (short $63.20),
sending check. 9/15/2006 CSCS60 Want to property and picked up rent check from tenant for September
rent 2/1/2007 ESC Cam estimates CH 238.50 238.50 0.00 0.00 0.00 0.00 2/1/2007 MGT MANAGEMENT FEE CH
83.55 83.55 0.00 0.00 0.00 0.00 2/1/2007 RNT Base Rent CH 2,038.65 2,088.65 0.00 0.00 0.00 0.00
2/1/2007 TXS Real estate tax estimate CH 173.03 173.08 0.00 0.00 0.00 Q.OO ESC Cam estimates 238.50
238.50 0.00 0.00 0.00 0.00 MGT MANAGEMENT FEE 83.55 83.55 0.00 0.00 0.00 0.00 RNT Base Rent
2,088.65 .2,088.65 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 173.08 173.08 O.QO 0.00 0.00
0.00 DAWN & ASSOCIATES REALTY Total: 2,583.78 2,583.78 0.00 0.00 0.00 0.00 : 137JW.piKt?£J . / , V
& £:; = &%; S :: M $fy jS llSliilHffitK ,: : ; 5; ;i? K v ; 10/17/2006 CSCS60 Per Joseph Macri a
renewal agreement Is being negotiated and account must be current before executing. 9/1/2006 OCR
PAYMENT TO OPEN CREDI CR 408.39 0.00 0.00 . 0.00 0.00 408.39 | OCR PAYMENT TO OPEN CREDIT 408.39
0.00 0.00 0.00 O.QO 408.39 | PA IND. BLIND & HANDICAPPED Total: 408.39 0.00 0.00 0.00 0.00 408.39
ESC Cam estimates 3,966.80 238.50 0.00 274.42 274.42 3,179.46 LAT LATE CHARGES 600.00 0.00 0.00
0.00 0.00 600.00 MGT MANAGEMENT FEE 545.82 83.55 0.00 0.00 0.00 462.27 OCR PAYMENT TO OPEN CREDIT
6,658.41 0.00 0.00 0.00 0.00 6,658.41 PPR Prepaid Rent 0.02 0.00 0.00 0.00 0.00 0.02 RNT Bass Rent
25,067.05 8,338.65 0.00 2,058.34 2,058.34 12,611.72 TER TERMINATION FEE 5,000.00 0.00 5,000.00 0.00
0.00 0.00 TXS Real estate tax estimate 2,046.20 173.30 0.00 133.53 133,53 1,605.84 ENJITY1370
Total: 30,567.44 8,834.00 5,000.00 2,466.29 2,466.29 11,800.86 ESC Cam estimates 3,966.80 238.50
0.00 274.42 274.42 3,179.46 LAT LATE CHARGES 600.00 0.00 0.00 0.00 0.00 600.00 MGT MANAGEMENT FEE
545.82 83.55 0.00 0.00 0.00 462.27 OCR PAYMENT TO OPEN CREDIT 6,658.41 : . 0.00 0.00 0.00 0.00
6,658.41 PPR Prepaid Rent 0,02 0.00 0.00 0.00 0.00 0.02 RNT Base Rent 25,067.05 8,338.65 0.00
2,058.34 2,058.34 12,611.72 TER TERMINATION FEE 5,000.00 0.00 5,000.00 0.00 0.00 0.00 TXS Real
estate tax estimate 2,046.20 173.30 0.00 133.53 133.53 1,605.84 Grand Total: 30,567.44 8,834.00
5,000.00 2,466.29 11,800.86

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 1 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
0620 CEDAR HERSHEY, LLC Time: 02:28 PM Data: 2/28/2007 Invoice Data Category . Source Amount
Current 30 60 90 120 . 0620 000963: v JOE Nrai.SyiNCEN SCHWKiq; :: . / MasterX3ccup n(ld:;
OOOOJ:)93f IV . .. . Da Due::,r ;, i: ,Delq0ayr:u ..;:. ... . . .,. . : . . ; .;., i; \
        .JOEJMARlif. v,;;:. : ? . . . 1t ::tasl Paynieite/ 2/14/2007:: 2 ,84a.00:: :. . ..;,, ,< ;.,.
7i7):54 92q2: ;x;::; g:;; o; ;i i : : ; * : .: ? /: : : V SiSf *:; t! / :. . 2/12/2007 TXS Real
estate tax estimate CH 114.12 114.12 0.00 6.00 0.00 0.00 2/12/2007 TXY Annual Real Estate Taxes CH
39.49 39.49 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 114.12 114.12 0.00 0.00 0.00 0.00 TXY
Annual Real Estate Taxes 39.49 39.49 0.00 0.00 0.00 0.00 JOE MARI & VINCENT SCHIANO Total: 153.61
153.61 0.00 0.00 0.00 0.00 \.062b q00964ft|$::: ;H :: 7; K;V :;\ . .v V .... /: f;.~ i;. /:
:(8B8V88ff777#v;;%: . i;: 10/19/2006 WAT WATER/SEWER CH 20.33 o.oo ~ o.oo o.oo o.bo 20.33 2/12/2007
TXS Real estate tax estimate CH 155.90 155.90 0.00 0.00 0.00 0.00 2/12/2007 TXY Annual Real Estate
Taxes CH 355.13 355.13 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 155.90 : 155.90 0.00 . 0.00
0.00 0.00 TXY Annual Real Estate Taxes 355.13 355.13 0.00 0.00 0.00 0.00 WAT WATER/SEWER 20.33 O.OQ
0.00 0.00 0 00 20.33 HOLIDAY HAIR #006 Total: 531.36 511.03 0.00 0.00 0.00 20.33 0626 6o09Z7:
}l?:;;;C1BEt :V 4: f A; : BETTHANY J, l lift S / >: i ufent * iH VdV fS r f 3 i y: 20 , 9] . .
VlSil A r 2/12/2007 TXS Real estate tax estimate CH 80.38 80.38 0.00 0.00 0.00 0.00 2/12/2007 TXY
Annusl Real Estate Taxes CH 187.18 187.18 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 80.38
80.38 0.00 0.00 0.00 0.00 _. TXY Annual Real Estate Taxes 167.18 187.18 0.00 0.00 0.00 Q.OO BETHANY
LE AND LOAN LE Total: 267.56 267.56 0.00 0.00 0.00 0.00 V ;:.0620r001t9¥gK:W .. . .. ; . V V rX
riDEBOI K;$£iftS <: 2J27/20Q7. .77,898.75 ;; :;v.:!;; f;:./::D} i Mps?s» : 12/28/2006 OCR
PAYMENT TO OPEN CREDI CR 0.05 0.00 0.00 0.05 0.00 0.00 1/4/2007 OCR PAYMENT TO OPEN CREDI CR 42.25
0.00 42.25 0.00 0.00 0.00 2/7/2007 OCR PAYMENT TO OPEN CREDI CR 42.25 42.25 0.00 0.00 0.00 0.00
2/27/2007 ESC Cam estimates CR 42.25 42.25 0.00 0.00 0.00 0.00 2/27/2007 ESC Cam estimates CR
5,416.67 5,416.67 0.00 0.00 0.00 0.00 2/27/2007 PPR Prepaid Rent CR 72,439.83 72,439.83 0.00 0.00
0.00 0.00 ESC Cam estimates 5,458.92 5,458.92 0.00 0.00 0.00 0.00 OCR PAYMENT TO OPEN CREDIT 84.55
42.25 42.25 0.05 0.00 0,00 PPR Prepaid Rent 72,439.83 72,439.83 0.00 Q.QQ 0.00 0.00 GIANT FOOD
STORES, LLC #279 Total: 77,983.30 77,941.00 42.25 0.05 0.00 6.00 £: Offid opi26|s.;! : . : ..
;,,;.:. : ::;;;; wvjl;Jwt||it|R| ; 11/22/2005 RNT Base Rent CR 3,750.00 0.00 0.00 0.00 3,750.00

 

 

	Database: CEDARSHOPCTR Aged Delinquencies Page: 2 Cedar Shopping Centers Date: 3/9/2007 ENTITY:
0620 CEDAR HERSHEY. LLC Time: 02:28 PM Date: 2/28/2007 Invoice Date Category Source Amount Current
30 50 90 120 RNT Base Rent 3,750.00 0.00 0.00 0.00 0.00 3,750.00 TB SANDALWOOD INC. QUIZNOS Total:
3,750.00 0.00 . 0.00 0.00 0.00 3,750.00 0620 0012§5>:;V/ £ DelqDay: . 5 . . ; ; :. \; :;S iy;
l«|ja // L|st Payment: : 3/1/2007 4,102.50 ; :: ;. ifii : <905}£ 12 ; :>::. :: ,. : 2/12/2007
TXS Real estate tax estimate CH 188.12 188.12 0.00 0.00 0.00 0.00 2/12/2007 TXY Annual Real Estate
Taxes CH 364.41 364.41 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 188.12 188.12 0.00 0.00
0.00 0.00 TXY Annual Real Estate Taxes 364.41 364.41 0.00 0.00 0.00 0.00 PET VALU INTERNATIONAL,
INC. Total: 552.53 552.53 0.00 0.00 0.00 0.00 . 0620 0014£b ,f;PjiN 2/27/2007: : 375:70:.. Z
27/2007 TXS Real estate tax estimate CF? ~ 3Y.97 : 33.97 0.00 oioo 0.00 0.00 | TXS Real estate tax
estimate 31.97 31.97 .0.00 0.00 0.00 0.00 j JING SHENG JIANG/CHAO LIN Total: 31.97 31.97 0.00 0.00
0.00 0.00 .. 01320 141$ ... ; : . :: :..:: ?;;?;:::v: JIM tHOMA5 ||;f?SI5:5S: |ESSSllSl
i>7Curfenf;*iL : ;; >l :?,71Qi26 .. . : ..,::. ; U te sial frSJ IlllllPlf; I r . i : 7 ~ : :
;; :. 2/12/2007 TXS Real estate tax estimate CH~ m44 110.44 0.00 0.00 0.00 0.00 2/12/2007 TXY
Annual Real Estate Taxes CH 288.92 288.92 0.00 0.00 0.00 0.00 TXS Real estate tax estimate 110.44
110.44 0.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes 288.92 288.92 0.00 0.00 0.00 0.00 CELLCO
PARTNERS VERIZON Total: 399.36 399.36 0.00 0.00 0.00 0.00 ESC Cam estimates 5,458.92 5,458.92 0.00
0.00 0.00 0.00 OCR PAYMENT TO OPEN CREDIT 84.55 42.25 12.25 0.05 0.00 0.00 PPR Prepaid Rent
72,439.83 72,439.83 0.00 0.00 0.00 O.OQ RNT Base Rent 3,750.00 0.00 0.00 0.00 0.00 3,750.00 TXS
Real estate tax estimate 616.99 616.99 0.00 0.00 0.00 0.00 TXY Annual Real Estate Taxes 1,235.13
1,235.13 0.00 0.00 0.00 0.00 WAT WATER/SEWER 20.33 0.00 0.00 0.00 Q.OQ 20.33 ENTITY 0620 Total:
79,860.85 76,088.88 42.25 0.05 0.00 3,729.67 ESC Cam estimates 5,458.92 5,458.92 0.00 0.00 0.00
O.OQ OCR PAYMENT TO OPEN CREDIT 84.55 42.25 42.25 0.05 0.00 0.00 PPR Prepaid Rent 72,439.83
72,439.83 0.00 0.00 0.00 0.00 RNT Base Rent 3,750.00 0.00 0.00 0.00 0.00 3,750.00 TXS Real estate
tax estimate 616.99 616.99 0.00 0.00 .0.00 0.00 TXY Annual Real Estate Taxes 1,235.13 1,235.13
0.00. 0.00 0.00 0,00 WAT WATER/SEWER 20.33 O.QQ 0.00 OOO OOP 20.33 Grand Total: 79,860.85 76,088.88
42.25 0.05 0.00 3,729.67exv10w5wa

EXHIBIT
10.5a

AMENDED AND RESTATED LOAN AGREEMENT

Among

CEDAR SHOPPING CENTERS PARTNERSHIP, L.P. a Delaware limited partnership

(“Borrower”)

and

KEYBANK, NATIONAL ASSOCIATION (“Administrative Agent”),

and

KEYBANK, NATIONAL ASSOCIATION,

MANUFACTURERS AND TRADERS TRUST COMPANY,

TD BANK, N.A.

REGIONS BANK

CITIZENS BANK OF PENNSYLVANIA

RAYMOND JAMES BANK, FSB

TRISTATE CAPITAL BANK

and any other Lenders, if any, which may become parties to this Agreement (“Lenders”)

 

KEYBANC CAPITAL MARKETS LLC (“Arranger”)

 

UP TO $250,000,000.00 LOAN

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	 
	1. BACKGROUND
	 	 	1	 
	 
	 	 	 	 
	1.1 Defined Terms
	 	 	1	 
	1.2 Borrower
	 	 	1	 
	1.3 Use of Loan Proceeds
	 	 	1	 
	1.4 Guaranties
	 	 	2	 
	1.5 Loan
	 	 	2	 
	 
	 	 	 	 
	2. LOAN PROVISIONS
	 	 	2	 
	 
	 	 	 	 
	2.1 General Loan Provisions
	 	 	2	 
	2.2 Term of Loan
	 	 	4	 
	2.3 Interest Rate and Payment Terms
	 	 	6	 
	2.4 Loan Fees; Administrative Agent’s Fees
	 	 	10	 
	2.5 Acceleration
	 	 	10	 
	2.6 Additional Provisions Related to Interest Rate Selection
	 	 	10	 
	2.7 Letters of Credit
	 	 	12	 
	 
	 	 	 	 
	3. SECURITY FOR THE LOAN; LOAN AND SECURITY DOCUMENTS
	 	 	21	 
	 
	 	 	 	 
	3.1 Security
	 	 	21	 
	3.2 Loan Documents and Security Documents
	 	 	23	 
	3.3 Removal of Individual Property as a Borrowing Base Property — Borrower
	 	 	23	 
	3.4 Removal
of Individual Property as a Borrowing Base Property — Administrative Agent
	 	 	25	 
	3.5 Additional Borrowing Base Property
	 	 	26	 
	 
	 	 	 	 
	4. CONTINUING AUTHORITY OF AUTHORIZED REPRESENTATIVES
	 	 	27	 
	 
	 	 	 	 
	5. CONDITIONS PRECEDENT
	 	 	27	 
	 
	 	 	 	 
	5.1 Closing Loan and Funding Initial Loan Advance
	 	 	27	 
	 
	 	 	 	 
	6. WARRANTIES AND REPRESENTATIONS
	 	 	30	 
	 
	 	 	 	 
	6.1 Formation
	 	 	31	 
	6.2 Proceedings; Enforceability
	 	 	31	 
	6.3 Conflicts
	 	 	31	 
	6.4 Ownership and Taxpayer Identification Numbers
	 	 	31	 
	6.5 Litigation
	 	 	32	 
	6.6 Information
	 	 	32	 
	6.7 Taxes
	 	 	32	 
	6.8 Financial Information
	 	 	32	 
	6.9 Control Provisions
	 	 	32	 
	6.10 Formation Documents
	 	 	33	 
	6.11 Bankruptcy Filings
	 	 	33	 
	6.12 Investment Company
	 	 	33	 
	6.13 {RESERVED}
	 	 	33	 

-i-

 

	 	 	 	 	 
	 	 	Page
	 
	6.14 Borrowing Base Properties
	 	 	33	 
	6.15 Use of Proceeds
	 	 	35	 
	6.16 Insurance
	 	 	35	 
	6.17 Deferred Compensation and ERISA
	 	 	35	 
	6.18 Conditions Satisfied
	 	 	35	 
	6.19 No Default
	 	 	35	 
	6.20 Other Loan Parties’ Warranties and Representations
	 	 	35	 
	6.21 Qualification as a REIT
	 	 	35	 
	6.22 Regarding Representations and Warranties
	 	 	36	 
	 
	 	 	 	 
	7. AFFIRMATIVE COVENANTS
	 	 	36	 
	 
	 	 	 	 
	7.1 Notices
	 	 	36	 
	7.2 Financial Statements; Reports; Officer’s Certificates
	 	 	36	 
	7.3 Existence
	 	 	39	 
	7.4 Payment of Taxes
	 	 	39	 
	7.5 Insurance; Casualty, Taking
	 	 	39	 
	7.6 Inspection
	 	 	40	 
	7.7 Loan Documents
	 	 	40	 
	7.8 Further Assurances
	 	 	40	 
	7.9 Books and Records
	 	 	40	 
	7.10 Business and Operations
	 	 	41	 
	7.11 Title
	 	 	41	 
	7.12 Estoppel
	 	 	41	 
	7.13 ERISA
	 	 	42	 
	7.14 Depository Account
	 	 	43	 
	7.15 Costs and Expenses
	 	 	43	 
	7.16 Appraisals
	 	 	43	 
	7.17 Indemnification
	 	 	43	 
	7.18 Leasing Matters
	 	 	44	 
	7.19 Permanent Financings
	 	 	45	 
	7.20 Leverage Ratio
	 	 	46	 
	7.21 Fixed Charge Ratio
	 	 	46	 
	7.22 Net Worth
	 	 	46	 
	7.23 Borrowing Base Property Covenants
	 	 	46	 
	7.24 Variable Rate Debt
	 	 	46	 
	7.25 Replacement Documentation
	 	 	46	 
	7.26 Other Covenants
	 	 	46	 
	7.27 Maintenance of REIT Status
	 	 	47	 
	7.28 Lenders’ Consultants
	 	 	47	 
	7.29 USA PATRIOT Act Notice
	 	 	47	 
	 
	 	 	 	 
	8. NEGATIVE COVENANTS
	 	 	48	 
	 
	 	 	 	 
	8.1 No Changes to Borrower and other Loan Parties
	 	 	48	 
	8.2 Restrictions on Liens
	 	 	48	 
	8.3 Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity
	 	 	49	 
	8.4 Restrictions on Debt
	 	 	50	 
	8.5 Other Business
	 	 	51	 

-ii-

 

	 	 	 	 	 
	 	 	Page
	 
	8.6 Change of Control
	 	 	51	 
	8.7 Forgiveness of Debt
	 	 	51	 
	8.8 Affiliate Transactions
	 	 	51	 
	8.9 ERISA
	 	 	51	 
	8.10 Bankruptcy Filings
	 	 	51	 
	8.11 Investment Company
	 	 	51	 
	8.12 Use of Proceeds
	 	 	52	 
	8.13 Distributions
	 	 	52	 
	8.14 Restrictions on Investments
	 	 	52	 
	8.15 Negative Pledges, etc
	 	 	52	 
	 
	 	 	 	 
	9. SPECIAL PROVISIONS
	 	 	52	 
	 
	 	 	 	 
	9.1 Legal Requirements
	 	 	52	 
	9.2 Limited Recourse Provisions
	 	 	53	 
	9.3 Payment of Obligations
	 	 	53	 
	 
	 	 	 	 
	10. EVENTS OF DEFAULT
	 	 	54	 
	 
	 	 	 	 
	10.1 Default and Events of Default
	 	 	54	 
	10.2 Grace Periods and Notice
	 	 	56	 
	 
	 	 	 	 
	11. REMEDIES
	 	 	57	 
	 
	 	 	 	 
	11.1 Remedies
	 	 	57	 
	11.2 Written Waivers
	 	 	58	 
	11.3 Power of Attorney
	 	 	58	 
	 
	 	 	 	 
	12. SECURITY INTEREST AND SET-OFF
	 	 	58	 
	 
	 	 	 	 
	12.1 Security Interest
	 	 	58	 
	12.2 Set-Off
	 	 	59	 
	12.3 Right to Freeze
	 	 	59	 
	12.4 Additional Rights
	 	 	59	 
	 
	 	 	 	 
	13. THE ADMINISTRATIVE AGENT AND THE LENDERS
	 	 	60	 
	 
	 	 	 	 
	13.1 Rights, Duties and Immunities of the Administrative Agent
	 	 	60	 
	13.2 Respecting Loans and Payments
	 	 	64	 
	13.3 Assignment by Lenders
	 	 	68	 
	13.4 Administrative Matters
	 	 	71	 
	13.5 Arranger
	 	 	72	 
	 
	 	 	 	 
	14. CASUALTY AND TAKING
	 	 	72	 
	 
	 	 	 	 
	14.1 Casualty or Taking; Obligation To Repair
	 	 	72	 
	14.2 Adjustment of Claims
	 	 	73	 
	14.3 Payment and Application of Insurance Proceeds and Condemnation Awards
	 	 	73	 
	14.4 Conditions To Release of Insurance Proceeds
	 	 	74	 
	 
	 	 	 	 
	15. GENERAL PROVISIONS
	 	 	75	 
	 
	 	 	 	 
	15.1 Notices
	 	 	75	 

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	 	 	Page
	 
	15.2 Limitations on Assignment
	 	 	77	 
	15.3 Further Assurances
	 	 	78	 
	15.4 Payments
	 	 	78	 
	15.5 Parties Bound
	 	 	78	 
	15.6 Governing Law; Consent to Jurisdiction; Mutual Waiver of Jury Trial
	 	 	78	 
	15.7 Survival
	 	 	80	 
	15.8 Cumulative Rights
	 	 	80	 
	15.9 Claims Against Administrative Agent or Lenders
	 	 	80	 
	15.10 Regarding Consents
	 	 	81	 
	15.11 Obligations Absolute
	 	 	81	 
	15.12 Table of Contents, Title and Headings
	 	 	82	 
	15.13 Counterparts
	 	 	82	 
	15.14 Satisfaction of Commitment Letter
	 	 	82	 
	15.15 Time Of the Essence
	 	 	82	 
	15.16 No Oral Change
	 	 	82	 
	15.17 Monthly Statements
	 	 	82	 
	15.18 No Advisory or Fiduciary Responsibility
	 	 	82	 

-iv-

 

EXHIBITS

	 	 	 	 	 
	Exhibit A

	 	Definitions
	 	EA-1
	Exhibit B-1

	 	Requisition; Availability Certificate
	 	EB-1
	Exhibit C

	 	Note
	 	EC-1
	Exhibit D

	 	Authorized Representatives
	 	ED-1
	Exhibit E

	 	Required Property, Hazard and Other Insurance
	 	EE-1
	Exhibit F

	 	Ownership Interests and Taxpayer Identification Numbers
	 	EF-1
	Exhibit G

	 	Compliance Certificate
	 	EG-1
	Exhibit H

	 	Form of Assignment and Acceptance
	 	EH-1
	Exhibit I

	 	Lenders’ Commitment
	 	EI-1
	Exhibit J

	 	Borrowing Base Properties
	 	EJ-1
	Exhibit K

	 	Intentionally deleted from Agreement
	 	EK-1
	Exhibit EC

	 	Estoppel Certificate
	 	EEC-1
	Exhibit CC

	 	Intentionally deleted from Agreement
	 	ECC-1

-v-

 

SCHEDULES

	 	 	 
	Schedule 6.14.4(i)

	 	S-1
	Schedule 6.14.4(ii)

	 	S-3
	Schedule 6.14.4(iii)

	 	S-4
	Schedule 6.14.4(iv)

	 	S-5
	Schedule 6.14.5

	 	S-6
	Schedule CF

	 	SCF-1

-vi-

 

THIS AMENDED AND RESTATED LOAN AGREEMENT AMENDS AND RESTATES IN ITS ENTIRETY THAT CERTAIN LOAN
AGREEMENT DATED AS OF JUNE 13, 2008 ENTERED INTO BETWEEN CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
AS BORROWER, KEYBANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT, AND THE VARIOUS LENDERS PARTY
THERETO

AMENDED AND RESTATED LOAN AGREEMENT

     This agreement (“Loan Agreement” or “Agreement”) is made and entered into as of the 17th day
of October, 2008, by and between CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a Delaware limited
partnership having an address at 44 South Bayles Avenue, Port Washington, New York 11050
(“Borrower”), KEYBANK, NATIONAL ASSOCIATION, a national banking association having an address at
225 Franklin Street, 18th Floor, Boston, Massachusetts, 02110; MANUFACTURERS AND TRADERS TRUST
COMPANY, a New York banking corporation having an address at One M&T Plaza, Buffalo, New York
14203; TD BANK, N.A., having an address at 15 Park Street, Framingham, Massachusetts 01702; REGIONS
BANK having an address at 1900 5th Ave. N., 15th Floor, Birmingham, Alabama
35203; CITIZENS BANK OF PENNSYLVANIA having an address at 1215 Superior Ave., 6th Floor,
Cleveland, Ohio 44114; RAYMOND JAMES BANK, FSB, having an address at 710 Carillon Parkway, St.
Petersburg, Florida 33716; and TRISTATE CAPITAL BANK, having an address at 789 E. Lancaster Avenue,
Suite 240, Villanova, Pennsylvania 19085, and the other lending institutions which are or may
hereafter become parties to the Loan Agreement (as defined below), as the Lenders (collectively,
the “Lenders”), and KEYBANK, NATIONAL ASSOCIATION, a national banking association having an address
at 225 Franklin Street, 18th Floor, Boston, Massachusetts, 02110 as administrative agent on behalf
of the Lenders (the “Administrative Agent”).

WITNESSETH:

     1. BACKGROUND.

     1.1 Defined Terms. Capitalized terms used in this Agreement are defined either in
Exhibit A, or in specific sections of this Agreement, or in another Loan Document, as
referenced in Exhibit A.

     1.2 Borrower. Borrower is a limited partnership organized under the laws of the State
of Delaware of which the sole general partner is CSC.

     1.3 Use of Loan Proceeds. Borrower has applied to Lenders for a revolving loan of not
to exceed up to TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000.00), with an initial Established
Loan Amount of One Hundred Fifty Million Dollars ($150,000,000.00) (“Loan”), the proceeds of which
are to be used (a) to provide funds for the acquisition, development, construction, expansion, and
renovation, of real estate properties by the Borrower, CSC, and the Borrower Subsidiaries, (b) to
pay certain closing and transactional costs as

-1-

 

approved by the Administrative Agent, and (c) for other lawful REIT purposes, including,
without limitation, the disbursements on the Funding Date.

     1.4 Guaranties. As an inducement to Lenders to make the Loan, CEDAR SHOPPING CENTERS,
INC., a Maryland corporation (“CSC”), and each Borrowing Base Property Owner (severally and
collectively called “Guarantor” or “Guarantors”) have agreed to furnish guaranties to the
Administrative Agent, for the ratable benefit of the Lenders. The establishment of the facility
provided for herein and the making of the Loan is in the best interest of each of the Guarantors as
the proceeds of the Loan are being, or may be, used to satisfy Debt of certain of the Guarantors
and to make available funds to the Guarantors for working capital purposes and for acquisitions,
development, capital expenditures, and refinancings of real estate properties. The Lenders have
advised the Borrower that the Lenders will not establish this facility without the Guaranty from
the Guarantors.

     1.5 Loan. Subject to all of the terms, conditions and provisions of this Agreement,
and of the agreements and instruments referred to herein, each of the Lenders agrees severally to
make a loan to the Borrower up to a maximum aggregate principal amount equal to such Lender’s
Commitment, and Borrower agrees to accept and repay the Loan in accordance with the terms of this
Agreement.

     2. LOAN PROVISIONS.

     2.1 General Loan Provisions.

          2.1.1 Limit.

               (i) Subject to all of the terms and conditions hereof, the Lenders hereby agree to lend to
Borrower, and Borrower may borrow, reborrow and repay from time to time sums (the “Loan Advances”)
between the date hereof and the Maturity Date; provided, that (a) the aggregate of (1) the
outstanding principal balance of the Loan plus (2) the L/C Exposure, shall at no time exceed (b)
the least of (1) the Established Loan Amount, (2) the Total Commitment, or (3) the Availability
(the least of (1), (2) or (3), the “Maximum Loan Amount”).

               (ii) The obligations of the Lenders hereunder are several and independent and not joint.
Failure of any Lender to fulfill its obligations hereunder shall not result in any other Lender
becoming obligated to advance more than its Commitment Percentage of the Loan.

               (iii) Provided no Default or Event of Default shall then be in existence, the Borrower may, on
any one (1) or more occasions prior to the Maturity Date, request an increase the Established Loan
Amount; provided, however, that (i) the amount of each such increase shall not be less than Ten
Million ($10,000,000.00) Dollars, (ii) the aggregate amount of all such increases shall not cause
the Established Loan Amount to exceed Two Hundred Fifty Million ($250,000,000.00) Dollars, and
(iii) after any such increase the Established Loan Amount shall not exceed the Total Commitments
(as such may be increased after the date hereof) as determined by the Administrative Agent. Such
request may be made by the Borrower by written notice to the Administrative Agent, which election
shall designate the desired increased Established Loan Amount. The Borrower shall execute, deliver and satisfy, and shall

-2-

 

cause each Loan Party to execute, deliver, and satisfy, any and all documentation and other
conditions reasonably required by the Administrative Agent and any Lender increasing its Commitment
in order to evidence and effectuate the increase in the Established Loan Amount, including, without
limitation, any new or replacement Note as may be required by any Lender increasing its Commitment
or any new Lender issuing a new Commitment. Any such increase of the Established Loan Amount shall
not be effective until written confirmation from the Administrative Agent to the Borrower and the
Lenders of such increased amount and the confirmation that such amount does not exceed the Total
Commitments. The Administrative Agent shall give the existing Lenders written notice of the
Borrower’s request to so increase the Established Loan Amount hereunder, and the existing Lenders
shall have a right of first refusal with respect to electing to increase their respective
Commitments, which right must be exercised by providing the Administrative Agent with written
notice of such election within ten (10) Business Days of the notice provided by the Administrative
Agent. In the event the existing Lenders shall agree to increase their Commitments by an amount
that is in excess of the requested increase, such increased Commitments shall be allocated by the
Administrative Agent on a pro rata basis. In connection with any increase in the Established Loan
Amount, no Lender shall be required to increase the amount of such Lender’s Commitment.

          2.1.2 Procedures and Limits. Until the Maturity Date, the Lenders shall, subject to
the compliance with all of the other terms, conditions and provisions of this Agreement and there
then continuing no Default or Event of Default, make disbursements to Borrower of Loan Advances in
installments in accordance with the following:

               (i) Written Requests. Loan Advances shall be made, at Borrower’s written request to
Administrative Agent, not more frequently than four (4) times a month, on the basis of written
requests, made in accordance with the method and procedures described in Section 2.1.3 below; and
Administrative Agent shall act upon such requests within three (3) Business Days following the
receipt of a written request from Borrower for a Loan Advance, which action may include, without
limitation, funding the requested Loan Advance, or specifying the basis for not funding and, when
applicable, requesting additional information and supporting documentation. The date on which any
Loan Advance is funded (or Letter of Credit issued) is herein called a “Drawdown Date.”

               (ii) Requisitions, Certifications. Each request for a Loan Advance shall be in
writing and in the form attached hereto as Exhibit B-1, and shall include an updated
Availability Certificate in the form of Exhibit B-1 attached hereto. Each such request
shall specify (i) the amount of the Loan Advance requested, (ii) the purpose of the Loan Advance
requested, (iii) the aggregate outstanding principal balance of the Loan plus L/C Exposure, (iv)
the then aggregate remaining amount which may be funded under the Note, and (v) calculations
evidencing the Borrower’s continued compliance with the Financial Covenants, as satisfied by the
Closing Compliance Certificate, or once delivered, the most recent Compliance Certificate delivered
by the Borrower, except to the extent the contemplated Loan Advance will result in noncompliance
with the Financial Covenants, and (vi) if the purpose of the Loan Advance is to fund project costs
with respect to a Borrowing Base Property, such supporting invoices and other documentation as the
Administrative Agent may reasonably require evidencing the project costs incurred or to be paid
supporting such Loan Advance. Each request for a Loan Advance hereunder shall be for (a) a minimum amount of $500,000.00, and (b) an amount not to exceed

-3-

 

(x) the Maximum Loan Amount less (y) the aggregate of the then outstanding principal balance of the
Loan plus L/C Exposure.

          2.1.3 Funding Procedures. The following terms and provisions shall apply to any Loan
Advance:

               (i) Upon the satisfaction of the conditions set forth in this Section 2.1, to the extent
applicable, Administrative Agent on behalf of the Lenders will either (x) deposit into a Depository
Account of the Borrower or (y) disburse to, or for the benefit of, the Borrower or any Borrower
Subsidiary (as directed by the Borrower) the amount of the Loan Advance requested by Borrower
pursuant to this Section 2.1. Provided the Administrative Agent has received from the Lenders
immediately available funds not later than 1:00 p.m. (Eastern time) on the proposed Drawdown Date
(to the extent immediately available funds are received later than 1:00 p.m. (Eastern time),
Administrative Agent, on behalf of the Lenders, will make the deposit into the Depository Account
on the following Business Day), provided that if Borrower’s request for a Loan Advance so
specifies, instead of making such deposit, Administrative Agent on behalf of the Lenders shall fund
all or a portion of such Loan Advance received by the Administrative Agent from the Lenders
directly by wire transfer of immediately available funds to a third party (in accordance with
wiring instruction specified in such request), in which event such funds shall be wired by no later
than 2:00 p.m. (Eastern time) on the proposed Drawdown Date.

               (ii) Each request for a Loan Advance hereunder shall constitute a representation and warranty
by Borrower that the conditions set forth in Section 5.1 hereof, as the case may be, have been
satisfied on the date of such request and will be satisfied on the proposed Drawdown Date, unless
otherwise disclosed in writing to the Administrative Agent prior to or at the time of such request,
including the Borrower’s continued compliance with the Financial Covenants, as satisfied by the
Closing Compliance Certificate, or once delivered, the most recent Compliance Certificate delivered
by the Borrower, except to the extent the contemplated Loan Advance will result in noncompliance
with the Financial Covenants. Notwithstanding any such disclosure, the disclosure by Borrower to
the Administrative Agent that one or more of the conditions set forth in Section 5.1 hereof are not
satisfied as of the date of Borrower’s request for a Loan Advance or will not be satisfied as of
the proposed Drawdown Date shall entitle Administrative Agent and Lenders to refuse to make the
Loan Advance requested by Borrower.

               (iii) If any Event of Default shall occur and be continuing, the Administrative Agent may or
shall (at the direction of the Required Lenders), by notice to Borrower, terminate the obligation
of the Lenders to fund Loan Advances in respect of the then unfunded portion of the Note, and, upon
such notice being given, such obligation of the Lenders to make any further Loan Advances in
respect of the then unfunded portion of the Note shall terminate immediately and the Lenders shall
be relieved of all further obligations to make any Loan Advances to Borrower.

     2.2 Term of Loan.

          2.2.1 The Loan shall be for a term (the “Initial Term”) commencing on the date hereof and
ending on June 13, 2011(the “Initial Maturity Date”) or such earlier date as the Loan

-4-

 

is accelerated pursuant to the terms of this Agreement upon an Event of Default. The Initial Term may
be extended for one year (“Extended Term”) until June 13, 2012 (“Extended Maturity Date”) upon
satisfaction of the conditions set forth in Section 2.2.3 (hereinafter, the Initial Maturity Date
and the Extended Maturity Date may be referred to herein sometimes as the “Maturity Date” as may be
applicable).

          2.2.2 Termination/Reduction.

               (i) The Borrower shall have the right to terminate the Loan prior to the originally scheduled
Maturity Date by providing the Administrative Agent (with the Administrative Agent giving prompt
notice thereof to the Lenders) with ten (10) days’ written notice of the Borrower’s intention to
terminate the Loan (the date of such termination being the “Borrower Termination Date”). In the
event that the Borrower provides such written notice to the Administrative Agent, (i) as of the
date of the notice, the Lenders shall have no further obligation to make or issue, and the Borrower
shall have no further right to receive or request, any Loan Advances or any Letters of Credit
hereunder, and (ii) the Borrower shall be obligated on the Borrower Termination Date to pay in full
all accrued interest, principal and other charges due with respect to the Loan, including, without
limitation, any Breakage Fees due on account of such payment and (y) either (1) provide
Administrative Agent with cash collateral equal to the outstanding amount of all outstanding
Letters of Credit from a source other than the proceeds of the Loan or (2) return all outstanding
Letters of Credit to the Administrative Agent. If such cash collateral is posted, such funds shall
be held in an interest bearing account at the Administrative Agent, shall be pledged to secure the
Obligations, and shall be refunded on a dollar for dollar basis to the Borrower upon the return to
the Administrative Agent, or the expiration, of each Letter of Credit.

               (ii) The Borrower shall have the right to reduce the Established Loan Amount to an amount not
less than $100,000,000.00 prior to the originally scheduled Maturity Date by providing the
Administrative Agent (with the Administrative Agent giving prompt notice thereof to the Lenders)
with ten (10) days’ written notice of the Borrower’s intention to reduce the Established Loan
Amount (the date of such reduction being the “Borrower Reduction Date”). In the event that the
Borrower provides such written notice to the Administrative Agent, (i) as of the date of the
notice, the Lenders shall have no further obligation to make or issue, and the Borrower shall have
no further right to receive or request, any Loan Advances or any Letters of Credit such that (1)
the outstanding principal balance of the Loan plus (2) the L/C Exposure, would exceed such reduced
Established Loan Amount, and (ii) the Borrower shall be obligated on the Borrower Reduction Date to
pay in full the excess of (1) the outstanding principal balance of the Loan plus (2) the L/C
Exposure (less any portion of the L/C Exposure which is cash collateralized as set forth in section
(y) below), over the reduced Established Loan Amount, including, without limitation, any Breakage
Fees due on account of such payment due on account of such payment and/or (y) provide
Administrative Agent with cash collateral equal to such excess with respect to Letters of Credit
from a source other than the proceeds of the Loan. If such cash collateral is posted, such funds
shall be held in an interest bearing account at the Administrative Agent, shall be pledged to secure the Obligations, and shall be refunded on a
dollar for dollar basis to the Borrower upon the return to the Administrative Agent, or the
expiration, of each Letter of Credit. In order to effect such reduced Established Loan Amount, the
Administrative Agent shall reduce the Lenders’ Commitments on a pro rata basis.

-5-

 

          2.2.3 Upon satisfaction of each of the following conditions, Borrower may extend the Initial
Maturity Date of the Loan until the Extended Maturity Date:

               (i) No Default. No Default shall exist on the date of the Borrower’s written notice
for an extension as provided for below and on the Initial Maturity Date.

               (ii) Notice From Borrower. Borrower shall have given Administrative Agent (and the
Administrative Agent shall give prompt notice thereof to the Lenders) written notice of Borrower’s
request to exercise its extension right at least forty five (45) days, but no more than ninety (90)
days, before the Initial Maturity Date.

               (iii) Covenant Compliance. No breach of any covenants imposed upon Borrower or
Guarantor shall exist including, without limitation, the Financial Covenants.

               (iv) Conditions Satisfied. All of the conditions set forth in Section 5.1 of this
Agreement, to the extent applicable, shall continue to be satisfied.

               (v) Extension Fee. The Borrower shall have paid to the Administrative Agent an
extension fee (the “Extension Fee”) for the pro rata benefit of the Lenders of two-tenths of one
percent (0.20%) of the outstanding Commitments of the Lenders, such Extension Fee to be payable at
least five (5) days prior to the Initial Maturity Date.

               (vi) Appraisals. If reasonably required by the Administrative Agent, the
Administrative Agent shall have obtained an updated Appraisal on each Borrowing Base Property.

               (vii) Additional Documents. Borrower and Guarantor shall have executed and delivered
to Administrative Agent such agreements and documents as Administrative Agent may reasonably
require incident to the extension.

Within thirty (30) days following receipt by Administrative Agent and each of the Lenders of
Borrower’s written notice under clause 2.2.3(ii) above requesting the extension accompanied by
those of the items described above which are then available, Administrative Agent shall notify
Borrower in writing if all of the conditions precedent to the extension, other than payment of the
Extension Fee, have been satisfied, or if further information, certificates or work are required.
If Administrative Agent determines that the conditions to extension have been satisfied, other than
payment of the Extension Fee, Administrative Agent shall so notify Borrower and the Lenders and
upon Administrative Agent’s receipt of the Extension Fee not later than five (5) days prior to the
Initial Maturity Date, so long as no Default exists, the term of the Loan shall be extended until
the Extended Maturity Date.

     2.3 Interest Rate and Payment Terms. The Loan shall be payable as to interest and
principal in accordance with the provisions of this Agreement and the Note. This Agreement also provides for interest at a Default Rate, Late Charges and prepayment rights and fees.
All payments for the account of Lenders shall be applied to the respective accounts of the Lenders
in accordance with each Lender’s Commitment Percentage of the Loan. Any and all interest rate
selection and conversion provisions in this Agreement are to be administered by the

-6-

 

Administrative Agent and to be allocated on a pro rata basis to the portion of the balance due under the Note held
by each Lender based upon such Lender’s Commitment Percentage.

          2.3.1 Borrower’s Options. Principal amounts outstanding under the Loan shall bear
interest at the following rates, at Borrower’s selection, subject to the conditions and limitations
provided for in this Agreement: (i) Variable Rate or (ii) Effective LIBO Rate.

          2.3.2 Selection To Be Made. Borrower shall select, and thereafter may change the
selection of, the applicable interest rate, from the alternatives otherwise provided for in this
Agreement, by giving Administrative Agent a Notice of Rate Selection (in accordance with the
requirements of Section 2.3.3, below): (i) three (3) Business Days prior to each Loan Advance, (ii)
two (2) Business Days prior to the end of each Interest Period applicable to an Effective LIBO Rate
Advance which shall be continued as an Effective LIBO Rate Advance, or (iii) two (2) Business Days
prior to any Business Day on which Borrower desires to convert an outstanding Variable Rate Advance
to an Effective LIBO Rate Advance.

          2.3.3 Notice. A “Notice of Rate Selection” shall be a written notice, given by cable,
tested telex, telecopier, or by telephone if immediately confirmed by such a written notice, from
an Authorized Representative of Borrower which: (i) is received by Administrative Agent not later
than 10:00 a.m. (Eastern time): (a) if an Effective LIBO Rate is selected, at least two (2)
Business Days prior to the first day of the Interest Period to which such selection is to apply,
(b) if a Variable Rate is selected, on the first day of the Interest Period to which such selection
is to apply; and (ii) as to each selected interest rate option, sets forth the aggregate principal
amount(s) to which such interest rate option(s) shall apply and the Interest Period(s) applicable
to each Effective LIBO Rate Advance.

          2.3.4 If No Notice. If Borrower fails to select an interest rate option in accordance
with the foregoing prior to a Loan Advance, or at least two (2) Business Days prior to the last
day of the applicable Interest Period of an outstanding Effective LIBO Rate Advance, or if an
Effective LIBO Rate Advance is not available, any new Loan Advance made shall be deemed to be a
Variable Rate Advance, and on the last day of the applicable Interest Period all outstanding
principal amounts of the applicable Effective LIBO Rate Advance shall be deemed converted to a
Variable Rate Advance.

          2.3.5 Telephonic Notice. Without any way limiting Borrower’s obligation to confirm in
writing any telephonic notice, Administrative Agent may act without liability upon the basis of
telephonic notice believed by Administrative Agent in good faith to be from Borrower prior to
receipt of written confirmation. In each case Borrower hereby waives the right to dispute
Administrative Agent’s record of the terms of such telephonic Notice of Rate Selection in the
absence of manifest error.

          2.3.6 Limits On Options. Each Effective LIBO Rate Advance shall be in a minimum
amount of $1,000,000.00. At no time shall there be outstanding a total of more than five (5)
Effective LIBO Rate Advances combined at any time.

          2.3.7 Payment and Calculation of Interest. All interest shall be: (a) payable in
arrears commencing on the first day of the calendar month following the Funding Date and on

-7-

 

the same day of each month thereafter until the principal together with all interest and other charges
payable with respect to the Loan shall be fully paid; and (b) calculated on the basis of a 360 day
year and the actual number of days elapsed. Each change in the Prime Rate shall simultaneously
change the Variable Rate payable under this Agreement. Interest at the Effective LIBO Rate shall be
computed from and including the first day of the applicable Interest Period to, but excluding, the
last day thereof.

