Document:

EXHIBIT 10.15

                              WAIVER AND AMENDMENT

                  WAIVER  AND  AMENDMENT,  dated  as of  April  16,  1999  (this
"Amendment") to the Registration  Rights Agreement,  dated as of January 8, 1998
(the "Registration  Rights  Agreement"),  by and among Urstadt Biddle Properties
Inc.  (formerly  "HRE  Properties,  Inc."  and  hereinafter  referred  to as the
"Company"), Cobalt Capital LLC, Wells Fargo & Company and Retirement Plan of the
Bank of New York Company,  Inc.  Capitalized  terms used but not defined  herein
shall have the meanings given to them in the Registration Rights Agreement.

                               W I T N E S S E T H

                 WHEREAS,  the Borrower and the Initial  Purchasers  have
entered  into the Registration  Rights Agreement;

                  WHEREAS, the Initial Purchasers desire to waive certain of the
obligations of the Company under the Registration Rights Agreement; and

                  WHEREAS,  the  Company  and  the  Initial  Purchasers  wish to
implement certain amendments to the Registration Rights Agreement.

                  NOW, THEREFORE, the parties hereto agree as follows:

1. Waiver of Section 2(a) of the Registration Rights Agreement.  Section 2(a) of
the Registration  Rights Agreement,  as such section exists before giving effect
to the amendment  set forth in Section 2 of this  Amendment,  is hereby  waived.
This waiver shall be limited  precisely as drafted and shall not be construed to
be an amendment  or waiver of any other  provision  of the  Registration  Rights
Agreement and shall be effective only in this specific instance.

  2.   Amendment  of Section 2(a) of the  Registration  Rights  Agreement.
       Section 2(a) of the
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Registration Rights Agreement is hereby amended to read in full as follows:

                  "(a) The Company shall prepare and file with the  Commission a
                  Registration  Statement  under the  Securities Act relating to
                  the offer and sale of the Registrable Securities and shall use
                  its reasonable best efforts to cause the Commission to declare
                  such   Registration   Statement  to  be  effective  under  the
                  Securities  Act  on or  prior  to  January  8,  2000,  all  in
                  accordance with the terms of this Agreement."

                  3. Miscellaneous.  (1) The Registration  Rights Agreement,  as
affected by this Amendment, is and shall continue to be in full force and effect
and is hereby in all respects ratified and confirmed. On and after the effective
date of this Amendment,  each reference in the Registration  Rights Agreement to
"this Agreement", "hereunder", "hereof" or words of like import referring to the
Registration  Rights Agreement shall be a reference to the  Registration  Rights
Agreement as amended by this Amendment.

(1) This Amendment may be executed in any number of counterparts,  each of which
shall be and shall be taken to be an original,  and all such counterparts  shall
together constitute one and the same instrument.

(2) THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW
OF THE  STATE  OF NEW  YORK  WITHOUT  GIVING  EFFECT  TO THE  CONFLICT  OF  LAWS
PRINCIPLES THEREOF.

<PAGE>

                  IN WITNESS  WHEREOF,  the Company  and the Initial  Purchasers
have caused this Amendment to be executed as of the date first above written.

                              URSTADT BIDDLE PROPERTIES INC.

                              By:_______________________________
                                     Name:
                                     Title:

                              COBALT CAPITAL LLC

                              By:  CGA Investment Management, Inc.
                                   as Asset Manager

                              By:  _____________________________
                                     Name:
                                     Title:

                              WELLS FARGO & COMPANY

                              By:_______________________________
                                      Name:
                                      Title:

                              RETIREMENT PLAN OF THE BANK OF NEW YORK
                              COMPANY, INC.

                              By:  The Bank of New York, as Trustee

                              By:________________________________
                                       Name:
                                       Title:EXHIBIT 10.16

                         HUBBARD REAL ESTATE INVESTMENTS

                             TRUSTEES' DEFERRED PLAN

                             ARTICLE I - DEFINITIONS

1.1      "Trust"  means  Hubbard  Real  Estate  Investments,  an  unincorporated
         voluntary   association   of  a  type   commonly   referred   to  as  a
         "Massachusetts business trust", its successors and assigns.

1.2      "Board" means the Board of Trustees of the Trust.
1.3      "Trustee" means a member of the Board.
1.4      "Participating  Trustee"  means a Trustee who has elected to
          participate in this Plan pursuant to Article II.
1.5      "Fees" mean all amounts  earned  during a calendar year by a Trustee in
         his  capacity as a member of the Board or any  committee  of the Board,
         exclusive  of any  amounts  payable  to a Trustee in  reimbursement  of
         expenses.

                           ARTICLE II - PARTICIPATION.

2.1      Participation in this Plan by Trustees shall be voluntary.
2.2      A Trustee may  participate  in this Plan by filing with the Trust on or
         before  December 31 of any year a written  election to defer receipt of
         all or a  specified  percentage  of his  fees for  succeeding  calendar
         years.

