Document:

Exhibit 10.42

                                                                  EXECUTION COPY

                       LIMITED LIABILITY COMPANY AGREEMENT

                                       OF

                           OG RETAIL HOLDING CO., LLC

          THE  INTERESTS OF THE MEMBERS  ISSUED  UNDER THIS  AGREEMENT
          HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
          THE SECURITIES ACT OF ANY STATE OR THE DISTRICT OF COLUMBIA.
          NO RESALE OF AN INTEREST BY A MEMBER IS PERMITTED  EXCEPT IN
          ACCORDANCE  WITH THE  PROVISIONS  OF THIS  AGREEMENT AND ANY
          APPLICABLE   FEDERAL  OR  STATE  SECURITIES  LAWS,  AND  ANY
          VIOLATION OF SUCH PROVISIONS COULD EXPOSE THE SELLING MEMBER
          AND THE COMPANY TO LIABILITY.

                          Dated as of December 29, 2005

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                                TABLE OF CONTENTS

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ARTICLE 1. DEFINITIONS                                                        1

1.1      Definitions..........................................................1
1.2      Terms Generally.....................................................11

ARTICLE 2. THE COMPANY AND ITS BUSINESS                                      12

2.1      Classes of Interests................................................12
2.2      Company Name........................................................12
2.3      Duration............................................................12
2.4      Filing of Certificate and Amendments................................12
2.5      Business; Scope of Members' Authority...............................12
2.6      Principal Office; Registered Agent..................................13
2.7      Representations by the Members......................................13
2.8      Organizational Expenses and Syndication Expenses....................14
2.9      Subsidiaries of the Company.........................................14

ARTICLE 3. MANAGEMENT OF COMPANY BUSINESS; POWERS AND DUTIES OF THE
           ADMINISTERING MEMBER .............................................15

3.1      Management and Control..............................................15
3.2      Role of Administering Member........................................15
3.3      Management Agreement................................................19
3.4      Decisions Requiring Approval of the Management Committee............19
3.5      Management Committee................................................24
3.6      Sale of the Subject Subsidiary......................................26

ARTICLE 4. RIGHTS AND DUTIES OF MEMBERS                                      31

4.1      Duties and Obligations of the Administering Member..................31
4.2      Other Activities of Class A Member..................................32
4.3      Indemnification.....................................................33
4.4      Dealing with Members................................................34
4.5      Use of Company Assets and Subsidiary Assets.........................34
4.6      Designation of Tax Matters Member...................................34

ARTICLE 5. BOOKS AND RECORDS; ANNUAL REPORTS                                 35

5.1      Books of Account....................................................35
5.2      Availability of Books of Account....................................36
5.3      Annual Reports and Statements; Annual Budgets and Business Plans....36
5.4      Accounting Expenses.................................................37
5.5      Bank Accounts.......................................................37

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ARTICLE 6. CAPITAL CONTRIBUTIONS, LOANS AND LIABILITIES                      38

6.1      Capital Contributions...............................................38
6.2      Capital Calls.......................................................38
6.3      Capital of the Company..............................................40
6.4      Limited Liability of Members........................................40

ARTICLE 7. CAPITAL ACCOUNTS, PROFITS AND LOSSES AND ALLOCATIONS              40

7.1      Capital Accounts....................................................40
7.2      Profits and Losses..................................................41

ARTICLE 8. APPLICATIONS AND DISTRIBUTIONS OF AVAILABLE CASH                  44

8.1      Applications and Distributions......................................44
8.2      Liquidation.........................................................45
8.3      Repayment of Member Loans...........................................45

ARTICLE 9. TRANSFER OF COMPANY INTERESTS                                     46

9.1      Limitations on Assignments of Interests by Members..................46
9.2      First Offer Right on Interests......................................46
9.3      Tag-Along Rights; Drag-Along Rights.................................49
9.4      Assignment Binding on Company.......................................50
9.5      Bankruptcy of a Member..............................................50
9.6      Substituted Members.................................................50
9.7      Acceptance of Prior Acts. ..........................................51
9.8      Additional Limitations..............................................51

ARTICLE 10. DISSOLUTION OF THE COMPANY;  WINDING UP AND DISTRIBUTION
            OF ASSETS .......................................................51

10.1     Dissolution.........................................................51
10.2     Winding Up..........................................................52
10.3     Distribution of Assets..............................................52

ARTICLE 11. AMENDMENTS                                                       53

11.1     Amendments..........................................................53
11.2     Additional Members..................................................53

ARTICLE 12. MISCELLANEOUS                                                    53

12.1     Further Assurances..................................................53
12.2     Notices.............................................................53
12.3     Headings and Captions...............................................54
12.4     Variance of Pronouns................................................54
12.5     Counterparts. ......................................................54
12.6     Governing Law.......................................................54

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12.7     Arbitration.........................................................54
12.8     Partition. .........................................................54
12.9     Invalidity..........................................................55
12.10    Successors and Assigns..............................................55
12.11    Entire Agreement....................................................55
12.12    Waivers.............................................................55
12.13    No Brokers..........................................................55
12.14    Maintenance as a Separate Entity....................................55
12.15    Confidentiality.....................................................55
12.16    No Third Party Beneficiaries........................................56
12.17    Construction of Documents...........................................56
12.18    Time of Essence.....................................................56

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                                    SCHEDULES

SCHEDULE 1     DESCRIPTION OF INITIAL PROPERTY
SCHEDULE 2     MEMBERS' ADDRESSES, INITIAL CAPITAL CONTRIBUTIONS AND
               PERCENTAGE INTERESTS

                                    EXHIBITS
                                    --------

EXHIBIT A      FORM OF MANAGEMENT AGREEMENT
EXHIBIT B      INITIAL ANNUAL BUDGET AND BUSINESS PLAN
EXHIBIT C      FORM OF LEVEL 1 SUBSIDIARY LIMITED LIABILITY COMPANY AGREEMENT
EXHIBIT D      FORM OF LEVEL 2 SUBSIDIARY LIMITED LIABILITY COMPANY AGREEMENT

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                       LIMITED LIABILITY COMPANY AGREEMENT
                                       OF
                           OG RETAIL HOLDING CO., LLC

     This LIMITED LIABILITY COMPANY AGREEMENT, dated as of December 29, 2005, by
and among Glimcher Properties Limited Partnership, a Delaware limited
partnership ("Class A Member") and OMERS Realty Corporation, a Canadian
corporation ("Class B Member"; each of Class A Member and Class B Member, a
"Member" and collectively, the "Members").

                                    RECITALS
                                    --------

     WHEREAS, Class A Member has entered into an Agreement of Sale and Purchase
and Joint Escrow Instructions, dated as of October 5, 2005 (the "Purchase
Agreement"), with the sellers named therein ("Sellers"), to purchase the
property commonly known as the Puente Hills Mall, located in the City of
Industry, California, and as more particularly described on Schedule 1 attached
hereto (the "Initial Property");

     WHEREAS, concurrently herewith, Class A Member is assigning its rights
under the Purchase Agreement, including, without limitation, its right to
purchase the Initial Property, to Puente Hills Mall, LLC, a Delaware limited
liability company (the "Initial Subsidiary"); and

     WHEREAS Class A Member and Class B Member wish to form the Company and wish
to enter into this Agreement to define and express all of their respective
rights and obligations with respect to the operation of the Company and its
Subsidiaries (as defined herein).

     NOW, THEREFORE, in order to carry out their intent as expressed above and
in consideration of the mutual agreements hereinafter contained, and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

                                   ARTICLE 1.

                                   DEFINITIONS
                                   -----------

     1.1 Definitions. As used in this Agreement, the following terms shall have
the meanings set forth below, which meanings shall be applicable equally to the
singular and plural of any terms defined:

     "Acceptance Notice" shall have the meaning set forth in Section 9.2(b)(ii).

     "Acceptance Period" shall have the meaning set forth in Section 9.2(b)(ii).

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     "Acquisition Financing" shall mean any loan or other financing made to
and/or assumed by the Company or its Subsidiaries in connection with the
purchase of any Property or any refinancing thereof.

     "Acquisition Lender" shall mean the holder(s) of any Acquisition Financing
or portion thereof.

     "Acquisition Loan Documents" shall mean the documents evidencing, securing
and relating to any Acquisition Financing.

     "Act" shall mean the Delaware Limited Liability Company Act (6 Del. C.
18-101, et seq.), as amended from time to time.

     "Administering Member" shall mean (i) upon the execution and delivery
hereof, Class A Member or (ii) if for any reason Class A Member ceases to be
Administering Member pursuant to the terms hereof, the Person that is designated
by Class B Member as a New Administering Member pursuant to Section 3.2(d).

     "Affiliate" shall mean with respect to any Person (i) any other Person that
directly or indirectly through one or more intermediaries controls or is
controlled by or is under common control with such Person, (ii) any other Person
owning or controlling ten percent (10%) or more of the outstanding voting
securities, of or other ownership interests in, such Person, (iii) any officer,
director, member or partner of such Person and/or (iv) if such Person is an
officer, director, member or partner, the company for which such Person acts in
any such capacity. For purposes of this definition, the term "control," when
used with respect to any Person, means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise, and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

     "Agreement" shall mean this Limited Liability Company Agreement, as it may
hereafter be amended or modified from time to time.

     "Annual Budget" shall mean the annual budget for the Company and its
Subsidiaries prepared by the Administering Member for the approval of the
Management Committee.

     "Approved Budget" shall mean, with respect to each Budget Year, the Initial
Annual Budget and each subsequent Annual Budget for the Budget Year in question,
in each case as approved by the Management Committee in accordance with the
provisions hereof and as any of the same may be amended from time to time in
accordance with the provisions hereof.

     "Available Cash Flow" shall mean, for any specified period, the excess, if
any, of (A) the sum of (i) all cash receipts (other than Capital Event Proceeds)
of the Company during such period from whatever source and (ii) any working

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capital and reserves of the Company, existing at the start of such period, less
(B) the sum of (i) all cash amounts paid or payable (without duplication) in
such period on account of any expenses of any type whatsoever (including capital
expenditures, operating expenses, taxes, amortization and interest on any debt
of the Company), and (ii) any cash reserves that the Management Committee
determines may be required for the working capital, capital expenditures and
future needs of the Company, provided that such cash reserves shall at all times
prior to dissolution of the Company be not less than $100,000.

     "Bankruptcy" shall mean, with respect to the affected party, (i) the entry
of an Order for Relief under the Bankruptcy Code, (ii) the admission by such
party of its inability to pay its debts as they mature, (iii) the making by it
of an assignment for the benefit of creditors, (iv) the filing by it of a
petition in bankruptcy or a petition for relief under the Bankruptcy Code or any
other applicable federal or state bankruptcy or insolvency statute or any
similar law, (v) the expiration of sixty (60) days after the filing of an
involuntary petition under the Bankruptcy Code, (vi) an application by such
party for the appointment of a receiver for the assets of such party, (vii) an
involuntary petition seeking liquidation, reorganization, arrangement or
readjustment of its debts under any other federal or state insolvency law,
provided that the same shall not have been vacated, set aside or stayed within
such sixty-day period or (viii) the imposition of a judicial or statutory lien
on all or a substantial part of its assets unless such lien is discharged or
vacated or the enforcement thereof stayed within sixty (60) days after its
effective date.

     "Bankruptcy Code" shall mean Title 11 of the United States Code, as
amended.

     "Book Value" shall mean, with respect to any Company Asset, its adjusted
basis for federal income tax purposes, except that the initial Book Value of any
asset contributed by a Member to the Company shall be an amount equal to the
agreed gross fair market value of such asset, and such Book Value shall
thereafter be adjusted in a manner consistent with Treasury Regulations Section
1.704-1(b)(2)(iv)(g) for revaluations pursuant to Section 7.1(b) and for the
Depreciation taken into account with respect to such asset.

     "Budget Year" shall mean the period beginning on the Effective Date and
ending on December 31, 2006 and each successive calendar year thereafter,
beginning on January 1, 2007.

     "Business Day" shall mean any day other than a Saturday, Sunday and any day
on which banks in Columbus, Ohio are authorized to close.

     "Business Plan" shall mean, for each Budget Year, the Approved Budget in
effect together with the annual strategic plan (including a leasing plan and
capital expenditure plan) in effect for that Budget Year. Each Business Plan
shall include a comparison to the Underwriting Plan for the applicable Property
that was provided to Class B Member, measuring the positive or negative
deviations from such Underwriting Plan.

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     "Capital Account" shall mean, when used in respect of any Member, the
Capital Account maintained for such Member in accordance with Section 7.1, as
said Capital Account may be increased or decreased from time to time pursuant to
the terms of this Agreement.

     "Capital Call" shall have the meaning set forth in Section 6.2(b).

     "Capital Contribution" shall mean, with respect to any Member, the
aggregate amount of capital actually contributed to the Company by such Member
in accordance with Article 6.

     "Capital Event" shall mean (i) any sale or refinancing of an interest in a
Subsidiary or of other Company Assets, or (ii) to the extent permitted
hereunder, any sale, financing, casualty or condemnation affecting all or any
portion of a Property or any other Subsidiary Assets or any direct or indirect
interest therein.

     "Capital Event Proceeds" shall mean all proceeds resulting from a Capital
Event listed in clause (i) of the definition of Capital Event and all proceeds
resulting from a Capital Event listed in clause (ii) of the definition of
Capital Event to the extent distributed to the Company.

     "Cause" shall mean (i) the occurrence of any Default or (ii) the existence
of any grounds for a Subsidiary to terminate any Management Agreement (other
than upon a sale).

     "Certificate" shall mean the Certificate of Formation of the Company filed
with the Secretary of State of the State of Delaware on December 2, 2005, as the
same may hereafter be amended and/or restated from time to time.

     "Change of Control" shall mean (i) any change in the ownership of Class A
Member whereby Glimcher Realty Trust either shall cease to own a majority of the
economic interests in Class A Member or shall cease to control the sole general
partner of Class A Member, (ii) any change in the identity of the owners of the
general partnership interests in Class A Member, (iii) any change in the
membership of Glimcher Realty Trust's current board of directors which results
in the current board members as of any date after the Effective Date
constituting less than fifty percent (50%) of the total board members at any
time during the one (1) year period following such date, (iv) the acquisition of
more than twenty-five percent (25%) of the capital stock of Glimcher Realty
Trust by any person or "group" (within the meaning of Rules 13d-3 and 13d-5 of
the Securities Exchange Act of 1934, as amended) or (v) if none of Class A
Member or any Affiliates of Class A Member shall own an equity interest in the
Company.

     "Class A Interest" shall mean the entire interest of Class A Member in the
Company at any particular time, including the right of Class A Member to any and
all benefits to which Class A Member may be entitled as provided in this
Agreement, together with the obligations of Class A Member to comply with all
the terms and provisions of this Agreement.

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     "Class A Member" shall mean Glimcher Properties Limited Partnership, a
Delaware limited partnership, and any Substituted Members therefor, for so long
as such Persons shall be Members of the Company.

     "Class B Interest" shall mean the entire interest of Class B Member in the
Company at any particular time, including the right of Class B Member to any and
all benefits to which Class B Member may be entitled as provided in this
Agreement, together with the obligations of Class B Member to comply with all
the terms and provisions of this Agreement.

     "Class B Member" shall mean OMERS Realty Corporation, a Canadian
corporation, and any Substituted Members therefor, for so long as such Persons
shall be Members of the Company.

     "Closing Period" shall have the meaning set forth in Section 3.6(b)(iii).

     "Code" shall mean the Internal Revenue Code of 1986, as amended, or any
corresponding provision(s) of succeeding law.

     "Committee Representative" shall mean each individual appointed from time
to time by any Member pursuant to Section 3.5, and "Committee Representatives"
shall mean all of such individuals, collectively.

     "Company" shall mean OG Retail Holding Co., LLC, a Delaware limited
liability company, as said Company may from time to time be hereafter
constituted.

     "Company Assets" shall mean all right, title and interest of the Company in
and to all or any portion of its assets and any property (real, personal,
tangible or intangible) or estate acquired in exchange therefor or in connection
therewith, including, without limitation, its interests in the Subsidiaries.

     "Company Loan" shall have the meaning set forth in Section 6.2(e).

     "Confidential Information" shall have the meaning set forth in Section
12.15.

     "Contributing Member" shall have the meaning set forth in Section 6.2(c).

     "Debtor Member" shall have the meaning set forth in Section 8.3.

     "Default" shall mean the occurrence of any one of the following: (i)
Administering Member or its Affiliates commits gross negligence, fraud,
misappropriation of funds or willful misconduct in carrying out its duties and
obligations hereunder, under the Management Agreement or under any other
agreement to which Administering Member or its Affiliates, on the one hand, and

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the Company and/or its Subsidiaries, on the other, are parties or (ii) any
Bankruptcy or any criminal indictment or conviction occurs with respect to
Administering Member or its Affiliates.

     "Deposit" shall have the meaning set forth in Section 3.6(b)(v).

     "Depreciation" shall mean, with respect to any Fiscal Year, all deductions
attributable to depreciation or cost recovery with respect to Company Assets,
including any improvements made thereto and any tangible personal property
located therein, or amortization of the cost of any intangible property or other
assets acquired by the Company or its Subsidiaries, which have a useful life
exceeding one year; provided, however, that with respect to any Company Asset
whose tax basis differs from its Book Value at the beginning of such Fiscal Year
or other period, Depreciation shall be an amount which bears the same ratio to
such beginning Book Value as the depreciation, amortization or other cost
recovery deduction for such period with respect to such asset for federal income
tax purposes bears to its adjusted tax basis as of the beginning of such Fiscal
Year; provided, however, that if the federal income tax depreciation,
amortization or other cost recovery deduction for such Fiscal Year is zero,
Depreciation shall be determined using any reasonable method selected by the
Management Committee. "Effective Date" shall mean December 29, 2005.

     "Election Period" shall have the meaning set forth in Section 3.6(b)(ii).

     "Equity Commitment" shall have the meaning set forth in Section 4.2(a).

     "Exclusivity Period" shall mean that period beginning on the Effective Date
and ending on the earlier of (i) the date on which there is a Change of Control
of Glimcher Realty Trust, (ii) subject to the provisions of Section 4.2 hereof,
the date on which Class B Member rejects or fails to accept three consecutive
Proposals, (iii) the third anniversary of the Effective Date, or (iv) the 90th
day after the date hereof if the Equity Commitment is not obtained as described
in Section 4.2.

     "Exercise Notice" shall have the meaning set forth in Section 3.6(b)(ii).

     "Failed Contribution" shall have the meaning set forth in Section 6.2(c).

     "Filings" shall have the meaning as set forth in Section 4.1(b).

     "Fiscal Year" shall mean the fiscal year of the Company, which shall be the
calendar year; but upon termination of the Company, "Fiscal Year" shall mean the
period from the end of the last preceding Fiscal Year to the date of such
termination.

     "Funded Portion" shall have the meaning set forth in Section 6.2(c).

     "Initial Capital Contributions" shall have the meaning set forth in Section
6.1(a).

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<PAGE>

     "Initial Property" shall have the meaning set forth in the Recitals.

     "Initial Subsidiary" shall have the meaning set forth in the Recitals.

     "Interest" shall mean the entire interest of a Member in the Company at any
particular time, including the right of such Member to any and all benefits to
which a Member may be entitled as provided in this Agreement, together with the
obligations of such Member to comply with all the terms and provisions of this
Agreement.

     "Interest Marketing Period" shall have the meaning set forth in Section
9.2(b)(iii).

     "Interest Purchase Deposit" shall have the meaning set forth in Section
9.2(b)(v).

     "Interest Purchase Option" shall have the meaning set forth in Section
9.2(b)(i).

     "Interest Purchase Price" shall have the meaning set forth in Section
9.2(b)(iii).

     "Interest Purchaser" shall have the meaning set forth in Section 9.2(b).

     "Internal Rate of Return" means, with respect to any Member's investment in
the Company, the discount rate that causes the sum of net present value of all
cash in-flows from that Member (i.e., Capital Contributions) and the net present
value of all cash out-flows to that Member resulting from the investment to
equal zero dollars ($0). A Member will be deemed to receive a specified Internal
Rate of Return, with respect to any Capital Contributions, when that Member has
received a return of all those Capital Contributions plus a cumulative, daily
compounded, return on those Capital Contributions at the specified annual rate,
calculated commencing on the date or dates those Capital Contributions are made
and compounded daily to the extent the return is not paid on a current basis,
taking into account the timing and amounts of all previous distributions made
(or deemed made) by the Company to that Member and the timing and amounts of all
previous Capital Contributions made to the Company by that Member. For purposes
of computing the Internal Rate of Return, (i) all cash in-flows and cash
out-flows from or to Members actually received will be discounted to present
value using daily measuring periods, (ii) amounts received by a Member in
respect of interest on or principal of a Company Loan made by that Member will
be disregarded in calculating that Member's Internal Rate of Return and will not
be deemed to be a distribution or cash out-flow to that Member, and (iii)
amounts received by a Lender Member in respect of interest on or principal of a
Member Loan will be deemed received by the Debtor Member and not the Lender
Member for purposes of calculating the Members' Internal Rate of Return. All IRR
calculations assume contributions and distributions on the date made and use the
XIRR function as calculated in Microsoft Excel.

     "IRS" shall mean the Internal Revenue Service and any successor agency or
entity thereto.

     "Lender Member" shall have the meaning set forth in Section 8.3.

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     "Level 1 Subsidiary" shall mean each direct subsidiary formed by the
Company, including Puente Hills Mall REIT, LLC, a Delaware limited liability
company.

     "Level 2 Subsidiary" shall mean each direct and indirect subsidiary of the
Level 1 Subsidiaries, including the Initial Subsidiary.

     "Lockout Period" shall mean the period ending on the fourth anniversary of
the date of the acquisition by the Company of the Initial Property; provided,
however, that upon the occurrence of Cause, Class B Member may, in its
discretion, elect to terminate the Lockout Period together with other agreements
related thereto to which Manager or any of its Affiliates is a party.

     "Losses" shall have the meaning set forth in Section 7.2.

     "Majority Decisions" shall mean any of the Majority Decisions listed in
Section 3.4(b).

     "Management Agreement" shall mean each Property Management Agreement
entered into between each Subsidiary that owns a Property and Manager in respect
of the Property owned by such Subsidiary, each in the form attached hereto as
Exhibit A.

     "Management Committee" shall have the meaning set forth in Section 3.5(a).

     "Manager" shall mean Glimcher Properties Limited Partnership or its
Affiliate, in its capacity as property manager.

     "Marketing Period" shall have the meaning set forth in Section 3.6(b)(iii).

     "Member" shall mean each of Class A Member and Class B Member, any
Substituted Members and any New Administering Member, for so long as such
Persons shall be Members of the Company and "Members" shall mean such Persons,
collectively.

     "Member-Funded Debt" shall mean any non-recourse debt of the Company that
is loaned or guaranteed by any Member and/or is treated as Member non-recourse
debt with respect to a Member under Treasury Regulations Section 1.704-2(b)(4).

     "Member Indemnitee" shall mean any Affiliate of a Member and any officer,
director, partner, member, agent or employee of a Member or its Affiliates.

     "Member Loan" shall have the meaning set forth in Section 6.2(d).

     "Minimum Gain" shall mean an amount equal to the excess of the principal
amount of debt of the Company for which no Member is liable ("non-recourse
debt"), over the adjusted basis of the Company Assets which represents the
minimum taxable gain which would be recognized by the Company if the
non-recourse debt were foreclosed upon and the Company Assets were transferred
to the creditor in satisfaction thereof, and which is referred to as "minimum

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gain" in Treasury Regulations Section 1.704-2(b)(2). A Member's share of Minimum
Gain shall be determined pursuant to Treasury Regulations Section 1.704-2.

     "New Administering Member" shall have the meaning set forth in Section
3.2(d).

     "Non-Contributing Member" shall have the meaning set forth in Section
6.2(c).

     "Non-Triggering Member" shall have the meaning set forth in Section 3.6(a).

     "Objection Notice" shall have the meaning set forth in Section 5.3(c).

     "Organizational Document" shall mean, with respect to any Person, (i) in
the case of a corporation, such Person's certificate of incorporation and
by-laws, and any shareholder agreement, voting trust or similar arrangement
applicable to any of such Person's authorized shares of capital stock, (ii) in
the case of a partnership, such Person's certificate of limited partnership,
partnership agreement, voting trusts or similar arrangements applicable to any
of its partnership interests, (iii) in the case of a limited liability company,
such Person's certificate of formation, limited liability company agreement or
other document affecting the rights of holders of limited liability company
interests, or (iv) in the case of any other legal entity, such Person's
organizational documents and all other documents affecting the rights of holders
of equity interests in such Person.

     "Organizational Expenses" shall mean expenses incurred in connection with
the organization and formation of the Company and its Subsidiaries, but
excluding the respective attorneys' fees of the Members.

     "Percentage Interest" shall mean, (i) with respect to Class B Member, 48%,
and (ii) with respect to Class A Member, 52%.

     "Person" shall mean any individual, partnership, corporation, limited
liability company, trust or other legal entity.

     "Profits" shall have the meaning set forth in Section 7.2.

     "Property" shall mean each real property acquired by a Subsidiary,
including the Initial Property; and "Properties" shall mean all of them
collectively.

     "Property Lockout Period" shall mean, with respect to any Property or the
interests in a Subsidiary owning a Property, the period ending on the fourth
anniversary of the date of the acquisition of such Property; provided, however,
that upon the occurrence of Cause, Class B Member may, in its discretion, elect
to terminate the Property Lockout Period together with other agreements related
thereto to which Manager or any of its Affiliates is a party.

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     "Proposal" shall have the meaning set forth in Section 4.2(a).

     "Proposed Interest Sale Notice" shall have the meaning set forth in Section
9.2(b)(i).

     "Proposed Sale Notice" shall have the meaning set forth in Section 3.6(b).

     "Proposing Member" shall have the meaning set forth in Section 9.3(a).

     "Prospective Acquisitions" shall mean only prospective acquisitions by
Class A Member or its Affiliates of (i) regional or super-regional malls with
one or more traditional anchors and (ii) department store anchored lifestyle
centers, either of which must generate a levered return in excess of ten percent
(10%) per annum based on project level returns as calculated by Class A Member.

     "Purchase Agreement" shall have the meaning set forth in the Recitals.

     "Purchase Option" shall have the meaning set forth in Section 3.6(b).

     "Purchase Price" shall have the meaning set forth in Section 3.6(b)(i).

     "Required Committee Approval" shall mean, with respect to any Unanimous
Decision, the unanimous affirmative approval of all of the Committee
Representatives, and with respect to any Majority Decision, the affirmative
approval of a majority of the Committee Representatives.

     "Required Expenditures" shall mean all costs, expenditures or amounts
required to be expended, whether or not of a recurring nature, that are provided
for in an Approved Budget.

     "Responding Member" shall have the meaning set forth in Section 9.2(a).

     "Sellers" shall have the meaning set forth in the Recitals.

     "Subject Interest" shall have the meaning set forth in Section 9.2(a).

     "Subject Subsidiary" shall have the meaning set forth in Section 3.6(a).

     "Subsidiary" shall mean each direct or indirect subsidiary formed by the
Company from time to time, including each Level 1 Subsidiary and each Level 2
Subsidiary, and "Subsidiaries" means all of them collectively.

     "Subsidiary Assets" shall mean all right, title and interest of each
Subsidiary in and to all or any portion of its assets and any property (real,
personal, tangible or intangible) or estate acquired in exchange therefor or in
connection therewith, including, without limitation, the Properties.

                                      -10-
<PAGE>

     "Substituted Member" shall mean any Person admitted to the Company as a
Member pursuant to the provisions of Section 9.6.

     "Superintendent" shall have the meaning set forth in Section 4.1(b).

     "Syndication Expenses" shall mean expenses incurred in connection with the
offering of the interests in the Company, including the advisory fee payable to
Wachovia Securities, but excluding the respective attorneys' fees of the
Members.

     "Third Party Purchaser" shall have the meaning set forth in Section
3.6(b)(iii).

     "Third-Party Interest Purchase Price" shall have the meaning set forth in
Section 9.2(b)(iii).

     "Third-Party Purchase Price" shall have the meaning set forth in Section
3.6(b)(iii).

     "Transfer" shall mean, with respect to a Member, any transfer, sale,
pledge, hypothecation, encumbrance, assignment or other disposition of any
portion of the Interest of such Member or the proceeds thereof (whether
voluntarily, involuntarily, by operation of law or otherwise).

     "Transferring Member" shall have the meaning set forth in Section 9.2(a).

     "Treasury Regulations" shall mean the regulations promulgated under the
Code, as such regulations are in effect on the date hereof.

     "Triggering Member" shall have the meaning set forth in Section 3.6(a).

     "Unanimous Decision" means any of the Unanimous Decisions listed in Section
3.4(a). "Underwriting Plan" shall mean, with respect to any Property, the
original underwriting plan which details the projected cash flow of such
Property during the holding period, the anticipated capital expenditures, the
planned refinancing and the planned exit as agreed upon by the Members for such
Property.

     1.2 Terms Generally. For all purposes of this Agreement, except as
otherwise expressly provided or unless the context otherwise requires:

     (a) the words "herein," "hereof" and "hereunder" and other words of similar
import refer to this Agreement as a whole and not to any particular Article,
Section or other subdivision; and

     (b) the words "including" and "include" and other words of similar import
shall be deemed to be followed by the phrase "without limitation."

                                      -11-
<PAGE>

                                   ARTICLE 2.

                          THE COMPANY AND ITS BUSINESS
                          ----------------------------

     2.1 Classes of Interests. The Company has two classes of Interests
outstanding and authorized for issuance: Class A Interests and Class B
Interests. As of the date hereof, Class A Member is the sole holder of Class A
Interests and Class B Member is the sole holder of Class B Interests.

     2.2 Company Name. The business of the Company shall be conducted under the
name of "OG Retail Holding Co., LLC" in the State of Delaware and under such
name or such assumed names as the Management Committee deems necessary or
appropriate to comply with the requirements of any other jurisdiction in which
the Company may be required to qualify.

     2.3 Duration. The term of the Company will commence on the Effective Date
and shall continue in full force and effect until December 31, 2030.

     2.4 Filing of Certificate and Amendments. The Members hereby approve and
ratify the execution and filing by George A. Schmidt of the Certificate of
Formation with the Secretary of State of the State of Delaware. The
Administering Member shall execute and file any required amendments to the
Certificate and shall do all other acts requisite for the constitution of the
Company as a limited liability company pursuant to the laws of the State of
Delaware or any other applicable law.

     2.5 Business; Scope of Members' Authority.

     (a) The Company is organized exclusively for the purpose of holding all the
interests in the Subsidiaries (other than the preferred membership interests),
which will each be organized solely for the purpose of acquiring, owning,
financing, refinancing, managing, maintaining, operating, improving, developing
and selling a Property. Except for interests in the Subsidiaries and incidental
amounts of personal property, the Company shall not own any other property or
asset. The Company shall be prohibited at all times from having any employees.
The Company is empowered to form, own and manage the Subsidiaries, contribute
capital or lend funds to the Subsidiaries for acquisitions of Properties, and
fund or provide guarantees and other collateral necessary to satisfy liabilities
of the Subsidiaries, all in accordance with this Agreement. The Company is
further empowered to do any and all acts and things necessary, appropriate,
proper, advisable, incidental to or convenient for the furtherance and
accomplishment of the purposes and business described herein and for the
protection and benefit of the Company, including, without limitation, full power
and authority to enter into, perform and carry out contracts of any kind, borrow
money and issue evidence of indebtedness whether or not secured by any mortgage,
deed of trust, pledge or other lien.

     (b) All property owned by the Company and its Subsidiaries, whether real or
personal, tangible or intangible, shall be deemed to be owned by the Company or

                                      -12-
<PAGE>

a Subsidiary, as the case may be, as an entity, and no Member, individually,
shall have any ownership of such property. The Company and any Subsidiary may
hold any of its assets in its own name or in the name of a Person acting as its
nominee at its direction.

     2.6 Principal Office; Registered Agent. The principal office and mailing
address of the Company shall be at 150 East Gay Street, 24th floor, Columbus,
Ohio 43215. The Company may change its place of business to such location or
locations as may at any time or from time to time be determined by the
Management Committee. The address of the Company's registered office in the
State of Delaware is 2711 Centerville Road, Suite 400, Wilmington, Delaware
19808. The name of the Company's registered agent at such address is Corporation
Service Company.

     2.7 Representations by the Members.

     (a) Each Member represents, warrants, agrees and acknowledges that:

          (i) it is a corporation, a limited liability company or partnership,
     as applicable, duly organized or formed and validly existing and in good
     standing under the laws of the state or province of its organization or
     formation; it has all requisite corporate, limited liability company or
     partnership power and authority to enter into this Agreement, to acquire
     and hold its Interest and to perform its obligations hereunder; and the
     execution, delivery and performance of this Agreement has been duly
     authorized by all necessary corporate, limited liability company or
     partnership action;

          (ii) its execution and delivery of this Agreement and the performance
     of its obligations hereunder will not conflict with, result in a breach of
     or constitute a default (or any event that, with notice or lapse of time,
     or both, would constitute a default) or result in the acceleration of any
     obligation under any of the terms, conditions or provisions of any other
     agreement or instrument to which it is a party or by which it is bound or
     to which any of its property or assets are subject, conflict with or
     violate any of the provisions of its Organizational Documents, or violate
     any statute or any order, rule or regulation of any court or governmental
     or regulatory agency, body or official, that would materially and adversely
     affect the performance of its duties hereunder; such Member has obtained
     any consent, approval, authorization or order of any court or governmental
     agency or body required for the execution, delivery and performance by such
     Member of its obligations hereunder;

          (iii) there is no action, suit or proceeding pending against such
     Member or, to its knowledge, threatened in any court or by or before any
     other governmental agency or instrumentality which would prohibit its
     entering into or performing its obligations under this Agreement;

          (iv) this Agreement is a binding agreement on the part of such Member
     enforceable in accordance with its terms against such Member; and

                                      -13-
<PAGE>

          (v) such Member is acquiring its Interest for its own account for
     investment purposes only and not with a view to the distribution or resale
     thereof, in whole or in part, and agrees that it will not Transfer all or
     any part of its Interest, or solicit offers to buy from or otherwise
     approach or negotiate in respect thereof with any Person or Persons
     whomsoever, all or any portion of its Interest in any manner that would
     violate or cause the Company or any Member to violate applicable federal or
     state securities laws.

     (b) Class A Member hereby represents and warrants to Class B Member as of
the Effective Date that (i) each of its partners is a United States Person, as
defined in Section 7701 of the Code, and (ii) to the extent a limited partner
other than Glimcher Realty Trust is a partnership, corporation or trust, the
beneficial owners of such partnership, corporation or trust are each a United
States Person, as such term is defined in Section 7701 of the Code. Class A
Member hereby agrees that it shall promptly notify Class B Member if it becomes
aware that either of the preceding representations become untrue.

     (c) Class B Member hereby represents and warrants to Class A Member that no
individual (as such term is used in Section 542 of the Code) beneficially owns
more than five percent (5%) of Class B Member, after applying the constructive
ownership rules of Section 544 of the Code, as modified by Section 856 of the
Code. Class B Member hereby agrees that it shall promptly notify Class A Member
if it becomes aware that the preceding representation becomes untrue.

     2.8 Organizational Expenses and Syndication Expenses. Class A Member and
Class B Member agree to pay their Percentage Interests of all Organizational
Expenses and Syndication Expenses, or if Organizational Expenses and Syndication
Expenses are initially incurred in a different proportion, the party incurring
less than its Percentage Interest shall reimburse the other. The Company shall
credit the Capital Accounts of Class A Member and Class B Member with their
Percentage Interests of all Organizational Expenses and Syndication Expenses.

     2.9 Subsidiaries of the Company. The Company intends to form one Level 1
Subsidiary and one or more Level 2 Subsidiaries for each Property that the
Company desires to acquire. Each Level 1 Subsidiary will be formed as a limited
liability company and will be governed by a limited liability company agreement
substantially in the form of Exhibit C (with such modifications as the Members
shall mutually agree upon). Each Level 2 Subsidiary will be formed as a limited
liability company and will be governed by a limited liability company agreement
substantially in the form of Exhibit D (with such modifications as the Members
shall mutually agree upon). The Company will not enter into any limited
liability company agreement or other organizational document of any Subsidiary
unless the Company or a board of directors consisting of the same Persons as
those who serve on the Management Committee retains the full and exclusive
right, power and authority to make any decision and take any action on behalf of
such Subsidiary that constitutes a Majority Decision or Unanimous Decision. It
is intended that the business, operations and affairs of each Level 1 Subsidiary

                                      -14-
<PAGE>

will be conducted in a manner that permits such Level 1 Subsidiary to qualify as
a "real estate investment trust" within the meaning of Section 856(a) of the
Code (a "REIT") and the provisions of this Agreement shall be interpreted and
applied in a manner consistent with such qualification. The Company shall cause
each Level 1 Subsidiary to elect to be treated as an association treated as a
REIT for its first taxable year by timely filing Form 1120-REIT, and to conduct
its business as a REIT.

                                   ARTICLE 3.

                         MANAGEMENT OF COMPANY BUSINESS;
                  POWERS AND DUTIES OF THE ADMINISTERING MEMBER
                  ---------------------------------------------

     3.1 Management and Control.

     (a) Except as otherwise specifically set forth in this Agreement, the
Management Committee shall have the right, power and authority to conduct the
business and affairs of the Company and each Subsidiary and to do all things
necessary to carry on the business of the Company and each Subsidiary, and is
hereby authorized to take any action of any kind and to do anything and
everything the Management Committee deems necessary or appropriate in accordance
with the provisions of this Agreement and applicable law.

     (b) The Management Committee may, by unanimous approval, delegate certain
of its rights to manage the day-to-day business of the Company and its
Subsidiaries and to implement the decisions made and the actions authorized for
and on behalf of the Company and its Subsidiaries by the Management Committee to
the Administering Member, provided, however, that the Administering Member shall
not, without the prior approval of the Management Committee, take any action on
behalf of or in the name of the Company (or cause the Company to take any action
on behalf of any Subsidiary), or enter into any commitment or obligation binding
upon the Company or its Subsidiaries, except for actions expressly authorized by
the Management Committee.

     3.2 Role of Administering Member.

     (a) In addition to such powers and rights of the Administering Member as
are expressly set forth herein, and subject to the express restrictions set
forth in herein, the Administering Member shall have the right and the duty to
manage the day-to-day business of the Company and each Subsidiary, to execute
documents and to implement the decisions made on behalf of the Company and each
Subsidiary by the Management Committee in accordance with the terms hereof and
applicable laws and regulations, and such other rights and powers as are granted
to the Administering Member hereunder and as the Management Committee may from
time to time expressly delegate to the Administering Member (provided, that any
such obligations or responsibilities that are delegated to the Administering
Member shall be subject to the Administering Member's acceptance to the extent

                                      -15-
<PAGE>

not set forth herein). The Administering Member shall devote such time to the
Company and its business as shall be necessary to conduct the business of the
Company and its Subsidiaries in an efficient manner and to carry out the
Administering Member's responsibilities as set forth herein. Without limiting
the generality of the foregoing, but subject to the Management Committee's
rights with respect to Majority Decisions and Unanimous Decisions, the
Administering Member shall have the right and duty to do, accomplish and
complete, for and on behalf of the Company and its Subsidiaries with diligence
and in a prompt and businesslike manner, exercising such care and skill as a
prudent owner with sophistication and experience in owning, operating and
managing properties like the Properties, would exercise in dealing with its own
property, all of the following:

          (i) applying for and using diligent efforts to obtain any and all
     necessary consents, approvals and permits required for the, occupancy,
     operation and development of each of the Properties;

          (ii) paying, before delinquency and prior to the addition of interest
     or penalties, all taxes, assessments and other impositions applicable to
     any Property, and retaining counsel to initiate any action or proceeding
     seeking to reduce such taxes, assessments or other impositions;

          (iii) procuring and arranging all necessary insurance to the extent
     available at commercially reasonable rates for the Company and its
     Subsidiaries in accordance with the insurance program adopted by the
     Management Committee from time to time;

          (iv) demanding, receiving, acknowledging and instituting legal action
     for recovery of any and all revenues, receipts and considerations due and
     payable to the Company or its Subsidiaries, in accordance with prudent
     business practices, except to the extent such legal action would constitute
     a Unanimous Decision;

          (v) keeping all books of account and other records of the Company and
     delivering all reports in the manner provided in Article 5 below;

          (vi) maintaining all funds of the Company and each Subsidiary in
     separate bank accounts in the manner provided in Article 5 below, which
     funds shall not be commingled with the funds of any other Person;

          (vii) using commercially reasonable efforts to protect and preserve
     the title and interests of the Company in the Company Assets and the title
     and interests of each Subsidiary in the Subsidiary Assets, including
     arranging for the discharge or bonding of mechanics' and materialmen's
     liens encumbering any Property;

                                      -16-
<PAGE>

          (viii) preparing for approval by the Management Committee, and
     implementing once the same shall have been approved in accordance herewith,
     all Annual Budgets and Business Plans, including negotiating all contracts
     and expending funds in accordance therewith;

          (ix) opening and maintaining bank accounts to the extent required or
     permitted by Section 5.5;

          (x) coordinating the defense of any claims, demands, suits or legal
     proceedings made or instituted against the Company, any Subsidiary or the
     Members by other parties, through legal counsel for the Company engaged in
     accordance with the terms of this agreement;

          (xi) giving the Management Committee prompt notice of (i) any material
     claim or demand or the commencement of any suit or legal proceeding by or
     against the Company or any Subsidiary and promptly providing the Management
     Committee all information relevant or necessary thereto and (ii) any notice
     of any violation of, or any material violation which the Administering
     Member has actual knowledge of, federal, state or municipal laws,
     ordinances, orders, rules, regulations or requirements of federal, state or
     municipal governments, courts, departments, commissions, boards and
     officers, the requirements of any insurance policy (or any insurer
     thereunder) covering any Company Assets or the Properties (and any
     improvements thereon) or any Subsidiary Assets, or any other body
     exercising functions similar to those of any of the foregoing which may be
     applicable to any Company Assets or the Properties or any of the Subsidiary
     Assets and promptly providing the Management Committee all information
     relevant or necessary thereto;

          (xii) using commercially reasonable efforts to comply with (i) the
     terms and provisions of any restrictive covenants or easement agreements
     affecting the Properties or any portion thereof, and any and all leases and
     other contracts entered into or assumed by the Company or any Subsidiary,
     including, without limitation, the exceptions noted in the title policy for
     each Property, copies of which have been provided to the Administering
     Member and (ii) the terms and provisions of the Acquisition Loan Documents
     or any other note, mortgage and other loan documents assumed or executed by
     the Company or any Subsidiary;

          (xiii) subject to the provisions of this Agreement and consistent with
     the Underwriting Plan and any subsequently approved Business Plan,
     operating, maintaining, developing and otherwise managing each Property in
     an efficient manner;

          (xiv) during the term of this Agreement, using commercially reasonable
     efforts to promptly comply with all present and future laws, ordinances,
     orders, rules, regulations and requirements of all federal, state and
     municipal governments, courts, departments, commissions, boards and
     officers, the requirements of any insurance policy (or any insurer
     thereunder) covering any of the Company Assets or any of the Properties
     (and any improvements thereon) or any of the

                                      -17-
<PAGE>

     Subsidiary Assets, or any other body exercising functions similar to those
     of any of the foregoing, which may be applicable to any of the Company
     Assets or any of the Properties (and any improvements thereon) or any of
     the Subsidiary Assets and the operation and management thereof, and when
     and to the extent approved by the Management Committee, the Administering
     Member shall contest or assist the Management Committee in contesting the
     validity or application of any such law, ordinance, order, rule, regulation
     or requirement;

          (xv) performing, or causing the performance of, all other services
     reasonably necessary or required for the ownership, development,
     maintenance and operation by the Company and/or its Subsidiaries of the
     Properties or otherwise required to be performed by the Administering
     Member pursuant to this Agreement and not otherwise prohibited hereunder;
     and

          (xvi) subject to the rights of the Management Committee to approve
     Unanimous Decisions and Majority Decisions, implementing the terms of the
     then Approved Budget and the then approved Business Plan.

     (b) The Administering Member shall not (and shall not have any right, power
or authority to), without the prior approval of the Management Committee, bind
or take any action on behalf of or in the name of the Company or any Subsidiary,
or enter into any commitment or obligation binding upon the Company or any
Subsidiary, except for actions authorized under this Agreement or actions
authorized by the Management Committee in the manner set forth herein.

     (c) If Administering Member fails to perform or comply with, or to cause
the performance of or compliance with, any obligation or duty imposed on it
pursuant to this Agreement, then, without limiting any other remedy available to
Class B Member, Class B Member may, after at least ten (10) Business Days'
notice to the Administering Member, or if a cure cannot reasonably be concluded
within such ten (10) Business Day period, such longer time, not to exceed ten
(10) additional Business Days, as reasonably required provided that the
Administering Member begins action to effect a cure within such ten (10)
Business Day period, perform or comply with, or cause the performance of or
compliance with, that obligation or duty, and any expense arising from that
performance or compliance will be borne by the Administering Member.

     (d) Upon the occurrence of Cause, (i) Class B Member shall have the sole
right to, until the occurrence of the events described in Section 3.2(d)(ii) and
(iii) below (which events shall occur no more than three (3) months after the
occurrence of Cause), (x) in the case of the occurrence of any event under
clause (i) of the definition of Cause, make all decisions on behalf of the
Management Committee, including Unanimous Decisions and Majority Decisions, and
make all decisions on behalf of the Administering Member and (y) in the case of
the occurrence of any event under clause (ii) of the definition of Cause, make
all Majority Decisions on behalf of the Management Committee and make all

                                      -18-
<PAGE>

decisions on behalf of the Administering Member, (ii) Class B Member may elect
to remove Class A Member as the Administering Member and to either appoint a new
Administering Member or appoint itself as the new Administering Member (such new
Administering Member, a "New Administering Member"), and (iii) upon the
appointment of a New Administering Member pursuant to clause (ii) of this
Section 3.2(d), either (x) in the case of the occurrence of any event under
clause (i) of the definition of Cause, all of the Committee Representatives
appointed by Class A Member, in its capacity as the Administering Member, shall
be removed and the New Administering Member shall appoint three (3) Committee
Representatives to fill such vacancies or (y) in the case of the occurrence of
any event under clause (ii) of the definition of Cause, two (2) of the Committee
Representatives appointed by Class A Member, in its capacity as the
Administering Member, shall be removed and the New Administering Member shall
appoint two (2) Committee Representatives to fill such vacancies, (iv) Class B
Member shall have the right to elect to terminate the Lockout Period, and/or (v)
Class B Member shall have the right to elect to terminate the Property Lockout
Period.

     3.3 Management Agreement. Notwithstanding anything in this Agreement to the
contrary, (i) Administering Member must obtain the approval of Class B Member
with respect to any amendment, extension, or renewal of any Management Agreement
on behalf of any Subsidiary, any consent, approval, waiver or direction required
of or permitted by any Subsidiary thereunder (in each case, to the extent the
same would constitute a Unanimous Decision) and (ii) Class B Member shall have
the full authority and discretion, without the approval of any Member or the
Management Committee, to exercise any right to terminate the Manager pursuant to
the provisions of any Management Agreement upon the occurrence of Cause.

     3.4 Decisions Requiring Approval of the Management Committee.
Notwithstanding any provisions in this Agreement to the contrary other than
Section 3.6, no act shall be taken, sum expended, decision made or obligation
incurred by the Company or any Subsidiary or by the Administering Member with
respect to a matter within the scope of any of the Unanimous Decisions or
Majority Decisions, unless and until the Required Committee Approval shall have
been obtained pursuant to and in accordance with this Section 3.4. In the event
of any need for consent of the Management Committee to any Unanimous Decision or
Majority Decision, the Administering Member shall make such request of the
Management Committee in writing and shall provide each Committee Representative
with all information reasonably necessary for the Management Committee to make
an informed decision. The Administering Member shall use its commercially
reasonable efforts to keep the Management Committee informed of the status of
any matter regarding which the Administering Member intends to request the
Management Committee's consent under this Section 3.4. For the avoidance of
doubt, and notwithstanding anything to the contrary herein, any sale pursuant to
the terms of Section 3.6 shall not constitute either a Unanimous Decision or a
Majority Decision and the Triggering Member shall be fully authorized to act on
behalf of the Company in carrying out such a sale in accordance with Section
3.6. With respect to any decision to be made by the board of directors of any

                                      -19-
<PAGE>

Subsidiary that is expressly designated herein as a decision to be made solely
by Class B Member or as a decision requiring the consent of Class B Member, each
Member hereby agrees that they shall cause their respective Committee
Representatives, in their capacity as directors of such Subsidiary, to vote on
such decision as directed by Class B Member or to obtain the written consent of
Class B Member to such decision, as the case may be.

     (a) The "Unanimous Decisions" are:

          (i) approving or adopting any Annual Budget or Business Plan
     (including leasing guidelines) or approving or adopting any variance or
     modification thereto, except that the Administering Member may incur
     expenses in excess of the Approved Budget as long as such expenses do not
     exceed (a) individually, the greater of (i) five percent (5%) for the
     applicable line item or (ii) $2,500, or (b) in the aggregate, five percent
     (5%) of the total Approved Budget;

          (ii) altering the nature of the business of the Company from the
     businesses permitted by Section 2.5, forming or organizing any subsidiary
     of the Company or causing or permitting any Subsidiary to change or alter
     the nature of its business as permitted by Section 2.5;

          (iii) entering into or renewing any lease for space in excess of
     10,000 square feet; it being agreed and understood that with respect to any
     lease requiring the consent of the Management Committee, such consent shall
     be deemed given if not denied within five (5) Business Days after receipt
     by the Management Committee of a detailed term sheet and financial analyses
     relating thereto;

          (iv) making a Capital Call;

          (v) instituting proceedings to adjudicate the Company or any
     Subsidiary bankrupt, or consent to the filing of a bankruptcy proceeding
     against the Company or any Subsidiary or file a petition or answer or
     consent seeking reorganization of the Company or any Subsidiary under the
     Bankruptcy Code or any other similar applicable federal or state law, or
     consent to the filing of any such petition against the Company or any
     Subsidiary, or consent to the appointment of a receiver or liquidator or
     trustee or assignee in bankruptcy or insolvency of the Company or any
     Subsidiary or of its property, or make an assignment for the benefit of
     creditors of the Company or any Subsidiary, or admit the Company's or any
     Subsidiary's inability to pay its debts generally as they become due;

          (vi) merging, converting, consolidating, dissolving or winding up the
     Company or any Subsidiary with or into another Person or engaging in any
     other transaction having substantially the same effect other than as
     permitted under Section 3.6;

                                      -20-
<PAGE>

          (vii) other than pursuant to the provisions of Section 3.6, approving
     the terms and conditions of any direct or indirect sale, transfer,
     exchange, mortgage, assignment, hypothecation, pledge, security interest,
     ground lease, master lease or other disposition of all or any portion of
     any Company Asset, Property, Subsidiary Asset or any interest in any of the
     foregoing, except for (x) any lease or installment sales contract for
     personal property in the ordinary course of business and as provided for in
     the Approved Budget and (y) any sale or disposition and/or replacement of
     personal property in the ordinary course of business;

          (viii) extending credit, making loans or becoming or acting as a
     surety, guarantor, endorser or accommodation endorser (or materially
     modifying any obligations relating to the foregoing), except (a) in
     connection with negotiating checks or other instruments received by the
     Company or any Subsidiary and except for immaterial amounts in the ordinary
     course of business and (b) loans and advances to tenants in the ordinary
     course of business;

          (ix) obtaining financing or refinancing for, or otherwise incurring
     any indebtedness or issuing any debt or equity securities of, the Company
     or any Subsidiary or any assets of the Company or any Subsidiary,
     including, without limitation, any loan secured by a mortgage on any
     Property and any financing of the operations of the Company or its
     Subsidiaries, except for unsecured loans for working capital specifically
     set forth in an Approved Budget; placing or suffering of any other lien or
     encumbrance (other than leases permitted under paragraph (b) of the
     definition of "Majority Decisions" in this Section 3.4) on or affecting any
     Property or any portion thereof or any other material property or asset
     owned by the Company or any Subsidiary or selling any debt securities of
     the Company or any Subsidiary in a public or private offering or otherwise
     (or taking any action which has substantially the same effect or commits
     the Company or its Subsidiaries to any of the foregoing) except for a
     private placement of preferred interests in each Level 1 Subsidiary for
     purposes of satisfying the requirements of Code Section 856(a)(5);
     approving any document (including any amendment, supplement or other
     modification) containing or evidencing any modification of any term of any
     such financing, refinancing or encumbrance which was previously approved by
     the Management Committee; and approving the terms of a workout of any such
     financing or refinancing with the lender thereof;

          (x) approving the admission to the Company or to any Subsidiary of a
     successor or a new member (except for the admission to each Level 1
     Subsidiary of members holding preferred interests for purposes of
     satisfying the requirements of Code Section 856(a)(5)) or removing any
     member, designating or approving the classification of any new class of
     membership units issued to a new member (and establishing the designations,
     preferences and relative, participating, optional or other special rights,
     powers and duties of each class of membership units);

                                      -21-
<PAGE>

          (xi) except for the Initial Property, acquiring, or causing any
     Subsidiary to acquire, any land or other real property or any interest
     therein;

          (xii) approving or undertaking any development, alteration,
     modification, improvement or renovation of any portion of any Property
     costing individually or, if in a series of transactions, in the aggregate,
     in excess of $150,000, except for such tenant improvements and capital
     improvements or renovations contained in the current Approved Budget;

          (xiii) entering, or causing any Subsidiary to enter, into any
     agreement with the Administering Member or any Affiliate of the
     Administering Member, except for services provided by the Administering
     Member or an Affiliate of the Administering Member on customary terms and
     at competitive rates of compensation which prevail in the marketplace with
     unrelated third parties; provided that prior to entering any such agreement
     the Administering Member shall provide to Class B Member a copy of the
     agreement;

          (xiv) instituting or settling any material litigation, action or
     claim, or confessing any judgment against the Company or any Subsidiary; or

          (xv) unless required pursuant to the terms of any ground lease or
     mortgage encumbering any Property, deciding whether to repair or rebuild in
     case of material damage to any of the improvements on any Property, or any
     part thereof, arising out of a casualty or condemnation (except such
     emergency repairs as may be necessary to protect any Property), which
     material damage is in excess of $1,000,000.

     (b) The "Majority Decisions" are:

          (i) executing, modifying, accepting the surrender of or terminating
     any lease or other arrangement involving the rental, use or occupancy of
     any Property or any part thereof, except where such action would constitute
     a Unanimous Decision;

          (ii) instituting or settling any litigation, action or claim, or
     confessing any judgment against the Company or any Subsidiary, except where
     such action would constitute a Unanimous Decision;

          (iii) approving an insurance program for the Company, any of the
     Subsidiaries or any of the Properties;

          (iv) taking any action in respect of any Property relating to
     environmental matters other than obtaining environmental studies and
     reports and conduct (or arrange for) evaluations and analyses thereof;

                                      -22-
<PAGE>

          (v) unless required pursuant to the terms of any ground lease or
     mortgage encumbering any Property, deciding whether to repair or rebuild in
     case of material damage to any of the improvements on any Property, or any
     part thereof, arising out of a casualty or condemnation (except such
     emergency repairs as may be necessary to protect any Property) to the
     extent such decision does not constitute a Unanimous Decision under Section
     3.4(a) above;

          (vi) selecting the Company's accountants and independent auditors; and
     approving financial statements prepared by the Company's auditors;
     provided, however, that in no event may the Company's accountants or
     auditors be other than BDO Seidman, LLP without the unanimous written
     consent of the Management Committee;

          (vii) determining that a Company Asset should be appraised and
     selecting an appraiser in connection therewith;

          (viii) entering into any contract involving payment of $50,000 or more
     during any calendar year;

          (ix) selecting or varying tax or accounting methods which would have a
     material effect on income, loss, gain or deduction of the Company or any
     Subsidiary and making any other decisions or elections with respect to
     federal, state, local or foreign tax matters or other financial purposes;

          (x) making or agreeing to any changes to the zoning of any Property;
     and approving the terms and provisions of any restrictive covenants or
     easement agreements (other than utility easements or other non-material
     easements necessary for the operation or development of any Property)
     affecting any Property or any portion thereof;

          (xi) conducting any remediation of any environmental contamination or
     other similar matters;

          (xii) approving the hiring or removal of any mall manager at a
     Property; or

          (xiii) taking any other decision or action that requires Management
     Committee approval or consent hereunder and that is not expressly a
     Unanimous Decision.

     (c) Any action to be taken or made by or on behalf of a Subsidiary that if
taken or made by or on behalf of the Company would constitute a Majority
Decision or a Unanimous Decision shall be subject to the provisions of this
Section 3.4. Notice of any action relating to a Majority Decision taken by the
Management Committee and any material change to the leasing model used by
Administering Member at the Property shall be promptly provided to Class B
Member, unless the Committee Representatives appointed by Class B Member shall

                                      -23-
<PAGE>

have been present at the meeting of the Management Committee where such Majority
Decision was made.

     3.5 Management Committee.

     (a) A committee consisting of the Committee Representatives (the
"Management Committee") is hereby established and is granted the sole and
exclusive right, power and authority to make, approve or disapprove all
Unanimous Decisions and Majority Decisions on behalf of the Company, and is
hereby authorized to designate an authorized signatory to execute and deliver on
behalf of the Company any and all such contracts, certificates, agreements,
instruments and other documents, and to take any such action, as the Management
Committee deems necessary or appropriate relating to Unanimous Decisions and
Majority Decisions.

     (b) The Administering Member shall cause such reports as the Management
Committee shall reasonably request to be prepared and delivered on a timely
basis to the members of the Management Committee. Unless and until a new
Approved Budget shall be established, the Company shall operate under the most
recent Approved Budget with actual increases for non-discretionary expenses. The
Administering Member may from time to time submit amendments to any Business
Plan for the approval of the Management Committee. The Management Committee will
meet promptly after the submission of a Business Plan or proposed amendment
thereto with the object of reaching some conclusion thereon within not later
than thirty (30) days after the submission of the same.

     (c) The Management Committee shall at all times consist of four (4)
Committee Representatives, three of whom shall be appointed by the Administering
Member and one of whom shall be appointed by Class B Member; provided, that upon
the election of Class B Member under Section 3.2(d)(iii)(y) and so long as Class
B Member has not made an election under Section 3.2(d)(iii)(x), the Management
Committee shall consist of four (4) Committee Representatives, two of whom shall
be appointed by the New Administering Member, one of whom shall be appointed by
Class A Member and one of whom shall be appointed by Class B Member. Each Member
may appoint an alternate for any Committee Representative appointed by it to the
Management Committee, who shall have all the powers of the Committee
Representative in his absence or inability to serve. Each Member shall have the
power to remove any Committee Representative or alternative Committee
Representative of the Management Committee appointed by it by delivering written
notice of such removal to the Company and to the other Members. Subject to the
provisions of Section 3.2(d), vacancies on the Management Committee shall be
filled by the Member that appointed the Committee Representative previously
holding the position which is then vacant.

                                      -24-
<PAGE>

     (d) The Committee Representatives effective as of the date hereof shall be
as follows:

     ---------------------------------------------------------------------------

     Administering Member:              (1)  Michael P. Glimcher
     ---------------------------------------------------------------------------

                                        (2) Marshall A. Loeb
     ---------------------------------------------------------------------------

                                        (3)  Mark Yale
     ---------------------------------------------------------------------------

     Class B Member:                    (1)  Christopher Voutsinas
     ---------------------------------------------------------------------------

     (e) The Management Committee shall act with respect to all matters (whether
to approve any Unanimous Decision and any Majority Decision or to exercise any
other right (or to grant any consent or approval) accorded to the Management
Committee hereunder) by Required Committee Approval. Each Committee
Representative shall have one (1) vote on all matters that arise before the
Management Committee. For avoidance of doubt and notwithstanding anything to the
contrary herein, no matter may be approved and no action taken by the Management
Committee without Required Committee Approval.

     (f) (i) The Management Committee shall meet annually to review and vote on
the proposed Business Plan and Annual Budget and shall meet not less than
quarterly to review and vote on any Unanimous Decisions and Majority Decisions.
Special meetings of the Management Committee may be called by any Committee
Representative on at least four (4) Business Days' prior written notice of time
and place of such meeting; provided, however, that such notice requirement shall
be deemed waived by any Committee Representative who is present (in person or by
telephone) at the commencement of any such special meeting. Regular and special
meetings may be held at any place in Canada or the continental United States as
may be designated from time to time by the Administering Member, including
meetings by telephone conference. All four (4) Committee Representatives shall
constitute a quorum for Management Committee action with respect to any
Unanimous Decision. Two (2) Committee Representatives shall constitute a quorum
for Management Committee action with respect to any Majority Decision.

     (ii) Actions taken or approved by the Management Committee will be
evidenced by a written resolution prepared within ten (10) Business Days of a
meeting of the Management Committee by the Administering Member and approved in
writing by the Committee Representatives who were present at such meeting and
who adopted such resolutions.

                                      -25-
<PAGE>

     (iii) Any action required or permitted to be taken at a meeting of the
Management Committee may be taken without a meeting if a written consent setting
forth the action so taken is signed by the Committee Representatives whose
approval is required to constitute the Required Committee Approval. In the event
of any action which is taken, or is to be taken pursuant to a written consent
and not pursuant to a vote at a duly called and authorized meeting of the
Management Committee, the Administering Member shall endeavor, in good faith, to
solicit input from all Committee Representatives prior to the execution by any
Committee Representative of such written consent. Such consent may be in one
instrument or in several instruments, and shall have the same force and effect
as a vote of such Committee Representatives. An action so taken shall be deemed
to have been taken at a meeting held on the effective date so certified.

     (iv) Each Committee Representative may authorize any other Committee
Representative to act for him or her by proxy on all matters in which a
Committee Representative is entitled to participate, including waiving notice of
any meeting, or voting or participating at a meeting. Every proxy must be signed
by the Committee Representative. Every proxy shall be revocable at the pleasure
of the Committee Representative executing it, such revocation to be effective
upon the Company's receipt of written notice thereof.

     (v) All reasonable travel expenses incurred by each of the Committee
Representatives in connection with their service on the Management Committee
shall be borne by the Company.

     3.6 Sale of the Subject Subsidiary.

     (a) Notwithstanding any other provisions of this Agreement, at any time
from and after the end of the Property Lockout Period with respect to any Level
1 Subsidiary, Class B Member and Class A Member shall each have the right to
commence the marketing of, and cause the sale of, all of the membership
interests held by the Company ("shares") in such Level 1 Subsidiary (the
"Subject Subsidiary", such selling Member being referred to herein as the
"Triggering Member," and the non-selling Member being referred to herein as the
"Non-Triggering Member"), without the approval or consent of the Non-Triggering
Member, subject to the terms of this Section 3.6.

     (b) Prior to causing the sale of the shares of the Subject Subsidiary, the
Triggering Member shall provide the Non-Triggering Member with a right to
purchase the shares of such Subject Subsidiary for cash (the "Purchase Option")
on and subject to the following terms and conditions:

          (i) The Triggering Member shall give written notice (the "Proposed
     Sale Notice") to the Non-Triggering Member setting forth the proposed
     purchase price (the "Purchase Price").

                                      -26-
<PAGE>

          (ii) The Non-Triggering Member shall have thirty (30) days (the
     "Election Period") after the delivery by the Triggering Member to the
     Non-Triggering Member of the Proposed Sale Notice to elect to exercise the
     Purchase Option with respect to the Subject Subsidiary (such election to be
     made, if at all, by giving written notice thereof (the "Exercise Notice")
     to the Triggering Member within the Election Period); it being agreed and
     understood that, during the Election Period, neither Class B Member nor
     Class A Member may give another Proposed Sale Notice with respect to the
     Subject Subsidiary; it being agreed and understood that in the event that a
     Member has delivered a Proposed Sale Notice and no sale is ultimately
     consummated pursuant to the terms of this Section 3.6 in connection with
     such Proposed Sale Notice issued by such Member, such Member shall not have
     the right to issue another Proposed Sale Notice with respect to the Subject
     Subsidiary hereunder for a period of six (6) months following the Marketing
     Period.

          (iii) If the Non-Triggering Member fails to exercise the Purchase
     Option, then, the Non-Triggering Member shall have no further right to
     purchase the shares of the Subject Subsidiary, except as may be expressly
     provided for below in this Section 3.6(b)(iii), and the Triggering Member
     shall have the right to cause the Company to enter into an agreement with
     customary representations, terms and conditions to sell, and to sell, the
     shares of the Subject Subsidiary to an independent third party ("Third
     Party Purchaser") at any time or times during a one hundred eighty (180)
     day period (such period, the "Marketing Period"; it being agreed and
     understood that the Triggering Member shall have the right to end the
     Marketing Period at any time prior to the end of such 180-day period upon
     notice to the Non-Triggering Member), which period shall commence on the
     earlier of (A) the first day after the Election Period expires and (B) the
     date on which the Non-Triggering Member notifies the Triggering Member that
     the Non-Triggering Member will not be exercising the Purchase Option, for
     aggregate cash consideration (the "Third-Party Purchase Price") which is
     not less than 100% of the Purchase Price (excluding any customary
     pro-rations to such consideration determined and effectuated as of the date
     of the closing of the sale of the shares of the Subject Subsidiary,
     transfer taxes and other closing costs payable by the Company or any
     brokerage commissions that would actually be payable to any third-party
     broker). If during the Marketing Period, the Company receives an offer that
     satisfies the conditions of this Section 3.6, except that the offer is for
     less than the Purchase Price, then the Triggering Member, if it wishes to
     accept such offer, shall so notify the Non-Triggering Member and give the
     Non-Triggering Member the option to purchase the shares of the Subject
     Subsidiary at the price indicated in such offer. Within fifteen (15) days

                                      -27-
<PAGE>

     after receiving such notice (and, if such notice is given within fifteen
     (15) days prior to the expiration of the Marketing Period, the Marketing
     Period shall be extended day-by-day to give effect to the fifteen (15) day
     notice period of this sentence), the Non-Triggering Member shall have the
     right to deliver to the Triggering Member an Exercise Notice to purchase
     the shares of the Subject Subsidiary at the price indicated in the offer,
     and if such Exercise Notice is not timely delivered, the Triggering Member
     shall be permitted to sell the shares of the Subject Subsidiary to the
     third party at the price and on the terms specified in the third party
     offer. If no agreement is executed during the Marketing Period or an
     agreement is executed during the Marketing Period but the closing under
     such agreement does not occur within sixty (60) days after the end of the
     Marketing Period (the "Closing Period"), the Purchase Option will apply as
     to any sale of the shares of the Subject Subsidiary occurring after such
     sixty (60) day period. The Non-Triggering Member shall not have the right
     to approve, object or interfere with any sale under, and conforming to,
     this Section 3.6 irrespective of the terms of the sale (the Triggering
     Member being fully authorized and empowered to execute and deliver all
     necessary documents, agreements and instruments on behalf of the Company
     and to cause the Company to make representations and warranties as the
     Triggering Member determines); provided that the Non-Triggering Member
     shall have the right to approve any sale that is for consideration other
     than cash. In connection with the sale of the shares of the Subject
     Subsidiary under Section 3.6(a), (b) or (c), (i) the Members agree to
     cooperate fully and in good faith consummate the sale of the shares of the
     Subject Subsidiary and to deliver any materials reasonably requested by the
     potential purchaser (all of which shall be provided, to the extent
     reasonably available, within three (3) Business Days of request (or earlier
     if such earlier time period is reasonable)) and to use their commercially
     reasonable efforts to cause the sale of the shares of the Subject
     Subsidiary and (ii) the Members agree to cooperate fully and in good faith
     in the assumption by any potential purchaser of the Acquisition Financing
     and the Acquisition Loan Documents, including promptly delivering to
     Acquisition Lender any documents reasonably requested by Acquisition Lender
     and executing any documents or agreements reasonably required by
     Acquisition Lender in connection with any such assumption (to the extent
     such documents or agreements do not materially increase such party's
     liabilities or obligations). During the Marketing Period, none of the
     Members shall have the right to bid for the shares of the Subject
     Subsidiary.