          2.3.8 Mandatory Principal Payments.

               (i) If, on any day, the aggregate of (a) the outstanding principal balance of the Loan, plus
(b) the L/C Exposure, exceeds the Maximum Loan Amount, then the Borrower shall make a principal
payment to the Administrative Agent, for the ratable benefit of the Lenders, in the amount of such
excess, including, without limitation, any payment required to comply with the terms of Section
3.4, below, in immediately available funds within ten (10) Business Days of demand from the
Administrative Agent; provided, however, if during such ten (10) Business Day period the Borrower
delivers to the Administrative Agent satisfactory Funding Evidence, such ten (10) Business Day
period shall be extended for such additional time as is determined by the Administrative Agent to
be required for Borrower, acting in due diligence, to obtain such funds, not to exceed an
additional sixty (60) days.

               (ii) In connection with the release of the Lien in favor of the Administrative Agent on behalf
of the Lenders on any Borrowing Base Property in accordance with Section 3.3, the Borrower shall
prepay the Loan in an amount equal to the Release Price, if any, of the said Borrowing Base
Property simultaneously with, or prior to, the release of the said Lien (any payment due under
subsections (i) or (ii), a “Mandatory Principal Payment”).

               (iii) The entire principal balance of the Loan shall be due and payable in full on the
Maturity Date.

          2.3.9 Prepayment. The Loan or any portion thereof may be prepaid in full or in part
at any time upon two (2) Business Days prior written notice to the Administrative Agent without
premium or penalty with respect to Variable Rate Advances and, with respect to Effective LIBO Rate
Advances subject to the Breakage Fee. Any Mandatory Principal Prepayment and any other partial
prepayment of principal shall first be applied to the principal due in the reverse order of
maturity, and no such partial prepayment shall relieve Borrower of the obligation to pay each
installment of principal when due. Any amounts prepaid may be reborrowed subject to the terms
hereof.

          2.3.10 Maturity. At Maturity all accrued interest, principal and other charges due
with respect to the Loan shall be due and payable in full and the principal balance and such other charges, but not unpaid interest, shall, at the option of the Administrative Agent, continue
to bear interest thereafter at the Default Rate until so paid.

          2.3.11 Method of Payment; Date of Credit. All payments of interest, principal and
fees shall be made in lawful money of the United States in immediately available funds, without
counterclaim or setoff and free and clear of, and without any deduction or withholding for, any
taxes or other payments: (a) by direct charge to an account of Borrower maintained with

-8-

 

Administrative Agent, or (b) by wire transfer to Administrative Agent or (c) to such other bank or
address as the holder of the Loan may designate in a written notice to Borrower. Payments shall be
credited on the Business Day on which immediately available funds are received prior to 1:00 p.m.
(Eastern time); payments received after 1:00 p.m. (Eastern time) shall be credited to the Loan on
the next Business Day. Payments which are by check, which Administrative Agent may at its option
accept or reject, or which are not in the form of immediately available funds shall not be credited
to the Loan until such funds become immediately available to Administrative Agent, and, with
respect to payments by check, such credit shall be provisional until the item is finally paid by
the payor bank.

          2.3.12 Billings. Administrative Agent may submit monthly billings reflecting payments
due; however, any changes in the interest rate which occur between the date of billing and
the due date may be reflected in the billing for a subsequent month. Neither the failure of
Administrative Agent to submit a billing nor any error in any such billing shall excuse Borrower
from the obligation to make full payment of all Borrower’s payment obligations when due.

          2.3.13 Default Rate. Administrative Agent shall have the option of imposing, and
shall impose upon the direction of the Required Lenders, and Borrower shall pay upon billing
therefor, an interest rate which is four percent (4.0%) per annum above the Effective LIBO Rate or
Variable Rate then in effect with respect to Loan Advances (as the case may be) (“Default Rate”):
(a) following any Event of Default, unless and until the Event of Default is waived by Required
Lenders; and (b) after Maturity. Borrower’s right to select pricing options shall cease upon the
occurrence of any Event of Default unless and until the Event of Default is waived by
Administrative Agent.

          2.3.14 Late Charges. Borrower shall pay a late charge (herein, the “Late
Charge”) equal to five percent (5%) of the amount of any interest or scheduled payment of
principal (other than the final principal payment due upon the Maturity Date), which is not paid
within ten (10) days of the due date thereof. Late charges are: (a) payable in addition to, and
not in limitation of, the Default Rate, (b) intended to compensate Administrative Agent and the
Lenders for administrative and processing costs incident to late payments, (c) are not interest,
and (d) shall not be subject to refund or rebate or credited against any other amount due.

          2.3.15 Breakage Fees. Borrower shall pay to Administrative Agent, for the benefit of
the Lenders, immediately upon request and notwithstanding contrary provisions contained in any of
the Loan Documents, such amounts as shall, in the conclusive judgment of Administrative Agent (in
the absence of manifest error), compensate Administrative Agent and the Lenders for the loss, cost
or expense which it may reasonably incur as a result of (i) any payment or prepayment, under any
circumstances whatsoever, whether voluntary or involuntary, of all or any portion of an Effective
LIBO Rate Advance on a date other than the last day of the applicable Interest Period of an Effective LIBO Rate Advance, (ii) the conversion, for any
reason whatsoever, whether voluntary or involuntary, of any Effective LIBO Rate Advance to a
Variable Rate Advance on a date other than the last day of the applicable Interest Period, (iii)
the failure of all or a portion of a Loan which was to have borne interest at the Effective LIBO
Rate pursuant to the request of Borrower to be made under the Loan Agreement (except as a result of
any act or omission of Lender), or (iv) the failure of Borrower to borrow in accordance with any
request submitted by it for an Effective LIBO Rate Advance. Such amounts payable by

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Borrower shall be equal to any administrative costs actually incurred plus any amounts required to compensate for
any loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or
other funds acquired by Administrative Agent or any Lender to fund or maintain an Effective LIBO
Rate Advance (herein, collectively, the “Breakage Fee”). A certificate from a Lender
provided to the Borrower by the Administrative Agent setting forth the calculation and amount of
its Breakage Fee shall be conclusive absent manifest error.

     2.4 Loan Fees; Administrative Agent’s Fees.

          2.4.1 Loan Fees. Borrower shall pay Administrative Agent for its own account the
various fees in accordance with the fee letter between the Borrower and the Administrative Agent
dated as of the date hereof.

          2.4.2 Line Fee. Borrower agrees to pay an unused line fee (the “Line Fee”) to the
Administrative Agent, for the pro rata benefit of the Lenders. The amount of the Line Fee on any
given day shall equal the Line Percentage multiplied by the amount on such day by which the Total
Commitments exceed the sum of (a) the outstanding principal balance of the Loan, and (b) the L/C
Exposure. The Line Fee shall be payable to the Administrative Agent quarterly in arrears on the
first day of each calendar quarter for the immediately preceding calendar quarter or portion
thereof, with a final payment on the Maturity Date and the first and last payments to be prorated
based upon the partial calendar quarters to which they apply.

     2.5 Acceleration. The Administrative Agent may, and upon the request of the Required
Lenders shall, accelerate the Loan, upon the occurrence an Event of Default which remains
continuing. Upon such an acceleration, all principal, accrued interest, Breakage Fee, any other
fees, and costs and expenses shall be due and payable together with interest on such principal at
the Default Rate from the date of the Event of Default until paid.

     2.6 Additional Provisions Related to Interest Rate Selection.

          2.6.1 Increased Costs. If, due to any one or more of: (i) the introduction of any
applicable law or regulation or any change (other than any change by way of imposition or increase
of reserve requirements already referred to in the definition of Effective LIBO Rate) in the
interpretation or application by any authority charged with the interpretation or application
thereof of any law or regulation; or (ii) the compliance with any guideline or request from any
governmental central bank or other governmental authority (whether or not having the force of law)
(an event described in the preceding clause (i) or (ii) an “Increased Cost Event”), there shall be
an increase in the cost to any Lender of agreeing to make or making, funding or maintaining
Effective LIBO Rate Advances, including without limitation changes which affect or would affect the
amount of capital or reserves required or expected to be maintained by any such Lender, with respect to all or any portion of the Loan, or any corporation controlling any
Lender, on account thereof, then Borrower from time to time shall, within twenty (20) days after
written demand by Administrative Agent, pay to such Lender the incremental increase in Lender’s
cost due to the Increased Cost Event. A certificate as to the amount of the increased cost and the
reason therefor submitted to Borrower by the Administrative Agent on behalf of an affected Lender,
in the absence of manifest error, shall be conclusive and binding for all purposes.

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          2.6.2 Illegality. Notwithstanding any other provision of this Agreement, if the
introduction of or change in or in the interpretation of any law, treaty, statute, regulation or
interpretation thereof shall make it unlawful, or any central bank or government authority shall
assert by directive, guideline or otherwise, that it is unlawful, for any Lender to make or
maintain Effective LIBO Rate Advances or to continue to fund or maintain Effective LIBO Rate
Advances, and such Lender, without cost or expense, cannot hold or administer its Commitment from
an office where maintaining and funding Effective LIBO Rate Advances can be accomplished, then, on
written notice thereof and demand by Administrative Agent or Required Lenders to Borrower, (a) the
obligation of Administrative Agent to make Effective LIBO Rate Advances and to convert or continue
any Loan as Effective LIBO Rate Advances shall terminate and (b) at the end of the applicable
Interest Period (or on such earlier date as may be necessary to comply with such change), Borrower
shall convert all principal outstanding under this Agreement into Variable Rate Advances.

          2.6.3 Additional LIBO Rate Conditions. The selection by Borrower of an Effective LIBO
Rate and the maintenance of the Effective LIBO Rate Advance at such rate shall be subject to the
following additional terms and conditions:

               A. Availability. If, before or after Borrower has selected to take or maintain an
Effective LIBO Rate Advance, but before the Interest Period with respect thereto commences, the
Administrative Agent notifies Borrower that:

          (a) Dollar deposits in the amount and for the maturity requested are not
available to lenders in the London interbank market at the rate specified in the
definition of LIBO Rate set forth above, or

          (b) reasonable means do not exist for Administrative Agent to determine the
Effective LIBO Rate for the amounts and maturity requested,

then the principal which would have been an Effective LIBO Rate Advance shall be a Variable Rate
Advance.

               B. Payments Net of Taxes. All payments and prepayments of principal and interest
under this Agreement shall be made net of any taxes (excluding Excluded Taxes) and costs (which are
compensated under Section 2.6.1 above) resulting from having principal outstanding at or computed
with reference to an Effective LIBO Rate. Without limiting the generality of the preceding
obligation, illustrations of such taxes and costs as to which payments are to be made net of are
taxes, or the withholding of amounts for taxes, of any nature whatsoever including income, excise,
interest equalization taxes (other than United States or state income taxes) as well as all levies,
imposts, duties or fees whether now in existence or as the result of a change in or promulgation of any treaty, statute, regulation, or
interpretation thereof or any directive guideline or otherwise by a central bank or fiscal
authority (whether or not having the force of law) or a change in the basis of, or the time of
payment of, such taxes and other amounts resulting therefrom. Each Lender organized under the laws
of a jurisdiction outside of the United States (a “Foreign Lender”) shall provide to the Borrower
and the Administrative Agent two properly completed and executed Internal Revenue Service Forms
W-8BEN or other applicable forms, certificates or documents prescribed by the Internal Revenue

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Service of the United States certifying as to such Foreign Lender’s entitlement to complete
exemption from United States withholding tax under an applicable statute or tax treaty with respect
to payments to be made to such Foreign Lender hereunder (“Certificates of Exemption”). Each
Foreign Lender shall provide such Certificates of Exemption on or before the Closing Date, and
shall provide Certificates of Exemption on or before the first business day of each taxable year of
such Foreign Lender thereafter. Each Foreign Lender that becomes a Lender pursuant to Section 13.3
after the Closing Date shall provide Certificates of Exemption on or before the date such Foreign
Lender becomes a Lender and on or before the first business day of each taxable year of such
Foreign Lender thereafter. If a Foreign Lender does not provide a Certificate of Exemption to
Borrower and the Administrative Agent within the time periods set forth in the preceding sentence,
Borrower shall withhold taxes from payments to such Foreign Lender at the applicable statutory
rates and Borrower shall be permitted to deduct the amount withheld from the amount it otherwise
would have been required to pay, provided that all such withholding shall cease upon
delivery by such Foreign Lender of a Certificate of Exemption to Borrower and Administrative Agent.
Each Lender that is not a Foreign Lender and is not exempt from backup withholding under the Code
with respect to payments made under this Agreement shall provide a properly completed and executed
IRS Form W-9 to the Borrower promptly after becoming a Lender under this Agreement. If a Lender
fails to comply with its obligations under the preceding sentence and Borrower pays backup
withholding as a result of such failure, Borrower shall be permitted to deduct the amount withheld
from the amount it otherwise would have been required to pay to the Lender. Without limiting the
foregoing, the Borrower shall timely pay any Other Taxes to the relevant governmental authority in
accordance with applicable law.

          2.6.4 Variable Rate Advances. Each Variable Rate Advance shall continue as a Variable
Rate Advance until Maturity of the Loan, unless sooner converted, in whole or in part, to an
Effective LIBO Rate Advance, subject to the limitations and conditions set forth in this Agreement.

     2.7 Letters of Credit.

          2.7.1 The Letter of Credit Commitment.

               (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in
reliance upon the agreements of the Lenders set forth in this Section 2.7, (1) from time to time on
any Business Day during the period from the Closing Date until the Letter of Credit Expiration
Date, to issue Letters of Credit for the account of the Borrower or any current or proposed
Borrowing Base Property Owners (it being acknowledged that the Borrowing Base Property Requirements
and/or the Equity Requirement for such proposed Borrowing Base Property may not yet have been met)
as required in connection with the construction of improvements on a current or proposed Borrowing
Base Property, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.7.2 below,
and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to
participate in Letters of Credit issued for the account of the Borrower, such current or proposed
Borrower Base Property Owners and any drawings thereunder; provided that after giving effect to any
L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not
exceed the Total Commitment, (y) the aggregate Outstanding Amount of the Loans of any Lender, plus
such Lender’s Commitment Percentage of the Outstanding Amount of all L/C

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Obligations, shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not
exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment
of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit
Extension so requested complies with the conditions set forth in the proviso to the preceding
sentence. Within the foregoing limits and subject to the terms and conditions hereof, the
Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the
Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit
that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit
shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be
subject to and governed by the terms and conditions hereof.

               (ii) The L/C Issuer shall not issue any Letter of Credit, if:

          (A) subject to Section 2.7.2(iii), the expiry date of such requested Letter of
Credit would occur more than twelve months after the date of issuance or last
extension, unless the Administrative Agent has approved such expiry date; or

          (B) the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless (x) the Administrative Agent shall have
approved such expiry date, subject to Section 2.7.7, or (y) the subject Borrowing
Base Property to which the Letter of Credit relates is scheduled to be completed at
least ninety (90) days prior to the Letter of Credit Expiration Date.

               (iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

          (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such
Letter of Credit, or any Legal Requirement applicable to the L/C Issuer or any
request or directive (whether or not having the force of law) from any Governmental
Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the
L/C Issuer refrain from, the issuance of letters of credit generally or such Letter
of Credit in particular or shall impose upon the L/C Issuer with respect to such
Letter of Credit any restriction, reserve or capital requirement (for which the L/C
Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or
shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was
not applicable on the Closing Date and which the L/C Issuer in good faith deems
material to it;

          (B) the issuance of such Letter of Credit would violate one or more policies of
the L/C Issuer;

          (C) except as otherwise agreed by the Administrative Agent and the L/C Issuer,
such Letter of Credit is in an initial stated amount less than $25,000.00, in the
case of a standby Letter of Credit;

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          (D) such Letter of Credit is to be denominated in a currency other than
Dollars;

          (E) such Letter of Credit contains any provisions for automatic reinstatement
of the stated amount after any drawing thereunder; or

          (F) a default of any Lender’s obligations to fund under Section 2.7.3 exists or
any Lender is at such time a Delinquent Lender hereunder, unless the L/C Issuer has
entered into satisfactory arrangements with the Borrower or such Lender to eliminate
the L/C Issuer’s risk with respect to such Lender, subject to the provisions of
Section 13.2.8.

               (iv) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C
Issuer would have no obligation at such time to issue such Letter of Credit in its amended form
under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the
proposed amendment to such Letter of Credit.

               (v) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith, and the L/C Issuer shall have all of the
benefits and immunities (A) provided to the Administrative Agent in Article 13 with respect to any
acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by
it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as
fully as if the term “Administrative Agent” as used in Article 13 included the L/C Issuer with
respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C
Issuer.

          2.7.2 Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters
of Credit.

               (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of
the Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a
Letter of Credit Application, appropriately completed and signed by an Authorized Representative of
the Borrower. Such Letter of Credit Application must be received by the L/C Issuer and the
Administrative Agent not later than 11:00 a.m. (Eastern Time) at least two Business Days (or such
later date and time as the Administrative Agent and the L/C Issuer may agree in a particular
instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the
case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter
of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer:
(A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be
presented by such beneficiary in case of any drawing thereunder; (F) the full text of any
certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such
other matters as the L/C Issuer may reasonably require. In the case of a request for an amendment
of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and
detail satisfactory to the L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date
of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment;

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and (4) such other matters as the L/C Issuer may reasonably require. Additionally, the Borrower shall
furnish to the L/C Issuer and the Administrative Agent such other documents and information
pertaining to such requested Letter of Credit issuance or amendment, including any Issuer
Documents, as the L/C Issuer or the Administrative Agent may reasonably require.

               (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will provide
the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice
from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the
requested date of issuance or amendment of the applicable Letter of Credit, that one or more
applicable conditions contained in Sections 2.1.3(ii) or 2.1.3(iii) shall not then be satisfied,
then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date,
issue a Letter of Credit for the account of the Borrower or the applicable Borrower Subsidiary or
enter into the applicable amendment, as the case may be, in each case in accordance with the L/C
Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of
Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to
the product of such Lender’s Commitment Percentage times the amount of such Letter of Credit.

               (iii) If the Borrower so requests in any applicable Letter of Credit Application, the L/C
Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has
automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such
Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least
once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by
giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice
Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is
issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a
specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit
has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C
Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later
than the Letter of Credit Expiration Date (unless clause (x) or (y) of Section 2.7.1(ii)(B) shall
apply); provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C
Issuer has determined that it would not be permitted, or would have no obligation, at such time to
issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of
the provisions of clause (ii) or (iii) of Section 2.7.1 or otherwise), or (B) it has received
notice (which may be by telephone or in writing) on or before the day that is five Business Days
before the Non-Extension Notice Date (1) from the Administrative Agent that the Administrative
Agent has not approved or the Borrower has not qualified for such extension or (2) from the
Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions
specified in Sections 2.1.3(ii) or 2.1.3(iii) are not then satisfied, and in each such case directing the L/C Issuer not to
permit such extension.

               (iv) If the Borrower so requests in any applicable Letter of Credit Application, the L/C
Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that permits the
automatic reinstatement of all or a portion of the stated amount thereof after any drawing
thereunder (each, an “Auto-Reinstatement Letter of Credit”). Unless

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otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer to permit
such reinstatement. Once an Auto-Reinstatement Letter of Credit has been issued, except as
provided in the following sentence, the Lenders shall be deemed to have authorized (but may not
require) the L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance
with the provisions of such Letter of Credit. Notwithstanding the foregoing, if such
Auto-Reinstatement Letter of Credit permits the L/C Issuer to decline to reinstate all or any
portion of the stated amount thereof after a drawing thereunder by giving notice of such
non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement
Deadline”), the L/C Issuer shall not permit such reinstatement if it has received a notice (which
may be by telephone or in writing) on or before the day that is five Business Days before the
Non-Reinstatement Deadline (A) from the Administrative Agent that the Administrative Agent has not
approved or the Borrower has not qualified for such reinstatement or (B) from the Administrative
Agent, any Lender or the Borrower that one or more of the applicable conditions specified in
Sections 2.1.3(ii) or 2.1.3(iii) are not then satisfied (treating such reinstatement as an L/C
Credit Extension for purposes of this clause) and, in each case, directing the L/C Issuer not to
permit such reinstatement.

               (v) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit
to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also
deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of
Credit or amendment.

          2.7.3 Drawings and Reimbursements; Funding of Participations.

               (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under
such Letter of Credit, the L/C Issuer shall notify the Borrower and the Administrative Agent
thereof. Not later than 11:00 a.m. (Eastern Time) on the date of any payment by the L/C Issuer
under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the L/C
Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the
Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly
notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed
Amount”), and the amount of such Lender’s Commitment Percentage thereof. In such event, the
Borrower shall be deemed to have requested a Variable Rate Advance under the Note to be disbursed
on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and
multiples specified in Section 2.1 for the principal amount of the Loan, but subject to the amount
of the unutilized portion of the Total Commitment and the conditions set forth in Sections
2.1.3(ii) and 2.1.3(iii). Any notice given by the L/C Issuer or the Administrative Agent pursuant
to this Section 2.7.3(i) may be given by telephone if immediately confirmed in writing; provided
that the lack of such an immediate confirmation shall not affect the conclusiveness or binding
effect of such notice.

               (ii) Each Lender shall upon any notice pursuant to Section 2.7.3(i) make funds available to
the Administrative Agent for the account of the L/C Issuer at the Administrative Agent’s Office in
an amount equal to its Commitment Percentage of the Unreimbursed Amount not later than 1:00 p.m.
(Eastern Time) on the Business Day specified in such notice by the Administrative Agent, whereupon,
subject to the provisions of Section 2.7.3(iii), each Lender that so makes funds available shall be
deemed to have made a Variable

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Rate Advance to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer.

               (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Loan Advance
because the conditions set forth in Section 2.1.3(ii) or 2.1.3(iii) cannot be satisfied or for any
other reason, the Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in
the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due
and payable on demand (together with interest) and shall bear interest at the Default Rate. In
such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer
pursuant to Section 2.7.3(ii) shall be deemed payment in respect of its participation in such L/C
Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation
obligation under this Section 2.7.

               (iv) Until each Lender funds its Commitment Percentage of any Loan Advance or L/C Advance
pursuant to this Section 2.7.3 to reimburse the L/C Issuer for any amount drawn under any Letter of
Credit, interest in respect of such Lender’s Commitment Percentage of such amount shall be solely
for the account of the L/C Issuer.

               (v) Each Lender’s obligation to make Loan Advances or L/C Advances to reimburse the L/C Issuer
for amounts drawn under Letters of Credit, as contemplated by this Section 2.7.3, shall be absolute
and unconditional and shall not be affected by any circumstance, including (A) any setoff,
counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer,
the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a
Default, or (C) any other occurrence, event or condition, whether or not similar to any of the
foregoing; provided, however, that each Lender’s obligation to make Loans pursuant to this Section
2.7.3 is subject to the conditions set forth in Sections 2.1.3(ii) or 2.1.3(iii). No such making
of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the
L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit,
together with interest as provided herein.

               (vi) If any Lender fails to make available to the Administrative Agent for the account of the
L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of
this Section 2.7.3 by the time specified in Section 2.7.3(ii), the L/C Issuer shall be entitled to
recover from such Lender (acting through the Administrative Agent), on demand, such amount with
interest thereon for the period from the date such payment is required to the date on which such
payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the
Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry
rules on interbank compensation. A certificate of the L/C Issuer submitted to any Lender (through
the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be
conclusive absent manifest error.

          2.7.4 Repayment of Participations.

               (i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has
received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with
Section 2.7.3, if the Administrative Agent receives for the account

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of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the
Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative
Agent), the Administrative Agent will distribute to such Lender its Commitment Percentage thereof
(appropriately adjusted, in the case of interest payments, to reflect the period of time during
which such Lender’s L/C Advance was outstanding) in the same funds as those received by the
Administrative Agent.

               (ii) If any payment received by the Administrative Agent for the account of the L/C Issuer
pursuant to Section 2.7.3(i) is required to be returned under any of the provisions of this
Agreement (including pursuant to any settlement entered into by the L/C Issuer in its discretion),
each Lender shall pay to the Administrative Agent for the account of the L/C Issuer its Commitment
Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of
such demand to the date such amount is returned by such Lender, at a rate per annum equal to the
Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause
shall survive the payment in full of the Obligations and the termination of this Agreement.

          2.7.5 Obligations Absolute. The obligation of the Borrower to reimburse the L/C
Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be
absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of
this Agreement under all circumstances, including the following:

               (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any
other Loan Document;

               (ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Borrower or any Borrower Subsidiary may have at any time against any beneficiary or any transferee
of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be
acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby or by such Letter of Credit or any agreement or instrument
relating thereto, or any unrelated transaction;

               (iii) any draft, demand, certificate or other document presented under such Letter of Credit
proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein
being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of
any document required in order to make a drawing under such Letter of Credit;

               (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft
or certificate that does not strictly comply with the terms of such Letter of Credit; or any
payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee
in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or
any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any debtor relief Legal Requirement; or

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               (v) any other circumstance or happening whatsoever, whether or not similar to any of the
foregoing, including any other circumstance that might otherwise constitute a defense available to,
or a discharge of, the Borrower or any Borrower Subsidiary.

     The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s
instructions or other irregularity, the Borrower will, immediately after discovery thereof, notify
the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against
the L/C Issuer and its correspondents unless such notice is given as aforesaid.

          2.7.6 Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any
drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any
document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuer, the
Administrative Agent, any of their respective Affiliates nor any correspondent, participant or
assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in
connection herewith at the request or with the approval of the Lenders or the Required Lenders, as
applicable; (ii) any action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document
or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all
risks of the acts or omissions of any beneficiary or transferee with respect to its use of any
Letter of Credit; provided, however, that this assumption is not intended to, and shall not,
preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or
transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent,
any of their respective Affiliates nor any correspondent, participant or assignee of the L/C Issuer
shall be liable or responsible for any of the matters described in clauses (i) through (v) of
Section 2.7.5 provided, however, that anything in such clauses to the contrary notwithstanding, the
Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrower,
to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary,
damages suffered by the Borrower which the Borrower proves were caused by the L/C Issuer’s willful
misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of
Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly
complying with the terms and conditions of a Letter of Credit. In furtherance and not in
limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in
order, without responsibility for further investigation, regardless of any notice or information to
the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the
rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason.

          2.7.7 Cash Collateral. Upon the request of the Administrative Agent, (i) if the L/C
Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration
Date, any L/C Obligation for any reason remains outstanding, the Borrower shall, in each case,
immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. For purposes of
this Agreement, “Cash Collateralize” means to pledge and deposit with or deliver to

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the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, as collateral for the L/C
Obligations, cash or deposit account balances (the “Cash Collateral”) pursuant to documentation in
form and substance satisfactory to the Administrative Agent and the L/C Issuer (which documents are
hereby consented to by the Lenders). Derivatives of such term have corresponding meanings. The
Borrower hereby grants to the Administrative Agent, for the benefit of the L/C Issuer and the
Lenders, a security interest in all such Cash Collateral and all proceeds of the foregoing. Cash
Collateral shall be maintained in blocked, non-interest bearing deposit accounts at KeyBank,
National Association.

          2.7.8 Applicability of ISP. Unless otherwise expressly agreed by the L/C Issuer and
the Borrower when a Letter of Credit is issued (including any such agreement applicable to an
Existing Letter of Credit), the rules of the ISP shall apply to each standby Letter of Credit.

          2.7.9 Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for
the account of each Lender in accordance with its Commitment Percentage an annual Letter of Credit
fee (the “Letter of Credit Fee”) for each standby Letter of Credit equal to the Applicable Margin
for Effective LIBO Rate Advances times the maximum stated amount available to be drawn under such
Letter of Credit. For purposes of computing the daily amount available to be drawn under any
Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 2.7.13. Letter of Credit Fees shall be (i) computed on a quarterly basis in arrears and
(ii) due and payable on the first Business Day after the end of each March, June, September and
December, commencing with the first such date to occur after the issuance of such Letter of Credit,
on the Letter of Credit Expiration Date. The first and last payments of such Letter of Credit Fee
are to be prorated based upon the partial calendar quarters to which they apply. If there is any
change in the Applicable Margin for Effective LIBO Rate Advances during any quarter, the daily
amount available to be drawn under each standby Letter of Credit shall be computed and multiplied
by the Applicable Margin for Effective LIBO Rate Advances separately for each period during such
quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary
contained herein, upon the request of the Required Lenders, while any Event of Default exists, all
Letter of Credit Fees shall accrue at the Default Rate.

          2.7.10 Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The
Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to
each Letter of Credit, of one eighth of one percent (.125%) per annum, computed on the maximum
stated amount of such Letter of Credit. Such fronting fee shall be due and payable on the first
Business Day after the end of each March, June, September and December in respect of the most
recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing
with the first such date to occur after the issuance of such Letter of Credit, on the Letter of
Credit Expiration Date and thereafter on demand. For purposes of computing the maximum stated
amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall
be determined in accordance with Section 2.7.13. In addition, the Borrower shall pay directly to
the L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of
the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees
and standard costs and charges are due and payable on demand and are nonrefundable.

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          2.7.11 Conflict with Issuer Documents. In the event of any conflict between the terms
hereof and the terms of any Issuer Document, the terms hereof shall control.

          2.7.12 Letters of Credit Issued for Borrower Subsidiaries. Notwithstanding that a
Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the
account of, a Borrower Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer
hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges
that the issuance of Letters of Credit for the account of Borrower Subsidiaries inures to the
benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the
businesses of such Borrower Subsidiaries.

          2.7.13 Amount. Unless otherwise specified herein, the amount of a Letter of Credit at
any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time;
provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any
Issuer Document related thereto, provides for one or more automatic increases in the stated amount
thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of
such Letter of Credit after giving effect to all such increases, whether or not such maximum stated
amount is in effect at such time

     3. SECURITY FOR THE LOAN; LOAN AND SECURITY DOCUMENTS.

     3.1 Security. The Loan together with interest thereon and all other charges and
amounts payable by, and all other obligations of, Borrower and the other Loan Parties to the
Administrative Agent and/or each of the Lenders, whenever incurred, direct or indirect, absolute or
contingent, arising under or with respect to this Agreement, the Security Documents, or any other
Loan Document, together with all other Obligations, shall be secured by the following collateral
(the “Collateral”) which Borrower agrees to provide and maintain, or cause to be provided
and maintained (whether provided for each in separate agreements or combined with various other
agreements):

          3.1.1 Mortgage/Deed of Trust and Security Agreement.

               (i) A first priority mortgage/deed of trust (as applicable) and security agreement
(individually and collectively, the “Mortgage”) granted by each Borrowing Base Property Owner to
the Administrative Agent or a trustee on behalf of the Administrative Agent, as applicable, for the
ratable benefit of the Lenders, on (i) each Collateral Property, (ii) all land, improvements,
furniture, fixtures, equipment, and other assets (including, without limitation, property
management agreements, contracts, contract rights, accounts, Licenses and Permits and general
intangibles), including all after-acquired property, owned, or in which each Borrowing Base
Property Owner has or obtains any interest, in connection with each Collateral Property; (iii) all
insurance proceeds and other proceeds therefrom, and (iv) all other assets of each Borrowing Base
Property Owner, whether now owned or hereafter acquired and related to each Collateral Property.

               (ii) Each Mortgage shall secure the payment and performance of the Obligations.

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               (iii) At the option of the Administrative Agent, each Mortgage shall be either (x) a first
priority mortgage/deed of trust (as applicable) and security agreement granted by the applicable
Borrowing Base Property Owner to the Administrative Agent or a trustee on behalf of the
Administrative Agent, as applicable, on behalf of the Lenders, or (y) an amendment, restatement and
consolidation of a first priority mortgage/deed of trust (as applicable) and security agreement
acquired by the Administrative Agent, for the ratable benefit of the Lenders, with proceeds of a
Loan Advance.

               (iv) In the event that in connection with the granting of any Mortgage on a Borrowing Base
Property, the Administrative Agent, for the ratable benefit of the Lenders, purchases by assignment
an existing mortgage loan or loans on such Borrowing Base Property, the Borrower represents,
warrants, covenants and agrees as follows:

          (A) The request for the Administrative Agent to purchase by assignment such
loan or loan shall constitute a representation and warranty by the Borrower that (i)
all signatures by the Borrower, any Borrower Subsidiary and, to the best of the
Borrower’s knowledge, all other persons or entities on the assigned promissory
note, mortgage, and all other documents, instruments, and agreements executed in
connection therewith are genuine, (ii) such documents, together with any other
documents or instruments supplied by the Borrower to the Administrative Agent, sets
forth the entire agreement with respect to the loan arrangement evidenced thereby,
and (iii) the applicable Borrowing Base Property Owner is absolutely and
unconditionally indebted under said documents and does not have any offsets,
defenses, or counterclaims thereunder, or otherwise against the lender thereunder,
or any predecessor in interest to such lender;

          (B) The Borrower waives, on its own behalf and on behalf of CSC and the Loan
Parties any offsets, defenses or counterclaims that exist or may have existed with
respect to such assigned loan arrangement and assigned documents; and

          (C) The Borrower shall cause to be delivered to the Administrative Agent such
documents, instruments and agreements as the Administrative Agent shall reasonably
require in order to evidence and effectuate such assignment and the terms and
conditions hereof.

          3.1.2 Collateral Assignment of Leases and Rents. A first priority collateral
assignment of leases and rents (individually and collectively, the “Assignment of Leases and
Rents”) granted by each Borrowing Base Property Owner to the Administrative Agent, for the ratable
benefit of the Lenders, with respect to all Leases of each Collateral Property and all income and
profits to be derived from the operation and leasing of each Collateral Property.

          3.1.3 Collateral Assignment of Contracts. A first priority collateral assignment and
security agreement granted by each Borrowing Base Property Owner to the Administrative Agent, for
the ratable benefit of the Lenders, with respect to all Licenses and Permits and all contracts,
agreements and warranties now owned or hereafter acquired by each Collateral Property Owner and
related in any manner to each Collateral Property.

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          3.1.4 Guaranties. The unconditional, continuing guaranty (singly and collectively the
“Guaranty”) from each Guarantor, pursuant to which each Guarantor shall guaranty the prompt,
punctual, and faithful payment of the Loan and the performance of all Borrower’s other Obligations
to the Administrative Agent and each of the Lenders under the Loan Documents, with the Guaranty
from CSC being delivered on the Closing Date, and the Guaranty from each other Guarantor being
delivered when the applicable Individual Property is admitted as a Borrowing Base Property.

          3.1.5 Environmental Compliance and Indemnification Agreement. A compliance and
indemnification agreement with respect to environmental matters (“Environmental Indemnity”) from
Borrower and each Guarantor in favor of the Administrative Agent and each of the Lenders.

          3.1.6 Ownership Interest and Inter-Company Loan Pledge. A first priority pledge
granted to the Administrative Agent, for the ratable benefit of the Lenders, with respect to (i)
the ownership interest in (x) each Borrowing Base Property Owner held by any Loan Party or Borrower
Subsidiary (with the exception of any Borrowing Base Property directly owned by the Borrower) or JV
Partner and (y) each manager/general partner of a Borrowing Base Property Owner (with the exception
of any Borrowing Base Property directly owned by the Borrower) and (ii) any inter-company loans
from time to time due from any Borrowing Base Property Owner held by the Borrower or any Loan Party
to the Borrower.

          3.1.7 Additional Documents. Any other documents, instruments and agreements set forth
on the Loan Agenda.

     3.2 Loan Documents and Security Documents. The Loan shall be made, evidenced,
administered, secured and governed by all of the terms, conditions and provisions of the following
loan documents (the “Loan Documents”), each as the same may be hereafter modified or amended,
consisting of: (i) this Loan Agreement; (ii) separate promissory notes in the form of Exhibit
C, annexed hereto, payable to each Lender in the aggregate principal amount of Established
Loan Amount; (iii) the various documents and
agreements referenced in Section 3.1, above, and (iv) any other documents, instruments, or
agreements heretofore or hereafter executed to further evidence or secure the Loan.

     The Loan Documents, referenced in items 3.1.1 through and including 3.1.7, together with any
such other Loan Documents as may be executed in accordance with Section 3.5, below, as to any
Collateral Property, are sometimes referred to herein, singly and collectively as the “Security
Documents”.

     3.3 Removal of Individual Property as a Borrowing Base Property — Borrower. From time
to time during the term of this Agreement following (i) Borrower’s written request (“Collateral
Release Request”) indicating that (x) the Borrower intends to sell or refinance the subject
Borrowing Base Property or (y) the removal of one or more Borrowing Base Properties is necessary to
cure or remedy a Default hereunder, and (ii) satisfaction of the Release Conditions, the
Administrative Agent shall release such Borrowing Base Property from the Lien held by the
Administrative Agent, for the ratable benefit of the Lenders, release the subject Borrowing Base
Property Owner from the Guaranty, terminate the assignments made by such Borrowing Base

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Property Owner pursuant to Sections 3.1.2 and 3.1.3, release the Environmental Indemnity (subject to the
terms thereof) delivered pursuant to Section 3.1.5, and release its Lien upon the ownership
interest in such Borrowing Base Property Owner and its manager or general partner which was pledged
by the Borrower as Collateral pursuant to Section 3.1.6, and thereafter such Borrowing Base
Property Owner shall no longer be a Loan Party for the purposes of this Agreement (provided,
however, any such release by the Administrative Agent shall not be deemed to terminate or release
such Borrowing Base Property Owner from any obligation or liability under any Loan Document which
specifically by its terms survives the said release or the payment in full of the Obligations). The
“Release Conditions” are the following:

          3.3.1 The Borrower shall make a Mandatory Principal Payment equal to the Release Price, if
any, relative to the subject Borrowing Base Property or substitute a new Borrowing Base Property
subject to the requirements of Section 3.5 below.

          3.3.2 Upon release of the Lien on the subject Borrowing Base Property, the Financial Covenants
shall remain satisfied (or be satisfied if the release cures a Default which resulted from the
Financial Covenants not being satisfied).

          3.3.3 No Default shall exist under this Agreement or the other Loan Documents at the time of
any such release, except for any Default which is cured or remedied by the removal of such
Individual Property from being a Borrowing Base Property.

          3.3.4 No Event of Default shall exist under this Agreement or the other Loan Documents at the
time of the Collateral Release Request or at the time of any such release, except for any Event of
Default which is cured or remedied by the removal of such Individual Property from being a
Borrowing Base Property.

          3.3.5 All representations and warranties contained herein or in the other Loan Documents shall
be true and correct in all material respects as of the time of any such release
(other than representations and warranties which speak as of a specific date or which
Administrative Agent was notified of were not true and correct prior to a request for a Loan
Advance which was nonetheless made or which apply to the Individual Property being released).

          3.3.6 The Borrower shall pay or reimburse the Administrative Agent for all appraisal fees,
title insurance and recording costs, reasonable legal fees and expenses and other reasonable costs
and expenses incurred by Administrative Agent in connection with the release.

     Any failure of any removal and release requested by the Borrower to meet in all material
respects all of the Release Conditions shall be deemed a rejection of the proposed Collateral
Release Request and, subject to the other terms and conditions hereof as to whether any Individual
Property is a Borrowing Base Property, such Borrowing Base Property shall remain a Borrowing Base
Property hereunder and shall be included within the Collateral. At the request of the Borrower,
the Administrative Agent shall use reasonable efforts to cooperate in the assignment of the
Security Documents to a new lender with respect to any Borrowing Base Property being released,
subject to the execution of customary documents with respect to any such assignment.

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     3.4 Removal of Individual Property as a Borrowing Base Property — Administrative
Agent.

          3.4.1 An Individual Property shall no longer be deemed to be a Borrowing Base Property upon
the determination by the Administrative Agent of the occurrence of any of the following:

               (i) A Major Event of Loss occurs as to a Borrowing Base Property, or a Borrowing Base Property
as to which an Event of Loss occurs is not, or ceases to be, a Restoration Property, or upon
completion of the Repair Work, will not meet all of the Borrowing Base Property Requirements,
unless such Major Event of Loss or Event of Loss will not materially interfere with the
contemplated development and completion of the Borrowing Base Property; or

               (ii) Subsections (f) or (g) in the definition of Eligibility Criteria are no longer satisfied
with respect to such Borrowing Base Property; or

               (iii) The Required Lenders have instructed the Administrative Agent to remove a Borrowing Base
Property if a tenant or tenants which have Leases or prospective tenant or tenants which have
letters of intent with respect to such Borrowing Base Property are subject to bankruptcy or
insolvency proceedings and have filed a motion to reject such Lease or letter of intent, or have
not assumed such Lease or letter of intent within sixty (60) days (or such longer period granted by
the applicable bankruptcy court, not to exceed one hundred eighty (180) days) after such tenant’s
or prospective tenant’s bankruptcy filing, and to the extent the space occupied or to be occupied
by such tenants is deemed vacant, either subsection (f) or (g) of the Eligibility Criteria for such
Borrowing Base Property would not be satisfied.

          3.4.2 Upon any such Individual Property no longer being deemed to be a Borrowing Base
Property, the Borrower shall make a Mandatory Principal Payment when required equal to the Release
Price (if any) for such Borrowing Base Property.

          3.4.3 With respect to any Individual Property determined by the Administrative Agent to no
longer be deemed a Borrowing Base Property in accordance with this Section 3.4, if the Release
Conditions are satisfied with respect thereto, the Administrative Agent shall release such
Individual Property from the Lien held by the Administrative Agent, release the subject Borrowing
Base Property Owner from the Guaranty, terminate the assignments made by such Borrowing Base
Property Owner pursuant to Sections 3.1.2 and 3.1.3, release the Environmental Indemnity delivered
pursuant to Section 3.1.5, and release its Lien upon the ownership interest in such Borrowing Base
Property Owner and its manager or general partner which was pledged by the Borrower as Collateral
pursuant to Section 3.1.6, and thereafter such Borrowing Base Property Owner shall no longer be a
Loan Party for the purposes of this Agreement (provided, however, any such release by the
Administrative Agent shall not be deemed to terminate or release such Borrowing Base Property Owner
from any obligation or liability under any Loan Document which specifically by its terms survives
the said release or the payment in full of the Obligations). However, if the said Release
Conditions are not satisfied with respect to such Individual Property, although such Individual
Property shall no longer be a Borrowing Base Property, the Individual Property shall not be
released from the Lien held by the Administrative

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Agent (shall continue to be a Collateral
Property) and there shall be no release of the Collateral relating to such Individual Property or
the subject Borrowing Base Property Owner, until such time as the Release Conditions are satisfied
with respect thereto.

     3.5 Additional Borrowing Base Property. From time to time during the term of this
Agreement following Borrower’s written request (“Additional Collateral Request”), compliance with
the provisions of this Section 3.5, and compliance with the requirements for inclusion as a
Borrowing Base Property, as set forth in the definition thereof, the Required Lenders shall
authorize the Administrative Agent to accept one or more Individual Properties as Borrowing Base
Properties (as identified by the Borrower in its written request) to be held by the Administrative
Agent as Collateral. The Required Lenders shall agree to the acceptance of the Individual Property
as an additional Borrowing Base Property only upon the satisfaction of the following conditions, in
a manner reasonably acceptable to the Administrative Agent and the Required Lenders:

          3.5.1 If sought by the Borrower, the Borrower shall have obtained Preliminary Approval for the
addition of such Individual Property.

          3.5.2 The Borrower (or applicable Loan Party) shall have satisfied all of the Borrowing Base
Property Requirements as to such Individual Property.

          3.5.3 No Event of Default shall exist under this Agreement or the other Loan Documents at the
time of the Additional Collateral Request or at the time of any such Individual Property becoming a
Borrowing Base Property, except for any Default which is cured or remedied by such Individual
Property becoming a Borrowing Base Property.

          3.5.4 All representations and warranties contained herein or in the other Loan Documents shall
be true and correct in all material respects as of the time of any such Individual Property
becoming a Borrowing Base Property (or shall become true by virtue of such Individual Property
becoming a Borrower Base Property) (other than representations and warranties which speak as of a
specific date or which Administrative Agent was notified of were not true and correct prior to a
request for a Loan Advance which was nonetheless made), including the Borrower’s continued
compliance with the Financial Covenants, as satisfied by the Closing Compliance Certificate, or
once delivered, the most recent Compliance Certificate delivered by the Borrower.

          3.5.5 The Borrower shall pay or reimburse the Administrative Agent for all appraisal fees,
title insurance and recording costs, reasonable legal fees and expenses and other costs and
expenses incurred by Administrative Agent in connection with the additional Borrowing Base
Property.

          3.5.6 The Borrower, the subject Borrowing Base Property Owner, and the subject Individual
Property shall have satisfied all applicable conditions precedent set forth in Article 5 prior to
the inclusion of the Individual Property as a Borrowing Base Property.