2.3      Any  individual  elected to fill a vacancy on the Board,  who was not a
         Trustee on the December 31 preceding his election,  may  participate in
         this  Plan by  filing  with  the  Trust,  before  his  term  of  office
         commences,  a written  election to defer  receipt of all or a specified
         percentage of his fees for the balance of the calendar  year  following
         such election and for succeeding calendar years.

2.4      A  Participating  Trustee  may,  on or before  December 31 of any year,
         change his election of percentage of fees to be deferred for succeeding
         calendar years, by filing with the Trust a written change of election.

2.5      A Participating Trustee's election to defer fees continues from year to
         year unless, on or before December 31 of any year, by written notice of
         termination  filed with the  Trust,  he  terminates  his  election  for
         succeeding calendar years.

                        ARTICLE III - MEMORANDUM ACCOUNTS

3.1      The  Trust  will  maintain  a  separate  memorandum  account  for  each
         Participating  Trustee to which there shall be credited the fees earned
         by the  Participating  Trustee  and  deferred  under  this Plan and the
         interest  accrued  under the terms of this Plan on amounts  credited to
         the memorandum  account.  The memorandum account shall be maintained by
         the  Trust  until  all  amounts  credited  thereto  have  been  paid in
         accordance with the terms of this Plan.

3.2      The Trust  will not set aside any monies or  otherwise  fund this Plan.
         Fees deferred under this Plan, and interest accrued on amounts credited
         to memorandum  accounts,  shall be paid by the Trust out of its general
         funds at the times and in the manner provided in this Plan.

3.3      Interest shall be credited to the memorandum account of a Participating
         Trustee or former Participating  Trustee as of December 31 of each year
         and as of the day prior to the date of any lump sum payment pursuant to
         Section  4.3. The amount of interest to be credited as of any such date
         shall be computed from the immediately  preceding January 1 at the rate
         of ten (10%) per cent,  on an amount  equal to the  average  of (i) the
         amount  credited to his memorandum  account as of January 1 immediately
         preceding the date as of which  interest is credited,  less the amount,
         in the case of a former  Participating  Trustee  receiving  installment
         payments  pursuant to Section 4.1, of the  installment  payment paid to

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         him on the first  business day  following  such January 1, and (ii) the
         amount credited to his memorandum account on the day preceding the date
         as of which interest is credited.

3.4      Each participating  Trustee, and each former Participating Trustee with
         a balance credited to a memorandum account, shall be furnished annually
         with a written statement of his memorandum account.

                              ARTICLE IV - PAYMENTS

4.1      Except as provided in Sections 4.3 and 4.4,  fees  deferred  under this
         Plan by a Participating Trustee,  together with the interest accrued on
         amounts  credited  to his  memorandum  account  through  and  including
         December  31 of the  calendar  year in which he ceases to be a Trustee,
         will be paid to him in not less that two nor more than ten equal annual
         installments,  the  number  of such  installments  to be  specified  in
         writing by each Trustee in his election to participate in the Plan. The
         first of such  installments  shall be paid on the first business day of
         the calendar year immediately  following the year in which he ceases to
         be a Trustee. The remaining installment or installments as the case may
         be,  shall be paid on the first  business day of each of that number of
         succeeding  years for which the  Trustee  has  elected to receive  such
         installments.  There  shall be paid  with each  such  installments  the
         interest  credited  to the  memorandum  account as of the  December  31
         immediately  preceding  the  date of the  installment  payment  for the
         calendar year immediately preceding the installment payment date.

4.2      In the event a Participating  Trustee  terminates his election pursuant
         to Section  2.5,  payments  to him shall not  commence  until the first
         business day of the calendar  year  immediately  following  the year in
         which he  ceases  to be a Trustee  and such  payments  shall be made as
         provided in Section 4.1.

4.3      In the event a Participating  Trustee, or former Participating Trustee,
         ceases to be a Trustee of the Trust and becomes a proprietor,  officer,
         partner,  employee or otherwise  becomes  affiliated  with any business
         that is in competition  with the Trust,  the entire balance credited to
         this memorandum account may be paid immediately to him in a lump sum if
         directed by the Board, in its sole discretion.

4.4      Upon the death of a Participating  Trustee,  or a former  Participating
         Trustee who has a balance  remaining in his  memorandum  account on the
         date of his death,  the balance  credited to his memorandum  account on
         the first business day of the calendar year following the year in which
         his death occurs shall be paid to the executor or  administrator of his
         estate in full on such date.

Article V - Amendment or Termination

5.2      The Trust  reserves  the right at any time  through the Board to amend,
         modify,  suspend  or  terminate  this  Plan  but no such  action  shall
         adversely  affect a Participating  Trustee's,  or former  Participating
         Trustee's,  memorandum  account or permit payment to be made, except as
         provided in Section 4.3 at a date earlier  than the first  business day
         of the  calendar  year  immediately  following  the  year  in  which  a
         Participating Trustee ceases to be a Trustee.

                           ARTICLE VI - EFFECTIVE DATE

6.1      This Plan shall be effective commencing with the calendar year 1981 and
         the initial election of Participating  Trustees shall be filed with the
         Trust on or before December 31, 1980.

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