          (iv) If the Non-Triggering Member exercises the Purchase Option within
     the Election Period, then such exercise shall be deemed to create a
     contract between the Non-Triggering Member, on one hand, and the Triggering
     Member on the other hand, pursuant to which the Non-Triggering Member
     irrevocably agrees to acquire the shares of the Subject Subsidiary for the
     Purchase Price, except that the closing date for such sale shall be thirty
     (30) days after the making of such election or such later date (not to
     exceed ninety (90) days in total) as reasonably required to obtain any
     necessary third-party consents, and the provisions of Section 3.6(b)(v)
     shall apply.

          (v) Simultaneously with the delivery of the Exercise Notice (and as a
     condition to the effectiveness of such Exercise Notice), the Non-Triggering
     Member shall deposit with the Triggering Member a deposit by certified or

                                      -28-
<PAGE>

     cashier's check or wire transfer of immediately available federal funds in
     an amount equal to two percent (2%) of the Purchase Price (the "Deposit").
     If the Non-Triggering Member fails to deliver the Deposit in the manner
     described above, then the Non-Triggering Member shall be deemed to have
     failed to exercise the Purchase Option and the Triggering Member may
     proceed in accordance with Section 3.6(b)(iii) above. The Deposit shall be
     non-refundable to the Non-Triggering Member in the event of a failure by
     the Non-Triggering Member to consummate the purchase of the shares of the
     Subject Subsidiary on the relevant closing date (other than solely by
     reason of a default by the Triggering Member), in which case the Triggering
     Member may terminate (or cause the termination of) the contract created by
     the Proposed Sale Notice and the Exercise Notice and the Triggering Member
     may (A) retain the Deposit as liquidated damages for the benefit and
     account of the Triggering Member only and (B) to sell at any time the
     shares of the Subject Subsidiary to any Person and on any terms as the
     Triggering Member may determine in its sole discretion, without any consent
     or approval of any other Member and without having to comply with any of
     the terms of this Section 3.6. The parties agree that damages to the
     Triggering Member will be difficult and impracticable to ascertain in
     connection with a default by the Non-Triggering Member under this Section
     3.6 and the retention of the Deposit by the Triggering Member is a
     reasonable estimate of such damages from such default and shall not be
     considered a penalty. If the sale of the shares of the Subject Subsidiary
     fails to occur on the relevant closing date solely by reason of a default
     by the Triggering Member (other than as a result of any act or omission by
     the Non-Triggering Member), then, at the election of the Non-Triggering
     Member, (x) the contract created by the Proposed Sale Notice and the
     Exercise Notice shall be terminated and the Deposit shall be refunded to
     the Non-Triggering Member; or (y) the Non-Triggering Member may seek
     specific performance of such contract, but the Non-Triggering Member shall
     have no other rights or remedies by reason of such breach. If the closing
     of the sale of such shares to the Non-Triggering Member occurs, then the
     Deposit shall be applied towards the Purchase Price at closing. The
     Triggering Member shall, and shall cause the Company to, execute such
     instruments of transfer as are customarily executed and reasonably
     requested to evidence and consummate the transfer of the shares of the
     Subject Subsidiary to the Non-Triggering Member; provided, however, that
     such documents shall indicate that the sale of the shares of the Subject
     Subsidiary is on an "As-Is," "Where Is," "With-All-Faults" basis with no
     representations, warranties or indemnities whatsoever, other than
     representations to the effect that each of the relevant selling entities is
     duly organized and existing, that it is authorized and empowered to effect
     the sale, and, in the case of a sale of the shares of the Subject
     Subsidiary or of interests in the Company, a representation that such
     interests being transferred are free from any liens and encumbrances.

          (vi) Notwithstanding anything to the contrary, (x) the Triggering
     Member shall, subject to and in accordance with this Section 3.6, have full
     right, power and authority (acting alone and without the consent of any

                                      -29-
<PAGE>

     other Member or the Management Committee) to execute, deliver and perform,
     for and in the name of the Company, any and all documents, agreements and
     instruments, and to take any other actions as may be required or desirable
     for the purpose of transferring the shares of the Subject Subsidiary to a
     Third Party Purchaser or the Non-Triggering Member, as the case may be, and
     (y) in the case of the sale of the shares of the Subject Subsidiary or the
     Property owned by such Subject Subsidiary to a Third Party Purchaser in
     accordance with this Section 3.6, any Management Agreement, and each other
     agreement with any Member (other than the Triggering Member) or any
     Affiliate of any Member (other than the Triggering Member) applicable to
     such Property shall immediately and automatically terminate without penalty
     upon such sale.

          (vii) Except as otherwise expressly provided herein, each party shall
     bear its own legal fees and expenses in connection with a sale under this
     Section 3.6, and the Triggering Member and the Non-Triggering Member (in
     the case of a sale pursuant to Section 3.6(b)(iv)) shall each indemnify the
     other against claims for brokers' fees and commissions. Unless otherwise
     provided in the offer from a Third Party Purchaser, the Company shall bear
     any debt repayment fees and, in the case of the sale of the Property owned
     by the Subject Subsidiary, either the Company or the purchaser shall bear
     any transfer taxes and other closing costs in accordance with local custom
     for properties similar to such Property. The Company shall pay all costs of
     marketing the shares of the Subject Subsidiary and any legal fees incurred
     as seller.

          (viii) Upon any sale pursuant to this Section 3.6, the Management
     Agreement relating to the Property owned by the Subject Subsidiary (or by
     any Subsidiary of the Subject Subsidiary) will automatically terminate
     without penalty.

     (c) At the option of Class B Member, if (i) there would be substantial
savings achieved by structuring a sale of the Property owned by the Subject
Subsidiary instead of a sale of the shares of the Subject Subsidiary and (ii) by
structuring the sale as a sale of the Property owned by the Subject Subsidiary,
then, Class B Member may elect to sell such Property, in which case all of the
provisions of this Section 3.6 shall apply mutatis mutandis.

     (d) Without the consent of Class B Member, no Property may be sold (as
opposed to a sale of shares) by the Administering Member.

     (e) Notwithstanding anything to the contrary herein, in the event of a
Default, Class B Member shall have the right to sell any shares in a Subsidiary
or the Property owned by any Subsidiary without first providing Class A Member
with a right to purchase the shares of such Subsidiary or such Property, as the

                                      -30-
<PAGE>

case may be, and Class A Member shall have no right to receive or exercise any
purchase option with respect to such shares of such Subsidiary or such Property,
as the case may be.

     (f) Notwithstanding anything in this Agreement to the contrary, in the
event that Class B Member elects to remove Class A Member as Administering
Member pursuant to a Change of Control of Class A Member (as provided in Section
3.2(d) herein), Class A Member shall have the right to (i) terminate the Lockout
Period, (ii) terminate the Property Lockout Period and/or (iii) commence the
sale of the Subject Subsidiary or the Subject Interest, as the case may be.

                                   ARTICLE 4.

                          RIGHTS AND DUTIES OF MEMBERS
                          ----------------------------

     4.1 Duties and Obligations of the Administering Member.

     (a) In addition to such duties as are described elsewhere in this
Agreement, the Administering Member shall (i) prepare and deliver to the
Management Committee (or cause to be prepared and delivered to the Management
Committee) the Business Plan for each Budget Year, (ii) deliver to the
Management Committee promptly upon its receipt, copies of all (x) summonses and
complaints served on the Company, any of the Subsidiaries, or the Administering
Member (as a Member of the Company) and (y) notices of default on any loan or
other indebtedness of the Company or on any liens against any Property or
Company Asset, (iii) monitor compliance by the Company and any Subsidiary with
any loan agreements, mortgages, purchase agreements and other material
agreements to which the Company or any Subsidiary is bound (and take appropriate
steps to cure any non-compliance to the extent permitted under this Agreement or
otherwise promptly notify the Management Committee of any non-compliance) and
(iv) manage the Company, each Subsidiary, the Company Assets and the Subsidiary
Assets with the same care as it would use if it owned the Company Assets and the
Subsidiary Assets.

     (b) The Administering Member shall cause the Company and its Subsidiaries
to file with the Ontario Superintendent of Financial Institutions (the
"Superintendent") such documents, returns, reports, financial statements and
other information and undertakings ("Filings") as and when directed by Class B
Member. Class B Member assumes complete responsibility for determining the form
and content of all Filings and for determining when and how such Filings shall
be submitted, and shall bear the cost of preparing and filing the Filings and
for any other costs that would not otherwise have been incurred were it not for
the need to comply with the Filings. If the Administering Member timely submits
all Filings as and when directed by Class B Member, it shall have no liability
to Class B Member with respect to any deficiency in the Filings or any action by
the Superintendent.

                                      -31-
<PAGE>

     4.2 Other Activities of Class A Member.

     (a) During the Exclusivity Period, Class A Member shall offer the Company
or any Subsidiary, and the Company or such Subsidiary, shall have the exclusive
right to acquire, all Prospective Acquisitions other than the exceptions noted
in Section 4.2(b) below. Within ninety (90) days of the Effective Date, Class B
Member intends to seek approval for authorization to commit up to $200,000,000
to Prospective Acquisitions (the "Equity Commitment"), it being understood,
however, that Class B Member shall have the sole and absolute discretion to
approve any Prospective Acquisition and the actual investment of such equity. An
authorized representative of Class B Member shall provide Class A Member a
certified resolution of the "Investment Committee" of The Ontario Municipal
Employees Retirement System (of which Class B Member is a wholly-owned
subsidiary) authorizing and approving the Equity Commitment. Upon the
termination of the Exclusivity Period for any reason, any such Equity Commitment
shall be terminable by Class B Member, in its sole and absolute discretion. With
respect to any Prospective Acquisition, Class A Member shall submit to Class B
Member an investment memorandum setting forth a description of such Prospective
Acquisition, a pursuit budget and a preliminary pro forma business plan for such
Prospective Acquisition and Class A Member's projected returns on such
Prospective Acquisition and the percentage of the equity investment (not less
than twenty five percent (25%)) that Class A Member intends to make in respect
of such Prospective Acquisition (the "Proposal"). Class B Member has no
obligation to approve any Proposal and may decline any Prospective Acquisition
in its sole discretion. Within five (5) Business Days of its receipt of the
Proposal, Class B Member will notify Class A Member if it is interested in
pursuing the acquisition of the Prospective Acquisition and, if so, Class A
Member and Class B Member shall jointly complete due diligence for the
Prospective Acquisition. In the event that after completion of due diligence,
Class B Member and Class A Member elect to invest in such Prospective
Acquisition, Class B Member and Class A Member shall cause a Subsidiary to
acquire such Prospective Acquisition and shall make Capital Contributions to the
Company pursuant to the percentages stated in the Proposal as needed to permit
the Subsidiary to acquire such Prospective Acquisition. In the event that Class
B Member rejects or fails to accept a Proposal within five (5) Business Days
after its receipt thereof, Class A Member shall have the right to proceed with
such Prospective Acquisition and to seek equity and debt financing for such
Prospective Acquisition from sources other than Class B Member, in which event,
any expenses incurred by the Company in respect of such Prospective Acquisition
shall be reimbursed by Class A Member. Any costs of due diligence for
Prospective Acquisitions that are not completed by either Class A Member or
Class B Member shall be borne equally by Class A Member and Class B Member. In
no event shall the Company or any of its Subsidiaries acquire a Property after
the date that is the third anniversary of the Effective Date, except for the
closing of acquisitions approved before such date. For the avoidance of doubt,
if Class A Member does not make a preliminary bid on the Prospective
Acquisition, Class B Member shall not be charged with rejecting or failing to
accept the Proposal related to such Prospective Acquisition.

                                      -32-
<PAGE>

     (b) Notwithstanding anything to the contrary in Section 4.2(a), Class A
Member will not be obligated to offer the Company or any Subsidiary the
opportunity to invest in (i) the property known as the Sherwood Mall located in
Stockton, California, (ii) any assets being acquired by Class A Member in
connection with a like-kind, tax-free exchange under Section 1031 of the Code
and (iii) any assets being acquired in whole or in part through the issuance of
operating partnership units in Class A Member.

     (c) If Class B Member rejects or fails to accept a Proposal during the
Exclusivity Period and the Prospective Acquisition is within 10 miles (7.5 miles
in a major metropolitan area having a population of 1,500,000 people or greater)
of any Property owned by a Subsidiary, Class A Member or its Affiliates shall
not be permitted to complete the purchase of the Prospective Acquisition if (i)
the Prospective Acquisition is of the same property type as the Property
currently owned and (ii) Class A Member or its Affiliates would own, directly or
indirectly, a percentage interest in the Prospective Acquisition that is equal
to or greater than the percentage interest that Class A Member or its Affiliates
owns, directly or indirectly, in such Subsidiary. For the avoidance of doubt, a
regional mall shall be considered the same property type as a super-regional
mall, but a lifestyle center shall not be considered the same property type as a
regional or super-regional mall.

     4.3 Indemnification.

     (a) Notwithstanding anything in this Agreement to the contrary, no Member
shall be liable, responsible or accountable in damages or otherwise to the
Company, its Subsidiaries, or any third party or to any other Member for (i) any
act performed within the scope of the authority conferred on such Member by this
Agreement except for the gross negligence or willful misconduct of such Member
in carrying out its obligations hereunder or any act that is in breach of its
fiduciary duties, (ii) such Member's failure or refusal to perform any act,
except those required by the terms of this Agreement, (iii) such Member's
performance of, or failure to perform, any act on the reasonable reliance on
advice of legal counsel to the Company or its Subsidiaries or (iv) the
negligence, dishonesty or bad faith of any agent, consultant or broker of the
Company or its Subsidiaries selected, engaged or retained in good faith.

     (b) In any threatened, pending or completed action, suit or proceeding,
each Member and Member Indemnitee shall be fully protected and indemnified and
held harmless by the Company and its Subsidiaries against all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, proceedings,
costs, expenses and disbursements of any kind or nature whatsoever (including,
without limitation, reasonable attorneys' fees, costs of investigation, fines,
judgments and amounts paid in settlement, actually incurred by such Member or
Member Indemnitee in connection with such action, suit or proceeding) by virtue
of its status as Member or Member Indemnitee or with respect to any action or
omission taken or suffered in good faith, other than liabilities and losses
resulting from the gross negligence or willful misconduct of such Member or
Member Indemnitee. The indemnification provided by this Section 4.3 shall be
recoverable only out of the assets of the Company, and no Member shall have any
personal liability (or obligation to contribute capital to the Company) on
account thereof.

                                      -33-
<PAGE>

     (c) Each Member shall defend and indemnify the Company, the Subsidiaries
and the other Members and Member Indemnitees against, and shall hold it and them
harmless from, any damage, loss, liability, or expense, including reasonable
attorneys' fees, as and when incurred by the Company, the Subsidiaries or the
other Members in connection with or resulting from such indemnifying Member's
gross negligence, malfeasance, fraud or willful misconduct.

     4.4 Dealing with Members.

     (a) Subject to paragraph (b) below, the fact that a Member, an Affiliate of
a Member, or any officer, director, employee, partner, consultant or agent of a
Member, is directly or indirectly interested in or connected with any Person
retained by the Company or its Subsidiaries to render or perform a service, or
from or to whom the Company may buy or sell any property or have other business
dealings, shall not prohibit a Member from employing such Person or from dealing
with such Person on customary terms and at competitive rates of compensation
which prevail in the marketplace with unrelated third parties, and none of the
Company, the Subsidiaries or any of the other Members shall have any right in or
to any income or profits derived therefrom by reason of this Agreement;
provided, however, that the Member employing the services of such Person shall
disclose the nature of the related party activity to the other Members. The
foregoing is not intended to modify the restrictions on the authority of the
Administering Member under Article III.

     (b) None of the Members or any of their respective Affiliates, shall be
entitled to compensation from the Company or its Subsidiaries in connection with
any matter that may be undertaken in connection with the fulfillment of its
duties and responsibilities hereunder, except as provided in this Section 4.4,
or as set forth in an approved Business Plan.

     (c) Except as provided in this Section 4.4 or in Section 3.6, the Company
and its Subsidiaries shall not employ to render or perform a service, buy or
sell any property from or to, or have any other business dealings with, any
Person who is an Affiliate of any Member.

     4.5 Use of Company Assets and Subsidiary Assets. No Member shall make use
of the funds or Company Assets or Subsidiary Assets, or assign its rights to
specific Company Assets or Subsidiary Assets, other than for the business or
benefit of the Company and its Subsidiaries .

     4.6 Designation of Tax Matters Member.

     (a) Class A Member shall act as the "tax matters partner" of the Company,
as provided in the regulations pursuant to Section 6231 of the Code, and shall
make and determine, with the consent of Class B Member which consent shall not

                                      -34-
<PAGE>

be unreasonably withheld and shall be deemed given if not denied within ten (10)
Business Days of a request therefor accompanied by relevant materials, all
elections with respect to the Code and Treasury Regulations issued thereunder.
As tax matters partner, Class A Member is authorized and required to represent
the Company (at the Company's expense) in connection with all examinations of
the Company's affairs by tax authorities, and to expend Company funds for
professional services and costs associated therewith. Class A Member shall
provide all notices and perform all acts required of a tax matters partner under
Subchapters C of Chapter 63 of the Code. Class A Member is authorized to take
any action to comply with the requirements of Code Sections 1441, 1442, 1445 or
1446 with respect to withholding certain amounts with respect to payments or
distributions to a Member who is not a U.S. person (as defined in Code Section
7701) or withholding of certain amounts with respect to the sale of a "United
States real property interest" (as defined in Code Section 897), but in each
case, not without the consent of Class B Member, which consent shall not be
unreasonably withheld. Each Member hereby reserves all rights under applicable
law, including the right to retain independent counsel or consultant of its
choice at its expense (which counsel or consultant shall receive the full
cooperation of Class A Member and shall be entitled to prior review of
submissions by the Company in respect of any dispute with relevant taxing
authorities).

     (b) Notwithstanding anything to the contrary in Section 4.6(a), Class A
Member, in its capacity as tax matters partner, agrees that for all purposes,
including its obligation to cause the Company to withhold under Code Section
1441, 1442, 1445 and 1446, it will (i) treat Class B Member as being exempt from
federal income tax under Section 892 of the Code with respect to all
distributions made to Class B Member and (ii) treat each Level 1 Subsidiary as a
"domestically controlled REIT" for purposes of Section 897(h)(3) of the Code,
provided that each of the partners of Class A Member are United States Persons,
as defined in Section 7701 of the Code; provided, that if Class A Member
receives an opinion of nationally recognized tax counsel reasonably acceptable
to Class B Member to the effect that, based on a change in law or fact after the
date hereof, it should or must withhold under the preceding Code Sections, then
it may withhold pursuant to such Code Sections notwithstanding the preceding.

     (c) Class B Member shall indemnify the Company and/or Class A Member or its
Affiliates for any tax, interest and penalties that are imposed upon them solely
because the Company failed to withhold taxes from distributions made to Class B
Member in accordance with Section 4.6(b) of this Agreement.

                                   ARTICLE 5.

                        BOOKS AND RECORDS; ANNUAL REPORTS
                        ---------------------------------

     5.1 Books of Account. At all times during the continuance of the Company,
the Administering Member shall keep or cause to be kept true and complete books
of account in which shall be entered fully and accurately each transaction of
the Company. Such annual books shall be kept on the basis of the Fiscal Year in

                                      -35-
<PAGE>

accordance with the accrual method of accounting, and shall reflect all Company
transactions in accordance with generally accepted accounting principles.

     5.2 Availability of Books of Account. All of the books of account referred
to in Section 5.1, together with an executed copy of this Agreement and the
Certificate, and any amendments thereto, and all other material agreements,
documents and records relating to the Company and its Subsidiaries shall at all
times be maintained at the principal office of the Company or such other
location as the Administering Member may propose and the Management Committee
shall approve (which other location, upon such approval, shall be communicated
to all Committee Representatives), and upon reasonable notice to the
Administering Member, shall be open to the inspection, copying and examination
by the Members or their representatives during reasonable business hours.

     5.3 Annual Reports and Statements; Annual Budgets and Business Plans.

     (a) For each Fiscal Year, the Administering Member shall send to each
Person who was a Member at any time during such Fiscal Year, by no later than
February 28 of the next Fiscal Year, an annual report of the Company including
an annual balance sheet, profit and loss statement and a statement of changes in
financial position, and a statement showing distributions to the Members all as
prepared in accordance with generally accepted accounting principles
consistently applied and audited by the Company's independent public
accountants, and a statement showing allocations to the Members of taxable
income, gains, losses, deductions and credits, as prepared by such accountants.
For each quarter, the Administering Member shall send to each Person who was a
Member at any time during such quarter, within forty-five (45) days after the
end of such quarter, quarterly financial statements of the Company including a
quarterly balance sheet, profit and loss statement and a statement of changes in
financial position, and a statement showing distributions to the Members all as
prepared in accordance with generally accepted accounting principles
consistently applied. In addition, the Administering Member shall send to each
Member (i) within twenty-five (25) days after the end of each month of each
Fiscal Year a monthly report setting forth (x) the financial and operating
information on an accrual basis and in form and substance approved by the
Members (acting reasonably) after the date hereof and (y) variances from the
Approved Budget and (ii) such other information concerning the Company and
reasonably requested by any Member as is necessary for the preparation of each
Member's federal, state and local income or other tax returns. The Administering
Member shall prepare and deliver to the lender under any loan documents to which
the Company or any Subsidiary is a party all reports and statements required by
such lender. The Administering Member shall use its commercially reasonable
efforts to comply with the deadlines provided above.

     (b) The Administering Member shall prepare or cause to be prepared a
proposed an Annual Budget and related Business Plan. The initial Annual Budget
and the related Business Plan for the Budget Year of 2006 are attached as
Exhibit B to this Agreement. Not later than November 1 of the prior Budget Year

                                      -36-
<PAGE>

with respect to each subsequent Budget Year, the Administering Member shall
prepare for the Company for the Budget Year in question, a proposed Annual
Budget for the Company and a proposed Business Plan and deliver them to the
Management Committee.

     (c) Not later than twenty (20) days after receipt by the Management
Committee of a proposed Annual Budget or Business Plan (or such longer period as
any Committee Representative may reasonably request on notice to the
Administering Member), any Committee Representative may deliver a notice (an
"Objection Notice") to the Administering Member stating that it objects to any
information contained in or omitted from such proposed Annual Budget or Business
Plan and setting forth the nature of such objections. With respect to all or any
portion of such proposed Annual Budget or Business Plan as to which no Objection
Notice is delivered prior to such twentieth (20th) day (or such longer period as
Class B Member may have reasonably requested), the proposed Annual Budget or
Business Plan or such portion thereof will be deemed to have been accepted and
consented to by the Management Committee. If the Objection Notice is timely
delivered, the Administering Member shall modify the proposed Annual Budget or
Business Plan, taking into account the objections of all Committee
Representatives, and shall resubmit the same to the Management Committee for the
Management Committee's approval within fifteen (15) days thereafter, and
Committee Representatives may deliver further Objection Notices (if any) within
fifteen (15) days thereafter (in which event, the re-submission and review
process described above in this sentence shall continue until the Annual Budget
or Business Plan in question is accepted and consented to by the Management
Committee or deemed to be so accepted and consented to). As to any portion of a
proposed Annual Budget or Business Plan that is the subject of an Objection
Notice, the Annual Budget or Business Plan (as the case may be) for the
immediately preceding year shall be deemed to control (with actual increases for
non-discretionary expenses) pending resolution of the disputed items.

     5.4 Accounting Expenses. All out-of-pocket expenses payable to Persons who
are not Affiliates of the Administering Member in connection with the keeping of
the books and records of the Company and the preparation of audited or unaudited
financial statements and federal and local tax and information returns required
to implement the provisions of this Agreement or required by any governmental
authority with jurisdiction over the Company shall be borne by the Company as an
ordinary expense of its business in accordance with the then Approved Budget.
The Company shall reimburse the Administering Member's consultants for the
preparation of federal and local tax and information returns.

     5.5 Bank Accounts. All funds of the Company shall be held in bank accounts
in the Company's name. Upon reasonable notice to the Administering Member, the
bank accounts shall be made available for periodic audit and inspection by the
other Members.

                                      -37-
<PAGE>

                                   ARTICLE 6.

                  CAPITAL CONTRIBUTIONS, LOANS AND LIABILITIES
                  --------------------------------------------

     6.1 Capital Contributions.

     (a) Each Member has made an initial Capital Contribution to the Company on
the date hereof in the amounts set forth opposite its name on Schedule 2 (each,
an "Initial Capital Contribution" and collectively, the "Initial Capital
Contributions"). The Initial Capital Contribution of each Member shall be
credited to such Member's Capital Account.

     (b) An additional Capital Contribution of up to $10,000,000 for renovation
and repositioning of the Initial Property is hereby approved by the Members;
provided, however, that the plan for such renovation and repositioning is
subject to the unanimous approval of the Members. All of the foregoing
additional Capital Contributions shall be contributed by the Members pro rata
based on their Percentage Interests and shall be added to and become part of
each Member's Capital Account.

     6.2 Capital Calls.

     (a) The Management Committee may, at any time or times, require all
Members, and each Member hereby agrees, to make additional cash Capital
Contributions to the Company that the Management Committee determines in good
faith are necessary (i) to fund any Required Expenditure, (ii) to develop,
operate, maintain, preserve, market or protect any of the Properties, including,
without limitation, real estate taxes, operating deficits, insurance premiums,
costs of restoring any of the Properties after a casualty or condemnation
thereof, utility costs, costs of compliance with law, payments with respect to
the Acquisition Financing or any refinancing thereof or other mortgages and
other liens, and payments on or of contractual obligations of the Company
(including any fees due and payable to the Manager pursuant to any Management
Agreement) or (iii) otherwise to conduct the business of the Company as the
Management Committee deems appropriate, in each case, the event Available Cash
Flow are not sufficient to pay for such cost or expense.

     (b) The Management Committee shall notify all of the Members of any capital
call made pursuant to Section 6.2(a), and any such calls for additional Cash
Capital contributions of the Members shall be in writing to all of the Members,
shall provide for at least thirty (30) days' advance notice before the
contributions are payable and, unless otherwise provided herein, shall be
apportioned among the Members pro rata based on each Member's Percentage
Interest (each such call, a "Capital Call").

     (c) If any Member shall fail to make a Capital Contribution required
pursuant to any Capital Call in the amount and within the time periods specified
therein (such Member is hereinafter referred to as a "Non-Contributing Member"),
the Administrative Member (or, if the Administrative Member is the
Non-Contributing Member, Class B Member) shall give notice of such failure to

                                      -38-
<PAGE>

all other Members and the amount of the Capital Contribution not funded by the
Non-Contributing Member (such amount is hereinafter referred to as the "Failed
Contribution") and, within ten (10) Business Days after receiving notice of such
failure, any Member or Members that is or are not in default with respect to
such Capital Call may fund all or part of such Failed Contribution (each such
funding Member is hereinafter referred to as a "Contributing Member"). If more
than one Member desires to be a Contributing Member, each such Member shall have
the right to fund its pro rata share such Failed Contribution determined based
on the relative Percentage Interests of the Contributing Members. At any time
after funding all or part of a Failed Contribution, any Contributing Member may
elect to treat the portion of the Failed Contribution funded by it (the "Funded
Portion") either as a Member Loan as described in Section 6.2(d) below or as a
Company Loan as described in Section 6.2(e) below.

     (d) A Contributing Member may elect to treat and deem any Funded Portion as
a loan (a "Member Loan") by such Contributing Member to the Non-Contributing
Member (or the Non-Contributing Members in proportion to their respective
Percentage Interests), which Member Loan shall be treated as (i) a demand loan
made by the Contributing Member to the Non-Contributing Member(s) (bearing
interest at a rate of twenty percent (20%) per annum, compounded quarterly to
the extent not paid currently) followed by (ii) a Capital Contribution by such
Non-Contributing Member(s) to the Company. Any such Member Loan (to the extent
of unpaid principal and interest) shall be recourse only to the Non-Contributing
Member's Interest and shall be repaid directly by the Company on behalf of the
Non-Contributing Member from Available Cash Flow or the proceeds of liquidation
that would otherwise be distributable to the Non-Contributing Member, prior to
any distribution thereof pursuant to Sections 8.1 or 10.3 hereof. Any Available
Cash Flow or proceeds of liquidation used to repay such Member Loan shall be
applied first to interest and then to principal.

     (e) If a Contributing Member does not make an affirmative election under
paragraph (d) above, the Contributing Member will be deemed to have elected to
make a demand loan to the Company (a "Company Loan") in the amount equal to the
Funded Portion funded by it, unless the existence of a Company Loan would
violate the terms of any third party loan documents, in which case the
Contributing Member will be deemed to have made a Member Loan. A Company Loan
will bear interest at a rate of twenty percent (20%) per annum, compounded
quarterly to the extent not paid currently and will be repaid to the
Contributing Member from distributions otherwise distributable to the Members
before any other distributions are made to any Member. Any payments made by the
Company on such Company Loans shall be applied first to interest and then to
principal and shall not be deemed a distribution from the Company to the
Contributing Member nor affect the Capital Accounts of the Members.
Notwithstanding anything to the contrary contained herein, the Members hereby
acknowledge that any Company Loan shall be subordinate in all respects to any
Acquisition Financing.

                                      -39-
<PAGE>

     6.3 Capital of the Company. Except as otherwise expressly provided herein,
no Member shall be entitled to withdraw or receive any interest or other return
on, or return of, all or any part of its Capital Contribution, or to receive any
Company property (other than cash) in return for its Capital Contribution. No
Member shall be entitled to make a Capital Contribution to the Company except as
expressly authorized by the Agreement.

     6.4 Limited Liability of Members. No Member shall be bound by, or be
personally liable for, the expenses, liabilities, indebtedness or obligations of
the Company or of the other Members.

                                   ARTICLE 7.

              CAPITAL ACCOUNTS, PROFITS AND LOSSES AND ALLOCATIONS
              ----------------------------------------------------

     7.1 Capital Accounts.

     (a) The Company shall maintain a Capital Account for each Member in
accordance with federal income tax accounting principles. Each Member's Capital
Account as of the Effective Date will be equal to its Initial Capital
Contribution as set forth on Schedule 2 plus its share of Organizational and
Syndication Expenses. Class A Member shall not receive any Capital Account
credit for the contribution of the Purchase Agreement to the Initial Subsidiary.

     (b) The Capital Account of each Member shall be increased by (i) the amount
of any cash and the agreed Book Value of any property (net of liabilities
encumbering such property) as of the date of contribution subsequently
contributed as a Capital Contribution to the capital of the Company by such
Member, (ii) the amount of any Profits allocated to such Member and (iii) such
Member's pro rata share (determined in the same manner as such Member's share of
Profits pursuant to Section 7.2) of income of the Company that is exempt from
tax. The Capital Account of each Member shall be decreased by (i) the amount of
any Losses allocated to such Member, (ii) the amount of distributions to such
Member and (iii) such Member's pro rata share (determined in the same manner as
such Member's share of Losses pursuant to Section 7.2) of any other expenditures
of the Company that are not deductible in computing Company Profits or Losses
and which are not chargeable to the Capital Account. In all respects, the
Member's Capital Accounts shall be determined in accordance with the detailed
capital accounting rules set forth in Treasury Regulations Section
1.704-1(b)(2)(iv) and shall be adjusted upon the occurrence of certain events as
provided in Treasury Regulations Section 1.704-1(b)(2)(iv)(f).

     (c) A transferee of all (or a portion) of an Interest shall succeed to the
Capital Account (or portion of the Capital Account) attributable to the
transferred Interest.

                                      -40-
<PAGE>

     7.2 Profits and Losses.

     (a) The profits and losses of the Company ("Profits" and "Losses") shall be
the net income or net loss (including capital gains and losses), respectively,
of the Company determined for each Fiscal Year in accordance with the accounting
method followed for federal income tax purposes except that (i) in computing
Profits and Losses, all depreciation and cost recovery deductions shall be
deemed equal to Depreciation and (ii) in computing Profits and Losses, gains or
losses shall be determined by reference to Book Value rather than tax basis.

     (b) Whenever a proportionate part of the Profits or Losses is allocated to
a Member, every item of income, gain, loss, deduction or credit entering into
the computation of such Profits or Losses or arising from the transactions with
respect to which such Profits or Losses were realized shall be credited or
charged, as the case may be, to such Member in the same proportion; provided,
however, that "recapture income", if any, shall be allocated to the Members who
were allocated the corresponding depreciation deductions.

     (c) If any Member transfers all or any part of its Interest during any
Fiscal Year or its Interest is increased or decreased, Profits and Losses
attributable to such Interest for such Fiscal Year shall be apportioned between
the transferor and transferee or computed as to such Members, as the case may
be, ratably on a daily basis, provided in all events that any apportionment
described above shall be permissible under the Code and applicable regulations
thereunder.

     (d) For all purposes, including federal, state and local income tax
purposes, Profits shall be allocated each year among all the Members as follows:

          (i) First, pro rata among all the Members in proportion to the amounts
     allocated and previously allocated pursuant to Section 7.2(e)(iii) hereof
     until the amount allocated and previously allocated pursuant to this
     Section 7.2(d)(i) equals the amount allocated and previously allocated
     pursuant to Section 7.2(e)(iii) hereof;

          (ii) Second, to all the Members in proportion to the amounts
     distributable and previously distributed pursuant to Sections 8.1(b)(i) and
     (c)(ii) hereof (including amounts that would be distributable (x) on a sale
     or other disposition of all or substantially all of the Company Assets,
     notwithstanding that such proceeds will be distributed pursuant to Article
     10 hereof or (y) if the Company had received and distributed the full
     amount of cash attributable to the income being allocated) until the amount
     allocated and previously allocated pursuant to this Section 7.2(d)(ii) (and
     not reversed by Section 7.2(e)(ii) hereof) equals such distributable or
     distributed amounts;

          (iii) Thereafter, to all of the Members in proportion to the amounts
     distributable and previously distributed pursuant to Sections 8.1(b)(ii)
     and (c)(iii) hereof (including amounts that would be distributable (x) on a

                                      -41-
<PAGE>

     sale or other disposition of all or substantially all of the Company
     Assets, notwithstanding that such proceeds will be distributed pursuant to
     Article 10 hereof or (y) if the Company had received and distributed the
     full amount of cash attributable to the income being allocated).

     (e) For all purposes, including federal, state and local income tax
purposes, Losses shall be allocated each year among all the Members as follows:

          (i) First, among all the Members in proportion to the amounts
     allocated and previously allocated pursuant to Section 7.2(d)(iii) hereof
     until the amounts allocated and previously allocated pursuant to this
     Section 7.2(e)(i) equals the amount allocated and previously allocated
     pursuant to Section 7.2(d)(iii);

          (ii) Second, among all the Members in proportion to the amounts
     allocated and previously allocated pursuant to Section 7.2(d)(ii) hereof
     until the amounts allocated and previously allocated pursuant to this
     Section 7.2(e)(ii) equals the amounts allocated and previously allocated
     pursuant to Section 7.2(d)(ii) hereof; and

          (iii) Thereafter, pro rata among all the Members in proportion to
     their Percentage Interests.

     (f) Notwithstanding Sections 7.2(d) and (e) hereof,

          (i) For federal income tax purposes but not for purposes of crediting
     or charging Capital Accounts, depreciation or gain or loss realized by the
     Company with respect to any property that was contributed to the Company or
     that was held by the Company at a time when the Book Value of the Company
     Assets was adjusted pursuant to the third sentence of Section 7.1(b) shall,
     in accordance with Section 704(c) of the Code and Treasury Regulation
     Section 1.704-1(b)(2)(iv)(d) and (f), be allocated among the Members in a
     manner which takes into account the differences between the adjusted basis
     for federal income tax purposes to the Company of its interest in such
     property and the fair market value of such interest at the time of its
     contribution or revaluation.

          (ii) If there is a net decrease in the Minimum Gain of the Company
     during a taxable year (including any Minimum Gain attributable to
     Member-Funded Debt), each Member at the end of such year shall be
     allocated, prior to any other allocations required under this Article 7,
     items of gross income for such year (and, if necessary, for subsequent
     years) in the amount and proportions described in Treasury Regulation
     Sections 1.704-2(g) and 1.704-2(i)(4).

          (iii) Notwithstanding the allocations provided for in Sections 7.2(d)
     and (e) no allocation of an item of loss or deduction shall be made to a
     Member to the extent such allocation would cause or increase a deficit

                                      -42-
<PAGE>

     balance in such Member's Capital Account as of the end of the taxable year
     to which such allocation relates. If any Member receives an adjustment,
     allocation or distribution that causes or increases such a deficit balance,
     taking into account the rules of Treasury Regulation Sections
     1.704-1(b)(2)(ii)(d)(4), (5) and (6), such Member shall be allocated (after
     taking into account any allocations made pursuant to Section 7.2(f)(ii))
     items of income and gain in an amount and manner to eliminate the Member's
     Capital Account deficit attributable to such adjustment, allocation or
     distribution as quickly as possible. For purposes of this Section
     7.2(f)(iii), there shall be excluded from a Member's deficit Capital
     Account balance at the end of a taxable year of the Company (a) such
     Member's share, determined in accordance with Section 704(b) of the Code
     and Treasury Regulation Section 1.704-2(g) of Minimum Gain (provided that
     in the case of Minimum Gain attributable to Member-Funded Debt, such
     Minimum Gain shall be allocated to the Member or Members to whom such debt
     is attributable pursuant to Treasury Regulation Section 1.704-2(i)) and (b)
     the amount, if any, that such Member is obligated to restore to the Company
     under Treasury Regulation Section 1.704-1(b)(2)(ii)(c).

          (iv) Notwithstanding the allocations provided for in subsection (i) of
     this Section 7.2(f) and Sections 7.2(d) and (e), if there is a net increase
     in Minimum Gain of the Company during a taxable year of the Company that is
     attributable to Member-Funded Debt then first Depreciation, to the extent
     the increase in such Minimum Gain is allocable to depreciable property, and
     then a proportionate part of other deductions and expenditures described in
     Section 705(a)(2)(B) of the Code, shall be allocated to the lending or
     guaranteeing Member (and to joint lenders or guarantors in proportion to
     their relative obligations), provided that the total amount of deductions
     so allocated for any year shall not exceed the increase in Minimum Gain
     attributable to such Member-Funded Debt in such year.

          (v) Any special allocation under Sections 7.2(f)(ii) through (iv)
     shall be taken into account in computing subsequent allocations of Profits
     and Losses of any item thereof pursuant to this Article 7 so that the net
     amount of any items so allocated and the Profits, Losses and all items
     thereof allocated to each Member pursuant to this Article 7 shall, to the
     extent permissible under Sections 704(b) of the Code and the Treasury
     Regulations promulgated thereunder, be equal to the net amount that would
     have been allocated to each Member pursuant to this Article 7 if such
     special allocation had not occurred.

          (vi) The Members intend that the allocations provided for in this
     Article 7 be interpreted to the extent permissible under Section 704(b) of
     the Code and the Treasury Regulations promulgated thereunder, to produce
     liquidating distributions pursuant to Section 10.3(4) hereof that do not
     differ from the distributions that would have been made had liquidating
     distributions been controlled by Article 8 hereof.

                                      -43-
<PAGE>

                                   ARTICLE 8.

                APPLICATIONS AND DISTRIBUTIONS OF AVAILABLE CASH
                ------------------------------------------------

     8.1 Applications and Distributions.

     (a) Distributions of Available Cash Flow shall be made to the Members by
the Administering Member in accordance with Section 8.1(b) monthly, subject to
the terms of any Company Loan.

     (b) Available Cash Flow shall be applied first to the Members with Company
Loans outstanding pro rata in proportion to the relative principal amounts of
Company Loans (including accrued and unpaid interest) that each such Member has
outstanding as a percentage of the total outstanding Company Loans made by all
Members, to pay the full principal balance of, and any accrued interest on, the
Company Loans, and then any remaining amounts of Available Cash Flow for any
Fiscal Year shall be distributed to the Members in the following order of
priority:

          (i) First, to all of the Members (pro rata in proportion to their
     relative Percentage Interests) until each Member has received, taking into
     account the amount and timing of all prior distributions under this Section
     8.1(b)(i) in respect of the current and all prior Fiscal Years, a return on
     all of its Capital Contributions equal to ten percent (10%) per annum,
     compounded quarterly; and

          (ii) Second, so long as a Default has not occurred, (i)(x) eighty
     percent (80%) to the Members pro rata in accordance with their respective
     Percentage Interests and (y) twenty percent (20%) to the Administering
     Member, or (ii) if a Default has occurred, one hundred percent (100%) to
     the Members pro rata in accordance with their respective Percentage
     Interests.

     (c) Capital Event Proceeds shall be applied first to the Members with
Company Loans outstanding pro rata in proportion to the relative principal
amounts of Company Loans (including accrued and unpaid interest) that each such
Member has outstanding as a percentage of the total outstanding Company Loans
made by all Members, to pay the full principal balance of, and any accrued
interest on, the Company Loans, and then any remaining amounts of Capital Event
Proceeds shall be distributed in accordance with the following order of
priority:

          (i) First, to all of the Members (pro rata in proportion to the
     unreturned amount of Capital Contributions) until each of the Members has
     received all Capital Contributions made hereunder and not previously
     returned to such Member;

                                      -44-
<PAGE>

          (ii) Second, one hundred percent (100%) to all of the Members (pro
     rata in proportion to their relative Percentage Interests) until each
     Member has received, taking into account the amount and timing of all prior
     distributions, an Internal Rate of Return on all of its Capital
     Contributions equal to twelve percent (12%), compounded quarterly; and

          (iii) Third, so long as a Default has not occurred, (i)(x)
     seventy-five percent (75%) to the Members pro rata in accordance with their
     respective Percentage Interests and (y) twenty percent (25%) to the
     Administering Member, or (ii) if a Default has occurred, one hundred
     percent (100%) to the Members pro rata in accordance with their respective
     Percentage Interests.

     (d) If amounts in respect of sub-clause (y) of Section 8.1(c)(iii) have
previously been distributed to Administering Member in respect of any Property
and, subsequently, by reason of the contribution of additional capital in
respect of such Property, the amounts previously distributed in respect of
clause (y) of Section 8.1(c)(iii) exceed the amount Administering Member would
have been entitled to receive as of such subsequent date if the ordering of the
distributions to, and the contributions by, the Members were disregarded, then
the parties hereto shall make appropriate adjustments to the future amounts to
be distributed to them (and any future distributions to be made to Administering
Member pursuant to sub-clause (y) of Section 8.1(c)(iii) shall be adjusted to
the extent necessary so that the aggregate amounts distributed to Administering
Member on account of all payments in respect of sub-clause (y) of Section
8.1(c)(iii) do not exceed the amount of payments Administering Member would be
entitled to receive in respect of sub-clause (y) of Section 8.1(c)(iii) as of
such subsequent date if the ordering of the distributions to, and the
contributions by, the Members were disregarded. Notwithstanding the foregoing,
once a Property or a Subsidiary has been sold, no adjustments shall be made
pursuant to this Section 8.1(d) in respect of distributions previously made
pursuant to Section 8.1(c)(iii)(y) attributable to such Property or a
Subsidiary. In no event shall Administering Member be required to return any
distributions received from the Company.

     8.2 Liquidation. In the event of the sale or other disposition of all or
substantially all of the Company Assets, the Company shall be dissolved and the
proceeds of such sale or other disposition shall be distributed to the Members
in liquidation as provided in Article 10, except that to the extent that the
Company receives a purchase money note or notes in exchange for all or a portion
of such assets, the Company shall continue until such purchase money note or
notes have been paid in full.

     8.3 Repayment of Member Loans. If any Member shall be a borrower under one
or more Member Loans (a "Debtor Member"), then any distributions that would
otherwise be payable to such Debtor Member pursuant to Section 8.1 or Section
10.3 shall instead be paid to the Member or Members that made such Member Loans
(each, a "Lender Member") until the Lender Member has received the principal
balance of, and any accrued interest on the Member Loan; it being agreed that
amounts shall be applied first to interest and then to principal. In the event

                                      -45-
<PAGE>

there are two or more Lender Members with respect to any Debtor Member,
distributions under this Section 8.3 or Section 10.3 shall be made pro rata to
each Lender Member in proportion to the relative principal amount of Member
Loans (including accrued and unpaid interest) that such Lender Member has
outstanding as a percentage of total outstanding Member Loans made to such
Debtor Member by all Lender Members. Any amounts distributed pursuant to this
Section 8.3 shall for all other purposes of this Agreement be treated as if
distributed to the Debtor Member.

                                   ARTICLE 9.

                          TRANSFER OF COMPANY INTERESTS
                          -----------------------------

     9.1 Limitations on Assignments of Interests by Members.

     (a) No Member shall engage in or permit any Transfer of their Interest
unless and then only to the extent expressly permitted in this Article 9 at any
time during the Lockout Period. Any purported Transfer in violation of this
Article 9 shall be void, and shall not bind the Company, and the Member making
such purported Transfer shall, to the fullest extent permitted by law, indemnify
and hold the Company and the other Members harmless from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
proceedings, costs, expenses and disbursements of any kind or nature whatsoever,
arising as a result of, or caused directly or indirectly by, such purported
Transfer.

     9.2 First Offer Right on Interests.

     (a) Notwithstanding any other provision of this Agreement, at any time from
and after the end of the Lockout Period, Class B Member and Class A Member shall
each have the right to commence the marketing of, and cause the sale of, all
(but not less than all) of its Interest in the Company (such Interest, the
"Subject Interest", such selling Member being referred to herein as the
"Transferring Member," and the non-selling Member being referred to herein as
the "Responding Member"), without the approval or consent of the Responding
Member, subject to the terms of this Section 9.2.

     (b) Prior to causing the sale of the Subject Interest, the Transferring
Member shall provide the Responding Member with a right to purchase the Subject
Interest for cash (the "Interest Purchase Option") on and subject to the
following terms and conditions:

          (i) The Transferring Member shall give written notice (the "Proposed
     Interest Sale Notice") to the Responding Member setting forth the proposed
     purchase price (the "Interest Purchase Price").

                                      -46-
<PAGE>

          (ii) The Responding Member shall have thirty (30) days (the
     "Acceptance Period") after the delivery by the Transferring Member to the
     Responding Member of the Proposed Interest Sale Notice to elect to exercise
     the Interest Purchase Option with respect to the Subject Interest (such
     election to be made, if at all, by giving written notice thereof (the
     "Acceptance Notice") to the Transferring Member within the Acceptance
     Period); it being agreed and understood that, during the Acceptance Period,
     neither Class B Member nor Class A Member may give another Proposed
     Interest Sale Notice; it being agreed and understood that in the event that
     a Member has delivered a Proposed Interest Sale Notice and no sale is
     ultimately consummated pursuant to the terms of this Section 9.2 in
     connection with such Proposed Interest Sale Notice issued by such Member,
     such Member shall not have the right to issue another Proposed Interest
     Sale Notice hereunder for a period of six (6) months following the Interest
     Marketing Period.

          (iii) If the Responding Member fails to exercise the Interest Purchase
     Option, then, the Responding Member shall have no further right to purchase
     the Subject Interest, except as may be expressly provided for below in this
     Section 9.2(b)(iii), and the Transferring Member shall have the right to
     sell the Subject Interest to an independent third party ("Interest
     Purchaser") at any time or times during a one hundred eighty (180) day
     period (such period, the "Interest Marketing Period"; it being agreed and
     understood that the Transferring Member shall have the right to end the
     Interest Marketing Period at any time prior to the end of such 180-day
     period upon notice to the Responding Member), which period shall commence
     on the earlier of (A) the first day after the Acceptance Period expires and
     (B) the date on which the Responding Member notifies the Transferring
     Member that the Responding Member will not be exercising the Interest
     Purchase Option, for aggregate consideration (the "Third-Party Interest
     Purchase Price") which is not less than 100% of the Interest Purchase Price
     (excluding any customary pro-rations to such consideration determined and
     effectuated as of the date of the closing of the sale of the Subject
     Interest, transfer taxes and other closing costs payable by the Company or
     any brokerage commissions that would actually be payable to any third-party
     broker). If during the Interest Marketing Period, the Company receives an
     offer that satisfies the conditions of this Section 9.2, except that the
     offer is for less than the Interest Purchase Price, then the Transferring
     Member, if it wishes to accept such offer, shall so notify the Responding
     Member and give the Responding Member the option to purchase the Subject
     Interest at the price indicated in such offer. Within fifteen (15) days
     after receiving such notice (and, if such notice is given within fifteen
     (15) days prior to the expiration of the Interest Marketing Period, the
     Interest Marketing Period shall be extended day-by-day to give effect to
     the fifteen (15) day notice period of this sentence), the Responding Member
     shall have the right to deliver to the Transferring Member an Acceptance
     Notice to purchase the Subject Interest at the price indicated in the
     offer, and if such Acceptance Notice is not timely delivered, the
     Transferring Member shall be permitted to sell the Subject Interest to the

                                      -47-
<PAGE>

     third party at the price and on the terms specified in the third party
     offer. If an agreement is executed during the Interest Marketing Period but
     the closing under such agreement does not occur within sixty (60) days
     after the end of the Marketing Period (the "Closing Period"), the Interest
     Purchase Option will apply as to any sale of the Subject Interest occurring
     after such sixty (60) day period. The Responding Member shall not have the
     right to approve, object or interfere with any sale under, and conforming
     to, this Section 9.2 irrespective of the terms of the sale. In connection
     with the sale of the Subject Interest, the Members agree to cooperate fully
     and in good faith to deliver any materials reasonably requested by the
     potential purchaser (all of which shall be provided, to the extent
     reasonably available, within three (3) Business Days of request (or earlier
     if such earlier time period is reasonable)). During the Interest Marketing
     Period, none of the Members shall have the right to bid for the Subject
     Interest.

          (iv) If the Responding Member exercises the Interest Purchase Option
     within the Acceptance Period, then such exercise shall be deemed to create
     a contract between the Responding Member, on one hand, and the Transferring
     Member on the other hand, pursuant to which the Responding Member
     irrevocably agrees to acquire the Subject Interest for the Interest
     Purchase Price, except that the closing date for such sale shall be thirty
     (30) days after the making of such election or such later date (not to
     exceed ninety (90) days in total) as reasonably required to obtain any
     necessary third party consents and the provisions of Section 9.2(b)(v)
     shall apply.

          (v) Simultaneously with the delivery of the Acceptance Notice (and as
     a condition to the effectiveness of such Acceptance Notice), the Responding
     Member shall deposit with the Transferring Member a deposit by certified or
     cashier's check or wire transfer of immediately available federal funds in
     an amount equal to two percent (2%) of the Interest Purchase Price (the
     "Interest Purchase Deposit"). If the Responding Member fails to deliver the
     Interest Purchase Deposit in the manner described above, then the
     Responding Member shall be deemed to have failed to exercise the Interest
     Purchase Option and the Transferring Member may proceed in accordance with
     Section 9.2(b)(iii) above. The Interest Purchase Deposit shall be
     non-refundable to the Responding Member in the event of a failure by the
     Responding Member to consummate the purchase of the Subject Interest on the
     relevant closing date (other than solely by reason of a default by the
     Transferring Member), in which case the Transferring Member may terminate
     (or cause the termination of) the contract created by the Proposed Interest
     Sale Notice and the Acceptance Notice and the Transferring Member may (A)
     retain the Interest Purchase Deposit as liquidated damages for the benefit
     and account of the Transferring Member only and (B) to sell at any time the
     Subject Interest to any Person and on any terms as the Transferring Member
     may determine in its sole discretion, without any consent or approval of
     any other Member and without having to comply with any of the terms of this
     Section 9.2. The parties agree that damages to the Transferring Member will

                                      -48-
<PAGE>

     be difficult and impracticable to ascertain in connection with a default by
     the Responding Member under this Section 9.2 and the retention of the
     Interest Purchase Deposit by the Transferring Member is a reasonable
     estimate of such damages from such default and shall not be considered a
     penalty. If the sale of the Subject Interest fails to occur on the relevant
     closing date solely by reason of a default by the Transferring Member
     (other than as a result of any act or omission by the Responding Member),
     then, at the election of the Responding Member, (x) the contract created by
     the Proposed Interest Sale Notice and the Acceptance Notice shall be
     terminated and the Interest Purchase Deposit shall be refunded to the
     Responding Member; or (y) the Responding Member may seek specific
     performance of such contract, but the Responding Member shall have no other
     rights or remedies by reason of such breach. If the closing of the sale of
     such Subject Interest to the Responding Member occurs, then the Interest
     Purchase Deposit shall be applied towards the Interest Purchase Price at
     closing.

          (vi) Except as otherwise expressly provided herein, each party shall
     bear its own legal fees and expenses in connection with a sale under this
     Section 9.2. The Company shall not pay any costs of marketing the Subject
     Interest or any legal fees incurred by the Transferring Member or the
     Responding Member.

     (c) In connection with the sale of an Interest by the Transferring Member
pursuant to this Section 9.2, the provisions of Section 9.4 shall be applicable
to such sale.

     9.3 Tag-Along Rights; Drag-Along Rights.

     (a) Drag-Along Rights. In the event that any Member and/or its permitted
transferees (the "Proposing Member") propose to Transfer its respective Interest
to any Person after first offering such Interest to the other Member pursuant to
the provisions of Section 9.2, the Proposing Member may upon not less than
fifteen (15) Business Days' prior notice require the other Members to Transfer
their Interest at the price and upon the terms and conditions of such proposed
Transfer. Each Member shall use its commercially reasonable efforts to cooperate
with any Transfer pursuant to this Section and shall take all necessary and
desirable actions in connection with the consummation of the Transfer as are
reasonably requested by the Proposing Member, including the provision of
representations, warranties or indemnifications; provided that no Member shall
be required to incur any out-of-pocket expenses in connection with such Transfer
that are not reimbursed to such Member; and provided further that no such Member
shall be required to provide representations, warranties or indemnifications in
connection with any such Transfer that would result in an aggregate liability in
excess of such Member's proceeds from such Transfer. The aggregate proceeds
received from the Transfer of Interests pursuant to this Section 9.3(a) shall be
allocated and distributed to the selling Members in accordance with the
distribution allocation provisions of Article 8.

                                      -49-
<PAGE>

     (b) Tag-Along Rights. If the Proposing Member does not exercise its
Drag-Along Rights pursuant to Section 9.3(a), it shall nonetheless give each
other Member not less than fifteen (15) Business Days' prior notice of its
proposed Transfer (including the price and other material terms thereof) and
shall not Transfer its Interests to any Person unless each other Member is given
the opportunity, to be exercised in a writing to the Proposing Member within
fifteen (15) Business Days after receipt of the Proposing Member's notice, to
Transfer its Interests at the price and upon the same terms and conditions of
such proposed Transfer. The aggregate proceeds received from the Transfer of the
Member's Interests pursuant to this Section 9.3(b) shall be allocated among and
distributed to the selling Members in accordance with the distribution
allocation provisions of Article 8.

     9.4 Assignment Binding on Company. No Transfer of all or any part of the
Interest of a Member permitted to be made under this Agreement shall be binding
upon the Company unless and until a duplicate original of such assignment or
instrument of transfer, duly executed and acknowledged by the assignor or
transferor, has been delivered to the Company, and such instrument evidences (i)
the written acceptance by the assignee of all of the terms and provisions of
this Agreement, (ii) the assignee's representation that such assignment was made
in accordance with all applicable laws and regulations and (iii) the consent to
the Transfer of the Interest required pursuant to Section 9.1, if any. In
addition, a Person to whom a Transfer of any Interest may be made pursuant to
this Article 9 may also be required, in the discretion of the Management
Committee, and as a condition precedent to its becoming a transferee to make
certain representations, warranties and covenants to evidence compliance with
U.S. federal and state securities laws including, but not limited to,
representations as to its net worth, sophistication and investment intent.

     9.5 Bankruptcy of a Member. The Company shall not be dissolved or
terminated by reason of the Bankruptcy, removal, withdrawal, dissolution or
admission of any Member.

     9.6 Substituted Members.

     (a) Members who assign all their Interests pursuant to an assignment or
assignments permitted under this Agreement shall cease to be Members of the
Company except that unless and until a Substituted Member is admitted in its
stead, the assigning Member shall not cease to be a Member of the Company under
the Act and shall retain the rights and powers of a member under the Act and
hereunder, provided that such assigning Member may, prior to the admission of a
Substituted Member, assign its economic interest in its Interest, to the extent
otherwise permitted under Article 9. Any Person who is an assignee of any
portion of the Interest of a Member and who has satisfied the requirements of
Article 9 shall become a Substituted Member only when (i) the Administering
Member has entered such assignee as a Member on the books and records of the
Company, which the Administering Member is hereby directed to do upon
satisfaction of such requirements, and (ii) such assignee shall have paid all
reasonable legal fees and filing costs in connection with the substitution as a
Member.

                                      -50-
<PAGE>

     (b) Any Person who is an assignee of any of the Interest of a Member but
who does not become a Substituted Member and desires to make a further
assignment of any such Interest, shall be subject to all the provisions of this
Article 9 to the same extent and in the same manner as any Member desiring to
make an assignment of its Interest.

     9.7 Acceptance of Prior Acts. Any person who becomes a Member, by becoming
a Member, accepts, ratifies and agrees to be bound by all actions duly taken
pursuant to the terms and provisions of this Agreement by the Company prior to
the date it became a Member and, without limiting the generality of the
foregoing, specifically ratifies and approves all agreements and other
instruments as may have been executed and delivered on behalf of the Company
prior to said date and which are in force and effect on said date.

     9.8 Additional Limitations. Notwithstanding anything contained in this
Agreement, no Transfer shall be made, and any Member shall have the right to
prohibit and may refuse to accept any Transfer, if (i) registration is required
under the Securities Act of 1933, as amended, in respect of such Transfer; (ii)
such Transfer violates any applicable federal or state securities, real estate
syndication, or comparable laws; (iii) such Transfer will be subject to, or such
Transfer, when aggregated with prior Transfers in accordance with applicable law
will result in the imposition of, any state, city or local transfer taxes,
including, without limitation, any transfer gains taxes, unless such assignor
pays such taxes; or (iv) such Transfer will cause the Company to be treated as a
"publicly-traded partnership" within the meaning of Section 7704 of the Code.

                                   ARTICLE 10.

                           DISSOLUTION OF THE COMPANY;
                      WINDING UP AND DISTRIBUTION OF ASSETS
                      -------------------------------------

     10.1 Dissolution.

     (a) The Company shall be dissolved and its affairs shall be wound up upon
the first to occur of the following:

               (1) the sale or other disposition of all of the Company Assets
          and receipt of the final payment of any installment obligation
          received as a result of any such sale or disposition;

               (2) the written consent of the Members;

               (3) any event which makes it unlawful for the Company's business
          to be continued; or

                                      -51-
<PAGE>

               (4) the issuance of a decree by any court of competent
          jurisdiction that the Company be dissolved and liquidated.

     (b) No Member shall have the right to (i) withdraw or resign as a Member of
the Company, (ii) redeem, or request redemption of, its Interest or any part
thereof or (iii) dissolve itself voluntarily.

     10.2 Winding Up.

     (a) In the event of the dissolution of the Company pursuant to Section
10.1(a), the Management Committee may wind up the Company's affairs.

     (b) Upon dissolution of the Company and until the filing of a certificate
of cancellation as provided in the Act, the Administering Member or a
liquidating trustee, as the case may be, may, in the name of, and for and on
behalf of, the Company, prosecute and defend suits, whether civil, criminal or
administrative, gradually settle and close the Company's business, dispose of
and convey the Company's property, discharge or make reasonable provision for
the Company's liabilities, and distribute to the Members in accordance with
Section 10.3 any remaining assets of the Company, all without affecting the
liability of Members and without imposing liability on any liquidating trustee.

     (c) Upon the completion of winding up of the Company, the Administering
Member or liquidating trustee, as the case may be, shall file a certificate of
cancellation in the Office of the Secretary of State of the State of Delaware as
provided in the Act.

     10.3 Distribution of Assets. Upon the winding up of the Company, the assets
shall be distributed as follows:

               (1) to the payment of expenses of the liquidation;

               (2) to the payment of debts and liabilities of the Company, in
          order of priority as provided by law, other than debts and liabilities
          owed to Members;

               (3) to the payment of debts and liabilities of the Company owed
          to Members; and

               (4) to the Members in accordance with their Capital Account
          balances.

     Notwithstanding the foregoing, distributions to a Member pursuant to
Section 10.3(4) shall only be made after payment in full of any Member Loans
owed to the Lender Members out of such distributions and such payments shall be
deemed a distribution to the Debtor Members followed by the payment provided for
in this sentence.

                                      -52-
<PAGE>

                                   ARTICLE 11.

                                   AMENDMENTS
                                   ----------

     11.1 Amendments. This Agreement may not be amended except with the consent
of all of the Members. All amendments made in accordance with this Article XI
shall be evidenced by a writing executed by all of the Members and a copy of
such written amendments shall be kept at the office of the Company. No
amendment, modification, supplement, discharge or waiver hereof or hereunder
shall require the consent of any Person not a party to this Agreement.

     11.2 Additional Members. If this Agreement shall be amended as a result of
adding or substituting a Member, the amendment to this Agreement shall be signed
by the Members, by the Person to be added or substituted and by the assigning
Member, if any. In making any amendments, the Administering Member shall prepare
and file for recordation such documents and certificates as shall be required to
be prepared and filed.

                                   ARTICLE 12.

                                  MISCELLANEOUS
                                  -------------

     12.1 Further Assurances. Each party to this Agreement agrees to execute,
acknowledge, deliver, file and record such further certificates, amendments,
instruments and documents, and to do all such other acts and things, as may be
required by law or as, in the reasonable judgment of the Management Committee,
may be necessary or advisable to carry out the intent and purpose of this
Agreement.

     12.2 Notices. Unless otherwise specified in this Agreement, all notices,
demands, elections, requests or other communications that any party to this
Agreement may desire or be required to give hereunder shall be in writing and
shall be given by hand by depositing the same (i) with a recognized overnight
courier service providing confirmation of delivery, to the addresses set forth
on Schedule 2, as applicable, or at such other address as may be designated by
the addressee thereof (which in the case of the Company, shall be designated by
the Administering Member) upon written notice to all of the Members or (ii) by
facsimile transmission (with confirmation of receipt), provided that a copy of
such notice is sent the same day for delivery by overnight courier service. All
notices given pursuant to this Section 12.2 shall be deemed to have been given
(i) if delivered by hand on the date of delivery or on the date delivery was
refused by the addressee or (ii) if delivered by overnight courier, on the date
of delivery as established by the return receipt or courier service confirmation
(or the date on which the return receipt or courier service confirms that
acceptance of delivery was refused by the addressee) or (iii) on the date of
facsimile confirmation received by the sender.

                                      -53-
<PAGE>

     12.3 Headings and Captions. All headings and captions contained in this
Agreement and the table of contents hereto are inserted for convenience only and
shall not be deemed a part of this Agreement.

     12.4 Variance of Pronouns. All pronouns and all variations thereof shall be
deemed to refer to the masculine, feminine or neuter, singular or plural, as the
identity of the person or entity may require.

     12.5 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original and all of which, when
taken together, shall constitute one Agreement.

     12.6 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT OF
LAW PROVISIONS THEREOF.

     12.7 Arbitration.

     (a) Arbitration shall be the exclusive method for resolution of any claims
or disputes arising in connection with this Agreement, and the determination of
the arbitrators shall be final and binding (except to the extent there exist
grounds for vacating an award under applicable arbitration statutes and/or
decisional precedents) on the Members. The parties agree that judgment on the
determination and award of such arbitrators may be entered in any court having
jurisdiction. Each party shall bear its own costs in any arbitration.

     (b) The number of arbitrators shall be three, each of whom shall be
disinterested in the dispute or controversy and shall be impartial with respect
to all parties hereto. If the claim or dispute arising in connection with this
Agreement is between two parties only, each disputing party shall appoint one
arbitrator within ten (10) Business Days of notice from a party that arbitration
is requested and the third arbitrator shall be appointed by the two initial
arbitrators within ten (10) Business Days of appointment of the two initial
arbitrators.

     (c) The place of arbitration shall be Delaware. The arbitration shall be
conducted in the English language. To the extent that an issue is not expressly
addressed in this Agreement, the arbitrators shall resolve such dispute or
controversy in accordance with good commercial practice. The arbitrators shall
decide such dispute in accordance with the law of the State of Delaware. The
arbitrators shall decide such dispute within forty-five (45) days of selection
of the third arbitrator. They shall apply the commercial arbitration rules of
the American Arbitration Association.

     12.8 Partition. The Members hereby agree that no Member nor any
successor-in-interest to any Member shall have the right to have any of the
Company Assets partitioned, or to file a complaint or institute any proceeding
at law or in equity to have any of the Company Assets partitioned, and each

                                      -54-
<PAGE>

Member, on behalf of himself, his successors, representatives, heirs and
assigns, hereby waives any such right.

     12.9 Invalidity. Every provision of this Agreement is intended to be
severable. The invalidity and unenforceability of any particular provision of
this Agreement in any jurisdiction shall not affect the other provisions hereof,
and this Agreement shall be construed in all respects as if such invalid or
unenforceable provision were omitted.

     12.10 Successors and Assigns. This Agreement shall be binding upon the
parties hereto and their respective successors, executors, administrators, legal
representatives, heirs and legal assigns and shall inure to the benefit of the
parties hereto and, except as otherwise provided herein, their respective
successors, executors, administrators, legal representatives, heirs and legal
assigns. No Person other than the parties hereto and their respective
successors, executors, administrators, legal representatives, heirs and
permitted assigns shall have any rights or claims under this Agreement.

