Document:

Exhibit 10.67

                              EM COLUMBUS II, LLC,
               a Delaware limited liability company, as mortgagor
                                   (Borrower)
                                       to
                     LEHMAN BROTHERS BANK, FSB, as mortgagee
                                    (Lender)
                           __________________________

                              OPEN-END MORTGAGE AND
                   SECURITY AGREEMENT IN THE MAXIMUM AMOUNT OF

                                 $43,000,000.00
                             (exclusive of interest)

                           __________________________

                         Dated: As of November 20, 2006
                             Location: Eastland Mall
                                 Columbus, Ohio

 ______________________________________________________________________________

                   PREPARED BY AND UPON RECORDATION RETURN TO:
                         Stroock & Stroock & Lavan, LLP
                    200 South Biscayne Boulevard, Suite 3100
                              Miami, Florida 33131
                       Attention: Eugene P. Balshem, Esq.

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                                Table of Contents
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Article 1 - GRANTS OF SECURITY.................................................2
     SECTION 1.1   PROPERTY MORTGAGED..........................................2
     SECTION 1.2   ASSIGNMENT OF RENTS.........................................5
     SECTION 1.3   SECURITY AGREEMENT..........................................5
     SECTION 1.4   FIXTURE FILING..............................................5
     SECTION 1.5   PLEDGES OF MONIES HELD......................................6

Article 2 - DEBT AND OBLIGATIONS SECURED.......................................6
     SECTION 2.1   DEBT........................................................6
     SECTION 2.2   OTHER OBLIGATIONS...........................................6
     SECTION 2.3   DEBT AND OTHER OBLIGATIONS..................................6

Article 3 - BORROWER COVENANTS.................................................7
     SECTION 3.1   PAYMENT OF DEBT.............................................7
     SECTION 3.2   INCORPORATION BY REFERENCE..................................7
     SECTION 3.3   INSURANCE...................................................7
     SECTION 3.4   MAINTENANCE OF PROPERTY.....................................7
     SECTION 3.5   WASTE.......................................................7
     SECTION 3.6   PAYMENT FOR LABOR AND MATERIALS.............................7
     SECTION 3.7   PERFORMANCE OF OTHER AGREEMENTS.............................8
     SECTION 3.8   CHANGE OF NAME, IDENTITY OR STRUCTURE.......................8

Article 4 - OBLIGATIONS AND RELIANCES..........................................8
     SECTION 4.1   RELATIONSHIP OF BORROWER AND LENDER.........................8
     SECTION 4.2   NO RELIANCE ON LENDER.......................................8
     SECTION 4.3   NO LENDER OBLIGATIONS.......................................9
     SECTION 4.4   RELIANCE....................................................9

Article 5 - FURTHER ASSURANCES.................................................9
     SECTION 5.1   RECORDING OF SECURITY INSTRUMENT, ETC.......................9
     SECTION 5.2   FURTHER ACTS, ETC...........................................9
     SECTION 5.3   CHANGES IN TAX, DEBT, CREDIT AND DOCUMENTARY STAMP
                   LAWS.......................................................10
     SECTION 5.4   SPLITTING OF MORTGAGE......................................10
     SECTION 5.5   REPLACEMENT DOCUMENTS......................................11

Article 6 - DUE ON SALE/ENCUMBRANCE...........................................11
     SECTION 6.1   LENDER RELIANCE............................................11
     SECTION 6.2   NO SALE/ENCUMBRANCE........................................11

Article 7 - RIGHTS AND REMEDIES UPON DEFAULT..................................11
     SECTION 7.1   REMEDIES...................................................11
     SECTION 7.2   APPLICATION OF PROCEEDS....................................14
     SECTION 7.3   RIGHT TO CURE DEFAULTS.....................................15
     SECTION 7.4   ACTIONS AND PROCEEDINGS....................................15
     SECTION 7.5   RECOVERY OF SUMS REQUIRED TO BE PAID.......................15

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     SECTION 7.6   EXAMINATION OF BOOKS AND RECORDS...........................15
     SECTION 7.7   OTHER RIGHTS, ETC..........................................15
     SECTION 7.8   RIGHT TO RELEASE ANY PORTION OF THE PROPERTY...............16
     SECTION 7.9   VIOLATION OF LAWS..........................................16
     SECTION 7.10  RECOURSE AND CHOICE OF REMEDIES............................16
     SECTION 7.11  RIGHT OF ENTRY.............................................17

Article 8 - ENVIRONMENTAL HAZARDS.............................................17
     SECTION 8.1   ENVIRONMENTAL REPRESENTATIONS AND WARRANTIES...............17
     SECTION 8.2   ENVIRONMENTAL COVENANTS....................................19
     SECTION 8.3   LENDER'S RIGHTS............................................20

Article 9 - INDEMNIFICATION...................................................20
     SECTION 9.1   GENERAL INDEMNIFICATION....................................20
     SECTION 9.2   MORTGAGE AND/OR INTANGIBLE TAX.............................21
     SECTION 9.3   ERISA INDEMNIFICATION......................................21
     SECTION 9.4   ENVIRONMENTAL INDEMNIFICATION..............................22
     SECTION 9.5   DUTY TO DEFEND; ATTORNEYS' FEES AND OTHER FEES AND
                   EXPENSES...................................................23

Article 10 - WAIVERS..........................................................23
     SECTION 10.1  WAIVER OF COUNTERCLAIM.....................................23
     SECTION 10.2  MARSHALLING AND OTHER MATTERS..............................23
     SECTION 10.3  WAIVER OF NOTICE...........................................23
     SECTION 10.4  WAIVER OF STATUTE OF LIMITATIONS...........................24
     SECTION 10.5  SURVIVAL...................................................24

Article 11 - EXCULPATION......................................................24

Article 12 - NOTICES..........................................................24

Article 13 - APPLICABLE LAW...................................................24
     SECTION 13.1  GOVERNING LAW..............................................24
     SECTION 13.2  USURY LAWS.................................................26
     SECTION 13.3  PROVISIONS SUBJECT TO APPLICABLE LAW.......................26

Article 14 - DEFINITIONS......................................................26
     SECTION 14.1     ........................................................26

Article 15 - MISCELLANEOUS PROVISIONS.........................................27
     SECTION 15.1  NO ORAL CHANGE.............................................27
     SECTION 15.2  SUCCESSORS AND ASSIGNS.....................................27
     SECTION 15.3  INAPPLICABLE PROVISIONS....................................27
     SECTION 15.4  HEADINGS, ETC..............................................27
     SECTION 15.5  NUMBER AND GENDER..........................................27
     SECTION 15.6  SUBROGATION................................................27
     SECTION 15.7  ENTIRE AGREEMENT...........................................27
     SECTION 15.8  LIMITATION ON LENDER'S RESPONSIBILITY......................28

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Article 16 - STATE-SPECIFIC PROVISIONS........................................28
     SECTION 16.1  PRINCIPALS OF CONSTRUCTION.................................28
     SECTION 16.2  OPEN-END MORTGAGE MAXIMUM PRINCIPAL AMOUNT.................28
     SECTION 16.3  OHIO REMEDIES..............................................28

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                    OPEN-END MORTGAGE AND SECURITY AGREEMENT

     THIS OPEN-END MORTGAGE AND SECURITY AGREEMENT IN THE MAXIMUM AMOUNT OF
$43,000,000.00 (this "Security Instrument") is made as of this 20th day of
November, 2006, EM COLUMBUS II, LLC, a Delaware limited liability company,
having an address at 150 East Gay Street, Columbus, Ohio 43215, as mortgagor
("Borrower") to LEHMAN BROTHERS BANK, FSB, a federal stock savings bank, having
an address at 1000 West Street, Suite 200, Wilmington, Delaware 19801, as
mortgagee ("Lender").

                              W I T N E S S E T H:

     WHEREAS, this Security Instrument is given to secure a loan (the "Loan") in
the principal sum of FORTY-THREE MILLION AND 00/100 DOLLARS ($43,000,000.00) or
so much thereof as may be advanced pursuant to that certain Loan Agreement dated
as of the date hereof between Borrower and Lender (as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time, the
"Loan Agreement") and evidenced by that certain Promissory Note dated the date
hereof made by Borrower to Lender (such Note, together with all extensions,
renewals, replacements, restatements or modifications thereof being hereinafter
referred to as the "Note"); and

     WHEREAS, the maturity date of the Note is December 11, 2016; and

     WHEREAS, Borrower desires to secure the payment of the Debt (as defined in
the Loan Agreement) and the performance of all of its obligations under the
Note, the Loan Agreement and the other Loan Documents; and

     WHEREAS, this Security Instrument is given pursuant to the Loan Agreement,
and payment, fulfillment, and performance by Borrower of its obligations
thereunder and under the other Loan Documents are secured hereby, and each and
every term and provision of the Loan Agreement and the Note, including the
rights, remedies, obligations, covenants, conditions, agreements, indemnities,
representations and warranties of the parties therein, are hereby incorporated
by reference herein as though set forth in full and shall be considered a part
of this Security Instrument (the Loan Agreement, the Note, this Security
Instrument, that certain Assignment of Leases and Rents of even date herewith
made by Borrower in favor of Lender (the "Assignment of Leases") and all other
documents evidencing or securing the Debt are hereinafter referred to
collectively as the "Loan Documents").

     NOW THEREFORE, in consideration of the making of the Loan by Lender and the
covenants, agreements, representations and warranties set forth in this Security
Instrument:

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                         Article 1 - GRANTS OF SECURITY

     Section 1.1 PROPERTY MORTGAGED. Borrower does hereby irrevocably mortgage,
grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender,
the following property, rights, interests and estates now owned, or hereafter
acquired by Borrower (collectively, the "Property"):

     (a) Land. The real property described in Exhibit A attached hereto and made
a part hereof (the "Land");

     (b) Additional Land. All additional lands, estates and development rights
hereafter acquired by Borrower for use in connection with the Land and the
development of the Land and all additional lands and estates therein which may,
from time to time, by supplemental mortgage or otherwise be expressly made
subject to the lien of this Security Instrument;

     (c) Improvements. The buildings, structures, fixtures, additions,
enlargements, extensions, modifications, repairs, replacements and improvements
now or hereafter erected or located on the Land (collectively, the
"Improvements");

     (d) Easements. All easements, rights-of-way or use, rights, strips and
gores of land, streets, ways, alleys, passages, sewer rights, water, water
courses, water rights and powers, air rights and development rights, and all
estates, rights, titles, interests, privileges, liberties, servitudes,
tenements, hereditaments and appurtenances of any nature whatsoever, in any way
now or hereafter belonging, relating or pertaining to the Land and the
Improvements and the reversion and reversions, remainder and remainders, and all
land lying in the bed of any street, road or avenue, opened or proposed, in
front of or adjoining the Land, to the center line thereof and all the estates,
rights, titles, interests, dower and rights of dower, curtesy and rights of
curtesy, property, possession, claim and demand whatsoever, both at law and in
equity, of Borrower of, in and to the Land and the Improvements and every part
and parcel thereof, with the appurtenances thereto;

     (e) Equipment. All "equipment," as such term is defined in Article 9 of the
Uniform Commercial Code, now owned or hereafter acquired by Borrower, which is
used at or in connection with the Improvements or the Land or is located thereon
or therein (including, but not limited to, all machinery, equipment,
furnishings, and electronic data-processing and other office equipment now owned
or hereafter acquired by Borrower and any and all additions, substitutions and
replacements of any of the foregoing), together with all attachments,
components, parts, equipment and accessories installed thereon or affixed
thereto (collectively, the "Equipment"). Notwithstanding the foregoing,
Equipment shall not include any property belonging to tenants under leases
except to the extent that Borrower shall have any right or interest therein;

     (f) Fixtures. All Equipment now owned, or the ownership of which is
hereafter acquired, by Borrower which is so related to the Land and Improvements
forming part of the Property that it is deemed fixtures or real property under
the law of the particular state in which the Equipment is located, including,
without limitation, all building or construction materials intended for
construction, reconstruction, alteration or repair of or installation on the

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Property, construction equipment, appliances, machinery, plant equipment,
fittings, apparatuses, fixtures and other items now or hereafter attached to,
installed in or used in connection with (temporarily or permanently) any of the
Improvements or the Land, including, but not limited to, engines, devices for
the operation of pumps, pipes, plumbing, cleaning, call and sprinkler systems,
fire extinguishing apparatuses and equipment, heating, ventilating, plumbing,
laundry, incinerating, electrical, air conditioning and air cooling equipment
and systems, gas and electric machinery, appurtenances and equipment, pollution
control equipment, security systems, disposals, dishwashers, refrigerators and
ranges, recreational equipment and facilities of all kinds, and water, gas,
electrical, storm and sanitary sewer facilities, utility lines and equipment
(whether owned individually or jointly with others, and, if owned jointly, to
the extent of Borrower's interest therein) and all other utilities whether or
not situated in easements, all water tanks, water supply, water power sites,
fuel stations, fuel tanks, fuel supply, and all other structures, together with
all accessions, appurtenances, additions, replacements, betterments and
substitutions for any of the foregoing and the proceeds thereof (collectively,
the "Fixtures"). Notwithstanding the foregoing, "Fixtures" shall not include any
property which tenants are entitled to remove pursuant to leases except to the
extent that Borrower shall have any right or interest therein;

     (g) Personal Property. All furniture, furnishings, objects of art,
machinery, goods, tools, supplies, appliances, general intangibles, contract
rights, accounts, accounts receivable, franchises, licenses, certificates and
permits, and all other personal property of any kind or character whatsoever (as
defined in and subject to the provisions of the Uniform Commercial Code as
hereinafter defined), other than Fixtures, which are now or hereafter owned by
Borrower and which are located within or about the Land and the Improvements,
together with all accessories, replacements and substitutions thereto or
therefor and the proceeds thereof (collectively, the "Personal Property"), and
the right, title and interest of Borrower in and to any of the Personal Property
which may be subject to any security interests, as defined in the Uniform
Commercial Code, as adopted and enacted by the state or states where any of the
Property is located (the "Uniform Commercial Code"), superior in lien to the
lien of this Security Instrument and all proceeds and products of the above;

     (h) Leases and Rents. All leases and other agreements affecting the use,
enjoyment or occupancy of the Land and the Improvements heretofore or hereafter
entered into, whether before or after the filing by or against Borrower of any
petition for relief under 11 U.S.C. ss.101 et seq., as the same may be amended
from time to time (the "Bankruptcy Code") (collectively, the "Leases") and all
right, title and interest of Borrower, its successors and assigns therein and
thereunder, including, without limitation, cash or securities deposited
thereunder to secure the performance by the lessees of their obligations
thereunder and all rents, additional rents, revenues, issues and profits
(including all oil and gas or other mineral royalties and bonuses) from the Land
and the Improvements whether paid or accruing before or after the filing by or
against Borrower of any petition for relief under the Bankruptcy Code
(collectively, the "Rents") and all proceeds from the sale or other disposition
of the Leases and the right to receive and apply the Rents to the payment of the
Debt;

     (i) Condemnation Awards. All awards or payments, including interest
thereon, which may heretofore and hereafter be made with respect to the
Property, whether from the exercise of the right of eminent domain (including
but not limited to any transfer made in lieu of or in anticipation of the
exercise of the right), or for a change of grade, or for any other injury to or
decrease in the value of the Property;

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     (j) Insurance Proceeds. All proceeds in respect of the Property under any
insurance policies covering the Property, including, without limitation, the
right to receive and apply the proceeds of any insurance, judgments, or
settlements made in lieu thereof, for damage to the Property;

     (k) Tax Certiorari. All refunds, rebates or credits in connection with
reduction in real estate taxes and assessments charged against the Property as a
result of tax certiorari or any applications or proceedings for reduction;

     (l) Conversion. All proceeds of the conversion, voluntary or involuntary,
of any of the foregoing including, without limitation, proceeds of insurance and
condemnation awards, into cash or liquidation claims;

     (m) Rights. The right, in the name and on behalf of Borrower, to appear in
and defend any action or proceeding brought with respect to the Property and to
commence any action or proceeding to protect the interest of Lender in the
Property;

     (n) Agreements. All agreements, contracts, certificates, instruments,
franchises, permits, licenses, plans, specifications and other documents, now or
hereafter entered into, and all rights therein and thereto, respecting or
pertaining to the use, occupation, construction, management or operation of the
Land and any part thereof and any Improvements or respecting any business or
activity conducted on the Land and any part thereof and all right, title and
interest of Borrower therein and thereunder, including, without limitation, the
right, upon the happening of any default hereunder, to receive and collect any
sums payable to Borrower thereunder;

     (o) Trademarks. All tradenames, trademarks, servicemarks, logos,
copyrights, goodwill, books and records and all other general intangibles
relating to or used in connection with the operation of the Property;

     (p) Other Rights. Any and all other rights of Borrower in and to the items
set forth in Subsections (a) through (o) above.

AND without limiting any of the other provisions of this Security Instrument, to
the extent permitted by applicable law, Borrower expressly grants to Lender, as
secured party, a security interest in the portion of the Property which is or
may be subject to the provisions of the Uniform Commercial Code which are
applicable to secured transactions; it being understood and agreed that the
Improvements and Fixtures are part and parcel of the Land (the Land, the
Improvements and the Fixtures collectively referred to as the "Real Property")
appropriated to the use thereof and, whether affixed or annexed to the Real
Property or not, shall for the purposes of this Security Instrument be deemed
conclusively to be real estate and conveyed hereby.

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     Section 1.2 ASSIGNMENT OF RENTS. Borrower hereby absolutely and
unconditionally assigns to Lender all of Borrower's right, title and interest in
and to all current and future Leases and Rents; it being intended by Borrower
that this assignment constitutes a present, absolute assignment and not an
assignment for additional security only. Nevertheless, subject to the terms of
the Assignment of Leases and Section 7.1(h) of this Security Instrument, Lender
grants to Borrower a revocable license to collect, receive, use and enjoy the
Rents. Borrower shall hold the Rents, or a portion thereof sufficient to
discharge all current sums due on the Debt, for use in the payment of such sums.