     Any failure of the proposed Borrowing Base Property to meet in all material respects all of
the foregoing conditions shall be deemed a rejection of the proposed Borrowing Base Property for
that Additional Collateral Request and such proposed Borrowing Base Property shall not be

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included in the Borrowing Base for any purpose unless and until all of the foregoing conditions are
satisfied or waived by the Administrative Agent and the Required Lenders. The Administrative Agent
shall give the Borrower prompt written notice of the decision of the Required Lenders with respect
to the admission or rejection of any Individual Property as a Borrowing Base Property.

     4. CONTINUING AUTHORITY OF AUTHORIZED REPRESENTATIVES. Administrative Agent and each
of the Lenders are authorized to rely upon the continuing authority of the persons, officers,
signatories or agents hereafter designated (“Authorized Representatives”) to bind Borrower with
respect to all matters pertaining to the Loan and the Loan Documents including, but not limited to,
the selection of interest rates, the submission of requests for Loan Advances and certificates with
regard thereto. Such authorization may be changed only upon written notice to Administrative Agent
accompanied by evidence, reasonably satisfactory to Administrative Agent, of the authority of the
person giving such notice and such notice shall be effective not sooner than five (5) Business Days
following receipt thereof by Administrative Agent. The present Authorized Representatives are
listed on Exhibit D.

     5. CONDITIONS PRECEDENT.

     5.1 Closing Loan and Funding Initial Loan Advance. It shall be a condition precedent
of Lenders’ obligation to close the Loan and to fund the initial proceeds of the Loan that each of
the following conditions precedent be satisfied in full
(as determined by each Lender in its discretion which discretion shall be exercised reasonably
and in good faith having due regard for the advice of the Administrative Agent), unless
specifically waived in writing by all of the Lenders at or prior to the date of the closing and
funding of the initial Loan Advance (the “Closing Date”) (in the event that the closing of the Loan
is an earlier date than the date of the initial funding of the Loan, then the term “Closing Date”
shall refer to the date of the closing by execution of this Agreement, and the term “Funding Date”
shall refer to the date of funding of the initial Loan Advance):

          5.1.1 Satisfactory Loan Documents. On the Closing Date, each of the Loan Documents
shall be satisfactory in form, content and manner of execution and delivery to Administrative Agent
and Administrative Agent’s counsel and all Loan Documents shall be in full force and effect.

          5.1.2 Financial Information; No Material Change.

               (i) No change shall have occurred in the financial condition, business, affairs, operations or
control of Borrower and/or the Loan Parties, since the date of the Consolidated financial
statements of CSC, the Borrower, and the Loan Parties most recently delivered to Administrative
Agent or any of the Lenders, which change has had or could reasonably be expected to have a
Material Adverse Effect; and Borrower and the other Loan Parties shall have furnished
Administrative Agent such other financial information, and certifications as reasonably requested
by the Administrative Agent.

               (ii) The Borrower shall have provided to the Administrative Agent such certificates and other
evidence as the Administrative Agent may reasonably require to

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evidence that the Borrower, CSC and each of the Borrowing Base Property Owners (both before and after giving effect to the Loan) is
solvent, has assets having a fair value in excess of the amount required to pay such Person’s
probable liabilities and existing Debts as such become absolute and mature, and has adequate
capital for the conduct of such Person’s business and the ability to pay such Person’s Debts from
time to time incurred in connection therewith as such Debts mature, including the Closing
Compliance Certificate (the “Closing Compliance Certificate”) set forth as Exhibit CC
hereto or in such other form reasonably acceptable to Administrative Agent.

          5.1.3 Warranties and Representations Accurate. All warranties and representations
made by or on behalf of any of the Borrower and the other Loan Parties, or any of them, to
Administrative Agent or any of the Lenders shall be true, accurate and complete in all material
respects and shall not omit any material fact necessary to make the same not misleading.

          5.1.4 Validity and Sufficiency of Security Documents. The Security Documents shall
create a valid and perfected lien in and to the Collateral and each of the Security Documents and
related UCC filings shall have been duly recorded and filed to the satisfaction of Administrative
Agent and Administrative Agent’s counsel, including, without limitation, as follows:

               (i) Prior to funding the Loan Advances, the Borrower, the other Loan Parties, and any other
Persons executing Loan Documents on the Closing Date shall have delivered to the Administrative
Agent with respect to the Security Documents or, in the case of UCC-1 financing statements,
delivery of such financing statements in proper form for recording, and shall have taken all such
other actions as may be necessary or, in the reasonable opinion of the Administrative Agent,
desirable to perfect the Liens and security interests intended to be created by the Security
Documents in the Collateral covered thereby. Notwithstanding the foregoing, the recordation of the
Security Documents and the UCC filings shall not be a condition precedent under this Section 5.1.4
provided that Administrative Agent shall obtain satisfactory gap title insurance coverage. Such
filings, recordings and other actions shall include, without limitation, in addition to the
Mortgage, the Assignment of Leases and Rents, and the UCC-1 financing statements; and

               (ii) on or prior to the Closing Date, the Administrative Agent shall have received the results
of a UCC, tax lien and judgment search as may be reasonably requested by the Administrative Agent
with respect to the Borrower, and any other Loan Parties, and the results of such search shall
indicate there are no judgments which the Administrative Agent shall reasonably determine in good
faith could reasonably be expected to have a Material Adverse Effect or Liens not permitted under
the Loan Documents or to be satisfied with the proceeds of the initial Loan Advance or otherwise
permitted by Administrative Agent.

          5.1.5 Litigation. On the Closing Date, there shall not be any actions, suits or
proceedings at law or in equity or by or before any governmental instrumentality or other agency or
regulatory authority by any entity (private or governmental) pending or, to the best of the
Borrower’s knowledge, threatened (a) with respect to the Loan, the transactions contemplated in the
Loan Documents, or (b) with respect to the Borrower, any other Loan Party, or any other Borrower
Subsidiary, which , in the case of this clause (b), are not fully covered (subject to

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deductibles) by an insurance policy issued by a reputable and financially viable insurance company, or, to the
extent not so covered, which the Administrative Agent shall reasonably determine in good faith
could reasonably be expected to have a Material Adverse Effect.

          5.1.6 Formation Documents and Entity Agreements.

               (i) On the Closing Date, the Administrative Agent shall have received a certificate of an
officer of each limited liability company which is a manager or general partner of a Loan Party or
limited partnership which is a general partner of a Loan Party annexing and certifying as to (a)
resolutions of such limited liability company authorizing and approving the transactions
contemplated by the Loan Documents, and the execution and delivery thereof by such limited
liability company in respect of the documents to which it is a party on its own behalf, or as a
general partner or manager of such other Loan Party or limited partnership, in respect of any of
the Loan Documents, (b) signatures and incumbency of all officers of such limited liability company
executing documentation on behalf of such entity or on behalf of any entity as to which such
limited liability company is a general partner or manager, as the case may be, in connection with
the transactions contemplated by the Loan Documents, (c) the Formation Documents of such limited
liability company, the Loan Party which it is a manager or general partner of, the limited
partnership which it is general partner of, and the Loan Party which such limited partnership is a
general partner of, having been duly executed, delivered and filed (to the
extent required by applicable Legal Requirements) and remaining in full force and effect and
unmodified except as stated therein as of the date of such certificate (and annexing copies
thereof) and (d) such limited liability company, the Loan Party which it is a manager or general
partner of, the limited partnership which it is general partner of, and the Loan Party which such
limited partnership is a general partner of, being in good standing and authorized to do business
in each jurisdiction where the conduct of its business and ownership of its assets requires such
qualification.

               (ii) On the Closing Date, the Administrative Agent shall have received a certificate of the
secretary of each corporation which is a Loan Party or the general partner of another Loan Party
annexing and certifying as to (a) corporate resolutions of such entity authorizing and approving
the transactions contemplated by the Loan Documents, and the execution and delivery thereof by such
entity in respect of the documents to which it is a party on its own behalf, or as a general
partner of such other Loan Party, in respect of any of the Loan Documents, (b) signatures and
incumbency of all officers of such corporation executing documentation on behalf of such entity or
on behalf of any entity as to which such corporation is a general partner, in connection with the
transactions contemplated by the Loan Documents, (c) the Formation Documents of such corporation
and Loan Party having been duly executed, delivered and filed (to the extent required by applicable
Legal Requirements) and remaining in full force and effect and unmodified except as stated therein
as of the date of such certificate (and annexing copies thereof) and (d) such corporation and Loan
Party being in good standing and authorized to do business in each jurisdiction where the conduct
of its business and ownership of its assets requires such qualification.

          5.1.7 Compliance With Law. Administrative Agent and each of the Lenders shall have
received and approved evidence that there are no Legal Requirements which prohibit

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or adversely limit the capacity or authority of the Borrower or any Loan Party to enter into the Loan and
perform the obligations of such Person with respect thereto.

          5.1.8 Compliance With Financial Covenants. Administrative Agent shall have received
the Closing Compliance Certificate or other evidence reflecting the Borrower’s compliance with the
Financial Covenants and the terms and conditions hereof.

          5.1.9 Borrowing Base Property Due Diligence. Administrative Agent shall have received
and completed a review of such due diligence as the Administrative Agent may reasonably require
with respect to any Borrowing Base Property, consistent with customary commercial lending practices
for properties of a similar nature including, without limitation, satisfaction of the Borrowing
Base Property Requirements.

          5.1.10 Condition of Property. There shall have been no material unrepaired or
unrestored damage or destruction by fire or otherwise to any of the real or tangible personal
property comprising or intended to comprise the Borrowing Base Properties.

          5.1.11 Insurance. Borrower shall have provided to Administrative Agent with respect
to each Borrowing Base Property, the Borrower and the Collateral evidence of: (i) insurance
coverages which meet the property, hazard, and other insurance requirements set forth on
Exhibit E of this Loan Agreement to the satisfaction of Administrative Agent; and (ii)
payment of the premiums for such insurance in accordance with the requirements set forth in
Section 7.5.3.

          5.1.12 Third Party Consents and Agreements. The Administrative Agent shall have
received such third party consents and agreements as the Administrative Agent may reasonably
require with respect to the Loan.

          5.1.13 Cash Management. The Borrower shall open the Depository Account, as provided
for herein.

          5.1.14 Legal and other Opinions. Administrative Agent shall have received and
approved legal opinion letters from counsel representing the Borrower and the other Loan Parties
which meet Administrative Agent’s legal opinion requirements and covering such matters incident to
the transactions contemplated herein as the Administrative Agent may request.

          5.1.15 Equity Requirement. The Equity Requirement with respect to each Borrowing Base
Property shall have been and shall remain satisfied.

          5.1.16 No Default. There shall not be any Default under any of the Loan Documents.

     6. WARRANTIES AND REPRESENTATIONS. Borrower, the Administrative Agent and the Lenders
acknowledge and agree that all representations and warranties made in this Section 6 shall be
deemed to be made as of the date hereof; however, as provided for in Section 6.22 all such
representations and warranties shall be deemed to be reaffirmed as of any proposed Drawdown Date,
unless, in the case of Sections 6.4, 6.7, 6.9, and 6.14 as modified only by such additional
disclosures as shall be provided to the Administrative Agent in writing after

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the date hereof to reflect events occurring after the date hereof which do not constitute a Default hereunder, and
including the Borrower’s continued compliance with the Financial Covenants, as satisfied by the
Closing Compliance Certificate, or once delivered, the most recent Compliance Certificate delivered
by the Borrower, except to the extent the contemplated action will result in noncompliance with the
Financial Covenants. Subject to such limitations, Borrower warrants and represents to
Administrative Agent and each of the Lenders for the express purpose of inducing Lenders to enter
into this Agreement, to make each Loan Advance, to issue each Letter of Credit and to otherwise
complete all of the transactions contemplated hereby as follows:

     6.1 Formation. Each Loan Party has been duly formed and is validly existing and in
good standing as a corporation, partnership or limited liability company, as the case may be, under
the laws of the State of its formation. Each Loan Party has the requisite corporate, partnership
or company power and authority, as applicable, to own its assets and conduct its businesses as
currently conducted and owned, and to enter into and perform its obligations under each Loan
Document to which it is a party. Each Loan Party is in good standing and authorized to do business
in each jurisdiction where the ownership of its assets and/or the conduct of its business requires
such
qualification except where the failure to be so qualified would not have a Material Adverse
Effect.

     6.2 Proceedings; Enforceability. Each Loan Party has taken all requisite corporate,
partnership or company action, as applicable, to authorize the execution, delivery and performance
by such Loan Party of the Loan Documents to which it is a party. Each Loan Document which is
required to be executed and delivered on or prior to the date on which this representation and
warranty is being made has been duly authorized, executed and delivered and constitutes the legal,
valid and binding obligation of each Loan Party thereto, enforceable against each such Loan Party
in accordance with its respective terms except to the extent that the enforceability thereof may be
limited by applicable bankruptcy, insolvency and similar laws affecting rights of creditors
generally and to general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

     6.3 Conflicts. Neither the execution, delivery and performance of the Loan Documents
by the Loan Parties or compliance by any Loan Party with the terms and provisions thereof
(including, without limitation, the granting of Liens pursuant to the Security Documents), (i) will
contravene any provision of any law, statute, rule or regulation or any order, writ, injunction or
decree of any court or governmental instrumentality having jurisdiction over Borrower, the Property
or any Loan Party, (ii) will conflict with or result in any breach of any of the terms, covenants,
conditions of, or constitute a default under, or result in the creation or imposition (or the
obligation to create or impose) of any Lien (except pursuant to the Security Documents) upon any of
the property or assets of any Loan Party pursuant to the terms of any indenture, mortgage, deed of
trust, credit agreement or loan agreement or any other agreement, contract or instrument to which
any Loan Party is a party or by which it or any of its properties or assets is bound or to which it
may be subject, or (iii) will violate any provision of any Formation Document of any Loan Party.

     6.4 Ownership and Taxpayer Identification Numbers. All of the partners, owners,
stockholders, and members, respectively and as may be applicable, of each Loan Party (other than
the Borrower and CSC) are listed in Exhibit F (as such may be updated from time to time in

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accordance with Section 6.22). The exact correct name and organizational number(s) and federal
employment identification number(s) of the Borrower, CSC and each such Loan Party are accurately
stated in Exhibit F. Each Borrowing Base Property Owner is a Wholly-Owned Subsidiary of
the Borrower, a JV Entity or CSC.

     6.5 Litigation. There are no actions, suits or proceedings at law or in equity or by
or before any governmental instrumentality or other agency or regulatory authority by any entity
(private or governmental) pending or, to the best of each Loan Party’s knowledge, threatened with
respect to the Loan, the transactions contemplated in the Loan Documents, or any other Borrower
Subsidiary, which are not fully covered (subject to deductibles) by an insurance policy issued
by a reputable and financially viable insurance company, or, to the extent not so covered, have or
could reasonably be expected to have a Material Adverse Effect.

     6.6 Information. All factual information furnished by or on behalf of the Borrower or
any Loan Party to the Administrative Agent and/or any of the Lenders (including, without
limitation, all information contained in the Loan Documents) for purposes of or in connection with
this Agreement, the other Loan Documents or any transaction contemplated herein or therein is, and
all other such factual information hereafter furnished by or on behalf of the Borrower or any Loan
Party to the Administrative Agent and/or any of the Lenders will be, true and accurate in all
material respects on the date as of which such information is dated or certified and not incomplete
by omitting to state any fact necessary to make such information not misleading in any material
respect at such time in light of the circumstances under which such information was provided. There
is no material fact presently known to the Borrower which has not been disclosed to Administrative
Agent, and thereupon disclosed by Administrative Agent to the Lenders, which has or could
reasonably be expected to have a Material Adverse Effect.

     6.7 Taxes. All Loan Parties have made all required tax filings and are not delinquent
in the payment of any federal, state and local taxes, assessments, impositions or other
governmental charges applicable to them and/or their respective assets, except to the extent same
are being contested in a manner which complies with the requirements of Section 8.2.3.

     6.8 Financial Information. The Consolidated financial statements of CSC, the
Borrower, and the Loan Parties delivered to the Administrative Agent present fairly the financial
condition of each at the dates of such statements of financial condition and the results of
operations for the periods covered thereby in accordance with GAAP, consistently applied. Since
December 31, 2007, no change has occurred which could reasonably be expected to have a Material
Adverse Effect. All financial statements of the Borrower, the Borrower Subsidiaries, or any other
Loan Parties hereafter furnished to Administrative Agent or any of the Lenders shall be true,
accurate and complete in all material respects and shall fairly present the financial condition of
Borrower and respective Loan Party as of the date thereof in accordance with GAAP, consistently
applied.

     6.9 Control Provisions. The Borrower controls, directly or indirectly, and without
the requirement for consent of any other Person (other than CSC), the management of each Borrowing
Base Property Owner, subject to the rights of those minority or other equity interest holders as
the Administrative Agent may approve.

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     6.10 Formation Documents.The Borrower has delivered or caused to be delivered to the Administrative Agent true and
complete copies of all Formation Documents of the Loan Parties, and all amendments thereto.

     6.11 Bankruptcy Filings. No Loan Party is contemplating either a filing of a petition
under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major
portion of its assets or property, and the Borrower has no knowledge of any Person contemplating
the filing of any such petition against any Loan Party.

     6.12 Investment Company. No Loan Party is an “investment company” or a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940,
as amended.

     6.13 {RESERVED}

     6.14 Borrowing Base Properties.

          6.14.1 Each of the Borrowing Base Property Owners possesses such Licenses and Permits issued
by the appropriate federal, state, or local regulatory agencies or bodies necessary to develop, own
and operate (as applicable) each Borrowing Base Property given status of the development of the
Borrowing Base Property, except where the failure to possess any such License or Permit would not
have a Material Adverse Effect. The Borrowing Base Property Owners are in material compliance with
the terms and conditions of all such Licenses and Permits, except where the failure so to comply
would not, singly or in the aggregate, result in a Material Adverse Effect. All of the Licenses
and Permits are valid and in full force and effect, except where the invalidity of such Licenses
and Permits or the failure of such Licenses and Permits to be in full force and effect would not
result in a Material Adverse Effect. Neither the Borrower nor any of the Borrowing Base Property
Owners has received any written notice of proceedings relating to the revocation or modification of
any such Licenses and Permits which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would result in a Material Adverse Effect.

          6.14.2 (i) The Borrowing Base Property Owners have either (x) fee simple title to the
Borrowing Base Properties or (y) a leasehold estate interest in the Borrowing Base Properties, as
set forth in Schedule 6.14.2(i) (as such may be updated from time to time in accordance with
Section 6.22); (ii) the interest of the Borrowing Base Property Owners in the Borrowing Base
Properties are not subject to any Liens except for those in favor of the Administrative Agent for
the ratable benefit of the Lenders securing the repayment of Obligations and other Permitted Liens;
(iii) neither the Borrower nor any of the Borrowing Base Property Owners has received written
notice of the assertion of any claim by anyone adverse to any Loan Party’s ownership, or leasehold
rights in and to any Borrowing Base Property (except as may be disclosed in any update from time to
time in accordance with Section 6.22); and (iv) no Person has an option or right of first refusal
to purchase all or part of any Borrowing Base
Property or any interest therein which has not been waived (except as may be disclosed in
Schedule 6.14.2(i) or in any update from time to time in accordance with Section 6.22);

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          6.14.3 Except to the extent the failure of the following to be true would not result in a
Material Adverse Effect or is disclosed in the Environmental Reports (as defined in the
Environmental Indemnity) (i) each Borrowing Base Property is free of any Hazardous Materials in
violation of any Environmental Legal Requirements applicable to such property; (ii) none of the
Borrowing Base Property Owners or Borrower has received any written notice of a claim under or
pursuant to any Environmental Legal Requirements applicable to a Borrowing Base Property or under
common law pertaining to Hazardous Materials on or originating from any Borrowing Base Property
(except as may be disclosed in any update from time to time in accordance with Section 6.22); and
(iii) none of the Borrowing Base Property Owners or Borrower has received any written notice from
any Governmental Authority claiming any material violation of any Environmental Legal Requirements
that is uncured or unremediated (except as may be disclosed in any update from time to time in
accordance with Section 6.22);

          6.14.4 Except to the extent the failure of the following to be true would not result in a
Material Adverse Effect, (i) with respect to the Borrowing Base Properties, each Major Lease is in
full force and effect (except as may be disclosed in any update from time to time in accordance
with Section 6.22), (ii) except as set forth in Schedule 6.14.4(ii) (as such may be updated from
time to time in accordance with Section 6.22), to the Borrower’s knowledge, none of the Borrowing
Base Property Owners is in default after notice and the expiration of all applicable cure periods
in the performance of any material obligation under any Major Lease and the Borrower has no
knowledge of any circumstances which, with the passage of time or the giving of notice, or both,
would constitute an event of default by any party under any of the Major Leases, (iii) except as
set forth in Schedule 6.14.4(iii) (as such may be updated from time to time in accordance with
Section 6.22), to the Borrower’s knowledge, no tenant is in default under any Major Lease, (iv)
except as otherwise expressly set forth in Schedule 6.14.4(iv) (as such may be updated from time to
time in accordance with Section 6.22), to the Borrower’s Knowledge, there are no actions, voluntary
or involuntary, pending against any tenant under a Major Lease under any bankruptcy or insolvency
laws, and (v) none of the Major Leases and none of the rents or other amounts payable thereunder
has been assigned, pledged or encumbered by any of the Borrowing Base Property Owners or any other
Person, except with respect to the Lien in favor of the Administrative Agent on behalf of the
Lenders securing the repayment of Obligations.

          6.14.5 Except to the extent the failure of the following to be true would not result in a
Material Adverse Effect, (i) each Ground Lease with respect to a Borrowing Base Property is valid,
binding and in full force and effect as against the applicable Borrowing Base Property Owners and,
to the Borrower’s knowledge, the other party thereto, (ii) none of Borrowing Base Property Owner’s
interest in the Ground Leases is subject to any pledge, lien, assignment, license or other
agreement granting to any third party any interest therein, and (iii) no payments under any Ground
Lease with respect to a Borrowing Base property are delinquent and no notice of default thereunder
has been sent or received by any Loan Party which has not been cured or waived prior to the date
hereof, and to the knowledge of the Borrower, there does not exist under any of the Ground Leases
any default by any Borrowing Base Property Owners or any event which merely with notice or lapse of
time or both, would constitute such a default by any of the
Borrowing Base Property Owners, and (iv) the identity of each ground lessor under a Ground
Lease with respect to a Borrowing Base Property and whether each such ground lessor is an Affiliate
of any Loan Party are set forth in Schedule 6.14.5.

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     6.15 Use of Proceeds. The proceeds of the Loan shall be used solely and exclusively
as provided in Section 1.3. No portion of the proceeds of the Loan shall be used directly or
indirectly, and whether immediately, incidentally or ultimately (i) to purchase or carry any margin
stock or to extend credit to others for the purpose thereof or to repay or refund indebtedness
previously incurred for such purpose, or (ii) for any purpose which would violate or in
inconsistent with the provisions of regulations of the Board of Governors of the Federal Reserve
System including, without limitation, Regulations T, U and X thereof.

     6.16 Insurance. The Collateral Properties are insured by insurers of recognized
financial responsibility against such losses and risks in compliance with the requirements of
Exhibit E hereto.

     6.17 Deferred Compensation and ERISA. Neither Borrower nor any other Loan Party,
other than CSC, has any pension, profit sharing, stock option, insurance or other arrangement or
Plan for employees covered by ERISA except as may be designated to Administrative Agent in writing
by Borrower from time to time and, to the best of the Borrower’s Knowledge, no Reportable Event has
occurred and is now continuing with respect to any such ERISA Plan. The granting of the Loan, the
performance by Borrower and/or any of the Loan Parties of their respective obligations under the
Loan Documents and Borrower’s and/or such other Loan Parties’ conducting of their respective
operations do not and will not violate any provisions of ERISA.

     6.18 Conditions Satisfied. Assuming that the Administrative Agent and the Lenders
have approved all matters requiring their approval, all of the conditions precedent to closing and
funding the initial Loan Advance have been satisfied or waived.

     6.19 No Default. There is no Default on the part of Borrower or any of the other Loan
Parties under this Agreement or any of the other Loan Documents and no event has occurred and is
continuing which could, with the passing of time, the giving of notice, or both, constitute a
Default under any Loan Document.

     6.20 Other Loan Parties’ Warranties and Representations. Borrower has no reason to
believe that any warranties or representations made in writing by any of the Loan Parties to the
Administrative Agent or any of the Lenders are untrue, incomplete and or misleading in any material
respect.

     6.21 Qualification as a REIT. CSC qualified as a REIT under the provisions of the
Code, as applicable, for its fiscal year ended December 31, 2002, and has remained qualified from
December 31, 2002 through the date hereof. All appropriate federal income tax returns for the
fiscal years through December 31, 2006 have been filed by CSC with the IRS and no previously filed
return has been examined and reported on by the IRS. CSC has not incurred any liability for excise
taxes pursuant to Section 4981 of the Code. CSC is organized in conformity with the requirements
for qualification as a REIT pursuant to Sections 856 through 860 of the Code, and CSC’s proposed
method of operation consistent with CSC’s business and the business activities contemplated by this
Agreement will enable it to meet the requirements for qualification and taxation as a REIT under
the Code.

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     6.22 Regarding Representations and Warranties. Each request by any Borrower for a
Loan Advance and/or the issuance of a Letter of Credit: (i) shall constitute an affirmation by
Borrower that the foregoing representations and warranties remain true and correct as of the date
of such request (except as to the representations and warranties in Sections 6.4, 6.7, 6.9, and
6.14 which may be modified only to reflect events occurring after the date hereof as specifically
disclosed in writing to Administrative Agent prior to or simultaneously with such written request)
and, unless Administrative Agent is notified to the contrary prior to the disbursement of the
requested Loan Advance or the issuance of the requested Letter of Credit, will be so on the date of
such Loan Advance or issuance of such Letter of Credit, and (ii) shall constitute the
representation and warranty of Borrower to Administrative Agent and each of the Lenders that the
information set forth in each such request is true and correct in all material respects and omits
no material fact necessary to make the same not misleading. All representations, warranties,
covenants and agreements made in this Agreement or in the other Loan Documents by each Loan Party
shall be deemed to have been relied upon by the Administrative Agent and each of the Lenders
notwithstanding any investigation heretofore or hereafter made by the Administrative Agent and/or
any of the Lenders or on its behalf.

     7. AFFIRMATIVE COVENANTS. Borrower covenants and agrees that from the date hereof and
so long as any indebtedness is outstanding hereunder, or any of the Loan or other obligations
remains outstanding, as follows:

     7.1 Notices. Borrower shall within five (5) business days after it has actual
knowledge thereof, notify Administrative Agent in writing (and Administrative Agent shall
thereafter promptly notify the Lenders) of the occurrence of any act, event or condition which
constitutes a Default or Event of Default under any of the Loan Documents. Such notification shall
include a written statement of any remedial or curative actions which Borrower proposes to
undertake and/or to cause any of other Loan Parties to cure or remedy such Default or Event of
Default.

     7.2 Financial Statements; Reports; Officer’s Certificates. Borrower shall furnish or
cause to be furnished to Administrative Agent (and Administrative Agent shall thereafter promptly
furnish copies of same to the Lenders), the following financial statements, reports, certificates,
and other information, all in form and manner of presentation reasonably acceptable to
Administrative Agent:

          7.2.1 Annual Statements. Within ninety (90) days after the close of each Fiscal Year,
(i) the Consolidated statement of financial condition of CSC, as at the end of such Fiscal Year and
the related Consolidated statement of income and retained earnings and statement of cash flows for
such Fiscal Year, in each case, commencing with the Fiscal Year ending December 31, 2008, setting
forth comparative figures for the preceding fiscal year and certified by Ernst & Young LLP or other
independent certified public accountants of recognized national standing reasonably acceptable to
the Administrative Agent, in an unqualified opinion, together with (ii) consolidating income
statements for the Borrower and each Borrower Subsidiary; such financial statements to include and
to be supplemented by such detail and supporting data and schedules as Administrative Agent may
from time to time reasonably determine;

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          7.2.2 Periodic Statements. (A) Within forty five (45) days after the close of each
calendar quarter (except for the quarter ending on December 31), the following (i) the Consolidated
statement of financial condition of CSC, as at the end of such quarterly period, the related
Consolidated statement of income and retained earnings (for the current quarter and on a year to
date basis), and statement of cash flows (on a year to date basis), in each case commencing with
the Fiscal Year ending December 31, 2008, setting forth comparative figures for the related periods
in the prior Fiscal Year, internally prepared, in accordance with GAAP, consistently applied,
subject to normal year-end audit adjustments, all in form and manner of presentation reasonably
acceptable to Administrative Agent, such financial statements to include and to be supplemented by
such detail and supporting data and schedules as Administrative Agent may from time to time
reasonably determine, together with (ii) consolidating income statements for the Borrower and each
Borrower Subsidiary, (iii) an Officer’s Certificate from the Borrower certifying that such
financial statements fairly present the financial condition of CSC in accordance with GAAP,
consistently applied, and that no Event of Default has occurred and is continuing, or if it is, a
statement as to the nature thereof, and (iv) an updated Cash Flow Projection in the form of
Schedule CF, and (B) a listing of all filings by Borrower or CSC with the SEC, including, without
limitation, full copies of Guarantor’s 10-Q and 10-K filings not later than five (5) Business Days
following filing with the SEC.

          7.2.3 Borrowing Base Property Reports. Quarterly and annually, upon delivery of each
of the financial statements required pursuant to Sections 7.2.1 and 7.2.2, above, the following
financial statements for each of the Borrowing Base Property Owners internally prepared by Borrower
and certified by Borrower to be true, accurate and complete in all material respects: (i) upon
commencement of payment of rent by any tenant, to the extent not included in the deliveries under
Section 7.2.1 or 7.2.2, an operating statement showing all Net Operating Income, including, without
limitation, the results of operation for the current quarter and on a year-to-date basis for the
period just ended and, annually, an operating statement for the year just ended; (ii) in the form
customarily used by the Borrower, a detailed, current rent roll of the subject Borrowing Base
Property, containing such details as Administrative Agent may
reasonably request, and (iii) any update to the Operating Pro Forma originally delivered in
connection with each Borrowing Base Property.

          7.2.4 SEC Reports. Within five (5) days after being received, copies of all
correspondence from the SEC, other than routine non-substantive general communications from the
SEC.

          7.2.5 Compliance Certificates. Within forty-five (45) days after the close of each
quarterly accounting period in each Fiscal Year of the Borrower (except for the quarter ending on
December 31, which shall be submitted within ninety days after the close of such quarter), a
Compliance Certificate in form of Exhibit G, annexed hereto, together with an Officer’s
Certificate from the Borrower providing and otherwise certifying the compliance or non-compliance
by the Borrower with the Financial Covenants, with such supporting detail as is reasonably deemed
necessary by the Administrative Agent to verify the calculations incorporated therein, along with a
report containing, to the extent not included in the deliveries under Sections 7.2.1, 7.2.2, or
7.2.3 for all Individual Properties, a summary listing of all Net Operating Income, revenues, rent
roll, mortgage Debt, in each case, as applicable, and, in addition, for each

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Individual Property acquired during the quarter just ended, the cost basis and the amount and terms of any assumed
Debt.

          7.2.6 Data Requested. Within a reasonable period of time and from time to time, such
other financial data or information as Administrative Agent or any Lender (through the
Administrative Agent) may reasonably request with respect to the Collateral Properties, the
Borrower, and/or the other Loan Parties including, but not limited to, rent rolls, aged
receivables, aged payables, leases, budgets, forecasts, reserves, cash flow projections, deposit
accounts, mortgage information, physical condition of the Collateral Properties and pending lease
proposals;

          7.2.7 Tax Returns. Upon Administrative Agent’s or Required Lenders’ (through the
Administrative Agent) request, copies of all federal and state tax returns of the Borrower and the
other Loan Parties;

          7.2.8 Lease Notices. Concurrently with the giving or receipt thereof, and within ten
(10) Business Days of receipt thereof, copies of all notices of default given or received by any
Loan Party with respect to any Major Lease.

          7.2.9 Ground Lessor Interest Notices. Concurrently with the giving thereof, and
within five (5) Business Days of receipt thereof, copies of all material notices, other than
routine correspondence, given or received by any Loan Party with respect to any Ground Lease with
respect to a Borrowing Base Property.

          7.2.10 Entity Notices. Concurrently with the issuance thereof, copies of all material
written notices (excluding routine correspondence) given to the partners, owners, stockholders,
and/or members, respectively, of the Borrower.

          7.2.11 Property Acquisition or Sale. Within five (5) Business Days of receipt
thereof, copies of all notices in any way relating to a proposed sale or acquisition of any
Individual Property which the Borrower or any Borrower Subsidiary intends to consummate.

          7.2.12 Property Finance. Within five (5) Business Days of receipt thereof, copies of
all notices in any way relating to (a) a proposed finance or refinance of any Individual Property
which the Borrower or any Borrower Subsidiary intends to consummate, (b) the occurrence of any
monetary or material non-monetary default or monetary or material non-monetary event of default
under any Debt which is recourse to the Borrower, or any other default or event of default under
any Debt which is recourse to the Borrower, the occurrence of which could reasonably be expected to
have a Material Adverse Effect, or (c) the occurrence of any monetary or material non-monetary
default or monetary or material non-monetary event of default under any Debt in excess of
$10,000,000.00 which is secured by an Individual Property, or any other default or event of default
under any Debt in excess of $10,000,000.00 which is secured by an Individual Property, the
occurrence of which could reasonably be expected to have a Material Adverse Effect.

          7.2.13 Notice of Litigation. Within ten (10) Business Days after an officer of either
Borrower, any Borrower Subsidiary, or any Loan Party obtains knowledge thereof, written notice of
any pending or, to the best of the Borrowers’ knowledge, threatened action, suit or

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proceeding at
law or in equity or by or before any governmental instrumentality or other agency or regulatory
authority by any entity (private or governmental) (a) relating in any way to the Loan, the
transactions contemplated in the Loan Documents (including, without limitation, with regard to all
Distributions), or (b) the transactions contemplated in any documentation executed in connection
therewith, or the Borrower, any other Loan Party, or any other Borrower Subsidiary, which, in the
case of this clause (b), is not fully covered (subject to deductibles) by an insurance policy
issued by a reputable and financially viable insurance company, or, to the extent not so covered,
which could reasonably be expected to have a Material Adverse Effect.

     7.3 Existence. Borrower shall do or cause to be done all things necessary to (i)
preserve, renew and keep in full force and effect (x) the partnership, company or corporate
existence, as applicable, of each Loan Party and (y) the material rights, licenses, permits and
franchises of each Loan Party, (ii) comply with all laws and other Legal Requirements applicable to
it and its assets, business and operations, the non-compliance with which could reasonably be
expected to have a Material Adverse Effect, (iii) to the extent applicable, at all times maintain,
preserve and protect all material franchises and trade names and all the remainder of its property
used or useful in the conduct of its business, and (iv) keep and cause each Loan Party to keep, its
assets in good working order and repair, ordinary wear and tear and damage by casualty or taking by
condemnation excepted, and from time to time make, or cause to be made, all reasonably necessary
repairs, renewals, replacements, betterments and improvements thereto.

     7.4 Payment of Taxes. Borrower shall duly pay and discharge, and cause each Loan
Party to duly pay and discharge, before the same shall become overdue, all taxes, assessments,
impositions, and other
governmental charges payable by it or with respect to the Collateral Properties, to the extent
that same are not paid by the tenants under the respective Leases; provided, however, the failure
of any Loan Party to pay such taxes, assessments, impositions, or other governmental charges shall
not constitute a Default or Event of Default as long as same are being contested in a manner which
complies with the requirements of Section 8.2.3.

     7.5 Insurance; Casualty, Taking.

          7.5.1 Borrower shall at all times maintain or cause the appropriate Person to maintain in full
force and effect the following insurance: (i) the Collateral Properties shall be insured by
insurers of recognized financial responsibility against such losses and risks in compliance with
the Major Leases and the requirements set forth in Exhibit E hereto, and (ii) all other
assets of the Borrower and the Borrower Subsidiaries shall be insured with such insurance as is
reasonable and usual for Persons conducting business operations similar to those of the Borrower
and in compliance with the terms of any secured financing with respect thereto.

          7.5.2 Without limiting the generality of the insurance requirements set forth herein, only if
commercially available at commercially reasonable rates (in an amount reasonably consistent with
the amount of such insurance generally obtained by companies engaging in real estate business
operations of a similar size and nature as that of the Borrower) either (i) the insurance policies
required hereunder shall not include any so called “terrorist exclusion” or similar exclusion or
exception to insurance coverage relating to the acts of terrorist groups or individuals, or (ii)
excess or blanket coverage with respect thereto shall be provided,

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which excess or blanket coverage must be in an amount, from an insurer, and in accordance with terms and conditions reasonably
acceptable to the Administrative Agent.

          7.5.3 All insurance premiums shall be paid, at Borrower’s option either annually in advance or
in installments when due, and Administrative Agent shall be provided with evidence of such payment
of insurance premiums (or evidence of the relevant installment payment) prior to each renewal or
replacement of such coverages.

          7.5.4 In the event of any damage or destruction to any Collateral Property by reason of fire
or other hazard or casualty, Borrower shall give immediate written notice thereof to Administrative
Agent. With respect to any such damage or destruction, the Borrower shall make the Mandatory
Principal Payment, if any is required, set forth herein. If there is any condemnation for public
use of any Collateral Property, Borrower shall give immediate written notice thereof to
Administrative Agent (and Administrative Agent shall thereafter promptly notify the Lenders). With
respect to any such condemnation, the Borrower shall make the Mandatory Principal Payment, if any
is required, set forth herein. Further, Borrower shall upon the request of the Administrative
Agent provide to the Administrative Agent a report as to the status of any insurance adjustment,
condemnation claim, or restoration resulting from any casualty or taking.

     7.6 Inspection. Borrower shall cause the other Loan Parties to permit the
Administrative Agent and the Lenders and its/their agents, representatives and employees to inspect
the Collateral Properties,
and any and all other assets of the Borrower or any of the Loan Parties, at reasonable hours
upon reasonable notice. The Borrower shall be responsible for the reasonable costs incurred by the
Administrative Agent of one (1) such inspection of each Borrowing Base Property or other asset per
year, and all such inspections by Administrative Agent (accompanied by any Lender or Lenders) if an
Event of Default is in existence.

     7.7 Loan Documents. Borrower shall (and shall cause the other Loan Parties to)
observe, perform and satisfy all the terms, provisions, covenants and conditions to be performed by
it under, and to pay when due all costs, fees and expenses, and other Obligations to the extent
required under, the Loan Documents.

     7.8 Further Assurances. Borrower shall and shall cause the other Loan Parties to
execute and deliver to the Administrative Agent such documents, instruments, certificates,
assignments and other writings, and do such other acts, necessary or desirable in the reasonable
judgment of the Administrative Agent, to evidence, preserve and/or protect the Collateral at any
time securing or intended to secure the Obligations or for the better and more effective carrying
out of the intents and purposes of this Agreement and the other Loan Documents.

     7.9 Books and Records. Borrower shall and shall cause the other Loan Parties and
Borrower Subsidiaries to keep and maintain in accordance with GAAP (or such other accounting basis
reasonably acceptable to the Administrative Agent), proper and accurate books, records and accounts
reflecting all of the financial affairs of the Borrower and such other Loan Parties and Borrower
Subsidiaries and all items of income and expense in connection with their respective business and
operations and in connection with any services, equipment or furnishings provided in connection
with the operation of the business of the Borrower, the other Loan Parties, and the

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Borrower Subsidiaries, whether such income or expense is realized thereby or by any other Person. The
Administrative Agent (accompanied by any Lender or Lenders) shall have the right, not more than
once each quarter (unless an Event of Default shall have occurred and be continuing in which case
as often as the Administrative Agent shall reasonably determine), during normal business hours and
upon reasonable notice, to examine such books, records and accounts at the office of the Person
maintaining such books, records, correspondence, and accounts and to make such copies or extracts
thereof as the Administrative Agent shall desire at Administrative Agent’s cost and expense.
Borrower shall give the Administrative Agent fifteen (15) Business Days notice of any change in the
location of its financial records from the address specified at the beginning of this Agreement.
The Administrative Agent may discuss the financial and other affairs of the Borrower, the other
Loan Parties, and the Borrower Subsidiaries with any of its partners, owners, and any accountants
hired by Borrower, it being agreed that Administrative Agent and each of the Lenders shall use
reasonable efforts not to divulge information obtained from such examination to others except in
connection with Legal Requirements and in connection with administering the Loan, enforcing its
rights and remedies under the Loan Documents and in the conduct, operation and regulation of its
banking and lending business (which may include, without limitation, the transfer of the Loan or of
participation interests therein). Any assignee or transferee of the Loan, co-lender, or any holder
of a participation interest in the Loan shall deal with such information in the same manner and in
connection with any subsequent transfer of its interest in the Loan or of further participation
interests therein.

     7.10 Business and Operations. Borrower shall (and shall cause the other Loan Parties
and Borrower Subsidiaries to) (i) continue to engage in the type of businesses, acquisition, sale,
financing, development and operation of retail properties and usual and customary uses incidental
to such retail activities presently conducted by them as of the Closing Date, respectively, and
(ii) be qualified to do business and in good standing under the laws of each jurisdiction, and
otherwise to comply with all Legal Requirements, as and to the extent the same are required for the
ownership, maintenance, management and operation of the assets of such Person except where the
failure to be so qualified could not reasonably be expected to have a Material Adverse Effect.

     7.11 Title. (i) Borrower shall and shall cause the other Loan Parties to warrant and
defend (x) the title to each item of Collateral owned by such Person and every part thereof,
subject only to the Liens (if any) permitted hereunder, (y) the validity and priority of the Liens
and security interests held by the Administrative Agent pursuant to the Loan Documents, in each
case against the claims of all Persons whomsoever, and (z) the title to and in the Collateral
Properties, and (ii) Borrower and the other Loan Parties shall be responsible, jointly and
severally, to reimburse Administrative Agent and the Lenders for any losses, costs, damages or
expenses (including reasonable attorneys’ fees and court costs) incurred by the Administrative
Agent and/or any of the Lenders if an interest in any item of Collateral, other than as permitted
hereunder, is claimed by another Person.

     7.12 Estoppel. Borrower shall (and shall cause the other Loan Parties to), within ten
(10) Business Days after a request therefor from the Administrative Agent, which request shall not
be made by Administrative Agent more than once each Fiscal Year, furnish to the Administrative
Agent a statement, duly acknowledged and certified, setting forth (i) the amount

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then owing by Borrower in respect of the Obligations, (ii) the date through which interest on the Loan has been
paid, (iii) any offsets, counterclaims, credits or defenses to the payment by any Loan Party to the
Obligations of which Borrower has knowledge and (iv) whether any written notice of Default from
Administrative Agent to the Borrower or any of the other Loan Parties is then outstanding and
acknowledging that this Agreement and the other Loan Documents are in full force and effect and
unmodified, or if modified, giving the particulars of such modification.