     12.11 Entire Agreement. This Agreement supersedes all prior agreements
among the parties with respect to the subject matter hereof, and this Agreement
contains the entire agreement among the parties with respect to such subject
matter.

     12.12 Waivers. No waiver of any provision hereof by any party hereto shall
be deemed a waiver by any other party nor shall any such waiver by any party be
deemed a continuing waiver of any matter by such party.

     12.13 No Brokers. Each of the Members hereto warrants to each other that
there are no brokerage commissions or finders' fees (or any basis therefor)
resulting from any action taken by such Member or any Person acting or
purporting to act on their behalf upon entering into this Agreement other than
fees payable to Wachovia Securities. Each Member agrees to indemnify and hold
harmless each other Member for all costs, damages or other expenses arising out
of any misrepresentation made in this Section 12.13.

     12.14 Maintenance as a Separate Entity. The Company shall maintain books
and records and bank accounts separate from those of its Affiliates and each of
its Subsidiaries; shall at all times hold itself out to the public as a legal
entity separate and distinct from any of its Affiliates and each of its
Subsidiaries (including in its operating activities, in entering into any
contract, in preparing its financial statements, and on its stationery and any
signs it posts), and shall cause its Affiliates and each of its Subsidiaries to
do the same and to conduct business with it on an arm's-length basis; shall not
commingle its assets with assets of any of its Affiliates or its Subsidiaries;
shall not guarantee any obligation of any of its Affiliates; shall cause its
business to be carried on by the Members and shall keep minutes of all meetings
of the Members.

     12.15 Confidentiality. Each Member agrees not to disclose or permit the
disclosure of any of the terms of this Agreement or of any other confidential,
non-public or proprietary information relating to this Agreement (collectively,
"Confidential Information"), provided that such disclosure may be made (a) to

                                      -55-
<PAGE>

any Person who is a member, partner, officer, director or employee of such
Member or counsel to or accountants of such Member solely for their use and on a
need-to-know basis, provided that such Persons are notified of the Members'
confidentiality obligations hereunder, (b) with the prior consent of the other
Members, (c) subject to the next paragraph, pursuant to a subpoena or order
issued by a court, arbitrator or governmental body, agency or official, (d) to
any lender providing financing to the Company or its Subsidiaries, (e) in
connection with the Purchase Agreement, to the Sellers thereunder or (f) to the
extent required or advisable to be made under applicable law, (g) to potential
purchasers of a Property or Subsidiary as well as such potential purchaser's
prospective lenders or equity providers, or (h) with respect to the tax
structure or tax treatment (as such terms are used in Code Sections 6011, 6111
and 6112) of the Company or the transaction.

     In the event that a Member shall receive a request to disclose any
Confidential Information under a subpoena or order, such Member shall (i)
promptly notify the other Members thereof, (ii) consult with the other Members
on the advisability of taking steps to resist or narrow such request and (iii)
if disclosure is required or deemed advisable, cooperate with any of the other
Members in any attempt it may make to obtain an order or other assurance that
confidential treatment will be accorded the Confidential Information that is
disclosed.

     No Member shall issue any press release or other public communication about
the formation or existence of the Company without the express written consent of
the Management Committee except that Class A Member may issue a press release as
required or advisable under applicable law or governmental regulation.

     12.16 No Third Party Beneficiaries. This Agreement is not intended and
shall not be construed as granting any rights, benefits or privileges to any
Person not a party to this Agreement. Without limiting the generality of the
foregoing, no creditor of the Company or of any Member shall have any right
whatsoever to enforce any Member's Capital Commitment obligation or to require
any Member to contribute capital to the Company.

     12.17 Construction of Documents. The parties hereto acknowledge that they
were represented by counsel in connection with the review, negotiation and
drafting of this Agreement and that this Agreement shall not be subject to the
principle of construing their meaning against the party that drafted same.

     12.18 Time of Essence. Time is of the essence in the performance of each
and every term of this Agreement.

                    [Signature page to follow on next page.]

                                      -56-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Limited Liability
Company Agreement as of the day and year first above written.

                            MEMBERS:

                            OMERS REALTY CORPORATION, a Canadian
                            corporation,

                            By: /s/ Christopher Voutsinas
                                -----------------------------
                                Name:  Christopher Voutsinas
                                Title: Executive Vice President, Corporate
                                       Development & Investments

                            By: /s/ Joseph DeLeo
                                -----------------------------
                                Name:  Joseph DeLeo
                                Title: Vice President, Corporate
                                       Development & Investments

                            GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a
                            Delaware limited partnership,

                            By: Glimcher Properties Corporation, a
                                Delaware corporation, its general partner,

                                By: /s/ George A. Schmidt
                                    ---------------------------------
                                    Name:  George A. Schmidt, Esq.
                                    Title: Executive Vice President

<PAGE>

                                   SCHEDULE 1

                       DESCRIPTION OF THE INITIAL PROPERTY

All that certain real property situated in the County of Los Angeles, State of
California, described as follows:

PARCEL A - Fee Simple:

Parcels 5, 7 and 8, in the City of Industry, County of Los Angeles, State of
California, as shown on Parcel Map No. 322, Med in Book 315, Page(s) 37 through
44, inclusive, of Parcel Maps, in the Office of the County Recorder of said
County.

PARCEL B - Leasehold:

Parcels 5 and 6, in the City of Industry, County of Los Angeles, State of
California, as shown on Parcel Map No. 27-A, filed in Book 42, Page(s) 61 to 64,
inclusive of Parcels Maps, in the Office of the County Recorder of said County.

PARCEL C - Easements:

Non-exclusive easements, creating rights in real property, for ingress and
egress, passage and parking of vehicles; passage and accommodation of
pedestrians; sewer lines, water and gas mains, electrical power lines, telephone
lines, and other utility lines; development and construction of said Tract; the
construction, reconstruction, erection, removal and maintenance, on, to, over,
under and across to a maximum distance of 14 feet, of footings, supports,
canopies, flag poles, roof and building overhangs, awnings, alarm bells, signs,
lights and lighting devices and similar appurtenances over the "Common Area" as
defined and described in that certain Construction, operation and reciprocal
easement agreement in and upon all the terms, covenants, conditions, provisions,
reservations, limitations, duties, obligations, liens, assessments and easements
as more particularly and fully described and set forth in said agreement by and
between Hahn-Puente As, a limited partnership in which Ernest W. Hahn, Inc., a

<PAGE>

California corporation, is the general partner; Broadway-Hale Store, Inc., a
California corporation; Sears, Roebuck and Co., a New York corporation, Adcor
Realty Corporation, a New York corporation, and J.C. Penney Properties, Inc., a
Delaware corporation, dated December 22, 1972 and recorded December 22, 1972 as
Instrument No. 712, as amended by that certain First Amendment to that certain
Construction, Operation and Reciprocal Easement Agreement by and between
Hahn-Puente As, a limited partnership in which Ernest W. Hahn, Inc., a
California corporation, is the general partner; Broadway-Hale Store, Inc., a
California corporation; Sears, Roebuck and Co., a New York corporation, Adcor
Realty Corporation, a New York corporation, and J.C. Penney Properties, Inc., a
Delaware corporation, dated February 1, 1974 and recorded March 11, 1974 as
Instrument No. 3991, as amended by that certain Second Amendment that certain
Construction, Operation and Reciprocal Easement Agreement by and between
Hahn-Puente As, a Limited Partnership in which Ernest W. Hahn, Inc., a
California corporation, is the general partner; Broadway-Hale Store, Inc., a
California corporation; Sears, Roebuck and Co., a New York corporation, Adcor
Realty Corporation, a New York corporation, and J.C. Penney Properties, Inc., a
Delaware corporation, dated September 20, 1984 and recorded October 1, 1984 as
Instrument No. 84-1172544, and as further amended by that certain Third
Amendment to that certain Construction, Operation and Reciprocal Easement
Agreement by and between Krausz Puente LLC, a California limited liability
company, The May Department Stores Company, a New York corporation, and Sears,
Roebuck and Co., a New York corporation, dated December 1, 2001 and recorded
January 8, 2002 as Instrument No. 02-450 17, all in the Recorder's Office of Los
Angeles County, California.

PARCEL D - Easements:

Easements, creating rights in real property, for the construction,
reconstruction, erection, removal and maintenance on, to, over, under and across
the "Encroachment Area" of the "Encroachment" as to such terms are defined in
that certain Encroachment Easement Agreement by Krausz Puente LLC, a California
Limited Liability Company, dated April 9, 1997 and recorded April 23, 1997 as
Instrument No. 97-606562, in the Recorder's Office of Los Angeles County,
California, ("The Encroachment Easement"), and for minor encroachments of
building overhangs, canopies, columns, eaves, signs, pilasters and pillars,
extending from the encroachment area onto Parcel A, as created in and by said
encroachment easement.

Assessor's Parcel Number: 8265-004-039/8265-004-040/8265-004-118/8265-004-
120/8265-004-121

                                       -2-
<PAGE>

                                   SCHEDULE 2

                Members' Addresses, Initial Capital Contributions
                -------------------------------------------------

--------------------------------------------------------------------------------
                                                               Initial Capital
                                                             Contributions made
 NAME OF MEMBERS                    Address                 on December 29, 2005
--------------------------------------------------------------------------------
Class A Member                50 East Gay Street
                                  24th floor
                             Columbus, Ohio 43215              $ 41,926,482.72
--------------------------------------------------------------------------------
Class B Member                   Oxford Tower
                           130 Adelaide Street West
                                  Suite 1100
                               Toronto, Ontario
                               M5H 3P5, Canada                 $ 38,701,368.67
--------------------------------------------------------------------------------
Total                                                          $ 80,627,851.39
--------------------------------------------------------------------------------

<PAGE>

                                                                       EXHIBIT A
                                                    Form of Management Agreement

                          PROPERTY MANAGEMENT AGREEMENT
                          -----------------------------

     THIS PROPERTY MANAGEMENT AGREEMENT made as of the ____ day of
_________________, _____ (the "Agreement") by and between [________________],
LLC, a Delaware limited liability company ("Owner") and GLIMCHER PROPERTIES
LIMITED PARTNERSHIP, a Delaware limited partnership ("GPLP" or "Manager") and
GLIMCHER DEVELOPMENT CORPORATION, a Delaware corporation ("GDC" or "Service
Provider").

                                   WITNESSETH:
                                   ----------

     WHEREAS, OG Retail Holding Co., LLC ("Parent") was formed as a limited
liability company under the laws of the State of Delaware pursuant to a limited
liability company agreement, dated as of December 29, 2005 (as the same may be
amended or restated from time to time, the "Parent LLC Agreement").

     WHEREAS, Article 3 of the Parent LLC Agreement authorizes GPLP to manage
the affairs of the Owner, to the extent provided in the Parent LLC Agreement.

     WHEREAS, Owner is or, upon closing on its pending acquisition will be the
owner of the shopping center commonly known as [________________] ("Center"),
located in [________________].

     WHEREAS, Manager possesses the personnel, skills and experience necessary
for providing professional management services for the Center.

     WHEREAS, Service Provider possesses the personnel, skills and experience
necessary for providing various services including services for leasing and
legal services to prepare and negotiate leases for the Center.

     WHEREAS, Owner wishes to appoint Manager and Service Provider for the
purpose of managing and leasing the Center, and Manager and Service Provider
wish to accept such appointments, all on the terms and conditions set forth
below.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

<PAGE>

                                    SECTION I
                                    ---------

                                      TERM
                                      ----

     Section 1.1 Duration. The term (the "Term") of this Agreement shall be for
a period commencing on the date that Owner closes on its acquisition of the
Center (hereinafter the "Effective Date") and shall continue until the date that
Owner ceases to possess any interest in the Center unless earlier terminated as
provided in Section VII below. The indemnification provisions of this Agreement
shall survive termination of any kind.

                                   SECTION II
                                   ----------

                      APPOINTMENT AND AUTHORITY OF MANAGER
                      ------------------------------------

     Section 2.1 Appointment and Authority of Manager. On and subject to the
terms, limitations and conditions herein set forth, Owner hereby exclusively
appoints Manager, as an independent contractor, to operate, lease and manage the
Center and, subject to Section 2.2, in such capacity, to exercise such powers
and to have such authority with respect to the Center as are set forth herein
and as more specifically described in Section IV below and such further powers
and authority as are incidental thereto. Manager hereby accepts such appointment
and agrees to furnish the services of its organization for the rental, operation
and management of the Center on the terms contained in this Agreement.

     Section 2.2 Certain Limitations on Authority; Emergencies. Owner expressly
withholds from Manager any power or authority to: (a) convey or otherwise
transfer, pledge or encumber the Center or any interest therein, pledge the
credit of Owner (except for purchases or transactions otherwise authorized under
this Agreement), or borrow money or execute any promissory note, mortgage, deed
of trust, or security agreement in the name of or on behalf of Owner, or (b)
make any structural changes in any building or make any other material
alterations or additions in or to any such building or equipment therein, or
incur any expense chargeable to Owner other than expenses arising from (i)
Manager's exercise of the express powers vested herein in Manager, (ii) matters
included in the Approved Annual Budget under Section III, or (iii) such
emergency repairs or actions as may be required because of imminent danger to
persons or property or which are immediately necessary for compliance with Laws
(as defined in Section 8.6) or are required to avoid the suspension of any
necessary service to the Center. When the approval or consent of Owner is
required by the terms of any provision of this Agreement in connection with an
action taken or contemplated by Manager, the granting of Owner's approval or
consent shall be given in writing. Notwithstanding anything to the contrary
contained herein, (i) Manager must obtain the approval of the Class B Member (as
defined in the Parent LLC Agreement) with respect to any amendment, extension,
or renewal of this Agreement on behalf of Manager, any consent, approval, waiver
or direction required of or permitted by Manager hereunder (in each case, to the
extent the same would constitute a Unanimous Decision) and (ii) the Class B
Member (as defined in the Parent LLC Agreement) shall have the full authority
and discretion, without the approval of any other Members of the Management
Committee (as defined in the Parent LLC Agreement), to exercise or terminate
provisions under this Agreement upon the occurrence of any event "for cause"
pursuant to Article VII hereunder.

                                       2
<PAGE>

                                   SECTION III
                                   -----------

                                  ANNUAL BUDGET
                                  -------------

     Section 3.1 Preparation of Budget; Contents. On the date hereof, Manager
and Owner have agreed upon the annual budget for the period from the date hereof
until December 31, 2006, which annual budget is attached hereto as Exhibit A
(the "Initial Annual Budget"). On or before November 1 of each year, Manager
shall prepare and submit to Owner a budget (the "Annual Budget") for the
following calendar year, substantially in the form of the Initial Annual Budget,
with such additions, deletions or modifications as may be reasonably requested
by Owner. The Annual Budget shall include a reasonably detailed statement of the
following items set forth on a monthly basis:

     (i) the estimated operating expenses for such year in detail reasonably
satisfactory to Owner;

     (ii) the anticipated capital expenditures and extraordinary expenses for
such year described in reasonable detail (the "Capital Budget"). The expenses
set forth in the Capital Budget shall include, at a minimum, a breakdown of CAM
(recoverable) and Non-CAM (non-recoverable), with further segregation by leasing
commissions, tenant improvement allowances, capital expenditures and personal
property expenditures;

     (iii) the estimated capital expenditures that the Manager believes may be
necessary or desirable over the subsequent five (5) years in connection with the
maintenance and improvement of the Center ("5 Year Capital Plan");

     (iv) a leasing plan reflecting the space Manager expects to be leased or
renewed during such year, the rent it expects to obtain for such space, the
other material economic provisions of the leases, including free rent, the term
of each lease, rebates and other concessions, any improvement allowances,
brokerage commissions (including any payable to Manager hereunder), payments by
tenants toward operating expenses and taxes and any other anticipated leasing
expenditures for such year (the "Leasing Budget");

     (v) the anticipated gross revenues for such year (the "Revenue Schedule");

     (vi) the estimated cash flow from the Center (the "Cash Flow Forecast");

     (vii) an estimate as to liability in the succeeding calendar year for real
estate taxes;

     (viii) an estimate as to the aggregate cost in the next succeeding calendar
year of wages, salaries, and other compensation to be paid to employees of the
Manager working at the Center, as well as the status of any negotiations
affecting said wages, salaries and other compensation and any recommendation of
Manager respecting such matters;

                                       3
<PAGE>

     (ix) the extent of completion of any uncompleted improvements to the
Center, together with a projection of the improvements to the Center and a
projection of the costs of constructing such improvements to be incurred during
the next succeeding calendar year;

     (x) the current legal status of pending or threatened suits concerning the
Center or any portion thereof except for suits covered by valid and binding
insurance; and

     (xi) such other information as Owner may reasonably require.

     The Revenue Schedule shall be in columnar form, with each tenant listed
separately and showing for each tenant the:

     (i) name of such tenant;

     (ii) floor or suite number;

     (iii) term of its Lease;

     (iv) total rent to be collected; and

     (v) the total rent broken down into various categories such as base rent,
expected percentage rent, storage rent, operating expense payment (and the
percentage of the tenant's share thereof), real estate tax payment (and the
percentage of the tenant's share thereof) and any other rent or charges.

     Section 3.2 Approval of Budget. The term "Approved Annual Budget" shall
mean the Annual Budget (as modified by revisions thereof) approved by the
Management Committee of Parent in accordance with the terms of the Parent LLC
Agreement. An Annual Budget or a revision thereof shall be deemed approved by
Owner only if it is approved in writing by Owner. Within 15 days of Manager's
submission of the Annual Budget, Owner and Manager shall meet to discuss Owner's
comments to the Annual Budget. Within 10 days of such meeting, Manager shall
provide Owner with a revised Annual Budget incorporating Owner's comments to the
Annual Budget. Pending Owner's approval of an Annual Budget, Manager shall be
entitled to operate the Center and incur expenditures in accordance with the
Approved Annual Budget and, in the event the Annual Budget has not been so
approved in accordance with the last Approved Annual Budget adjusted for actual
increases with respect to non discretionary expenses (e.g. real estate taxes,
insurance, debt service, service contract fee escalations, utilities, etc.).
Notwithstanding the foregoing, Owner reserves the right to direct Manager not to
commit to any expenditures for discretionary amounts not theretofore committed
by Manager.

     Section 3.3 Obligation and Authority to Implement Budget. Manager shall be
authorized, without the need for further approval by Owner, to make the
expenditures and incur the obligations provided for in the most recent Approved
Annual Budget, provided Manager may exceed the budgeted amount for any line item
by the greater of $2,500 or five percent (5%) of the budgeted amount for each
such item (provided that in no event may the applicable Annual Budget be
exceeded by more than five percent (5%) in the aggregate for all line items in
any budget year) upon prior written notice to Owner, and Manager shall be
authorized to expend whatever sums are reasonably necessary to respond to any
emergency, which in Manager's reasonable discretion is necessary to avoid an

                                       4
<PAGE>

immediate loss to the Center; provided, however, that such emergency expenditure
shall not exceed the sum of $25,000 per emergency without the prior approval of
Owner. Notwithstanding the foregoing, if the actual or forecasted result
relative to the Approved Annual Budget for any calendar year reflects an adverse
variance of five percent (5%) or more from the amount of net operating income
received from the Center during such calendar year, then, except in the case of
emergencies, the Manager shall not exceed the budgeted amount for any line item
without the Owner's prior written consent. Any unused amounts budgeted in the
Capital Budget for any particular year shall not carry over or be applicable to
the following year unless approved by Owner in the Capital Budget for such
following year. Manager shall not make expenditures or incur obligations except
as authorized pursuant to this Section 3.3 (unless expressly authorized
elsewhere in this Agreement). It is understood that non-cash items such as
depreciation and amortization may, if Manager so desires, be reflected in the
Annual Budget, and that variances between the amounts so reflected in the Annual
Budget and the actual amounts of such items shall not affect or limit the
amounts of other liabilities and obligations which Manager may incur or pay on
behalf of Owner hereunder.

                                   SECTION IV
                                   ----------

                               MANAGER'S SERVICES
                               ------------------

     Section 4.1 Services in General. Manager agrees, in performing its duties
hereunder, to use the highest level of skill, competence and diligence
prevailing among professional management firms managing similar first class
properties. Manager shall, with respect to the Center, perform such duties as
are customarily performed with respect to similar properties by such management
firms and, without limitation on the foregoing, shall perform those duties set
forth in this Section IV subject to all express limitations on Manager's
authority contained in other provisions of this Agreement. Without limiting the
generality of the foregoing, Owner hereby grants Manager the authority and power
to perform the services more specifically described hereinafter in this Section
IV at Owner's expense, subject to the limitations of the Approved Annual Budget
in effect from time to time.

     Section 4.2 Advertising and Promotion. Manager shall be authorized to
advertise and conduct promotional activities relating to the Center and to
display signs thereon provided that any costs related thereto have been approved
in the Approved Annual Budget.

     Section 4.3 Books, Records and Reports.

          4.3.1 Books and Records.

               (i) Manager shall maintain, and keep at its main office, accurate
and complete books, records and accounts of the management, operation and
financial condition of the Center.

               (ii) Owner shall at all times retain title to such books, records
and accounts. Manager shall retain such books, records and accounts for a period
of five (5) years after the close of the calendar year to which they apply.
Following expiration of such five (5) year period, Manager shall, at the expense
of the Owner, deliver such books and records to Owner.

                                       5
<PAGE>

               (iii) Upon reasonable notice to Manager, Owner and its direct or
indirect members may, at its expense, inspect, audit and copy such books,
records and accounts at all reasonable times on a periodic or continuing basis
by accountants retained by, or other representatives of Owner, and Manager shall
cooperate fully with Owner in connection with the same.

               (iv) In the event this Agreement is terminated, Manager shall
deliver such books, records and accounts of the Center to Owner. Manager shall
deliver a final accounting within thirty (30) days of termination.

          4.3.2 Monthly Reports. Manager shall furnish to Owner for the Center
the monthly and quarterly reports listed on Exhibit A attached hereto and
incorporated herein by this reference, which reports shall be prepared on an
accrual basis in accordance with generally accepted accounting principles,
showing monthly and quarterly year-to-date activity. Monthly and quarterly
reports shall be furnished (without notice or demand by Owner) not later than
fifteen (15) days after the end of the calendar month, in the case of monthly
reports, and within thirty (30) days of the end of each quarter, in the case of
quarterly reports, in a form as reasonably required by and satisfactory to
Owner.

          4.3.3 Annual Reports.

          (i) Manager shall provide information and cooperate with Owner's
auditors in order for Owner's auditors to produce and furnish, at Owner's
expense, an annual audited report for the Center.

          (ii) In addition, Manager shall furnish to Owner annual reports for
the Center with schedules supporting all items on the balance sheet and tax
related information as requested, which reports shall be furnished (without
notice or demand) not later than thirty (30) days after the end of each calendar
year in a format and detail reasonably acceptable to Owner.

          (iii) Manager shall prepare and file tax returns for the Owner or the
Center unless otherwise specifically directed by Owner.

          4.3.4 Certification. All quarterly, monthly and annual reports shall
be certified to their knowledge by the President, any Executive Vice President
or Vice President, Treasurer, Chief Financial Officer or Controller of Manager.

     Section 4.4 Employment of On-Site Personnel. Manager shall select, employ,
hire, supervise, train, direct, discharge and pay all on-site personnel,
necessary for the maintenance and operation of the Center at such compensation
levels as are standard in the industry, including without limitation (but
subject to the Approved Annual Budget): (a) a property manager, an assistant
property manager or an operations manager, marketing personnel, clerical and
secretarial personnel, all of whom shall be on Manager's payroll with

                                       6
<PAGE>

reimbursement by Owner, and (b) engineers, janitors, maintenance, landscaping,
custodial, parking, and security personnel (all or any of whom shall at
Manager's option, be on Manager's payroll with reimbursement by Owner, or on the
payroll of an independent contractor whose costs and fees will be paid by
Owner). Manager shall carry Worker's Compensation Insurance (and, when required
by law, compulsory Non-Occupational Disability Insurance) covering such
employees, and use reasonable care in the selection and supervision of such
employees; provided, however, that Owner shall have the right, exercised in its
reasonable discretion by virtue of approval of a candidate's resume to
disapprove, based on cause or good reason, the initial hiring of any property
manager selected by Manager to carry out Manager's obligations under this
Agreement, and Manager, subject to legal requirements, agrees not to utilize any
such disapproved employee. Manager will keep bi-weekly time sheets which shall
be available for inspection by Owner. Manager shall prepare or cause to be
prepared and timely filed and paid, all necessary returns, forms and payments in
connection with unemployment insurance, medical and life insurance policies,
pensions, withholding and social security taxes and all other taxes relating to
said employees which are imposed by any federal, state or municipal authority.
Manager shall also provide usual management services in connection with labor
relations and shall prepare, maintain and file all necessary reports with
respect to the Fair Labor Standards Act and all other required statements and
reports pertaining to labor employed at the Center. Manager shall use its good
faith reasonable efforts to comply with all laws and regulations and collective
bargaining agreements, if any, affecting such employment. Manager shall take all
appropriate steps to make sure Owner is complying with labor, workplace and
safety laws. Manager will be and will continue throughout the term of this
Agreement to be an Equal Opportunity Employer. All persons employed in
connection with the operation and maintenance of the Premises shall be employees
of Manager and not of Owner.

     If Manager is required to recognize and/or negotiate with any union(s)
lawfully entitled to represent such employees, the following shall apply:

     1.   Manager shall comply with the terms and provisions of any existing or
          future labor agreement and perform such obligations for and on behalf
          of Owner, as Owner's agent;

     2.   Manager shall not be responsible for costs of outside legal counsel or
          other consultants used in connection with the negotiation and/or
          administration of any labor agreement;

     3.   Owner shall defend, indemnify and hold Manager harmless from all
          claims and causes of action arising from the alleged breach of failure
          to comply with the terms and provisions of such labor agreement(s) so
          long as Manager's actions and performance thereunder were reasonable
          and in good faith;

     4.   Manager shall not be liable or responsible for any unfunded vested
          benefits arising from Owner's withdrawal of a multi-employee pension
          plan, or from Owner's qualified plan, or from termination of this
          Agreement, and

     5.   Owner shall have the right to approve all collective bargaining
          agreements which affect any portion of the Center.

                                       7
<PAGE>

     Section 4.5 Maintenance and Repairs. Manager shall, on behalf of Owner,
maintain the Center in a first class standard, keep the Center in a safe, clean
and sightly condition, do or cause to be done all decorating and landscaping,
maintain the Center in compliance in all material respects with all applicable
laws, codes and ordinances, perform or contract for all necessary repairs,
alterations, replacements, installations and maintenance of, and purchase all
supplies necessary for the proper operation of the Center or the fulfillment of
Owner's obligations under any lease, subject to funds being available to pay for
such work in either the Center Disbursement Account, a reserve account held by a
lender or otherwise from Owner. Manager shall arrange for and supervise, on
behalf of Owner, the performance of all alterations or other work to prepare or
alter space in the Center for the occupancy of tenants thereof. Upon Owner's
written request, if Owner shall require, Manager shall submit a list of
contracts and subcontractors performing tenant work, repairs, alterations or
services at the Center under Manager's direction. Manager, in its capacity as
such, shall not be required (without additional compensation satisfactory to
Manager) to undertake the making or supervision of extensive construction or
reconstruction of the Center or any part thereof. For purpose of this Agreement,
the term "extensive construction or reconstruction" shall mean any specific
project the cost of which exceeds $100,000.

     Section 4.6 Collection and Disbursement of Revenue.

          4.6.1 Manager shall undertake the periodic billing of rents and
monetary payments of every kind and form due from tenants of the Center, and
thereafter shall actively pursue collection of all such rents and other
payments. Manager shall not terminate any lease, lock out any tenant, institute
any suit for rent or for use and occupancy, provide notice by legal service to
pay rent or quit or institute proceedings for recovery of possession without the
prior approval of Owner; provided, however that Manager shall have the right,
without Owner's prior approval, to send late or delinquency notices to tenants
in arrears in the ordinary course of business. Only legal counsel designated by
Owner shall be retained in connection with any such suit or proceeding, and
Manager upon request shall recommend legal counsel and furnish Owner with the
estimated costs of legal services to be incurred in bringing such suit or
proceeding. In the event any tenant of the Center is delinquent in any payment
due to Owner or is otherwise in default under the terms of its lease for a
period of more than 30 days, Manager shall immediately notify Owner and Owner,
either directly or through legal counsel retained by Owner, shall have the
right, but not the obligation, to contact the tenant directly with respect to
the delinquency or default.

          4.6.2 Center Lockbox Account. All funds received by Manager derived
from the operation of the Center shall be immediately deposited in the following
lockbox account (the "Center Lockbox Account"):

                  [________________]
                  Account Name:     [________________]
                  Account Number:   [________________]

Owner may designate a different account in any bank or financial institution as
the Center Lockbox Account at any time and from time to time by written notice
to Manager. No other funds shall be deposited or commingled with funds in the
Center Lockbox Account.

                                       8
<PAGE>

          4.6.3 Center Disbursement Account. Manager shall pay Center-related
costs and expenses in accordance with Section 4.6.4 below by check or by wire
transfer from the following disbursement checking account (the "Center
Disbursement Account"):

                  [________________]
                  Account Name:     [________________]
                  Account Number:   [________________]

Owner may designate a different account in any bank or financial institution as
the Center Disbursement Account at any time and from time to time by written
notice to Manager. Manager shall not under any circumstances write a check
payable to or in favor of Manager or any Affiliate of Manager other than (a) to
reimburse itself or an Affiliate for expenditures made on behalf of Owner,
provided that such reimbursement is approved in advance in writing by Owner,
excepting reimbursements to Service Provider made in accordance with this
Agreement or reimbursements to other Affiliates for services provided in
accordance with the approved Annual Budget shall not require further approval by
Owner or (b) to pay itself the Management Fee payable under Section 6.1;
provided, however, that within 20 days after paying itself any Management Fee,
Manager shall provide Owner with a statement setting forth the calculations made
in computing the Management Fee in detail reasonably satisfactory to Owner. Only
those personnel specifically authorized by Manager and approved by Owner shall
have authority to write checks from the Center Disbursement Account. Manager
shall not issue a check for more than Fifty Thousand Dollars ($50,000) without
the prior written authorization of Owner excepting for payments of items that
have already been specifically approved by Owner, such as for payment of a
tenant allowance or room build-out under an approved lease or a major repair or
other capital expenditure specifically approved in the Annual Budget. No other
funds shall be deposited or commingled with funds in the Center Disbursement
Account.

          4.6.4 Expenses Paid from Center Disbursement Account. The following
costs shall be paid directly from the Center Disbursement Account:

          (a) Any and all costs necessary for the management, operation and
     maintenance of the Center, so long as such costs are provided for and are
     within the limits of the Approved Annual Budget or are specifically
     authorized in writing by Owner;

          (b) Any and all capital expenditures, so long as such costs are
     provided for and are within the limits of the Capital Budget in the
     Approved Annual Budget or are specifically authorized in writing by Owner;
     and

          (c) Any and all costs necessary to handle emergencies as described in
     Section 3.3. Notwithstanding the foregoing, Manager shall notify Owner
     immediately (but not in any case later than 2 business days) after
     incurring any such costs.

Manager shall not be obligated to make any advance to or for the account of
Owner or to pay any sums except out of funds in the Center Disbursement Account
without assurance that the necessary funds for repayment of the advance will be
made by Owner. Manager shall render monthly reports to Owner showing all
receipts and disbursements for the preceding calendar month. In addition, upon
Owner's request, Manager shall provide to Owner such other periodic reports as

                                       9
<PAGE>

may be required to satisfy the requirements of any loan or other agreement
affecting the Center. Attached to the Center Disbursement Account, Manager shall
maintain an interest bearing investment account (the "Sweep Account"). As and
when necessary, Manager shall cause amounts greater than the amount necessary to
be retained in the Center Disbursement Account or the amount necessary to
compensate the bank for its services to be transferred from the Center
Disbursement Account to the Sweep Account and from the Sweep Account to the
Center Disbursement Account, as the case may be. No other funds may be deposited
or commingled with the funds in the Sweep Account.

     Section 4.7 Security Deposits. If required by law or requested by Owner,
Manager shall deposit all security deposits for the Center in a separate project
account (the "Security Account") in the name of Owner on which either Owner or
Manager may draw. Manager shall be authorized to withdraw monies from security
deposit funds at such time as the security deposits are returnable to tenants or
in the event of a tenant default. It is expressly understood and agreed that all
disbursements, transfers and refunds made by Manager from the security deposits
shall be made by a check drawn on the appropriate account or appropriate journal
or bookkeeping entries and shall be substantiated by appropriate records and
accounting procedures.

     Section 4.8 Contracts and Leases.

          4.8.1 Service and Purchase Contracts. Manager shall, to the extent the
obligations of Owner thereunder do not exceed the amounts provided for in the
Approved Annual Budget or the amounts permitted under Section 3.3, negotiate and
enter into on behalf of Owner contracts for terms no longer than one year (or
such longer term as Manager reasonably deems advisable so long as Owner or
Manager has the right to terminate such contracts on not more than 30 days
notice with or without cause) for electricity, gas, fuel, water, telephone,
window cleaning, vermin extermination, janitorial services, security services,
landscape maintenance and such other supplies, materials, services and other
matters for the Center as Manager shall reasonably determine to be advisable or
necessary to permit Manager to discharge its duties hereunder. In addition,
Manager may negotiate and provide to Owner for Owner's execution thereof
contracts for terms no longer than five years for escalator and elevator
maintenance services, waste removal and for equipment leases, provided that the
obligations of Owner thereunder during the then current year do not exceed the
amounts contemplated therefor in the Approved Annual Budget, subject to the
provisions of Section 3.3, and the obligations of Owner thereunder for
subsequent periods do not, in Manager's good faith judgment, exceed the fair
market value of the services to be provided to Owner pursuant to such contracts.
Any cash and trade discounts, refunds, credits concessions or other incentives
obtained by Manager in connection with any such contracts shall belong to Owner.

          4.8.2 Leases. Subject to the subsequent provisions of this Section,
Service Provider shall use diligent and good faith efforts to rent and keep the
Center rented by procuring tenants for the Center pursuant to leases in
accordance with the Approved Annual Budget. Without limitation on the foregoing,
Service Provider shall negotiate, on behalf of Owner, in accordance with the
Approved Annual Budget, the business terms of new leases, expansions,
amendments, cancellations, or extensions thereof (all such new leases,
expansions, amendments, cancellations, or extensions now existing or hereafter
entered into being herein individually and collectively referred to as a "Lease"

                                       10
<PAGE>

or "Leases"). All leases shall be subject to Owner's direction and approval and
all Leases shall be executed by Owner. Service Provider shall utilize attorneys
or legal assistants on its staff to negotiate and prepare leases on behalf of
Owner and at Owner's cost in accordance with the fee schedule set forth on
Exhibit B, attached hereto and further described therein. If any Leases,
operating agreements, loan agreements or other documents or instruments
affecting the Center require the consent of a third party to a proposed Lease,
Service Provider will cooperate with and assist Owner in obtaining such consent.
Owner's approval or execution of a Lease shall serve as authorization for
Service Provider to expend such amounts as are required to comply with the Lease
on Owner's behalf (whether or not contained in the Approved Annual Budget).
Service Provider shall provide reports of leasing activity to Owner on a monthly
basis.

          4.8.3 Other Contracts. Manager, in its capacity as such, shall not
enter into any other contract or agreement on behalf of Owner, unless the same
is consented to in writing in advance by Owner or unless the contract or
agreement is in the ordinary course of business and the amount of Owner's
obligations incurred thereunder do not exceed the amounts permitted under
Section 3.3.

          4.8.4 Manager's and Service Provider's Affiliates. For purposes of
this Agreement, the term "Affiliate" means any corporation, partnership, venture
or other entity which controls, is controlled by, or is under common control
with Manager or Service Provider, as the case may be, and the officers,
employees, partners and venturers of such entity. Neither Manager nor Service
Provider shall enter into any contract or other arrangement for the provision of
services or materials to or in connection with the Center with any Affiliate of
Manager or Service Provider except for services provided on customary terms and
at competitive rates of compensation which prevail in the marketplace with
unrelated third parties; provided that prior to entering any such contract or
arrangement the Manager or Service Provider shall provide to the Class B Member
(as defined in the Parent LLC Agreement) a copy of the contract or arrangement.

     Section 4.9 Legal Action. Manager shall, on behalf of and at the cost of
Owner, institute through competent counsel all necessary legal action or
proceedings for the collection of rent or other income from the Center, or for
the ousting or dispossessing of tenants or other persons therefrom, and for all
other matters requiring legal attention, and shall promptly notify Owner of the
institution of all such actions (unless the action is routine). In addition,
Manager shall promptly notify Owner of any lawsuit or threat thereof involving
or affecting the Center of which Manager receives actual knowledge and provide
Owner with copies of any notice thereof, including any notice of default
received by Manager. Manager shall be authorized when expedient to settle,
compromise and release such actions or suits or reinstate tenancies, provided
Manager shall obtain Owner's prior written approval if any portion of total
rentals under a lease are to be forgiven or if Owner would be incurring or
assuming additional liabilities or paying any fine; provided, however, that
Owner's prior written approval shall not be required for, and Manager shall have
authority to settle matters involving disputed amounts or forgive rents of
$25,000 or less. Whenever the services of an attorney or legal assistant are
reasonably deemed necessary by Manager, Manager may retain outside attorneys or
legal assistants or may use the services of in-house attorneys or legal

                                       11
<PAGE>

assistants on Manager's staff, or on the staff of any company affiliated or
associated with Manager. The retention or use of any such outside or in-house
attorneys or legal assistants shall be at Owner's sole cost and expense.
Notwithstanding anything to the contrary contained herein, in the event of any
litigation between the parties respecting the matters covered by this Agreement,
the prevailing party shall be entitled to recover its reasonable attorney's fees
incurred therein as part of any judgment rendered therein, as provided in
Section 8.9 below.

     Section 4.10 Sale, Financing or Refinancing of the Center. Cooperate with
and assist Owner from time to time in any attempt(s) by Owner to sell, finance
or refinance the Center. Such cooperation shall not entitle Manager to any
additional compensation, and Manager shall not be deemed to be acting as a
broker unless Owner and Manager enter into a separate written agreement for
engaging Manager as broker with respect to the Center. Such cooperation shall
include, without limitation, answering prospective purchaser's and lender's
questions about the Center, preparing and certifying rent rolls (to the extent
Manager is provided complete legal documentation), photocopying and compiling
project information for any prospective purchaser or lender, notifying tenants
about the sale of the Center, furnishing and calculating proration and
adjustment information to complete any closing statement and obtaining estoppel
certificates and other documents from all tenants of the Center in the form
required by the prospective purchaser or lender. If Owner executes a listing
agreement with a broker (other than Manager) for the sale or other disposition
of all or any portion of the Center, Manager shall cooperate with such broker at
no expense to Manager; provided, however, such broker's activities shall be
carried on without interference with tenants and occupants. Manager will permit
the broker to exhibit the Center during reasonable business hours and will, if
appropriate, accompany the broker on tours of the Center. Manager's work with
respect to such outside broker shall be without compensation except as
authorized by Owner subject, however, to reimbursement for reasonable
out-of-pocket expenses incurred by Manager. Manager shall refer to Owner all
inquiries and offers to purchase the Center.

     Section 4.11 Tenant Requests. Manager shall receive and respond to
complaints and requests of tenants and parties to reciprocal easement
agreements. Records shall be maintained showing the action taken with respect to
each complaint or request. Upon request, copies of all complaints and requests
by tenants shall be provided to Owner. In addition, complaints or requests of a
material nature shall, after investigation of such complaints by Manager, be
reported in writing by Manager to Owner. Manager shall include in such written
report to Owner all relevant details and appropriate recommendations.

     Section 4.12 Impounds and Capital Reserves. In the event that under the
terms or provisions of any mortgage or deed of trust to which the Center is
subject, the mortgagor or trustor is required to deposit in installments an
amount against or based upon taxes, insurance premiums or other sums, then
Manager shall make such deposits to the extent Owner provides the funds therefor
and notice of such requirements.

     Section 4.13 Notice of Casualty, Condemnation and Violations. Manager shall
notify Owner immediately of any known fire, accident or other casualty,
condemnation proceedings, rezoning or other governmental order, lawsuit or
threat thereof involving the Center, and of the receipt of any notice of
violations relative to the leasing, use, repair and maintenance of the Center
under governmental rules, regulations, ordinances or like provisions.

                                       12
<PAGE>

     Section 4.14 Owner Agreements. If Owner directs, Manager shall pay when due
(i) all debt service and other amounts due under any mortgages which encumber
the Center or any part thereof, and give Owner notice of the making of each
payment and (ii) all rent and other charges payable under any ground lease of
land included in the Center under which Owner is tenant. Manager shall cause the
requirements on the part of Owner under all such mortgages and ground leases of
space in the Center, all ground leases and reciprocal easement agreements with
department stores and all other agreements affecting or relating to Manager to
be carried out and complied with in all material respects, but only to the
extent that such requirements are at the time reasonably capable of being
carried out by Manager and complied with and Manager has available the necessary
funds therefor from collections from the Center or advances by Owner. Manager
shall promptly notify Owner of any default under any such mortgage, lease,
reciprocal easement or other agreement on the part of Owner, the tenant or other
party thereto of which Manager becomes aware. Manager shall use commercially
reasonable good faith efforts to require compliance with the requirements of
mortgages, leases of space in the Center, ground lease, reciprocal easement
agreements, operating agreements and all other agreements affecting or relating
to the Center which are known or made known to Manager on the part of tenants,
department stores and other parties thereof and enforce compliance with the
rules and regulations and other standards adopted by the Owner from time to
time. Manager shall timely prepare any statements that Owner is required to
submit under the terms of any mortgages, ground leases, reciprocal easement
agreements and leases.

                                    SECTION V
                                    ---------

                               BEARING OF EXPENSES
                               -------------------

     Section 5.1 Manager shall pay all expenses of operating the Center from the
Center Disbursement Account in such amounts as are necessary within the scope of
the authority granted to Manager under Section 2.1 of this Agreement or
according to the then current Approved Annual Budget.

     Section 5.2 If the funds on deposit in the Center Disbursement Account are
insufficient to cover the amounts which are necessary according to the then
current Approved Annual Budget to pay the operating expenses for such month,
Manager shall promptly notify Owner, and Owner shall promptly make up such
negative cash flow by depositing an amount equal to the deficit in the Center
Disbursement Account. Manager shall not be obligated to advance Manager's own
funds on behalf of Owner. If Manager makes any such advance from Manager's own
funds at the request of Owner, Owner shall, on demand of Manager, reimburse
Manager for any such advance plus interest thereon at the rate per annum
publicly announced by the depository holding such Center Disbursement Account as
its base or prime rate from the date of such advance to, but not including, the
date of such reimbursement.

     Section 5.3 Manager shall use the funds on deposit on the Center
Disbursement Account to pay when due the following items in the following order
of priority:

          5.3.1 all real estate taxes as and when they become due, and, in any
event, before the date on which interest and/or any penalty becomes payable with
respect thereto and, if directed by Owner, insurance premiums as and when they

                                       13
<PAGE>

become due and payable with respect to the Center. The provisions of this clause
5.3.1 shall not apply with respect to such tax and insurance payments as are
required to be made directly by a tenant under a Lease; provided, however, that
Manager shall nonetheless be obligated to make such payments in the event
Manager obtains knowledge of such tenant's failure to timely make such payments;

          5.3.2 all utility charges as and when they become due and payable with
respect to the Center. The provisions of this clause 5.3.2 shall not apply with
respect to such utility payments as are required to be made directly by a tenant
under a Lease, provided, however, that Manager shall nonetheless be obligated to
make such payments in the event of such tenant's failure to timely make such
payments.

          5.3.3 all payments to any lenders at the Center;

          5.3.4 all proper charges due and payable under any contracts relating
to the Center;

          5.3.5 all amounts necessary to purchase supplies, tools, uniforms and
other materials necessary for the proper maintenance and operation of the
Center;

          5.3.6 all other fees, costs and expenses payable pursuant to this
Agreement, including, but not limited to the fees and reimbursements due Manager
hereunder; and

          5.3.7 monthly, the balance in excess of reasonably required reserves,
to Owner.

     Section 5.4 Manager shall advise the Owner (i) of any information received
by Manager with respect to any actual or proposed material increase in real
estate taxes, (ii) whether in its reasonable opinion the amount of taxes should
be challenged, and (iii) the means available for obtaining a reduction of same,
together with its recommendations as to the course of action to be pursued.

                                   SECTION VI
                                   ----------

                                  COMPENSATION
                                  ------------

     Section 6.1 Management Fees. Manager shall be entitled to receive a monthly
management fee ("Management Fee") equal to three and one-half percent (3.5%) of
Total Gross Income (as hereinafter defined) from the Center. Fees for any
partial calendar months shall be prorated on a per diem basis. The term "Total
Gross Income" as used herein shall mean the gross amount of all rents payable by
tenants at the Center under their leases for base, fixed or minimum rent,
percentage or overage rent and including reimbursements for CAM, insurance, real
estate taxes and other reimbursable expenses due under their leases. The monthly
Management Fee shall be calculated and paid on an accrual accounting basis
provided, however, that Manager shall be required to deliver to Owner each
quarter a reconciliation (accrual basis to cash basis) of rents payable by

                                       14
<PAGE>

tenants and rents actually received and the monthly Management Fees paid to
Manager for such quarter shall be adjusted accordingly. Total Gross Income shall
not include security deposits (until applied to a tenant's rental obligations),
payments made in respect of any loan advanced by Owner to any tenant, interest
or investment income, insurance proceeds, tax refunds, condemnation awards,
utilities and service charges payable to third parties by tenants, dividends on
insurance policies and proceeds of sale or refinancing or any other capital
event or any tax or operating expense reimbursement. Such fees shall be paid on
or before the fifth day of each calendar month with respect to Total Gross
Income for the preceding month.

     Section 6.2 Leasing Commissions and Other Compensation.

          6.2.1 Leasing Commissions. Service Provider shall be entitled to
receive commissions for all leases, renewals, extensions, expansions and
relocations executed with tenants for the Center, and other compensation, in
accordance with the schedule attached as Exhibit B hereto and as further
described therein.

          6.2.2 Other Compensation.

          (a) Tenant Coordination Services. For services which Manager performs
     in connection with expediting the design process and construction process
     and/or the completion of tenant finish work (an "Oversight Transaction"),
     Manager shall receive an additional fee or compensation in accordance with
     the schedule attached as Exhibit B hereto and as further described therein.

          (b) Acquisition Fee. Manager shall be paid an acquisition fee equal to
     75 basis points of the purchase price paid by Owner for the Center at the
     time of the closing on the acquisition of the Center by Owner.

          (c) Asset Management Fee. Manager shall receive an asset management
     fee equal to 75 basis points of the Total Gross Income collected by Manager
     for each calendar year payable monthly within thirty (30) days following
     the end of each month. The asset management fee shall be calculated and
     paid on an accrual accounting basis provided, however, that Manager shall
     be required to deliver to Owner each quarter a reconciliation (accrual
     basis to cash basis) of rents payable by tenants and rents actually
     received and the monthly asset management fees paid to Manager for such
     quarter shall be adjusted accordingly.

     Section 6.3 Manager's Office. Owner shall provide a reasonable and
appropriate space within the Center, rent-free, to serve as Manager's on-site
office, shall fully furnish and equip the same, and shall pay all direct costs
of operating said on-site office, including, without limitation, utilities,
telephone and office supplies.

     Section 6.4 Payments and Reimbursements. Manager may pay directly out of
the Center Disbursement Account, or Manager shall be entitled to receive
reimbursement (which it may withdraw from the Center Disbursement Account) for
the fees and commissions earned pursuant to this Section VI.

                                       15
<PAGE>

     Section 6.5 No Other Compensation. Service Provider and/or Manager shall
receive no compensation or reimbursement of any kind or nature for or during the
Term for services performed under this Agreement, except as provided in this
Agreement.

                                   SECTION VII
                                   -----------

                                   TERMINATION
                                   -----------

     Section 7.1 Termination by Owner. Owner may terminate this Agreement for
cause by written notice to Manager at any time. As used herein, "for cause"
shall mean the occurrence of any one or more of the following:

          7.1.1 Acts of Manager. If Manager or any of its directors, officers or
employees commit any gross negligence, willful misconduct, fraud or malfeasance
or if Manager is convicted of any crime.

          7.1.2 Default. The failure by Manager to perform any of its
obligations hereunder if such failure shall not have been cured by Manager (a)
within ten (10) days after written notice thereof in the case of a monetary
default and (b) within thirty (30) days after written notice thereof in the case
of a non-monetary default (or, if the non-monetary default in question is
curable but is of such nature that it cannot reasonably be completely cured
within such 30-day period, such longer period, not to exceed sixty (60)
additional days, as may reasonably be necessary provided that Manager, after
receiving such notice, promptly commences to cure such default and thereafter
proceeds with reasonable diligence to complete the curing thereof; provided,
however, that if the performance of Manager's obligations requires that repairs
or similar work be completed at the Center and, despite Manager's reasonable
diligent efforts, such work cannot be completed within such additional 60-day
period, such 60-day period may be further extended as is reasonably necessary
for Manager to complete such work, as long as Manager continues to proceed with
reasonable diligence to perform same and provides Owner with periodic updates
until such work is completed).

          7.1.3 Bankruptcy. The occurrence of any of the following by, against
or with respect to Manager:

               (a) The commencement of a case under Title 11 of the U.S. Code,
as now constituted or hereafter amended, or under any other applicable federal
or state bankruptcy law or other similar law (which, in the case of an
involuntary proceeding, is not dismissed within 60 days after such
commencement);

               (b) An assignment for the benefit of creditors;

               (c) The appointment pursuant to any judicial proceeding of a
trustee or receiver to take possession of all or a major portion of Manager's
property, which possession is not restored to Manager within sixty (60) days
after such appointment;

                                       16
<PAGE>

               (d) An attachment, execution or other judicial seizure of all or
a major portion of the property of Manager (where such seizure is not discharged
within 60 days after the date the same is effected); or

               (e) In any legal proceeding, the adjudication or stipulation of
insolvency or inability to pay debts as and when they come due.

          7.1.4 Casualty or Condemnation. Owner permanently discontinues the
operation of the Center on account of damage to or destruction of, or a taking
by (or sale under threat of) eminent domain of a substantial part of the Center.

          7.1.5 Sale of Center. If Owner shall sell the Center or, if Parent
shall sell its equity interests of Owner or [________________] REIT, LLC, a
Delaware limited liability company, to an unaffiliated third party, such
termination to be effective upon the occurrence of the closing of such sale. Any
such termination shall not release Manager from the obligations and liabilities
specified in Section 7.3.2.

          7.1.6 Change in Manager or in Manager's Ownership Interest. A material
change in control or ownership of the Manager or Manager's parent entity,
Glimcher Realty Trust, shall occur (defined as (i) any change in the ownership
of Manager whereby Glimcher Realty Trust either shall cease to own a majority of
the economic interests in Manager or shall cease to control the sole general
partner of Manager, (ii) any change in the identity of the owners of the general
partnership interests in the Manager, (iii) any change in the membership of
Glimcher Realty Trust's board of directors which results in the board members as
of any date after the Effective Date constituting less than fifty percent (50%)
of the total board members at any time during the one (1) year period following
such date, (iv) the acquisition of more than twenty-five percent (25%) of the
capital stock of Glimcher Realty Trust by any person or "group" (within the
meaning of Rules 13d-3 and 13d-5 of the Securities Exchange Act of 1934, as
amended) or (v) if Manager or any affiliate of Manager shall cease to have an
equity interest in Parent). Any such termination shall not release Manager from
the obligations and liabilities specified in Section 7.3.2.

          7.1.7 Occurrence of Cause. The occurrence of Cause (as defined in the
Parent LLC Agreement).

     Section 7.2 Termination by Manager. If Owner shall default in any material
respect in performing any of its obligations under this Agreement and such
default shall not be cured within thirty (30) days after written notice thereof
is given by Manager to Owner (or, if the default in question is curable but is
of such nature that it cannot reasonably be completely cured within such 30-day
period, such longer period, not to exceed thirty (30) additional days, as may
reasonably be necessary provided that Owner, after receiving such notice,
promptly commences to cure such default and thereafter proceeds with reasonable
diligence to complete the curing thereof), Manager shall have the right to
cancel this Agreement by written notice to Owner of its election so to do which
cancellation shall be effective upon thirty (30) days of the service of such
written notice; provided, that such default is not caused by the actions of
Manager. Such cancellation shall not release the indemnities of Owner under this
Agreement and shall not terminate any liability or obligation of Owner to
Manager for any payment, reimbursement, or other sum or money then due and
payable to Manager hereunder.

                                       17
<PAGE>

     Section 7.3 Effect of Termination. Termination of this Agreement shall
terminate all rights and obligations of the parties hereunder (but such
termination shall not affect the rights and obligations of the parties arising
during or relating to the period prior to the date of such termination, or
otherwise expressly provided to survive such termination under this Agreement
(including the obligation to pay Leasing Fees for leases signed after
termination of this Agreement, if payable in accordance with Exhibit B), and
shall not prejudice the rights of either party against the other for any prior
breach of this Agreement, except as expressly provided to the contrary herein).
Without limitation on the generality of the foregoing:

          7.3.1 Termination of this Agreement shall terminate any and all rights
of Manager to act in such capacity on behalf of or with respect to the Center
(and Manager shall, if Owner so requests, execute a notice to third parties that
such rights of Manager have been so terminated).

          7.3.2 Owner's termination of this Agreement shall be Owner's sole
remedy in the event that Manager defaults hereunder, provided: (a) Manager shall
remain liable for any conduct that is grossly negligent, or otherwise tortious
and (b) Manager's indemnity obligations under Sections 8.5 and 8.6 shall survive
as to matters occurring prior to termination hereof.

          7.3.3 Manager shall be required to continue to perform its obligations
under this Agreement pending the payment of any undisputed amounts due to
Manager and the resolution of any dispute arising out of or relating to this
Agreement and Owner will not withhold any payment due Manager without a good
faith basis for doing so.

     Section 7.4 Final Accounting. Upon the termination of this Agreement
(whether upon expiration of the Term or an earlier termination as herein
provided), Manager shall forthwith provide or deliver to Owner: (a) a final
accounting with respect to the Center; (b) all monies of Owner held or
controlled by Manager with respect to the Center which Manager is not entitled
by this Agreement to disburse to itself; (c) as received, any monies due Owner
under this Agreement with respect to the Center, but received by Manager after
such termination; (d) all materials, supplies, keys, contracts, leases,
documents, accounting papers, books and records (other than those relating to
Manager's own business and affairs) possessed by Manager with respect to the
Center, and (e) a duly executed and acknowledged assignment of all rights
Manager may have as Manager in and to any existing contracts relating to the
operation and maintenance of the Center, and Owner shall assume and agree to
hold Manager harmless from all of Manager's obligations thereunder, except to
the extent that the existence thereof is or Manager's operation thereunder was
contrary to any provision of this Agreement. Manager shall cooperate with Owner
and any new manager selected by Owner to manage and lease the Center by promptly
responding to all reasonable requests from Owner for information or
documentation in connection with Manager's management of the Center pursuant to
this Agreement.

                                       18
<PAGE>

                                  SECTION VIII
                                  ------------

                                  MISCELLANEOUS
                                  -------------

     Section 8.1 No Joint Venture. This Agreement shall not be construed as
effecting a partnership or joint venture between Owner and Manager and/or
Service Provider. In executing any leases, contracts or other documents or
agreements on behalf of Owner pursuant to this Agreement, Manager or Service
Provider, as the case may be, shall disclose Owner's name and set it forth as
party-in-interest, and shall sign in the capacity as Owner's agent.

     Section 8.2 Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns, provided that Manager and/or Service Provider shall not be entitled
to assign this Agreement without the prior written consent of Owner.

     Section 8.3 Insurance and Waiver of Subrogation. Owner shall maintain as an
expense of the Center insurance for the Center in form and amount as determined
by Owner in Owner's discretion. Alternatively, if requested by Owner, Manager
shall obtain insurance for the Center, in form and amount as determined by Owner
in Owner's discretion, which insurance shall be an expense of the Center.
Manager and Service Provider shall each maintain, as an expense of the Center,
workers' compensation insurance in amounts required or permitted by statute and
employers' liability insurance in, the amount of at least $500,000 per
occurrence (if on-site workers will be on Manager's or Service Provider's or
their respective Affiliate's payroll), comprehensive automobile liability
insurance in an amount not less than $5,000,000, commercial liability insurance
of not less than $5,000,000, and such other insurance, if any, as Manager or
Service Provider deems reasonable and appropriate. Manager and Service Provider
shall each provide certificates evidencing such coverages which certificates
shall provide that such insurance cannot be cancelled, non-renewed or reduced
without thirty (30) days prior written notice to Owner. Owner and Manager waive
any right to recover against each other for claims covered by their respective
policies of insurance and Owner and Service Provider waive any right to recover
against each other for claims covered by their respective policies of insurance.
This provision is intended to waive fully, and for the benefit of Owner and
Manager and/or Owner and Service Provider, as the case may be, any rights and/or
claims which might give rise to a right of subrogation in favor of any insurance
carrier.

     Section 8.4 Owner Indemnity. Owner shall defend, indemnify and hold
Manager, Service Provider and their respective Affiliates harmless from and
against any and all losses, liabilities, damages, claims, actions, demands,
judgments, orders, fines, penalties, back-pay awards, costs and expenses
(including, without limitation, court costs and experts' and reasonable
attorneys' fees) arising out of or in connection with any claim or legal action
or proceeding by third parties which Manager shall incur or suffer and which
relates to this Agreement or the performance by Manager and Service Provider of
their respective obligations and duties hereunder, and Owner hereby waives all
claims against Manager and Service Provider in connection therewith, except that
such indemnification and waiver shall not apply in the case of acts or omissions
of Manager or Service Provider or its Affiliates constituting gross negligence,
fraud, breach of fiduciary duty, willful, reckless or criminal misconduct, or a
material breach of this Agreement (provided that such breach was not caused by
Owner or by events beyond the reasonable control of Manager). The foregoing

                                       19
<PAGE>

indemnification shall not apply to the extent that there are unreimbursed
damages due to Manager's or Service Provider's failure to maintain the insurance
required to be maintained by Manager or Service Provider pursuant to this
Agreement if the matter in question is covered by insurance covering Manager or
Service Provider, as the case may be, or their respective Affiliates.

     Section 8.5 Indemnity.

          8.5.1 Manager Indemnity. Manager shall defend, indemnify and hold
Owner harmless from and against any and all losses, liabilities, damages,
claims, actions, demands, judgments, orders, fines, penalties, back-pay awards,
costs and expenses (including, without limitation, court costs and experts' and
attorneys' fees) arising out of or resulting from, directly or indirectly, any
act or omission of Manager or any of its agents, officers, employees or
representatives constituting gross negligence, fraud, breach of fiduciary duty,
willful, reckless or criminal misconduct, or a material breach of this Agreement
(provided that such breach was not caused by Owner or by events beyond the
reasonable control of Manager) and Manager hereby waives all claims against
Owner in connection therewith.

          8.5.2 Service Provider Indemnity. Service Provider shall defend,
indemnify and hold Owner harmless from and against any and all losses,
liabilities, damages, claims, actions, demands, judgments, orders, fines,
penalties, back-pay awards, costs and expenses (including, without limitation,
court costs and experts' and attorneys' fees) arising out of or resulting from,
directly or indirectly, any act or omission of Service Provider or any of its
agents, officers, employees or representatives constituting gross negligence,
fraud, breach of fiduciary duty, willful, reckless or criminal misconduct, or a
material breach of this Agreement (provided that such breach was not caused by
Owner or by events beyond the reasonable control of Manager) and Service
Provider hereby waives all claims against Owner in connection therewith.

     Section 8.6 Waiver of Mechanics' Liens. Manager and Service Provider hereby
waive any and all mechanics' or materialmen's liens and rights to assert such
liens which it may or hereafter have against the Center for any services, work,
labor or materials to be performed or furnished by it pursuant to this Agreement
or any compensation owed to it under this Agreement. This lien waiver is and
shall be self-operative and no further instrument of waiver shall be required to
effectuate the provisions hereof. Nevertheless, Manager and Service Provider
hereby agree to execute, seal and deliver such further lien waivers and
assurances as may be requested by Owner or as may be necessary or appropriate to
permit Owner to obtain satisfactory title insurance endorsements for the Center
and affirmative coverage against mechanics' and materialmen's liens for the
services, labor, materials or other work performed hereunder by Manager or
Service Provider or any of the agents and representatives of Manager or Service
Provider.

     Section 8.7 Subordination. This Agreement shall be subordinate to any
financing placed on the Center, including any construction loans and any other
financing or refinancing, and Manager will execute the form of consent and
subordination agreement reasonably requested by any applicable lender.

                                       20
<PAGE>

     Section 8.8 Violations of Laws: Environmental Liabilities. If either Owner
or Manager becomes aware of any "Violations of Laws" or of any "Environmental
Liabilities" (as such terms are defined below) relating to the Center, each
shall promptly advise the other party. Owner represents and warrants that, to
the best of its knowledge the Center is not subject to any Violations of Laws,
and to the best of its knowledge after reasonable investigation the Center is
not subject to any Environmental Liabilities, except those which Owner has
disclosed in writing to Manager. "Laws" herein shall mean all federal, state,
county and local governmental or municipal laws, ordinances, regulations,
judgments, orders, rules and other such requirements, decisions by courts in
cases where such decisions are binding precedents in the state in which the
Center is located, and decisions of federal courts applying the Laws of such
state, at the time in question, including but not limited to all "Environmental
Laws" (as defined below) and those pertaining to fair employment, fair credit
reporting, health, safety, building code, rent control, taxes, equal access or
fair housing, including, but not limited to, any law prohibiting, or making
illegal, discrimination on the basis of race, sex, creed, color, religion,
national origin, economic or governmentally subsidized status, or physical,
mental or other disability or condition, and any labor laws. "Environmental
Laws" herein shall mean the Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended, 42 U.S.C. 9601, et seq.. Hazardous
Materials Transportation Act, 49 U.S.C. 1801, et seq., Resource Conservation and
Recovery Act of 1976, 42 U.S.C. 6901 et seq., Clean Air Act, 42 U.S.C. 7401 et
seq., Clean Water Act, 33 U.S.C. 1251, et seq., Safe Drinking Water Act, 14
U.S.C. 300t, et seq., Toxic Substances Control Act, 15 U.S.C. 2601, et seq.,
Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. 136 et seq., Atomic
Energy Act of 1954, 42 U.S.C. 2014 et seq., and any similar federal, state or
local Laws, and all regulations, guidelines, directives and other requirements
thereunder, all as may be amended or supplemented from time to time.
"Environmental Liabilities" herein shall mean any claims relating to the
presence of any Hazardous Substance or other conditions at the Center that are
subject to any Environmental Laws. The term "Hazardous Substance" for purposes
hereof shall mean any flammable, explosive, toxic, radioactive, biological,
corrosive or otherwise hazardous chemical, substance, liquid, gas, device, form
of energy, material or waste or component thereof including, without limitation,
all items now or hereafter listed, defined or regulated as a hazardous or toxic
chemical, substance, liquid, gas, device, form of energy, pathogen, material or
waste or component thereof by any federal, state or local governing body or
agency having jurisdiction. "Violations of Laws" herein shall mean all actual
and alleged violations of any Laws.

          8.8.1 Manager shall have authority, and shall reasonably seek, to
implement any programs respecting compliance with Laws or respecting
Environmental Liabilities established by Owner or Owner's expert consultants, at
Owner's expense and for such additional fees as the parties may mutually
approve, but Manager shall not be liable for any inadequacy of such programs.
Notwithstanding any other provision of this Agreement to the contrary, Manager
shall have no liability for conducting any environmental response activity,
including without limitation investigation and cleanup, unless Manager
specifically agrees in writing to conduct such response activity and Manager's
additional compensation for conducting such activity is set forth as part of
such agreement. At Manager's request, Owner shall promptly sign any manifests
indicating that Owner is the generator of any Hazardous Substances that must be
disposed of from the Center. Owner shall attend all meetings with regulatory
agencies concerning Environmental Liabilities affecting the Center, and Owner
shall be responsible for consulting with Manager in making all decisions
concerning responses to such regulatory agency activities.

                                       21
<PAGE>

          8.8.2 Notwithstanding any other provisions of this Agreement to the
contrary, Manager shall have no liability to Owner or to any third party for
damages or any other remedy related to any Violations of Laws or Environmental
Liabilities except to the extent that Manager caused the Violations of Laws or
Environmental Liabilities by Manager's acts that were grossly negligent,
tortious or outside the scope of Manager's authority as provided herein. Without
limiting the generality of the foregoing, Manager shall have no liability for:
(a) Violations of Laws or Environmental Liabilities existing as of the date
hereof; (b) Violations of Laws or Environmental Liabilities to the extent caused
by Owner, by any predecessor or successor of Owner, by any tenant, or by any
other third party except to the extent Manager caused the Violation of Laws and
Environmental Liabilities by Manager's acts which were grossly negligent,
tortious or outside the scope of Manager's authority; or (c) Violations of Laws
or Environmental Liabilities associated with disposal of wastes or other
Hazardous Substances from the Center except to the extent Manager caused the
Violation of Laws and Environmental Liabilities by Manager's acts which were
grossly negligent, tortious or outside the scope of Manager's authority. Owner
agrees to defend, indemnify and hold harmless Manager and its Affiliates from
and against all losses, liabilities, damages, claims, demands, judgments,
orders, fines, penalties, costs and expenses, including without limitation court
costs and experts and attorneys' fees, related to all Violations of Laws and
Environmental Liabilities (including but not limited to experts and reasonable
attorneys' fees and other expenses in connection with any claim, investigation,
proceeding or suit involving a Violation of Laws or Environmental Liabilities
alleged to have been caused by Manager, Manager's Affiliates and/or Owner),
unless and to the extent Manager caused the Violations of Laws or Environmental
Liabilities by Manager's acts that were grossly negligent, tortious or outside
the scope of Manager's authority as provided herein (in which case, Manager
shall indemnify and hold Owner harmless).

     Section 8.9 Software. Any software provided by either party in connection
with this Agreement shall: (a) remain the property of such party, (b) be used
only in the manner authorized by such party from time to time, and (c) be
returned upon termination of this Agreement, or earlier as requested by such
party.

     Section 8.10 Limitation of Liability. None of the parties' shareholders,
officers, directors, members, employees, affiliates or agents shall have any
liability under or in connection with this Agreement or relating to the Center.
The parties agree that neither Manager nor Service Provider, on the one hand,
nor Owner, on the other hand, shall make any claim against the other for
consequential damages under or in connection with this Agreement or relating to
the Center, including without limitation claims for lost profits, lost business
opportunities or damage to reputation, and all such claims are hereby waived and
released. Owner's liability for any claims under or in connection with this
Agreement or relating to the Center shall be limited to Owner's interest in the
Center and no other assets of Owner shall be subject to levy, execution or other
process for the satisfaction or enforcement of any judgment.