     Section 1.3 SECURITY AGREEMENT. This Security Instrument is both a real
property mortgage and a "security agreement" within the meaning of the Uniform
Commercial Code. The Property includes both real and personal property and all
other rights and interests, whether tangible or intangible in nature, of
Borrower in the Property. By executing and delivering this Security Instrument,
Borrower hereby grants to Lender, as security for the Obligations (hereinafter
defined), a security interest in the Fixtures, the Equipment and the Personal
Property to the full extent that the Fixtures, the Equipment and the Personal
Property may be subject to the Uniform Commercial Code (said portion of the
Property so subject to the Uniform Commercial Code being called the
"Collateral"). If an Event of Default shall occur and be continuing, Lender, in
addition to any other rights and remedies which it may have, shall have and may
exercise immediately and without demand, any and all rights and remedies granted
to a secured party upon default under the Uniform Commercial Code, including,
without limiting the generality of the foregoing, the right to take possession
of the Collateral or any part thereof, and to take such other measures as Lender
may deem necessary for the care, protection and preservation of the Collateral.
Upon request or demand of Lender after the occurrence and during the continuance
of an Event of Default, Borrower shall, at its expense, assemble the Collateral
and make it available to Lender at a convenient place (at the Land if tangible
property) reasonably acceptable to Lender. Borrower shall pay to Lender on
demand any and all expenses, including reasonable legal expenses and attorneys'
fees, incurred or paid by Lender in protecting its interest in the Collateral
and in enforcing its rights hereunder with respect to the Collateral after the
occurrence and during the continuance of an Event of Default. Any notice of
sale, disposition or other intended action by Lender with respect to the
Collateral sent to Borrower in accordance with the provisions hereof at least
ten (10) business days prior to such action, shall, except as otherwise provided
by applicable law, constitute reasonable notice to Borrower. The proceeds of any
disposition of the Collateral, or any part thereof, may, except as otherwise
required by applicable law, be applied by Lender to the payment of the Debt in
such priority and proportions as Lender in its discretion shall deem proper.
Borrower's (Debtor's) principal place of business is as set forth on page one
hereof and the address of Lender (Secured Party) is as set forth on page one
hereof.

     Section 1.4 FIXTURE FILING. Certain of the Property is or will become
"fixtures" (as that term is defined in the Uniform Commercial Code) on the Land,
described or referred to in this Security Instrument, and this Security
Instrument, upon being filed for record in the real estate records of the city
or county wherein such fixtures are situated, shall operate also as a financing
statement naming Borrower as the Debtor and Lender as the Secured Party filed as
a fixture filing in accordance with the applicable provisions of said Uniform
Commercial Code upon such of the Property that is or may become fixtures.

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     Section 1.5 PLEDGES OF MONIES HELD. Borrower hereby pledges to Lender any
and all monies now or hereafter held by Lender or on behalf of Lender,
including, without limitation, any sums deposited in the Accounts, the Reserve
Funds and Net Proceeds, as additional security for the Obligations until
expended or applied as provided in this Security Instrument.

                               CONDITIONS TO GRANT

     TO HAVE AND TO HOLD the above granted and described Property unto and to
the use and benefit of Lender and its successors and assigns, forever;

     PROVIDED, HOWEVER, these presents are upon the express condition that, if
Borrower shall well and truly pay to Lender the Debt at the time and in the
manner provided in the Note, the Loan Agreement and this Security Instrument,
shall well and truly perform the Other Obligations as set forth in this Security
Instrument and shall well and truly abide by and comply with each and every
covenant and condition set forth herein and in the Note, the Loan Agreement and
the other Loan Documents, these presents and the estate hereby granted shall
cease, terminate and be void; provided, however, that Borrower's obligation to
indemnify and hold harmless Lender pursuant to the provisions hereof shall
survive any such payment or release.

                    Article 2 - DEBT AND OBLIGATIONS SECURED

     Section 2.1 DEBT. This Security Instrument and the grants, assignments and
transfers made in Article 1 are given for the purpose of securing the Debt which
by its definition (as set forth in Loan Agreement) includes, but is not limited
to, the obligations of Borrower to pay to Lender the principal and interest
owing pursuant to the terms and conditions of the Note.

     Section 2.2 OTHER OBLIGATIONS. This Security Instrument and the grants,
assignments and transfers made in Article 1 are also given for the purpose of
securing the following (the "Other Obligations"):

     (a) the performance of all other obligations of Borrower contained herein;

     (b) the performance of each obligation of Borrower contained in the Loan
Agreement and any other Loan Document; and

     (c) the performance of each obligation of Borrower contained in any
renewal, extension, amendment, modification, consolidation, change of, or
substitution or replacement for, all or any part of the Note, the Loan Agreement
or any other Loan Document.

     (d) A copy of each of the Loan Documents is available for review during
regular business hours at the office of Lender at the address first set forth
above.

     Section 2.3 DEBT AND OTHER OBLIGATIONS. Borrower's obligations for the
payment of the Debt and the performance of the Other Obligations may sometimes
be referred to collectively herein as the "Obligations."

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                         Article 3 - BORROWER COVENANTS

     Borrower covenants and agrees that:

     Section 3.1 PAYMENT OF DEBT. Borrower will pay the Debt at the time and in
the manner provided in the Loan Agreement, the Note and this Security
Instrument.

     Section 3.2 INCORPORATION BY REFERENCE. All the covenants, conditions and
agreements contained in (a) the Loan Agreement, (b) the Note and (c) all and any
of the other Loan Documents, are hereby made a part of this Security Instrument
to the same extent and with the same force as if fully set forth herein as
permitted by Ohio Revised Code Section 5301.233.

     Section 3.3 INSURANCE. Borrower shall obtain and maintain, or cause to be
maintained, in full force and effect at all times insurance with respect to
Borrower and the Property as required pursuant to the Loan Agreement.

     Section 3.4 MAINTENANCE OF PROPERTY. (a) Borrower shall cause the Property
to be maintained in a good and safe condition and repair. The Improvements, the
Fixtures, the Equipment and the Personal Property shall not be removed,
demolished or materially altered (except for normal replacement of the Fixtures,
the Equipment or the Personal Property, tenant finish and refurbishment of the
Improvements) without the consent of Lender. Borrower shall promptly repair,
replace or rebuild any part of the Property which may be destroyed by any
casualty, or become damaged, worn or dilapidated and shall complete and pay for
any structure at any time in the process of construction or repair on the Land.

     Section 3.5 WASTE. Borrower shall not commit or suffer any waste of the
Property or make any change in the use of the Property which will in any way
materially increase the risk of fire or other hazard arising out of the
operation of the Property, or take any action that might invalidate or allow the
cancellation of any Policy, or do or permit to be done thereon anything that may
in any way materially impair the value of the Property or the security of this
Security Instrument. Borrower will not, without the prior written consent of
Lender, permit any drilling or exploration for or extraction, removal, or
production of any minerals from the surface or the subsurface of the Land,
regardless of the depth thereof or the method of mining or extraction thereof.

     Section 3.6 PAYMENT FOR LABOR AND MATERIALS. a) Borrower will promptly pay
when due all bills and costs for labor, materials, and specifically fabricated
materials ("Labor and Material Costs") incurred in connection with the Property
and never permit to exist beyond the due date thereof in respect of the Property
or any part thereof any lien or security interest, even though inferior to the
liens and the security interests hereof, and in any event never permit to be
created or exist in respect of the Property or any part thereof any other or
additional lien or security interest other than the liens or security interests
hereof except for the Permitted Encumbrances.

     (b) After prior written notice to Lender, Borrower, at its own expense, may
contest by appropriate legal proceeding, promptly initiated and conducted in
good faith and with due diligence, the amount or validity or application in

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whole or in part of any of the Labor and Material Costs, provided that (i) no
Event of Default has occurred and is continuing under the Loan Agreement, the
Note, this Security Instrument or any of the other Loan Documents, (ii) Borrower
is permitted to do so under the provisions of any other mortgage, deed of trust
or deed to secure debt affecting the Property, (iii) such proceeding shall
suspend the collection of the Labor and Material Costs from Borrower and from
the Property or Borrower shall have paid all of the Labor and Material Costs
under protest, (iv) such proceeding shall be permitted under and be conducted in
accordance with the provisions of any other instrument to which Borrower is
subject and shall not constitute a default thereunder, (v) neither the Property
nor any part thereof or interest therein will be in danger of being sold,
forfeited, terminated, canceled or lost, and (vi) Borrower shall have furnished
the security as may be required in the proceeding, or as may be reasonably
requested by Lender to insure the payment of any contested Labor and Material
Costs, together with all interest and penalties thereon.

     Section 3.7 PERFORMANCE OF OTHER AGREEMENTS. Borrower shall observe and
perform each and every term, covenant and provision to be observed or performed
by Borrower pursuant to the Loan Agreement, any other Loan Document and any
other agreement or recorded instrument affecting or pertaining to the Property
and any amendments, modifications or changes thereto.

     Section 3.8 CHANGE OF NAME, IDENTITY OR STRUCTURE. Borrower shall not
change Borrower's name, identity (including its trade name or names) or, if not
an individual, Borrower's corporate, partnership or other structure without
notifying Lender of such change in writing at least thirty (30) days prior to
the effective date of such change and, in the case of a change in Borrower's
structure, without first obtaining the prior written consent of Lender. Borrower
shall execute and deliver to Lender, prior to or contemporaneously with the
effective date of any such change, any financing statement or financing
statement change required by Lender to establish or maintain the validity,
perfection and priority of the security interest granted herein. At the request
of Lender, Borrower shall execute a certificate in form satisfactory to Lender
listing the trade names under which Borrower intends to operate the Property,
and representing and warranting that Borrower does business under no other trade
name with respect to the Property.

                      Article 4 - OBLIGATIONS AND RELIANCES

     Section 4.1 RELATIONSHIP OF BORROWER AND LENDER. The relationship between
Borrower and Lender is solely that of debtor and creditor, and Lender has no
fiduciary or other special relationship with Borrower, and no term or condition
of any of the Loan Agreement, the Note, this Security Instrument and the other
Loan Documents shall be construed so as to deem the relationship between
Borrower and Lender to be other than that of debtor and creditor.

     Section 4.2 NO RELIANCE ON LENDER. The general partners, members,
principals and (if Borrower is a trust) beneficial owners of Borrower are
experienced in the ownership and operation of properties similar to the
Property, and Borrower and Lender are relying solely upon such expertise and
business plan in connection with the ownership and operation of the Property.
Borrower is not relying on Lender's expertise, business acumen or advice in
connection with the Property.

                                       8
<PAGE>

     Section 4.3 NO LENDER OBLIGATIONS. (a) Notwithstanding the provisions of
Subsections 1.1(h) and (n) or Section 1.2, Lender is not undertaking the
performance of (i) any obligations under the Leases; or (ii) any obligations
with respect to such agreements, contracts, certificates, instruments,
franchises, permits, trademarks, licenses and other documents.

     (a) By accepting or approving anything required to be observed, performed
or fulfilled or to be given to Lender pursuant to this Security Instrument, the
Loan Agreement, the Note or the other Loan Documents, including, without
limitation, any officer's certificate, balance sheet, statement of profit and
loss or other financial statement, survey, appraisal, or insurance policy,
Lender shall not be deemed to have warranted, consented to, or affirmed the
sufficiency, the legality or effectiveness of same, and such acceptance or
approval thereof shall not constitute any warranty or affirmation with respect
thereto by Lender.

     Section 4.4 RELIANCE. Borrower recognizes and acknowledges that in
accepting the Loan Agreement, the Note, this Security Instrument and the other
Loan Documents, Lender is expressly and primarily relying on the truth and
accuracy of the warranties and representations set forth in Section 4.1 of the
Loan Agreement without any obligation to investigate the Property and
notwithstanding any investigation of the Property by Lender; that such reliance
existed on the part of Lender prior to the date hereof, that the warranties and
representations are a material inducement to Lender in making the Loan; and that
Lender would not be willing to make the Loan and accept this Security Instrument
in the absence of the warranties and representations as set forth in Section 4.1
of the Loan Agreement.

                         Article 5 - FURTHER ASSURANCES

     Section 5.1 RECORDING OF SECURITY INSTRUMENT, ETC. Borrower forthwith upon
the execution and delivery of this Security Instrument and thereafter, from time
to time, will cause this Security Instrument and any of the other Loan Documents
creating a lien or security interest or evidencing the lien hereof upon the
Property and each instrument of further assurance to be filed, registered or
recorded in such manner and in such places as may be required by any present or
future law in order to publish notice of and fully to protect and perfect the
lien or security interest hereof upon, and the interest of Lender in, the
Property. Borrower will pay all taxes, filing, registration or recording fees,
and all expenses incident to the preparation, execution, acknowledgment and/or
recording of the Note, this Security Instrument, the other Loan Documents, any
note, deed of trust or mortgage supplemental hereto, any security instrument
with respect to the Property and any instrument of further assurance, and any
modification or amendment of the foregoing documents, and all federal, state,
county and municipal taxes, duties, imposts, assessments and charges arising out
of or in connection with the execution and delivery of this Security Instrument,
any deed of trust or mortgage supplemental hereto, any security instrument with
respect to the Property or any instrument of further assurance, and any
modification or amendment of the foregoing documents, except where prohibited by
law so to do.

     Section 5.2 FURTHER ACTS, ETC. Borrower will, at the cost of Borrower, and
without expense to Lender, do, execute, acknowledge and deliver all and every
such further acts, deeds, conveyances, deeds of trust, assignments, notices of
assignments, transfers and assurances as Lender shall, from time to time,
reasonably require, for the better assuring, conveying, assigning, transferring,
and confirming unto Lender the property and rights hereby deeded, granted,

                                       9
<PAGE>

bargained, sold, conveyed, confirmed, pledged, assigned, warranted and
transferred or intended now or hereafter so to be, or which Borrower may be or
may hereafter become bound to convey or assign to Lender, or for carrying out
the intention or facilitating the performance of the terms of this Security
Instrument or for filing, registering or recording this Security Instrument, or
for complying with all Legal Requirements. Borrower, on demand, will execute and
deliver, and in the event it shall fail to so execute and deliver, hereby
authorizes Lender to execute in the name of Borrower or without the signature of
Borrower to the extent Lender may lawfully do so, one or more financing
statements to evidence more effectively the security interest of Lender in the
Property. Borrower grants to Lender an irrevocable power of attorney coupled
with an interest for the purpose of exercising and perfecting any and all rights
and remedies available to Lender at law and in equity, including without
limitation such rights and remedies available to Lender pursuant to this Section
5.2. Nothing contained in this Section 5.2 shall be deemed to create an
obligation on the part of Borrower to pay any costs and expenses incurred by
Lender in connection with the Securitization or other sale or transfer of the
Loan.

     Section 5.3 CHANGES IN TAX, DEBT, CREDIT AND DOCUMENTARY STAMP LAWS. (a) If
any law is enacted or adopted or amended after the date of this Security
Instrument which deducts the Debt from the value of the Property for the purpose
of taxation or which imposes a tax, either directly or indirectly, on the Debt
or Lender's interest in the Property, Borrower will pay the tax, with interest
and penalties thereon, if any. If Lender is advised by counsel chosen by it that
the payment of tax by Borrower would be unlawful or taxable to Lender or
unenforceable or provide the basis for a defense of usury then Lender shall have
the option by written notice of not less than one hundred twenty (120) days to
declare the Debt immediately due and payable.

     (a) Borrower will not claim or demand or be entitled to any credit or
credits on account of the Debt for any part of the Taxes or Other Charges
assessed against the Property, or any part thereof, and no deduction shall
otherwise be made or claimed from the assessed value of the Property, or any
part thereof, for real estate tax purposes by reason of this Security Instrument
or the Debt. If such claim, credit or deduction shall be required by law, Lender
shall have the option, by written notice of not less than one hundred twenty
(120) days, to declare the Debt immediately due and payable.

     (b) If at any time the United States of America, any State thereof or any
subdivision of any such State shall require revenue or other stamps to be
affixed to the Note, this Security Instrument, or any of the other Loan
Documents or impose any other tax or charge on the same, Borrower will pay for
the same, with interest and penalties thereon, if any.

     Section 5.4 SPLITTING OF MORTGAGE. This Security Instrument and the Note
shall, at any time until the same shall be fully paid and satisfied, at the sole
election of Lender, be split or divided into two or more notes and two or more
security instruments, each of which shall cover all or a portion of the Property
to be more particularly described therein. To that end, Borrower, upon written
request of Lender, shall execute, acknowledge and deliver, or cause to be
executed, acknowledged and delivered by the then owner of the Property, to
Lender and/or its designee or designees substitute notes and security

                                       10
<PAGE>

instruments in such principal amounts, aggregating not more than the then unpaid
principal amount of this Security Instrument, and containing terms, provisions
and clauses similar to those contained herein and in the Note, and such other
documents and instruments as may be required by Lender.

     Section 5.5 REPLACEMENT DOCUMENTS. Upon receipt of an affidavit of an
officer of Lender as to the loss, theft, destruction or mutilation of the Note
or any other Loan Document which is not of public record, and, in the case of
any such mutilation, upon surrender and cancellation of such Note or other Loan
Document, Borrower will issue, in lieu thereof, a replacement Note or other Loan
Document, dated the date of such lost, stolen, destroyed or mutilated Note or
other Loan Document in the same principal amount thereof and otherwise of like
tenor.

                       Article 6 - DUE ON SALE/ENCUMBRANCE

     Section 6.1 LENDER RELIANCE. Borrower acknowledges that Lender has examined
and relied on the experience of Borrower and its partners, members, principals
and (if Borrower is a trust) beneficial owners in owning and operating
properties such as the Property in agreeing to make the Loan, and will continue
to rely on Borrower's ownership of the Property as a means of maintaining the
value of the Property as security for repayment of the Debt and the performance
of the Other Obligations. Borrower acknowledges that Lender has a valid interest
in maintaining the value of the Property so as to ensure that, should Borrower
default in the repayment of the Debt or the performance of the Other
Obligations, Lender can recover the Debt by a sale of the Property.

     Section 6.2 NO SALE/ENCUMBRANCE. Borrower nor any other Person having an
ownership or beneficial interest, direct or indirect, in Borrower shall transfer
the Property or any part thereof or any interest therein or permit or suffer the
Property or any part thereof or any interest therein to be transferred other
than as expressly permitted pursuant to the terms of the Loan Agreement.