     7.13 ERISA. Borrower shall (and shall cause each of the other Loan Parties and
Borrower Subsidiaries to) as soon as possible and, in any event, within ten (10) days after any
Loan Party, Borrower Subsidiary, or any ERISA Affiliate knows of the occurrence of any of the following
which could reasonably be expected to have a Material Adverse Effect, deliver to Administrative
Agent a certificate of an executive officer of the Borrower setting forth details as to such
occurrence and the action, if any, that the applicable Borrower or other Loan Party or Borrower
Subsidiary or such ERISA Affiliate is required or proposes to take, together with any notices
required or proposed to be given to or filed with or by such Borrower, Loan Party, the ERISA
Affiliate, the PBGC, a Plan participant or the Plan administrator with respect thereto: (i) that a
Reportable Event has occurred; (ii) that an accumulated funding deficiency has been incurred or an
application may be or has been made to the Secretary of the Treasury for a waiver or modification
of the minimum funding standard (including any required installment payments) or an extension of
any amortization period under Section 412 of the Code with respect to a Plan; (iii) that a
contribution required to be made to a Plan has not been timely made; (iv) that a Plan has been or
may be terminated, reorganized, partitioned or declared insolvent under Title IV of ERISA; (v) that
a Plan has an Unfunded Current Liability giving rise to a lien under ERISA or the Code; (vi) that
proceedings may be or have been instituted to terminate or appoint a trustee to administer a Plan;
(vii) that a proceeding has been instituted pursuant to Section 515 of ERISA to collect a
delinquent contribution to a Plan; (viii) that such Borrower, Loan Party, Borrower Subsidiary, or
ERISA Affiliate will or may incur any liability (including any indirect, contingent, or secondary
liability) to or on account of the termination of or withdrawal from a Plan under Section 4062,
4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or with respect to a Plan under Section 401(a)(29),
4971, 4975 or 4980 of the Code or Section 409 or 502(i) or 502(l) of ERISA; or (ix) or that such
Borrower, the Loan Party or Borrower Subsidiary may incur any material liability pursuant to any
employee welfare benefit plan (as defined in Section 3(l) of ERISA) that provides benefits to
retired employees or other former employees (other than as required by Section 601 of ERISA) or any
employee pension benefit plan (as defined in Section 3(2) of ERISA). Upon the request of the
Administrative Agent, the Borrower shall (and shall cause the other Loan Parties and Borrower
Subsidiaries to) deliver to Administrative Agent a complete copy of the annual report (Form 5500)
of each Plan required to be filed with the Internal Revenue Service. In addition to any
certificates or notices delivered to Administrative Agent pursuant to the first sentence hereof,
copies of any material notices received by the Borrower, a Loan Party, a Borrower Subsidiary, or
any ERISA Affiliate with respect to any Plan shall be delivered to Administrative Agent no later
than ten (10) days after the date such report has been filed with the Internal Revenue Service or
such notice has been received by such Borrower, Loan Party or Borrower Subsidiary or ERISA
Affiliate, as applicable.

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     7.14 Depository Account.

          7.14.1 Borrower shall maintain an operating and other depository account (the “Depository
Account”) with KeyBank, National Association (or any successor thereto), unless otherwise agreed by
Administrative Agent in writing.

          7.14.2 Administrative Agent is hereby authorized, on or after the due date, to charge such
Depository Account of Borrower with the amount of all payments due under this Agreement, the Note
or the other Loan Documents, with the Borrower’s obligation to make any required payment being
satisfied to the extent there are sufficient collected funds in the Depository Account in the
amount of such payment.

     7.15 Costs and Expenses. Borrower shall pay all costs and expenses (excluding
salaries or wages of full time employees of Administrative Agent) reasonably incurred by
Administrative Agent in connection with the implementation and syndication of the Loan and the
administration of the Loan, and reasonably incurred by the Administrative Agent or any of the
Lenders in connection with the enforcement of the Administrative Agent’s and Lenders’ rights under
the Loan Documents, including, without limitation, legal fees and disbursements, appraisal fees,
inspection fees, plan review fees, travel costs, fees and out-of-pocket costs of independent
engineers and other consultants. Borrower’s obligations to pay such costs and expenses shall
include, without limitation, all reasonable attorneys’ fees and other costs and expenses for
preparing and conducting litigation or dispute resolution arising from any breach by Borrower or
the Loan Parties of any covenant, warranty, representation or agreement under any one or more of
the Loan Documents.

     7.16 Appraisals.

          7.16.1 Appraisal. Administrative Agent shall have the right at its option (which it
shall exercise at the direction of the Required Lenders), from time to time, to order an appraisal
of one or more of the Borrowing Base Properties prepared at Administrative Agent’s direction by an
appraiser selected by Administrative Agent (the “Appraisal”), after notice to the Borrower. An
appraiser selected by Administrative Agent shall be an MAI member with an appropriate level of
professional experience appraising commercial properties in the respective area(s) of the Borrowing
Base Properties and otherwise qualified pursuant to provisions of applicable laws and regulations
under and pursuant to which Administrative Agent operates.

          7.16.2 Costs of Appraisal. Borrower shall pay for the costs of each Appraisal and
each updated Appraisal only (i) after the occurrence of an Event of Default, or (ii) in connection
with an annual Appraisal to be ordered by the Administrative Agent for each Borrowing Base
Property, or (iii) in connection with any request by the Borrower to extend the Initial Maturity
Date to the Extended Maturity Date, or (iv) if a material adverse change has occurred to any
Borrowing Base Property.

     7.17 Indemnification. Borrower shall at all times, both before and after repayment of
the Loan, at its sole cost and expense defend, indemnify, exonerate and save harmless
Administrative Agent and each of the Lenders and all those claiming by, through or under
Administrative Agent and each of the Lenders (“Indemnified Party”) against and from all

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damages, losses, liabilities, obligations, penalties, claims, litigation, demands, defenses, judgments,
suits, proceedings, costs, disbursements or expenses of any kind whatsoever, including, without
limitation, reasonable attorneys’ fees and experts’ fees and disbursements, which may at any time
(including, without limitation, before or after discharge or foreclosure of the Security Documents)
be imposed upon, incurred by or asserted or awarded against the Indemnified Party and arising from
or out of:

               (i) any damage to person or property arising out of any violation of any Legal Requirement, or

               (ii) any brokerage or finder’s fees in respect of the Loan arising from any act or course of
dealing by the Borrower or any Loan Party, or

               (iii) any claim brought by any third party related to the Collateral or the Loan or arising
out of the execution and delivery of the Loan Documents; or

               (iv) any act, omission, negligence or conduct at any Collateral Property, or arising or
claimed to have arisen, out of any act, omission, negligence or conduct of Borrower, any Borrower
Subsidiary, or any tenant, occupant or invitee thereof which is in any way related to any
Collateral Property.

Notwithstanding the foregoing, an Indemnified Party shall not be entitled to indemnification in
respect of claims arising from acts of its own gross negligence or willful misconduct to the extent
that such gross negligence or willful misconduct is determined by the final judgment of a court of
competent jurisdiction, not subject to further appeal, in proceedings to which such Indemnified
Party is a proper party.

     7.18 Leasing Matters.

          7.18.1 Administrative Agent’s Approval Required.

               (i) Except as provided for herein, the Loan Parties may enter into, modify, terminate, or
amend any Lease for any Individual Property without the approval of the Administrative Agent or the
Lenders.

               (ii) Administrative Agent’s prior written approval, which shall not be unreasonably withheld
or delayed, shall be required in each instance as to the entering into of any Major Lease.

               (iii) For any Major Lease requiring approval hereunder, the approval shall relate to: (i) the
economic and other terms of the Major Lease; (ii) each tenant under a proposed Major Lease; (iii)
each guarantor of a tenant’s obligations under a proposed Major Lease; (iv) any material
modification or amendment to the Major Lease, and (v) any optional termination, cancellation or
surrender of any Major Lease by the Loan Party thereto but not a termination resulting from a
default of the tenant thereunder.

          7.18.2 Borrower’s Requests. Subject to Section 7.18.5, any request by Borrower for an
approval from Administrative Agent with respect to leasing matters shall be sent to the

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Administrative Agent and shall be accompanied to the extent available, by the following: (i) the
proposed lease or amendment or modification thereof complete with all applicable schedules and
exhibits and a lease abstract; (ii) a complete copy of any proposed guaranty; (iii) comprehensive
financial information with respect to the proposed tenant and, if applicable, the proposed
guarantor (as to new leases or amendments or modifications to existing leases involving material
economic changes); and (iv) an executive summary of the terms and conditions of the proposed lease
and, if applicable, the proposed guaranty.

          7.18.3 Response. The Administrative Agent shall act on requests from Borrower for any
approval required under Section 7.18.2 in a commercially reasonable manner and shall
use commercially reasonable efforts to respond to any such request within ten (10) Business
Days for approvals required under Section 7.18.2, in each instance following Administrative Agent’s
receipt thereof with all required supporting information. Administrative Agent’s response may
consist of an approval or disapproval of the request, or a conditional approval thereof subject to
specified conditions, or a request for further data or information, or any combination thereof.

          7.18.4 Advance Information. In order to expedite the processing of requests for such
approvals, Borrower agrees to provide the Administrative Agent with as much advance information as
is possible in a commercially reasonable manner in advance of Borrower’s formal request for an
approval.

          7.18.5 Preliminary Submission.

               (i) At Borrower’s option, after the preparation or execution of a term sheet or letter of
intent with any proposed tenant under a Major Lease requiring approval herein, the Borrower may
deliver to the Administrative Agent a preliminary submission consisting of, to the extent
available, (x) an executive summary or abstract of the terms and conditions of the proposed lease
and, if applicable, the proposed guaranty and (y) comprehensive financial information with respect
to the proposed tenant and, if applicable, the proposed guarantor. Administrative Agent shall act
on requests from Borrower for any approval under this section in a commercially reasonable manner
and shall use commercially reasonable efforts to respond to any such request within ten (10)
Business Days following Administrative Agent’s receipt thereof. In the event that Administrative
Agent approves such summary material and financial information for any Major Lease, the material
shall be referred to herein as an “Approved Lease Term Sheet”.

               (ii) Administrative Agent shall not withhold its approval of (x) the economic terms of any
lease which are not materially less favorable than the economic terms established by an Approved
Lease Term Sheet, or (y) the identity of the tenant and each guarantor, and any terms or other
substantive provisions, reflected in an Approved Lease Term Sheet, unless there has been a material
adverse change in the financial condition of the tenant or any such guarantor since the approval of
such Approved Lease Term Sheet.

     7.19 Permanent Financings. The Borrower and/or the Borrower Subsidiaries shall not
incur any multi-property cross-collateralized financings in excess of $25,000,000.00 outstanding in
the aggregate without the prior approval of the Administrative Agent.

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     7.20 Leverage Ratio. The Leverage Ratio as determined as of each Calculation Date
shall be less than seventy percent (70%). The Leverage Ratio covenant shall be tested by the
Administrative Agent as of each Calculation Date, such calculation and results to be verified by
the Administrative Agent.

     7.21
Fixed Charge Ratio. The Fixed Charge Ratio as determined as of each Calculation Date shall be not less than
1.35:1. The Fixed Charge Ratio covenant shall be tested by the Administrative Agent as of each
Calculation Date with results based upon the results for the most recent Calculation Period, such
calculation and results to be verified by the Administrative Agent.

     7.22 Net Worth. The Borrower’s Net Worth as determined as of each Calculation Date
shall be equal to or greater than the aggregate of (a) $536,025,018.00, plus (b) eighty-five
percent (85%) of the cumulative net cash proceeds received from and the value of assets acquired
(net of Debt incurred or assumed in connection therewith) through the issuance of Capital Stock by
CSC or the Borrower after December 31, 2003. For purposes of this section “net” means net of
underwriters’ discounts, commissions and other reasonable out-of-pocket expenses of issuance
actually paid to any Person (other than a Loan Party or an Affiliate of any Loan Party). The Net
Worth covenant shall be tested by the Administrative Agent as of each Calculation Date, such
calculation and results to be verified by the Administrative Agent.

     7.23 Borrowing Base Property Covenants.

          7.23.1 Each Borrowing Base Property shall at all times following completion thereof be a
retail center located in the United States owned by a Borrowing Base Property Owner.

          7.23.2 The ownership of each Borrowing Base Property shall at all times be consistent with the
Borrower’s business strategy, and following completion thereof each Borrowing Base Property shall
at all times be of an asset quality consistent with the quality of other completed Borrowing Base
Properties owned by the Borrowing Base Property Owners as of the date hereof.

     7.24 Variable Rate Debt. The aggregate Pro Rata amount of the Debt (including the
Loan) of the Consolidated CSC Entities and the Unconsolidated CSC Entities which is Variable Rate
Indebtedness shall not exceed thirty (30%) percent of the Total Asset Value.

     7.25 Replacement Documentation. Upon receipt of an affidavit of an officer of
Administrative Agent as to the loss, theft, destruction or mutilation of the Note or any other
security document which is not of public record, and, in the case of any such loss, theft,
destruction or mutilation, upon surrender and cancellation of such Note or other security document,
Borrower will issue, in lieu thereof, a replacement Note or other security document in the same
principal amount thereof and otherwise of like tenor.

     7.26 Other Covenants. The Borrower hereby represents and warrants to Administrative
Agent and the Lenders that no Collateral is in the possession of any third party bailee (such as at
a warehouse) other
than construction materials stored offsite pursuant to the customary bailee or custodial
procedures. In the event that the Borrower and/or any of the other

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Loan Parties, after the date hereof, intends to store or otherwise deliver any Collateral or
other personal property in which the Administrative Agent has been granted a security interest to
such a bailee, then the Borrower shall receive the prior written consent of the Administrative
Agent not to be unreasonably withheld or delayed and such bailee must acknowledge in writing that
the bailee is holding such Collateral or such other personal property for the benefit of the
Administrative Agent and the Lenders.

     7.27 Maintenance of REIT Status. CSC shall engage in such business activities, and
shall refrain from engaging in such activities, so as to continue to meet the requirements for
qualification and taxation as a REIT under the Code.

     7.28 Lenders’ Consultants.

          7.28.1 Right to Employ. The Borrower agrees that the Administrative Agent shall have
the right to employ on its behalf and on behalf of the Lenders, its own personnel, or one or more
engineers, architects, environmental advisors, scientists, accountants, and attorneys to act as an
advisor to Administrative Agent and the Lenders in connection with the Loan (each of which shall be
a “Lenders’ Consultant”).

          7.28.2 Functions. The functions of a Lenders’ Consultant shall include, without
limitation: (i) inspection and physical review of any Collateral Property; (ii) review and analysis
of environmental matters; (iii) review and analysis of financial and legal matters; and (iv)
providing usual inspection and review services in connection with the development and construction
of the Borrowing Base Properties or in the event of the use of Net Proceeds for any Repair Work.

          7.28.3 Payment. The reasonable costs and fees of Lenders’ Consultants shall be paid
by Borrower upon billing therefor and, if not so paid within thirty (30) days, may be paid directly
by the Lenders through a Loan Advance.

          7.28.4 Access. Borrower shall provide Lenders’ Consultants with reasonable access to
all Collateral Properties.

          7.28.5 No Liability. Neither Administrative Agent nor any Lender shall have liability
to Borrower, any Loan Party, Guarantor, or third party on account of: (i) services performed by
Lenders’ Consultant; or (ii) any failure or neglect by Lenders’ Consultant to properly perform
services. Borrower shall have no rights under or relating to any agreement, report, or similar
document prepared by any Lenders’ Consultant for Administrative Agent or Lenders. No Lenders’
Consultant shall have liability to Borrower, any Loan Party, Guarantor, or third party on account
of: (x) services performed by such Lenders’ Consultant; or (y) any failure or neglect by such
Lenders’ Consultant to properly perform services, except for its gross negligence or willful
misconduct.

     7.29 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined)
and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to
the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Act”), it is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and

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address of the Borrower and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in
accordance with the Act.

     8. NEGATIVE COVENANTS. Borrower covenants and agrees that from the date hereof and so
long as any indebtedness is outstanding hereunder, or any of the Loan or other obligations remains
outstanding, the Borrower shall not (and shall not suffer or permit the other Loan Parties, and/or
the Borrower Subsidiaries to):

     8.1 No Changes to Borrower and other Loan Parties. Without the prior written consent
of the Administrative Agent, not to be unreasonably withheld or delayed after not less than thirty
(30) days’ prior written notice (with reasonable particularity of the facts and circumstances
attendant thereto): (i) change its jurisdiction of organization, (ii) change its organizational
structure or type, (iii) change its legal name, or (iv) change the organizational number (if any)
assigned by its jurisdiction of formation or its federal employment identification number (if any).
Borrower agrees to take all such action and execute all such documents as the Administrative Agent
may reasonably require in order to maintain the Administrative Agent’s priority and perfection in
the Collateral.

     8.2 Restrictions on Liens. Create, incur, assume or suffer to exist any Lien upon or
with respect to any property or assets (real or personal, tangible or intangible, including,
without limitation, the Borrowing Base Properties), whether now owned or hereafter acquired, or
sell any such property or assets subject to an understanding or agreement, contingent or otherwise,
to repurchase such property or assets (including sales of accounts receivable with recourse) or
assign any right to receive income or permit the filing of any financing statement under the UCC or
any other similar notice of Lien under any similar recording or notice statute, or grant rights
with respect to, or otherwise encumber or create a security interest in, such property or assets
(including, without limitation, any item of Collateral) or any portion thereof or any other
revenues therefrom or the proceeds payable upon the sale, transfer or other disposition of such
property or asset or any portion thereof, or permit or suffer any such action to be taken, except
the following (singly and collectively, “Permitted Liens”):

          8.2.1 Liens created by the Loan Documents;

          8.2.2 Liens to secure Permitted Debt that by the terms of Section 8.4 is permitted to be
secured, provided that (x) the Borrower will be in compliance with the Financial Covenants
considering the consequences of the granting of any such Lien and (y) no such Lien
shall be secured by any Borrowing Base Property, the ownership interest in any Borrowing Base
Property Owner, or any other assets of any Borrowing Base Property Owner;

          8.2.3 Liens for taxes, assessments or other governmental charges not yet delinquent or which
are being diligently contested in good faith and by appropriate proceedings, if (x) to the extent
such contest concerns a Borrowing Base Property, reasonable reserves in an amount not less than the
tax, assessment or governmental charge being so contested shall have been established in a manner
reasonably satisfactory to the Administrative Agent or deposited in cash (or cash equivalents) with
the Administrative Agent to be held during the pendency of such contest, or such contested amount
shall have been duly bonded in accordance with applicable law, (y) no imminent risk of sale,
forfeiture or loss of any interest in any Borrowing Base

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Property or the Collateral or any part
thereof arises during the pendency of such contest and (z) such contest does not have and could not
reasonably be expected to have a Material Adverse Effect;

          8.2.4 Liens in respect of property or assets imposed by law, which do not secure Debt, such as
judgment Liens (provided such judgment Liens do not cause the occurrence of an Event of Default
under Section 10.1), carriers’, warehousemen’s, material men’s and mechanics’ liens and other
similar Liens arising in the ordinary course of business, (x) which, except for such judgment
Liens, do not in the aggregate materially detract from the value of any property or assets or
have, and could not reasonably be expected to have, a Material Adverse Effect, (y) which, except
for such judgment Liens, are being contested in good faith by appropriate proceedings, which
proceedings have the effect of preventing the forfeiture or sale of the property or assets subject
to any such Lien, and (z) which as to any Borrowing Base Property do not have a lien priority prior
to the Lien in favor of the Administrative Agent, for the benefit of the Lenders, with respect to
the Obligations, including, without limitation, any future Loan Advances;

          8.2.5 Personal property financing leases entered into in the ordinary course of business with
respect to equipment, fixtures, furniture, furnishings and similar assets.

     8.3 Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity. (i)
Dissolve, terminate, liquidate, consolidate with or merge with or into any other Person, (ii)
issue, sell, lease, transfer or assign to any Persons or otherwise dispose of (whether in one
transaction or a series of transactions) any portion of its assets (whether now owned or hereafter
acquired), including, without limitation, any securities, membership or partnership interests, or
other interests of any kind in any other Loan Party or Borrower Subsidiary, directly or indirectly
(whether by the issuance of rights of, options or warrants for, or securities convertible into, any
such security, membership or partnership interests or other interests of any kind), (iii) permit
another Person to merge with or into it, (iv) acquire all or substantially all the capital stock,
membership or partnership interests or assets of any other Person, or (v) take any action which
could have the effect, directly or indirectly, of diluting the economic interest of any Loan Party
in any other Loan Party or Borrower Subsidiary; except the following:

          8.3.1 Transfers pursuant to the Security Documents and other agreements in favor of
Administrative Agent for the ratable benefit of the Lenders;

          8.3.2 Any such dissolution, liquidation, or termination which does not involve a Loan Party;

          8.3.3 With the prior written consent of the Administrative Agent, such consent not to be
unreasonably withheld or delayed, any consolidation, merger, or issuance so long as the Borrower is
the surviving entity, provided that (w) no Event of Default is continuing before or after giving
effect thereto, (x) the Borrower will be in compliance with the Financial Covenants considering the
consequences of such event, (y) no such event shall cause a Change of Control, and (z) except as
otherwise approved by the Administrative Agent, each Borrowing Base Property Owner will continue to
be a Wholly-Owned Subsidiary of the Borrower, CSC or a JV Entity;

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          8.3.4 Sales of any Borrowing Base Property, provided the Release Conditions are satisfied with
respect thereto;

          8.3.5 Leases of all or any portion of any Borrowing Base Property which either (i) are
permitted by the terms of this Agreement without Administrative Agent’s consent or approval or (ii)
are approved as provided for in this Loan Agreement;.

          8.3.6 Sales, transfers or assignments of other assets of the Borrower, any Loan Party or any
Borrower Subsidiary which are not within the Collateral, provided that the Borrower will be in
compliance with the Financial Covenants considering the consequences of the sale; provided further,
however, that the prior written approval of the Administrative Agent must be obtained (not to be
unreasonably withheld or delayed), in every instance, in the event that the aggregate amount of any
such sales, transfers, or assignments of said other assets exceeds ten percent (10%) of the Total
Asset Value, as verified by the Administrative Agent;

          8.3.7 Sales or dispositions in the ordinary course of business of worn, obsolete or damaged
items of personal property or fixtures which are suitably replaced;

          8.3.8 Transactions, whether outright or as security, for which Administrative Agent’s, the
Required Lenders’ or the Lenders’, as applicable, prior written consent has been obtained to the
extent such approval is required under this Agreement;

          8.3.9 In connection with a Permitted Investment;

          8.3.10 The issuance or sale of equity interests in the Borrower or CSC, so long as such sale
or issuance does not result in a Change of Control; or

          8.3.11 Mergers of and between Loan Parties, provided (i) the Borrower and CSC shall at all
times remain surviving entities, (ii) the Administrative Agent receives ten (10) Business Days
prior written notice of the proposed merger, and (iii) Borrower agrees to take all such action and
execute all such documents as the Administrative Agent may reasonably require in order to maintain
the Administrative Agent’s priority and perfection in the Collateral.

     8.4 Restrictions on Debt. (i) Create, incur or assume any Debt, or make any voluntary
prepayments of any Debt in respect of which it is an obligor, (ii) enter into, acquiesce, suffer or permit any amendment,
restatement or other modification of the documentation evidencing and/or securing any Debt under
which it is an obligor, (iii) increase the amount of any Debt existing as of the Closing Date;
except with respect to the following (singly and collectively, “Permitted Debt”):

          8.4.1 The Obligations;

          8.4.2 Individual Property secured Debt of the Borrower, CSC or any Borrower Subsidiary which
is recourse to the Borrower or CSC consistent with customary project finance market terms and
conditions (excluding the Obligations) in an amount not to exceed twenty five percent (25%) of the
Total Asset Value in the aggregate outstanding at any one time, provided that the Borrower will be
in compliance with the Financial Covenants considering the consequences of the incurrence of such
Debt;

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          8.4.3 Individual Property secured Debt of the Borrower, CSC or any Borrower Subsidiary which
is nonrecourse to the Borrower (other than recourse in connection with customary nonrecourse or
“bad boy” carve out provisions) or CSC, provided that the Borrower will be in compliance with the
Financial Covenants considering the consequences of the incurrence of such Debt;

          8.4.4 Indebtedness incurred in the ordinary course of business for the purchase of goods or
services which are payable, without interest, within ninety (90) days of billing; and

          8.4.5 Transactions, whether secured or unsecured, for which Administrative Agent’s prior
written consent has been obtained to the extent such approval is required under this Agreement; and

          8.4.6 Unsecured Debt not to exceed $10,000,000.00 in the aggregate outstanding at any time.

          8.4.7 Debt under capital leases of the type described in Section 8.2.5.

     8.5 Other Business. Enter into any line of business or make any material change in
the nature of its business, purposes or operations, or undertake or participate in activities other
than the continuance of its present business except as otherwise specifically permitted by this
Agreement or the other Loan Documents.

     8.6 Change of Control. Permit or otherwise suffer to occur any Change of Control.

     8.7 Forgiveness of Debt. Voluntarily cancel or otherwise forgive or release any Debt owed to it by any Person,
except for adequate consideration and except for settlement of lease obligations of tenants in the
Borrower’s reasonable business judgment.

     8.8 Affiliate Transactions. After the Closing Date, enter into, or be a party to, any
transaction with any Person which is an Affiliate of any Loan Party, except transactions (a)
involving the offering or sale of a Person’s equity interests on an arm’s length basis, or (b)
entered into in the ordinary course of business and on terms which are no less favorable to such
Loan Party or Borrower Subsidiary than would be obtained in a comparable arm’s-length transaction
with an unrelated third party, provided that this Section 8.8 shall not apply to transactions
entirely between and among Loan Parties or entirely between and among Borrower Subsidiaries that
are not Loan Parties.

     8.9 ERISA. Except for Code Section 401(k) plans, establish or be obligated to
contribute to any Plan.

     8.10 Bankruptcy Filings. With respect to any of the Loan Parties, file a petition
under any state or federal bankruptcy or insolvency laws for the liquidation of all or a major
portion of its assets or property.

     8.11 Investment Company. Become an “investment company” or a company “controlled” by
an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.

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     8.12 Use of Proceeds. Permit the proceeds of the Loan, or any other accommodation at
any time made hereunder, to be used for any purpose which entails a violation of, or is
inconsistent with, Regulation T, U or X of the Board, or for any purpose other than those set forth
in Section 1.3.

     8.13 Distributions. Authorize, declare, or pay any Distributions on behalf of the
Borrower, except for Permitted Distributions.

     8.14 Restrictions on Investments. Make or permit to exist or to remain outstanding
any Investment except which are in:

               (i) marketable direct or guaranteed general obligations of the United States of America which
mature within one year from the date of purchase;

               (ii) bank deposits, certificates of deposit and banker’s acceptances, or other obligations in
or of the Lenders or banks located within and chartered by the United States of America or a state
and having assets of over $500,000,000.00;

               (iii) the Borrower’s Subsidiaries (both Subsidiaries as of the date hereof and any other
Person that becomes a Borrower Subsidiary), subject in all instances to the terms of this
Agreement; and

               (iv) Permitted Investments.

     8.15 Negative Pledges, etc. Enter into any agreement subsequent to the Closing Date
(other than a Loan Document) which (a) prohibits the creation or assumption of any Lien upon any of
the Collateral, including, without limitation, any hereafter acquired property, (b) specifically
prohibits the amendment or other modification of this Agreement or any other Loan Document, or (c)
could reasonably be expected to have a Material Adverse Effect.

     9. SPECIAL PROVISIONS.

     9.1 Legal Requirements. Borrower, any Borrower Subsidiary or any Loan Party may
contest in good faith any claim, demand, levy or assessment under any Legal Requirements by any
person or entity if: (i) the contest is based upon a material question of law or fact raised by
Borrower in good faith; (ii) such Person properly commences and thereafter diligently pursues the
contest; (iii) the contest will not materially impair the ability to ultimately comply with the
contested Legal Requirement should the contest not be successful; (iv) if the contest concerns a
Borrowing Base Property or a Borrowing Base Property Owner, reasonable reserves in an amount
necessary to undertake and pay for such contest and any corrective or remedial action then or
thereafter reasonably likely to be necessary shall have been established in a manner reasonably
satisfactory to the Administrative Agent or deposited in cash (or cash equivalents) with the
Administrative Agent to be held during the pendency of such contest, or such contested amount shall
have been duly bonded in accordance with applicable law; (vi) no Event of Default exists; (vii) if
the contest relates to an Environmental Legal Requirement, the conditions set forth in the
Environmental Indemnity relating to such contests shall be satisfied; (viii) no imminent risk of
sale, forfeiture or loss of any interest in any Borrowing Base Property or the Collateral or

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any part thereof arises during the pendency of such contest; and (ix) such contest could not reasonably
be expected to have a Material Adverse Effect.

     9.2 Limited Recourse Provisions.

          9.2.1 Borrower Fully Liable. Borrower shall be fully liable for the Loan and the
Obligations of Borrower to the Administrative Agent and each of the Lenders.

          9.2.2 Certain Non-Recourse. This Agreement and all Loan Documents have been executed
by the undersigned in its capacity as an officer of CSC, as general partner of the Borrower on
behalf of the Borrower or the Loan Parties, and not individually, and none of the
trustees, officers, directors, members, limited partners, or shareholders of the Borrower or
CSC or any Loan Party shall be bound or have any personal liability hereunder or thereunder except
under any Guaranty or other Loan Document signed by such Person, other than a signature in a
representative capacity. Under no circumstances shall any party be entitled to seek recourse or
commence any action against any of the trustees, officers, directors, members, limited partners, or
shareholders of the Borrower or CSC or any such Person’s personal assets for the performance or
payment of any obligation hereunder. In all other Loan Documents, all parties shall not seek
recourse or commence any action against any of the trustees, officers, directors, members, limited
partners, or shareholders of Borrower or CSC or any of such Person’s personal assets for the
performance or payment of any obligation hereunder or thereunder, except under any Guaranty or
other Loan Document signed by such Person, other than a signature in a representative capacity.

          9.2.3 Additional Matters. Nothing contained in the foregoing non-recourse provisions
or elsewhere shall: (i) limit the right of Administrative Agent or any of the Lenders to obtain
injunctive relief or to pursue equitable remedies under any of the Loan Documents, excluding only
any injunctive relief ordering payment of obligations by any Person or entity for which personal
liability does not otherwise exist; or (ii) limit the liability of any attorney, law firm,
accountant or other professional who or which renders or provides any written opinion or
certificate to Administrative Agent or any of the Lenders in connection with the Loan even though
such person or entity may be a limited partner of Borrower.

     9.3 Payment of Obligations. Upon the return to the Administrative Agent, or the
expiration, of all of the Letters of Credit and the payment in full of the Obligations, in
immediately available funds, including, without limitation, all unreimbursed costs and expenses of
the Administrative Agent and of each Lender for which the Borrower is responsible, and the
termination of the Loan, the Administrative Agent shall release any security and other collateral
interests as provided for herein and under the other Loan Documents and shall execute and deliver
such documents and termination statements as Borrower or any other Loan Party reasonably requests
to evidence such termination and release. However, such release by the Administrative Agent shall
not be deemed to terminate or release any Person from any obligation or liability under the Loan
Documents which specifically by its terms survives the payment in full of the Obligations. At the
request of the Borrower, the Administrative Agent shall use reasonable efforts to cooperate in the
assignment of the Security Documents to a new lender, subject to the execution of customary
documents with respect to any such assignment

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     10. EVENTS OF DEFAULT. The following provisions deal with Default, Events of Default,
notice, grace and cure periods, and certain rights of Administrative Agent following an Event of
Default.

     10.1 Default and Events of Default. The term “Default” as used herein or in any of
the other Loan Documents shall mean any fact or circumstance which constitutes, or upon the lapse
of time, or giving of notice, or
both, could constitute, an Event of Default. The occurrence of any of the following events,
continuing uncured beyond any applicable grace, notice or cure period, respectively, shall
constitute an event of default (“Event of Default”). Upon the occurrence of any Event of Default
described in Section 10.1.8, any and all Obligations shall become due and payable without any
further act on the part of the Administrative Agent. Upon the occurrence of any other Event of
Default, the Administrative Agent may declare that any and all Obligations shall become immediately
due and payable.

          10.1.1 Failure to Pay the Loan. The failure by the Borrower to pay when due any
principal of, interest on, or fees in respect of, the Loan, and the specific grace period, if any,
allowed for the default in question in Section 10.2 or elsewhere in this Agreement shall have
expired without such default having been cured.

          10.1.2 Failure to Make Other Payments. The failure by the Borrower to pay when due
(or upon demand, if payable on demand) any payment Obligation other than any payment Obligation on
account of the principal of, or interest on, or fees in respect of, the Loan, and the specific
grace period, if any, allowed for the default in question in Section 10.2 or elsewhere in this
Agreement shall have expired without such default having been cured.

          10.1.3 Note, Security Documents, and Other Loan Documents. Any other default in the
performance of any term or provision of the Note, or of the Security Documents, or of any of the
other Loan Documents, or a breach, or other failure to satisfy, any other term, provision,
condition or warranty under the Note, the Security Documents, or any other Loan Document,
regardless of whether any then undisbursed portion of the Loan is sufficient to cover any payment
of money required thereby, and the specific grace period, if any, allowed for the default in
question in Section 10.2 or elsewhere in this Agreement shall have expired without such default
having been cured.

          10.1.4 Default under Other Agreements. The occurrence of any breach of any covenant
or Obligation imposed by, or of any default under, any agreement (including any Loan Document)
between the Administrative Agent and/or the Lenders and the Borrower, and/or the Loan Parties in
connection with the Loan, or any instrument given by the Borrower and such Persons to the
Administrative Agent and/or the Lenders, in connection with the Loan and the expiry, without cure,
of any applicable grace period in Section 10.2, elsewhere in this Agreement, or in the applicable
Loan Document (notwithstanding that the Administrative Agent and/or the Lenders may not have
exercised all or any of its/their rights on account of such breach or default).

          10.1.5 Representations and Warranties. If any representation or warranty made by the
Borrower or by any of the other Loan Parties or the Borrower Subsidiaries in the Loan Documents was
untrue or misleading in any material respect as of the date made or deemed

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made (updated as
provided for herein), including, without limitation, all representations and warranties made in
Article 6 herein, and shall have a Material Adverse Effect.

          10.1.6 Affirmative Covenants. The breach of any covenant contained in Article 7
herein, including, without limitation, the Financial Covenants.

          10.1.7 Negative Covenants. The breach of any covenant contained in Article 8 herein.

          10.1.8 Financial Status and Insolvency.

               A. Borrower shall: (i) admit in writing its inability to pay its debts generally as they
become due; (ii) file a petition in bankruptcy or a petition to take advantage of any insolvency
act; (iii) make an assignment for the benefit of creditors; (iv) consent to, or acquiesce in, the
appointment of a receiver, liquidator or trustee of itself or of the whole or any substantial part
of its properties or assets; (v) file a petition or answer seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy
laws or any other applicable law; (vi) have a court of competent jurisdiction enter an order,
judgment or decree appointing a receiver, liquidator or trustee of Borrower, or of the whole or any
substantial part of the property or assets of Borrower, and such order, judgment or decree shall
remain unvacated or not set aside or unstayed for ninety (90) days; (vii) have a petition filed
against it seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under the Federal Bankruptcy laws or any other applicable law and such petition
shall remain undismissed for ninety (90) days; (viii) have, under the provisions of any other law
for the relief or aid of debtors, any court of competent jurisdiction assume custody or control of
Borrower or of the whole or any substantial part of its property or assets and such custody or
control shall remain unterminated or unstayed for ninety (90) days; or (ix) have an attachment or
execution levied against any substantial portion of the property of Borrower or against any portion
of the Collateral which is not discharged or dissolved by a bond within sixty (60) days; or

               B. any such event set forth in subsection A above shall occur with respect to any Loan Party;

          10.1.9 Loan Documents. If any Loan Document for any reason other than the
satisfaction in full of all Obligations shall cease to be in full force and effect (other than in
accordance with its terms), thereby preventing the Administrative Agent and/or the Lenders from
obtaining the practical realization of the benefits thereof, or if any Loan Document shall be
declared null and void or any Loan Party shall claim or declare any such Loan Document to no longer
be in full force and effect or is null and void, or if the Liens and security interests purported
to be created by any of the Loan Documents shall cease to be valid, perfected, first priority
(except as otherwise expressly provided herein) security interests;

          10.1.10 Judgments. One or more judgments or decrees shall be entered against Borrower
or any Loan Party or Borrower Subsidiary involving a liability (not paid or fully covered (subject
to deductibles) by a reputable and solvent insurance company) and such judgments and decrees either
shall be final and non-appealable or shall not be vacated,

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discharged or stayed or bonded pending
appeal for any period of sixty (60) consecutive days, and the aggregate amount of all such
judgments exceeds $750,000.00;

          10.1.11 ERISA. (i) If any Plan shall fail to satisfy the minimum funding standard
required for any plan year or part thereof and a waiver of such standard or extension of any
amortization period is not granted under Section 412 of the Code, any Plan shall have had or
is likely to have a trustee appointed to administer such Plan, any Plan is, shall have been or
is likely to be terminated or to be the subject of a distress termination proceeding under ERISA,
any Plan shall have an Unfunded Current Liability, a contribution required to be made to a Plan has
not been timely made, a Loan Party or any ERISA Affiliate has incurred or is likely to incur a
liability to or on account of a Plan under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064,
4069, 4201, 4204 or 4212 of ERISA or Section 401(a)(29), 4971, 4975 or 4980 of the Code, or a Loan
Party has incurred or is likely to incur liabilities pursuant to one or more employee welfare
benefit plans (as defined in Section 3(l) of ERISA) that provide benefits to retired employees or
other former employees (other than as required by Section 601 of ERISA) or employee pension benefit
plans (as defined in Section 3(2) of ERISA) and any of the foregoing could have a Material Adverse
Effect; (ii) if there shall result from any such event or events the imposition of a lien, the
granting of a security interest, or a liability or a material risk of incurring a liability which
could have, or reasonably be expected to have, a Material Adverse Effect; or (iii) if any such
lien, security interest or liability is imposed or granted and, individually, and/or in the
aggregate, in the reasonable opinion of the Administrative Agent could have, or reasonably be
expected to have, a Material Adverse Effect.

          10.1.12 Change of Control. If a Change of Control shall occur.

          10.1.13 Indictment; Forfeiture. The indictment of, or institution of any legal
process or proceeding against, the Borrower, any other Loan Party, and/or any Borrower Subsidiary
under any applicable law where the relief, penalties, or remedies sought or available include the
forfeiture of any property of Borrower and/or any other such Person and/or the imposition of any
stay or other order, the effect of which could be to restrain in any material way the conduct by
the Borrower and/or any other such Person of its business in the ordinary course.

          10.1.14 Termination of Guaranty or Consent. Except as otherwise provided herein, the
termination or attempted termination of any Guaranty by any Guarantor of the Obligations.

          10.1.15 Cross-Default. The existence of a BOFA Event of Default.

          10.1.16 Generally. A default by Borrower in the performance of any term, provision or
condition of this Agreement to be performed by Borrower, or a breach, or other failure to satisfy,
any other term provision, condition, covenant or warranty under this Agreement and such default
remains uncured beyond any applicable specific grace period provided for in this Agreement,
including, without limitation, as set forth in Section 10.2. below.

     10.2 Grace Periods and Notice. As to each of the foregoing events the following
provisions relating to grace periods and notice shall apply:

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          10.2.1 No Notice or Grace Period. There shall be no grace period and no notice
provision with respect to the payment of principal at maturity and/or in connection with a
Mandatory Principal Prepayment (except as provided in Section 2.3.8 above) and no grace period and
no notice provision with respect to defaults related to the voluntary filing of
bankruptcy or reorganization proceedings or an assignment for the benefit of creditors (any of
which events shall also result in an immediate termination of the Lenders’ Commitments hereunder),
or subject to Sections 10.2.4 and 10.2.5, with respect to a breach of warranty or representation
under Article 6, or (subject to Section 10.2.5) with respect to the breach of any of the
affirmative covenants set forth in Article 7 (unless a grace or cure period is specifically
provided for therein) or (subject to Section 10.2.5) with respect to the breach of any of the
negative covenants set forth in Article 8.

          10.2.2 Nonpayment of Interest. As to the nonpayment of interest there shall be a
three (3) Business Day grace period without any requirement of notice from Administrative Agent.

          10.2.3 Other Monetary Defaults. All other monetary defaults shall have a three (3)
Business Day grace period following notice from Administrative Agent.

          10.2.4 Nonmonetary Defaults Capable of Cure. Subject to Section 10.2.1, as to
non-monetary Defaults which are reasonably capable of being cured or remedied, unless there is a
specific shorter or longer grace period provided for in this Loan Agreement or in another Loan
Document, there shall be a thirty (30) day grace period following notice from Administrative Agent
or, if such Default would reasonably require more than thirty (30) days to cure or remedy, such
longer period of time not to exceed a total of ninety (90) days from Administrative Agent’s notice
as may be reasonably required so long as Borrower shall commence reasonable actions to remedy or
cure the default within thirty (30) days following such notice and shall diligently prosecute such
curative action to completion within such ninety (90) day period. However, where there is an
emergency situation in which there is danger to person or property, it shall be an immediate Event
of Default if such curative action shall not be commenced as promptly as possible. As to breaches
of warranties and representations there shall be a thirty (30) day grace period following notice
from Administrative Agent.

          10.2.5 Borrowing Base Property Defaults. As to any non-monetary Defaults which are
reasonably capable of being cured or remedied by the removal of any Individual Property or
Individual Properties from being Borrowing Base Properties, there shall be a thirty (30) day grace
period following notice from the Administrative Agent for the Borrower to cure or remedy such
Default by paying the Release Price with respect thereto, if required.

     11. REMEDIES.

     11.1 Remedies. Upon the occurrence and during the continuance of an Event of Default,
whether or not the indebtedness evidenced by the Note and secured by the Security Documents shall
be due and payable or Administrative Agent shall have instituted any foreclosure or other action
for the enforcement of the Security Documents or the Note, Administrative Agent may, and shall upon
the direction of the Required Lenders, in addition to any other remedies which Administrative Agent
may have hereunder or under the other Loan

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Documents, or otherwise, and not in limitation thereof,
and in Administrative Agent’s and Required Lenders’ sole and absolute discretion:

          11.1.1 Accelerate Debt. Administrative Agent may, and with the direction of the
Required Lenders shall, declare the indebtedness evidenced by the Note and secured by the Security
Documents immediately due and payable (provided that in the case of a voluntary petition in
bankruptcy filed by Borrower or an involuntary petition in bankruptcy filed against Borrower (after
expiration of the grace period, if any, set forth in Section 10.1.8), such acceleration shall be
automatic).

          11.1.2 Collateralize Letters of Credit. Administrative Agent may require the Borrower
to deposit into accounts maintained with, and pledged to the Administrative Agent, cash proceeds in
an amount equal to the L/C Exposure, which deposits shall secure the L/C Exposure.

          11.1.3 Pursue Remedies. Administrative Agent may pursue any and all remedies provided
for hereunder, under any one or more of the other Loan Documents, and/or otherwise.

     11.2 Written Waivers. Except as otherwise provided in Section 13.4, if a Default or
an Event of Default is waived by the Required Lenders, in their sole discretion, pursuant to a
specific written instrument executed by an authorized officer of Administrative Agent, the Default
or Event of Default so waived shall be deemed to have never occurred.

     11.3 Power of Attorney. For the purpose of exercising the rights granted by this
Article 11, as well as any and all other rights and remedies of Administrative Agent under the Loan
Documents, Borrower hereby irrevocably constitutes and appoints Administrative Agent (or any agent
designated by Administrative Agent) its true and lawful attorney-in-fact, with full power of
substitution, upon and following any Event of Default which is continuing, to execute, acknowledge
and deliver any instruments and to do and perform any acts in the name and on behalf of Borrower.
In connection with the foregoing power of attorney, the Borrower hereby grants unto the
Administrative Agent (acting through any of its officers) full power to do any and all things
necessary or appropriate in connection with the exercise of such powers as fully and effectually as
the Borrower might or could do, hereby ratifying all that said attorney shall do or cause to be
done by virtue of this Agreement. The foregoing power of attorney shall not be affected by any
disability or incapacity suffered by the Borrower and shall survive the same. All powers conferred
upon the Administrative Agent by this Agreement, being coupled with an interest, shall be
irrevocable until this Agreement is terminated by a written instrument executed by a duly
authorized officer of the Administrative Agent.

     12. SECURITY INTEREST AND SET-OFF.

     12.1 Security Interest. Borrower hereby grants (and shall cause each other Loan Party
to grant in an applicable Security Document) to the Administrative Agent and each of the Lenders,
a continuing lien, security interest and right of setoff (with setoff being subject to Section
12.2) as security for all of the Obligations, upon and against all deposits, credits, collateral
and property,
now or hereafter in the possession, custody, safekeeping or control of

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Administrative Agent or
any of the Lenders or any entity under common control with the Administrative Agent and its
successors and assigns, or in transit to any of them.