     Section 8.11 Attorneys' Fees. If any party obtains a judgment against any
other party by reason of breach of this Agreement, a reasonable attorneys' fee,
as fixed by the court, shall be included in such judgment.

                                       22
<PAGE>

     Section 8.12 No Waiver. Time is of the essence with respect to the
interpretation of the provisions of this Agreement. No waiver by any party of
any default by any other party or of any event, circumstance or condition
permitting a party to terminate this Agreement shall constitute a waiver of any
other default by such other party or of any other event, circumstance or
condition permitting such termination, whether of the same or of any other
nature or type and whether preceding, concurrent or succeeding; and no failure
on the part of any party to exercise any right it may have by the terms hereof
or by law upon a default by any other party and no delay in the exercise of such
right shall prevent the exercise thereof by the nondefaulting party at any time
when the other party may continue to be so in default, and no such failure or
delay and no waiver of default shall operate as a waiver of any other default,
or as a modification in any respect of the provisions of this Agreement. The
subsequent acceptance of any payment or performance pursuant to this Agreement
shall not constitute a waiver of any preceding default by a defaulting party or
of any preceding event, circumstance or condition permitting termination
hereunder, other than default in the payment of the particular payment or the
performance of the particular matter so accepted, regardless of the
nondefaulting party's knowledge of the preceding default or the preceding event,
circumstance or condition, at the time of accepting such payment or performance,
nor shall the nondefaulting party's acceptance of such payment or performance
after termination constitute a reinstatement, extension or renewal of this
Agreement or revocation of any notice or other act by the nondefaulting party.
No waiver of any provision of this Agreement shall be effective unless signed by
the party against whom the waiver is asserted.

     Section 8.13 Integration: Amendment. This Agreement, including the exhibits
attached hereto, constitutes the entire agreement between the parties hereto
relative to the subject matter hereof. Any prior negotiations, correspondence or
understandings relative to the subject matter hereof shall be deemed to be
merged in this Agreement. This Agreement may not be amended or modified except
in writing, executed by each of the parties hereto. Any amendment or
modification may be signed in counterparts, such that each photo-duplicate,
together with a complete set of signatures, shall constitute one and the same
agreement.

     Section 8.14 Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the state of California.

     Section 8.15 Severability. If any term or provision of this Agreement, or
the application thereof to any person or circumstance, shall to any extent be
held invalid or unenforceable by a court of competent jurisdiction, such result
shall not affect the other terms and provisions of this Agreement or
applications thereof which can be given effect without the relevant term,
provision or application, and to this end the parties agree that the provisions
of this Agreement are an shall be severable.

     Section 8.16 Notices. All notices and other communications provided for in
this Agreement shall be in writing and may be personally delivered or mailed by
recognized overnight courier service postage prepaid or by facsimile
transmission, provided that a copy of such notice is sent the same day for
delivery by overnight courier service, and addressed as follows:

                                       23
<PAGE>

               (a)  If to Owner, to:

                         [________________], LLC
                         c/o Glimcher Properties Limited Partnership
                         150 East Gay Street
                         Columbus, Ohio 43215
                         Attn:  General Counsel
                         Facsimile:  (614) 621-8863

               (b)  If to Manager, to:

                         Glimcher Properties Limited Partnership
                         150 East Gay Street
                         Columbus, Ohio 43215
                         Attn:  General Counsel
                         Facsimile:  (614) 621-8863

               (c)  If to Service Provider, to:

                         Glimcher Development Corporation
                         150 East Gay Street
                         Columbus, Ohio 43215
                         Attn:  General Counsel
                         Facsimile:  (614) 621-8863

or to such other address as any party shall hereafter designate by notice to the
others as herein provided. Any notice, demand or request shall be effective upon
receipt.

     Section 8.17 Captions. The Section headings herein contained are for
purposes of identification only and shall not be considered in construing this
Agreement.

     Section 8.18 Inspection by Owner. Neither this Agreement nor anything
contained herein shall be deemed to limit Owner's right to enter upon or inspect
the Center or to perform any repair or maintenance or to do or perform any
matter or thing required of Manager or Service Provider hereunder in the event
of Manager's or Service Provider's failure to do so, and, without limitation of
Owner's other rights as owner of the Center, Owner shall have the right to do
any or all of the foregoing in the event of such failure.

                       [SIGNATURES CONTINUED ON NEXT PAGE]

                                       24
<PAGE>

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

                      Owner: [________________], LLC,
                             a Delaware limited liability company

                             By: [________________] REIT, L.L.C., a Delaware
                                 limited liability company, its sole member

                                 By: GLIMCHER PROPERTIES LIMITED PARTNERSHIP,
                                     a Delaware limited partnership, as
                                     administering member of OG Retail Holding
                                     Co., LLC, a Delaware limited liability
                                     company

                                     By: GLIMCHER PROPERTIES CORPORATION, a
                                         Delaware corporation, its general
                                         partner

                                         By: _________________________
                                             Name:  George A. Schmidt
                                             Title:  Executive Vice President

                      Manager: GLIMCHER PROPERTIES LIMITED PARTNERSHIP,
                               a Delaware limited partnership

                               By: GLIMCHER PROPERTIES CORPORATION, a Delaware
                                   corporation, its general partner

                                   By: ________________________
                                       Name:  George A. Schmidt
                                       Title:   Executive Vice President

                      Services
                      Provider:  GLIMCHER DEVELOPMENT CORPORATION,
                                 a Delaware corporation

                                 By: __________________________
                                     Name:  George A. Schmidt
                                     Title:  Executive Vice President

                                       25
<PAGE>

                                    EXHIBIT A
                                    ---------

                               REQUIRED REPORTING
                               ------------------

<TABLE>
<S>     <C>
--------------------------------------------------------------------------------------------------------------
                                                                            Monthly    Quarterly    Annually
--------------------------------------------------------------------------------------------------------------
1.       Balance Sheet (1)                                                     X
--------------------------------------------------------------------------------------------------------------
2.       Detailed General Ledger                                               X
--------------------------------------------------------------------------------------------------------------
3.       Summary General Ledger                                                X
--------------------------------------------------------------------------------------------------------------
4.       Cash Available for Distribution                                       X
--------------------------------------------------------------------------------------------------------------
5.       Statement of Operations                                               X
--------------------------------------------------------------------------------------------------------------
6.       Detailed Statement of Operations                                      X
--------------------------------------------------------------------------------------------------------------
7.       Detailed Variance Report of Budget v. Actual by Account               X
--------------------------------------------------------------------------------------------------------------
8.       Minimum Rental Income Actual v. Budget Variance Report                X
--------------------------------------------------------------------------------------------------------------
9.       Accounts Receivable Aging                                             X
--------------------------------------------------------------------------------------------------------------
10.      Copy of Cash Receipts Report                                          X
--------------------------------------------------------------------------------------------------------------
11.      Copy of Check Disbursement (Payment Register)                         X
--------------------------------------------------------------------------------------------------------------
12.      Depreciation and Amortization Schedules and Related Assets                        X
--------------------------------------------------------------------------------------------------------------
13.      Accounts Payable Listing                                              X
--------------------------------------------------------------------------------------------------------------
14.      Capital Expenditure Summary (2)                                                   X
--------------------------------------------------------------------------------------------------------------
15.      Calculation of Management Fee and other fees payable to Manager       X
--------------------------------------------------------------------------------------------------------------
16.      Rent roll (tenant roster) including minimum rent increases            X
--------------------------------------------------------------------------------------------------------------
17.      Sales Category Reports (3)                                            X
--------------------------------------------------------------------------------------------------------------
18.      Operating Analysis Report - narrative***                              X
--------------------------------------------------------------------------------------------------------------
19.      Leasing Status report **                                              X
--------------------------------------------------------------------------------------------------------------

<PAGE>

20.      Reconciliation of bank accounts (with copies of all bank              X
         statements)
--------------------------------------------------------------------------------------------------------------
21.      Payroll register for employees and expenses to be paid by Owner       X
--------------------------------------------------------------------------------------------------------------
22.      Bad Debt Reserve analysis                                                         X
--------------------------------------------------------------------------------------------------------------
23.      Detail of Partners' Contributions and Distributions*                              X
--------------------------------------------------------------------------------------------------------------
24.      Lease Expiration Report by minimum rent and square   feet                         X
--------------------------------------------------------------------------------------------------------------
25.      Occupancy Cost by tenant on Tenant Summary Report                     X
--------------------------------------------------------------------------------------------------------------
26.      CAM and Real Estate Tax Billing Register*                                                     X
--------------------------------------------------------------------------------------------------------------
27.      Debt Amortization Summary*                                                        X
--------------------------------------------------------------------------------------------------------------
28.      Security Deposit Reconciliation*                                                  X
--------------------------------------------------------------------------------------------------------------
29.      5 Year Future Minimum Rent Schedule and Capital Plan                                          X
--------------------------------------------------------------------------------------------------------------
</TABLE>

* to be forwarded upon request.

** Leasing Status Report shall identify leases by: (a) those with stores that
are open and operating; (b) those with signed leases but not yet opened; and (c)
those which are in negotiation but not yet executed. Such report shall reflect
such key terms and conditions as: (i) leaseable area; (ii) annual rent; (iii)
rent per sq. ft.; (iv) lease commencement date; (v) lease expiration date; (vi)
rental increases; (vii) breakpoints and breakpoint percentages; (viii) tenant
options, and (ix) tenant allowances.

*** Operating Analysis Report shall include a descriptive summary in narrative
form of the operations of the Center during the reporting period, highlighting
all significant occurrences and any anticipated problems.

(1) Include enough detail to identify straight line rents, adjustments for FAS
141 and FAS 150, amortization and depreciation.

(2) Include breakdown of Cap Ex, First Generation Tenant Allowances, second
Generation Tenant Allowances and leasing fees (both to third parties and to
Manager/Service Provider).

(3) Include all tenants open during current and previous year. Should be
summarized by tenant. ICSC merchandise class, etc.

<PAGE>

                                    EXHIBIT B
                                    ---------

                              I. LEGAL LEASING FEES
                              ---------------------

     Legal Fees: To the extent that Service Provider utilizes in-house legal
staff to prepare and negotiate leases ("Legal Services"), Service Provider shall
charge Owner, and Owner shall pay for such Legal Services the fees as set forth
below:

     (a)  Leases for Major Tenants (defined as a lease exceeding 15,000 square
          feet): $0.75 per square foot;
     (b)  Leases for other tenants: $1.00 per square foot, with a minimum of
          $750 minimum;
     (c)  Out parcel sales or leases: $15,000 each;
     (d)  Lease prepared & negotiated, not resulting in fully executed lease:
          $750 per lease
     (e)  All actual out-of-pocket expenses incurred by Services Provider,
          including but not limited to, telephone and telefax charges, copying
          costs, reasonable travel expenses (including mileage, food and
          lodging), and postal and courier service charges;
     (f)  Other legal services performed by Service Provider shall be invoiced
          to and paid by Owner at an hourly rate comparable to that commonly
          charged for similar services rendered in the shopping center industry.

                             II. LEASING COMMISSIONS
                             -----------------------

1.   Commission Rates. Commissions shall be as follows:

     (a)  New in-line tenants with a minimum lease term of 5 years: $5.00 per
          square foot;
     (b)  Renewal of in-line tenants with a minimum lease term of 5 years: $3.50
          per square foot;
     (c)  New Major Tenants (defined as a tenant exceeding 15,000 square feet)
          with a minimum lease term of 5 years: $3.50 per square foot;
     (d)  Renewal lease of Major Tenants with minimum lease term of 5 years:
          $2.50 per square foot;
     (e)  For a new or renewal lease of in-line tenants or Major Tenants with a
          minimum term of less than 5 years, the fee shall be equal to the term
          of such lease divided by the product of 5 multiplied by the fees set
          forth above for in-line tenants or Major Tenants, as applicable. For
          example a new in-line tenant lease for a 3-year lease term entitles
          provider to a fee of $3.00 per square foot (3/5 of $5.00);
     (f)  Permanent kiosks (defined as a kiosk lease for a term of greater than
          13 months): $10,000 per lease;
     (g)  Temporary tenants & temporary kiosks - 20% of gross rents received;
     (h)  Other tenants - as is customary in the Los Angeles metropolitan area;
          and
     (i)  All leasing fees listed above will be subject to reduction by the
          amount (up to 50%) required to be paid to any outside broker or agent.

<PAGE>

2.   Payment of Commissions. Except as otherwise set forth herein, one-half of
     the commission shall be paid on execution of the lease by both parties and
     one-half when tenant occupies the leased space and commences payment of
     rent.

3.   Lease Extensions Renewals or Relocations. No commission shall be payable if
     a lease is renewed pursuant to the exercise of an option in the lease to
     renew or extend the term. Notwithstanding the foregoing, in the event of a
     renewal of a lease which does not contain an option to extend or renew, the
     renewal commission set forth in Paragraph 1 hereof shall be payable in full
     upon full execution, by Owner and tenant, of the new lease or lease
     amendment confirming the terms of the renewed lease.

4.   Documents Entered After Termination. Within ten (10) days after termination
     of this Agreement, Manager shall submit a written list of parties: (a) to
     whom Manager has presented a written proposal prior to termination of the
     Agreement, or (b) who have expressed an interest in the Center in writing
     prior to termination of this Agreement. If Owner or its representative
     shall enter a transaction or commence negotiations with any such party
     respecting the Center within 180 days after this Agreement has been
     terminated, Manager shall be entitled to a commission on the terms
     described above when the transaction closes.

                     III TENANT COORDINATION SERVICES FEES:
                     --------------------------------------

     (a)  For services in connection with expediting the design process and
          construction process and/or the completion of tenant finish work (an
          "Oversight Transaction"), a fee equal to $2,100.00 per Oversight
          Transaction relating to a lease other than for a restaurant or food
          service operation; and

     (b)  An Oversight Transaction fee equal to $2,750.00 per Oversight
          Transaction relating to a lease for a restaurant or food service
          operation.

                                        2
<PAGE>

                                    EXHIBIT B

                     Initial Annual Budget and Business Plan
                     ---------------------------------------

<PAGE>

                                                                       EXHIBIT C
                  Form of Level 1 Subsidiary Limited Liability Company Agreement

                       LIMITED LIABILITY COMPANY AGREEMENT

                                       OF

                          [________________] REIT, LLC

<PAGE>

ARTICLE I  DEFINITIONS AND RULES OF CONSTRUCTION                               1

1.01.    Definitions...........................................................1

1.02.    Rules of Construction.................................................6

ARTICLE II  FORMATION                                                          6

2.01.    Formation.............................................................6

2.02.    Name..................................................................6

2.03.    Mailing Address and Place of Business.................................6

2.04.    Registered Office.....................................................6

2.05.    Term..................................................................7

ARTICLE III  PURPOSE AND BUSINESS                                              7

3.01.    Business..............................................................7

3.02.    Authorized Activities.................................................7

3.03.    Title to REIT Property................................................8

3.04.    Investment Policies...................................................8

ARTICLE IV  THE MEMBERSHIP INTERESTS AND CAPITAL                               9

4.01.    Classes of Interests..................................................9

4.02.    Membership Units......................................................9

4.03.    Capital Contributions by Class A Members.............................10

ARTICLE V  DISTRIBUTIONS TO MEMBERS                                           10

5.01.    Distributions........................................................10

5.02.    Consent Dividends....................................................11

ARTICLE VI  RIGHTS AND OBLIGATIONS OF THE BOARD OF DIRECTORS                  11

6.01.    Management...........................................................11

6.02.    Authority............................................................11

6.03.    Liability for Acts and Omissions.....................................12

6.04.    Board of Directors...................................................15

6.05.    Other Activities.....................................................17

                                       ii
<PAGE>

ARTICLE VII  RIGHTS AND OBLIGATIONS OF MEMBERS                                17

7.01.    Management of the REIT...............................................17

7.02.    Limitation on Liability..............................................17

7.03.    Power of Attorney....................................................17

7.04.    Waiver of Action for Partition; Waiver of Fiduciary Duty.............18

7.05.    Confidentiality......................................................19

ARTICLE VIII  TRANSFER OF INTERESTS                                           19

8.01.    Transfers............................................................19

8.02.    Involuntary Withdrawal by Members....................................20

ARTICLE IX  DISSOLUTION AND LIQUIDATION                                       20

9.01.    Dissolution..........................................................20

9.02.    Liquidation..........................................................20

ARTICLE X  ACCOUNTING AND REPORTS                                             21

10.01.   Books and Records....................................................21

10.02.   Safekeeping of Funds.................................................22

ARTICLE XI  AMENDMENTS AND MEETINGS                                           22

11.01.   Amendment Procedure..................................................22

ARTICLE XII  MISCELLANEOUS                                                    23

12.01.   Applicable Law.......................................................23

12.02.   Binding Agreement; Severability......................................23

12.03.   Entire Agreement.....................................................23

12.04.   Record of Members....................................................23

12.05.   No Bill for Company Accounting.......................................23

12.06.   Counterparts.........................................................23

12.07.   No Third Party Rights................................................23

12.08.   Services to the REIT.................................................24

12.09.   Notices..............................................................24

12.10.   Appointment of the Paying Agent......................................24

SCHEDULE A   CLASS A MEMBERS AND CLASS A MEMBERSHIP UNITS....................A-1

                                       iii
<PAGE>

SCHEDULE B   CLASS B MEMBERS, CLASS B PREFERRED MEMBERSHIP UNITS AND
             CLASS B PERCENTAGE INTERESTS....................................B-1

EXHIBIT B-1  FORM OF CLASS A MEMBERSHIP UNIT CERTIFICATE...................B-1-1

EXHIBIT B-2  FORM OF CLASS B PREFERRED MEMBERSHIP UNIT CERTIFICATE.........B-2-1

                                       iv
<PAGE>

                     LIMITED LIABILITY COMPANY AGREEMENT OF

                          [________________] REIT, LLC

     THIS LIMITED LIABILITY COMPANY AGREEMENT is made as of the __ day of
_____________, _____, by and among the Members. Each capitalized term utilized
herein shall have the meaning ascribed to such term in Article I hereof.

                                    RECITALS

     WHEREAS, [________________] REIT, LLC, a Delaware limited liability
company, was formed pursuant to a Certificate of Formation filed in the office
of the Secretary of State of the State of Delaware on [________________]; and

     WHEREAS, the Members, by execution of this Agreement and causing a
Certificate of Formation of the REIT to be filed in the Office of the Secretary
of State of the State of Delaware, hereby form the REIT as a limited liability
company pursuant to and in accordance with the Act (as hereinafter defined).

     NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereto, intending to be legally bound hereby, agree as follows:

                                    ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION
                      -------------------------------------

     1.01. Definitions. The following terms have the definitions hereinafter
indicated whenever used in this Agreement with initial capital letters:

     "Act" shall mean the Delaware Limited Liability Company Act, as it may be
amended from time to time or any successor statute.

     "Affiliate" shall mean with respect to any Person (i) any other Person that
directly or indirectly through one or more intermediaries controls or is
controlled by or is under common control with such Person, (ii) any other Person
owning or controlling ten percent (10%) or more of the outstanding voting
securities, of or other ownership interests in, such Person, (iii) any officer,
director, member or partner of such Person and/or (iv) if such Person is an
officer, director, member or partner, the company for which such Person acts in
any such capacity. For purposes of this definition, the term "control," when
used with respect to any Person, means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise, and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

     "Agreement" shall mean this Limited Liability Company Agreement, as it may
be amended from time to time.

<PAGE>

     "Annual Budget" shall mean the annual budget for the REIT prepared by and
for the approval of the Board of Directors, prepared in the manner as provided
for the Partnership in Section 5.3 of the Partnership Agreement.

     "Approved Budget" shall mean, with respect to each Budget Year, the initial
Annual Budget and each subsequent Annual Budget for the Budget Year in question,
in each case as approved in accordance with the provisions hereof and as any of
the same may be amended from time to time in accordance with the provisions
hereof.

     "Available Receipts" shall mean the excess, if any, of (x) all cash or
other property received by the REIT (other than Capital Contributions) and not
yet distributed to the Members pursuant to Article V hereof over (y) any amounts
determined by the Board of Directors, in its discretion, to be necessary to pay
any REIT Expenses or to establish reserves therefor. In no event shall Available
Receipts exceed the amount legally available for distribution to the Members
under Delaware Law.

     "Bankruptcy" shall mean, with respect to the affected party, (i) the entry
of an Order for Relief under the Bankruptcy Code, (ii) the admission by such
party of its inability to pay its debts as they mature, (iii) the making by it
of an assignment for the benefit of creditors, (iv) the filing by it of a
petition in bankruptcy or a petition for relief under the Bankruptcy Code or any
other applicable federal or state bankruptcy or insolvency statute or any
similar law, (v) the expiration of sixty (60) days after the filing of an
involuntary petition under the Bankruptcy Code, (vi) an application by such
party for the appointment of a receiver for the assets of such party, (vii) an
involuntary petition seeking liquidation, reorganization, arrangement or
readjustment of its debts under any other federal or state insolvency law,
provided that the same shall not have been vacated, set aside or stayed within
such sixty-day period or (viii) the imposition of a judicial or statutory lien
on all or a substantial part of its assets unless such lien is discharged or
vacated or the enforcement thereof stayed within sixty (60) days after its
effective date.

     "Bankruptcy Code" shall mean Title 11 of the United States Code, as
amended.

     "Board of Directors" shall mean collectively those same individuals who
comprise the Management Committee of OG Retail Holding Co., LLC, as constituted
from time to time, when acting in their capacity as directors of the REIT (as
further set forth in Sections 6.02 and 6.04 herein).

     "Budget Year" shall mean the period beginning on the date hereof and ending
on December 31, 2006 and each successive calendar year thereafter, beginning on
January 1, 2007.

     "Business Day" shall mean any day on which banks located in Columbus, Ohio
are not required or authorized to close.

     "Business Plan" shall mean, for each Budget Year, the Approved Budget in
effect together with the annual strategic plan (including a leasing plan and
capital expenditure plan) in effect for the REIT for that Budget Year, prepared
in the manner provided for the Partnership in Section 5.3 of the Partnership

                                      -2-
<PAGE>

Agreement. Each Business Plan shall include a comparison to the Underwriting
Plan for the applicable Property that was provided to the Class B Member,
measuring the positive or negative deviations from the underwriting.

     "Capital Contribution" shall mean, with respect to each Class A Member, the
total amount of cash contributed by such Class A Member to the REIT pursuant to
the terms of this Agreement.

     "Certificate" shall mean any one of (x) a Class A Interest Certificate or
(y) a Class B Interest Certificate, as applicable.

     "Class A Interest Certificate" shall mean a certificate evidencing Class A
Membership Units in the form attached hereto as Exhibit B-1.

     "Class A Interests" shall mean the Interests of the Class A Members in the
REIT relating to or derived from the Class A Membership Units.

     "Class A Member" shall mean OG Retail Holding Co., LLC.

     "Class A Membership Unit" shall mean a unit representing a fractional share
of the Class A Interests and entitling the holder thereof to a share of the
distributions in respect of the Class A Membership Units.

     "Class B Interest Certificate" shall mean a certificate evidencing Class B
Preferred Membership Units in the form attached hereto as Exhibit B-2.

     "Class B Interests" shall mean the Interests of the Class B Members in the
REIT relating to or derived from the Class B Preferred Membership Units.

     "Class B Member" shall mean any Member that holds Class B Preferred
Membership Units.

     "Class B Preferred Membership Unit" shall mean a unit, representing one (1)
of a total of one hundred twenty five (125) Class B Interests and entitling the
holder thereof to a share of the distributions in respect of the Class B
Preferred Membership Units.

     "Class B Percentage Interest" shall mean, as of any date and with respect
to any Class B Member, the percentage obtained when the number of Class B
Preferred Membership Units owned by such Class B Member on such date is divided
by the total number of Class B Preferred Membership Units issued and outstanding
on such date.

     "Code" shall mean the Internal Revenue Code of 1986, as amended, and any
successor statutory provisions.

     "Consent" shall mean either the written consent of the Board of Directors,
or the affirmative vote of such Board of Directors at a meeting duly called and
held pursuant to this Agreement, as the case may be, to do the act or thing for
which the Consent is solicited, or the act of granting such Consent, as the
context may require.

                                      -3-
<PAGE>

     "Exchange Act" shall mean the U.S. Securities Exchange Act of 1934, as
amended, and all rules, rulings and regulations thereunder.

     "Excluded Liabilities" shall mean any liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, proceedings, costs, expenses or
disbursements of any kind or nature whatsoever (including all costs and expenses
of attorneys, defense, appeal and settlement of any and all suits, actions or
proceedings instituted or threatened against the REIT) and all costs of
investigation in connection therewith asserted against or incurred by the REIT
that result from the fraud, gross negligence or willful misconduct of the
applicable Member or any Indemnified Parties, or from any willful breach by the
applicable Member of its obligations set forth in this Agreement to the extent
such breach results in a material loss to the REIT.

     "Fiscal Year" shall mean the taxable year of the REIT which, except in the
case of a short taxable year, shall be the calendar year.

     "Indebtedness" shall mean with respect to any Person (i) all indebtedness
(whether secured or unsecured) of such Person for borrowed money or for the
deferred purchase price of property, goods or services, including reimbursement,
and all other obligations contingent or otherwise of such Person with respect to
surety bonds, letters of credit and bankers' acceptances, whether or not
matured, and hedges and other derivative contracts and financial instruments,
(ii) all obligations of such Person evidenced by notes, bonds, debentures, loan
agreements, reimbursement agreements or similar instruments (including senior,
mezzanine and junior borrowings, which may provide the lender with a
participation in profits), (iii) all indebtedness 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 sale of such property), (iv) all capital lease obligations of such Person,
(v) all indebtedness referred to in clause (i), (ii), (iii), or (iv) above
secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any lien upon or in property
(including accounts and contract rights) owned by such Person, even though such
Person has not assumed or become liable for the payment of such Indebtedness,
and (vi) all Indebtedness of others guarantied by such Person or for which such
Person has otherwise assumed responsibility on, before or after the date such
Indebtedness is incurred.

     "Indemnified Parties" shall have the meaning specified in Section 6.03(a)
hereof.

     "Interest" shall mean the entire interest of a Member in the REIT at any
particular time, including the right of such Member to any and all benefits to
which such Member may be entitled as provided in this Agreement and in the Act,
together with the obligations of such Member to comply with all the terms and
provisions of this Agreement and of the Act. The Membership Units issued to a
Member represent the Interest owned by that Member.

     "Investment" shall mean any investment, whether in the form of debt, equity
or otherwise, in a corporation, partnership, trust, limited liability company or
other entity, or a group of assets purchased in a single transaction or group of
related transactions, or any other asset.

                                      -4-
<PAGE>

     "Investment Company Act" shall mean the U.S. Investment Company Act of
1940, as amended.

     "IRS" shall mean the U.S. Internal Revenue Service, a branch of the U.S.
Treasury Department.

     "Liquidator" shall mean the Board of Directors.

     "Majority Decisions" shall mean the "Majority Decisions" listed in the
Partnership Agreement, as applied mutatis mutandis.

     "Member" shall mean any Person who is a member of the REIT, whether or not
such Person is identified on Schedule A or Schedule B hereof.

     "Membership Units" shall mean the Class A Membership Units and the Class B
Preferred Membership Units collectively.

     "Partnership" shall mean the limited liability company OG Retail Holding
Co., LLC.

     "Partnership Agreement" shall mean the Limited Liability Company Agreement
of OG Retail Holding Co., LLC, dated as of December 29, 2005.

     "Person" shall mean any individual, partnership, corporation, limited
liability company, trust or other entity.

     "Property" shall mean the property commonly known as the
[________________], located in the [________________], [________________], and
as more particularly described in the Partnership Agreement.

     "Regulations" shall mean the regulations of the U.S. Treasury Department
promulgated under the Code.

     "REIT" shall mean the limited liability company referred to herein, as such
limited liability company may from time to time be constituted.

     "REIT Expenses" shall mean all organizational expenses and all costs and
expenses of maintaining the operations of the REIT, determined for this purpose
on a cash basis, including taxes, fees and other governmental charges levied
against the REIT, insurance, indemnification obligations, administrative fees,
fees for property management and other services, audit costs and costs of
outside counsel, accountants and litigation, and amounts paid or reserved for
capital expenditures to the extent the retention of such amounts does not cause
the REIT to violate the provisions of Code Section 857.

     "Required Board Approval" shall mean, with respect to any Unanimous
Decision, the unanimous affirmative approval by all of the Board of Directors
and with respect to any Majority Decision, the affirmative approval of a
majority of the Board of Directors.

                                      -5-
<PAGE>

     "Securities Act" shall mean the U.S. Securities Act of 1933, as amended,
and all rules, rulings and regulations thereunder.

     "Subsidiary" means [________________].

     "Transfer" shall mean a sale, assignment, transfer or other disposition, or
pledge, hypothecation or other encumbrance, of an Interest, whether voluntary or
involuntary.

     "Unanimous Decisions" shall mean the "Unanimous Decisions" listed in the
Partnership Agreement, as applied mutatis mutandis..

     1.02. Rules of Construction. All other defined terms used in this Agreement
shall have the respective meanings assigned to them in the Sections in which
they appear. For all purposes of this Agreement, except as expressly provided or
unless the context otherwise requires, the words "including," "includes,"
"include," and other words of similar import shall be deemed to be followed by
the phrase "without limitation." Except as expressly provided, in any case where
the Board of Directors is authorized or required to take an action or give an
approval in its discretion or its judgment, it may do so in its sole discretion
or sole judgment; provided that the foregoing shall not negate any obligation of
the Board of Directors to act in good faith. For all purposes of this Agreement,
a "creditor of the REIT" shall include any Person extending credit to the REIT
and any Person who is entitled to the benefit of a guaranty, indemnity or other
assurance of payment from the REIT. All terms defined in this Agreement in the
singular shall have comparable meanings when used in the plural, and vice versa,
unless otherwise specified herein. It is intended that the terms of this
Agreement be construed in accordance with their fair meanings and not against
any particular Person. All section headings in this Agreement are for
convenience of reference only and are not intended to qualify the meaning of any
section.

                                   ARTICLE II

                                    FORMATION
                                    ---------

     2.01. Formation. The REIT has been formed as a limited liability company
under the laws of the State of Delaware. The Board of Directors shall, and shall
be authorized to, take all necessary action required by law to maintain the REIT
as a limited liability company under the Act and in all other jurisdictions in
which the REIT may elect to conduct business.

     2.02. Name. The name of the REIT is "[________________] REIT, LLC," which
name may be changed by the Board of Directors after notice to the Members.

     2.03. Mailing Address and Place of Business. The mailing address of the
REIT shall be [________________], or such other address as the Board of
Directors may determine upon notice to the Members. The principal place of
business of the REIT shall be such place within the United States as the Board
of Directors may determine. The Board of Directors may change the location of
the REIT's principal office and may establish such additional offices of the
REIT as it may from time to time determine.

     2.04. Registered Office. The address of the registered office of the REIT
in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington,

                                      -6-
<PAGE>

Delaware 19808, and the registered agent for service of process on the REIT in
the State of Delaware at such registered office is the Corporation Service
Company.

     2.05. Term. The REIT shall continue in full force and effect from the date
the Certificate of Formation was filed through the date of dissolution and
termination of the REIT as provided in Article IX hereof. At such time as the
REIT is terminated, a statement of cancellation shall be filed with the
appropriate governmental office of the State of Delaware, as required by law.

                                   ARTICLE III

                              PURPOSE AND BUSINESS
                              --------------------

     3.01. Business.

     (a) The sole purpose of the REIT is the acquisition, holding, pledging,
disposing of and otherwise dealing with the Property, whether directly or
indirectly through the Subsidiary, and all matters relating or incidental
thereto.

     (b) The REIT may engage in any other activities permitted by law and
related or incidental to those referred to in this Section 3.01, including
making temporary investments pursuant to Section 3.02(l) hereof.

     3.02. Authorized Activities. In carrying out the purposes of this
Agreement, but subject to all other provisions of the Partnership Agreement,
this Agreement and applicable law, the REIT is and shall be permitted, empowered
and authorized to engage in, take and carry out any and all of the following
activities as the Board of Directors shall from time to time expressly delegate
in its sole discretion:

     (a) to acquire, whether directly or indirectly through the Subsidiary,
invest in, manage, improve, hold, maintain, operate, lease, finance, mortgage,
pledge, hypothecate, foreclose upon, restructure and otherwise deal in or with
the Property and the proceeds thereof, and to sell, transfer or otherwise
dispose of the Property and the proceeds thereof;

     (b) to give guaranties or indemnities of other Persons' obligations,
including for the purpose of acquiring, disposing of, refinancing, operating and
otherwise dealing with the Property;

     (c) to enter into, perform and carry out contracts of any kind necessary or
incidental to the accomplishment of the purposes of the REIT, including causing
the Subsidiary to enter into a property management agreement with an Affiliate
of the Class A Member;

     (d) to bring, sue, prosecute, defend, settle or compromise actions at law
or in equity related to the purposes of the REIT;

     (e) to purchase, redeem, cancel or otherwise retire or dispose of the
Interest of any Member pursuant to the express provisions of this Agreement;

                                      -7-
<PAGE>

     (f) to execute and deliver all documents in connection with the sale of
Interests;

     (g) to incur and pay fees, costs and expenses (including, but not limited
to, REIT Expenses) of any type or nature necessary, convenient or incidental to
the accomplishment of the purposes of the REIT;

     (h) to maintain for the conduct of REIT affairs one or more offices and in
connection therewith to rent or acquire office space, engage personnel, whether
part-time or full-time, and to do, or cause to be done, such other acts as the
Board of Directors may deem necessary or desirable in connection with the
maintenance and administration of the affairs of the REIT;

     (i) to register or qualify the REIT under any applicable U.S. federal or
state or foreign laws, or to obtain exemptions under such laws, if such
registration, qualification, or exemption is deemed necessary or desirable by
the Board of Directors;

     (j) to engage attorneys, accountants, consultants, appraisers, and such
other Persons as the Board of Directors may deem necessary or desirable;

     (k) to engage in any kind of lawful activity and perform and carry out
contracts of any kind as the Board of Directors deems necessary or advisable in
connection with the accomplishment of the purposes of the REIT;

     (l) to temporarily invest funds as the Board of Directors shall determine
pending expenditure with respect to the Subsidiary or the Property or
distributions as provided herein.

     3.03. Title to REIT Property. All property owned by the REIT, whether real
or personal, tangible or intangible, shall be deemed to be owned by the REIT as
an entity, and no Member, individually, shall have any ownership of such
property. The REIT may hold any of its assets in its own name or in the name of
a Person acting as nominee for the REIT as long as such nominee shall be at the
direction of the REIT.

     3.04. Investment Policies.

     (a) The Board of Directors shall cause the business of the REIT to be
conducted in a manner such that the REIT will not be required to register as an
investment company under the Investment Company Act.

     (b) The Board of Directors shall cause the business, operations and affairs
of the REIT to be conducted in a manner that permits the REIT to qualify as a
"real estate investment trust" within the meaning of Section 856(a) of the Code
and the provisions of this Agreement shall be interpreted and applied in a
manner consistent with such qualification.

                                      -8-
<PAGE>

                                   ARTICLE IV

                      THE MEMBERSHIP INTERESTS AND CAPITAL
                      ------------------------------------

     4.01. Classes of Interests. The REIT has two classes of Interests
outstanding and authorized for issuance: Class A Interests and Class B
Interests. Each class is unitized such that the outstanding Class A Membership
Units as of any time represent all of the Class A Interests and the outstanding
Class B Preferred Membership Units as of any time represent all of the Class B
Interests.

     4.02. Membership Units.

     (a) On the date hereof, the Class A Member has received a number of Class A
Membership Units equal in number to the dollar amount (but not expressed in
dollars) of such Class A Member's Interest. Schedule A sets forth, as of the
date hereof, the name and address of, and the number of Class A Membership Units
held by, the Class A Member.

     (b) The REIT may from time to time issue Class B Preferred Membership Units
to any Person in exchange for a capital contribution of $1000 per Class B
Preferred Membership Units. The REIT intends to have outstanding at any time
from and after January 31, 2006 at least a number of Class B Preferred
Membership Units such that the sum of the number of Class A Members plus the
number of Class B Members equals at least 125. The Board of Directors, at its
option and upon not less than 15 nor more than 60 days' written notice, may
redeem Units of the Class B Preferred Membership Units, in whole or in part, at
any time or from time to time, for cash at a redemption price of $1,000.00 per
share, plus all accrued and unpaid dividends thereon to and including the date
fixed for redemption, plus a redemption premium per share (each, a "Redemption
Premium") as follows: (1) for any redemption on or prior to December 31, 2007,
$200; (2) for any redemption from January 1, 2008 to December 31, 2008, $150;
(3) for any redemption from January 1, 2009 to December 31, 2009, $100; (4)
thereafter, $0. If less than all of the outstanding Class B Preferred Membership
Units are to be redeemed, the Class B Preferred Membership Units to be redeemed
shall be selected pro rata (as nearly as may be practicable without creating
fractional Units) or by any other equitable method determined by the Board of
Directors, provided, however, that from and after January 31, 2006 no such
redemption shall cause the sum of the number of Class B Members plus the number
of Class A Members to equal less than 125. Schedule B sets forth, as of the date
hereof, the name and address of, the number of Class B Preferred Membership
Units held by, and the Class B Percentage Interest of, each of the Class B
Members. Schedule B may be amended by the Board of Directors from time to time
to reflect changes in the number or ownership of Class B Preferred Membership
Units, provided, however, that the failure to so modify Schedule B shall not
affect the rights or status of any Person who is or is no longer a Class B
Member.

     (c) Each Membership Unit shall be evidenced by a Certificate. If a Member
requests delivery of a Certificate representing its Membership Units and
subsequently requests a replacement Certificate representing its Membership
Units because the original Certificate is lost, misplaced, destroyed or stolen,
then such Member shall not be entitled to a replacement Certificate unless it
delivers a bond or other indemnity to the REIT satisfactory to the Board of
Directors in such sum as the Board of Directors may determine, not exceeding

                                      -9-
<PAGE>

double the value of the Membership Units represented by such Certificate, to
indemnify the REIT against any claim that may be made against it on account of
the alleged loss of any such Certificate, or the issuance of any such new
Certificate.

     4.03. Capital Contributions by Class A Members. The Class A Members are
each contributing to the capital of the REIT concurrently with the execution of
this Agreement the amounts of cash set forth on Schedule A to this Agreement. No
Class A Member is required to make any additional capital contribution to the
REIT.

                                    ARTICLE V

                            DISTRIBUTIONS TO MEMBERS
                            ------------------------

     5.01. Distributions.

     (a) Upon the REIT's receipt of Available Receipts, the Board of Directors
shall declare a distribution of, and shall cause the REIT promptly thereafter to
distribute, all such amounts to the Members as set forth in this Section 5.01.
Subject to Section 9.02(c) hereof, Available Receipts shall be distributed, to
the extent available, in the following priority:

          (1) First, to the Class B Members, pro rata in proportion to their
     Class B Percentage Interests, until each of the Class B Members has
     received a cumulative return of twelve and one-half percent (12.5%) per
     annum of the sum of the $1,000.00 liquidation preference, plus all
     accumulated and unpaid dividends thereon, taking into account the amount
     and timing of all prior distributions under this Section 5.01(a); and

          (2) Second, 100% to the Class A Member.

     (b) The Board of Directors may withhold from any amounts distributable to
any Member any amounts of any tax required to be withheld by the REIT under the
Code or the Regulations or the tax laws of any jurisdiction. Such amounts
withheld by the Board of Directors shall be treated as distributed to such
Member and paid by such Member to the relevant tax authority. If the REIT is
required to withhold taxes with respect to any amounts that are not currently
distributed to a Member, the Member shall pay to the REIT an amount equal to the
amount required to be withheld by the REIT.

     (c) With respect to Section 5.01(a)(1), such dividends shall accrue on a
daily basis and be cumulative from the first date on which any Class B Preferred
Membership Unit is issued, such issue date to be contemporaneous with the
receipt by the REIT of subscription funds for the Class B Preferred Membership
Units (the "Original Issue Date"), and shall be payable semi-annually in arrears
on June 30 and December 31 of each year or, if not a Business Day, the next
succeeding Business Day (each, a "Dividend Payment Date"). Any dividend payable
on the Class B Preferred Membership Units for any partial dividend period will
be prorated and computed on the basis of 360-day year consisting of twelve
30-day months (it being understood that the dividend payable on December 31,
2005 will be for less than the full dividend period). A "dividend period" shall
mean, with respect to the first "dividend period," the period from and including
the Original Issue Date to and including the first Dividend Payment Date, and
with respect to each subsequent "dividend period," the period from but excluding

                                      -10-
<PAGE>

a Dividend Payment Date to and including the next succeeding Dividend Payment
Date or other date as of which accrued dividends are to be calculated. Dividends
will be payable to holders of record as they appear in the share records of the
REIT at the close of business on the applicable record date, which shall be the
fifteenth (15th) day of the calendar month in which the applicable Dividend
Payment Date falls or on such other date designated by the Board of Directors
for the payment of dividends that is not more than thirty (30) nor less than ten
(10) days prior to such Dividend Payment Date (each, a "Divided Record Date").

     5.02. Consent Dividends. The Board of Directors shall use reasonable
efforts to make distributions each year in an amount that will cause the REIT's
"dividends paid deduction" (as defined in Section 561 of the Code) to at least
equal the REIT's taxable income for the year (determined without regard to the
dividends paid deduction). If there are not sufficient Available Receipts, the
Board of Directors is authorized to take such other actions (including a
declaration of consent dividends) as the Board of Directors determines is
appropriate to cause the dividends paid deduction to equal the REIT's taxable
income.

                                   ARTICLE VI

                RIGHTS AND OBLIGATIONS OF THE BOARD OF DIRECTORS
                ------------------------------------------------

     6.01. Management. The REIT shall be managed by the Board of Directors.
Subject to the provisions of this Agreement, the Board of Directors has the
full, exclusive and complete right, power, authority, discretion and
responsibility vested in or assumed by a Board of Directors of a limited
liability company under the Act and as otherwise provided by law, including
those necessary to make, affirmatively or negatively, all decisions affecting
the business of the REIT and/or the Subsidiary and to take and cause the REIT
and/or the Subsidiary to take those actions specified in Section 3.02 hereof.
Subject to the other provisions of this Agreement, the Board of Directors is
hereby vested with the full, exclusive and complete right, power and discretion
to operate, manage and control the affairs of the REIT to the best of its
ability and shall carry out the business of the REIT and the Subsidiary. The
Board of Directors may delegate authority to carry out the day-to-day activities
of the REIT and the Subsidiary to a manager or adviser, including a Person that
is an Affiliate of a Member, which delegation of authority shall be revocable in
whole or in part at any time by the Board of Directors in its sole discretion.
The Board of Directors intends to delegate the day-to-day management duties more
fully described in Section 3.02 hereof to the Administering Member (as defined
in the Partnership Agreement) of the Class A Member, subject to Article 3 of the
Partnership Agreement.

     6.02. Authority. (a) The Board of Directors has authority to bind the REIT,
by execution of agreements, instruments or other documents or otherwise, to any
obligation not inconsistent with the provisions of this Agreement and shall have
the full, exclusive and complete right, power, authority and discretion to
execute and deliver on behalf of the REIT and/or the Subsidiary and to cause the
REIT and/or the Subsidiary to perform its obligations under any such agreements,
instruments and documents. Subject to, and except as otherwise provided in the
Partnership Agreement, the Board of Directors may contract or otherwise deal
with any Person for the transaction of the business of the REIT, which Person

                                      -11-
<PAGE>

may, under the supervision of the Board of Directors, perform any acts or
services for the REIT as the Board of Directors may approve.

     (b) Notwithstanding any provisions in this Agreement to the contrary, no
act shall be taken, sum expended, decision made or obligation incurred by the
REIT or the Subsidiary with respect to a matter within the scope of any of the
Unanimous Decisions or Majority Decisions, unless and until the Required Board
Approval shall have been obtained pursuant to and in accordance with this
Section 6.02. Any action to be taken or made by or on behalf of the Subsidiary
that, if taken or made by or on behalf of the REIT would constitute an Majority
Decision or a Unanimous Decision shall be subject to the provisions of this
Section 6.02. In the event of any need for consent of the Board of Directors to
any Unanimous Decision or Majority Decision, any member of the Board of
Directors shall request in writing and shall provide the Board of Directors with
any information reasonably necessary for the Board of Directors to make an
informed decision. The Board of Directors shall use its commercially reasonable
efforts to keep informed of the status of any matter regarding requests for
consent.

     (c) Except as limited by the Partnership Agreement, the Board of Directors
shall have the authority to make or not to make any elections for tax purposes
in its discretion.

     (d) The Board of Directors may rely on and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, debenture or other paper
or document reasonably believed by it to be genuine and to have been signed or
presented by the proper party or parties.

     (e) The Board of Directors may consult with legal counsel, accountants,
appraisers, management consultants, investment bankers and other consultants and
advisers selected by it, and any act taken or omitted to be taken in reliance
upon the opinion of such Persons as to matters within such Person's professional
or expert competence shall be presumed to have been done or omitted in good
faith and not to constitute gross negligence or willful misconduct.

     (f) Persons dealing with the REIT are entitled to rely conclusively upon
the power and authority of the Board of Directors as herein set forth.

     (g) The Board of Directors shall take, or cause the REIT to take, any
actions reasonably required for the REIT to qualify as a "real estate investment
trust" for U.S. federal income tax purposes, including sending out the requests
for statements from the Members required by Regulations ss. 1.857-8.

     6.03. Liability for Acts and Omissions.

     (a) None of the members of the Board of Directors, any Member, any of their
Affiliates, nor their members, shareholders, partners, managers, officers,
directors, employees, agents and representatives (collectively, the "Indemnified
Parties") shall have any liability, responsibility or accountability in damages
or otherwise to any Member or the REIT for, and the REIT agrees to indemnify,
pay, protect and hold harmless the Indemnified Parties from and against, any and
all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, proceedings, costs, expenses and disbursements of any kind or nature
whatsoever (including all costs and expenses of attorneys, defense, appeal and

                                      -12-
<PAGE>

settlement of any and all suits, actions or proceedings instituted or threatened
against the Indemnified Parties or the REIT) and all costs of investigation in
connection therewith which may be imposed on, incurred by, or asserted against
the Indemnified Parties or the REIT in any way relating to or arising out of, or
alleged to relate to or arise out of, any action or inaction on the part of the
REIT, on the part of the Indemnified Parties when acting on behalf of the REIT
or on the part of any brokers or agents when acting on behalf of the REIT;
provided, however, that each Member shall be liable, responsible and accountable
for and shall indemnify, pay, protect and hold harmless the REIT from and
against the Excluded Liabilities, and the REIT shall not be liable to any
Indemnified Party for, any portion of the Excluded Liabilities; provided,
further, however, nothing in this provision shall create personal liability on
the part of any Member's Affiliates or its or their respective members,
shareholders, partners, managers, officers, directors, employees, agents or
representatives. Notwithstanding the foregoing, such indemnification obligation
by the REIT shall not apply where an Indemnified Party is seeking indemnity
based on a claim or action brought against such Indemnified Party by an officer
or director of a Member. If for any reason the foregoing indemnification is
unavailable to any Indemnified Party (other than by reason of the fraud, gross
negligence, or willful misconduct of such Indemnified Party) or insufficient to
hold it harmless, then the REIT shall contribute to the amount paid or payable
by such Indemnified Party as a result of such loss, claim, damage or liability
in such proportion as is appropriate to reflect not only the relative benefits
received by the REIT on the one hand and such Indemnified Party on the other
hand, but also the relative fault of the REIT and such Indemnified Party, as
well as any relevant equitable considerations. In any action, suit or proceeding
against the REIT or any Indemnified Party relating to or arising, or alleged to
relate to or arise, out of any such action or non-action, the Indemnified
Parties shall have the right to jointly employ, at the expense of the REIT,
counsel of the Indemnified Parties' choice in such action, suit or proceeding,
which counsel shall be reputable and qualified in matters of the type that are
the subject of such action, suit or proceeding, provided that if retention of
joint counsel by the Indemnified Parties would create a conflict of interest,
each group of Indemnified Parties which would not cause such a conflict shall
have the right to employ, at the expense of the REIT, separate counsel of such
group of Indemnified Parties' choice in such action, suit or proceeding, which
counsel shall be reputable and qualified in matters of the type that are the
subject of such action, suit or proceeding. The satisfaction of the obligations
of the REIT under this Section 6.03(a) shall be from and limited to the assets
of the REIT and no Member shall have any personal liability on account thereof.

     (b) The provision of advances from REIT funds to an Indemnified Party for
legal expenses and other costs incurred as a result of any legal action or
proceeding is permissible if (i) such suit, action or proceeding relates to or
arises out of, or is alleged to relate to or arise out of, any action or
inaction on the part of the Indemnified Party in the performance of its duties
or provision of its services on behalf of the REIT and (ii) the Indemnified
Party undertakes to repay any funds advanced pursuant to this Section 6.03(b) in
cases in which it is ultimately determined that such Indemnified Party is not
entitled to indemnification under Section 6.03(a). If advances are made under
this Section 6.03(b), the Indemnified Party shall furnish the REIT with an
undertaking as set forth in clause (ii) of this paragraph and shall thereafter
have the right to bill the REIT for, or otherwise request the REIT to pay, at
any time and from time to time after such Indemnified Party shall become
obligated to make payment therefor, any and all reasonable amounts for which
such Indemnified Party believes in good faith that such Indemnified Party is

                                      -13-
<PAGE>

entitled to indemnification under Section 6.03(a) with the approval of the Board
of Directors, which approval shall not be unreasonably withheld. The REIT shall
pay any and all such bills and honor any and all such requests for payment
within sixty (60) days after such bill or request is received by the Board of
Directors, and the REIT's rights to repayment of such amounts shall be secured
by the Indemnified Party's Interest, if any, or by such other adequate security
as the Board of Directors may determine. In the event that a final determination
is made that the REIT is not so obligated in respect of any amount paid by it to
a particular Indemnified Party, such Indemnified Party shall refund such amount
within sixty (60) days of such final determination. In the event that a final
determination is made that the REIT is so obligated in respect of any amount not
paid by the REIT to a particular Indemnified Party, the REIT shall pay such
amount to such Indemnified Party within sixty (60) days of such final
determination. In either of the foregoing cases, the party obligated to pay
shall include with such payment interest at the greater of (i) nine percent (9%)
or (ii) the Prime Rate plus two percent (2%) from the date paid by the REIT
until repaid by the Indemnified Party or the date it was obligated to be paid by
the REIT until the date actually paid by the REIT to the Indemnified Party.

     (c) All judgments against the REIT or any Indemnified Party wherein such
persons or entities are entitled to indemnification must first be satisfied from
the REIT assets before the Board of Directors or such other persons or entities
are responsible for these obligations.

     (d) With respect to the liabilities of the REIT for which the Board of
Directors is not obligated to indemnify the REIT, whether for professional and
other services rendered to it, loans made to it by Members or others, injuries
to persons or property, indemnity to the Indemnified Parties, contractual
obligations, guaranties, endorsements or for other reasons similar or dissimilar
to any of the foregoing, and without regard to the manner in which any liability
of any nature may be incurred by the person to whom it may be owed, all such
liabilities:

          (i) shall be liabilities of the REIT as an entity, and shall be paid
     or otherwise satisfied from REIT assets (and the REIT shall sell or
     liquidate all assets and/or make a call for capital contributions as are
     necessary to satisfy such liabilities); and

          (ii) (except as provided in paragraph (i) above and in the proviso in
     the penultimate sentence of Section 6.03(a), shall not in any event be
     payable in whole or in part by any Member, or by any director, officer,
     trustee, employee, agent, shareholder, beneficiary or partner of any
     Member.

     (e) The Board of Directors may cause the REIT, at the REIT's expense, to
purchase insurance to insure the Board of Directors and the other Indemnified
Parties against liability hereunder, including for a breach or an alleged breach
of their responsibilities hereunder. The Board of Directors shall send notice to
the Class A Members thereof, describing the insurance policy and the premiums
paid therefor promptly upon the purchase of such insurance. The REIT shall not
incur the costs of that portion of any insurance, other than public liability
insurance, which insures any Indemnified Party for any liability as to which
such person is prohibited from being indemnified under Section 6.03(a),
including Excluded Liabilities.

                                      -14-
<PAGE>

     (f) If the Indemnified Party is entitled to indemnification from another
source or is entitled to recovery by insurance policies, such Indemnified Party
shall diligently pursue such other source, provided that (i) such obligation
shall not in any manner limit such Indemnified Party's right to seek
indemnification or advances under this Agreement and (ii) such Indemnified Party
shall remit to the REIT any funds it recovers from another source to the extent
that the sum of the amounts recovered from such other source plus the amounts
recovered from the REIT exceeds the aggregate losses it incurred.

     (g) The Board of Directors shall be entitled and justified to rely in good
faith on the advice of legal counsel, public accountants, appraisers, management
consultants, investment bankers or other experts, consultants or advisors
experienced in the matter at issue, and any act or omission of the Board of
Directors in accordance with such advice shall in no event subject the Board of
Directors to liability to the REIT or to any Member.

     (h) The reimbursement, indemnity and contribution obligations of the REIT
under this Section 6.03 shall (i) be in addition to any liability which the REIT
may otherwise have, (ii) not be deemed to be exclusive of any other rights to
which any Indemnified Party may be entitled to under any agreement, as a matter
of law or otherwise, both as to action in an Indemnified Party's official
capacity and to action in another capacity, (iii) extend upon the same terms and
conditions to the officers, directors, partners, members, stockholders,
employees and controlling Persons (if any) of each Indemnified Party, (iv)
continue as to an Indemnified Party who shall have ceased to have an official
capacity for acts or omissions during such official capacity and (v) be binding
upon and inure to the benefit of any successors, assigns, heirs and personal
representatives of the REIT, the Members, Board of Directors and any such other
Indemnified Party.

     6.04. Board of Directors.

     (a) A board of directors (the "Board of Directors") is hereby established
and is granted the sole and exclusive right, power and authority to make,
approve or disapprove all Unanimous Decisions and Majority Decisions on behalf
of the REIT and/or the Subsidiary, and is hereby authorized to designate an
authorized signatory to execute and deliver on behalf of the REIT and/or the
Subsidiary any and all such contracts, certificates, agreements, instruments and
other documents, and to take any such action, as the Board of Directors deems
necessary or appropriate relating to Unanimous Decisions and Majority Decisions.

     (b) The Board of Directors shall cause such reports as the Management
Committee shall reasonably request to be prepared and delivered on a timely
basis to the members of the Management Committee and the Board of Directors.
Unless and until a new Approved Budget shall be established, the REIT and the
Subsidiary shall operate under the most recent Approved Budget with actual
increases for non-discretionary expenses. The Board of Directors will meet
promptly after the submission of a Business Plan or proposed amendment thereto
with the object of reaching some conclusion thereon within not later than thirty
(30) days after the submission of the same.

                                      -15-
<PAGE>

     (c) The Board of Directors shall at all times be the same individuals that
make up the Management Committee of the Class A Member, as the same may be
changed from time to time pursuant to the Partnership Agreement.

     (d) The Board of Directors shall act with respect to all matters (whether
to approve any Unanimous Decision and any Majority Decision or to exercise any
other right (or to grant any consent or approval) accorded to the Board of
Directors hereunder) by Required Board Approval. Each individual on the Board of
Directors shall have one (1) vote on all matters that arise before the Board of
Directors. For avoidance of doubt and notwithstanding anything to the contrary
herein, no matter may be approved and no action taken by the Board of Directors
without Required Board Approval.

     (e) (1) The Board of Directors shall meet annually to review and vote on
the proposed Business Plan and Annual Budget and shall meet not less than
quarterly to review and vote on any Unanimous Decisions and Majority Decisions.
Special meetings of the Board of Directors may be called by any individual
thereof on at least four (4) Business Days' prior written notice of time and
place of such meeting; provided, however, that such notice requirement shall be
deemed waived by any individual thereof who is present (in person or by
telephone) at the commencement of any such special meeting. Regular and special
meetings may be held at any place designated from time to time by the Board of
Directors, including meetings by telephone conference. All four (4) individuals
on the Board of Directors shall constitute a quorum for Board of Director action
with respect to any Unanimous Decision. Two (2) individuals on the Board of
Directors shall constitute a quorum for Board of Director action with respect to
any Majority Decision.

     (2) Actions taken or approved by the Board of Director will be evidenced by
a written resolution prepared within ten (10) Business Days of a meeting of the
Board of Directors by the individuals appointed by the Class A Partnership
Member and approved in writing by the Board of Directors who were present at
such meeting and who adopted such resolutions.

     (3) Any action required or permitted to be taken at a meeting of the Board
of Directors may be taken without a meeting if a written consent setting forth
the action so taken is signed by the individual whose approval is required to
constitute the Required Board Approval. In the event of any action which is
taken, or is to be taken pursuant to a written consent and not pursuant to a
vote at a duly called and authorized meeting of the Board of Directors, the
Board of Directors shall endeavor, in good faith, to solicit input from all of
the Board of Directors prior to the execution by any individual of such written
consent. Such consent may be in one instrument or in several instruments, and
shall have the same force and effect as a vote of such individuals. An action so
taken shall be deemed to have been taken at a meeting held on the effective date
so certified.

     (4) Each individual on the Board of Directors may authorize any other to
act for him or her by proxy on all matters in which an individual on the Board
of Directors is entitled to participate, including waiving notice of any
meeting, or voting or participating at a meeting. Every proxy must be signed by
such individual. Every proxy shall be revocable at the pleasure of the
individual executing it, such revocation to be effective upon the REIT's receipt
of written notice thereof.

                                      -16-
<PAGE>

     (5) All reasonable travel expenses incurred by the Board of Directors in
connection with their service on the Board of Directors shall be borne by the
Class A Member; provided, however, that such travel expenses shall not be paid
in duplicate for costs incurred by individuals on the Board of Directors who
also serve as Committee Representatives (as defined in the Partnership
Agreement) of the Partnership.

     6.05. Other Activities. Subject to the limitations of Section 4.2 of the
Partnership Agreement, the Members and their Affiliates may engage in or possess
an interest in other business ventures of every nature and description for their
own account, independently or with others, including real estate business
ventures, whether or not such other enterprises shall be in competition with any
activities of the REIT or the Subsidiary; and none of the REIT, the Subsidiary
or the other Members shall have any right by virtue of this Agreement in and to
such independent ventures or to the income or profits derived therefrom.

                                   ARTICLE VII

                        RIGHTS AND OBLIGATIONS OF MEMBERS
                        ---------------------------------

     7.01. Management of the REIT. No Member may or shall take part in the
management or control of the business of the REIT or the Subsidiary or transact
any business in the name of the REIT or the Subsidiary. No Member shall have the
power or authority to bind the REIT or the Subsidiary or to sign any agreement
or document in the name of the REIT or the Subsidiary, all of such powers being
vested solely and exclusively in the Board of Directors. No Member shall have
any power or authority with respect to the REIT, except as provided herein and
under the Act.

     7.02. Limitation on Liability.

     (a) No Member shall have any liability to contribute money to the REIT or
the Subsidiary, nor shall any Member be personally liable for any obligations of
the REIT or the Subsidiary. No Member shall be obligated to make loans to the
REIT or the Subsidiary and no Member shall be obligated to repay to the REIT or
the Subsidiary, any Member or any creditor of the REIT or the Subsidiary all or
any fraction of any amounts distributed to such Member.

     (b) In accordance with state law, a member of a limited liability company
may, under certain circumstances, be required to return to the limited liability
company for the benefit of company creditors amounts previously distributed to
it as a return of capital. It is the intent of the Members that a distribution
to any Member be deemed a compromise within the meaning of Section 18-502(b) of
the Act and not a return or withdrawal of capital, even if such distribution
represents, for U.S. federal income tax purposes or otherwise (in full or in
part), a distribution of capital, and no Member shall be obligated to pay any
such amount to or for the account of the REIT or the Subsidiary or any creditor
of the REIT, except as provided in this Section 7.02. However, if any court of
competent jurisdiction holds that, notwithstanding the provisions of this
Agreement, any Member is obligated to make any such payment, such obligation
shall be the obligation of such Member and not of any other Member.

     7.03. Power of Attorney.

                                      -17-
<PAGE>

     (a) Each Member hereby makes, constitutes and appoints the Board of
Directors and/or its authorized officers and agents, successors and assigns, as
its true and lawful attorney-in-fact with full power and authority in its name,
place and stead to make, complete, execute, sign, acknowledge, deliver, file and
record at the appropriate public offices such documents as may be necessary or
appropriate to carry out the provisions of this Agreement, including the
following with respect to the REIT:

          (i) all certificates, other agreements and amendments thereto which
     the Board of Directors deems necessary to form, continue or otherwise
     qualify the REIT as a limited liability company in each jurisdiction in
     which the REIT conducts or may conduct business or in connection with any
     tax filings of the REIT (including the preparation and filing of IRS Form
     972 (Consent of Shareholder to Include Specific Amount in Gross Income) in
     the event the Board of Directors declares consent dividends) and any
     election to treat the REIT as a corporation for U.S. federal income tax
     purposes, and each Member specifically authorizes the Board of Directors to
     execute, sign, acknowledge, deliver, file and record any amendments to the
     Certificate of Formation of the REIT as required by the Act;

          (ii) this Agreement, counterparts hereof and amendments hereto
     authorized pursuant to the terms hereof;

          (iii) all instruments which the Board of Directors deems necessary to
     effect the admission of a Member to the REIT, or the dissolution and
     liquidation of the REIT in accordance with the provisions hereof; and

          (iv) all appointments of agents for service of process and attorneys
     for service of process which the Board of Directors deems necessary or
     appropriate in connection with the organization and qualification of the
     REIT and the conduct of its business.

     (b) The foregoing power of attorney is hereby declared to be irrevocable
and coupled with an interest, and it shall survive the Bankruptcy, death,
dissolution or legal disability or cessation to exist of a Member to the fullest
extent permitted by law and shall extend to its heirs, executors, personal
representatives, successors and assigns, and the transfer or assignment of all
or any part of the Interest of such Member.

     (c) The power of attorney granted to the Board of Directors shall not apply
to other votes, consents or elections of the Members provided for in this
Agreement (including, without limitation, any consent pursuant to Section
11.01(b)).

     (d) Each Member further agrees to execute promptly any and all documents or
instruments referred to in this Section 7.03 if the power of attorney granted
hereunder is rendered ineffective by the provisions of the Act or if the Board
of Directors in its reasonable discretion so requests execution by such Member
and the same shall not be inconsistent with the provisions hereof.

     7.04. Waiver of Action for Partition; Waiver of Fiduciary Duty. Each of the
parties hereto irrevocably waives during the term of the REIT (i) any right that
it may have to maintain any action for partition with respect to any assets of

                                      -18-
<PAGE>

the REIT or the Subsidiary and (ii) any fiduciary or similar duty that would
otherwise be owing to such party.

     7.05. Confidentiality. Each Member shall maintain the confidentiality of
(i) "Non-Public Information," (ii) any information subject to a confidentiality
agreement binding upon the REIT, the Subsidiary, the Board of Directors or the
Partnership of which such Member has written notice and (iii) the identity of
other Members and their Affiliates and members of the Partnership and their
Affiliates so long as such information has not become otherwise publicly
available unless, after reasonable notice to the REIT and the Partnership by the
Member, otherwise compelled by court order or other legal process or in response
to other governmentally imposed reporting or disclosure obligations including
any act regarding the freedom of information to which it may be subject;
provided that each Member may disclose "Non-Public Information" to its
Affiliates, officers, employees, agents, professional consultants, regulators
and proposed transferee upon notification to such Affiliate, officer, employee,
agent, consultant, regulator or proposed transferee that such disclosure is made
in confidence and shall be kept in confidence, and any party may disclose such
information as is necessary or advisable with respect to its status as a public
company. As used in this Section 7.05, "Non-Public Information" means
information regarding the Partnership (including information regarding any
Person in which the Partnership holds, or contemplates acquiring, any
Investment), the Subsidiary, the Board of Directors or the REIT received by such
Member pursuant to this Agreement, but does not include information that (i) was
publicly known at the time such Member receives such information pursuant to
this Agreement or the Partnership Agreement, (ii) subsequently becomes publicly
known through no act or omission by such Member or (iii) is communicated to such
Member by a third party free of any obligation of confidence known to such
Member. The Board of Directors may not disclose the identities of the Members,
except on a confidential basis to prospective and other Members or limited
partners in the Partnership, or to lenders, third parties with whom the
Partnership coinvests, or other financial sources.

                                  ARTICLE VIII

                              TRANSFER OF INTERESTS
                              ---------------------

     8.01. Transfers. (a) A Member may freely Transfer its Interest in whole or
part (but in increments of no less than one whole Membership Unit), provided,
however, that no such Transfer may (i) cause the REIT not to be qualified as a
"real estate investment trust" for U.S. tax purposes by reason of the failure to
comply with the requirements in Section 856(a)(5) of the Code (requiring that
Units of a real estate investment trust be held by at least 100 Persons) or in
Section 856(a)(6) of the Code (requiring that a real estate investment trust not
be "closely held," as that term is defined in the Code), or (ii) violate the
Securities Act or applicable state securities laws or require registration of
the Interests (or any class thereof) under the Securities Act or the Exchange
Act, and (iii) unless and until the Board of Directors, in its discretion,
waives this requirement with respect to any Transfer of an Interest, the
transferor shall remain obligated to make capital contributions and return
distributed proceeds as provided herein as if it were still a Class A Member or
Class B Member, as applicable. Any such Transfer in violation of clauses (i) of
this Section 8.01(a) shall be null and void as against the REIT, unless the
transferor has obtained a confirmation from the Board of Directors pursuant to
Section 8.01(c) hereof. Any transferee that receives all or a part of an
Interest pursuant to a Transfer made in compliance with the terms of this

                                      -19-
<PAGE>

Section 8.01(a) shall automatically become a Member with all of the powers,
rights and obligations that the transferor had in respect of the Membership
Units so transferred.

     (b) For purposes of Article V, the REIT and the Board of Directors shall be
entitled to treat the record owner (on the books of the REIT) of any Interest in
the REIT as the absolute owner thereof in all respects, and shall incur no
liability for distributions of cash or other property made in good faith to such
owner until such time as a written instrument of assignment of such Interest has
been received by the Board of Directors and recorded on the books of the REIT.

     (c) A Member may (but shall not be required to), at any time immediately
prior to or following a Transfer of all or a part of its Interest, request a
confirmation from the Board of Directors confirming that such Transfer will not
violate the provisions of Section 8.01(a) hereof, provided, however, that the
Board of Directors may (i) at the expense of the requesting Member, engage
counsel and obtain an opinion therefrom in connection with the delivery of any
such confirmation and (ii) withhold delivery of such certificate until all of
such counsel's fees have been paid.