                  Article 7 - RIGHTS AND REMEDIES UPON DEFAULT

     Section 7.1 REMEDIES. Upon the occurrence and during the continuance of any
Event of Default, Borrower agrees that Lender may take such action, without
notice or demand, as it deems advisable to protect and enforce its rights
against Borrower and in and to the Property, including, but not limited to, the
following actions, each of which may be pursued concurrently or otherwise, at
such time and in such order as Lender may determine, in their sole discretion,
without impairing or otherwise affecting the other rights and remedies of
Lender:

     (a) declare the entire unpaid Debt to be immediately due and payable;

     (b) institute proceedings, judicial or otherwise, for the complete
foreclosure of this Security Instrument under any applicable provision of law,
in which case the Property or any interest therein may be sold for cash or upon
credit in one or more parcels or in several interests or portions and in any
order or manner;

     (c) with or without entry, to the extent permitted and pursuant to the
procedures provided by applicable law, institute proceedings for the partial
foreclosure of this Security Instrument for the portion of the Debt then due and
payable, subject to the continuing lien and security interest of this Security
Instrument for the balance of the Debt not then due, unimpaired and without loss
of priority;

                                       11
<PAGE>

     (d) sell for cash or upon credit the Property or any part thereof and all
estate, claim, demand, right, title and interest of Borrower therein and rights
of redemption thereof, pursuant to power of sale or otherwise, at one or more
sales, as an entity or in parcels, at such time and place, upon such terms and
after such notice thereof, all as may be required or permitted by law; and,
without limiting the foregoing: In connection with any sale or sales hereunder,
Lender shall be entitled to elect to treat any of the Property which consists of
a right in action or which is property that can be severed from the Real
Property covered hereby or any improvements without causing structural damage
thereto as if the same were personal property, and dispose of the same in
accordance with applicable law, separate and apart from the sale of Real
Property. Where the Property consists of Real Property, Personal Property,
Equipment or Fixtures, whether or not such Personal Property or Equipment is
located on or within the Real Property, Lender shall be entitled to elect to
exercise its rights and remedies against any or all of the Real Property,
Personal Property, Equipment and Fixtures in such order and manner as is now or
hereafter permitted by applicable law;

          (i) Lender shall be entitled to elect to proceed against any or all of
     the Real Property, Personal Property, Equipment and Fixtures in any manner
     permitted under applicable law; and if Lender so elects pursuant to
     applicable law, the power of sale herein granted shall be exercisable with
     respect to all or any of the Real Property, Personal Property, Equipment
     and Fixtures covered hereby, as designated by Lender, and Lender is hereby
     authorized and empowered to conduct any such sale of any Real Property,
     Personal Property, Equipment and Fixtures in accordance with the procedures
     applicable to Real Property;

          (ii) Should Lender elect to sell any portion of the Property which is
     Real Property or which is Personal Property, Equipment or Fixtures that the
     Lender has elected under applicable law to sell together with Real Property
     in accordance with the laws governing a sale of Real Property, Lender shall
     give such notice of Event of Default, if any, and election to sell as may
     then be required by law. Thereafter, upon the expiration of such time and
     the giving of such notice of sale as may then be required by law, and
     without the necessity of any demand on Borrower, Lender at the time and
     place specified in the notice of sale, shall sell such Real Property or
     part thereof at public auction to the highest bidder for cash in lawful
     money of the United States. Lender may from time to time postpone any sale
     hereunder by public announcement thereof at the time and place noticed
     therefor;

          (iii) If the Property consists of several lots, parcels or items of
     property, Lender shall, subject to applicable law, (A) designate the order
     in which such lots, parcels or items shall be offered for sale or sold, or
     (B) elect to sell such lots, parcels or items through a single sale, or
     through two or more successive sales, or in any other manner Lender
     designates. Any Person, including Borrower or Lender, may purchase at any
     sale hereunder. Should Lender desire that more than one sale or other
     disposition of the Property be conducted, Lender shall, subject to
     applicable law, cause such sales or dispositions to be conducted

                                       12
<PAGE>

     simultaneously, or successively, on the same day, or at such different days
     or times and in such order as Lender may designate, and no such sale shall
     terminate or otherwise affect the lien of this Security Instrument on any
     part of the Property not sold until all the Debt has been paid in full. In
     the event Lender elects to dispose of the Property through more than one
     sale, except as otherwise provided by applicable law, Borrower agrees to
     pay the costs and expenses of each such sale and of any judicial
     proceedings wherein such sale may be made;

     (e) institute an action, suit or proceeding in equity for the specific
performance of any covenant, condition or agreement contained herein, in the
Note, the Loan Agreement or in the other Loan Documents;

     (f) recover judgment on the Note either before, during or after any
proceedings for the enforcement of this Security Instrument or the other Loan
Documents;

     (g) apply for the appointment of a receiver, trustee, liquidator or
conservator of the Property, without notice and without regard for the adequacy
of the security for the Debt and without regard for the solvency of Borrower,
any guarantor, indemnitor with respect to the Loan or of any Person, liable for
the payment of the Debt;

     (h) the license granted to Borrower under Section 1.2 hereof shall
automatically be revoked and Lender may enter into or upon the Property, either
personally or by its agents, nominees or attorneys and dispossess Borrower and
its agents and servants therefrom, without liability for trespass, damages or
otherwise and exclude Borrower and its agents or servants wholly therefrom, and
take possession of all books, records and accounts relating thereto and Borrower
agrees to surrender possession of the Property and of such books, records and
accounts to Lender upon demand, and thereupon Lender may (i) use, operate,
manage, control, insure, maintain, repair, restore and otherwise deal with all
and every part of the Property and conduct the business thereat; (ii) complete
any construction on the Property in such manner and form as Lender deems
advisable; (iii) make alterations, additions, renewals, replacements and
improvements to or on the Property; (iv) exercise all rights and powers of
Borrower with respect to the Property, whether in the name of Borrower or
otherwise, including, without limitation, the right to make, cancel, enforce or
modify Leases, obtain and evict tenants, and demand, sue for, collect and
receive all Rents of the Property and every part thereof; (v) require Borrower
to pay monthly in advance to Lender, or any receiver appointed to collect the
Rents, the fair and reasonable rental value for the use and occupation of such
part of the Property as may be occupied by Borrower; (vi) require Borrower to
vacate and surrender possession of the Property to Lender or to such receiver
and, in default thereof, Borrower may be evicted by summary proceedings or
otherwise; and (vii) apply the receipts from the Property to the payment of the
Debt, in such order, priority and proportions as Lender shall deem appropriate
in its sole discretion after deducting therefrom all expenses (including
reasonable attorneys' fees) incurred in connection with the aforesaid operations
and all amounts necessary to pay the Taxes, Other Charges, insurance and other
expenses in connection with the Property, as well as just and reasonable
compensation for the services of Lender, its counsel, agents and employees;

     (i) exercise any and all rights and remedies granted to a secured party
upon default under the Uniform Commercial Code, including, without limiting the
generality of the foregoing: (i) the right to take possession of the Fixtures,

                                       13
<PAGE>

the Equipment, the Personal Property or any part thereof, and to take such other
measures as Lender may deem necessary for the care, protection and preservation
of the Fixtures, the Equipment, the Personal Property, and (ii) request Borrower
at its expense to assemble the Fixtures, the Equipment, the Personal Property
and make it available to Lender at a convenient place acceptable to Lender. Any
notice of sale, disposition or other intended action by Lender with respect to
the Fixtures, the Equipment, the Personal Property sent to Borrower in
accordance with the provisions hereof at least ten (10) days prior to such
action, shall constitute commercially reasonable notice to Borrower;

     (j) apply any sums then deposited or held in escrow or otherwise by or on
behalf of Lender in accordance with the terms of the Loan Agreement, this
Security Instrument or any other Loan Document to the payment of the following
items in any order in its uncontrolled discretion:

          (i) Taxes and Other Charges;

          (ii) Insurance Premiums;

          (iii) Interest on the unpaid principal balance of the Note;

          (iv) Amortization of the unpaid principal balance of the Note;

          (v) All other sums payable pursuant to the Note, the Loan Agreement,
     this Security Instrument and the other Loan Documents, including without
     limitation advances made by Lender pursuant to the terms of this Security
     Instrument;

     (k) pursue such other remedies as Lender may have under applicable law; or

     (l) apply the undisbursed balance of any Net Proceeds Deficiency deposit,
together with interest thereon, to the payment of the Debt in such order,
priority and proportions as Lender shall deem to be appropriate in its
discretion.

     In the event of a sale, by foreclosure, power of sale or otherwise, of less
than all of Property, this Security Instrument shall continue as a lien and
security interest on the remaining portion of the Property unimpaired and
without loss of priority.

     Lender reserves the right at any time to subordinate the lien of this
Security Instrument to any one or more of the leases now or in the future
pertaining to any part of the Property upon the unilateral execution and
recording by Lender of said subordination agreement prior to the filing of any
action by Lender to foreclose upon the Property, such subordination agreement to
be effective as of the date of execution of this Security Instrument as to those
leases identified by Lender in such subordination agreement.

     Section 7.2 APPLICATION OF PROCEEDS. The purchase money, proceeds and
avails of any disposition of the Property, and or any part thereof, or any other
sums collected by Lender pursuant to the Note, this Security Instrument or the
other Loan Documents, may be applied by Lender to the payment of the Debt in
such priority and proportions as Lender in its discretion shall deem proper, to
the extent consistent with law.

                                       14
<PAGE>

     Section 7.3 RIGHT TO CURE DEFAULTS. Upon the occurrence and during the
continuance of any Event of Default, Lender may remedy such Event of Default in
such manner and to such extent as Lender may deem necessary to protect the
security hereof, but without any obligation to do so and without notice to or
demand on Borrower, and without releasing Borrower from any obligation
hereunder. Lender is authorized to enter upon action or proceeding to the
Property for such purposes, or appear in, defend, or bring any action or
proceeding to protect its interest in the Property or to foreclose this Security
Instrument or collect the Debt, and the cost and expense thereof (including
reasonable attorneys' fees to the extent permitted by law), with interest as
provided in this Section 7.3, shall constitute a portion of the Debt and shall
be due and payable to Lender upon demand. All such costs and expenses incurred
by Lender in remedying such Event of Default or such failed payment or act or in
appearing in, defending, or bringing any such action or proceeding shall bear
interest at the Default Rate, for the period after notice from Lender that such
cost or expense was incurred to the date of payment to Lender. All such costs
and expenses incurred by Lender together with interest thereon calculated at the
Default Rate shall be deemed to constitute a portion of the Debt and be secured
by this Security Instrument and the other Loan Documents and shall be
immediately due and payable upon demand by Lender therefor.

     Section 7.4 ACTIONS AND PROCEEDINGS. Lender has the right to appear in and
defend any action or proceeding brought with respect to the Property and to
bring any action or proceeding, in the name and on behalf of Borrower, which
Lender, in its discretion, decides should be brought to protect its interest in
the Property.

     Section 7.5 RECOVERY OF SUMS REQUIRED TO BE PAID. Lender shall have the
right from time to time to take action to recover any sum or sums which
constitute a part of the Debt as the same become due, without regard to whether
or not the balance of the Debt shall be due, and without prejudice to the right
of Lender thereafter to bring an action of foreclosure, or any other action, for
a default or defaults by Borrower existing at the time such earlier action was
commenced.

     Section 7.6 EXAMINATION OF BOOKS AND RECORDS. At reasonable times and upon
reasonable notice, Lender, its agents, accountants and attorneys shall have the
right to examine the records, books, management and other papers of Borrower
which reflect upon their financial condition, at the Property or at any office
regularly maintained by Borrower where the books and records are located. Lender
and its agents shall have the right to make copies and extracts from the
foregoing records and other papers. In addition, at reasonable times and upon
reasonable notice, Lender, its agents, accountants and attorneys shall have the
right to examine and audit the books and records of Borrower pertaining to the
income, expenses and operation of the Property during reasonable business hours
at any office of Borrower where the books and records are located. This Section
7.6 shall apply throughout the term of the Note and without regard to whether an
Event of Default has occurred or is continuing.

     Section 7.7 OTHER RIGHTS, ETC. b) The failure of Lender to insist upon
strict performance of any term hereof shall not be deemed to be a waiver of any
term of this Security Instrument. Borrower shall not be relieved of Borrower's
obligations hereunder by reason of (i) the failure of Lender to comply with any
request of Borrower or any guarantor or indemnitor with respect to the Loan to
take any action to foreclose this Security Instrument or otherwise enforce any

                                       15
<PAGE>

of the provisions hereof or of the Note or the other Loan Documents, (ii) the
release, regardless of consideration, of the whole or any part of the Property,
or of any person liable for the Debt or any portion thereof, or (iii) any
agreement or stipulation by Lender extending the time of payment or otherwise
modifying or supplementing the terms of the Note, this Security Instrument or
the other Loan Documents.

     (b) It is agreed that the risk of loss or damage to the Property is on
Borrower, and Lender shall have no liability whatsoever for decline in value of
the Property, for failure to maintain the Policies, or for failure to determine
whether insurance in force is adequate as to the amount of risks insured.
Possession by Lender shall not be deemed an election of judicial relief, if any
such possession is requested or obtained, with respect to any Property or
collateral not in Lender's possession.

     (c) Lender may resort for the payment of the Debt to any other security
held by Lender in such order and manner as Lender, in its discretion, may elect.
Lender may take action to recover the Debt, or any portion thereof, or to
enforce any covenant hereof without prejudice to the right of Lender thereafter
to foreclose this Security Instrument. The rights of Lender under this Security
Instrument shall be separate, distinct and cumulative and none shall be given
effect to the exclusion of the others. No act of Lender shall be construed as an
election to proceed under any one provision herein to the exclusion of any other
provision. Lender shall not be limited exclusively to the rights and remedies
herein stated but shall be entitled to every right and remedy now or hereafter
afforded at law or in equity.

     Section 7.8 RIGHT TO RELEASE ANY PORTION OF THE PROPERTY. Lender may
release any portion of the Property for such consideration as Lender may require
without, as to the remainder of the Property, in any way impairing or affecting
the lien or priority of this Security Instrument, or improving the position of
any subordinate lienholder with respect thereto, except to the extent that the
obligations hereunder shall have been reduced by the actual monetary
consideration, if any, received by Lender for such release, and may accept by
assignment, pledge or otherwise any other property in place thereof as Lender
may require without being accountable for so doing to any other lienholder. This
Security Instrument shall continue as a lien and security interest in the
remaining portion of the Property.

     Section 7.9 VIOLATION OF LAWS. If the Property is not in material
compliance with Legal Requirements, Lender may impose additional requirements
upon Borrower in connection herewith including, without limitation, monetary
reserves or financial equivalents.

     Section 7.10 RECOURSE AND CHOICE OF REMEDIES. Notwithstanding any other
provision of this Security Instrument or the Loan Agreement, including, without
limitation, Section 9.4 of the Loan Agreement, Lender and other Indemnified
Parties (as hereinafter defined) are entitled to enforce the obligations of
Borrower, any guarantor and indemnitor contained in Sections 9.2, 9.3 and 9.4
herein and Section 9.2 of the Loan Agreement without first resorting to or
exhausting any security or collateral and without first having recourse to the
Note or any of the Property, through foreclosure, exercise of a power of sale or
acceptance of a deed in lieu of foreclosure or otherwise, and in the event
Lender commences a foreclosure action against the Property, or exercises the
power of sale pursuant to this Security Instrument, Lender is entitled to pursue
a deficiency judgment with respect to such obligations against Borrower and any

                                       16
<PAGE>

guarantor or indemnitor with respect to the Loan. The provisions of Sections
9.2, 9.3 and 9.4 herein and Section 9.2 of the Loan Agreement are exceptions to
any non-recourse or exculpation provisions in the Loan Agreement, the Note, this
Security Instrument or the other Loan Documents, and Borrower and any guarantor
or indemnitor with respect to the Loan are fully and personally liable for the
obligations pursuant to Sections 9.2, 9.3 and 9.4 herein and Section 9.2 of the
Loan Agreement. The liability of Borrower and any guarantor or indemnitor with
respect to the Loan pursuant to Sections 9.2, 9.3 and 9.4 herein and Section 9.2
of the Loan Agreement is not limited to the original principal amount of the
Note. Notwithstanding the foregoing, nothing herein shall inhibit or prevent
Lender from foreclosing or exercising a power of sale pursuant to this Security
Instrument or exercising any other rights and remedies pursuant to the Loan
Agreement, the Note, this Security Instrument and the other Loan Documents,
whether simultaneously with foreclosure proceedings or in any other sequence. A
separate action or actions may be brought and prosecuted against Borrower
pursuant to Sections 9.2, 9.3 and 9.4 herein and Section 9.2 of the Loan
Agreement, whether or not action is brought against any other Person or whether
or not any other Person is joined in the action or actions. In addition, Lender
shall have the right but not the obligation to join and participate in, as a
party if it so elects, any administrative or judicial proceedings or actions
initiated in connection with any matter addressed in Article 8 or Section 9.4
herein.

     Section 7.11 RIGHT OF ENTRY. Upon reasonable notice to Borrower, Lender and
its agents shall have the right to enter and inspect the Property at all
reasonable times.

                        Article 8 - ENVIRONMENTAL HAZARDS

     Section 8.1 ENVIRONMENTAL REPRESENTATIONS AND WARRANTIES. Based upon an
environmental assessment of the Property and information that Borrower knows
after due inquiry of the Manager, and except as otherwise disclosed by that
certain Environmental Site Assessment of the Property delivered to Lender (such
report is referred to below as the "Environmental Report"), (a) there are no
Hazardous Substances (defined below) or underground storage tanks in, on, or
under the Property, except those that are both (i) in compliance with
Environmental Laws (defined below) and with permits issued pursuant thereto and
(ii) fully disclosed to Lender in writing pursuant the Environmental Report; (b)
there are no past, present or threatened Releases (defined below) of Hazardous
Substances in, on, under or from the Property which has not been fully
remediated in accordance with Environmental Law; (c) there is no threat of any
Release of Hazardous Substances migrating to the Property; (d) there is no past
or present non-compliance with Environmental Laws, or with permits issued
pursuant thereto, in connection with the Property which has not been fully
remediated in accordance with Environmental Law; (e) Borrower does not know of,
and has not received, any written or oral notice or other communication from any
Person (including but not limited to a governmental entity) relating to
Hazardous Substances or Remediation (defined below) thereof, of possible
liability of any Person pursuant to any Environmental Law, other environmental
conditions in connection with the Property, or any actual or potential
administrative or judicial proceedings in connection with any of the foregoing;
and (f) Borrower has truthfully and fully provided to Lender, in writing, any
and all information relating to conditions in, on, under or from the Property
that is known to Borrower and that is contained in Borrower's files and records,
including but not limited to any reports relating to Hazardous Substances in,
on, under or from the Property and/or to the environmental condition of the
Property.

                                       17
<PAGE>

     "Environmental Law" means any present and future federal, state and local
laws, statutes, ordinances, rules, regulations and the like, as well as common
law, relating to protection of human health or the environment, relating to
Hazardous Substances, relating to liability for or costs of Remediation or
prevention of Releases of Hazardous Substances or relating to liability for or
costs of other actual or threatened danger to human health or the environment.
Environmental Law 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. Environmental Law also includes, but is not limited
to, any present and future federal, state and local laws, statutes, ordinances,
rules, regulations and the like, as well as common law: conditioning transfer of
property upon a negative declaration or other approval of a governmental
authority of the environmental condition of the Property; requiring notification
or disclosure of Releases of Hazardous Substances or other environmental
condition of the Property to any governmental authority or other Person, whether
or not in connection with transfer of title to or interest in property; imposing
conditions or requirements in connection with permits or other authorization for
lawful activity; relating to nuisance, trespass or other causes of action
related to the Property; and relating to wrongful death, personal injury, or
property or other damage in connection with any physical condition or use of the
Property.