     12.2 Set-Off. If any Event of Default occurs, any such deposits, balances or other
sums credited by or due from Administrative Agent, any affiliate of Administrative Agent or any of
the Lenders, or from any such affiliate any of the Lenders, to Borrower may to the fullest extent
not prohibited by applicable law at any time or from time to time, without regard to the existence,
sufficiency or adequacy of any other collateral, and without notice or compliance with any other
condition precedent now or hereafter imposed by statute, rule of law or otherwise, all of which are
hereby waived, be set off, appropriated and applied by Administrative Agent against any or all of
Borrower’s Obligations irrespective of whether demand shall have been made and although such
obligations may be unmatured, in the manner set forth herein. Within five (5) Business Days of
making any such set off, appropriation or application, Administrative Agent agrees to notify
Borrower thereof, provided the failure to give such notice shall not affect the validity of such
set off or appropriation or application. ANY AND ALL RIGHTS TO REQUIRE ADMINISTRATIVE AGENT OR ANY
OF THE LENDERS TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH
SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR
OTHER PROPERTY OF THE BORROWER OR ANY GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY
WAIVED. Each of the Lenders agrees with each other Lender that (a) if an amount to be set off is
to be applied to indebtedness of the Borrower to such Lender, other than the Obligations evidenced
by the Note due to such Lender, such amount shall be applied ratably to such other indebtedness and
to the Obligations evidenced by the Note due to such Lender, and (b) if such Lender shall receive
from the Borrower, whether by voluntary payment, exercise of the right of setoff, counterclaim,
cross action, enforcement of the claim evidenced by the Note due to such Lender by proceedings
against the Borrower at law or in equity or by proof thereof in bankruptcy, reorganization,
liquidation, receivership or similar proceedings, or otherwise, and shall retain and apply to the
payment of the Note due to such Lender any amount in excess of its ratable portion of the payments
received by all of the Lenders with respect to Obligations under the Note due to all of the
Lenders, such Lender will make such disposition and arrangements with the other Lenders with
respect to such excess, either by way of distribution, pro tanto assignment of claims,
subrogation or otherwise as shall result in each Lender receiving in respect of the Note its
proportionate payment as contemplated by this Agreement; provided that if all or any part
of such excess payment is thereafter recovered from such Lender, such disposition and arrangements
shall be rescinded and the amount restored to the extent of such recovery, but without interest.

     12.3 Right to Freeze. The Administrative Agent and each of the Lenders shall also
have the right, at its option, upon the occurrence of any event which would entitle the
Administrative Agent and each of the Lenders to set off or debit as set forth in Section 12.2, to
freeze, block or segregate any
such deposits, balances and other sums so that Borrower may not access, control or draw upon
the same.

     12.4 Additional Rights. The rights of Administrative Agent, the Lenders and each
affiliate of Administrative Agent and each of the Lenders under this Article 12 are in addition to,

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and not in limitation of, other rights and remedies, including other rights of set off, which
Administrative Agent or any of the Lenders may have.

     13. THE ADMINISTRATIVE AGENT AND THE LENDERS

     13.1 Rights, Duties and Immunities of the Administrative Agent.

          13.1.1 Appointment of Administrative Agent. Each Lender hereby irrevocably designates
and appoints KeyBank, National Association, as Administrative Agent of such Lender to act as
specified herein and in the other Loan Documents, and each such Lender hereby irrevocably
authorizes the Administrative Agent to take such actions, exercise such powers and perform such
duties as are expressly delegated to or conferred upon the Administrative Agent by the terms of
this Loan Agreement and the other Loan Documents, together with such other powers as are reasonably
incidental thereto. The Administrative Agent agrees to act as such upon the express conditions
contained in this Article 13. The Administrative Agent shall not have any duties or
responsibilities except those expressly set forth herein or in the other Loan Documents, nor shall
it have any fiduciary relationship with any Lender, and no implied covenants, responsibilities,
duties, obligations or liabilities shall be read into this Loan Agreement or otherwise exist
against the Administrative Agent. Except as provided for in Section 13.3, the provisions of this
Article 13 are solely for the benefit of the Administrative Agent and the Lenders, and the Borrower
shall not have any rights as a third party beneficiary of any of the provisions hereof; provided,
however, the Borrower may rely on any consent, waiver, approval, certificate or instrument
delivered by the Administrative Agent as evidencing that the Administrative Agent has received, to
the extent required hereunder, the prior approval of the Required Lenders or the Lenders.

          13.1.2 Administration of Loan by Administrative Agent. The Administrative Agent shall
be responsible for administering the Loan on a day-to-day basis. In the exercise of such
administrative duties, the Administrative Agent shall use the same diligence and standard of care
that is customarily used by the Administrative Agent with respect to similar loans held by the
Administrative Agent solely for its own account.

     Each Lender delegates to the Administrative Agent the full right and authority on its behalf
to take the following specific actions in connection with its administration of the Loan:

               (i) to fund the Loan in accordance with the provisions of the Loan Documents, but only to the
extent of immediately available funds provided to the Administrative Agent by the respective
Lenders for such purpose;

               (ii) to receive all payments of principal, interest, fees and other charges paid by, or on
behalf of, the Borrower and, except for fees to which the Administrative Agent is
entitled pursuant to the Loan Documents or otherwise, to distribute all such funds to the
respective Lenders as provided for hereunder;

               (iii) to keep and maintain complete and accurate files and records of all material matters
pertaining to the Loan, and make such files and records available for inspection and copying by
each Lender and its respective employees and agents during normal business hours upon reasonable
prior notice to the Administrative Agent;

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               (iv) to provide the Lenders with copies of all material and/or substantive notices, reports
and other information, and notice of all material and/or substantive matters or occurrences,
obtained by the Administrative Agent provided by or with respect to the Borrower or any other Loan
Party; and

               (v) to do or omit doing all such other actions as may be reasonably necessary or incident to
the implementation, administration and servicing of the Loan and the rights and duties delegated
hereinabove.

          13.1.3 Delegation of Duties. The Administrative Agent may execute any of its duties
under this Loan Agreement or any other Loan Document by or through its agents or attorneys-in-fact,
and shall be entitled to the advice of counsel concerning all matters pertaining to its rights and
duties hereunder or under the Loan Documents. The Administrative Agent shall not be responsible
for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable
care.

          13.1.4 Exculpatory Provisions. Neither the Administrative Agent nor any of its
officers, directors, employees, agents, attorneys-in-fact or affiliates shall be liable for any
action lawfully taken or omitted to be taken by it or them under or in connection with this Loan
Agreement or the other Loan Documents, except for its or their gross negligence or willful
misconduct. Neither the Administrative Agent nor any of its officers, directors, employees,
agents, attorneys-in-fact or affiliates shall be responsible for or have any duty to ascertain,
inquire into, or verify (i) any recital, statement, representation or warranty made by the Borrower
or any of its officers or agents contained in this Loan Agreement or the other Loan Documents or in
any certificate or other document delivered in connection therewith; (ii) the performance or
observance of any of the covenants or agreements contained in, or the conditions of, this Loan
Agreement or the other Loan Documents; (iii) the state or condition of any properties of the
Borrower or any other obligor hereunder constituting Collateral for the Obligations of the Borrower
hereunder, or any information contained in the books or records of the Borrower; (iv) the validity,
enforceability, collectibility, effectiveness or genuineness of this Loan Agreement or any other
Loan Document or any other certificate, document or instrument furnished in connection therewith;
or (v) the validity, priority or perfection of any lien securing or purporting to secure the
Obligations or the value or sufficiency of any of the Collateral.

          13.1.5 Reliance by Administrative Agent. The Administrative Agent shall be entitled
to rely, and shall be fully protected in relying, upon any notice, consent, certificate, affidavit,
or other document or writing believed by it to be genuine and correct and to have been signed, sent
or made by the proper person or persons, and upon the advice and statements of legal counsel
(including, without, limitation, counsel to the Borrower), independent accountants
and other experts selected by the Administrative Agent. The Administrative Agent shall be
fully justified in failing or refusing to take any action under this Loan Agreement or any other
Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as
it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against
any and all liability and expense which may be incurred by it by reason of the taking or failing to
take any such action. The Administrative Agent shall in all cases be fully protected in acting, or
in refraining from acting, under this Loan Agreement and the other Loan Documents in accordance
with any written request of the Required Lenders, or all of the Lenders, if required

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hereunder, and
each such request of the Required Lenders, or all of the Lenders, if required hereunder, and any
action taken or failure to act by the Administrative Agent pursuant thereto, shall be binding upon
all of the Lenders; provided, however, that the Administrative Agent shall not be
required in any event to act, or to refrain from acting, in any manner which is contrary to the
Loan Documents or to applicable law.

          13.1.6 Notice of Default. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative
Agent has actual knowledge of the same or has received notice from a Lender or the Borrower
referring to this Loan Agreement, describing such Default or Event of Default and stating that such
notice is a notice of default (a “Notice of Default”). In the event that the Administrative Agent
obtains such actual knowledge or receives such a notice, the Administrative Agent shall give prompt
notice thereof to each of the Lenders. The Administrative Agent shall take such action with
respect to such Default or Event of Default as shall be reasonably directed by the Required
Lenders, or all of the Lenders, if required hereunder. Unless and until the Administrative Agent
shall have received such direction, the Administrative Agent may (but shall not be obligated to)
take such action, or refrain from taking such action, with respect to any such Default or Event of
Default as it shall deem advisable in the best interest of the Lenders.

          13.1.7 Lenders’ Credit Decisions. Each Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender, and based on the financial
statements prepared by the Borrower and such other documents and information as it has deemed
appropriate, made its own credit analysis and investigation into the business, assets, operations,
property, and financial and other condition of the Borrower and has made its own decision to enter
into this Loan Agreement and the other Loan Documents. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in determining whether or not conditions precedent to Closing any Loan hereunder
have been satisfied and in taking or not taking any action under this Loan Agreement and the other
Loan Documents.

          13.1.8 Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to
reimburse and indemnify the Administrative Agent, ratably in proportion to their respective
Commitments, for (i) any amounts not reimbursed by the Borrower for which the Administrative Agent
is entitled to reimbursement by the Borrower under this Loan Agreement or the other Loan Documents,
(ii) any other expenses incurred by the Administrative Agent on behalf of the Lenders in connection
with the preparation, execution, delivery, administration, amendment, waiver and/or enforcement of
this Loan Agreement and the other Loan Documents,
and (iii) any liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind and nature whatsoever which may imposed on, incurred
by or asserted against the Administrative Agent in any way relating to or arising out of this Loan
Agreement or the other Loan Documents or any other document delivered in connection therewith or
any transaction contemplated thereby, or the enforcement of any of the terms hereof or thereof,
provided that no Lender shall be liable for any of the foregoing to the extent that they
arise from the gross negligence or willful misconduct of the Administrative Agent. If any
indemnity furnished to the Administrative Agent for any purpose shall, in the opinion of the

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Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for
additional indemnity and cease, or not commence, to do the action indemnified against until such
additional indemnity is furnished.

          13.1.9 Administrative Agent in its Individual Capacity. With respect to its
Commitment as a Lender, and the Loans made by it and the Note issued to it, the Administrative
Agent shall have the same rights and powers hereunder and under any other Loan Document as any
Lender and may exercise the same as though it were not the Administrative Agent, and the term
“Lender” or “Lenders” shall, unless the context otherwise indicates, include the Administrative
Agent in its individual capacity. The Administrative Agent and its subsidiaries and affiliates may
accept deposits from, lend money to, and generally engage in any kind of commercial or investment
banking, trust, advisory or other business with the Borrower or any subsidiary or affiliate of the
Borrower as if it were not the Administrative Agent hereunder.

          13.1.10 Successor Administrative Agent. The Administrative Agent may resign at any
time by giving thirty (30) days’ prior written notice to the Lenders and Borrower. The Required
Lenders, for good cause, may remove Administrative Agent at any time by giving thirty (30) days’
prior written notice to the Administrative Agent, the Borrower and the other Lenders. Upon any
such resignation or removal, the Required Lenders shall appoint a successor Administrative Agent,
which successor Administrative Agent shall, if such appointment is prior to the occurrence of an
Event of Default which is continuing, be subject to the approval of the Borrower, which approval
shall not be unreasonably withheld or delayed. If no successor Administrative Agent shall have
been so appointed by the Required Lenders and accepted such appointment within thirty (30) days
after the retiring Administrative Agent’s giving notice of resignation or the Required Lenders’
giving notice of removal, as the case may be, then the retiring Administrative Agent may appoint,
on behalf of the Borrower and the Lenders, a successor Administrative Agent. If in such instance
the retiring Administrative Agent appoints as the successor Administrative Agent a Lender, such
Lender shall accept such appointment. Each such successor Administrative Agent shall be a Lender or
a financial institution which meets the requirements of an Eligible Assignee. Upon the acceptance
of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such
successor Administrative Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan
Documents. After any retiring Administrative Agent’s resignation hereunder, the provisions of this
Article 13 shall continue in effect for its benefit in respect of any actions taken or omitted to
be taken by it while it was acting as the Administrative Agent hereunder.

          13.1.11 Duties in the Case of Enforcement. In case one or more Events of Default have
occurred and shall be continuing, and whether or not acceleration of the Obligations shall have
occurred, the Administrative Agent may, and shall at the direction of the Required Lenders, or all
of the Lenders, if required hereunder, and provided that the Lenders have given to the
Administrative Agent such additional indemnities and assurances against expenses and liabilities as
the Administrative Agent may reasonably request, proceed to enforce the provisions of this Loan
Agreement and the other Loan Documents respecting the foreclosure, the sale, or other disposition
of all or any part of the Collateral and the exercise of any other legal or equitable rights or
remedies as it may have hereunder or under any other Loan Document or

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otherwise by virtue of
applicable law, or to refrain from so acting if similarly requested by the Required Lenders. The
Administrative Agent shall be fully protected in so acting or refraining from acting upon the
instruction of the Required Lenders, or all of the Lenders, if required hereunder, and such
instruction shall be binding upon all the Lenders. The Required Lenders may direct the
Administrative Agent in writing as to the method and the extent of any such foreclosure, sale or
other disposition or the exercise of any other right or remedy, the Lenders hereby agreeing to
indemnify and hold the Administrative Agent harmless from all costs and liabilities incurred in
respect of all actions taken or omitted in accordance with such direction, provided that
the Administrative Agent need not comply with any such direction to the extent that the
Administrative Agent reasonably believes the Administrative Agent’s compliance with such direction
to be unlawful or commercially unreasonable in any applicable jurisdiction. The Administrative
Agent may, in its discretion but without obligation, in the absence of direction from the Required
Lenders, take such interim actions as it believes necessary to preserve the rights of the Lenders
hereunder and in and to any Collateral securing the Obligations, including but not limited to
petitioning a court for injunctive relief, appointment of a receiver or preservation of the
proceeds of any Collateral. Each of the Lenders acknowledges and agrees that no individual Lender
may separately enforce or exercise any of the provisions of any of the Loan Documents, including
without limitation the Note, other than through the Administrative Agent.

     13.2 Respecting Loans and Payments.

          13.2.1 Procedures for Loans. Administrative Agent shall give written notice to each
Lender of each request for a Loan Advance, or conversion of an existing Loan Advance from a
Variable Rate Advance to an Effective LIBO Rate Advance, by facsimile transmission, hand delivery
or overnight courier, not later than 11:00 a.m. (Eastern time) (i) three (3) Business Days prior to
the making of any Loan Advance, (ii) two (2) Business Days prior to any conversion of an existing
Loan Advance to an Effective LIBO Rate Advance, or (iii) on the first day of any conversion to a
Variable Rate Advance. Each such notice shall be accompanied by a written summary of the request
for a Loan Advance and shall specify (a) the date of the requested Loan Advance, (b) the aggregate
amount of the requested Loan Advance, (c) each Lender’s pro rata share of the
requested Loan Advance, and (d) the applicable interest rate selected by Borrower with respect to
such Loan Advance, or any portion thereof, together with the applicable Interest Period, if any,
selected, or deemed selected, by Borrower. Each Lender shall, before 11:00 a.m. (Eastern time) on
the date set forth in any such request for a Loan Advance, make available to Administrative Agent,
at an account to be designated by Administrative Agent at KeyBank, National Association, Boston,
Massachusetts, in same day funds, each Lender’s ratable portion of the requested Loan Advance
provided that no Lender
shall be required to fund any Loan Advance to the extent that such Lender’s aggregate
outstanding Loan Advances would exceed its Commitment. After Administrative Agent’s receipt of
such funds and upon Administrative Agent’s determination that the applicable conditions to making
the requested Loan Advance have been fulfilled, Administrative Agent shall make such funds
available to Borrower as provided for in this Loan Agreement. Within a reasonable period of time
following the making of each Loan Advance, but in no event later than ten (10) Business Days
following such Loan Advance, Administrative Agent shall deliver to each Lender a copy of Borrower’s
request for Loan Advance. Promptly after receipt by Administrative Agent of written request from
any Lender, Administrative Agent shall deliver to

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the requesting Lender the accompanying
certifications and such other instruments, documents, certifications and approvals delivered by or
on behalf of Borrower to Administrative Agent in support of the requested Loan Advance.

          13.2.2 Nature of Obligations of Lenders. The obligations of the Lenders hereunder are
several and not joint. Failure of any Lender to fulfill its obligations hereunder shall not result
in any other Lender becoming obligated to advance more than its Commitment Percentage of the Loan,
nor shall such failure release or diminish the obligations of any other Lender to fund its
Commitment Percentage provided herein.

          13.2.3 Payments to Administrative Agent. All payments of principal of and interest on
the Loan or the Note shall be made to the Administrative Agent by the Borrower or any other obligor
or guarantor for the account of the Lenders in immediately available funds as provided in the Note
and this Loan Agreement. Except as otherwise expressly provided herein, the Administrative Agent
agrees promptly to distribute to each Lender, on the same Business Day upon which each such payment
is made, such Lender’s proportionate share of each such payment in immediately available funds
excluding Liquidation Proceeds which shall be distributed in accordance with Section 13.2.4 below.
The Administrative Agent will disburse such payments to the Lenders on the date of receipt thereof
if received prior to 1:00 p.m. on such date and, if not, on the next Business Day. The
Administrative Agent shall upon each distribution promptly notify Borrower of such distribution and
each Lender of the amounts distributed to it applicable to principal of, and interest on, the
proportionate share held by the applicable Lender. Each payment to the Administrative Agent under
the first sentence of this Section shall constitute a payment by the Borrower to each Lender in the
amount of such Lender’s proportionate share of such payment, and any such payment to the
Administrative Agent shall not be considered outstanding for any purpose after the date of such
payment by the Borrower to the Administrative Agent without regard to whether or when the
Administrative Agent makes distribution thereof as provided above. If any payment received by the
Administrative Agent from the Borrower is insufficient to pay both all accrued interest and all
principal then due and owing, the Administrative Agent shall first apply such payment to all
outstanding interest until paid in full and shall then apply the remainder of such payment to all
principal then due and owing, and shall distribute the payment to each Lender accordingly.

          13.2.4  Distribution of Liquidation Proceeds. Subject to the terms and conditions
hereof, the Administrative Agent shall distribute all Liquidation Proceeds in the order and manner
set forth below:

	 	 	 	 	 
	 

	 	First:
	 	To the Administrative Agent, towards any fees and any expenses for which the
Administrative Agent is entitled to reimbursement under this Agreement or the other
Loan Documents not theretofore paid to the Administrative Agent.
	 
	 

	 	Second:
	 	To all applicable Lenders in accordance with their proportional share based upon
their respective Commitment Percentages (or pro rata if the Lenders have not ratably
funded such amounts) until all Lenders have been reimbursed for all fees and expenses
which such Lenders have previously paid to the Administrative Agent and not theretofore
paid to such Lenders.

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	 	Third:
	 	To all applicable Lenders in accordance with their proportional share based upon
their respective Commitment Percentages until all Lenders have been paid in full all
principal and interest due to such Lenders under the Loan, with each Lender applying
such proceeds for purposes of this Agreement first against the outstanding principal
balance due to such Lender under the Loan and then to accrued and unpaid interest due
under the Loan.
	 
	 

	 	Fourth:
	 	To all applicable Lenders in accordance with their proportional share based upon
their respective Commitment Percentages (or pro rata if the Lenders have not ratably
funded such amounts) until all Lenders have been paid in full all other amounts due to
such Lenders under the Loan including, without limitation, any costs and expenses
incurred directly by such Lenders to the extent such costs and expenses are
reimbursable to such Lenders by the Borrower under the Loan Documents.
	 
	 

	 	Fifth:
	 	To the Borrower or such third parties as may be entitled to claim Liquidation
Proceeds.

          13.2.5 Adjustments. If, after Administrative Agent has paid each Lender’s
proportionate share of any payment received or applied by Administrative Agent in respect of the
Loan and other Obligations, that payment is rescinded or must otherwise be returned or paid over by
Administrative Agent, whether pursuant to any bankruptcy or insolvency law, sharing of payments
clause of any loan agreement or otherwise, such Lender shall, at Administrative Agent’s request,
promptly return its proportionate share of such payment or application to Administrative Agent,
together with such Lender’s proportionate share of any interest or other amount required to be
paid by Administrative Agent with respect to such payment or application.

          13.2.6 Setoff. If any Lender (including the Administrative Agent), acting in its
individual capacity, shall exercise any right of setoff against a deposit balance or other account
of the Borrower held by such Lender on account of the obligations of the Borrower under this Loan
Agreement, such Lender shall remit to the Administrative Agent all such sums received pursuant to
the exercise of such right of setoff, and the Administrative Agent shall apply all such sums for
the benefit of all of the Lenders hereunder in accordance with the terms of this Loan Agreement.

          13.2.7 Distribution by Administrative Agent. If in the opinion of the Administrative
Agent distribution of any amount received by it in such capacity hereunder or under the Note or
under any of the other Loan Documents might involve any liability, it may refrain from making
distribution until its right to make distribution shall have been adjudicated by a court of
competent jurisdiction or has been resolved by the mutual consent of all Lenders. In addition, the
Administrative Agent may request full and complete indemnity from the Lenders, in form and
substance satisfactory to it, prior to making any such distribution. If a court of competent
jurisdiction shall adjudge that any amount received and distributed by the Administrative Agent is
to be repaid, each person to whom any such distribution shall have been made shall either repay to
the Administrative Agent its proportionate share of the amount so adjudged to be repaid or shall
pay over to the same in such manner and to such persons as shall be determined by such court.

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          13.2.8 Delinquent Lender. If for any reason any Lender shall fail or refuse to abide
by its obligations under this Loan Agreement, including without limitation its obligation to make
available to Administrative Agent its pro rata share of any Loans, expenses or
setoff (a “Delinquent Lender”) and such failure is not cured within five (5) days of receipt from
the Administrative Agent of written notice thereof, then, in addition to the rights and remedies
that may be available to Administrative Agent, other Lenders, the Borrower or any other party at
law or in equity, and not at limitation thereof, (i) such Delinquent Lender’s right to participate
in the administration of, or decision-making rights related to, the Loans, this Loan Agreement or
the other Loan Documents shall be suspended during the pendency of such failure or refusal, with
such Delinquent Lender’s Commitment not being included when calculating any Required Lender or
Unanimous Lender decision hereunder, and (ii) a Delinquent Lender shall be deemed to have assigned
any and all payments due to it from the Borrower, whether on account of outstanding Loans,
interest, fees or otherwise, to the remaining non-delinquent Lenders for application to, and
reduction of, their proportionate shares of all outstanding Loans until, as a result of application
of such assigned payments the Lenders’ respective pro
rata shares of all
outstanding Loans shall have returned to those in effect immediately prior to such delinquency and
without giving effect to the nonpayment causing such delinquency. The Delinquent Lender’s
decision-making and participation rights and rights to payments as set forth in clauses (i) and
(ii) hereinabove shall be restored only upon the payment by the Delinquent Lender of its
pro rata share of any Loans or expenses as to which it is delinquent, together with
interest thereon at the Default Rate from the date when originally due until the date upon which
any such amounts are actually paid.

     The non-delinquent Lenders shall also have the right, but not the obligation, in their
respective, sole and absolute discretion, to acquire for no cash consideration,
(pro rata, based on the respective Commitments of those Lenders electing to
exercise such right) the Delinquent Lender’s Commitment to fund future Loans (the “Future
Commitment”). Upon any such purchase of the pro rata share of any Delinquent
Lender’s Future Commitment, the Delinquent Lender’s share in future Loans and its rights under the
Loan Documents with respect thereto shall terminate on the date of purchase, and the Delinquent
Lender shall promptly execute all documents reasonably requested to surrender and transfer such
interest, including, if so requested, an Assignment and Acceptance. Each Delinquent Lender shall
indemnify Administrative Agent and each non-delinquent Lender from and against any and all loss,
damage or expenses, including but not limited to reasonable attorneys’ fees and funds advanced by
Administrative Agent or by any non-delinquent Lender, on account of a Delinquent Lender’s
failure to timely fund its pro rata share of a Loan or to otherwise perform its
obligations under the Loan Documents.

          13.2.9 Holders. The Administrative Agent may deem and treat the Lender designated in
the Register as the proportionate owner of such interest in the Note for all purposes hereof
unless and until a written notice of the assignment, transfer or endorsement thereof, as the case
may be, shall have been filed with the Administrative Agent. Any request, authority or consent of
any person or entity who, at the time of making such request or giving such authority or consent,
is the holder of any designated interest in the Note shall be conclusive and binding on any
subsequent holder, transferee or endorsee, as the case may be, of such interest in the Note or of
any Note or Note issued in exchange therefor.

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     13.3 Assignment by Lenders.

          13.3.1 Assignment. Any Lender may at any time assign to one or more assignees all or
a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans (including for purposes of this Section 13.3.1, participations in L/C
Obligations) at the time owing to it); provided that any such assignment shall be subject to the
following conditions:

                   (i) Minimum Amounts.

     (A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it or in
the case of an assignment to a Lender or an Affiliate of a Lender or an
Approved Fund with respect to a Lender, no minimum amount needs to be
assigned; and

     (B) in any case not described in Section 13.3.1(i)(A) above, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the
principal outstanding balance of the Loans of the assigning Lender subject
to each such assignment, determined as of the date the Assignment and
Acceptance with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and
Acceptance, as of the Trade Date, shall not be less than $5,000,000 unless
each of the Administrative Agent and, so long as no Event of Default has
occurred and is continuing, the Borrower otherwise consents (each such
consent not to be unreasonably withheld or delayed); provided, however, that
concurrent assignments to members of an Assignee Group and concurrent
assignments from members of an Assignee Group to a single assignee (or to an
assignee and members of its Assignee Group) will be treated as a single
assignment for purposes of determining whether such minimum amount has been
met;

                    (ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of
a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with
respect to the Loans or the Commitment assigned;

                    (iii) Required Consents. No consent shall be required for any assignment except to
the extent required by Section 13.3.1(i)(B) and, in addition:

     (A) the consent of the Borrower (such consent not to be unreasonably
withheld or delayed) shall be required unless (1) an Event of Default has
occurred and is continuing at the time of such assignment or (2) such
assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;

     (B) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required if such

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     assignment is to
a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund;
and

     (C) the consent of the L/C Issuer (such consent not to be unreasonably
withheld or delayed) shall be required for any assignment that increases the
obligation of the assignee to participate in exposure under one or more
Letters of Credit (whether or not then outstanding).

                    (iv) Assignment and Acceptance. The parties to each assignment shall execute and
deliver to the Administrative Agent for recording in the Register an Assignment and Acceptance,
substantially in the form of Exhibit H hereto (the “Assignment and Acceptance”), together
with a processing and recordation fee in the amount of $3,000.00; provided, however, that the
Administrative Agent may, in its sole discretion, elect to waive such processing and recordation
fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire.

                    (v) No Assignment to Borrower. No such assignment shall be made to the Borrower or
any of the Borrower’s Affiliates or Subsidiaries.

                    (vi) No Assignment to Natural Person. No such assignment shall be made to a natural
person.

     Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section
13.3.2, from and after the effective date specified in each Assignment and Acceptance, the assignee
thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Acceptance, be released from its obligations under this Agreement (and, in the case of an
Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the
benefits of Sections 2.3.11, 2.6, 7.15 and 7.17 with respect to facts and circumstances occurring
prior to the effective date of such assignment. Promptly following
delivery of notice of such assignment and written request, the Borrower (at its expense)
shall, in exchange for each surrendered Note, execute and deliver a Note to the assignee Lender.
Such new Notes shall provide that they are replacements for the surrendered Notes, shall be in an
aggregate principal amount equal to the aggregate principal amount of the surrendered Notes, shall
be dated the effective date of such Assignment and Acceptance and shall otherwise be substantially
in the form of the assigned Notes. The surrendered Notes shall be cancelled and returned to the
Borrower. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this subsection shall be treated for purposes of this Agreement as a sale
by such Lender of a participation in such rights and obligations in accordance with Section 13.3.3.

          13.3.2 Register. The Administrative Agent, acting solely for this purpose as an agent
of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and
Acceptance delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts of the Loans and L/C

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Obligations, owing to
each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive, in the absence of manifest error, and the Borrower, the
Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.

          13.3.3 Participations. Any Lender may at any time, without the consent of the
Borrower or the Administrative Agent, but upon notice to the Borrower and the Administrative Agent,
sell participations to any Person (other than a natural person or the Borrower or any of the
Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s
rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or
the Loans (including such Lender’s participations in L/C
Obligations) owing to it); provided that
(i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations and
(iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement.

     Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree
to any amendment, waiver or other modification described in Section 13.4.1(i) through (viii) that
affects such Participant. Subject to Section 13.3.4 below, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.3.11 and 2.6 to the same extent as if
it were a Lender and had acquired its interest by assignment pursuant to Section 13.3.1 above. To
the extent permitted by law, each Participant also shall be entitled to the benefits of Section
12.2 as though it were a Lender, provided such Participant agrees to be subject to Section 12.2 as
though it were a Lender.

          13.3.4 Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 2.3.11 or 2.6 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant, unless the sale of
the participation to such Participant is made with the Borrower’s prior written consent, provided
in no instance shall the Borrower’s Obligations be increased as a result thereof. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section
2.3.11 unless the Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrower, to comply with Section 2.3.11 as though it
were a Lender.

          13.3.5 Certain Pledges. Any Lender may at any time pledge or assign a security
interest in all or any portion of its rights under this Agreement (including under its Note, if
any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment or foreclosure with respect

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to any such pledge or assignment shall release such Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto.

          13.3.6 Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Acceptance shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
or any other similar state laws based on the Uniform Electronic Transactions Act.

     13.4 Administrative Matters.

          13.4.1 Amendment, Waiver, Consent, Etc. Except as otherwise provided herein or as to
any term or provision hereof which specifically provides for the consent or approval of the
Administrative Agent, the Required Lenders and/or the Lenders, as applicable, no term or provision
of this Loan Agreement or any other Loan Document may be changed, waived, discharged or terminated,
nor may any consent required or permitted by this Loan Agreement or any other Loan Document be
given, unless such change, waiver, discharge, termination or consent receives the written approval
of the Required Lenders.

     Notwithstanding the foregoing, the unanimous written approval of all the Lenders (other than a
Delinquent Lender) shall be required with respect to any proposed amendment, waiver, discharge,
termination, or consent which:

               (i) has the effect of (a) extending the final scheduled maturity or the date of any
amortization payment of any Loan or Note, (b) reducing the rate or extending the time of payment of
interest or fees thereon, (c) increasing or reducing the principal amount thereof, or (d) otherwise
postponing or forgiving any indebtedness thereunder,

               (ii) releases or discharges any material portion of the Collateral other than in accordance
with the express provisions of the Loan Documents,

               (iii) amends, modifies or waives any provisions of this Section 13.4,

               (iv) amends any of the Financial Covenants,

               (v) amends the definition of Eligibility Criteria,

               (vi) amends any payment distribution provisions hereunder;

               (vii) modifies the percentage specified in the definition of Required Lenders,

               (viii) except as otherwise provided in this Loan Agreement, changes the amount of any Lender’s
Commitment or Commitment Percentage, or

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               (ix) releases or waives any guaranty of the Obligations or indemnifications provided in the
Loan Documents;

and provided, further, that without the consent of the Administrative Agent, no such action
shall amend, modify or waive any provision of this Article or any other provision of any Loan
Document which relates to the rights or obligations of the Administrative Agent.

          13.4.2 Deemed Consent or Approval. With respect to any requested amendment, waiver,
consent or other action which requires the approval of the Required Lenders or all of the Lenders,
as the case may be, in accordance with the terms of this Loan Agreement, or if the Administrative
Agent is required hereunder to seek, or desires to seek, the approval of the Required Lenders or
all of the Lenders, as the case may be, prior to undertaking a particular action or course of
conduct, the Administrative Agent in each such case shall provide each Lender with written notice
of any such request for amendment, waiver or consent or any other requested or proposed action or
course of conduct, accompanied by such detailed background information and explanations as may be
reasonably necessary to determine whether to approve or disapprove such amendment, waiver, consent
or other action or course of conduct. The Administrative Agent may (but shall not be
required to) include in any such notice, printed in capital letters or boldface type, a legend
substantially to the following effect:

“THIS COMMUNICATION REQUIRES IMMEDIATE RESPONSE. FAILURE TO RESPOND WITHIN
TEN (10) CALENDAR DAYS FROM THE RECEIPT OF THIS COMMUNICATION SHALL
CONSTITUTE A DEEMED APPROVAL BY THE ADDRESSEE OF THE ACTION REQUESTED BY THE
BORROWER OR THE COURSE OF CONDUCT PROPOSED BY THE ADMINISTRATIVE AGENT AND
RECITED ABOVE,”

and if (and only if) the foregoing legend is included by the Administrative Agent in its
communication, a Lender shall be deemed to have approved or consented to such action or course of
conduct for all purposes hereunder if such Lender fails to object to such action or course of
conduct by written notice to the Administrative Agent within ten (10) calendar days of such
Lender’s receipt of such notice.

     13.5 Arranger. Notwithstanding the provisions of this Agreement or of the other Loan
Documents, the Arranger, in its capacity as such, shall have no powers, rights, duties,
responsibilities or liabilities with respect to this Agreement and the other Loan Documents. To
the extent requested by the Administrative Agent, the Arranger has coordinated, or will coordinate,
the initial syndication of the Loan and the assignment of interests in the Loan.

     14. CASUALTY AND TAKING.

     14.1 Casualty or Taking; Obligation To Repair. In the event of the occurrence of an
Event of Loss as to any Collateral Property, Borrower shall give immediate written notice thereof
to Administrative Agent and proceed with reasonable diligence, in full compliance with all Legal Requirements and the other
requirements of the Loan Documents, to repair, restore,

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rebuild or replace the affected Collateral
Property to the condition immediately prior to such Event of Loss (each, the “Repair Work”).

     14.2 Adjustment of Claims. All insurance claims or condemnation or similar awards
shall be adjusted or settled by Borrower, at Borrower’s sole cost and expense, but subject to
Administrative Agent’s prior written approval for any Borrowing Base Property, which approval shall
not be unreasonably withheld; provided that (i) the Administrative Agent shall have the right to
participate in any adjustment or settlement for any Borrowing Base Property with respect to which
the Net Proceeds in the aggregate are equal to or greater than Five Hundred Thousand Dollars
($500,000.00) and (ii) if any Event of Default exists under any of the Loan Documents,
Administrative Agent shall have the right to adjust, settle, and compromise such claims without the
approval of Borrower.

     14.3 Payment and Application of Insurance Proceeds and Condemnation Awards.

          14.3.1 Except as otherwise provided for herein, all Net Proceeds shall be paid to
Administrative Agent and, at Administrative Agent’s option, be applied to Borrower’s Obligations or
released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or
replacement to the condition immediately prior to such Event of Loss (collectively, “Cost To
Repair”). If any Net Proceeds are received directly by any Loan Party, such Loan Party shall hold
such Net Proceeds in trust for the Administrative Agent and shall promptly deliver such Net
Proceeds in kind to the Administrative Agent. Notwithstanding any other term or provision of this
Agreement, provided no Default or Event of Default is then in existence, all Net Proceeds related
to any Collateral Property which is not a Borrowing Base Property shall be released to the Borrower
to such repair and reconstruction, without the Borrower having to satisfy the conditions of section
14.3 and 14.4 hereof.

          14.3.2 Notwithstanding the terms and provisions hereof, with respect to any Borrowing Base
Property, if the Net Proceeds do not exceed Five Hundred Thousand Dollars ($500,000.00) and the
Insurance/Taking Release Conditions have been satisfied in a manner reasonably acceptable to the
Administrative Agent, Administrative Agent shall release the Net Proceeds to pay for the actual
Cost to Repair and the applicable Loan Party shall commence and diligently prosecute to completion,
the Repair Work relative to the subject Collateral Property, with any excess being retained by the
applicable Loan Party.

          14.3.3 Notwithstanding the terms and provisions hereof, with respect to any Borrowing Base
Property, if either (i) the Net Proceeds are equal to or greater than Five Hundred Thousand Dollars
($500,000.00) or (ii) the Net Proceeds do not exceed Five Hundred Thousand Dollars ($500,000.00),
but the Insurance/Taking Release Conditions have not been satisfied with respect to such Event of
Loss, the Administrative Agent shall release so much of the Net Proceeds as may be required to pay
for the actual Cost To Repair in accordance the limitations and procedures set forth in Section
14.4, if the following conditions are satisfied in a manner reasonably acceptable to the
Administrative Agent:

               (i) no Default or Event of Default shall have occurred and be continuing under the Loan
Documents;

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               (ii) in Administrative Agent’s good faith judgment such Net Proceeds together with any
additional funds as may be deposited with and pledged to Administrative Agent, on behalf of the
Lenders, are sufficient to pay for the Cost To Repair. In order to make this determination,
Administrative Agent shall be furnished by the Borrower with an estimate of the Cost to Repair
accompanied by an independent architect’s or engineer’s certification as to such Cost to Repair and
appropriate plans and specifications for the Repair Work;

               (iii) the subject Event of Loss was not a Major Event of Loss;

               (iv) Administrative Agent in the exercise of its reasonable discretion, shall have determined
that all rent payments from Leases of the subject Collateral Property which have commenced at the
time of the casualty which are to abate pursuant to their terms are to be payable to the Borrowing
Base Property Owner, subject to deductibles, if any, permitted pursuant to the insurance policies
to be maintained pursuant to this Agreement, from Rent Loss Proceeds;

               (v) in Administrative Agent’s good faith judgment, the Repair Work can reasonably be completed
on or before the time required under applicable Legal Requirements; and

               (vi) the Borrowing Base Property continues to satisfy the Borrowing Base Property
Requirements.

     14.4 Conditions To Release of Insurance Proceeds. If Administrative Agent elects or
is required to release insurance proceeds, Administrative Agent may impose reasonable conditions on
such release which shall include, but not be limited to, the following:

          14.4.1 Prior written approval by Administrative Agent, which approval shall not be
unreasonably withheld or delayed of plans, specifications, cost estimates, contracts and bonds for
the Repair Work to the extent such materials were not previously approved by the Administrative
Agent in connection with the admission of the Borrowing Base Property;

          14.4.2 Such evidence of costs, payments and completion as Administrative Agent may reasonably
require;

          14.4.3 For Repair Work related to the completed and operating component of an OD Property, the
funds shall be released upon final completion of the Repair Work, unless Borrower requests earlier
funding, in which event partial monthly disbursements equal to 90% of the costs of the work
completed prior to the certification by the applicable Lender’s Consultant and if there is no
Lender’s Consultant, an independent architect or engineer retained by the Borrower, that the Repair
Work is completed, and then upon final completion of the Repair Work as certified by such Lender’s
Consultant or independent architect or engineer, and the receipt by Administrative Agent of satisfactory evidence of payment and release of all liens,
the balance of the funds shall be released;

          14.4.4 Determination by Administrative Agent that the undisbursed balance of such Net Proceeds
on deposit with Administrative Agent, together with additional funds

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deposited for the purpose, shall be at least sufficient to pay for the remaining Cost To Repair, free and clear of all liens
and claims for lien;

          14.4.5 All work to comply with the Legal Requirements applicable to the construction of the
Improvements; and

          14.4.6 The absence of any Default under any Loan Documents.

     14.5 The Administrative Agent shall have the right to hire, at the cost and expense of the
Borrower, a Lender’s Consultant to assist the Administrative Agent in the determination of the
satisfaction of the conditions provided for herein for the release of the Net Proceeds, to pay the
Costs to Repair and to periodically inspect the status of the construction of any Repair Work.

     14.6 In the event that the Administrative Agent makes any Net Proceeds available to any Loan
Party for the payment of Costs to Repair as provided for herein, upon the completion of the Repair
Work as certified by the applicable Lender’s Consultant and if there is no Lender’s Consultant, an
independent architect or engineer retained by the Borrower, and receipt by Administrative Agent of
satisfactory evidence of payment and release of all liens, any excess Net Proceeds still held by
the Administrative Agent shall be remitted by the Administrative Agent to the Borrower provided
that no Event of Default shall have occurred and be continuing;

     14.7 The terms and provisions of this Article 14 shall be subject to the terms and provisions
of any Lease as to which the Administrative Agent has agreed otherwise with respect to the use and
disbursement of Net Proceeds in any subordination and non-disturbance agreement entered into
between the tenant under such Lease and the Administrative Agent and shall also be subject to the
terms and provisions of any condominium documents as to which a Collateral Property is subject.

     14.8 The Administrative Agent acknowledges that provided that no Event of Default has occurred
and is continuing, all Rent Loss Proceeds shall be payable to the Borrower or the applicable Loan
Party.

     15. GENERAL PROVISIONS.

     15.1 Notices. Any notice or other communication in connection with this Loan
Agreement, the Note, the Security Documents, or any of the other Loan Documents, shall be in
writing, and (i) deposited in the United States Mail, postage prepaid, by registered or certified
mail, or (ii) hand delivered by any commercially recognized courier service or overnight delivery
service such as Federal Express, or (iii) sent by facsimile transmission if a FAX Number is
designated below addressed:

If to Borrower:

Cedar Shopping Centers Partnership, L.P.

44 South Bayles Avenue

Port Washington, New York 11050

Attention: Leo S. Ullman

FAX Number: (516) 767-6497

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and

Attention: Lawrence E. Kreider, Jr.

FAX Number: (516) 767-4562

with copies by regular mail or such hand delivery or facsimile transmission to:

Cedar Shopping Centers Partnership, L.P.

44 South Bayles Avenue

Port Washington, New York 11050

Attention: Stuart H. Widowski, Esquire

FAX Number: (516) 767-6497

and to:

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, NY 10038-4982

Attention: Karen Scanna, Esquire

Fax Number: (212) 806-6006

If to Administrative Agent or as Lender:

KeyBank, National Association

225 Franklin Street, 18th Floor

MA-01-22-0018

Boston, Massachusetts 02110

Attention: Jeffry M. Morrison

FAX Number: (617) 385-6293

with copies by regular mail or such hand delivery or facsimile transmission to:

Riemer & Braunstein LLP

Three Center Plaza

Boston, Massachusetts 02108

Attention: Kevin J. Lyons, Esquire

FAX Number: (617) 880-3456

If to Lenders:

Manufacturers and Traders Trust Company

213 Market Street

Harrisburg, Pennsylvania 17101

Attention: Peter J. Ostrowski, Vice President

FAX Number: 717-255-2390

TD Bank, N.A.

15 Park Street

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Framingham, Massachusetts 01702

Attention: David Yesue, Assistant Vice President

FAX Number: (508) 879-8237

Regions Bank

1900 5th Ave. N., 15th Floor

Birmingham, AL 35203

Attention: Lori Chambers, Vice President

FAX Number: (205) 326-4075

Citizens Bank of Pennsylvania

1215 Superior Ave., 6th Floor

Cleveland, Ohio 44114

Attention: Kellie Anderson, Senior Vice President

FAX Number: (216) 277-4607

TriState Capital Bank

789 E. Lancaster Ave., Suite 240

Villanova, PA 19085

Attention: Joseph Rago

FAX Number: (610) 581-7110

Ramond James Bank, FSB

710 Carillon Parkway

St. Petersburg, FL 33716

Attention: Steven F. Paley, Senior Vice President

FAX Number: (727) 567-8830

     and to such addresses as set forth in the Assignment and Acceptance.

     Any such addressee may change its address for such notices to such other address in the United
States as such addressee shall have specified by written notice given as set forth above. All
periods of notice shall be measured from the deemed date of delivery.