     8.02. Involuntary Withdrawal by Members.

     (a) If an individual Member does not, by written instrument, designate a
Person to become a transferee of his Interest upon his death, then his personal
representative shall have all of the rights of a Member for the purpose of
settling or managing his estate, and such power as the decedent possessed to
Transfer his Interest in the REIT to a transferee.

     (b) Upon the Bankruptcy, dissolution or other cessation of existence of a
Member which is a trust, corporation, partnership or other entity, the
authorized representative of such entity shall have all the rights of a Member
for the purpose of effecting the orderly winding up and disposition of the
business of such entity and such power as such entity possessed to designate a
successor as a transferee of its Interest.

     (c) The death, Bankruptcy, dissolution, disability or legal incapacity of a
Member shall not dissolve or terminate the REIT.

                                   ARTICLE IX

                           DISSOLUTION AND LIQUIDATION
                           ---------------------------

     9.01. Dissolution. The REIT shall be dissolved upon the first to occur of
any one of the following:

     (a) an election to dissolve the REIT is made by the Members as provided in
the Act; or

     (b) the entry of a decree of judicial dissolution under section 18-802 of
the Act.

     9.02. Liquidation.

                                      -20-
<PAGE>

     (a) Upon dissolution of the REIT, the Liquidator shall wind up the affairs
of the REIT as expeditiously as business circumstances allow and proceed within
a reasonable period of time to sell or otherwise liquidate the assets of the
REIT and, after paying or making due provision by the setting up of reserves for
all Indebtedness and other liabilities of the REIT, distribute the assets among
the Members in accordance with the provisions for the making of distributions
set forth in this Article IX.

     (b) No Member shall be liable for the return of the capital contributions
of other Members, provided that this provision shall not relieve any Member of
any other duty or liability it may have under this Agreement.

     (c) Upon liquidation of the REIT, all of the assets of the REIT, or the
proceeds therefrom, shall be distributed or used as follows and in the following
order of priority:

          (i) for the payment of the debts and liabilities of the REIT and the
     expenses of liquidation;

          (ii) to the setting up of any reserves which the Liquidator may deem
     reasonably necessary for any contingent or unforeseen liabilities or
     obligations of the REIT;

          (iii) to the Class B Members, pro rata in proportion to their Class B
     Percentage Interests an amount equal to $1000 per outstanding Class B
     Preferred Membership Share plus an additional amount which, when taking
     into account the amounts previously distributed to the Class B Members
     pursuant to Section 5.01(a), would result in their receiving an amount
     equal to any and all accrued and unpaid distributions provided for in
     Section 5.01(a) to the date of payment, plus, if applicable, the Redemption
     Premium;

          (iv) to the Class A Members in accordance with Section 5.01(a)(2)
     hereof.

     (d) When the Liquidator has complied with the foregoing liquidation plan,
the Board of Directors shall execute, acknowledge and cause to be filed an
instrument evidencing the cancellation of the Certificate of Formation of the
REIT, at which time the REIT shall be terminated.

     (e) After payment of the full amount of the liquidation proceeds to which
the Class B Members are entitled (including all amounts payable under Section
9.02 hereof), the holders of Class B Preferred Membership Units will have no
right or claim to any of the remaining assets of the REIT, the Subsidiary or the
Partnership.

                                    ARTICLE X

                             ACCOUNTING AND REPORTS
                             ----------------------

     10.01. Books and Records. The Board of Directors shall maintain at the
office of the REIT (a) full and accurate books of the REIT (which at all times
shall remain the property of the REIT), in the name of the REIT and separate and

                                      -21-
<PAGE>

apart from the books of the Partnership, the Subsidiary and the Board of
Directors and its Affiliates, showing all receipts and expenditures, assets and
liabilities, profits and losses, and (b) all other books, records and
information required by the Act or necessary for recording the REIT's business
and affairs.

     Each Member shall be afforded full and complete access to all records and
books of account of the REIT during reasonable business hours or such other
times as required by legislative authority and, at such hours, shall have the
right of inspection and copying of such records and books of account, at its
expense. Each Member shall have the right to audit such records and books of
account by an accountant of its choice at its expense. The Board of Directors
shall reasonably cooperate with any Member or their agents in connection with
any review or audit of the REIT or its records and books. The Board of Directors
shall retain all records and books relating to the REIT for a period of five (5)
years after the termination of the REIT and shall thereafter destroy such
records and books as the Board of Directors shall determine, in its discretion.

     10.02. Safekeeping of Funds. The Board of Directors shall have the
responsibility for the safekeeping of all funds of the REIT and the Subsidiary
and the Board of Directors shall not employ such funds in any manner except for
the benefit of the REIT or the Subsidiary, as the case may be. All funds of the
REIT not otherwise invested shall be deposited in one or more accounts
maintained in such banking institution as the Board of Directors shall determine
in accordance with Article 5 of the Partnership Agreement. All withdrawals from
the REIT's accounts shall be made upon checks or instructions signed by the
Board of Directors in accordance with Article 5 of the Partnership Agreement.
The REIT's funds shall not be commingled with the funds of any other Person nor
shall such funds be employed by the Board of Directors as compensating balances
other than in respect of the REIT's borrowings.

                                   ARTICLE XI

                             AMENDMENTS AND MEETINGS
                             -----------------------

     11.01. Amendment Procedure. The amendment procedure is as follows:

     (a) Amendments to this Agreement may be proposed by the Board of Directors.

     (b) A proposed amendment will be adopted and effective only if it receives
the Consent of the Class A Member, except that (i) amendments may be adopted
solely upon the Consent of the Board of Directors to (A) effect changes of a
ministerial nature which do not increase the authority of the Board of Directors
or adversely affect the rights of the Members and (B) admit one or more
additional Members, or withdraw one or more Members, in accordance with the
terms of this Agreement, (ii) any provision requiring a specified Consent may
only be amended with the same Consent, (iii) no amendment shall increase the
fees payable by a Member, have a disparate effect on one or more of the Members
of a particular class as compared to the other Members of that class, materially
adversely affect the rights and benefits of a Class B Member hereunder, or
change (A) the capital contributions required by a Member, (B) the rights and
interests of a Member in the Available Receipts of the REIT (which shall

                                      -22-
<PAGE>

include, without limitation, the priority rights of Class B Members as to
distributions and redemptions hereunder), (C) the voting rights of a Member or
(D) the rights of a Member with respect to the continuation or liquidation of
the REIT, in each case, without the Consent of such affected Member.

                                   ARTICLE XII

                                  MISCELLANEOUS
                                  -------------

     12.01. Applicable Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware without reference to the
conflicts of law principles thereof.

     12.02. Binding Agreement; Severability. This Agreement and all terms,
provisions and conditions hereof shall be binding upon the parties hereto, and
shall inure to the benefit of the parties hereto and, except as otherwise
provided herein, to their respective heirs, executors, personal representatives,
successors and lawful assigns. Each provision of this Agreement shall be
considered separate and, if for any reason, any provision or provisions not
essential to the effectuation of the basic purposes of this Agreement is or are
determined to be invalid, illegal or unenforceable, such invalidity, illegality
or unenforceability shall not impair the operation of or affect those provisions
of this Agreement which are otherwise valid. To the extent legally permissible,
the parties shall substitute for the invalid, illegal or unenforceable provision
a provision with a substantially similar economic effect and intent.

     12.03. Entire Agreement. This Agreement and any other written agreements
between the Board of Directors, the Partnership, the Subsidiary or the REIT and
a Class A Member (it being acknowledged and agreed that the REIT may enter into
other written agreements with Affiliates of the Class A Member, executed
contemporaneously with the admission of such Class A Member to the REIT,
affecting the terms hereof in order to meet certain requirements of such Class A
Member), contain the entire understanding among the parties hereto and supersede
all prior written or oral agreements among them respecting the within subject
matter, unless otherwise provided herein.

     12.04. Record of Members. The Board of Directors shall maintain at the
office of the Partnership a record showing the names and addresses of all the
Members. All Members and their duly authorized representatives shall have the
right to inspect such record.

     12.05. No Bill for Company Accounting. Subject to mandatory provisions of
law applicable to a Member and to circumstances involving a breach of this
Agreement, each of the Members covenants that it will not (except with the
Consent of the Board of Directors) file a bill for company accounting.

     12.06. Counterparts. This Agreement may be executed in several
counterparts, and all so executed shall constitute one Agreement, binding on all
of the parties hereto, notwithstanding that all the parties are not signatories
to the original or the same counterpart.

     12.07. No Third Party Rights. The Members acknowledge and intend that the
Board of Directors is a third party beneficiary of this Agreement. This
Agreement is otherwise intended to be solely for the benefit of the parties

                                      -23-
<PAGE>

hereto and, except as expressly provided to the contrary in this Agreement
(including the rights granted to the Partnership and the Board of Directors and
the authorization given to the Board of Directors to grant and assign to lenders
the security interests and rights described herein and the rights of Indemnified
Parties hereunder), is not intended to confer any benefits upon, or create any
rights in favor of, any person other than the parties hereto. The provisions of
this Agreement are not intended for the benefit of any creditor or other Person
(other than a Member in such Member's capacity as such) to whom any debts,
liabilities or obligations are owed by (or who otherwise has any claim against)
the REIT or any of the Members.

     12.08. Services to the REIT. The parties hereto hereby acknowledge and
recognize that the REIT has retained, and may in the future retain, the services
of various persons, entities and professionals, including legal counsel and
accountants, for the purposes of representing and providing services to the
REIT. The parties hereby acknowledge that such persons, entities and
professionals may have in the past represented and performed and currently and
in the future may represent or perform services for the Board of Directors, the
Class A Member or their Affiliates. Accordingly, each party hereto consents to
the representation or provision of services by such persons, entities and
professionals to the REIT and waives any right to claim a conflict of interest
solely on the grounds of such relationship. Nothing contained herein shall
relieve the Board of Directors of any duty or liability it would otherwise have
to the REIT, including the duty to monitor and direct such persons, entities and
professionals for the best interests of the REIT.

     12.09. Notices. Any notice required to be provided hereunder to a Member
shall be addressed to such Member at the address set forth on Schedule A or
Schedule B or such other address as such Member shall have specified in writing
to the REIT, and any notice required to be provided hereunder to the REIT shall
be addressed to the REIT at its mailing address set forth in Section 2.03 or
such other mailing address as determined by the Board of Directors upon notice
to the Members. Any such notice shall be in writing and shall be sent (i) by a
recognized overnight courier service providing confirmation of delivery, or (ii)
by facsimile transmission (with confirmation of receipt). All notices shall be
deemed to have been received on the date of delivery as established by the
return receipt, courier service confirmation (or the date on which the return
receipt, or courier service confirms that acceptance of delivery was refused by
the addressee), or facsimile confirmation received by the sender.

     12.10. Appointment of the Paying Agent. The holders of Units of Class B
Preferred Membership Units hereby authorize REIT Funding, LLC, with an address
at 100 Colony Square, Suite 2120, 1175 Peachtree Street, NE, Atlanta, Georgia
30361-6206, to act as paying agent on behalf of the holders of Class B Preferred
Membership Units (the "Paying Agent"). Any dividend payments received by the
Paying Agent shall be deemed paid to the Class B Members on the later of the
date received by the Paying Agent or the date declared for payment.

                    [Signature page to follow on next page.]

                                      -24-
<PAGE>

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

                         Members:
                         --------

                         By: OG RETAIL HOLDING CO., LLC, a Delaware
                             limited liability company, its Class A Member

                             By: GLIMCHER PROPERTIES LIMITED PARTNERSHIP,
                                 a Delaware limited partnership, its
                                 administering member

                                 By: GLIMCHER PROPERTIES CORPORATION, a
                                     Delaware corporation, its general partner

                                 By: __________________________
                                     Name:  George A. Schmidt
                                     Title:  Executive Vice President

                                      -25-
<PAGE>

                                   SCHEDULE A
                  CLASS A MEMBERS AND CLASS A MEMBERSHIP UNITS

                                       A-1
<PAGE>

                                   SCHEDULE B
             CLASS B MEMBERS, CLASS B PREFERRED MEMBERSHIP UNITS AND
                          CLASS B PERCENTAGE INTERESTS

                                       B-1
<PAGE>

                                   EXHIBIT B-1

                   FORM OF CLASS A MEMBERSHIP UNIT CERTIFICATE

                 Certificate Evidencing Class A Membership Units
                                       in
                          [________________] REIT, LLC
                                                                        A -_____

IN RELIANCE UPON CERTAIN EXEMPTIONS FROM REGISTRATION, THE CLASS A MEMBERSHIP
UNITS EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. ALTHOUGH
THE CLASS A MEMBERSHIP UNITS ARE GENERALLY FREELY TRANSFERABLE, THEY ARE SUBJECT
TO CERTAIN RESTRICTIONS ON TRANSFERABILITY CONTAINED IN THE LIMITED LIABILITY
COMPANY AGREEMENT (AS DEFINED BELOW) INCLUDING COMPLIANCE WITH THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS. INVESTORS SHOULD BE AWARE THAT
THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THEIR INVESTMENT FOR AN
INDEFINITE PERIOD OF TIME.

     [________________] REIT, LLC, a limited liability company formed under the
laws of the State of Delaware (the "REIT"), hereby certifies that:

     _____________________ (the "Holder")

is the registered owner of a Class A Interest in the REIT comprised of
_______________ Class A Membership Units (the "Units").

     The powers, preferences and other special rights and limitations of the
Units (including limitations on transferability) are set forth in, and this
Certificate and the Units represented hereby are issued and shall in all
respects be subject to the terms and provisions of, the Limited Liability
Company Agreement of [________________] REIT, LLC, dated as of ________ __, ____
as amended through the date hereof, and as the same may be amended from time to
time in accordance with its terms (the "Limited Liability Company Agreement";
all capitalized terms used in this Certificate but not defined herein shall have
the meanings assigned thereto in the Limited Liability Company Agreement), which
agreement authorizes the issuance of the Units and specifies the powers,
preferences and other special rights and limitations regarding distributions,
voting, return of capital and other matters relating to the Units. The REIT will
furnish a copy of the Limited Liability Company Agreement to the Holder without
charge upon written request to the REIT at its principal place of business or
registered office.

     The Units represented by this certificate are subject to restrictions on
transfer for the purpose of the REIT's maintenance of its status as a real
estate investment trust under the Internal Revenue Code of 1986, as amended.

                                      B-1-1
<PAGE>

Except as otherwise provided in the Limited Liability Company Agreement, if any
purported transaction (including a transfer of the Units by the Holder, or any
merger, combination, amalgamation or similar transaction between the Holder and
one or more other Members) would but for the application of Section 8.01(a) of
the Limited Liability Company Agreement, cause the REIT not to qualify as a real
estate investment trust, then such transfer shall be null and void.

     Upon delivery of this Certificate to the Holder, the REIT confirms that the
Holder is entitled to the benefits of a holder of Units under the Limited
Liability Company Agreement. By accepting this Certificate the Holder evidences
that such Holder has agreed to be bound by the provisions of the Limited
Liability Company Agreement.

     IN WITNESS WHEREOF, the REIT has executed this Certificate as of the _____
day of _____________, 20___.

                                   OG RETAIL HOLDING CO., LLC,

                                   By: ____________________,
                                       its Board of Directors

                                   By: _________________________
                                       Name:
                                       Title:

--------------------------------------------------------------------------------
KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED, THE
REIT WILL REQUIRE A BOND OR OTHER INDEMNITY AS A CONDITION TO THE ISSUANCE OF A
REPLACEMENT CERTIFICATE.
--------------------------------------------------------------------------------

                                      B-1-2
<PAGE>

                                   EXHIBIT B-2

              FORM OF CLASS B PREFERRED MEMBERSHIP UNIT CERTIFICATE

            Certificate Evidencing Class B Preferred Membership Units
                                       in
                          [________________] REIT, LLC
                                                                        B -_____

IN RELIANCE UPON CERTAIN EXEMPTIONS FROM REGISTRATION, THE CLASS B PREFERRED
MEMBERSHIP UNITS EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS.
ALTHOUGH THE CLASS B PREFERRED MEMBERSHIP UNITS ARE GENERALLY FREELY
TRANSFERABLE, THEY ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY
CONTAINED IN THE LIMITED LIABILITY COMPANY AGREEMENT (AS DEFINED BELOW)
INCLUDING COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL
RISKS OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

     [________________] REIT, LLC, a limited liability company formed under the
laws of the State of Delaware (the "REIT"), hereby certifies that:

     _____________________ (the "Holder")

is the registered owner of a Class B Interest in the REIT comprised of
_______________ Class B Preferred Membership Units (the "Units").

     The powers, preferences and other special rights and limitations of the
Units (including limitations on transferability) are set forth in, and this
Certificate and the Units represented hereby are issued and shall in all
respects be subject to the terms and provisions of, the Limited Liability
Company Agreement of [________________] REIT, LLC, dated as of ________ ___,
_____, as amended through the date hereof, and as the same may be amended from
time to time in accordance with its terms (the "Limited Liability Company
Agreement"; all capitalized terms used in this Certificate but not defined
herein shall have the meanings assigned thereto in the Limited Liability Company
Agreement), which agreement authorizes the issuance of the Units and specifies
the powers, preferences and other special rights and limitations regarding
distributions, voting, return of capital and other matters relating to the
Units. The REIT will furnish a copy of the Limited Liability Company Agreement
to the Holder without charge upon written request to the REIT at its principal
place of business or registered office.

     The Units represented by this certificate are subject to restrictions on
transfer for the purpose of the REIT's maintenance of its status as a real
estate investment trust under the Internal Revenue Code of 1986, as amended.
Except as otherwise provided in the Limited Liability Company Agreement, if any

                                      B-2-1
<PAGE>

purported transaction (including a transfer of the Units by the Holder, or any
merger, combination, amalgamation or similar transaction between the Holder and
one or more other Members) would but for the application of Section 8.01(a) of
the Limited Liability Company Agreement, cause the REIT not to qualify as a real
estate investment trust, then such transfer shall be null and void.

     Upon delivery of this Certificate to the Holder, the REIT confirms that the
Holder is entitled to the benefits of a holder of Units under the Limited
Liability Company Agreement. By accepting this Certificate the Holder evidences
that such Holder has agreed to be bound by the provisions of the Limited
Liability Company Agreement.

     IN WITNESS WHEREOF, the REIT has executed this Certificate as of the _____
day of ______________, 20__.

                                   [________________] REIT, LLC

                                   By: ___________________,
                                       its Board of Directors

                                   By: _________________________
                                       Name:
                                       Title:

--------------------------------------------------------------------------------
KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED, THE
REIT WILL REQUIRE A BOND OR OTHER INDEMNITY AS A CONDITION TO THE ISSUANCE OF A
REPLACEMENT CERTIFICATE.
--------------------------------------------------------------------------------

                                      B-2-2
<PAGE>

                                                                       EXHIBIT D
                  Form of Level 2 Subsidiary Limited Liability Company Agreement

                       LIMITED LIABILITY COMPANY AGREEMENT

                                       OF

                             [________________], LLC

     This Limited Liability Company Agreement (together with any schedules
attached hereto as such agreement and schedules may be amended, restated or
otherwise revised from time to time, this "Agreement") of [________________],
LLC (the "Company") is entered into by [________________] REIT, LLC, a Delaware
limited liability company, as the sole equity member (the "Member"), and by
[________________] ("Springing Member 1") and [________________] ("Springing
Member 2"), each a Springing Member as defined herein.

                                  R E C I T A L
                                  -------------

     WHEREAS, there was filed a Certificate of Formation under the Delaware
Limited Liability Company Act (6 Del. C. ss.18-101, et seq.), as amended from
time to time (the "Act"), by which the Company was formed on [________________].
The Member and Special Members enter into this Agreement to set forth the
purposes of the Company and provide for its organization and administration.

     The Member and the Springing Members agree as follows:

     1. Formation. The limited liability company was formed pursuant to and in
accordance with the provisions of the Act and this Agreement. The authority of
George A. Schmidt, as the "authorized person" within the meaning of the Act, to
execute, deliver and file the Certificate of Formation of the Company with the
Delaware Secretary of State is hereby confirmed and such filing is hereby
ratified and approved. The rights, duties and liabilities of the Member and
Special Members shall be as provided in the Act except as provided herein. The
parties hereto intend that this Agreement constitute a limited liability company
agreement within the meaning of Section 18-101(7) of the Act. The existence of
the Company as a separate legal entity shall continue until cancellation of the
Certificate of Formation as provided in the Act.

     2. Name. The name of the Company shall be "[________________], LLC".

     3. Principal Business Office. The principal business office address of the
Company shall be [________________], or such other place as may thereafter be
determined by the Member.

     4. Registered Office. The address of the registered office of the Company
in the State of Delaware is c/o Corporation Service Company, 2711 Centerville
Road, Wilmington, New Castle County, Delaware 19808.

<PAGE>

     5. Registered Agent. The name and address of the registered agent of the
Company for service of process on the Company in the State of Delaware is
Corporation Service Company, 2711 Centerville Road, Wilmington, New Castle
County, Delaware 19808.

     6. Members.

          a. Member.

               (i) The name and mailing address of the Member is set forth on
          Schedule A attached hereto. The Member was admitted to the Company as
          a member of the Company upon its execution of a counterpart signature
          page of this Agreement.

               (ii) Subject to Section 11(d), the Member may act by written
          consent.

               (iii) Upon the occurrence of any event that causes the Member to
          cease to be a member of the Company (other than upon an assignment by
          the Member of all of its limited liability company interest in the
          Company and the admission of the transferee pursuant to Sections 23
          and 24) (a "Member Cessation Event"), Springing Member 1 shall,
          without any action of any Person and simultaneously with the Member
          Cessation Event, automatically be admitted to the Company as a Special
          Member and shall continue the Company without dissolution. If,
          however, at the time of a Member Cessation Event, Springing Member 1
          had died or is otherwise no longer able to step into the role of
          Special Member, then in such event, Springing Member 2 shall,
          concurrently with the Member Cessation Event, and without any action
          of any Person and simultaneously with the Member Cessation Event,
          automatically be admitted to the Company as Special Member and shall
          continue the Company without dissolution. It is the intent of these
          provisions that the Company never has more than one Special Member at
          any particular point in time. No Special Member may resign from the
          Company or transfer its rights as Special Member unless a successor
          Special Member has been admitted to the Company as Special Member by
          executing a counterpart to this Agreement.

               The Company shall at all times have two Springing Members. In the
          event of a vacancy in the position of Springing Member, the Member
          shall, as soon as practicable, appoint a successor Springing Member to
          fill such vacancy. By signing this Agreement, each Springing Member
          agrees that, should such Springing Member become a Special Member,
          such Springing Member will be subject to and bound by the provisions
          of this Agreement applicable to a Special Member.

               "Springing Member" means a person who is not a member of the
          Company but who has signed this Agreement in order that, upon the
          conditions described in Section 6(a)(iii), such Person can become the
          Special Member without any delay in order that at all times the
          Company shall have at least one member.

                                       2
<PAGE>

          b. Special Member.

               (i) "Special Member" means, upon such person's admission to the
          Company as a member of the Company pursuant to Section 6(a)(iii), a
          person acting as an Independent Manager, in such person's capacity as
          a member of the Company. A Special Member shall only have the rights
          and duties expressly set forth in this Agreement.

               (ii) A Special Member shall be a member of the Company, shall
          have no interest in the profits, losses and capital of the Company,
          and shall have no right to receive any distributions of Company
          assets. Pursuant to Section 18-301 of the Act, a Special Member shall
          not be required to make any capital contributions to the Company and
          shall not receive a limited liability company interest in the Company.
          Except as required by any mandatory provision of the Act, a Special
          Member, in its capacity as Special Member, shall have no right to vote
          on, approve or otherwise consent to any action by, or matter relating
          to, the Company, including, without limitation, the merger,
          consolidation or conversion of the Company. In order to implement the
          admission to the Company of a Special Member, each person acting as a
          Springing Member shall execute a counterpart to this Agreement. Prior
          to its admission to the Company as Special Member, each person acting
          as a Springing Member shall not be a member of the Company.

               (iii) No resignation or removal of a Springing Member, and no
          appointment of a successor Springing Member shall be effective unless
          and until such successor shall have executed a counterpart to this
          Agreement, and such successor has also accepted its appointment as
          Independent Manager pursuant to Section 12; provided, however, a
          Special Member shall automatically cease to be a member of the Company
          upon the admission to the Company of a substitute member ("Substitute
          Member").

          c. Bankruptcy. Notwithstanding any other provision of this Agreement
     to the contrary, the Bankruptcy (as defined herein) of any Member or
     Special Member shall not cause such Member or Special Member to cease to be
     a member of the Company and upon the occurrence of such an event, the
     business of the Company shall continue without dissolution.

          d. Voting. Notwithstanding any provision of this Agreement to the
     contrary, when acting on matters subject to the vote of the Members,
     notwithstanding that the Company is not then insolvent, all of the members
     shall take, to the fullest extent permitted by law, including, without
     limitation, Section 18-1101(c) of the Act, into account the interest of the
     Company's creditors, as well as those of the Members.

                                       3
<PAGE>

     7. Certificates. George A. Schmidt, as an "authorized person" within the
meaning of the Act, has executed, delivered and filed the Certificate of
Formation of the Company with the Secretary of State of the State of Delaware.
Upon the filing of the Certificate of Formation with the Secretary of State of
Delaware, his powers as an "authorized person" ceased. As of the date hereof and
going forward, the Member shall act as the designated "authorized person" within
the meaning of the Act. The Member shall execute, deliver and file any other
certificates, and any amendments and/or restatements thereof, necessary for the
Company to do business in the State of California and in any other jurisdiction
in which the Company may wish to conduct business. The existence of the Company
as a separate legal entity shall continue until the cancellation of the
Certificate of Formation as provided in the Act.

     8. Purposes.

          a. Subject to Section 11(d), the purposes of the Company are to engage
     in the following activities:

               (i) to acquire from [________________] and various other entities
          acting as tenants in common (the "Sellers") a fee interest and a
          leasehold interest in certain parcels of real property, together with
          all improvements located thereon, in the City of [________________],
          State of [________________] as more particularly described in the
          Mortgage (as defined below) (the "Property") and any proceeds or
          rights associated therewith,

               (ii) to hold, administer, service or enter into agreements for
          the servicing of, finance, manage, sell, assign, pledge, collect
          amounts due on, lease, mortgage, operate and otherwise deal with the
          Property;

               (iii) to assume indebtedness (the "Indebtedness") secured by that
          certain Deed of Trust, Assignment of Leases and Rents and Security
          Agreement (the "Mortgage") given by the Sellers for the benefit of
          [________________] (the "Original Lender") and currently held by
          [________________], as trustee for registered holders of
          [________________] (including its successors and assigns, "Lender") as
          evidenced by that certain Loan Agreement between Sellers and the
          Original Lender (the "Loan Agreement") and that certain Promissory
          Note (the "Note") made by the Sellers payable to the order of the
          Original Lender and the other Loan Documents (the Mortgage, Note and
          Loan Agreement, together with any of the "Loan Documents" (as defined
          in the Loan Agreement), together with any documents required by the
          Lender in connection with the assumption of the Indebtedness, one
          collectively referred to herein as the "Loan Documents");

               (iv) to invest, or direct the investment of, proceeds from the
          Property and its other assets and any capital and income of the
          Company in accordance with the Loan Documents and not inconsistent
          with this Section 8, Section 11(d) or the Loan Documents; and

                                       4
<PAGE>

               (v) to do such other things and carry on any other activities
          which the members determine to be necessary, convenient or incidental
          to any of the foregoing purposes, and have and exercise all of the
          power and rights conferred upon limited liability companies formed
          pursuant to the Act in furtherance of the foregoing stated purposes.

          b. The Company, by or through the Member on behalf of the Company, may
     enter into and perform the Loan Documents and all documents, agreements,
     certificates, or financing statements contemplated thereby or related
     thereto, all without any further act, vote or approval of the Member
     notwithstanding any other provision of this Agreement, the Act or
     applicable law, rule or regulation. The foregoing authorization shall not
     be deemed a restriction on the powers of the Member to enter into any other
     agreements on behalf of the Company. All actions taken by the Member on
     behalf of the Company or on behalf of any of its affiliates prior to the
     date hereof, to effect the transactions contemplated by the Loan Documents,
     are hereby ratified, approved, and confirmed in all respects.

     9. REOC Status. The Company is intended to be a "real estate operating
company" (a "REOC") as that term is defined in 29 C.F.R. Section 2510.3-101(e).
The Member will conduct the affairs and operations of the Company in such a
manner that the Company will qualify as an REOC.

     10. Powers. Subject to Section 11(d), the Company and the Member on behalf
of the Company (i) shall have and exercise all powers necessary, convenient or
incidental to accomplish its purposes as set forth in Section 8; and (ii) shall
have and exercise all of the powers and rights conferred upon limited liability
companies formed pursuant to the Act.

     11. Management.

          a. Management by Member. Subject to Section 11(d), the business and
     affairs of the Company shall be managed by or under the direction of the
     Member. Subject to Section 12, the Member may determine at any time in its
     sole and absolute discretion the number of Independent Managers. The
     initial number of Independent Managers shall be two. The initial
     Independent Managers designated by the Member are [________________] and
     [________________].

          b. Powers. Subject to Section 11(d), the Member 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. Subject to Sections 8 and 10, the Member has the
     authority to bind the Company.

          c. Member as Agent. To the extent of its powers set forth in this
     Agreement and subject to Section 11(d), the Member is an agent of the
     Company for the purpose of the Company's business, and the actions of the
     Member taken in accordance with such powers set forth in this Agreement
     shall bind the Company.

                                       5
<PAGE>

          d. Limitations on the Company's Activities.

               (i) This Section 11(d) is being adopted in order to comply with
          certain provisions required in order to qualify the Company as a
          "special purpose entity" for the purpose of the Indebtedness and so
          long as the Indebtedness is outstanding, this Section 11(d) shall
          govern the activities of the Company notwithstanding any other
          provision of this Agreement.

               (ii) The Member shall not, so long as any Indebtedness is
          outstanding, amend, materially alter, change or repeal this Agreement
          without the consent of Lender or its successors and assigns, and,
          after the securitization contemplated by the Loan Agreement, only if
          the Company receives confirmation from each of the applicable rating
          agencies that such amendment would not result in the qualification,
          withdrawal or downgrade of any securities rating. Subject to this
          Section 11(d), the Member reserves the right to amend, alter, change
          or repeal any provisions contained in this Agreement in accordance
          with Section 31. In the event of any conflict between any of the
          definitions of "Independent Manager", "Indebtedness", "Special
          Member", "Springing Member", "Loan Documents", "Property", "Mortgage",
          "Bankruptcy", or Section 2, Sections 6(a)(ii) and (iii), 6(b), 6(c),
          6(d), 8, 10, 11, 12, 13, 18, 22, 23, 24, 25, 26, 27, 29, 30, 31 or 34
          (the "Special Purpose Provisions"), on the one hand, and any other
          provision of this or any other document governing the formation,
          management or operation of the Company, on the other hand, the Special
          Purpose Provisions shall control.

               (iii) Notwithstanding any other provision of this Agreement and
          any provision of law that otherwise so empowers the Company, so long
          as any Indebtedness is outstanding, none of the Company, the Member,
          the Independent Manager or any other Person or entity on behalf of the
          Company shall be authorized or empowered, nor shall they permit the
          Company, without the prior unanimous written consent of the Member and
          all of the Independent Managers, to institute proceedings to have the
          Company adjudicated bankrupt or insolvent, or consent to the
          institution of bankruptcy or insolvency proceedings against the
          Company or file a voluntary petition seeking, or consenting to,
          reorganization or relief with respect to the Company under any
          applicable federal or state law relating to bankruptcy, or seek or
          consent to the appointment of a receiver, liquidator, assignee,
          trustee, sequestrator (or other similar official) of the Company or a
          substantial part of its property, or make any assignment for the
          benefit of creditors of the Company, or admit in writing the Company's
          inability to pay its debts generally as they become due, or to the
          fullest extent permitted by law, to take any action in furtherance of
          any such action, provided, however, that the Member may not vote on,
          or authorize the taking of, any of the foregoing actions unless there
          are two Independent Managers then serving in such capacity. To the
          fullest extent permitted by law, for so long as any Indebtedness is
          outstanding, none of the Company, the Member or the Independent
          Managers shall be authorized or empowered, nor shall they permit the
          Company to consolidate, merge, dissolve, terminate, liquidate or sell
          all or substantially all of the Company's assets (other than such
          sales as are permitted under the Loan Documents).

                                       6
<PAGE>

               (iv) So long as any Indebtedness is outstanding, the Member shall
          cause the Company to do or cause to be done all things necessary to
          preserve and keep in full force and effect its existence, rights
          (charter and statutory) and franchises. The Member also shall cause
          the Company to be a "special purpose entity", as such term is defined
          in the Loan Agreement, and shall cause the Company to do the
          following:

               (1)  maintain its own separate books and records, bank
                    statements, and bank accounts;

               (2)  at all times hold itself out to the public as a legal entity
                    separate from the Member and any other Person (as defined
                    below) and not identify itself as a division of any other
                    Person;

               (3)  file its own tax returns, if any, as may be required under
                    applicable law, to the extent not treated as a "disregarded
                    entity", and pay any taxes required to be paid under
                    applicable law;

               (4)  not commingle its assets with assets of any other Person and
                    not divert any of its funds to any other Person or for any
                    other purpose other than business uses of the Company, as
                    applicable;

               (5)  conduct its business in its own name separate and apart from
                    that of any of its Affiliates or any other Person and hold
                    all of its assets in its own name;

               (6)  strictly comply with all Delaware limited liability company
                    organizational formalities to maintain its separate
                    existence;

               (7)  pay its own liabilities and expenses only out of its own
                    funds;

               (8)  maintain a commercially reasonable relationship with its
                    Affiliates (as defined below) and its Member that is
                    substantially similar to the relationship that would exist
                    between unaffiliated entities dealing under terms which are
                    commercially reasonable and, except for capital
                    contributions and capital distributions permitted under the
                    terms and conditions of this Agreement, similar to those in
                    "arms length" transactions between unaffiliated entities;

                                       7
<PAGE>

               (9)  from its own funds, pay the salaries of its own employees,
                    if any;

               (10) not guarantee or become obligated for the debts of any other
                    entity, including any Affiliate, and not hold out its credit
                    as being available to satisfy the obligations of others;

               (11) allocate fairly and reasonably any overhead for shared
                    office space;

               (12) use separate stationery, invoices and checks bearing its own
                    name;

               (13) not pledge its assets for the benefit of any other Person or
                    make any loans or advances to any other Person;

               (14) correct any known misunderstanding regarding its separate
                    identity;

               (15) maintain adequate capital and an adequate number of
                    employees in light of its contemplated business purposes;

               (16) not acquire any obligations or securities of a Member or its
                    affiliates;

               (17) cause the Member and other representatives of the Company to
                    act at all times with respect to the Company consistent with
                    and in furtherance of the foregoing and in the best
                    interests of the Company;

               (18) not own any asset or property other than (i) the Property;
                    and (ii) personal property necessary for the ownership and
                    operation of the Property;

               (19) not engage, directly or indirectly, in any business other
                    than the ownership, management and operation of the
                    Property; and

               (20) maintain separate financial statements, showing its assets
                    and liabilities separate and apart from those of any other
                    Person or entity, in accordance with generally accepted
                    accounting principles ("GAAP") or otherwise in accordance
                    with the Loan Documents and not to have its assets listed on
                    the financial statement of any other entity.

               Subject to Section 11(d)(ii), the Member shall be prohibited from
          amending this Agreement with respect to the foregoing covenants
          without the consent of Lender or its successors and assigns, and,

                                       8
<PAGE>

          after the securitization contemplated by the Loan Agreement only if
          the Company receives (i) confirmation from each of the applicable
          rating agencies that such amendment would not result in the
          qualification, withdrawal or downgrade of any securities rating; and
          (ii) approval of such amendment by Lender or its successors and
          assigns. Failure of the Company, or the Member or an Independent
          Manager on behalf of the Company, to comply with any of the foregoing
          covenants or any of the other covenants contained in this Agreement
          shall not affect the status of the Company as a separate legal entity
          or the limited liability of the Member or the Independent Managers.

               (v) So long as any Indebtedness is outstanding, the Member shall
          not cause or permit the Company to:

               (1)  become or remain liable, directly or contingently, in
                    connection with any indebtedness or other liability of any
                    other person or entity, whether by guarantee, endorsement
                    (other than endorsements of negotiable instruments for
                    deposit or collection in the ordinary course of business),
                    agreement to purchase or repurchase, agreement to supply or
                    advance funds, or otherwise;

               (2)  grant or permit to exist any lien, encumbrance, claim,
                    security interest, pledge or other right in favor of any
                    person or entity with respect to the Property, except as
                    contemplated by the Loan Documents;

               (3)  engage, directly or indirectly, in any business other than
                    owning the Property or the actions required or permitted to
                    be performed under Section 8, the Loan Documents, or this
                    Section 11(d);

               (4)  incur, create or assume any indebtedness other than the
                    Indebtedness and liabilities incurred in the ordinary course
                    of its business that are related to, and reasonably
                    necessary for, the ownership and operation of the Property
                    and permitted under the Loan Documents;

               (5)  make or permit to remain outstanding any loan or advance to
                    any other person or entity, or own or acquire (a)
                    indebtedness issued by any other person or entity, or (b)
                    any stock or securities of or interest in, any person or
                    entity;

               (6)  enter into, or be a party to, any transaction with any of
                    its affiliates, except (i) the transactions contemplated by
                    the Loan Documents, and (ii) any other transactions that are

                                       9
<PAGE>

                    consistent with market terms of any such transactions
                    entered into by unaffiliated parties and that are (A) in the
                    ordinary course of business; (B) pursuant to the reasonable
                    requirements and purposes of its business; and (C) upon fair
                    and reasonable terms (and, to the extent material, pursuant
                    to enforceable written agreements);

               (7)  transfer limited liability company ownership interests other
                    than such activities that are expressly permitted pursuant
                    to Sections 23 and 24 hereof;

               (8)  form, acquire or hold any subsidiary or own equity interest
                    in any other entity (whether corporate, partnership, limited
                    liability company or other);

               (9)  to the fullest extent permitted by applicable law, engage in
                    any dissolution, liquidation, consolidation, merger, sale or
                    other transfer of any of its assets outside the ordinary
                    course of the Company's business;

               (10) elect to be classified as an association taxable as a
                    corporation for federal, state, local or other income tax
                    purposes; or

               (11) make any change to its name or principal business or use of
                    any trade names, fictitious names, assumed names or "doing
                    business as" names.

          e. Actions Requiring the Consent of the Member. Without the express
     written approval of the Member, but expressly subject to the additional
     limitations on and obligations of the Member, the Company shall not:

               (i) do any act in contravention of this Agreement;

               (ii) do any act which would make it impossible to carry on the
          ordinary business of the Company or the Member;

               (iii) sell, assign or transfer in whole or any portions the
          Property except as permitted in this Agreement and the Loan Documents;

               (iv) confess a judgment against the Company or the Member;

               (v) possess property or assign rights in specific Company
          property for other than a purpose described herein;

               (vi) except as otherwise provided in this Agreement, admit a
          person or entity as a Member of the Company; or

                                       10
<PAGE>

               (vii) pay any fee or other compensation, take any action or grant
          any consent which is otherwise prohibited by this Agreement.

     12. Independent Managers. As long as any Indebtedness is outstanding, the
Member shall cause the Company at all times to have at least two Independent
Managers who will each be appointed by the Member. To the fullest extent
permitted by law, including Section 18-1101(c) of the Act, the Independent
Managers shall consider only the interests of the Company, including its
respective creditors, in acting or otherwise voting on the matters referred to
in Section 11(d)(iii). No resignation or removal of an Independent Manager, and
no appointment of a successor Independent Manager, shall be effective until the
successor Independent Manager (i) shall have accepted his or her appointment by
a written instrument; and (ii) shall have executed a counterpart of this
Agreement as required by Section 6(b)(iii). In the event of a vacancy in the
position of Independent Manager, the Member shall, as soon as practicable,
appoint a new Independent Manager. All right, power and authority of the
Independent Managers shall be limited to the extent necessary to exercise those
rights and perform those duties specifically set forth in this Agreement. Except
as provided in the second sentence of this Section 12, in exercising their
rights and performing their duties under this Agreement, the Independent
Managers shall have a fiduciary duty of loyalty and care similar to that of a
director of a business corporation organized under the General Corporation Law
of the State of Delaware. No Independent Manager shall at any time serve as
trustee in bankruptcy for any Affiliate of the Company. As used in this
Agreement, "Affiliate" shall mean, with respect to any Person, any other Person,
directly or indirectly, Controlling or Controlled by or under direct or indirect
common Control with such Person including, without limitation, (i) any Person
who has a familial relationship, by blood, marriage or otherwise with any
partner or employee of the Company, or any affiliate thereof; and (ii) any
Person which receives compensation for administrative, legal or accounting
services from the Company or any Affiliate. As used in this Agreement,
"Control", "Controlled" or "Controlling" shall mean 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 or
general partnership or managing member interests, by contract or otherwise.
Without limiting the generality of the foregoing, a Person shall be deemed to
Control any other Person in which it owns, directly or indirectly, a majority of
the ownership interests. As used in this Agreement, "Person" shall mean any
individual, corporation, partnership, joint venture, limited liability company,
limited liability partnership, associate, joint stock company, trust,
unincorporated organization or other organization, whether or not a legal
entity, and any governmental authority.

     13. Independent Manager. "Independent Manager" shall mean a natural person
who is not at the time of initial appointment and has not been at any time
during the preceding five (5) years and shall not be while serving as an
Independent Manager: (a) an officer, director, employee, partner, manager,
member, stockholder or beneficial-interest holder of the Company or any
Affiliate (other than his or her service as an independent manager, independent
director, or special member of the Company); (b) a creditor, customer, supplier
or other Person who derives any of its purchases or revenues (other than any fee
the Independent Manager or the entity which employs the Independent Manager
receives from (i) serving as an Independent Manager of the Company; or (ii)
normal corporate services) from its activities with the Company; (c) a Person or
other entity Controlling or under common Control with any such Person described
in (a) or (b) above; or (d) a member of the immediate family of any such

                                       11
<PAGE>

officer, director, employee, partner, manager, member, stockholder, or
beneficial-interest holder of the Company or creditor, customer, supplier or
special member of the Company. A natural person who satisfies the foregoing
definition other than subparagraph (b) shall not be disqualified from serving as
an Independent Manager of the Company if such individual is an independent
director provided by a nationally recognized company that provides professional
independent managers/directors (a "Professional Independent Director") and it
also provides other corporate services in the ordinary course of its business. A
natural person who otherwise satisfies the foregoing definition except for being
the independent director of a "special purpose entity" affiliated with the
Company that does not own a direct or indirect equity interest in the Company or
any co-borrower shall not be disqualified from serving as an Independent Manager
of the Company if such individual is either (i) a Professional Independent
Director or (ii) the fees that such individual earns from serving as independent
director of Affiliates of the Company constitute in the aggregate less than five
percent (5%) of such individual's annual income. Notwithstanding the immediately
preceding sentence, an Independent Manager may not simultaneously serve as
Independent Manager of the Company and independent director of a special purpose
entity that owns a direct or indirect equity interest in the Company or in any
co-borrower with the Company. For purposes of this paragraph, a "special purpose
entity" is an entity, whose organizational documents contain restrictions on its
activities and impose requirements intended to preserve the Company's
separateness that are substantially similar to those of the Company.

     14. Limited Liability. Except as otherwise expressly provided in the Act,
the debts, obligations and liabilities of the Company, whether arising in
contract, tort, or otherwise, shall be the debts, obligations and liabilities
solely of the Company, and none of the Member nor any partner thereof, any
Special Member or any Independent Manager shall be obligated personally for any
such debt, obligation or liability of the Company solely by reason of being a
Member, Special Member or Independent Manager of the Company.

     15. Capital Contributions. The Member has a one hundred percent (100%)
limited liability company interest in the Company. The Member shall, within ten
(10) days following its execution of this Agreement, make a capital contribution
to the Company of One Hundred Dollars ($100.00).

     16. Additional Contributions. The Member is not required to make any
additional capital contributions to the Company. However, the Member may make
additional capital contributions to the Company at any time. The provisions of
this Section 16 are intended solely to benefit the Member and, to the fullest
extent permitted by law, shall not be construed as conferring any benefit upon
any creditor of the Company (and no such creditor of the Company shall be a
third-party beneficiary of this Agreement) and the Member and the Special
Members shall not have any duty or obligation to any creditor of the Company to
make any contribution to the Company or to issue any call for capital pursuant
to this Agreement. In the event Member pays any amount to Lender pursuant to the
terms of the Guaranty given by the Member, as guarantor, or any other covenant
under the Loan Documents given by Member for the benefit of Lender in connection
with the Indebtedness, and which reduces the outstanding amount of the
Indebtedness, such amount shall be deemed to be a contribution to the capital of
the Company made by the Member.

                                       12
<PAGE>

     17. Tax Status. It is intended that the Company, solely for tax purposes,
shall be disregarded as an entity separate from its Member for federal, state
and local income tax purposes.

     18. Distributions. Distributions shall be made to the Member at the times
and in the aggregate amounts determined by the Member. Notwithstanding any
provision to the contrary contained in this Agreement, the Company shall not be
required to make a distribution to the Member on account of its interest in the
Company if such distribution would violate Section 18-607 of the Act or any
other applicable law, or constitute a default under the Loan Documents. Any
payments made pursuant to the Loan Documents to or for the benefit of the
Member, in its future capacity as a mezzanine borrower, shall constitute
distributions to or at the direction of the Member.

     19. Books and Records. The Member shall keep or cause to be kept complete
and accurate books of account and records with respect to the Company's
business. The books of the Company shall at all times be maintained by the
Member. The Member and its duly authorized representatives shall have the right
to examine the Company books, records and documents during normal business
hours. The Company's books of account shall be kept using the method of
accounting determined by the Member. The Company's independent auditor shall be
an independent public accounting firm selected by the Member.

     20. Reports.

          a. The Company shall cause to be prepared, at the Company's expense,
     such financial reports and other information as the Member may determine
     are appropriate or necessary.

          b. If required, the Member shall cause the accountants of the Company
     to prepare all federal, state and local tax returns required of the
     Company, submit those returns to the Member for its approval no later than
     thirty (30) calendar days prior to the date required for the filing thereof
     (including any extensions granted) and will cause the tax returns to be
     filed after they have been approved by the Member.

          c. All decisions as to accounting principles shall be made by the
     Member, subject to the provisions of this Agreement.

     21. Other Business. The Special Members and any Affiliate of the Member may
engage in or possess an interest in other business ventures (unconnected with
the Company) of every kind and description, independently or with others
notwithstanding any provision to the contrary at law or at equity. The Company
shall not have any rights in or to such independent ventures or the income or
profits therefrom by virtue of this Agreement. Neither the Member nor any
Special Member nor any Manager shall have the right, power or authority to bind
the Company, the Member or any partner in Member in connection with any other
business or transaction which is not within the scope of the purpose of the
Company as set forth herein.

                                       13
<PAGE>

     22. Exculpation and Indemnification.

          a. No Member, Special Member, Independent Manager, employee, agent or
     Affiliate of the Company and no direct or indirect employee,
     representative, partner, agent or Affiliate of the Member (collectively,
     the "Covered Persons") shall be liable to the Company or any other Person
     who has an interest in or claim against the Company for any loss, damage or
     claim incurred by reason of any act or omission performed or omitted by
     such Covered Person in good faith on behalf of the Company and in a manner
     reasonably believed to be within the scope of the authority conferred on
     such Covered Person by this Agreement excepting a Covered Person shall be
     liable for any such loss, damage or claim incurred by reason of such
     Covered Person's gross negligence or willful misconduct.

          b. To the fullest extent permitted by applicable law, a Covered Person
     shall be entitled to indemnification from the Company for any loss, damage
     or claim incurred by such Covered Person by reason of any act or omission
     performed or omitted by such Covered Person in good faith on behalf of the
     Company and in a manner reasonably believed to be within the scope of the
     authority conferred on such Covered Person by this Agreement, except that
     no Covered Person shall be entitled to be indemnified in respect of any
     loss, damage or claim incurred by such Covered Person by reason of such
     Covered Person's gross negligence or willful misconduct with respect to
     such acts or omissions; provided, however, that any indemnity under this
     Section 22 shall be provided out of and to the extent of the Company assets
     only, and no Member or Independent Manager shall have personal liability on
     account thereof; and provided further, that so long as any Indebtedness is
     outstanding, indemnification payments under this Section 22 (including
     without limitation any payments made under Section 22(c)) shall be fully
     subordinated to any obligations respecting the Property and no indemnity
     payment from funds of the Company (as distinct from funds from other
     sources, such as insurance) of any indemnity under this Section 22 shall be
     payable from amounts allocable to any other Person pursuant to the Loan
     Documents and, to the fullest extent permitted by law, shall not constitute
     a claim against the Company if there is otherwise insufficient cash flow to
     pay such obligations.

          c. To the fullest extent permitted by applicable law and subject to
     Section 22(b) above, expenses (including legal fees) incurred by a Covered
     Person defending any claim, demand, action, suit or proceeding shall, from
     time to time, be advanced by the Company prior to the final disposition of
     such claim, demand, action, suit or proceeding upon receipt by the Company
     of an undertaking by or on behalf of the Covered Person to repay such
     amount if it shall be determined that the Covered Person is not entitled to
     be indemnified as authorized by this Section 22.

          d. A Covered Person shall be fully protected in relying in good faith
     upon the records of the Company and upon such information, opinions,
     reports or statements presented to the Company by any Person as to matters
     the Covered Person reasonably believes are within such other Person's
     professional or expert competence and who has been selected with reasonable
     care by or on behalf of the Company, including information, opinions,

                                       14
<PAGE>

     reports or statements as to the value and amount of the assets,
     liabilities, or any other facts pertinent to the existence and amount of
     assets from which distributions to the Member might properly be paid.

          e. To the extent that, at law or in equity, a Covered Person has
     duties, including fiduciary duties, and liabilities relating thereto to the
     Company or to any other Covered Person, a Covered Person acting under this
     Agreement shall not be liable to the Company or to any other Covered Person
     for its good faith reliance on the provisions of this Agreement or any
     approval or authorization granted by the Company or any other Covered
     Person. The provisions of this Agreement, to the extent that they restrict
     the duties and liabilities of a Covered Person otherwise existing at law or
     in equity, are agreed by the Member and the Special Members to replace such
     other duties and liabilities of such Covered Person.

          f. The foregoing provisions of this Section 22 shall survive any
     termination of this Agreement.

     23. Transfers.

          (a) The transfer of any direct or indirect limited liability company
     ownership interest in the Company must be made in accordance with the Loan
     Documents. Any such transfer in violation of the terms of this Agreement or
     the Loan Documents shall be void and of no effect. If the Member transfers
     all of its membership interest in the Company pursuant to this Section 23
     and in accordance with the Loan Documents, the transferee shall be admitted
     to the Company as a member of the Company upon its execution of an
     instrument signifying its agreement to be bound by the terms and conditions
     of this Agreement, which instrument may be a counterpart signature page to
     this Agreement. Such admission shall be deemed effective immediately prior
     to the transfer and, immediately following such admission, the transferor
     Member shall cease to be a member of the Company.

          (b) Upon a foreclosure, sale or other transfer of the limited
     liability company interests in the Company pursuant to a future pledge and
     security agreement, (the "Mezzanine Pledge Agreement"), among Member and
     Mezzanine Lender (defined below), the holder of such limited liability
     company interests shall, upon the execution of a counterpart to this
     Agreement, automatically be admitted as member of the Company upon such
     foreclosure, sale or other transfer, with all of the rights and obligations
     of the Member hereunder, subject to the limitations on transferability of
     such interests as described in this Section 23. The Company acknowledges
     that a pledge of the membership interest in the Company made by the Member
     in connection with the Mezzanine Pledge Agreement shall be a pledge not
     only of profits and losses of the Company, but also a pledge of all rights
     and obligations of the Member. Upon a foreclosure, sale or other transfer
     of the limited liability company interests of the Company pursuant to the
     Mezzanine Pledge Agreement, the successor Member may transfer its interests
     in the Company, subject to this Section 23. Notwithstanding any provision
     in the Act or any other provision contained herein to the contrary, the

                                       15
<PAGE>

     Member shall be permitted to pledge and, upon any foreclosure of such
     pledge in connection with the admission of the Mezzanine Lender as a
     member, to transfer to the Mezzanine Lender its rights and powers to manage
     and control the affairs of the Company pursuant to the terms of the
     Mezzanine Pledge Agreement. Upon the exercise of its rights under the
     Mezzanine Pledge Agreement, the Mezzanine Lender shall have, among its
     other powers, the right to appoint and remove Independent Managers pursuant
     to the terms of Sections 11 and 12 herein.

          (c) Notwithstanding anything to the contrary contained herein, the
     Member shall not, without the prior written consent of the Mezzanine
     Lender, if any, issue and shall not permit the issuance of any additional
     limited liability company interests of the Company other than its initial
     issuance of limited liability company interests issued on or prior to the
     date of this Agreement.

          (d) Notwithstanding any provision in the Act or any other provision
     contained herein to the contrary, all limited liability company interests
     or shares issued by the Company are not and shall not become securities
     governed by Article 8 of the Uniform Commercial Code, see U.C.C.
     ss.8-103(c) (revised 1994 as in effect from time to time in the State of
     Delaware and any other applicable jurisdiction).

          For the purposes of this Section 23, "Mezzanine Lender" means any
     future mezzanine lender, its successors and assigns entering into a loan
     with a Member as borrower pursuant to which such Member pledges to the
     mezzanine lender all of its membership interest in the Company.

     24. Admission of Additional Members. Subject to the terms of Section 23,
one or more additional members of the Company may be admitted to the Company
with the written consent of the Member; provided that, notwithstanding the
foregoing, so long as any Indebtedness remains outstanding, no additional
members may be admitted to the Company, other than the Substitute Member or the
Special Member, unless there is a transfer of 100% of the membership interest to
a single entity in accordance with Section 23. In addition, any such admission
pursuant to this Section 24 to the extent applicable must be made in accordance
with the Loan Documents.

     25. Dissolution.

          a. Subject to Section 11(d), the Company shall be dissolved, and its
     affairs shall be wound up upon the first to occur of the following: (i) the
     termination of the legal existence of the last remaining member of the
     Company or the occurrence of any other event which terminates the continued
     membership of the last remaining member of the Company in the Company
     unless the business of the Company is continued in a manner required under
     Section 6(a)(iii) or this Section 25 or permitted by this Agreement or the
     Act; or (ii) the entry of a decree of judicial dissolution under Section
     18-802 of the Act. Upon the occurrence of any event that causes the last
     remaining member of the Company to cease to be a member of the Company or
     the Member to cease to be a member of the Company (other than upon an
     assignment by the Member of all of its limited liability company interest

                                       16
<PAGE>

     in the Company and the admission of the transferee pursuant to Sections 23
     and 24), to the fullest extent permitted by law, the personal
     representative of such member is hereby authorized to, and shall, within 90
     days after the occurrence of the event that terminated the continued
     membership of such member of the Company, agree in writing (i) to continue
     the Company; and (ii) to the admission of the personal representative or
     its nominee or designee, as the case may be, as a Substitute Member of the
     Company, effective as of the occurrence of the event that terminated the
     continued membership of such member of the Company in the Company.

          b. Notwithstanding any other provision of this Agreement, the
     Bankruptcy of the Member or the Special Member shall not cause the Member
     or such Special Member to cease to be a member of the Company and upon the
     occurrence of such an event, the business of the Company shall continue
     without dissolution. Notwithstanding any other provision of this Agreement,
     the Member waives any right it might have to agree in writing to dissolve
     the Company upon the Bankruptcy of the Member or the occurrence of any
     other event that causes such Member to cease to be a member of the Company.
     "Bankruptcy" means, with respect to the Member or the Special Member, if
     the Member or a Special Member (i) makes an assignment for the benefit of
     creditors; (ii) files a voluntary petition in bankruptcy; (iii) is adjudged
     a bankrupt or insolvent, or has entered against itself an order for relief,
     in any bankruptcy or insolvency proceeding; (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 of all or
     any substantial part of its properties; or (vii) 120 days after the
     commencement of any proceeding against the Person seeking reorganization,
     arrangement, composition, readjustment, liquidation, or similar relief
     under any statute, law or regulation, if the proceeding has not been
     dismissed, or if within 90 days after the appointment, without the Person's
     consent or acquiescence, of a trustee, receiver or liquidator of the Person
     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. With respect to any Person, the foregoing
     definition of "Bankruptcy" is intended to replace and shall supersede the
     definition of "bankruptcy" set forth in Sections 18-101(1) and 18-304 of
     the Act.

          c. In the event of dissolution, the Company shall conduct only such
     activities as are necessary to wind up its affairs (including the sale of
     the assets of the Company in an orderly manner), and the assets of the
     Company shall be applied in the manner, and in the order of priority, set
     forth in Section 18-804 of the Act; provided, however, if at such time (i)
     any Indebtedness is outstanding and (ii) the Company has not been released
     from its obligations with respect to such Indebtedness in accordance with
     the Loan Documents, then, to the extent permissible by applicable law, the
     Company shall not liquidate the Property without first obtaining the
     approval of the mortgagee holding the Mortgage or any other mortgagee
     holding first priority liens on any portion of the Property. Such

                                       17
<PAGE>

     mortgagees may continue to exercise all of their rights under the existing
     security instruments or agreements until the Indebtedness has been fully
     paid or discharged.

          d. The Company shall terminate when (i) all of the assets of the
     Company, after payment of or due provision for all debts, liabilities and
     obligations of the Company shall have been distributed to the Member in the
     manner provided for in this Agreement; and (ii) the Certificate of
     Formation shall have been canceled in the manner required by the Act.

     26. Waiver of Partition; Nature of Interest. Except as otherwise expressly
provided in this Agreement, to the fullest extent permitted by law, the Member
and the Independent Managers hereby irrevocably waive any right or power that
such Member or the Independent Managers might have to cause the Company 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 Company, to compel any sale of all or any
portion of the assets of the Company pursuant to any applicable law or to file a
complaint or to institute any proceeding at law or in equity to cause the
dissolution, liquidation, winding up or termination of the Company. No Member
shall have any interest in any specific asset of the Company, and no Member
shall have the status of a creditor with respect to any distribution pursuant to
Section 18 hereof. The interest of the Member in the Company is personal
property.

     27. Benefits of Agreement; No Third-Party Rights. None of the provisions of
this Agreement shall be for the benefit of or enforceable by any creditor of the
Company or by any creditor of the Member other than (i) the Special Purpose
Provisions, which shall be for the benefit of Lender and its successors and
assigns; and (ii) Section 34 which shall be for the benefit of each Independent
Manager. Subject to the Special Purpose Provisions, nothing in this Agreement
shall be deemed to create any right in any Person (other than Covered Persons)
not a party hereto, and this Agreement shall not be construed in any respect to
be a contract in whole or in part for the benefit of any third Person.

     28. Severability of Provisions. Each provision of this Agreement shall be
considered severable and if for any reason any provision or provisions herein
are determined to be invalid, unenforceable or illegal under any existing or
future law, such invalidity, unenforceability or illegality shall not impair the
operation of or affect those portions of this Agreement which are valid,
enforceable and legal.

     29. Entire Agreement. This Agreement constitutes the entire agreement of
the parties with respect to the subject matter hereof.

     30. 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.

     31. Amendments. Subject to Section 11(d) and 11(e), this Agreement may not
be modified, altered, supplemented or amended except pursuant to a written
agreement executed and delivered by the Member. Subject to Section 11(d) and
11(e), so long as any Indebtedness is outstanding, this Agreement may not be

                                       18
<PAGE>

modified, altered, supplemented or amended unless the Lender under the Loan
Documents consents and, to the extent the Indebtedness has been securitized, the
related rating agencies have delivered written confirmation that such changes
will not result in the qualification, downgrade or withdrawal of any ratings
assigned to the related securities, except: (i) to cure any ambiguity or (ii) to
appoint a successor Independent Manager pursuant to Section 12.

     32. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original of this Agreement and
all of which together shall constitute one and the same instrument.

     33. Notices. Any notices required to be delivered hereunder shall be in
writing and personally delivered, mailed or sent by telecopy, electronic mail,
or other similar form of rapid transmission, and shall be deemed to have been
duly given upon receipt (a) in the case of the Company, to the Company at its
address set forth in Section 3; (b) in the case of the Member, to the Member at
its address as listed on Schedule A attached hereto; and (c) in the case of
either of the foregoing, at such other address as may be designated by written
notice to the other party.

     34. Enforcement by Independent Manager. Notwithstanding any other provision
of this Agreement, the Member and the Springing Members agree that this
Agreement, including, without limitation, the Special Purpose Provisions
constitutes a legal, valid and binding agreement of the Member and the Springing
Members, and is enforceable against the Member and the Springing Members by the
Independent Managers, in accordance with its terms. In addition, each of the
Independent Managers shall be an intended beneficiary of this Agreement.

     35. Effectiveness. Pursuant to Section 18-201(d) of the Act, this Agreement
shall be effective as of [________________].

             [Signature page follows. No further text on this page.]

                                       19
<PAGE>

                                                                       EXHIBIT D
                  Form of Level 2 Subsidiary Limited Liability Company Agreement

     IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby,
have duly executed this Agreement effective as of ______________ ___, ____.

                        MEMBER:
                        -------

                        [________________] REIT, LLC, a Delaware limited
                        liability company

                        By: OG RETAIL HOLDING CO., LLC, a Delaware
                            limited liability company, its managing member

                            By: GLIMCHER PROPERTIES LIMITED PARTNERSHIP,
                                a Delaware limited partnership, as
                                administering member

                                By: GLIMCHER PROPERTIES CORPORATION, a
                                    Delaware corporation, its sole general
                                    partner

                                    By:_________________________
                                       George A. Schmidt, as
                                       Executive Vice President

                        Springing Member 1/Independent Manager:
                        ---------------------------------------

                               ____________________________
                               [________________], individually

                        Springing Member 2/Independent Manager:
                        ---------------------------------------

                               ____________________________
                               [________________], individually

                        Signature Page For LLC Agreement
<PAGE>

                                   SCHEDULE A
                                   ----------

                                     Member
                                     ------

[________________] REIT, LLC
c/o Glimcher Properties Limited Partnership
150 East Gay Street
Columbus, Ohio 43215
Attention: General CounselExhibit 10.90

                               TERM LOAN AGREEMENT

                          DATED AS OF JANUARY 13, 2006

                                      AMONG

                                 GM OLATHE, LLC

                                       AND

                    GLIMCHER PROPERTIES LIMITED PARTNERSHIP,
                                  AS BORROWERS

                                       AND

                          KEYBANK NATIONAL ASSOCIATION
                    AS ADMINISTRATIVE AGENT AND LEAD ARRANGER

                                       AND

                               THE SEVERAL LENDERS
                        FROM TIME TO TIME PARTIES HERETO,
                                   AS LENDERS

<PAGE>

                                TABLE OF CONTENTS

ARTICLE I DEFINITIONS..........................................................1
ARTICLE II THE CREDIT.........................................................12
   2.1     Generally..........................................................12
   2.2     Ratable Advances...................................................12
   2.3     Final Principal Payment............................................12
   2.4     Fees...............................................................12
   2.5     Intentionally Omitted..............................................12
   2.6     Optional Prepayments; Mandatory Prepayments........................12
   2.7     Method of Selecting Types and Interest Periods.....................13
   2.8     Conversion and Continuation of Outstanding Advances................13
   2.9     Changes in Interest Rate, Etc......................................14
   2.10    Rates Applicable After Default.....................................14
   2.11    Method of Payment..................................................14
   2.12    Notes; Telephonic Notices..........................................15
   2.13    Interest Payment Dates; Interest and Fee Basis.....................15
   2.14    Notification of Advances, Interest Rates and Prepayments...........15
   2.15    Lending Installations..............................................15
   2.16    Non-Receipt of Funds by the Administrative Agent...................15
   2.17    Replacement of Lenders under Certain Circumstances.................16
   2.18    Usury..............................................................16
ARTICLE III CHANGE IN CIRCUMSTANCES...........................................17
   3.1     Yield Protection...................................................17
   3.2     Changes in Capital Adequacy Regulations............................17
   3.3     Availability of Types of Advances..................................18
   3.4     Funding Indemnification............................................18
   3.5     Taxes..............................................................18
   3.6     Lender Statements; Survival of Indemnity...........................20
ARTICLE IV CONDITIONS PRECEDENT...............................................20
   4.1     Initial Advance....................................................20
ARTICLE V REPRESENTATIONS AND WARRANTIES......................................23
   5.1     Existence..........................................................23
   5.2     Authorization and Validity.........................................23
   5.3     No Conflict; Government Consent....................................23
   5.4     Financial Statements; Material Adverse Effect......................24
   5.5     Taxes..............................................................24
   5.6     Litigation and Guarantee Obligations...............................24
   5.7     Intentionally Omitted..............................................24
   5.8     ERISA..............................................................24
   5.9     Accuracy of Information............................................25
   5.10    Regulation U.......................................................25
   5.11    Material Agreements................................................25
   5.12    Compliance With Laws...............................................25
   5.13    Ownership of Projects..............................................25
   5.14    Investment Company Act.............................................25
   5.15    Public Utility Holding Company Act.................................25
   5.16    Intentionally Omitted..............................................25
   5.17    Insurance..........................................................25
   5.18    REIT Status........................................................26
   5.19    Title to Property..................................................26
   5.20    Environmental Matters..............................................26
   5.21    Collateral Asset...................................................27
   5.22    Office of Foreign Asset Control....................................28

                                       -i-
<PAGE>

ARTICLE VI COVENANTS..........................................................29
   6.1     Financial Reporting................................................29
   6.2     Use of Proceeds....................................................30
   6.3     Notice of Default..................................................30
   6.4     Conduct of Business................................................30
   6.5     Taxes..............................................................30
   6.6     Insurance..........................................................30
   6.7     Compliance with Laws...............................................31
   6.8     Maintenance of Properties..........................................31
   6.9     Inspection.........................................................31
   6.10    Maintenance of Status..............................................31
   6.11    Dividends..........................................................31
   6.12    No Change in Control...............................................31
   6.13    Affiliates.........................................................31
   6.14    Consolidated Net Worth.............................................31
   6.15    Indebtedness and Cash Flow Covenants...............................31
   6.17    Approval of Leases.................................................32
ARTICLE VII DEFAULTS..........................................................32
ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES...................34
   8.1     Acceleration.......................................................34
   8.2     Amendments.........................................................34
   8.3     Preservation of Rights.............................................35
   8.4     Foreclosure........................................................35
   8.5     Insolvency of Borrower.............................................36
ARTICLE IX GENERAL PROVISIONS.................................................36
   9.1     Survival of Representations........................................36
   9.2     Governmental Regulation............................................36
   9.3     Intentionally Omitted..............................................36
   9.4     Headings...........................................................36
   9.5     Entire Agreement...................................................36
   9.6     Several Obligations; Benefits of this Agreement....................36
   9.7     Expenses; Indemnification..........................................37
   9.8     Numbers of Documents...............................................37
   9.9     Accounting.........................................................37
   9.10    Severability of Provisions.........................................37
   9.11    Nonliability of Lenders............................................37
   9.12    CHOICE OF LAW......................................................37
   9.13    CONSENT TO JURISDICTION............................................38
   9.14    WAIVER OF JURY TRIAL...............................................38
ARTICLE X THE ADMINISTRATIVE AGENT............................................38
   10.1    Appointment........................................................38
   10.2    Powers.............................................................38
   10.3    General Immunity...................................................39
   10.4    No Responsibility for Loans, Recitals, etc.........................39
   10.5    Action on Instructions of Lenders..................................39
   10.6    Employment of Agents and Counsel...................................39
   10.7    Reliance on Documents; Counsel.....................................39
   10.8    Administrative Agent's Reimbursement and Indemnification...........40
   10.9    Rights as a Lender.................................................40
   10.10   Lender Credit Decision.............................................40
   10.11   Successor Administrative Agent.....................................40
   10.12   Notice of Defaults.................................................41
   10.13   Requests for Approval..............................................41
   10.14   Defaulting Lenders.................................................41

                                       ii
<PAGE>

ARTICLE XI RELEASE OF PORTION OF COLLATERAL ASSET.............................42
   11.1    Transfer...........................................................42
   11.2    Release............................................................43
   11.3    Subdivision Alternative............................................43
ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS.................44
   12.1    Successors and Assigns.............................................44
   12.2    Participations.....................................................45
   12.3    Assignments........................................................45
   12.4    Dissemination of Information.......................................46
   12.5    Tax Treatment......................................................46
ARTICLE XIII NOTICES..........................................................46
   13.1    Giving Notice......................................................46
   13.2    Change of Address..................................................47
ARTICLE XIV COUNTERPARTS......................................................47

                                       iii
<PAGE>

                               TERM LOAN AGREEMENT

     This Term Loan Agreement, dated as of January __, 2006, is among GM Olathe,
LLC, a Delaware limited liability company (the "Owner"), and Glimcher Properties
Limited Partnership, a limited partnership organized under the laws of the State
of Delaware ("GPLP" and collectively with Owner, the "Borrower"), KeyBank
National Association, a national banking association, and the several banks,
financial institutions and other entities from time to time parties to this
Agreement (collectively, the "Lenders") and KeyBank National Association, not
individually, but as "Administrative Agent."