     "Hazardous Substances" include but are not limited to any and all
substances (whether solid, liquid or gas) defined, listed, or otherwise
classified as pollutants, hazardous wastes, hazardous substances, hazardous
materials, extremely hazardous wastes, or words of similar meaning or regulatory
effect under any present or future Environmental Laws or that may have a
negative impact on human health or the environment, including but not limited to
petroleum and petroleum products, asbestos and asbestos-containing materials,
polychlorinated biphenyls, lead, radon, radioactive materials, flammables and
explosives, but excluding substances of kinds and in amounts ordinarily and
customarily used or stored in similar properties for the purpose of cleaning or
other maintenance or operations and otherwise in compliance with all
Environmental Laws.

     "Release" of any Hazardous Substance includes but is not limited to any
release, deposit, discharge, emission, leaking, spilling, seeping, migrating,
injecting, pumping, pouring, emptying, escaping, dumping, disposing or other
movement of Hazardous Substances.

     "Remediation" includes but is not limited to any response, remedial,
removal, or corrective action, any activity to cleanup, detoxify, decontaminate,
contain or otherwise remediate any Hazardous Substance, any actions to prevent,
cure or mitigate any Release of any Hazardous Substance, any action to comply
with any Environmental Laws or with any permits issued pursuant thereto, any

                                       18
<PAGE>

inspection, investigation, study, monitoring, assessment, audit, sampling and
testing, laboratory or other analysis, or evaluation relating to any Hazardous
Substances or to anything referred to in Article 8.

     Section 8.2 ENVIRONMENTAL COVENANTS. Borrower covenants and agrees that:
(a) all uses and operations on or of the Property, whether by Borrower or any
other Person, shall be in compliance with all Environmental Laws and permits
issued pursuant thereto; (b) there shall be no Releases of Hazardous Substances
in, on, under or from the Property; (c) there shall be no Hazardous Substances
in, on, or under the Property, except those that are both (i) in compliance with
all Environmental Laws and with permits issued pursuant thereto and (ii) fully
disclosed to Lender in writing; (d) Borrower shall keep the Property free and
clear of all liens and other encumbrances imposed pursuant to any Environmental
Law, whether due to any act or omission of Borrower or any other Person (the
"Environmental Liens"); (e) Borrower shall, at its sole cost and expense, fully
and expeditiously cooperate in all activities pursuant to Section 8.3 below,
including but not limited to providing all relevant information and making
knowledgeable persons available for interviews; (f) Borrower shall, at its sole
cost and expense, perform any environmental site assessment or other
investigation of environmental conditions in connection with the Property,
pursuant to any reasonable written request of Lender made in the event that
Lender has reason to believe that an environmental hazard exists on the Property
(including but not limited to sampling, testing and analysis of soil, water,
air, building materials and other materials and substances whether solid, liquid
or gas), and share with Lender the reports and other results thereof, and Lender
and other Indemnified Parties shall be entitled to rely on such reports and
other results thereof; (g) Borrower shall, at its sole cost and expense, comply
with all reasonable written requests of Lender made in the event that Lender has
reason to believe that an environmental hazard exists on the Property (i)
reasonably effectuate Remediation of any condition (including but not limited to
a Release of a Hazardous Substance) in, on, under or from the Property; (ii)
comply with any Environmental Law; (iii) comply with any directive from any
governmental authority; and (iv) take any other reasonable action necessary or
appropriate for protection of human health or the environment; (h) Borrower
shall not do or allow any tenant or other user of the Property to do any act
that materially increases the dangers to human health or the environment, poses
an unreasonable risk of harm to any Person (whether on or off the Property),
impairs or may impair the value of the Property, is contrary to any requirement
of any insurer, constitutes a public or private nuisance, constitutes waste, or
violates any covenant, condition, agreement or easement applicable to the
Property; and (i) Borrower shall immediately notify Lender in writing of (A) any
presence or Releases or threatened Releases of Hazardous Substances in, on,
under, from or migrating towards the Property; (B) any non-compliance with any
Environmental Laws related in any way to the Property; (C) any actual or
potential Environmental Lien; (D) any required or proposed Remediation of
environmental conditions relating to the Property; and (E) any written or oral
notice or other communication of which Borrower becomes aware from any source
whatsoever (including but not limited to a governmental entity) relating in any
way to Hazardous Substances or Remediation thereof, possible liability of any
Person pursuant to any Environmental Law, other environmental conditions in
connection with the Property, or any actual or potential administrative or
judicial proceedings in connection with anything referred to in this Article 8.

                                       19
<PAGE>

     Section 8.3 LENDER'S RIGHTS. In the event that Lender has reason to believe
that an environmental hazard exists on the Property, upon reasonable notice from
Lender, Borrower shall, at Borrower's expense, promptly cause an engineer or
consultant satisfactory to Lender to conduct any environmental assessment or
audit (the scope of which shall be determined in Lender's sole and absolute
discretion) and take any samples of soil, groundwater or other water, air, or
building materials or any other invasive testing requested by Lender and
promptly deliver the results of any such assessment, audit, sampling or other
testing; provided, however, if such results are not delivered to Lender within a
reasonable period, upon reasonable notice to Borrower, Lender and any other
Person designated by Lender, including but not limited to any receiver, any
representative of a governmental entity, and any environmental consultant, shall
have the right, but not the obligation, to enter upon the Property at all
reasonable times to assess any and all aspects of the environmental condition of
the Property and its use, including but not limited to conducting any
environmental assessment or audit (the scope of which shall be determined in
Lender's sole and absolute discretion) and taking samples of soil, groundwater
or other water, air, or building materials, and reasonably conducting other
invasive testing. Borrower shall cooperate with and provide access to Lender and
any such Person designated by Lender.

                           Article 9 - INDEMNIFICATION

     Section 9.1 GENERAL INDEMNIFICATION. Borrower shall, at its sole cost and
expense, protect, defend, indemnify, release and hold harmless the Indemnified
Parties from and against any and all claims, suits, liabilities (including,
without limitation, strict liabilities), actions, proceedings, obligations,
debts, damages, losses, costs, expenses, diminutions in value, fines, penalties,
charges, fees, expenses, judgments, awards, amounts paid in settlement, punitive
damages, foreseeable and unforeseeable consequential damages, of whatever kind
or nature (including but not limited to reasonable attorneys' fees and other
costs of defense) (collectively, the "Losses") imposed upon or incurred by or
asserted against any Indemnified Parties and directly or indirectly arising out
of or in any way relating to any one or more of the following: (a) ownership of
this Security Instrument, the Property or any interest therein or receipt of any
Rents; (b) any amendment to, or restructuring of, the Debt, and the Note, the
Loan Agreement, this Security Instrument, or any other Loan Documents; (c) any
and all lawful action that may be taken by Lender in connection with the
enforcement of the provisions of this Security Instrument or the Loan Agreement
or the Note or any of the other Loan Documents, whether or not suit is filed in
connection with same, or in connection with Borrower, any guarantor or
indemnitor and/or any partner, joint venturer or shareholder thereof becoming a
party to a voluntary or involuntary federal or state bankruptcy, insolvency or
similar proceeding; (d) any accident, injury to or death of persons or loss of
or damage to property occurring in, on or about the Property or any part thereof
or on the adjoining sidewalks, curbs, adjacent property or adjacent parking

                                       20
<PAGE>

areas, streets or ways; (e) any use, nonuse or condition in, on or about the
Property or any part thereof or on the adjoining sidewalks, curbs, adjacent
property or adjacent parking areas, streets or ways; (f) any failure on the part
of Borrower to perform or be in compliance with any of the terms of this
Security Instrument; (g) performance of any labor or services or the furnishing
of any materials or other property in respect of the Property or any part
thereof; (h) the failure of any person to file timely with the Internal Revenue
Service an accurate Form 1099-B, Statement for Recipients of Proceeds from Real
Estate, Broker and Barter Exchange Transactions, which may be required in
connection with this Security Instrument, or to supply a copy thereof in a
timely fashion to the recipient of the proceeds of the transaction in connection
with which this Security Instrument is made; (i) any failure of the Property to
be in compliance with any Legal Requirements; (j) the enforcement by any
Indemnified Party of the provisions of this Article 9; (k) any and all claims
and demands whatsoever which may be asserted against Lender by reason of any
alleged obligations or undertakings on its part to perform or discharge any of
the terms, covenants, or agreements contained in any Lease; (1) the payment of
any commission, charge or brokerage fee to anyone claiming through Borrower
which may be payable in connection with the funding of the Loan; or (m) any
misrepresentation made by Borrower in this Security Instrument or any other Loan
Document. Notwithstanding the foregoing, Borrower shall not be liable to the
Indemnified Parties under this Section 9.1 for any Losses to which the
Indemnified Parties may become subject to the extent such Losses arise by reason
of the gross negligence, illegal acts, fraud or willful misconduct of the
Indemnified Parties. Any amounts payable to Lender by reason of the application
of this Section 9.1 shall become immediately due and payable and shall bear
interest at the Default Rate from the date loss or damage is sustained by Lender
until paid. For purposes of this Article 9, the term "Indemnified Parties" means
Lender and any Person who is or will have been involved in the origination of
the Loan, any Person who is or will have been involved in the servicing of the
Loan secured hereby, any Person in whose name the encumbrance created by this
Security Instrument is or will have been recorded, persons and entities who may
hold or acquire or will have held a full or partial interest in the Loan secured
hereby (including, but not limited to, investors or prospective investors in the
Securities, as well as custodians, trustees and other fiduciaries who hold or
have held a full or partial interest in the Loan secured hereby for the benefit
of third parties) as well as the respective directors, officers, shareholders,
partners, employees, agents, servants, representatives, contractors,
subcontractors, affiliates, subsidiaries, participants, successors and assigns
of any and all of the foregoing (including but not limited to any other Person
who holds or acquires or will have held a participation or other full or partial
interest in the Loan, whether during the term of the Loan or as a part of or
following a foreclosure of the Loan and including, but not limited to, any
successors by merger, consolidation or acquisition of all or a substantial
portion of Lender's assets and business).

     Section 9.2 MORTGAGE AND/OR INTANGIBLE TAX. Borrower shall, at its sole
cost and expense, protect, defend, indemnify, release and hold harmless the
Indemnified Parties from and against any and all Losses imposed upon or incurred
by or asserted against any Indemnified Parties and directly or indirectly
arising out of or in any way relating to any tax on the making and/or recording
of this Security Instrument, the Note or any of the other Loan Documents, but
excluding any income, franchise or other similar taxes.

     Section 9.3 ERISA INDEMNIFICATION. Borrower shall, at its sole cost and
expense, protect, defend, indemnify, release and hold harmless the Indemnified
Parties from and against any and all Losses (including, without limitation,
reasonable attorneys' fees and costs incurred in the investigation, defense, and
settlement of Losses incurred in correcting any prohibited transaction or in the
sale of a prohibited loan, and in obtaining any individual prohibited
transaction exemption under ERISA that may be required, in Lender's sole
discretion) that Lender may incur, directly or indirectly, as a result of a
default under Sections 4.1.9 or 5.2.14 of the Loan Agreement.

                                       21
<PAGE>

     Section 9.4 ENVIRONMENTAL INDEMNIFICATION. Borrower shall, at its sole cost
and expense, protect, defend, indemnify, release and hold harmless the
Indemnified Parties from and against any and all Losses and costs of Remediation
(whether or not performed voluntarily), engineers' fees, environmental
consultants' fees, and costs of investigation (including but not limited to
sampling, testing, and analysis of soil, water, air, building materials and
other materials and substances whether solid, liquid or gas) imposed upon or
incurred by or asserted against any Indemnified Parties, and directly or
indirectly arising out of or in any way relating to any one or more of the
following: (a) any presence of any Hazardous Substances in, on, above, or under
the Property; (b) any past, present or threatened Release of Hazardous
Substances in, on, above, under or from the Property; (c) any activity by
Borrower, any Person affiliated with Borrower or any tenant or other user of the
Property in connection with any actual, proposed or threatened use, treatment,
storage, holding, existence, disposition or other Release, generation,
production, manufacturing, processing, refining, control, management, abatement,
removal, handling, transfer or transportation to or from the Property of any
Hazardous Substances at any tine located in, under, on or above the Property;
(d) any activity by Borrower, any Person affiliated with Borrower or any tenant
or other user of the Property in connection with any actual or proposed
Remediation of any Hazardous Substances at any time located in, under, on or
above the Property, whether or not such Remediation is voluntary or pursuant to
court or administrative order, including but not limited to any removal,
remedial or corrective action; (e) any past or present non-compliance or
violations of any Environmental Laws (or permits issued pursuant to any
Environmental Law) in connection with the Property or operations thereon,
including but not limited to any failure by Borrower, any Affiliate of Borrower
or any tenant or other user of the Property to comply with any order of any
Governmental Authority in connection with any Environmental Laws; (f) the
imposition, recording or filing of any Environmental Lien encumbering the
Property; (g) any administrative processes or proceedings or judicial
proceedings in any way connected with any matter addressed in Article 8 and this
Section 9.4; (h) any past, present or threatened injury to, destruction of or
loss of natural resources in any way connected with the Property, including but
not limited to costs to investigate and assess such injury, destruction or loss;
(i) any acts of Borrower or other users of the Property in arranging for
disposal or treatment, or arranging with a transporter for transport for
disposal or treatment, of Hazardous Substances owned or possessed by such
Borrower or other users, at any facility or incineration vessel owned or
operated by another Person and containing such or any similar Hazardous
Substance; (j) any acts of Borrower or other users of the Property, in accepting
any Hazardous Substances for transport to disposal or treatment facilities,
incineration vessels or sites selected by Borrower or such other users, from
which there is a Release, or a threatened Release of any Hazardous Substance
which causes the incurrence of costs for Remediation; (k) any personal injury,
wrongful death, or property damage arising under any statutory or common law or
tort law theory, including but not limited to damages assessed for the
maintenance of a private or public nuisance or for the conducting of an
abnormally dangerous activity on or near the Property; and (1) any
misrepresentation or inaccuracy in any representation or warranty or material
breach or failure to perform any covenants or other obligations pursuant to
Article 8. Notwithstanding the foregoing, Borrower shall not be liable under
this Section 9.4 for any Losses or costs of Remediation to which the Indemnified
Parties may become subject to the extent such Losses or costs of Remediation
arise by reason of the gross negligence, illegal acts, fraud of willful
misconduct of the Indemnified Parties. This indemnity shall survive any
termination, satisfaction or foreclosure of this Security Instrument, subject to
the provisions of Section 10.5.

                                       22
<PAGE>

     Section 9.5 DUTY TO DEFEND; ATTORNEYS' FEES AND OTHER FEES AND EXPENSES.
Upon written request by any Indemnified Party, Borrower shall defend such
Indemnified Party (if requested by any Indemnified Party, in the name of the
Indemnified Party) by attorneys and other professionals approved by the
Indemnified Parties. Notwithstanding the foregoing, if the defendants in any
such claim or proceeding include both Borrower and any Indemnified Party and
Borrower and such Indemnified Party shall have reasonably concluded that there
are any legal defenses available to it and/or other Indemnified Parties that are
different from or additional to those available to Borrower, such Indemnified
Party shall have the right to select separate counsel to assert such legal
defenses and to otherwise participate in the defense of such action on behalf of
such Indemnified Party, provided that no compromise or settlement shall be
entered without Borrower's consent, which consent shall not be unreasonably
withheld. Upon demand, Borrower shall pay or, in the sole and absolute
discretion of the Indemnified Parties, reimburse, the Indemnified Parties for
the payment of reasonable fees and disbursements of attorneys, engineers,
environmental consultants, laboratories and other professionals in connection
therewith.

                              Article 10 - WAIVERS

     Section 10.1 WAIVER OF COUNTERCLAIM. To the extent permitted by applicable
law, Borrower hereby waives the right to assert a counterclaim, other than a
mandatory or compulsory counterclaim, in any action or proceeding brought
against it by Lender arising out of or in any way connected with this Security
Instrument, the Loan Agreement, the Note, any of the other Loan Documents, or
the Obligations.

     Section 10.2 MARSHALLING AND OTHER MATTERS. To the extent permitted by
applicable law, Borrower hereby waives, to the extent permitted by law, the
benefit of all appraisement, valuation, stay, extension, reinstatement and
redemption laws now or hereafter in force and all rights of marshalling in the
event of any sale hereunder of the Property or any part thereof or any interest
therein. Further, Borrower hereby expressly waives any and all rights of
redemption from sale under any order or decree of foreclosure of this Security
Instrument on behalf of Borrower, and on behalf of each and every person
acquiring any interest in or title to the Property subsequent to the date of
this Security Instrument and on behalf of all persons to the extent permitted by
applicable law.

     Section 10.3 WAIVER OF NOTICE. To the extent permitted by applicable law,
Borrower shall not be entitled to any notices of any nature whatsoever from
Lender except with respect to matters for which this Security Instrument or the
Loan Documents specifically and expressly provide for the giving of notice by
Lender to Borrower and except with respect to matters for which Lender is
required by applicable law to give notice, and Borrower hereby expressly waives
the right to receive any notice from Lender with respect to any matter for which
this Security Instrument does not specifically and expressly provide for the
giving of notice by Lender to Borrower.

                                       23
<PAGE>

     Section 10.4 WAIVER OF STATUTE OF LIMITATIONS. To the extent permitted by
applicable law, Borrower hereby expressly waives and releases to the fullest
extent permitted by law, the pleading of any statute of limitations as a defense
to payment of the Debt or performance of its Other Obligations.