     A notice shall be deemed to have been given, delivered and received for the purposes of all
Loan Documents upon the earliest of: (i) if sent by such certified or registered mail, on the third
Business Day following the date of postmark, or (ii) if hand delivered at the specified
address by such courier or overnight delivery service, when so delivered or tendered for
delivery during customary business hours on a Business Day, or (iii) if so mailed, on the date of
actual receipt as evidenced by the return receipt, or (iv) if so delivered, upon actual receipt, or
(v) if facsimile transmission is a permitted means of giving notice, upon receipt as evidenced by
confirmation.

     15.2 Limitations on Assignment. Borrower may not assign this Agreement or the monies
due thereunder without the prior written consent of the Lenders in each instance, but in

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such event Lenders may nevertheless at their option make the Loan under this Agreement to Borrower or to those
who succeed to the title of Borrower and all sums so advanced by Lenders shall be deemed a Loan
Advance under this Agreement and not to be modifications thereof and shall be secured by all of the
Collateral given at any time in connection herewith.

     15.3 Further Assurances. Borrower shall upon request from Administrative Agent from
time to time execute, seal, acknowledge and deliver such further instruments or documents which
Administrative Agent may reasonably require to better perfect and confirm its rights and remedies
hereunder, under the Note, under the Security Documents and under each of the other Loan Documents.

     15.4 Payments.

               (i) All payments shall be applied first to the payment of all fees, expenses and other amounts
due to the Administrative Agent (excluding principal and interest), then to all expenses, costs,
indemnity claims due to the Lenders (excluding principal and interest), then to accrued interest,
and the balance on account of outstanding principal; provided, however, that after an Event of
Default, payments will be applied to the obligations of Borrower to Administrative Agent and the
Lenders as set forth herein.

               (ii) Any payments required by this Agreement, the Note or any of the other Loan Documents, or
any other instruments or agreements executed in connection herewith or therewith, may (but not
before the due date thereof) be deducted by each Lender from the amount, if any, not already
advanced, and the same shall be deemed to be a Loan Advance, or may be deducted from any Loan
Advance due hereunder. Any attorneys’ fees, appraisal charge, inspection fee, or any other expense
payable by Borrower as herein provided for, or incurred in connection with the drafting of the Loan
Documents and other instruments evidencing or securing the Obligations and all other Loan Documents
may be likewise deducted from the amounts, if any, not already advanced or from any Loan Advance
payable to Borrower and, in any event, charged as a Loan Advance hereunder.

     15.5 Parties Bound. The provisions of this Agreement and of each of the other Loan
Documents shall be binding upon and inure to the benefit of Borrower and the Administrative Agent
and each of the Lenders and their respective successors and assigns, except as otherwise prohibited
by this Agreement or any of the other Loan Documents.

     This Agreement is a contract by and among Borrower, the Administrative Agent and each of the
Lenders for their mutual benefit, and no third person shall have any right, claim or interest
against either Administrative Agent, any of the Lenders or Borrower by virtue of any provision
hereof.

     15.6 Governing Law; Consent to Jurisdiction; Mutual Waiver of Jury Trial.

          15.6.1 Substantial Relationship. It is understood and agreed that all of the Loan
Documents were negotiated, executed and delivered in the State of New York, which State the parties
agree has a substantial relationship to the parties and to the underlying transactions embodied by
the Loan Documents.

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          15.6.2 Place of Delivery. Borrower agrees to furnish to Administrative Agent at the
Administrative Agent’s office in Boston, Massachusetts all further instruments, certifications and
documents to be furnished hereunder.

          15.6.3 Governing Law. This Agreement, except as otherwise provided in Section 15.6.4,
and each of the other Loan Documents shall in all respects be governed, construed, applied and
enforced in accordance with the internal laws of the State of New York without regard to principles
of conflicts of law, except insofar as the formation of Borrower under Delaware law requires
Delaware law to apply with respect to matters of authorization to enter into the transactions
contemplated by this Agreement.

          15.6.4 Exceptions. Notwithstanding the foregoing choice of law:

               (i) The procedures governing the enforcement by Administrative Agent of its foreclosure and
other remedies under the Security Documents and under the other Loan Documents with respect to each
Collateral Property shall be governed by the laws of the State in which such Collateral Property is
located;

               (ii) Administrative Agent shall comply with applicable law of such State to the extent
required by the law of such jurisdiction in connection with the foreclosure of the security
interests and liens created under the Security Documents and the other Loan Documents with respect
to each Collateral Property or other assets situated in such State; and

               (iii) provisions of Federal law and the law of such State shall apply in defining the terms
Hazardous Materials, Environmental Legal Requirements and Legal Requirements applicable to each
Collateral Property as such terms are used in this Loan Agreement, the Environmental Indemnity and
the other Loan Documents.

Nothing contained herein or any other provisions of the Loan Documents shall be construed to
provide that the substantive laws of any other State shall apply to any parties, rights and
obligations under any of the Loan Documents, which, except as expressly provided in clauses (i),
(ii) and (iii) of this Section 15.6.4, are and shall continue to be governed by the substantive law
of the State of New York, except as set forth in clauses (i) , (ii) and (iii) of this Section
15.6.4. In addition, the fact that portions of the Loan Documents may include provisions drafted
to conform to the law of any other State is not intended, nor shall it be deemed, in any way, to
derogate the parties’ choice of law as set forth or referred to in this Loan Agreement or in the
other Loan Documents. The parties further agree that the Administrative Agent may enforce its
rights under the Loan Documents including, but not limited to, its rights to sue the Borrower or to
collect any outstanding indebtedness in accordance with applicable law.

          15.6.5 Consent to Jurisdiction. Borrower hereby consents to personal jurisdiction in
any State of New York court located in the First Department of the New York State Unified Court
System or Federal court located within the Southern District of the State of New York.

          15.6.6 JURY TRIAL WAIVER. BORROWER, ADMINISTRATIVE AGENT, AND EACH OF THE LENDERS
MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION BASED ON THIS LOAN AGREEMENT, ARISING OUT OF, UNDER

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OR IN CONNECTION WITH THIS LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH,
OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF
ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR
ACTIONS OF ADMINISTRATIVE AGENT OR ANY LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR
ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH
ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS
PROHIBITED BY LAW, BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY
LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR
IN ADDITION TO, ACTUAL DAMAGES. BORROWER CERTIFIES THAT NO REPRESENTATIVE, ADMINISTRATIVE AGENT OR
ATTORNEY OF ADMINISTRATIVE AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
ADMINISTRATIVE AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR BORROWER, ADMINISTRATIVE
AGENT, AND EACH OF THE LENDERS TO ENTER INTO THE TRANSACTIONS CONTEMPLATED HEREBY.

     15.7 Survival. All representations, warranties, covenants and agreements of Borrower,
or a Loan Party, herein or in any other Loan Document, or in any notice, certificate, or other
paper delivered by or on behalf of Borrower or a Loan Party pursuant hereto are significant and
shall be deemed to have been relied upon by Administrative Agent and each of the Lenders
notwithstanding any investigation made by Administrative Agent or any of the Lenders or on its
behalf and shall survive the delivery of the Loan Documents and the making of the Loan pursuant
thereto. No review or approval by Administrative Agent or the Lenders or any of their
representatives, of any opinion letters, certificates by professionals or other item of any nature
shall relieve Borrower or anyone else of any of the obligations, warranties or representations made
by or on behalf of Borrower or a Loan Party, or any one or more of them, under any one or more of
the Loan Documents.

     15.8 Cumulative Rights. All of the rights of Administrative Agent and the Lenders hereunder and under each of the
other Loan Documents and any other agreement now or hereafter executed in connection herewith or
therewith, shall be cumulative and may be exercised singly, together, or in such combination as
Administrative Agent may determine in its sole good faith judgment.

     15.9 Claims Against Administrative Agent or Lenders.

          15.9.1 Borrower Must Notify. The Administrative Agent and each of the Lenders shall
not be in default under this Agreement, or under any other Loan Document, unless a written notice
specifically setting forth the claim of Borrower shall have been given to Administrative Agent and
each of the Lenders within thirty (30) days after Borrower first had actual knowledge or actual
notice of the occurrence of the event which Borrower alleges gave rise to such claim and
Administrative Agent or any of the Lenders does not remedy or cure the

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default, if any there be, with reasonable promptness thereafter. Such actual knowledge or actual notice shall refer to what
was actually known by, or expressed in a written notification furnished to, any of the persons or
officials referred to in Exhibit D as Authorized Representatives.

          15.9.2 Remedies. If it is determined by the final order of a court of competent
jurisdiction, which is not subject to further appeal, that Administrative Agent or any of the
Lenders has breached any of its obligations under the Loan Documents and has not remedied or cured
the same with reasonable promptness following notice thereof, Administrative Agent’s and each of
the Lenders’ responsibilities shall be limited to: (i) where the breach consists of the failure to
grant consent or give approval in violation of the terms and requirements of a Loan Document, the
obligation to grant such consent or give such approval and to pay Borrower’s reasonable costs and
expenses including, without limitation, reasonable attorneys’ fees and disbursements in connection
with such court proceedings; and (ii) in the case of any such failure to grant such consent or give
such approval, or in the case of any other such default by Administrative Agent or any of the
Lenders, where it is also so determined that Administrative Agent or any of the Lenders acted in
gross negligence or bad faith, the payment of any actual, direct, compensatory damages sustained by
Borrower as a result thereof plus Borrower’s reasonable costs and expenses, including, without
limitation, reasonable attorneys’ fees and disbursements in connection with such court proceedings.
Without limiting the foregoing, neither the Administrative Agent nor any Lender or any of their
related Indemnified Parties shall be liable to the Borrower or any of the Loan Parties or their
respective employees, officers, directors, agents, advisors or attorneys other than for their own
gross negligence, willful misconduct or bad faith, except as otherwise provided in clause (i)
above.

          15.9.3 Limitations. In no event, however, shall Administrative Agent and each of the
Lenders be liable to Borrower or to any Loan Party or anyone else for other damages such as, but
not limited to, indirect, speculative or punitive damages whatever the nature of the breach by
Administrative Agent or any of the Lenders of its obligations under this Loan Agreement or under
any of the other Loan Documents. In no event shall Administrative Agent or any of the Lenders be
liable to Borrower or to any Loan Party or anyone else unless a written notice specifically setting
forth the claim of Borrower shall have been given to Administrative Agent and each of the Lenders
within the time period specified above.

     15.10 Regarding Consents. Except to the extent expressly provided herein, any and all consents to be made hereunder
by the Administrative Agent, Required Lenders, or Lenders shall be in the sole and absolute
discretion of the Party to whom consent rights are given hereunder.

     15.11 Obligations Absolute. Except to the extent prohibited by applicable law which
cannot be waived, the Obligations of Borrower and the obligations of the Guarantor and the other
Loan Parties under the Loan Documents shall be joint and several, absolute, unconditional and
irrevocable and shall be paid strictly in accordance with the terms of the Loan Documents under all
circumstances whatsoever, including, without limitation, the existence of any claim, set off,
defense or other right which Borrower or any Loan Party may have at any time against Administrative
Agent or any of the Lenders whether in connection with the Loan or any unrelated transaction.

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     15.12 Table of Contents, Title and Headings. Any Table of Contents, the titles and
the headings of sections are not parts of this Loan Agreement or any other Loan Document and shall
not be deemed to affect the meaning or construction of any of its or their provisions.

     15.13 Counterparts. This Loan Agreement and each other Loan Document may be executed
in several counterparts, each of which when executed and delivered is an original, but all of which
together shall constitute one instrument. In making proof of this agreement, it shall not be
necessary to produce or account for more than one such counterpart which is executed by the party
against whom enforcement of such loan agreement is sought.

     15.14 Satisfaction of Commitment Letter. The Loan being made pursuant to the terms
hereof and of the other Loan Documents is being made in satisfaction of Administrative Agent’s and
each of the Lenders’ obligations under the Commitment Letter dated February 26, 2008, as amended.
The terms, provisions and conditions of this Agreement and the other Loan Documents supersede the
provisions of the Commitment Letter.

     15.15 Time Of the Essence. Time is of the essence of each provision of this Agreement
and each other Loan Document.

     15.16 No Oral Change. This Loan Agreement and each of the other Loan Documents may
only be amended, terminated, extended or otherwise modified by a writing signed by the party
against which enforcement is sought (except no such writing shall be required for any party which,
pursuant to a specific provision of any Loan Document, is required to be bound by changes without
such party’s assent). In no event shall any oral agreements, promises, actions, inactions,
knowledge, course of conduct, course of dealings or the like be effective to amend, terminate, extend or
otherwise modify this Loan Agreement or any of the other Loan Documents.

     15.17 Monthly Statements. While Administrative Agent may issue invoices or other
statements on a monthly or periodic basis (a “Statement”), it is expressly acknowledged and agreed
that: (i) the failure of Administrative Agent to issue any Statement on one or more occasions shall
not affect Borrower’s obligations to make payments under the Loan Documents as and when due; (ii)
the inaccuracy of any Statement shall not be binding upon Lenders and so Borrower shall always
remain obligated to pay the full amount(s) required under the Loan Documents as and when due
notwithstanding any provision to the contrary contained in any Statement; (iii) all Statements are
issued for information purposes only and shall never constitute any type of offer, acceptance,
modification, or waiver of the Loan Documents or any of Lenders’ rights or remedies thereunder; and
(iv) in no event shall any Statement serve as the basis for, or a component of, any course of
dealing, course of conduct, or trade practice which would modify, alter, or otherwise affect the
express written terms of the Loan Documents.

     15.18 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction completed hereby, the Borrower and each other Loan Party acknowledges and agrees that:
(i) the credit facility provided for hereunder and any related arranging or other services in
connection therewith (including in connection with any amendment, waiver or other modification
hereof or of any other Loan Document) are arm’s-length commercial transactions between the
Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the
Administrative Agent and Keybanc Capital Markets LLC (the “Arranger”) and the

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Lenders, on the other hand, and the Borrower and each other Loan Party is capable of evaluating and understanding and
understands and accepts the terms, risks and conditions of the transactions contemplated hereby and
by the other Loan Documents (including any amendment, waiver or other modification hereof or
thereof); and (ii) the Administrative Agent, the Lenders and the Arranger have not provided and
will not provide any legal, accounting, regulatory or tax advice with respect to any of the
transactions contemplated hereby (including any amendment, waiver or other modification hereof or
of any other Loan Document) and each of the Borrower and the other Loan Parties has consulted its
own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each
of the Borrower and the other Loan Parties hereby waives and releases, to the fullest extent
permitted by law, any claims that it may have against the Administrative Agent, each Lender and/or
the Arranger with respect to any breach or alleged breach of agency or fiduciary duty.

[The balance of this page is intentionally left blank]

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     IN WITNESS WHEREOF this Agreement has been duly executed and delivered as a sealed instrument
as of the date first written above.

	 	 	 	 	 	 	 
	BORROWER:	 	CEDAR SHOPPING CENTERS	 	 
	 	 	PARTNERSHIP, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Cedar Shopping Centers, Inc.,
general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	      /s/ Brenda J. Walker
 

	 	 
	 

	 	 	 	Name: Brenda J. Walker	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	ADMINISTRATIVE AGENT:	 	KEYBANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Jeffrey M. Morrison
 

	 	 
	 

	 	 	 	Name: Jeffry M. Morrison	 	 
	 

	 	 	 	Title: Senior Banker	 	 

S-1

 

	 	 	 	 	 	 	 
	LENDER:	 	 	 	KEYBANK, NATIONAL ASSOCIATION,	 	 
	 	 	 	 	a national banking association	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	      /s/ Jeffrey M. Morrison
 

	 	 
	 

	 	 	 	Name: Jeffry M. Morrison	 	 
	 

	 	 	 	Title: Senior Banker	 	 

S-2

 

	 	 	 	 	 	 	 
	LENDER:	 	 	 	RAYMOND JAMES BANK, FSB	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Steven F. Paley
 

	 	 
	 

	 	 	 	Name: Steven F. Paley	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

S-3

 

	 	 	 	 	 	 	 
	LENDER:	 	 	 	MANUFACTURERS AND TRADERS TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Peter J. Ostrowski
 

	 	 
	 

	 	 	 	Name: Peter J. Ostrowski	 	 
	 

	 	 	 	Title: Vice President	 	 

S-4

 

	 	 	 	 	 	 	 
	LENDER:	 	 	 	TD BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	      /s/ David Yesue
 

	 	 
	 

	 	 	 	Name: David Yesue	 	 
	 

	 	 	 	Title: Assistant Vice President	 	 

S-5

 

	 	 	 	 	 	 	 
	LENDER:	 	 	 	REGIONS BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Lori Chambers
 

	 	 
	 

	 	 	 	Name: Lori Chambers	 	 
	 

	 	 	 	Title: Vice President	 	 

S-6

 

	 	 	 	 	 	 	 
	LENDER:	 	 	 	CITIZENS BANK OF PENNSYLVANIA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	      /s/ Kellie Anderson
 

	 	 
	 

	 	 	 	Name: Kellie Anderson	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

S-7

 

	 	 	 	 	 	 	 
	LENDER:	 	 	 	TRISTATE CAPITAL BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Joseph L. Rago
 

	 	 
	 

	 	 	 	Name: Joseph L. Rago	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

S-8

 

EXHIBIT A TO LOAN AGREEMENT

DEFINITIONS

Additional Collateral Request as defined in Section 3.5.

Administrative Agent. KeyBank, National Association, acting as agent for the Lenders.

Adjusted Appraised Value. With respect to any Collateral Property that is the subject of
an Appraisal, the as stabilized appraised value set forth in such Appraisal, as such may be
reviewed and adjusted by the Administrative Agent acting reasonably and in good faith.

Adjusted FFO shall mean, for CSC, net income (loss) (computed in accordance with GAAP),
excluding gains (or losses) from (i) debt restructurings, (ii) sales of real property, and (iii)
extraordinary and/or nonrecurring items, plus real estate related depreciation and amortization and
after adjustments for unconsolidated partnerships and joint ventures, as set forth in more detail
under the definitions and interpretations thereof relative to funds from operations promulgated by
the National Association of Real Estate Investment Trusts or its successor.

Adjusted LIBO Rate. The term “Adjusted LIBO Rate” means for each Interest Period the rate
per annum obtained by dividing (i) the LIBO Rate for such Interest Period, by (ii) a percentage
equal to one hundred percent (100%) minus the maximum reserve percentage applicable during such
Interest Period under regulations issued from time to time by the Board of Governors of the Federal
Reserve System for determining the maximum reserve requirements (including, without limitation, any
basic, supplemental, marginal and emergency reserve requirements) for Administrative Agent (or of
any subsequent holder of a Note which is subject to such reserve requirements) in respect of
liabilities or assets consisting of or including Eurocurrency liabilities (as such term is defined
in Regulation D of the Board of Governors of the Federal Reserve System) having a term equal to the
Interest Period.

Adjusted Net Operating Income: For any period of determination, for any Individual
Property, the Pro Rata share of (i) Net Operating Income less (ii) management fees (calculated as
the greater of either 3% of total revenue or actual management expenses incurred), to the extent
not already deducted from Net Operating Income, less (iii) allowances for capital expenditures in
the amount of $0.20 per annum per rentable square foot of completed improvements.

Administrative Questionnaire means an Administrative Questionnaire in a form supplied by
the Administrative Agent.

Affiliate shall mean, as to any Person, any other Person that, directly or indirectly, is
in control of, is controlled by or is under common control with such Person or is a director or
officer of such Person. For purposes of this definition, control of a Person shall mean the power,
direct or indirect, (i) to vote 10% or more of the securities having ordinary voting power for the
election of directors of such Person or (ii) to direct or cause the direction of the management and
policies of such Person, whether by contract or otherwise.

Agreement as defined in the Preamble.

EA-1

 

Applicable Margin shall mean for LIBO Rate Loans and for Variable Rate Loans, respectively,
the following

	 	 	 
	Applicable Margin for LIBO Rate Loans	 	Applicable Margin for Variable Rate Loans
	225 basis points
	 	75 basis points

Appraisal shall mean an MAI appraisal ordered by the Administrative Agent in form and
substance acceptable to the Required Lenders and prepared by an appraiser acceptable to the
Administrative Agent.

Approved Anchor Tenant means a tenant that meets any one of the following tests, as
determined by the Required Lenders:

1. The tenant is national in nature, or publicly traded on a major stock exchange;

2. The Tenant holds an investment grade rating by Standard & Poor’s Ratings Group, a
division of McGraw-Hill Corporation, Moody’s Investor Service, Inc. or another nationally
recognized rating agency reasonably acceptable to the Administrative Agent;

3. The tenant is one of the ten largest tenant of properties owned by the Borrower and the
Borrower Subsidiaries (calculated either by reference to square footage or by annualized
base rent); or

4. The tenant is either the first or second largest in its subject competitive market by
market share (either by general/global market share, or specific market share in the
subject Individual Property’s market).

Approved Fund means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

Arranger as defined in the cover page.

Assignee Group means two or more Eligible Assignees that are Affiliates of one another or
two or more Approved Funds managed by the same investment advisor.

Assignment and Acceptance as defined in Section 13.3.1.

Authorized Representatives as defined in Section 4 and listed on Exhibit D.

Availability shall mean, from time to time, an amount determined by the Administrative
Agent as of the most recent Compliance Certificate or Borrowing Base Property report, as
applicable, delivered to the Administrative Agent, equal to the lesser of the following:

EA-2

 

	 	(a)	 	The aggregate of the following for the Borrowing Base Properties:

	 	i.	 	For each Borrowing Base Property which is not an
OD Property, the lesser of (A) seventy percent (70%) of the Borrowing
Base Value of such Borrowing Base Property as of the date of the most
recent Compliance Certificate or Borrowing Base Property report, as
applicable, delivered to the Administrative Agent, or (b) seventy
percent (70%) of the total costs as set forth on the Construction Budget
for such Borrowing Base Property; plus
	 
	 	ii.	 	For each Borrowing Base Property which is an OD
Property, the aggregate of (A) seventy percent (70%) of the Borrowing
Base Value of the completed component of such Borrowing Base Property as
of the date of the most recent Compliance Certificate or Borrowing Base
Property report, as applicable, delivered to the Administrative Agent,
plus (B) the lesser of (I) seventy percent (70%) of the Borrowing Base
Value of the development component of such Borrowing Base Property as of
the date of the most recent Compliance Certificate or Borrowing Base
Property report, as applicable, delivered to the Administrative Agent,
or (II) seventy percent (70%) of the total costs as set forth on the
Construction Budget for the development component of such Borrowing Base
Property.

	 	(b)	 	the Implied Loan Amount.

Banking Day. The term “Banking Day” means a day on which banks are not required or
authorized by law to close in the city in which Administrative Agent’s principal office is
situated.

BOFA Credit Agreement means that certain Loan Agreement dated as of January 30, 2004
entered into between Bank of America, N.A. , as administrative agent, the various lenders party
thereto, and the Borrower, as the same has been (or may in the future be) amended or modified from
time to time.

BOFA Event of Default means an “Event of Default” as defined under the BOFA Credit
Agreement.

Book Value shall mean the value of such property or asset, as determined in accordance with
GAAP.

Borrower as defined in the Preamble.

Borrower GP shall mean CSC.

Borrower Subsidiaries shall mean, individually and collectively, all of the Subsidiaries of
the Borrower and/or CSC.

Borrower Reduction Date as defined in Section 2.2.2.(ii).

EA-3

 

Borrower Termination Date as defined in Section 2.2.2.(i).

Borrowing Base Property and Borrowing Base Properties. The Individual Properties
initially listed in Exhibit J hereto, plus any Individual Property which subsequently
becomes a Borrowing Base Property in accordance with Section 3.5, hereof, but not including (i) any
Borrowing Base Property which is determined by the Administrative Agent to no longer be a Borrowing
Base Property in accordance with Section 3.4, hereof, or (ii) any Borrowing Base Property which is
released as Collateral in accordance with Section 3.3, hereof.

Borrowing Base Property Requirements.

     (a) The Individual Property satisfies all Eligibility Criteria.

     (b) The Borrower (or applicable Loan Party) has executed all Security Documents in
connection with such Individual Property, including, without limitation, the Security
Documents set forth in Sections 3.1.1 through and including Section 3.1.6, hereof.

     (c) The Individual Property is owned, ground leased or net leased by a Wholly-Owned
Subsidiary of the Borrower, CSC or a JV Entity, except as otherwise approved by the
Administrative Agent and the Lenders.

     (d) Administrative Agent and the Required Lenders shall have received and completed a
satisfactory review of such due diligence as the Administrative Agent and the Required
Lenders may reasonably require (with the Borrower delivering such due diligence to the
Administrative Agent for delivery to the Lenders) with respect to any Individual Property
(with the Administrative Agent agreeing to use reasonable efforts to utilize any due
diligence previously submitted by the Borrower and received by the Administrative Agent
pursuant the BOFA Credit Agreement), including, as applicable and to the extent available
given the current status and nature of the development of the Individual Property, without
limitation:

     (i) A mortgagee’s title insurance policy naming the Administrative Agent, on
behalf of the Lenders, as the first mortgagee, which meets Administrative Agent’s
title insurance requirements previously furnished to Borrower to the reasonable
satisfaction of Administrative Agent and Administrative Agent’s counsel; and such
other evidence of the perfection of its security interests as Administrative Agent
and Administrative Agent’s counsel may reasonably require;

     (ii) A site plan and a current, on site instrument survey of the Individual
Property containing a certification thereon, or on a separate surveyor’s
certificate, of a land surveyor reasonably acceptable to Administrative Agent which
meets Administrative Agent’s survey requirements previously furnished to Borrower
to the reasonable satisfaction of Administrative Agent and its counsel;

     (iii) If the Individual Property is ground leased by the Borrowing Base
Property Owner, a copy of the Ground Lease. Further, in the event that the

EA-4

 

ground lessor of the Individual Property is (x) an Affiliate of any Loan Party, the said
ground lessor shall join in the Mortgage to include within the Collateral the fee
interest in the said Individual Property or (y) not an Affiliate of any Loan Party,
the Administrative Agent shall receive an Estoppel Certificate in the form of
Exhibit EC annexed hereto from the ground lessor or in the form required by the
ground lease provided such form is reasonably acceptable to the Administrative
Agent.

     (iv) The Borrower has utilized reasonable efforts to obtain executed estoppel
certificates and subordination, nondisturbance and attornment agreements from
tenants under Major Leases;

     (v) Copies of all Major Leases (or letters of intent) and, to the extent
required by the Administrative Agent, copies of other Leases;

     (vi) A copy of the property management agreement with respect to the
Individual Property, if any, and, if requested by the Administrative Agent, a
consent by the property manager to the collateral assignment of the property
management agreement to the Administrative Agent, on behalf of the Lenders;

     (vii) A copy of any reciprocal easement agreements or other development or
similar agreements with respect to the Individual Property and, only if there are
material financial obligations of a recurring and defined nature payable by the
owner of the Borrowing Base Property thereunder, if requested by the Administrative
Agent, an estoppel certificate from all of the parties thereto in form and
substance reasonably acceptable to the Administrative Agent;

     (viii) Evidence of existence of all Licenses and Permits to evidence compliance
with Legal Requirements with respect to the construction, use and operation of the
Individual Property, to the extent same are then available given the current status
of the Individual Property;

     (ix) Evidence of insurance complying with the requirements of Exhibit
E, hereto;

     (x) A current Appraisal showing the Adjusted Appraised Value;

     (xi) A current environmental Phase I Site Assessment performed by a firm
reasonably acceptable to the Administrative Agent within six (6) months of
submission to the Administrative Agent, which indicates the property is free from
recognized hazardous materials or substances apparent from the inspection, or
affected by such environmental matters as may be reasonably acceptable to the
Administrative Agent and each of the Required Lenders in their sole and absolute
discretion;

     (xii) A current structural report performed by a firm reasonably acceptable
to the Administrative Agent within six (6) months of submission to the
Administrative Agent relative to any improvements on the Individual Property

EA-5

 

(excluding those improvements contemplated to be replaced in connection with the
development or renovation of the Individual Property);

     (xiii) With respect to an Individual Property to be developed or renovated, a
pro forma construction budget detailing the total development costs of the project
to the time at which said project becomes a Stabilized Asset, including the
interest reserve and contingencies (the “Construction Budget”), together with a
development schedule detailing start date, schedule of draws/payment of project
costs and a completion date, as well as projected timeline of issuance of Licenses
and Permits, if not previously issued;

     (xiv) The Operating Pro Forma;

     (xv) An executive summary describing the project, and a leasing status and
prospect schedule; and

     (xvi) Such other real estate documents reasonably deemed appropriate for
commercially reasonable underwriting by the Administrative Agent in respect of the
Borrowing Base Property.

Notwithstanding the foregoing, the requirements set forth in sections (xiii), (xiv) and (xv) above
shall not be required to be satisfied as to the development component of an OD Property until such
time as the Borrower requests that Availability be created by such development component.

Borrowing Base Property Owner and Borrowing Base Property Owners shall mean, from
time to time, the Wholly-Owned Subsidiary or Subsidiaries of the Borrower or CSC, or the JV Entity
which is or are the owner or owners of the fee simple interest in, or the approved ground lessee
of, a Borrowing Base Property or the Borrowing Base Properties.

Borrowing Base Value shall mean the Adjusted Appraised Value of such Borrowing Base
Property, as determined by the most recent Appraisal of such Borrowing Base Property.

Breakage Fees as defined in Section 2.3.15.

Business Day shall mean any day of the year on which offices of Administrative Agent are
not required or authorized by law to be closed for business in New York, New York. If any day on
which a payment is due is not a Business Day, then the payment shall be due on the next day
following which is a Business Day, and such extension of time shall be included in computing
interest and fees in connection with such payment. Further, if there is no corresponding day for a
payment in the given calendar month (i.e., there is no “February 30th”), the payment shall be due
on the last Business Day of the calendar month. Saturday and Sunday shall never be considered a
Business Day.

Calculation Date shall mean the last day of each calendar quarter commencing with March 31,
2008.

Calculation Period shall mean for each Calculation Date, the just completed calendar
quarter (inclusive of the applicable Calculation Date).

EA-6

 

Capital Stock shall mean (i) with respect to any Person that is a corporation, any and all
shares, interests, participations or other equivalents (however designated and whether or not
voting) of corporate stock, including without limitation, each class or series of common stock and
preferred stock of such Person and (ii) with respect to any Person that is not a corporation, any
and all investment units, partnership, membership or other equity interests of such Person.

Cash Collateral has the meaning specified in Section 2.7.7.

Cash Collateralize has the meaning specified in Section 2.7.7.

Cash Flow Projections shall mean a detailed schedule in the form of Schedule CF attached
hereto and made a part hereof, and subject to change as shall be detailed in the respective
Officer’s Certificate to be provided to the Administrative Agent as set forth herein.

Change of Control shall mean the occurrence of any of the following:

     (a) The acquisition by any Person, or “group” (within the meaning of Sections 13(d)
and 14(d)(2) of the Securities Exchange Act of 1934, as amended) of Persons acting in
concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and
Exchange Commission under the Securities Exchange Act of 1934, as amended), directly or
indirectly, of 50% or more of the outstanding shares of voting stock of CSC, other than
short term acquisitions necessary in connection with the ultimate sale or other offerings
of equity interests otherwise permitted hereunder;

     (b) During any period of twelve (12) consecutive calendar months, individuals:

     (1) who were directors of CSC on the first day of such period; or

     (2) whose election or nomination for election to the board of directors of CSC
was recommended or approved by at least a majority of the directors then still in
office who were directors of CSC on the first day of such period, or whose election
or nomination for election was so approved,

shall cease to constitute a majority of the board of directors of CSC; or

     (c) CSC shall cease to be the sole general partner of Borrower; or

     (d) CSC shall cease to own a minimum of 50% of the beneficial ownership interest in
the Borrower, or

     (e) With respect to any Borrowing Base Property Owner, the transfer of any ownership
interest therein such that such Borrowing Base Property Owner is not a Wholly-Owned
Subsidiary of the Borrower, CSC or a JV Entity.

Closing Compliance Certificate as defined in Section 5.1.2(ii).

Closing Date as defined in Section 5.1.

EA-7

 

Code shall mean the Internal Revenue Code of 1986, as amended from time to time, and the
regulations promulgated and rulings issued thereunder. Section references to the Code are to the
Code, as in effect at the date of this Agreement and any subsequent provisions of the Code,
amendatory thereof, supplemental thereto or substituted therefor.

Collateral as defined in Section 3.1.

Collateral Property and Collateral Properties shall mean any Borrowing Base
Property or Borrowing Base Properties and other Individual Properties which (i) were a Borrowing
Base Property, (ii) were no longer deemed such under Section 3.4.1, and (iii) for which the Release
Conditions have not been satisfied, as described in Section 3.4.3.

Collateral Release Request as defined in Section 3.3.

Combined EBITDA shall mean the sum of the Pro Rata share of EBITDA for each Consolidated
CSC Entity and each Unconsolidated CSC Entity.

Commitment shall mean, with respect to each Lender, the amount set forth on Exhibit
I hereto as the amount of such Lender’s commitment to make advances to the Borrower, as may be
amended from time to time by the Administrative Agent as provided in Article 13 or in Article 2.

Commitment Percentage shall mean, with respect to each Lender, the percentage set forth on
Exhibit I hereto as such Lender’s percentage of the aggregate Commitments of all of the
Lenders, as may be amended from time to time by the Administrative Agent as provided in Article 13
or in Article 2.

Consolidated or Consolidating means consolidated or consolidating as defined in
accordance with GAAP.

Consolidated CSC Entity or Consolidated CSC Entities shall mean, singly and
collectively, the Borrower, CSC, and any Wholly-Owned Subsidiary of the Borrower or CSC.

Cost to Repair as defined in Section 14.3.1.

CSC as defined in Section 1.4.

CSC Party and CSC Parties shall mean, singly and collectively, each Loan Party and
each Borrower Subsidiary.

Debt shall mean, with respect to any Person, without duplication, (i) all indebtedness of
such Person for borrowed money, (ii) all indebtedness of such Person for the deferred purchase
price of property or services (other than property and services purchased, and expense accruals and
deferred compensation items arising, in the ordinary course of business), (iii) all obligations of
such Person evidenced by notes, bonds, debentures or other similar instruments (other than
performance, surety and appeal bonds arising in the ordinary course of business), (iv) all
indebtedness of such Person created or arising under any conditional sale or other title retention
agreement with respect to property acquired by such Person (even though the rights and remedies of
the seller or lender under such agreement in the event of default are limited to repossession or

EA-8

 

sale of such property), (v) all obligations of such Person under leases which have been, or should
be, in accordance with generally accepted accounting principles, recorded as capital leases, to the
extent required to be so recorded, (vi) all reimbursement, payment or similar obligations of such
Person, contingent or otherwise, under acceptance, letter of credit or similar facilities (other
than letters of credit in support of trade obligations or in connection with workers’ compensation,
unemployment insurance, old-age pensions and other social security benefits in the ordinary course
of business), (vii) all Debt in the nature of that referred to in clauses (i) through (vi) above
which is guaranteed directly or indirectly by such Person, or in effect guaranteed directly or
indirectly by such Person through an agreement (A) to pay or purchase such Debt or to advance or
supply funds for the payment or purchase of such Debt, (B) to purchase, sell or lease (as lessee or
lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor
to make payment of such Debt or to assure the holder of such Debt against loss in respect of such
Debt, (C) to supply funds to or in any other manner invest in the debtor (including any agreement
to pay for property or services irrespective of whether such property is received or such services
are rendered) or (D) otherwise to assure a creditor against loss in respect of such Debt, (viii)
any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any indebtedness or other obligation of any Person, either directly or indirectly, of the nature described in clauses (i)
through (vi), and (ix) all Debt referred to in clauses (i) through (vi) above secured by (or for
which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any
Lien, security interest or other charge or encumbrance upon or in property (including, without
limitation, accounts and contract rights) owned by such Person, even though such Person has not
assumed or become liable for the payment of such Debt. For the purposes of the calculation of the
Financial Covenants, Debt of any entity in which a Person owns an ownership interest shall be
calculated on a Pro Rata basis, unless such Person has delivered a guaranty or other indemnity in
connection with such Debt creating a greater proportionate liability, in which event, such greater
liability shall apply.

Default as defined in Section 10.1.

Default Rate as defined in Section 2.3.13.

Delinquent Lender as defined in Section 13.2.8.

Depository Account as defined in Section 7.14.1.

Development Assets shall mean Individual Properties as to which construction of the
associated or contemplated improvements has commenced (either new construction or substantial
renovation) but has not yet been completed such that a certificate of occupancy (or the local
equivalent) for a substantial portion of the intended improvements has not yet been issued or, for
any completed project, until the earlier to occur of (a) such Individual Property becoming a
Stabilized Asset, or (b) one hundred eighty (180) days after completion.

Distribution shall mean, with respect to any Person, that such Person has paid a dividend
or returned any equity capital to its stockholders, members or partners or made any other
distribution, payment or delivery of property (other than common stock or partnership or membership
interests of such Person) or cash to its stockholders, members or partners as such, or redeemed,
retired, purchased or otherwise acquired, directly or indirectly, for a consideration any

EA-9

 

shares of any class of its capital stock or any membership or partnership interests (or any options or
warrants issued by such Person with respect to its capital stock or membership or partnership
interests), or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for a
consideration any shares of any class of the capital stock or any membership or partnership
interests of such Person (or any options or warrants issued by such Person with respect to its
capital stock or membership or partnership interests). Without limiting the foregoing,
“Distributions” with respect to any Person shall also include all payments made by such Person with
respect to any stock appreciation rights, plans, equity incentive or achievement plans or any
similar plans.

Dollars shall mean lawful money of the United States.

Drawdown Date as defined in Section 2.1.2(i).

EBITDA shall mean for any Person the sum of (i) net income (or loss), plus (ii) actual
interest paid or payable respecting all Debt to the extent included as an expense in the
calculation of net income (or loss), plus (iii) total Tax Expenses to the extent included as an
expense in the calculation of net income (or loss), plus (iv) total depreciation and amortization
expense, to the extent included as an expense in the calculation of net income (or loss), plus (v)
losses from extraordinary items, nonrecurring items, asset sales, write-ups or forgiveness of debt,
to the extent included as an expense in the calculation of net income, minus (vi) gains from
extraordinary items, nonrecurring items, asset sales, write-ups or forgiveness of debt, to the
extent included as income in the calculation of net income, minus (vii) allowances for capital
expenditures in the amount of $0.20 per annum per rentable square foot of improvements, adjusted
(viii) for the elimination of straight line rents, all of the foregoing as determined in accordance
with GAAP, as appropriate. Without limiting the generality of the foregoing, in determining
EBITDA, net income shall include as income, Rent Loss Proceeds.

Effective LIBO Rate. The term “Effective LIBO Rate” means the per annum rate equal to the
aggregate of (x) the Adjusted LIBO Rate, plus (y) the Applicable Margin for Effective LIBO Rate
Loans.

Effective LIBO Rate Advance. The term “Effective LIBO Rate Advance” means any principal
outstanding under this Agreement which pursuant to this Agreement bears interest at the Effective
LIBO Rate.

Eligibility Criteria shall mean the following criteria which must be satisfied in a manner
acceptable to the Administrative Agent and the Required Lenders for each Borrowing Base Property:

     (a) the Borrowing Base Property is a to be constructed, renovated, expanded or
completed retail center located in the contiguous 48 states of the United States owned by a
Borrowing Base Property Owner and within one of the Borrower’s core markets, and is in
scope and of asset quality consistent with the Borrower’s grocery-anchored retail real
estate assets, other retail real estate assets existing on the date hereof or other real
estate assets approved by the Administrative Agent;

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     (b) the Borrower provides reasonably acceptable existing and/or projected operating
and leasing information;

     (c) the proposed construction of such Borrowing Base Property (or the renovation or
expansion thereof) is scheduled for substantial completion at least ninety (90) days prior
to the Initial Maturity Date, or if the Loan has been extended, the Extended Maturity Date;

     (d) the Borrower provides a certification as to the absence of any material
environmental issues;

     (e) the Borrower provides certification as to the absence of any material structural
issues, if applicable;

     (f) a minimum of fifty percent (50%) of the projected or existing gross leaseable area
in the Borrowing Base Property (or in the proposed expanded or renovated area thereof) has
been leased pursuant to lease(s), approved by the Administrative Agent if and to the extent
approval is required herein, with at least one tenant being an Approved Anchor Tenant,
unless otherwise approved by all of the Lenders;

     (g) Unless otherwise approved by all of the Lenders, upon completion of the Borrowing
Base Property (or portion thereof to be developed or improved), the ratio of Pro Forma
Annual Net Operating Income (based on executed leases and letters of intent then in place)
to Projected Debt Service for the Borrowing Base Property shall be no less than 1.0 to 1.0;
and

     (h) no liens or encumbrances shall exist on the Borrowing Base Property upon its
inclusion as a Borrowing Base Property, other than Permitted Liens.

Eligible Assignee shall mean any Person that meets the requirements to be an assignee under
Section 13.3.1, subject to such consents, if any, as may be required under Section 13.3.1.

Environmental Indemnity as defined in Section 3.1.5.

Environmental Legal Requirements as defined in the Environmental Indemnity.

Equity Requirement means, with respect to each Borrowing Base Property Owner, an upfront
equity investment to be made and maintained at all times in such Borrowing Base Property Owner
equal to thirty percent (30%) of the total development costs reflected in the Construction Budget
submitted by the Borrower in connection with the approval of such Borrowing Base Property (or, with
respect to the development component of an OD Property, at such time as the Borrower requests that
Availability be created by such development component), which Equity Requirement may be funded by
Loans advanced under this Agreement with respect to other Borrowing Base Properties.

ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended from time
to time, and the regulations promulgated and rulings issued thereunder. Section references

EA-11

 

 to ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent provisions of
ERISA, amendatory thereof, supplemental thereto or substituted therefor.

ERISA Affiliate shall mean each person (as defined in Section 3(9) of ERISA) which together
with either Borrower or a Loan Party would be deemed to be a “single employer” (i) within the
meaning of Section 414(b), (c), (m) or (o) of the Code or (ii) as a result of either Borrower or a
Loan Party being or having been a general partner of such person.

Established Loan Amount shall mean, as of June 13, 2008, One Hundred Fifty Million Dollars
($150,000,000.00), and thereafter, such adjusted amount as may be implemented under Sections
2.1.1(iii) or 2.2.2 above.

Event of Default as defined in Section 10.1.

Event of Loss shall mean, with respect to any Collateral Property, any of the following:
(a) any loss or destruction of, or damage to, such Collateral Property; or (b) any actual
condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such
Collateral Property, or confiscation of such Collateral Property or the requisition of such
Collateral Property by a Governmental Agency or any Person having the power of eminent domain, or
any voluntary transfer of such Collateral Property or any portion thereof in lieu of any such
condemnation, seizure or taking.

Extended Maturity Date as defined in Section 2.2.1.

Extended Term as defined in Section 2.2.1.

Excluded Taxes shall mean taxes imposed on or measured by the overall net income of any
Lender or any agent of Lender and all franchise or gross receipts tax of any Lender or any agent of
any Lender.

Federal Funds Rate shall mean: For any day, a fluctuating interest rate per annum equal to
the weighted average of the rates on overnight federal funds transactions with members of the
Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such
day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New
York, or if such rate is not so published for any day that is a Business Day, the average of the
quotations for such day on such transactions received by the Administrative Agent from three
federal funds brokers of recognized standing selected by the Administrative Agent.

Financial Covenants shall mean those covenants of the Borrower set forth in Sections 7.19,
7.20, 7.21, 7.22, 7.23 and 7.24.

Fiscal Year shall mean each twelve month period commencing on January 1 and ending on
December 31.

Fixed Charges shall mean the aggregate of the Pro Rata share of all (a) Interest Expenses
(excluding any interest expenses required to be capitalized under GAAP), (b) regularly scheduled
principal amortization payments (other than any final “balloon” payments due at maturity) on all
Debt of the Consolidated CSC Entities and the Unconsolidated CSC Entities, (c)

EA-12

 

 preferred dividend payments or required Distributions (other than Distributions by the Borrower to holders of OP units
and Distributions by CSC to common equity holders) paid or payable by the Consolidated CSC Entities
and the Unconsolidated CSC Entities, (d) Ground Lease Payments unless already deducted from Net
Operating Income or Combined EBITDA, and (e) Tax Expenses for the Consolidated CSC Entities and the
Unconsolidated CSC Entities, all of the foregoing as determined in accordance with GAAP.