                                    RECITALS
                                    --------

     A. GPLP is primarily engaged in the business of purchasing, owning,
operating, leasing and managing retail properties.

     B. Owner holds an 811,678 square foot mall located in Olathe, Kansas
commonly known as The Great Mall of the Great Plains.

     C. The Borrower has requested that the Lenders make a single disbursement
term loan to the Borrower pursuant to the terms of this Agreement to refinance
existing debt of Owner secured by such mall. The Administrative Agent and the
Lenders have agreed to do so.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties hereto agree as follows:

                                   ARTICLE II

                                   DEFINITIONS
                                   -----------

     As used in this Agreement:

     "ABR Applicable Margin" means zero percent per annum.

     "Adjusted Annual EBITDA" shall have, as of any date, the meaning then given
to such term under the GPLP Revolver.

     "Adjusted Funds From Operations" shall mean Funds From Operations less
Preferred Dividends.

     "Administrative Agent" means KeyBank National Association in its capacity
as agent for the Lenders pursuant to Article X, and not in its individual
capacity as a Lender, and any successor Administrative Agent appointed pursuant
to Article X.

     "Advance" means the initial borrowing hereunder and from time to time
thereafter each portion of such initial borrowing which is of the same Type and,
in the case of LIBOR Rate Advances, for the same LIBOR Interest Period.

     "Affiliate" of any Person means any other Person directly or indirectly
controlling, controlled by or under common control with such Person. A Person
shall be deemed to control another Person if the controlling Person owns 10% or

                                      -1-
<PAGE>

more of any class of voting securities (or other ownership interests) of the
controlled Person or possesses, directly or indirectly, the power to direct or
cause the direction of the management or policies of the controlled Person,
whether through ownership of stock, by contract or otherwise.

     "Aggregate Commitment" means $30,000,000.

     "Agreement" means this Credit Agreement, as it may be amended or modified
and in effect from time to time.

     "Agreement Execution Date" means the date this Agreement has been fully
executed and delivered by all parties hereto.

     "Alternate Base Rate" means, for any day, a rate of interest per annum
equal to the higher of (i) the Prime Rate for such day and (ii) the sum of
Federal Funds Effective Rate for such day plus 1/2% per annum.

     "Applicable Margin" means, as applicable, the ABR Applicable Margin or the
LIBOR Applicable Margin which are used in calculating the interest rate
applicable to the various Types of Advances.

     "Appraisal" shall mean an appraisal of the Collateral Asset commissioned by
the Administrative Agent, and acceptable to the Administrative Agent and
Required Lenders, in compliance with the Financial Institutions Reform, Recovery
and Enforcement Act of 1989, as amended, and the regulations promulgated
thereunder ("FIRREA") and with the Uniform Standards of Professional Appraisal
Practice.

     "Appraised Value" means the "as-is" appraised value of the Collateral Asset
as shown on the most recent Appraisal thereof.

     "Article" means an article of this Agreement unless another document is
specifically referenced.

     "Authorized Officer" means any of the President and Chief Executive
Officer, Executive Vice President and Chief Operating Officer, Vice President
and Chief Financial Officer, Vice President, Controller and Chief Accounting
Officer or Executive Vice President and General Counsel of the general partner
of GPLP, acting singly.

     "Borrowing Date" means a date on which an Advance is made hereunder.

     "Borrowing Notice" is defined in Section 2.8.

     "Business Day" means (i) with respect to any borrowing, payment or rate
selection of LIBOR Rate Advances, a day (other than a Saturday or Sunday) on
which banks generally are open in Cleveland, Ohio and New York, New York for the
conduct of substantially all of their commercial lending activities and on which
dealings in United States dollars are carried on in the London interbank market
and (ii) for all other purposes, a day (other than a Saturday or Sunday) on
which banks generally are open in Cleveland, Ohio and New York, New York for the
conduct of substantially all of their commercial lending activities.

                                      -2-
<PAGE>

     "Capital Stock" means any and all shares, interests, participations or
other equivalents (however designated) of capital stock of a corporation, any
and all equivalent ownership interests in a Person which is not a corporation
and any and all warrants or options to purchase any of the foregoing.

     "Capitalized Lease" of a Person means any lease of Property imposing
obligations on such Person, as lessee thereunder, which are required in
accordance with GAAP to be capitalized on a balance sheet of such Person.

     "Capitalized Lease Obligations" of a Person means the amount of the
obligations of such Person under Capitalized Leases which would be shown as a
liability on a balance sheet of such Person prepared in accordance with GAAP.

     "Change in Control" means (i) any change in the ownership of either Parent
Entity which results in more than twenty-five percent (25%) of the such Parent
Entity's Capital Stock being acquired by any one Person, or group of Persons
which are Affiliates of each other, or (ii) any change in the membership of
either Parent Entity's Board of Directors which results in the board members as
of any date after the Agreement Execution Date constituting less than 50% of the
total board members at any time during the one (1) year period following such
date, or (iii) any change in the identity of the owners of the general
partnership interests in the Borrower, unless any such owner is a Wholly-Owned
Subsidiary of Glimcher Realty Trust.

     "Code" means the Internal Revenue Code of 1986, as amended, reformed or
otherwise modified from time to time.

     "Collateral" means all assets of the Loan Parties, now owned or hereinafter
acquired, upon which a Lien is purported to be created by any Security Document
including, without limitation, the Collateral Asset.

     "Collateral Asset" means the real estate and related improvements described
in the Mortgage commonly known as The Great Mall of the Great Plains, Olathe,
Kansas.

     "Commitment" means, for each Lender, the obligation of such Lender to make
Loans not exceeding the amount set forth opposite its signature below or as set
forth in any Notice of Assignment relating to any assignment that has become
effective pursuant to Section 12.3.2, as such amount may be modified from time
to time pursuant to the terms hereof.

     "Consolidated Group" shall have the meaning given to such term in the GPLP
Revolver from time to time.

     "Consolidated Group Pro Rata Share" shall mean, with respect to any
Investment Affiliate, the percentage of the total equity ownership interests
held by the Consolidated Group, in the aggregate, in such Investment Affiliate
determined by calculating the percentage of the issued and outstanding stock,
partnership interests or membership interests in such Investment Affiliate held
by the Consolidated Group in the aggregate.

     "Consolidated Net Worth" means, as of any date of determination, an amount
equal to (a) Total Asset Value minus (b) Consolidated Outstanding Indebtedness
as of such date.

     "Consolidated Outstanding Indebtedness" shall mean, as of any date of
determination, without duplication, the sum of (a) all Indebtedness of the
Consolidated Group outstanding at such date, determined on a consolidated basis

                                      -3-
<PAGE>

in accordance with GAAP, plus, without duplication (b) the greater of (i) the
applicable Consolidated Group Pro Rata Share of all Indebtedness of each
Investment Affiliate (other than Indebtedness of such Investment Affiliate to a
member of the Consolidated Group) and (ii) the amount of Indebtedness of such
Investment Affiliate which is also Recourse Indebtedness to a member of the
Consolidated Group.

     "Controlled Group" means all members of a controlled group of corporations
and all trades or businesses (whether or not incorporated) under common control
which, together with the Borrower or any of its Subsidiaries, are treated as a
single employer under Section 414 of the Code.

     "Conversion/Continuation Notice" is defined in Section 2.8.

     "Default" means an event described in Article VII.

     "Defaulting Lender" means any Lender which fails or refuses to perform its
obligations under this Agreement within the time period specified for
performance of such obligation, or, if no time frame is specified, if such
failure or refusal continues for a period of five Business Days after written
notice from the Administrative Agent; provided that if such Lender cures such
failure or refusal, such Lender shall cease to be a Defaulting Lender.

     "Default Rate" means the interest rate which may apply during the
continuance of a Default pursuant to Section 2.10 which shall mean that (i) each
LIBOR Rate Advance shall bear interest for the remainder of the applicable LIBOR
Interest Period at the rate otherwise applicable to such LIBOR Interest Period
plus 2% per annum and (ii) each Floating Rate Advance shall bear interest at a
rate per annum equal to the Floating Rate otherwise applicable to the Floating
Rate Advance plus 2% per annum.

     "Environmental Indemnity" means the environmental indemnity agreement to be
executed by GPLP and Owner in the form attached hereto as Exhibit I and made a
part hereof, as such document may be hereafter amended and/or restated from time
to time.

     "Environmental Laws" includes, but is not limited to, the following
statutes, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules,
regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning
and Community Right-to-Know Act; the Hazardous Substances Transportation Act;
the Resource Conservation and Recovery Act (including but not limited to
Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act;
the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the
Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal
Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide
Act; the Endangered Species Act; the National Environmental Policy Act; and the
River and Harbors Appropriation Act.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and any rule or regulation issued thereunder.

     "Excluded Taxes" means, in the case of each Lender or applicable Lending
Installation and the Administrative Agent, taxes imposed on its overall net
income, and franchise taxes imposed on it, by any jurisdiction with taxing
authority over the Lender.

                                      -4-
<PAGE>

     "Expansion Parcel" shall mean an area of the Collateral Asset cross-hatched
on Exhibit D attached hereto and marked as "Part of Tract A" (or such lesser
area within such cross-hatched area necessary to construct the proposed
improvements described in Article 11 hereof and to provide parking adjacent to
such improvements necessary for the use and operation of such improvements).

     "Facility Termination Date" means January __, 2009.

     "Federal Funds Effective Rate" shall mean, for any day, the rate per annum
(rounded upward to the nearest one one-hundredth of one percent (1/100 of 1%))
announced by the Federal Reserve Bank of Cleveland on such day as being the
weighted average of the rates on overnight federal funds transactions arranged
by federal funds brokers on the previous trading day, as computed and announced
by such Federal Reserve Bank in substantially the same manner as such Federal
Reserve Bank computes and announces the weighted average it refers to as the
"Federal Funds Effective Rate."

     "Financial Contract" of a Person means (i) any exchange - traded or
over-the-counter futures, forward, swap or option contract or other financial
instrument with similar characteristics, or (ii) any Rate Management
Transaction.

     "Financial Undertaking" of a Person means (i) any transaction which is the
functional equivalent of or takes the place of borrowing but which does not
constitute a liability on the consolidated balance sheet of such Person, or (ii)
any agreements, devices or arrangements designed to protect at least one of the
parties thereto from the fluctuations of interest rates, exchange rates or
forward rates applicable to such party's assets, liabilities or exchange
transactions, including, but not limited to, interest rate exchange agreements,
forward currency exchange agreements, interest rate cap or collar protection
agreements, forward rate currency or interest rate options.

     "Fixed Charges" shall have, as of any date, the meaning then given to such
term under the GPLP Revolver.

     "Floating Rate" means, for any day, a rate per annum equal to (i) the
Alternate Base Rate for such day plus (ii) ABR Applicable Margin for such day,
in each case changing when and as the Alternate Base Rate changes.

     "Floating Rate Advance" means an Advance which bears interest at the
Floating Rate.

     "Floating Rate Loan" means a Loan which bears interest at the Floating
Rate.

     "Funds From Operations" shall have the meaning determined from time to time
by the National Association of Real Estate Investment Trusts to be the meaning
most commonly used by its members.

     "GAAP" means generally accepted accounting principles in the United States
of America as in effect from time to time, applied in a manner consistent with
that used in preparing the financial statements referred to in Section 6.1.

     "Governmental Authority" means any nation or government, any state or other
political subdivision thereof and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government.

     "GPLP Revolver" means that certain revolving credit facility available to
GPLP in the maximum amount of $150,000,000 pursuant to that certain Credit

                                      -5-
<PAGE>

Agreement dated as of October 13, 2003 by and between GPLP and KeyBank National
Association, as Administrative Agent and Lead Arranger, and the several Lenders
from time to time parties thereto, as amended, restated or otherwise modified
from time to time, including any new revolving credit facility which refinances
and replaces such facility.

     "Guarantee Obligation" means, as to any Person (the "guaranteeing person"),
any obligation (determined without duplication) of (a) the guaranteeing person
or (b) another Person (including, without limitation, any bank under any Letter
of Credit) to induce the creation of which the guaranteeing person has issued a
reimbursement, counter-indemnity or similar obligation, in either case
guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or
other obligations (the "primary obligations") of any other third Person (the
"primary obligor") in any manner, whether directly or indirectly, including,
without limitation, any obligation of the guaranteeing person, whether or not
contingent, (i) to purchase any such primary obligation or any property
constituting direct or indirect security therefor, (ii) to advance or supply
funds (1) for the purchase or payment of any such primary obligation or (2) to
maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth or solvency of the primary obligor, (iii) to purchase
property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make
payment of such primary obligation or (iv) otherwise to assure or hold harmless
the owner of any such primary obligation against loss in respect thereof;
provided, however, that the term Guarantee Obligation shall not include
endorsements of instruments for deposit or collection in the ordinary course of
business. The amount of any Guarantee Obligation of any guaranteeing person
shall be deemed to be the maximum stated amount of the primary obligation
relating to such Guarantee Obligation (or, if less, the maximum stated liability
set forth in the instrument embodying such Guarantee Obligation), provided, that
in the absence of any such stated amount or stated liability, the amount of such
Guarantee Obligation shall be such guaranteeing person's maximum reasonably
anticipated liability in respect thereof as determined by the Borrower in good
faith.

     "Indebtedness" of any Person at any date means without duplication, (a) all
indebtedness of such Person for borrowed money including without limitation any
repurchase obligation or liability of such Person with respect to securities,
accounts or notes receivable sold by such Person, (b) all obligations of such
Person for the deferred purchase price of property or services (other than
current trade liabilities incurred in the ordinary course of business and
payable in accordance with customary practices), to the extent such obligations
constitute indebtedness for the purposes of GAAP, (c) any other indebtedness of
such Person which is evidenced by a note, bond, debenture or similar instrument,
(d) all Capitalized Lease Obligations, (e) all obligations of such Person in
respect of acceptances issued or created for the account of such Person, (f) all
Guarantee Obligations of such Person (excluding in any calculation of
consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of
one member of the Consolidated Group in respect of primary obligations of any
other member of the Consolidated Group), (g) all reimbursement obligations of
such Person for letters of credit and other contingent liabilities, (h) any Net
Mark-to-Market Exposure and (i) all liabilities secured by any lien (other than
liens for taxes not yet due and payable) on any property owned by such Person
even though such Person has not assumed or otherwise become liable for the
payment thereof.

     "Interest Period" means a LIBOR Interest Period.

     "Investment" of a Person means any loan, advance (other than commission,
travel and similar advances to officers and employees made in the ordinary
course of business), extension of credit (other than accounts receivable arising
in the ordinary course of business on terms customary in the trade), deposit
account or contribution of capital by such Person to any other Person or any

                                      -6-
<PAGE>

investment in, or purchase or other acquisition of, the stock, partnership
interests, notes, debentures or other securities of any other Person made by
such Person.

     "Investment Affiliate" means any Person in which the Consolidated Group,
directly or indirectly, has any ownership interest, whose financial results are
not consolidated under GAAP with the financial results of the Consolidated
Group.

     "Lenders" means the lending institutions listed on the signature pages of
this Agreement, their respective successors and assigns, any other lending
institutions that subsequently become parties to this Agreement.

     "Lending Installation" means, with respect to a Lender, any office, branch,
subsidiary or affiliate of such Lender.

     "Letter of Credit" of a Person means a letter of credit or similar
instrument which is issued upon the application of such Person or upon which
such Person is an account party or for which such Person is in any way liable.

     "LIBOR Applicable Margin" means one and sixty-five one hundredths of one
percent (1.65%) per annum.

     "LIBOR Base Rate" means, the rate (rounded upwards to the nearest 1/16th)
with respect to a LIBOR Rate Advance for the relevant LIBOR Interest Period, the
applicable British Bankers' Association LIBOR rate for deposits in U.S. dollars
as reported by any generally recognized financial information service as of
11:00 a.m. (London time) two Business Days prior to the first day of such LIBOR
Interest Period, and having a maturity equal to such LIBOR Interest Period,
provided that, if no such British Bankers' Association LIBOR rate is available
to the Administrative Agent, the applicable LIBOR Base Rate for the relevant
LIBOR Interest Period shall instead be the rate determined by the Administrative
Agent to be the rate at which KeyBank or one of its Affiliate banks offers to
place deposits in U.S. dollars with first-class banks in the London interbank
market at approximately 11:00 a.m. (London time) two Business Days prior to the
first day of such LIBOR Interest Period, in the approximate amount of KeyBank's
relevant LIBOR Rate Loan and having a maturity equal to such LIBOR Interest
Period.

     "LIBOR Interest Period" means, with respect to each amount bearing interest
at a LIBOR based rate, a period of one, two, three or six months, to the extent
deposits with such maturities are available to the Lenders, commencing on a
Business Day, as selected by the Borrower; provided, however, that any LIBOR
Interest Period which begins on a day for which there is no numerically
corresponding date in the calendar month in which such LIBOR Interest Period
would otherwise end shall instead end on the last Business Day of such calendar
month. Notwithstanding the foregoing, at any one time there will be no more than
six (6) LIBOR Interest Periods outstanding.

     "LIBOR Rate" means, for any LIBOR Interest Period, the sum of (A) the LIBOR
Base Rate applicable thereto divided by one minus the then-current Reserve
Requirement and (B) the LIBOR Applicable Margin.

     "LIBOR Rate Advance" means an Advance which bears interest at a LIBOR Rate.

     "LIBOR Rate Loan" means a Loan which bears interest at a LIBOR Rate.

                                      -7-
<PAGE>

     "Lien" means any lien (statutory or other), mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance or preference,
priority or other security agreement or preferential arrangement of any kind or
nature whatsoever (including, without limitation, the interest of a vendor or
lessor under any conditional sale, Capitalized Lease or other title retention
agreement).

     "Loan" means, with respect to a Lender, such Lender's portion of any
Advance.

     "Loan Documents" means this Agreement, the Notes, the Security Documents,
and any other document from time to time evidencing or securing indebtedness
incurred by the Borrower under this Agreement, as any of the foregoing may be
amended or modified from time to time.

     "Loan Parties" means the Borrower and the Parent Entities.

     "Major Tenant" means a tenant occupying space at any Project of 10,000
square feet or greater.

     "Material Adverse Effect" means, in the Administrative Agent's reasonable
discretion, a material adverse effect on (i) the business, property or condition
(financial or otherwise) of the Consolidated Group, (ii) the ability of the
Borrower to perform its obligations under the Loan Documents, or (iii) the
validity or enforceability of any of the Loan Documents.

     "Materials of Environmental Concern" means any gasoline or petroleum
(including crude oil or any fraction thereof) or petroleum products or any
hazardous or toxic substances, materials or wastes, defined or regulated as such
in or under any Environmental Law, including, without limitation, asbestos,
polychlorinated biphenyls and urea-formaldehyde insulation, but excluding
substances of kinds and amounts ordinarily used or stored in similar properties
for the purposes of cleaning or other maintenance or operations or as inventory
of tenants and otherwise in compliance with all Environmental Laws.

     "Maximum Legal Rate" means the maximum nonusurious interest rate, if any,
that at any time or from time to time may be contracted for, taken, reserved,
charged or received on the indebtedness evidenced by the Notes and as provided
for herein or in the Notes or other Loan Documents, under the laws of such state
or states whose laws are held by any court of competent jurisdiction to govern
the interest rate provisions hereof.

     "Mortgage" means the mortgage recorded against the Collateral Asset which
shall be substantially in the form attached hereto as Exhibit H and made a part
hereof, as such document may be hereafter amended and/or restated from time to
time.

     "Multiemployer Plan" means a Plan maintained pursuant to a collective
bargaining agreement or any other arrangement to which GPLP or any member of the
Controlled Group is a party to which more than one employer is obligated to make
contributions.

     "Net Mark-to-Market Exposure" of a Person means, as of any date of
determination, the excess (if any) of all unrealized losses over all unrealized
profits of such Person arising from Rate Management Transactions or any other
Financial Contract. "Unrealized losses" means the fair market value of the cost
to such Person of replacing such Rate Management Transaction or other Financial
Contract as of the date of determination (assuming the Rate Management
Transaction or other Financial Contract were to be terminated as of that date),
and "unrealized profits" means the fair market value of the gain to such Person
of replacing such Rate Management Transaction or other Financial Contract as of
the date of determination (assuming such Rate Management Transaction or other
Financial Contract were to be terminated as of that date).

                                      -8-
<PAGE>

     "Non-U.S. Lender" is defined in Section 3.5(iv).

     "Note" means a promissory note, in substantially the form of Exhibit A
hereto, duly executed by the Borrower and payable to the order of a Lender in
the amount of its Commitment, including any amendment, modification, renewal or
replacement of such promissory note.

     "Notice of Assignment" is defined in Section 12.3.2.

     "Obligations" means the Advances and all accrued and unpaid fees and all
other obligations of Borrower to the Administrative Agent or the Lenders arising
under this Agreement or any of the other Loan Documents.

     "Other Taxes" is defined in Section 3.5(ii).

     "Participants" is defined in Section 12.2.1.

     "Parent Entities" means Glimcher Realty Trust and Glimcher Properties
Corporation.

     "Payment Date" means, with respect to the payment of interest accrued on
any Advance, the fifteenth day of each calendar month.

     "PBGC" means the Pension Benefit Guaranty Corporation or any successor
thereto.

     "Percentage" means for each Lender the ratio that such Lender's Commitment
bears to the Aggregate Commitment, expressed as a percentage.

     "Permitted Liens" are defined in Section 6.16.

     "Person" means any natural person, corporation, firm, joint venture,
partnership, association, enterprise, trust or other entity or organization, or
any government or political subdivision or any agency, department or
instrumentality thereof.

     "Plan" means an employee pension benefit plan which is covered by Title IV
of ERISA or subject to the minimum funding standards under Section 412 of the
Code as to which the Borrower or any member of the Controlled Group may have any
liability.

     "Preferred Dividends" means, with respect to any entity, dividends or other
distributions which are payable to holders of any ownership interests in such
entity which entitle the holders of such ownership interests to be paid on a
preferred basis prior to dividends or other distributions to the holders of
other types of ownership interests in such entity.

     "Prime Rate" means a rate per annum equal to the prime rate of interest
publicly announced from time to time by KeyBank or its parent as its prime rate
(which is not necessarily the lowest rate charged to any customer), changing
when and as said prime rate changes. In the event that there is a successor to
the Administrative Agent by merger, or the Administrative Agent assigns its
duties and obligations to an Affiliate, then the term "Prime Rate" as used in
this Agreement shall mean the prime rate, base rate or other analogous rate of
the new Administrative Agent.

     "Project" means any real estate asset owned by GPLP or Owner and operated
or intended to be operated as a retail property.

                                      -9-
<PAGE>

     "Property" of a Person means any and all property, whether real, personal,
tangible, intangible, or mixed, of such Person, or other assets owned, leased or
operated by such Person.

     "Purchasers" is defined in Section 12.3.1.

     "Rate Management Transaction" means any transaction (including an agreement
with respect thereto) now existing or hereafter entered into by the Borrower
which is a rate swap, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option,
bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, forward transaction,
currency swap transaction, cross-currency rate swap transaction, currency option
or any other similar transaction (including any option with respect to any of
these transactions) or any combination thereof, whether linked to one or more
interest rates, foreign currencies, commodity prices, equity prices or other
financial measures.

     "Recourse Indebtedness" means any Indebtedness of the Borrower or any other
member of the Consolidated Group with respect to which the liability of the
obligor is not limited to the obligor's interest in specified assets securing
such Indebtedness, subject to customary limited exceptions for certain acts or
types of liability.

     "Regulation D" means Regulation D of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor thereto or other
regulation or official interpretation of said Board of Governors relating to
reserve requirements applicable to member banks of the Federal Reserve System.

     "Regulation U" means Regulation U of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor or other
regulation or official interpretation of said Board of Governors relating to the
extension of credit by banks for the purpose of purchasing or carrying margin
stocks applicable to member banks of the Federal Reserve System.

     "Reportable Event" means a reportable event as defined in Section 4043 of
ERISA and the regulations issued under such section, with respect to a Plan,
excluding, however, such events as to which the PBGC by regulation waived the
requirement of Section 4043(a) of ERISA that it be notified within 30 days of
the occurrence of such event, provided, however, that a failure to meet the
minimum funding standard of Section 412 of the Code and of Section 302 of ERISA
shall be a Reportable Event regardless of the issuance of any such waiver of the
notice requirement in accordance with either Section 4043(a) of ERISA or Section
412(d) of the Code.

     "Required Lenders" means Lenders in the aggregate having at least 66 2/3%
of the Aggregate Commitment or, if the Aggregate Commitment has been terminated,
Lenders in the aggregate holding at least 66 2/3% of the aggregate unpaid
principal amount of the outstanding Advances.

     "Reserve Requirement" means, with respect to a LIBOR Rate Loan and LIBOR
Interest Period, that percentage (expressed as a decimal) which is in effect on
such day, as prescribed by the Federal Reserve Board or other governmental
authority or agency having jurisdiction with respect thereto for determining the
maximum reserves (including, without limitation, basic, supplemental, marginal
and emergency reserves) for eurocurrency funding (currently referred to as
"Eurocurrency Liabilities" in Regulation D) maintained by a member bank of the
Federal Reserve System.

                                      -10-
<PAGE>

     "Section" means a numbered section of this Agreement, unless another
document is specifically referenced.

     "Security Documents" means the collective reference to the Mortgage, the
UCC Financing Statements, and all other security documents hereafter delivered
to the Administrative Agent granting a Lien on any asset or assets of any Person
to secure the obligations and liabilities of the Borrower hereunder and under
any of the other Loan Documents or to secure any guarantee of any such
obligations and liabilities.

     "Single Employer Plan" means a Plan maintained by the Borrower or any
member of the Controlled Group for employees of the Borrower or any member of
the Controlled Group.

     "Subsidiary" of a Person means (i) any corporation more than 50% of the
outstanding securities having ordinary voting power of which shall at the time
be owned or controlled, directly or indirectly, by such Person or by one or more
of its Subsidiaries or by such Person and one or more of its Subsidiaries, or
(ii) any partnership, association, joint venture or similar business
organization more than 50% of the ownership interests having ordinary voting
power of which shall at the time be so owned or controlled. Unless otherwise
expressly provided, all references herein to a "Subsidiary" shall mean a
Subsidiary of GPLP.

     "Substantial Portion" means, with respect to the Property of GPLP and its
Subsidiaries, Property which represents more than 10% of then-current Total
Asset Value.

     "Taxes" means any and all present or future taxes, duties, levies, imposts,
deductions, charges or withholdings, and any and all liabilities with respect to
the foregoing, but excluding Excluded Taxes and Other Taxes.

     "Total Asset Value" shall have, as of any date, the meaning then given to
such term under the GPLP Revolver.

     "Transferee" is defined in Section 12.4.

     "Type" means, with respect to any Advance, its nature as a Floating Rate
Advance or LIBOR Rate Advance.

     "Unfunded Liabilities" means the amount (if any) by which the present value
of all vested nonforfeitable benefits under all Single Employer Plans exceeds
the fair market value of all such Plan assets allocable to such benefits, all
determined as of the then most recent valuation date for such Plans.

     "Unmatured Default" means an event which but for the lapse of time or the
giving of notice, or both, would constitute a Default.

     "Wholly-Owned Subsidiary" of a Person means (i) any Subsidiary all of the
outstanding voting securities of which shall at the time be owned or controlled,
directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries
of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of
such Person, or (ii) any partnership, association, joint venture or similar
business organization 100% of the ownership interests having ordinary voting
power of which shall at the time be so owned or controlled.

                                      -11-
<PAGE>

     The foregoing definitions shall be equally applicable to both the singular
and plural forms of the defined terms.

                                   ARTICLE III

                                   THE CREDIT
                                   ----------

     2.1 Generally. Subject to the terms and conditions of this Agreement,
Lenders severally agree to make a single initial Advance through the
Administrative Agent to Borrower in the amount of the Aggregate Commitment.

     Each Lender shall fund its Percentage of such initial Advance and no Lender
will be required to fund any amounts which would exceed such Lender's
Commitment. This facility ("Facility") is not a revolving credit facility and,
therefore, notwithstanding repayment of all or any portion of such Advance, the
Borrower shall have no right to reborrow Advances thereafter. For convenience,
portions of such single initial disbursement bearing different interest rates
are referred to herein as "Advances" but such reference shall not be deemed in
any way to create such a revolving credit facility.

     2.2 Ratable Advances. The initial Advance hereunder shall consist of Loans
made from the several Lenders ratably in proportion to the ratio their
respective Commitments bear to the Aggregate Commitment and may be Floating Rate
Advances, LIBOR Rate Advances or a combination thereof, selected by the Borrower
in accordance with Section 2.7.

     2.3 Final Principal Payment. Any outstanding Advances and all other unpaid
Obligations shall be paid in full by the Borrower on the Facility Termination
Date.

     2.4 Fees. The Borrower agrees to pay an upfront fee to the Administrative
Agent on the date of the initial Advance equal to sixty one hundredth of one
percent (0.6%) of the Aggregate Commitment.

     2.5 Intentionally Omitted.

     2.6 Optional Prepayments; Mandatory Prepayments.

          (a) The Borrower may, upon at least one (1) Business Day's notice to
     the Administrative Agent, prepay all or any portion of the Advances, which
     notice shall specify the date and amount of prepayment and whether the
     prepayment is of LIBOR Rate Advances or Floating Rate Advances, or a
     combination thereof, and if a combination thereof, the amount allocable to
     each; provided, however, that (i) any partial prepayment under this
     Subsection shall be in an amount not less than $1,000,000 or a whole
     multiple of $100,000 in excess thereof and; (ii) any LIBOR Rate Advance
     prepaid on any day other than the last day of the applicable LIBOR Interest
     Period must be accompanied by any amounts payable pursuant to Section 3.4.
     Upon receipt of any such notice the Administrative Agent shall promptly
     notify each Lender thereof. If any such notice is given, the amount
     specified in such notice shall be due and payable on the date specified
     therein, together with any amounts payable pursuant to Section 3.4.

          (b) If GPLP shall either replace the GPLP Revolver with a new facility
     or amend and restate the GPLP Revolver to increase the aggregate commitment
     available thereunder, then, the Borrower shall make a mandatory prepayment

                                      -12-
<PAGE>

     of the Loans in an amount sufficient to reduce the outstanding Advances
     hereunder to $25,000,000 or less upon the date of such a replacement or
     amendment and restatement. The failure of the Borrower to make any
     prepayment as required under this subsection shall constitute a Default
     under this Agreement. Each prepayment required to be made under this
     subsection shall include any amounts payable pursuant to Section 3.4. Such
     prepayment shall be of applied first to Floating Rate Advances, and then to
     LIBOR Rate Advances.

     2.7 Method of Selecting Types and Interest Periods. The Borrower shall
select the Type of each Advance comprising the initial disbursement hereunder
and, in the case of each LIBOR Rate Advance, the Interest Period applicable to
such Advance from time to time. The Borrower shall give the Administrative Agent
irrevocable notice (a "Borrowing Notice") in the form attached as Exhibit G
hereto (i) not later than 1:00 p.m. Cleveland time on the Business Day
immediately preceding the Borrowing Date of each Floating Rate Advance, and (ii)
not later than noon Cleveland time, at least three (3) Business Days before the
Borrowing Date for each LIBOR Rate Advance:

               (i) the Borrowing Date, which shall be a Business Day, of such
          Advance,

               (ii) the aggregate amount of such Advance,

               (iii) the Type of Advance selected, and

               (iv) in the case of each LIBOR Rate Advance, the LIBOR Interest
          Period applicable thereto.

     Each Lender shall make available its Loan or Loans, in funds immediately
available in Cleveland to the Administrative Agent at its address specified
pursuant to Article XIII on each Borrowing Date not later than (i) 11:00 a.m.
(Cleveland time), in the case of Floating Rate Advances which have been
requested by a Borrowing Notice given to the Administrative Agent not later than
1:00 p.m. (Cleveland time) on the Business Day immediately preceding such
Borrowing Date, or (ii) noon (Cleveland time) in the case of all other Advances.
The Administrative Agent will make the funds so received from the Lenders
available to the Borrower at the Administrative Agent's aforesaid address.

     No Interest Period may end after the Facility Termination Date and, unless
the Lenders otherwise agree in writing, in no event may there be more than six
(6) different Interest Periods for LIBOR Rate Advances outstanding at any one
time.

     2.8 Conversion and Continuation of Outstanding Advances. Floating Rate
Advances shall continue as Floating Rate Advances unless and until such Floating
Rate Advances are converted into LIBOR Rate Advances. Each LIBOR Rate Advance
shall continue as a LIBOR Rate Advance until the end of the then applicable
LIBOR Interest Period therefor, at which time such LIBOR Rate Advance shall be
automatically converted into a Floating Rate Advance unless the Borrower shall
have given the Administrative Agent a Conversion/Continuation Notice requesting
that, at the end of such LIBOR Interest Period, such LIBOR Rate Advance either
continue as a LIBOR Rate Advance for the same or another Interest Period or be
converted to an Advance of another Type. Subject to the terms of Section 2.5,
the Borrower may elect from time to time to convert all or any part of an
Advance of any Type into any other Type or Types of Advances; provided that any
conversion of any LIBOR Rate Advance shall be made on, and only on, the last day
of the Interest Period applicable thereto. The Borrower shall give the

                                      -13-
<PAGE>

Administrative Agent irrevocable notice (a "Conversion/Continuation Notice") of
each conversion of an Advance to a LIBOR Rate Advance or continuation of a LIBOR
Rate Advance not later than 11:00 a.m. (Cleveland time), at least three Business
Days, in the case of a conversion into or continuation of a LIBOR Rate Advance,
prior to the date of the requested conversion or continuation, specifying:

               (i) the requested date which shall be a Business Day, of such
          conversion or continuation;

               (ii) the aggregate amount and Type of the Advance which is to be
          converted or continued; and

               (iii) the amount and Type(s) of Advance(s) into which such
          Advance is to be converted or continued and, in the case of a
          conversion into or continuation of a LIBOR Rate Advance, the duration
          of the LIBOR Interest Period applicable thereto.

     2.9 Changes in Interest Rate, Etc. Each Floating Rate Advance shall bear
interest on the outstanding principal amount thereof, for each day from and
including the date such Advance is made or is converted from a LIBOR Rate
Advance into a Floating Rate Advance pursuant to Section 2.8 to but excluding
the date it becomes due or is converted into a LIBOR Rate Advance pursuant to
Section 2.8 hereof, at a rate per annum equal to the Floating Rate for such day.
Changes in the rate of interest on that portion of any Advance maintained as a
Floating Rate Advance will take effect simultaneously with each change in the
Alternate Base Rate. Each LIBOR Rate Advance shall bear interest from and
including the first day of the LIBOR Interest Period applicable thereto to (but
not including) the last day of such LIBOR Interest Period at the interest rate
determined as applicable to such LIBOR Rate Advance.

     2.10 Rates Applicable After Default. Notwithstanding anything to the
contrary contained in Section 2.7 or 2.8, during the continuance of a Default or
Unmatured Default the Required Lenders may, at their option, by notice to the
Borrower (which notice may be revoked at the option of the Required Lenders
notwithstanding any provision of Section 8.2 requiring unanimous consent of the
Lenders to changes in interest rates), declare that no Advance may be converted
into or continued as a LIBOR Rate Advance. During the continuance of a Default
the Required Lenders may, at their option, by notice to the Borrower (which
notice may be revoked at the option of the Required Lenders notwithstanding any
provision of Section 8.2 requiring unanimous consent of the Lenders to changes
in interest rates), declare that the Default Rate shall apply, provided,
however, that the Default Rate shall become applicable automatically if a
Default occurs under Section 7.1 or 7.2, unless waived by the Required Lenders.

     2.11 Method of Payment. All payments of the Obligations hereunder shall be
made, without setoff, deduction, or counterclaim, in immediately available funds
to the Administrative Agent at the Administrative Agent's address specified
pursuant to Article XIII, or at any other Lending Installation of the
Administrative Agent specified in writing at least three (3) Business Days in
advance by the Administrative Agent to the Borrower, by noon (Cleveland time) on
the date when due and shall be applied ratably by the Administrative Agent among
the Lenders. As provided elsewhere herein, all Lenders' interests in the
Advances and the Loan Documents shall be ratable undivided interests and none of
such Lenders' interests shall have priority over the others. Each payment
delivered to the Administrative Agent for the account of any Lender or amount to
be applied or paid by the Administrative Agent to any Lender shall be paid
promptly (on the same day as received by the Administrative Agent if received

                                      -14-
<PAGE>

prior to noon (Cleveland time) on such day and otherwise on the next Business
Day) by the Administrative Agent to such Lender in the same type of funds that
the Administrative Agent received at its address specified pursuant to Article
XIII or at any Lending Installation specified in a notice received by the
Administrative Agent from such Lender. Payments received by the Administrative
Agent but not timely funded to the Lenders shall bear interest payable by the
Administrative Agent at the Federal Funds Effective Rate from the date due until
the date paid. The Administrative Agent is hereby authorized to charge the
account of the Borrower maintained with KeyBank for each payment of principal,
interest and fees as it becomes due hereunder.

     2.12 Notes; Telephonic Notices. Each Lender is hereby authorized to record
the principal amount of each of its Loans and each repayment on the schedule
attached to its Note, provided, however, that the failure to so record shall not
affect the Borrower's obligations under such Note. The Borrower hereby
authorizes the Lenders and the Administrative Agent to extend, convert or
continue Advances, effect selections of Types of Advances and to transfer funds
based on written notices made by any Authorized Officer and Borrower agrees to
deliver promptly to the Administrative Agent such written notice. The
Administrative Agent will at the request of the Borrower, from time to time, but
not more often than monthly, provide notice of the amount of the outstanding
Aggregate Commitment, the Type of Advance, and the applicable interest rate, if
for a LIBOR Rate Advance. Upon a Lender's furnishing to Borrower an affidavit to
such effect, if a Note is mutilated, destroyed, lost or stolen, Borrower shall
deliver to such Lender, in substitution therefore, a new note containing the
same terms and conditions as such Note being replaced.

     2.13 Interest Payment Dates; Interest and Fee Basis. Interest accrued on
each Advance shall be payable on each Payment Date, commencing with the first
such date to occur after the date hereof, at maturity, whether by acceleration
or otherwise. Interest shall be calculated for actual days elapsed on the basis
of a 360-day year. Interest shall be payable for the day an Advance is made but
not for the day of any payment on the amount paid if payment is received prior
to noon (Cleveland time) at the place of payment. If any payment of principal of
or interest on an Advance shall become due on a day which is not a Business Day,
such payment shall be made on the next succeeding Business Day and, in the case
of a principal payment, such extension of time shall be included in computing
interest in connection with such payment.

     2.14 Notification of Advances, Interest Rates and Prepayments. The
Administrative Agent will notify each Lender of the contents of each Borrowing
Notice, Conversion/Continuation Notice, and repayment notice received by it
hereunder not later than the close of business on the Business Day such notice
is received by the Administrative Agent. The Administrative Agent will notify
each Lender of the interest rate applicable to each LIBOR Rate Advance promptly
upon determination of such interest rate and will give each Lender prompt notice
of each change in the Alternate Base Rate

     2.15 Lending Installations. Each Lender may book its Loans at any Lending
Installation selected by such Lender and may change its Lending Installation
from time to time. All terms of this Agreement shall apply to any such Lending
Installation and the Notes shall be deemed held by each Lender for the benefit
of such Lending Installation. Each Lender may, by written or telex notice at
least three (3) Business Days in advance to the Administrative Agent and the
Borrower, designate a Lending Installation through which Loans will be made by
it and for whose account Loan payments are to be made.

     2.16 Non-Receipt of Funds by the Administrative Agent. Unless the Borrower
or a Lender, as the case may be, notifies the Administrative Agent prior to the

                                      -15-
<PAGE>

time at which it is scheduled to make payment to the Administrative Agent of (i)
in the case of a Lender, the proceeds of a Loan or (ii) in the case of the
Borrower, a payment of principal, interest or fees to the Administrative Agent
for the account of the Lenders, that it does not intend to make such payment,
the Administrative Agent may assume that such payment has been made. The
Administrative Agent may, but shall not be obligated to, make the amount of such
payment available to the intended recipient in reliance upon such assumption. If
such Lender or the Borrower, as the case may be, has not in fact made such
payment to the Administrative Agent, the recipient of such payment shall, on
demand by the Administrative Agent, repay to the Administrative Agent the amount
so made available together with interest thereon in respect of each day during
the period commencing on the date such amount was so made available by the
Administrative Agent until the date the Administrative Agent recovers such
amount at a rate per annum equal to (i) in the case of payment by a Lender, the
Federal Funds Effective Rate for such day or (ii) in the case of payment by the
Borrower, the interest rate applicable to the relevant Loan. If such Lender so
repays such amount and interest thereon to the Administrative Agent within one
Business Day after such demand, all interest accruing on the Loan not funded by
such Lender during such period shall be payable to such Lender when received
from the Borrower.

     2.17 Replacement of Lenders under Certain Circumstances. The Borrower shall
be permitted to replace any Lender which (a) is not capable of receiving
payments without any deduction or withholding of United States federal income
tax pursuant to Section 3.5, or (b) cannot maintain its LIBOR Rate Loans at a
suitable Lending Installation pursuant to Section 3.3, with a replacement bank
or other financial institution; provided that (i) such replacement does not
conflict with any applicable legal or regulatory requirements affecting the
Lenders, (ii) no Default or (after notice thereof to the Borrower) no Unmatured
Default shall have occurred and be continuing at the time of such replacement,
(iii) the Borrower shall repay (or the replacement bank or institution shall
purchase, at par) all Loans and other amounts owing to such replaced Lender
prior to the date of replacement, (iv) the Borrower shall be liable to such
replaced Lender under Sections 3.4 and 3.6 if any LIBOR Rate Loan owing to such
replaced Lender shall be prepaid (or purchased) other than on the last day of
the Interest Period relating thereto, (v) the replacement bank or institution,
if not already a Lender, and the terms and conditions of such replacement, shall
be reasonably satisfactory to the Administrative Agent, (vi) the replaced Lender
shall be obligated to make such replacement in accordance with the provisions of
Section 12.3 (provided that the Borrower shall be obligated to pay the
processing fee referred to therein), (vii) until such time as such replacement
shall be consummated, the Borrower shall pay all additional amounts (if any)
required pursuant to Section 3.5 and (viii) any such replacement shall not be
deemed to be a waiver of any rights which the Borrower, the Administrative Agent
or any other Lender shall have against the replaced Lender.

     2.18 Usury . This Agreement and each Note are subject to the express
condition that at no time shall Borrower be obligated or required to pay
interest on the principal balance of the Loan at a rate which could subject any
Lender to either civil or criminal liability as a result of being in excess of
the Maximum Legal Rate. If by the terms of this Agreement or the Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal
balance due hereunder at a rate in excess of the Maximum Legal Rate, the
interest rate or the Default Rate, as the case may be, shall be deemed to be
immediately reduced to the Maximum Legal Rate and all previous payments in
excess of the Maximum Legal Rate shall be deemed to have been payments in
reduction of principal and not on account of the interest due hereunder. All
sums paid or agreed to be paid to Lender for the use, forbearance, or detention
of the sums due under the Loan, shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated
term of the Loan until payment in full so that the rate or amount of interest on
account of the Loan does not exceed the Maximum Legal Rate of interest from time
to time in effect and applicable to the Loan for so long as the Loan is
outstanding.

                                      -16-
<PAGE>

                                   ARTICLE III

                             CHANGE IN CIRCUMSTANCES
                             -----------------------

     3.1 Yield Protection. If, on or after the date of this Agreement, the
adoption of any law or any governmental or quasi-governmental rule, regulation,
policy, guideline or directive (whether or not having the force of law), or any
change in the interpretation or administration thereof by any governmental or
quasi-governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender or
applicable Lending Installation with any request or directive (whether or not
having the force of law) of any such authority, central bank or comparable
agency:

               (i) subjects any Lender or any applicable Lending Installation to
          any Taxes, or changes the basis of taxation of payments (other than
          with respect to Excluded Taxes) to any Lender in respect of its LIBOR
          Rate Loans, or

               (ii) imposes or increases or deems applicable any reserve,
          assessment, insurance charge, special deposit or similar requirement
          against assets of, deposits with or for the account of, or credit
          extended by, any Lender or any applicable Lending Installation (other
          than the Reserve Requirement and any other reserves and assessments
          taken into account in determining the interest rate applicable to
          LIBOR Rate Advances), or

               (iii) imposes any other condition the direct result of which is
          to increase the cost to any Lender or any applicable Lending
          Installation of making, funding or maintaining its LIBOR Rate Loans,
          or reduces any amount receivable by any Lender or any applicable
          Lending Installation in connection with its LIBOR Rate Loans, or
          requires any Lender or any applicable Lending Installation to make any
          payment calculated by reference to the amount of LIBOR Rate Loans, by
          a material amount.

and the result of any of the foregoing is to increase the cost to such Lender or
applicable Lending Installation, as the case may be, of making or maintaining
its LIBOR Rate Loans or Commitment or to reduce the return received by such
Lender or applicable Lending Installation in connection with such LIBOR Rate
Loans or Commitment, then, within 15 days of demand by such Lender, the Borrower
shall pay such Lender such additional amount or amounts as will compensate such
Lender for such increased cost or reduction in amount received.

     3.2 Changes in Capital Adequacy Regulations. If a Lender in good faith
determines the amount of capital required or expected to be maintained by such
Lender, any Lending Installation of such Lender or any corporation controlling
such Lender is increased as a result of a Change (as hereinafter defined), then,
within 15 days of demand by such Lender, the Borrower shall pay such Lender the
amount necessary to compensate for any shortfall in the rate of return on the
portion of such increased capital which such Lender in good faith determines is
attributable to this Agreement, its outstanding credit exposure hereunder or its
obligation to make Loans hereunder (after taking into account such Lender's
policies as to capital adequacy). "Change" means (i) any change after the date
of this Agreement in the Risk-Based Capital Guidelines (as hereinafter defined)
or (ii) any adoption of or change in any other law, governmental or
quasi-governmental rule, regulation, policy, guideline, interpretation, or
directive (whether or not having the force of law) after the date of this
Agreement which affects the amount of capital required or expected to be
maintained by any Lender or any Lending Installation or any corporation

                                      -17-
<PAGE>

controlling any Lender. "Risk-Based Capital Guidelines" means (i) the risk-based
capital guidelines in effect in the United States on the date of this Agreement,
including transition rules, and (ii) the corresponding capital regulations
promulgated by regulatory authorities outside the United States implementing the
July 1988 report of the Basle Committee on Banking Regulation and Supervisory
Practices Entitled "International Convergence of Capital Measurements and
Capital Standards," including transition rules, and any amendments to such
regulations adopted prior to the date of this Agreement.

     3.3 Availability of Types of Advances. If any Lender in good faith
determines that maintenance of any of its LIBOR Rate Loans at a suitable Lending
Installation would violate any applicable law, rule, regulation or directive,
whether or not having the force of law, the Administrative Agent shall, with
written notice to Borrower, suspend the availability of the affected Type of
Advance and require any LIBOR Rate Advances of the affected Type to be repaid;
or if the Required Lenders in good faith determine that (i) deposits of a type
or maturity appropriate to match fund LIBOR Rate Advances are not available, the
Administrative Agent shall, with written notice to Borrower, suspend the
availability of the affected Type of Advance with respect to any LIBOR Rate
Advances made after the date of any such determination, or (ii) an interest rate
applicable to a Type of Advance does not accurately reflect the cost of making a
LIBOR Rate Advance of such Type, then, if for any reason whatsoever the
provisions of Section 3.1 are inapplicable, the Administrative Agent shall, with
written notice to Borrower, suspend the availability of the affected Type of
Advance with respect to any LIBOR Rate Advances made after the date of any such
determination. If the Borrower is required to so repay a LIBOR Rate Advance, the
Borrower may concurrently with such repayment borrow from the Lenders, in the
amount of such repayment, a Loan bearing interest at the Floating Rate.

     3.4 Funding Indemnification. If any payment of a ratable LIBOR Rate Advance
occurs on a date which is not the last day of the applicable Interest Period,
whether because of acceleration, prepayment or otherwise, or a ratable LIBOR
Rate Advance is not made on the date specified by the Borrower for any reason
other than default by the Lenders or as a result of unavailability pursuant to
Section 3.3, the Borrower will indemnify each Lender for any loss or cost
incurred by it resulting therefrom, including, without limitation, any loss or
cost (incurred or expected to be incurred) in liquidating or employing deposits
acquired to fund or maintain the ratable LIBOR Rate Advance and shall pay all
such losses or costs within fifteen (15) days after written demand therefor.

     3.5 Taxes.

               (i) All payments by the Borrower to or for the account of any
          Lender or the Administrative Agent hereunder or under any Note shall
          be made free and clear of and without deduction for any and all Taxes.
          If the Borrower shall be required by law to deduct any Taxes from or
          in respect of any sum payable hereunder to any Lender or the
          Administrative Agent, (a) the sum payable shall be increased as
          necessary so that after making all required deductions (including
          deductions applicable to additional sums payable under this Section
          3.5) such Lender or the Administrative Agent (as the case may be)
          receives an amount equal to the sum it would have received had no such
          deductions been made, (b) the Borrower shall make such deductions, (c)
          the Borrower shall pay the full amount deducted to the relevant
          authority in accordance with applicable law and (d) the Borrower shall
          furnish to the Administrative Agent the original copy of a receipt
          evidencing payment thereof within 30 days after such payment is made.

                                      -18-
<PAGE>

               (ii) In addition, the Borrower hereby agrees to pay any present
          or future stamp or documentary taxes and any other excise or property
          taxes, charges or similar levies which arise from any payment made
          hereunder or under any Note or from the execution or delivery of, or
          otherwise with respect to, this Agreement or any Note ("Other Taxes").

               (iii) The Borrower hereby agrees to indemnify the Administrative
          Agent and each Lender for the full amount of Taxes or Other Taxes
          (including, without limitation, any Taxes or Other Taxes imposed on
          amounts payable under this Section 3.5) paid by the Administrative
          Agent or such Lender and any liability (including penalties, interest
          and expenses) arising therefrom or with respect thereto. Payments due
          under this indemnification shall be made within 30 days of the date
          the Administrative Agent or such Lender makes demand therefor pursuant
          to Section 3.6.

               (iv) Each Lender that is not incorporated under the laws of the
          United States of America or a state thereof (each a "Non-U.S. Lender")
          agrees that it will, not more than ten Business Days after the
          Agreement Execution Date, (i) deliver to each of the Borrower and the
          Administrative Agent two duly completed copies of United States
          Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either
          case that such Lender is entitled to receive payments under this
          Agreement without deduction or withholding of any United States
          federal income taxes, and (ii) deliver to each of the Borrower and the
          Administrative Agent a United States Internal Revenue Form W-8 or W-9,
          as the case may be, and certify that it is entitled to an exemption
          from United States backup withholding tax. Each Non-U.S. Lender
          further undertakes to deliver to each of the Borrower and the
          Administrative Agent (x) renewals or additional copies of such form
          (or any successor form) on or before the date that such form expires
          or becomes obsolete, and (y) after the occurrence of any event
          requiring a change in the most recent forms so delivered by it, such
          additional forms or amendments thereto as may be reasonably requested
          by the Borrower or the Administrative Agent. All forms or amendments
          described in the preceding sentence shall certify that such Lender is
          entitled to receive payments under this Agreement without deduction or
          withholding of any United States federal income taxes, unless an event
          (including without limitation any change in treaty, law or regulation)
          has occurred prior to the date on which any such delivery would
          otherwise be required which renders all such forms inapplicable or
          which would prevent such Lender from duly completing and delivering
          any such form or amendment with respect to it and such Lender advises
          the Borrower and the Administrative Agent that it is not capable of
          receiving payments without any deduction or withholding of United
          States federal income tax.

               (v) For any period during which a Non-U.S. Lender has failed to
          provide the Borrower with an appropriate form pursuant to clause (iv),
          above (unless such failure is due to a change in treaty, law or
          regulation, or any change in the interpretation or administration
          thereof by any governmental authority, occurring subsequent to the
          date on which a form originally was required to be provided), such
          Non-U.S. Lender shall not be entitled to indemnification under this
          Section 3.5 with respect to Taxes imposed by the United States.

               (vi) Any Lender that is entitled to an exemption from or
          reduction of withholding tax with respect to payments under this
          Agreement or any Note pursuant to the law of any relevant jurisdiction

                                      -19-
<PAGE>

          or any treaty shall deliver to the Borrower (with a copy to the
          Administrative Agent), at the time or times prescribed by applicable
          law, such properly completed and executed documentation prescribed by
          applicable law as will permit such payments to be made without
          withholding or at a reduced rate following receipt of such
          documentation.

               (vii) If the U.S. Internal Revenue Service or any other
          governmental authority of the United States or any other country or
          any political subdivision thereof asserts a claim that the
          Administrative Agent did not properly withhold tax from amounts paid
          to or for the account of any Lender (because the appropriate form was
          not delivered or properly completed, because such Lender failed to
          notify the Administrative Agent of a change in circumstances which
          rendered its exemption from withholding ineffective, or for any other
          reason), such Lender shall indemnify the Administrative Agent fully
          for all amounts paid, directly or indirectly, by the Administrative
          Agent as tax, withholding therefor, or otherwise, including penalties
          and interest, and including taxes imposed by any jurisdiction on
          amounts payable to the Administrative Agent under this subsection,
          together with all costs and expenses related thereto (including
          attorneys fees and time charges of attorneys for the Administrative
          Agent, which attorneys may be employees of the Administrative Agent).
          The obligations of the Lenders under this Section 3.5(vii) shall
          survive the payment of the Obligations and termination of this
          Agreement and any such Lender obligated to indemnify the
          Administrative Agent shall not be entitled to indemnification from the
          Borrower with respect to such amounts, whether pursuant to this
          Article or otherwise, except to the extent the Borrower participated
          in the actions giving rise to such liability.

     3.6 Lender Statements; Survival of Indemnity. To the extent reasonably
possible, each Lender shall designate an alternate Lending Installation with
respect to its LIBOR Rate Loans to reduce any liability of the Borrower to such
Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of LIBOR
Rate Advances under Section 3.3, so long as such designation is not, in the
reasonable judgment of such Lender, disadvantageous to such Lender. Each Lender
shall deliver a written statement of such Lender to the Borrower (with a copy to
the Administrative Agent) as to the amount due, if any, under Sections 3.1, 3.2,
3.4 or 3.5. Such written statement shall set forth in reasonable detail the
calculations upon which such Lender determined such amount and shall be final,
conclusive and binding on the Borrower in the absence of manifest error.
Determination of amounts payable under such Sections in connection with a LIBOR
Rate Loan shall be calculated as though each Lender funded its LIBOR Rate Loan
through the purchase of a deposit of the type and maturity corresponding to the
deposit used as a reference in determining the LIBOR Rate applicable to such
Loan, whether in fact that is the case or not. Unless otherwise provided herein,
the amount specified in the written statement of any Lender shall be payable on
demand after receipt by the Borrower of such written statement. The obligations
of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of
the Obligations and termination of this Agreement.

                                   ARTICLE IV

                              CONDITIONS PRECEDENT
                              --------------------

     4.1 Initial Advance. The Lenders shall not be required to make the initial
Advance hereunder unless (a) the Borrower shall, prior to or concurrently with

                                      -20-
<PAGE>

such initial Advance, have paid all fees due and payable to the Lenders and the
Administrative Agent hereunder, and (b) the Borrower shall have furnished to the
Administrative Agent, with sufficient copies for the Lenders, the following:

               (i) The duly executed originals of the Loan Documents, including
          the Notes, payable to the order of each of the Lenders, this
          Agreement, the Environmental Indemnity and all of the Security
          Documents;

               (ii) (A) Certificates of good standing for GPLP and Owner from
          the State of Delaware, certified by the appropriate governmental
          officer and dated not more than thirty (30) days prior to the
          Agreement Execution Date, and (B) foreign qualification certificates
          for GPLP and the Owner, certified by the appropriate governmental
          officer and dated not more than thirty (30) days prior to the
          Agreement Execution Date, for each other jurisdiction where the
          failure of GPLP or Owner to so qualify or be licensed (if required)
          would have a Material Adverse Effect;

               (iii) Copies of the formation documents (including code of
          regulations, if appropriate) of GPLP and the Owner, certified by an
          officer of GPLP or Owner, as appropriate, together with all amendments
          thereto;

               (iv) Incumbency certificates, executed by officers of the
          Borrower, the Parent Entities and Owner, which shall identify by name
          and title and bear the signature of the Persons authorized to sign the
          Loan Documents and to make borrowings hereunder on behalf of such
          parities, upon which certificate the Administrative Agent and the
          Lenders shall be entitled to rely until informed of any change in
          writing by GPLP or any such Parent Entity or the Owner;

               (v) Copies, certified by a Secretary or an Assistant Secretary of
          the Parent Entities, of the Board of Directors' resolutions (and
          resolutions of other bodies, if any are reasonably deemed necessary by
          counsel for the Administrative Agent) authorizing the Advances
          provided for herein, with respect to the Borrower, and the execution,
          delivery and performance of the Loan Documents to be executed and
          delivered by the Borrower and each Parent Entity hereunder;

               (vi) A written opinion of the Borrower's and Parent Entities'
          counsel, addressed to the Lenders in substantially the form of Exhibit
          F hereto or such other form as the Administrative Agent may reasonably
          approve;

               (vii) A written opinion from counsel in Kansas, in form and
          substance satisfactory to Administrative Agent, as to the
          enforceability of the Mortgage encumbering the Collateral Asset;

               (viii) A certificate, signed by an Authorized Officer of GPLP and
          Owner, stating that on the initial Borrowing Date no Default or
          Unmatured Default has occurred and is continuing, there has been no
          Material Adverse Effect, and that all representations and warranties
          of the Borrower are true and correct in all material respects as of
          the initial Borrowing Date provided that such certificate is in fact
          true and correct;

               (ix) The most recent financial statements of GPLP;

                                      -21-
<PAGE>

               (x) UCC financing statement, judgment, and tax lien searches with
          respect to GPLP and Owner from Kansas, Ohio and Delaware;

               (xi) Written money transfer instructions, addressed to the
          Administrative Agent and signed by an Authorized Officer, together
          with such other related money transfer authorizations as the
          Administrative Agent may have reasonably requested;

               (xii) Evidence that all upfront fees due to each of the Lenders
          under the terms of their respective commitment letters have been paid,
          or will be paid out of the proceeds of the initial Advance hereunder;

               (xiii) There is no event of default under the GPLP Revolver;

               (xiv) The Administrative Agent shall have received a survey for
          the Collateral Asset certified as set forth in Schedule 5 attached
          hereto to the Administrative Agent and in a form satisfactory to
          counsel for the Administrative Agent;

               (xv) The Administrative Agent shall have received in respect of
          the Collateral Asset a title policy (or policies) complying with the
          requirements as set forth in Schedule 6 attached hereto, showing no
          exceptions to title other than those permitted under the Mortgage,
          except such as may be approved by the Administrative Agent, naming the
          Administrative Agent for the benefit of the Lenders as the insured
          under such policy and containing such endorsements as may be available
          in the applicable jurisdiction and as the Administrative Agent may
          require. The Administrative Agent shall have received evidence
          satisfactory to it that all premiums in respect of any endorsements,
          and all charges for mortgage recording tax, if any, have been paid;

               (xvi) If any portion of any buildings included in the Collateral
          Asset is located in an area identified as a special flood hazard area
          by the Federal Emergency Management Agency or other applicable agency,
          the Administrative Agent shall have received (i) a policy of flood
          insurance which (A) covers any parcel of improved real property which
          is encumbered by the Mortgage and (B) is written in an amount
          satisfactory to the Administrative Agent or the maximum limit of
          coverage made available with respect to the particular type of
          property under the Act, whichever is less, and (ii) confirmation that
          the Owner has received the notice required pursuant to Section
          208(e)(3) of Regulation H of the Board of Governors of the Federal
          Reserve System. To the extent the Collateral Asset is not located in
          an area identified as a special flood hazard area by the Federal
          Emergency Management Agency or other agency, the certification of the
          survey of the Collateral Asset to be delivered pursuant to clause
          (xvi) above shall include confirmation of such fact;

               (xvii) The Administrative Agent shall have received a copy of all
          recorded documents with respect to the Collateral Asset referred to,
          or listed as exceptions to title in, the title policy referred to in
          Section 4.1(xvii) and a copy, certified by such parties as the
          Administrative Agent may deem appropriate, of all other documents
          materially affecting the Collateral Asset, including without
          limitation copies of any leases on any leases with Major Tenants
          thereof;

                                      -22-
<PAGE>

               (xviii) The Administrative Agent shall have received the results
          of a recent search by a Person satisfactory to the Administrative
          Agent, of the Uniform Commercial Code, judgment and tax lien filings
          which may have been filed with respect to personal property of the
          Owner used in connection with the Collateral Asset and the results of
          such search shall be satisfactory to the Administrative Agent;

               (xix) The Administrative Agent shall have received evidence in
          form and substance satisfactory to it that all of the requirements for
          insurance as set forth in Schedule 7 attached hereto shall have been
          satisfied;

               (xx) The Administrative Agent shall have received a current rent
          roll and current operating statements for the Collateral Asset;

               (xxi) The Administrative Agent shall have received the most
          recent engineer's report on the condition of the improvements upon the
          Collateral Asset in Borrower's possession;

               (xxii) The Administrative Agent shall have received the most
          recent Phase I report and certification (or updated report and
          recertification) for the Collateral Asset in Borrower's possession;
          and

               (xxiii) Such other documents as the Administrative Agent or its
          counsel may have reasonably requested, the form and substance of which
          documents shall be reasonably acceptable to the parties and their
          respective counsel.

                                    ARTICLE V

                         REPRESENTATIONS AND WARRANTIES
                         ------------------------------

     GPLP and Owner each represents and warrants to the Lenders that:

     5.1 Existence. GPLP and Owner are each a limited partnership duly organized
and validly existing under the laws of the State of Delaware, with its principal
place of business in Columbus, Ohio and each is duly qualified as a foreign
limited partnership, properly licensed (if required), in good standing and has
all requisite authority to conduct its business in each jurisdiction in which
its business is conducted, except where the failure to be so qualified, licensed
and in good standing and to have the requisite authority would not have a
Material Adverse Effect.

     5.2 Authorization and Validity. Each of GPLP and Owner has the limited
partnership power and authority and legal right to execute and deliver the Loan
Documents and to perform its obligations thereunder. The execution and delivery
by GPLP and Owner of the Loan Documents and the performance of their respective
obligations thereunder have been duly authorized by proper limited partnership
proceedings, and the Loan Documents constitute legal, valid and binding
obligations of each of them enforceable against them in accordance with their
terms, except as enforceability may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditors' rights generally.

     5.3 No Conflict; Government Consent. Neither the execution and delivery by
GPLP and Owner of the Loan Documents, nor the consummation of the transactions

                                      -23-
<PAGE>

therein contemplated, nor compliance with the provisions thereof will violate
any law, rule, regulation, order, writ, judgment, injunction, decree or award
binding on GPLP or Owner, or GPLP's or Owner's articles of incorporation,
operating agreements, partnership agreement, or by-laws, or the provisions of
any indenture, instrument or agreement to which GPLP or Owner is a party or is
subject, or by which it, or its Property, is bound, or conflict with or
constitute a default thereunder, except where such violation, conflict or
default would not have a Material Adverse Effect, or result in the creation or
imposition of any Lien in, of or on the Property of GPLP or Owner, pursuant to
the terms of any such indenture, instrument or agreement. No order, consent,
approval, license, authorization, or validation of, or filing, recording or
registration with, or exemption by, any governmental or public body or
authority, or any subdivision thereof, is required to authorize, or is required
in connection with the execution, delivery and performance of, or the legality,
validity, binding effect or enforceability of, any of the Loan Documents other
than the filing of a copy of this Agreement.

     5.4 Financial Statements; Material Adverse Effect. All consolidated
financial statements of the Loan Parties heretofore or hereafter delivered to
the Lenders were prepared in accordance with GAAP in effect on the preparation
date of such statements and fairly present in all material respects the
consolidated financial condition and operations of the Loan Parties at such date
and the consolidated results of their operations for the period then ended,
subject, in the case of interim financial statements, to normal and customary
year-end adjustments. From the preparation date of the most recent financial
statements delivered to the Lenders through the Agreement Execution Date, there
was no change in the business, properties, or condition (financial or otherwise)
of GPLP or Owner which could reasonably be expected to have a Material Adverse
Effect.