     Section 10.5 SURVIVAL. The indemnifications made pursuant to Sections 9.3
and 9.4 herein and the representations and warranties, covenants, and other
obligations arising under Article 8, shall continue indefinitely in full force
and effect and shall survive and shall in no way be impaired by: any
satisfaction, release or other termination of this Security Instrument, any
assignment or other transfer of all or any portion of this Security Instrument
or Lender's interest in the Property (but, in such case, shall benefit both
Indemnified Parties and any assignee or transferee), any exercise of Lender's
rights and remedies pursuant hereto including but not limited to foreclosure or
acceptance of a deed in lieu of foreclosure, any exercise of any rights and
remedies pursuant to the Loan Agreement, the Note or any of the other Loan
Documents, any transfer of all or any portion of the Property (whether by
Borrower or by Lender following foreclosure or acceptance of a deed in lieu of
foreclosure or at any other time), any amendment to this Security Instrument,
the Loan Agreement, the Note or the other Loan Documents, and any act or
omission that might otherwise be construed as a release or discharge of Borrower
from the obligations pursuant hereto. Notwithstanding anything to the contrary
contained in this Security Instrument or the other Loan Documents, Borrower
shall not have any obligations or liabilities under the indemnification under
Section 9.4 herein or other indemnifications with respect to Hazardous
Substances contained in the other Loan Documents with respect to those
obligations and liabilities that Borrower can prove arose solely from Hazardous
Substances that (i) were not present on or a threat to the Property prior to the
date that Lender or its nominee acquired title to the Property, whether by
foreclosure, exercise by power of sale, acceptance of a deed-in-lieu of
foreclosure or otherwise and (ii) were not the result of any act or negligence
of Borrower or any of Borrower's affiliates, agents or contractors.

                            Article 11 - EXCULPATION

     The provisions of Section 9.4 of the Loan Agreement are hereby incorporated
by reference into this Security Instrument to the same extent and with the same
force as if fully set forth herein.

                              Article 12 - NOTICES

     All notices or other written communications hereunder shall be delivered in
accordance with Section 10.6 of the Loan Agreement.

                           Article 13 - APPLICABLE LAW

     Section 13.1 GOVERNING LAW. c) THIS SECURITY INSTRUMENT WAS NEGOTIATED IN
THE STATE OF NEW YORK, AND MADE BY BORROWER AND ACCEPTED BY LENDER IN THE STATE
OF NEW YORK, AND THE PROCEEDS OF THE NOTE SECURED HEREBY WERE DISBURSED FROM THE
STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL
RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS
OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS SECURITY INSTRUMENT AND THE

                                       24
<PAGE>

OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND
PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY
APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE
PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND
SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN
DOCUMENTS WITH RESPECT TO THE PROPERTY SHALL BE GOVERNED BY AND CONSTRUED
ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING
UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE
LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND
ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING
HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY
OTHER JURISDICTION GOVERNS THIS SECURITY INSTRUMENT AND THE OR THE OTHER LOAN
DOCUMENTS, AND THIS SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

     (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING
OUT OF OR RELATING TO THIS SECURITY INSTRUMENT MAY AT LENDER'S OPTION BE
INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW
YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND
BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE
AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT,
ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT

              Corporation Service Company
              80 State Street
              Albany, New York 12207-2543

     AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF
ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF
PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE
MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN
EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT,

                                       25
<PAGE>

ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT
NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II)
MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT
WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE
DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL
PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN
OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

     Section 13.2 USURY LAWS. Notwithstanding anything to the contrary, (a) all
agreements and communications between Borrower and Lender are hereby and shall
automatically be limited so that, after taking into account all amounts deemed
interest, the interest contracted for, charged or received by Lender shall never
exceed the maximum lawful rate or amount, (b) in calculating whether any
interest exceeds the lawful maximum, all such interest shall be amortized,
prorated, allocated and spread over the full amount and term of all principal
indebtedness of Borrower to Lender, and (c) if through any contingency or event,
Lender receives or is deemed to receive interest in excess of the lawful
maximum, any such excess shall be deemed to have been applied toward payment of
the principal of any and all then outstanding indebtedness of Borrower to
Lender, or if there is no such indebtedness, shall immediately be returned to
Borrower.

     Section 13.3 PROVISIONS SUBJECT TO APPLICABLE LAW. All rights, powers and
remedies provided in this Security Instrument may be exercised only to the
extent that the exercise thereof does not violate any applicable provisions of
law and are intended to be limited to the extent necessary so that they will not
render this Security Instrument invalid, unenforceable or not entitled to be
recorded, registered or filed under the provisions of any applicable law. If any
term of this Security Instrument or any application thereof shall be invalid or
unenforceable, the remainder of this Security Instrument and any other
application of the term shall not be affected thereby.

                            Article 14 - DEFINITIONS

     Section 14.1 All capitalized terms not defined herein shall have the
respective meanings set forth in the Loan Agreement. Unless the context clearly
indicates a contrary intent or unless otherwise specifically provided herein,
words used in this Security Instrument may be used interchangeably in singular
or plural form and the word "Borrower" shall mean "each Borrower and any
subsequent owner or owners of the Property or any part thereof or any interest
therein," the word "Lender" shall mean "Lender and any subsequent holder of the
Note," the word "Note" shall mean "the Note and any other evidence of
indebtedness secured by this Security Instrument," the word "Property" shall
include any portion of the Property and any interest therein, and the phrases
"attorneys' fees", "legal fees" and "counsel fees" shall include any and all
attorneys', paralegal and law clerk fees and disbursements, including, but not
limited to, fees and disbursements at the pre-trial, trial and appellate levels
incurred or paid by Lender in protecting its interest in the Property, the
Leases and the Rents and enforcing its rights hereunder.

                                       26
<PAGE>

                      Article 15 - MISCELLANEOUS PROVISIONS

     Section 15.1 NO ORAL CHANGE. This Security Instrument, and any provisions
hereof, may not be modified, amended, waived, extended, changed, discharged or
terminated orally or by any act or failure to act on the part of Borrower or
Lender, but only by an agreement in writing signed by the party against whom
enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.

     Section 15.2 SUCCESSORS AND ASSIGNS. This Security Instrument shall be
binding upon and inure to the benefit of Borrower and Lender and their
respective successors and assigns forever.

     Section 15.3 INAPPLICABLE PROVISIONS. If any term, covenant or condition of
the Loan Agreement, the Note or this Security Instrument is held to be invalid,
illegal or unenforceable in any respect, the Loan Agreement, the Note and this
Security Instrument shall be construed without such provision.

     Section 15.4 HEADINGS, ETC. The headings and captions of various Sections
of this Security Instrument are for convenience of reference only and are not to
be construed as defining or limiting, in any way, the scope or intent of the
provisions hereof.

     Section 15.5 NUMBER AND GENDER. Whenever the context may require, any
pronouns used herein shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns and pronouns shall include the
plural and vice versa.

     Section 15.6 SUBROGATION. If any or all of the proceeds of the Note have
been used to extinguish, extend or renew any indebtedness heretofore existing
against the Property, then, to the extent of the funds so used, Lender shall be
subrogated to all of the rights, claims, liens, titles, and interests existing
against the Property heretofore held by, or in favor of, the holder of such
indebtedness and such former rights, claims, liens, titles, and interests, if
any, are not waived but rather are continued in full force and effect in favor
of Lender and are merged with the lien and security interest created herein as
cumulative security for the repayment of the Debt, the performance and discharge
of Borrower's obligations hereunder, under the Loan Agreement, the Note and the
other Loan Documents and the performance and discharge of the Other Obligations.

     Section 15.7 ENTIRE AGREEMENT. The Note, the Loan Agreement, this Security
Instrument and the other Loan Documents constitute the entire understanding and
agreement between Borrower and Lender with respect to the transactions arising
in connection with the Debt and supersede all prior written or oral
understandings and agreements between Borrower and Lender with respect thereto.
Borrower hereby acknowledges that, except as incorporated in writing in the
Note, the Loan Agreement, this Security Instrument and the other Loan Documents,
there are not, and were not, and no persons are or were authorized by Lender to
make, any representations, understandings, stipulations, agreements or promises,
oral or written, with respect to the transaction which is the subject of the
Note, the Loan Agreement, this Security Instrument and the other Loan Documents.

                                       27
<PAGE>

     Section 15.8 LIMITATION ON LENDER'S RESPONSIBILITY. No provision of this
Security Instrument shall operate to place any obligation or liability for the
control, care, management or repair of the Property upon Lender, nor shall it
operate to make Lender responsible or liable for any waste committed on the
Property by the tenants or any other Person, or for any dangerous or defective
condition of the Property, or for any negligence in the management, upkeep,
repair or control of the Property resulting in loss or injury or death to any
tenant, licensee, employee or stranger. Nothing herein contained shall be
construed as constituting Lender a "mortgagee in possession."

                     Article 16 - STATE-SPECIFIC PROVISIONS

     Section 16.1 PRINCIPALS OF CONSTRUCTION. In the event of any
inconsistencies between the terms and provisions of this Security Instrument and
Article 16 of this Security Instrument, the terms and provisions of Article 16
shall govern and control.

     Section 16.2 OPEN-END MORTGAGE MAXIMUM PRINCIPAL AMOUNT. This Security
Instrument is an open-end mortgage made pursuant to Section 5301.232 of the Ohio
Revised Code, and shall secure the payment of all loan advances included within
the term "Debt," regardless of the time such advances are made. The maximum
amount of unpaid loan indebtedness, exclusive of interest thereon, which may be
outstanding at any time and secured hereby shall be the maximum principal amount
stated on the cover page of this Security Instrument. As permitted and provided
in Section 5301.233 of the Ohio Revised Code, this Security Instrument shall
also secure unpaid balances of advances made with respect to the Property for
the payment of taxes, assessments, insurance premiums, or costs incurred for the
protection of the Property and other costs which Lender is authorized by this
Security Instrument to pay on Borrower's behalf, plus interest thereon,
regardless of the time when such advances are made.

     Section 16.3 OHIO REMEDIES. Without limitation to the other terms and
provisions of this Security Instrument, Lender may, at its option, do all things
provided or permitted to be done by a mortgagee under Section 1311.14 of the
Ohio Revised Code and any amendment thereto, for the protection of Lender's
interest in the Property.

                         [NO FURTHER TEXT ON THIS PAGE]

                                       28
<PAGE>

     IN WITNESS WHEREOF, THIS SECURITY INSTRUMENT has been executed by Borrower
as of the day and year first above written.

                                    BORROWER:

                                    EM COLUMBUS II, LLC,
                                    a Delaware limited liability company

                                    By: Glimcher Properties Limited Partnership,
                                        a Delaware limited partnership,
                                        its sole equity member

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

                                            By: __________________________
                                                 George A. Schmidt
                                                 Executive Vice President

<PAGE>

                                 ACKNOWLEDGEMENT
                                 ---------------

STATE OF ____________      )
                           )ss:
COUNTY OF ____________     )

     Before me, a Notary Public in and for said County and State, personally
appeared George A. Schmidt, as executive vice president of Glimcher Properties
Corporation, a Delaware corporation, as sole general partner of Glimcher
Properties Limited Partnership, a Delaware limited partnership, as sole equity
member of EM COLUMBUS II, LLC, a Delaware limited liability company, who
acknowledged execution of the foregoing for and on behalf of said corporation,
limited partnership and limited liability company, and who, having been duly
sworn, stated that the execution thereof was his/her free act and deed and the
free act and deed of said corporation for and on behalf of said limited
partnership and limited liability company.

_______________________________________
Notary Public

My Commission Expires:_________________

Prepared by: Eugene P. Balshem
and upon recordation return to:

Stroock & Stroock & Lavan LLP
3100 Wachovia Financial Center
200 South Biscayne Boulevard
Miami, Florida  33131-5323
Attention: Eugene P. Balshem

<PAGE>

                                    EXHIBIT A

                                LEGAL DESCRIPTION

PARCEL 1 - Fee Simple:

                       DESCRIPTION OF A 18.870 ACRE TRACT
                        LOCATED NORTH OF REFUGEE ROAD AND
                              WEST OF HAMILTON ROAD
                     CITY OF COLUMBUS, FRANKLIN COUNTY, OHIO

Situate in the State of Ohio, County of Franklin, City of Columbus, lying in
Section 28, Township 12, Range 21, Refugee Lands, being part of an original
39.017 acre tract conveyed to EM Columbus, LLC, by deed of record in Instrument
Number 200401080005999, all records herein of the Recorder's Office, Franklin
County, Ohio, and being more particularly described as follows:

BEGIN FOR REFERENCE, at point, referenced by a 3/4 inch iron pin found at a
distance of 0.25 feet east, at the common corner of said original 39.017 acre
tract, an original 17.03 acre tract conveyed to Lazarus Real Estate II, Inc., by
deed of record in Official Record 12166, Page D16, a 0.955 acre tract (Parcel
No. 5WD) conveyed to the State of Ohio, by deed of record in Deed Book 3030,
Page 37, and a 0.660 acre tract (Parcel No. 6WD) conveyed to the State of Ohio,
by deed of record in Deed Book 3095, Page 343;

Thence the following two (2) courses and distances along the lines common to
said original 39.017 acre tract and said original 17.03 acre tract:

1.   South 46(degree)52'45" West, a distance of 434.23 feet, to a cotton gin
     spike set;

2.   North 43(degree)07'15" West, a distance of 128.72 feet, to a cotton gin
     spike set in the line common to said original 39.017 acre tract and said
     original 17.03 acre tract, said cotton gin spike also being at the POINT OF
     TRUE BEGINNING;

Thence the following eleven (11) courses and distances across the said original
39.017 acre tract:

1.   South 46(degree)52'45" West, a distance of 276.51 feet, to a cotton gin
     spike set;

2.   North 43(degree)07'15" West, a distance of 4.83 feet, to a cotton gin spike
     set;

3.   South 46(degree)52'45" West, a distance of 287.00 feet, to a cotton gin
     spike set;

4.   South 43(degree)07'15" East, a distance of 18.17 feet, to a cotton gin
     spike set;

<PAGE>

5.   South 46(degree)52'45" West, a distance of 45.00 feet, to a cotton gin
     spike set;

6.   South 43(degree)07'15" East, a distance of 115.17 feet, to a cotton gin
     spike set;

7.   South 46(degree)52'45" West, a distance of 26.36 feet, to a cotton gin
     spike set;

8.   North 88(degree)07'15" West, a distance of 30.00 feet, to a cotton gin
     spike set;

9.   Along a curve to the left, having a central angle of 45(degree)00'00", a
     radius of 100.00 feet, an arc length of 78.54 feet, a chord which bears
     South 69(degree)22'45" West, a chord distance of 76.54 feet, to a cotton
     gin spike set;

10.  South 46(degree)52'45" West, a distance of 88.26 feet, to a cotton gin
     spike set;

11.  Along a curve to the right, having a central angle of 44(degree)10'34", a
     radius of 100.00 feet, an arc length of 77.10 feet, a chord which bears
     South 68(degree)58'02" West, a chord distance of 75.21 feet, to cotton gin
     spike set in the line common to said original 39.017 acre tract and a 1.021
     acre tract conveyed to Sears, Roebuck and Co., by deed of record in Deed
     Book 2647, Page 229;

Thence the following three (3) courses and distances along the lines common to
said original 39.017 acre tract and said 1.021 acre tract:

1.   North 46(degree)52'45" East, a distance of 34.73 feet, to a cotton gin
     spike set;

2.   North 43(degree)07'15" West, a distance of 475.00 feet, to a cotton gin
     spike set;

3.   South 46(degree)52'45" West, a distance of 100.00 feet, to a cotton gin
     spike set at the common corner of said original 39.017 acre tract, said
     1.021 acre tract and an original 16.772 acre tract conveyed to Sears,
     Roebuck and Co., by deed of record in Deed Book 2485, Page 481;

Thence North 43(degree)07'15" West, a distance of 446.00 feet, along the line
common to said original 39.017 acre tract and said original 16.772 acre tract,
to a cotton gin spike set in the line common to said original 16.772 acre tract,
said original 39.017 acre tract and a 1.247 acre tract conveyed to Sears,
Roebuck and Co., by deed of record in Deed Book 3173, Page 250;

Thence the following two (2) courses and distances along the lines common to
said original 39.017 acre tract and said 1.247 acre tract:

1.   North 46(degree)52'45" East, a distance of 127.56 feet, to a cotton gins
     spike set;

<PAGE>

2.   North 43(degree)07'15" West, a distance of 124.93 feet, to a 3/4" iron pin
     set at the common corner of said 1.247 acre tract and said original 39.017
     acre tract and in the easterly line of an original 45.707 acre tract
     conveyed to Columbus East Joint-Venture, by deed of record in Official
     Record 13511, Page G18;

3.   Thence North 46(degree)52'45" East, a distance of 655.59 feet, along the
     line common to said original 45.707 acre tract and said original 39.017
     acre tract, to a 3/4 inch iron pin set at the common corner of said
     original 39.017 acre tract and said original 17.03 acre tract;

Thence the following five (5) courses and distances along the lines common to
said original 39.017 acre tract and said original 17.03 acre tract:

1.   South 43(degree)07'15" East, a distance of 124.94 feet, to a cotton gin
     spike set;

2.   South 46(degree)52'45" West, a distance of 41.83 feet, to a cotton gin
     spike set;

3.   South 43(degree)07'15" East, a distance of 318.00 feet, to a cotton gin
     spike set;

4.   North 46(degree)52'45" East, a distance of 208.68 feet, to a cotton gin
     spike set;

5.   South 43(degree)07'15" East, a distance of 553.28 feet, to the POINT OF
     TRUE BEGINNING, containing 18.870 acres, more or less.

The bearings shown hereon are based on the bearing of North 85(degree)37'49"
West for the northerly right-of-way line of Refugee Road (Right-of-way
established by using ODOT plans FRA-270-15.95 and FRA-270-18.155), as determined
from GPS network of field observations performed in November, 2003, (Ohio State
Plane Coordinate System, South Zone, 1986 adjustment).

All iron pin set are 3/4 inch iron pipes, 30 inches in length, with a yellow cap
bearing the name "R.D.ZANDE".