Fixed Charge Ratio shall mean, for each Calculation Period, the ratio of (a) Combined
EBITDA to (b) Fixed Charges.

Foreign Lender means any Lender that is organized under the laws of a jurisdiction other
than that in which the Borrower is resident for tax purposes. For purposes of this definition, the
United States, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

Formation Documents shall mean, singly and collectively, the partnership agreements, joint
venture agreements, limited partnership agreements, limited liability company or operating
agreements and certificates of limited partnership and certificates of formation, articles (or
certificate) of incorporation and by-laws and any similar agreement, document or instrument of any
Person, as amended subject to the terms and provisions hereof.

Fund means any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in
the ordinary course of its business.

Funding Date as defined in Section 5.1.

Funding Evidence shall mean, in connection with the Borrower raising the funds necessary to
make a Mandatory Principal Payment as required under Section 2.3.8(i), evidence in connection with
(i) the sale of any asset, that the Borrower has entered into a sales agreement, letter of intent,
or listed the asset for sale with a recognized broker or (ii) the financing or refinancing of an
asset, that the Borrower has obtained a commitment for such financing or submitted a loan
application to a recognized financial institution, the proceeds of which together with such other
funds as are available to the Borrower will be sufficient to make the required payment.

GAAP shall mean generally accepted accounting principles in the United States of America as
of the date applicable.

Governmental Authority shall mean any court, board, agency, commission, office or authority
of any nature whatsoever for any governmental unit (federal, state, county, district, municipal,
city or otherwise) whether now or hereafter in existence.

Ground Leases shall mean, from time to time, any Ground Lease relative to an Individual
Property and with respect to Ground Leases covering Borrowing Base Properties, for which the
Administrative Agent has given its prior written approval.

EA-13

 

Ground Lease Payments shall mean the sum of the Pro Rata share of (i) payments made by the
Consolidated CSC Entities under Ground Leases, plus (ii) payments made under Ground Leases by
Unconsolidated CSC Entities.

Guaranty as defined in Section 3.1.4.

Guarantor or Guarantors as defined in Section 1.4.

Hazardous Materials shall mean and include asbestos, mold, flammable materials, explosives,
radioactive substances, polychlorinated biphenyls, radioactive substances, other carcinogens, oil
and other petroleum products, pollutants or contaminants that could be a detriment to the
environment, and any other hazardous or toxic materials, wastes, or substances which are defined,
determined or identified as such in any past, present or future federal, state or local laws,
rules, codes or regulations, or any judicial or administrative interpretation of such laws, rules,
codes or regulations.

Implied Debt Service shall mean the greater of (a) the annual amount of principal and
interest payable on a hypothetical loan in an amount equal to the Implied Loan Amount, based upon a
twenty-five (25) year direct reduction monthly amortization schedule and a per annum interest rate
equal to the greater of (i) the actual blended interest rate for the Loan, or (ii) the 10-year
Treasury Rate as of the Calculation Date plus 2.00%, or (b) an annual debt service constant of
eight percent (8.00%).

Implied Debt Service Coverage Ratio shall mean as of each Calculation Date, the ratio of
the Pro Forma Annual Net Operating Income for all Borrowing Base Properties to Implied Debt
Service; such calculation and results to be as verified by the Administrative Agent.

Implied Loan Amount shall mean a principal amount which would generate as of any
Calculation Date an Implied Debt Service Coverage Ratio of 1.20 to 1.00, which Implied Loan Amount
may be revised by the Administrative Agent after the Closing Date or as of the most recent
Compliance Certificate or Borrowing Base Property report, as applicable, delivered to the
Administrative Agent, to reflect additions, removals and other adjustments to the Borrowing Base
Properties since the Closing Date or the most recent Compliance Certificate or Borrowing Base
Property report, as applicable, delivered to the Administrative Agent.

Initial Maturity Date as defined in Section 2.2.1.

Initial Term as defined in Section 2.2.1.

Increased Cost Event as defined in Section 2.6.1.

Indemnified Party as defined in Section 7.17.

Individual Property and Individual Properties shall mean, from time to time, all
real estate property owned or ground leased by any Consolidated CSC Entity or any Unconsolidated
CSC Entity, together with all improvements, fixtures, equipment, and personalty relating to such
property.

EA-14

 

Insurance/Taking Release Conditions shall mean as to any Event of Loss, the following
conditions: (a) the Cost to Repair is less than or equal to Five Hundred Thousand Dollars
($500,000.00); (b) no Event of Default shall have occurred and be continuing; (c) the Borrowing
Base Property and the use thereof after the Repair Work will be in compliance with, and permitted
under, all applicable Legal Requirements; and (d) such Event of Loss does not materially impair
access to the Borrowing Base Property.

Interest Expense shall mean the sum of the Pro Rata share of (i) the aggregate actual
interest (whether expensed or capitalized) paid or payable respecting all Debt by the Consolidated
CSC Entities, and (ii) the aggregate actual interest (whether expensed or capitalized) paid or
payable by the Unconsolidated CSC Entities.

Interest Period.

     (A) The term “Interest Period” means with respect to each Effective LIBO Rate Advance: a
period of one (1), two (2), or three (3) consecutive months, subject to availability, as selected,
or deemed selected, by Borrower at least two (2) Business Days prior to the initial date of such
Effective LIBO Rate Advance, or if an advance is already outstanding, at least two (2) Business
Days prior to the end of the current Interest Period. Each such Interest Period shall commence on
the Business Day so selected, or deemed selected, by Borrower and shall end on the numerically
corresponding day in the first, second, or third month thereafter, as applicable.
Provided, however: (i) if there is no such numerically corresponding day, such
Interest Period shall end on the last Business Day of the applicable month, (ii) if the last day of
such an Interest Period would otherwise occur on a day which is not a Business Day, such Interest
Period shall be extended to the next succeeding Business Day; but (iii) if such extension would
otherwise cause such last day to occur in a new calendar month, then such last day shall occur on
the next preceding Business Day.

     (B) The term “Interest Period” shall mean with respect to each Variable Rate Advance
consecutive periods of one (1) day each.

     (C) No Interest Period may be selected which would end beyond the then Maturity Date of the
Loan. If the last day of an Interest Period would otherwise occur on a day which is not a Business
Day, such last day shall be extended to the next succeeding Business Day, except as provided above
in clause (A) relative to an Effective LIBO Rate Advance.

Investment shall mean the acquisition of any real property or tangible personal property or
of any stock or other security, any loan, advance, bank deposit, money market fund, contribution to
capital, extension of credit (except for accounts receivable arising in the ordinary course of
business and payable in accordance with customary terms), or purchase or commitment or option to
purchase or otherwise acquire real estate or tangible personal property or stock or other
securities of any party or any part of the business or assets comprising such business, or any part
thereof.

ISP means, with respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice (or such later version thereof
as may be in effect at the time of issuance).

EA-15

 

Issuer Documents means, with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by the L/C Issuer and
the Borrower (or any Borrower Subsidiary) or in favor of the L/C Issuer and relating to any such
Letters of Credit.

JV Entity means an entity formed by the Borrower or a Borrower Subsidiary and a JV Partner
to own, develop and/or renovate and operate an Individual Property.

JV Partner means a third party who forms a JV Entity with the Borrower or a Borrower
Subsidiary.

Knowledge or knowledge shall mean with respect to the Borrower, CSC and the Borrower
Subsidiaries, (a) the actual knowledge of Leo S. Ullman, Brenda J. Walker, Lawrence E. Kreider, Jr.
or Jeffrey L. Goldberg or (b) the actual knowledge of such Persons’ successors to their positions
(or positions similar thereto) as officers of CSC. Notwithstanding the foregoing, such named
parties and their successors are not parties to this Agreement and shall have no liability for a
breach of any representation, warranty, covenant or agreement deemed to be made to their actual
knowledge.

Land Assets shall mean Individual Properties constituting raw or undeveloped land as to
which construction of contemplated improvements has not commenced or which does not generate rental
revenues under a Ground Lease.

Late Charge as defined in Section 2.3.14.

L/C Advance means, with respect to each Lender, such Lender’s funding of its participation
in any L/C Borrowing in accordance with its Commitment Percentage.

L/C Borrowing means an extension of credit resulting from a drawing under any Letter of
Credit which has not been reimbursed on the date when made or refinanced as a Loan Advance.

L/C Credit Extension means, with respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the increase of the amount thereof.

L/C Draw shall mean a payment made by the L/C Issuer pursuant to a Letter of Credit which
was presented to the L/C Issuer for a draw of proceeds thereunder.

L/C Exposure shall mean, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding Letters of Credit at such time, plus (b) the aggregate amount of all L/C Draws that
have not yet been reimbursed by or on behalf of the Borrower, or repaid through a Loan Advance, at
such time.

L/C Issuer means KeyBank, National Association in its capacity as issuer of Letters of
Credit hereunder, or any successor issuer of Letters of Credit hereunder.

L/C Obligations means, as at any date of determination, the aggregate amount available to
be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed
Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn

EA-16

 

under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 2.7.13. For all purposes of this Agreement, if on any date of determination a Letter
of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the
operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available
to be drawn.

Lease shall mean any lease relative to all or any portion of an Individual Property.

Legal Requirements shall mean all applicable federal, state, county and local laws,
by-laws, rules, regulations, codes and ordinances, and the requirements of any governmental agency
or authority having or claiming jurisdiction with respect thereto, including, but not limited to,
those applicable to zoning, subdivision, building, health, fire, safety, sanitation, the protection
of the handicapped, and environmental matters and shall also include all orders and directives of
any court, governmental agency or authority having or claiming jurisdiction with respect thereto.

Lenders as defined in the Preamble.

Lenders’ Consultant as defined in Section 7.28.

Letter of Credit means any letter of credit issued hereunder.

Letter of Credit Application means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

Letter of Credit Expiration Date means the day that is seven days prior to the Maturity
Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

Letter of Credit Fee has the meaning specified in Section 2.7.9.

Letter of Credit Sublimit means an amount equal to $15,000,000.00. The Letter of Credit
Sublimit is part of, and not in addition to, the Total Commitment.

Leverage Ratio shall mean the quotient (expressed as a percentage) resulting from dividing
(i) the aggregate of all Debt of the Consolidated CSC Entities and the Unconsolidated CSC Entities
by (ii) the Total Asset Value.

LIBO Rate means, for any Interest Period with respect to an Effective LIBO Rate Advance,
the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as
published by Reuters (or other commercially available source providing quotations of BBA LIBOR as
designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time,
two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period.
If such rate is not available at such time for any reason, then the “LIBO Rate” for such Interest
Period shall be the rate per annum determined by the Administrative Agent to be the rate at which
deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the Effective LIBO Rate Advance being made, continued or converted by
KeyBank, National Association and with a term equivalent to such Interest Period would be offered
by KeyBank, National Association London Branch to

EA-17

 

major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m.
(London time) two Business Days prior to the commencement of such Interest Period.

Lien shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment,
security interest, or any other encumbrance, charge or transfer, including, without limitation, any
conditional sale or other title retention agreement, any financing lease having substantially the
same economic effect as any of the foregoing, and mechanic’s, materialmen’s and other similar liens
and encumbrances.

Licenses and Permits shall mean all licenses, permits, authorizations and agreements issued
by or agreed to by any governmental authority, or by a private party pursuant to a Permitted Title
Exception, and including, but not limited to, building permits, occupancy permits and such special
permits, variances and other relief as may be required pursuant to Legal Requirements which may be
applicable to any Collateral Property.

Line Fee as defined in Section 2.4.2.

Line Percentage shall mean 0.15% per annum.

Liquidation Proceeds. Amounts received by the Administrative Agent and/or the Lenders in
the exercise of the rights and remedies under the Loan Documents (including, but not limited to,
all rents, profits and other proceeds received by the Administrative Agent and/or the Lenders from
the liquidation of, or exercising rights upon the occurrence of an Event of Default relative to,
any Collateral, but not including any amount bid at a foreclosure sale or on behalf of the
Administrative Agent or otherwise credited to the Borrower in, any deed-in-lieu of foreclosure or
similar transaction).

Loan as defined in Section 1.3.

Loan Advances shall mean any advance of any proceeds of the Loan hereunder, and as defined
in Section 2.1.1.

Loan Agenda shall mean that Document Agenda respecting the establishment of the Loan
annexed hereto as Exhibit K, and for the addition of any Borrowing Base Property, the
agenda of customary closing items provided by the Administrative Agent in connection therewith.

Loan Agreement as defined in the Preamble.

Loan Documents as defined in Section 3.2.

Loan Party and Loan Parties shall mean, singly and collectively, the Borrower, CSC,
and any Borrower Subsidiary which is a party to any Loan Document, each Borrowing Base Property
Owner, and any Subsidiary and Affiliate of any of the foregoing which is party to any Loan
Document.

Loan Termination Date shall mean the Maturity Date.

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London Banking Day. The term “London Banking Day” means any day on which dealings in
deposits in Dollars are transacted in the London interbank market.

Major Event of Loss shall mean, with respect to any Borrowing Base Property, both (1) any
of the following: (a) any loss or destruction of, or damage to, such Borrowing Base Property such
that either (x) the repairs and restoration of any completed portion thereof to the condition
immediately prior to such loss cannot be completed, in the judgment of the applicable Lender’s
Consultant and if there is no Lender’s Consultant, an independent architect or engineer retained by
the Borrower, within six (6) months after the occurrence of such loss, damage or destruction or (y)
for any Stabilized Asset, rendering more than fifty (50%) percent of the said Borrowing Base
Property unusable for the purposes conducted thereon immediately prior to such loss, destruction or
damage, as determined by the applicable Lender’s Consultant and if there is no Lender’s Consultant,
an independent architect or engineer retained by the Borrower; or (b) any actual condemnation,
seizure or taking, by exercise of the power of eminent domain or otherwise, of such Borrowing Base
Property, or confiscation of such Borrowing Base Property or the requisition of such Borrowing Base
Property by a Governmental Agency or any Person having the power of eminent domain, or any
voluntary transfer of such Borrowing Base Property or any portion thereof in lieu of any such
condemnation, seizure or taking, in any such case, rendering more than fifty (50%) percent of the
said leaseable area of said Borrowing Base Property unusable for the purposes conducted or intended
to be conducted thereon immediately prior to action, as determined by the applicable Lender’s
Consultant and if there is no Lender’s Consultant, an independent architect or engineer retained by
the Borrower, and (2) the Administrative Agent does not elect under Section 14.3.3 to make the Net
Proceeds with respect to such Event of Loss available for Repair Work.

Major Lease shall mean (i) any Lease for space in any Borrowing Base Property (x) in excess
of 25,000 rentable square feet, or (y) in excess of 15,000 rentable square feet and in excess of
ten (10%) percent of the rentable square footage of such Borrowing Base Property, or (ii) any Lease
with a tenant who is a tenant in more than one Borrowing Base Property and who leases 25,000 or
more rentable square feet, in the aggregate, in all Borrowing Base Properties.

Mandatory Principal Payment as defined in Section 2.3.8(ii).

Material Adverse Effect shall mean a material adverse effect on (i) the business, assets,
operations or financial or other condition of any of the Borrower, CSC, or, taken as a whole, the
Loan Parties, (ii) the ability of any of the Borrower, CSC, or, taken as a whole, the Loan Parties
to perform any material Obligations or to pay any Obligations which it is or they are obligated to
pay in accordance with the terms hereof or of any other Loan Document, (iii) the rights of, or
benefits available to, the Administrative Agent and/or any of the Lenders under any Loan Document
or (iv) any Lien given to Administrative Agent and/or any of the Lenders on any material portion of
the Collateral or the priority of any such Lien.

Maturity shall mean the Initial Maturity Date, or, if extended pursuant to the terms
hereof, the Extended Maturity Date, or, in any instance, upon acceleration of the Loan, if the Loan
has been accelerated by the Administrative Agent upon an Event of Default.

Maturity Date as defined in Section 2.2.1.

EA-19

 

Maximum Loan Amount as defined in Section 2.1.1.

Net Operating Income: For any period of determination, (i) net operating income generated
by an Individual Property for such period (i.e., gross operating income, inclusive of any
rent loss insurance, less expenses (exclusive of debt service, capital expenditures and vacancy
allowances and before depreciation and amortization)), determined in accordance with GAAP, as
generated by, through or under Leases, and (ii) all other income arising from direct operations of
or licenses or operating agreements for any part of the Individual Property determined on a GAAP
basis. For purposes hereof, all rental income shall be adjusted for straight line rents. Borrower
shall provide Administrative Agent with all information and materials required by Administrative
Agent necessary for the determination of Net Operating Income. If any Leases are scheduled to
expire during such period of determination, no rents or other amounts payable under such Leases
with respect to any portion of such period occurring after such scheduled expiration date shall be
included in the determination of Net Operating Income for such period. If any Leases are scheduled
to commence (and rent and occupancy pursuant thereto are also scheduled to commence) during such
period of determination, the rents and other amounts payable under such Leases with respect to any
period occurring after the scheduled commencement date shall be included in the determination of
Net Operating Income for such period.

Net Proceeds. (1) The net amount of all insurance proceeds received under any insurance
policies other than Rent Loss Proceeds as a result of the occurrence of an Event of Loss described
in clause (a) of the definition of Event of Loss with respect to any Collateral Property, after
deduction of the reasonable costs and expenses (including, but not limited to reasonable counsel
fees), if any, in collecting the same, or (2) the net amount of all awards and payments received
with respect to the occurrence of an Event of Loss described in clause (b) of the definition of
Event of Loss, after deduction of the reasonable costs and expenses (including, but not limited to
reasonable counsel fees), if any, in collecting the same, whichever the case may be.

Net Worth shall mean (a) the sum of (i) total stockholders’ equity and (ii) limited
partners’ interest in the Borrower as of the Calculation Date appearing on the consolidated
financial statements of the Borrower and CSC, plus (b) depreciation and amortization provided after
December 31, 2007 through the Calculation Date on a cumulative basis.

Non-Retail Assets shall mean Individual Properties that generate more than fifteen (15%)
percent of base rental revenues from non-retail tenants.

Non-Stabilized Asset shall mean an Individual Property that is not a Stabilized Asset.

Note shall mean, collectively, the various promissory notes payable to each Lender in the
aggregate original principal amount of the Established Loan Amount.

Notice of Default as defined in Section 13.1.6.

Notice of Rate Selection as defined in Section 2.3.3.

Obligations shall mean without limitation, all and each of the following, whether now
existing or hereafter arising:

EA-20

 

     (a) Any and all direct and indirect liabilities, debts, and obligations of the
Borrower or any Loan Party to the Administrative Agent, the L/C Issuer or any Lender under
or arising out of the Loan Documents, each of every kind, nature, and description.

     (b) Each obligation to repay any loan, advance, indebtedness, note, obligation,
overdraft, or amount now or hereafter owing by the Borrower or any Loan Party to the
Administrative Agent, the L/C Issuer or any Lender (including all future advances whether
or not made pursuant to a commitment by the Administrative Agent, the L/C Issuer or any
Lender) under or arising out of the Loan Documents, whether or not any of such are
liquidated, unliquidated, primary, secondary, secured, unsecured, direct, indirect,
absolute, contingent, or of any other type, nature, or description, or by reason of any
cause of action which the Administrative Agent, the L/C Issuer or any Lender may hold
against the Borrower or any Loan Party including, without limitation, any obligation
arising under any interest rate hedging, cap or other protection arrangement with the
Administrative Agent, the L/C Issuer or any Lender.

     (c) All notes and other obligations of the Borrower or any Loan Party now or hereafter
assigned to or held by the Administrative Agent, the L/C Issuer or any Lender under or
arising out of the Loan Documents, each of every kind, nature, and description.

     (d) All interest, fees, and charges and other amounts which may be charged by the
Administrative Agent, the L/C Issuer or any Lender to the Borrower or any Loan Party and/or
which may be due from the Borrower or any Loan Party to the Administrative Agent, the L/C
Issuer or any Lender from time to time under or arising out of the Loan Documents.

     (e) All costs and expenses incurred or paid by the Administrative Agent, the L/C
Issuer or any Lender in respect of any agreement between the Borrower or any Loan Party and
the Administrative Agent, the L/C Issuer or any Lender or instrument furnished by the
Borrower or any Loan Party to the Administrative Agent, the L/C Issuer or any Lender
(including, without limitation, costs of collection, attorneys’ reasonable fees, and all
court and litigation costs and expenses) in connection with the Loan.

     (f) Any and all covenants of the Borrower or any Loan Party to or with the
Administrative Agent, the L/C Issuer or any Lender and any and all obligations of the
Borrower or any Loan Party to act or to refrain from acting in accordance with any
agreement between the Borrower or any Loan Party and the Administrative Agent, the L/C
Issuer or any Lender or instrument furnished by the Borrower or any Loan Party to the
Administrative Agent, the L/C Issuer or any Lender in connection with the Loan.

Occupancy Ratio shall mean with respect to any Individual Property, the ratio as determined
by the Administrative Agent of the rentable square footage thereof as to which tenants are in
physical occupancy and paying rent, to the total rentable square footage thereof.

OD Property shall mean a Borrowing Base Property that contains both a completed operational
component and a development component.

EA-21

 

Officer’s Certificate shall mean a certificate delivered to the Administrative Agent by the
Borrower, a Borrower Subsidiary, or a Guarantor, as the case may be respectively, which is signed
by an authorized officer thereof (or an authorized officer of the direct or indirect managing
general partner or managing member, as applicable, of the Borrower, Borrower Subsidiary, or
Guarantor, if and as applicable).

Operating Pro Forma shall mean, for each Borrowing Base Property, a projection of Net
Operating Income and cash flows for the five year period commencing as of the date on which such
Borrowing Base Property becomes a Stabilized Asset.

Other Taxes means all present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment made hereunder or under any
other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect
to, this Agreement or any other Loan Document, but excluding any Excluded Taxes.

Outstanding Amount means (i) with respect to the Loan on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or
repayments of the Loan occurring on such date; and (ii) with respect to any L/C Obligations on any
date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit
Extension occurring on such date and any other changes in the aggregate amount of the L/C
Obligations as of such date, including as a result of any reimbursements by the Borrower of
Unreimbursed Amounts.

Participant as defined in Section 13.3.3.

PBGC shall mean the Pension Benefit Guaranty Corporation established pursuant to Section
4002 of ERISA, or any successor thereto.

Permitted Debt as defined in Section 8.4.

Permitted Distributions shall mean (a) so long as no Event of Default exists and is
continuing, or would be created thereby, any Distributions by the Borrower and CSC, (i) in any
amount, provided that such Distributions, to the extent not included in the determination of
Adjusted FFO, shall not exceed ninety-five (95%) percent of Adjusted FFO for the just completed
calendar quarter, (ii) concerning the repurchase or redemption of stock of CSC or partnership
interests in the Borrower, or (iii) concerning the issuance of operating partnership units or stock
in return for equity interests in connection with any Permitted Investment (provided, any
Distributions by the Borrower or CSC shall be permitted as are necessary for CSC to maintain REIT
status, if such Distributions are greater than the amounts set forth in subclause (a)(i), above),
or (b) at any time after and during the continuance of any Event of Default, such Distributions as
are necessary for CSC to maintain REIT status (measured on a quarterly basis), all of the foregoing
tested by the Administrative Agent on each Calculation Date with results based upon the results
for the most recent Calculation Period, such calculation and results to be as verified by the
Administrative Agent.

Permitted Liens as defined in Section 8.2.

Permitted Investments shall mean the following:

EA-22

 

     (a) The Pro Rata share of Investments in Development Assets (valued at undepreciated
Book Value) which, in the aggregate, do not exceed twenty five percent (25%) of Total Asset
Value;

     (b) The Pro Rata share of Investments in Land Assets which, in the aggregate, valued
at Book Value do not exceed ten percent (10%) of Total Asset Value;

     (c) Investments in Unconsolidated CSC Entities including, without limitation, the
purchase of all or any portion of any interests held by persons that are not Wholly-Owned
Subsidiaries of the Borrower;

     (d) The Pro Rata share of Investments in Non-Retail Assets which, in the aggregate,
do not exceed five percent (5%) of Total Asset Value;

     (e) Investments in interest rate swaps, caps and other similar rate protection
agreements; and

     (f) Investments in Individual Properties or in entities which own such Individual
Properties, provided that such investment does not cause a breach of a Financial Covenant.
Provided, further, that in the event such an Investment in an entity would result in the
ownership by the subject Loan Party of fifty percent (50%) or more in the aggregate of the
equity interests in such entity, such Investment shall have been approved by the Board of
Directors of the entity (or similar governing body if such entity is not a corporation)
which is the subject of such Investment and such entity shall not have announced that it
will oppose such Investment or shall not have commenced any action which alleges that such
Investment will violate any applicable law.

Person shall mean any individual, corporation, partnership, joint venture, estate, trust,
unincorporated association or limited liability company, any federal, state, county or municipal
government or any bureau, department or agency thereof and any fiduciary acting in such capacity on
behalf of any of the foregoing.

Plan shall mean any multiemployer or single-employer plan as defined in Section 4001 of
ERISA, which is maintained or contributed to by (or to which there is an obligation to contribute
of) any Loan Party or an ERISA Affiliate, and each such plan for the five year period immediately
following the latest date on which such Loan Party or an ERISA Affiliate maintained, contributed to
or had an obligation to contribute to such plan.

Preliminary Approval shall mean the following, if applicable:

     (a) Delivery by the Borrower to the Administrative Agent and the Lenders of the
following with respect to any Individual Property proposed to be a Borrowing Base Property,
each such item to the reasonable satisfaction of the Administrative Agent and the Lenders:

     (i) physical description;

     (ii) current rent roll and operating statements;

EA-23

 

     (iii) to the extent then available in Borrower’s files, the following: a
survey, environmental reports, copies of existing title insurance policies or a
title commitment, and copies of all title exceptions, engineering reports and
similar information; and

     (iv) the Borrower’s certification that to its knowledge the proposed Borrowing
Base Property presently satisfies (or is anticipated to satisfy upon the grant of
such Collateral) the Eligibility Criteria set forth in subsections (a), (c), (d),
and (e), of the definition of Eligibility Criteria.

     (b) Administrative Agent and the Required Lenders shall, within ten (10) Business Days
after delivery of all items described in subsection (a), above, grant or deny the
preliminary approval for the proposed replacement Borrowing Base Property.

Prime Rate. The term “Prime Rate” means the greater of (i) a variable per annum rate of
interest so designated from time to time by KeyBank, National Association (or any successor
thereto), as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annum. The Prime Rate
is a reference rate and does not necessarily represent the lowest or best rate being charged to any
customer.

Pro Forma Annual Net Operating Income shall mean, for each Borrowing Base Property, the
projected Pro Rata share of (i) Net Operating Income less (ii) management fees (calculated as the
greater of either 3% of total revenue or actual management expenses incurred), to the extent not
already deducted from Net Operating Income, less (iii) allowances for capital expenditures in the
amount of $0.20 per annum per rentable square foot of completed improvements to be achieved upon completion of the Borrowing Base Property, based
on the Operating Pro Forma delivered by the Borrower to the Administrative Agent, as such Operating
Pro Forma shall be updated from time.

Projected Debt Service shall mean, as to any proposed Borrowing Base Property, the annual
interest payments which would be made on a loan in an amount equal the total amount anticipated to
be advanced with respect to the subject Borrowing Base Property, with interest accruing at an
assumed rate equal to the weighted average of the interest rates then in effect under the Loan.

Pro Rata shall mean a calculation based on the percentage of the Capital Stock of or other
equity interest in any Person owned, directly or indirectly, by the Borrower and/or CSC. For the
purposes of this definition, the Pro Rata share of a Consolidated CSC Entity shall be deemed to be
100%.

Register as defined in Section 13.3.2.

REIT means a “real estate investment trust” as such term is defined in Section 856 of the
Code.

Release Conditions as defined in Section 3.3.

Release Price shall mean, with respect to any Borrowing Base Property, the amount, if any,
necessary to reduce the aggregate outstanding principal amount of the Loans plus the L/C

EA-24

 

Exposure to the Maximum Loan Amount (computed without regard to the Borrowing Base Property for which the
Borrower is seeking release).

Rent Loss Proceeds. The proceeds received under any rent loss or business interruption
insurance policies.

Repair Work as defined in Section 14.1.

Reportable Event shall mean an event described in Section 4043(b) of ERISA with respect to
a Plan other than those events as to which the 30-day notice period
is waived under subsection .13, .14, .16, .18, .19 or .20 of PBGC Regulation Section 2615, or as otherwise now or hereafter defined
in ERISA.

Required Lenders. As of any date, the Lenders holding at least Sixty-Six and 2/3rds (66
2/3%) percent of the outstanding principal amount due under the Note on such date; and if no such
principal is outstanding, the Lenders whose aggregate Commitments constitute at least Sixty-Six and
2/3rds (66 2/3%) percent of the Total Commitment.

Restoration Property. Any Collateral Property as to which an Event of Loss has occurred
and as to which the Net Proceeds are being made available in accordance with the terms and
provisions of Article 14 for Repair Work relative to the subject Collateral Property and such
Repair Work can be completed prior to the then applicable Maturity Date, as determined by the
Administrative Agent in its reasonable discretion.

Security Documents as defined in Section 3.2.

Stabilized Asset shall mean an Individual Property which has an Occupancy Ratio of equal to
or greater than eighty percent (80%). If due to the occurrence of an Event of Loss as to any
Borrowing Base Property which was a Stabilized Asset prior to such Event of Loss, the Occupancy
Ratio with respect thereto is less than eighty percent (80%), such Borrowing Base Property shall
continue to be deemed to be a Stabilized Asset (notwithstanding that the Occupancy Ratio with
respect thereto is less than eighty percent (80%) as a result of such Event of Loss) for a period
equal to the lesser of (i) six (6) months from the occurrence of the Event of Loss or (ii) the
determination that the subject Borrowing Base Property is not, or ceases to be, a Restoration
Property.

State shall mean the State or Commonwealth in which the subject of such reference or any
part thereof is located.

Subsidiary shall mean, with respect to any Person, any corporation, association, limited
liability company, partnership or other business entity of which securities or other ownership
interests representing more than 50% of either (x) the beneficial ownership interest or (y)
ordinary voting power are, at the time as of which any determination is being made, owned or
controlled, directly or indirectly, by such Person.

Tax Expenses shall mean tax expense (if any) attributable to income and franchise taxes
based on or measured by income, whether paid or accrued.

EA-25

 

Total Asset Value shall mean the aggregate of:

     (a) for all Individual Properties (which are not Individual Properties acquired within
the prior 90 days from the Calculation Date, Development Assets, or Land Assets), the Pro
Rata share of the Calculations Period’s aggregate Adjusted Net Operating Income for all such
Individual Properties, annualized, capitalized at a rate of 8.00% (which capitalization rate
may be adjusted once during the remaining term of the Loan at the request of (i) the
Required Lenders only upon the exercise by the Borrower of its rights under Section 2.2.3 of
this Loan Agreement; provided, however, that any such adjustment by the Required Lenders
shall not result in the increase of the capitalization rate by more than fifty (50) basis
points, or (ii) the Borrower, which such request of the Borrower shall be subject to the
prior written approval of the Required Lenders), plus

     (b) for Land Assets, and for all Individual Properties which were acquired within the
prior 90 days from the Calculation Date, the Pro Rata share of the undepreciated Book Value
as of the Calculation Date; plus

     (c) for Development Assets, at the Borrower’s option, either the Pro Rata share of the
undepreciated Book Value as of the Calculation Date or the Pro Rata share of the
Calculations Period’s aggregate Adjusted Net Operating Income for such Development Asset,
annualized, capitalized at a rate of 8.00% (which capitalization rate may be adjusted once
during the remaining term of the Loan at the request of (i) the Required Lenders only upon
the exercise by the Borrower of its rights under Section 2.2.3 of this Loan Agreement;
provided, however, that any such adjustment by the Required Lenders shall not result in the
increase of the capitalization rate by more than fifty (50) basis points, or (ii) the
Borrower, which such request of the Borrower shall be subject to the prior written approval
of the Required Lenders); plus

     (d) for all unencumbered cash and cash equivalent investments, restricted cash held by
a qualified intermediary, and escrows owned by the Consolidated CSC Entities and the
Unconsolidated CSC Entities, the Pro Rata share of the Book Value as of the Calculation Date
of such assets; plus

     (e) deposits corresponding to outstanding letters of credit.

The Pro Rata share of Development Assets completed within the prior 90 days from a Calculation Date
will be valued as set forth in (c) above for a maximum of one hundred eighty (180) days from
completion (and continuing until end of such Calculation Period ) and based on Adjusted Net
Operating Income under subsection (a) above thereafter.

Total Commitment. The sum of the Commitments of the Lenders, as in effect from time to time.

Total Outstandings means the aggregate Outstanding Amount.

Treasury Rate The term “Treasury Rate” means, as of the date of any calculation or
determination, the latest published rate for United States Treasury Notes or Bills (but the rate on
Bills issued on a discounted basis shall be converted to a bond equivalent) as published weekly in
the Federal Reserve Statistical Release H.15(519) of Selected Interest Rates in an amount

EA-26 

 

which approximates (as determined by Administrative Agent) the amount (i) approximately comparable
to the portion of the Loan to which the Treasury Rate applies for the Interest Period, or (ii) in
the case of a prepayment, the amount prepaid and with a maturity closest to the original maturity
of the installment which is prepaid in whole or in part.

UCC or the Uniform Commercial Code means the Uniform Commercial Code in effect in
the State of New York, provided, that as same relates to a Collateral Property, the UCC shall mean
the Uniform Commercial Code as adopted in such jurisdiction.

Unconsolidated CSC Entity or Unconsolidated CSC Entities shall mean each Person as
to which the Borrower and/or CSC own, directly or indirectly, any Capital Stock, but which is not a
Wholly-Owned Subsidiary.

Unfunded Current Liability of any Plan means the amount, if any, by which the actuarial
present value of the accumulated plan benefits under the Plan as of the close of its most recent
plan year exceeds the fair market value of the assets allocable thereto, each determined in
accordance with Statement of Financial Accounting Standards No. 35, based upon the actuarial
assumptions used by the Plan’s actuary in the most recent annual valuation of the Plan.

United States and U.S. shall each mean the United States of America.

Unreimbursed Amount has the meaning specified in Section 2.7.3(i).

Variable Rate means a per annum rate equal at all times to the Prime Rate plus the
Applicable Margin for Prime Rate Loans, with changes therein to be effective simultaneously without
notice or demand of any kind with any change in the Prime Rate.

Variable Rate Advance means any principal amount outstanding under this Agreement which
pursuant to this Agreement bears interest at the Variable Rate.

Variable Rate Indebtedness means any Debt that bears interest at a variable rate without
the benefit of an interest rate hedge or other interest rate protection agreement.

Wholly-Owned Subsidiary shall mean, with respect to any Person, any other Person as to
which one-hundred (100%) percent of the Capital Stock thereof is owned, directly or indirectly, by
such Person.

EA-27 

 

EXHIBIT B-1 TO LOAN AGREEMENT

REQUISITION AND AVAILABILITY CERTIFICATE

			
	TO:	 	KeyBank, National Association (“Administrative Agent”)

			
	RE:	 	Amended and Restated Loan Agreement dated as of
October 21, 2008 (as amended, the “Loan Agreement”)
between Administrative Agent, the lenders described
therein and Cedar Shopping Centers Partnership, L.P.
(“Borrower”)

LOAN REQUEST NO.:                                        

AMOUNT OF LOAN ADVANCE REQUESTED:$                                        

DATE:                                        , 200                    

     This Borrower’s Certificate and Request for Loan Advance is submitted by Borrower to
Administrative Agent pursuant to the provisions of the Loan Agreement in order to induce Lenders to
make the Loan Advance identified above. Capitalized terms used herein which are not otherwise
specifically defined shall have the same meaning herein as in the Loan Agreement.

     Borrower hereby requests Lenders to make a Loan Advance under the Notes in the following
amount: $                                        .

     The Loan Advance is requested for the following purposes: 
                
               
               
             
             
             
               
               

      

      
.

     The
Loan Advance requested of $          
              
                , when added to prior Loan Advances under the
Notes of $             
              
             , plus the L/C
Exposure of $             
               
            , will result in aggregate
Loans plus L/C Exposure of $           
               
              .

     The types of Loans requested are as follows:

	 	 	 
	Variable Rate:
	$	 
	 
	 	 
	 
	 	 
	Effective LIBO Rate:
	$	 
	 
	 	 
	 
	 	Interest Period       
             
             
             
                
                                 
	 
	 	 
	 
	$	 
	 
	 	 
	 
	 	Interest Period      
             
             
             
                
                                  

     The Maximum Loan Amount shall not be exceeded upon the making of the Loan Advance requested
hereunder. Calculations of the Maximum Loan Amount, current Loan

EB-1

 

balance, and amount of the Loan available to be advanced and/or L/C’s available to be issued
are set forth on the Availability Certificate annexed hereto.

     Borrower hereby certifies, warrants and represents to Administrative Agent and the Lenders
that (except for each condition precedent to Lender’s obligation to make the requested Loan
Advance) this request: (i) constitutes an affirmation by Borrower that, except as otherwise
disclosed in writing to the Administrative Agent, each of the warranties and representations made
in the Loan Agreement, including, without limitation, the Borrower’s continued compliance with the
Financial Covenants, as satisfied by the Closing Compliance Certificate, or once delivered, the
most recent Compliance Certificate delivered by the Borrower to the Agent, remains true and correct
in all material respects as of the date of this request and, unless Administrative Agent is
notified to the contrary prior to the disbursement of the Loan Advance, will be so on the date of
such Loan Advance; and (ii) constitutes the representation and warranty of Borrower that the
information set forth in this request is true, accurate and complete in all material respects.

     The Borrower hereby further certifies, warrants and represents to Administrative Agent and the
Lenders that: (i) to the best of the Borrower’s knowledge, the financial information provided by
the Borrower to the Agent remains true and accurate in all material respects; (ii) the Borrower is
in compliance with the financial covenants contained in the Loan Agreement to the extent set forth
below; (iii) to the best of the Borrower’s knowledge, an Event of Default which is continuing has
not occurred under the Loan Agreement or any of the other Loan Documents.

	 	 	 	 	 
	Covenant	 	Requirement	 	Actual
	Leverage Ratio

	 	Less than 70%	 	 
	 
	 	 	 	 
	Fixed Charge Ratio

	 	Not less than 1.35:1	 	 
	 
	 	 	 	 
	Borrower’s Net Worth

	 	Not less than the aggregate of
$536,025,018.00 plus 85% of
cumulative net cash proceeds,
as set forth in the Loan
Agreement	 	 
	 
	 	 	 	 
	Aggregate Pro Rata amount of
the Variable Rate
Indebtedness of the
Consolidated CSC Entities
and the Unconsolidated CSC
Entities

	 	Less than 30% of the Total
Asset Value	 	 
	 
	 	 	 	 
	Individual Property secured
Debt of the Borrower, CSC or
any Borrower Subsidiary
which is recourse to the
Borrower or CSC

	 	In the aggregate outstanding
at any time, not to exceed
twenty five percent (25%) of
the Total Asset Value	 	 

EB-2

 

	 	 	 	 	 
	Covenant	 	Requirement	 	Actual
	The Pro Rata share of
Investments in Development
Assets (valued at
undepreciated Book Value)

	 	In the aggregate, not to
exceed twenty five percent
(25%) of Total Asset Value	 	 
	 
	 	 	 	 
	The Pro Rata share of
Investments in Land Assets
which are valued at Book
Value

	 	In the aggregate, not to
exceed ten percent (10%) of
Total Asset Value	 	 
	 
	 	 	 	 
	The Pro Rata share of
Investments in Non-Retail
Assets

	 	In the aggregate, not to
exceed five percent (5%) of
Total Asset Value	 	 

     Calculations of the Financial Covenants are set forth in the Closing Compliance Certificate,
or once delivered, the most recent Compliance Certificate delivered by the Borrower to the Agent.

     This request is submitted to Administrative Agent for the purpose of inducing Lenders to make
a Loan Advance and Borrower intends that Administrative Agent and the Lenders shall rely upon the
same being true, accurate and complete in all material respects.

     If all conditions precedent to Lenders’ obligation to make a Loan Advance are satisfied,
please disburse the Loan Advance on                                         , 200                    .

EB-3

 

     WITNESS the execution hereof as an instrument under seal as of the                     day of
                                        , 200                    .

	 	 	 	 	 	 	 	 	 
	 	 	CEDAR SHOPPING CENTERS PARTNERSHIP,

 L.P.,
a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Cedar Shopping Centers, Inc., its general partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

EB-4

 

Availability Certificate

	 	 	 	 	 	 	 	 	 
	1. Maximum Loan Amount
	 	 	 	 	 	 	 	 
	 
	a. Established Loan Amount
	 	$	150,000,000.00	 	 	 	 	 
	b. Total Commitment
	 	$	150,000,000.00	 	 	 	 	 
	c. Availability (calculated below)

	 	$	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	least of (a), (b) and (c)
	 	 	 	 	 	$	 	 
	 
	 	 	 	 	 	 	 	 
	 
	2. Loan Balance
	 	 	 	 	 	 	 	 
	 
	a. Outstanding Balance of Loan plus
	 	$	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	b. L/C Exposure
	 	$	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(a) plus (b)
	 	 	 	 	 	$	 	 
	 
	 	 	 	 	 	 	 	 
	 
	3. Amount of Loan available to be advanced
and/or L/C’s available to be issued
	 	 	 	 	 	 	 	 
	1 minus 2
	 	 	 	 	 	$	 	 
	 
	 	 	 	 	 	 	 	 

EB-5

 

Availability Calculation 

	 	 	 	 	 	 	 	 	 
	1. For each Borrowing Base Property
which is not an OD Property:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	          (A) seventy percent (70%) of
the Borrowing Base Value* of
such Borrowing Base Property
as of the date of the most
recent Compliance
Certificate or Borrowing
Base Property report, as
applicable, delivered to the
Administrative Agent,

	 	$	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	          (B) seventy percent (70%) of
the total costs as set forth
on the Construction Budget
for such Borrowing Base
Property;
	 	$	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	          (C) Aggregate of lesser of (A) or (B) above for each
non OD property
	 	 	 	 	 	$	 	 
	 
	 	 	 	 	 	 	 	 
	2. For each Borrowing Base Property
which is an OD Property:
	 	 	 	 	 	 	 	 
	 
	          (A) seventy percent (70%) of
the Borrowing Base Value* of
the completed component of
such Borrowing Base Property
as of the date of the most
recent Compliance
Certificate or Borrowing
Base Property report, as
applicable, delivered to the
Administrative Agent,
	 	$	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	     (B)
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	          (I) seventy percent (70%) of
the Borrowing Base Value* of
the development component of
such Borrowing Base Property
as of the date of the most
recent Compliance
Certificate or Borrowing
Base Property report, as
applicable, delivered to the
Administrative Agent,
	 	$	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	          (II) seventy percent (70%)
of the total costs as set
forth on the Construction
Budget for the development
component of such Borrowing
Base Property
	 	$	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	          (III) Aggregate of lesser of (I) and (II) above for each
OD property
	 	 	 	 	 	$	 	 
	 
	 	 	 	 	 	 	 	 
	 
	3. Implied Loan Amount
	 	 	 	 	 	$	 	 
	 
	 	 	 	 	 	 	 	 
	(calculated below)
	 	 	 	 	 	 	 	 

EB-6

 

	 	 	 	 	 	 	 	 	 
	4.
Availability is the lesser of [(1)(C) + (2)(A) + 2(B)(III)] or (3)
	 	 	 	 	 	$	 	 
	 
	 	 	 	 	 	 	 	 

EB-7

 

*Borrowing Base Value Calculation

	 	 	 
	Borrowing Base Property	 	 
	Trexlertown Plaza

	 	Received 8/20/08;
$77,650,000.00 (as completed)
	 
	 	 
	Lake Raystown Shopping Center

	 	Received 8/20/08;
$16,900,000.00
	 
	 	 
	Blue Mountain Commons

	 	Received 8/20/08;
$42,400,000.00 (as completed)
	 
	 	 
	Carbondale Plaza

	 	Received 8/20/08;
$8,050,000.00

EB-8

 

Implied Loan Amount Calculation

Principal amount which generates Implied Debt Service Coverage Ratio of 1.20 to 1.00, calculated in
accordance with the worksheet which is to be annexed hereto.