     5.5 Taxes. The Loan Parties have filed all United States federal tax
returns and all other tax returns which are required to be filed and have paid
all taxes due pursuant to said returns or pursuant to any assessment received by
GPLP or Owner except such taxes, if any, as are being contested in good faith
and as to which adequate reserves have been provided. No tax liens have been
filed and no claims are being asserted with respect to such taxes. The charges,
accruals and reserves on the books of GPLP and Owner in respect of any taxes or
other governmental charges are adequate.

     5.6 Litigation and Guarantee Obligations. Except as set forth on Schedule 2
hereto or as set forth in written notice to the Administrative Agent from time
to time, there is no litigation, arbitration, governmental investigation,
proceeding or inquiry pending or, to the knowledge of any of their officers,
threatened against or affecting the Loan Parties which could reasonably be
expected to have a Material Adverse Effect. Neither GPLP nor Owner has any
material contingent obligations not provided for or disclosed in the financial
statements referred to in Section 6.1 or as set forth in written notices to the
Administrative Agent given from time to time after the Agreement Execution Date
on or about the date such material contingent obligations are incurred.

     5.7 Intentionally Omitted

     5.8 ERISA. The Unfunded Liabilities of all Single Employer Plans do not in
the aggregate exceed $1,000,000. Neither GPLP nor Owner nor any other member of
the Controlled Group has incurred, or is reasonably expected to incur, any
withdrawal liability to Multiemployer Plans in excess of $250,000 in the
aggregate. Each Plan complies in all material respects with all applicable
requirements of law and regulations, no Reportable Event has occurred with
respect to any Plan, neither the GPLP nor Owner nor any other members of the
Controlled Group has withdrawn from any Plan or initiated steps to do so, and no
steps have been taken to reorganize or terminate any Plan.

                                      -24-
<PAGE>

     5.9 Accuracy of Information. No information, exhibit or report furnished by
the Loan Parties to the Administrative Agent or to any Lender in connection with
the negotiation of, or compliance with, the Loan Documents contained any
material misstatement of fact or omitted to state a material fact or any fact
necessary to make the statements contained therein not misleading.

     5.10 Regulation U. Neither GPLP nor Owner has used the proceeds of any
Advance to buy or carry any margin stock (as defined in Regulation U) in
violation of the terms of this Agreement.

     5.11 Material Agreements. Neither GPLP nor Owner is a party to any
agreement or instrument or subject to any charter or other corporate restriction
which could reasonably be expected to have a Material Adverse Effect. Neither
GPLP nor Owner is in default in the performance, observance or fulfillment of
any of the obligations, covenants or conditions contained in (i) any agreement
to which it is a party, which default could have a Material Adverse Effect, or
(ii) any agreement or instrument evidencing or governing Indebtedness, which
default would constitute a Default hereunder.

     5.12 Compliance With Laws. Each of GPLP and Owner has complied with all
applicable statutes, rules, regulations, orders and restrictions of any domestic
or foreign government or any instrumentality or agency thereof, having
jurisdiction over the conduct of their respective businesses or the ownership of
their respective Property, except for any non-compliance which would not have a
Material Adverse Effect. The Loan Parties have not received any notice to the
effect that its operations are not in material compliance with any of the
requirements of applicable federal, state and local environmental, health and
safety statutes and regulations or the subject of any federal or state
investigation evaluating whether any remedial action is needed to respond to a
release of any toxic or hazardous waste or substance into the environment, which
non-compliance or remedial action could have a Material Adverse Effect.

     5.13 Ownership of Projects. Except as set forth on Schedule 1 hereto, on
the date of this Agreement, GPLP will have good and marketable title, free of
all Liens other than those permitted by Section 6.16, to all of the Projects
reflected in the financial statements as owned by it.

     5.14 Investment Company Act. Neither GPLP nor Owner is an "investment
company" or a company "controlled" by an "investment company", within the
meaning of the Investment Company Act of 1940, as amended.

     5.15 Public Utility Holding Company Act. Neither GPLP nor Owner, is a
"holding company" or a "subsidiary company" of a "holding company", or an
"affiliate" of a "holding company" or of a "subsidiary company" of a "holding
company", within the meaning of the Public Utility Holding Company Act of 1935,
as amended.

     5.16 Intentionally Omitted.

     5.17 Insurance. Owner carries insurance on the Collateral Asset with
financially sound and reputable insurance companies, in such amounts, with such
deductibles and covering such risks as are customarily carried by companies
engaged in similar businesses and owning similar Projects including, without
limitation:

               (i) Property and casualty insurance (including coverage for flood
          and other water damage for any portion of the Collateral Asset located
          within a 100-year flood plain) in the amount of the replacement cost
          of the improvements at the Collateral Asset (to the extent replacement

                                      -25-
<PAGE>

          cost insurance is maintained by companies engaged in similar business
          and owning similar properties);

               (ii) Loss of rental income insurance in the amount not less than
          one year's gross revenues from the Collateral Asset; and

               (iii) Comprehensive general liability insurance in the amount of
          $20,000,000 per occurrence.

     The Administrative Agent has reviewed the insurance certificates provided
pursuant to Section 4.1(xxi) and confirms that they are acceptable in their
current form.

     5.18 REIT Status. Glimcher Realty Trust is qualified as a real estate
investment trust under Section 856 of the Code and currently is in compliance in
all material respects with all provisions of the Code applicable to the
qualification of Glimcher Realty Trust as a real estate investment trust.

     5.19 Title to Property. The execution, delivery or performance of the Loan
Documents required to be delivered by GPLP and Owner hereunder will not result
in the creation of any Lien on the Projects of GPLP or Owner other than those
interests intended to secure the Obligations. No consent to the transactions
contemplated hereunder is required from any ground lessor or mortgagee or
beneficiary under a deed of trust or any other party except as has been
delivered to the Lenders.

     5.20 Environmental Matters. Each of the following representations and
warranties is true and correct on and as of the Agreement Execution Date except
as disclosed on Schedule 3 attached hereto and to the extent that the facts and
circumstances giving rise to any such failure to be so true and correct, in the
aggregate, could not reasonably be expected to have a Material Adverse Effect:

          (a) To the best knowledge of GPLP and Owner, the Collateral Asset does
     not contain any Materials of Environmental Concern in amounts or
     concentrations which constitute a violation of, or could reasonably give
     rise to liability GPLP or Owner under, Environmental Laws.

          (b) To the best knowledge of GPLP and Owner, the Collateral Asset has
     been in compliance in all material respects with all applicable
     Environmental Laws.

          (c) Neither GPLP nor Owner has received any notice of violation,
     alleged violation, non-compliance, liability or potential liability
     regarding environmental matters or compliance with Environmental Laws with
     regard to the Collateral Asset, nor does the Borrower have knowledge or
     reason to believe that any such notice will be received or is being
     threatened.

          (d) To the best knowledge of GPLP and Owner, Materials of
     Environmental Concern have not been transported or disposed of from the
     Collateral Asset in violation of, or in a manner or to a location which
     could reasonably give rise to liability of GPLP or Owner under,
     Environmental Laws, nor have any Materials of Environmental Concern been
     generated, treated, stored or disposed of at, on or under the Collateral
     Asset in violation of, or in a manner that could give rise to liability of
     GPLP or Owner any applicable Environmental Laws.

          (e) No judicial proceedings or governmental or administrative action
     is pending, or, to the knowledge of GPLP, threatened, under any
     Environmental Law to which GPLP or Owner is or, to GPLP's or Owner's

                                      -26-
<PAGE>

     knowledge, will be named as a party with respect to the Collateral Asset,
     nor are there any consent decrees or other decrees, consent orders,
     administrative order or other orders, or other administrative of judicial
     requirements outstanding under any Environmental Law with respect to the
     Collateral Asset.

          (f) To the best knowledge of GPLP and Owner, there has been no release
     or threat of release of Materials of Environmental Concern at or from the,
     or arising from or related to the operations of GPLP and Owner in
     connection with the Collateral Asset in violation of or in amounts or in a
     manner that could give rise to liability under Environmental Laws.

     5.21 Collateral Asset.

          (a) Each of the representations and warranties made by each Loan Party
     in its Security Documents with respect to the Collateral Asset is true and
     correct in all material respects.

          (b) Except as disclosed on the survey provided to the Administrative
     Agent pursuant to Section 4.1(xiv) of this Agreement, the Collateral Asset
     is not located in an area that has been identified by the Secretary of
     Housing and Urban Development as an area having special flood hazards and
     in which flood insurance has been made available under the National Flood
     Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as
     amended, or any successor law, or, if located within any such area, Owner
     has obtained and will maintain through the Facility Termination Date the
     insurance prescribed in Section 4.1(xviii) hereof.

          (c) To the Borrower's knowledge, the Collateral Asset and the present
     use and occupancy thereof are in material compliance with all applicable
     zoning ordinances (without reliance upon adjoining or other properties),
     building codes, land use and Environmental Laws, and other similar laws
     ("Applicable Laws").

          (d) The Collateral Asset is served by all utilities required for the
     current or contemplated use thereof. The Collateral Asset has accepted or
     is equipped to accept such utility service.

          (e) All public roads and streets necessary for service of and access
     to the Collateral Asset for the current or contemplated use thereof have
     been completed, and are open for use by the public.

          (f) The Collateral Asset is served by public water and sewer systems
     or, if the Collateral Asset is not serviced by a public water and sewer
     system, the alternate systems are adequate and meet, in all material
     respects, all requirements and regulations of, and otherwise comply in all
     material respects with, all Applicable Laws with respect to such alternate
     systems.

          (g) Except as may be disclosed in the reports delivered to
     Administrative Agent pursuant to Section 4.1 hereof, Borrower is not aware
     of any latent or patent structural or other significant deficiency of the
     Collateral Asset. The Collateral Asset is free of damage and waste that
     would materially and adversely affect the value of the Collateral Asset, is
     in good repair and there is no deferred maintenance other than ordinary
     wear and tear. The Collateral Asset is free from damage caused by fire or
     other casualty. There is no pending or, to the actual knowledge of
     Borrower, threatened condemnation proceedings affecting the Collateral
     Asset, or any material part thereof.

                                      -27-
<PAGE>

          (h) To Borrower's knowledge, except as may be disclosed in the reports
     delivered to Administrative Agent pursuant to Section 4.1 hereof, all
     liquid and solid waste disposal, septic and sewer systems located on the
     Collateral Asset are in a good and safe condition and repair and to
     Borrower's knowledge, in material compliance with all Applicable Laws with
     respect to such systems.

          (i) All improvements on the Collateral Asset lie within the boundaries
     and building restrictions of the legal description of record of Collateral
     Asset, no improvements encroach upon easements benefiting the Collateral
     Asset other than encroachments that do not materially adversely affect the
     use or occupancy of the Collateral Asset and no improvements on adjoining
     properties encroach upon the Collateral Asset or easements benefiting the
     Collateral Asset other than encroachments that do not materially adversely
     affect the use or occupancy of the Collateral Asset. The Collateral Asset
     is served by roads which are located either on permanent easements that
     benefit all or part of the Collateral Asset or on public property and the
     Collateral Asset has access to, by virtue of such easements or otherwise,
     and is contiguous to a physically open, dedicated all weather public
     street, and has the necessary permits for ingress and egress.

          (j) There are no delinquent taxes, ground rents, water charges, sewer
     rents, assessments, insurance premiums, leasehold payments, or other
     outstanding charges affecting the Collateral Asset except to the extent
     such items are being contested in good faith and as to which adequate
     reserves have been provided.

Borrower agrees that all of its representations and warranties set forth in
Article V of this Agreement and elsewhere in this Agreement are true on the
Agreement Effective Date in all material respects, and will be true in all
material respects (except with respect to matters which have been disclosed in
writing to and approved by the Required Lenders) upon each request for the
continuation or conversion of an Advance. Each request for such a continuation
or conversion hereunder shall constitute a reaffirmation of such representations
and warranties as deemed modified in accordance with the disclosures made and
approved, as aforesaid, as of the date of such continuation and conversion.

     5.22 Office of Foreign Asset Control. GPLP and Owner are not (and will not
be) a person with whom any Lender is restricted from doing business under
regulations of the Office of Foreign Asset Control ("OFAC") of the Department of
the Treasury of the United States of America (including, those Persons named on
OFAC's Specially Designated and Blocked Persons list) or under any statute,
executive order (including, the September 24, 2001 Executive Order Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism), or other governmental action and is not and shall
not knowingly engage in any dealings or transactions or otherwise be associated
with such persons. In addition, Borrower hereby agrees to provide to any Lender
with any additional information that any Lender deems necessary from time to
time in order to ensure compliance with all applicable Laws concerning money
laundering and similar activities.

                                      -28-
<PAGE>

                                   ARTICLE VI

                                    COVENANTS
                                    ---------

     During the term of this Agreement, unless the Required Lenders shall
otherwise consent in writing:

     6.1 Financial Reporting. GPLP will maintain, for the Consolidated Group, a
system of accounting established and administered in accordance with GAAP, and
furnish to the Administrative Agent and the Lenders:

               (i) As soon as available, but in any event not later than 45 days
          after the close of each fiscal quarter, other than the fourth quarter,
          for the Consolidated Group, an unaudited consolidated and
          consolidating balance sheet as of the close of each such period and
          the related unaudited consolidated and consolidating statements of
          income and retained earnings and of cash flows of the Consolidated
          Group for such period and the portion of the fiscal year through the
          end of such period, setting forth in each case in comparative form the
          figures for the previous year, all certified by GPLP's chief financial
          officer or chief accounting officer;

               (ii) As soon as available, but in any event not later than 45
          days after the close of each fiscal quarter, other than the fourth
          quarter, for the Consolidated Group, the following reports in form and
          substance reasonably satisfactory to the Administrative Agent, all
          certified by GPLP's chief financial officer or chief accounting
          officer: a statement of Funds From Operations, an operating statement
          for Owner and the Collateral Asset, a listing of capital expenditures,
          a rent roll for the Collateral Asset, and such other information on
          the Collateral Asset as may be reasonably requested by the
          Administrative Agent;

               (iii) As soon as available, but in any event not later than 90
          days after the close of each fiscal year, for the Consolidated Group,
          audited financial statements, including a consolidated and
          consolidating balance sheet as at the end of such year and the related
          consolidated and consolidating statements of income and retained
          earnings and of cash flows for such year, setting forth in each case
          in comparative form the figures for the previous year, without a
          "going concern" or like qualification or exception, or qualification
          arising out of the scope of the audit, prepared by independent
          certified public accountants of nationally recognized standing
          reasonably acceptable to the Administrative Agent;

               (iv) Together with the quarterly and annual financial statements
          required hereunder, a compliance certificate in substantially the form
          of Exhibit B hereto signed by GPLP's chief financial officer, chief
          accounting officer or chief operating officer showing the calculations
          and computations necessary to determine compliance with this Agreement
          and stating that, to such officer's knowledge, no Default or Unmatured
          Default exists, or if, to such officer's knowledge, any Default or
          Unmatured Default exists, stating the nature and status thereof;

               (v) As soon as possible and in any event within 10 days after a
          responsible officer of GPLP knows that any Reportable Event has

                                      -29-
<PAGE>

          occurred with respect to any Plan, a statement, signed by the chief
          financial officer of GPLP, describing said Reportable Event and the
          action which GPLP proposes to take with respect thereto;

               (vi) As soon as possible and in any event within 10 days after
          receipt by a responsible officer of GPLP, a copy of (a) any notice or
          claim to the effect that GPLP or any of its Subsidiaries is or may be
          liable to any Person as a result of the release by GPLP, any of its
          Subsidiaries, or any other Person of any Material of Environmental
          Concern into the environment, and (b) any notice alleging any
          violation of any federal, state or local environmental, health or
          safety law or regulation by GPLP or any of its Subsidiaries, which, in
          the case of either (a) or (b) could have a Material Adverse Effect;

               (vii) Promptly upon the furnishing thereof to the shareholders of
          either of the Parent Entities, copies of all financial statements,
          reports and proxy statements so furnished; and

               (viii) Such other information (including, without limitation,
          financial statements for GPLP and non-financial information) as the
          Administrative Agent or any Lender may from time to time reasonably
          request.

     6.2 Use of Proceeds. The Borrower will use the proceeds of the Advances
solely to repay and retire in full the existing Indebtedness of Owner secured by
the Collateral Asset. The Borrower will not, use any of the proceeds of the
Advances (i) to purchase or carry any "margin stock" (as defined in Regulation
U) if such usage could constitute a violation of Regulation U by any Lender or
(ii) to fund any purchase of, or offer for, a controlling portion of the Capital
Stock of any Person, unless the board of directors or other manager of such
Person has consented to such offer.

     6.3 Notice of Default. GPLP will give prompt notice in writing to the
Administrative Agent and the Lenders of the occurrence of any Default or
Unmatured Default and of any other development, financial or otherwise, which
could reasonably be expected to have a Material Adverse Effect.

     6.4 Conduct of Business. GPLP will do all things necessary to remain duly
incorporated or duly qualified, validly existing and in good standing as a
limited partnership in its jurisdiction of formation (except with respect to
mergers permitted pursuant to the GPLP Revolver) and maintain all requisite
authority to conduct its business in each jurisdiction in which its business is
conducted and to carry on and conduct its businesses in substantially the same
manner as they are presently conducted where the failure to do so could
reasonably be expected to have a Material Adverse Effect and, specifically, GPLP
may not undertake any business other than the acquisition, development,
ownership, management, operation and leasing of retail, office or industrial
properties, and ancillary businesses specifically related to such types of
properties.

     6.5 Taxes. GPLP will pay when due all taxes, assessments and governmental
charges and levies upon it of its income, profits or Projects, except those
which are being contested in good faith by appropriate proceedings and with
respect to which adequate reserves have been set aside.

     6.6 Insurance. GPLP and Owner will maintain insurance which is consistent
with the representation contained in Section 5.17 on all their Projects and GPLP
will furnish to any Lender upon reasonable request full information as to the
insurance carried.

                                      -30-
<PAGE>

     6.7 Compliance with Laws. GPLP and Owner will comply with all laws, rules,
regulations, orders, writs, judgments, injunctions, decrees or awards to which
they may be subject, the violation of which could reasonably be expected to have
a Material Adverse Effect.

     6.8 Maintenance of Properties. GPLP and Owner will do all things necessary
to maintain, preserve, protect and keep the Collateral Asset in good repair,
working order and condition, ordinary wear and tear excepted.

     6.9 Inspection. GPLP and Owner will permit the Lenders upon reasonable
notice and during normal business hours and subject to rights of tenants, by
their respective representatives and agents, to inspect the Collateral Asset,
corporate books and financial records of GPLP and Owner to examine and make
copies of the books of accounts and other financial records of GPLP and Owner,
and to discuss the affairs, finances and accounts of GPLP and Owner with
officers thereof, and to be advised as to the same by, their respective officers
at such reasonable times and intervals as the Lenders may designate.

     6.10 Maintenance of Status. GPLP shall cause Glimcher Realty Trust to at
all times maintain its status as a real estate investment trust in compliance
with all applicable provisions of the Code relating to such status.

     6.11 Dividends. The Parent Entities and GPLP shall be permitted to declare
and pay dividends on their Capital Stock from time to time, provided, however,
that in no event shall any Parent Entity or GPLP declare or pay dividends on its
Capital Stock or make distributions with respect thereto to (other than the
declaration and payment of Preferred Dividends), if such dividends and
distributions paid on account of the then-current fiscal quarter and the three
immediately preceding fiscal quarters, in the aggregate for such period, would
exceed 95% of Adjusted Funds From Operations of the Consolidated Group for such
period. Notwithstanding the foregoing, the Parent Entities and GPLP shall be
permitted at all times to distribute whatever amount of dividends is necessary
to maintain the tax status of Glimcher Realty Trust as a real estate investment
trust.

     6.12 No Change in Control. GPLP will not, nor will it permit the Parent
Entities to, undergo a Change in Control.

     6.13 Affiliates. GPLP will not enter into any transaction (including,
without limitation, the purchase or sale of any Property or service) with, or
make any payment or transfer to, any Affiliate which is not a member of the
Consolidated Group except in the ordinary course of business and pursuant to the
reasonable requirements of GPLP's business and upon fair and reasonable terms no
less favorable to GPLP than GPLP would obtain in a comparable arms-length
transaction.

     6.14 Consolidated Net Worth. The Consolidated Group shall maintain a
Consolidated Net Worth of not less than $1,000,000,000 plus seventy-five percent
(75%) of the equity contributions or sales of treasury stock received by GPLP or
any Parent Entity after August 22, 2005.

     6.15 Indebtedness and Cash Flow Covenants. GPLP shall not permit:

               (i) Adjusted Annual EBITDA to be less than 1.50 times Fixed
          Charges at any time; or

               (ii) Consolidated Outstanding Indebtedness to be more than
          sixty-five percent (65%) of Total Asset Value at any time.

                                      -31-
<PAGE>

     6.17 Approval of Leases. Owner shall not enter into any lease for more than
10,000 square feet of gross leaseable area at the Collateral Asset without the
prior written consent of the Administrative Agent, which consent shall be given
within ten (10) business days after Administrative Agent's receipt of a request
for consent, or if not given in such time period, shall be deemed approved. The
Administrative Agent shall have the right, upon request, at any time, to receive
tenant estoppel certificates and subordination, non-disturbance and attornment
agreements in form and substance acceptable to the Administrative Agent from any
Major Tenant at the Collateral Asset.

                                   ARTICLE VII

                                    DEFAULTS
                                    --------

     The occurrence of any one or more of the following events shall constitute
a Default:

     7.1 Nonpayment of any principal payment due hereunder or under any Note
when due.

     7.2 Nonpayment of interest upon any Note or of any fee or other payment
Obligations under any of the Loan Documents within five (5) Business Days after
the same becomes due.

     7.3 The breach of any of the terms or provisions of Sections 6.2, 6.10,
6.11, 6.12, and 6.15.

     7.4 Any representation or warranty made or deemed made by or on behalf of
the Borrower to the Lenders or the Administrative Agent under or in connection
with this Agreement, or any material certificate or information delivered in
connection with this Agreement or any other Loan Document shall be materially
false on the date as of which made.

     7.5 The breach by the Borrower (other than a breach which constitutes a
Default under Section 7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions of
this Agreement which is not remedied within thirty (30) days after written
notice from the Administrative Agent or any Lender.

     7.6 Failure of GPLP or Owner to pay when due any Indebtedness which is
outstanding under the GPLP Revolver.

     7.7 GPLP or Owner shall (i) have an order for relief entered with respect
to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make
an assignment for the benefit of creditors, (iii) apply for, seek, consent to,
or acquiesce in, the appointment of a receiver, custodian, trustee, examiner,
liquidator or similar official for it or any Substantial Portion of its
Property, (iv) institute any proceeding seeking an order for relief under the
Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate
it as a bankrupt or insolvent, or seeking dissolution, winding up, liquidation,
reorganization, arrangement, adjustment or composition of it or its debts under
any law relating to bankruptcy, insolvency or reorganization or relief of
debtors or fail to file an answer or other pleading denying the material
allegations of any such proceeding filed against it, (v) take any corporate
action to authorize or effect any of the foregoing actions set forth in this
Section 7.7, (vi) fail to contest in good faith any appointment or proceeding
described in Section 7.8 or (vii) admit in writing its inability to pay its
debts generally as they become due.

     7.8 A receiver, trustee, examiner, liquidator or similar official shall be
appointed for GPLP or Owner or for any Substantial Portion of the Property of
GPLP or Owner or a proceeding described in Section 7.7(iv) shall be instituted

                                      -32-
<PAGE>

against GPLP or Owner and such appointment continues undischarged or such
proceeding continues undismissed or unstayed for a period of ninety (90)
consecutive days.

     7.9 GPLP or Owner shall fail within sixty (60) days to pay, bond or
otherwise discharge any judgments or orders for the payment of money in an
amount which, when added to all other judgments or orders outstanding against
GPLP or Owner would exceed $25,000,000 in the aggregate, which have not been
stayed on appeal or otherwise appropriately contested in good faith.

     7.10 GPLP, Owner or any other member of the Controlled Group shall have
been notified by the sponsor of a Multiemployer Plan that it has incurred
withdrawal liability to such Multiemployer Plan in an amount which, when
aggregated with all other amounts required to be paid to Multiemployer Plans by
GPLP, Owner or any other member of the Controlled Group as withdrawal liability
(determined as of the date of such notification), exceeds $1,000,000 or requires
payments exceeding $500,000 per annum.

     7.11 GPLP, Owner or any other member of the Controlled Group shall have
been notified by the sponsor of a Multiemployer Plan that such Multiemployer
Plan is in reorganization or is being terminated, within the meaning of Title IV
of ERISA, if as a result of such reorganization or termination the aggregate
annual contributions of GPLP and the other members of the Controlled Group
(taken as a whole) to all Multiemployer Plans which are then in reorganization
or being terminated have been or will be increased over the amounts contributed
to such Multiemployer Plans for the respective plan years of each such
Multiemployer Plan immediately preceding the plan year in which the
reorganization or termination occurs by an amount exceeding $500,000.

     7.12 Failure to remediate within the time period permitted by law or
governmental order, after all administrative hearings and appeals have been
concluded (or within a reasonable time in light of the nature of the problem if
no specific time period is so established), material environmental problems at
Properties owned by GPLP or Owner whose aggregate book values are in excess of
$5,000,000.

     7.13 The occurrence of any "Default" as defined in any Loan Document or in
the GPLP Revolver or the breach of any of the terms or provisions of any Loan
Document or the GPLP Revolver, which default or breach continues beyond any
period of grace therein provided.

     7.14 The attempted revocation, challenge, disavowment, or termination by
GPLP or Owner of any of the Loan Documents.

     7.15 Either GPLP, Owner or any Parent Entity, without obtaining consent of
the Required Lenders, shall enter into any merger, consolidation, reorganization
or liquidation or transfer or otherwise dispose of all or substantially all of
their Properties, unless (a) in the case of a merger or consolidation GPLP or
such Parent Entity is the surviving entity in such merger or consolidation and
(b) after giving effect to the merger, GPLP and Owner each remains in compliance
with the terms of this Agreement, provided that any such action shall not
constitute a Default unless GPLP shall fail to reverse such action within sixty
(60) days after written notice from the Administrative Agent that such action
constitutes a Default hereunder.

                                      -33-
<PAGE>

                                  ARTICLE VIII

                 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
                 ----------------------------------------------

     8.1 Acceleration. If any Default described in Section 7.7 or 7.8 occurs
with respect to GPLP or Owner, the obligations of the Lenders to make Loans
hereunder shall automatically terminate and the Obligations shall immediately
become due and payable without any election or action on the part of the
Administrative Agent or any Lender. If any other Default occurs, so long as a
Default exists Lenders shall have no obligation to make any Loans and the
Required Lenders, at any time prior to the date that such Default has been fully
cured, may permanently terminate the obligations of the Lenders to make Loans
hereunder and declare the Obligations to be due and payable, or both, whereupon
if the Required Lenders elected to accelerate (i) the Obligations shall become
immediately due and payable, without presentment, demand, protest or notice of
any kind, all of which the Borrower hereby expressly waives and (ii) if any
automatic or optional acceleration has occurred, the Administrative Agent, as
directed by the Required Lenders (or if no such direction is given within 30
days after a request for direction, as the Administrative Agent deems in the
best interests of the Lenders, in its sole discretion), shall use its good faith
efforts to collect, including without limitation, by filing and diligently
pursuing judicial action, all amounts owed by the Borrower and any Guarantor
under the Loan Documents.

     If, within 10 days after acceleration of the maturity of the Obligations or
termination of the obligations of the Lenders to make Loans hereunder as a
result of any Default (other than any Default as described in Section 7.7 or 7.8
with respect to GPLP or Owner) and before any judgment or decree for the payment
of the Obligations due shall have been obtained or entered, all of the Lenders
(in their sole discretion) shall so direct, the Administrative Agent shall, by
notice to the Borrower, rescind and annul such acceleration and/or termination.

     8.2 Amendments. Subject to the provisions of this Article VIII the Required
Lenders (or the Administrative Agent with the consent in writing of the Required
Lenders) and the Borrower may enter into agreements supplemental hereto for the
purpose of adding or modifying any provisions to the Loan Documents or changing
in any manner the rights of the Lenders or the Borrower hereunder or waiving any
Default hereunder; provided, however, that no such supplemental agreement or
waiver shall, without the consent of all Lenders:

               (i) Extend the Facility Termination Date, or forgive all or any
          portion of the principal amount of any Loan or accrued interest
          thereon, reduce the Applicable Margins (or modify any definition
          herein which would have the effect of reducing the Applicable Margins)
          or the underlying interest rate options or extend the time of payment
          of any such principal, interest or facility fees.

               (ii) Reduce the percentage specified in the definition of
          Required Lenders.

               (iii) Increase the Aggregate Commitment beyond $30,000,000.

               (iv) Permit the Borrower to assign its rights under this
          Agreement.

               (v) Amend Sections 8.1, 8.2 , or 8.4.

No amendment of any provision of this Agreement relating to the Administrative
Agent shall be effective without the written consent of the Administrative
Agent.

                                      -34-
<PAGE>

     8.3 Preservation of Rights. No delay or omission of the Lenders or the
Administrative Agent to exercise any right under the Loan Documents shall impair
such right or be construed to be a waiver of any Default or an acquiescence
therein, and the making of a Loan notwithstanding the existence of a Default or
the inability of the Borrower to satisfy the conditions precedent to such Loan
shall not constitute any waiver or acquiescence. Any single or partial exercise
of any such right shall not preclude other or further exercise thereof or the
exercise of any other right, and no waiver, amendment or other variation of the
terms, conditions or provisions of the Loan Documents whatsoever shall be valid
unless in writing signed by the Lenders required pursuant to Section 8.2, and
then only to the extent in such writing specifically set forth. All remedies
contained in the Loan Documents or by law afforded shall be cumulative and all
shall be available to the Administrative Agent and the Lenders until the
Obligations have been paid in full.

     8.4 Foreclosure. The Lenders hereby agree to the following in the event of
foreclosure under the Mortgage or any other attempt at realization of the
security thereunder:

          (a) To subscribe to and accept its Percentage of the ownership
     interests in any entity organized to hold title to the Collateral Asset and
     that the nature of such entity shall be determined by the Required Lenders,
     subject to each Lender's right to hold its interests in such entity in, and
     assign such interests to, any affiliate of such Lender or any other entity
     required by laws or regulations governing such Lender. The Administrative
     Agent is hereby authorized to act for and on behalf of the Lenders in all
     day-to-day matters with respect to the exercise of rights described herein
     such as the supervision of attorneys, accountants, appraisers or others
     acting for the benefit of all of the Lenders in connection with litigation,
     foreclosure or realization of all or any security given as Collateral for
     the Obligations or other similar actions.

          (b) If the Lenders acquire the Collateral Asset either by foreclosure
     or deed in lieu of foreclosure, to negotiate in good faith to reach
     agreement in writing relating to the ownership, operation, maintenance,
     marketing and sale of Collateral Asset and that such agreement shall be
     consistent with the following:

               (i) The Collateral Asset will not be held as a long-term
          investment but will be marketed in an attempt to sell them in a time
          period consistent with the regulations applicable to national banks
          for owning real estate. Current appraisals of the Collateral Asset
          shall be obtained by the Administrative Agent from time to time during
          the ownership period at Lenders' expense (without diminishing or
          releasing any obligation of the Borrower to pay for such costs) and an
          appraised value shall be established and updated from time to time
          based on such appraisals.

               (ii) Certain decision making with respect to the day-to-day
          operations of the Collateral Asset will be delegated to management and
          leasing agents. All agreements with such management and leasing agents
          will be subject to the approval of the Required Lenders. The
          day-to-day supervision of such agents shall be done by the
          Administrative Agent.

               (iii) Except as provided in the following sentences, all
          decisions as to whether to sell the Collateral Asset shall be subject
          to the approval of all the Lenders. Notwithstanding the foregoing, the
          Lenders agree that if the Administrative Agent receives a bona fide
          "all cash" offer from an entity not affiliated with the Borrower or
          any Lender for the purchase of any of the Collateral Asset and such
          offer equals or exceeds ninety percent (90%) of the most recent

                                      -35-
<PAGE>

          Appraised Value of such Collateral Asset as established by an
          Appraisal prepared in accordance with the standards established in
          this Agreement that has been completed within six months of such
          offer, then the Administrative Agent shall give written notice of such
          offer to the Lenders and request their approval for sale at such a
          price. If the Required Lenders approve of such a sale (or are deemed
          to approve of such a sale) then the Administrative Agent, acting on
          behalf of the Lenders, is irrevocably authorized to accept such offer.

               (iv) All expenses incurred by the Administrative Agent and
          Lenders in connection with the ownership, operation, maintenance,
          marketing and sale of the Collateral Asset shall be allocated among
          the Lenders pro rata in accordance with their respective Percentages.

               (v) All expenditures and other actions taken with respect to the
          Collateral Asset shall at all times be subject to the regulations and
          requirements pertaining to national banks applicable thereto. Without
          limiting the generality of the foregoing, all necessary approvals from
          regulatory authorities in connection with any expenditure of funds by
          the Lenders shall be a condition to such expenditure.

     8.5 Insolvency of Borrower. In the event of the insolvency of GPLP or
Owner, the Lenders shall have no obligation to make further disbursements of the
Facility, and the outstanding principal balance of the Facility, including
accrued and unpaid interest thereon, shall be immediately due and payable.

                                   ARTICLE IX

                               GENERAL PROVISIONS
                               ------------------

     9.1 Survival of Representations. All representations and warranties of the
Borrower contained in this Agreement shall survive delivery of the Notes and the
making of the Loans herein contemplated.

     9.2 Governmental Regulation. Anything contained in this Agreement to the
contrary notwithstanding, no Lender shall be obligated to extend credit to the
Borrower in violation of any limitation or prohibition provided by any
applicable statute or regulation.

     9.3 Intentionally Omitted.

     9.4 Headings. Section headings in the Loan Documents are for convenience of
reference only, and shall not govern the interpretation of any of the provisions
of the Loan Documents.

     9.5 Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Administrative Agent and the Lenders and
supersede all prior commitments, agreements and understandings among the
Borrower, the Administrative Agent and the Lenders relating to the subject
matter thereof.

     9.6 Several Obligations; Benefits of this Agreement. The respective
obligations of the Lenders hereunder are several and not joint and no Lender
shall be the partner or agent of any other (except to the extent to which the
Administrative Agent is authorized to act as such). The failure of any Lender to

                                      -36-
<PAGE>

perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder. This Agreement shall not be construed so as to
confer any right or benefit upon any Person other than the parties to this
Agreement and their respective successors and assigns.

     9.7 Expenses; Indemnification. The Borrower shall reimburse the
Administrative Agent for any costs, and out-of-pocket expenses (including,
without limitation, all reasonable fees for consultants and fees and reasonable
expenses for attorneys for the Administrative Agent, which attorneys may be
employees of the Administrative Agent) paid or incurred by the Administrative
Agent in connection with the amendment, modification, and enforcement of the
Loan Documents. The Borrower also agrees to reimburse the Administrative Agent
and the Lenders for any reasonable costs, internal charges and out-of-pocket
expenses (including, without limitation, all fees and reasonable expenses for
attorneys for the Administrative Agent and the Lenders, which attorneys may be
employees of the Administrative Agent or the Lenders) paid or incurred by the
Administrative Agent or any Lender in connection with the collection and
enforcement of the Loan Documents (including, without limitation, any workout).
The Borrower further agrees to indemnify the Administrative Agent, each Lender
and their Affiliates, and their directors and officers against all losses,
claims, damages, penalties, judgments, liabilities and expenses (including,
without limitation, all reasonable fees and reasonable expenses for attorneys of
the indemnified parties, all reasonable expenses of litigation or preparation
therefor whether or not the Administrative Agent, or any Lender is a party
thereto) which any of them may pay or incur arising out of or relating to this
Agreement, the other Loan Documents, the Projects, the transactions contemplated
hereby or the direct or indirect application or proposed application of the
proceeds of any Loan hereunder, except to the extent that any of the foregoing
arise out of the gross negligence or willful misconduct of the party seeking
indemnification therefor. The obligations of the Borrower under this Section
shall survive the termination of this Agreement.

     9.8 Numbers of Documents. All statements, notices, closing documents, and
requests hereunder shall be furnished to the Administrative Agent with
sufficient counterparts so that the Administrative Agent may furnish one to each
of the Lenders.

     9.9 Accounting. Except as provided to the contrary herein, all accounting
terms used herein shall be interpreted and all accounting determinations
hereunder shall be made in accordance with GAAP.

     9.10 Severability of Provisions. Any provision in any Loan Document that is
held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as
to that jurisdiction, be inoperative, unenforceable, or invalid without
affecting the remaining provisions in that jurisdiction or the operation,
enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of all Loan Documents are declared to be severable.

     9.11 Nonliability of Lenders. The relationship between the Borrower, on the
one hand, and the Lenders and the Administrative Agent, on the other, shall be
solely that of borrower and lender. Neither the Administrative Agent nor any
Lender shall have any fiduciary responsibilities to the Borrower. Neither the
Administrative Agent nor any Lender undertakes any responsibility to the
Borrower to review or inform the Borrower of any matter in connection with any
phase of the Borrower's business or operations.

     9.12 CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A
CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF OHIO, BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

                                      -37-
<PAGE>

     9.13 CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO
THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR OHIO STATE COURT
SITTING IN CLEVELAND IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN
RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH
COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO
THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT
SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE
ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN
THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER
AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE
ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL
BE BROUGHT ONLY IN A COURT IN CLEVELAND, OHIO.

     9.14 WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH
LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN
ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE
RELATIONSHIP ESTABLISHED THEREUNDER.

                                    ARTICLE X

                            THE ADMINISTRATIVE AGENT
                            ------------------------

     10.1 Appointment. KeyBank National Association, is hereby appointed
Administrative Agent hereunder and under each other Loan Document, and each of
the Lenders irrevocably authorizes the Administrative Agent to act as the agent
of such Lender. The Administrative Agent agrees to act as such upon the express
conditions contained in this Article X. Notwithstanding the use of the defined
term "Administrative Agent," it is expressly understood and agreed that the
Administrative Agent shall not have any fiduciary responsibilities to any Lender
by reason of this Agreement or any other Loan Document and that the
Administrative Agent is merely acting as the contractual representative of the
Lenders with only those duties as are expressly set forth in this Agreement and
the other Loan Documents. In its capacity as the Lenders' contractual
representative, the Administrative Agent (i) does not hereby assume any
fiduciary duties to any of the Lenders, (ii) is a "representative" of the
Lenders within the meaning of the term "secured party" as defined in the Ohio
Uniform Commercial Code and (iii) is acting as an independent contractor, the
rights and duties of which are limited to those expressly set forth in this
Agreement and the other Loan Documents. Each of the Lenders hereby agrees to
assert no claim against the Administrative Agent on any agency theory or any
other theory of liability for breach of fiduciary duty, all of which claims each
Lender hereby waives.

     10.2 Powers. The Administrative Agent shall have and may exercise such
powers under the Loan Documents as are specifically delegated to the
Administrative Agent by the terms of each thereof, together with such powers as
are reasonably incidental thereto. The Administrative Agent shall have no
implied duties to the Lenders, or any obligation to the Lenders to take any
action thereunder except any action specifically provided by the Loan Documents
to be taken by the Administrative Agent.

                                      -38-
<PAGE>

     10.3 General Immunity. Neither the Administrative Agent nor any of its
directors, officers, agents or employees shall be liable to the Borrower, the
Lenders or any Lender for (i) any action taken or omitted to be taken by it or
them hereunder or under any other Loan Document or in connection herewith or
therewith except for its or their own gross negligence or willful misconduct; or
(ii) any determination by the Administrative Agent that compliance with any law
or any governmental or quasi-governmental rule, regulation, order, policy,
guideline or directive (whether or not having the force of law) requires the
Advances and Commitments hereunder to be classified as being part of a "highly
leveraged transaction".

     10.4 No Responsibility for Loans, Recitals, etc. Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be
responsible for or have any duty to ascertain, inquire into, or verify (i) any
statement, warranty or representation made in connection with any Loan Document
or any borrowing hereunder; (ii) the performance or observance of any of the
covenants or agreements of any obligor under any Loan Document, including,
without limitation, any agreement by an obligor to furnish information directly
to each Lender; (iii) the satisfaction of any condition specified in Article IV,
except receipt of items required to be delivered to the Administrative Agent;
(iv) the validity, effectiveness or genuineness of any Loan Document or any
other instrument or writing furnished in connection therewith; (v) the value,
sufficiency, creation, perfection, or priority of any interest in any collateral
security; or (vi) the financial condition of the Borrower or any Guarantor.
Except as otherwise specifically provided herein, the Administrative Agent shall
have no duty to disclose to the Lenders information that is not required to be
furnished by the Borrower to the Administrative Agent at such time, but is
voluntarily furnished by the Borrower to the Administrative Agent (either in its
capacity as Administrative Agent or in its individual capacity).

     10.5 Action on Instructions of Lenders. The Administrative Agent shall in
all cases be fully protected in acting, or in refraining from acting, hereunder
and under any other Loan Document in accordance with written instructions signed
by the required percentage of the Lenders needed to take such action or refrain
from taking such action, and such instructions and any action taken or failure
to act pursuant thereto shall be binding on all of the Lenders. The Lenders
hereby acknowledge that the Administrative Agent shall be under no duty to take
any discretionary action permitted to be taken by it pursuant to the provisions
of this Agreement or any other Loan Document unless it shall be requested in
writing to do so by the Required Lenders. The Administrative Agent shall be
fully justified in failing or refusing to take any action hereunder and under
any other Loan Document unless it shall first be indemnified to its satisfaction
by the Lenders pro rata against any and all liability, cost and expense that it
may incur by reason of taking or continuing to take any such action.

     10.6 Employment of Agents and Counsel. The Administrative Agent may execute
any of its duties as Administrative Agent hereunder and under any other Loan
Document by or through employees, agents, and attorneys-in-fact and shall not be
answerable to the Lenders, except as to money or securities received by it or
its authorized agents, for the default or misconduct of any such agents or
attorneys-in-fact selected by it with reasonable care. The Administrative Agent
shall be entitled to advice of counsel concerning all matters pertaining to the
agency hereby created and its duties hereunder and under any other Loan
Document.

     10.7 Reliance on Documents; Counsel. The Administrative Agent shall be
entitled to rely upon any Note, notice, consent, certificate, affidavit, letter,
telegram, statement, paper or document believed by it to be genuine and correct
and to have been signed or sent by the proper person or persons, and, in respect
to legal matters, upon the opinion of counsel selected by the Administrative
Agent, which counsel may be employees of the Administrative Agent.

                                      -39-
<PAGE>

     10.8 Administrative Agent's Reimbursement and Indemnification. The Lenders
agree to reimburse and indemnify the Administrative Agent ratably in proportion
to their respective Commitments (i) for any amounts not reimbursed by the
Borrower for which the Administrative Agent is entitled to reimbursement by the
Borrower under the Loan Documents, (ii) for any other expenses incurred by the
Administrative Agent on behalf of the Lenders, in connection with the
preparation, execution, delivery, administration and enforcement of the Loan
Documents, if not paid by Borrower and (iii) for any liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind and nature whatsoever which may be imposed on,
incurred by or asserted against the Administrative Agent in any way relating to
or arising out of the Loan Documents or any other document delivered in
connection therewith or the transactions contemplated thereby (including without
limitation, for any such amounts incurred by or asserted against the
Administrative Agent in connection with any dispute between the Administrative
Agent and any Lender or between two or more of the Lenders), or the enforcement
of any of the terms thereof or of any such other documents, provided that no
Lender shall be liable for any of the foregoing to the extent they arise from
the gross negligence or willful misconduct or a breach of the Administrative
Agent's express obligations and undertakings to the Lenders. The obligations of
the Lenders and the Administrative Agent under this Section 10.8 shall survive
payment of the Obligations and termination of this Agreement.

     10.9 Rights as a Lender. In the event the Administrative Agent is a Lender,
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,
at any time when the Administrative Agent is a Lender, unless the context
otherwise indicates, include the Administrative Agent in its individual
capacity. The Administrative Agent may accept deposits from, lend money to, and
generally engage in any kind of trust, debt, equity or other transaction, in
addition to those contemplated by this Agreement or any other Loan Document,
with the Borrower or any of its Subsidiaries in which the Borrower or such
Subsidiary is not restricted hereby from engaging with any other Person.

     10.10 Lender Credit Decision. 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 decision to enter into this 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 taking or not taking action under this
Agreement and the other Loan Documents.

     10.11 Successor Administrative Agent. Except as otherwise provided below,
KeyBank National Association shall at all times serve as the Administrative
Agent during the term of this Facility. The Administrative Agent may resign at
any time by giving written notice thereof to the Lenders and the Borrower, such
resignation to be effective upon the appointment of a successor Administrative
Agent. If the Administrative Agent has been grossly negligent in the performance
of its obligations hereunder, the Administrative Agent may be removed at any
time by written notice received by the Administrative Agent from all other
Lenders, such removal to be effective on the date specified by the other
Lenders. Upon any such resignation or removal, the Required Lenders shall
appoint, on behalf of the Borrower and the Lenders, a successor Administrative
Agent. If no successor Administrative Agent shall have been so appointed by the
Required Lenders within thirty days after the resigning Administrative Agent's
giving notice of its intention to resign, then the resigning Administrative
Agent shall appoint, on behalf of the Borrower and the Lenders, a successor
Administrative Agent. Notwithstanding the previous sentence, the Administrative

                                      -40-
<PAGE>

Agent may at any time without the consent of the Borrower or any Lender, appoint
any of its Affiliates which is a commercial bank as a successor Administrative
Agent hereunder. No successor Administrative Agent shall be deemed to be
appointed hereunder until such successor Administrative Agent has accepted the
appointment. Any such successor Administrative Agent shall be a commercial bank
having capital and retained earnings of at least $500,000,000. 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 resigning or removed Administrative Agent. Upon the effectiveness of the
resignation or removal of the Administrative Agent, the resigning or removed
Administrative Agent shall be discharged from its duties and obligations
hereunder and under the Loan Documents. After the effectiveness of the
resignation or removal of an Administrative Agent, the provisions of this
Article X shall continue in effect for the benefit of such Administrative Agent
in respect of any actions taken or omitted to be taken by it while it was acting
as the Administrative Agent hereunder and under the other Loan Documents.

     10.12 Notice of Defaults. If a Lender becomes aware of a Default or
Unmatured Default, such Lender shall notify the Administrative Agent of such
fact provided that the failure to give such notice shall not create liability on
the part of a Lender. Upon receipt of such notice that a Default or Unmatured
Default has occurred, the Administrative Agent shall notify each of the Lenders
of such fact.

     10.13 Requests for Approval. If the Administrative Agent requests in
writing the consent or approval of a Lender, such Lender shall respond and
either approve or disapprove definitively in writing to the Administrative Agent
within ten (10) Business Days (or sooner if such notice specifies a shorter
period for responses based on Administrative Agent's good faith determination
that circumstances exist warranting its request for an earlier response) after
such written request from the Administrative Agent. If the Lender does not so
respond, that Lender shall be deemed to have approved the request.

     10.14 Defaulting Lenders. At such time as a Lender becomes a Defaulting
Lender, such Defaulting Lender's right to vote on matters which are subject to
the consent or approval of the Required Lenders, each affected Lender or all
Lenders shall be immediately suspended until such time as the Lender is no
longer a Defaulting Lender, except that the amount of the Commitment of the
Defaulting Lender may not be changed without its consent. If a Defaulting Lender
has failed to fund its pro rata share of any Advance and until such time as such
Defaulting Lender subsequently funds its pro rata share of such Advance, all
Obligations owing to such Defaulting Lender hereunder shall be subordinated in
right of payment, as provided in the following sentence, to the prior payment in
full of all principal of, interest on and fees relating to the Loans funded by
the other Lenders in connection with any such Advance in which the Defaulting
Lender has not funded its pro rata share (such principal, interest and fees
being referred to as "Senior Loans" for the purposes of this section). All
amounts paid by the Borrower, the Parent Entities or the Guarantors and
otherwise due to be applied to the Obligations owing to such Defaulting Lender
pursuant to the terms hereof shall be distributed by the Administrative Agent to
the other Lenders in accordance with their respective pro rata shares
(recalculated for the purposes hereof to exclude the Defaulting Lender) until
all Senior Loans have been paid in full provided, however, in no event will any
such distribution to the other Lenders give rise to any liability of the
Borrower to the Defaulting Lender. After the Senior Loans have been paid in full
equitable adjustments will be made in connection with future payments by the
Borrower to the extent a portion of the Senior Loans had been repaid with
amounts that otherwise would have been distributed to a Defaulting Lender but
for the operation of this Section 10.14. This provision governs only the
relationship among the Administrative Agent, each Defaulting Lender and the
other Lenders; nothing hereunder shall limit the obligation of the Borrower to

                                      -41-
<PAGE>

repay all Loans in accordance with the terms of this Agreement. The provisions
of this section shall apply and be effective regardless of whether a Default
occurs and is continuing, and notwithstanding (i) any other provision of this
Agreement to the contrary, (ii) any instruction of the Borrower as to its
desired application of payments or (iii) the suspension of such Defaulting
Lender's right to vote on matters which are subject to the consent or approval
of the Required Lenders or all Lenders.

                                   ARTICLE XI

                     RELEASE OF PORTION OF COLLATERAL ASSET
                     --------------------------------------

     11.1 Transfer. Provided no Event of Default shall have occurred and remain
uncured and provided Borrower desires to transfer the Expansion Parcel for
commercial purposes compatible with the use and operation of the Property as a
regional shopping center, Borrower shall have the right from time to time prior
to the Facility Termination Date to obtain a release of the lien of the Mortgage
(and related Loan Documents) as to the Expansion Parcel and to modify the Ground
Lease (as such term is defined in the Mortgage) or assign a portion thereof so
as to exclude the Expansion Parcel from the premises demised thereby upon
satisfaction of the following conditions precedent:

               (i) Borrower shall provide Administrative Agent not less than
          thirty (30) days notice (or a shorter period of time if permitted by
          Administrative Agent in its sole discretion) specifying the date (the
          "Expansion Date") on which the partial release is to occur provided,
          however, that Borrower may postpone the Expansion Date from time to
          time as long as the extended date is at least ten (10) Business Days
          after notice of such extension;

               (ii) Borrower shall have delivered to Administrative Agent
          evidence that Borrower has complied with all requirements of and
          obtained all approvals required under any leases of the Collateral
          Asset and any operating agreements applicable to the release of the
          Expansion Parcel and that the partial release does not violate any of
          the provisions of such leases and operating agreements including,
          without limitation, provisions relating to the availability of parking
          at the Collateral Asset provided, however, that an Authorized
          Officer's certificate to that effect shall be sufficient evidence of
          such compliance and obtaining of such approvals as to tenants which
          are not Major Tenants;

               (iii) Borrower shall have delivered to Lender (A) at Borrower's
          option, (x) an endorsement to the Lenders' title insurance policy, (y)
          an opinion of counsel (from counsel reasonably to Administrative
          Agent) or (z) a certificate of an architect (from an architect
          reasonably acceptable to Administrative Agent and licensed to practice
          in Kansas) indicating that the Expansion Parcel has been legally
          subdivided for zoning lot purposes from the remainder of the
          Collateral Asset pursuant to a zoning lot subdivision in accordance
          with applicable law, (B) at Borrower's option (x) an endorsement to
          the Lenders' title insurance policy, (y) an opinion of counsel (from
          counsel reasonably acceptable to Administrative Agent) or (z) a
          certificate of an architect (from an architect reasonably acceptable
          to Administrative Agent and licensed to practice in Kansas) indicating

                                      -42-
<PAGE>

          that the balance of the Collateral Asset separately conforms to and is
          in material compliance with all applicable legal requirements and
          constitutes one or more separate tax lots, (C) a certificate from an
          architect or engineer licensed to practice in Kansas and reasonably
          acceptable to Administrative Agent to the effect that the Expansion
          Parcel is not necessary for the uses of the remainder of the
          Collateral Asset, including, without limitation, for support, access,
          driveways, parking, utilities, drainage flows or any other purpose,
          (after giving effect to any easements therefor reserved over the
          Expansion Parcel for the benefit of the remainder of the Collateral
          Asset) and (D) an Authorized Officer's certificate with supporting
          documentation indicating that either (y) sufficient parking remains on
          the remainder of the Collateral Asset to comply with all leases of
          such remainder and with all operating agreements and which is adequate
          for the proper use and enjoyment of the balance of the Collateral
          Asset; or (z) reservations of parking spaces (in favor of such
          remainder) in the Expansion Parcel are sufficient (when added to
          parking otherwise available to the remainder) to comply with all
          leases of such remainder and with all operating agreements and which
          are adequate for the proper use and enjoyment of the remainder of the
          Collateral Asset;

               (iv) Borrower shall have delivered a metes and bounds description
          of the Expansion Parcel and a survey of the Expansion Parcel and the
          remainder of the Property which would be standard in commercial
          lending transactions;

               (v) Borrower shall have delivered to Administrative Agent on the
          date of the release an endorsement to the policy or policies of title
          insurance insuring the Mortgage reflecting the release and (A)
          insuring Lenders' interest in any easements created in connection with
          the release, (B) extending the effective date of the policy or
          policies to the effective date of the release, and (C) confirming no
          change in the priority of the Mortgage on the remainder of the
          Collateral Asset or in the amount of the insurance or the coverage
          under the policy or policies; and

               (vi) Borrower shall pay all out-of-pocket costs and expenses of
          Administrative Agent incurred in connection with the partial release,
          including its reasonable attorneys' fees and expenses.

     11.2 Release. If Borrower has elected to release the Expansion Parcel and
the requirements of this Article 11 have been satisfied, the Expansion Parcel
shall be released from the Lien of the Mortgage (and related Loan Documents) and
the Ground Lease modification or partial assignment may be executed. In
connection with the release of the Lien, Borrower shall submit to Administrative
Agent, not less than thirty (30) days prior to the Expansion Date (or such
shorter time as is acceptable to Administrative Agent in its sole discretion), a
release of Lien (and related Loan Documents) for execution by Administrative
Agent. Such release and consent and subordination shall be in a form appropriate
in the jurisdiction in which the Collateral Asset is located and shall contain
standard provisions protecting the rights of a releasing lender. In addition,
Borrower shall provide all other documentation Administrative Agent reasonably
requires to be delivered by Borrower in connection with such release, together
with an Authorized Officer's certificate certifying that such documentation (i)
is in compliance with all legal requirements, and (ii) will effect such release
in accordance with the terms of this Agreement. Borrower shall pay all costs,
taxes and expenses associated with the release of the Lien of the Mortgage,
including Administrative Agent's reasonable attorneys' fees. Borrower shall
cause leasehold title to the Expansion Parcel so released from the Lien of the
Mortgage to be transferred to and held by a Person other than Borrower.

     11.3 Subdivision Alternative. If Borrower is unable to legally subdivide
the Expansion Parcel from the remainder of the Collateral Asset, or if Borrower
desires to enter into a ground sublease in lieu of conveying leasehold title to

                                      -43-
<PAGE>

the Expansion Parcel, Borrower shall have the right to sublease the Expansion
Parcel to a Person other than Borrower in lieu of such conveyance and
Administrative Agent shall subordinate the Lien of the Mortgage and the other
Loan Documents to such sublease, provided (A) Borrower complies with all of the
conditions to release set forth in this Article 11 other than the requirements
that such Expansion Parcel be legally subdivided from the remainder of the
Collateral Asset, (B) the request for such ground sublease shall be accompanied
by, at Borrower's option, (1) an endorsement to the title insurance policy, (2)
an opinion of counsel (from counsel reasonably acceptable to Administrative
Agent) or (3) an architect's or surveyor's certificate from an architect or
surveyor reasonably acceptable to Administrative Agent and licensed in Kansas,
stating that a subdivision is not required in order for the remainder of the
Collateral Asset to comply with the legal requirements after the commencement of
the ground sublease, (C) Borrower delivers evidence to Administrative Agent
indicating that either (1) financing is available from a reliable funding source
to fund the cost of the improvements to be constructed on the Expansion Parcel
or (2) the tenant has sufficient financial wherewithal to pay for the cost of
construction of such improvements, (D) such ground sublease shall contain the
following provisions: (1) the Expansion Parcel shall not be used for any purpose
other than that which is compatible with the regional shopping center at the
Collateral Asset, (2) the ground sublease shall require that the tenant be
responsible for construction of improvements (however, Borrower, as the landlord
thereunder, may be responsible for construction of the improvements provided
that Borrower complies with the applicable provisions of the Mortgage), all
allocable taxes and all insurance, maintenance, utility, repair and other
similar obligations with respect to the tenant's improvements, (3) the tenant
shall be required to restore the demised premises in the case of casualty and
condemnation to a safe and habitable condition and/or to remove any damaged
structures or debris therefrom so as to leave the demised premises in a safe
condition, and (4) the tenant shall discharge (unless the same have been bonded
or otherwise secured to Administrative Agent's satisfaction) within thirty (30)
days any mechanic's lien filed against the demised premises by reason of the
acts of the tenant or Persons claiming by, through or under the tenant. Such
ground sublease may permit the tenant to procure mortgage financing secured by
the leasehold estate created thereby and such ground lease will contain no
provisions which are inconsistent with Borrower's obligations under the Loan
Documents or which would be unacceptable to a prudent lender subordinating its
mortgage to same (including any provisions which are materially detrimental to
the interests of such lender).

                                   ARTICLE XII

                BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
                -------------------------------------------------

     12.1 Successors and Assigns. The terms and provisions of the Loan Documents
shall be binding upon and inure to the benefit of the Borrower and the Lenders
and their respective successors and assigns, except that (i) the Borrower shall
not have the right to assign its rights or obligations under the Loan Documents
and (ii) any assignment by any Lender must be made in compliance with Section
12.3. The parties to this Agreement acknowledge that clause (ii) of this Section
12.1 relates only to absolute assignments and does not prohibit assignments
creating security interests, including, without limitation, (x) any pledge or
assignment by any Lender of all or any portion of its rights under this
Agreement and any Note to a Federal Reserve Bank or (y) in the case of a Lender
which is a fund, any pledge or assignment of all or any portion of its rights
under this Agreement and any Note to its trustee in support of its obligations
to its trustee; provided, however, that no such pledge or assignment creating a
security interest shall release the transferor Lender from its obligations
hereunder unless and until the parties thereto have complied with the provisions
of Section 12.3. The Administrative Agent and Borrower may treat the Person
which made any Loan or which holds any Note as the owner thereof for all

                                      -44-
<PAGE>

purposes hereof unless and until such Person complies with Section 12.3;
provided, however, that the Administrative Agent and Borrower may in its
discretion (but shall not be required to) follow instructions from the Person
which made any Loan or which holds any Note to direct payments relating to such
Loan or Note to another Person. Any assignee of the rights to any Loan or any
Note agrees by acceptance of such assignment to be bound by all the terms and
provisions of the Loan Documents. Any request, authority or consent of any
Person, who at the time of making such request or giving such authority or
consent is the owner of the rights to any Loan (whether or not a Note has been
issued in evidence thereof), shall be conclusive and binding on any subsequent
holder or assignee of the rights to such Loan.

     12.2 Participations.

          12.2.1 Permitted Participants; Effect. Any Lender may, in the ordinary
     course of its business and in accordance with applicable law, at any time
     sell to one or more banks, financial institutions, pension funds, or any
     other funds or entities ("Participants") participating interests in any
     Loan owing to such Lender, any Note held by such Lender, any Commitment of
     such Lender or any other interest of such Lender under the Loan Documents.
     In the event of any such sale by a Lender of participating interests to a
     Participant, such Lender's obligations under the Loan Documents shall
     remain unchanged, such Lender shall remain solely responsible to the other
     parties hereto for the performance of such obligations, such Lender shall
     remain the holder of any such Note for all purposes under the Loan
     Documents, all amounts payable by the Borrower under this Agreement shall
     be determined as if such Lender had not sold such participating interests,
     and the Borrower and the Administrative Agent shall continue to deal solely
     and directly with such Lender in connection with such Lender's rights and
     obligations under the Loan Documents.

          12.2.2 Voting Rights. Each Lender shall retain the sole right to
     approve, without the consent of any Participant, any amendment,
     modification or waiver of any provision of the Loan Documents other than
     any amendment, modification or waiver with respect to any Loan or
     Commitment in which such Participant has an interest which would require
     consent of all the Lenders pursuant to the terms of Section 8.2 or of any
     other Loan Document.

     12.3 Assignments.

          12.3.1 Permitted Assignments. Any Lender may, in the ordinary course
     of its business and in accordance with applicable law, at any time assign
     to any of such Lender's affiliates or to one or more banks, financial
     institutions or pension funds, or with the prior approval of the Borrower,
     which shall not be unreasonably withheld or delayed, any other entity
     ("Purchasers") all or any portion of its rights and obligations under the
     Loan Documents provided that any assignment of only a portion of such
     rights and obligations shall be in an amount not less than $5,000,000. In
     addition, KeyBank National Association agrees that it will not assign any
     portion of its Commitment or Commitments of its affiliates, if such
     assignment will result in the amount of the Commitment to be held by
     KeyBank National Association and its affiliates to be less than the next
     highest Commitment amount held by any other Lender provided that no Default
     has occurred and is continuing. Notwithstanding the foregoing, no approval
     of the Borrower shall be required for any such assignment if a Default has
     occurred and is then continuing. Such assignment shall be substantially in
     the form of Exhibit D hereto or in such other form as may be agreed to by
     the parties thereto. The consent of the Administrative Agent shall be

                                      -45-
<PAGE>

     required prior to an assignment becoming effective with respect to a
     Purchaser which is not a Lender or an Affiliate thereof. Such consent shall
     not be unreasonably withheld.

          12.3.2 Effect; Effective Date. Upon (i) delivery to the Administrative
     Agent and Borrower of a notice of assignment, substantially in the form
     attached as Exhibit "I" to Exhibit D hereto (a "Notice of Assignment"),
     together with any consents required by Section 12.3.1, and (ii) payment of
     a $3,500 fee by the assignor or assignee to the Administrative Agent for
     processing such assignment, such assignment shall become effective on the
     effective date specified in such Notice of Assignment. The Notice of
     Assignment shall contain a representation by the Purchaser to the effect
     that none of the consideration used to make the purchase of the Commitment
     and Loans under the applicable assignment agreement are "plan assets" as
     defined under ERISA and that the rights and interests of the Purchaser in
     and under the Loan Documents will not be "plan assets" under ERISA. On and
     after the effective date of such assignment, such Purchaser shall for all
     purposes be a Lender party to this Agreement and any other Loan Document
     executed by the Lenders and shall have all the rights and obligations of a
     Lender under the Loan Documents, to the same extent as if it were an
     original party hereto, and no further consent or action by the Borrower,
     the Lenders or the Administrative Agent shall be required to release the
     transferor Lender, and the transferor Lender shall automatically be
     released on the effective date of such assignment, with respect to the
     percentage of the Aggregate Commitment and Loans assigned to such
     Purchaser. Upon the consummation of any assignment to a Purchaser pursuant
     to this Section 12.3.2, the transferor Lender, the Administrative Agent and
     the Borrower shall make appropriate arrangements so that replacement Notes
     are issued to such transferor Lender and new Notes or, as appropriate,
     replacement Notes, are issued to such Purchaser, in each case in principal
     amounts reflecting their Commitment, as adjusted pursuant to such
     assignment.

     12.4 Dissemination of Information. The Borrower authorizes each Lender to
disclose to any Participant or Purchaser or any other Person acquiring an
interest in the Loan Documents by operation of law (each a "Transferee") and any
prospective Transferee any and all information in such Lender's possession
concerning the creditworthiness of the Borrower and its Subsidiaries, subject to
Section 9.11 of this Agreement.

     12.5 Tax Treatment. If any interest in any Loan Document is transferred to
any Transferee which is organized under the laws of any jurisdiction other than
the United States or any State thereof, the transferor Lender shall cause such
Transferee, concurrently with the effectiveness of such transfer, to comply with
the provisions of Section 3.5.

                                  ARTICLE XIII

                                     NOTICES
                                     -------

     13.1 Giving Notice. All notices and other communications provided to any
party hereto under this Agreement or any other Loan Document shall be in writing
or by telex or by facsimile and addressed or delivered to such party at its
address set forth below its signature hereto or at such other address (or to
counsel for such party) as may be designated by such party in a notice to the
other parties. Any notice, if mailed and properly addressed with postage
prepaid, shall be deemed given when received; any notice, if transmitted by
telex or facsimile, shall be deemed given when transmitted (answerback confirmed
in the case of telexes).

                                      -46-
<PAGE>

     13.2 Change of Address. The Borrower, the Administrative Agent and any
Lender may each change the address for service of notice upon it by a notice in
writing to the other parties hereto.

                                   ARTICLE XIV

                                  COUNTERPARTS
                                  ------------

     This Agreement may be executed in any number of counterparts, all of which
taken together shall constitute one agreement, and any of the parties hereto may
execute this Agreement by signing any such counterpart. This Agreement shall be
effective when it has been executed by the Borrower, the Administrative Agent
and the Lenders and each party has notified the Administrative Agent by telex or
telephone, that it has taken such action.

                  (Remainder of page intentionally left blank.

                                      -47-
<PAGE>

     IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent
have executed this Agreement as of the date first above written.

                         GM OLATHE, LLC,
                         a Delaware limited liability company

                         By: GM MEZZ, LLC,
                             a Delaware limited liability company,
                             its sole member

                             By: GREAT PLAINS METROMALL, LLC,
                                 a Delaware limited liability company,
                                 its sole member

                                 By: GLIMCHER PROPERTIES LIMITED
                                     PARTNERSHIP, a Delaware limited liability
                                     company, its sole member

                                     By:  GLIMCHER PROPERTIES CORPORATION,
                                          a Delaware corporation,
                                          its sole general partner

                                          By: /s/ George A. Schmidt
                                              -------------------------
                                          Print Name: George A. Schmidt
                                          Title: Executive Vice President

                         150 East Gay Street
                         Columbus, Ohio 43215
                         Phone:  614-621-9000
                         Facsimile: 614-621-8863
                         Attention: George A. Schmidt

                         GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a
                         Delaware limited partnership

                         By: Glimcher Properties Corporation, a Delaware
                             corporation, its sole general partner

                             By: /s/ George A. Schmidt
                                 -------------------------
                             Print Name: George A. Schmidt
                             Title: Executive Vice President

                         150 East Gay Street
                         Columbus, Ohio 43215
                         Phone:  614-621-9000
                         Facsimile: 614-621-8863
                         Attention: George A. Schmidt

                                      -48-
<PAGE>

                         COMMITMENTS:

$30,000,000              KEYBANK NATIONAL ASSOCIATION,
                         a national banking association,
                         Individually and as Administrative Agent

                         By: /s/ Kevin P. Murray
                             -----------------------
                         Print Name: Kevin P. Murray
                         Title: Vice President

                         KeyBank National Association
                         127 Public Square
                         Cleveland, Ohio 44114
                         Attention: Real Estate Capital
                         Phone:  216-689-4660
                         Facsimile:  216-689-4997

                                      -49-
<PAGE>

                                    EXHIBIT A
                                    ---------

                                  FORM OF NOTE
                                  ------------

                                                                January __, 2006

     Glimcher Properties Limited Partnership, a limited partnership organized
under the laws of the State of Delaware ("GPLP") and GM Olathe, LLC, a limited
liability company organized under the laws of the State of Delaware ("Owner",
and collectively with GPLP, the "Borrower"), hereby jointly and severally
promise to pay to the order of KeyBank National Association (the "Lender") the
aggregate unpaid principal amount of all Loans made by the Lender to the
Borrower pursuant to Article II of the Term Loan Agreement (as the same may be
amended or modified, the "Agreement") hereinafter referred to, in immediately
available funds at the main office of KeyBank National Association in Cleveland,
Ohio, as Administrative Agent, together with interest on the unpaid principal
amount hereof at the rates and on the dates set forth in the Agreement. The
Borrower shall pay remaining unpaid principal of and accrued and unpaid interest
on the Loans in full on the Facility Termination Date or such earlier date as
may be required under the Agreement.