<PAGE>

PARCEL 2 - Fee Simple:

                        DESCRIPTION OF A 7.008 ACRE TRACT
                        LOCATED NORTH OF REFUGEE ROAD AND
                              WEST OF HAMILTON ROAD
                     CITY OF COLUMBUS, FRANKLIN COUNTY, OHIO

Situate in the State of Ohio, County of Franklin, City of Columbus, lying in
Section 28, Township 12, Range 12, Refugee Lands and being part of an original
39.017 acre tract conveyed to EM Columbus, LLC, by deed of record in Instrument
Number 200401080005999, all records herein of the Recorder's Office, Franklin
County, Ohio, and being more particularly described as follows:

BEGINNING at a 3/4 inch iron pin found at southwest corner of said original
39.017 acre tract, in the northerly right-of-way line of Refugee Road, also
being a common corner to an original 16.772 acre tract conveyed to Sears,
Roebuck, and Co., by deed of record in Deed Book 2485, Page 481, a 0.66 acre
tract (Parcel No. 152 E-WD) conveyed to the State of Ohio, by deed of record in
Deed Book 3039, Page 102, and a 1.26 acre tract (Parcel No. 152 DWD) conveyed to
the State of Ohio, by deed of record in Deed Book 3095, Page 345;

Thence North 46(degree)52'45" East, a distance of 541.55 feet, along the line
common to said 39.017 acre tract and said original 16.772 acre tract, to a
cotton gin spike set in said common line;

Thence the following three (3) courses and distances on, over and across said
original 39.017 acre tract:

1.   South 43(degree)07'15" East, a distance of 152.99 feet, to a cotton gin
     spike set;

2.   North 46(degree)52'45" East, a distance of 359.52 feet, to a cotton gin
     spike set;

3.   South 43(degree)07'15" East, a distance of 425.94 feet, to a 3/4 inch iron
     pin found in the southeasterly line of said original 39.017 acre tract,
     being the northwesterly right-of-way line of Interstate 270;

Thence South 46(degree)52'10" West, a distance of 350.00 feet, along the line
common to said original 39.017 acre tract and the northwesterly right-of-way of
said Interstate 270, to a 3/4 inch iron pin found at the common corner of said
original 39.017 acre tract and said 1.26 acre tract, said iron pin also being in
the northwesterly right-of-way line of said Interstate 270 and the northerly
right-of-way of Refugee Road;

Thence the following three (3) courses and distances along the lines common to
said original 39.017 acre tract, said 1.26 acre tract and the northerly
right-of-way of said Refugee Road:

<PAGE>

1.   North 85(degree)37'49" West, a distance of 526.65 feet, to a 3/4 inch iron
     pin found;

2.   South 04(degree)22'11" West, a distance of 15.00 feet, to an iron pin set;

3.   North 85(degree)37'49" West, a distance of 272.53 feet, to the POINT OF
     BEGINNING, containing 7.008 acres, more or less.

All iron pin set are 3/4 inch iron pipes, 30 inches in length, with a yellow cap
bearing the name "R.D.ZANDE".

The bearings shown hereon are based on the bearing of North 85(degree)37'49"
West for the northerly right-of-way line of Refugee Road (Right-of-way
established using ODOT plans FRA-270-15.95 and FRA-270-270-18.155), as
determined from GPS network of field observations performed in November, 2003,
(Ohio State Plane Coordinate System, South Zone, 1986 adjustment).

PARCEL 3 - Fee Simple:

                        DESCRIPTION OF A 3.219 ACRE TRACT
                        LOCATED WEST OF HAMILTON ROAD AND
                              NORTH OF REFUGEE ROAD
                     CITY OF COLUMBUS, FRANKLIN COUNTY, OHIO

Situate in the State of Ohio, County of Franklin, City of Columbus, lying in
Section 28, Township 12, Range 21, Refugee Lands, being part of an original
17.03 acre tract conveyed to Lazarus Real Estate II, Inc. by deed of record in
Official Record 12166, Page D-16, all records herein of the Recorder's Office,
Franklin County, Ohio, and being more particularly described as follows:

BEGINNING FOR REFERENCE, at a 3/4 inch iron pin found at the southwest corner of
Franksway Street (50 feet-wide) as shown and delineated on the record plat of
FRANKSWAY STREET, MACSWAY AVENUE AND SERVICE ROAD DEDICATION IN RAINIER PARK, a
subdivision of record in Plat Book 45, Page 22, said iron pin also being at the
southeast corner of 3.903 acre tract (Parcel II) conveyed to Eastland Plaza
Limited Partnership, by deed of record in Instrument Number 199917120283701;

Thence North 85(degree)38'57" West, a distance of 617.49 feet, passing a 3/4
inch iron pin (bent) found at a distance of 198.70 feet, along the line common
to said original 17.03 acre tract and said 3.903 acre tract, to a 3/4 inch iron
pin found at the common corner of said original 17.03 acre tract and a 6.000
acre tract conveyed to Eastland Manor, Inc., by deed of record in Deed Book
3622, Page 438;

<PAGE>

Thence South 46(degree)52'45" West, a distance of 105.12 feet along the line
common to said original 17.03 acre tract and said 6.000 acre tract, to an iron
pin set, said iron pin being the POINT OF TRUE BEGINNING;

Thence the following two (2) courses and distances over and across said original
17.03 acre tract:

1.   South 43(degree)07'15" East, a distance of 500.94 feet, to a cotton gin
     spike set;

2.   South 46(degree)52'45" West, a distance of 105.83 feet, to a cotton gin
     spike set in the line common to said original 17.03 acre tract and an
     original 39.017 acre tract conveyed to EM Columbus, LLC, by deed of record
     in Instrument Number 200401080005999;

Thence the following five (5) courses and distances along the lines common to
said original 17.03 acre tract and said original 39.017 acre tract:

1.   North 43(degree)07'15" West, a distance of 58.00 feet, to a cotton gin
     spike found;

2.   South 46(degree)52'45" West, a distance of 208.68 feet, to a cotton gin
     spike found;

3.   North 43(degree)07'15" West, a distance of 318.00 feet, to a cotton gin
     spike found;

4.   North 46(degree)52'45" East, a distance of 41.83 feet, to a cotton gin
     spike found;

5.   North 43(degree)07'15" West, a distance of 124.94 feet, to a 3/4" inch iron
     pin found at the common corner of said original 17.03 acre tract and said
     original 39.017 acre tract and in the north line of an original 45.707 acre
     tract conveyed to Columbus East Joint-Venture, by deed of record in
     Official Record 13511, Page G18;

Thence North 46(degree)52'45" East, a distance of 272.68 feet, passing a 3/4
inch iron pin found at a distance of 126.90 feet, along the line common to said
original 17.03 acre tract, said original 45.707 acre tract and said 6.000 acre
tract, to the POINT OF TRUE BEGINNING, containing 3.219 acres, more or less. Of
which being 2.437 acres out of Parcel Number 010-118467 and 0.782 acres out of
Parcel Number 010-005373.

All iron pin set are 3/4 inch iron pipes, 30 inches in length, with a yellow cap
bearing the name "R.D. ZANDE".

<PAGE>

The bearings shown hereon are based on the bearing of North 85(degree)37'49"
West for the northerly right-of-way line of Refugee Road (Right-of-way
established by using ODOT plans FRA-270-15.95 and FRA-270-18.155), as determined
from GPS network of field observations performed in November, 2003, (Ohio State
Plane Coordinate System, South Zone, 1986 adjustment).

PARCEL 4 - Fee Simple:

                        DESCRIPTION OF A 0.536 ACRE TRACT
                        LOCATED NORTH OF REFUGEE ROAD AND
                              WEST OF HAMILTON ROAD
                     CITY OF COLUMBUS, FRANKLIN COUNTY, OHIO

Situate in the State of Ohio, County of Franklin, City of Columbus, lying in
Section 28, Township 12, Range 12, Refugee Lands and being part of an original
39.017 acre tract conveyed to EM Columbus, LLC, by deed of record in Instrument
Number 200401080005999, all records herein of the Recorder's Office, Franklin
County, Ohio, and being more particularly described as follows:

BEGIN FOR REFERENCE, at point, reference by a 3/4 inch iron pin found at a
distance of 0.25 feet east, at the common corner of a Proposed 12.598 acre
tract, an original 17.03 acre tract conveyed to Lazarus Real Estate II, Inc., by
deed of record in Official Record 12166, Page D16, a 0.955 acre tract (Parcel
No. 5WD) conveyed to the State of Ohio, by deed of record in Deed Book 3030,
Page 37, and a 0.660 acre tract (Parcel No. 6WD) conveyed to the State of Ohio,
by deed of record in Deed Book 3095, Page 343;

Thence South 04(degree)20'19" West, a distance of 277.78 feet, along the line
common to said original 39.017 acre tract and said 0.660 acre tract, to an iron
pin set, being the POINT OF TRUE BEGINNING;

Thence South 04(degree)20'19" West, a distance of 266.27 feet, along the line
common to said original 39.017 acre tract, said 0.660 acre tract and a 0.62 acre
tract (Parcel No. 152 DWD-1) conveyed to the State of Ohio by deed of record in
Deed Book 3095, Page 345, to an iron pin set;

Thence the following four (4) courses and distances on, over and across said
original 39.017 acre tract;

1.   North 85(degree)39'20" West, a distance of 57.66 feet, to an iron pin set;

<PAGE>

2.   Along a curve to the right, having a central angle of 34(degree)00'09", a
     radius of 200.00 feet, an arc length of 118.69 feet, a chord which bears
     North 12(degree)39'25" West, a chord distance of 116.96 feet, to a cotton
     gin spike set;

3.   North 04(degree)20'40" East, a distance of 157.23 feet, to a cotton gin
     spike set;

4.   South 83(degree)54'20" East, a distance of 91.88 feet, to the POINT OF TRUE
     BEGINNING, containing 0.536 acres, more or less.

All iron pin set are 3/4 inch iron pipes, 30 inches in length, with a yellow cap
bearing the name "R.D.ZANDE".

The bearings shown hereon are based on the bearing of North 85(degree)37'49"
West for the northerly right-of-way line of Refugee Road (Right-of-way
established using ODOT plans FRA-270-15.95 and FRA-270-270-18.155), as
determined from GPS network of field observations performed in November, 2003,
(Ohio State Plane Coordinate System, South Zone, 1986 adjustment).

Parcel 5 - Easements:

Easements and Rights for the benefit of Parcel No. 1 as created by the Easement,
Restrictions and Operating Agreement, dated March 1, 1966, filed for record
March 2, 1966 and recorded in Book 2715, Page 519 of Franklin County Records; as
amended by the First Amendment to Easement, Restrictions and Operating
Agreement, dated March 15, 1966, filed for record June 22, 1966 and recorded in
Book 2742, Page 45 of Franklin County Records; as amended by the Second
Amendment to Easement, Restrictions and Operating Agreement, dated May 17, 1971,
filed for record November 9, 1971 and recorded in Book 3189, Page 273of Franklin
County Records; as amended by Third Amendment to Easement, Restrictions and
Operating Agreement, dated September 30, 1974, filed for record March 12, 1975
and recorded in Book 3454, Page 365 of Franklin County Records; being the same
easements and rights identified in the Purchase and Operating Agreement by and
among Federated Department Stores, Inc., Sears, Roebuck & Co. and Columbus
East-Joint Venture, dated as of June 2, 1965; as amended by the First Amendment
to Purchase and Operating Agreement, dated as of February 7, 1966; as amended by
Second Amendment to Purchase and Operating Agreement, dated as of March 15,
1966; as amended by Third Amendment to Purchase and Operating Agreement, dated
as of May 17, 1971, filed for record November 9, 1971 and recorded in Book 3221,
Page 271 of Franklin County Records; as amended by Fourth Amendment to Purchase
and Operating Agreement, dated as of September 30, 1974, filed for record March
12, 1975 and recorded in Book 3510, Page 303 of Franklin County Records; as
assigned by Assignment and Assumption of Operating Agreement, dated as of July
29, 1988, filed for record August 26, 1988 and recorded in ORV 12166, Page E02

<PAGE>

as amended by Fourth Amendment to Easements, Restrictions and Operating
Agreement, dated as of December 15, 1994, filed for record September 14, 1995
and recorded in ORV 30025, Page I-03, as amended in Fifth Amendment to
Easements, Restrictions and Operating Agreement, dated as of December 15, 1994
filed for record September 14, 1995 and recorded in ORV 30025, Page I-12, and as
further amended by Amended and Restated Construction, Operating and Reciprocal
Easement Agreement by and among The May Department Stores Company, a New York
corporation, Sears, Roebuck and Co., a New York corporation, Rich's Department
Stores, Inc., an Ohio corporation, and EM Columbus, LLC, a Delaware limited
liability company, dated May 20, 2005 and recorded June 1, 2005 in the
Recorder's Office of Franklin County, Ohio, as Instrument No. 200506010106031,
(the "REA"), and Quitclaim Deed of Easement from J.C. Penney Corporation, Inc.,
a Delaware corporation, to EM Columbus, LLC, a Delaware limited liability
company, dated May 17, 2005, recorded June 1, 2005 as Document No.
200506010106040, all in the Franklin County Recorder's Office, Ohio.

Parcel 6- Easements:

Easement for the Benefit of Parcel No. 1, as created by The Party Wall
Agreement, dated September 1, 1966, filed for record July 11, 1967 and recorded
in Book 2824, Page 459 of Franklin County Records, for the purpose described in
said Party Wall Agreement, over, under and across the land as described in said
Party Wall Agreement, subject to the terms, provisions and conditions set forth
in said document.

Parcel 7- Easements:

Easement for the Benefit of Parcel No. 1, as created by the Deed of Easement,
dated February 6, 1967, filed for record March 16, 1967 and recorded in Book
2796, Page 283 of Franklin County Records, for the purpose described in said
Deed of Easement for constructing, using, replacing and maintaining a sanitary
sewer, tributary connections and appurtenant work, over, under and across the
land as described in said Party Wall Agreement. Subject to the terms, provisions
and conditions set forth in said document.Exhibit 10.68

                        EM COLUMBUS II, LLC, AS ASSIGNOR
                                   (Borrower)

                                       TO

                     LEHMAN BROTHERS BANK, FSB, AS ASSIGNEE
                                    (Lender)

                                   ASSIGNMENT
                               OF LEASES AND RENTS

                        Dated:     As of November 20, 2006
                        Location:  Eastland Mall
                                   Columbus, Ohio

                   PREPARED BY AND UPON RECORDATION RETURN TO:
                         Stroock & Stroock & Lavan, LLP
                    200 South Biscayne Boulevard, Suite 3100
                              Miami, Florida 33131
                       Attention: Eugene P. Balshem, Esq.

<PAGE>

     THIS ASSIGNMENT OF LEASES AND RENTS (this "Assignment") made as of the 20th
day of November, 2006, by EM COLUMBUS II, LLC, a Delaware limited liability
company, having an address at 150 East Gay Street, Columbus, Ohio 43215
("Borrower") to LEHMAN BROTHERS BANK, FSB, a federal stock savings bank, having
an address at 1000 West Street, Suite 200, Wilmington, Delaware 19801
("Lender").

                              W I T N E S S E T H:

     WHEREAS, this Assignment is given to secure a loan in the principal sum of
FORTY-THREE MILLION AND 00/100 DOLLARS ($43,000,000.00) (the "Loan") or so much
thereof as may be advanced by Lender to the Borrower pursuant to that certain
Loan Agreement dated as of the date hereof (the "Loan Agreement") and evidenced
by that certain Promissory Note dated the date hereof made by Borrower to Lender
(the "Note"); and

     WHEREAS, Borrower desires to secure the payment of the Debt (as defined in
the Loan Agreement) and the performance of all of its obligations under the
Note, the Loan Agreement and the other Loan Documents.

     NOW THEREFORE, in consideration of the making of the Loan by Lender and the
covenants, agreements, representations and warranties set forth in this
Assignment:

                             ARTICLE 1 - ASSIGNMENT

     Section 1.1 PROPERTY ASSIGNED. Borrower hereby absolutely and
unconditionally assigns and grants to Lender the following property, rights,
interests and estates, now owned, or hereafter acquired by Borrower:

     (a) LEASES. All existing and future leases, subleases, licenses,
franchises, concessions or grants of other possessory interests, tenancies, and
any other agreements affecting the use, possession, enjoyment, or occupancy of
all or any part of that certain lot or piece of land, more particularly
described in Exhibit A annexed hereto and made a part hereof, together with the
buildings, structures, fixtures, additions, enlargements, extensions,
modifications, repairs, replacements and improvements now or hereafter located
thereon (collectively, the "Property") and the right, title and interest of
Borrower, its successors and assigns, therein and thereunder.

     (b) OTHER LEASES AND AGREEMENTS. All other leases and other agreements,
whether or not in writing, affecting the use, enjoyment or occupancy of the
Property or any portion thereof now or hereafter made, whether made before or
after the filing by or against Borrower of any petition for relief under 11
U.S.C. ss.101 et seq., as the same may be amended from time to time (the
"Bankruptcy Code") together with any extension, renewal or replacement of the
same, this Assignment of other present and future leases and present and future
agreements being effective without further or supplemental assignment. The
leases described in Subsection 1.1(a) and the leases and other agreements
described in this Subsection 1.1(b), together with all other present and future
leases and present and future agreements and any extension or renewal of the
same are collectively referred to as the "Leases".

<PAGE>

     (c) RENTS. All rents, additional rents, revenues, income, issues and
profits arising from the Leases and renewals and replacements thereof and any
cash or security deposited in connection therewith and together with all rents,
revenues, income, issues and profits (including all oil and gas or other mineral
royalties and bonuses) from the use, enjoyment and occupancy of the Property
whether paid or accruing before or after the filing by or against Borrower of
any petition for relief under the Bankruptcy Code (collectively, the "Rents").

     (d) BANKRUPTCY CLAIMS. All of Borrower's claims and rights (the "Bankruptcy
Claims") to the payment of damages arising from any rejection by a lessee of any
Lease under the Bankruptcy Code.

     (e) LEASE GUARANTIES. All of Borrower's right, title and interest in and
claims under any and all lease guaranties, letters of credit and any other
credit support (individually, a "Lease Guaranty", collectively, the "Lease
Guaranties") given by any guarantor in connection with any of the Leases or
leasing commissions (individually, a "Lease Guarantor", collectively, the "Lease
Guarantors") to Borrower.

     (f) PROCEEDS. All proceeds from the sale or other disposition of the
Leases, the Rents, the Lease Guaranties and the Bankruptcy Claims.

     (g) OTHER. All rights, powers, privileges, options and other benefits of
Borrower as lessor under the Leases and beneficiary under the Lease Guaranties,
including without limitation the immediate and continuing right to make claim
for, receive, collect and receipt for all Rents payable or receivable under the
Leases and all sums payable under the Lease Guaranties or pursuant thereto (and
to apply the same to the payment of the Debt or the Other Obligations), and to
do all other things which Borrower or any lessor is or may become entitled to do
under the Leases or the Lease Guaranties.

     (h) ENTRY. The right, at Lender's option, upon revocation of the license
granted herein, to enter upon the Property in person, by agent or by
court-appointed receiver, to collect the Rents.

     (i) POWER OF ATTORNEY. Borrower's irrevocable power of attorney, coupled
with an interest, to take any and all of the actions set forth in Section 3.1 of
this Assignment and any or all other actions designated by Lender for the proper
management and preservation of the Property.

     (j) OTHER RIGHTS AND AGREEMENTS. Any and all other rights of Borrower in
and to the items set forth in subsections (a) through (i) above, and all
amendments, modifications, replacements, renewals and substitutions thereof.

                         ARTICLE 2 - TERMS OF ASSIGNMENT

     Section 2.1 PRESENT ASSIGNMENT AND LICENSE BACK. It is intended by Borrower
that this Assignment constitute a present, absolute assignment of the Leases,
Rents, Lease Guaranties and Bankruptcy Claims, and not an assignment for
additional security only. Nevertheless, subject to the terms of this Section
2.1, Lender grants to Borrower a revocable license to collect, receive, use and
enjoy the Rents and other sums due under the Lease Guaranties. Borrower shall
hold the Rents and all sums received pursuant to any Lease Guaranty, or a
portion thereof sufficient to discharge all current sums due on the Debt, in
trust for the benefit of Lender for use in the payment of such sums.