EB-9

 

EXHIBIT C TO LOAN AGREEMENT

NOTE

PROMISSORY NOTE

$                    0,000,000.00                                        , 2008

1. Promise To Pay.

     FOR VALUE RECEIVED, CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a Delaware limited partnership
having an address at 44 South Bayles Avenue, Port Washington, New York 11050 (hereinafter, the
“Borrower”) promises to pay to the order of KEYBANK, NATIONAL ASSOCIATION, a national banking
association having an address at 225 Franklin Street, Boston, Massachusetts 02110 (hereinafter, a
“Lender”), the principal sum of                      MILLION DOLLARS ($                    ,000,000.00), or so much thereof as
may be advanced by or on behalf of Lender, with interest thereon, or on the amount thereof from
time to time outstanding, to be computed, as hereinafter provided, on each advance from the date of
its disbursement until such principal sum shall be fully paid. Interest and principal shall be
payable in installments as set forth in the Loan Agreement (as defined below). The total principal
sum, or the amount thereof outstanding, together with any accrued but unpaid interest, shall be due
and payable in full on                                         , 2011 (hereinafter, the “Maturity Date”), which term is
further defined in, and is subject to extension and/or acceleration in accordance with, the Loan
Agreement pursuant to which this Promissory Note (hereinafter, the “Note”) has been issued.

2. Loan Agreement.

     This Note is issued pursuant to the terms, provisions and conditions of an agreement captioned
“Amended and Restated Loan Agreement” (hereinafter, as the same may be modified, amended or
restated from time to time, the “Loan Agreement”) dated as October 21, 2008 among Borrower, Lender,
and the other financial institutions named therein (the Lender and such other institutions, the
“Lenders”) and KeyBank, National Association, as Agent (hereinafter, the “Agent”) and evidences the
Loan and Loan Advances made by or on behalf of the Lender pursuant thereto. Capitalized terms used
herein which are not otherwise specifically defined shall have the same meaning herein as in the
Loan Agreement. This Note is one of several Notes executed and delivered by the Borrower to the
Lenders in accordance with the terms and provisions of the Loan Agreement.

3. Acceleration; Event of Default.

     At the option of the Agent, subject to the terms of the Loan Agreement, this Note and the
indebtedness evidenced hereby shall become immediately due and payable without further notice or
demand, and notwithstanding any prior waiver of any breach or default, or other indulgence, upon
the occurrence of an Event of Default. Upon the occurrence and during the continuance of an Event
of Default, Agent shall have, in addition to any rights and remedies contained herein, any and all
rights and remedies set forth in the Loan Agreement or any other Loan Document.

EC-1

 

4. Certain Waivers, Consents and Agreements.

     Each and every party liable hereon, or for the indebtedness evidenced hereby, whether as
maker, endorser, guarantor, surety or otherwise hereby: (a) waives presentment, demand, protest,
suretyship defenses and defenses in the nature thereof; (b) waives any defenses based upon, and
specifically assents to, any and all extensions and postponements of the time for payment, changes
in terms and conditions and all other indulgences and forbearances which may be granted by the
Agent or the holder to any party now or hereafter liable hereunder or for the indebtedness
evidenced hereby; (c) agrees to any substitution, exchange, release, surrender or other delivery of
any security or collateral now or hereafter held hereunder or in connection with the Loan
Agreement, or any of the other Loan Documents, and to the addition or release of any other party or
person primarily or secondarily liable; (d) agrees that if any security or collateral given to
secure this Note or the indebtedness evidenced hereby or to secure any of the obligations set forth
or referred to in the Loan Agreement, or any of the other Loan Documents, shall be found to be
unenforceable in full or to any extent, or if Agent or any other party shall fail to duly perfect
or protect such collateral, the same shall not relieve or release any party liable hereon or
thereon nor vitiate any other security or collateral given for any obligations evidenced hereby or
thereby; (e) agrees to pay all costs and expenses actually incurred by Agent and Lenders or any
other holder of this Note in connection with the indebtedness evidenced hereby pursuant to the Loan
Agreement, including, without limitation, all reasonable attorneys’ fees and costs, for the
implementation of the Loan, the collection of the indebtedness evidenced hereby and the enforcement
of rights and remedies hereunder or under the other Loan Documents, whether or not suit is
instituted; and (f) consents to all of the terms and conditions contained in this Note, the Loan
Agreement, the Mortgage, the Assignment of Leases and Rents, and all other instruments now or
hereafter executed evidencing or governing all or any portion of the security or collateral for
this Note and for such Loan Agreement, or any one or more of the other Loan Documents.

5. Delay Not A Bar.

     No delay or omission on the part of the Agent or the holder in exercising any right hereunder
or any right under any instrument or agreement now or hereafter executed in connection herewith, or
any agreement or instrument which is given or may be given to secure the indebtedness evidenced
hereby or by the Loan Agreement, or any other agreement now or hereafter executed in connection
herewith or therewith shall operate as a waiver of any such right or of any other right of such
holder, nor shall any delay, omission or waiver on any one occasion be deemed to be a bar to or
waiver of the same or of any other right on any future occasion.

6. Partial Invalidity.

     The invalidity or unenforceability of any provision hereof, of the Loan Agreement, of the
other Loan Documents, or of any other instrument, agreement or document now or hereafter executed
in connection with the Loan made pursuant hereto and thereto shall not impair or vitiate any other
provision of any of such instruments, agreements and documents, all of which provisions shall be
enforceable to the fullest extent now or hereafter permitted by law.

EC-2

 

7. Compliance With Usury Laws.

     All agreements among Borrower, Guarantor, Agent and Lenders are hereby expressly limited so
that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the
indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to Agent or
Lenders for the use or the forbearance of the indebtedness evidenced hereby exceed the maximum
permissible under applicable law. As used herein, the term “applicable law”, shall mean the law in
effect as of the date hereof, provided, however, that in the event there is a
change in the law which results in a higher permissible rate of interest, then this Note shall be
governed by such new law as of its effective date. In this regard, it is expressly agreed that it
is the intent of Borrower, Agent and Lenders in the execution, delivery and acceptance of this Note
to contract in strict compliance with the laws of the State of New York from time to time in
effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof or of
any of the Loan Documents or the Security Documents at the time performance of such provision shall
be due, shall involve transcending the limit of validity prescribed by applicable law, then the
obligation to be fulfilled shall automatically be reduced to the limit of such validity, and if
under or from any circumstances whatsoever Agent or Lenders should ever receive as interest an
amount which would exceed the highest lawful rate, such amount which would be excessive interest
shall be applied to the reduction of the principal balance evidenced hereby and not to the payment
of interest. This provision shall control every other provision of all agreements among Borrower,
the Guarantor, Agent and Lenders.

8. Use of Proceeds.

     All proceeds of the Loan shall be used solely for the purposes more particularly provided for
and limited by the Loan Agreement.

9. Security.

     This Note is secured by the Collateral as set forth in the Loan Agreement. The Collateral for
this Note may be held by the Agent, on behalf of the Lender and the other Lenders.

10. Notices.

     Any notices given with respect to this Note shall be given in the manner provided for in the
Loan Agreement.

11. Governing Law and Consent to Jurisdiction.

     11.1 Substantial Relationship. It is understood and agreed that all of the Loan
Documents were delivered in the State of New York, which State the parties agree has a substantial
relationship to the parties and to the underlying transactions embodied by the Loan Documents.

     11.2 Place of Delivery. Borrower agrees to furnish to Lender at Lender’s office in
Boston, Massachusetts, all further instruments, certifications and documents to be furnished
hereunder, if any.

EC-3

 

     11.3 Governing Law. This Note and each of the other Loan Documents, except as
otherwise provided in Section 11.4, shall in all respects be governed, construed, applied and
enforced in accordance with the internal laws of the State of New York without regard to principles
of conflicts of law, except insofar as formation of the Borrower under Delaware law requires
Delaware law to apply with respect to matters of authorization to enter into the transaction
contemplated by this Note.

     11.4 Exceptions. Notwithstanding the foregoing choice of law:

     (a) the procedures governing the enforcement by Agent and each of the Lenders of its
foreclosure and other remedies against Borrower under the Security Documents and under the
other Loan Documents with respect to each Collateral Property, including by way of
illustration, but not in limitation, actions for foreclosure, for injunctive relief or for
the appointment of a receiver, shall be governed by the laws of the State in which such
Collateral Property is located;

     (b) Agent and each of the Lenders shall comply with the applicable law of the State in
which such Collateral Property is located to the extent required by the law of such
jurisdiction in connection with the foreclosure of the security interests and liens created
under the Security Documents and the other Loan Documents with respect to each Collateral
Property or other assets situated in such State; and

     (c) provisions of Federal law and the law of such State shall apply in defining the
terms Hazardous Materials, Environmental Legal Requirements and Legal Requirements
applicable to each Collateral Property as such terms are used in the Loan Agreement, the
Environmental Indemnity and the other Loan Documents.

Nothing contained herein or any other provisions of the Loan Documents shall be construed to
provide that the substantive laws of any other State shall apply to any parties’ rights and
obligations under any of the Loan Documents, which, except as expressly provided in clauses (A),
(B) and (C) of this Section 11.4, are and shall continue to be governed by the substantive law of
State of New York. In addition, the fact that portions of the Loan Documents may include
provisions drafted to conform to the law of any other State is not intended, nor shall it be
deemed, in any way, to derogate the parties’ choice of law as set forth or referred to in this
Note, the Loan Agreement or in the other Loan Documents. The parties further agree that the Agent
may enforce its rights under the Loan Documents including, but not limited to, its rights to sue
the Borrower or to collect any outstanding indebtedness in accordance with applicable law

     11.5 Consent to Jurisdiction. THE BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT
OF THIS NOTE OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN ANY COURT LOCATED IN THE FIRST
DEPARTMENT OF THE NEW YORK STATE UNIFIED COURT SYSTEM OR FEDERAL COURT LOCATED WITHIN THE SOUTHERN
DISTRICT OF THE STATE OF NEW YORK AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND
THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS
SPECIFIED IN THE LOAN AGREEMENT. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE

EC-4

 

VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT
COURT.

12. Waiver of Jury Trial.

     BORROWER, AGENT AND LENDERS MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE
RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS NOTE OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION
HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS,
STATEMENTS OR ACTIONS OF AGENT OR ANY LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR
ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH
ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS
PROHIBITED BY LAW, BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY
LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR
IN ADDITION TO, ACTUAL DAMAGES. BORROWER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR ANY LENDER WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL
INDUCEMENT FOR LENDER TO ACCEPT THIS NOTE AND MAKE THE LOAN.

13. No Oral Change.

     This Note and the other Loan Documents may only be amended, terminated, extended or otherwise
modified by a writing signed by the party against which enforcement is sought in accordance with
the terms and conditions of the Loan Agreement. In no event shall any oral agreements, promises,
actions, inactions, knowledge, course of conduct, course of dealing, or the like be effective to
amend, terminate, extend or otherwise modify this Note or any of the other Loan Documents.

14. Rights of the Agent and Holder.

     This Note, and the rights and remedies provided for herein, may be enforced by Agent, the
holder, or any subsequent holder hereof. Wherever the context permits, each reference to the term
“holder” herein shall mean and refer to Agent, the holder, or the then subsequent holder of this
Note.

15. Right to Pledge.

     Lender may at any time pledge all or any portion of its rights under the Loan Documents
including any portion of this Note to any of the twelve (12) Federal Reserve Banks organized

EC-5

 

under Section 4 of the Federal Reserve Act, 12 U.S.C. Section 341. No such pledge or
enforcement thereof shall release Lender from its obligations under any of the Loan Documents.

16. Setoff.

     The terms and provisions of Article 12 of the Loan Agreement are incorporated herein by
reference.

[Remainder of page left intentionally blank]

EC-6

 

     IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed as of the date set forth
above as a sealed instrument.

	 	 	 	 	 	 	 	 	 
	Witness:	 	BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	CEDAR SHOPPING CENTERS PARTNERSHIP,	 	 
	 	 	L.P., a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Cedar Shopping Centers, Inc., its general
partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

EC-7

 

EXHIBIT D TO LOAN AGREEMENT

AUTHORIZED REPRESENTATIVES

	1.	 	Leo S. Ullman, President of Cedar Shopping Centers, Inc.
	 
	2.	 	Brenda J. Walker, Vice President of Cedar Shopping Centers, Inc.
	 
	3.	 	Lawrence E, Kreider, Jr., Chief Financial Officer of Cedar Shopping Centers, Inc.

ED-1

 

EXHIBIT E TO LOAN AGREEMENT

REQUIRED PROPERTY, HAZARD AND OTHER INSURANCE

     Borrower or the applicable Loan Party shall at all times provide and maintain the following
insurance coverages with respect to each Collateral Property and the Collateral, if applicable,
issued by companies qualified to do business in the applicable jurisdictions where the Collateral
Property is located, having a Best’s Rating of not less than A-VIII and otherwise acceptable to
Administrative Agent in its sole reasonable discretion:

     (i) physical insurance on an all-risk basis without exception (including, without
limitation, flood required if property is in a “Special Flood Hazard Area” A or V, vandalism
and malicious mischief, earthquake, collapse, boiler explosion, sprinkler coverage, mold
infestation, cost of demolition, increased costs of construction and the value of the
undamaged portion of the building and soft costs coverage) covering all the real estate,
fixtures and personal property to the extent of the full insurable value thereof, on a
builder’s risk non-reporting form prior to completion and occupancy to Occupy Endorsement,
having replacement cost and agreed amount endorsements (with deductibles not in excess of
insurable value);

     (ii) to the extent that the Collateral Property has tenants paying rent under executed
leases, rent loss or business interruption insurance in an amount equal to one year’s
projected rentals or gross revenues;

     (iii) public liability insurance, with underlying and umbrella coverages totaling not
less than $2,000,000.00 per occurrence and $10,000,000.00 in the aggregate or such other
amounts as may be determined by Administrative Agent from time to time;

     (iv) automobile liability insurance (including non-owned automobile) with a coverage of
$1, 000, 000 per occurrence during construction;

     (v) worker’s compensation, employer’s liability and other insurance required by law;

     (vi) while any construction is pending, insurance covering those risks required to be
covered by any contractor, or another contractor or sub-contractor, under any applicable
plans and specifications, construction contracts, or any other construction documents;

     (vii) errors and omissions or similar coverages from any applicable architect and
consulting engineers; and

     (viii) such other insurance coverages in such amounts as Administrative Agent may
request consistent with the customary practices of prudent developers and owners of similar
properties.

EE-1

 

An actual insurance policy or certified copy thereof, or a binder, certificate of insurance, or
other evidence of property coverage in the form of Acord 27 (Evidence of Property Coverage), Acord
25 (Certificate of Insurance), or a 30-day binder in form acceptable to Administrative Agent with
an unconditional undertaking to deliver the policy or a certified copy within thirty (30) days,
shall be delivered at closing of the Loan and prior to the first Loan Advance.

     Flood insurance shall be provided if the collateral property is located in a flood zone, flood
risk or flood hazard area as designated pursuant to the Federal Flood Disaster Protection Act of
1973, as amended, and the regulations thereunder, or if otherwise reasonably required by
Administrative Agent.

     Administrative Agent, on behalf of the Lenders, shall be named as first mortgagee on policies
of all-risk-type insurance on the Collateral Property, as loss payee on the Collateral and its
contents, and as first mortgagee on rent-loss or business interruption coverages related thereto.

     Except with respect to public liability insurance, as to which Administrative Agent, on behalf
of the Lenders, shall be named as an additional insured with respect to the Collateral Property or
the Collateral, all other required insurance coverages shall have a so-called “Mortgagee’s
endorsement” or “Lenders’ loss-payable endorsement” which shall provide in substance as follows:

     (a) Subject to the terms of this Agreement, loss or damage, if any, under the policy
shall be paid to Administrative Agent and its successors and assigns in whatever form or
capacity its interest may appear and whether said interest be vested in said Administrative
Agent in its individual or in its disclosed or undisclosed fiduciary or representative
capacity, or otherwise, or vested in a nominee or trustee of said Administrative Agent.

     (b) The insurance under the policy, or under any rider or endorsement attached thereto,
as to the interest only of Administrative Agent, its successors and assigns, shall not be
invalidated nor suspended:

     (i) by any error, omission or change respecting the ownership, description,
possession or location of the subject of the insurance or the interests therein or
the title thereto; or

     (ii) by the commencement of foreclosure or similar proceedings or the giving of
notice of sale of any of the property covered by the policy by virtue of any
mortgage, deed of trust, or security interest; or

     (iii) by any breach of warranty, act, omission, neglect, or noncompliance with
any provisions of the policy by the named insured, or any one else, whether before
or after a loss, which under the provisions of the policy of insurance, would
invalidate or suspend the insurance as to the named insured, excluding, however, any
acts or omissions of Administrative Agent while exercising active control and
management of the insured property.

EE-2

 

     (c) Insurer shall provide Administrative Agent and each of the Lenders with not less
than thirty (30) days, prior written notice of cancellation of the policy (for non-payment
or any other reason) or of the non-renewal thereof.

     (d) The insurer reserves the right to cancel the policy at any time, but only as
provided by its terms. However, in such case this policy shall continue in force for the
benefit of Administrative Agent for thirty (30) days after written notice of such
cancellation is received by Administrative Agent and shall then cease.

     (e) Should legal title to and beneficial ownership of any of the property covered under
the policy become vested in Administrative Agent or its agents, successors or assigns,
insurance under the policy shall continue for the term thereof for the benefit of
Administrative Agent.

     (f) All notices herein provided to be given by the insurer to Administrative Agent in
connection with this policy and Administrative Agent’s loss payable endorsement shall be
mailed to or delivered to Administrative Agent by certified or registered mail, return
receipt requested, as follows:

KeyBank, National Association

225 Franklin Street

Boston, Massachusetts 02110

Attention:     Central Insurance Unit

EE-3

 

EXHIBIT F TO LOAN AGREEMENT

OWNERSHIP INTERESTS AND TAXPAYER IDENTIFICATION NUMBERS

	 	 	 	 	 
	 	 	 	 	Tax Identification
	Entity Name	 	Partners/Members	 	Number
	Cedar-Trexler Plaza 2, LLC
	 	Cedar Shopping Centers Partnership, L.P.	 	20-5065081
	Cedar Lake Raystown, LLC
	 	Cedar Shopping Centers Partnership, L.P.	 	20-1158059
	Cedar-Clock Tower, LLC
	 	Cedar Shopping Centers Partnership, L.P.	 	20-5518103
	Cedar Carbondale, LLC
	 	Cedar Shopping Centers Partnership, L.P.	 	20-0927694

EF-1

 

EXHIBIT G TO LOAN AGREEMENT

COMPLIANCE CERTIFICATE

TO: The Administrative Agent and Lenders party to the Loan Agreement Described Below

     This Compliance Certificate is furnished pursuant to that certain Amended and Restated Loan
Agreement dated as of October 21, 2008 (as amended, the “Loan Agreement”), among Cedar Shopping
Centers Partnership, L.P. (“Borrower”), KeyBank, National Association and the Lenders identified
therein. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate
have the meanings ascribed thereto in the Loan Agreement.

     THE UNDERSIGNED HEREBY CERTIFIES THAT:

     1. I am the duly elected/authorized                                          of Cedar Shopping Centers, Inc.,
general partner of the Borrower.

     2. I have reviewed the terms of the Loan Agreement and I have made, or have caused to be made
under my supervision, a review of the transactions and conditions of the Borrower during the
accounting period covered by the attached financial statements.

     3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the
existence of any condition or event which constitutes an Event of Default or an event which, with
notice or the passage of time or both, would constitute an Event of Default during or at the end of
the accounting period covered by the attached financial statements or as of the date of this
Certificate, except as set forth below.

     4. Schedule 1 attached hereto sets forth financial data and computations at and for
the period ending                      evidencing the Borrower’s compliance with certain covenants of the
Loan Agreement, except as set forth below, all of which data and computations are true, complete
and correct in all material respects to my knowledge.

     Described below are the exceptions, if any, to paragraphs 3 and 4, listing the nature of the
condition or event, the period during which it has existed and the action which the Borrower has
taken, is taking, or proposes to take with respect to each such condition or event:

      

      

EG-1

 

     IN WITNESS WHEREOF, the undersigned has executed this Certificate as of this ___day of
                    , 200___.

	 	 	 	 	 	 	 	 	 
	 	 	CEDAR SHOPPING CENTERS PARTNERSHIP,	 	 
	 	 	L.P., a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Cedar Shopping Centers, Inc., its general	 	 
	 	 	 	 	partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

EG-2

 

Schedule 1 to Compliance Certificate

	 	 	 	 	 
	Covenant	 	Requirement	 	Actual
	Leverage Ratio

	 	Less than 70%
	 	 
	 
	 	 	 	 
	Fixed Charge Ratio

	 	Not less than 1.35:1	 	 
	 
	 	 	 	 
	Borrower’s Net Worth

	 	Not less than the aggregate of
$536,025,018.00 plus 85% of
cumulative net cash proceeds,
as set forth in the Loan
Agreement	 	 
	 
	 	 	 	 
	Aggregate Pro Rata amount of
the Variable Rate
Indebtedness of the
Consolidated CSC Entities
and the Unconsolidated CSC
Entities

	 	Less than 30% of the Total
Asset Value	 	 
	 
	 	 	 	 
	Individual Property secured
Debt of the Borrower, CSC or
any Borrower Subsidiary
which is recourse to the
Borrower or CSC

	 	In the aggregate outstanding
at any time, not to exceed
twenty five percent (25%) of
the Total Asset Value
(excluding the Obligations)	 	 
	 
	 	 	 	 
	The Pro Rata share of
Investments in Development
Assets (valued at
undepreciated Book Value)

	 	In the aggregate, not to
exceed twenty five percent
(25%) of Total Asset Value	 	 
	 
	 	 	 	 
	The Pro Rata share of
Investments in Land Assets
which are valued at Book
Value

	 	In the aggregate, not to
exceed ten percent (10%) of
Total Asset Value	 	 
	 
	 	 	 	 
	The Pro Rata share of
Investments in Non-Retail
Assets

	 	In the aggregate, not to
exceed five percent (5%) of
Total Asset Value	 	 

EG-3

 

EXHIBIT H TO LOAN AGREEMENT

ASSIGNMENT AND ACCEPTANCE

     This Assignment and Acceptance (this “Assignment and Acceptance”) is dated as of the Effective
Date set forth below and is entered into by and between [the][each Assignor] identified in item 1
below [the][each, an] “Assignor”) and [the][each] Assignee identified in item 2 below ([the][each,
an] “Assignee”). [It is understood and agreed that the rights and obligations of [the
Assignors][the Assignees] hereunder are several and not joint.] Capitalized terms used but not
defined herein shall have the meanings given to them in the Credit Agreement identified below (the
“Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The
Standard Terms and Conditions set forth in Annex 1 attached hereto (the “Standard Terms and
Conditions”) are hereby agreed to and incorporated herein by reference and made a part of this
Assignment and Acceptance as if set forth herein in full.

     For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the
Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and
assumes from [the Assignor][the respective Assignors], subject to and in accordance with the
Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’]
rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under
the Credit Agreement and any other documents or instruments delivered pursuant thereto to the
extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of [the Assignor][the respective Assignors] under the respective facilities
identified below and (ii) to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the
respective Assignors (in their respective capacities as Lenders)] against any Person, whether known
or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way
based on or related to any of the foregoing, including, but not limited to, contract claims, tort
claims, malpractice claims, statutory claims and all other claims at law or in equity related to
the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i)
and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such
sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in
this Assignment and Acceptance, without representation or warranty by [the][any] Assignor.

	 	 	 	 	 	 	 
	1.

	 	Assignor[s]:
	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Assignee[s]:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]
	 
	 	 	 	 	 	 
	2.

	 	Borrower:
	 	Cedar Shopping Centers Partnership, L.P.

EH-1

 

     3. Administrative Agent: KeyBank, National Association, as the administrative agent
under the Credit Agreement

     4. Credit Agreement: Amended and Restated Loan Agreement, dated as of October 21,
2008, as amended, among Cedar Shopping Centers Partnership, L.P., the Lenders from time to time
party thereto, and KEYBANK, NATIONAL ASSOCIATION.

     5. Assigned Interest[s]:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Aggregate	 	 	 	 	 	 
	 

	 	 	 	 	 	Amount of the
	 	 	 	Percentage	 	 
	 

	 	 	 	 	 	Commitment/
	 	Amount of
	 	Assigned of	 	 
	 

	 	 	 	Facility
	 	Loans for all
	 	Commitment/
	 	Commitment/
	 	CUSIP
	Assignor[s]

	 	Assignee[s]
	 	Assigned
	 	Lenders
	 	Loans Assigned
	 	Loans
	 	Number
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

     6. Trade Date:                                         , 200        .

     Effective Date:                     , 20      TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.

     The terms set forth in this Assignment and Acceptance are hereby agreed to:

	 	 	 	 	 
	 	ASSIGNOR:

[NAME OF ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 
	 	ASSIGNEE:

[NAME OF ASSIGNEE]

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 

EH-2

 

	 	 	 	 	 

ANNEX 1 TO ASSIGNMENT AND ACCEPTANCE

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ACCEPTANCE

     1. Representations and Warranties.

     1.1 Assignor. [The] [Each] Assignor (a) represents and warrants that (i) it is the
legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or
any other Person obligated in respect of any Loan Document or (iv) the performance or observance by
the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

     1.2 Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 13.3.1 of the
Credit Agreement (subject to such consents, if any, as may be required under Section 13.3.1 of the
Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of
the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned
Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect
to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either
it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned
Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit
Agreement, and has received or has been accorded the opportunity to receive copies of the most
recent financial statements delivered pursuant to Section 7.2 thereof, as applicable, and such
other documents and information as it deems appropriate to make its own credit analysis and
decision to enter into this Assignment and Acceptance and to purchase [the][such] Assigned
Interest, (iv) it has independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information as it has deemed appropriate, made it own credit
analysis and decision to enter into this Assignment and Acceptance and to purchase [the][such]
Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and
executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without
reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the

EH-3

 

Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations
which by the terms of the Loan Documents are required to be performed by it as a Lender.

     2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal,
interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to
but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued
from and after the Effective Date.

     3. General Provisions. This Assignment and Acceptance shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Acceptance may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Acceptance by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed
by, and construed in accordance with, the law of the State of New York.

EH-4

 

EXHIBIT I TO LOAN AGREEMENT

LENDERS’ COMMITMENT

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Commitment	 
	Lender	 	Commitment Amount	 	 	Percentage	 
	KEYBANK, NATIONAL
ASSOCIATION
	 	$	32,500,000.00	 	 	 	21.66667	%
	MANUFACTURERS AND TRADERS TRUST COMPANY
	 	$	27,500,000.00	 	 	 	18.33334	%
	TD BANK, N.A.
	 	$	25,000,000.00	 	 	 	16.66666	%
	REGIONS BANK
	 	$	25,000,000.00	 	 	 	16.66666	%
	CITIZENS BANK OF
PENNSYLVANIA
	 	$	20,000,000.00	 	 	 	13.33333	%
	RAYMOND JAMES BANK, FSB
	 	$	10,000,000.00	 	 	 	6.66667	%
	TRISTATE CAPITAL BANK
	 	$	10,000,000.00	 	 	 	6.66667	%
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	TOTAL
	 	$	150,000,000.00	 	 	 	100	%

EI-1

 

EXHIBIT J TO LOAN AGREEMENT

	 	 	 
	Borrowing Base Property	 	 
	Trexlertown Plaza

	 	Received 8/20/08;$77,650,000.00 (as completed)
	 
	 	 
	Lake Raystown Shopping Center

	 	Received 8/20/08; $16,900,000.00
	 
	 	 
	Blue Mountain Commons

	 	Received 8/20/08; $42,400,000.00 ( as completed)
	 
	 	 
	Carbondale Plaza

	 	Received 8/20/08; $8,050,000.00

EJ-1

 

EXHIBIT EC

ESTOPPEL CERTIFICATE

ESTOPPEL CERTIFICATE AND AGREEMENT

     WHEREAS,                      a                      having an address at                     
(hereinafter, the “Landlord”), is the owner in fee simple of that certain parcel of real
estate numbered                     , and commonly known as                     , as more
particularly described in Exhibit A annexed hereto (hereinafter, the “Premises”);

     WHEREAS, the Landlord has leased the Premises to                     , a                     
having an address at                      (hereinafter, the “Tenant”), pursuant to that
certain ground lease dated as of                           ,           (hereinafter, with any amendments,
modifications, extensions, replacements or renewals, the “Lease”), a copy of which is
attached hereto as Exhibit B and made a part hereof (all capitalized terms used herein
which are not otherwise defined shall have the meaning ascribed to such term under the Lease);

     WHEREAS, KeyBank, National Association, a national banking association having an address at
225 Franklin Street, Boston, Massachusetts 02110, as agent (hereinafter, the “Agent”) on
behalf of itself and certain other lenders (hereinafter, individually and collectively referred to
as the “Lender” or “Lenders”), has established a loan arrangement (hereinafter, the
“Loan Arrangement”) with Cedar Shopping Centers Partnership, L.P., a Delaware limited
partnership having an address at c/o Cedar Shopping Centers, Inc., 44 South Bayles Avenue, Suite
304, Port Washington, New York 11050 (hereinafter, the “Borrower”);

     WHEREAS, the Tenant has substantial financial dealings with the Borrower and is affiliated
with the Borrower (by ownership and by contractual relationship and/or other meaningful business
relationship), and the extension of credit and the providing of financial accommodations to the
Borrower will enhance and benefit the business activities and interests of the Tenant;

     WHEREAS, the Loan Agreement contemplates the addition of Collateral properties and Borrowing
Base Properties (as such terms are defined in the Loan Agreement);

     WHEREAS, the Agent, Borrower, and the Lender desire to add the Tenant’s interest in the
Premises to the Collateral Properties and the Borrowing Base Properties (the “Transaction”);

     WHEREAS, as a prior condition to the Transaction, the Agent and the Lenders require that,
among other collateral to be granted, the Tenant grant to the Agent, on behalf of the Lenders, a
leasehold mortgage in and to the rights of the Tenant to the Lease and the Premises and a security
interest in other property of the Tenant, said leasehold mortgage and security interests to be
created by the execution and delivery by the Tenant of that certain Leasehold

EEC-1

 

Mortgage and Security Agreement dated as of                     , 2008 (hereinafter, with any
extensions, modifications and amendments, the “Leasehold Mortgage”);

     WHEREAS, as a further condition to establishing the Transaction, the Agent and the Lenders
require that the Landlord certify, represent, covenant, and agree to the matters described in this
Estoppel Certificate and Agreement (hereinafter, this “Estoppel Certificate”); and

     WHEREAS, it is in the best interest of the Landlord that the Transaction be established.

     NOW, THEREFORE, in consideration of the foregoing, and upon the request of the Agent and the
Lenders, Landlord and the Tenant hereby make the following representations and covenants:

	1.	 	The Landlord and Tenant represent that:

     1.1 the Lease is currently in full force and effect;

     1.2 the Lease has not been modified or amended;

     1.3 neither the Tenant nor Landlord is in default under the Lease, nor has any event occurred
which is, or solely with the passage of time would be, an event of default under the Lease; and

     1.4 the
term of the Lease commences on           
               
 ,            and expires
on                
           ,            .

	2.	 	The Landlord represents that all rent presently due under the Lease has been paid in full,
and no additional rent is presently due under the Lease; and as of the date of this Estoppel
Certificate, there are no other payments due and payable from the Tenant to the Landlord under
the Lease.
	 
	3.	 	The Landlord represents and warrants that the Landlord is the owner of the fee simple estate
in the Premises and that its fee interest in the Premises is unencumbered, except as set forth
in Exhibit C attached hereto.
	 
	4.	 	The Landlord acknowledges and agrees that the interest of the Landlord in and to the Premises
and the Lease shall not be encumbered beyond that which such interests are encumbered as of
the date hereof in any manner whatsoever without the prior written consent of the Agent.
	 
	5.	 	Upon the recording of the Security Instrument, the Landlord hereby:

	 	5.1	 	recognizes Agent, and any successor, assignee or transferee of the Agent, as a
“leasehold mortgagee"( as defined/described in the Lease), and acknowledges and
consents to the granting of the Leasehold Mortgage, and acknowledges and recognizes
that the Agent, as the mortgagee of the leasehold interest in the Lease,

EEC-2

 

	 	 	 	is entitled to the benefit of all of the rights and privileges provided to a
leasehold mortgagee under the Lease;
	 
	 	5.2	 	recognizes the rights of the Agent, and any successor, assignee or transferee
of the Agent, in and to the Premises as described in the Leasehold Mortgage, and
consents to the exercise by the Agent of its rights under the Leasehold Mortgage upon
the occurrence of an event of default by the Tenant under the Leasehold Mortgage;
	 
	 	5.3	 	recognizes the right of the Agent, and any successor, assignee or transferee of
the Agent, to exercise any options, including, without limitation, any renewal or
extension options or rights of first refusal provided to the Tenant under the Lease,
and agrees that if, prior to the exercise by the Agent of its rights under the
Leasehold Mortgage, the Tenant fails to exercise within the applicable time periods set
forth in the Lease any option including, without limitation, any renewal or extension
option or right of first refusal, the Landlord shall notify the Agent as
attorney-in-fact for the Tenant and the Agent shall be authorized, at its option, to
exercise any option or right within sixty (60) days of receipt of such notice and the
Landlord shall recognize said exercise of any option or right by the Agent;
	 
	 	5.4	 	agrees that the interest of the Landlord in and to the Premises and the Lease
shall not be transferred or assigned unless the transferee or assignee provides a
written agreement to the Agent that (i) said transfer or assignment is subject to the
terms and conditions of the Lease, and this Estoppel Certificate, and (ii) the
transferee or assignee assumes the obligations of the Landlord thereunder and
hereunder;
	 
	 	5.5	 	acknowledges that notwithstanding the occurrence of any event of default under
the Lease, the Landlord will not terminate, or allow or suffer the termination of, the
Lease, without the prior written consent of Agent; and
	 
	 	5.6	 	agrees that notwithstanding the terms of the Lease, any and all insurance
proceeds or eminent domain or condemnation awards or proceeds with respect to the
Premises shall be subject to the approval of the Agent and shall be payable to the
Agent, or otherwise made available for the repair or restoration of the Premises, all
in accordance with the terms and provisions of the Leasehold Mortgage.

	6.	 	Upon notice to the Landlord by the Agent of the exercise of Agent’s rights against Tenant
(whether pursuant to the Leasehold Mortgage or otherwise) the Landlord shall:

	 	6.1	 	not interfere with any enforcement by the Agent of the Agent’s rights in and to
the personal property of the Tenant located on the Premises;
	 
	 	6.2	 	not distrain nor assert any claim against the personal property of Tenant;
	 
	 	6.3	 	permit the Agent to enter upon the Premises and remove the personal property
from the Premises, provided, the Agent agrees that it shall promptly repair, at the

EEC-3

 

	 	 	 	Agent’s expense, any physical damage to the Premises caused by said removal; and
	 
	 	6.5	 	not interfere with the disposal of the personal property by sale (by public
auction or otherwise) conducted on the Premises.

	7.	 	Until such time as the Agent executes and records a discharge of the Leasehold Mortgage:

	 	7.1	 	no modifications, extensions, renewals or surrender of the Lease shall be
effective without the prior written consent of the Agent;
	 
	 	7.2	 	the Landlord shall not convey the Premises to the Tenant without the prior
written consent of the Agent;
	 
	 	7.3	 	any and all rights, easements and development agreements to be granted by, or
entered into with, the Landlord relative to the Premises shall not be granted or
entered into without the prior written consent of the Agent; and
	 
	 	7.4	 	the Landlord shall waive any provisions of the Lease which provide that Tenant
shall, upon request of the Landlord, subordinate the Lease to any lien of any present
or future mortgages granted by the Landlord.

	8.	 	In the event of any default by the Tenant under the Lease, the Landlord shall:

	 	8.1	 	cause a copy of any notice of default by the Tenant under the Lease or notice
of termination of the Lease to be sent to the Agent, and the Landlord agrees that any
such notice of default or termination shall not be deemed duly given and effective
unless and until a copy of such notice is actually received by the Agent; and
	 
	 	8.2	 	permit the Agent to cure or cause to be cured such default within thirty (30)
days of the receipt of notice from the Landlord of Tenant’s default if such default may
be cured by the payment of money, or, otherwise, within sixty (60) days of the receipt
of such notice.

	9.	 	If the Agent fails to cause any default of the Tenant under the Lease to be cured, or such
default is incapable of being cured, during the applicable time period, the Landlord shall
further refrain from exercising its rights and/or remedies under the Lease and shall not
terminate the Lease if the Agent has provided the Landlord with written notice that either:

	 	9.1	 	the Agent intends to cause the default to be cured and the Agent is diligently
pursuing the cure of such default; or
	 
	 	9.2	 	the Agent has or intends to make demand upon Tenant for payment or performance
under any agreement between Tenant and the Agent pertaining to the Loan Arrangement and
the Agent diligently pursues the exercise of its rights thereunder.

EEC-4

 

10. Any successor, assignee or transferee of the Agent shall have thirty (30) days from the
consummation of such succession, assignment, or transfer within which to cure or cause to be cured
any default of the Tenant under the Lease.

	11.	 	Any default of the Tenant under the Lease which is cured or which is caused to be cured by
the Agent within the applicable cure period, shall be deemed to have been waived by the
Landlord and the Landlord shall not be entitled to exercise any rights or remedies granted to
Landlord under the Lease on account of the occurrence of such default.
	 
	12.	 	In the event any default of Tenant under the Lease is incapable of being cured, the Landlord
shall, upon the request of the Agent, execute a new lease with the Agent upon the same terms
and conditions (but providing for the revival of any rights and/or options which may have
lapsed due to the Tenant’s action or inaction under the Lease) as the Lease and such new lease
shall have the same relative priority in right, title and interest in and to the Premises as
the Lease.
	 
	13.	 	The Agent shall not become liable for the obligations of the Tenant under the Lease unless
and until the Agent obtains possession of the Premises and expressly agrees to assume all such
obligations, and then, only for the period during which the Agent is in possession of the
Premises. Upon the sale, transfer or assignment by the Agent of its interest in the Lease
and/or the Premises, the Agent shall have no further liability to the Landlord.
	 
	14.	 	Whether or not the Agent assumes the obligations of Tenant pursuant to Section 13, above, the
Agent shall have no liability to the Landlord for any obligations of Tenant under the Lease
arising prior to such assumption by the Agent.
	 
	15.	 	All notices under this Estoppel Certificate shall be sent certified mail, return receipt
requested as follows:
	 
	 	 	If to Landlord:

                                                            

                                                            

                                                            

Attention:                                         

With a copy to:

                                                            

                                                            

                                                            

Attention:                                         

If to the Tenant:

                                                            

EEC-5

 

                                                            

                                                            

Attention:                                         

With a copy to:

                                                            

                                                            

                                                            

Attention:                                         

If to the Agent:

KeyBank, National Association

225 Franklin Street, 18th Floor

Boston, Massachusetts 02110

Attention: Gregory W. Lane

With a copy to:

Riemer & Braunstein LLP

Three Center Plaza

Boston, Massachusetts 02108

Attn: Kevin J. Lyons, Esquire

All notices hereunder shall be deemed to have been received three (3) days after the date of
mailing in accordance with the above described requirements.

	16.	 	Upon the request of the Agent, the Landlord will provide the Agent with estoppel
certificates, substantially similar in form and substance to this Estoppel Certificate, with
respect to the status of the Lease and the compliance by the Landlord and/or Tenant with
regard to specific terms, provisions and conditions set forth thereunder.
	 
	17.	 	Each party hereto agrees to execute such documents as may be reasonably required from time to
time to evidence or effectuate the terms and provisions hereof.
	 
	18.	 	This Estoppel Certificate is binding on, and shall inure to the benefit of, the Tenant, the
Agent, and the Landlord, and each of their successor and assigns.

[The balance of this page is intentionally left blank]

EEC-6

 

     It is intended that this Estoppel Certificate take effect as a sealed instrument as of this
      day of                     , 200     .

	 	 	 	 	 	 	 
	 	 	LANDLORD:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	TENANT:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	KEYBANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

EEC-7

 

EXHIBIT A

Premises

(See Attached)

EEC-8

 

EXHIBIT B

Lease

(See Attached)

EEC-9

 

EXHIBIT C

Encumbrances

EEC-10

 

SCHEUDLE 6.14.2(i) TO LOAN AGREEMENT

	 	 	 
	Borrowing Base Property	 	Fee or Leasehold Estate Interest
	Trexlertown Plaza

	 	Fee Interest
	Lake Raystown Shopping Center

	 	Fee Interest
	Blue Mountain Commons

	 	Fee Interest
	Carbondale Plaza

	 	Fee Interest

S-1

 

Rights of First Refusal

NONE

S-2

 

SCHEDULE 6.14.4(ii)

NONE

S-3

 

SCHEDULE 6.14.4(iii)

NONE

S-4

 

SCHEDULE 6.14.4(iv)

NONE

S-5

 

SCHEDULE 6.14.5

	 	 	 
	 	 	Affiliated with an
	Ground Lessor(s)	 	Affiliate of a Loan Party?
	None
	 	 

S-6

 

SCHEDULE CF

CEDAR SHOPPING CENTERS, INC.

Projected Operating Budget

Funds From Operations (“FFO”) and Adjusted Funds From Operations (Cash Flow — “AFFO”)

Year Ending March 31, 2009

(unaudited)

	 	 	 	 	 
	 	 	Consolidated	 
	 	 	totals	 
	Revenues:
	 	 	 	 
	Rent
	 	$	142,053,000	 
	Expense recoveries
	 	 	33,163,000	 
	Other
	 	 	559,000	 
	 
	 	 	 
	Total revenues
	 	 	175,775,000	 
	 
	 	 	 
	 
	 	 	 	 
	Expenses:
	 	 	 	 
	Operating, maintenance and management
	 	 	28,714,000	 
	Real estate and other property-related taxes
	 	 	18,907,000	 
	General and administrative
	 	 	8,766,000	 
	Interest expense (including amortization of deferred financing costs)
	 	 	47,334,000	 
	Depreciation and amortization
	 	 	46,772,000	 
	Interest income and income from unconsolidated joint venture
	 	 	(1,525,000	)
	 
	 	 	 
	Total expenses
	 	 	148,968,000	 
	 
	 	 	 
	 
	 	 	 	 
	Income before minority and limited partners’ interests
	 	 	26,807,000	 
	 
	 	 	 	 
	Minority interests
	 	 	(2,159,000	)
	Limited partners’ interest
	 	 	(666,000	)
	 
	 	 	 
	 
	 	 	 	 
	Net income
	 	 	23,982,000	 
	 
	 	 	 	 
	Preferred stock distribution requirements
	 	 	(7,877,000	)
	 
	 	 	 
	 
	 	 	 	 
	Net income applicable to common shareholders
	 	 	16,105,000	 
	Add/deduct:
	 	 	 	 
	Real estate depreciation and amortization
	 	 	46,502,000	 
	Limited partners’ interest
	 	 	666,000	 
	Minority interests
	 	 	2,159,000	 
	Minority interests’ share of FFO
	 	 	(5,993,000	)
	Equity in income of unconsolidated joint venture
	 	 	(891,000	)
	FFO from unconsolidated joint venture
	 	 	1,264,000	 
	 
	 	 	 	 
	 
	 	 	 
	FFO
	 	 	59,812,000	 
	Add/deduct:
	 	 	 	 
	Pro rata share of straight-line rents
	 	 	(2,384,000	)

SCF-1

 

	 	 	 	 	 
	 	 	Consolidated	 
	 	 	totals	 
	Pro rata share of amortization of intangible lease liabilities
	 	 	(13,166,000	)
	Pro rata share of cap-x @ $0.55/sq.ft/year (excluding
development/redevelopment properties)
	 	 	(5,431,000	)
	Pro rata share of scheduled debt amortization payments
	 	 	(6,766,000	)
	Non-real estate depreciation and amortization
	 	 	1,882,000	 
	 
	 	 	 
	AFFO (Cash Flow)
	 	$	33,947,000	 
	 
	 	 	 

SCF-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}]]