     This Note amends and restates in its entirety that certain Amended and
Restated Promissory Note dated as of June 9, 2004 made by Owner for the benefit
of Morgan Stanley Mortgage Capital, Inc. in the principal amount of $30,000,000.

     The Lender shall, and is hereby authorized to, record on the schedule
attached hereto, or to otherwise record in accordance with its usual practice,
the date and amount of each Loan and the date and amount of each principal
payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the
benefits of, the Term Loan Agreement, dated as of January __, 2006 among the
Borrower, KeyBank National Association individually and as Administrative Agent,
and the other Lenders named therein, to which Agreement, as it may be amended
from time to time, reference is hereby made for a statement of the terms and
conditions governing this Note, including the terms and conditions under which
this Note may be prepaid or its maturity date accelerated. Capitalized terms
used herein and not otherwise defined herein are used with the meanings
attributed to them in the Agreement.

     If there is a Default under the Agreement or any other Loan Document and
Administrative Agent exercises the remedies provided under the Agreement and/or
any of the Loan Documents for the Lenders, then in addition to all amounts
recoverable by the Administrative Agent and the Lenders under such documents,
the Administrative Agent and the Lenders shall be entitled to receive reasonable
attorneys fees and expenses incurred by the Administrative Agent and the Lenders
in connection with the exercise of such remedies.

     Borrower and all endorsers severally waive presentment, protest and demand,
notice of protest, demand and of dishonor and nonpayment of this Note, and any
and all lack of diligence or delays in collection or enforcement of this Note,
and expressly agree that this Note, or any payment hereunder, may be extended
from time to time, and expressly consent to the release of any party liable for
the obligation secured by this Note, the release of any of the security for this

                                      A-1
<PAGE>

Note, the acceptance of any other security therefor, or any other indulgence or
forbearance whatsoever, all without notice to any party and without affecting
the liability of the Borrower and any endorsers hereof.

     This Note shall be governed and construed under the internal laws of the
State of Ohio.

     BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT
TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT
UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM
THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS NOTE AND AGREE THAT ANY
SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.

                         GM OLATHE, LLC,
                         a Delaware limited liability company

                         By: GM MEZZ, LLC,
                             a Delaware limited liability company,
                             its sole member

                             By: GREAT PLAINS METROMALL, LLC,
                                 a Delaware limited liability company,
                                 its sole member

                                 By: GLIMCHER PROPERTIES LIMITED
                                     PARTNERSHIP, a Delaware limited liability
                                     company, its sole member

                                     By:  GLIMCHER PROPERTIES CORPORATION,
                                          a Delaware corporation,
                                          its sole general partner

                                          By:
                                              -------------------------
                                          Print Name: George A. Schmidt
                                          Title: Executive Vice President

                         150 East Gay Street
                         Columbus, Ohio 43215
                         Phone:  614-621-9000
                         Facsimile: 614-621-8863
                         Attention: George A. Schmidt

                                      A-2
<PAGE>

                         GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a
                         Delaware limited partnership

                         By: Glimcher Properties Corporation, a Delaware
                             corporation, its sole general partner

                             By:
                                 -------------------------
                             Print Name: George A. Schmidt
                             Title: Executive Vice President

                                      A-3
<PAGE>

                   SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL
                                       TO
                NOTE OF GLIMCHER PROPERTIES LIMITED PARTNERSHIP,
                               AND GM OLATHE, LLC
                             DATED JANUARY __, 2006

                                                      Maturity
               Principal          Maturity            Principal
               Amount of          of Interest         Amount            Unpaid
Date           Loan               Period              Paid              Balance
----           ---------          -----------         ---------         -------

--------------------------------------------------------------------------------

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                                      A-4
<PAGE>

                                    EXHIBIT B
                                    ---------

                             COMPLIANCE CERTIFICATE
                             ----------------------

KeyBank National Association, as Administrative Agent
127 Public Square
Cleveland, Ohio  44114

     Re:  Term Loan Agreement dated as of January __, 2006 (as amended,
          modified, supplemented, restated, or renewed, from time to time, the
          "Agreement") between GLIMCHER PROPERTIES LIMITED PARTNERSHIP and GM
          OLATHE, LLC (collectively, the "Borrower"), and KEYBANK NATIONAL
          ASSOCIATION, as Administrative Agent for itself and the other lenders
          parties thereto from time to time ("Lenders").

     Reference is made to the Agreement. Capitalized terms used in this
Certificate (including schedules and other attachments hereto, this
"Certificate") without definition have the meanings specified in the Agreement.

     Pursuant to applicable provisions of the Agreement, Borrower hereby
certifies to the Lenders that the information furnished in the attached
schedules, including, without limitation, each of the calculations listed below
are true, correct and complete in all material respects as of the last day of
the fiscal periods subject to the financial statements and associated covenants
being delivered to the Lenders pursuant to the Agreement together with this
Certificate (such statements the "Financial Statements" and the periods covered
thereby the "reporting period") and for such reporting periods.

     The Borrower hereby further certifies to the Lenders that:

     1. Compliance with Financial Covenants. Schedule A attached hereto sets
forth financial data and computations evidencing the Borrower's compliance with
certain covenants of the Agreement, all of which data and computations are true,
complete and correct.

     2. Review of Condition. The Borrower has reviewed the terms of the
Agreement, including, but not limited to, the representations and warranties of
the Borrower set forth in the Agreement and the covenants of the Borrower set
forth in the Agreement, and has made, or caused to be made under his or her
supervision, a review in reasonable detail of the transactions and condition of
the Borrower through the reporting periods.

     3. Representations and Warranties. To the Borrower's actual knowledge, the
representations and warranties of the Borrower contained in the Loan Documents,
including those contained in the Agreement, are true and accurate in all
material respects as of the date hereof and were true and accurate in all
material respects at all times during the reporting period except as expressly
noted on Schedule B hereto.

     4. Covenants. To the Borrower's actual knowledge, during the reporting
period, the Borrower observed and performed all of the respective covenants and

                                      B-1
<PAGE>

other agreements under the Agreement and the Loan Documents, and satisfied each
of the conditions contained therein to be observed, performed or satisfied by
the Borrower, except as expressly noted on Schedule B hereto.

     5. No Default. To the Borrower's actual knowledge, no Default exists as of
the date hereof or existed at any time during the reporting period, except as
expressly noted on Schedule B hereto.

     IN WITNESS WHEREOF, this Certificate is executed by the undersigned this
___ day of 2006.

                         GM OLATHE, LLC,
                         a Delaware limited liability company

                         By: GM MEZZ, LLC,
                             a Delaware limited liability company,
                             its sole member

                             By: GREAT PLAINS METROMALL, LLC,
                                 a Delaware limited liability company,
                                 its sole member

                                 By: GLIMCHER PROPERTIES LIMITED
                                     PARTNERSHIP, a Delaware limited liability
                                     company, its sole member

                                     By:  GLIMCHER PROPERTIES CORPORATION,
                                          a Delaware corporation,
                                          its sole general partner

                                          By:
                                              -------------------------
                                          Print Name: George A. Schmidt
                                          Title: Executive Vice President

                         150 East Gay Street
                         Columbus, Ohio 43215
                         Phone:  614-621-9000
                         Facsimile: 614-621-8863
                         Attention: George A. Schmidt

                         GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a
                         Delaware limited partnership

                         By: Glimcher Properties Corporation, a Delaware
                             corporation, its sole general partner

                             By:
                                 -------------------------
                             Print Name: George A. Schmidt
                             Title: Executive Vice President

                                      B-2
<PAGE>

                                    EXHIBIT C
                                    ---------

                              ASSIGNMENT AGREEMENT
                              --------------------

     This Assignment Agreement (this "Assignment Agreement") between KEYBANK
NATIONAL ASSOCIATION (the "Assignor") and _________________________ (the
"Assignee") is dated as of _____________, 200_. The parties hereto agree as
follows:

     1. PRELIMINARY STATEMENT. The Assignor is a party to a Term Loan Agreement
(which, as it may be amended, modified, renewed or extended from time to time is
herein called the "Credit Agreement") described in Item 1 of Schedule 1 attached
hereto ("Schedule 1"). Capitalized terms used herein and not otherwise defined
herein shall have the meanings attributed to them in the Credit Agreement.

     2. ASSIGNMENT AND ASSUMPTION. The Assignor hereby sells and assigns to the
Assignee, and the Assignee hereby purchases and assumes from the Assignor, an
interest in and to the Assignor's rights and obligations under the Credit
Agreement such that after giving effect to such assignment the Assignee shall
have purchased pursuant to this Assignment Agreement the percentage interest
specified in Item 3 of Schedule 1 of all outstanding rights and obligations
under the Credit Agreement and the other Loan Documents. The Commitment
purchased by the Assignee hereunder is set forth in Item 4 of Schedule 1.

     3. EFFECTIVE DATE. The effective date of this Assignment Agreement (the
"Effective Date") shall be the later of the date specified in Item 5 of Schedule
1 or two (2) Business Days (or such shorter period agreed to by the Agent) after
a Notice of Assignment substantially in the form of Exhibit "I" attached hereto
has been delivered to the Agent. Such Notice of Assignment must include the
consent of the Agent required by Section 12.3.1 of the Credit Agreement. In no
event will the Effective Date occur if the payments required to be made by the
Assignee to the Assignor on the Effective Date under Section 4 hereof are not
made on the proposed Effective Date. The Assignor will notify the Assignee of
the proposed Effective Date no later than the Business Day prior to the proposed
Effective Date. As of the Effective Date, (i) the Assignee shall have the rights
and obligations of a Lender under the Loan Documents with respect to the rights
and obligations assigned to the Assignee hereunder and (ii) the Assignor shall
relinquish its rights and be released from its corresponding obligations under
the Loan Documents with respect to the rights and obligations assigned to the
Assignee hereunder.

     4. PAYMENTS OBLIGATIONS. On and after the Effective Date, the Assignee
shall be entitled to receive from the Agent all payments of principal, interest
and fees with respect to the interest assigned hereby. The Assignee shall
advance funds directly to the Agent with respect to all Loans and reimbursement
payments made on or after the Effective Date with respect to the interest
assigned hereby. In consideration for the sale and assignment of Loans
hereunder, the Assignee shall pay the Assignor, on the Effective Date, an amount
equal to the principal amount of the portion of all Loans assigned to the
Assignee hereunder which is outstanding on the Effective Date. The Assignee will
promptly remit to the Assignor (i) the portion of any principal payments
assigned hereunder and received from the Agent and (ii) any amounts of interest
on Loans and fees received from the Agent to the extent either (i) or (ii)
relate to the portion of the Loans assigned to the Assignee hereunder for
periods prior to the Effective Date and have not been previously paid by the
Assignee to the Assignor. In the event that either party hereto receives any
payment to which the other party hereto is entitled under this Assignment
Agreement, then the party receiving such amount shall promptly remit it to the
other party hereto.

<PAGE>

     5. REPRESENTATIONS OF THE ASSIGNOR; LIMITATIONS ON THE ASSIGNOR'S
LIABILITY. The Assignor represents and warrants: (a) that it is the legal and
beneficial owner of the interest being assigned by it hereunder, (b) that such
interest is free and clear of any adverse claim created by the Assignor, (c)
that it has all necessary right and authority to enter into this Assignment, (d)
that the Credit Agreement has not been modified or amended, (e) that the
Assignor is not in default under the Credit Agreement, and (f) that, to the best
of Assignor's knowledge, the Borrower is not in default under the Credit
Agreement. It is understood and agreed that the assignment and assumption
hereunder are made without recourse to the Assignor and that the Assignor makes
no other representation or warranty of any kind to the Assignee. Neither the
Assignor nor any of its officers, directors, employees, agents or attorneys
shall be responsible for (i) the due execution, legality, validity,
enforceability, genuineness, sufficiency or collectability of any Loan Document,
including without limitation, documents granting the Assignor and the other
Lenders a security interest in assets of the Borrower or any guarantor, (ii) any
representation, warranty or statement made in or in connection with any of the
Loan Documents, (iii) the financial condition or creditworthiness of the
Borrower or any guarantor, (iv) the performance of or compliance with any of the
terms or provisions of any of the Loan Documents, (v) inspecting any of the
Property, books or records of the Borrower, (vi) the validity, enforceability,
perfection, priority, condition, value or sufficiency of any collateral securing
or purporting to secure the Loans or (vii) any mistake, error of judgment, or
action taken or omitted to be taken in connection with the Loans or the Loan
Documents.

     6. REPRESENTATIONS OF THE ASSIGNEE. The Assignee (i) confirms that it has
received a copy of the Credit Agreement, together with copies of the financial
statements requested by the Assignee and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter
into this Assignment Agreement, (ii) agrees that it will, independently and
without reliance upon the Agent, the 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 Loan Documents, (iii) appoints and authorizes the Agent to take such action
as agent on its behalf and to exercise such powers under the Loan Documents as
are delegated to the Agent by the terms thereof, together with such powers as
are reasonably incidental thereto, (iv) agrees that 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, (v) agrees that
its payment instructions and notice instructions are as set forth in the
attachment to Schedule 1, and (vi) confirms that none of the funds, monies,
assets or other consideration being used to make the purchase and assumption
hereunder are "plan assets" as defined under ERISA and that its rights, benefits
and interests in and under the Loan Documents will not be "plan assets" under
ERISA.

     7. INDEMNITY. The Assignee agrees to indemnify and hold the Assignor
harmless against any and all losses, costs and expenses (including, without
limitation, reasonable attorneys' fees) and liabilities incurred by the Assignor
in connection with or arising in any manner from the Assignee's non-performance
of the obligations assumed by Assignee under this Assignment Agreement on and
after the Effective Date. The Assignor agrees to indemnify and hold the Assignee
harmless against any and all losses, costs and expenses (including, without
limitation, reasonable attorneys' fees) and liabilities incurred by the Assignee
in connection with or arising in any manner from the Assignor's non-performance
of the obligations assigned to Assignee under this Assignment Agreement prior to
the Effective Date.

                                      C-2
<PAGE>

     8. SUBSEQUENT ASSIGNMENTS. After the Effective Date, the Assignee shall
have the right pursuant to Section 12.3.1 of the Credit Agreement to assign the
rights which are assigned to the Assignee hereunder to any entity or person,
provided that (i) any such subsequent assignment does not violate any of the
terms and conditions of the Loan Documents or any law, rule, regulation, order,
writ, judgment, injunction or decree and that any consent required under the
terms of the Loan Documents has been obtained and (ii) unless the prior written
consent of the Assignor is obtained, the Assignee is not thereby released from
its obligations to the Assignor hereunder, if any remain unsatisfied, including,
without limitation, its obligations under Sections 4 and 7 hereof.

     9. REDUCTIONS OF AGGREGATE COMMITMENT. If any reduction in the Aggregate
Commitment occurs between the date of this Assignment Agreement and the
Effective Date, the percentage interest specified in Item 3 of Schedule 1 shall
remain the same, but the dollar amount purchased shall be recalculated based on
the reduced Aggregate Commitment.

     10. ENTIRE AGREEMENT. This Assignment Agreement and the attached Notice of
Assignment embody the entire agreement and understanding between the parties
hereto and supersede all prior agreements and understandings between the parties
hereto relating to the subject matter hereof.

     11. GOVERNING LAW. This Assignment Agreement shall be governed by the
internal law, and not the law of conflicts, of the State of Ohio.

     12. NOTICES. Notices shall be given under this Assignment Agreement in the
manner set forth in the Credit Agreement. For the purpose hereof, the addresses
of the parties hereto (until notice of a change is delivered) shall be the
address set forth in the attachment to Schedule 1.

                         [NO FURTHER TEXT ON THIS PAGE]

                                      C-3
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Assignment
Agreement by their duly authorized officers as of the date first above written.

                                    ASSIGNOR:

                                    KEYBANK NATIONAL ASSOCIATION

                                    By:  _____________________________________
                                    Name: ____________________________________
                                    Title:

                                    ASSIGNEE:

                                    [_________________________________]

                                    By:  _____________________________________
                                    Name: ____________________________________
                                    Title: ___________________________________

                                      C-4
<PAGE>

                Attachment to SCHEDULE 1 to ASSIGNMENT AGREEMENT

         Attach Assignor's Administrative Information Sheet, which must
            include notice address for the Assignor and the Assignee

                           [to be provided by KeyBank]

<PAGE>

                                   SCHEDULE 1
                             to Assignment Agreement

1.     Description and Date of Agreement: Term Loan Agreement dated as of
       January __, 2006 among Glimcher Properties Limited Partnership and GM
       Olathe, LLC, as "Borrower" and KeyBank National Association as
       "Administrative Agent" and the Several Lenders From Time to Time Parties
       Hereto, as Lenders.

2.     Date of Assignment Agreement:_____________, 200_

3.     Amounts (As of Date of Item 2 above):

       a.     Aggregate Commitment
              under Credit Agreement                        $30,000,000

       b.     Assignee's Percentage
              of the Aggregate Commitment
              purchased under this
              Assignment Agreement**                        _____________%

4.     Amount of Assignee's
       Commitment Purchased under this
       Assignment Agreement:                                $____________

5.     Proposed Effective Date:                             ___________________

Accepted and Agreed:

KEYBANK NATIONAL ASSOCIATION            _______________________________________

By:________________________________     By:____________________________________
Title:_____________________________     Title:_________________________________

** Percentage taken to 10 decimal places.

<PAGE>

                                   EXHIBIT "I"
                             to Assignment Agreement

                              NOTICE OF ASSIGNMENT

                                                            ______________, 200_

To:     KeyBank National Association
        127 Public Square
        Cleveland, Ohio 44114
        Attention:  Real Estate Capital

BORROWER:

        Glimcher Properties Limited Partnership
        GM Olathe, LLC
        150 East Gay Street
        Columbus, Ohio 43215
        Attention:  George A. Schmidt

From:   KEYBANK NATIONAL ASSOCIATION (the "Assignor")

        [NAME OF ASSIGNEE] (the "Assignee")

     1. We refer to that Term Loan Agreement (the "Credit Agreement") described
in Item 1 of Schedule 1 attached hereto ("Schedule 1"). Capitalized terms used
herein and not otherwise defined herein shall have the meanings attributed to
them in the Credit Agreement.

     2. This Notice of Assignment (this "Notice") is given and delivered to the
Agent pursuant to Section 12.3.2 of the Credit Agreement.

     3. The Assignor and the Assignee have entered into an Assignment Agreement,
dated as of ______________, 200_ (the "Assignment"), pursuant to which, among
other things, the Assignor has sold, assigned, delegated and transferred to the
Assignee, and the Assignee has purchased, accepted and assumed from the Assignor
the percentage interest specified in Item 3 of Schedule 1 of all outstanding
rights and obligations under the Credit Agreement. The Effective Date of the
Assignment shall be the later of the date specified in Item 5 of Schedule 1 or
two (2) Business Days (or such shorter period as agreed to by the Agent) after
this Notice of Assignment and any fee required by Section 12.3.2 of the Credit
Agreement have been delivered to the Agent, provided that the Effective Date
shall not occur if any condition precedent agreed to by the Assignor and the
Assignee has not been satisfied.

<PAGE>

     4. The Assignor and the Assignee hereby give to the Agent notice of the
assignment and delegation referred to herein. The Assignor will confer with the
Agent before the date specified in Item 5 of Schedule 1 to determine if the
Assignment Agreement will become effective on such date pursuant to Section 3
hereof, and will confer with the Agent to determine the Effective Date pursuant
to Section 3 hereof if it occurs thereafter. The Assignor shall notify the Agent
if the Assignment Agreement does not become effective on any proposed Effective
Date as a result of the failure to satisfy the conditions precedent agreed to by
the Assignor and the Assignee. At the request of the Agent, the Assignor will
give the Agent written confirmation of the satisfaction of the conditions
precedent.

     5. If Notes are outstanding on the Effective Date, the Assignor and the
Assignee request and direct that the Agent prepare and cause the Borrower to
execute and deliver new Notes or, as appropriate, replacements notes, to the
Assignor and the Assignee. The Assignor and, if applicable, the Assignee each
agree to deliver to the Agent the original Note received by it from the Borrower
upon its receipt of a new Note in the appropriate amount.

     6. The Assignee advises the Agent that notice and payment instructions are
set forth in the attachment to Schedule 1.

     7. The Assignee hereby represents and warrants that none of the funds,
monies, assets or other consideration being used to make the purchase pursuant
to the Assignment are "plan assets" as defined under ERISA and that its rights,
benefits, and interests in and under the Loan Documents will not be "plan
assets" under ERISA.

     8. The Assignee authorizes the Agent to act as its agent under the Loan
Documents in accordance with the terms thereof. The Assignee acknowledges that
the Agent has no duty to supply information with respect to the Borrower or the
Loan Documents to the Assignee until the Assignee becomes a party to the Credit
Agreement.*

*May be eliminated if Assignee is a party to the Credit Agreement prior to the
Effective Date.

KEYBANK NATIONAL ASSOCIATION                                  NAME OF ASSIGNEE

By:________________________________     By:____________________________________

Title:_____________________________     Title:_________________________________

<PAGE>

ACKNOWLEDGED AND, IF REQUIRED BY THE CREDIT AGREEMENT, CONSENTED TO BY KEYBANK
NATIONAL ASSOCIATION, as Agent

By:________________________________
Title:_____________________________

                 [Attach photocopy of Schedule 1 to Assignment]

<PAGE>

                                    EXHIBIT D
                                    ---------

                          SITE PLAN OF EXPANSION PARCEL
                          -----------------------------

                                       D-1
<PAGE>

                                    EXHIBIT E
                                    ---------

            ENVIRONMENTAL INVESTIGATION SPECIFICATIONS AND PROCEDURES
            ---------------------------------------------------------

     Phase I Environmental Site Assessments to be prepared in accordance with
the ASTM Standard Practice for Environmental Site Assessments: Phase I
Environmental Site Assessment Process (ASTM Designation E1527-94), a summary of
which follows:

     This ASTM practice is generally considered the industry standard for
     conducting a Phase I Environmental Site Assessment (ESA). The purpose of
     this standard is to "define good commercial and customary practice in the
     United States of America for conducting an ESA of a parcel of commercial
     real estate with respect to the range of contaminants within the scope of
     the Comprehensive Environmental Response, Compensation and Liability Act
     (CERCLA) and petroleum products." The ASTM Phase I ESA is intended to
     permit a user to satisfy one of the requirements to qualify for the
     innocent landowner defense to CERCLA liability; that is, the practice that
     constitutes "all appropriate inquiry into the previous ownership and uses
     of the property consistent with good commercial or customary practices" as
     defined in 42 USC 9601(35)(B).

     The goal of the ASTM Phase I ESA is to identify "recognized environmental
     conditions." Recognized environmental conditions means the presence or
     likely presence of any hazardous substances or petroleum products on a
     property under conditions that indicate an existing release, a past
     release, or a material threat of a release of any hazardous substances or
     petroleum products into structures on the property or into the ground,
     groundwater, or surface water of the property. The term includes hazardous
     substances or petroleum products even under conditions in compliance with
     laws. The term is not intended to include de minimus conditions that
     generally would not be the subject of an enforcement action if brought to
     the attention of appropriate governmental agencies.

     The ASTM standard indicates that a Phase I ESA should consist of four main
     components: 1) Records Review; 2) Site Reconnaissance; 3) Interviews; and
     4) Report. The purpose of the records review is to obtain and review
     records that will help identify recognized environmental conditions in
     connection with the property. The site reconnaissance involves physical
     observation of the property's exterior and interior, as well as an
     observation of adjoining properties. Interviews with previous and current
     owners and occupants, and local government officials provides insight into
     the presence or absence of recognized environmental conditions in
     connection with the property. The final component of the ESA, the report,
     contains the findings of the ESA and conclusions regarding the presence or
     absence of recognized environmental conditions in connection with the
     property. It includes documentation to support the analysis, opinions, and
     conclusions found in the report.

     While the use of this practice is intended to constitute appropriate
     inquiry for purposes of CERCLA's innocent landowner defense, it is not
     intended that its use be limited to that purpose. The ASTM standard is
     intended to be an approach to conducting an inquiry designed to identify
     recognized environmental conditions in connection with a property, and
     environmental site assessments.

                                       E-1
<PAGE>

                                    EXHIBIT F
                                    ---------

                      FORM OF OPINION OF BORROWER'S COUNSEL
                      -------------------------------------

                                 ________, 2006

KeyBank,
as Administrative Agent for the Lenders
127 Public Square, 8th Floor
Cleveland, Ohio

     Re:  $30,000,000 Term Loan to Glimcher Properties Limited Partnership and
          GM Olathe, LLC (collectively, the "Borrower")

Ladies and Gentlemen:

     We have acted as counsel for the Borrower in connection with a $30,000,000
secured term loan , (the "Loan"), which Loan is being made pursuant to that
certain Term Loan Agreement dated as of January __, 2006 (the "Loan Agreement")
between Borrower, KeyBank and the several lenders from time to time parties
thereto (collectively, the "Lenders"), and KeyBank, as Administrative Agent (the
"Agent").

     In connection with the Loan we have been furnished with originals or copies
certified to our satisfaction of the partnership agreements and certificates of
limited partnership, and Articles of Incorporation and Bylaws of the general
partners of the entities comprising the Borrower (as defined in the Loan
Agreement), and all such corporate and other records of the Borrower and the
Parent Entities, with such declarations and agreements, and certificates of
officers and representatives of the Borrower, with such other documents, and we
have made such other examinations and investigations as we have deemed necessary
as a basis for the opinions expressed below.

     We have examined the originals of the following documents, each of which is
addressed to the Lender or to which the Lender is a party (all of which are
sometimes collectively referred to as the "Loan Documents"):

     1.   The Loan Agreement; and

     2.   [describe promissory notes and other Loan Documents].

     Based upon the foregoing, we are of the opinion that:

     1.   The entities comprising the Borrower include a limited liability
          company and a limited partnership, both duly formed, validly existing
          and in good standing under the laws of the State of Delaware. Borrower
          has all requisite power and authority to own its properties, carry on
          its business and to deliver and perform its obligations under the Loan
          Documents.

     2.   Each of the general partners of Borrower is a corporation or trust
          duly organized, validly existing and in good standing under the laws
          of the State of Delaware. Each of the general partners of Borrower has
          all requisite power and authority to own its properties, carry on its
          business and to deliver and perform its obligations under the Loan
          Documents.

                                       F-1
<PAGE>

     3.   The execution, delivery, and performance by each of the entities
          comprising the Borrower of the Loan Documents to which it is a party
          has been duly authorized by all necessary action of the Borrower and
          does not (i) require any consent or approval of any partner or
          shareholder of such entity or any other person or entity excepting
          such consents or approvals as have actually been obtained; (ii)
          violate any provision of any law, rule, or regulation of the United
          States or the State of Ohio, or any provision of the partnership or
          corporate law presently in effect having applicability to the Borrower
          or its general partners, as applicable; (iii) violate any provision of
          the partnership agreements of the Borrower or the articles of
          incorporation or bylaws of its general partners; (iv) violate any
          presently existing statutory or administrative provision or judicial
          decision applicable to the Borrower or its general partners; or (v)
          result in a breach of, or constitute a default under, any agreement or
          instrument affecting the Borrowers or its general partners.

     4.   Each Loan Document to which it is a party (a) has been properly
          authorized, executed and delivered by each of the entities comprising
          the Borrower, (b) constitutes the legal, valid, and binding
          obligations of the Borrower, and (c) is enforceable in accordance with
          its terms, except that we express no opinion regarding the
          enforceability of the Mortgage under Kansas law.

     5.   To our knowledge, no presently existing authorization, exemption,
          consent, approval, license, or registration with any court or
          governmental department, commission, bureau, agency, or
          instrumentality will be necessary for the valid, binding, and
          enforceable execution, delivery and performance by the Borrower of the
          Loan Documents.

     6.   To our knowledge, there are no actions, suits, or proceedings pending
          or threatened against the Borrower before any court or governmental
          entity or instrumentality which could reasonably be expected to have a
          Material Adverse Effect (as defined in the Loan Agreement).

     7.   The Loan Documents (other than the Mortgage) are governed by the laws
          of the State of Ohio, and the Loan, including the interest rate
          reserved in the applicable Note and all fees and charges paid or to be
          paid by or on behalf of Borrower in connection with such Loan pursuant
          to the applicable Loan Documents, is not in violation of the usury
          laws of the State of Ohio.

     The opinions expressed herein are expressly made subject to and qualified
by the following:

     (a) We have assumed that the Loan Documents are duly authorized and validly
executed and delivered by the Agent, the Lenders and all other parties other
than the Borrower.

     (b) This opinion is based upon existing laws, ordinances and regulations in
effect as of the date hereof.

     (c) This opinion is limited to the laws of the State of Ohio and applicable
federal law and no opinion is expressed as to the laws of any other
jurisdiction.

                                       F-2
<PAGE>

     (d) We have assumed the authenticity of all documents submitted to us as
originals (other than the Loan Documents) and the conformity to original
documents of all documents (other than the Loan Documents) submitted to us as
certified or photostatic copies.

     (e) The opinions expressed herein are qualified to the extent that: (i) the
enforceability of any rights or remedies in any agreement or instruments may be
limited by applicable bankruptcy, insolvency, reorganization or similar laws
affecting the rights of creditors generally; and (ii) the availability of
specific performance, injunctive relief or any other equitable remedy is subject
to the discretion of a court of competent jurisdiction.

     This opinion may be relied upon by only by the addressees hereof, its
attorneys, auditors, advisors, participants, and their respective successors and
assigns, and not by any other party.

                                         Very truly yours,

                                       F-3
<PAGE>

                                    EXHIBIT G
                                    ---------

                                BORROWING NOTICE
                                ----------------
Date

KeyBank National Association
Real Estate Capital
Attention: [__________________]
127 Public Square, OH-01-27-0839
Cleveland, OH  44114

                                Borrowing Notice

Glimcher Properties Limited Partnership and GM Olathe, LLC (collectively,
"Borrower") hereby requests an Advance pursuant to Section 2.7 of the Term Loan
Agreement, dated as of January __, 2006 (as amended or modified from time to
time, the "Loan Agreement"), among the Borrower, the Lenders referenced therein,
and you, as an administrative agent for the Lenders.

An Advance is requested to be made in the amount of $___________, to be made on
______, 200_. Such Advance shall be a [LIBOR] [Floating Rate] Advance. [The
applicable LIBOR Interest Period shall be _____________.]

The proceeds of the requested loan shall be directed to the following account:

                        Wiring Instructions:
                        (Bank Name)
                        (ABA No.)
                        (Beneficiary)
                        (Account No. to Credit)
                        (Notification Requirement)

In support of this request, the Borrower hereby represents and warrants to the
Administrative Agent and the Lenders that acceptance of the proceeds of such
Advance by the Borrower shall be deemed to further represent and warrant that
all requirements of Section 4.1 of the Loan Agreement in connection with such
Advance have been satisfied at the time such proceeds are disbursed.

                        Date:_________________________________

                                       G-1
<PAGE>

                         GM OLATHE, LLC,
                         a Delaware limited liability company

                         By: GM MEZZ, LLC,
                             a Delaware limited liability company,
                             its sole member

                             By: GREAT PLAINS METROMALL, LLC,
                                 a Delaware limited liability company,
                                 its sole member

                                 By: GLIMCHER PROPERTIES LIMITED
                                     PARTNERSHIP, a Delaware limited liability
                                     company, its sole member

                                     By:  GLIMCHER PROPERTIES CORPORATION,
                                          a Delaware corporation,
                                          its sole general partner

                                          By:
                                              -------------------------
                                          Print Name: George A. Schmidt
                                          Title: Executive Vice President

                         GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a
                         Delaware limited partnership

                         By: Glimcher Properties Corporation, a Delaware
                             corporation, its sole general partner

                             By:
                                 -------------------------
                             Print Name: George A. Schmidt
                             Title: Executive Vice President

                                       G-2
<PAGE>

                                    EXHIBIT H
                                    ---------

                      FORM OF AMENDED AND RESTATED MORTGAGE
                      -------------------------------------

                                       H-1
<PAGE>

                                    EXHIBIT I
                                    ---------

                           ENVIRONMENTAL AND HAZARDOUS
                         SUBSTANCES INDEMNITY AGREEMENT

     This Environmental and Hazardous Substances Indemnity Agreement (this
"Indemnity Agreement") is executed and delivered as of the ______ day of January
__, 2006 by GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited
partnership and GM OLATHE, LLC, a Delaware limited liability company
(collectively, "Borrower" or "Indemnitor") to and for the benefit of KEYBANK
NATIONAL ASSOCIATION, a national banking association, as administrative agent
(the "Administrative Agent"), for itself and the other Lenders named in the Term
Loan Agreement referred to below, and their successors and assigns.

                                    RECITALS:
                                    ---------

     A. On or about the date hereof, Indemnitor, Administrative Agent and the
Lenders identified therein are parties to that certain Term Loan Agreement dated
as of January __, 2006 ("Loan Agreement"), whereby Lender agreed to make a
secured term loan (the "Facility") available to Borrower, in the maximum
aggregate amount specified therein from time to time which amount shall not
exceed Thirty Million and 00/100 Dollars ($30,000,000.00). Capitalized terms
used and not otherwise defined herein shall have the meanings given to them in
the Loan Agreement.

     B. In connection with the Loan, Borrower has executed and may in the future
execute and deliver to Lenders certain promissory notes in favor of Lenders (the
"Notes") in the principal amount of the Facility, payment of which is secured by
the Loan Documents delivered from time to time pursuant to the terms of the Loan
Agreement.

     C. One of the entities comprising Borrower is the owner of a certain parcel
of real estate that will be mortgaged to Administrative Agent in accordance with
the terms of the Loan Agreement (the "Property").

     D. As a condition to making the Facility, the Lenders require the
Indemnitor to indemnify the Lenders upon the occurrence of certain events.

     E. Lenders have relied on the statements and agreements contained herein in
agreeing to extend the Facility to Borrower.

                                   AGREEMENTS:
                                   -----------

     In consideration of the Recitals set forth above and hereby incorporated
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Indemnitors hereby agree as
follows:

     1. Definitions. Initially capitalized terms used and not otherwise defined
herein shall have the meanings respectively ascribed to them in the Loan
Agreement.

                               Schedule 1 - Pg. 1
<PAGE>

     2. Representations and Warranties. Each Indemnitor hereby represents and
warrants to Lenders (i) that, except as specifically disclosed in the documents
listed in Exhibit A, as amended from time to time, attached hereto (the
"Documents"), to the best of its knowledge, (a) the Property has been and is
free from contamination by Materials of Environmental Concern except Materials
of Environmental Concern used in the operation of the Property and held as
inventory for sale by Tenants in customary amounts and in compliance with
Environmental Laws, and (b) no release of any Materials of Environmental Concern
has occurred on, onto or about the Property except Materials of Environmental
Concern used in the operation of the Property and held as inventory for sale by
Tenants in customary amounts and in compliance with Environmental Laws; (ii)
that the Property currently complies, and will comply based on its anticipated
use, with all Environmental Laws; (iii) that, except as disclosed in the
Documents, to Indemnitor's knowledge in connection with the ownership,
operation, and use of the Property, all necessary notices have been filed and
all required permits, licenses and other authorizations have been obtained,
including those relating to the generation, treatment, storage, disposal or use
of Materials of Environmental Concern; (iv) that, except as disclosed in the
Documents, to the best of its knowledge, there is no present, past or threatened
investigation, inquiry or proceeding relating to the environmental condition of,
or to events on or about, the Property; and (v) it has not, nor will it, release
or waive the liability of any previous owner, lessee or operator of the Property
or any party who may be potentially responsible for the presence of or removal
of Materials of Environmental Concern from the Property, nor has it made
promises of indemnification regarding Materials of Environmental Concern on the
Property to any party, except as contained herein and in the Loan Documents.

     Each Indemnitor hereby agrees to indemnify and hold the Administrative
Agent free and harmless from and against all loss, cost, damage and expense,
including reasonable attorneys' fees and costs, which the Administrative Agent
may sustain by reason of the inaccuracy or breach of any of the foregoing
representations and warranties as of the date the foregoing representations and
warranties are made and are deemed remade; provided, however, that nothing
hereunder shall constitute or be deemed to constitute any indemnity of
Administrative Agent for loss, costs, damages, etc. caused by such
Administrative Agent's own gross negligence or willful misconduct.

     3. Covenants. Indemnitors shall

     a. comply, and use best efforts to cause all other persons on or occupying
the Property to comply, with all Environmental Laws;

     b. not install, use, generate, manufacture, store, treat, release or
dispose of, nor permit the installation, use, generation, storage, treatment,
release or disposal of, Materials of Environmental Concern on, under or about
the Property except Materials of Environmental Concern used in the operation of
the Property and held as inventory for sale by Tenants in customary amounts and
in compliance with Environmental Laws;

     c. immediately advise Administrative Agent in writing of:

          (i) any and all Environmental Proceedings;

                                      I-2
<PAGE>

          (ii) the presence of any Materials of Environmental Concern on, under
     or about the Property of which Administrative Agent has not previously been
     advised in writing except Materials of Environmental Concern used in the
     operation of the Property and held as inventory for sale by Tenants in
     customary amounts and in compliance with Environmental laws;

          (iii) any remedial action taken by, or on behalf of, any Indemnitor in
     response to any Materials of Environmental Concern on, under or about the
     Property or to any Environmental Proceedings of which Administrative Agent
     has not previously been advised in writing;

          (iv) the discovery by any Indemnitor of the presence of any Materials
     of Environmental Concern on, under or about any real property or bodies of
     water adjoining or in the vicinity of the Property that are likely to have
     Material Adverse Effect; and

          (v) the discovery by any Indemnitor of any occurrence or condition on
     any real property adjoining or in the vicinity of the Property that could
     cause the Property or any part thereof to be subject to any restrictions on
     the ownership, occupancy, transferability or use of the Property under any
     Environmental Laws;

     d. provide Administrative Agent with copies of all reports, analyses,
notices, licenses, approvals, orders, correspondences or other written materials
in its possession or control relating to the environmental condition of the
Property or real property or bodies of water adjoining or in the vicinity of the
Property or environmental proceedings immediately upon receipt, completion or
delivery of such materials;

     e. not install or allow to be installed any tanks on, at or under the
Property;

     f. not create or permit to continue in existence any lien (whether or not
such lien has priority over the lien created by the Mortgage) upon the Property
imposed pursuant to any Laws relating to Materials of Environmental Concern; and

     g. not change or alter the present use of the Property unless Indemnitors
shall have notified Administrative Agent thereof in writing and Administrative
Agent shall have determined, in its sole and absolute discretion, that such
change or modification will not result in the presence of Materials of
Environmental Concern on the Property in question in such a level that would
increase the potential liability for Environmental Proceedings.

     4. Right of Entry and Disclosure of Environmental Reports. Borrower hereby
grants to Administrative Agent its agents, employees, consultants and
contractors, an irrevocable license and authorization to enter upon and inspect
the Property at reasonable times and upon reasonable advance notice, and,
subject to the rights of tenants, conduct such environmental audits and tests,
including, without limitation, subsurface testing, soils and groundwater
testing, and other tests which may physically invade the Property.
Administrative Agent shall consult with Borrower in advance of such tests.
Administrative Agent agrees, however, that it shall not conduct any such audits,
unless an Event of Default exists under the Loan Documents or Administrative
Agent has reason to believe that such audit may disclose the presence or release
of Materials of Environmental Concern other than materials used in the operation
of the Property or held as inventory for sale by Tenants in customary amounts
and in compliance with Environmental Laws, or unless an environmental audit

                                      I-3
<PAGE>

deems further testing necessary. Without limiting the generality of the
foregoing, Borrower agrees that Administrative Agent shall have the right to
appoint a receiver to enforce this right to enter and inspect the Property to
the extent such authority is provided under applicable law. All reasonable
out-of-pocket costs and expenses incurred by Administrative Agent in connection
with any inspection, audit or testing conducted in accordance with this Section
4 shall be paid by Borrower. The results of all investigations and reports
prepared by Administrative Agent shall be and at all times remain the property
of Administrative Agent and under no circumstances shall Administrative Agent
have any obligation whatsoever to disclose or otherwise make available to
Indemnitors or any other party such results or any other information obtained by
it in connection with such investigations and reports; provided, however, that
if requested by Borrower, Administrative Agent shall provide to Borrower a copy
of the written report with respect to any inspection, audit or testing for which
Borrower has paid hereunder. If Administrative Agent becomes the owner of the
Property, Administrative Agent may, and Indemnitors hereby expressly authorize
Administrative Agent to make available to any party in connection with a sale of
the Property any and all reports, whether prepared by Administrative Agent or
prepared by Borrower and provided to Administrative Agent (collectively, the
"Environmental Reports") which Administrative Agent may have with respect to the
Property. Borrower consents to Administrative Agent notifying any party under
such circumstances of the availability of any or all of the Environmental
Reports and the information contained therein. Each Indemnitor further agrees
that Administrative Agent may disclose such Environmental Reports to any
governmental agency or authority if they reasonably believe, upon advice of
counsel that they are required to disclose any matter contained therein to such
agency or authority; provided that Administrative Agent shall give Borrower at
least 48 hours prior written notice before so doing. Each Indemnitor
acknowledges that Administrative Agent cannot control or otherwise assure the
truthfulness or accuracy of the Environmental Reports, and that the release of
the Environmental Reports, or any information contained therein, to prospective
bidders at any foreclosure sale of the Property may have a material and adverse
effect upon the amount which a party may bid at such sale. Each Indemnitor
agrees that Administrative Agent shall not have any liability whatsoever as a
result of delivering any or all of the Environmental Reports or any information
contained therein to any third party, and each Indemnitor hereby releases and
forever discharges Administrative Agent from any and all claims, damages, or
causes of action arising out of connected with or incidental to the
Environmental Reports or the delivery thereof.

     5. Indemnitor's Remedial Work. Indemnitors shall promptly perform or cause
to be performed any and all necessary remedial work ("Remedial Work") in
response to any Environmental Proceedings or the presence, storage, use,
disposal, transportation, discharge or release of any Materials of Environmental
Concern on, under or about any of the Property; provided, however, that Borrower
shall perform or cause to be performed such Remedial Work so as to minimize any
impairment to Lenders' security under the Loan Documents.

     All Remedial Work shall be conducted:

     a. in a diligent and timely fashion by licensed contractors acting under
the supervision of a consulting environmental engineer;

     b. pursuant to a detailed written plan for the Remedial Work approved by
any public or private agencies or persons with a legal or contractual right to
such approval;

                                      I-4
<PAGE>

     c. with such insurance coverage pertaining to liabilities arising out of
the Remedial Work as is then customarily maintained with respect to such
activities; and

     d. only following receipt of any required permits, licenses or approvals.

     The selection of the Remedial Work contractors and consulting environmental
engineer, the contracts entered into with such parties, any disclosures to or
agreements with any public or private agencies or parties relating to Remedial
Work and the written plan for the Remedial Work (and any changes thereto) shall
each be subject to Administrative Agent's prior written approval, which shall
not be unreasonably conditioned, withheld or delayed. In addition, Indemnitors
shall submit to Administrative Agent, promptly upon receipt or preparation,
copies of any and all reports, studies, analyses, correspondence, governmental
comments or approvals, proposed removal or other Remedial Work contracts and
similar information prepared or received by Indemnitors in connection with any
Remedial Work, or Materials of Environmental Concern relating to the Property.
All costs and expenses of such Remedial Work shall be paid by Indemnitors,
including, without limitation, the charges of the Remedial Work contractors and
the consulting environmental engineer, any taxes or penalties assessed in
connection with the Remedial Work and Administrative Agent's reasonable expenses
and out-of-pocket costs incurred in connection with monitoring or review of such
Remedial Work. Lenders shall have the right but not the obligation to join and
participate in, as a party if it so elects, any legal proceedings or actions
initiated in connection with any Environmental Proceedings.

     6. Indemnity. Indemnitors shall protect, indemnify, defend and hold the
Administrative Agent, the Lenders and any successors to Lenders' interest in the
Property, and any other Person who acquires any portion of the Property at a
foreclosure sale or otherwise through the exercise of Lenders' rights and
remedies under the Loan Documents, and all directors, officers, employees and
agents of all of the aforementioned indemnified parties, harmless from and
against any and all actual or potential claims, liabilities, damages (direct or
indirect), losses, fines, penalties, judgments, awards, costs and expenses
(including, without limitation, reasonable attorneys' fees and costs and
expenses of investigation) (collectively, "Expenses") which arise out of or
relate in any way to any breach of any representation, warranty or covenant
contained herein, or any Environmental Proceedings or any use, handling,
production, transportation, disposal, release or storage of any Materials of
Environmental Concern in, under or on the Property, whether by any Indemnitor or
any other person, including, without limitation:

     a. all foreseeable and all unforeseeable Expenses arising out of:

          (i) Environmental proceedings or the use, generation, storage,
     discharge or disposal of Materials of Environmental Concern by Indemnitors,
     any prior owner or operator of the Property or any person on or about the
     Property, unless caused by the willful misconduct, gross negligence, or bad
     faith of the Lenders or Administrative Agent;

          (ii) any residual contamination affecting any natural resource or the
     environment; or

          (iii) any exercise by the Administrative Agent or any Lender of any of
     their rights and remedies hereunder unless caused by the willful
     misconduct, gross negligence, or bad faith of the Lenders or Administrative
     Agent; and

                                      I-5
<PAGE>

     b. the costs of any required or necessary investigation, assessment,
testing, remediation, repair, cleanup, or detoxification of the Property and the
preparation of any closure or other required plans.

     Indemnitors' liability to the aforementioned indemnified parties shall
arise upon the earlier to occur of (1) discovery of any Materials of
Environmental Concern on, under or about the Property, or (2) the institution of
any Environmental Proceedings, and not upon the realization of loss or damage,
and Indemnitors shall pay to Lenders from time to time, immediately upon
request, an amount equal to such Expenses, as reasonably determined by the
Administrative Agent upon submission of an invoice therefore and reasonable
supporting documentation. In addition, in the event any Materials of
Environmental Concern is removed, or caused to be removed from the Property, by
Indemnitors, Lenders or any other person, the number assigned by the U.S.
Environmental Protection Agency to such Environmental Proceedings or any similar
identification shall in no event be in the name the of Administrative Agent or
of the Lenders or identify the Administrative Agent or the Lenders as a
generator, arranger or other such designation. The foregoing indemnity shall not
include Expenses arising solely from Materials of Environmental Concern which
first exist on the Property following the date on which the Lenders take title
to the Property, whether by foreclosure of the Mortgage, deed-in-lieu thereof or
otherwise.

     7. Remedies Upon Default. In addition to any other rights or remedies
Lenders may have under this Indemnity Agreement, at law or in equity, in the
event that Indemnitors shall fail to timely comply with any of the provisions
hereof, or in the event that any representation or warranty made herein proves
to be false or misleading in any material respect, then, in such event, after
(i) delivering written notice to Indemnitors, which notice specifically states
that Indemnitors have failed to comply with the provisions of this Indemnity
Agreement; and (ii) the expiration of the earlier to occur of the thirty (30)
day period after receipt of such notice or the cure period, if any, permitted
under any applicable law, rule, regulation or order with which Indemnitors shall
have failed to comply, Lenders may declare an Event of Default under the Loan
Documents and exercise any and all remedies provided for therein, and/or do or
cause to be done whatever is reasonably necessary to cause the Property to
comply with all Environmental Laws and the cost thereof shall constitute an
Expense hereunder and shall become immediately due and payable without notice
and with interest thereon at the Default Rate until paid. Indemnitors shall give
to Administrative Agent and its agents and employees access to the Property for
the purpose of effecting such compliance and hereby specifically grant to
Administrative Agent a license, effective upon expiration of the applicable
period as described above, if any, subject to the rights of tenants to do
whatever is reasonably necessary to cause the Property to so comply, including,
without limitation, to enter the Property and remove therefrom any Materials of
Environmental Concern or otherwise comply with any Environmental Laws.

     8. Obligations. The obligations set forth herein, including, without
limitation, Indemnitors' obligation to pay Expenses hereunder, are collectively
referred to as, the "Environmental Obligations". Notwithstanding any term or
provision contained herein or in the Loan Documents, the Environmental
Obligations are unconditional. Indemnitors shall be fully and personally liable
for the Environmental Obligations hereunder, and such liability shall not be
limited to the original principal amount of the Loan. The Environmental
Obligations shall survive the repayment of the Loan and any foreclosure,
deed-in-lieu of foreclosure or similar proceedings by or through which Lenders
or any of their affiliates, nominees, successors or assigns or any other person
bidding at a foreclosure sale may obtain title to the Property or any portion
thereof.

                                      I-6
<PAGE>

     9. Waiver. No waiver of any provision of this Indemnity Agreement nor
consent to any departure by Indemnitors therefrom shall in any event be
effective unless the same shall be in writing and signed by Administrative Agent
and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given. No notice to or demand on
Indemnitors shall in any case entitle Indemnitors to any other or further notice
or demand in similar or other circumstances.

     10. Exercise of Remedies. No failure on the part of Lenders to exercise and
no delay in exercising any right or remedy hereunder, at law or in equity, shall
operate as a waiver thereof. Lenders shall not be estopped to exercise any such
right or remedy at any future time because of any such failure or delay; nor
shall any single or partial exercise of any such right or remedy preclude any
other or further exercise of such right or remedy or the exercise of any other
right or remedy.

     11. Assignment. The Administrative Agent and Lender may assign their
respective interests under this Indemnity Agreement to any successor to its
respective interests in the Property or the Loan Documents however, no further
assignment by any such successor of the Administrative Agent or the Lenders
shall be permitted. This Indemnity Agreement may not be assigned or transferred,
in whole or in part, by Indemnitors and any purported assignment by Indemnitors
of this Indemnity Agreement shall be void ab initio and of no force or effect.

     12. Counterparts. This Indemnity Agreement may be executed in any number of
counterparts and by different parties in separate counterparts, each of which
when so executed and delivered shall be deemed to be an original and all of such
counterparts taken together shall constitute but one and the same instrument.

     13. Governing Law. This Indemnity Agreement shall be governed by, and shall
be construed in accordance with, the laws of the State of Ohio.

     14. Modifications. This Indemnity Agreement may be amended or modified only
by an instrument in writing which by its express terms refers to this Indemnity
Agreement and which is duly executed by Indemnitors and consented to in writing
by Administrative Agent.

     15. Attorneys' Fees. If Administrative Agent commences litigation for the
interpretation, enforcement, termination, cancellation or rescission of this
Indemnity Agreement, or for damages for the breach of this Indemnity Agreement,
Administrative Agent shall be entitled to its reasonable attorneys' fees
(including, but not limited to, in-house counsel fees) and court and other costs
incurred in connection therewith.

     16. Interpretation. This Indemnity Agreement has been negotiated by parties
knowledgeable in the matters contained herein, with the advice of counsel, is to
be construed and interpreted in absolute parity, and shall not be construed or
interpreted against any party by reason of such party's preparation of the
initial or any subsequent draft of the Loan Documents or this Indemnity
Agreement.

                                      I-7
<PAGE>

     17. Severability. If any term or provision of this Indemnity Agreement
shall be determined to be illegal or unenforceable, all other terms and
provisions in this Indemnity Agreement shall nevertheless remain effective and
shall be enforced to the fullest extent permitted by law.

     18. Other Laws. Nothing in this Indemnity Agreement, and no exercise by the
Administrative Agent or the Lenders of their rights or remedies under this
Indemnity Agreement, shall impair, constitute a waiver of, or in any way affect
the Administrative Agent or the Lenders' rights and remedies with respect to
Indemnitors under any Laws relating to Materials of Environmental Concern,
including without limitation, contribution provisions or private right of action
provisions under such Laws relating to Materials of Environmental Concern.

     19. Notices. Any notice, demand, request or other communication which any
party hereto may be required or may desire to give hereunder shall be in writing
and shall be deemed to have been properly given (a) if hand delivered, when
delivered; (b) if mailed by United States Certified Mail (postage prepaid,
return receipt requested), three Business Days after mailing (c) if by Federal
Express or other reliable overnight courier service, on the next Business Day
after delivered to such courier service or (d) if by telecopier on the day of
transmission so long as copy is sent on the same day by overnight courier as set
forth below:

Borrower:                  Glimcher Properties Limited Partnership and
                           GM Olathe, LLC
                           150 East Gay Street
                           Columbus, Ohio 43215
                           Attention:  George A. Schmidt
                           Telephone:       614-621-9000
                           Facsimile:       614-621-8863

Administrative Agent:      KeyBank National Association
                           127 Public Square
                           Cleveland, Ohio  44114
                           Attention: Real Estate Capital
                           Telephone:        216-689-4660
                           Facsimile:        216-689-4997

With a copy to:            Sonnenschein Nath & Rosenthal LLP
                           8000 Sears Tower
                           233 South Wacker Drive
                           Chicago, Illinois  60606
                           Attention: Patrick G. Moran, Esq.
                           Telephone        312-876-8132
                           Facsimile        312-876-7934

or at such other address as the party to be served with notice may have
furnished in writing to the party seeking or desiring to serve notice as a place
for the service of notice.

                                      I-8
<PAGE>

     20. Joint and Several Liability. Indemnitors agree that they shall each be
jointly and severally liable for the performance of the Environmental
Obligations and all other obligations of Indemnitors contained herein.

     21. Captions. The headings of each section herein are for convenience only
and do not limit or construe the contents of any provisions of this Indemnity
Agreement.

                         [NO FURTHER TEXT ON THIS PAGE]

                                      I-9
<PAGE>

     IN WITNESS WHEREOF, Indemnitors have caused this Indemnity Agreement to be
executed as of the day and year first above written.

                                  INDEMNITORS:
                                  ------------

                         GM OLATHE, LLC,
                         a Delaware limited liability company

                         By: GM MEZZ, LLC,
                             a Delaware limited liability company,
                             its sole member

                             By: GREAT PLAINS METROMALL, LLC,
                                 a Delaware limited liability company,
                                 its sole member

                                 By: GLIMCHER PROPERTIES LIMITED
                                     PARTNERSHIP, a Delaware limited liability
                                     company, its sole member

                                     By:  GLIMCHER PROPERTIES CORPORATION,
                                          a Delaware corporation,
                                          its sole general partner

                                          By:
                                              -------------------------
                                          Print Name: George A. Schmidt
                                          Title: Executive Vice President

                         GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a
                         Delaware limited partnership

                         By: Glimcher Properties Corporation, a Delaware
                             corporation, its sole general partner

                             By:
                                 -------------------------
                             Print Name: George A. Schmidt
                             Title: Executive Vice President

                                      I-10
<PAGE>

                                    EXHIBIT A
                                    ---------

                                    Documents

                           [BORROWER TO PROVIDE INFO]

Phase I Environmental Site Assessment dated ___________________ prepared by
_______________________________, for Glimcher Development Corporation

                                      I-11
<PAGE>

                                   SCHEDULE 1
                                   ----------

           EXCEPTIONS, IF ANY, TO OWNERSHIP FREE OF UNPERMITTED LIENS
           ----------------------------------------------------------
                                 (Section 5.13)

                                      NONE

                               Schedule 1 - Pg. 1
<PAGE>

                                   SCHEDULE 2
                                   ----------

                                   LITIGATION
                                   ----------
                                (See Section 5.6)

                                      NONE

                               Schedule 2 - Pg. 1
<PAGE>

                                   SCHEDULE 3
                                   ----------

                              ENVIRONMENTAL MATTERS
                              ---------------------
                               (See Section 5.20)

                                      NONE

                               Schedule 3 - Pg. 1
<PAGE>

                                   SCHEDULE 4
                                   ----------

                              INTENTIONALLY OMITTED
                              ---------------------

                               Schedule 4 - Pg. 1
<PAGE>

                                   SCHEDULE 5
                                   ----------

                        SURVEY CERTIFICATION REQUIREMENTS
                        ---------------------------------

                          Form of Survey Certification

                      CERTIFICATION FOR SURVEYS (LONG-FORM)

I hereby certify to KeyBank National Association, its successors and assigns,
and GM Olathe, LLC, and Glimcher Properties Limited Partnership, as Borrowers,
and [insert Title Insurance Company] that the survey prepared by me entitled "
________ " was actually made upon the ground and that it and the information,
courses and distances shown thereon are correct; that the title lines and lines
of actual possession are the same; that the size, location and type of buildings
and improvements are as shown and all are within the boundary lines of the
property; that the property is zoned as ___________ and any required setbacks
are as shown; that there are no easements, encroachments or use affecting this
property appearing from a careful physical inspection of the same, other than
those shown and depicted thereon; that all utility services required for the
operations of the premises either enter the premises through adjoining public
streets, or the survey shows the point of entry and location of any utilities
which pass through or are located on adjoining private land; that the survey
shows the location of all visible storm drainage systems for the collection and
disposal of all roof and surface drainage; that any discharge into streams,
rivers or other conveyance system is shown on the survey, if such waterway is on
or adjacent to the property; and that the parcels described heron do not lie
within flood hazard areas in accordance with the document entitled "Department
of Housing and Urban Development, Federal Insurance Administration - Special
Flood Hazard Area Maps". This survey is made in accordance with the "Minimum
Standard Detail Requirements for Land Title Surveys" jointly established and
adopted by ALTA and ACSM in 1999 for Class A Urban Survey and includes items 1-4
and 6-16 of Table A. Pursuant to the Accuracy Standards as adopted by ALTA,
NSPS, and ACSM and in effect on the date of this certification, the undersigned
further certifies that: [Surveyor to complete with appropriate choice from
Minimum Standard Detail Requirement]

                               Schedule 5 - Pg. 1
<PAGE>

                                   SCHEDULE 6
                                   ----------

                               TITLE REQUIREMENTS
                               ------------------

1.   Title Insurance Company Requirements. The maximum single risk (i.e., the
     amount insured under any one policy) by a title insurer may not exceed 25%
     of that insurer's surplus and statutory reserves. Reinsurance must be
     obtained by closing for any policy exceeding such amount.

2.   Loan Policy Forms. Standard 1992 American Land Title Association ("ALTA")
     form of loan title insurance policy, or the 1970 (amended October 17, 1970)
     ALTA loan form policies must be used.

3.   Insurance Amount. The amount insured must equal at least the original
     principal amount of the Loan.

4.   Named Insured. The named insured under the Title Policy must be
     substantially the same as the following: "KeyBank National Association, and
     its respective successors and assigns."

5.   Creditors' Rights. Any "creditors' rights" exception or other exclusion
     from coverage for voidable transactions under bankruptcy, fraudulent
     conveyance, or other debtor protection laws or equitable principles must be
     removed by either an endorsement or a written waiver.

6.   Arbitration. In the event that the form policy which is utilized includes a
     compulsory arbitration provision, the insurer must agree that such
     compulsory arbitration provisions do not apply to any claims by or on
     behalf of the insured. Please note that the 1987 and 1992 ALTA form loan
     policies include such provisions.

7.   Date of Policy. The effective date of the Title Policy must be as of the
     date and time of the closing.

8.   Legal Description. The legal description of the property contained in the
     Title Policy must conform to (a) the legal description shown on the survey
     of the property, and (b) the legal description contained in the Mortgage.
     In any event, the Title Policy must be endorsed to provide that the insured
     legal description is the same as that shown on the survey.

9.   Easements. Each Title Policy shall insure, as separate parcels: (a) all
     appurtenant easements and other estates benefiting the property, and (b)
     all other rights, title, and interests of the borrower in real property
     under reciprocal easement agreements, access agreements, operating
     agreements, and agreements containing covenants, conditions, and
     restrictions relating to the Project.

10.  Exceptions to Coverage. With respect to the exceptions, the following
     applies:

     a)   Each Title Policy shall afford the broadest coverage available in the
          state in which the subject property is located.

                               Schedule 6 - Pg. 1
<PAGE>

     b)   The "standard" exceptions (such as for parties in possession or other
          matters not shown on public records) must be deleted.

     c)   The "standard" exception regarding tenants in possession under
          residential leases, should also be deleted. For commercial properties,
          a rent roll should be attached in lieu of the general exception.

     d)   The standard survey exception to the Title Policy must be deleted.
          Instead, a survey reading reflecting the current survey should be
          incorporated.

     e)   Any exception for taxes, assessments, or other lienable items must
          expressly insure that such taxes, assessments, or other items are not
          yet due and payable.

     f)   Any lien, encumbrance, condition, restriction, or easement of record
          must be listed in the Title Policy, and the Title Policy must
          affirmatively insure that the improvements do not encroach upon the
          insured easements or insure against all loss or damage due to such
          encroachment

     g)   The Title Policy may not contain any exception for any filed or
          unfiled mechanics' or materialmen's liens.

     h)   In the event that a comprehensive endorsement has been issued and any
          Schedule B exceptions continue to be excluded from the coverage
          provided through that endorsement, then a determination must be made
          whether such exceptions would be acceptable to Bank. In the event that
          it is determined that such exception is acceptable, a written
          explanation regarding the acceptability must be submitted as part of
          the delivery of the loan documents.

If Schedule B indicates the presence of any easements that are not located on
the survey, the Title Policy must provide affirmative insurance against any loss
resulting from the exercise by the holder of such easement of its right to use
or maintain that easement. ALTA Form 103.1 or an equivalent endorsement is
required for this purpose.

1.   Endorsements. With respect to endorsements, the following applies:

     a)   Each Title Policy must include an acceptable environmental protection
          lien endorsement on ALTA Form 8.1. Please note that Form 8.1 may take
          exception for an entire statute which contains one or more specific
          sections under which environmental protection liens could take
          priority over the Mortgage; provided, however, that such specific
          sections under which the lien could arise must also be referenced.

     b)   Each Title Policy must contain an endorsement which provides that the
          insured legal description is the same as shown on the survey.

     c)   Each Title Policy must contain a comprehensive endorsement (ALTA Form
          9) if a lien, encumbrance, condition, restriction, or easement is
          listed in Schedule B to the title insurance policy.

                               Schedule 6 - Pg. 2
<PAGE>

     d)   Lender may require the following endorsements where applicable and
          available:

          access                             doing business     reverter
          address                            first loss         single tax lot
          assessment                         last dollar        subdivision
          assignment of leases and rents     leasehold          tie in
          assignment of loan documents       mineral rights     usury
          continguity                        mortgage tax       zoning (ALTA 3.1
                                                                 - w/parking)

1.   Other Coverages. Each Title Policy shall insure the following by
     endorsement or affirmative insurance to the extent such coverage is not
     afforded by the ALTA Form 9 or its equivalent in a particular jurisdiction:

a)   that no conditions, covenants, or restrictions of record affecting the
     property:

     (i) have been violated,
     (ii) create lien rights which prime the insured mortgage,
     (iii) contain a right of reverter or forfeiture, a right of reentry, or
     power of termination, or
     (iv) if violated in the future would result in the lien created by the
     insured mortgage or title to the property being lost, forfeited, or
     subordinated; and

b)   that except for temporary interference resulting solely from maintenance,
     repair, replacement, or alteration of lines, facilities, or equipment
     located in easements and rights of way taken as certain exceptions to each
     Title Policy, such exceptions do not and shall not prevent the use and
     operation of the Property or the improvements as used and operated on the
     effective date of the Title Policy.

1.   Informational Matters. The Policy must include, as an informational note,
     the following:

     a)   The recorded plat number together with recording information; and

     b)   The property parcel number or the tax identification number, as
          applicable.

1.   Delivery of Copies. Legible copies of all easements, encumbrances, or other
     restrictions shown as exceptions on the Title Policy must be delivered with
     the first draft of the title commitment.

                               Schedule 6 - Pg. 3
<PAGE>

                                   SCHEDULE 7
                                   ----------

                             INSURANCE REQUIREMENTS
                             ----------------------

     Borrower shall obtain and keep in full force and effect either builder's
risk insurance (the "Builder's Risk Insurance policy") coverage or permanent All
Perils insurance coverage as appropriate, satisfactory to Lender, on the
Project. All insurance policies shall be issued by carriers with a Best's
Insurance Reports policy holder's rating of A and a financial size category of
Class X and shall include a standard mortgage clause (without contribution) in
favor of and acceptable to Lender. The policies shall provide for the following,
and any other coverage that Lender may from time to time deem necessary:

     a) Coverage Against All Peril and/or Builders Risk in the amount of 100% of
the replacement cost of all Improvements located or to be located on the Land.
If the policy is written on a CO-INSURANCE basis, the policy shall contain an
AGREED AMOUNT ENDORSEMENT as evidence that the coverage is in an amount
sufficient to insure the full amount of the mortgage indebtedness. "KeyBank
National Association and its successors and assigns" shall be named as the
"Mortgagee" and "Loss Payee".

     b) Public liability coverage in a minimum amount of not less than
$2,000,000 per occurrence and $5,000,000 in the aggregate. "KeyBank National
Association and its successors and assigns" shall be named as an "Additional
Insured".

     c) Rent loss or business interruption coverage in a minimum amount approved
by Lender of not less than the appraised rentals for a minimum of six months.

     d) Flood hazard coverage in a minimum amount available, if the premises are
located in a special flood hazard area ("Flood Hazard Area") as designated by
the Federal Emergency Management Agency on its Flood Hazard Boundary Map and
Flood Insurance Rate Maps, and the Department of Housing and Urban Development,
Federal Insurance Administration, Special Flood Hazard Area Maps.

     e) Workers Compensation and Disability insurance as required by law.

     f) Such other types and amounts of insurance with respect to the premises
and the operation thereof which are commonly maintained in the case of other
property and buildings similar to the premises in nature, use, location, height,
and type of construction, as may from time to time be required by the mortgagee.

Each policy shall provide that it may not be canceled, reduced or terminated
without at least thirty (30) days prior written notice to Lender.

                               Schedule 7 - Pg. 1

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