                                       2
<PAGE>

     Section 2.2 NOTICE TO LESSEES. Borrower hereby authorizes and directs the
lessees named in the Leases or any other future lessees or occupants of the
Property and all Lease Guarantors to pay over to Lender or to such other party
as Lender directs all Rents and all sums due under any Lease Guaranties upon
receipt from Lender of written notice to the effect that Lender is then the
holder of this Assignment and that an Event of Default (as defined in the Loan
Agreement) exists, and to continue so to do until otherwise notified by Lender.

     Section 2.3 INCORPORATION BY REFERENCE. All representations, warranties,
covenants, conditions and agreements contained in the Loan Agreement and the
other Loan Documents as same may be modified, renewed, substituted or extended
are hereby made a part of this Assignment to the same extent and with the same
force as if fully set forth herein.

                              ARTICLE 3 - REMEDIES

     Section 3.1 REMEDIES OF LENDER. Upon or at any time after the occurrence of
an Event of Default, the license granted to Borrower in Section 2.1 of this
Assignment shall automatically be revoked, and Lender shall immediately be
entitled to possession of all Rents and sums due under any Lease Guaranties,
whether or not Lender enters upon or takes control of the Property. In addition,
Lender may, at its option, without waiving such Event of Default, without regard
to the adequacy of the security for the Debt, either in person or by agent,
nominee or attorney, with or without bringing any action or proceeding, or by a
receiver appointed by a court, dispossess Borrower and its agents and servants
from the Property, without liability for trespass, damages or otherwise and
exclude Borrower and its agents or servants wholly therefrom, and take
possession of the Property and all books, records and accounts relating thereto
and have, hold, manage, lease and operate the Property on such terms and for
such period of time as Lender may deem proper and either with or without taking
possession of the Property in its own name, demand, sue for or otherwise collect
and receive all Rents and sums due under all Lease Guaranties, including those
past due and unpaid with full power to make from time to time all alterations,
renovations, repairs or replacements thereto or thereof as Lender may deem
proper and may apply the Rents and sums received pursuant to any Lease
Guaranties to the payment of the following in such order and proportion as
Lender in its sole discretion may determine, any law, custom or use to the
contrary notwithstanding: (a) all expenses of managing and securing the
Property, including, without being limited thereto, the salaries, fees and wages
of a managing agent and such other employees or agents as Lender may deem
necessary or desirable and all expenses of operating and maintaining the
Property, including, without being limited thereto, all taxes, charges, claims,
assessments, water charges, sewer rents and any other liens, and premiums for
all insurance which Lender may deem necessary or desirable, and the cost of all
alterations, renovations, repairs or replacements, and all expenses incident to
taking and retaining possession of the Property; and (b) the Debt, together with
all costs and reasonable attorneys' fees. In addition, upon the occurrence of an
Event of Default, Lender, at its option, may (1) complete any construction on
the Property in such manner and form as Lender deems advisable, (2) exercise all
rights and powers of Borrower, including, without limitation, the right to
negotiate, execute, cancel, enforce or modify Leases, obtain and evict tenants,
and demand, sue for, collect and receive all Rents from the Property and all

                                       3
<PAGE>

sums due under any Lease Guaranties, (3) either require Borrower to pay monthly
in advance to Lender, or any receiver appointed to collect the Rents, the fair
and reasonable rental value for the use and occupancy of such part of the
Property as may be in possession of Borrower or (4) require Borrower to vacate
and surrender possession of the Property to Lender or to such receiver and, in
default thereof, Borrower may be evicted by summary proceedings or otherwise.

     Section 3.2 OTHER REMEDIES. Nothing contained in this Assignment and no act
done or omitted by Lender pursuant to the power and rights granted to Lender
hereunder shall be deemed to be a waiver by Lender of its rights and remedies
under the Loan Agreement, the Note, or the other Loan Documents and this
Assignment is made and accepted without prejudice to any of the rights and
remedies possessed by Lender under the terms thereof. The right of Lender to
collect the Debt and to enforce any other security therefor held by it may be
exercised by Lender either prior to, simultaneously with, or subsequent to any
action taken by it hereunder. Borrower hereby absolutely, unconditionally and
irrevocably waives any and all rights to assert any setoff, counterclaim or
crossclaim of any nature whatsoever with respect to the obligations of Borrower
under this Assignment, the Loan Agreement, the Note, the other Loan Documents or
otherwise with respect to the Loan in any action or proceeding brought by Lender
to collect same, or any portion thereof, or to enforce and realize upon the lien
and security interest created by this Assignment, the Loan Agreement, the Note,
or any of the other Loan Documents (provided, however, that the foregoing shall
not be deemed a waiver of Borrower's right to assert any compulsory counterclaim
if such counterclaim is compelled under local law or rule of procedure, nor
shall the foregoing be deemed a waiver of Borrower's right to assert any claim
which would constitute a defense, setoff, counterclaim or crossclaim of any
nature whatsoever against Lender in any separate action or proceeding).

     Section 3.3 OTHER SECURITY. Lender may take or release other security for
the payment of the Debt, may release any party primarily or secondarily liable
therefor and may apply any other security held by it to the reduction or
satisfaction of the Debt without prejudice to any of its rights under this
Assignment.

     Section 3.4 NON-WAIVER. The exercise by Lender of the option granted it in
Section 3.1 of this Assignment and the collection of the Rents and sums due
under the Lease Guaranties and the application thereof as herein provided shall
not be considered a waiver of any default by Borrower under the Note, the Loan
Agreement, the Leases, this Assignment or the other Loan Documents. The failure
of Lender to insist upon strict performance of any term hereof shall not be
deemed to be a waiver of any term of this Assignment. Borrower shall not be
relieved of Borrower's obligations hereunder by reason of (a) the failure of
Lender to comply with any request of Borrower or any other party to take any
action to enforce any of the provisions hereof or of the Loan Agreement, the
Note or the other Loan Documents, (b) the release regardless of consideration,
of the whole or any part of the Property, or (c) any agreement or stipulation by
Lender extending the time of payment or otherwise modifying or supplementing the
terms of this Assignment, the Loan Agreement, the Note, or the other Loan
Documents. Lender may resort for the payment of the Debt to any other security
held by Lender in such order and manner as Lender, in its discretion, may elect.
Lender may take any action to recover the Debt, or any portion thereof, or to
enforce any covenant hereof without prejudice to the right of Lender thereafter
to enforce its rights under this Assignment. The rights of Lender under this
Assignment shall be separate, distinct and cumulative and none shall be given
effect to the exclusion of the others. No act of Lender shall be construed as an
election to proceed under any one provision herein to the exclusion of any other
provision.

                                       4
<PAGE>

     Section 3.5 BANKRUPTCY. a) Upon or at any time after the occurrence of an
Event of Default, Lender shall have the right to proceed in its own name or in
the name of Borrower in respect of any claim, suit, action or proceeding
relating to the rejection of any Lease, including, without limitation, the right
to file and prosecute, to the exclusion of Borrower, any proofs of claim,
complaints, motions, applications, notices and other documents, in any case in
respect of the lessee under such Lease under the Bankruptcy Code.

     (b) If there shall be filed by or against Borrower a petition under the
Bankruptcy Code, and Borrower, as lessor under any Lease, shall determine to
reject such Lease pursuant to Section 365(a) of the Bankruptcy Code, then
Borrower shall give Lender not less than ten (10) days' prior notice of the date
on which Borrower shall apply to the bankruptcy court for authority to reject
the Lease. Lender shall have the right, but not the obligation, to serve upon
Borrower within such ten-day period a notice stating that (i) Lender demands
that Borrower assume and assign the Lease to Lender pursuant to Section 365 of
the Bankruptcy Code and (ii) Lender covenants to cure or provide adequate
assurance of future performance under the Lease. If Lender serves upon Borrower
the notice described in the preceding sentence, Borrower shall not seek to
reject the Lease and shall comply with the demand provided for in clause (i) of
the preceding sentence within thirty (30) days after the notice shall have been
given, subject to the performance by Lender of the covenant provided for in
clause (ii) of the preceding sentence.

                  ARTICLE 4 - NO LIABILITY, FURTHER ASSURANCES

     Section 4.1 NO LIABILITY OF LENDER. This Assignment shall not be construed
to bind Lender to the performance of any of the covenants, conditions or
provisions contained in any Lease or Lease Guaranty or otherwise impose any
obligation upon Lender. Lender shall not be liable for any loss sustained by
Borrower resulting from Lender's failure to let the Property after an Event of
Default or from any other act or omission of Lender in managing the Property
after an Event of Default unless such loss is caused by the willful misconduct
and bad faith of Lender. Lender shall not be obligated to perform or discharge
any obligation, duty or liability under the Leases or any Lease Guaranties or
under or by reason of this Assignment and Borrower shall, and hereby agrees to,
indemnify Lender for, and to hold Lender harmless from, any and all liability,
loss or damage which may or might be incurred under the Leases, any Lease
Guaranties or under or by reason of this Assignment and from any and all claims
and demands whatsoever, including the defense of any such claims or demands
which may be asserted against Lender by reason of any alleged obligations and
undertakings on its part to perform or discharge any of the terms, covenants or
agreements contained in the Leases or any Lease Guaranties. Should Lender incur
any such liability, the amount thereof, including costs, expenses and reasonable
attorneys' fees, shall be secured by this Assignment and by the Mortgage
encumbering the Property and the other Loan Documents and Borrower shall
reimburse Lender therefor immediately upon demand and upon the failure of
Borrower so to do Lender may, at its option, declare all sums secured by this
Assignment and by the Mortgage encumbering the Property and the other Loan
Documents immediately due and payable. This Assignment shall not operate to
place any obligation or liability for the control, care, management or repair of
the Property upon Lender, nor for the carrying out of any of the terms and

                                       5
<PAGE>

conditions of the Leases or any Lease Guaranties; nor shall it operate to make
Lender responsible or liable for any waste committed on the Property by the
tenants or any other parties, or for any dangerous or defective condition of the
Property including, without limitation, the presence of any Hazardous Substances
(as defined in the Mortgage), or for any negligence in the management, upkeep,
repair or control of the Property resulting in loss or injury or death to any
tenant, licensee, employee or stranger.

     Section 4.2 NO MORTGAGEE IN POSSESSION. Nothing herein contained shall be
construed as constituting Lender a "mortgagee in possession" in the absence of
the taking of actual possession of the Property by Lender. In the exercise of
the powers herein granted Lender, no liability shall be asserted or enforced
against Lender, all such liability being expressly waived and released by
Borrower.

     Section 4.3 FURTHER ASSURANCES. Borrower will, at the cost of Borrower, and
without expense to Lender, do, execute, acknowledge and deliver all and every
such further acts, conveyances, assignments, notices of assignments, transfers
and assurances as Lender shall, from time to time, require for the better
assuring, conveying, assigning, transferring and confirming unto Lender the
property and rights hereby assigned or intended now or hereafter so to be, or
which Borrower may be or may hereafter become bound to convey or assign to
Lender, or for carrying out the intention or facilitating the performance of the
terms of this Assignment or for filing, registering or recording this Assignment
and, on demand, will execute and deliver and hereby authorizes Lender to execute
in the name of Borrower to the extent Lender may lawfully do so, one or more
financing statements, chattel mortgages or comparable security instruments, to
evidence more effectively the lien and security interest hereof in and upon the
Leases.

                      ARTICLE 5 - MISCELLANEOUS PROVISIONS

     Section 5.1 CONFLICT OF TERMS. In case of any conflict between the terms of
this Assignment and the terms of the Loan Agreement, the terms of the Loan
Agreement shall prevail.

     Section 5.2 NO ORAL CHANGE. This Assignment and any provisions hereof may
not be modified, amended, waived, extended, changed, discharged or terminated
orally, or by any act or failure to act on the part of Borrower or Lender, but
only by an agreement in writing signed by the party against whom the enforcement
of any modification, amendment, waiver, extension, change, discharge or
termination is sought.

     Section 5.3 GENERAL DEFINITIONS. All capitalized terms not defined herein
shall have the respective meanings set forth in the Loan Agreement. Unless the
context clearly indicates a contrary intent or unless otherwise specifically
provided herein, words used in this Assignment may be used interchangeably in
singular or plural form and the word "Borrower" shall mean "each Borrower and
any subsequent owner or owners of the Property or any part thereof or interest
therein," the word "Lender" shall mean "Lender and any subsequent holder of the
Note, the word "Note" shall mean "the Note and any other evidence of
indebtedness secured by the Loan Agreement, the word "Property" shall include
any portion of the Property and any interest therein, the phrases "attorneys'
fees", "legal fees" and "counsel fees shall include any and all attorney's,
paralegal and law clerk fees and disbursements, including, but not limited to,

                                       6
<PAGE>

fees and disbursements at the pre-trial, trial and appellate levels incurred or
paid by Lender in protecting its interest in the Property, the Leases and the
Rents and enforcing its rights hereunder; whenever the context may require, any
pronouns used herein shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns and pronouns shall include the
plural and vice versa.

     Section 5.4 INAPPLICABLE PROVISIONS. If any term, covenant or condition of
this Assignment is held to be invalid, illegal or unenforceable in any respect,
this Assignment shall be construed without such provision.

     Section 5.5 GOVERNING LAW. (A) THIS ASSIGNMENT WAS NEGOTIATED IN THE STATE
OF NEW YORK, AND MADE BY BORROWER AND ACCEPTED BY LENDER IN THE STATE OF NEW
YORK, AND THE PROCEEDS OF THE NOTE SECURED HEREBY WERE DISBURSED FROM THE STATE
OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE
PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS,
INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS ASSIGNMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH
STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF
THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE
CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS
CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS WITH RESPECT TO
THE PROPERTY SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE
STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST
EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK
SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS
AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST
EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES
ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS
ASSIGNMENT AND THE NOTE, AND THIS ASSIGNMENT AND THE NOTE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

     (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING
OUT OF OR RELATING TO THIS ASSIGNMENT MAY AT LENDER'S OPTION BE INSTITUTED IN
ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT
TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND BORROWER WAIVES
ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM
NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR
PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

                                       7
<PAGE>

                  Corporation Service Company
                  80 State Street
                  Albany, New York 12207-2543

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY
AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN
ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF
PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE
MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN
EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT,
ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT
NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II)
MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT
WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE
DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL
PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN
OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

     Section 5.6 TERMINATION OF ASSIGNMENT. Upon payment in full of the Debt,
this Assignment shall become and be void and of no effect.

     Section 5.7 NOTICES. All notices or other written communications hereunder
shall be delivered in accordance with Section 10.6 of the Loan Agreement.

     Section 5.8 WAIVER OF TRIAL BY JURY. BORROWER HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR
INDIRECTLY TO THE LOAN EVIDENCED BY THE NOTE, THE APPLICATION FOR THE LOAN
EVIDENCED BY THE NOTE, THIS ASSIGNMENT, THE NOTE, OR THE OTHER LOAN DOCUMENTS OR
ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN
CONNECTION THEREWITH.

     Section 5.9 EXCULPATION. The provisions of Section 9.4 of the Loan
Agreement are hereby incorporated by reference into this Assignment to the same
extent and with the same force as if fully set forth herein.

                                       8
<PAGE>

     Section 5.10 SUCCESSORS AND ASSIGNS. This Assignment shall be binding upon
and inure to the benefit of Borrower and Lender and their respective successors
and assigns forever.

     Section 5.11 HEADINGS, ETC. The headings and captions of various paragraphs
of this Assignment are for convenience of reference only and are not to be
construed as defining or limiting, in any way, the scope or intent of the
provisions hereof.

                  [Remainder of Page Intentionally Left Blank]

                                       9
<PAGE>

     IN WITNESS WHEREOF, Borrower has executed this instrument the day and year
first above written.

                                   BORROWER:

                                   EM COLUMBUS II, LLC,
                                   a Delaware limited liability company

                                   By: Glimcher Properties Limited Partnership,
                                       a Delaware limited partnership,
                                       its sole equity member

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

                                           By: __________________________
                                                 George A. Schmidt
                                                 Executive Vice President

<PAGE>

                                 ACKNOWLEDGEMENT

STATE OF _____________     )
                           )ss:
COUNTY OF ____________     )

     Before me, a Notary Public in and for said County and State, personally
appeared George A. Schmidt, as executive vice president of Glimcher Properties
Corporation, a Delaware corporation, as sole general partner of Glimcher
Properties Limited Partnership, a Delaware limited partnership, as sole equity
member of EM COLUMBUS II, LLC, a Delaware limited liability company, who
acknowledged execution of the foregoing for and on behalf of said corporation,
limited partnership and limited liability company, and who, having been duly
sworn, stated that the execution thereof was his/her free act and deed and the
free act and deed of said corporation for and on behalf of said limited
partnership and limited liability company.

_______________________________________
Notary Public

My Commission Expires:_________________

Prepared by: Eugene P. Balshem
and upon recordation return to:
Stroock & Stroock & Lavan LLP
3100 Wachovia Financial Center
200 South Biscayne Boulevard
Miami, Florida  33131-5323
Attention: Eugene P. Balshem

<PAGE>

                                    EXHIBIT A
                                    ---------

                                LEGAL DESCRIPTION

PARCEL 1 - Fee Simple:

                       DESCRIPTION OF A 18.870 ACRE TRACT
                        LOCATED NORTH OF REFUGEE ROAD AND
                              WEST OF HAMILTON ROAD
                     CITY OF COLUMBUS, FRANKLIN COUNTY, OHIO

Situate in the State of Ohio, County of Franklin, City of Columbus, lying in
Section 28, Township 12, Range 21, Refugee Lands, being part of an original
39.017 acre tract conveyed to EM Columbus, LLC, by deed of record in Instrument
Number 200401080005999, all records herein of the Recorder's Office, Franklin
County, Ohio, and being more particularly described as follows:

BEGIN FOR REFERENCE, at point, referenced by a 3/4 inch iron pin found at a
distance of 0.25 feet east, at the common corner of said original 39.017 acre
tract, an original 17.03 acre tract conveyed to Lazarus Real Estate II, Inc., by
deed of record in Official Record 12166, Page D16, a 0.955 acre tract (Parcel
No. 5WD) conveyed to the State of Ohio, by deed of record in Deed Book 3030,
Page 37, and a 0.660 acre tract (Parcel No. 6WD) conveyed to the State of Ohio,
by deed of record in Deed Book 3095, Page 343;

Thence the following two (2) courses and distances along the lines common to
said original 39.017 acre tract and said original 17.03 acre tract:

1.   South 46(degree)52'45" West, a distance of 434.23 feet, to a cotton gin
     spike set;

2.   North 43(degree)07'15" West, a distance of 128.72 feet, to a cotton gin
     spike set in the line common to said original 39.017 acre tract and said
     original 17.03 acre tract, said cotton gin spike also being at the POINT OF
     TRUE BEGINNING;

Thence the following eleven (11) courses and distances across the said original
39.017 acre tract:

1.   South 46(degree)52'45" West, a distance of 276.51 feet, to a cotton gin
     spike set;

2.   North 43(degree)07'15" West, a distance of 4.83 feet, to a cotton gin spike
     set;

3.   South 46(degree)52'45" West, a distance of 287.00 feet, to a cotton gin
     spike set;

<PAGE>

4.   South 43(degree)07'15" East, a distance of 18.17 feet, to a cotton gin
     spike set;

5.   South 46(degree)52'45" West, a distance of 45.00 feet, to a cotton gin
     spike set;

6.   South 43(degree)07'15" East, a distance of 115.17 feet, to a cotton gin
     spike set;

7.   South 46(degree)52'45" West, a distance of 26.36 feet, to a cotton gin
     spike set;

8.   North 88(degree)07'15" West, a distance of 30.00 feet, to a cotton gin
     spike set;

9.   Along a curve to the left, having a central angle of 45(degree)00'00", a
     radius of 100.00 feet, an arc length of 78.54 feet, a chord which bears
     South 69(degree)22'45" West, a chord distance of 76.54 feet, to a cotton
     gin spike set;

10.  South 46(degree)52'45" West, a distance of 88.26 feet, to a cotton gin
     spike set;

11.  Along a curve to the right, having a central angle of 44(degree)10'34", a
     radius of 100.00 feet, an arc length of 77.10 feet, a chord which bears
     South 68(degree)58'02" West, a chord distance of 75.21 feet, to cotton gin
     spike set in the line common to said original 39.017 acre tract and a 1.021
     acre tract conveyed to Sears, Roebuck and Co., by deed of record in Deed
     Book 2647, Page 229;

Thence the following three (3) courses and distances along the lines common to
said original 39.017 acre tract and said 1.021 acre tract:

1.   North 46(degree)52'45" East, a distance of 34.73 feet, to a cotton gin
     spike set;

2.   North 43(degree)07'15" West, a distance of 475.00 feet, to a cotton gin
     spike set;

3.   South 46(degree)52'45" West, a distance of 100.00 feet, to a cotton gin
     spike set at the common corner of said original 39.017 acre tract, said
     1.021 acre tract and an original 16.772 acre tract conveyed to Sears,
     Roebuck and Co., by deed of record in Deed Book 2485, Page 481;

<PAGE>

Thence North 43(degree)07'15" West, a distance of 446.00 feet, along the line
common to said original 39.017 acre tract and said original 16.772 acre tract,
to a cotton gin spike set in the line common to said original 16.772 acre tract,
said original 39.017 acre tract and a 1.247 acre tract conveyed to Sears,
Roebuck and Co., by deed of record in Deed Book 3173, Page 250;

Thence the following two (2) courses and distances along the lines common to
said original 39.017 acre tract and said 1.247 acre tract:

1.   North 46(degree)52'45" East, a distance of 127.56 feet, to a cotton gins
     spike set;

2.   North 43(degree)07'15" West, a distance of 124.93 feet, to a 3/4" iron pin
     set at the common corner of said 1.247 acre tract and said original 39.017
     acre tract and in the easterly line of an original 45.707 acre tract
     conveyed to Columbus East Joint-Venture, by deed of record in Official
     Record 13511, Page G18;

3.   Thence North 46(degree)52'45" East, a distance of 655.59 feet, along the
     line common to said original 45.707 acre tract and said original 39.017
     acre tract, to a 3/4 inch iron pin set at the common corner of said
     original 39.017 acre tract and said original 17.03 acre tract;

Thence the following five (5) courses and distances along the lines common to
said original 39.017 acre tract and said original 17.03 acre tract:

1.   South 43(degree)07'15" East, a distance of 124.94 feet, to a cotton gin
     spike set;

2.   South 46(degree)52'45" West, a distance of 41.83 feet, to a cotton gin
     spike set;

3.   South 43(degree)07'15" East, a distance of 318.00 feet, to a cotton gin
     spike set;

4.   North 46(degree)52'45" East, a distance of 208.68 feet, to a cotton gin
     spike set;

5.   South 43(degree)07'15" East, a distance of 553.28 feet, to the POINT OF
     TRUE BEGINNING, containing 18.870 acres, more or less.

<PAGE>

The bearings shown hereon are based on the bearing of North 85(degree)37'49"
West for the northerly right-of-way line of Refugee Road (Right-of-way
established by using ODOT plans FRA-270-15.95 and FRA-270-18.155), as determined
from GPS network of field observations performed in November, 2003, (Ohio State
Plane Coordinate System, South Zone, 1986 adjustment).

All iron pin set are 3/4 inch iron pipes, 30 inches in length, with a yellow cap
bearing the name "R.D.ZANDE".

<PAGE>

PARCEL 2 - Fee Simple:

                        DESCRIPTION OF A 7.008 ACRE TRACT
                        LOCATED NORTH OF REFUGEE ROAD AND
                              WEST OF HAMILTON ROAD
                     CITY OF COLUMBUS, FRANKLIN COUNTY, OHIO

Situate in the State of Ohio, County of Franklin, City of Columbus, lying in
Section 28, Township 12, Range 12, Refugee Lands and being part of an original
39.017 acre tract conveyed to EM Columbus, LLC, by deed of record in Instrument
Number 200401080005999, all records herein of the Recorder's Office, Franklin
County, Ohio, and being more particularly described as follows:

BEGINNING at a 3/4 inch iron pin found at southwest corner of said original
39.017 acre tract, in the northerly right-of-way line of Refugee Road, also
being a common corner to an original 16.772 acre tract conveyed to Sears,
Roebuck, and Co., by deed of record in Deed Book 2485, Page 481, a 0.66 acre
tract (Parcel No. 152 E-WD) conveyed to the State of Ohio, by deed of record in
Deed Book 3039, Page 102, and a 1.26 acre tract (Parcel No. 152 DWD) conveyed to
the State of Ohio, by deed of record in Deed Book 3095, Page 345;

Thence North 46(degree)52'45" East, a distance of 541.55 feet, along the line
common to said 39.017 acre tract and said original 16.772 acre tract, to a
cotton gin spike set in said common line;

Thence the following three (3) courses and distances on, over and across said
original 39.017 acre tract:

1.   South 43(degree)07'15" East, a distance of 152.99 feet, to a cotton gin
     spike set;

2.   North 46(degree)52'45" East, a distance of 359.52 feet, to a cotton gin
     spike set;

3.   South 43(degree)07'15" East, a distance of 425.94 feet, to a 3/4 inch iron
     pin found in the southeasterly line of said original 39.017 acre tract,
     being the northwesterly right-of-way line of Interstate 270;

<PAGE>

Thence South 46(degree)52'10" West, a distance of 350.00 feet, along the line
common to said original 39.017 acre tract and the northwesterly right-of-way of
said Interstate 270, to a 3/4 inch iron pin found at the common corner of said
original 39.017 acre tract and said 1.26 acre tract, said iron pin also being in
the northwesterly right-of-way line of said Interstate 270 and the northerly
right-of-way of Refugee Road;

Thence the following three (3) courses and distances along the lines common to
said original 39.017 acre tract, said 1.26 acre tract and the northerly
right-of-way of said Refugee Road:

1.   North 85(degree)37'49" West, a distance of 526.65 feet, to a 3/4 inch iron
     pin found;

2.   South 04(degree)22'11" West, a distance of 15.00 feet, to an iron pin set;

3.   North 85(degree)37'49" West, a distance of 272.53 feet, to the POINT OF
     BEGINNING, containing 7.008 acres, more or less.

All iron pin set are 3/4 inch iron pipes, 30 inches in length, with a yellow cap
bearing the name "R.D.ZANDE".

The bearings shown hereon are based on the bearing of North 85(degree)37'49"
West for the northerly right-of-way line of Refugee Road (Right-of-way
established using ODOT plans FRA-270-15.95 and FRA-270-270-18.155), as
determined from GPS network of field observations performed in November, 2003,
(Ohio State Plane Coordinate System, South Zone, 1986 adjustment).

<PAGE>

PARCEL 3 - Fee Simple:

                        DESCRIPTION OF A 3.219 ACRE TRACT
                        LOCATED WEST OF HAMILTON ROAD AND
                              NORTH OF REFUGEE ROAD
                     CITY OF COLUMBUS, FRANKLIN COUNTY, OHIO

Situate in the State of Ohio, County of Franklin, City of Columbus, lying in
Section 28, Township 12, Range 21, Refugee Lands, being part of an original
17.03 acre tract conveyed to Lazarus Real Estate II, Inc. by deed of record in
Official Record 12166, Page D-16, all records herein of the Recorder's Office,
Franklin County, Ohio, and being more particularly described as follows:

BEGINNING FOR REFERENCE, at a 3/4 inch iron pin found at the southwest corner of
Franksway Street (50 feet-wide) as shown and delineated on the record plat of
FRANKSWAY STREET, MACSWAY AVENUE AND SERVICE ROAD DEDICATION IN RAINIER PARK, a
subdivision of record in Plat Book 45, Page 22, said iron pin also being at the
southeast corner of 3.903 acre tract (Parcel II) conveyed to Eastland Plaza
Limited Partnership, by deed of record in Instrument Number 199917120283701;

Thence North 85(degree)38'57" West, a distance of 617.49 feet, passing a 3/4
inch iron pin (bent) found at a distance of 198.70 feet, along the line common
to said original 17.03 acre tract and said 3.903 acre tract, to a 3/4 inch iron
pin found at the common corner of said original 17.03 acre tract and a 6.000
acre tract conveyed to Eastland Manor, Inc., by deed of record in Deed Book
3622, Page 438;

Thence South 46(degree)52'45" West, a distance of 105.12 feet along the line
common to said original 17.03 acre tract and said 6.000 acre tract, to an iron
pin set, said iron pin being the POINT OF TRUE BEGINNING;

Thence the following two (2) courses and distances over and across said original
17.03 acre tract:

1.   South 43(degree)07'15" East, a distance of 500.94 feet, to a cotton gin
     spike set;

2.   South 46(degree)52'45" West, a distance of 105.83 feet, to a cotton gin
     spike set in the line common to said original 17.03 acre tract and an
     original 39.017 acre tract conveyed to EM Columbus, LLC, by deed of record
     in Instrument Number 200401080005999;

<PAGE>

Thence the following five (5) courses and distances along the lines common to
said original 17.03 acre tract and said original 39.017 acre tract:

1.   North 43(degree)07'15" West, a distance of 58.00 feet, to a cotton gin
     spike found;

2.   South 46(degree)52'45" West, a distance of 208.68 feet, to a cotton gin
     spike found;

3.   North 43(degree)07'15" West, a distance of 318.00 feet, to a cotton gin
     spike found;

4.   North 46(degree)52'45" East, a distance of 41.83 feet, to a cotton gin
     spike found;

5.   North 43(degree)07'15" West, a distance of 124.94 feet, to a 3/4" inch iron
     pin found at the common corner of said original 17.03 acre tract and said
     original 39.017 acre tract and in the north line of an original 45.707 acre
     tract conveyed to Columbus East Joint-Venture, by deed of record in
     Official Record 13511, Page G18;

Thence North 46(degree)52'45" East, a distance of 272.68 feet, passing a 3/4
inch iron pin found at a distance of 126.90 feet, along the line common to said
original 17.03 acre tract, said original 45.707 acre tract and said 6.000 acre
tract, to the POINT OF TRUE BEGINNING, containing 3.219 acres, more or less. Of
which being 2.437 acres out of Parcel Number 010-118467 and 0.782 acres out of
Parcel Number 010-005373.

All iron pin set are 3/4 inch iron pipes, 30 inches in length, with a yellow cap
bearing the name "R.D. ZANDE".

The bearings shown hereon are based on the bearing of North 85(degree)37'49"
West for the northerly right-of-way line of Refugee Road (Right-of-way
established by using ODOT plans FRA-270-15.95 and FRA-270-18.155), as determined
from GPS network of field observations performed in November, 2003, (Ohio State
Plane Coordinate System, South Zone, 1986 adjustment).

PARCEL 4 - Fee Simple:

<PAGE>

                        DESCRIPTION OF A 0.536 ACRE TRACT
                        LOCATED NORTH OF REFUGEE ROAD AND
                              WEST OF HAMILTON ROAD
                     CITY OF COLUMBUS, FRANKLIN COUNTY, OHIO

Situate in the State of Ohio, County of Franklin, City of Columbus, lying in
Section 28, Township 12, Range 12, Refugee Lands and being part of an original
39.017 acre tract conveyed to EM Columbus, LLC, by deed of record in Instrument
Number 200401080005999, all records herein of the Recorder's Office, Franklin
County, Ohio, and being more particularly described as follows:

BEGIN FOR REFERENCE, at point, reference by a 3/4 inch iron pin found at a
distance of 0.25 feet east, at the common corner of a Proposed 12.598 acre
tract, an original 17.03 acre tract conveyed to Lazarus Real Estate II, Inc., by
deed of record in Official Record 12166, Page D16, a 0.955 acre tract (Parcel
No. 5WD) conveyed to the State of Ohio, by deed of record in Deed Book 3030,
Page 37, and a 0.660 acre tract (Parcel No. 6WD) conveyed to the State of Ohio,
by deed of record in Deed Book 3095, Page 343;

Thence South 04(degree)20'19" West, a distance of 277.78 feet, along the line
common to said original 39.017 acre tract and said 0.660 acre tract, to an iron
pin set, being the POINT OF TRUE BEGINNING;

Thence South 04(degree)20'19" West, a distance of 266.27 feet, along the line
common to said original 39.017 acre tract, said 0.660 acre tract and a 0.62 acre
tract (Parcel No. 152 DWD-1) conveyed to the State of Ohio by deed of record in
Deed Book 3095, Page 345, to an iron pin set;

Thence the following four (4) courses and distances on, over and across said
original 39.017 acre tract;

1.   North 85(degree)39'20" West, a distance of 57.66 feet, to an iron pin set;

<PAGE>

2.   Along a curve to the right, having a central angle of 34(degree)00'09", a
     radius of 200.00 feet, an arc length of 118.69 feet, a chord which bears
     North 12(degree)39'25" West, a chord distance of 116.96 feet, to a cotton
     gin spike set;

3.   North 04(degree)20'40" East, a distance of 157.23 feet, to a cotton gin
     spike set;

4.   South 83(degree)54'20" East, a distance of 91.88 feet, to the POINT OF TRUE
     BEGINNING, containing 0.536 acres, more or less.

All iron pin set are 3/4 inch iron pipes, 30 inches in length, with a yellow cap
bearing the name "R.D.ZANDE".

The bearings shown hereon are based on the bearing of North 85(degree)37'49"
West for the northerly right-of-way line of Refugee Road (Right-of-way
established using ODOT plans FRA-270-15.95 and FRA-270-270-18.155), as
determined from GPS network of field observations performed in November, 2003,
(Ohio State Plane Coordinate System, South Zone, 1986 adjustment).

Parcel 5 - Easements:

Easements and Rights for the benefit of Parcel No. 1 as created by the Easement,
Restrictions and Operating Agreement, dated March 1, 1966, filed for record
March 2, 1966 and recorded in Book 2715, Page 519 of Franklin County Records; as
amended by the First Amendment to Easement, Restrictions and Operating
Agreement, dated March 15, 1966, filed for record June 22, 1966 and recorded in
Book 2742, Page 45 of Franklin County Records; as amended by the Second
Amendment to Easement, Restrictions and Operating Agreement, dated May 17, 1971,
filed for record November 9, 1971 and recorded in Book 3189, Page 273of Franklin
County Records; as amended by Third Amendment to Easement, Restrictions and
Operating Agreement, dated September 30, 1974, filed for record March 12, 1975
and recorded in Book 3454, Page 365 of Franklin County Records; being the same
easements and rights identified in the Purchase and Operating Agreement by and
among Federated Department Stores, Inc., Sears, Roebuck & Co. and Columbus
East-Joint Venture, dated as of June 2, 1965; as amended by the First Amendment
to Purchase and Operating Agreement, dated as of February 7, 1966; as amended by

<PAGE>

Second Amendment to Purchase and Operating Agreement, dated as of March 15,
1966; as amended by Third Amendment to Purchase and Operating Agreement, dated
as of May 17, 1971, filed for record November 9, 1971 and recorded in Book 3221,
Page 271 of Franklin County Records; as amended by Fourth Amendment to Purchase
and Operating Agreement, dated as of September 30, 1974, filed for record March
12, 1975 and recorded in Book 3510, Page 303 of Franklin County Records; as
assigned by Assignment and Assumption of Operating Agreement, dated as of July
29, 1988, filed for record August 26, 1988 and recorded in ORV 12166, Page E02
as amended by Fourth Amendment to Easements, Restrictions and Operating
Agreement, dated as of December 15, 1994, filed for record September 14, 1995
and recorded in ORV 30025, Page I-03, as amended in Fifth Amendment to
Easements, Restrictions and Operating Agreement, dated as of December 15, 1994
filed for record September 14, 1995 and recorded in ORV 30025, Page I-12, and as
further amended by Amended and Restated Construction, Operating and Reciprocal
Easement Agreement by and among The May Department Stores Company, a New York
corporation, Sears, Roebuck and Co., a New York corporation, Rich's Department
Stores, Inc., an Ohio corporation, and EM Columbus, LLC, a Delaware limited
liability company, dated May 20, 2005 and recorded June 1, 2005 in the
Recorder's Office of Franklin County, Ohio, as Instrument No. 200506010106031,
(the "REA"), and Quitclaim Deed of Easement from J.C. Penney Corporation, Inc.,
a Delaware corporation, to EM Columbus, LLC, a Delaware limited liability
company, dated May 17, 2005, recorded June 1, 2005 as Document No.
200506010106040, all in the Franklin County Recorder's Office, Ohio.

Parcel 6- Easements:

Easement for the Benefit of Parcel No. 1, as created by The Party Wall
Agreement, dated September 1, 1966, filed for record July 11, 1967 and recorded
in Book 2824, Page 459 of Franklin County Records, for the purpose described in
said Party Wall Agreement, over, under and across the land as described in said
Party Wall Agreement, subject to the terms, provisions and conditions set forth
in said document.

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